Major International Business Headlines Brief::: 11 May 2021

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Major International Business Headlines Brief::: 11 May 2021

 


 

 


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

 


 

 


ü  Meituan: China tech giant's shares slide over ancient poem

ü  Boeing's 737 Max aircraft under scrutiny again

ü  Colonial hack: How did cyber-attackers shut off pipeline?

ü  Biden denies benefits are holding back job-seekers

ü  HSBC to pilot Zoom-free Friday afternoons

ü  'Fear of missing out' fuels record house prices in April

ü  Tanzania: Dse's Bullish Trend On Horizons

ü  Tanzania: NMB Bank Donates 250 Desks to Schools in Tanga

ü  Nigeria: President Buhari Sends Delegation to Ghana Over Traders' Plight

ü  Nigeria: Traders Count Losses As Fire Razes Osogbo Market

ü  EXCLUSIVE Foxconn’s iPhone output in India down amid COVID surge-sources

ü  Worst-paying blue chip employers bolstered CEO pay in pandemic, report
says

ü  Dell chief executive sees chip shortage lasting a few years

ü  Explainer: How Malaysia is seeking to recover billions of dollars missing
from 1MDB

ü  Amazon raises $1 billion sustainable bond for climate, social causes

 

 

 

 

 

 

 

 


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

 


 

Meituan: China tech giant's shares slide over ancient poem

Shares in Chinese food delivery giant Meituan have fallen sharply after its
boss reportedly shared a 1,000-year-old poem on social media.

 

The Book Burning Pit by Zhang Jie was posted, then deleted, by the firm's
billionaire chief executive, Wang Xing.

 

The Tang dynasty poem was interpreted as a veiled criticism of President Xi
Jinping's government.

 

Meituan is currently under investigation over allegations of abusing its
market dominance.

 

The company is one of China's biggest takeaway food delivery and lifestyle
services platforms and is backed by technology giant Tencent.

 

It has a market valuation of around $220bn (£156bn) and in April raised
$10bn to fund its investment plans for deliveries using drones and
self-driving vehicles.

 

Chinese media reported that after deleting the post on Sunday from the
Fanfou social media platform, Mr Wang issued a clarification, saying that
the poem was a reference to his company's competitors.

 

Despite the statement, Meituan's Hong Kong-listed shares have fallen by
around 14% since the market opened on Monday morning.

 

Investors are jittery as Chinese business leaders who have been seen to
criticise the government have found their companies come under intense
scrutiny from authorities.

 

What was the controversial poem?

One English translation reads:

 

The Qin Dynasty is ruined with the burning of bamboos and fabrics.

 

The Hangu Pass and the Yellow River guarded the residence of the ancestor of
the Chinese dragon in vain.

 

Before the ashes in the burning pit turned cold, a riot had already started
in Shandong Province.

 

It turned out that Liu Bang and Xiang Yu were both uneducated people.

 

Written by the famous late Tang dynasty poet Zhang Jie, the Book Burning Pit
is a sarcastic criticism of the Emperor Qin Shi Huang, who ruled China
hundreds of years earlier.

 

The emperor was infamous for silencing his critics by killing dissenting
Confucian scholars and burning their books.

 

With Meituan currently under investigation, Mr Wang's post was seen by some
as comparing the current suppression of dissent with the tyrannical rule of
an emperor in the past.

 

President Xi Jinping's rule over the country has been seen as increasingly
authoritarian, with little room for free speech.

 

What's the background to this?

Last month, Meituan became the second-ever major domestic technology
company, after Alibaba, to face an antitrust probe by China's market
regulator.

 

It is suspected of "monopolistic practices" such as penalising merchants for
appearing on competitors' marketplaces, the State Administration for Market
Regulation said at the time.

 

The Chinese government has been seen as cracking down on leading internet
firms in recent months.

 

Jack Ma, who co-founded Chinese technology giant Alibaba, angered Beijing
last year when he spoke out publicly about what he saw as the outdated
approach of the country's regulators.

 

His speech was swiftly followed by authorities tightening consumer lending
rules, which derailed plans for the record $35bn market debut of Alibaba's
financial services affiliate Ant Group.

 

Last month, Alibaba was fined a record $2.8bn after a probe found that it
had abused its market position for years.--BBC

 

 

Boeing's 737 Max aircraft under scrutiny again

Little more than six months after Boeing's 737 Max was cleared to fly again
by US regulators, the aircraft finds itself under intense scrutiny once
again.

 

The discovery of a potential electrical problem last month led to the
renewed grounding of more than 100 aeroplanes, belonging to 24 airlines
around the world.

 

Deliveries of many more new aircraft have been suspended. Boeing and the US
regulator, the Federal Aviation Administration say they are working closely
to address the issue.

 

But the affair has given new energy to critics who claim the 737 Max was
allowed back into service prematurely - and that issues which could have
contributed to two fatal crashes have not been fully analysed or addressed.

 

Those critics include a high profile whistle-blower, Ed Pierson, who has
already sought to link allegedly poor production standards at the 737
factory with electrical defects on the crashed planes, which he claims may
have been implicated in both accidents.

 

According to Boeing and the FAA, the problem first became apparent during
testing of a newly manufactured 737 Max 8, which had yet to be delivered to
its owner. It was found that electrical power systems on the aircraft were
not working correctly.

 

The fault was traced to poor electrical bonding, where panel assemblies that
were also intended to conduct electricity and form part of a connection with
the frame of the aircraft were not doing so effectively.

 

This meant that some components on the plane, including the pilots' main
instrument panel and a standby power control unit, were improperly grounded,
or earthed.

 

According to the FAA, this could potentially "affect the operation of
certain systems, including engine ice protection, and result in loss of
critical functions and/or multiple simultaneous flight deck effects, which
may prevent continued safe flight and landing".

 

The flaw, then, was a dangerous one. The FAA was worried that over time
other aircraft, which were already in service, could develop the same
condition. It issued an Airworthiness Directive on 30 April stipulating that
affected aircraft should be modified before being permitted to fly again.

 

On the face of it, there is nothing to link these flaws with the errant
flight control software - known as MCAS - that triggered the loss of two
planes, in Indonesia and Ethiopia, claiming the lives of 346 people.

 

In each of those accidents, flawed data from a faulty sensor prompted MCAS
to force the nose of the aircraft down repeatedly, when the pilots were
trying to gain height, ultimately pushing it into a catastrophic dive.

 

According to Chris Brady, a pilot who runs a website and a video channel
devoted to technical aspects of the 737, "the problem is unrelated to MCAS
or any other previous Max problem".

 

It occurred, he says, because in early 2019, Boeing changed the way panels
were attached on parts of the plane. It was seen as a very minor change, so
it was not notified to regulators.

 

"There was nothing, let's say, unethical about that", he explains. "Prima
facie, this appears to be an honest mistake, the implications of which have
just been unearthed".

 

But for Mr Pierson, a former senior manager on the 737 production line, the
new electrical issues are a symptom of something more serious.

 

During congressional hearings into the crashes involving the Max, he claimed
that in 2018 the factory in Renton, near Seattle had become "dysfunctional"
and "chaotic", as pressure increased to produce new aircraft as quickly as
possible.

 

Earlier this year, he published a report that explicitly linked alleged
production pressures with electrical anomalies and flight control system
problems that occurred on both crashed aircraft prior to the accidents.

 

He suggested that defects in the wiring of both aircraft could have
contributed to the erroneous deployment of the MCAS software, alongside
sensor failures already implicated in the crashes.

 

He now says the disclosure of new problems reinforces his case.

 

"Yes, MCAS caused the airplanes to pitch down and crash", he explains. "But
it was an electrical system malfunction that likely caused the angle of
attack sensor to send faulty data to MCAS".

 

Mr Pierson believes that the 20-month recertification process which cleared
the 737 Max to fly again focused on software design and pilot training, but
failed to address the impact of production standards at the factory.

 

As a result, he says, it is "no surprise that new discoveries linked to 737
Max production defects continue to come to light" on an aircraft described
by the FAA's Administrator Steve Dickson as "the most scrutinised transport
aircraft in history".

 

Mr Pierson says he has written to the US Transportation Secretary, Pete
Buttigieg, requesting a meeting to outline his concerns, but has not heard
back.

 

Boeing emphatically denies any connection between production standards in
the 737 factory and the two accidents involving the 737 Max.

 

It says: "The Lion Air and Ethiopian Airlines accidents have been reviewed
by numerous governmental and regulatory entities, and none of those reviews
has found that production conditions in the factory contributed to the
accidents."

 

Dai Whittingham is chief executive of the UK Flight Safety Committee, a
group of organisations, including airlines and regulators, which promotes
safety in commercial aviation.

 

He says that a direct link between the two accidents and the
recently-discovered electrical flaws is "a hard connection to make".

 

But on one key point he appears to agree with Mr Pierson. "These issues are
separate in how they've arisen", he explains, "but they may well have
stemmed from the same corporate culture, with a focus on saving time and
keeping costs down over maintaining quality".

 

The allegation that Boeing prioritised profit over safety in the run up to
the two accidents is not new - and indeed was made by prosecutors when
announcing a $2.5bn settlement with the aerospace giant earlier this year.

 

The company says it has learned many lessons as a result of the Ethiopian
Airlines flight ET302 and Lion Air 610 accidents. It says it has "made
fundamental changes" and continues "to look for ways to improve".

 

"Boeing is committed to restore trust, and we'll do it one airplane at a
time," it said.

 

People within the company insist the changes which led to the current
problems were not motivated by time or cost savings.

 

It's not clear how long the affected aircraft will remain grounded. The
actual modifications required are expected to be relatively simple and are
only expected to cost about $2,250 (£1,600) per aircraft. But the FAA is
understood to be asking for detailed analysis to be sure all potential
concerns have been dealt with.

 

With the scrutiny the 737 Max is under, neither Boeing, nor the FAA, can
afford to make a mistake.-BBC

 

 

 

Colonial hack: How did cyber-attackers shut off pipeline?

Investigators at the largest fuel pipeline in the US are working to recover
from a devastating cyber-attack that cut the flow of oil.

 

The hack on Colonial Pipeline is being seen as one of the most significant
attacks on critical national infrastructure in history.

 

The pipeline transports nearly half of the east coast's fuel supplies and
prices at pumps are expected to rise if the outage is long lasting.

 

How can a pipeline be hacked?

For many people, the image of the oil industry is one of pipes, pumps and
greasy black liquid.

 

In truth, the type of modern operation Colonial Pipeline runs is extremely
digital.

 

US pipeline hackers 'didn't mean to create problems'

The ransomware surge ruining lives

Pressure sensors, thermostats, valves and pumps are used to monitor and
control the flow of diesel, petrol and jet fuel across hundreds of miles of
piping.

Colonial even has a high-tech "smart pig" (pipeline inspection gauge) robot
that scurries through its pipes checking for anomalies.

 

All this operational technology is connected to a central system.

 

And as cyber-experts such as Jon Niccolls, from CheckPoint, explain, where
there is connectivity, there is risk of cyber-attack:

 

"All the devices used to run a modern pipeline are controlled by computers,
rather than being controlled physically by people," he says.

 

"If they are connected to an organisation's internal network and it gets hit
with a cyber-attack, then the pipeline itself is vulnerable to malicious
attacks."

 

How did the hackers break in?

Direct attacks on operational technology are rare because these systems are
usually better protected, experts say.

 

So it's more likely the hackers gained access to Colonial's computer system
through the administrative side of the business.

 

"Some of the biggest attacks we've seen all started with an email," Mr
Niccolls says.

 

"An employee may have been tricked into downloading some malware, for
example.

 

"We've also seen recent examples of hackers getting in using weaknesses or
compromise of a third-party software.

 

"Hackers will use any chance they get to gain a foothold in a network."

 

Route of the Colonial Pipeline

Hackers could potentially have been inside Colonial's IT network for weeks
or even months before launching their ransomware attack.

 

In the past, criminals have cause mayhem after finding their way into the
software programs responsible for operational technology.

 

In February, a hacker gained access to the water system of Florida city and
tried to pump in a "dangerous" amount of a chemical.

 

A worker saw it happening on his screen and stopped the attack in its
tracks.

 

Similarly, in winter 2015-16, hackers in Ukraine were able to flick digital
switches in a power plant, causing cuts affecting hundreds of thousands of
people.

 

How can this be stopped?

The simplest way to protect operational technology is to keep it offline,
with no link to the internet at all.

 

But this is becoming harder for businesses, as they increasingly rely on
connected devices to improve efficiency.

 

"Traditionally, organisations did something known as 'air gapping',"
cyber-security expert Kevin Beaumont says.

 

"They would make sure that critical systems were run on separate networks
not linked to outward facing IT.

 

"However, the nature of the changing world now means more things are reliant
on connectivity."

 

Who are the hackers?

The FBI has confirmed DarkSide, a relatively new but prolific ransomware
gang thought to be based in Russia, was responsible.

 

It is unusual for criminal groups to attack "critical national
infrastructure" - but experts such as Andy Norton, from cyber-defender
Armis, says it is a growing concern.

 

"What we're seeing now is the ransomware gangs are maturing," he says.

 

"Where there is critical public service on the line, there is more chance of
them getting the ransom paid."

 

Interestingly, the group posted something of an apology for the hack on its
darknet website.

 

Although not directly referencing Colonial, it referred to "today's news",
saying: "Our goal is to make money and not creating problems for society.

 

"From today, we introduce moderation and check each company that our
partners want to encrypt to avoid social consequences in the future."

 

Like many ransomware groups, DarkSide runs an affiliate programme allowing
"partners" to use its malware to attack targets, in exchange for a
percentage of the ransom profits.

 

DarkSide have previously said it would start donating some of the extorted
money to charities.

 

How can critical services be protected?

Experts have long been concerned about critical national infrastructure
being hacked.

 

Last month, the Ransomware Task Force global coalition of experts called it
a "national security risk".

 

The group says governments need to take urgent action to prevent ransoms
being paid in secret.

 

It also wants pressure put on countries such as Russia, Iran and North
Korea, which are regularly accused of harbouring ransomware groups.

 

But Mr Norton says organisations need to take responsibility as well.

 

"It's up to organisations to implement the type of cyber-security that is
appropriate and proportionate and it's recognised that there are more teeth
required by regulators to enforce this," he says.-BBC

 

 

 

Biden denies benefits are holding back job-seekers

US President Joe Biden has rejected criticism that expanded unemployment
benefits are keeping Americans from taking new jobs.

 

Mr Biden said any unemployed American offered a "suitable" job must take it,
or risk losing unemployment benefits.

 

Republicans have blamed bad economic data last week on the Democratic
president's decision to extend expanded unemployment benefits.

 

The US added 266,000 jobs in April and the unemployment rate edged up to
6.1%.

 

Economists had predicted from 900,000 to 2 million jobs. Yet there are 7.4m
unfilled positions, according to the US labour department.

 

US jobs figures fall far short of expectations

On Monday, Mr Biden said he was directing the US Department of Labor to work
with states to reinstate requirements that those receiving unemployment
benefits must show they are actively seeking work.

 

"If you're receiving unemployment benefits and you're offered a suitable
job, you can't refuse that job and just keep getting unemployment benefits,"
the president said.

 

US unemployment graph

Under the $1.9tn (£1.35tn) coronavirus rescue package that Mr Biden signed
into law in March, certain workers can get a $300 weekly supplemental
unemployment benefit.

 

The increased benefits are due to last until September.

 

But some Republican governors have scrapped the added benefits, directing
the dollars elsewhere.

 

Mr Biden said at the White House on Monday: "I know there's been a lot of
discussion since Friday's report that people are being paid to stay home,
rather than go to work.

 

"Well, we don't see much evidence of that. That is a major factor. We don't
see that, look, it's easy to say, the line has been, because of the generous
unemployment benefits, that it's a major factor in labour shortages."

 

A recent Bank of America analyst note said that Americans who earned less
than $32,000 before the pandemic would be better off for now collecting a
combination of state and federal unemployment benefits, rather than working.
The average US salary is around $32,000.

 

In all, 9.8 million Americans remained unemployed last month.

 

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

 

Mr Biden's remarks came as Chipotle, a Mexican-themed food chain, raised its
average hourly pay on Monday to $15 as it seeks to entice job candidates
into the tight US labour market.

 

As Covid-19 restrictions are loosened nationwide, some employers have
reported difficulty finding workers for open jobs, particularly in sectors
such as food service and retail.

 

Experts say childcare needs and enduring school closures have kept many
workers, especially women, on the sidelines.-BBC

 

 

 

HSBC to pilot Zoom-free Friday afternoons

Banking giant HSBC plans Zoom-free Friday afternoons for some UK staff in an
effort to tackle stress caused by working from home during the pandemic.

 

The trial programme follows similar plans announced by other firms to boost
well-being among employees.

 

It applies to its commercial banking unit, which covers current accounts,
loans, mortgages and credit cards.

 

The move comes as HSBC pursues plans to shrink its office space by 40% in a
post-pandemic shake-up.

 

HSBC confirmed it was testing the idea as part of a taskforce looking at the
future of work in its UK bank, as first reported by the Telegraph newspaper.

 

"The trial will involve a number of people committing to not setting up Zoom
meetings on a Friday afternoon to allow space for other work," said a
spokesperson for the bank.

 

Work-life balance

The issue of work-life balance has been highlighted by one HSBC employee,
45-year-old Jonathan Frostick, who shared his thoughts on social media after
suffering a heart attack.

 

Mr Frostick, a regulatory programme manager, was taken to hospital on a
Sunday afternoon after falling ill while preparing for the new working week.

 

"I got to the bedroom so I could lie down, and got the attention of my wife
who phoned 999," he said.

 

He said he had decided while recovering that he would restructure his
approach to work, adding: "I'm not spending all day on Zoom anymore."

 

His post on LinkedIn struck a chord with users of the platform, attracting
more than 11,000 comments.

 

One respondent said: "Companies continue to push people to their limits
without concern for your personal well-being."

 

With more people working from home as coronavirus curbs discourage the daily
commute to the office, video conferencing apps such as Zoom provide a
necessary means of enabling staff to meet.

 

However, they have also given rise to talk of "Zoom fatigue", as concern
grows about the extent to which work can encroach on people's home lives
under lockdowns.

 

Other firms, such as Citigroup, have already brought in Zoom-free Fridays,
with chief executive Jane Fraser speaking out against the "blurring of lines
between home and work and the relentlessness of the pandemic workday".

 

Other firms tackling the issue of hybrid working include accountancy giant
KPMG, which has told its 16,000 staff they can leave early one day a week.

 

Even Zoom boss Eric Yuan has acknowledged there is a problem.

 

Last week, he told the Wall Street Journal's CEO Council Summit (held on
Zoom) that he suffers from Zoom fatigue and no longer schedules back-to-back
meetings.

 

At the same time, HSBC worldwide is pushing ahead with one of the banking
industry's most drastic responses to the pandemic, including cost-cutting
plans that will reduce its workforce by about 35,000.--BBC

 

 

 

'Fear of missing out' fuels record house prices in April

Average house prices have climbed about £20,000 in the last year, the
Halifax says, as the buying frenzy prompted by the stamp duty holiday
continues.

 

Prices are up 8.2% in the last 12 months, the highest annual growth rate for
five years, it said.

 

Altura mortgage broker Rob Gill said "fear of missing out" (FOMO) was
driving the surge.

 

"There's a fear among buyers that they could miss out if they don't hurry up
and buy before prices spiral," he said.

 

The Halifax said that prices rose sharply in April, up by 1.4% compared with
March. The average price of a UK home hit £258,204, a record high.

 

At the Budget, Chancellor Rishi Sunak extended the stamp duty holiday to
June. The property purchase tax has been suspended on the first £500,000 of
all sales in England and Northern Ireland since July to support the market.

 

 

When does the stamp duty holiday end?

House price chart

"The stamp duty holiday continues to add impetus to an extremely active
market, magnifying the current shortage of available homes as buyers aim to
take advantage of the Government scheme," said Russell Galley, managing
director at Halifax.

 

He predicted that the influence of the stamp duty holiday will fade
gradually over the coming months as it is tapered out but that low stock
levels, low interest rates and continued demand is likely to continue to
underpin prices in the market.

 

Kirsty Kirby is a first-time buyer in South Yorkshire who has been planning
to move house since 2018. But the 37-year-old pharmaceutical worker says
even getting a viewing for a property is a challenge.

 

"I ring for many properties," she says. "I'm like a hawk on Rightmove, I
must refresh it several times an hour, just to see what's on."

 

Kirsty says most homes she enquires about already have multiple viewing
bookings within minutes of appearing online and estate agents warn her the
house will be going to 'best and final' offers.

 

Best and final is a system where buyers put in one offer for the seller to
choose from, in order to avoid a bidding war between prospective
home-owners.

 

Kirsty says, in her experience, anytime a property goes to best and final
"it goes way above the asking price because people get crazy".

 

'Feeding frenzy'

"This market isn't standing still for a second," said analyst Lucy Pendleton
of estate agents James Pendleton. "The feeding frenzy for property was
already feeling pretty ferocious but then along comes another big leap in
the annual rate of [house price] growth."

 

She said the current state of the market means timing is crucial for buyers
and not wasting time is essential.

 

"In a blazing hot seller's market like this, most buyers don't even compare
prices locally to make their offer, they work out what they can afford and
they go for it."

 

Nicky Stevenson, managing director at estate agent Fine & Country, said:
"Buyers need to be incredibly determined to succeed in a market like this."

 

She predicted that the market rally will continue with optimism being
complemented by improving weather, the imminent loosening of Covid
restrictions, low interest rates, a yearning for more space and the fact
that many homeowners have saved thousands of pounds not being able to go
anywhere.

 

"This won't be the last record high we'll see this year by a long stretch,"
she said.-BBC

 

 

 

Tanzania: Dse's Bullish Trend On Horizons

DAR ES SALAAM Stock Exchange (DSE) is projected to record a positive
momentum this week as the market is expected to fully factor-in bank's
results.

 

Some equity prices surged last week but failed to increase market turnover
which plunged by almost 90 per cent to 337.95m/-.

 

Vertex International Securities said in its Weekly Market Review that the
equities market continued with mixed performance as prices increased while
volume and turnover took a hit.

 

"However," Vertex said, "we think the increase in prices for some counters
is a good signal going forward and we expect the market to fully factor- in
the bank's results [this] week."

The brokerage firm and the prices increase is a good factor to "record a
positive momentum".

 

Twiga cement stock appreciated by 12 per cent to close off the week at
2,800/- per share and the self-listed DSE closed at 1,160/-per share gaining
5.45 per cent.

 

However Simba Cement lost 2.5 per cent to close at 390/- and failed to block
domestic companies index- -Tanzania Share Index (TSI) from appreciating by
0.60 per cent to close at 3,533.83 points. Also Zan Securities said in its
Weekly Market Wrapups that domestic investors dominated the DSE equity
market last week.

 

"[This] is a step in the right direction to build investors' confidence and
increase participation with our browse. "We anticipate this participation
trend to continue for this week," Zan Securities said.

The All Share Index (DSEI), also, increased by 1.76 per cent to close at
1,911.57 points. Total Market capitalization was up by 1.76 per cent to 15
894tri/- and domestic market capitalization gained 0.60 per cent to close at
9 304tri/-.

 

Two sectorial indices closed up while one remained unchanged.

 

The Banks, Finance and Investment (BI) gained 0.07 per cent to close at
2,439.02 points and Industrial and Allied (IA) gained 0.99 per cent to close
at 4,861.95 points, while Commercial Services (CS) remained unchanged at
2,139.33 points.

 

Last week TBL emerged as most dominate counter trading a block of 40,001
shares worth 200m/- and capturing 67.84 per cent of the market share.

 

Other counters, according to Zan Securities, that controlled the market
share were the self-listed DSE at 13.44 per cent and CRDB Bank at 12.88 per
cent.-Daily News.

 

 

 

Tanzania: NMB Bank Donates 250 Desks to Schools in Tanga

NMB bank has donated 250 desks and 170 galvanised sheets all worth 30m/- to
address a situation of students sitting down in classes in six primary
schools in Tanga Region.

 

The schools listed as Msambiazi (the only institution that also got iron
sheets), Kwakombo all in Korogwe Town Council also included Mwisho wa
Shamba, Mkata, Manga and Zavuza in Handeni District Council.

 

Speaking at two separate handover ceremonies held at Kwakombo Primary School
in Korogwe District and Mkata Primary School, Handeni District, NMB Northern
Region Manager Aikansia Muro, said the donations they make to the community,
are part of the one per cent annual benefit they also accrue from to the
same community.

 

"As government, we are aware that the efforts you are making are huge in
improving the education sector. But the sector has many challenges. And
education is the foundation of life. NMB as a stakeholder recognizes the
government's efforts, and we have seen fit to join the government in making
our contribution and every year NMB allocates one percent of its profits,
and this is the eighth in a row."

 

On his part, Kwamsisi County Councilor in Korogwe Town Council Mohamed
Hassan thanked NMB Bank for the support of Kwakombo Primary School saying
before that its more than 250 students used to be sitting on the ground.

 

Commenting, Korogwe District Commissioner Kissa Kasongwa said: "And if the
Government gets stakeholders like NMB supports, several challenges in the
education sector will end."

 

In response, Acting Executive Director of Handeni District Council Edna
Katalaiya said they are grateful to the bank for providing desks that was
not forthcoming, because of the parents' poor contributions towards their
purchase.

 

Handeni District Commissioner Toba Nguvila said NMB has been doing a good
job in many areas, noting: "What you are doing to contribute to the
development of the people, you have realized the importance of your
customers."

 

NMB has been lending to traders and farmers including tractors that will
help increase the economy of the individual, thus boosting individual
income, and increasing NMB customers."-Daily News.

 

 

Nigeria: President Buhari Sends Delegation to Ghana Over Traders' Plight

President Muhammadu Buhari has directed that a ministerial delegation be
sent to Ghana to resolve the lingering conflict between Nigerian traders and
Ghanaian authorities.

 

The delegation will be led by Otunba Adeniyi Adebayo, Minister of Industry,
Trade and Investment, according to a statement issued on Monday by the
Special Assistant to the Minister on Media, Mr Ifedayo Sayo.

 

Sayo noted that the delegation, which would be made up of relevant
stakeholders, would also engage in further dialogue with Ghanaian
authorities with a view to finding a lasting solution to the problem.

 

He stated that the delegation would undertake the visit between May 31 and
June 1, 2021.

 

The News Agency of Nigeria (NAN) recalls that the Nigerian Traders in Ghana
had been having issues with Ghanaian Authorities for several years with
records of maltreatment, molestation and forceful closure of shops.

 

The Ghanaian authorities had imposed regulations and traders were required
to pay one million dollars business registration fee and taxes under the
regulations.

 

The trade issues intensified when shops belonging to Nigerians in Accra were
being locked up by Ghanaian authorities who demanded evidence of the Ghana
Investment Promotion Council's (GIPC) registration.

 

Meanwhile, Nigerian traders had in 2020 expressed displeasure and insecurity
of their wares and livelihoods in Ghana due to the challenges and appealed
to Federal Government to evacuate them back to Nigeria.-Leadership.

 

 

 

Nigeria: Traders Count Losses As Fire Razes Osogbo Market

Traders at the Igbona Market in Osogbo, Osun State, yesterday lamented their
losses after a fire disaster that destroyed wares in many shops.

 

The traders said goods worth millions of naira were destroyed in their shops
and that the fire incident had wreaked their businesses.

 

Some residents said the fire was caused by electric spark but no official
information from the Ibadan Electricity Distribution Company (IBEDC) to
ascertain this. One of the shop owners in the marked whose goods were
destroyed by fire, Mr Nicholas Balogun, said he got a call that his shop was
on fire and that when he got there, there was nothing to pick up as the fire
razed his shop completely.

 

Another trader in the market, Mrs Sola Ebunolu, said she had just bought new
items that she wanted to sell in the Sallah period but the fire destroyed
all the wares in her shop.

 

The Public Relations Officer for the Federal Fire Service in the state, Mrs
Adijat Basir, said the fire would have done a lot more damage if it was not
quickly put out.-Daily Trust.

 

 

 

EXCLUSIVE Foxconn’s iPhone output in India down amid COVID surge-sources

Production of the Apple iPhone 12 (AAPL.O) at a Foxconn (2317.TW) factory in
India has slumped by more than 50% because workers infected with COVID-19
have had to leave their posts, two sources told Reuters.

 

The Foxconn facility in the southern state of Tamil Nadu produces iPhones
specifically for India, the world's No.2 smartphone market.

 

Tamil Nadu is one of the worst hit states in the second coronavirus wave
engulfing India. Officials imposed a full lockdown in the state from Monday,
closing public transport and shuttering shops, to try slow surging
infections.

 

More than 100 Foxconn employees in the state have tested positive for
COVID-19 and the company has enforced a no-entry ban at its factory in the
capital of Chennai until late May, one of the sources said.

 

"Employees are only allowed to leave but not to enter the facility since
yesterday," the person said. "Only a small part of output is being kept."

 

More than 50% of the plant's capacity had been cut, both sources said,
declining to be named as they were not authorised to speak to the media.

 

They did not specify the plant's capacity and it was unclear how many
workers were at the facility, which provides dormitory accommodation for
employees.

 

Taipei-based Foxconn, the world's largest contract electronics maker and a
major supplier to Apple, said a small number of employees at one of its
facilities in India tested positive for COVID-19 and the company was
providing them with support, including medical assistance.

 

"Foxconn places the health and safety of our employees as our highest
priority and that is why we have been working closely with local government
and public health authorities in India to address the challenges that we and
all companies are facing in dealing with the COVID-19 crisis," it said in a
statement to Reuters.

 

Foxconn declined to comment on factory output or specific staffing levels.
Apple did not immediately respond to a request for comment.

 

Foxconn's shares fell as much as 6.2% after the Reuters report. The stock
closed down 5.31%, outpacing a 3.8% fall in the broader market (.TWII) on
concerns about rising COVID-19 cases in Taiwan.

 

India has benefited from Apple’s move to shift some areas of production from
China to other markets as it navigates a trade war between Washington and
Beijing, with Apple announcing in March it had started the assembly of the
iPhone 12 in India.

 

While Apple’s share of the budget phone-dominated India market is small, CEO
Tim Cook said in January that India business doubled in the December quarter
compared to the previous year, helped by an online store launch.

 

Foxconn similarly said strong smartphone sales contributed to a
stronger-than-expected performance in the fourth quarter amid the
work-from-home trend.

 

Market research firm Canalys said that growth in India extended through the
first quarter, with Apple shipping more than a million iPhones. Demand for
the iPhone 12 was supported by local assembly and attractive finance offers,
Canalys said.

 

COVID-19 CRISIS

 

However, the outlook has been dimmed by the coronavirus crisis engulfing
India, where COVID-19 cases and deaths have surged at a record pace in
recent weeks. The country has recorded around 22.66 million infections and
more than 246,000 deaths, with experts saying the true figures could be far
higher.

 

Foxconn is not the only producer affected. Nokia and Chinese smartphone
maker OPPO last year suspended production at factories in India after
workers tested positive for COVID-19.

 

Taipei-based tech research firm TrendForce on Monday trimmed its global
smartphone production growth forecast to 8.5% from 9.4%, citing the
coronavirus impact in India on major vendors including Samsung (005930.KS)
and Apple.

 

“Smartphone brands are therefore expected to closely monitor their
inventories of whole devices and adjust their subsequent production plans
accordingly,” TrendForce said in a report, adding it could revise the
forecast lower still if the outbreak continues to hit local production and
sales in the second quarter.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Worst-paying blue chip employers bolstered CEO pay in pandemic, report says

More than half of 100 companies with the lowest median employee wages in the
S&P 500 Index boosted CEO pay by changing the rules for assessing executive
performance during the COVID-19 pandemic, according to a report by a
left-leaning policy group published on Tuesday.

 

The report from the Institute for Policy Studies found that 51 of these 100
companies, including beverage and snack maker Coca-Cola Co (KO.N), cruise
ship operator Carnival Corp (CCL.N) and fast food corporation Yum Brands Inc
(YUM.N), reduced median worker pay by 2% to $28,187 on average in 2020
compared to 2019, even as the median compensation for their CEOs rose 29% to
$15.3 million.

 

The findings offer ammunition to investors opposing executive compensation
hikes in non-binding votes held at the annual shareholder meetings of
companies. More companies are facing shareholder backlash against their CEO
pay this year than last, Reuters has reported. read more

 

The companies studied in the report bolstered executive compensation by
lowering performance targets, giving retention bonuses and swapping out
stock awards linked to financial results with time-based share grants, the
report found.

 

A Carnival spokesman said in an email that CEO Arnold Donald received no
cash bonus in 2020 and his total compensation in last year was down 29%
versus 2019.

 

A Coke spokesperson referred comment to the company's proxy statement, which
notes that roughly 1,000 employees received special share awards, in
addition to executives.

 

"We can't rely on corporate boards to fix the problem of excessive CEO
compensation," Sarah Anderson, a co-author of the report, said in an
interview. Anderson suggested in the report that companies with the highest
CEO-to-average worker pay ratios should be taxed more.

 

The CEO-to-average worker pay ratio for the 51 companies in the report was
830-to-1.

 

The Yum Brands board authorized discretionary adjustments to bonus programs
resulting in a $1.4 million bonus for CEO David Gibbs he otherwise would not
have received, according to a securities filing. He also received a one-time
stock award of $882,127, for a total 2020 compensation of $14.6 million,
according to the filing.

 

The company's board said the compensation boost was appropriate given that
Gibbs and other executives helped stabilize the business and positioned it
for success coming out of the pandemic.

 

In a prepared statement, Yum Brands said Gibbs gave up his base salary and
used it to help fund one-time $1,000 bonuses for nearly 1,200 restaurant
general managers. The company also awarded special bonuses to team members
in company-owned restaurants globally.

 

Yum Brands identified a part-time worker at its fast food chicken chain KFC
as its median employee, with a total compensation of $11,377, in the filing.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Dell chief executive sees chip shortage lasting a few years

A worldwide lack of semiconductors is proving a challenge for computer
manufacturers, but the shortage is likely to persist for some years, the
chief executive and founder of Dell Technologies (DELL.N) told Germany's
Handelsblatt newspaper.

 

A surge in demand for electronic devices, coupled with U.S. sanctions
against Chinese technology firms, has caused a dearth of the chips, crimping
output of items ranging from cars to computers and smartphones.

 

"The shortage will probably continue for a few years," Michael Dell said in
an interview published on Tuesday. "Even if chip factories are built all
over the world it takes time."

 

With an annual order volume of $70 billion, the firm is one of the most
important customers of many semiconductor makers, but still had to pay a
premium to secure supply, Dell added.

 

In particular, older and cheaper semiconductors are hard to get hold of, he
said.

 

"We are talking, in particular, about components that are in the one-dollar
range and are used practically everywhere," he said. "But even newer
technologies are not easy to come by."

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Explainer: How Malaysia is seeking to recover billions of dollars missing
from 1MDB

Malaysia on Monday announced 22 civil suits against entities and people
accused of being involved with the massive 1MDB corruption scandal,
including units of global banks Deutsche Bank (DBKGn.DE) and JPMorgan
(JPM.N). read more

 

The lawsuits are part of a years-long effort by Malaysia to recover billions
of dollars missing from 1Malaysia Development Berhad (1MDB) in a scandal
that has implicated high-level officials, banks and financial institutions
around the world.

 

WHAT IS 1MDB?

 

1MDB was a sovereign fund set up by former Malaysian prime minister Najib
Razak in 2009 to promote economic development.

 

HOW DID BILLIONS GO MISSING?

 

1MDB raised billions of dollars in bonds, ostensibly for investment projects
and joint ventures, between 2009 and 2013.

 

Malaysian and U.S. authorities say $4.5 billion was stolen from 1MDB by
high-ranking officials of the fund and their associates between 2009 and
2014, and used to buy luxury assets and real estate.

 

Malaysian authorities have said at least $4.3 billion more is unaccounted
for.

 

In September, the government said 1MDB still had an estimated $7.8 billion
in outstanding debt.

 

HOW MUCH HAS BEEN RECOVERED?

 

Malaysia said in September it had recovered about $3.24 billion in assets
linked to 1MDB's financial trail so far.

 

The amount includes about 2.6 billion ringgit ($628 million) in cash and
assets recovered and returned to Malaysia by U.S. authorities, as well as
$2.5 billion paid by Goldman Sachs (GS.N) to settle a Malaysian probe into
the investment bank's role in the 1MDB scandal.

 

Goldman, which helped raise billions for 1MDB, has also promised to help
Malaysia recover assets worth $1.4 billion as part of a settlement last
year.

 

The government reached similar settlements this year with Malaysian banking
group AmBank and audit firm Deloitte, which have agreed to pay $700 million
and $80 million, respectively. read more

 

HOW MUCH MORE IS STILL BEING SOUGHT?

 

Malaysia said on Monday the latest lawsuits were aimed at recovering assets
worth in excess of $23 billion.

 

This included $1.11 billion from Deutsche Bank (Malaysia) Bhd, $800 million
from JPMorgan (Switzerland) Ltd, $1.03 billion from a Swiss-based unit of
private bank Coutts & Co, and interest payments from all of them, according
to court documents seen by Reuters.

 

Malaysian business daily The Edge, which first reported the suits, also said
those being sued over 1MDB include former premier Najib.

 

Last year, Najib was found guilty of corruption and money laundering in a
1MDB-linked case. He has consistently denied wrongdoing and is appealing the
verdict.

 

($1 = 4.1135 ringgit)

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Amazon raises $1 billion sustainable bond for climate, social causes

Amazon.com Inc (AMZN.O) issued its first sustainability bond on Monday,
raising $1 billion to invest in renewable energy, clean transport, greener
buildings and affordable housing.

 

The world's biggest company joins a growing list of debt issuers tapping the
market for green and sustainable bonds, which is swelling as asset managers
come under pressure from their investors to advance environmental, social
and governance (ESG) causes.

 

Global green bond issuance reached a record high of $270 billion at the end
of 2020 and could reach $450 billion this year, according to Climate Bonds
Initiative. read more

 

The money raised through the sustainability bond is a fraction of the total
debt Amazon issued on Monday - some $18.5 billion. The company said it forms
part of a new Sustainable Bond Framework and will be spent on new and
existing projects.

 

The projects include the acquisition of electric vehicles for transportation
fleets, as well as e-bikes and other electric-powered alternative delivery
vehicles, Amazon said. The framework also cited sustainable building
projects, like using an all-electric heating and cooling system run on
renewable energy in the company's new Arlington, Virginia, headquarters.

 

Amazon also said that it may use these funds for private equity investments
in clean transportation and zero carbon buildings.

 

Amazon has pledged to reach net zero carbon emissions by 2040 and to power
all its operations with renewable energy by 2030, as well as increase
opportunities for under-represented groups in its workforce.

 

The decision to raise money to fund social projects comes Amazon fends off
criticism for its treatment of its workers as its business boomed during the
COVID-19 pandemic. read more

 

As well as being castigated for poor health and safety practices during the
early months of the pandemic, Amazon has also been criticised for illegally
firing workers and pressuring staff not to form a union at one of its sites.
read more

 

Amazon has denied these allegations and has said it supports employees'
rights to criticize work conditions.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

 


 


 


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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