Major International Business Headlines Brief::: 13 May 2021

Thu May 13 09:14:17 CAT 2021

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Major International Business Headlines Brief::: 13 May 2021

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ü  Tesla will no longer accept Bitcoin over climate concerns, says Musk

ü  Asian markets fall for third day after shock US inflation rise

ü  Colonial Pipeline: US fuel firm resumes service after cyber-attack

ü  Sydney casinos to ban cash after money laundering scandal

ü  Amazon has €250m 'back taxes' overturned in court

ü  US inflation sees biggest jump since 2008

ü  Heathrow Airport could divert aircraft to ease crowding

ü  Asia shares alarmed by U.S. inflation scare, count on calm Fed

ü  Boeing wins FAA OK for 737 MAX electrical fix, notifies airlines

ü  Bitcoin ticks back in Asia after Musk tweet sent price down 17%

ü  Sectors to watch as inflation fears spook U.S. markets

ü  Rolls-Royce sticks to guidance for 2021

ü  S.Korea announces bigger tax breaks, loans to bolster local chip industry

ü  Burberry says recovery from COVID-19 accelerating

ü  Tanzania: Bravo Private Sector in Seeing Essence of Working With State

ü  Tanzania: Pastoralists Push for Dairy Factories

ü  Tanzania: Researchers Initiate Waste Recycle for Economic Gain

ü  Kenya: NSE Unveils Its Unquoted Securities Platform

ü  Nigeria's Economic Future Bright Despite Challenges - Osinbajo

ü  Nigeria: Power Outage Spreads As Grid Collapses

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Tesla will no longer accept Bitcoin over climate concerns, says Musk

Tesla has suspended vehicle purchases using Bitcoin due to climate change concerns, its CEO Elon Musk said in a tweet.

Bitcoin fell by more than 10% after the tweet, while Tesla shares also dipped.

Tesla's announcement in March that it would accept the cryptocurrency was met with an outcry from some environmentalists and investors.

The electric carmaker had in February revealed it had bought $1.5bn (£1bn) of the world's biggest digital currency.

But on Thursday, it backtracked on its previous comments.

"We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," Mr Musk wrote.

"Cryptocurrency is a good idea... but this cannot come at great cost to the environment."

He also said the electric carmaker would not sell any of its Bitcoin, and intends to use it for transactions as soon as mining shifts to using more sustainable energy.

Market analysts see the move as an attempt by Tesla to assuage the concerns of investors who are focused on climate change and sustainability.

"Environmental, Social and Corporate Governance (ESG) issues are now a major motivation for many investors. Tesla, being a clean energy-focussed company, might want to work better in the environmental area of ESG," Julia Lee from Burman Invest told the BBC.

"But a cynic might suggest that this is just another move by Elon Musk to influence the cryptocurrency market, as he has done on so many other occasions," she added.

Last month, Tesla announced profits for the first three months of the year were $438m, up from $16m last year, boosted by sales of Bitcoin and environmental credits.

Tesla profits boosted by Bitcoin and green credits

Mr Musk has been one of the world's most high profile proponents of cryptocurrencies, often tweeting about Bitcoin and the once-obscure digital currency Dogecoin.

His tweets in recent months helped to turn Dogecoin, which was started as a social media joke, into the world's fourth-biggest cryptocurrency.

What are the climate concerns around Bitcoin?

Bitcoin is created by miners using high-powered computers to compete against each other to solve complex mathematical puzzles.

It is an energy-intensive process that often relies on electricity generated with fossil fuels, particularly coal.

The dominance of Chinese Bitcoin miners and lack of motivation to switch from cheap fossil fuels to more expensive renewable energy sources could mean there are few quick solutions to the emissions concerns over Bitcoin.

China accounts for more than 75% of Bitcoin mining around the world, according to recent research.

The cryptocurrency's carbon footprint is as large as one of China's 10 largest cities, the study found.

That is because those Bitcoin miners tend to use electricity produced with fossil fuels, primarily coal, for most of the year, only shifting to renewable energy, mostly hydropower, during the rainy summer months.

Supporters of Bitcoin point out that the mainstream financial system, with its millions of workers and computers in air-conditioned offices, also uses large amounts of electricity, which is usually produced with fossil fuels.-bbc

Asian markets fall for third day after shock US inflation rise

Asian stock markets have fallen for a third day in a row after a shock rise in US inflation.

Thursday's slide in Asia follows on from falls by Wall Street's main share indexes.

On Wednesday, official figures showed that US inflation had jumped at the fastest pace in almost 13 years.

The stock market falls come as investors fret that America's central bank may be forced to tighten its monetary policy.

Official US figures showed that inflation, which measures the rate at which the prices for goods and services increase, surged in April from a year earlier as the economic recovery picked up.

Consumer prices jumped by 4.2% in the 12 months through to April, up from 2.6% in March and marking the biggest increase since September 2008.

Some analysts have said the figures could be rising because of temporary factors like supply bottlenecks.

Off the back of the report, the Dow Jones Industrial Average lost almost 2%, while the S&P 500 fell 2.14% and the tech-focused Nasdaq index dropped 2.67%.

In Asia, the Japan's benchmark Nikkei 225 closed 2.5% lower, while the Hang Seng in Hong Kong was down by around 1.25%.

The slides in stock market around the world came as investors are concerned that higher inflation could lead the US Federal Reserve to raise interest rates more quickly than had been expected.

If the US Federal Reserve makes borrowing money more expensive to cool rising prices, it is likely to have a knock-on effect and slow the recovery of other economies around the world.

In March, US President Joe Biden signed a $1.9tn (£1.4tn) economic relief bill that saw the government send $1,400 cheques to most Americans, and last month he set out plans for more government spending on jobs, education and social care.

It has led to a build-up of savings which is now being spent as the economy reopens, driving prices higher.-bbc

Colonial Pipeline: US fuel firm resumes service after cyber-attack

The operator of the biggest fuel pipeline in the US announced it would resume operations on Wednesday evening after a five-day closure.

A ransomware cyber-attack forced Colonial Pipeline to shut down the main part of its network on Friday.

The 5,500-mile (8,900km) pipeline usually carries 2.5 million barrels a day on the East Coast.

The closure saw supplies tighten across the US, with prices rising and a number of states declaring an emergency.

Colonial Pipeline warned in a press release that it could take several days for the delivery supply chain to return to normal.

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

"Some markets served by Colonial Pipeline may experience, or continue to experience, intermittent service interruptions during the start-up period," they added in a statement.

The FBI has accused a criminal gang called DarkSide of being behind the ransomware attack.

Colonial has said it will not pay the ransom demanded by the hackers.

Prices rise

US petrol prices rose on Wednesday as motorists queued to fill up their cars on the sixth day of the Colonial Pipeline shutdown.

The average price per gallon hit $3.008 (£2.14) - the highest level seen since October 2014, according to the Automobile Association of America.

A spokeswoman said that the shutdown and "fluctuating demand" had led to higher prices.

The pipeline operator said on Wednesday that it had restarted operations, but it warned that it would "take several days for the product delivery supply chain to return to normal".

Governors in the states of Florida, Virginia, North Carolina and Georgia have all declared states of emergency, which mean they can introduce temporary rules to ease prices in their areas as a result.

How did hackers shut down the Colonial pipeline?

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.

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.

All this operational technology is connected to a central system - and where there is connectivity, there is a risk of cyber-attack.

According to data collated by tracking firm GasBuddy, at least 3,500 petrol stations had run dry across Virginia, North Carolina and and several other states on Wednesday.

Virginia and Georgia were among the worst-affected, with more than 40% of petrol stations it monitors suffering from outages, it said on its website. In North Carolina, 65% of petrol stations had fuel outages.

Energy Secretary Jennifer Granholm said earlier in the week that the firm Colonial could make a decision on restarting operations on Wednesday. She did caution, however, that the full pipeline might not be active for days after that.

Despite the government's appeal to consumers not to panic-buy, many motorists have been seen queuing to fill up their cars.

#GasShortage2021 was also trending on social media, with some joking that they were reminded of the run on toilet paper seen at the beginning of the coronavirus crisis.

Others posted photos which appeared to show customers filling up plastic bags with petrol.

US Transport Secretary Pete Buttigieg said on Tuesday that the Biden administration was "working around the clock" to help deal with any shortages.

"This is a time to be sensible and to be safe, of course we understand the concern in areas where people are encountering temporary supply disruptions," he said.

"But hoarding does not make things better, and under no circumstances should gasoline ever be put into anything but a vehicle directly or an approved container, and that of course remains true no matter what else is going on."

The White House also said officials were considering new ways to alleviate any shortages, such as extending working hours for those transporting fuel.-bbc

Sydney casinos to ban cash after money laundering scandal

Sydney's only two casinos will make their gaming operations cashless in a bid to stamp out money laundering.

Regulators said The Star and Crown Sydney, which is yet to be opened, agreed to the unusual move on Thursday.

It comes after an inquiry earlier this year found it was likely criminal activity had occurred at Crown Resorts' casinos in other Australian cities.

Crown has been under immense pressure to reform its gambling operations following the inquiry.

It found Crown had been "facilitating money laundering, exposing staff to the risk of detention in a foreign jurisdiction and pursuing commercial relationships with individuals" connected to criminal groups.

The findings have prevented the company - which is majority-owned by billionaire James Packer - from securing a licence to operate its newly-built A$2.2bn (£1.2bn; $1.7bn) Sydney casino.

A commitment to ban cash is the latest move by Crown designed to help it secure a gaming licence.

The Independent Gaming and Liquor Authority (ILGA) said Crown would ban cash in its Sydney gaming operations but did not specify a timeline. The rule would also apply to Crown's casinos in Melbourne and Perth, local media reported.

ILGA said The Star was also "moving towards cashless gaming". A company spokesman told the BBC: "This will be a gradual transition with the customer in mind, with an implementation timeline still to be determined."

If enforced, both casinos would require gamblers to use cards linked to their identity and a bank or other financial institution, said ILGA.

The regulator said both casinos had also pledged to stop their international junkets - paid-for trips - which have also been seen as a source of illegal activity.

Crown's troubles

For years, Crown has been dogged by allegations of illegal activity occurring at its casinos, including widespread money laundering and junkets for Chinese high-roller gamblers linked to organised crime groups.

Crown opened a tower at Barangaroo on Sydney Harbour as a hotel last December, but was prevented from operating a casino there while the inquiry was underway.

It called for radical change to the company's culture. Crown has since replaced most of its senior executives including chief executive Ken Barton.

ILGA on Thursday said Crown was making "significant process" to prove that it is suitable to hold a casino licence.

In the meantime, the Star Entertainment Group - which owns The Star - launched a bid this week to merge with Crown.-bbc

Amazon has €250m 'back taxes' overturned in court

Amazon has won a court battle over €250m (£215m) in taxes it had been ordered to pay Luxembourg.

The European Commission had ordered the tech giant to repay the funds as back taxes, alleging that Amazon had been given unfair special treatment.

But the EU's General Court overturned that order, finding it had been given "no selective advantage".

Amazon said the decision was "in line with our long-standing position that we followed all applicable laws".

"We're pleased that the court has made this clear, and we can continue to focus on delivering for our customers across Europe," the company said in a statement.

The contentious order dates back to 2017, when the European Competition Commissioner, Margrethe Vestager, had turned her attention to tech giants and their tax arrangements in some EU countries.

The European Commission had alleged that the tax deal amounted to state aid for the company - something which breaks the rules of the EU's internal market.

Both Amazon and the country of Luxembourg went to court to have the decision overturned.

"None of the findings set out by the Commission in the contested decision are sufficient to demonstrate the existence of an advantage," the court said in a statement.

"The contested decision must be annulled in its entirety."

A much larger tax bill for a similar case with Apple in Ireland - involving €13bn (£11.6bn) - was also overturned last year. The Commission lodged an appeal in September.

It is not yet clear if the EU will appeal against the latest Amazon ruling.

In a statement, Margrethe Vestager said: "All companies should pay their fair share of tax."

She said the Amazon-Luxembourg deal meant "three-quarters of the profits made from all Amazon sales in the EU went untaxed until 2014".

"We will carefully study the judgment and reflect on possible next steps."

The court also ruled separately on French energy firm Engie, which had been ordered to pay €120m (£103m) back to Luxembourg. The court upheld that decision.

Despite the setbacks, the Commission's pressure on tech giants to pay more tax has indirectly led to changes in tax systems used by some EU members.

An international effort involving the Organisation for Economic Cooperation and Development (OECD) is also aiming to establish a set of common international rules on how multinational corporations should be taxed.

That could apply to the major tech giants, and has led to friction between some European countries and the United States, where many of the companies are based.

In January, both France and the UK decided to delay the introduction of a planned "tech tax" while the OECD negotiations continue.-bbc

US inflation sees biggest jump since 2008

US inflation surged in April from a year earlier as the economic recovery picked up.

Consumer prices jumped 4.2% in the 12 months through to April, up from 2.6% in March and marking the biggest increase since September 2008.

The report from the US Labor Department comes amid fears that rising consumer prices could push up interest rates.

Some analysts said that the figures could be rising because of temporary factors like supply bottlenecks.

Inflation, which measures the rate at which the prices for goods and services increase, was pushed up by higher prices for cars and food in April.

Prices of second-hand cars increased by 10% in comparison with March - the biggest monthly increase since records began. The Labor Department said that accounted for more than one-third of the overall jump.

US consumer price inflation chart

The "core price index", which strips out food and energy costs that can be more volatile, increased 3% in April from the year before.

Off the back of the report, US stocks slid. Losses seen around the world on Tuesday extended into Wednesday amid investor concerns that higher inflation could lead the US central bank to raise interest rates more quickly than had been expected.

At the closing bell, the Dow stood at 33,587 after falling 2.0%. The S&P 500 fell 2.14% to 4,063, while the tech-focussed Nasdaq index fell 2.7% to 13,031.

In March, US President Joe Biden signed a $1.9tn (£1.4tn) economic relief bill that saw the government send $1,400 cheques to most Americans, and last month he set out plans for more government spending on jobs, education and social care.

It has led to a build-up of savings which is now being spent as the economy reopens, driving prices higher.

'A big miss'

Inflation is breaching the Federal Reserve's target of 2% and this has raised fears it might need to raise interest rates to cool things down.

Seema Shah, chief strategist at the investment firm Principal Global Investors, says the figures marked a "big miss".

"US CPI inflation has come in meaningfully higher than expected and will further stoke concerns that the Fed has misread the inflation story," she said.

"Markets were already expecting a rise in inflation - the big question is how sticky that inflation is. That has not been answered today, nor will it be answered for several months."

Other central banks have also played down fears of inflation.

The Fed, for example, has insisted that increases would be temporary before levelling out as the economy reopens following Covid-19 restrictions.

Prices for airline fares, for example, were up 9.6% from April 2020 as as rules around travel ease in the US.

The Fed's Vice Chair, Richard Clarida, said on Wednesday that he was "surprised" by the jump during a National Association for Business Economics conference.

But he added: "We've been saying for some time that reopening the economy would put some upward pressure on the price level.

"We have pent-up demand in the economy. It may take some time for supply to rise to the level of demand," he said.

Kathy Bostjancic, of Oxford Economics, shared a similar view: "In the coming months, ongoing base effects, price increases stemming from the reopening of the economy and some pass-through of higher prices from supply chain bottlenecks should prompt higher inflation."

"However, we believe part of the acceleration in inflation will be transitory, and we share the Fed's view that this isn't the start of an upward inflationary spiral," she said, predicting the price increases would cool down next year.-bbc

Heathrow Airport could divert aircraft to ease crowding

Heathrow Airport is considering contingency plans to divert aircraft to other UK airports or EU hubs if queues at the border become too long.

The airport has seen queues of up to six hours at the border over the last few months as the number of checks and paperwork for UK arrivals increased.

The airport's chief operating officer has previously warned passengers could be held on planes to prevent crowding.

This would take measures a step further as a potential last resort.

The airport wants to see more staff processing passengers at the border, and for the passenger locator form that all passengers must now show on arrival to be automated so that passengers could use the e-gates.

A Heathrow spokesperson said: "Instead of telling passengers to brace themselves for a long wait in immigration queues, Border Force should step up its efforts to automate checks for green list countries, and put in place additional resource for passengers where manual checks might be needed. Accepting delays is a further demonstration of complacency from them on the matter.

"There are protocols in place to hold passengers on planes or divert them to other airports, to prevent excessive, unnecessary and completely avoidable queues in immigration halls."

A Home Office spokesperson said: "Protecting public health is our priority and as we reopen international travel safely we will maintain 100% health checks at the border to protect the wider public and our vaccine rollout.

"While we do this, wait times are likely to be longer and we will do all we can to smooth the process, including the roll-out of our e-Gate upgrade programme during the summer and deploying additional Border Force officers."-BBC

Asia shares alarmed by U.S. inflation scare, count on calm Fed

Asian shares slipped to seven-week lows on Thursday after a shocking rise in U.S. inflation bludgeoned Wall Street and sent bond yields surging on worries the Federal Reserve might have to move early on tightening.

"Higher inflation is a definite negative for equities, given the likely rates response," said Deutsche Bank macro strategist Alan Ruskin.

"The more nominal GDP gains are dominated by higher inflation, especially wage inflation, the more the possible squeeze on profit margins. It plays to a more choppy, less bullish equity bias."

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) lost 0.9%, though trade was thinned by holidays in a number of countries.

Japan's Nikkei (.N225) fell 2.0% and touched its lowest since early January, while Chinese blue chips (.CSI300) lost 0.9%.

Asian markets were already on the backfoot this week amid inflation worries and a tech sell-off on Wall Street, and nerves were further jangled on Wednesday when Taiwan stocks (.TWII) tumbled on fears the island could face a partial lockdown amid an outbreak of the virus. read more

Nasdaq futures were trying to rally with a gain of 0.4%, while S&P 500 futures added 0.3%. But EUROSTOXX 50 futures were still catching up with overnight falls and lost 0.7%, while FTSE futures shed 0.5%.

Wall Street was blindsided when data showed U.S. consumer prices jumped by the most in nearly 12 years in April as booming demand amid a reopening economy met supply constraints at home and abroad. read more

The jump was largely due to outsized increases in airfares, used cars and lodging costs, which were all driven by the pandemic and likely transitory.

Fed officials were quick to play down the impact of one month's numbers, with vice chair Richard Clarida saying stimulus would still be needed for "some time".

"It likely would take a very strong May jobs report, with sizable upward revisions to March and especially April, to get the Fed to start a discussion about tapering at its June meeting," said JPMorgan economist Michael S. Hanson.

"We continue to expect the Fed to begin scaling back its pace of asset purchases early next year."

BLACK MARK FOR BITCOIN

Investors reacted by pricing in an 80% chance of a Fed rate hike as early as December next year.

Yields on 10-year Treasuries steadied at 1.68%, having climbed 7 basis points overnight in the biggest daily rise in two months. The yield curve also steepened markedly to reflect the risk of rising inflation.

That was a shot in the arm for the dollar, which had been buckling under the weight of rapidly expanding U.S. budget and trade deficits. The euro retreated to $1.2078 , leaving behind a 10-week peak at $1.2180.

The dollar stood at 109.66 yen , having hit a five-week top of 109.78 and well off this week's low of 108.34. The dollar index hovered at 90.737 , up from a 10-week trough of 89.979.

In cryptocurrencies , Bitcoin steadied after sliding more than 10% when Elon Musk tweeted that Tesla Inc (TSLA.O) has suspended the use of bitcoin to purchase its vehicles. read more

The rise in yields and the dollar pressured gold, which was left at $1,818 an ounce and off a multiple-top around $1,845.

Oil prices backed away from two-month highs, hit after U.S. crude exports plunged and the International Energy Agency (IEA) said demand was already outstripping supply.

Brent was off 68 cents at $68.64 a barrel, while U.S. crude lost 68 cents to $65.40.

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Boeing wins FAA OK for 737 MAX electrical fix, notifies airlines

Boeing Co (BA.N) on Wednesday won approval from U.S. regulators for a fix of an electrical grounding issue that had affected about 100 737 MAX airplanes, clearing the way for their quick return to service after flights were halted in early April, the planemaker said.

An FAA official confirmed that the agency had approved the service bulletins and associated instructions.Boeing sent two bulletins to air carriers on Wednesday on the fixes.

"After gaining final approvals from the FAA, we have issued service bulletins for the affected fleet," Boeing told Reuters. "We are also completing the work as we prepare to resume deliveries."

The announcement is a relief for U.S. air carriers that have been anxiously waiting to get the planes back into service before the traditional late May start to the summer travel season as air travel demand increases.

The top three U.S. 737 MAX operators - Southwest Airlines (LUV.N), American Airlines (AAL.O) and United Airlines (UAL.O) - removed more than 60 jets from service after the notice from Boeing. The carriers did not immediately comment.

Earlier on Wednesday, FAA Administrator Steve Dickson told U.S. lawmakers that the electrical issue, which had grounded about a quarter of the MAX fleet, would need a "pretty straightforward fix."

Dickson also said he was fully confident in the safety of the MAX, which was approved to returned to service in November 2020 after being grounded for 20 months following two fatal crashes in five months that killed 346 people.

Reuters reported on May 4 that the FAA asked Boeing to supply fresh analysis showing numerous 737 MAX subsystems would not be affected by electrical grounding issues first flagged in three areas of the jet in April.

The electrical issue emerged after Boeing changed a manufacturing method as it worked to speed up production of the jetliner, a third person said. A fourth person said the change improved a hole-drilling process.

Boeing CEO Dave Calhoun in April told CNBC it was a "three- to four-day fix recovery time frame" after the bulletins were issued.

Airlines pulled dozens of 737 MAX jets from service in early April after Boeing warned of the electrical problem, linked to a backup power control unit in the cockpit on some recently built airplanes.

The problem, which also halted delivery of new planes, was then found in two other places on the flight deck, including the storage rack where the control unit is kept and the instrument panel facing the pilots.

The FAA said other carriers affected include Cayman Airways, Copa Airlines, GOL Linhas Aereas, Iceland Air, Minsheng Leasing, Neos Air, Shanding Airlines, SilkAir, Spice Jet, Sunwing Airlines, TUI, Turkish Airlines, Valla Jets Limited, WestJet Airlines and Xiamen Airlines.

The regulator has daily meetings with Boeing to discuss the MAX’s performance, Dickson said. In February, the FAA said it was tracking all Boeing 737 MAX airplanes using satellite data under an agreement with air traffic surveillance firm Aireon LLC.

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Bitcoin ticks back in Asia after Musk tweet sent price down 17%

Bitcoin rebounded to about $50,000 in Asian trading on Thursday after plunging as much as 17% after Elon Musk tweeted Tesla Inc (TSLA.O) had stopped accepting bitcoin to purchase its vehicles due to climate concerns.

The price of the world's largest cryptocurrency dropped from around $54,819 to $45,700, its lowest since March 1, in just under two hours following the tweet shortly after 2200 GMT. It recovered about half of that drop early in the Asian session, and last traded about $50,196.

Ether, the world’s second-largest cryptocurrency, followed a similar pattern, also dropping 14% to touch a low of $3,550, before bouncing back to about $3,965.

“We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Musk wrote.

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Tesla’s announcements earlier this year that it had bought $1.5 billion of bitcoin and that it would accept it as payment for cars has been one factor behind the digital tokens’ surging price this year.

As a result, Musk’s comments roiled markets even though he said Tesla would not sell any bitcoin and would resume accepting bitcoin as soon as mining transitioned to more sustainable energy.

"The issue (of huge energy use by bitcoin miners) has been long known so it's nothing new. But taken together with Musk's recent comments about dogecoin, his latest comments seems to suggest his passion for cryptocurrencies may be waning," said Makoto Sakuma, researcher at NLI Research Institute in Tokyo.

A broader selling of risk assets in traditional markets was another factor in the plunge, said Jeffrey Wang, Vancouver-based head of Americas at Amber Group, a cryptocurrency service provider.

"I don’t think everything is selling off just because of this news. This was kind of the straw that broke the camel’s back in terms of adding to the risk sell-off,” he said.

On Wednesday, the S&P 500 (.SPX) dropped 2.1%, and the Nasdaq Composite (.NDX) lost 2.7%.

Smaller cryptocurrencies were less affected by the news.

"Interestingly enough, altcoins are performing well. The reason given in the tweet is fossil fuel use for the mining of BTC, but most cryptocurrencies have already found more efficient ways to do that and therefore outperformed," said Justin d'Anethan, sales manager at Hong Kong-based head of exchange sales at Diginex, a digital asset company.

The bitcoin dominance index, a ratio of bitcoin’s market cap to the total market cap of all cryptocurrencies dropped further to 42, its lowest level since June 2018.

A figure of 100 would indicate all cryptocurrency holdings were bitcoin.

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Sectors to watch as inflation fears spook U.S. markets

Worries over inflation are rippling through the U.S. stock market, spooking equities overall while causing investors to consider which shares can hold up better in an environment where inflation may be heating up.

Inflation talk grew on Wednesday as data showed U.S. consumer prices increased by the most in nearly 12 years in April. read more

Rising prices and costs can crimp consumer demand and corporate profitability. They could also pressure the Fed to tighten monetary policy, which in turn could harm economic growth and stock valuations.

"Some inflation for companies and markets are healthy," said Keith Lerner, chief market strategist at Truist Advisory Services. "There's a sweet spot and then it gets to a place where it gets a bit too hot."

Research by UBS equity strategists found the S&P 500 starts moving in the opposite direction to inflation expectations when the breakeven rate on the 10-year U.S. Treasury Inflation-Protected Securities (TIPS) -- a market-based measure of inflation -- exceeds 2.5%. The rate rose above that level in the past week for the first time since 2013, according to Refinitiv data.

Here are some stocks groups to watch as inflationary concerns rise:

REFLATION VS INFLATION: Investors anticipating an economic rebound from the coronavirus pandemic have moved into cyclical sectors expected to see profits pick up in a "reflationary" environment.

Financials stocks (.SPSY) surged this year as longer-dated Treasury yields climbed. But if the Fed raises short-term rates to combat inflation, that could flatten the yield curve, so "the spread between borrowing and lending narrows for the banking sector and results in a net interest margins squeeze," according to BCA Research.

"Depending on how far up the inflation expectations you want to move, financials benefit and then at some point they don't," said Jack Janasiewicz, portfolio manager at Natixis Investment Managers.

Industrials, another cyclical group that has outperformed, are "located in the middle of the economic value chain and thus (have) diminishing power to pass on inflationary cost increases," according to BCA.

"Keep the S&P industrials index in the overweight basket early on into an inflationary spike," the firm says in a note, "but do not overstay your welcome as inflation endures."

COMMODITY-LINKED STOCKS: Two other cyclical groups, materials (.SPLRCM) and energy (.SPNY), may be better positioned to weather inflation. They are more tightly linked to prices of commodities and raw materials, many of which have hit new heights recently.

So far this month, ETFs for gold miners (GDX.P), copper miners and steel (SLX.P), have climbed between 7% and 9%, with the S&P 500 materials sector up about 3%, while the S&P 500 (.SPX) has posted a nearly 3% decline.

How much more room commodity prices have to run remains to be seen, however, and equities linked to those commodities may fall back if prices abate.

PRICING POWER: A rising inflation environment will increase costs for companies, so investors will be looking for companies that can pass along those costs through increased prices.

Companies with strong relative pricing power, according to UBS, include Activision Blizzard (ATVI.O), Coca-Cola (KO.N), and Abercrombie & Fitch (ANF.N).

Broadly, consumer staples companies (.SPLRCS) are seen by some strategists as relatively well equipped to pass through price increases.

"The investing premise is that the necessity aspect of Consumer Staples means their demand is inelastic, allowing for price increases during an inflationary cycle," Michael O'Rourke, chief market strategist at JonesTrading, said in a recent note.

Whether that premise bears out will be closely watched. For example, Procter & Gamble Co (PG.N) said last month it would raise prices of certain products in the United States to offset rising costs. read more

TECH TRIPPED UP: Tech stocks have struggled this week, and some investors are pointing to inflationary concerns contributing to the weakness.

Following the consumer price data, the yield on the benchmark 10-year Treasury note rose to its highest level in about a month. Such higher yields pressure valuations for tech and other growth stocks, whose future cash flows are discounted at higher rates.

"It's not inflation, per se; it's inflation and the implications for interest rates," said Jack Ablin, chief investment officer at Cresset Capital Management. "It just leaves tech investors somewhat vulnerable because that tailwind of lower rates and valuation expansion is no longer on their side."

Our Standards: The Thomson Reuters Trust Principles.

Rolls-Royce sticks to guidance for 2021

British engineering company Rolls-Royce (RR.L) stuck to its guidance to turn free cash flow positive at some point during the second half of 2021 as vaccinations kick in and travellers return to the skies.

In the year to date, the company said its operational and financial performance had been in line with expectations, suggesting the return of some stability after a torrid 2020 for one of the last vestiges of Britain's manufacturing industry.

Rolls' model of charging airlines for the number of hours its engines fly meant much of its income dried up last year when travel stopped. It has cut costs, taken on debt and raised equity to survive.

It also plans to sell 2 billion pounds ($2.8 billion) worth of assets to help repair its finances, and said on Thursday that there was an "encouraging range" of parties interested in buying its Spanish unit ITP Aero, for which it hopes to get 1.5 billion euros.

Over the first four months of 2021, Rolls-Royce said that large engine flying hours were around 40% of pre-pandemic levels, in line with its expectations. Good progress was also being made with a cost-cutting plan, the company added.

($1 = 0.7117 pounds)

Our Standards: The Thomson Reuters Trust Principles.

S.Korea announces bigger tax breaks, loans to bolster local chip industry

South Korea on Thursday announced bigger tax breaks plus 1 trillion won ($883 million) in loans for the local chip industry as it navigates a challenging operating environment amid a global chip shortage.

Many countries are working to bolster local chip supply chains as the severe shortage affects production in industries such as autos, and in March U.S. President Joe Biden flagged plans to invest $50 billion in semiconductor manufacturing and research. read more

Some 153 chip companies including global No.1 and 2 memory chip makers Samsung Electronics (005930.KS) and SK Hynix (000660.KS) already have plans to invest a combined 510 trillion won or more between this year and 2030, according to the Korea Semiconductor Industry Association.

"As semiconductor competition intensifies around the world, it is clear that we also need to increase our competitiveness in the semiconductor industry," South Korean President Moon Jae-in said earlier this week.

Current investments at home include Samsung's planned third chip plant in Pyeongtaek, south of Seoul, which began site preparation last year and is expected to be completed in 2022, a Pyeongtaek city official said.

SK Hynix is considering acquiring additional 8-inch chip contract manufacturing capacity, the Ministry of Trade, Industry and Energy said in a statement on Thursday, adding that no final decision has been made.

The government will increase tax breaks to 6% from the current 3% or lower for capital expenditures between second half of 2021 to 2024 for large corporations conducting "key strategic technology" including semiconductors, the ministry said in a statement.

The government will also offer about 1 trillion won in long-term loans for increasing 8-inch wafer chip contract manufacturing capacity and investment for materials and packaging.

Samsung Electronics, Hyundai Motor (005380.KS), the ministry and industry associations also agreed to join efforts to respond to the shortage of auto chips on Thursday, the presidential office said in its statement without providing any details.

($1 = 1,132.3400 won)

Our Standards: The Thomson Reuters Trust Principles.

Burberry says recovery from COVID-19 accelerating

British luxury brand Burberry (BRBY.L)said on Thursday its recovery from the COVID-19 crisis accelerated through the year, enabling it to reinstate a dividend payment.

The label, known for its trench coats, check fabric and TB monogram, reported a 10% drop in sales for the year to March 27, impacted by store closures and reduced tourism.

However, it said fourth quarter comparable store sales increased 32% year-on-year, despite an average of 16% of stores being closed.

It said full-price sales grew 63% in the quarter driven by mainland China, Korea and the United States. At the end of its financial year Burberry faced calls for a consumer boycott in the important Chinese market over Xinjiang cotton. read more

Burberry reported an adjusted operating profit of 396 million pounds ($556 million) - ahead of analysts' average forecast of 378 million pounds but down 8% from the 433 million pounds made in 2019-20.

The full year dividend was reinstated at 2019 levels of 42.5 pence.

($1 = 0.7118 pounds)

Our Standards: The Thomson Reuters Trust Principles.

Tanzania: Bravo Private Sector in Seeing Essence of Working With State

FOR the past decade, Tanzania focused on making remarkable economic reforms, reinforcing leadership ethics and investing in human development, which among others saw the country crossing the threshold into lower middle income status, well ahead of 2025 year that had been anticipated.

The observation is a clear testimony that the government is committed to promoting the private sector in partnership for the country's economic growth.

Traced back to the days of the late President John Magufuli fully recognizing and issuing special Identity Cards to petty traders, as a force to reckon with in the country's development, this is a clear show that building the country's economy is a collective responsibility for all without leaving group in the cold.

In the attempt, the government has created a condusive environment, where businesses have continued to prosper, be it for a hawker, peasant, Mama Lishe (female food vendors), big and small entrepreneurs.

What has transpired is the motivation to the citizens and brought onboard local billionaires like a small-scale miner Saniniu Laizer, who now owns $3.4 million after the government purchased his first tanzanite, precious stones weighing 20 pounds (9 kg) and 11 pounds (5 kg) at 7.7bn/-.

(Recall President Magufuli once said that he wants to leave behind a legacy of a nation of hundred billionaires.)

That put slightly aside, the private sector is the engine of growth and globally, successful businesses through them drive growth, create jobs and pay the taxes that finance services and investment.

In developing countries, the private sector generates 90 per cent of jobs, funds 60 per cent of all investments and provides more than 80 per cent of government revenues.

It is no doubt that "poverty" is a global issue and challenge which has been fighting against by all human beings for over thousands of year and to address this, the government deserves praise for realizing and embracing the private sector in its economic and social development.

"Every developing country has the potential to grow dynamically for decades, as long as the government plays the right role in facilitating the development of private enterprises along the line of the country's comparative advantages and tap into the latecomer advantages, once said, Prof Justin Yifu Lin at Peking University.

This is because many companies in the private sector, especially the world's largest and most brand-visible firms, have made substantial progress in operationalizing sustainability concepts by integrating these concepts into operations, strategy, and communications.-Daily News.

Tanzania: Pastoralists Push for Dairy Factories

PASTORAL communities in Misungwi District have called on the government to set up diary processing plants in the area, as they are confident of reliably supplying them with the needed raw materials.

The call follows the adaptation of improved animal husbandry, a technology that was brought in by the Tanzania Livestock Research Institute (TALIRI), to transform traditional pastoralism.

According to them, TALIRI has also been offering improved type of bulls, namely 'Ankole' and 'Mpwapwa', whose seminal fluid produce healthy calves, hence, quantity and quality livestock products, mostly milk, meat and skins.

"We are sure of reliable supply of raw materials for our factories because of the kind of animals we keep ... the changes have to a large extent improved our economies since we can now sell the new cattle breeds at 800,000/- instead of 350,000/- for old breeds," said Mr Maige Shija.

He added: "These animals fetch good prices due to the fact that normally, a-one-year old cross-breed animal weighs up to 120 kilogrammes while the old breeds weigh 70 kilogrammes only."

He added that a cross-breed cow can give birth to its first calf at two-years old, while for a traditional breed it takes three years.

He stressed that TALIRI technology (transformation) has been quickly adopted in Misungwi, calling on the government and stakeholders to set up livestock products' processing industries for herders' and national wellbeing.

Mr Shija said that he has also adapted a livestock fattening technology also from TALIRI, affirming that it is also a lucrative business following its quick profit.

According to him, a herder buys the traditional cattle and feeds them with nutritious feeds that contain carbohydrates, protein and minerals to let them become fatter, from 50 to over 100 kilograms within three months, fetching reasonable price in the markets.

"I usually buy a cow at between 300,000/- and 400,000 and sell it at not less than 800,000/- after the fattening process," he said.

The Institute's researcher in the Cattle Unit, Mr Nelson Felician commented that nearly 55 cross-breed bulls have been distributed to herders in the district since 2012 for livestock transformation purposes.-Daily News.

Tanzania: Researchers Initiate Waste Recycle for Economic Gain

RESEARCHERS at Ardhi University (ARU) have established different economic opportunities that can be obtained from wastewater and hard fossil that emanate from human waste after being refined.

The opportunities are biogas which is for domestic use, fertilisers and refined wastewater that can be used in different activities like irrigation schemes.

This was revealed on Wednesday by ARU researchers when speaking to people who visited Sanitation Bio Technologies Research Center on how they produce biogas and fertilizers from hard fossils.

One of the researchers who is a PhD student, Edward Ruhinda said one of the products in their centre is biogas which can be used in domestic activities.

Ruhinda is researching how to refine hard fossil from human waste to get biogas, fertilizers and refine wastewater to get clean water to be used in different activities.

Jonas Gervas is researching the impact of using refined wastewater on soil and crops that are cultivated by using refined wastewater for irrigation.

Fredrick Ligate is researching decentralized wastewater collection and co-treatment with putrescible domestic wastewater to enhance biogas generation and effluent quality.

Ruhinda said they have been taking wastewater from different areas and refined them and after that, they can be used for irrigation and the crops become safe for human consumption.

He said they also take hard fossil that emanates from human waste and process it to produce fertilizers that can be used in agriculture activities and get crops that are healthy for human consumption.

He said the cost of transporting wastewater is very high due to poor infrastructure so their research will come up with the simplest way that people can use to deal with wastewater.

He cited an example that currently there are only two places to dump wastewater which cannot handle all wastewater from the city so it is important to research the simple way that can be used to handle it.

Speaking on how they process hard fossils from human waste, Ruhinda said they create artificial situations like in the human body's stomach to enable the digestion system to continue and in the end, they get biogas and fertilizers.

He added that due to water shortage all over the world many developed and developing countries use the system to refine wastewater and use it in different development activities.-Daily News.

Kenya: NSE Unveils Its Unquoted Securities Platform

Nairobi — The Nairobi Securities Exchange (NSE) Plc officially launched its Unquoted Securities Platform (USP).

The USP is a market infrastructure that facilitates the trading, clearing and settlement of securities of unquoted companies in Kenya.

According to the company, this development is part of NSE's ongoing initiatives to ensure our market is able to facilitate the trading and clearing of all financial market transactions conducted in our market.

Geoffrey Odundo, NSE Chief Executive said these significant improvements in NSE's infrastructure are key and underscore the Company's commitment to offer best-in-class technology capabilities to support easier trading and execution of transactions in our market.

"There has been substantial growth in the number of securities trading over the counter. Most involve leading securities of well-developed companies across various sectors of the economy including commercial banks and insurance companies, co-operative societies, leading private companies among many more."

"Equally, the last few years have witnessed an increase in the number of companies raising long term initial and ongoing equity and debt capital through private placements." He added.

The automated USP solution offers numerous advantages that companies can explore as they pursue capital raising and price discovery while offering an easier transfer platform for investors. Investors enjoy a reduction of settlement delays and the system allows surveillance by the Exchange and the Regulator, thereby protecting investors in the market.

The register of investors is managed by an independent registrar protecting the register from possible manipulation.

Additionally, the platform eliminates possibilities of human error associated with manual processing.

For issuers, the platform provides access to capital and an introduction to capital market transactions easing their possible transition into the main quoted market.

Speaking during the event, Wyckliffe Shamiah, Chairman, CMA said: "With regards to innovation, the Authority consistently seeks to provide a conducive policy and regulatory environment for the deployment of new and innovative ideas, including FinTech and business models that have the potential to deepen capital markets in Kenya. Through the CMA Regulatory sandbox, new innovations continue to be rolled out into the market and the impact is slowly but surely showing."

Early this year, Acorn Holdings Ltd quoted its Income and Development Real Estate Investments Trusts on the USP, making Acorn the first company to tap into the market infrastructure for the trading of shares of unquoted companies.

Edward Kirathe, Chief Executive, Acorn Holdings Limited noted, "Acorn Holdings Limited is delighted to tap into Kenya's capital market to unlock growth opportunities as it seeks to grow its impact in Purpose Built Student Accommodation space."-Capital FM.

Nigeria's Economic Future Bright Despite Challenges - Osinbajo

Abuja — Vice President Yemi Osinbajo has affirmed Nigeria's bright economic future which, he said, cannot be aborted despite current challenges.

Osinbajo stated this while touring SecureID company's premises, a first in sub-Saharan Africa and one of the three such cutting-edge facilities on the continent, with top prime global certifications for smart card manufacturing.

In a statement by his media aide, Laolu Akande, Osinbajo said despite challenges confronting the nation, the future of Nigeria is bright.

He said, "The economic future of our nation is extremely bright. Yes, we have challenges today and they may look daunting. But let me assure you that these issues will be resolved. The march of this nation to its manifest destiny as Africa's leading economic power will not be aborted. We are more than able to overcome."

The vice president said that following the recommendation of the Presidential Economic Advisory Council, the Buhari administration had resolved that manufacturing will its main focus in bringing about dynamic growth, jobs and exports.

"This will mean retooling our business environment for greater competitiveness, especially with the takeoff of the African Continental Free Trade Area agreement.

"We are rethinking our tax regimes, sorting out external and internal trade issues, getting our regulatory authorities - Standard Organisation of Nigeria (SON) and National Agency for Food and Drug Administration and Control (NAFDAC), - and even Customs, to see their roles more as business facilitators rather than policemen or revenue generators. Our environment must be friendly for local businesses first, and foreign investments will follow enthusiastically," he said.

Commenting on the efforts of the administration to position the country as a leading economic beacon on the continent, the vice president also stated that the Buhari administration was ramping up efforts at improving the country's infrastructure and digital space.

He said: "Aside from the work we are doing with other infrastructure

such as rail, roads and power, we are committed to a plan of democratizing broad band connectivity. Our programme, which we have reiterated in our Economic Sustainability Plan, is broadband connectivity for all by 2023.

"The Federal Ministry of Communications and Digital Economy launched the National Broadband Plan which is designed to deliver data download speeds across Nigeria of a minimum 25mbps in urban areas and 10mbps in rural areas, with effective coverage available to at least 90% of the population at affordable prices by the target date.

"Broadband connectivity is as important as electricity in the digital age; unlike electricity, we do not have to make several mistakes before getting it right."

While commending the efforts of the founder and managing director of SecureID, Mrs Kofo Akinkugbe, Prof Osinbajo described SecureID facility as a place of history, innovation and creativity.

He said, "This world-class manufacturing facility is reputed to be the first certified smartcard manufacturing plant in sub-Saharan Africa, the only smart card production and personalisation plant in West Africa and one of only six on the continent and one of only 80 in the world.

"The facility serves 21 countries across Africa and is fully certified by major commercial card companies - VISA, Verve and MasterCard. SecureID has shown that this country can be at the cutting edge of development in technology and digital enterprises. The world in which companies like SecureID operates, providing comprehensive end-to-end payment, identity management and digital security solutions, is one that thrives on innovation."

The founder of SecureID, Mrs Akinkugbe, highlighted the significance of the vice president's visit, saying he had come to see some of the much-touted potential being realised.

She added that SecureID was a good entrepreneurial story of an abiding faith in God and the nation, proving the viability of investing and staying on course.-Leadership.

Nigeria: Power Outage Spreads As Grid Collapses

The national electricity grid collapsed on Wednesday, dropping power generation to about 260 megawatts (MW) and causing nationwide outage.

However, few hours later, the Transmission Company of Nigeria (TCN) which manages the grid said the recovery began immediately with power restored to Abuja and some parts of the southwest.

According to real-time power grid records by the Independent System Operations (ISO) section of TCN, none of the over 20 Generation Companies (GenCos) produced energy as of 1:00pm due to the system collapse.

As of Tuesday, the peak power generation was 4,757MW, while the lowest generation was 3,976MW. While 101,605 megawatts hour (MWH) energy was generated, consumers through the 11 Distribution Companies (DisCos) utilised 99,955MWH.

TCN in a statement by its spokesperson, Mrs Ndidi Mbah confirmed the 11:00am grid system collapse due to drop in voltage.

"TCN commenced grid recovery immediately after the collapse, from Shiroro Generating Station to Katampe Transmission Station in Abuja through the Shiroro - Katampe line at 11:29am, and also through Delta Generating Station to Benin Transmission Substation and has reached Osogbo and parts of Lagos.

"While the grid restoration and power restoration gradually progress to other parts of the country, the cause of voltage collapse that precipitated this failure is equally being investigated," the public utility company and power grid manager stated

As at 7:00pm, the grid had reached 1,650MW, with Abuja, Eko, Ikeja and Ibadan DisCos having the highest supply of 200MW each while the seven other DisCos have less.-Daily Trust.

Invest Wisely!

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INVESTORS DIARY 2021

Company

Event

Venue

Date & Time

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.

(c) 2021 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:  <mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77 344 1674

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