Major International Business Headlines Brief::: 15 May 2021

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Major International Business Headlines Brief::: 15 May 2021

 


 

 


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

 


 

 


ü  Last Debenhams stores close their doors

ü  Portugal to allow UK tourists from Monday

ü  Gupta empire facing UK fraud probe over Greensill

ü  Covid: Greece ends lockdown measures and opens to tourists

ü  US fuel pipeline 'paid hackers $5m in ransom'

ü  Lebanon: Karpowership shuts down electricity supply

ü  Less than 3% of U.S. small businesses could face tax hikes under Biden
plan -White House

ü  U.S. requires inspections for wire failure on Boeing 737 Classic planes

ü  Fed approves acquisition of BBVA's U.S. banking arm by PNC

ü  FTC officials say 7-Eleven purchase of Speedway chain likely illegal
despite closing

ü  Facebook faces prospect of ‘devastating’ data transfer ban after Irish
ruling

ü  Mozambique: Sudden Changes in Exchange Rate Raise Questions

ü  Namibia: Labour Union Sues Govt Over NBC

ü  Nigeria: Remittance Inflows to Nigeria Reduced 28% in 2020 - World Bank

 

 

 

 

 

 

 

 


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

 


 

Last Debenhams stores close their doors

The last remaining Debenhams are closing their doors on Saturday, more than
240 years after the department store began trading.

 

Shoppers have flocked to the last remaining outlets to pick up bargains in
closing-down sales.

 

But the last 28 stores will now be shuttered for good.

 

The Debenhams brand will continue to trade online after it was bought by the
fashion retailer Boohoo for £55m in January.

 

At its height, there were more than 150 Debenhams stores across the UK, but
the chain went into administration in 2019 after several years of falling
sales.

 

The pandemic was the final blow.

 

In December, its owners announced the business was being wound down with
12,000 job losses.

 

After lockdown, 97 stores reopened to allow the last stock to be cleared,
and they have gradually been closed over the last two weeks.

 

The last outlets have been plastered with sale signs, offering a mish-mash
of items, from bikinis to cafetieres, at bargain basement prices.

 

Debenhams was an anchor store, especially in many mid-sized town centres,
such as Mansfield, where it opened its shopping centre-based site in 1976.

 

Shelves were empty in the cosmetic department this week, while boxes of
left-over coat hangers were free to anyone who wanted them.

 

But as the shop entered its final few days of trading, there were more
customers than there had been for some time, said shop staff.

 

They recalled that in its early days, the store sold a huge range of goods,
from loft ladders to greenhouses.

 

"It was so thriving in the 1970s and 80s. On a Friday afternoon, it was
really buzzing with the girls from the factory," said Glenis Thompson.

 

Its closure would leave "a big big hole in the town", said Julie Howe,
another former Debenhams worker.

 

"It isn't all about online and Covid. The company lost its way, which is
very sad," she added.

 

Debenhams traces its roots back to 1778 when William Clark opened a shop in
London's West End, selling fabrics, bonnets and parasols.

 

By the 1950s, it was the biggest department store in the UK with 110 sites.

 

However, in recent years, the shift to online shopping ate into sales and
the business floundered.

 

It was put up for sale last year, but in the end, the brand will survive
online as part of the internet-only fashion firm Boohoo.-BBC

 

 

 

Portugal to allow UK tourists from Monday

British tourists will be allowed to enter Portugal from next Monday, the
Portuguese authorities have announced.

 

Portugal is on the UK's "green" list for unrestricted travel from then, but
there had been confusion over whether the Portuguese would reciprocate.

 

Coronavirus is still causing concern in Portugal and the country has
extended its state of calamity to 30 May.

 

The government in Lisbon said anyone arriving would need to take a negative
PCR test before departure.

 

The announcement was made by the Portuguese foreign ministry, which said
tourism authorities had been ensuring that testing capacity in Portugal will
meet the demand from tourists.

 

"With an air capacity from (at least) 21 airports in the United Kingdom into
Portugal, reinforced due to the high demand from this market, the options
are wide for the British tourists to visit Portugal from any point," the
ministry said.

 

"People from the United Kingdom have visited Portugal and celebrated our
culture, traditions, landmarks, history, and enjoyed our warm hospitality
for decades. We look forward to welcome all travellers coming from the UK."

 

The rules for holidays in green list countries like Portugal

The Portuguese announcement followed days of uncertainty and confusion over
whether thousands of holidays booked by UK travellers from Monday would in
fact go ahead.

 

On Thursday, it looked as though many holidaymakers' hopes would be dashed
when Portugal extended its Covid emergency measures.

 

Tourist season

But to widespread relief, the Lisbon government has now given its approval
to UK tourists.

 

Authorities in the UK had already announced that travellers from England and
Scotland would not have to quarantine on their return from Portugal and
other "green list" countries from 17 May.

 

However, those countries have their own restrictions on who can visit.

 

As an NHS worker, 32-year-old Rebecca Morgan, of Bow in east London, has
gone beyond the call of duty during the pandemic.

 

Instead of taking her annual leave over the past year, she has been doing
extra shifts on Covid wards.

 

But now she feels it really is time for a break - which is why she plans to
fly to Faro in Portugal on 31 May for a week's holiday.

 

"I'm super-desperate to go away," she told the BBC. "I've not had a proper
week off for a year and a half. I'm really looking forward to having a good
lie down on the beach."

 

Rebecca is expecting to pay £400 for the three required PCR tests and would
have preferred the option to isolate at home.

 

"The cost of the tests will probably cost more than the holiday," she says.

 

"I'm tested twice a week for work, had Covid back in January and I've had
both vaccines now, so I'm not expecting to get Covid at this stage."

 

At present, Portugal allows flights to and from the UK, but only for
essential travel, such as for business, study, family reasons, health or
humanitarian reasons.

 

Those travel restrictions will be lifted only from 17 May.

 

Tui has 44 flights due to depart for Portugal between 17 and 30 May. These
include 28 to the Algarve, a popular destination for UK summer holidays.

 

Other firms, including EasyJet, have been offering holidays and flights to
green list countries, but online travel firm On The Beach has stopped
selling all holidays for this summer because of Covid uncertainty.

 

EasyJet said: "We welcome the decision from the Portuguese government
meaning that those travelling from the UK will be allowed to travel safely
to Portugal from Monday.

 

"We look forward to reuniting friends and family and taking customers on a
long-awaited holiday this summer."

 

The Abta travel association said it was "fantastic" that tourists could
return to Portugal.

 

"UK tourism is a really important part of the Portuguese economy,
contributing half a billion pounds a year in normal times," an Abta
spokesperson said.

 

At the same time, Greece has launched its tourist season, lifting most
remaining restrictions on movement and declaring "we are putting the
lockdown behind us".

 

Although an average of 2,000 daily Covid cases are still being reported,
vaccinations are being rolled out with the Greek islands as a priority.-BBC

 

 

 

 

Gupta empire facing UK fraud probe over Greensill

The business empire of Liberty Steel owner Sanjeev Gupta is under
investigation by the Serious Fraud Office (SFO).

 

The probe is over suspected fraudulent trading and money laundering,
including its financing arrangements with failed company Greensill Capital
UK.

 

Greensill, a major lender to Mr Gupta's business, collapsed in March.

 

GFG Alliance, Mr Gupta's family conglomerate, said it would co-operate fully
with the investigation.

 

"As these matters are the subject of an SFO investigation we cannot make any
further comment," a GFG spokesperson added.

 

GFG Alliance employs 35,000 people at companies stretching from Wales to
Australia. Its Liberty Steel arm in the UK has about 3,000 staff.

 

The company's reliance on Greensill caused many to worry that it might
itself be at risk following the finance firm's demise. GFG is in talks with
finance firms about providing emergency loans. A request for a £170m from
the UK government was rejected.

 

On Thursday, former prime minister David Cameron, who worked for Greensill
and lobbied the government on its behalf, appeared before MPs to answer
questions about his role.

 

The announcement of a Serious Fraud Office investigation into the workings
of Sanjeev Gupta's metals-based empire has serious consequences, before any
evidence is even heard.

 

First, the BBC understands that the Department for Business feels vindicated
that it did not agree to give the so-called "saviour of steel" a requested
government bailout of £170m.

 

Second, and perhaps more importantly, it sets back Mr Gupta's attempts to
raise new finance to replace the money it once received from the now defunct
Greensill.

 

The government has promised to save the steel plants - owned by Gupta's GFG
alliance that are now in dire financial straits - but this investigation
makes the chance of it surviving in its current form an increasingly remote
possibility.

 

The news comes a day after former prime minister and former Greensill
employee, David Cameron, defended his role in lobbying the government to
grant Greensill access to a government-backed Covid loan programme.

 

In its statement, GFG said it "continues to serve its customers around the
world and is making progress in the refinancing of its operations which are
benefitting from the operational improvements it has made and the very
strong steel, aluminium and iron ore markets".

 

Greensill's business model - called supply chain finance - worked by placing
itself between customers and suppliers. It would immediately pay the
invoices that suppliers gave to their customers, meaning those suppliers
would not have to wait possibly for months for payment.

 

The Financial Times has claimed that one of Mr Gupta's companies had sent
Greensill invoices for business it had supposedly done with four European
metal companies. But those European companies told the newspaper they had
not dealt with GFG.

 

However, GFG said the invoices were for products it expected to perhaps sell
in the future and that the financial arrangement was common for many of
Greensill's clients.

 

During Mr Cameron's appearance before the Treasury Committee on Thursday, he
acknowledged that GFG had a very close relationship with Greensill, and said
it was "disturbing" to read the reports about the invoices.

 

Mr Gupta was once hailed as the saviour of British steel when his company
bought a struggling steel mill in South Wales, saving it from likely
closure. Liberty Steel then went on to snap up several ailing UK plants and
turn them around.

 

GFG now operates in 30 countries, and has revenues of about £20bn.-BBC

 

 

 

Covid: Greece ends lockdown measures and opens to tourists

Greece has launched its tourist season, lifting most remaining restrictions
on movement and declaring "we are putting the lockdown behind us".

 

Although an average of 2,000 daily Covid cases are still being reported,
vaccinations are being rolled out.

 

German tourists have begun flying in. From 17 May it will not be illegal for
Britons to travel to "amber list" Greece, but they are advised not to.

 

Only for "green list" countries such as Portugal will rules ease
significantly.

 

Although the UK has a relatively low infection rate, Germany has said it
will be classed as a Covid risk area from Sunday because of cases of the
Indian variant in some areas. Prime Minister Boris Johnson said on Friday
the Indian variant could pose "significant disruption" to lockdown easing on
21 June.

 

How Greece is opening up

Greece still has several restrictions. However, the big changes are that
residents no longer have to send text messages to a hotline whenever they
leave their homes or go shopping, movement is allowed between regions, and a
night-time curfew has now been limited to between 00:30 and 05:00.

 

A fifth of Greece's economy is seen as dependent on the tourism sector and
20% of workers are employed by it.

 

"We are opening our tourist industry to the world," Tourism Minister Haris
Theoharis announced on Thursday evening in front of the Temple of Poseidon
at Cape Sounion outside Athens.

 

What tourists have to do

Visitors from a list of 53 approved countries have to fill in a passenger
locator form (PLF) the day before they travel, listing where they are
staying and supplying a vaccine certificate, a negative PCR test or a
documentation of recent recovery from Covid.

 

The rules are a precursor to the EU-wide digital certificate that is
scheduled to help free up travel by the end of June.

 

How is Europe lifting lockdown restrictions?

The passport helping Denmark open up after Covid

Flights from several German airports, including Frankfurt, Düsseldorf,
Hanover and Stuttgart, landed at Heraklion airport in Crete on Friday
morning. Travel giant Tui said it was resuming flights to Kos, Rhodes and
Corfu on Saturday and the rest of Greece next month.

 

Charter flights were also landing at Rhodes, mainly from Poland and Israel.

 

Greece had hoped that British tourists would be able to start flying in
freely from 17 May, but Greece has been placed on the UK's "amber list".

 

Anyone travelling as a tourist would be going against government advice and
would face issues. Anyone returning to England or Scotland would have to
quarantine for 10 days.

 

The government in Athens has launched a glossy video showing a selection of
prospective tourists dreaming of escaping to the sun for a natural tan and
tasting "real food", with the message "all you want is Greece". The campaign
is described as the national tourism organisation's biggest in a decade.

 

What are the rules for holidays and can I visit Portugal?

Why Greece is focusing on the islands

Friday was also an important day for Greek tourists, as it marked their
first chance to travel to the islands since November.

 

The port of Piraeus near Athens was described as busy, as people headed away
from the mainland with the required green pass to travel. Museums were also
opening across Greece for the first time in six months, although numbers
were being limited. In shops one customer is allowed per 25 sq m (269 sq
ft).

 

So far one in four Greeks have received a first vaccination, and the Greek
government is accelerating its campaign on dozens of islands, particularly
tourist destinations.

 

Ministers say 32 smaller islands have completed their programmes and dozens
more with populations of up to 10,000 will be vaccinated by the end of May.
Residents on the biggest islands will be given the single-dose Johnson &
Johnson vaccine by the end of June, officials say.

 

In a separate move on Friday, Italy said it was scrapping from Sunday
quarantine requirements for visitors from the rest of the EU and the
border-free Schengen zone, as well as Israel and the UK. Only a negative PCR
test will be required. But Italy will also be on the UK's amber list from 17
May.

 

Italy still has a curfew that starts at 22:00 but almost the entire country
has now been designated as lower risk.

 

What about Portugal?

Travellers from England and Scotland are to be allowed to go on holiday to
several countries from Monday without having to quarantine when they return,
including Portugal, which extended its state of calamity on Thursday to 30
May.

 

The government in Lisbon said anyone arriving would need to take a negative
PCR test before departure.

 

British tourists allowed into Portugal from Monday

Covid live page

Some 12,000 Chelsea and Manchester City fans are to fly into Portugal on 29
May to see their teams in the European Champions League final in Porto.

 

The supporters will be subject to a series of Covid restrictions, flying in
and out on the same day in a "bubble situation". Fans will have to pass
through a separate airport zone and take a negative Covid test.-BBC

 

 

 

 

US fuel pipeline 'paid hackers $5m in ransom'

A major US fuel pipeline has reportedly paid cyber-criminal gang DarkSide
nearly $5m (£3.6m) in ransom, following a cyber-attack.

 

Colonial Pipeline suffered a ransomware cyber-attack over the weekend and
took its service down for five days, causing supplies to tighten across the
US.

 

CNN, the New York Times, Bloomberg and the Wall Street Journal all reported
a ransom was paid, citing sources.

 

Colonial said on Thursday that it would not comment on the issue.

 

On Friday, Japanese consumer tech giant Toshiba said its European division
in France had been hit by the same cyber-criminal gang.

 

Price impact

Following the cyber-attack, Colonial announced it would resume operations on
Wednesday evening, but warned that it could take several days for the
delivery supply chain to return to normal.

 

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

 

The closure saw supplies of diesel, petrol and jet fuel tighten across the
US, with prices rising, an emergency waiver passed on Monday and a number of
states declaring an emergency.

 

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

 

US President Joe Biden reassured motorists on Thursday that fuel supplies
should start returning to normal this weekend, even as more filling stations
ran out of gasoline across the Southeast.

 

According to reports, Colonial had said initially it would not be paying the
ransom demanded by the hackers.

 

Toshiba cyber-attack

Toshiba Tec France Imaging System, which is part of Toshiba, said it was hit
by a similar cyber-attack by DarkSide on 4 May.

 

However, the firm emphasised that no leaks of data had been detected and
that only a minimal amount of work data was lost during the event.

 

It said it had put protective measures in place immediately after the
attack.

 

In light of a sharp increase in ransomware cyber-attacks during the
pandemic, on Thursday President Biden signed an executive order to improve
US cyber-defences.

 

Earlier in the week, he said that although there was no evidence that the
Kremlin was involved, there was evidence to suggest that the DarkSide gang
of hackers was based in Russia.

 

The news that Colonial Pipeline paid these criminals is a major blow to
President Biden.

 

Only this week he signed a long-awaited executive order to beef up federal
cyber-security and, in turn, make the US more secure from future attacks.

 

These efforts have, in the view of some in the cyber-security world, been
completely undermined.

 

How can the Biden administration encourage corporations to spend millions
securing their computer networks from attack when they've just witnessed
Colonial, under the glare of the public eye, cave in to criminal demands and
pay their way out of trouble?

 

The news will swell the ranks of those in the security world who want
ransomware payments banned.

 

But with companies, jobs and sometimes lives put at risk when ransomware
hits, it is a tough call for policymakers.

 

The potential silver-lining in this case comes from reports that even after
Colonial paid the hackers, the criminals were so slow to help the company
that pipeline staff got to work on recovery themselves.

 

The DarkSide hacker crew can no longer claim that they can restore victims
services quickly and this may make others question whether or not to give in
to their demands.

 

Cyber-security firms told the BBC that DarkSide operates by infiltrating an
organisation's computer network and stealing sensitive data.

 

Typically, a day later the hackers will make themselves known, announcing
that they have encrypted all the data in the network and are prepared to
leak it onto the internet and delete it, if they are not paid a ransom by a
certain deadline.

 

DarkSide operates by making the software used to execute this attack and
then training affiliates to use it, who then give the gang a cut of the
ransoms they take.

 

Following concerns the Colonial cyber-attack was caused by nation-state
hackers with a political motive, DarkSide posted on its website: "Our goal
is to make money and not creating problems for society."

 

The group also indicated it had not been aware that Colonial was being
targeted by one of its affiliates and intended to "introduce moderation and
check each company" its partners want to encrypt, "to avoid social
consequences in the future".

 

On Friday, Reuters reported that DarkSide's website on the dark web was no
longer accessible.

 

Colonial Pipeline's website also continues to be offline.-BBC

 

 

 

Lebanon: Karpowership shuts down electricity supply

An energy company responsible for about one quarter of Lebanon's electricity
supply has turned off its generators.

 

Karpowership, a Turkish company, says it is owed more than $100m (£71m) by
Lebanon and has not been paid in 18 months.

 

It also faces corruption charges, which it denies, and an ongoing legal
fight.

 

Lebanon is in a major economic and political crisis, and already suffers
regular power cuts, with many people relying on private generators.

 

The country has not had an agreed government in nine months, after the
previous administration resigned in the wake of a devastating explosion at
Beirut's port.

 

Hassan Diab is currently serving as caretaker PM. He stepped down after the
blast in August but PM-elect Saad Hariri has so far struggled to form a
government, leaving Mr Diab in the post until Mr Hariri can take office.

 

Karpowership - which provides power from two barges - reportedly shut off
supply at 0800 local time (0600 BST).

 

"We deeply regret shutting down and went to great lengths to avoid it," a
statement read.

 

"For 18 months, we have been exceedingly flexible with the state,
continually supplying power without payment or a payment plan, because the
country was already facing very hard times. However, no company can operate
in an environment with such direct and undue risk."

 

Around 370 megawatts (MW) of power comes from Karpowership. Reuters news
agency reports that Lebanon has a total capacity of about 2,200MW, including
the barges, but had far greater need for power - with peak demand in 2020
reaching 3,500 MW.

 

Early this month, a state prosecutor threatened to seize the ships after a
local television channel reported corruption allegations relating to a power
contract - accusations Karpowership denies. The company has been threatened
with a $25m fine, subject to an ongoing investigation.-BBC

 

 

 

Less than 3% of U.S. small businesses could face tax hikes under Biden plan
-White House

Less than 3% of the roughly 30 million small-business owners in the United
States could face tax increases under President Joe Biden's jobs and
infrastructure plan, according to a new analysis by the White House on
Friday.

 

The White House has been seeking to leverage the support and political
popularity of small-business owners in its fight to raise the corporate tax
rate from 21% to 28% on large corporations such as Walmart Inc (WMT.N) and
Amazon.com Inc (AMZN.O). The move has faced stiff opposition from large
national trade groups like the U.S. Chamber of Commerce and the Business
Roundtable. https://reut.rs/3bpkKwQ read more

 

The proposed increase in the corporate tax rate to 28% would not affect any
small business that file taxes as a "passthrough entity" such as a limited
liability corporation, said a senior administration official. Nearly all
small businesses fall in that category, the official said.

 

The proposed increase in the top income tax bracket by 2.6 percentage points
for single earners who earn over $452,700 annually and married couples above
$509,300 per year - "would affect less than 3 percent of passthrough
business owners," the official said

 

Most small businesses are passthrough businesses like limited-liability
organizations and S-corporations that do not pay a corporate tax. Instead,
the owners report business income and pay the tax on their personal tax
returns.

 

"There has been a false line of attack circulating that the president's tax
plan represents some kind of significant wide-ranging tax increases on small
business owners and that's just simply untrue," the official said.

 

Biden's tax plan attempts to "level the playing field" between small
businesses and large multinational corporations, by ensuring that big
corporations cannot escape or eliminate the taxes they owe by offshoring
jobs and profits in the United States, and pay a lower tax rate than small
businesses, the White House has said.

 

It faces stiff opposition from Republican lawmakers who have showed little
signs of being swayed by small-business sentiment.

 

Biden is open to compromise, said the official, when asked whether the
president is standing behind raising the corporate tax rate to 28% despite
Republican pushback or prefers other methods such as greater enforcement by
the Internal Revenue Service (IRS) as a way to pay for this infrastructure
plan.

 

"He was in the Senate for almost 40 years and understands how the
legislative process works and there is going to be a little bit of give and
take with Congress, so that's the part of the process we are in right now."

 

The official said greater enforcement by the IRS would not impact a "vast
majority of small-business owners" as audit rates for people making less
than $400,000 a year will not change.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

U.S. requires inspections for wire failure on Boeing 737 Classic planes

The Federal Aviation Administration (FAA) said on Friday it was requiring
U.S. operators of 143 Boeing Co (BA.N) 737 Classic series airplanes to check
for possible wire failures stemming from an investigation into an Indonesia
crash in January.

 

The 737 Classic is an older generation of planes more than two decades old.
The FAA said the issue affected 1,041 737-300, -400 and -500 Classic series
airplanes worldwide, but many are currently out of service, because of
COVID-19 or other issues.

 

The FAA is issuing an airworthiness directive for operators to verify that
the flap synchro wire, which plays a role in the operation of the aircraft’s
auto-throttle system, is securely connected to a safety sensor.

 

The wire failure could go undetected by the auto-throttle computer on
affected airplanes and pose a safety risk.

 

The FAA is requiring some speedier checks than had been suggested by Boeing,
which said late on Friday that it was "engaged in ongoing efforts to
introduce safety and performance improvements across the fleet."

 

The newer 737 MAX and 737 NG are unaffected by the directive.

 

The FAA and Boeing identified the potential problem during the investigation
of the Jan. 9 crash of Sriwijaya Air Flight 182 in the Indonesian capital.
read more

 

Indonesia’s third major airline crash in just over six years shone a
spotlight on the southeast Asian nation’s poor air safety record.

 

All 62 aboard were killed after the 26-year-old Boeing Co 737-500 crashed
into the Java Sea soon after takeoff from Jakarta.

 

The FAA said there was no evidence the flap synchro wire issue had a role in
the accident though the possibility of a failed connection presented a
safety concern warranting prompt attention.

 

In February, Indonesia’s National Transportation Safety Committee (KNKT)
said the plane had an imbalance in engine thrust that eventually led it into
a sharp roll before a final dive into the sea.

 

There had been two prior problems reported with the autothrottle system that
automatically controls engine power based on maintenance logs, but the issue
was rectified four days before the crash, the agency said.

 

Boeing issued a March 30 message to operators directing them to perform
electronic checks of the auto-throttle computer to confirm the wire is
connected within 250 flight hours.

 

The FAA is requiring the initial test within 250 flight hours or two months
from now, whichever occurs first, "to ensure that airplanes with low
utilization rates are addressed in a timely manner." Operators must then
make repairs, if needed.

 

The FAA said a faulty connection could result in the failure of the
auto-throttle system to detect the position of the aircraft’s flaps if the
plane’s engines were operating at different thrust settings due to another
malfunction.

 

The FAA is requiring follow-on inspections every 2,000 flight hours after
the first.

 

Affected U.S. operators are Aloha Air Cargo, DHL, iAero Airways, Kalitta
Charters and Northern Air Cargo, the FAA said.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Fed approves acquisition of BBVA's U.S. banking arm by PNC

The U.S. Federal Reserve said on Friday it had approved the acquisition of
the U.S. operations of Spanish lender BBVA (BBVA.MC) by PNC Financial
Services Group Inc (PNC.N), clearing the way for a deal first announced in
November.

 

The $11.6 billion cash acquisition will be the second largest since the 2008
financial crisis when completed, creating a bank with nearly $650 billion in
assets spread across roughly two dozen U.S. states.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

FTC officials say 7-Eleven purchase of Speedway chain likely illegal despite
closing

The completion of 7-Eleven's purchase of thousands of Speedway gas and
convenience stores is potentially illegal and may raise competitive concerns
in hundreds of local U.S. markets, two top U.S. Federal Trade Commission
officials said as a dispute between the agency and companies broke into the
open on Friday.

 

Marathon Petroleum Co (MPC.N), which owned the Speedway chain, and 7-Eleven,
owned by Japan's Seven & I Holdings Co Ltd (3382.T), announced Friday they
had closed the $21 billion deal involving some 3,800 stores in 36 states.

 

"The parties have closed their transaction at their own risk. The Commission
will continue to investigate to determine an appropriate path forward," said
FTC acting Chairwoman Rebecca Slaughter and Rohit Chopra, a commissioner.
Both are Democrats.

 

The two officials said they believed "this transaction is illegal," and said
the commission had failed to reach an agreement with the companies to
resolve antitrust concerns.

 

7-Eleven said in a statement that it was legally allowed to close the
transaction. "Statements or implications to the contrary are false," the
company said.

 

The company said it had reached an agreement with FTC staff in late April to
sell 293 fuel outlets with a plan to close on May 14.

 

But on May 11, Slaughter and Chopra said they wanted more time, the company
said. "7-Eleven took the request very seriously," it said. "Given that
7-Eleven was abiding by the negotiated settlement agreement, we closed today
on schedule," it added.

 

In a separate statement, Marathon Petroleum said that it and "7-Eleven
worked very cooperatively over many months with the FTC and will continue to
do so going forward."

 

The two Republican FTC commissioners, Noah Phillips and Christine Wilson,
said in a statement that they also believed the deal violated antitrust law.

 

"Rather than resolve the issues and order divestitures (or sue to block the
transaction), the acting chairwoman and Commissioner Chopra have issued a
strongly worded statement. Their words do not bind the merging parties,
leaving consumers completely unprotected," Phillips and Wilson said.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Facebook faces prospect of ‘devastating’ data transfer ban after Irish
ruling

Ireland’s data regulator can resume a probe that may trigger a ban on
Facebook’s transatlantic data transfers, the High Court ruled on Friday,
raising the prospect of a stoppage that the company warns would have a
devastating impact on its business.

 

The case stems from EU concerns that U.S. government surveillance may not
respect the privacy rights of EU citizens when their personal data is sent
to the United States for commercial use.

 

Ireland's Data Protection Commissioner (DPC), Facebook's lead regulator in
the European Union, launched an inquiry in August and issued a provisional
order that the main mechanism Facebook uses to transfer EU user data to the
United States "cannot in practice be used".

 

Facebook had challenged both the inquiry and the Preliminary Draft Decision
(PDD), saying they threatened "devastating" and "irreversible" consequences
for its business, which relies on processing user data to serve targeted
online ads.

 

The High Court rejected the challenge on Friday.

 

"I refuse all of the reliefs sought by FBI (Facebook Ireland) and dismiss
the claims made by it in the proceedings," Justice David Barniville said in
a judgment that ran to nearly 200 pages.

 

"FBI has not established any basis for impugning the DPC decision or the PDD
or the procedures for the inquiry adopted by the DPC," the judgment said.

 

While the decision does not trigger an immediate halt to data flows,
Austrian privacy activist Max Schrems, who forced the Irish data regulator
to act in a series of legal actions over the past eight years, said he
believed the decision made it inevitable.

 

"After eight years, the DPC is now required to stop Facebook's EU-U.S. data
transfers, likely before summer," he said.

 

A Facebook spokesman said the company looked forward to defending its
compliance with EU data rules as the Irish regulator's provisional order
"could be damaging not only to Facebook, but also to users and other
businesses".

 

PRIVILEGED ACCESS

 

If the Irish data regulator enforces the provisional order, it would
effectively end the privileged access companies in the United States have to
personal data from Europe and put them on the same footing as companies in
other nations outside the bloc.

 

The mechanism being questioned by the Irish regulator, the Standard
Contractual Clause (SCC), was deemed valid by the European Court of Justice
in a July decision.

 

But the Court of Justice also ruled that, under SCCs, privacy watchdogs must
suspend or prohibit transfers outside the EU if data protection in other
countries cannot be assured.

 

A lawyer for Facebook in December told the High Court that the Irish
regulator's draft decision, if implemented, "would have devastating
consequences" for Facebook's business, impacting Facebook's 410 million
active users in Europe, hit political groups and undermine freedom of
speech.

 

Irish Data Protection Commissioner Helen Dixon in February said companies
more broadly may face massive disruption to transatlantic data flows as a
result of the European Court of Justice decision. read more

 

Dixon's office welcomed the decision on Friday, but declined further
comment.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

Mozambique: Sudden Changes in Exchange Rate Raise Questions

The metical increased in value by 13% in a week, from $1 = MT 65.5 on 6
April to $1 = MT 56.8 on 14 April. Then it was kept at precisely that level
for two weeks, It has now drifted back to $1 = MT 58.6.

 

The sharp change in less than a week, followed by two weeks of an absolutely
constant $ exchange rate, means the that Bank of Mozambique, and not the
market, is setting the exchange rate. And questions are being asked.

 

The Metical had been slowly devaluing for a year, reaching $1 = MT 75.3 at
the beginning of February. The appreciation since then is 24%. There was a
similar appreciation against the Rand, from R 1 = MT 5.2 in February to R 1
= MT 3.9 on 16 April.

 

Economists said there was nothing in the economy that could explain this.
Standard Bank said "this rate is unsustainable due to the large and historic
current account deficit and the weak outlook for foreign direct investment."
Fitch said it expected the metical to return to the January level of $1 = MT
74 by the end of the year. Fitch believes that the currency is overvalued,
and “does not reflect favourable macroeconomic conditions”, noting that the
twin budgetary and external deficits increased in 2020 as a result of the
coronavirus pandemic, and that attacks in Cabo Delgado have harmed the
country’s attractiveness as an investment destination.

The Bank of Mozambique announced on 30 April that it would take a further
$60 mn from its $4 bn reserves and inject them into the economy. Bloomberg
said that internal market is being flooded with dollars.

 

The main impact of the appreciation of the Metical is to make imports
cheaper and especially to encourage imports of food and other good from
South Africa to Maputo. And consumer prices fell slightly in April.

 

But it squeezes exporters. It is clear many businesses see the appreciation
as temporary. State Electricity Company EDM quotes some salaries in dollars,
but continued to pay at the rate of $1 = MT 75 - until this was published
and EDM agreed to only pay the official rate.

Some South Africa banks and merchants are using their power to set their own
exchange rates on Visa credit cards to keep the effective rate at $1 = MT
75. Question: Arbitrage? Arbitrage is taking advantage of price differences
in different markets for the same asset - or of buying knowing that the
price will change.

 

Thus anyone who sold their dollars at 65.5 on 6 April and bought the dollars
back a week later at 56.8 would have made a large profit. Selling $100 on 6
April provided enough Meticais to by $115 a week later. And anyone with
inside knowledge would have made a lot of money.

 

Similarly, the predictions of a return to $1 = MT 75 this year means that
banks and traders will snap up the extra $60 mn and hold them until the
price goes up, making an arbitrage profit of $15 mn. Individuals and illegal
money traders will do the same thing - hold dollars for the next six months.

Arbitrage and access of dollars fuelled Zimbabwe's hyperinflation because of
the gap between official and parallel exchange rates. In Mozambique
arbitrage works by guessing - or knowing - how the Bank of Mozambique is
going to manipulate the exchange rate.

 

Who owes? Mozambique has an external public debt of $15 bn but has foreign
currency reserves of $4 bn, according to the IMF. Much of those reserves
will be US dollars held in US banks, and US bonds. By holding this money and
not spending it, Mozambique (and other countries) are giving a loan to the
United States. The US Treasury reports that there are foreign holdings of an
incredible $ 7100 bn - in other words the US owes $7100 bn to rest of the
world.

 

Over the last 50 years the US has manipulated the international financial
system by making the US$ the global currency and though the IMF to push
countries to hold ever larger reserves in the form of loans to the US, in
effect propping up the US economy.

 

This started in 1973 when the US ended the fixed price of gold. The 1997 and
2008 global financial crises started in the US, but led counties to keep
ever larger reserves to try to provide a cushion against US financial
collapses. The US$ is also the normal currency of illegal trade, notably
drugs, and those holdings of dollars are also, in practice, loans by the
drug dealers to the United States government.

 

Follow up Afungi TechnipFMC withdrawal 'fake news' but Total is blocking
equipment removal The report in Africa Intelligence (11 May, reported here
11 May) claiming TechnipFMC had contracted a South African firm, Bridge
Maritime, to remove equipment from Palma is not true.

 

Bridge Maritime called it “fake news” and TechnipFMC said the report “is
incorrect”. (Energy Voice, 13 May) But Zitamar (12 May) reports some
contractors complain Total is blocking equipment removal from Afungi,
effectively holding it hostage there.

 

TechnipFMC has a more than $1 bn contract for subsea work on Mozambique LNG,
both for Total for links to Afungi, where work has not started, and for
Eni’s Coral Sul floating LNG platform where work is continuing.

 

TechnipFMC CEO Douglas Pferdehirt said the company had no in-country
exposure. It is carrying out manufacturing for Mozambique LNG but it is
being carried out “a long way from Mozambique". We have noted that Africa
Intelligence's information on Cabo Delgado is often poor and its reports
exaggerated.

 

Also the Paris-based newsletter is pushing very hard a line that the gas
logistics base in Pemba should be moved to the French island of Mayotte.
Protest works. Parliament on Tuesday (11 May) removed from discussion the
final reading of a bill to give parliamentary staff $1.8 mn per year
additional perks.

 

This follows a small demonstration by students and a petition submitted to
parliament. The Maputo middle class bubble had a lot of anti-parliament
chatter over the weekend. The attack on Palma means Maputo has finally
noticed the war in Cabo Delgado, and finally noted that parliament was
increasing its own spending when there was not enough money to care for
700,000 displaced people.

 

After 8 hours in detention, including a several hour drive around Maputo,
student Valdo Jose Cuambe was released by the police. He was arrested at the
11 May demonstration against the approval of $1.8 mn in additional perks for
parliament staff.

 

Having arrested him, the police did not know what to do with him, and took
him to five different courts and prosecutors offices before being told to
release him. (CDD 12 May) Personal note: Hope This newsletter has been
filled with reports of an intensifying war. One group with no hope and no
future believed their only choice was to attack the group they saw stealing
their future.

 

The other side brought in an army of fighters recruited from other people
who had no hope and saw no future. The war escalated and now we are
reporting on foreign countries who want to send soldiers to kill peasant
fighters with no hope.

 

I was watching a concert by an amazing Syrian clarinettist Kinan Azmeh
http://bit.ly/Car-Azmeh writing the most beautiful and hopeful music drawn
from his war torn country. It was part of a series by Carnegie Hall in New
York called "Voices of Hope", organised in the worst time of Trump and
Covid-19. https://www.carnegiehall.org/Events/Highlights/Voices-of-Hope
available only until 31 May.

 

Ute Lemper on music under the Nazis, black music in the US, other music of
hope in terrible times. Wonderful concerts - do listen. All civil wars go
through phases, usually of increasing outside intervention as each side
tries to kill more of the other.

 

Eventually the war ends, often after a decade, and a new generation filled
with hope tries to rebuild. Cabo Delgado is moving into the escalating,
killing phase. Must this continue for a decade until the war ends and hope
returns to rebuild? This has already happened twice in Mozambique, and the
hopeful rebuilding is being overtaken by another civil war. Is the momentum
too great; is it too late to stop? Or is there still a tiny amount of time
left? Could the people of Cabo Delgado talk to each other about their hopes
and dreams. Could the warlords and warmongers allow them to do it? Another
decade of war is on the cards. There are still people with hope - could they
stop the war? There are good people at the local level. Can space be created
for them to try?  jh

 

 

 

Namibia: Labour Union Sues Govt Over NBC

Namibia's biggest labour union has filed a lawsuit against the government,
accusing it of sacrificing Namibian Broadcasting Corporation (NBC) employees
as part of the government's N$3,7 billion bailout loan agreement with the
International Monetary Fund (IMF).

 

This is said by Namibian Public Workers Union (Napwu) general secretary
Petrus Nevonga in a sworn statement filed at the Labour Court in Windhoek
this week.

 

Napwu is suing the NBC, the government and finance minister Iipumbu Shiimi
on behalf of striking workers at the national broadcaster.

 

In an affidavit filed at the Labour Court, Nevonga says NBC employees could
be affected by the government's decision to concede

 

to the IMF's requirement of "structural reforms" as a condition for the
approval of its loan extended to Namibia.

 

Key to Namibia's promise to the IMF was that the government was going to cut
its wage bill and sell off or close a number of its assets, especially
state-owned enterprises.

Documents filed at the court show this undertaking was given by Shiimi and
Bank of Namibia governor Johannes !Gawaxab to IMF managing director Kristina
Georgieva in a letter dated 12 February 2021.

 

"We are planning to implement fiscal reforms to increase expenditure
efficiency in FY21/22 and gradually phase out exceptional Covid-19 spending.
Notably we will contain the wage bill through a wage freeze in FY21/22,
allowing for natural attrition, except in priority social sectors, and
implementing a targeted and phased early retirement scheme," read Shiimi and
!Gawaxab's joint letter.

 

They added: "Furthermore, we aim at improving the performance and management
of state-owned enterprises and conducting selected divestments."

 

The government this year slashed the NBC's funding by 60% - from N$334
million in the 2020/21 financial year to N$127 million in 2021/22.

Nevonga says in his affidavit that the government knew all along it had no
intention of honouring wage increases for NBC employees, and was set in
cutting funding to the NBC, but nonetheless continued negotiating with Napwu
about wage raises.

 

Nevonga says the government's deal with the IMF has been kept from Napwu and
workers represented by the union.

 

Napwu is now accusing the NBC's management and the government of having
negotiated in bad faith from the onset.

 

"The impression was created that there was a realistic basis for the wage
negotiations. The initial understanding reached on wage increases induced
and cemented the belief on the part of Napwu, however, behind the scenes
other arrangements were being made by the government and the International
Monetary Fund," says Nevonga in his sworn statement.

 

He claims the government had all along planned to frustrate NBC employees
into leaving the national broadcaster through a policy of "natural
attrition".

He says the NBC management's decision to allow for striking workers' jobs to
be done by machines operated by their non-striking colleagues sends a
message to those striking that they are no longer needed and can simply be
replaced.

 

"Years of dedicated work for the NBC and the public is trivialised and
discarded. This again is bound to lead to resignation by workers who feel
unappreciated and alienated," says Nevonga.

 

He says the situation has "exposed a government which in its desire to
secure funding from the IMF abandoned the workers, [and] made deals with the
IMF which will lead to the demise of a public asset without first consulting
the Namibian people".

 

The undertakings made to the IMF have neutralised the right to strike, not
only of the NBC workers but also for public service workers in general, he
says.

 

Napwu is asking the Labour Court to declare that the NBC's conduct is
contravening the joint recognition and procedural agreement which the union
and the national broadcaster signed in September 2011.

 

The union is further asking the court to declare that the conduct of the NBC
and the government undermines orderly collective bargaining and constitutes
unfair labour practice and bargaining in bad faith.

 

The union's application is scheduled to be heard in court on Thursday next
week.

 

NBC board chairperson Lazarus Jacobs in a statement last month said
resorting to industrial action would not benefit any party and would only
deprive Namibians of critical information, especially during the current
Covid-19 pandemic.

 

He said should the strike continue in its current form, it would worsen the
NBC's financial position to the extent that the corporation would not be
able to pay its employees' salaries.-Namibian.

 

 

 

Nigeria: Remittance Inflows to Nigeria Reduced 28% in 2020 - World Bank

"The decline in flows to Sub-Saharan Africa was almost entirely due to a 28
per cent decline in remittance flows to Nigeria."

 

The World Bank says remittance inflows to Nigeria declined by 28 per cent in
2020 because of COVID-19 pandemic.

 

The bank also said remittance flows fell for Sub-Saharan Africa by 12.5 per
cent, according to its Migration and Development Brief 33 Phase 11 entitled:
"COVID-19 Crisis Through a Migration Lens" published on Thursday.

 

The report said the decline in remittance flows to Nigeria was largely
responsible for the fall in remittance flows to Sub-Saharan Africa.

 

"The decline in flows to Sub-Saharan Africa was almost entirely due to a 28
per cent decline in remittance flows to Nigeria.

 

"Excluding flows to Nigeria, remittances to Sub-Saharan Africa increased by
2.3 per cent, demonstrating resilience," the report stated.

 

According to the report, the relatively strong performance of remittance
flows during the COVID-19 crisis has also highlighted the importance of
timely availability of data.

It stated that given its growing significance as a source of external
financing for low- and middle-income countries, there was a need for better
collection of data on remittances.

 

It emphasised that there was a need for better collection of data on
remittances, in terms of frequency, timely reporting, and granularity by
corridor and channel.

 

The report quoted Dilip Ratha, lead author of the report on migration and
remittances, as saying "the resilience of remittance flows is remarkable.
Remittances are helping to meet families' increased need for livelihood
support.

 

"They can no longer be treated as small change.

 

"The World Bank has been monitoring migration and remittance flows for
nearly two decades, and we are working with governments and partners to
produce timely data and make remittance flows even more productive."

With global growth expected to rebound further in 2021 and 2022, however,
remittance flows to low- and middle-income countries are expected to
increase by 2.6 per cent to 553 billion dollars in 2021 and by 2.2 per cent
to 565 billion dollars in 2022.

 

The report stated that global average cost of sending 200 dollars remained
high at 6.5 per cent in the fourth quarter of 2020, more than double the
Sustainable Development Goal target of three per cent.

 

It stated that Sub-Saharan Africa continued to have the highest average cost
(8.2 per cent) adding, supporting the remittance infrastructure and keeping
remittances flowing includes efforts to lower fees.

 

In addition, it stated that the decline in recorded remittance flows in 2020
was smaller than the one during the 2009 global financial crisis (4.8 per
cent).

It was also far lower than the fall in Foreign Direct Investment (FDI) flows
to low- and middle-income countries, which, excluding flows to China fell by
over 30 per cent in 2020.

 

As a result, remittance flows to low- and middle-income countries surpassed
the sum of FDI (259 dollars billion) and overseas development assistance
(179 dollars billion) in 2020.

 

The main drivers for the steady flow included fiscal stimulus that resulted
in better-than-expected economic conditions in host countries, a shift in
flows from cash to digital and from informal to formal channels, and
cyclical movements in oil prices and currency exchange rates.

 

The true size of remittances, which includes formal and informal flows, is
believed to be larger than officially reported data, though the extent of
the impact of COVID-19 on informal flows is unclear.

 

"As COVID-19 still devastates families around the world, remittances
continue to provide a critical lifeline for the poor and vulnerable," said
Michal Rutkowski, Global Director of the Social Protection and Jobs Global
Practice at the World Bank.

 

"Supportive policy responses, together with national social protection
systems, should continue to be inclusive of all communities, including
migrants."

 

In addition, it stated that the relatively strong performance of remittance
flows during the COVID-19 crisis had also highlighted the importance of
timely availability of data.

 

"Given its growing significance as a source of external financing for low-
and middle-income countries, there is a need for better collection of data
on remittances, in terms of frequency, timely reporting, and granularity by
corridor and channel".

 

The World Bank is assisting member states in monitoring the flow of
remittances through various channels, the costs and convenience of sending
money, and regulations to protect financial integrity that affect remittance
flows.

 

It is working with the G20 countries and the global community to reduce
remittance costs and improve financial inclusion for the poor. (NAN)-Premium
Times.

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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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
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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
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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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