Major International Business Headlines Brief::: 17 May 2021

Mon May 17 09:34:00 CAT 2021

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Major International Business Headlines Brief::: 17 May 2021

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

ü  Asia shares made hesitant by mixed China data, viral spread

ü  BP's lobbying for gas shows rifts over path to net-zero emissions

ü  Indonesia's Gojek, Tokopedia merge to create tech champion

ü  Ryanair posts record annual loss, but says COVID-19 recovery has begun

ü  U.S. gasoline shortage eases, but pumps dry in some areas

ü  Bitcoin price lower after Musk tweet

ü  China’s factory output slows as bottlenecks crimp production

ü  AT&T nearing $150bn Discovery streaming merger - reports

ü  Long working hours killing 745,000 people a year, study finds

ü  Covid-19: Thousands set to jet overseas on holiday as rules ease

ü  Africa: Buhari Arrives Paris for Financing Africa Summit

ü  Rwanda: Burera Garment Factory Stops Operations, 1,000 Remain Jobless

ü  Kenya to Use Refurbished Nanyuki Rail to Increase Cargo to Ethiopia

ü  Nigeria: Workers' Strike - We're Ready for You, El-Rufai Tells NLC, PDP

ü  Tanzania: Why Tanzania Needs to Invest More Into Avocado Production

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Asia shares made hesitant by mixed China data, viral spread

Asian share markets turned mixed on Monday as Chinese retail sales missed
expectations and Singapore moved to close schools to fight a coronavirus
outbreak, while more evidence of global inflation pressures helped gold to a
three-month peak.

Chinese retail sales rose 17.7% in April on a year ago, short of forecasts
for a jump of 24.9%, while industrial output matched expectations with a
rise of 9.8%. read more

"Industrial activity remains robust, supported by strong external demand for
Chinese goods as vaccinations accelerate in developed countries," CommSec
economist Ryan Felsman said.

"But continuing global supply chain disruptions - including a semiconductor
shortage - and surging commodity prices have sapped some momentum as
production costs increase."

The spread of the coronavirus was also a drag with Singapore to shut most
schools from Wednesday after reporting the highest number of local
infections in months. read more

Taiwan's government on Monday had to reassure investors it would stabilise
stock and foreign exchange markets if needed amid a spike in COVID-19 cases.
Yet, stocks there were still down 3.6% (.TWII).

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS)
dithered either side of flat, just above a four-month trough hit last week.

Chinese blue chips (.CSI300) proved more resilient with a gain of 1.8%.

Japan's Nikkei (.N225) lost 0.8%, having also touched its lowest since early
January last week. Data suggested inflation was a global phenomenon with
Japan's wholesale prices jumping in April as rising energy and commodities
costs ate into corporate margins. read more

S&P 500 futures and Nasdaq futures both eased 0.1%, following Friday's
rally. EUROSTOXX 50 futures added 0.3% while FTSE futures were little
changed.

The U.S. data calendar is light this week, putting the focus on minutes of
the Federal Reserve's last policy meeting for any clue when officials there
might start to talk about tapering.

So far, most Fed members have been doggedly dovish on policy, arguing a
spike in inflation was transitory, though there was a risk it could get
baked into expectations.

The University of Michigan consumer survey last week showed the highest
expected year-ahead inflation rate as well as the highest long-term
inflation rate in the past decade.

BofA's U.S. economist Michelle Meyer sees outsized price pressures from
shortages of goods and rebounds in travel.

"Inventory-to-sales ratios are at historic lows, record numbers of small
businesses complain of tight inventories, ports are congested, and shortages
of semiconductor chips and new/used cars are driving prices higher," Meyer
says.

"We expect goods inflation to soften by year end as demand levels off and
production rebounds, but wages may continue to climb," she added.

DOLLAR TRACKS MOVE IN YIELDS

The inflation scare initially saw 10-year Treasury yields reach a six-week
peak just above 1.70%, but the Fed's patience soothed the mood and yields
were back to 1.62% on Monday.

The dollar pretty much tracked the move in yields, bouncing to 90.909 on a
basket of currencies before steadying at its current 90.407.

The euro was last at $1.2130 , having climbed 0.5% on Friday as yields
eased, while the dollar was steady on the yen at 109.37 .

Bitcoin fell a further 7% to its lowest since February after tweets from
Elon Musk hinted that Tesla may have sold, or will sell, its holdings. read
more

The dip in the dollar combined with inflation concerns on Monday to lift
gold to a three-month top at $1,853 an ounce and cracking tough resistance
at $1,845.

Oil prices marked time after see sawing last week as the Colonial Pipeline
restarted from a hacker shutdown.

Brent dipped 8 cents to $68.63 a barrel, while U.S. crude lost 2 cents to
$65.35 per barrel.

Our Standards: The Thomson Reuters Trust Principles.

BP's lobbying for gas shows rifts over path to net-zero emissions

Oil major BP (BP.L) has lobbied for the EU to support natural gas, a move
that exposes divergent views among investors and reflects a wider European
dispute about the role of the fossil fuel in the transition to a
lower-carbon world.

The European Commission - aiming to reach net-zero greenhouse gas emissions
by 2050 - had planned to omit gas-fuelled power plants from a new list of
investments that can be marketed as sustainable, but delayed the decision
last month following complaints from some countries and companies.

Britain's BP was among those lobbying against the plan. In a December 2020
response to the Commission's public consultation on the issue, it said the
new rules could threaten financing of gas projects, and obstruct a shift
away from more polluting coal.

BP called for an increase in the emission limits that gas plants would have
to meet to allow them to be labelled green without requiring the immediate
installation of carbon capture and storage (CCS) technology, which is still
deemed too expensive for wide-scale use.

Natural gas emits roughly half the CO2 emissions of coal when burned in
power plants. But gas infrastructure is also associated with emissions of
the greenhouse gas methane.

When asked about its lobbying, BP said it strongly supported the EU's
climate goals. It added that natural gas was enabling the transition from
coal.

However investors gave mixed responses when asked whether BP's championing
of gas was at odds with its pledge to support the Paris Agreement. As well
as committing to bringing carbon emissions from the barrels it produces to
net zero by 2050, the company has pledged to align its lobbying activities
to support net-zero carbon policies.

Natasha Landell-Mills, head of stewardship at asset manager Sarasin and
Partners, said BP's lobbying raised questions about its commitments.

"If their capex (capital expenditure) was oriented towards full
decarbonisation by 2050, then you'd naturally expect to see lobbying align
with this goal. The fact it seems to be pushing the other way suggests a
problem," she added.

Others, though, pointed to the question of what aligning with the Paris
Agreement means in practice.

"It's not like a standard setter has said 'here, exactly, is what
Paris-aligned means, industry by industry'," said John Streur, CEO at U.S.
asset manager Calvert Research and Management.

Another institutional investor, speaking on condition of anonymity, said he
did not see a problem with BP's response and that there was no blueprint for
what Paris-aligned means, adding however it was not a good time "to stick
your head out".

'FAIR TRANSITION'

The European Commission had originally said gas plants must emit below 100g
of carbon dioxide equivalent per kilowatt hour (CO2e/kWh) to be labelled
green - a level even the use of CCS would make it tough to achieve,
according to BP.

In its December submission to the Commission, BP urged the EU to set a
higher emissions limit to encourage power suppliers to shift more capacity
to gas from coal plants.

"Natural gas should have a dedicated threshold, above the current 100g
CO2e/kWh, to reflect its role to facilitate an affordable and fair energy
transition by enabling a shift away from coal in power generation and
heating, providing dispatchable power to complement renewables and offering
an alternative fuel in transport," it said.

BP is far from alone in its support of gas.

At least nine EU countries, including Poland, Hungary and the Czech
Republic, lobbied the Commission to label gas plants as sustainable,
documents seen by Reuters showed. Other governments including Denmark, Spain
and Ireland urged Brussels to exclude the fuel.

European oil and gas producer Eni criticised the 100 g/kWH threshold as too
low in December, while a group including Total (TOTF.PA) and Repsol (REP.MC)
signed an open letter from several energy firms in support of gas as a means
to replace coal in the energy mix.

"Any tonne we don't emit today is much more valuable in terms of avoiding
global warming then a tonne that is with the best intention avoided in
2040," said Mario Mehren, Chief Executive of Wintershall Dea, who signed
that letter.

'UNABATED GAS'

The Paris Agreement set a target to limit global warming to 2 degrees
Celsius above pre-industrial levels, and aim for 1.5 degrees.

The EU aims to cut its net greenhouse gas emissions by 55% by 2030, from
1990 levels, and eliminate them by 2050.

The role of gas depends on factors such as what volume of emissions can be
captured and stored in the future, and fixing methane leaks from gas
infrastructure, said Joeri Rogelj, a lead author on Intergovernmental Panel
on Climate Change (IPCC) reports and Director of Research at the Grantham
Institute at Imperial College London.

"In that context, unabated gas, without carbon capture and storage, is not
part of the key sustainable investments," he added.

Sandrine Dixson-Declève, co-president of the Club of Rome think-tank and one
of the EU's expert advisers on the sustainable finance taxonomy, said the
rules needed to reflect climate science.

Indonesia's Gojek, Tokopedia merge to create tech champion

Indonesian ride-hailing and payments firm Gojek and e-commerce leader
Tokopedia announced a multi-billion dollar merger of their businesses on
Monday, creating a technology powerhouse called GoTo Group in the country's
largest-ever deal.

The deal comes as Gojek and Tokopedia - each backed by global heavyweight
investors - seek to boost profitability some 10 years after they were
founded by marrying their services in one bouquet under a single platform.
It also extends growing consolidation among Southeast Asia's fast-moving
tech startups.

Alibaba Group Holding (9988.HK), SoftBank Group Corp (9984.T) and Singapore
sovereign wealth fund GIC are among Tokopedia's investors, while Gojek's
include Google, Warburg Pincus and Tencent Holdings (0700.HK).

Sources familiar with the situation had earlier said the companies were
seeking a $18 billion merger. read more

In a joint statement, the firms did not give a current value of the merged
GoTo Group, but said that based on historical fundraising of the companies,
the combined past valuation was $18 billion.

Gojek Chief Executive Andre Soelistyo will lead the combined business as
GoTo's chief executive officer, while Tokopedia President Patrick Cao will
become president of GoTo.

"Our business model is now even more diverse, stable and sustainable. We
have Gojek's high volume, high frequency mobility transactions, combined
with Tokopedia's high value, medium frequency e-commerce transactions," said
Cao.

Last month, Southeast Asia's biggest ride-hailing and food delivery firm,
Grab, clinched a $40 billion merger with a special purpose acquisition
company. Meanwhile Singapore-based regional internet firm Sea Ltd (SE.N),
which operates e-commerce platform Shopee, is also muscling into food
delivery and financial services. read more

Goldman Sachs is the financial advisor to Gojek, and Citi is financial
advisor to Tokopedia.

Our Standards: The Thomson Reuters Trust Principles.

Ryanair posts record annual loss, but says COVID-19 recovery has begun

Ryanair (RYA.I) reported a record annual after-tax loss of 815 million euros
($989 million) on Monday after COVID-19 restrictions forced it to scrap over
80% of flights, but the Irish airline said there were signs the recovery had
begun.

Europe's largest discount airline flew 27.5 million passengers in its
financial year ended March, down from 149 million the previous year in what
it called the most challenging in its history.

The airline reiterated its forecast that passenger numbers for the current
fiscal year would be towards the lower end in the range of 80 million to 120
million passengers.

It expects to fly just 5 million to 6 million passengers in the April-June
quarter.

Ryanair said it was impossible to give a formal profit outlook for the year,
but added that it "cautiously believed that the likely outcome for FY22 is
currently close to breakeven" if the EU vaccine rollout remains on track.

Group Chief Executive Michael O'Leary said in a pre-recorded presentation
that a recent strong increases in weekly bookings suggested the "recovery
has already begun" with bookings climbing from around 500,000 per week in
early April to 1.5 million per week now.

"If, as is presently predicted, most European populations are vaccinated by
September, then we believe that we can look forward to a strong recovery" in
the second half of the year, from October to March, O'Leary said.

The annual loss was slightly better than the loss forecast of 834 million
euros in a company poll of analysts.

"It's better than we predicted, but still a fairly traumatic loss for an
airline that has been consistently profitable for our 35-year history,"
O'Leary said.

The airline said it had been told by Boeing that it would deliver the first
of 210 Boeing 737 MAX jets in late May, though O'Leary said he did not
"necessarily believe" the promise due to a series of delays.

The airline is, however, in talks with Boeing for an order for the 737 MAX
10 but "we are not quite there on price," Chief Financial Officer Neil
Sorahan said in an interview.

($1 = 0.8244 euros)

Our Standards: The Thomson Reuters Trust Principles.

U.S. gasoline shortage eases, but pumps dry in some areas

A motorist tops up the fuel in his car's gas tank after a lengthy wait to
enter a gasoline station during a surge in the demand for fuel following the
cyberattack that crippled the Colonial Pipeline, in Durham, North Carolina,
U.S. May 12, 2021. REUTERS/Jonathan Drake

Gasoline shortages that have plagued the U.S. East Coast slowly eased on
Sunday, with 1,000 more stations receiving supplies as the country's largest
fuel pipeline network recovered from a crippling cyberattack.

The six-day closure of Colonial Pipeline's 5,500-mile (8,900-km) system was
the most disruptive cyberattack on record, preventing millions of barrels of
gasoline, diesel and jet fuel from reaching fuel tanks throughout the
eastern United States.

Thousands of gas stations ran dry as supplies failed to arrive and drivers
fearing a prolonged outage filled tanks and jerry cans. Refiners and fuel
distributors are racing to recover before the Memorial Day holiday weekend
at the end of May, the traditional start of the peak-demand summer driving
season.

"Colonial Pipeline is currently shipping at normal rates, based on shipper
nominations," company spokesman Eric Abercrombie said in an email. "It will
take some time for the supply chain to fully catch up."

In Washington, D.C., about 70% of stations were still empty, according to
tracking firm GasBuddy.

Elsewhere, more than half of the stations were still out in North Carolina,
while less than half of stations were without fuel in South Carolina,
Maryland, Virginia and Georgia, GasBuddy data showed.

U.S. gasoline demand on Saturday dropped nearly 15% from a week earlier,
according to GasBuddy, as drivers pulled back on fuel hoarding.

Widespread panic buying even caused shortages in some areas not served by
the pipeline.

Average nationwide gasoline prices are at their highest since 2014, with a
gallon of regular unleaded at $3.04 on Sunday, up from $2.96 a week ago,
according to the American Automobile Association.

U.S. gasoline futures opened in Asian trade on Sunday at $2.1271 a gallon,
down from a three-year high of $2.2170 a week ago, Refinitiv Eikon data
showed.

'GETTING BETTER'

Overall outages stood at 12,405 stations, down from 13,450 on Saturday and a
peak of more than 16,000, said Patrick De Haan, head of petroleum analysis
at GasBuddy, as panic buying ebbed and stations replenished supplies. There
are around 150,000 gas stations in the United States, the world's largest
oil consumer.

"Every day, gasoline supplies are getting better as Colonial operates at
capacity and additional oil tankers from the Gulf Coast make their way to
the East Coast," said Andy Lipow of Lipow Oil Associates in Houston.

Citgo [RIC:RIC:PDVSAC.UL] and Valero Energy Corp (VLO.N) were among the
refiners to receive Jones Act waivers to ship fuel on waterborne vessels
from the U.S. Gulf Coast to help ease the fuel crunch. read more

Operators of the Colonial system, which transports 100 million gallons of
gasoline, diesel and jet fuel daily to East Coast markets from Texas
refineries, began resuming operations on Wednesday following the six-day
outage.

Alpharetta, Georgia-based Colonial said it would resume its regular
nomination process on Monday to allocate capacity to companies that use the
line.

DarkSide, the group blamed for attacking Colonial Pipeline systems, has said
it recently hacked four other companies. A website it used to communicate
went dark last week. read more

Websites tied to two other ransomware groups not connected to the Colonial
hack also were unreachable in a likely retreat amid the hunt for
perpetrators, Allan Liska, a researcher with cybersecurity firm Recorded
Future, said on Sunday.

"This is a disruption," he said of the groups' lower profile, adding: "I
don’t think it’s going to be a permanent disruption."

Bloomberg News and the New York Times said Colonial paid nearly $5 million
to DarkSide hackers, but the company has not confirmed the ransom demand or
the payment. read more

Our Standards: The Thomson Reuters Trust Principles.

Bitcoin price lower after Musk tweet

A representation of virtual currency Bitcoin is seen in front of a stock
graph in this illustration taken March 15, 2021. REUTERS/Dado
Ruvic/Illustration/File Photo

The price of Bitcoin traded below $45,000 on Sunday after a tweet by Tesla
CEO Elon Musk, an outspoken supporter of cryptocurrency, suggested Tesla may
be considering or may have sold off its bitcoin holdings.

Musk's tweet was in response to an unverified Twitter account called
@CryptoWhale, which said, "Bitcoiners are going to slap themselves next
quarter when they find out Tesla dumped the rest of their #Bitcoin holdings.
With the amount of hate @elonmusk is getting, I wouldn't blame him
".

Musk replied "indeed" without specifying whether Tesla had sold off its
bitcoin holdings or that he simply agreed with the sentiment that he faced
criticism.

On May 12, Musk said Tesla will no longer accept bitcoin for car purchases,
citing long-brewing environmental concerns for a swift reversal in the
company's position on the cryptocurrency. read more

The Tesla boss' tweets, which had helped drive some of the gains in bitcoin
in recent months, last week triggered a 17% slide in the value of the
cryptocurrency when he said his company's customers would no longer be able
to use bitcoin to buy its cars.

Our Standards: The Thomson Reuters Trust Principles.

China’s factory output slows as bottlenecks crimp production

China’s factories slowed their output growth in April and retail sales
significantly missed expectations as officials warned of new problems
affecting the recovery in the world’s second-largest economy.

While China’s exporters are enjoying strong demand, global supply chain
bottlenecks and rising raw materials costs have weighed on production,
cooling the blistering economic recovery from last year’s COVID-19 slump.

Factory output grew 9.8% in April from a year ago, in line with forecasts
but slower than the 14.1% surge in March, National Bureau of Statistics data
showed on Monday. Retail sales, meanwhile, rose 17.7%, much weaker than a
forecast 24.9% uptick and the 34.2% surge in March.

NBS spokesman Fu Linghui said while China's economy showed a steady
improvement in April, new problems are also emerging, notably the rise in
international commodity prices.

"The foundations for the domestic economic recovery are not yet secure," Fu
told a news briefing in Beijing on Monday.

"For companies as a whole, price increases are conducive to the improvement
of corporate efficiency, but the pressure on downstream industries needs to
be paid attention to," he added.

China’s factory price inflation hit its highest pace since October 2017 in
April. That could rise further in the second and third quarters, according
to a report from the central bank last week.

The slower growth rates in the April activity indicators were also due in
part due to the fading base effects as year-on-year comparisons rolled away
from very sharp declines seen when the coronavirus shut down much of the
country in early 2020.

In the factory sector, motor vehicle production growth fell sharply to 6.8%
from 69.8%, due in part to the base effect as well as critical shortages of
semiconductors used in car systems.

Growth in the production of cement slowed in April, and coal production fell
on year, although aluminium and crude steel output hit record highs, helped
by firm demand.

"China's economy shows signs of unbalanced recovery: strong exports and
domestic investment on one hand, but weak consumption on the other," said
Zhiwei Zhang, chief economist at Pinpoint Asset Management, in a note.

Sectors related to travel, leisure and entertainment are large employers and
still held back by COVID-19 uncertainty, he said.

Home appliances sales growth dropped particularly sharply in April from the
month before, falling from 38.9% growth on year in March to 6.1%, NBS data
showed.

Julian Evans-Pritchard, senior China economist at Capital Economics, in a
note said month-on-month retail sales growth fell well below its
pre-pandemic pace.

"Looking ahead, we think the rebound in consumption should gather pace again
in the coming months as the labour market continues to tighten," he said.

TIME TO REASSESS?

China's economy expanded by a record 18.3% in the first quarter and many
economists expect growth will exceed 8% this year.

Exports accelerated in April, thanks to strong demand for Chinese goods amid
a brisk U.S. economic recovery and stalled factory production in other
countries.

However, April also saw factory activity slow amid supply bottlenecks and
rising costs and policymakers have acknowledged some of the recent
weaknesses seen in the economic recovery.

A top decision-making body of the ruling Communist Party said last month the
country will encourage manufacturing and private investment to recover as
quickly as possible.

The Politburo meeting chaired by President Xi Jinping also warned China's
economic recovery remained uneven and that its foundation was not yet solid.

The activity indicators on Monday also showed fixed asset investment
increased 19.9% in the first four months from the same period a year
earlier, slowing from January-March's 25.6% increase.

Private-sector fixed-asset investment, which makes up around 60% of total
investment, rose 21.0% in January-April, compared with a 26.0% jump for the
first three months.

"The government may put the monetary policy tightening on hold for now and
observe the pace of recovery," Zhang from Pinpoint Asset Management said.

Our Standards: The Thomson Reuters Trust Principles.

AT&T nearing $150bn Discovery streaming merger - reports

US telecoms giant AT&T is reportedly close to striking a deal with Discovery
that would create a $150bn (£106bn) streaming giant.

A tie-up would bring one of Hollywood's biggest studios and Discovery's
channels under the same ownership.

AT&T owns CNN, HBO and Warner Bros, after acquiring many brands in a
$108.7bn purchase of Time Warner in 2018.

The deal would mark the entry of another player into a crowded market.

"This is a streaming arms race and AT&T is making an offensive strategic
move to further bulk up its content in the battle versus Netflix, Disney,
and Amazon," Dan Ives from Wedbush Securities told the BBC.

"The Time Warner acquisition and the golden jewel HBO asset was the first
step with Discovery - a doubling down on this streaming endeavour," he
added.

However, David Cummings, chief investment officer at Aviva, told the BBC
that shareholders may be uneasy about the deal.

He agreed that AT&T, in the face of huge streaming competition, needed to
increase its amount of content, but added: "The market might feel this deals
is a bit too late; I expect the market might be a little sceptical."

The merger would create a new business that would be separate from AT&T and
could be valued at $150bn, including debt, the Financial Times reported.

Discovery's market value, including debt, currently stands at around $30bn.

The proposed deal would put together movie-making powerhouse Warner Bros.
Entertainment, which is home to the Harry Potter and Batman franchises, and
Discovery's stable of unscripted home, cooking, nature and science shows.

WarnerMedia-owned HBO and HBO Max now have around 64m subscribers worldwide.

It is currently dwarfed by larger rivals Netflix, which has 208m
subscribers, and Disney+, which has more than 100m.

Discovery, whose portfolio includes Animal Planet and the Discovery Channel,
reaches more than 88m US homes, while its Discovery+ streaming service,
which launched in January, has 15m subscribers.

When AT&T took over Time Warner three years ago it planned to create a media
and telecoms giant that combined content and distribution.

However, that proved to be a highly costly approach as the company was also
expanding its next generation wireless services at the same time.

AT&T recently added $14bn to its debt pile to fund the purchase of wireless
spectrum.

The Discovery deal would be the latest move in the company's steps to reduce
those debts.

In February, AT&T agreed to sell a major stake in satellite television
service DirecTV, in deal that valued the business at less than a quarter of
its purchase price in 2015.

AT&T is the world's largest telecoms company in the world by revenues.

It was established in 1877 by Alexander Graham Bell, who obtained the first
US patent for the telephone.

Representatives for AT&T and Discovery have yet to comment on the reports.

Long working hours killing 745,000 people a year, study finds

Long working hours are killing hundreds of thousands of people a year,
according to the World Health Organization (WHO).

The first global study of its kind showed 745,000 people died in 2016 from
stroke and heart disease due to long hours.

The report found that people living in South East Asia and the Western
Pacific region were the most affected.

The WHO also said the trend may worsen due to the coronavirus pandemic.

The research found that working 55 hours or more a week was associated with
a 35% higher risk of stroke and a 17% higher risk of dying from heart
disease, compared to a working week of 35 to 40 hours.

The study, conducted with the International Labour Organization (ILO), also
showed almost three quarters of those that died as a result of working long
hours were middle-aged or older men.

Often, the deaths occurred much later in life, sometimes decades later, than
the long hours were worked.

While the study did not cover the period of the pandemic, WHO officials said
the recent jump in remote working and the economic slowdown may have
increased the risks associated with long working hours.

"We have some evidence that shows that when countries go into national
lockdown, the number of hours work increase by about 10%," WHO technical
officer Frank Pega said.

The report, said working long hours estimated to be responsible for about a
third of all work-related disease, making the largest occupational disease
burden.

'It's been great to wear trousers again'

Do Britons work some of the longest hours in Europe?

The WHO suggests that employers should now take this into account when
assessing the occupational health risks of their workers.

Capping hours would be beneficial for employers as that had been shown to
increase productivity, Mr Pega said.

"It's really a smart choice to not increase long working hours in an
economic crisis."-BBC

Covid-19: Thousands set to jet overseas on holiday as rules ease

Holidaymakers from England, Scotland and Wales are expected to jet off for
some early summer sun from Monday as the ban on foreign holidays is lifted.

Travellers will now be able to visit 12 countries on the government's green
list, including Portugal and Israel, without isolating on their return.

But the vast majority of tourist destinations remain on the amber and red
lists, meaning travellers must quarantine when they get back.

And that has hit demand for holidays.

Online travel agent Thomas Cook said the number of people booking to travel
abroad was "still small".

It said 75% of its bookings were for Portugal, although Thomas Cook
customers planning to jet off this week numbered only in their hundreds.

On Friday, Portugal announced that travellers from the UK would be allowed
to enter its borders provided they could show a negative PCR test result
from the previous 72 hours.

That led to an increase in demand for flights to the country. Tui, which has
19 flights scheduled from the UK to Portugal next week, said eight of those
would now be on a Boeing Dreamliner, which can carry up to 345 people.

Due to a surge in demand for landing slots at Portugal's airports, Tui was
unable to put on more flights so it decided to use the larger planes, which
are normally used for long-haul flights and can carry almost twice as many
people as the Boeing 737s that it had planned to use.

Five star

Many of those who do intend to get away plan to do so in style. Thomas Cook
reported that 85% of customers had booked four or five-star hotels. Before
the crisis, only around half of people chose to splash out on that kind of
luxury.

Hays Travel has noticed a similar trend. At present around half of its
customers are booking for next year but it highlighted a "cautious optimism"
among travellers following an almost four-fold increase in bookings for
Portugal this summer.

Chief operating officer Jonathon Woodall said the average spend on a
two-week holiday for a family of four had increased by £370 to £4,000 as
people look to "fulfil their bucket list". For those looking to holiday
closer to home, the average spend on a 14-night family break in Europe is
£1,800.

"People are upgrading to better destinations and accommodation, spending
more to treat themselves," he said. "Cruises both around Britain this summer
and worldwide are very popular."

For those making their escape on Monday, the process has been "far from
smooth", according to Håkan Jönsson, who plans to fly to Faro from London
with his fiancé Vanessa and their three-month-old baby.

"It feels like we are all a bunch of guinea pigs," he told the BBC.
"Thankfully we got there in the end, but it has been stressful organising
all the tests and documentation at such short notice."

Nevertheless, he said he was nervous about the flight in case there is
something they have missed - "despite checking the requirements about a
hundred times".

"On top of that we had some issues with the online check-in with BA and it
was very hard to get hold of someone."

He and his family do not have much planned.

"We are just looking forward to some sun by the pool or by the beach, some
nice lunches out and dinners at the hotel," he said.

"We will be super careful because of Covid as we want to make sure that we
are allowed back into the UK without any problems."

While travel from England, Scotland and Wales is permitted to the 12
countries on the green list, most of the destinations are either remote
islands or do not currently allow UK tourists to enter.

And the government is advising people not to make non-essential trips to
locations on its amber list, which covers popular destinations such as
Spain, France, Italy and Greece. However, the guidance is expected to be
ignored by some holidaymakers.

EasyJet and Tui have both said that they will operate holidays to countries
classified as amber, provided Foreign, Commonwealth and Development Office
(FCDO) does not advise against "all but essential" travel.

The majority of countries around the world are in the amber category,
meaning that arrivals from these places to the UK are required to quarantine
at home for 10 days as well as taking a Covid test before departure and two
more on arrival.

In a statement last week, an EasyJet Holidays spokesperson said: "We want
holidays to go ahead for as many of our customers as possible this summer,
and we recognise that the discrepancy between countries on the amber list
and the FCDO's 'all but essential travel' warnings are confusing for
holidaymakers and the industry alike.

Tui said: "We want to offer our customers flexibility and choice this
summer, so where borders are open and FCDO advice allows travel, we will
operate to those destinations."

>From Monday, people travelling abroad will be able to use the NHS app -
which is different to the NHS Covid-19 app - to prove they have had the
vaccine.

Transport Secretary Grant Shapps previously said people who have had both
doses will be able to use the app at border controls, although the
government says people should still check countries' entry requirements as
tests or quarantine might still be needed.-BBC

Africa: Buhari Arrives Paris for Financing Africa Summit

The president left Abuja Sunday for the summit which is being hosted by
President Emmanuel Macron of France.

President Muhammadu Buhari has arrived in Paris for the Financing Africa
Summit.

The president left Abuja Sunday for the summit which is being hosted by <a
target="_blank"
href="https://www.premiumtimesng.com/business/business-news/455279-macron-la
uds-rabiu-as-bua-axens-make-progress-on-akwa-ibom-refinery.html">President
Emmanuel Macron of France</a>.

According to Mr Buhari's spokesperson, Garba Shehu, the summit will draw
major stakeholders in the global finance institutions and some Heads of
Government, who will, collectively, discuss external funding and debt
treatment for Africa, and private sector reforms.

"During the visit, President Buhari will meet with the French President to
discuss growing security threats in Sahel and Lake Chad region, political
relations, economic ties, climate change and partnership in buoying the
health sector, particularly in checking spread of Covid-19, with more
research and vaccines.

"Before returning to Nigeria, President Buhari will receive some key players
in the oil and gas sector, engineering and telecommunications, European
Council and European Union Representative for Foreign and Security Policy
and Commission, and members of the Nigerian community," Mr Shehu said.

He said Mr Buhari would be accompanied by the <a target="_blank"
href="https://www.foreignaffairs.gov.ng/minister/h-e-geoffery-onyeama/">Mini
ster of Foreign Affairs, Geoffrey Onyeama</a>; Minister of Finance, Budget
and National Planning, Zainab Ahmed; Minister of Trade and Investment,
Adeniyi Adebayo, and Minister of Health, Osagie Ehanire.

Also on the trip are the National Security Adviser, Babagana Mohammed
Monguno and the Director-General of National Intelligence Agency (NIA),
Ahmed Abubakar.-Premium Times.

Rwanda: Burera Garment Factory Stops Operations, 1,000 Remain Jobless

About 1,000 people who have been working at Burera Garment Factory are now
jobless as the plant remains idle following the dissolution of partnership
between Burera district and Noguchi Holdings Company.

The garment factory and adjacent Integrated Craft Production Centres (ICPC)
locally known as 'Agakiriro', located on 2.5 hectare in Rugarama Sector in
Burera, was established through a joint venture between the two parties as
shareholders

The hundreds of jobless people, mostly youth, may have to wait a bit longer
to regain employment, until the district sells its shares as part of the
ongoing effort to privatize the plant.

"There is an issue of lack of working capital and therefore Burera district
seeks to sell its shares worth 55 percent so that the factory fully goes in
private hands," Joseph Munyaneza, Burera district vice mayor in charge of
economic development, told The New Times.

Valued at about Rwf1 billion, the facility had the capacity of making over
480,000 pieces of cloth per month and creating about 1,000 jobs in garment
production.

However, its operations hit a snag in 2018, after the parties disagreed on a
working strategy.

The disagreement also left in limbo the process to acquire a loan from a
local bank to get the money that was to serve as operational capital.

The two parties reached the decision to resume separate operations, meaning
that Noguchi Holdings had to fully operate the factory while the district
had to operate the Agakiriro.

Financial constraints

However, Munyaneza told The New Times that the company could not buy the
district's shares to fully operate the factory alone citing financial
constraints.

This has led the factory to stop operations again in 2020.

"The factory is not operating. It lacked financial capacity to run and
therefore stopped operations. It is set to resume operations once totally
privatized. Whoever will buy the district's shares will then have a joint
venture with Noguchi Holdings," he said.

The New Times has learnt the privatization process is set to be launched on
May 22 this year.

The privatization process, he said, is led by the Rwanda Development Board.

Gislain-Marcel Ibariza, the chair of board of shareholders of the company
told this paper that when they started, the company designed a project and
applied for loan in a local bank to get enough capital but the district
council refused to approve.

This, he said, led to lack of working capital leading to operating below
capacity.

However Burera district council had in its response said that the company
failed to prove to the district that they could run the factory and make
profits, which the district asked them to first fix before acquiring a loan.

The district council had requested the company to show a clear marketing
strategy, working plan, when the company would start generating income, what
would be the interest and when they would start servicing the loan.

Despite the requirements, the two parties didn't agree on a working strategy
leading the district to prefer selling its shares.

"This means if the district sells its shares, as private investors we will
have freedom to acquire loan from the bank and devise our strategy. The
factory has potential to produce garments and generate money," Ibariza said.

He said that besides disagreement on acquiring a loan, the working strategy
was not agreed upon.

"For instance I think the district had the potential to help us work with
schools so that we produce students' uniforms. This is an opportunity that
was not tapped into. If this happens, working capital cannot be an issue.
Working strategy takes 90 percent while working capital takes 10 percent to
streamline operations in my opinion. We really need a focus and better
organization," he said.

The company was supposed to produce cotton fabrics, jeans, underwear and
shirts among others.-New Times

Kenya to Use Refurbished Nanyuki Rail to Increase Cargo to Ethiopia

Mombasa — Kenya is seeking to increase cargo movement to Ethiopia using the
refurbished Nanyuki railway.

Kenya Ports Authority Board Chairman General Joseph Kibwana said plans are
underway to have cargo destined for Ethiopia be transported from Mombasa via
the Standard Gauge Railway to Nairobi then to Nanyuki via the refurbished
railway line.

"The cargo will then be moved with truck to Moyale," he said.

General Kibwana said the Kenya Transport and Logistics Network will have a
meeting with their Ethiopian counterparts, with a view of agreeing on the
planned movement of the cargo.

If the plan goes through, Kibwana said this will promote trade before the
two countries.

"Following a feasibility study the plan is viable and that's why we want to
tap the potential and grow our industrial activities at the border," he
said.

This will also reduce over reliance on northern corridor where inefficiency
or interruptions.

The rehabilitated 240 kilometre Nairobi-Nanyuki railway gauge targets goods
like fuel, fertilisers, hardwares, cereals and other farm produce.

The Nairobi-Nanyuki rail line which was used in the 90s was revived last
year for commercial use costing billions of shillings for refurbishment.

Kenya Railways has been carrying out rehabilitation works on various
deserted rail lines with a view of linking them to the SGR to be used in the
transportation of goods.

This includes the Malaba meter gauge line which will provide a link to
western Kenya and the neighbouring countries of Uganda, DRC and South
Sudan.-Capital FM.

Nigeria: Workers' Strike - We're Ready for You, El-Rufai Tells NLC, PDP

Ahead of the five-day warning strike directed by the Nigeria Labour Congress
(NLC) scheduled to commence today in Kaduna, Governor Nasir El-Rufai says he
is ready and will wait for the union leaders and the opposition Peoples'
Democratic Party.

Daily Trust reports that the Transmission Company of Nigeria had since
midnight of Saturday knocked off all the 33KV lines in the state, leaving
residents in darkness. This followed an earlier warning by the National
Union of Electricity Employees that it had been directed by the NLC to join
the warning strike.

It was gathered that many civil servants had decided to boycott the strike
today following a warning by the state government that attendance would be
taken.

El-Rufai had on Saturday said his government would not bow to blackmail,
insisting that it was not sustainable to spend 84 to 96 percent of its
federal allocation on salaries and personnel costs.

The state government had noted that it had been subjected to campaign of
lies, misrepresentation and false claims that its rightsizing exercise
affected 4,000 workers and that it had stopped paying the minimum wage.

Daily Trust reports that at least 14 affiliates of the NLC from the
aviation, petroleum, banking, health and transport sectors have expressed
their readiness to comply with the strike.

NLC President, Ayuba Wabba and other leaders of the union arrived Kaduna
yesterday for close-door meeting.

However, reacting to the PDP Vanguard which made a statement on Twitter that
a 'mother of all labour strikes' would take place in Kaduna, El-Rufai
described the NLC and the PDP as "fathers of all hypocrites", stressing that
Kaduna would wait for them.

He tweeted: "FATHERS OF ALL HYPOCRITES: Kaduna will wait for you all - the
invisible PDP & affiliates like the hypocritical NLC that is yet to
implement the National Minimum Wage Act, 2019 for its own employees."

Fuel queues build ahead of workers' strike

Meanwhile, Residents of Kaduna have resorted to panic buying of petroleum
ahead of today's five-day warning strike directed by the NLC.

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) had earlier
directed all petroleum tanker drivers to withdraw services to Kaduna State
for five-days.

Our correspondent observed that queues were building at fuel stations within
Kaduna metropolis as motorists tried to fill their vehicle tanks and other
containers for domestic use.

Salisu Ibrahim, who lives in Badiko, said he was on a queue for almost an
hour to fuel his tank and a 25litre can for his generator at home.

"The TCN has already commenced its own strike even ahead of Labour," he
said, adding that: "There was power outage sometimes around 12 midnight on
Saturday and we have been without electricity since then, so one will need
enough fuel to ensure that perishable items in the fridge do not spoil."

He said he had also rushed to a POS point to make withdrawals as he was sure
that ATM points will also become overcrowded as the days go by.

Aviation workers block Kaduna Airport, says no going back

Aviation workers said yesterday there was no going back on shutting down the
Kaduna International Airport in compliance with the directive of the NLC.

The workers comprising the National Union of Air Transport Employees
(NUATE), Association of Nigerian Aviation Professionals (ANAP) and the
National Association of Aircraft Pilots and Engineers (NAAPE) had earlier
issued a joint notice to join the one-week strike.

In a letter dated 14th May 2021 to the Managing Director of the Federal
Airports Authority of Nigeria (FAAN), the aviation unions informed that they
would proceed on the action in compliance with the NLC directive with effect
from midnight of Sunday, the 16th of May, 2021 to midnight of Friday the
21st of May.

Speaking with our correspondent yesterday, General Secretary of NUATE, Ochem
Aba, said the Kaduna Airport would be shut down by 7 p.m.

"We are currently at Mando and from there we would go in convoy to shut down
the gate of the airport. There is no going back. All the authorities have
been duly informed," he said in a telephone chat with our correspondent.

Daily Trust reports that Air Peace is currently the only airline that flies
to Kaduna. It was learnt that the airline has been duly informed about the
industrial action. As of the time of filing this report, the airline had
closed booking on its website for Kaduna flight.

Apart from the scheduled commercial flight, other private charter operations
in and out of Kaduna state would be affected.

A labour leader and former General Secretary of NUATE, Olayinka Abioye, said
the action by the NLC "is long overdue."

"It is good that the labour movement is converging on Kaduna to deal with
him. How can a governor wake up to say you are sacking people to say you are
doing review? I am fully in support of the action of the labour movement. It
is long overdue," he added.-Daily Trust.

Tanzania: Why Tanzania Needs to Invest More Into Avocado Production

Tanzania is blessed with a diversity of fruit trees. One example is that of
avocado trees. According to available information, this fruit originates
from Mexico, and it was introduced in Zanzibar in 1892, and then its
cultivation increased extensively in the 1900s.

Eating avocados is always cool. It remains our traditional appetizer that
goes with any food. Boarders in schools enjoy it a lot.

The yummy fruit is a refreshment that adds great taste to the food. For
years, in Tanzania, it has been a by the way crop, for home consumption. But
in recent years things have changed. According to a 2019 study by Tanzania
Investment Centre (TIC) and East Africa Trade and Investment Hub, avocado
has been transformed to be an important earner of forex for Tanzania and a
source of edible oil.

The report notes that there is a huge avocado's potential to fill up the
edible oils' gap in Tanzania, which stands at Sh676.2 billion ($294
million)! Investing in the fruit for edible oil production can go a long way
to slash the 320,000 tonnes of annual cooking oil import.

And for forex earning, as they say, the sky is the limit. Our neighbour
Kenya in 2021 is ranked 8th globally in avocado production. Media reports
indicate in the first 3 months of 2021, it exported 26,481 tonnes of
avocado.

A brochure by Southern Agricultural Growth Corridor of Tanzania (Sagcot)
notes that in 2017 Kenya was the 6th largest exporter of avocados by volume
and Tanzania was ranked 20th largest supplier.-Citizen.

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
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
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