Major International Business Headlines Brief::: 19 May 2021

[Bulls n Bears]

 <https://bullszimbabwe.com/> 

 


 

 <http://www.bullszimbabwe.com> Bullszimbabwe.com         <mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments        <https://bullszimbabwe.com/category/blogs/bullish-thoughts/> Bullish Thoughts        <http://www.twitter.com/BullsBears2010> Twitter         <https://www.facebook.com/BullsBearsZimbabwe> Facebook           <http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn          <https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp         <mailto:info at bulls.co.zw?subject=Unsubscribe> Unsubscribe

 


 

 


Major International Business Headlines Brief::: 19 May 2021

 


 

 


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

 


 

 


ü  Tata Motors: Jaguar Land Rover's Indian owner sees surprise $1bn loss

ü  Amazon investigated by German anti-trust watchdog

ü  Holiday firms refuse refunds for amber destinations

ü  Eurostar secures £250m rescue package

ü  Superyacht sales surge as wealthy seek Covid escape

ü  Walmart: Customers want to get out and shop, says boss

ü  Surging lumber prices weigh on U.S. homebuilding

ü  U.S., Canada, Mexico hold 'robust' trade deal talks, downplay differences

ü  Asian shares slip, bitcoin tumbles as inflation worries linger

ü  Pent-up demand, stimulus power Walmart's 'optimism' for the year

ü  Senate Democrat proposes $52 billion for U.S. chips production, R&D

ü  Buyers beware as “altcoin” frenzy bruises bitcoin

ü  Canadian National Railway shareholder urges board to amend Kansas City deal

ü  Under Armour shareholders can sue over sales disclosures -judge

ü  Bank of America to raise U.S. minimum hourly wage to $25 by 2025

ü  Nigeria: Analysts Differ On Buhari's Quest for Fresh N2.3tn External Loan

ü  Nigeria: Govt Considers Options On Divestment Plan By Shell

ü  Kenya: Nowhere to Hide for Ghost Teachers

ü  Namibia: NBC Strike Hinders Vaccination Campaign

ü  Uganda Inks Sh5 Billion Malaba-Kampala Railway Rehabilitation Deal

 

 

 

 

 

 

 

 


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

 


 

Tata Motors: Jaguar Land Rover's Indian owner sees surprise $1bn loss

Jaguar Land Rover (JLR) owner Tata Motors has announced a shock quarterly loss of more than $1bn (£700m).

 

It came as the Indian company wrote off $2.1bn related to its revamp of the UK-based luxury car business.

 

It also warned that a global semiconductor shortage is now impacting production plans for the current quarter.

 

Last month JLR temporarily halted production at its two main factories in Britain due to a lack of chips.

 

For the quarter that ended on 31 March, Tata Motors reported a net loss of $1.04bn, compared to analysts' expectations of a $365.4m profit.

 

That was even as JLR's sales in China jumped by 127% from a year ago and Tata Motors' overall retail sales, which account for most of its revenue, rose 12.4%.

 

The company also said that JLR had saved around $426m during the quarter under its 'Project Charge' turnaround plan.

 

Tata Motors' loss was largely on account of 'exceptional items' - asset write-downs and restructuring costs.

 

Otherwise, it was an operationally strong performance for the carmaker with good revenue growth on account of an easing of Covid restrictions in India between October and March 2020.

 

But the situation is unlikely to remain favourable for most Indian auto giants in the months ahead. Besides supply chain disruptions and semiconductor shortages flagged by Tata Motors, the impact of the intense second wave of Covid-19 that hit India in April, could begin impacting on corporate earnings.

 

Major passenger vehicle makers posted a decline in monthly sales numbers starting April.

 

With several parts of the country re-imposing lockdown restrictions, consumer sentiment has taken a hit, and buyers are delaying or cancelling purchases of discretionary items like new cars, say experts.

 

Also, unlike after the first wave, there could be a limited upside from pent-up consumer demand this time, due to "higher out of pocket medical expenses, and precautionary savings to avert any health crisis in the future," according to QuantEco Research, an independent research house.

 

Top that with rural demand losing steam due to a spread of the virus in the countryside, and talk of an impending third wave and the sector could well have to brace for a year in the slow lane.

 

Like other major carmakers around the world, Tata Motors has been forced to suspend some operations because of the chip shortage.

 

The coronavirus crisis has driven a shift to working, learning and socialising from home, which has boosted demand for laptops and other devices that use semiconductors.

 

The shortage has forced the world's biggest carmakers, including Toyota, Nissan, General Motors and Ford, to cut production.

 

This week, Toyota announced that it would temporarily stop production at two of its plants in Japan next month.

 

Last month, JLR made a similar move, saying in a statement: "We have adjusted production schedules for certain vehicles which means that our Castle Bromwich and Halewood manufacturing plants will be operating a limited period of non-production from Monday 26th April".

 

The global motor industry was already reeling from the sharp downturn in sales caused by the pandemic and the challenges of switching to electric-powered vehicles.

 

In February, Jaguar Land Rover announced that its Jaguar brand would be all-electric by 2025 and that it will launch electric models of its entire Jaguar and Land Rover line-up by 2030.

 

Carmakers are under pressure to meet stringent carbon emission demands in Europe and China, as well as customer demand for high-performance electric cars with a luxury or performance feel.--bbc

 

 

Amazon investigated by German anti-trust watchdog

Germany’s anti-trust watchdog is investigating whether Amazon has exploited its market dominance.

 

The Federal Cartel Office said it would rule on whether the online marketplace had had an “almost unchallenged position of economic power”.

 

New German laws allow regulators to prohibit any anti-competitive behaviour at an earlier stage.

 

An Amazon spokesman told BBC News it did not comment on continuing proceedings and was co-operating fully.

 

The Federal Cartel Office is already investigating Amazon’s:

 

“In the past few years, we have had to deal with Amazon on several occasions and also obtained far-reaching improvements for sellers on Amazon Marketplace,” its head, Andreas Mundt, said.

 

“In this particular case, we are first of all examining whether Amazon is of paramount significance for competition across markets.

 

“An ecosystem which extends across various markets... is particularly characteristic in this respect.

 

“This could apply to Amazon, with its online marketplaces and many other, above all digital, offers.”

 

Competition rules

This latest investigation is only the second in which the Federal Cartel Office has used its new powers.

 

In December, it launched an investigation into Facebook, over what it said could be an abuse of competition rules.

 

The Oculus Quest 2 virtual-reality headset requires a Facebook account to work, which reviewers and VR fans have criticised.

 

Proceedings are continuing and the authority's investigations often take months.--bbc

 

 

Holiday firms refuse refunds for amber destinations

"We run businesses, we can't go on holiday and then come home and self isolate for 10 days."

 

Last year, Sandra Norman and her family spent nearly £5,000 booking a package deal for a villa in Rhodes for the end of May 2021, to celebrate family birthdays.

 

But Greece is still an amber-rated country under the government's traffic light system and the advice is to not travel to amber countries for leisure.

 

Sandra asked the travel agent if they could move the booking to the same dates in 2022.

 

She says the company refused to move the booking or issue a credit note, so if they didn't go on the holiday then they stood to lose everything.

 

BBC Radio 4's You and Yours programme has been contacted by people who booked holidays last year for summer 2021, or had holidays moved from 2020 by tour operators, who now feel they cannot travel due to government advice.

 

However, the travel companies are refusing refunds or delays to the holidays.

 

International travel restrictions for British holidaymakers were eased on Monday. 12 countries or territories have been given a green rating, meaning you can travel to them for tourism. But many tourist hotspots, such as France, Greece, Italy, Spain and Croatia, are amber countries.

 

The government's traffic light system is guidance rather than a legal requirement, and some travel companies have opted to still offer holidays to amber destinations if the Foreign, Commonwealth and Development Office has not advised against all but essential travel.

 

However, when you return from an amber country you have to self isolate at home for 10 days and take Covid-19 PCR tests on day two and day eight.

 

For Sandra and her family, it's not an option.

 

"My husband and son run a plumbing business, they have jobs booked in for the day we get back. I work, and we picked this time because the boys have an extra week off school. Now, when we come back they have to isolate, that's another week off school for the boys".

 

The company who Sandra booked through, Villa Plus, told You & Yours: "Government advice on amber destinations is not legislation and whilst we empathise with those that may now choose not to travel due to the entry requirements they face upon return to the UK, we cannot provide them with a refund or credit for monies paid and they should seek compensation from their travel insurance provider."

 

The company has agreed to make an exception in Sandra Norman's case, and has now offered to move the flights to the same dates next year and to issue a voucher for the value of the villa, which they can use to rebook once 2022 dates become available.

 

Thousands head for overseas holidays as rules ease

What are the new rules for foreign travel?

The UK's largest tour operator, Tui, is currently offering holidays to amber countries such as Cuba, Barbados and Antigua, and to some Greek and Spanish islands.

 

Lauren Bower and her family are due to fly to Gran Canaria on 4 June with Tui. They booked their holiday last summer, expecting things would be back to normal by now.

 

"I've got a five and a seven year old, we haven't got the option to quarantine when we get back, obviously with school and with my husband's work and my work."

 

The Bower family checked with their travel insurance provider and were told that their holiday insurance would be invalid if they travelled to an amber country against government guidance. Tui can offer the family travel insurance, but it will mean paying twice.

 

The company is offering customers free changes to holiday bookings if they don't want to travel, but they will be required to pay any price difference for the new dates, which can be more expensive because demand is high.

 

Lauren says her family would rather have a refund as their options to rebook are limited, having to use most of their annual leave from work to cover childcare in the school holidays.

 

"We can't do that because the one week we get off together as a family, my mother-in-law is getting married, so to go on holiday next year is not an option. And the price of holidays for next year have gone up already. If we were to go in the six-week holidays it would be an extra £2,200 on top of the price we've already paid."

 

In response to Lauren Bower's case, Tui said: "We're sorry to hear that the Bower family will not be able to take their holiday to Gran Canaria as planned.

 

"We're offering as much choice and flexibility as possible; all customers due to depart before the end of August can change their holiday to another time for free before the end of October 2022.

 

"Unfortunately in line with our Tui Holiday Promise, their booking does not qualify for a refund or voucher. This would only happen if we have to cancel their booking for operational reasons, there's a change in FCDO travel advice, or their destination is on the red list prior to travel."-bbc

 

 

 

Eurostar secures £250m rescue package

Eurostar has managed to secure a £250m rescue package from banks and investors as it continues to battle a severe drop in demand due to the Covid-19 crisis.

 

The funding will help keep it afloat in the medium term, a spokesperson said.

 

The rail operator had warned in November that it was "fighting for survival", with its services scaled back dramatically amid the pandemic.

 

Eurostar plans to gradually run more trains should coronavirus restrictions ease as hoped.

 

It is currently only running one train per day between London St Pancras and Paris Gare du Nord, and one a day between Amsterdam and Brussels.

 

The £250m in funding consists of £50m equity from shareholders, £150m in new loans from banks that are guaranteed by shareholders, and £50m from restructured existing bank loans.

 

Eurostar chief executive Jacques Damas said the funding "will allow us to continue to provide this important service for passengers".

 

"The refinancing agreement is the key factor enabling us to increase our services as the situation with the pandemic starts to improve."

 

Mr Damas added that the coordinated action of governments in the UK and the EU was "crucial to the restoring of demand and the financial recovery of our business".

 

The operator said that over the past year it "has experienced a more severe decline in demand resulting from the global Covid-19 pandemic than any other European train operator or competitor airline."

 

Support call

Eurostar warned in November that it was "fighting for its survival against a 95% drop in demand".

 

It called for more support from the UK government after airports were given up to £8m in grants equivalent to business rates.

 

In January, it again called for UK government help, warning that there was "a real risk" to its survival.

 

But in February, Transport Secretary Grant Shapps said that while the government was "very keen for Eurostar to survive", he said "it's not our company" and its difficulties were "the shareholders' problem to resolve".

 

The UK government sold its stake in Eurostar in 2015.

 

Eurostar's majority shareholder is the French state railway group SNCF. Other shareholders include pension funds Caisse de dépôt et placement du Québec ("CDPQ") and Federated Hermes, and SNCB, the Belgian state train operator.

 

Recovery plans

Eurostar said that it would focus on restoring services on its core routes between London, Paris, Brussels and Amsterdam, and that it would maintain "rigorous cost control" to repay loans.

 

It said there was a "growing appetite" for high-speed rail travel from passengers in light of increasing awareness of climate change and the impact of air travel on the environment.

 

>From 27 May, Eurostar will start running two daily return services on the London to Paris route, and three per day from the end of June "with a view to gradually increasing the frequency over the summer period as travel restrictions are eased".

 

At present, travellers from the UK must have an "essential reason" for visiting France, and need to take Covid tests and self isolate for seven days on arrival.

 

France is currently on the UK government's "amber list" for travel, meaning people from the UK need to quarantine for 10 days on their return.-bbc

 

 

 

Superyacht sales surge as wealthy seek Covid escape

Wealthy people have so far spent more than £1bn on superyachts in 2021 as they seek to escape Covid lockdowns and travel restrictions, according to a luxury lifestyle publisher.

 

Boat International said the surge is set to make this year the biggest yet in terms of second-hand sales.

 

But Oxfam said it was "obscene" that such wealth was not spent on vaccines.

 

For the cost of those superyachts, the population of Nepal could be fully vaccinated, the charity said.

 

The trend towards buying superyachts, which started last summer, is the "hottest sales streak on record", Boat International said.

 

It defines a superyacht as being longer than 24 metres and typically they need a crew.

 

'Avoiding land'

These smaller superyachts - the bigger ones can be up to 180 metres - usually cost between €1m and €5m (£860,000 to £4.3m) second-hand, and have running costs of about €200,000 per year for crew, mooring fees and fuel, said Boat International editor-in-chief Stewart Campbell.

 

They can be kitted out with spa pools, sun decks, gyms, or anything else the owners want.

 

The sales surge was being driven by "a cohort of very wealthy people" who wanted to get away from travel restrictions and covid-related lockdowns by buying a yacht, Mr Campbell said.

 

While the pandemic had made it more difficult for rich people to jet to the Mediterranean and cruise around, he said, "it's a minor inconvenience in the scheme of things".

 

More than 50% of superyacht sales are in the US, he said, so people there could cruise in US waters, avoiding travel restrictions.

 

Many yacht owners "did not want to go near land" due to the pandemic, Mr Campbell added.

 

He said that it was a misconception that all superyachts were owned by oligarchs, and that the majority of people who owned them had earned their money ethically, and that many gave to charity.

 

Superyacht owners also contribute to the boat-building and tourism industries in places such as Germany and the Caribbean, he said.

 

The three biggest yachts sold second-hand this year were Solo, at just over £54m, Elixir, with an asking price of £33.5m, and Lady Sheridan, with an asking price of £24.7m.

 

But as superyachts go, they were tiddlers. Amazon founder Jeff Bezos's superyacht is estimated to have cost about $500m (£350m).

 

'Obscene'

Oxfam said the £1bn spent on second-hand superyachts in 2021 was enough to fully vaccinate entire countries.

 

Max Lawson, head of inequality policy at Oxfam International, said: "The £1bn spent in the last year by billionaires on superyachts is more than the cost of fully vaccinating a country like Nepal, where Covid is inflicting a terrible toll.

 

"It is obscene - a sign of a world that has its priorities badly wrong - that with so much wealth around poor countries cannot get the vaccines they need to protect their people."-bbc

 

 

Walmart: Customers want to get out and shop, says boss

US customers "clearly want to get out and shop", the boss of Walmart has said after the world's biggest retailer reported stronger sales than expected.

 

Walmart chief executive Doug McMillion said optimism had grown since the start of the year and the retail giant raised its full-year profit forecast.

 

Spending had been boosted by stimulus cheques the government sent to most Americans, Walmart said

 

US like-for-like sales in the February-April period rose 6% from a year ago.

 

Sales across the whole group rose by 2.75% to $138.3bn (£97.3bn), beating analysts' expectations.

 

"This was a strong quarter," said Mr McMillion.

 

"Every segment performed well, and we're encouraged by traffic and grocery market share trends.

 

"We anticipate continued pent-up demand throughout 2021," he added.

 

The Arkansas-based retailer said people were spending more after many received additional $1,400 stimulus cheques as part of a US coronavirus recovery package approved in early March.

 

Sales of non-food items such as clothes, electronics and toys jumped by 20% as a result.

 

In a call with analysts, the firm's chief financial officer said that consumers had also started buying more beauty products as lockdown restrictions ease. Teeth whiteners in particular have done well, he said.

 

Uncertainty ahead?

Walmart raised its profit forecast for the current financial year, predicting an increase by "high single digits", rather than a small decline.

 

But Mr McMillion added: "Stimulus in the US had an impact, and the second half has more uncertainty than a typical year."

 

Profits in the first quarter fell by 32% to $2.7bn, after Walmart saw losses on the sale of Asda in the UK, as well as businesses in Japan and Argentina.

 

Asda bought by billionaire Issa brothers in £6.8bn deal

Walmart drops inventory robots from its stores

Online sales also lost some momentum in the three months to April, rising 37%, in comparison with a surge of 74% the year before.

 

The firm reported that customer traffic increased in April for the first time in a year, suggesting that vaccinated shoppers may have more confidence to venture out to bricks-and-mortar stores.

 

Walmart is still spending heavily to grow its online business, such as offering next day delivery or virtual clothes "try-on" services, so it can compete with other online firms such as Amazon.

 

"Despite continuing global macroeconomic uncertainty, this is a reflection of its [Walmart's] exceptional execution as it can continue to 'shift on the fly' as necessary," said Moody's vice president Charlie O'Shea.-bbc

 

 

 

Surging lumber prices weigh on U.S. homebuilding

U.S. homebuilding fell more than expected in April, likely pulled down by soaring prices for lumber and other materials, but construction remains supported by an acute shortage of previously owned homes on the market.

 

The plunge in homebuilding reported by the Commerce Department on Tuesday was concentrated in the single-family housing market segment. The number of houses authorized for construction but not yet started increased to the highest level since 1999, suggesting hesitancy on the part of builders.

 

"Builders are delaying starting new construction because of the marked increase in costs for lumber and other inputs," said Mike Fratantoni, chief economist at the Mortgage Bankers Association in Washington. "These supply-chain constraints are holding back a housing market that should otherwise be picking up speed, given the strong demand for buying fueled by an improving job market and low mortgage rates."

 

Housing starts tumbled 9.5% to a seasonally adjusted annual rate of 1.569 million units last month. Data for March was revised lower to a rate of 1.733 million units, still the highest level since June 2006, from the previously reported 1.739 million units. Economists polled by Reuters had forecast starts would fall to a rate of 1.710 million units in April.

 

Starts surged 67.3% on a year-on-year basis in April. Groundbreaking activity dropped in the Midwest and the densely populated South, but rose in the Northeast and West.

 

Demand for bigger and more expensive accommodations amid the COVID-19 pandemic, which has forced millions of Americans to work from home and take classes remotely, has fueled a housing market boom. But the virus has disrupted labor supply at saw mills and ports, leading to shortages of lumber and other raw materials, boosting prices and threatening to sideline first-time homebuyers from the market.

 

U.S. stocks were trading mixed and the dollar (.DXY) slipped against a basket of currencies. Prices of longer-dated U.S. Treasuries fell.

 

LOW INVENTORY

 

The inventory of previously owned homes is near record lows. Tariffs on steel imports are also adding to building costs. Lumber prices surged 89.7% on a year-on-year basis in April, according to the latest producer price data.

 

A survey from the National Association of Home Builders on Monday showed confidence among single-family homebuilders holding steady in May. The NAHB noted that "some builders are slowing sales to manage their own supply chains."

 

According to an Institute for Supply Management survey published early this month, businesses in the construction industry reported challenges finding and retaining skilled and unskilled workers, with some companies saying "we are not accepting all the work that we could if we had the labor."

 

Permits for future homebuilding rose 0.3% to a rate of 1.760 million units in April. They soared 60.9% compared to April 2020, and are running ahead of starts, which suggests a rebound in homebuilding in the months ahead.

 

Single-family homebuilding, the largest share of the housing market, dropped 13.4% to a rate of 1.087 million units in April. It retreated further below the more than 14-year high scaled in December, a sign that builders could be holding back because of the more expensive materials and lack of labor.

 

Building permits for single-family homes fell 3.8% to a rate of 1.149 million units. The number of housing units authorized to be built but not started surged 5.0% to a rate of 232,000 at the end of April, the highest since the government started tracking the series in January 1999.

 

"It is currently somewhat uncertain when exactly supply issues could be resolved," said Isfar Munir, an economist at Citigroup in New York. "Eventually, however, we expect that backlogs of demand could keep housing activity supported into the end of the year."

 

The housing market has been the star performer in the economy's recovery from the COVID-19 recession, which started in February 2020. Residential construction investment has enjoyed double-digit growth since the third quarter of last year. Most economists expect housing will have a neutral impact on gross domestic product growth in the second quarter.

 

Starts for the volatile multi-family segment rose 0.8% to a pace of 482,000 units in April. Building permits for multi-family housing projects accelerated 8.9% to a rate of 611,000 units. With more than a third of the American population vaccinated against COVID-19 and restrictions on services businesses being lifted, people are flocking back to cities.

 

Housing completions fell 4.4% to a rate of 1.449 million units last month. Single-family home completions edged up 0.1% to a rate of 1.045 million units.

 

Realtors estimate that single-family housing starts and completion rates need to be in a range of 1.5 million to 1.6 million units per month to close the inventory gap.

 

The stock of housing under construction increased 0.6% to a rate of 1.312 million units last month.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

U.S., Canada, Mexico hold 'robust' trade deal talks, downplay differences

Trade ministers from the United States, Canada and Mexico said on Tuesday they held "robust" talks on the new North American trade deal and pledged to fully enforce its higher standards, while downplaying differences over a range of other irritants.

 

The ministers, in a joint statement issued after their first meeting to review the U.S.-Mexico-Canada Agreement on trade that took effect in July 2020, also vowed to focus on fighting climate change and crack down on imports of goods to the region made with forced labor.

 

"The USMCA commits us to a robust and inclusive North American economy that serves as a model globally for competitiveness, while prioritizing the interests of workers and underserved communities," the ministers said.

 

The statement came after U.S. Trade Representative Katherine Tai met virtually with Mexican Economy Minister Tatiana Clouthier and Canadian Trade Minister Mary Ng in the initial meeting of the governing body for the trade deal, which regulates some $1.5 trillion in annual North American trade.

 

 

Their statement described discussions on new labor and environmental obligations as "robust."

 

Tai had earlier urged her counterparts to pursue strong implementation of the USMCA to ensure that it would maintain political support.

 

"For this agreement to be durable, it must serve the needs of everyday people – not just in the United States, but in Mexico and Canada as well. That will only happen if we deliver on our promises," Tai said.

 

The USMCA replaced the 1994 North American Free Trade Agreement, adding chapters on environmental, labor and digital commerce standards and considerably tighter regional automotive content rules.

 

 

Over two days of bilateral and joint virtual meetings, the three ministers brought up long-standing complaints and ones that have cropped up over the past year, with Tai chiding Canada over a proposed digital tax and Ottawa's allocation of dairy quotas.

 

Ng told reporters that she raised Canada's concerns about "unwarranted and unfair" U.S. lumber tariffs and vowed to defend the sector's interests. On Monday, she brought up U.S. "Buy American" restrictions on infrastructure and public procurement projects.

 

Mexico raised differences between the U.S. interpretation of the USMCA's automotive content rules and the more flexible Mexican and Canadian interpretations, said Mexican Deputy Economy Minister Luz Maria de la Mora, adding that the countries would continue to discuss the matter.

 

She also said Mexico asked the United States to review its ground transportation rules to ensure that Mexican truckers had access to the U.S. market - a longtime complaint from Mexico City.

 

 

TAKING STOCK

 

But those issues were not mentioned in the joint statement, which focused on cooperation to implement new labor, environmental and digital economy rules and reaching out to underrepresented groups.

 

The ministers said officials from the three countries plan to meet with small-business owners in October in San Antonio to promote inclusion in USMCA's benefits.

 

"This was primarily an opportunity to take stock of the new agreement, think about how it works, and ... lay out the priorities of the three countries," said a senior U.S. trade official, adding that further high-level meetings would likely take place in coming years.

 

Although the USMCA did not include a climate-change chapter at the insistence of the Trump administration, the official said Tuesday's talks included substantial discussion of climate-change matters.

 

The United States highlighted the importance of labor issues during the meetings, and said Mexico's response to a potential labor rights violation associated with a union contract vote at a General Motors Co(GM.N) truck plant in the central Mexican city of Silao showed "how well this can be used by both countries."

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Asian shares slip, bitcoin tumbles as inflation worries linger

Asian stocks dipped and cryptocurrencies extended losses on Wednesday as uncertainties over inflation prompted investors to reduce exposure to riskier assets for now.

 

Also weighing on digital coins was a new Chinese ban on financial institutions providing services related to cryptocurrency transactions.

 

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) dropped 0.3% though Hong Kong and South Korea are closed for holiday.

 

Mainland China's CSI300 (.CSI300) slipped 0.6% while Japan's Nikkei (.N225) lost 1.1%.

 

Wall Street stocks slid late in the session to end lower on Tuesday, unable to sustain gains made after bumper earnings from Walmart (WMT.N) and Home Depot (HD.N).

 

The S&P 500 (.SPX) lost 0.85%, with telecom shares leading the decline, while the Nasdaq Composite (.IXIC) dropped 0.56%.

 

"Now that investors are pre-occupied with inflation, they are probably reluctant to make big decisions until they see a clearer picture," said Hirokazu Kabeya, chief global strategist at Daiwa Securities.

 

"Inflation worries will keep markets uncertain for now, even though I don't expect stock prices to collapse given economic re-openings."

 

The Federal Reserve has stuck to the narrative that a recent rise in inflation would be transient and that it therefore should keep its easy monetary policy settings.

 

The minutes from the Fed's April meeting, to be published late on Wednesday, are expected to repeat that message.

 

"Inflation remains the biggest theme, whether it is real and whether the Fed may need to change its policy because of that," said Kazushige Kaida, head of forex sales at State Street Bank's Tokyo branch. "At the moment, markets are putting faith, after a fashion, in the Fed's narrative."

 

Yet an unexpected pickup in consumer inflation and signs of a labour shortage in the United States have prompted investors to dump assets that had risen sharply over the past year.

 

Cryptocurrencies are one such extreme case.

 

Bitcoin dropped as much as 5.3% to hit its lowest level since early February and last stood at $40,973 , having lost more than a third of its value from a peak of $64,895 hit just over a month ago.

 

Ether, the second largest cryptocurrency, changed hands at $3,199 , down more than 25% from its record peak hit last Wednesday.

 

While cryptocurrencies were bruised by China's fresh ban on their transactions, they were not alone in facing pressure. read more

 

Some commodities that have benefited from reflation trade have also lost steam, with U.S. lumber futures losing almost 25% in the last three sessions.

 

Oil prices pulled back also after media reports the United States and Iran have made progress on reviving a deal restricting the OPEC country's nuclear weapons development, a development that could lead to increased supply from Iran.

 

U.S. crude futures dropped 0.9% to $64.9 per barrel while Brent futures lost 0.9% to $68.12 per barrel .

 

That helped to slightly ease inflation worries in the bond market.

 

Ten-year U.S. inflation priced in the U.S. bond markets, based on the yield gap between inflation-protected bonds and conventional ones , ticked down to 2.55% from an eight-year high of around 2.58% hit earlier this month.

 

The yield on 10-year U.S. Treasuries, or the nominal yield, stood little changed at 1.664%.

 

In the currency market, the dollar stayed under pressure as U.S. yields stayed flat.

 

The euro hit a near-three-month high of $1.2234 and last traded at $1.2223 while the British pound also reached a high last seen in late February and changed hands at $1.4191 .

 

The dollar stood at 108.92 yen after four straight sessions of decline.

 

Precious metals were solid, with gold hitting its highest level since late January and last stood at $1,870 per ounce .

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

Pent-up demand, stimulus power Walmart's 'optimism' for the year

Walmart Inc (WMT.N) on Tuesday raised its full-year earnings forecast after shoppers armed with government stimulus checks ventured back into stores, driving demand that is expected to continue through the year as Covid-19 restrictions ease.

 

Shares in the world's biggest retailer were up about 3% after it reported a strong quarterly sales beat and said it expects fiscal 2022 earnings to increase by high single digits. It had previously forecast a slight decline in profit for the year.

 

Walmart has had a bumper year bolstered by a big push into e-commerce and delivery. While this trend towards shopping online is expected to continue, people are also making their way back to brick-and-mortar stores as vaccinations become more widely available.

 

Visits to Walmart stores around the country grew by 21.7% in April, according to data firm Placer.ai.

 

On Friday, Walmart began allowing fully-vaccinated people to shop without wearing masks, making it the first major retailer to walk back its mandatory mask policy.

 

"My optimism is higher than it was at the beginning of the year," Chief Executive Officer Doug McMillon said on a post-earnings call. "In the U.S., economic stimulus is clearly having an impact, but we also see encouraging signs that our customers want to get out and shop."

 

A Walmart sign is seen inside its department store in West Haven, Connecticut, U.S., February 17, 2021. REUTERS/Mike Segar/File Photo

Walmart executives added that with savings rates at an all-time high, there will likely be enough appetite later this year to help sustain demand after the stimulus money dries up.

 

U.S. same-store sales rose by a better-than-expected 6% in the quarter as people gravitated towards apparel, recreation and home improvement products like outdoor living and sporting goods, the company said.

 

"We expect ecommerce inroads made into grocery, consumables, and general merchandise categories to be very sticky resulting in growing digital market share gains," Ken Perkins, founder of research firm Retail Metrics, said.

 

Online sales in the quarter lost some momentum, but still rose 37%, compared with a surge of 74% in the year-earlier period and 69% in the prior quarter.

 

The retailer has invested heavily in its online delivery business, hoping to sneak an edge over rival Amazon.com (AMZN.O) with its membership plan Walmart+, drone delivery pilot programs as well as a bigger third-party marketplace.

 

Earlier this year, Walmart also said it would convert two-thirds of its U.S. hourly store roles to full-time positions, while also increasing pay for some of its hourly U.S. workers to an average above $15 an hour.

 

Operating income rose 32.3% to $6.91 billion in the quarter, while Walmart reported adjusted earnings of $1.69 per share beating estimates of $1.21 per share. Total revenue rose 2.7% to $138.31 billion.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Senate Democrat proposes $52 billion for U.S. chips production, R&D

U.S. Senate Democratic Leader Chuck Schumer unveiled revised bipartisan legislation late Tuesday to approve $52 billion to significantly boost U.S. semiconductor chip production and research over five years.

 

The emergency funding proposal will be included in a more than 1,400-page revised bill the Senate is taking up this week, as first reported by Reuters on Friday, to spend $120 billion on basic U.S. and advanced technology research to better compete with China. read more

 

"American manufacturing has suffered rather dramatically from a chip shortage," Schumer said. "We simply cannot rely on foreign processors for chips. This amendment will make sure that we don't have to."

 

The proposal includes $49.5 billion in emergency supplemental appropriations to fund the chip provisions that were included in this year's National Defense Authorization Act, but which require a separate process to garner funding.

 

President Joe Biden has also called for $50 billion to boost semiconductor production and research.

 

Supporters of funding note the U.S. had a 37% share of semiconductors and microelectronics production in 1990; today just 12% of semiconductors are manufactured in the United States.

 

"There is an urgent need for our economic and national security to provide funding to swiftly implement these critical programs. The Chinese Communist Party is aggressively investing over $150 billion in semiconductor manufacturing so they can control this key technology," a bill summary released Tuesday said.

 

The measure would "support the rapid implementation of the semiconductor provisions" in the defense bill.

 

As reported by Reuters, the bill includes $39 billion in production and R&D incentives and $10.5 billion to implement programs including the National Semiconductor Technology Center, National Advanced Packaging Manufacturing Program and other R&D programs.

 

Last month, Ford Motor (F.N) warned the chip shortage might slash its second-quarter production by half, costing it about $2.5 billion and about 1.1 million units of lost production in 2021, while General Motors (GM.N) has extended production halts at several North American factories because of the shortage.

 

The bill also includes $1.5 billion in emergency funding to help boost Western-based alternatives to Chinese equipment providers Huawei Technologies (HWT.UL) and ZTE Corp (000063.SZ), aiming to accelerate development of an open-architecture model (known as OpenRAN) backed by U.S. carriers.

 

Another provision prohibits the Chinese-owned social media app TikTok from being downloaded to government devices "to better safeguard the privacy and security of Americans."

 

Schumer said the U.S. must address the rising threat from China on many fronts, notably the technology race. "If we don’t step up in a big and bold way, we risk missing out on a generation of good-paying jobs, millions and millions of them," he said.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

Buyers beware as “altcoin” frenzy bruises bitcoin

Bitcoin’s smaller rivals are eroding its share of the $2 trillion digital currency market. Of the dozens snapping at its heels, most have little use beyond financial trading - but few of the investors fuelling their rise seem bothered.

 

Among the major "altcoins" - as all cryptocurrencies aside from bitcoin are known - some such as ethereum aspire to be the backbone of a future financial system. Others, like Dogecoin, have no such ambitions, and are barely used in payments or business.

 

For the army of retail punters pouring money into them, their backstory - and the inherent volatility that exposes those who invest in them to potentially heavy losses - often matter little.

 

Instead, buyers see the chance of quick profit, or at least an entertaining ride.

 

'OH, THIS IS FUN'

 

Demi Staal, a 27-year-old electrical engineer based in The Hague, holds a portfolio of altcoins worth around $8,000.

 

Among his previous plays: a 30 euro ($36) bet on Shiba Inu, a Dogecoin spin-off that briefly became one of the 20 biggest cryptocurrencies this month.

 

"I think it's a joke coin, just like Dogecoin," said Staal, who doubled his money on that transaction. "I saw it listed at my exchange a few days ago and was like 'oh, this is fun, I'll buy this'."

 

Along with prospects of fun and gains, however, altcoins are plagued by volatility.

 

Such swings in price can leave investors heavily out of pocket and, unlike bitcoin and depending on the regulatory framework of the exchange on which they are bought, many can only be swapped on exchanges for other digital coins rather than cashed in for hard currency.

 

As investors pile into rivals, Bitcoin's share of the crypto market has slumped to around 45% from 70% this year, according to U.S. researcher Coin Metrics, while its trading volume share at major exchange Binance has halved to 23%, data provider CryptoCompare says.

 

Its market cap remains around $800 billion and, while all cryptocurrencies continue to operate outside the mainstream global financial system’s regulatory framework, it is more widely accepted for payments than its peers.

 

Second-largest coin ethereum is catching up, having risen more than four-fold this year to around $380 billion as more peer-to-peer “decentralised finance” crypto lending platforms have started to use its blockchain.

 

Ethereum’s surge has triggered wider interest in the altcoin universe from retail investors with cash to burn, part of a trend that has also fuelled the use of trading apps like Robinhood and powered a social-media driven rally in stocks including GameStop Corp (GME.N).

 

"The fact (the crypto market) is 24/7 makes it more accessible for people who are working," said Amar Rai, a 25-year-old risk consultant whose crypto investments have doubled since March last year.

 

WHO LET THE DOGE OUT?

 

Half a dozen other altcoin investors, all men in their 20s, told Reuters they based their decisions on information gleaned from sites like Reddit, Twitter and TikTok.

 

As coins such as ethereum - whose backers say it will transform finance - grow, that use of social media trends as a reference point has meant others with few such prospects have also ballooned.

 

Take Dogecoin: Started as a joke in 2013, its logo features a Shiba Inu dog widely used in memes. But that has not dented its ascent.

 

It has soared over 10,000% this year to becomes the fifth-biggest token with a market cap of over $60 billion, but that rise has not coincided with any growth in mainstream usage for payments, and with an unlimited supply it lacks the scarcity that has attracted inflation-warier investors to bitcoin.

 

Instead it has gained momentum from the tweets of a prominent backer: Tesla boss Elon Musk.

 

Dogecoin last week jumped about 25% after Musk said he was working with its developers to boost its efficiency. It had previous slumped by a third after Musk called it a “hustle”.

 

Staal, the investor in The Hague, said he recently lost out after buying Dogecoin.

 

"I bought some a couple of weeks ago, just for fun," he said. "I just put a couple of hundred euros in there. It didn't pan out for me though - I bought it at the wrong time."

 

Further down the food chain sits Shiba Inu, which soared over 2,000% in the four days to May 11.

 

The Dogecoin spinoff's individual coins are worth fraction of a cent and have barely any practical use, while its website calls it "an experiment in decentralized spontaneous community building".

 

For 24-year old Vancouver plumber Austin Alexander, that translates into profits.

 

"I'm interested in money," he said, having started buying Shiba Inu about four weeks ago. "The tech behind it is interesting, but the money is what gets me."

 

The spinoff is still valued at around $6 billion, according to CryptoMarketCap, though it has sunk 60% over the past week.

 

($1 = 0.8226 euros)

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Canadian National Railway shareholder urges board to amend Kansas City deal

Billionaire hedge fund manager Chris Hohn on Tuesday urged Canadian National Railway (CNR.TO) to abandon its $33.6 billion bid for Kansas City Southern (KSU.N) unless the Canadian railroad operator changed its agreement to drop a key feature that could invite more regulatory scrutiny.

 

Hohn's TCI Fund Management, which has a 2.93% stake in Canadian National (CN), said the company should not go ahead with its plan to create a voting trust structure for the takeover.

 

"CN regularly engages with and welcomes constructive input from its shareholders. CN's board believes its pro-competitive combination with Kansas City Southern is in the best interest of CN's shareholders," a spokesperson for CN in a statement.

 

CN and Canadian Pacific Railway (CP.TO) are seeking to buy U.S. railroad Kansas City Southern to create a North American railway spanning the United States, Mexico and Canada. read more

 

Kansas City last week accepted CN's $33.6 billion acquisition offer, upending a $29 billion deal with Canadian Pacific.

 

"We think it is negligent and hugely irresponsible for the CN board to commit C$2 billion of shareholders' money on whether the STB will approve the voting trust for the CN-KCS transaction," TCI said in a letter to CN Chairman Robert Pace.

 

The C$2 billion stems from the $700 million breakup fee CN would pay Canadian Pacific for upending their deal, and the $1 billion it would pay Kansas City if the U.S. Surface Transportation Board (STB) shoots down the voting trust.

 

A voting trust is a temporary ringfenced structure that CN would use to hold Kansas City after the deal closes without exercising control over it, until the STB approves or rejects the acquisition.

 

TCI is also the largest shareholder of Canadian Pacific with an 8.38% stake, according to Refinitiv data.

 

"It is now clear that CN should abandon its pursuit of KCS unless the merger agreement is amended such that it is not conditional on a voting trust being approved," TCI added.

 

TCI said it believes the STB reviewing CN's bid under the new rules makes approval for the deal uncertain.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

Under Armour shareholders can sue over sales disclosures -judge

Under Armour Inc (UAA.N) shareholders may pursue a lawsuit accusing the sports apparel company of concealing how it pulled sales forward from future quarters to meet Wall Street revenue forecasts, the subject of a recent regulatory settlement, a federal judge ruled on Tuesday.

 

U.S. District Judge Richard Bennett in Baltimore said the shareholders' securities fraud claims were "plausible," after taking into account Under Armour's $9 million civil settlement on May 3 with the Securities and Exchange Commission.

 

The SEC had found that the Baltimore-based company misled investors by not disclosing that significant portions of its revenue and revenue growth resulted from its having accelerated sales orders over six quarters in 2015 and 2016. read more

 

It said Under Armour "pulled forward" about $408 million of orders, a practice that raised "significant uncertainty" it could meet its future revenue guidance.

 

Bennett had dismissed the proposed shareholder class action in August 2019, before the SEC probe became known.

 

But he said the SEC settlement "lends support" to the shareholders' claims, citing allegations that Under Armour and top officials including then-Chief Executive Kevin Plank knew the sales practice could be misleading.

 

James Wareham and Jon Talotta, who are lawyers for Under Armour and Plank respectively, declined to comment.

 

Plank, who founded Under Armour in 1996, is now executive chairman.

 

Lawyers for the lead plaintiff, the Aberdeen City Council as Administrating Authority for the North East Scotland Pension Fund, did not immediately respond to requests for comment.

 

Under Armour did not admit or deny wrongdoing in settling with the SEC. Plank was not charged, and Under Armour said SEC staff confirmed it did not intend to recommend charges.

 

The case is In re Under Armour Securities Litigation, U.S. District Court, District of Maryland, No. 17-00388.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Bank of America to raise U.S. minimum hourly wage to $25 by 2025

Bank of America (BAC.N) plans to raise its minimum wage for U.S. workers to $25 an hour by 2025, the latest among major firms promising to pay employees more after a year of pandemic risks and government subsidies that fueled conversations on whether companies pay their workers enough.

 

Bank of America's announcement on Tuesday went further than other companies with large U.S. workforces in the retail space. The figure was higher than at competitors, and the second-largest U.S. bank is also requiring its vendors to set a minimum wage of $15 an hour.

 

That could help spread the influence of higher wages to smaller companies that have lucrative contracts to provide services like marketing, technology services and maintenance. Bank of America deals with more than 2,000 U.S. vendors and 43,000 vendor employees.

 

Bank of America already pays its U.S. workers at least $20 an hour and is boosting that figure to attract the best and brightest, Sheri Bronstein, its chief human resources officer, said in a statement.

 

"Our commitment to being a great place to work … means investing in the people who serve our clients," she said.

 

The news comes as the country is grappling with a fierce debate over worker rights and compensation, especially for those who had to contend with COVID-19 risks during the pandemic.

 

McDonald's Corp (MCD.N) last week laid out a plan to pay employees 10% more, on average, at company-owned locations. Those 660 stores do not include the many McDonald’s franchises. The company’s move came after a planned worker strike over low wages was reported by media outlets. read more

 

Others, including Walmart Corp (WMT.N), Starbucks Corp (SBUX.O) Amazon.com Inc (AMZN.O) and JPMorgan Chase & Co (JPM.N), have also outlined plans to boost wages.

 

Their employees, as well as those at grocery stores and health-care centers, kept working through most of the pandemic, facing risk of infection as dozens or hundreds of customers passed through their workplaces every day.

 

Companies have sometimes been prodded to boost wages by employee complaints that spill into the public sphere. But there are also political pressures and a competitive reality in which one big company outlines a higher pay scale and others follow suit.

 

The current minimum wage at the federal level is $7.25 per hour, enacted more than a decade ago. President Joe Biden is pushing Congress to pass a $15 minimum wage as part of another pandemic rescue package.

 

It is not clear whether $25 an hour will seem as hearty in 2025 as it does now, given the trajectory of wages in recent years. Health-care benefits, paid time off and parental leave have also become competitive factors.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

Nigeria: Analysts Differ On Buhari's Quest for Fresh N2.3tn External Loan

Financial analysts and the organised private sector yesterday expressed mixed feelings over Nigeria's rising public debt following a fresh request by President Muhammadu Buhari to the National Assembly to approve a $6.18 billion foreign loan.

 

Before the latest request, Nigeria's total external debt stood at $33.348 billion, while total public debt stock as of December 30, 2021, which was released by the DMO in March 2021, stood at N32.915 trillion.

 

Buhari, in different letters to both chambers of the National Assembly urged the lawmakers to approve his request to borrow N2.3 trillion ($6.18billion) external loan to finance part of the 2021 budget deficit of N5.6 trillion.

The president in another letter also canvassed a concurrent approval by the legislature for a total sum of $3,837,281,256, €910,000,000 and grant component of $10,000,000 for donor fund projects under the 2018-2020 federal government external borrowing rolling plan.

 

The two request letters, dated May 6, 2021, came a month after the Senate and the House of Representatives approved $1.5 billion and €995 million external borrowings for the federal government to finance various priority projects and to support states facing fiscal challenges.

 

Buhari's requests were contained in different letters addressed to the President of the Senate, Dr. Ahmad Lawan, and the House Speaker, Hon. Femi Gbajabiamila.

 

The letters were read at Tuesday plenary by the two presiding officers.

The president said the request for the N2.3 trillion loan to finance the 2021 budget deficit was in line with the provisions of Sections 21(1) and 27(1) of the Debt Management Office (Establishment, Etc.) Act, 2003 (DMO Act), which states that no external loan shall be approved or obtained by the minister unless its terms and conditions shall have been laid before the National Assembly and approved by its resolution.

 

According to him, the loan will enable the federal government to fund critical infrastructural projects in power, transportation, agriculture and rural development, health, education, among others.

 

He said the loan would be sourced from a combination of multilateral and bilateral lenders, as well as from the International Capital Market (ICM) through the issuance of Eurobonds.

 

According to him, from recent trends in the ICM, it is now possible for Nigeria to raise funds, and this explains why the federal government is proposing that the new external borrowing in the 2021 Appropriation Act should include issuing Eurobonds in the ICM.

He estimated that Nigeria may be able to raise $3 billion or more, but not more than $6.183 billion (the amount provided in the 2021 Appropriation Act) in a combination of tenors between five-30 years.

 

He said the outcome would, however, be determined when Nigeria approached the market.

 

The letter read in part: "The purpose of this letter is to request for a resolution of the National Assembly to raise the sum of N2,343,387,942,848.00 (about $6,183,081,643.40 at the budget exchange rate of $1.00/N379) provided as new external borrowing in the 2021 Appropriation Act (Item No. 330) to part-finance the budget deficit of N5.602 trillion. The right honourable speaker may wish to recall that the 2021 Appropriation Act provides for N4,686,775,885,696.00 as new borrowings (item No. 328) to part-finance the 2021 fiscal deficit, of which 50 per cent or N2,343,387,942,848.00 (about $6,183,081 ,643.40 at the budget exchange rate of $1.00/N379) is specified as new external borrowing.

 

"The Senate President and right honourable Speaker may also wish to note that the allocation of N2.343 trillion to new external borrowing in 2021 Appropriation Act is consistent with Nigeria's debt management strategy, which seeks amongst other objectives, to moderate 'debt service costs by accessing relatively cheaper external funds, and free-up space in the domestic market for other borrowers."

 

For concurrent approval of donor fund projects, the president, in the second letter, said the projects would be financed through sovereign loans from the World Bank, African Development Bank (AfDB), French Development Agency (AFD), Islamic Development Bank, China Eximbank, China Development Bank, European Investment Bank, European ECA, KfW, IPEX, AFC, India EximBank and lnternational Fund for Agricultural Development (IFAD).

 

Buhari explained that the projects and programmes in the borrowing plan were selected based on positive, technical and economic evaluations as well as the contributions they would make to the socio-economic development of the country, including employment generation and poverty reduction.

 

The letter reads: "Senate President and the right honourable Speaker may also wish to know that all the listed projects form part of the 2018 2020 external borrowing plan and covered both the federal and state governments' projects and are geared towards the realisation of the Nigeria Economic Sustainability Plan that cut across key sectors such as infrastructure, health, agriculture and food security, energy, education and human capital development and COVlD -19 response efforts.

 

"A summary of some key projects in each of the six geopolitical zones and a summary on the expected impacts on the socio-economic development of each of the six geo-political zones are attached herewith as Annex II and III.

 

Given the importance attached to the timely delivery of the projects listed in the proposed borrowing plan and the benefits both the federal and state governments stand to gain from the implementation of same, I hereby wish to request for the kind consideration and concurrent approval of the House for 2018 2020 federal government external borrowing (rolling) plan to enable the projects to become effective."

 

Analysts Differ over Borrowing Request

 

Some of the economic experts who spoke to THISDAY yesterday warned that the current bid to accumulate more public debts would mortgage the future of the country and its future generations.

 

They were also worried that the current move is not being done in a transparent manner that would enable Nigerians to know the specific projects the loan would be tied to and the institutions the government intended to borrow from.

 

However, some others believed that the current move to borrow externally would enhance the country's foreign reserves and stabilise the value of the naira.

 

One of those who felt that the federal government should jettison the idea of accessing fresh foreign loan at this period is a professor of Economics and Public Policy at the University of Uyo, Akwa Ibom, Prof. Akpan Ekpo.

 

Ekpo told THISDAY yesterday that he was worried that the current move by the federal government would worsen Nigeria's public debt management and subject future generations to financial bondage.

 

He advised the government to surgically reduce the bloated cost of governance in the country, warning that the government should be more concerned with its debt to revenue ratio as well as solvency and liquidity ratios because oil, which is its revenue base, is very shaky by depending on exogenous factors that it could not control.

 

Ekpo said the country's debt-servicing burden was taking almost one-third of Nigeria's annual budget.

 

He stated: "So, we are building debts for future generations to pay. Right now, Nigeria is merely scratching at its debt by servicing it without touching the principal."

 

Ekpo, who was the immediate past Director-General of the West African Institute of Financial and Economic Management is also concerned about the transparency of the proposed borrowing.

 

The Director-General of Nigeria Employers' Consultative Association (NECA), Mr. Timothy Olawale, said it would be carelessness on the part of this government to be borrowing and building unsustainable debt burden for future generations and succeeding governments.

 

Olawale said: "We have repeatedly said that the government should cut its coat according to its cloth. It must look for where and how to reduce its over-bloated governance structure that has been consuming so much. And there are one thousand and one budget heads they can do away with without retrenching workers. The Oronsaye Panel's report recommendation that ministries and agencies of government should be merged is still unimplemented.

 

He said: "So, borrowing is a lazy way of escape from reality. If you cannot afford a particular lifestyle, commonsense dictates that you should come back and restructure your lifestyle to suit your income. But rather than doing this, the government keeps on borrowing to satiate its appetite for luxury and flamboyance.

 

"Well, we are not in support of this and we will want the government to be very prudent and mindful of the future of our economy, the future of the project called Nigeria and the future of generations yet unborn."

 

A professor of Finance, University of Lagos, Prof. Winifred Iyiegbuniwe, warned that Nigeria should not continue to borrow and dissipate them on wasteful expenses.

 

He said: "The problem is that we cannot continue to be borrowing in this manner and dissipate them through wasteful expenses. I have a problem as a financial economist when I am not convinced of what the government is doing with these borrowings. If we can borrow for specified and identifiable capital projects, fine. But if it is to borrow for consumption, no! We should cut our coat according to our cloth.

 

"I am disappointed that all the long talk about removing fuel and electricity subsidies and plugging loopholes in tax collections are yielding nothing. They seemed to be too much talking with too little action. The only foreign borrowing that will make sense is one that is tied to a specific project. So, the government must be more specific about the infrastructure it intends to finance."

 

Some analysts, however, said that the plan to borrow $6.18 billion external loan would strengthen Nigeria's foreign reserves but cautioned that it could also lead to heightened debt burden if not channelled to productive sectors of the economy.

 

The Head of Research at Agusto Consulting, Mr. Jimi Ogbobine, said: "This could help boost foreign reserves at this point in time. But what we need to do is to complement it with other policies like the harmonisation of the exchange rate so we can stimulate foreign direct investments (FDI) once again because we cannot survive on using loans to boost our foreign reserves."

 

Ogbobine, however, noted that "there are other ways of deficit financing because debt is not the only way of getting financing, which could also be done through taxes and sale of assets.

 

"We need to look at all the unproductive assets and think of how we can get them out of the government's books in order to reduce recurrent expenditures on these assets," he stated.

 

Similarly, the Head, Retail Investment, Chapel Hill Denham, Mr. Ayodeji Ebo, said: "We know government is constrained with a shortage of fund but it should ensure that major part of the borrowing will go to the productive sector. There is really no harm in borrowing as long as it is used for productive purposes."

 

Also, the Director-General of the Lagos Chamber of Commerce and Industry, Dr. Muda Yusuf, expressed concern that the rising debt profile of the federal government might not be sustainable because the debts will become a problem when the revenue base is not strong enough to service them.

 

Yusuf said: "What is needed is the political will to cut expenditure and undertake reforms that could scale down the size of government, reduce governance cost and ease the fiscal burden on the government."

 

He suggested that the debt should be used strictly to fund capital projects that would strengthen the productive capacity of the economy.

 

He also advised government to shift "emphasis to concessionary financing against commercial debts that are typically very costly."

 

APC Mortgaging Future, Says PDP

 

Meanwhile, the main opposition party, the Peoples Democratic Party (PDP) yesterday raised the alarm over another plan by the federal government to borrow N2.3 trillion.

 

The National Publicity Secretary of PDP, Mr. Kola Ologbondiyan, told THISDAY that the additional loan request would mortgage the future of generations yet unborn Nigerians.

 

He said: "We are alarmed like any other Nigerian on this fresh loan request. It is simply to mortgage the nation and the future of the younger ones as they will be held in bondage by debts.

 

"The funniest thing is that upon all these loans, there is nothing tangible to show with the loans so far obtained. As a party and as Nigerians, we are worried. What is simply happening is just mis-governance and incompetence In all these multiple loans, the truth is that you cannot point any finger and say, this is what the Buhari administration has done with it."-This Day.

 

 

Nigeria: Govt Considers Options On Divestment Plan By Shell

The federal government is weighing some options as discussions with Anglo-Dutch oil company, Shell Petroleum Development Company, begin over its plan for total divestment from onshore operations in Nigeria.

 

The Minister of State, Petroleum Resources, Chief Timipre Sylva, yesterday in Abuja listed three possible options being considered as comprising a takeover of the company's stake in the oil and gas industry by the Nigerian Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC); acquisition by indigenous operators and involving a mixture of local players and other foreign independent operators in the process.

The Anglo-Dutch energy giant has been gradually selling its onshore assets for over a decade in Nigeria.

 

Shell, operator of Nigeria's onshore oil and gas joint venture (JV) SPDC, had recently indicated it would no longer continue to be exposed to the risk of theft and sabotage.

 

The company's Chief Executive Officer, Mr. Ben van Beurden, however, said yesterday that its onshore operations in the Nigerian oil and gas industry were no longer compatible with its long-term climate strategy.

 

He also told investors that the additional community issues in the Niger Delta were becoming a huge challenge for the company.

 

However, Sylva who fielded questions from journalists on the issue stated that while the federal government is in consultations with the oil giant on the divestment move.

 

"Some actually feel that Shell should not hurriedly divest and to at least stay," he said, adding: "Where Shell has completely divested from a sector is not good for us."

The minister added that the executive arm is discussing with the National Assembly on the quick passage of the long-awaited Petroleum Industry Bill (PIB), saying that the bill will be passed lastest next month.

 

Sylva said: "I want to tell you that PIB is fully on course and we are very happy because we have focused on that for a long time and we had many meetings with the National assembly and stakeholders.

 

"Today, I believe that we are all basically satisfied with where we are. The National Assembly has given a timeline. They actually gave April but a few things happened. But give or take, I still believe that the passage of the PIB will not go beyond June.

 

"We are hopeful that between now and June, they will pass the PIB. I don't think we are far away with the passage of the PIB."

He stated that the nation's future lies in its vast gas reserves, which have been abandoned for decades, adding that the development of the huge gas potential will fast-track the diversification agenda."

 

He added: "Unfortunately, what should have helped us are the laws around the oil industry and this has not happened over the last 20 years we have been tinkering with the laws. And yet, this law will power a lot of progress in this industry because the problem we have in the gas sector in Nigeria is that there are no clear fiscal regimes in the legal framework."

 

According to him, harnessing the country's gas reserves which currently stands at 203 trillion TCF, will not only create jobs but also open more linkages with other sectors of the economy.

 

Sylva stated that the 203 trillion proven gas reserves were discovered in the course of oil exploration, adding that a conscious exploration could yield as much as 600 trillion tcf.

 

He said: "People have become more aware of the need for us to move towards gas. Last year, one of the first things we were able to achieve was the NLG Train7 final investment decision (FID) that has eluded the country for a long time."

 

According to him, with the development of Nigeria's gas reserves, over $16.1billion has so far come into the country as Foreign Direct Investment (FDI).

 

He added that the Nigeria Gas Commercialisation programme is fully on course, while the autogas policy is being finetuned in collaboration with the Central Bank of Nigeria (CBN), which is to bring in conversion kits and make soft loans available for marketers to fit their filling stations.

 

For the policy to work effectively, he said there must be enough vehicles and filling stations.

 

On the recent judgement against Nigeria by a Milan court on the Malabu oil deal, the minister stated that the decision on the next move would depend on legal advice from the Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami.

 

The minister also said the $1.5 billion required for the proposed rehabilitation of the Port Harcourt Refinery had been secured, adding that putting the refineries in shape was necessary before considering what options are better to run them, including using operations and management (O&M) experts.

 

On subsidy removal, Sylva said the federal government did not lack the courage or political will to float petrol price, but was considering stakeholders' views.

 

He stated that proceeds of the recent sale of marginal fields from Signature Bonuses were used to augment the Federation Account Allocation Committee (FAAC) for April.

 

On reports in the social media that he collected $25 million from Saipem to award a contract in LNG Train 7, he said the contracted had already been awarded to Saipem before his appointment.

 

Shell CEO: Nigeria Onshore Oil Incompatible with Company's Climate Strategy

 

Oil multinational, Royal Dutch Shell Plc, yesterday shed more light on its decision to divest from onshore operations in Nigeria.

 

The company said its onshore operations in the Nigerian oil and gas industry were no longer compatible with its long-term climate strategy.

 

The company stated that it had been under increasing pressure from investors to slash emissions and pivot toward cleaner energy, even as the tension was on show at its shareholder meeting yesterday.

 

Bloomberg reported that while speaking at a shareholders' meeting, the company's Chief Executive Officer, Ben van Beurden, told investors that the additional community issues in the Niger Delta were becoming a huge challenge for the company.

 

He said: "The balance of risks and rewards associated with our onshore portfolio is no longer compatible with our strategic ambitions.

 

"We cannot solve community problems in the Niger Delta and the company has started discussions with the government on how to move forward."

 

He didn't say explicitly that Shell wanted to sell the remainder of its oil assets in the Niger Delta, nor did he provide a timetable.

 

The company's long-term energy transition plan laid out to investors for the first time received overwhelming support, but a competing resolution asking for stricter targets also garnered more votes than ever.

 

Adding to the tension, shareholders were meeting as the International Energy Agency (IEA) warned that all new oil and gas developments needed to stop immediately for climate targets to be met.

 

Shell also acknowledged its green strategy is complicated by its spill-prone operations in Nigeria, where it has been pumping out oil for half a century.

 

The Anglo-Dutch company has been gradually selling onshore assets in Nigeria for more than a decade, as it sought to put aside chronic problems such as pollution caused by ruptured pipelines and the resulting legal battles with local communities.

 

The issue has become more acute in the past year after Shell pledged to transform itself into a clean energy giant and gradually winds down its oil and gas business to achieve net-zero carbon emissions by 2050.

 

Yet a full retreat would be an obvious endpoint to years of gradual divestment, even as Shell has reduced its total number of onshore licences in Nigeria by half over the past decade and has been focusing on offshore oil fields and gas operations in the country.

 

The shareholders' meeting was dominated by investors' questions on Shell's climate strategy, ranging from pleas to set more ambitious targets on reducing carbon emissions and phasing out fossil fuels, to a request that the company "stop apologising" for the products it sells.

 

When asked about an IEA's new report on stopping new oil and gas fields, Chairman, Chad Holliday, said Shell hadn't had time to study the report but would do so in due course.

 

Shell's energy transition plans, which forecast a big expansion in clean energy but also decades more oil and gas production, received nearly 89 per cent votes, while a competing proposal from the group rose to 30 per cent, more than double a year earlier.-This Day.

 

 

Kenya: Nowhere to Hide for Ghost Teachers

The days of 'ghost' teachers who reap where they never sowed could be numbered following the launch of a new biometric registration system that is intended to weed out rogue tutors.

 

The biometric database is also intended to help the Teachers Service Commission (TSC) address staff shortages as well as lock out those with questionable integrity from administering national exams.

 

The TSC yesterday launched the Biometric Enrolment and Validation of Teachers that will give a real-time data of all teachers employed by the commission.

 

The registration, which was launched at Nyeri High School, will capture details of all teachers in public primary and secondary schools, teacher training colleges, the Centre for Mathematics, Science and Technology in Africa and the Kenya Institute of Special Education.

 

Data on teachers in special programmes and curriculum support officers in all zones will be taken as well as teacher interns and those on contract.

"To effectively manage the growing teaching resource, we need to maintain an up-to-date data on all the teachers employed by the TSC and to achieve this, the commission has planned to conduct a biometric enrolment of all teachers," said Ibrahim Mumin, the TSC director of administration, when he delivered CEO Nancy Macharia's speech at the ceremony. He added that the system will improve service delivery within the commission.

 

Last duty stations

 

Teachers will be registered in their respective schools. Those who have been interdicted, suspended or are on leave will be expected to register at their last duty stations.

 

Mr Mumin said pre-loaded data from the TSC payroll system will be validated when the teachers provide physical documents. They will be required to provide a TSC certificate of registration, their national identity card, letter of first and last appointment together with their academic and professional certificates.

 

Teachers with disabilities will be required to provide a disability registration certificate, while those who have been released to other programmes like the teachers' unions will have to show their letters of release.

 

"The system will capture the data electronically using biometric kits where facial and finger prints will be collected," he said.

 

Ms Macharia, during release of the Kenya Certificate of Secondary Education examination results last week, said the biometric system will assist in curbing examination malpractices and getting the real culprits punished.

 

The biometric data captured will be used as forensic evidence for tracking teachers who tamper with examination materials, she said. It will also ensure more solid and accurate ways of seeing to it that innocent teachers are not punished.

 

Mr Mumin said the exercise will reveal teacher distribution based on subject combinations and unearth staffing gaps to inform training needs for affected subject areas. It will also be used to monitor daily attendance by teachers.

 

"We will forecast the growth in the years to come and advise the institutions that we work with to train more of what the shortages are than train in excess," he said.

 

Mr Isaac Kamau, the director of internal audit at the TSC, said the new system will digitise service delivery at the commission.

 

Large numbers

 

"We do not want to have teachers seeking services on paper. We want to get to a point where the teachers, in the comfort of their staff rooms or homes, are able to make an application for any services that they may require, and we can only achieve that if the data we have is accurate," he said.

 

In Uasin Gishu County, teachers turned out in large numbers at Union, Kiplombe and Eldoret Chebarus primary schools on the first day of the registration. Rift valley regional TSC director Adow Mohamed, who oversaw the exercise at Union Primary, said the exercise targets 16 learning centres and 218 teachers in the region in the pilot phase.

 

"We have had good turnout. This process will help in policy and decision-making and is not for any other purposes. It is a requirement to get up-to-date data of the teachers for planning," added Mr Adow.

 

The deputy director-in-charge of records management at the commission George Oketch assured teachers that the data collection and storage would be done in line with the Data Protection Act.

 

"This system will help the commission to establish when there is overstaffing -- the teachers can then be transferred to other schools with shortages," said the official.

 

In Bungoma, the TSC biometric registration was conducted at Bungoma DEB Primary School in Kanduyi Constituency and was led by county TSC director Adan Ibrahim. Bungoma DEB is the third-most-populous school in the country and is one of the 18 sample schools that have been selected for the exercise.

 

Mr Adan said Bungoma was the only county in the former western region's counties that was sampled for the exercise.

 

"We hope that the exercise will move on smoothly without any hitches since the enumerators and everything else is set," he said.

 

This pilot registration took off in 143 schools in seven counties that included Uasin Gishu, Homa Bay, Bungoma, Nyeri, Kitui and Garissa. It will continue up to the end of the week.-Nation.

 

Namibia: NBC Strike Hinders Vaccination Campaign

Government's call for Namibians to get vaccinated against Covid-19 has largely fallen on deaf ears in rural Namibia as dead air engulfs the nation's airwaves.

 

(NBC) workers went on strike on 22 April for better pay and working conditions.

 

The absence of the NBC Oshiwambo radio service has hindered the Covid-19 vaccination dissemination campaign in the Oshana region, said Penda Kashihakumwa, who is spearheading the campaign there. He explained that the campaign got off to a relatively slow start as the meeting points were initially announced on NBC's Kati FM.

 

"The campaign is a bit slow because we were using NBC to announce our meeting points, but now that they are on strike, it is a bit challenging," said Kashihakumwa.

 

Lebbeus Musongo from the Kavango East and West regional health directorate, who is the focal person for educating the community through the NBC Radio Wato in local languages under the Covid-19 sub-pillar of Risk Communications and Community Engagement,

 

also noted that his work has been made difficult by the ongoing strike.

 

"We cannot reach a wider audience with information about the pandemic as well as the vaccination, especially in the remote inland areas where there are no newspapers, no internet as well as cell phones to keep them informed. Radio had made it easier to get information to them," Musongo said.

 

"They depended on NBC Radio Wato. At the moment, we are not sure if our people in rural Kavango are aware of the vaccine, as well as where to get it. Yes, we do have health workers doing rounds here and there, but radio was effective as it reached a wider audience," he reiterated. The Kavango West's Ncuncuni constituency councillor Leopoldine Nseu said she got vaccinated on Friday, and health workers informed her about the low turnout, "which is alarming because Government wants to save lives through this vaccine programme. "Unfortunately, we are supposed to do more awareness on local radio to encourage our communities to get the shots, but we can't do that without our NBC Radio Wato."

Meanwhile, Kashihakumwa said they have changed the approach to hold information the session when the constituency councillors hold their public meetings to ensure that a vast number of people have access to information to enable them to make an informed decision on whether to get vaccinated or not.

 

In addition to not being able to announce the meeting points, Kashihakumwa said getting people to gather is also challenging as many are working in their crop fields.

 

"Our intention is to speak to as many people as possible, as long as we are within the stipulated Covid-19 regulations," he noted. Kashihakumwa added that many leaders and healthcare workers in the region have been vaccinated.

To add insult to injury, the officials also have to deal with misinformation. The biggest challenge in carrying out the campaign at the moment is conflicting information from social media. Kashihakumwa said some of the information being shared on vaccinations has not been proven scientifically, and is working against making an informed decision on the vaccination.

 

However, the regional campaign is not forcing anyone into getting vaccinated, but it's there to create awareness for the public to choose whether to get vaccinated or not. He said it does not mean that once vaccinated, one will not contract Covid-19.

 

"What we are saying is that it will reduce your chance of contracting it, and it will also reduce your chance of being hospitalised or getting to the intensive care unit (ICU)," stressed Kashihakumwa.

 

The number of people vaccinated against Covid-19 in the region was not available at the time of going to print.-Era.

 

Uganda Inks Sh5 Billion Malaba-Kampala Railway Rehabilitation Deal

Uganda has signed a Sh5 billion deal with a Chinese firm that will see its 260-kilometre century-old metre gauge railway line between Malaba and Kampala rehabilitated in under 12 months.

 

This comes after a meeting between Kenyan officials who accompanied President Uhuru Kenyatta to Kampala to attend President Yoweri Museveni's inauguration for his sixth term last Wednesday.

 

The signing of the deal effectively ends Kampala's dream to have a standard gauge railway (SGR) from the Kenyan border to Kampala, and possibly to Rwanda, falling back on the old railway line as it seeks to have faster evacuation of cargo from Mombasa.

The Nation understands that Kenya helped close the deal on Wednesday, with officials from Kenya and Uganda transport ministries, Kenya Railways, Uganda Railways, and the Chinese embassy in attendance.

 

Kenya's Transport and Infrastructure Cabinet Secretary James Macharia revealed that they were part of the concessions talks between China Road and Bridge Corporation (CRBC) and the Uganda Railways Corporation (URC) to have the Chinese firm rehabilitate the Malaba-Kampala railways line.

 

"We came here to assist them (Uganda) conclude this deal. It has been done. The idea is to make sure that we have a seamless operation of the metre gauge railway line from Naivasha all the way to Kampala," Mr Macharia told the Nation.

 

He added, "We had contracted CRBC to rehabilitate the Longonot to Malaba line and the progress is good so far. So we felt for it to make sense, Uganda had to also start doing the same for their line to make this project complete."

In January this year, Kenya began the Sh3.5 billion rehabilitation of the 460km Longonot to Malaba line, which it expects to be ready by the end of this year. Upon completion of repairs on the old line, it will then link to the SGR at Naivasha. This will enable seamless transport of cargo containers from Mombasa to Kisumu and Malaba border into Uganda.

 

Already, Kenya Railways is constructing a link line between the Naivasha Inland Container Depot and the Longonot railway station, to ensure this interchange is successfully executed. The 24.3-kilometre link will ensure cargo from SGR moves to old line at the interchange point, located at the ICD in Naivasha for onward movement to Kampala.

 

"The Ugandan agreement with the contactor is to have this done in the shortest time possible so as to ensure that we have the line working for businesspersons all the way to Kampala," said Mr Macharia.

In May last year, President Museveni argued that increasingly, cargo should be shifted from road to railway transport, because of its low costs and the high maintenance costs the trucks were exacting on roads.

 

"As it is, the net tonne of goods from Mombasa to Kampala by road is $0.12 while by rail, it is half the cost. Therefore, in Uganda, we are going to repair the old railway line as we plan to build the new one," he said, adding that his country will be seeking to have new locomotives to help in this drive.

 

Already, the National Enterprise Corporation -- the commercial arm of the Ugandan military, has undertaken bush clearing, screening and maintenance of two sections of the Malaba-Kampala railway line totaling 100 km.

 

Uganda's decision to rehabilitate its dilapidated railway line comes after the fall-through of its final financing agreement for a standard gauge railway line. This came after Kenya opted to terminate its proposed Nairobi-Malaba SGR line at Naivasha.

 

In 2018, a Chinese delegation led by Wang Yang, China vice premier and China Exim Bank Chairperson Li Ruogo, the financiers of the railway project for both Kenya and Uganda, were in the region and met presidents Kenyatta and Museveni. The visit was said to be an 'update session' for the Chinese officials, with the progress of the SGR projects in Kenya, and also have discussions over Uganda's first phase of the project.

 

The final financial agreement between Uganda and the financier, China Exim Bank, on the Malaba-Kampala line which was to be signed when President Museveni attended the 2018 Beijing Summit of the Forum on China-Africa Cooperation was put on hold after Kenya failed to commit to a financing agreement for its Naivasha to Malaba line.- Nation.

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:       <mailto:info at bulls.co.zw> info at bulls.co.zw  

Website:         <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

Blog:            <https://bullszimbabwe.com/category/blogs/bullish-thoughts/> www.bullszimbabwe.com/blog

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

Facebook:      <http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimbabwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA> www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

Africa Day

 

25/05/21

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

Dairibord

 


Starafrica

Fidelity

Turnall

 


Medtech

Zimre

Nampak Zimbabwe

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from sources believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and sourced from third parties.

 


 

 


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

 


 

 

 

 

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210519/5abc0bdd/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210519/5abc0bdd/attachment-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 31039 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210519/5abc0bdd/attachment-0002.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.png
Type: image/png
Size: 222821 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210519/5abc0bdd/attachment-0004.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210519/5abc0bdd/attachment-0005.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.jpg
Type: image/jpeg
Size: 22328 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210519/5abc0bdd/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65563 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210519/5abc0bdd/attachment-0001.obj>