Major International Business Headlines Brief::: 24 May 2021

Mon May 24 15:23:02 CAT 2021

 <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::: 24 May 2021

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

ü  Bury Brexit hatchet and seize new opportunities, says CBI

ü  Crypto miners halt China business after Beijing cracks down, bitcoin
tumbles

ü  Asia shares wary on U.S. inflation, Bitcoin struggles to steady

ü  GM improves rating in annual supplier relations study

ü  Sea change: global freight sails out of the digital dark ages

ü  Hyundai raises hydrogen game as new trucks roll into Europe

ü  U.S. pot sellers stash cash as banks leave them high and dry

ü  Veteran stock picker to join 'Son-chan' on SoftBank board

ü  Lim family's global assets on radar after Singapore court move

ü  S. Korea's c.bank moves to develop pilot digital currency

ü  Nigeria: Amidst Covid-19 Challenges, Nigeria's Economy Grows Again

ü  Nigeria's Economic Growth Not Reflective of Manufacturing Sector's
Reality - LCCI DG

ü  Rwanda: Govt to Address Wheat Prices

ü  Kenya: Report Blames State for Sugar Sector Collapse

ü  Global metal prices fall as China further warns against price hikes

ü  Kenya: Google Lens Rolls Out Swahili Services

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

Bury Brexit hatchet and seize new opportunities, says CBI

Business and government should put the bitter divisions of Brexit behind
them and focus on building a fairer, greener economy, according to the
Confederation for British Industry.

That could drive an extra £700bn of economic growth by 2030, the CBI says.

The employers' organisation is launching what it says is a "landmark"
economic plan for the next decade.

And its proposals would lead to "prizes for everyone", not just for some
firms, the CBI's director general believes.

"For the last five years business and government have been at odds. Brexit
was very divisive," Tony Danker told the BBC.

"But after the events of the last five years, we find ourselves in total
alignment about what needs to be done. We need to level up, we need a
greener economy and, my God, we should not waste this opportunity."

What is levelling up and how is it going?

The CBI's new report, entitled "Seize the Moment", focuses on the
government's policy agenda of addressing geographic inequalities,
decarbonisation and innovation and says 2021 must be a turning point for the
UK if it is to address those long term challenges.

Among them, levelling up is the one that the government has trumpeted most
in recent election campaigns. And those promises to alter the economic map
of the UK have resulted in changes to the country's political map. But
fulfilling those promises won't come from the wave of some magic wand.

Tony Danker says that while big ticket, regional infrastructure investments
are a welcome start, they alone are not enough.

"Transport is great, we need it. Broadband is great, we need it. But we need
to turn all of that into real jobs and real growth, in skills and wages, if
levelling up is going to mean anything to the people of this country," he
says.

The CBI believes it and its members have an important role to play.

"Governments don't create jobs. Governments don't prepare people in the
workplace for the skills of the future. Governments don't suddenly invent
new decarbonisation technologies. That's what businesses do."

How do you level up?

In Hull's Alexandra Dock, a factory run by Siemens Gamesa produces 1,000
offshore wind turbine blades a year.

At nearly 100 metres of moulded fibreglass they are high-tech pieces of
equipment, and a decarbonising world will need a lot of them in the years to
come. The plant has grown rapidly since it opened five years ago, in part
thanks to government seed funding, and price guarantees.

Wind turbine blade inside factory

image captionManufacturing wind turbines offers hi-tech, green jobs in
Humber

"The government is doing a lot right," says Carl Ennis, managing director of
Siemens UK.

"But it could have gone even better. The blades for some of our wind
turbines are made in the UK, but the research and development and the cell
(the motor the blades are attached to) are made in Denmark and Germany.

"What has been missing is speed of action and scale of ambition," says Mr
Ennis.

He says Germany is investing 50 times the amount the UK is in new hydrogen
technology for example.

And if investments like Siemens' are going to benefit Hull, in the form of
higher paid jobs for local people, more needs to be done.

Hannah Clague, an aerospace engineering graduate employed at the plant, says
applications for jobs like hers have doubled since she joined, because "it's
such a sustainable career to go into and a lifelong career".

But Hannah isn't from Hull herself. She's from Reading, a graduate from
Sheffield University.

And at the moment few locals are in a position to join her, says JJ Tatten,
from the Warren Youth Project.

Hannah Clague employee at Siemens Gamesa in high viz jacket

image captionHannah Clague joined Siemens after graduating, but many Hull
locals don't have the skills they need for the jobs on offer

"The reality is that the young people we work with are not ready to go into
jobs in local tech and green industries," he says.

"There's no lack of will, no lack of intelligence, no lack of energy. They
just need that first rung of the ladder and that access to skills.

"There is a real danger for the young people we work with here in Hull, that
if they can't get the opportunity to develop some of those skills, they
won't get the opportunity to take a job in that field or that industry, and
the people to fill those vacancies will have to be sourced from outside'.

The government's levelling up playbook looks something like this: pick an
industry that the UK does - or should - have a natural advantage in, put in
some funding, incentives and price guarantees to encourage businesses to
invest, get local universities and colleges involved, use regulation to
accelerate progress and government procurement to help at the customer end.

But on top of that the CBI believes it could be playing a much bigger role
in coordinating investment in regional businesses, building regional
economic clusters, and determining the direction of skills training.

Specific recommendations for government policy in its report include an
overhaul of the much criticised Apprenticeship Levy and a requirement that
economic regulators prioritise investment and innovation.

The CBI said it was ready to play a more proactive role in transforming the
economy than previously. It sees this year as a "once-in-a-generation
opportunity to unite and agree to transform the UK economy".

Failure to make bold changes now would result in a return to business as
usual, it said, including "the persistently low productivity and heightened
social division that followed the 2008 financial crisis".-bbc

Crypto miners halt China business after Beijing cracks down, bitcoin tumbles

Cryptocurrency miners, including HashCow and BTC.TOP, have halted their
China operations after Beijing intensified a crackdown on bitcoin mining and
trading, hammering digital currencies amid heightened global regulatory
scrutiny of them.

A State Council committee led by Vice Premier Liu He announced the crackdown
late on Friday as part of efforts to fend off financial risks. It was the
first time the council has targeted virtual currency mining, a big business
in China that accounts for as much as 70% of the world's crypto supply. read
more

Cryptocurrency exchange Huobi on Monday suspended both crypto-mining and
trading services to mainland Chinese clients, adding it will instead focus
on overseas businesses.

BTC.TOP, a crypto mining pool, also announced the suspension of its China
business citing regulatory risks, while crypto miner HashCow said it would
halt buying new bitcoin rigs.

Crypto miners use increasingly powerful, specially-designed computer
equipment, or rigs, to verify virtual coin transactions in a process which
produces newly minted crypto currencies such as bitcoin.

"Crypto mining consumes a lot of energy, which runs counter to China's
carbon neutrality goals," said Chen Jiahe, chief investment officer of
Beijing-based family office Novem Arcae Technologies.

The crackdown is also part of China's stepped-up drive to curb speculative
crypto trading, he added.

Bitcoin took a beating after the latest Chinese move, and is now down nearly
50% from it's all-time high. It shed as much as 17% on Sunday, before paring
some losses and was last trading steady in Asia. Elsewhere, Ether fell to a
two-month low on Sunday, down 60% from a record peak hit just 12 days ago,

Investor protection and money laundering are particular concerns of global
financial regulators who are grappling with whether and how they should
regulate the cryptocurrency industry.

The latest shakeout in digital currencies also stems from tighter scrutiny
in the United States. Last Thursday, U.S. Federal Reserve Chairman Jerome
Powell said they pose risks to financial stability, and indicating that
greater regulation of the increasingly popular electronic currency may be
warranted. read more

Huobi made the announcement via its official Telegram community for Huobi
Mall, as well in a statement to Reuters. BTC.TOP and HashCow could not be
immediately reached for comment

DIRTY BUSINESS

The annual energy consumption of China's cryptocurrency miners is expected
to peak in 2024 at about 297 terawatt-hours, greater than all the power
consumption by Italy in 2016, according to a study recently published in
Nature Communications.

Chinese President Xi Jinping has pledged carbon neutrality by 2060.

China has already lost its position as a global cryptocurrency trading
centre after Beijing banned crypto exchanges in 2017.

"Eventually, China will lose crypto computing power to foreign markets as
well," BTC.TOP founder Jiang wrote in a micro blog post via Weibo,
predicting the rise of U.S. and European mining pools.

Chen of Novem Arcae said the crypto craze, if not curbed, could turn into
froth similar to the Dutch tulipmania in the 17th century - often regarded
as the first financial bubble in recorded history.

"The only difference is that after the tulip bubble burst, there were still
some beautiful flowers left," Chen said.

"But when the virtual currency bubble bursts, what would be left are merely
some computer codes."

Our Standards: The Thomson Reuters Trust Principles.

Asia shares wary on U.S. inflation, Bitcoin struggles to steady

Asian shares were mixed on Monday as investors awaited key U.S. inflation
readings for guidance on monetary policy, while Bitcoin tried to steady
after being hammered on news of China's clampdown on mining and trading of
cryptocurrencies.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS)
dipped 0.1% in slow trade. Japan's Nikkei (.N225) added 0.2% and Chinese
blue chips (.CSI300) 0.2%.

Nasdaq futures rose 0.1% and S&P 500 futures firmed 0.3%. EUROSTOXX 50
futures and FTSE futures added 0.2%.

After surveys of the global service sectors out on Friday showed spectacular
growth, all eyes will be on U.S. personal consumption and inflation figures
this week.

A high reading for the core inflation figures would ring alarms and could
revive talk of an early tapering by the U.S. Federal Reserve.

The diary has a crowd of Fed speakers this week, including the influential
Fed Board Governor Lael Brainard, and markets will be keen to hear if they
stick to the script on being patient with policy.

BofA's monthly Fund Manager survey found a record 69% of respondents
expected above trend economic growth and inflation globally.

As a result, managers had pushed into commodities and late-cyclicals, where
overweight positions were close to 15-year highs, while the single most
crowded trade was Bitcoin.

"With such bullish views on growth and inflation, the risk for investors is
that growth slows and inflation proves temporary," BofA analysts said in a
note.

"Also, Tech, viewed as crowded fairly recently, is now back to an
underweight and would likely benefit if inflation fears ebbed."

The crowded trade in Bitcoin left it vulnerable to a selloff as investors
rushed to the exits en masse, seeing it down 50% from its all-time high. The
cryptocurrency shed 13% on Sunday alone, but was last trading up 1.9% at
$35,350 .

It was hurt in part by China's crackdown on mining and trading of the
largest cryptocurrency as part of ongoing efforts to prevent speculative and
financial risks. read more

The major currencies were staid in comparison, with the euro holding at
$1.2184 after repeatedly failing to clear chart resistance around $1.2244
last week.

The dollar was idling on the yen at 108.84 , pinned between support at
108.56 and resistance around 109.33. Against a basket of currencies, the
dollar had steadied at 90.032 after hitting its lowest since January at
89.646 on Friday.

The softness of the dollar combined with concerns about inflation and the
wild volatility of cryptocurrencies to put gold back into favour. The metal
was last at $1,884 an ounce , after reaching its highest since January.

"The recent mix of strong U.S. CPI, weak employment, and Fed policymakers
willing to let inflation overshoot while targeting the employment gap, could
remain gold bullish for a while longer," said Michael Hsueh, commodities &
FX strategist at Deutsche Bank.

"Gold's recovery has been associated with the strong rally in some parts of
the commodities complex, increasingly represented by agriculture, metals and
transport indices this year, and an eight-yr high in U.S. 10-year inflation
expectations."

Oil prices edged higher as a storm formed in the Gulf of Mexico and Iran
said a three-month nuclear monitoring deal had expired, raising doubts about
the future of indirect talks that could end U.S. sanctions on Iranian crude
exports.

Brent was last up 40 cents at $66.84 a barrel, while U.S. crude added 39
cents to $63.97 per barrel.

Our Standards: The Thomson Reuters Trust Principles.

GM improves rating in annual supplier relations study

General Motors Co (GM.N) strengthened relations with its suppliers last year
despite the impact of the COVID-19 pandemic and the global semiconductor
chip shortage, according to an annual North American survey released on
Monday.

The No. 1 U.S. automaker improved its score in consulting firm Plante
Moran's annual Working Relations Index by 20 points to 289, moving it closer
to annual leaders Toyota Motor Corp (7203.T) (347 points) and Honda Motor Co
(7267.T) (316 points), both of which saw their scores go up slightly.
(https://bit.ly/3fzOYhF)

The annual survey measures trust and communication suppliers have with
customers, something that translates to better pricing, and supplier
willingness to invest in and share new technologies with automakers.

"The industry went through a trial by fire this past year, but seeing the
positive results for four of the six automakers was a surprise in many
ways," Dave Andrea, principal in Plante Moran's automotive practice, said in
a statement. "Typically, a crisis is not the time to improve established
relations."

GM Vice President of global purchasing Shilpan Amin said in a separate
statement the survey results show the company's efforts to strengthen
supplier ties.

"This provides many important benefits, including stronger business results
for both GM and the supply base, along with supplier willingness to invest
in new technology," he said.

Ford Motor Co (F.N) saw its rating drop 15 points to 249, while Fiat
Chrysler (FCA), prior to its merger with France's PSA to create Stellantis
(STLA.MI) earlier this year, saw a 28-point decline to 170. FCA finished
last behind Nissan Motor Co (7201.T), which saw a 21-point improvement to
211.

Tesla Inc (TSLA.O) does not participate in the Plante Moran study.

The annual survey was conducted from mid-February to mid-April, drawing
responses from 728 salespeople at 479 suppliers that represent about half of
the six automakers' annual purchases, Plante Moran said.

Our Standards: The Thomson Reuters Trust Principles.

Sea change: global freight sails out of the digital dark ages

If suppliers in China fail to pick up freight containers to fill an order
for MediaShop, Marcel Schneider gets an alert via a digital freight system,
allowing the retailer to reach out and fix the problem swiftly.

Before July 2020, Austria-based MediaShop's deputy supply chain director
says he would discover problems in his supply chain only when containers
failed to arrive in Hamburg as scheduled.

"It was like being in a tunnel where you had only a limited view of what was
going on," Schneider said.

Lost containers means lost sales for MediaShop, which sells consumer goods
ranging from kitchen knives to fitness equipment. A missing load can mean
the company pays penalties to wholesale customers for late shipments.

Global supply chain snarls, from shortages of freight containers in China to
a blockage in the Suez Canal, have thrown a wrench into the recovery from
the COVID-19 pandemic. They have also accelerated the freight industry's
shift out of the digital dark ages. That's benefiting a fast-growing cluster
of startup companies that had struggled to sell their software-powered
freight tracking technology, until now.

A Reuters analysis of digital freight startups shows there are close to 250
companies globally, including Uber's (UBER.N) logistics arm Uber Freight,
and some Chinese operators looking to go public like Full Truck Alliance.

"Really, the pandemic gave us a chance to shine, with capacity being taken
offline and demand surging in unpredictable ways," says Ryan Petersen, Chief
Executive Officer of San Francisco-based Flexport, a freight forwarder whose
revenue almost doubled to $1.27 billion last year and which has raised $1.3
billion from investors. MediaShop is a client.

Digitization in the freight industry has been under way for years, but the
expense of grafting digital tracking systems onto legacy databases has
discouraged many companies.

Now, a number of startups staffed by alumni of tech companies like Facebook,
Amazon and Uber have developed platforms that integrate with customers'
transportation management systems, making them easy to use from home.

"We have seen a massive acceleration in products that normally wouldn't have
been adopted for three, four or five years from now because people have had
to figure out how to operate remotely," said Sune Stilling, former head of
growth at the venture capital arm of shipping giant Maersk (MAERSKb.CO),
which has invested in several of these startups.

Deep-pocketed traditional freight giants are also beefing up their own
systems to compete. But smaller companies may find it hard to fund the
transition to digital, which should drive consolidation, especially in the
freight forwarding industry.

'RUN YOU OVER'

Before Michael Wax founded Berlin-based digital freight forwarder Forto five
years ago, he toured a traditional company's offices in Hamburg and was
shocked by the antiquated operations.

"We saw a bunch of white males there managing a lot of colored Post-It notes
stuck around their computer screens, and running around with bits of paper,"
Wax said.

Forto has raised $53 million from investors, including Maersk Growth. Like
Flexport, Forto built a software platform to handle shipments from factory
to warehouse - including cumbersome customs declarations - online, with
customers able to track containers as they are scanned at various points
along the way.

"We will orchestrate your entire supply chain for you," Wax said. "This is
the future of logistics."

Forto's system integrates with transportation management systems developed
by the likes of Oracle (ORCL.N) and SAP (SAPG.DE) for major customers,
making it easier for them to use.

It also sells software to shippers as a standalone supply-chain tool. The
company tripled its business in 2020.

Integration with transportation management systems has also been key for
Loadsmart, a U.S. digital truck brokerage and Ofload, an Australian
equivalent.

When U.S. customers, which include Home Depot(HD.N), Coca-Cola (KO.N) and
Kraft Heinz (KHC.O), book an order on their own transportation management
systems, rather than having to reach out to a truck broker, they get an
instant guaranteed quote from Loadsmart.

Loadsmart has raised $150 million from investors and saw its revenue jump
208% in the fourth quarter of 2020.

"The switch to digital used to be seen as a vitamin, now it's a painkiller,"
says Loadsmart CEO Ricardo Salgado. "If you don't do it, your competitors
are going to run you over."

Ofload launched in Australia in March 2020 as the pandemic hit hard and has
companies with around 15,000 trucks combined using its system. Maersk
Australia - also an investor - uses it to manage all of its freight, not
just the loads booked using Ofload.

CEO Geoffroy Henry says Australia's trucking sector is highly fragmented so
around one in three trucks "is running empty at all times and we aim to
tackle those empty miles directly."

And Hong Kong-based digital freight startup Freightos saw a twentyfold
increase in bookings between freight companies and airlines on its WebCargo
platform from March 2020 to March 2021 as the air cargo industry went online
during the pandemic.

'CONSOLIDATION OPPORTUNITIES'

Big traditional operators in the global supply chain are also not standing
still.

U.S. logistics provider XPO (XPO.N), for instance, said its own digital
platform powered an 83% year-over-year growth in truck brokerage revenue in
the first quarter.

Increased digitization also comes amid a wave of consolidation in the
sector, especially in China, sparked by the e-commerce boom during the
COVID-19 pandemic.

Swiss logistics firm Kuehne & Nagel (KNIN.S) said on Monday it would buy
Asian logistics provider Apex International Corp from private equity firm
MBK Partners, making it the world's largest air-freight forwarder.

And last month DSV Panalpina (DSV.CO) said it would acquire the logistics
division of Kuwait’s Agility Public Warehousing Co (AGLT.KW) in an all-share
deal worth $4.1 billion, creating the world’s third largest freight
forwarding company.

After hosting a meeting with Forto's CEO Wax last month, Credit Suisse
analysts wrote in a client note that the rise of digital forwarders means
more deals are likely.

“The continued use of legacy systems and processes by incumbent freight
forwarders suggests market share opportunities for new digital operators,”
the analysts wrote. “It may also provide consolidation opportunities for the
top tier.”

Our Standards: The Thomson Reuters Trust Principles.

Hyundai raises hydrogen game as new trucks roll into Europe

South Korea's Hyundai Motor (005380.KS) plans to ship a new series of
fuel-cell trucks to Europe later this year, turning up the heat on rivals in
a battle to test the viability of hydrogen-powered heavy goods transport.

A new class of the Xcient Hyundai truck, equipped with more efficient fuel
cells with longer life-span, is due to arrive in Europe in the fourth
quarter, said Mark Freymueller, CEO of Hyundai Hydrogen Mobility (HHM).

Hydrogen lags electric batteries in the green transport stakes because it is
more expensive, but proponents say for long-haul transport hydrogen-powered
trucks have the advantage because they have a greater range.

HHM, a joint venture between Hyundai and Swiss hydrogen company H2 Energy,
has been renting out "green" hydrogen trucks to commercial clients in
Switzerland since last October in the world's most advanced pilot in the
field.

HHM plans to go into other European countries next year. "Germany and the
Netherlands are the most likely," Freymueller told Reuters, adding there was
also interest for pilots from Austria, Norway, France, Italy, Spain and
Denmark.

Hyundai's latest push will put more pressure on local players, which are
developing their own hydrogen plans.

These include Germany's Daimler (DAIGn.DE) with Sweden's Volvo (VOLVb.ST)
and Italy's Iveco, a unit of Italian-American vehicle maker CNH Industrial
(CNHI.MI), which is cooperating with low-emission truckmaker Nikola
(NKLA.O). read more

Hydrogen has come into the spotlight in Europe, where EU environment
ministers want truck CO2 emissions cut by a third by 2030 from 2019 levels,
threatening potential diesel bans and higher taxes but promising up to 75%
of lower road tolls for greener vehicles.

Although more expensive than battery electric vehicles, fuel cell electric
vehicles, driven by on-board hydrogen, will potentially benefit from
Europe's desire to build a world-leading industry around the hydrogen
technology.

A study by consultancy Berylls Strategy Advisors reckons that by 2030, 25%
of new truck sales in Europe will be battery powered and 10% fuel cell. But
the ratio could change if green hydrogen is scaled up, it said.

POSITIVE FEEDBACK

Hyundai chose Switzerland for its pilot on the basis of benign regulation,
environmentally conscious customers and reliable hydropower, which accounts
for 58% of the country's power mix. Local road tax is waived for no-carbon
vehicles while fossil fuel ones pay around 800 euros ($977) for each tonne
of CO2 they emit.

"Anyone wanting to see how fuel cell technology works on the road should go
to Switzerland," said Steffen Stumpp, head of the business unit commercial
vehicles at Berylls.

Initial customer feedback on Hyundai's pay-per-use pilot seems positive.
Drivers at grocery chain Coop (BELL.S) like the similar payload to diesel
trucks and with only a few minutes of refuelling, a spokeswoman said.

"There was no need to change my driving style," Nadine Sigrist, a driver for
retailer Migros in the Zurich region, said "What was new for me was the huge
acceleration and the quiet engine."

As more Hyundai trucks arrive, Swiss power utility Alpiq (ALP.SG) is
planning to ramp up its electrolysis capacity at Niedergoesgen where it
produces green hydrogen that is then transported on trucks as gas to filling
stations.

"We will go from 2 megawatts in the direction of double-digit, or 5-10
megawatts," said Amedee Murisier, head of hydropower generation at Alpiq and
board member of Hydrospider, a Swiss green hydrogen joint venture between
Alpiq, gases group Linde (LIN.N) and H2 Energy.

Hydrospider could reach breakeven as soon as 2022, Murisier said.

BATTERY VS FUEL CELLS

McKinsey expects hydrogen for fuel cell electric vehicles to achieve
break-even with diesel only in 2028 at the earliest, but carmakers are
pushing ahead with plans, albeit at different speeds.

Nikola and Iveco say they will produce a fuel cell electric vehicle by 2023,
putting them two years ahead of Volvo and Daimler Truck, which are muscling
in but will not have test trucks for three and a half years. read more

Separately, Daimler group subsidiary Mercedes Benz will prepare customer
trials for its GenH2 Truck in 2023.

"Nikola's timeline is significantly ahead of Daimler/Volvo," said Stumpp.
"Hyundai will be neck on neck with Nikola/Iveco if they offer the Xcient in
other European markets."

Daimler Truck chief executive Martin Daum said that a hydrogen fuelling
network needed to be in place first before fuel cell trucks would find
buyers, which would take years to develop, so they were timing their moves
in line with the infrastructure. read more

Truckmaker Paccar's (PCAR.O) DAF is also in the game, but its priority is
battery electric vehicles, where Nikola is also active and plans market
entry in fourth quarter 2021.

Other companies have also chosen to put fuel cell technology second.

Traton (8TRA.DE), the truck division of Volkswagen (VOWG_p.DE), recently
said that only the battery route had been chosen by its MAN (MANG.DE) and
Scania units.

"Hydrogen trucks have a decisive disadvantage. Only a quarter of the
original energy goes into propulsion, three quarters are lost through
conversion," Traton CEO Matthias Gruendler and alternative drivetrains
specialist Andreas Kammel wrote in a column in newspaper Handelsblatt.

"With e-trucks, the ratio is the other way around," they said.

Traton has left the door ajar by raising its investment in truck maker
Navistar that is developing fuel cells in the Americas. read more

SUPPLIERS

On the automotive supply front, companies are hedging their bets.

Bosch (ROBG.UL), a fuel cell proponent, has entered into a joint venture
with China's Qingling Motors (1122.HK) to supply fuel cell systems for
2022/2023.

Elringklinger (ZILGn.DE) and Mahle, too, are also working on fuel cell
technology.

U.S. engine maker Cummins (CMI.N), due to start building a fuel cell system
factory in Herten, Germany, later this year, sees no conflict.

"Fuel cells will complement the BEV (battery electric vehicle) system in
places where energy storage, range, weight and power requirements are unable
to be met by batteries alone," said Amy Davis, president of New Power at
Cummins.

"That's why we are investing in the electric vehicle drivetrain components,
because we think those will be maturing too, and they will be key to both
fuel cells and batteries."

($1 = 0.8188 euros)

Our Standards: The Thomson Reuters Trust Principles.

U.S. pot sellers stash cash as banks leave them high and dry

The U.S. cannabis business has a very particular cashflow problem -- too
much of it.

Marijuana can be sold legally in 36 U.S. states and the District of Columbia
(D.C.) for medical use and in 15 of them and in D.C. for recreational
purposes. But it's still illegal on a federal level, meaning most banks
won't service the industry in case they fall afoul of money laundering laws.

With the COVID-19 pandemic and increasing legalisation driving a surge in
cannabis use, the sector's producers, manufacturers and retailers are awash
in cash, adding risk and costs to the most basic business transactions from
paying employees and filing taxes to finding somewhere to store their
income.

"All this cash flowing around is just a recipe for disaster," said Smoke
Wallin, chief executive of hemp health products maker Vertical Wellness Inc.
"How do you account for it? Where do you keep it? How do you move it? Even
in a safe, it's a security risk for employees."

Ryan Hale, a U.S. Navy veteran and co-founder of cash management firm
Operational Security Solutions, had to persuade a weed farmer in California
to stop hiding cash in a tree. On another occasion, Hale had to help a
bewildered cannabis retailer who had lost count of the dollar bills
overflowing from his store's lockers.

Legal U.S. cannabis sales grew 30% to $22 billion last year, more than the
$17.5 billion Americans spent on wine, according to data from Euromonitor.
Sales are expected to jump more than 20% this year.

The sales boom could have left cannabis companies with a cash pile of more
than $10 billion to deal with last year, according to research firms
Headset.io and New Frontier Research.

Big players can afford unmarked armoured vans and heavily armed guards to
transport money but smaller operators have to rely on themselves.

One weed producer in Los Angeles, who declined to be identified, said he had
to carry $120,000 in a bag and drive for six hours from Los Angeles to
Oakland to pay a supplier instead of taking a flight and put himself at
greater risk of being robbed or the money being confiscated by airport
security.

During the last weekend of May 2020, when protests erupted across the United
States against police brutality and racism after the murder of George Floyd,
there were at least 43 attacks on weed dispensaries along the West Coast,
according to Cannabis media site Leafly's review of police reports and
business owners' statements.

One of the stores attacked was Cookies Melrose in Hollywood, owned by rapper
Gilbert Milam Jr, known by his stage name 'Berner'.

It suffered damages in the "high six figures" when around a hundred people
attacked the store on May 29, a company spokesperson said.

A DIFFERENT BALL GAME

As legalisation of cannabis gathers steam across states -- New York and New
Mexico will allow marijuana for recreational purposes in the next few years
-- politicians are looking at ways to make it easier for the sector to
access banking services.

The House of Representatives passed a bill in April that would allow
cannabis firms to have bank accounts, get loans and accept credit card
payments but it may not make it to the Senate because Senate Majority Leader
Chuck Schumer wants to work instead towards lifting the federal ban on
cannabis.

A full federal green light is the industry's ultimate goal but it isn't
counting on Schumer's pledge to make it happen by next year.

Shares of U.S. cannabis companies, listed in Canada because they are barred
from U.S. exchanges, are up just 9% so far this year according to the
AdvisorShare Pure U.S. Cannabis ETF and off nearly 29% from a February peak.

In the meantime, marijuana businesses have to hunt for friendly banks.

Only 515 of the more than 8,200 federally registered banks and one in 30
credit unions in the United States worked with marijuana businesses at the
end of 2020, according to data compiled by government agencies.

The service comes at a premium as the federal illegality increases the
amount of paperwork needed by banks.

Chris Driessen, chief executive of pot producer SLANG Worldwide Inc
(SLNG.CD), said it cost his firm $40,000 to avail of banking services in
Colorado, just one of 12 states in which the company operates. Normally, a
business checking account will cost less than $100 to open.

"Standard banking for companies is often 95% cheaper than the cost to bank
cannabis companies," Driessen said.

Maps Credit Union is one of the longest-serving financial institutions
working with the cannabis industry. It has taken in more than $1.79 billion
in cash deposits from the sector in Oregon since January 2017 but that has
entailed filing tens of thousands of reports required under financial crimes
watchdog FinCEN's guidance for cannabis banking.

"Serving these businesses is not cheap. It's a completely different ball
game," said Rachel Pross, Maps' operations chief, pointing to its use of
costly anti-money laundering software, external auditors and legal counsel.

As demand for pot grows, investors have poured more than $2.5 billion into
cannabis tech startups since 2018 and special purpose acquisition companies
or SPACs that target the broader cannabis industry, have raised $3.9 billion
to date, according to Viridian.

Within the industry, however, some cannabis executives can't get loans and
struggle to even retain personal accounts.

Cookies store chain owner Berner said many banks had declined to be
associated with him since he got into the cannabis line in 2015.

"My clothing business did $32 million last year, but multiple banks have
asked us to leave," he said. "You'd like to go into a normal banking
establishment and just be treated like a normal human being."

Our Standards: The Thomson Reuters Trust Principles.

Veteran stock picker to join 'Son-chan' on SoftBank board

The nomination of Koei Tecmo (3635.T) chair Keiko Erikawa to SoftBank
Group's (9984.T) board adds a veteran games industry executive known for her
stock-picking skill, bringing an authoritative voice after the loss of
senior industry figures.

Erikawa, 72, who with CEO husband Yoichi is the executive team behind the
"Romance of the Three Kingdoms" series, has had a long relationship SoftBank
CEO Masayoshi Son, referring to him as "Son-chan" in a 2016 inteview, using
a suffix showing affection.

"Erikawa is not the sort of person who would hesitate to express her views
to Son. She speaks plainly," said Hideki Yasuda, an analyst at Ace Research
Institute.

The board changes announced on Friday come after SoftBank lost two of
Japan's most vocal corporate leaders in recent years, Uniqlo parent Fast
Retailing (9983.T) founder Tadashi Yanai and Nidec (6594.T) founder
Shigenobu Nagamori.

That follows a shift by the 63-year-old Son from operating companies to pure
investing. The change is seen as suiting Erikawa, who in addition to her
management chops has built a reputation for savvy investing in tech stocks.

SoftBank invests in listed stocks through its SB Northstar trading unit as
well as in late-stage startups via its Vision Fund unit.

At March-end Koei had 113 billion yen ($1.04 billion) in investment
securities on its balance sheet, up from 71 billion yen a year earlier.

"I am close to Son and sometimes compared to him as a famous pro investor,
but he's a specialist. I often joke I'm just doing it on the side," Erikawa
said in an interview with Nikkei Veritas earlier this year.

A COVID-19 pandemic induced slump in portfolio company valuations last year
saw a period of alignment between SoftBank and investors calling for change,
with the group launching a $23 billion share buyback and reforming the
board's structure.

Following the subsequent recovery in valuations, investors fret that Son has
less incentive to listen to external voices.

An outgoing board member, Waseda University business professor Yuko
Kawamoto, praised Son's willingness to listen to others but called on the
group to "develop an even better form of governance that is genuinely
representative of SBG and its unique qualities."

($1 = 108.9400 yen)

Our Standards: The Thomson Reuters Trust Principles.

Lim family's global assets on radar after Singapore court move

A Singapore court has approved a freeze on up to $3.5 billion of assets of
the family behind collapsed Hin Leong Trading Pte Ltd, boosting the prospect
of debt recovery from the former oil trading empire that counts some of the
world's biggest banks among its creditors.

Hin Leong was wound up in March after failing in a year-long effort to
restructure more than $3 billion in debts after the COVID-19-led oil crash
laid bare huge losses. Founder Lim Oon Kuin admitted in a court document
last year to directing the company not to disclose hundreds of millions of
dollars in losses over several years. read more

In an email reviewed by Reuters on Monday, Hin Leong's liquidators said
Singapore's High Court had accepted a request to freeze up to $3.5 billion
of the global assets of the 79-year-old tycoon, known as O.K. Lim, his son
Lim Chee Meng, and daughter Lim Huey Ching.

"Our lawyers will be following up with the next steps in the next few days
including to require the Lim Family to disclose their assets on affidavit,"
Goh Thien Phong, one of the liquidators wrote in the email sent on Friday to
more than 200 creditors of Hin Leong.

As part of what sources say is the biggest legal case in living memory in
Singapore, creditors have been able to recoup just $270 million from the
collapsed company and have been hunting for personal assets belonging to the
Lim family, from Singapore to China to Australia, along with the
liquidators. read more

The liquidators had asked the court to freeze the family's assets, from
multi-million-dollar homes to shares, funds and country club memberships, to
recover money owed to about two dozen banks and other creditors globally.
read more

Last month, a Singapore prosecutor filed 23 additional forgery-related
charges against Lim. Last year, police had charged him with two counts of
abetment of forgery for cheating. read more

The court-appointed liquidators of Hin Leong, the Lim family and their
lawyers, did not respond to requests for comment on Monday. The Singapore
High Court declined to comment.

Goh said in the email that the Lim family may file an appeal.

HSBC (HSBA.L), DBS Group (DBSM.SI), ABN AMRO (ABNd.AS), Bank of China
(601988.SS) and ICICI (ICBK.NS) are among those that are together owed
billions of dollars by Hin Leong, while some of the world's top commodity
companies figure among its trade creditors.

The Lim family has sold millions of dollars worth of assets in recent
months, including a stake in a prized Singapore oil storage facility and
dozens of ships worth millions owned by their Xihe Group.

The elder Lim, who started his sprawling empire by delivering diesel in a
truck in 1963, was once ranked among Singapore's 18 richest people by
Forbes.

Our Standards: The Thomson Reuters Trust Principles.

S. Korea's c.bank moves to develop pilot digital currency

South Korea's central bank on Monday said it will choose a technology
supplier to build a pilot platform for a digital currency, moving a step
closer to creating a central bank-backed digital currency.

The Bank of Korea said it is seeking a partner through an open bidding
process to research the practicalities of launching a central bank digital
currency (CBDC) in a test environment - the first such exploratory step in
Asia's fourth largest economy.

The BOK's efforts come as the spread of bitcoin and other cryptocurrencies
has opened up the possibility that competitors of traditional cash could
change how the financial sector operates. read more

Central banks from China to Britain and Sweden are looking at developing
digital currencies to modernise their financial systems, ward off the threat
from cryptocurrencies and speed up domestic and international payments.

Central banks representing one-fifth of the world’s population are likely to
issue their own digital currencies in the next three years, a survey from
the Bank for International Settlements showed. read more

"The share of cash transactions are decreasing significantly," a BOK
official told a news conference.

"The steps we are taking now are to prepare for the changes in the payment
settlement system, changing rapidly."

The platform will contain simulations of commercial banks and retail
outlets, and the trials will include payment via mobile phones, fund
transferring and making deposits, the BOK said.

The pilot program will run from August to December this year, which could be
expanded into a second phase next year.

Our Standards: The Thomson Reuters Trust Principles.

Nigeria: Amidst Covid-19 Challenges, Nigeria's Economy Grows Again

The latest report highlighted two consecutive quarters of growth following
the negative growth rates recorded in the second and third quarters of last
year.

Nigeria's economy grew 0.51 per cent in the first quarter of 2021, a report
published by the statistics office on Sunday shows.

The latest report highlighted two consecutive quarters of growth following
the negative growth rates recorded in the second and third quarters of last
year.

The <a target="_blank" href="https://www.nigerianstat.gov.ng/">National
Bureau of Statistics</a> (NBS), in its report titled Nigeria's Quarterly
Gross Domestic Product (GDP), said the first quarter growth rate was slower
than the 1.87 per cent growth rate recorded in quarter one of 2020.

It was, however, higher than the 0.11 per cent recorded in quarter four
2020, NBS said.

This, the agency said, is indicative of a slow but continuous recovery; as
Nigeria, like most parts of the world, continue to manage the <a
target="_blank"
href="https://www.premiumtimesng.com/news/top-news/463255-covid-19-nigeria-r
ecords-35-new-covid-19-cases-no-new-deaths.html">COVID-19 pandemic</a> that
has caused over 2,000 deaths in Nigeria and over three million deaths
globally.

Further analysis shows that quarter on quarter, real GDP grew at -13.93 per
cent in Q1 2021 compared to Q4 2020.

This reflects a generally slower pace of economic activities at the start of
the year, the report said.

In the quarter under review, aggregate GDP stood at N40 million in nominal
terms, NBS said. This performance is higher when compared to the first
quarter of 2020 which recorded aggregate GDP of

N35.6 million, resulting in a nominal growth rate of 12.25 per cent.

"The nominal GDP growth rate in Q1 2021 was higher relative to 12.01% growth
recorded in the first quarter of 2020 as well as the 10.07% growth recorded
in the preceding quarter," the report explained.

In the first quarter, the oil sector accounted for 9.25 per cent of
aggregate real GDP which is slightly lower than 9.5 per cent recorded in the
corresponding period of 2020 but higher than in the preceding quarter, where
it contributed 5.87 per cent.

Meanwhile, the non-oil sector accounted for 90.75 per cent of aggregate GDP
in the first quarter of 2021, higher than its share in the first quarter of
2020 which was 90.50 per cent but lower than 94.13 per cent recorded in the
fourth quarter of 2020.

"Growth in the non-oil sector was driven mainly by the Information and
Communication (Telecommunication) sector while other drivers include
Agriculture (Crop Production); Manufacturing (Food, Beverage & Tobacco);
Real Estate; Construction and Human Health & Social Services," the NBS
said-Premium Times.

Nigeria's Economic Growth Not Reflective of Manufacturing Sector's Reality -
LCCI DG

Nigeria's GDP rose from 0.11 per cent in the fourth quarter of 2020 to 0.51
per cent in the first quarter of 2021, translating to a 0.40 percentage
point increase.

The Lagos Chamber of Commerce and Industry (LCCI) has said that the 2021
first quarter 0.40 percentage point Gross Domestic Product (GDP) increase,
though a pleasant surprise, is not reflective of the manufacturing sector's
current realities.

Muda Yusuf, Director-General, LCCI, said this in reaction to the National
Bureau of Statistics (NBS) GDP Q1 2021 report on Sunday, in Lagos.

According to the report, the nation's GDP rose from 0.11 per cent in the
fourth quarter of 2020 to 0.51 per cent in the first quarter of 2021,
translating to a 0.40 percentage point increase.

Mr Yusuf said the recovery of the manufacturing sector from a negative
growth territory in Q4 2020 to a positive growth level of 3.4 per cent in Q1
2021 was a pleasant surprise.

He noted that the sector had been grappling with an unprecedented foreign
exchange illiquidity crisis over the past few months.

The LCCI Director-General said that structural, irregular policies,
institutional and macroeconomic challenges had also bedevilled the sector.

As a result, the LCCI DG stressed that the NBS data did not reflect the
reality of the experiences of most manufacturers.

He, however, welcomed the expansion of 2.28 per cent in the agricultural
sector, 6.31 per cent of the Information and Communication Technology (ICT)
sector and 8.66 per cent of the electricity sector.

Mr Yusuf said that a lot of issues remained to be resolved in the
electricity sector, with supply in many parts of the country still erratic
and the metering programme not keeping pace with demand.

"Evidently, the economy is still struggling to recover from the shocks of
the pandemic and related slip into recession.

"However, the first-quarter GDP data contained a few pleasant surprises.

"The agricultural sector expanded by 2.28 per cent despite the ravaging
effects of insecurity, farmers-herders clashes and the displacement of many
farming communities.

"Most foreign exchange dependent manufacturing sectors have not had a good
experience over the past one year.

"Admittedly, segments of manufacturing with high levels of backward
integration had lesser degrees of shocks from the forex illiquidity and
exchange rate depreciation in the economy.

"The growth of 6.31 per cent recorded in the ICT sector was expected given
the opportunities created for ICT in the new normal.

"The cost-reflective tariff appears to have impacted positively on the
electricity sector which recorded 8.66 per cent," he said.

Mr Yusuf said the continued contraction of the trade sector which recorded
negative growth of 2.43 per cent in Q1 2021 and the transportation sector at
21.9 per cent was worrisome.

He said that the hospitality and entertainment sectors which were still down
needed more government attention.

"We note with concern the continued contraction of the trade sector
grappling with headwinds arising from exchange rate depreciation and forex
illiquidity, high inflationary pressures, and weak purchasing power.

"Yet the sector is one of the biggest sources of employment, especially in
the self-employment space.

"It is equally worrisome that the transportation sector experienced the
worst contraction at 21.9 per cent in the first quarter of 2021.

"This may be as a result of the growing insecurity on our roads and this
goes to demonstrate the multidimensional impact of insecurity on the
economy.

"The hospitality and entertainment sectors have been in recession for over a
year and the government needs to do a lot more to salvage the sector from
complete collapse," he said. (NAN)-Premium Times.

Rwanda: Govt to Address Wheat Prices

The Minister of Trade and Industry Beata Habyarimana has said that the
government is doing all it can to ensure that a recent spike in wheat
products, cooking oil, sugar, soap and sanitary pads is brought back to
normal.

Habyarimana noted that the continuous price hikes for different commodities
can be blamed on the Covid-19 pandemic which has shaken the international
market for over a year now.

"When you look at wheat, a tonne that used to be imported at $230 now goes
for $328. This also applies to raw materials used to produce soap. What used
to cost $360 is now $1300. That's a very big difference," she said.

She explained that besides the high cost of commodities on the international
market, transportation had also been greatly affected.

She said that as the world begins to get back to business, both consumers
and suppliers should have hope.

So far, the government has brought transporters and importers to the
discussion table and together, they are now trying to seek out other markets
from which they can for instance purchase wheat.

Data from the Ministry of Trade and Industry show that in 2020, Rwanda spent
over $44 million (about Rwf43 billion) on importing more than 177,740 tonnes
of wheat.

In 2019, Russia was Rwanda's top wheat import partner where more than 73,324
tonnes worth $17.5 million were imported, while in 2020, the United Kingdom
came first with 67,145 tonnes of wheat for $16.1 million, followed by Russia
with over 60,855 tonnes for $15.2 million.

Other commodities

Habyarimana touched on the price hike of sanitary towels which she said was
affected partly due to the low capacity of the local manufacture.

"We have a factory but its capacity is very low. We had a situation where
they were producing only about 300 boxes but for the last few weeks, this
capacity has improved to at least 408 boxes and that is progress," she said.

She also touched on the cost of cooking oil, saying that the government had
recently temporarily suspended some taxes attached to the one imported from
Egypt.

She explained that this was done to give importers an opportunity to search
for alternatives as on the other hand, local industries pool their resources
together to boost production.

Meanwhile, Habyarimana says that her Ministry has put in place teams to
inspect and ensure that traders are not taking advantage of these changes to
hike prices.

She added that the government has recently subsidized fuel prices to ensure
that the goods that are produced locally and those that are imported can be
transported to consumers all over the country without a hitch.

On Friday, May 21, the Rwanda Utilities and Regulatory Authority (RURA)
announced the government's decision to subsidize fuel products that will see
petrol and diesel prices remain as they were; Rwf1,088 and Rwf1,054
respectively.

This means that with the global oil prices rising by about 17 per cent,
Rwandans will not feel the seven per cent hike pinch.-New Times.

Kenya: Report Blames State for Sugar Sector Collapse

The government is entirely responsible for problems facing the sugar
industry, according to the Kenya Association of Manufacturer's (KAM) Sugar
Sub-Sector report.

The report lays blame on the government and puts the responsibility of
reviving the setcor on it.

In its 2021-2025 Strategic Plan launched last week, KAM's Sugar Sub-Sector
team stated that to get the industry back to its feet, the government would
have to ensure there was an effective regulatory framework and oversight
mechanism for coordinating imports and exports.

It called for stringent enforcement mechanisms to save the industry from
sugar coming from Comesa and East African Community regions, as well as
other parts of the world, through charging the required duty.

KAM also recommended that the government needs to curb sugar smuggling by
enhancing surveillance, finalise and publish the Sugar Act, and gazette
proper sugar regulations.

"Kenya Bureau of Standards should undertake its role in enforcing
regulations on repackaging of both locally produced and imported sugar.
National and county governments should take up their respective
responsibilities in infrastructure development and maintenance as provided
for in the constitution," the association recommends.

Food security

Kenya currently has 16 sugar factories with a combined processing capacity
of 56,800 tonnes of cane per day, out of which only 12 are in operation,
five of them public-owned and seven privately owned.

"The industry contributes to food security, employment creation, regional
development and improved livelihoods for more than eight million Kenyans,"
KAM notes.

But despite this, the industry has continued to face many challenges that
have crippled operations of many factories, especially those publicly-owned.

Excessive importation of sugar has been a big concern among local players,
arguing that it has always led to an oversupply and glut in the market,
adversely affecting local demand.

Stakeholders blame weakness in regulation of the industry due to lack of a
proper policy, arguing that the current regulations have are not
implementable and have hindered growth of the sector.

"A sizable amount of uncustomed sugar is smuggled into the country through
the porous borders. This causes distortions in the market, compromises sugar
quality and leads to loss of government revenue, and also impacts the sugar
sub-sector negatively," the association observed.

It also blamed both levels of government for failing to maintain access
roads in sugar growing regions, a factor they said has led to delivery time
to factories being longer, increasing in-transit losses and denying the
local industry competitiveness.

"There are regulatory provisions on standards of sugar packaging. However,
enforcement still remains a major challenge, leading to the retailing of
sugar whose quality and origin is unknown. This encourages smuggling and is
very dangerous for health of the consumers," KAM's sugar sub-sector chair,
Joyce Opondo, said.

Public-owned millers have been facing more challenges, with three of them -
Miwani, Muhoroni and Mumias Sugar Companies - currently under receivership.
Mumias Sugar is the largest, with a production capacity of 8,400 tonnes a
day.

The government has owned up to being unable to manage the public-owned sugar
factories and has insisted on leasing the five poorly performing millers to
private players.

"The five firms are not doing well, they are not able to pay farmers,
salaries for workers and estate farming that used to happen around them is
no longer happening. So there is serious poverty and disaffection among
sugar cane farmers and they have been asking the government to find a
solution for them," Agriculture CS Peter Munya said late last year, as he
intimated that the government was considering divesting from the sugar
industry.

Private sector

When he received the Sugar Task force report in February last year,
President Uhuru Kenyatta also stated that the government did not need to do
business and was going to leave it to the private sector to run the millers.

"The private sector will do business while ours is to support farmers'
interests," the President stated.

Last week, Labour Chief Administrative Secretary Lawrence Karanja told
stakeholders that the government was now keen on implementing
recommendations from the sugar task force, as part of its role to reviving
the sector.

KAM chairman Mucai Kunyiha noted that all the challenges facing the sugar
industry are responsible for the sector being unable to meet the market
demand.

"Limited research and development, excess sugar importation, weak regulatory
mechanisms and sugar dumping hinder the industry's effectiveness as an
economic and social catalyst," Mr Kunyiha said.

Whether the association's strategy, or the government's implementation of
the sugar task force's report recommendations will cure the troubles
bedeviling the sugar sector remains to be seen.-Nation.

Global metal prices fall as China further warns against price hikes

Global prices for industrial metals have fallen after Chinese authorities
warned commodity companies in the country over pushing up prices.

China's National Development and Reform Commission (NDRC) urged the firms to
maintain "normal market orders".

The move comes after metal prices have surged in recent months as major
economies emerge from the pandemic.

The price of metals including three month copper and aluminium were among
those affected.

On the London Metal Exchange, copper dropped by 1.6% to $9,881 per metric
tonne, while aluminium slipped by 1.09% to $2,370 per metric tonne.

According to a report by state media outlet The Global Times, key Chinese
companies in steel, iron and aluminium were among those "collectively
summoned" on Sunday for interviews.

The Global Times also quoted a statement by the NDRC saying the meeting was
held due to the continuous and drastic increase of a handful of commodities.

China had earlier last week already announced that it would step up measures
around commodity supply, saying it would curb "unreasonable" prices.

Commodity traders are also cautious after The White House said on Friday
that it had cut back its infrastructure bill from $2.25tn to $1.7tn.

With cuts to the spending plan being in broadband, roads and bridges, demand
for iron ore and copper could be curbed.

US Republicans dismissed the changes as insufficient for a deal, which could
also mean that further cuts to the proposed investments are imminent.

Global prices for many of the raw materials needed for industries -
including copper, coal, steel and iron ore - have risen sharply this year as
lockdowns and other measures to curb the spread of Covid-19 have been eased.

Huge economic stimulus measures by governments and central banks across the
world have also driven up demand for commodities.

media captionWhy does China’s economy matter to you?

China, which is known as the 'world's factory', is the biggest user of raw
materials globally.

In April, the country's exports unexpectedly surged as America's speedy
recovery from the pandemic helped spur demand.

Stalled factory production in India, as the country struggles with a
coronavirus crisis, also helped boost the global market for Chinese goods.

China's exports in dollar terms surged by more than 32% from a year earlier
to almost $264bn.

In the same month imports grew at the fastest pace in more than a decade,
rising by 43% from a year ago.--BBC

Kenya: Google Lens Rolls Out Swahili Services

Swahili speakers can now search for objects, translate languages, and even
shop using the image recognition technology application Google Lens.

The technology which previously excluded at least 100 million Swahili
speakers worldwide utilizes camera on smartphones to help users mostly in
sub-Saharan Africa find information promptly as well as learn about strange
insects, animals, plants, buildings, monuments, art, and statues according
to Google Africa.

Google Lens which is available on Google Playstore and AppStore and is also
accessible via Google Assistant on Android phones, as well as Google Photos.
It allows users to have documents written in foreign languages translated by
a simple tap on the app from the mobile phones," said Dorothy Ooko Google
Africa Head of Communications & Public Affairs.

For instance, if you go to a meeting and exchange businesses cards, the
application lets you snap a picture of the card, and the information is
immediately captured and saved, helping you avoid the hustle of keeping
piles of cards in your wallet or drawer as many people do.

Traveling is fun right? However, it could be a nightmare if you find
yourself lost or in trouble in a country where language is a barrier.

To solve this, the app allows users to have writings in foreign languages
translated to a language one understands, say Swahili!

"Travellers visiting places and landmarks will see ratings, hours of
operation as well as get historical facts about the landmarks before
embarking to a 'tech-guided' journey back to their hotels. So if you are in
Nairobi, Google Lens will know that it is more likely you are looking at the
KICC rather than a similar-looking structure somewhere else in the world,"
Ooko added.

According to the tech giant, the app also allows Swahili users to shop
conveniently by searching for outfits they have seen others wearing and get
directions to nearby stores where the item is available saving the time
spent on searching for items on various e-commerce platforms or physical
search of the item.

"Using a smartphone camera or uploading a digital image onto the Google Lens
platform will see information about plants and animals generated on the
spot," said Google.

Swahili is now the 20th language available on Google Lens since its rollout
almost five years ago.

Others are English, Spanish, French, German, Italian, Portuguese, Korean,
Chinese, Danish, Dutch, Hindi, Indonesian, Japanese, Polish, Russian,
Swedish, Thai, Turkish, and Vietnamese.-Nairobi News.

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%2FBullsBearsZimba
bwe&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/20210524/5240c73d/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/20210524/5240c73d/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/20210524/5240c73d/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/20210524/5240c73d/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/20210524/5240c73d/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/20210524/5240c73d/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65570 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210524/5240c73d/attachment-0001.obj>