Major International Business Headlines Brief::: 28 May 2021

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Major International Business Headlines Brief::: 28 May 2021

 


 

 


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ü  Twitter: Social media giant lists new 'Blue' subscription service

ü  Belarus: Russia blocks some flights for avoiding its ally

ü  JD Logistics shares deliver in Hong Kong debut

ü  Airbnb extends worldwide party ban until end of summer

ü  Farmers should not fear Australia trade deal, UK minister says

ü  U.S. weekly jobless claims drop to fresh 14-month low; economic recovery
gaining speed

ü  Solid Asia sets global stocks on extended rally, U.S. stimulus in focus

ü  Wall Street bank CEOs face fee criticism in second round with Congress

ü  Microsoft says group behind SolarWinds hack now targeting government
agencies, NGOs

ü  Canada probes forced labour claims in Malaysian palm oil, glove-making
industries

ü  After Colonial attack, energy companies rush to secure cyber insurance

ü  JD Logistics soars in Hong Kong debut, valuing it at $34 bln

ü  Hyundai Motor considers selling one of its Beijing factory sites - Yonhap

ü  Nigeria to Earn $700m Annually From Sugar Backward Integration - Dangote

ü  Uganda, DRC to Sign Major Roads Construction Deal Today

 

 

 

 

 

 

 

 


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

 


 

Twitter: Social media giant lists new 'Blue' subscription service

Twitter has listed a new subscription service on app stores, in an
indication that the social media giant is preparing to trial the offering
soon.

 

"Twitter Blue" is listed as an in-app purchase, priced at £2.49 in the UK
and $2.99 in the US.

 

Twitter has given no further details, and declined to confirm online claims
that the service could allow users to "undo" tweets.

 

It previously said it was working on special features for paid subscribers.

 

The firm wouldn't comment directly on the listing but highlighted to the BBC
that it had previously announced plans to diversify its revenue sources.

 

Although "Twitter Blue" is now listed on app stores, it isn't yet fully
enabled for users.

 

The BBC understands that pilot offerings of the subscription service are
likely to start soon although it is unclear which countries it will be
available in first.

 

According to technology blogger Jane Manchun Wong, who claims to be the
first paying user of the service, it includes an "undo tweet" feature as
well as a "reader mode" to make reading long threads easier. But Twitter has
declined to confirm her claims.

 

The social media giant told the BBC that increasing "revenue durability" is
the company's top objective.

 

The firm also plans to continue developing and experimenting with other ways
to diversify its revenues beyond advertising this year and further ahead.

 

These plans could also include subscription services and other ways to offer
individuals and businesses access to special features on the platform.

 

Twitter has also made clear that it will continue to focus on growing its
advertising business.

 

Last month, the company launched a new "tip jar" feature that allowed people
to send money to others on the social network.

 

Twitter said the feature was "an easy way to support the incredible voices
that make up the conversation".

 

To begin with, only a select group of people can receive tips - a group
Twitter said was made up of "creators", journalists, experts, and
non-profits.

 

The function adds a small icon to a user's profile - on mobile devices only
for now - with a drop-down menu for other payment providers such as PayPal,
Venmo, or the Cash App, the latter two of which are popular in the United
States.

 

But the announcement was not without controversy. Because the payment is
made through those external systems, some Twitter users noticed that tipping
a PayPal account lets the recipient know the postal address of the tip
sender.

 

In other cases, the recipient's email address could be seen, whether or not
any money was sent.-BBC

 

 

Belarus: Russia blocks some flights for avoiding its ally

Russia has denied entry to two European airlines because they planned to
avoid flying over Belarus to get to Moscow.

 

Air France and Austrian Airlines have both had to cancel services after
their flight plans were rejected by Russia.

 

EU leaders asked European carriers to avoid Belarusian airspace this week
after a Ryanair plane was forced to divert and land in Minsk on Sunday.

 

Belarusian dissident journalist Roman Protasevich and his girlfriend were
then arrested.

 

The UN's civil aviation agency has said it will launch a "fact-finding"
investigation into Belarus's actions, and whether there had been any breach
of international aviation law.

 

Russia is a strong ally of Belarus and President Vladimir Putin is set to
discuss the unfolding crisis with Belarus's leader of 26 years, Alexander
Lukashenko, in the Russian resort of Sochi on Friday.

 

The decision to refuse entry to specific flights is the first move from the
Kremlin over the diplomatic conflict. Other flights involving German carrier
Lufthansa and Polish airline Lot have arrived as scheduled. Russia is yet to
comment on the action it is taking.

 

The European Union and UK have banned Belarusian airlines from flying over
their territories, and have said more sanctions are to come, including
against Mr Lukashenko and other senior officials. EU foreign policy chief
Josep Borrell says there are plans "on the table" to target key economic
sectors.

 

The European airspace ban has forced Belarusian carrier Belavia to cancel 12
of its routes until 30 October, according to Reuters. The routes affected
are Amsterdam, Barcelona, Berlin, Brussels, Frankfurt, Hanover, Kaliningrad,
Milan, Munich, Rome, Vienna and Warsaw.

 

Belarus will lose out on millions of dollars a year in over-flight fees as a
result of European airlines avoiding Belarusian airspace.

 

Russia's move in support of Mr Lukashenko has led to the cancellation of at
least four Air France flights between Paris and Moscow. Some passengers were
rebooked on Russian carrier Aeroflot.

 

Two Austrian Airlines flights have been grounded - one passenger plane
travelling from Vienna to Moscow, and a cargo plane travelling from Nanjing
in China to Vienna.

 

Austria's foreign ministry said Russia's actions were "absolutely
incomprehensible". The French ministry of transport told AFP news agency
that "the principle of reciprocity... must be respected".

 

Tracking website Flightradar24 showed little activity in the skies over
Belarus on Thursday, except for Belarusian and Russian airlines.

 

On Wednesday, the website showed a Minsk to Barcelona flight, operated by
the Belarusian airline Belavia, in a long holding pattern at the border with
Poland, which has banned Belarusian flights from its airspace. The plane
eventually returned to Minsk. The BBC has contacted Belavia for
clarification on why it turned back.

 

On Sunday, Ryanair Flight 4978 was travelling from Athens to Vilnius in
Lithuania, when it was forcibly diverted to Minsk. A fighter jet was
scrambled to tail the plane and ensure it changed course.

 

Aboard was Mr Protasevich, 26, who lives in exile in Lithuania, and his
girlfriend Sofia Sapega, 23, an international law student. They were
arrested as passengers disembarked.

 

Mr Protasevich was put on the Belarus terrorist list last year, and faces
serious charges.

 

On Thursday, Mr Protasevich was able to see his lawyer for the first time.

 

"All is well, he is vigorous, positive and cheerful, there is nothing to
worry about," Inesa Alenskaya was quoted as saying by the Belorusskiye
Novosti website, adding she could not give any more information.

 

Russia's foreign ministry says Ms Sapega is accused of breaking Belarusian
law in August and September of 2020. But it is unclear what these crimes
are.

 

Videos were released showing the pair confessing to crimes, but it is likely
they were speaking under duress.

 

The forced landing of the plane and their arrest caused international
outrage.

 

"It was a serious attack on the rules governing civil aviation... This
action also represents a serious attack on media freedom," a statement by
the G7 nations of Canada, France, Germany, Italy, Japan, the UK and the US
said.

 

We strongly condemn the forced landing of a Ryanair flight in Minsk and the
detention by Belarusian authorities of journalist Raman Pratasevich and
Sofia Sapega. We call on @ICAO to urgently investigate this unacceptable
incident and for full accountability for those responsible.
pic.twitter.com/1oPS9aV5Nw

 

Where is Belarus? It has its ally Russia to the east and Ukraine to the
south. To the north and west lie EU and Nato members Latvia, Lithuania and
Poland.

 

Why does it matter? Like Ukraine, this nation of 9.5 million is caught in
rivalry between the West and Russia. President Lukashenko has been nicknamed
"Europe's last dictator".

 

What's going on there? There is a huge opposition movement demanding new,
democratic leadership and economic reform. The opposition movement and
Western governments say Mr Lukashenko rigged the 9 August election.
Officially he won by a landslide. A huge police crackdown has curbed street
protests and sent opposition leaders to prison or into exile.-BBC

 

 

JD Logistics shares deliver in Hong Kong debut

Shares in the logistics arm of Chinese online retail giant JD.Com have
jumped on their Hong Kong market debut.

 

JD Logistics raised $3.2bn (£2.3bn) in the Asian financial centre's
second-largest initial public offering (IPO) this year.

 

The company has a huge delivery network across mainland China and is known
for its army of red-jacketed workers.

 

Despite its size, JD Logistics has still not reported an annual profit since
it started in 2007.

 

JD Logistics shares rose as much as 14% in early trade before losing about
half of that gain later in the day.

 

Some investors had voiced caution due to Beijing's recent crackdown on some
of China's biggest e-commerce firms.

 

Investor confidence was dealt a blow last year when Ant Group, the financial
affiliate of technology giant Alibaba, was was forced to suspend its record
$35bn planned market debut after coming under intense scrutiny from the
Chinese government.

 

Speaking in Beijing on Friday to mark the listing, JD Logistics chief
executive Yu Rui said the scrutiny by regulators would bring it more
opportunities as it was differentiating itself by spending on technology.

 

"We are going to use the funds raised from the IPO to further improve our
networks, including in the lower-tier and suburban areas in China, and the
infrastructure of the overseas markets," he said.

 

In the past year and half Hong Kong has seen a flurry of stock market
listings by Chinese technology companies. Last year alone the city saw a
total of $49bn raised by IPOs.

 

It comes as firms choose to sell their shares closer to home as tensions
between Beijing and Washington remain high.

 

In June, JD Logistics' parent company JD.com raised $4bn on the Hong Kong
Stock Exchange, while its heath business JD Health raised $3.5bn at the end
of the year.

 

But there had been also concerns about Hong Kong's IPO market after a series
of tepid performances by new companies, as the city has been rocked by years
of protests and political tensions.-BBC

 

 

 

Airbnb extends worldwide party ban until end of summer

Airbnb has extended a ban on house parties until at least the end of summer
despite easing Covid restrictions in some countries.

 

Occupancy will remain limited to 16 people, with a few exceptions for some
venues.

 

The firm said in a statement that the indefinite ban, which was first
introduced in August 2020, is "in the best interests of public health".

 

It also said that the policy had also proven popular with hosts.

 

The firm says it will pursue legal action if guests or hosts break the
rules.

 

Under the ban, Airbnb has removed the "event-friendly" search filter on its
booking app. The feature will be inaccessible until the end of summer, when
the ban is set to be reviewed.

 

It said in a statement on Thursday: "Throughout the past few weeks, we have
heard from members of our community who have sought clarity on whether the
ban would remain in effect, particularly from community members in the
regions that are gradually reopening.

 

"We are announcing the extension of the ban through at least the end of
Summer 2021 to provide them with that clarity".

 

Airbnb boss Brian Chesky recently said that the firm wants to be a "good
community player all over the world" as travel reopens.

 

In the US, Canada, France and the UK, guests under the age of 25 have been
barred from renting entire homes in their local areas.

 

And in the US, it was announced in April that guests with a history of bad
reviews won't be able to book one-night or last-minute reservations during
the 4 July weekend.

 

The firm says it came as part of "efforts to promote safe and responsible
travel", following complaints from communities about noise and disruption.

 

Despite putting a hold on party-goers' plans, Airbnb recently predicted a
travel rebound "unlike anything we have seen before" after seeing a big jump
in holiday bookings.

 

In the first three months of the year, US bookings beat pre-pandemic levels,
while there was a "steady improvement" in business in the UK and France.

 

Demand for breaks has risen as some countries emerge from lockdowns.

 

Booking values jumped 52% to $10.3bn (£7.3bn) as customers snapped up
long-term stays and rural properties, it said.

 

But it warned that business would depend on the "severity and duration" of
ongoing travel restrictions, particularly outside of the US.--BBC

 

 

 

Farmers should not fear Australia trade deal, UK minister says

Trade Minister Greg Hands has said British farmers have nothing to fear from
a proposed free trade deal with Australia.

 

Mr Hands told the Commons he gave a "cast iron guarantee" that British
standards would not be lowered in the search for a deal.

 

Farmers have warned they could struggle to compete if Australia was given
tariff-free access to UK markets.

 

But the minister said farmers should "be positive, not fearful".

 

Mr Hands also said that beef injected with hormone would not be allowed into
the UK.

 

The government is hoping to secure a post-Brexit deal with Australia in the
next few weeks.

 

But National Farmers Union president Minette Batters has warned removing
tariffs on meat imports would "have a massive impact" on British farms,
which would be unable to compete, in terms of scale, with Australia's vast
cattle and sheep stations.

 

Shadow international trade secretary Emily Thornberry said during the
Commons debate on Thursday that Labour could not support a "rushed-through"
deal.

 

"Let me make clear at the outset that we support a trade deal with Australia
which is designed in British interests, which will create jobs in our
economy and increase our exports and growth," she said.

 

Ms Thornberry added: "We cannot support a deal on agricultural tariffs that
will cost jobs in our farming communities, uncut our food standards,
increase our carbon off-shoring and open the door to the destruction of our
farming industry through further lop sided trade deals."

 

Mr Hands rejected any suggestion that UK farmers would be disadvantage.
"There will be no compromise on our standards of animal welfare, food safety
and the environment. That is in our manifesto commitment."

 

Another concern of UK farmers is that an Australia deal will be a template
for other agreements with countries in Asia, piling more pressure on the
sector from cheaper imported goods.

 

But Mr Hands said farmers should see an agreement with Australia as opening
new markets overseas for their own produce.

 

"This will be a great deal for the UK and our farmers will continue to
thrive. The agreement is a gateway into the massive CPTPP (Comprehensive and
Progressive Agreement for Trans-Pacific Partnership) free trade area in Asia
and Pacific," he said.

 

It would, he added, open "doors for our farmers into some of the biggest
economics of now and the future".

 

The UK has offered trade deal terms to Australia under which both countries
would phase out taxes on imports over 15 years.

 

The cabinet was reportedly split on what terms to propose, amid concerns UK
beef and lamb farmers could be undercut by larger Australian producers. But
the dispute was apparently resolved after Boris Johnson pushed for unity.

 

In 2019-20, trade in goods and services between Australia and the UK was
valued at £20.1bn, and both sides are hoping to expand this amount
considerably.

 

Currently, metals, wine and machines form the biggest goods exports from
Australia to the UK, while Australia's main UK imports are cars, medicines
and alcoholic drinks.

 

Trade in meat between the two countries is small, with 0.15% of all
Australian beef exports going to the UK and 14% of sheep meat imports to the
UK coming from Australia.-BBC

 

 

U.S. weekly jobless claims drop to fresh 14-month low; economic recovery
gaining speed

The number of Americans filing new claims for unemployment benefits dropped
more than expected last week as layoffs subsided, with companies desperate
for workers to meet surging demand unleashed by a rapidly reopening economy.

 

The economy, which in the first quarter notched its second-fastest growth
pace since the third quarter of 2003, is gaining speed, with other data on
Thursday showing business spending on equipment accelerated in April.
Activity is being boosted by the COVID-19 pandemic's easing grip and nearly
$6 trillion in relief provided by the government over the past year.

 

"The economy is off and running," said Scott Hoyt, a senior economist at
Moody's Analytics in West Chester, Pennsylvania. "Going forward growth will
be supported by the pent-up savings that households have amassed during the
pandemic."

 

Initial claims for state unemployment benefits fell 38,000 to a seasonally
adjusted 406,000 for the week ended May 22, the Labor Department said. That
was the lowest since mid-March 2020 and marked the fourth straight weekly
decline in applications.

 

The decrease was led by Washington state, Florida and New Jersey. Economists
polled by Reuters had forecast 425,000 applications for the latest week.
Though claims remain well above the 200,000 to 250,000 range that is viewed
as consistent with healthy labor market conditions, they have dropped from a
record 6.149 million in early April 2020.

 

Pandemic-related restrictions on businesses have been rolled back, with more
than half of adults in the United States fully vaccinated against COVID-19,
leaving factories, construction sites, restaurants and bars, among many,
clamoring for workers.

 

The labor shortage, despite nearly 10 million Americans being officially
unemployed, has been blamed on the safety net, strengthened during the
pandemic by the government, to provide a temporary lifeline following the
unprecedented economic and human carnage caused by the virus.

 

Republican governors in at least 23 states, including Florida and Texas,
have announced they are ending unemployment programs funded by the federal
government next month, including a weekly $300 subsidy, which businesses say
are discouraging the jobless from seeking work.

 

There is, however, no consensus that the generous unemployment benefits are
keeping people home. According to JPMorgan economist Daniel Silver, an
analysis of unemployment rates, wage growth and labor force participation
rates in the 23 states suggested the early termination of the special
benefits programs was motivated by politics rather than economics.

 

"While some of these states have tight labor markets and strong earnings
growth, many of them do not," said Silver. "It therefore looks like
politics, rather than economics, is driving decisions regarding the early
ends to these programs."

 

U.S. stocks were trading higher. The dollar was steady against a basket of
currencies. U.S. Treasury prices fell.

 

 

A survey by Poachedjobs.com, a national job board for the
restaurant/hospitality industry, found most had returned to work, with a
full schedule of 30-40 hours a week.

 

For others, uncertainty about future restrictions on indoor dining and fears
of contracting the virus, whether they are vaccinated or not, were keeping
them away.

 

Fewer than 100,000 people filed claims last week under the Pandemic
Unemployment Assistance (PUA) program for the self-employed, gig workers and
others who do not qualify for the regular state programs.The early
termination of PUA and broadening economic re-engagement could push claims
even lower and shrink the jobless rolls in the months ahead.

 

The claims report showed the number of people continuing to receive benefits
after an initial week of aid dropped 96,000 to 3.642 million in the week
ending May 15. The so-called continuing claims, which are reported with a
one-week lag, covered the period during which the government surveyed
households for May's employment report.

 

The decline strengthens expectations that hiring picked up this month,
though raw material shortages across industries could be a constraint. The
dearth of workers and scarcity of inputs were blamed for the modest 266,000
jobs created in April, a slowdown from the 770,000 added in March.

 

In a separate report on Thursday, the Commerce Department confirmed that
gross domestic product increased at a 6.4% annualized rate last quarter. The
unrevised estimate followed a 4.3% growth rate in the fourth quarter.

 

Before tax corporate profits slipped $0.2 billion after decreasing $31.4
billion in the October-December period. A rise in domestic nonfinancial
corporation profits was offset by lower domestic financial corporation and
international profits.

 

"Over the year, profits should be boosted more directly by services
industries as we expect consumer spending to transition back to the
much-larger services category," said Jay Bryson, chief economist at Wells
Fargo in Charlotte, North Carolina.

 

The strong growth momentum held early in the second quarter, with another
report from the Commerce Department showing orders for non-defense capital
goods excluding aircraft, a closely watched proxy for business spending
plans, jumped 2.3% in April.

 

These so-called core capital goods orders increased 1.6% in March. Shipments
of core capital goods gained 0.9% after rising 1.5% in March. Core capital
goods shipments are used to calculate equipment spending in the GDP
measurement.

 

With households sitting on at least $2.3 trillion in excess savings, demand
booming, inventories low and profits rebounding, businesses are likely to
continue investing in equipment to boost production, supporting
manufacturing.

 

“Supply chain bottlenecks and shortages of certain materials are holding
back some producers, but firms are clearly investing in increased capacity,”
said Chris Low, economist at FHN Financial in New York.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

Solid Asia sets global stocks on extended rally, U.S. stimulus in focus

A rally in Asia put global equities on track for a seventh day of gains on
Friday as investors bet the U.S. will lead the world out of the COVID-19
pandemic, with the focus turning to a multi-trillion dollar spending boost
by the Biden administration.

 

Tokyo led the advance, with the Nikkei (.N225) jumping 2.1%. MSCI's broadest
index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 1.1% and hit
its highest level this month.

 

The Hang Seng climbed 0.6%, but Chinese blue chips (.CSI300) were an
outlier, slipping 0.1% a day after closing at a near three-month high.

 

The MSCI world equity index (.MIWD00000PUS) added 0.2% to 710.34, a fraction
off the all-time closing high of 710.36 set on May 7.

 

European share markets looked set to open stronger, with pan-region Euro
Stoxx 50 futures up 0.4% in early deals. FTSE futures were also 0.4% higher.

 

U.S. stocks were also poised for further gains after the S&P 500's (.SPX)
0.1% rise overnight, with futures pointing to a 0.3% increase at the open.

 

The New York Times reported Thursday that President Joe Biden will seek $6
trillion in federal spending for the 2022 fiscal year, a day before the
White House is expected to unveil its budget proposal. read more

 

Meanwhile, the number of Americans filing new claims for unemployment
benefits dropped to the lowest since mid-March 2020, data Thursday on
showed, with companies desperate for workers to meet surging demand
unleashed by a rapidly reopening economy. read more

 

A separate report confirmed a 6.4% acceleration in the annualised rate of
economic growth last quarter, bolstered by massive fiscal stimulus.

 

Although the scale of U.S. government spending has stoked worries that an
inflation spike may force the Federal Reserve to act faster to taper asset
purchases and tighten lending rates, more spending is overall good for world
growth and has buoyed investor sentiment, said Kyle Rodda, a market analyst
at IG in Melbourne.

 

"This is a market that’s blown off a little bit of froth over the last three
weeks, but there’s nothing that’s occurred to suggest that the bull market
in stocks is under any imminent threat," he said.

 

The results of a Reuters poll of around 300 analysts showed most see world
stocks continuing to rise this year on robust economic and earnings
recoveries, although any quickening of inflation would temper investor
enthusiasm. A majority said a near-term correction was unlikely.

 

A test of the runaway inflation thesis comes later Friday with the release
of a report closely watched by U.S. central bankers: core personal
consumption expenditures.

 

This week, multiple Fed officials have come out again to calm jitters over
the growing evidence of price pressures, though they also signalled a
possible start to talks about tapering stimulus.

 

The Fed's vice chair for supervision, Randal Quarles, said on Thursday that
he was "fully committed" to keeping monetary policy running full-throttle
while jobs recover, while laying out the case that "upside" risks to
inflation may be mounting.

 

Positive signals on the economy helped lift benchmark Treasury yields back
above 1.6% overnight. The 10-year note yielded 1.6181% in Asia on Friday,
from as low as 1.5520% mid-week.

 

The bump in yields weighed on tech shares, amid some shifting from growth-
to value stocks. The Dow Jones Industrial Average (.DJI) rose 0.4%, while
the Nasdaq Composite (.IXIC) slipped 0.3%.

 

Friday will be the last trading day of the month for Wall Street due to a
national holiday on Monday.

 

The dollar was stuck just below a one-week high versus major peers as
traders looked to the upcoming inflation report for direction.

 

The dollar index sat at 90.063 on Friday, after touching 90.179 the previous
session for the first time since May 20.

 

Oil prices extended gains from Thursday, as strong U.S. economic data offset
investors' concerns about the potential for a rise in Iranian supplies.

 

Brent rose 32 cents, or 0.5%, to $69.78 a barrel, while U.S. West Texas
Intermediate (WTI) crude also added 32 cents, or 0.5%, to $67.17 a barrel.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

Wall Street bank CEOs face fee criticism in second round with Congress

The heads of major U.S. retail banks faced renewed criticism Thursday from
Democratic lawmakers who said financial institutions should not have charged
Americans billions of dollars in overdraft and other fees during the
pandemic.

 

Testifying before Congress for the second time this week, the CEOs of
JPMorgan Chase (JPM.N), Bank of America (BAC.N), Citigroup Inc (C.N) and
Wells Fargo (WFC.N) highlighted their banks' efforts to waive fees and offer
more affordable accounts after Senator Elizabeth Warren attacked them over
the costs.

 

JPMorgan CEO Jamie Dimon, who bore the brunt of Warren's ire during
Wednesday's Senate hearing, said his bank waived $400 million in overdraft
fees for customers who asked for help since the pandemic began. Warren had
slammed JPMorgan for gathering $1.46 billion in such fees. read more

 

She responded on Thursday, tweeting, "Only @jpmorgan would brag that they
only charged about $1.5 billion in overdraft fees during a global pandemic
and economic crisis, instead of the roughly $2 billion they usually take."

 

In a statement, the Consumer Bankers Association said customers have to opt
in for overdrafts and many do so because they "view it as a valuable
service."

 

On Thursday, House Financial Services Committee Chairwoman Maxine Waters,
another Democratic critic of Wall Street, also raised concerns that banks
had "raked in" fees "at a time when individuals and families across the
country are struggling."

 

Wells Fargo CEO Charles Scharf was pressed by Democratic Representative
Carolyn Maloney for charging "predatory" overdraft fees on debit card
transactions.

 

Scharf, who is trying to turn Wells Fargo around after its six-year sales
practices scandal, said the bank was looking to be "more consumer-friendly."
He said it had recently launched an overdraft-free account that is
"probably" now its most popular.

 

 

The chief executives of Goldman Sachs Group (GS.N) and Morgan Stanley (MS.N)
also testified on Wednesday and Thursday.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

Microsoft says group behind SolarWinds hack now targeting government
agencies, NGOs

The group behind the SolarWinds (SWI.N) cyber attack identified late last
year is now targeting government agencies, think tanks, consultants, and
non-governmental organizations, Microsoft Corp (MSFT.O) said on Thursday.

 

"This week we observed cyberattacks by the threat actor Nobelium targeting
government agencies, think tanks, consultants, and non-governmental
organizations", Microsoft said in a blog.

 

Nobelium, originating from Russia, is the same actor behind the attacks on
SolarWinds customers in 2020, according to Microsoft.

 

The comments come weeks after a May 7 ransomware attack on Colonial Pipeline
shut the United States' largest fuel pipeline network for several days,
disrupting the country's supply.

 

"This wave of attacks targeted approximately 3,000 email accounts at more
than 150 different organizations", Microsoft said on Thursday.

 

While organisations in the United States received the largest share of
attacks, targeted victims came from at least 24 countries, Microsoft said.

 

At least a quarter of the targeted organisations were involved in
international development, humanitarian issues and human rights work,
Microsoft said in the blog.

 

Nobelium launched this week's attacks by breaking into an email marketing
account used by the United States Agency For International Development
(USAID) and from there launching phishing attacks on many other
organisations, Microsoft said.

 

The hack of information technology company SolarWinds, which was identified
in December, gave access to thousands of companies and government offices
that used its products. Microsoft President Brad Smith described the attack
as "the largest and most sophisticated attack the world has ever seen". read
more

 

This month, Russia's spy chief denied responsibility for the SolarWinds
cyber attack but said he was "flattered" by the accusations from the United
States and Britain that Russian foreign intelligence was behind such a
sophisticated hack.

 

The United States and Britain have blamed Russia's Foreign Intelligence
Service (SVR), successor to the foreign spying operations of the KGB, for
the hack which compromised nine U.S. federal agencies and hundreds of
private sector companies.

 

The attacks disclosed by Microsoft on Thursday appeared to be a continuation
of multiple efforts to target government agencies involved in foreign policy
as part of intelligence gathering efforts, Microsoft said.

 

The company said it was in the process of notifying all of its targeted
customers and had "no reason to believe" these attacks involved any
exploitation or vulnerability in Microsoft's products or services.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

Canada probes forced labour claims in Malaysian palm oil, glove-making
industries

Canada is investigating allegations of forced labour in Malaysia's palm oil
and glove manufacturing industries, the government said on Friday.

 

Malaysian firms, which includes some of the world's biggest palm oil and
rubber glove producers, have faced increasing scrutiny in recent years over
reports of labour abuses.

 

Employment and Social Development Canada told Reuters in an email that its
Labour Programme was "actively researching a number of forced labour
allegations in different countries and sectors, including palm oil and glove
manufacturing in Malaysia."

 

It declined to provide further details or name specific companies being
probed.

 

Malaysia's human resources ministry did not immediately respond to a request
for comment.

 

In the last year, the United States has banned imports from three Malaysian
firms on suspicions of forced labour.

 

U.S. Customs and Border Protection has said it found forced labour
indicators such as excessive hours, abusive living and working conditions,
debt bondage, intimidation, physical and sexual violence, and retention of
identity documents at these companies. read more

 

The sanctioned companies include Top Glove (TPGC.KL), the world’s biggest
latex glove maker, and the two of the world’s top palm oil producers, Sime
Darby Plantation (SIPL.KL) and FGV Holdings (FGVH.KL).

 

 

Top Glove said in April it has resolved all indicators of forced labour
found at its factories.

 

Sime Darby has said it is committed to combating forced labour and has
robust policies to protect workers' rights.

 

FGV has said it has taken concrete steps in recent years to demonstrate
commitment to respect human rights and uphold labour standards.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

After Colonial attack, energy companies rush to secure cyber insurance

U.S. energy companies are scrambling to buy more cyber insurance after this
month’s attack on Colonial Pipeline (COLPI.UL) disrupted the U.S. fuel
supply, but they can expect to pay more as cyber insurers plan to hike rates
following a slew of ransomware attacks.

 

The Colonial ransomware attack on May 7 shut the largest fuel pipeline
network in the United States for several days, crippling fuel delivery to
most of the U.S. East Coast. Pipeline companies rely on electronic networks,
putting them at risk of additional attacks that could hamper delivery of
crude oil or other fuels.

 

Insurers are preparing to increase cyber insurance premiums by 25% to 40%
across many industries because of the number of claims, insurance companies
and brokers have said. But energy companies should expect rate increases at
the higher end of the spectrum as the Colonial attack exposed their
vulnerabilities and exposed insurers to losses.

 

Only about half of the nation's pipeline companies currently buy cyber
insurance even though ransomware attacks have become more frequent,
according to Nick Economidis, vice president of cyber liability at insurer
Crum & Forster.

 

"Since the Colonial outage, submissions from energy companies are up across
the board," said Economidis, adding that he started getting calls the day
after the Colonial attack.

 

Anthony Dagostino, cyber insurance broker at Lockton Companies, said his
Houston office has been fielding a large number of calls from energy
companies in recent weeks.

 

"Before the attack, the energy sector had some of the lowest interest in
purchasing cyber insurance of all industries, but in the past two weeks, now
they're very interested," Dagostino said.

 

Regulators are working with pipeline companies to strengthen protection
against attacks, the U.S. Department of Homeland Security said this week.
The energy industry's "cyber risk management and mitigation practices are
not as advanced" as other major sectors like banking or real estate, raising
the risk of successful attacks, Moody's Investors Service said in a May 10
report.

 

 

Cyber attacks can be particularly damaging for the pipeline sector compared
with other companies in the energy sector because fuel supply cannot be
easily rerouted, Moody's said, and pipeline operators have increased their
use of digital technologies to manage delivery.

 

To date, many companies have not bought cyber insurance because of high
premiums and difficulties in quantifying the costs from incidents, according
to a report from the Government Accountability Office, a federal watchdog,
on Monday.

 

"A lot of operators have not done the business impact assessments that banks
and big retailers do to determine overall costs of being down for a certain
period of time," said Dagostino.

 

Colonial had cyber insurance coverage of only about $15 million, according
to one media report. Last year, the company had net income of $420 million
on $1.3 billion of revenue, according to regulatory filings.

 

 

Cyber insurance typically covers ransom payments and insurers often provide
staff to negotiate with the hackers, in addition to IT and public relations
services.

 

The average ransom paid is $1.9 million, but in recent months cyber
criminals have extracted ransoms as large as $40 million from a single
company, according to a Bloomberg News report.

 

Companies that have cyber insurance often retain the initial loss that can
range from $500,000 to $10 million, depending on the policy. Then the
insurance kicks in to cover the ransom, which in Colonial's case was $4.4
million, its chief executive told the Wall Street Journal.

 

Insurance also covers business interruption costs, and costs from
supply-chain partners after a waiting period of eight to 24 hours.

 

Colonial, which carries about 2.5 million barrels of fuel a day, could have
lost $9 million to $15 million in revenue from the six-day outage, depending
on the waiting period, according to calculations by Reuters. Colonial has
not commented on its losses.

 

Companies started to buy cyber insurance in recent years after state laws
began requiring them to notify consumers of data breaches. Pipeline
companies, however, have little consumer data, which may have prevented them
from purchasing protection, Economidis said.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

JD Logistics soars in Hong Kong debut, valuing it at $34 bln

JD Logistics Inc (2618.HK) surged on debut, giving the Chinese delivery and
warehousing firm a $34 billion stock market value and providing a strong
start on Friday for Hong Kong's second-largest listing this year.

 

Shares of the company, spun out from Chinese e-commerce firm JD.com
(9618.HK), rose as much as 18.3% compared to the initial public offering
(IPO) price. By early afternoon, they were up 9%, against the broader
market's (.HSI) 0.6% gain.

 

JD Logistics' stock gains come after it priced its $3.2 billion IPO closer
to the lower end of an indicated range.

 

Its listing is being watched closely as an indicator of appetite for big
IPOs in Hong Kong and of companies closely connected to China's internet
economy, which is facing antitrust scrutiny.

 

Speaking at a briefing in Beijing on Friday to mark the listing, JD
Logistics CEO Yu Rui said the scrutiny by regulators would bring it more
opportunity as it was differentiating itself by spending on technology.

 

"We are going to use the funds raised from the IPO to further improve our
networks, including in the lower-tier and suburban areas in China, and the
infrastructure of the overseas markets," Yu said.

 

JD Logistics' successful IPO and stock listing comes after the planned IPO
of financial technology firm JD Digits, an affiliate of JD.com , was
terminated last month.

 

The IPO is the second largest in Hong Kong in 2021 and only the third to
raise more than $1 billion in the city this year.

 

 

The other two were Kuaishou Technology (1024.HK), which leapt 161% on debut
in January, and Linklogis Inc (9959.HK), which gained 9.9% in April on
opening day.

 

Shares of JD Logistics' close rival S.F. Holding Co Ltd (002352.SZ) have
fallen about 20% this year after vaulting 137% last year. It has a market
value of about $50 billion.

 

JD Logistics, which gets about half of its revenue from JD.com, posted a
two-thirds jump in first-quarter 2021 revenue to 22.4 billion yuan ($3.52
billion).

 

But its gross profit slumped 73% due to the impact of the COVID-19 pandemic
and costs of adding 60,000 workers to its headcount and it saw a
first-quarter operating loss of 1.47 billion yuan.

 

 

The company's securities filings showed the retail portion of the IPO was
oversubscribed 715 times and the institutional investor part was
oversubscribed 10.18 times.

 

Cornerstone investors, who bought into the deal before it was opened to the
public and included high profile investors such as SoftBank Group Corp's
(9984.T) Vision Fund, Temasek Holdings (TEM.UL) and BlackRock (BLK.N), took
nearly half of the shares in the IPO.

 

($1 = 6.3682 Chinese yuan renminbi)

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

Hyundai Motor considers selling one of its Beijing factory sites - Yonhap

South Korea's Hyundai Motor Co (005380.KS) is in talks with the Chinese
government to sell one of its factory sites in Beijing, news agency Yonhap
reported on Friday, citing unnamed sources.

 

Yonhap said Hyundai Motor is promoting the sale of the factory site, the
first one it had built in Beijing, to the Shunyi district government in
China's capital city. (https://bit.ly/3oVd3UC)

 

Beijing Hyundai, the joint venture between Hyundai Motor and China's BAIC
Motor Corp Ltd (1958.HK), has three manufacturing plants in Beijing.

 

Hyundai and BAIC did not immediately respond to requests for comment.

 

 

Chinese media on Thursday reported electric vehicle (EV) maker Li Auto is
interested in taking over the factory, citing unnamed sources. Li Auto
declined to comment when contacted by Reuters.

 

In April, Hyundai Motor Group said it plans to launch EVs in China every
year starting 2022 to enhance its presence in the world's biggest car
market. read more

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

Nigeria to Earn $700m Annually From Sugar Backward Integration - Dangote

The Chairman of Dangote Sugar Refinery(DSR) Plc Aliko Dangote, has urged
government to faithfully follow through the Backward Integration Policy
(BIP)in the sugar industry as the nation stands to rake in foreign exchange
up to $700millon yearly from Sugar production self-sufficiency.

 

Speaking at the 15th annual general meeting (AGM) in Lagos, yesterday, he
said allowing distortions in the sugar masterplan framework could adversely
affect the target of the nation attaining self-sufficiency as projected.

 

According to him, BIP is a commendable policy that will not only reduce
imports of raw sugar but save the nations enormous foreign exchange used for
importation.

He said: "The BIP in the Sugar industry is going on well if the National
Sugar Master Plan is followed strictly and the players all follow the rules,
the country will be better for it as Nigeria will save between $600million
and $700 million annually as forex."

 

He disclosed that the backward integration policy of DSR was recording
appreciable progress even as he declared the company's irrevocable
commitment to the policy.

 

Speaking on the performance of the company, he said that despite the
disruptions in the economy occasioned by the Covid-19 pandemic, DSR recorded
an increase in production volume which rose by 13.7 percent to 743,858
tonnes in the financial year ended December 31, 2020, compared to 654,071
tonnes in 2019.

 

According to him, turnover of N214.3 billion was recorded in 2020, showing a
33per cent increase over the N161.1 billion in 2019.

Profit after taxation increased by 33.2 per cent to N26.70 billion as
against N22.36 billion in 2019. The board of the company declared a dividend
payment of N18.22billion to the shareholders, amounting to 150 kobo per
ordinary share of 50k each.

 

According to Dangote, the improvements were attributable to operations
optimisation strategy despite disruption caused by civil unrest in last
quarter of the year.

 

"Our growth continued to benefit from the sustained efforts to drive
customer base expansion and several trade initiatives and investments."

 

Also speaking, the Group Managing Director/Chief Executive Officer, DSR Plc
Mr. Ravindra Singhvi, said the sugar group continued the growth path with
commitments to improve performance and generate value for all stakeholders.

 

He explained that this was reflected in the sales volume delivery of 731,701
tonnes, and production of 743,858 tonnes being 6.9 per cent and 13.7 per
cent increase in volumes over the comparative year 2019.

 

Read the original article on This Day.

 

 

Uganda, DRC to Sign Major Roads Construction Deal Today

Entebbe, Uganda — DRC Deputy Prime Minister Christophe Lutundula Apala is
expected in Uganda today to sign a key inter-governmental agreement on
infrastructure.

 

The deal will see Uganda partner with DRC to work on close to 220km of key
roads in key eastern DRC towns. One key road to be constructed will be the
Kasindi to Beni road, and the Bunagana, Rutshuru to Goma stretch.

 

Uganda and DRC entered a bilateral agreement to implement strategic
infrastructure projects which includes constructing the road from Kasindi to
Beni measuring about 80 kilometres, Beni to Butembo measuring 54 kilometres
and the Bunagana border to Ruchuru-Goma road which measures 89 kilometres.

 

Uganda will contribute 20 per cent of the total cost of the project
estimated at $334.5 million, as a measure to boost trade between the two
countries.

 

Uganda's parliament in 2020 approved a government request for sh220 billion,
which will go to their commitment to contribute 20% of the costs of the
roads. The hosts will cater for the remaining 80% of the construction
costs.-Independent (Kampala).

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

Africa Day

 

25/05/21

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

Dairibord

 


Starafrica

Fidelity

Turnall

 


Medtech

Zimre

Nampak Zimbabwe

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
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been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
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.

 


 

 


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