Major International Business Headlines Brief::: 03 November 2021

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Major International Business Headlines Brief::: 03 November 2021

 


 

 


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

 


 

 


ü  Facebook to end use of facial recognition software

ü  Australia 'backpacker tax': British woman wins discrimination case

ü  Netflix launches first games on smartphones

ü  Australia jobs: 'The staffing issue is impossible'

ü  Border closures threaten Hong Kong's financial hub status

ü  Shipping boss: 'Christmas will be safe' from shortages

ü  COP26: UK firms forced to plan for low-carbon future

ü  Elon Musk says Tesla has not signed deal with Hertz

ü  COP26: Bezos pledges $2bn for restoring nature

ü  Expo boosts UAE non-oil private sector growth to fastest since June 2019
-PMI

ü  China Evergrande completes delivery of 184 projects in July-Oct

ü  Deere strike set to continue as workers reject second contract

ü  AirAsia interested in potential Airbus A321neo freighter - exec

ü  JPMorgan to restrict trading of some U.S. cannabis stocks -letter

ü  ByteDance founder Zhang Yiming steps down as chairman, leaves board -
source

ü  Saudi non-oil private sector output highest in nearly four years -PMI

ü  Tesla's Elon Musk bemoans German red tape, again

ü  China to strengthen personal data protection in fintech sector - c.bank
head

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


Facebook to end use of facial recognition software

Facebook has announced it will no longer use facial recognition software to
identify faces in photographs and videos.

 

There have been growing concerns about the ethics of facial recognition
technology, with questions raised over privacy, racial bias, and accuracy.

 

Regulators had not yet provided a clear set of rules over how it should be
used, the company said.

 

It has faced a barrage of criticism over its impact on its users.

 

Until now, users of the social media app could choose to opt in to the
feature which would scan their face in pictures and notify them if someone
else on the platform had posted a picture of them.

 

In a blog post, Jerome Pesenti, vice president of artificial intelligence at
the firm said: "Amid this ongoing uncertainty, we believe that limiting the
use of facial recognition to a narrow set of use cases is appropriate."

 

In 2019, a US government study suggested facial recognition algorithms were
far less accurate at identifying African-American and Asian faces compared
to Caucasian faces.

 

African-American women were even more likely to be misidentified, according
to the study conducted by the National Institute of Standards and
Technology.

 

Last year, Facebook also settled a long-running legal dispute about the way
it scans and tags photos.

 

The case has been ongoing since 2015, and it was agreed the firm would pay
$550m (£421m) to a group of users in Illinois who argued its facial
recognition tool was in violation of the state's privacy laws.

 

Other tech firms such as Amazon and Microsoft have both suspended facial
recognition product sales to police as the uses for the technology have
become more controversial.

 

Facebook, which as well as running the world's largest social media network
also owns Instagram and the messaging service Whatsapp, has come under
growing pressure from regulators and politicians.

 

It is facing increased scrutiny from regulators including the US the Federal
Trade Commission, which has filed an antitrust lawsuit alleging
anticompetitive practices.

 

And last month, a former employee accused the company of unethical
behaviour. Frances Haugen released a cache of internal documents which she
said showed Facebook had put profit before user safety.

 

Chief Executive Mark Zuckerburg said Ms Haugen's claims were part of a
co-ordinated effort to "paint a false picture" of the company.

 

The firm recently announced a new name, Meta, for the broader parent company
following a series of negative stories about Facebook.

 

Mr Zuckerberg said the existing brand could not "possibly represent
everything that we're doing today, let alone in the future" and needed to
change.-BBC

 

 

 

Australia 'backpacker tax': British woman wins discrimination case

A British woman has won a legal battle against Australia's so-called
"backpacker tax", in a ruling that may have implications for other
travellers.

 

Catherine Addy argued she was unfairly taxed on pay she earned while working
as a waitress in Sydney in 2017.

 

The tax - imposed that year - had discriminated against her on the basis of
her nationality, she said.

 

Other backpackers affected by the same rule have been waiting on the
decision by Australia's highest court.

 

They may now be able to ask Australian authorities to review their tax
assessments.

 

The ruling relates to a working holiday visa - known as the 417 - offered to
foreigners aged between 18 and 31.

 

They are subject to a 15% tax on income up to A$37,000 (£20,200; $27,500),
which is paid from the first dollar they earn.

 

This is a higher rate than for Australians, who get a tax-free threshold of
A$18,200.

 

Ms Addy's lawyers argued the rules were at odds with an international
"double tax" agreement Australia has with Britain and several other nations.
Citizens of those countries should be taxed like Australians, they said.

 

In a judgement delivered on Wednesday, the High Court of Australia said:
"The question is whether that more burdensome taxation was imposed on Ms
Addy owing to her nationality. The short answer is yes."

 

The Australian Taxation Office (ATO) had argued there was no discrimination
based on nationality.

 

It had said the tax was designed to help backpackers avoid the higher rates
of tax imposed on other foreign workers.

 

Ms Addy worked as a waitress in two Sydney pubs between January 2017 and May
2017 - earning A$26,576.

 

Court submissions said that while she had to pay tax of A$3,986, when an
Australian on the same income would have paid $1,591.-BBC

 

 

Netflix launches first games on smartphones

Netflix is launching its first games worldwide as it seeks to break into the
game subscription market.

 

Starting Tuesday, the company will roll out updates to its Netflix app on
Android smartphones, showing what games are available for download.

 

To begin with, five mobile games are included for Netflix subscribers.

 

The company is promising more to come - with no adverts in the game and no
in-app purchases like those common in other mobile games.

 

Of the five games launching with the service, two are linked to the
streaming giant's popular Stranger Things series:

 

Stranger Things: 1984

Stranger Things 3: The Game

Card Blast

Teeter Up

Shooting Hoops

"While this is just the beginning of a long journey, we're excited to
provide a gaming experience that is differentiated from what is available
today - exclusive mobile games with no ads, no in-app payments, included
with your Netflix membership," the company said.

 

While the initial games have relatively simple graphics and casual gameplay,
Netflix says it is in very early stages, but plans to eventually create
games "for every kind of player".

 

"Whether you're craving a casual game you can start from scratch, or an
immersive experience that lets you dig deeper into your favourite stories,
we want to begin to build a library of games that offers something for
everyone," wrote Mike Verdu, the company's head of game development.

 

Mr Verdu was a major hire for Netflix, having worked at games giant EA and
later at Facebook, where he worked on augmented and virtual reality.

 

Apple coming soon

This week's release is only for Android phones and tablets. Netflix said
that games would come to iOS devices "in the coming months".

 

Apple has previously resisted attempts by other companies to put "stores
inside stores" - particularly around gaming.

 

When Microsoft initially launched its Game Pass streaming service in 2020,
Apple blocked the app from appearing in the iPhone App Store, arguing that
the roughly 100 games included should all be listed in its store
individually. Microsoft eventually resorted to streaming through Apple's
mobile Safari browser instead.

 

Netflix did not say it was facing any similar issues with Netflix Games,
saying that Android arriving first was down to the launch being "still in
its early stages".

 

Despite the delay in reaching Apple customers, Microsoft has become the
dominant figure in the game subscription market to date.

 

Its Xbox Game Pass service includes most of Microsoft's own game studio
releases on the day they go on sale, many of which can be played on an Xbox,
a gaming computer, or streamed over the internet to phones and tablets.

 

It is estimated to have tens of millions of subscribers paying between £7.99
and £10.99 a month, depending on the features they need.-BBC

 

 

 

Australia jobs: 'The staffing issue is impossible'

Pandemic border closures have further exacerbated a serious skills shortage
that has, for years, held Australia's economy back.

 

Many foreign workers swiftly returned to their home nations when parts of
the Australian economy retreated into a long and uncertain Covid
hibernation.

 

Now, blinking in the spring sunshine, Sydneysiders, Melburnians and
Canberrans are now emerging from their Covid caves, and are eager to spend,
however, many businesses are facing a chronic labour crunch - they can't
find enough staff to keep their businesses running.

 

"The staffing issue is impossible," says celebrity chef, Neil Perry, at his
new restaurant 'Margaret' in Sydney's upmarket Double Bay district.

 

"Right now, this is the worst I have ever seen the labour shortage in the
industry, ever, by some considerable amount."

 

Foreign staff have underpinned Australia's hospitality sector for decades,
but coronavirus lockdowns forced many waiters, cooks, pastry chefs,
fishmongers and butchers to return to their home countries.

 

Perry wants them back, and tells the BBC that politicians in Canberra need
to enact a bold, nation-building plan.

 

"The government have to look at it like it is the end of World War Two and
Australia is going to be built on the quality of immigration we bring in,"
he adds.

 

"The (hospitality) industry is trying to come back but there is a real
handbrake to it, and it is the human labour side of it that is an issue."

 

One company is so desperate for staff that it's offering to pay for flights
to Australia for overseas recruits and, if needed, hotel quarantine fees, as
well as a fortnight's rent plus a $1000 food and drink voucher.

 

It might seem too good to be true, but there's more. For UK citizens,
Australian Venue Co, one of the country's largest pub groups, will also help
with visa costs.

 

"We're expecting enormous demand from young Brits coming over," says the
group's chief executive, Paul Waterson.

 

Before the Covid shutdown about a fifth of the company's workforce were
foreign visa holders. It has a recruitment war chest of AUD$4 million
(£2.2m) to bring some of them back.

 

For chefs and other workers entitled to permanent residency in Australia,
those return costs could reach AUD $20,000 (£10,992) per person. Working
holidaymakers, or backpackers, will also be eligible, along with Australians
who've been stranded abroad by border restrictions.

 

But labour shortages aren't a new challenge for Australia, and immigration
has over many decades successfully helped to fill the gaps and seed a
multicultural nation.

 

About a third of Aussies were born somewhere else: the official Skilled
Occupation List for prospective migrants is exhaustive, and includes diving
instructors, dog handlers, dancers and diesel mechanics - and that's just
the 'ds.'

 

At a start-up in Sydney's inner-city, highly-skilled scientists are in
demand but hiring is proving difficult.

 

Inside a sealed glass laboratory, workers kitted-out in gowns, masks and
goggles pore over specimens and data. They're developing what could be a new
type of carbon-neutral food where meat is grown from animal cells, which are
isolated from small samples of muscle - around the size of an almond - and
the tissue is cultivated in the lab.

 

"Ultimately we need to feed billions of people," explains Tim Noakesmith, a
co-founder at Vow. It is, though, a cutting-edge enterprise that is short of
the right type of people.

 

"What we need are some of the smartest people in the world across cell
biology, material scientists and also engineering. Everything from
autonomous vehicle backgrounds to financial technology. And they come here
to work on something that is a massive, massive challenge," Mr Noakesmith
tells the BBC.

 

"Getting people in is hard. Getting people excited about the mission is
comparably easier, but getting people into the country (because of
immigration red tape) can be extremely challenging."

 

As Australia's international borders prepare to reopen after a
year-and-a-half, the company is eager for new recruits to join its 'crack
team'. "What we are doing is incredibly hard technical development and we
need some of the brightest minds from across the planet," explains George
Peppou, another co-founder.

 

But for some firms, the solution to a skills and talent crunch could lie
much closer to home.

 

Australia has a significant untapped pool of workers: refugees, from Iraq,
Democratic Republic of Congo, Myanmar and elsewhere, who desperately want a
job.

 

Data from the Australian Institute of Family Studies suggest only 6% find
work within six months of arrival in Australia. Within two years, only a
quarter have a foot on the employment ladder.

 

"The Australian economy can definitely benefit by getting refugees into the
workforce. There has been recent research by Deloitte that showed that if we
would increase the intake of refugees that means billions of dollars into
the Australian economy," explains Betina Szkudlarek, an Associate Professor
in Management at the University of Sydney Business School.

 

"We can't see refugees as a generic pool of low-skilled employees. Not at
all. They are extremely diverse. So, that means every employer possibly
could find a
very driven, committed
employee within that talent pool," she
tells BBC news.

 

Officially, Australia's latest unemployment rate stood at 4.6% in September.
However, some economists believe the true figure may be closer to 10%
because many people have stopped looking for a job. That could equate to
about 1.3 million people.

 

What's stopping this group filling up the job vacancies? There's no easy
answer, but what's clear is the skills deficit is a barrier.

 

Tim Harcourt, the chief economist at the University of Technology Sydney,
believes that education, not a reliance on foreign workers, is the key to
solving Australia's labour market problems.

 

"The pandemic has shown that temporary migration is not a panacea to our
labour market, and it probably shows that some industries rely too much on
globalisation," he says.

 

"In some cases people are using temporary migration [for staffing] because
they are not paying decent wages... [It's] a way of avoiding investing in
human capital and spending more on education and training."

 

But, for now, Australia needs legions of working migrants to fuel its
economic recovery. Free flights and booze vouchers will certainly help.-BBC

 

 

Border closures threaten Hong Kong's financial hub status

Last week, Hong Kong doubled down on its Covid-19 restrictions - already
among the strictest in the world. The news has led to dismay among the
city's vibrant business community, with some questioning if this threatens
its status as Asia's financial hub.

 

The city's leader, Carrie Lam, announced that almost all exemptions from
quarantine for overseas and mainland travellers would now end.

 

She said this was to speed up China reopening to the region, but for some
businesses, it's pushing them over the edge. Ms Lam has previously said that
opening to mainland China is "more important" than [opening up] elsewhere.

 

Hong Kong has one of the strictest mandatory quarantine regimes of any
jurisdiction, with most arrivals having to undergo between 14 and 21 days of
hotel quarantine.

 

There have been a few exemptions. Diplomats, business leaders and some
mainlanders with Hong Kong resident cards have been able to skip quarantine,
or isolate at home. But not anymore.

 

"We are caught in a sort of dilemma because in order to resume some
quarantine-free travel with the mainland we have to ensure our anti-Covid 19
practices are more in line with the mainland practices," Ms Lam told
reporters on Tuesday.

 

The news has been met with dismay by Hong Kong's business community, who
have already felt the strain of more than 18 months of closed borders.

 

"It has a big impact in a wide variety of directions," President of the
American Chamber of Commerce in Hong Kong, Tara Joseph, tells the BBC.

 

"First, business sentiment about not being able to freely move about the
world - which is crucial if you're an international business.

 

"Secondly, the personal impact of being away from family and important
personal contacts.

 

"And last but not least, it has a huge impact on the talent pipeline for
Hong Kong which means its domination as Asia's hub could lessen over time.
We have no pipeline anymore, that's really worrying."

 

Frederik Gollob, Chairman of the European Chamber of Commerce agrees: "It
certainly won't enhance confidence in Hong Kong to do business from an
international business perspective."

 

Business confidence in the city has already been hit in recent years, thanks
to widespread pro-democracy protests, as well as the imposition of the
controversial National Security Law which mandates harsh prison terms and
can also impact foreigners.

 

Ms Joseph adds it's not clear if restrictions are causing the city brain
drain just yet - primarily because this trend takes some time to emerge.
"There is definitely a sense that people are considering, or thinking about
leaving - and it's not just one organisation that's saying that," she says.

 

"When it comes to brain drain, people have this simple idea that you just
pick up and go. But if you're a business executive, it's not that easy," she
explains, mentioning challenges such as incomplete business projects, leases
on homes and children enrolled in local schools.

 

Asia's largest financial lobby group, which represents the interests of 155
financial institutions, including Goldman Sachs and BlackRock, warned the
government earlier this week of the impact of its "highly restrictive"
border policies.

 

In an unprecedented open letter to Hong Kong's financial secretary Paul
Chan, the Asia Securities Industry and Financial Markets Association
(Asifma) writes: "We fear that if Hong Kong does not develop, and
communicate, a clear and meaningful exit strategy from the current zero-case
approach, as is the case in many other jurisdictions, Hong Kong risks losing
its vital international status.""The government must do its utmost to foster
informed dialogue and full consideration of the long-term risks to
livelihoods if its borders remain effectively closed, in contrast to
competing international financial and business centres."

 

The Asifma declined the BBC's request for an interview.

 

The association's request for an exit plan comes as other countries in the
region shift from a zero-Covid strategy - meaning a policy to bring cases
down to zero - to instead living with the virus, with many nations reopening
their borders.

 

Rival financial hub, Singapore, for instance, is opening quarantine-free
travel to 11 countries, including; Germany, Brunei, the US and UK, as part
of it's "vaccinated travel lane" policy. While Australia allowed vaccinated
citizens and residents to re-enter without quarantine from Monday.

 

New Zealand, Thailand and the Indonesian island of Bali, have also all made
moves to reopen borders in recent weeks.

 

As for Hong Kong, EuroCham's Mr Gollob says it's "crystal clear that the
China border comes first."

 

"We have to respect that. Obviously this is a big burden for the European
and international business community in Hong Kong.

 

"But the silver lining is that members of ours, who have a vested interest
in the mainland, will be able to take advantage of it.

 

Mr Gollob says the strength of the wording of Asifma's letter was
unexpected:

 

"It was a surprise to us that even the financial institutions need to be
heard publicly" he says. "What we hear from our community is even echoed by
the strongest institutions, which are the banks. That should be a very
strong signal to the HK government."-BBC

 

 

 

Shipping boss: 'Christmas will be safe' from shortages

Christmas trading will be safe from supply chain problems, the boss of
shipping firm Maersk has told the BBC - adding, "at least that's what I'm
hearing from our customers".

 

The company handles almost 20% of the world's shipping containers.

 

Chief executive Soren Skou, said the firm is chartering more ships, keeping
ports open longer and has opened more warehouses to help.

 

The firm is doing "everything" it can to alleviate the problems, he said.

 

There have been recent warnings in the UK and the US that logjams at ports
will lead to shortages at Christmas.

 

Mr Skou said that a shortage of workers in the ports to unload ships and a
lack of truckers was behind the problems.

 

 

A Road Haulage Association (RHA) survey of its members estimates there is
now a shortage of more than 100,000 qualified drivers in the UK. That number
includes thousands of drivers from European Union (EU) member states who
were previously living and working in the UK. There are also shortages
across Europe and the US.

 

Mr Skou estimated that approximately 300 large container ships around the
world are sitting waiting outside ports. Almost 80 of these, he added, were
in Los Angeles, with a "few" outside Felixstowe and others stuck by Chinese
ports including Shanghai and Ningbo.

 

This widespread congestion was triggered by a collapse in demand during the
early stages of the pandemic. That was followed by a period of frantic
activity, as people who were forced to stay at home rather than travel or
socialise, ordered large quantities of consumer goods.

 

Mr Skou, who runs the world's biggest shipping firm, said this shows no sign
of easing: "The reality is that consumer demand is strong and at the same
time our customers inventories are low."

 

"They both need to serve the consumer here and now, but also rebuild
inventories and that's why we have an unprecedented demand situation".

 

The demand has meant Maersk and other shipping companies have been able to
charge record prices. The Danish company's pre-tax profits rose fivefold to
$5.9bn for the July to September period.

 

Last week Japanese cargo line Ocean Network Express reported a more than
eight fold jump in profits for the same period, to $4.2bn.

 

One of UK's biggest toy retailers, The Entertainer, recently warned delays
at UK ports will result in shortages this Christmas.

 

In the US, the port of Los Angeles has started operating 24 hours a day to
clear a backlog of cargo ships which has led to shortages. White House
officials warned that there "will be things that people can't get" during
the holiday season, despite President Biden appointing a bottlenecks Czar.

 

More ships waiting

Simon Heaney of the maritime research firm Drewry, said Maersk's mitigations
might not be enough. Mr Heaney explained that "port congestion is worsening
while the number of ships waiting outside major ports around the world is
increasing".

 

The brief closure of some big container terminals due to China's coronavirus
restrictions, extreme weather events and a rise in the Delta variant of
coronavirus, are each playing a part Mr Heaney said.

 

Mr Heaney added that opening ports for longer won't help if there aren't
enough staff to run them.

 

90% of global trade is moved by sea and with demand having shown no sign of
easing, the shipping industry is looking to tackle its impact on climate
change.

 

It's responsible for about 2% of carbon emissions, meaning that if the
industry was a country it would be the sixth biggest polluter, above
Germany.

 

The UN's International Maritime Organisation (IMO) is aiming for a 50%
reduction in greenhouse gas emissions by 2050 compared to 2008 levels.

 

Climate change ambitions

As world leaders meet to tackle climate change in Glasgow Mr Skou was
critical of the targets set by the UN body that oversees his industry: "The
ambition level at the IMO so far has been quite limited".

 

"We as Maersk certainly are pushing hard for that to be reducing by 100% in
2050 and we believe it can be done".

 

On Monday at the COP26 climate summit in Glasgow Denmark's Prime Minister
Mette Frederiksen said: "We urge the IMO to take action to set ambitious
targets to achieve zero emission shipping by 2050".

 

"Carbon-neutral shipping is vital to reaching our climate goals," he added.
Shipping was not included in the Paris climate agreement.

 

The International Chamber of Shipping has backed a $5bn fund to develop
carbon free shipping and overcome a lack of investment in the technology
required. Maersk plans to launch the world's first carbon neutral cargo ship
in 2023.

 

However, Mr Skou said the slow progress doesn't mean we need to move fewer
goods around the world to tackle climate change.

 

"I think we just have to get to the point that we can use different fuels,"
he added.-BBC

 

 

 

COP26: UK firms forced to plan for low-carbon future

Most big UK firms and financial institutions will be forced to show how they
intend to hit climate change targets under new Treasury rules.

 

They will have to detail how they will adapt to a low-carbon future in order
to meet the UK's 2050 net-zero target.

 

But firms and their shareholders will be left to decide how their business
adapts to this transition, including how they plan to decarbonise the
emissions they finance.

 

Firms will publish the plans in 2023.

 

Plans will be submitted to a panel of experts in an effort to make sure they
are more than just spin.

 

The plans will need to include targets to reduce greenhouse gas emissions,
and the steps which firms plan to take to get there.

 

However, the government said there was "not yet a commonly agreed standard
for what a good quality transition plan looks like".

 

Finance groups said the proposals would help them measure progress, but
green groups said they did not go far enough.

 

Chancellor Rishi Sunak will outline plans to make the UK the world's first
net-zero financial centre on Wednesday - as part of a day dedicated to
finance at the COP26 climate conference in Glasgow.

 

In a speech, Mr Sunak will address an audience of finance ministers, central
bank governors, heads of multilateral financial institutions and senior
industry leaders from around the world.

 

He will say that 450 firms controlling 40% of global financial assets -
equivalent to $130 trillion (£95tn) - have now aligned themselves to limit
global warming to 1.5C above pre-industrial levels.

 

He will also say that progress has been made to "rewire the entire global
financial system for net zero" under the UK's leadership of the conference.

 

The plans for businesses - financial institutions and listed companies -
will require them to come up with net-zero transition plans, according to
rules drawn up by a new Transition Plan Taskforce.

 

This will be made up of industry and academic leaders, regulators and civil
society groups.

 

The Treasury said the taskforce would set a science-based "gold standard"
for the plans in order to guard against so-called "greenwashing" - that is,
environmental initiatives that are more about marketing than substance.

 

In 2015, developed countries promised to send $100bn to those that are less
developed to help support their transition to net-zero.

 

That target has not yet been met, but Mr Sunak is expected to pledge that it
will be achieved by 2023.

 

Kay Swinburne, vice-chairman of financial services at KPMG UK, said the
announcement would provide the financial services industry with a "valuable
set of unified metrics to measure progress towards decarbonisation".

 

"It is brave to put a gold standard in place for all companies raising
funding," she added.

 

And Dr Ben Caldecott, director of the UK Centre for Greening Finance and
Investment, said the plans would "spur demand for green finance and
accelerate decarbonisation, not just in the UK but wherever UK firms do
business".

 

But Shaun Spiers, executive director of environmental think tank Green
Alliance, said while the plan was welcome it would not happen fast enough.

 

"Private sector investment is vital, but it will be much easier to achieve
on the back of serious investment by the chancellor," he said.

 

David Barmes, senior economist at the campaign group Positive Money, said:
"While it's positive to see financial institutions scaling up their green
finance commitments, this announcement says nothing of the billions they're
still pouring into environmentally harmful projects.

 

"We need public institutions rather than bank CEOs to lead the way in
setting standards and delivering green investment.

 

"The public investment announced by the UK government so far is nowhere near
enough to meet their climate targets, and we will need huge increases to
ensure a green transition that is both timely and fair."

 

Follow the money to net zero. That is the plan unveiled today, with
two-fifths of the world's financial assets, $130 trillion, under the
management of banks, insurers and pension funds that have signed up to 2050
net-zero goals including limiting global warming to 1.5C.

 

This means that the giant laser beam of global finance will be fired towards
technologies that lower and eradicate carbon emissions, and away from "brown
holdings" of investments in coal, oil and gas.

 

But can such fundamental ecological, economic and social change really be
achieved more through financial carrot than by regulatory stick? This
position suits politicians who don't necessarily want to tell their voting
public to consume or travel less than they are used to.

 

By changing the financial system, their hope is that the trajectory of every
economic sector, from energy to transport, food to clothing, how we live,
work and what we consume will decarbonise of their own accord.-BBC

 

 

Elon Musk says Tesla has not signed deal with Hertz

Elon Musk says no contract has been signed with Hertz after the rental car
company announced a deal that led to Tesla's market value surpassing $1
trillion.

 

Last week, shares in Tesla jumped 12.6% after Hertz said it had ordered
100,000 vehicles by the end of 2022.

 

However, Mr Musk tweeted: "I'd like to emphasize that no contract has been
signed yet."

 

Yet Hertz told the BBC: "Deliveries of the Teslas already have started."

 

A spokeswoman said: "As we announced last week, Hertz has made an initial
order of 100,000 Tesla electric vehicles and is investing in new EV
(electric vehicle) charging infrastructure across the company's global
operations."

 

Hertz refused to confirm if a contract had or had not been signed with Tesla
in light of Mr Musk's tweet, adding it did not discuss details of its
business relationships or discussions.

 

Tesla has not responded to the BBC's request for comment.

 

Major deal

The deal announced last week by Hertz with Tesla was the biggest-ever rental
car order for electric vehicles.

 

"Electric vehicles are now mainstream, and we've only just begun to see
rising global demand and interest," said Hertz interim boss Mark Fields.

 

It was reported Hertz would pay $4.2bn for 100,000 Model 3s over the next 14
months, which amounts to about a fifth of its fleet. The rental firm would
also build a network of charging stations.

 

Hertz said that "beginning in early November and expanding through year end"
customers would be able to rent a Tesla Model 3 at Hertz airport and
neighbourhood locations at certain areas in the US and Europe.

 

But on Monday, Tesla boss Mr Musk tweeted: "Tesla has far more demand than
production, therefore we will only sell cars to Hertz for the same margin as
to consumers.

 

"Hertz deal has zero effect on our economics."

 

Tesla became the fifth company to surpass a market value of $1 trillion on
25 October, behind Apple, Microsoft, Amazon and Google-owner Alphabet.

 

In response to a tweet about the Hertz deal on 25 October, Mr Musk said it
was "strange that moved valuation, as Tesla is very much a production ramp
problem, not a demand problem".

 

He later added: "To be clear, cars sold to Hertz have no discount. Same
price as to consumers."

 

Tesla shares have been trading down more than 4% in pre-market trading in
the US.

 

It is not the first time that Mr Musk's tweets regarding his company have
made the news.

 

In May 2020, he wiped $14bn (£11bn) off the carmaker's value after tweeting
its share price was too high.

 

And two years earlier, a tweet about Tesla's future on the New York stock
market led to regulators fining the company $20m and Mr Musk agreeing to
have all further posts on the platform pre-screened by lawyers.

 

Recall

Tesla announced on Tuesday it was launching a pilot of 10 "supercharger"
stations in the Netherlands, which will be available to all electric vehicle
models.

 

As part of its charging network expansion plans, the company said opening up
its charging sites to non-Telsa drivers was "critical for large-scale EV
adoption".

 

Tesla has also been forced to recall 11,704 vehicles over a software problem
that could cause "false forward-collision warnings and/or automatic
emergency brake events".

 

A US National Highway Traffic Safety Administration notice said it was "not
aware of any crashes or injuries" because of this problem. Tesla is fixing
the problem with a software update.

 

Why is Elon Musk playing down talk of a deal with Hertz to sell 100,000
cars? After all, it sounds positive - and appeared to send the share price
soaring.

 

Firstly, such a deal might actually be better news for Hertz than Tesla.

 

The car rental firm recently emerged from bankruptcy protection and wants to
portray itself as a go-getting modern company. Running Teslas fits the bill.

 

But Tesla doesn't really need Hertz.

 

It's making cars as fast as it can, and insists there is no shortage of
demand. Rental firms often buy surplus stock at a discount, but Mr Musk has
made it clear if Hertz wants his cars it'll have to pay full price.

 

Meanwhile, the Tesla boss has an uneasy relationship with market regulators.

 

His public insistence that a deal with Hertz "has zero effect on our
economics", and that no contract has yet been signed could be seen as a
message that if Tesla's valuation is rocketing - increasing his personal
wealth in the process - it isn't because of anything he has said.-BBC

 

 

 

COP26: Bezos pledges $2bn for restoring nature

Amazon founder Jeff Bezos has said his Bezos Earth Fund will spend $2bn
(£1.5bn) restoring landscapes and transforming food systems.

 

He told the COP26 climate conference in Glasgow that he had grasped nature's
fragility when he travelled into space.

 

Entrepreneurs including Mr Bezos have been criticised for spending money on
trips into space instead of solving problems on Earth.

 

Amazon has also been criticised by its workers over environmental practices.

 

Speaking to the COP26 conference, Mr Bezos said: "In too many parts of the
world, nature is already flipping from a carbon sink to a carbon source."

 

The Bezos Earth Fund plans to spend $10bn fighting climate change overall.

 

'We need water and there is water, but the wrong sort'

Should there be limits on meat eating? And more questions

In Glasgow the founder of the world's biggest online retailer described the
experience of travelling on his rocket ship, New Shepard, in July as a
revelation of Earth's vulnerability.

 

"I was told that seeing the Earth from space changes the lens from which you
view the world but I was not prepared for just how much that would be true,"
he said.

 

Climate change is one of the world's most pressing problems. Governments
must promise more ambitious cuts in warming gases if we are to prevent
greater global temperature rises.

The summit in Glasgow is where change could happen. You need to watch for
the promises made by the world's biggest polluters, like the US and China,
and whether poorer countries are getting the support they need.

All our lives will change. Decisions made here could impact our jobs, how we
heat our homes, what we eat and 

"Looking back at Earth from up there, the atmosphere seems so thin, the
world so finite and so fragile. Now, in this critical year and what we all
know is the decisive decade, we must all stand together to protect our
world."

 

In September, the Bezos Earth Fund pledged $1bn towards conserving nature
and indigenous peoples and cultures.

 

Announcing the follow-up $2bn pledge on Tuesday, Mr Bezos said that
two-thirds of Africa's productive land was degraded but this could be
reversed.

 

"Restoration can improve soil fertility, raise yields and improve food
security, make water more reliable, create jobs and boost economic growth,
while also sequestering carbon," he told COP26.

 

As well as Mr Bezos, Sir Richard Branson and Elon Musk are building up space
businesses.

 

Last month, Prince William suggested entrepreneurs should focus on saving
Earth rather than engaging in space tourism.

 

Amazon has also been criticised in the past by its workers over its record
on climate change.

 

Last year, Amazon Employees for Climate Justice called on the online retail
giant to achieve zero emissions by 2030, limit its work with fossil fuel
companies, and stop funding for politicians and lobbyists who deny the
existence of climate change.

 

In April this year, US labour officials found that Amazon retaliated
illegally when it fired two employees who were part of the group.-BBC

 

 

 

Expo boosts UAE non-oil private sector growth to fastest since June 2019
-PMI

(Reuters) - The United Arab Emirates' non-oil private sector expanded at the
fastest pace since June 2019 in October, recording its 11th straight month
of growth as the Expo world fair began in commercial hub Dubai, a survey
showed on Wednesday.

 

The seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI),
leapt to 55.7 in October from 53.3 in September on the back of higher
spending and tourism.

 

It was above the 50.0 mark that separates expansion from contraction and the
first reading since the start of the pandemic that was above the series
average, now at 54.1.

 

"The Expo 2020 finally began in the UAE at the start of October and brought
a highly welcome upsurge in growth across the non-oil private sector," said
David Owen, economist at survey compiler IHS Markit. Expo was delayed for a
year due to the COVID-19 pandemic.

 

The output sub-index rose to 61.1 in October from 57.1 in September while
new orders also rose markedly compared to September's reading.

 

"The increases in both output and new business were sharp and the most
marked since July 2019. In addition, the boost to sales led more companies
to predict a rise in activity over the next 12 months, as optimism jumped to
the highest level since the beginning of the pandemic," Owen said.

 

Business capacity in the non-oil sector was under renewed pressure due to
rising new orders, leading to a fourth consecutive month of growing backlogs
of work, albeit expanding at a marginally softer pace than in September.

 

Growth in the employment sub-index was slight and only a notch higher than
in September, remaining below the series average.

 

"The key test for the UAE economy will be whether this initial uplift in
demand from the Expo can be sustained over the coming months. We also wait
to see whether this will strengthen employment growth, as latest data showed
a subdued rate of hiring despite growing pressure on business capacity,"
Owen said.

 

The Thomson Reuters Trust Principles.

 

 

 

China Evergrande completes delivery of 184 projects in July-Oct

(Reuters) - China Evergrande (3333.HK) has completed delivery of 184
property projects in the July to October period, the company said on
Wednesday.

 

In a statement, the firm, once China's top-selling developer, said it had
delivered homes to 57,462 owners over the period.

 

The Thomson Reuters Trust Principles.

 

 

 

Deere strike set to continue as workers reject second contract

(Reuters) - Deere & Co (DE.N) workers were set to continue their
three-week-old strike after they voted to reject a second contract reached
between the U.S. tractor maker and the United Auto Workers (UAW) union that
bumped up wages and bonuses, UAW said on Tuesday.

 

The strike will continue and 55% of the workers voted down the agreement,
UAW added.

 

Workers at 12 facilities in Illinois, Iowa and Kansas rejected the second
tentative agreement, Deere said.

 

The company would have invested an additional $3.5 billion in its employees
through agreements reached with UAW, Deere Chief Administrative Officer Marc
Howze said.

 

The latest agreement provided for a 10% rise in wages this year, 5% in 2023
and 2025, as well as lump sum bonuses amounting to 3% of their pay for 2022,
2024 and 2026, according to UAW.

 

This was an improvement to last month's agreement, which was rejected
overwhelmingly by the workers. It provided for 5% to 6% wage rise this year
and 3% raises in 2023 and 2025 along with a 2% lump sum bonus.

 

The workers then went on strike, demanding better terms from Illinois-based
Deere.

 

The company in August forecast fiscal 2021 net income between $5.7 billion
and $5.9 billion, up from its previous outlook of $5.3 billion to $5.7
billion. read more

 

The Thomson Reuters Trust Principles.

 

 

 

AirAsia interested in potential Airbus A321neo freighter - exec

(Reuters) - Malaysia's AirAsia Group Bhd (AIRA.KL) is in talks with Airbus
SE (AIR.PA) about its interest in the manufacturer developing a new
factory-built freighter version of the A321neo passenger plane, the head of
its cargo arm said on Wednesday.

 

AirAsia would seek to convert some of its 362 orders for the passenger
version of the A321neo narrowbody to a dedicated freighter, said Pete
Chareonwongsak, CEO of AirAsia cargo division Teleport. read more

 

"For a lot of the markets that we need to reach both in range but also in
capacity, it's a great product," he told reporters of the potential
freighter. "Would we be the launch customer? I don't know. We'll see."

 

Airbus did not respond immediately to a request for comment.

 

Industry website Leeham News in August reported Airbus was in talks with
customers about a new build freighter version of the A321neo but no decision
has been announced.

 

Airbus in July announced plans for a freighter version of its A350 widebody
jet, in a challenge to Boeing Co's (BA.N) longstanding dominance of the
market for dedicated cargo planes. read more

 

In the narrowbody market, older versions of the A321 and 737 passenger
planes are being converted into freighters but there is no new-build
freighter plane on offer.

 

Teleport on Wednesday launched its first 737-800 freighter to be based in
Bangkok. It plans to grow the fleet to six planes by 2023, Teleport Chief
Operating Officer Adrian Loretz said.

 

Teleport is in talks with investors to raise $50 million to $100 million by
the end of the year and would look to list as a separate company in three
years, Chareonwongsak said.

 

The Thomson Reuters Trust Principles.

 

 

JPMorgan to restrict trading of some U.S. cannabis stocks -letter

(Reuters) - JPMorgan Chase & Co (JPM.N) has told prime brokerage clients it
will no longer let them buy certain U.S. cannabis-related securities
beginning Nov. 8, according to a letter seen by Reuters.

 

The move follows similar actions by other banks, including Credit Suisse,
after the high-profile collapse of private fund Archegos Capital this year
left several banks nursing losses.

 

The saga drew regulatory scrutiny and prompted banks across Wall Street to
review how much risk they are prepared to take on in their prime brokerage
businesses.

 

While many states have legalized the medical or recreational use of
cannabis, the substance remains illegal under U.S. federal law, making it
risky for banks to deal with cannabis-related businesses.

 

"J.P. Morgan (JPMS) has introduced a framework that is designed to comply
with U.S. money laundering laws and regulations by restricting certain
activities in the securities of U.S. Marijuana Related Businesses," the bank
wrote to clients.

 

As of Nov. 8, the bank will not allow new purchases or short positions in
the related businesses, but clients with existing positions will be allowed
to liquidate them, it said.

 

The restrictions apply to companies with U.S. operations that are not listed
on the Nasdaq, the New York Stock Exchange or the Toronto Stock Exchange and
have a "direct nexus to marijuana-related activities."

 

Nasdaq and NYSE allow certain cannabis-related companies -- including
Canadian companies that do not sell cannabis in the United States - to list
their shares, but will not list companies involved in the direct cultivation
or sales of the marijuana plant.

 

However, such companies have still found workarounds to trade on
over-the-counter exchanges.

 

Cowen and Co, another U.S. bank active in the cannabis trading space, in
September increased its cash margin requirements for all marijuana related
trades on its platform, according to a letter it sent to clients.

 

A representative for Cowen did not immediately respond to a request for
comment.

 

Some investors have blamed recent selloffs in U.S. cannabis stocks on banks
backing away from the sector and the new restrictions at JPMorgan and Cowen
could add to the pressure.

 

The MSOS exchange-traded fund , which tracks U.S. marijuana stocks, has
halved in value since hitting a peak in February.

 

The Thomson Reuters Trust Principles.

 

 

 

ByteDance founder Zhang Yiming steps down as chairman, leaves board - source

(Reuters) - ByteDance founder Zhang Yiming has stepped down as chairman of
the TikTok owner, after saying in May he would step down as CEO, a person
with direct knowledge of the matter told Reuters, in the latest shake up at
the tech giant.

 

New CEO Liang Rubo has taken over as chairman of the company's five-person
board, which also includes General Atlantic, Sequoia Capital, Coatue
Management, and Susquehanna International Group, the person said, adding
that the decision was made this year.

 

It was not immediately clear when Zhang relinquished the chairman title and
whether there have been any changes to his more than 50% voting rights at
the company.

 

ByteDance said in May that Zhang would move to a "key strategy" position at
the end of the year. The person said that plan was unchanged. ByteDance did
not immediately respond to a request for comment.

 

Zhang 's surprise announcement in May saw his college roommate and
co-founder Liang take the lead in navigating the company through a rising
wave of new regulations targeting Big Tech.

 

The move comes after the company on Tuesday announced a major organisational
reshuffle at ByteDance to create six business units. It also said that
TikTok CEO Shou Zi Chew would step down as its parent ByteDance's chief
financial officer (CFO) to focus on running the short video platform full
time.

 

A number of founders at some of China's most well-known tech companies have
in recent months given up overseeing daily operations amid a wide-ranging
clampdown by Chinese regulators on large swathes of the economy.

 

Last week, short-video apps owner Kuaishou (1024.HK) said its co-founder, Su
Hua, had stepped down as CEO.

 

E-commerce company Pinduoduo (PDD.O) founder Huang Zheng stepped down as
chairman this year, having earlier relinquished his CEO title. Alibaba
founder Jack Ma retired as chairman of the e-commerce giant in 2019.

 

The Thomson Reuters Trust Principles.

 

 

Saudi non-oil private sector output highest in nearly four years -PMI

(Reuters) - Saudi Arabia's non-oil private sector notched a 14th month of
consecutive growth in October as output expanded at the fastest rate since
December 2017, signalling the sector's continued strengthening, a survey
showed on Wednesday.

 

The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index
(PMI) fell to 57.7 in October from 58.6 in September but remained well above
the 50.0 mark that separates growth from contraction.

 

It was also above the series average of 56.9 and with the exception of the
September reading was the fastest pace of growth since November 2019. The
output sub-index rose to 62.1 in October from 61.2 in November.

 

"October PMI data showed the non-oil sector recovering at a rapid pace.
Growth in output was the strongest seen for nearly four years, driven by a
marked rise in client demand as the lifting of COVID-19 restrictions
continued to boost economic activity," said David Owen, economist at survey
compiler IHS Markit.

 

"New order growth ticked down from September's recent high but remained
strong, particularly compared to those seen since the start of the
pandemic."

 

Non-oil private firms in Saudi Arabia continued to have a positive outlook
for future business, with hopes pinned on expectations of further
improvement in demand. The sentiment was the second highest of the year but
slightly weaker than in September and still below the series average since
April 2012.

 

"The rate of purchase cost inflation sharpened during October, giving
further signs that rising commodity prices are feeding through to firms'
balance sheets. With confidence towards sales prospects running strong,
businesses were able to pass on costs to customers with the quickest rise in
output prices since August 2020," Owen said.

 

The vast majority of survey responds reported no change to their workforce,
marking only marginal growth in the employment sub-index that was slower
than in September, though employment expanded for the seventh consecutive
month.

 

The Thomson Reuters Trust Principles.

 

 

 

Tesla's Elon Musk bemoans German red tape, again

(Reuters) - Tesla Inc (TSLA.O) Chief Executive Elon Musk took to Twitter to
bemoan a consultation process launched on Tuesday for local citizens to
express objections to a huge factory he is building near Berlin.

 

The process, being repeated over concerns the first time around did not
comply with regulations, is a snag in Tesla's plans to start production of
electric cars this month. read more .

 

"Sigh," Musk tweeted on Tuesday in response to an article posted about the
consultation.

 

Musk then added in a second tweet, "What they are doing is just not right."

 

The car and battery factory is still awaiting approval by local authorities.
The consultation runs until Nov. 22. read more

 

In his two-year battle to get production running at the site, Musk has
expressed irritation at German laws and processes, arguing complex planning
requirements were at odds with the urgency needed to fight climate change.
read more

 

The Thomson Reuters Trust Principles.

 

 

 

China to strengthen personal data protection in fintech sector - c.bank head

(Reuters) - China will strengthen personal protections in the financial
technology sector to curb unauthorised data collection and abuses, the
country's central bank chief said on Wednesday.

 

Beijing will improve the legal frameworks in the sector and countries should
jointly set standards for personal data protection, People's Bank of China
Governor Yi Gang said via video at the Hong Kong Fintech week.

 

Data protection is high on the central bank's agenda, Yi said, adding that
some big tech companies have collected customers' data without permission or
misused such data.

 

"Going forward, we will continue to improve the legal system for personal
information protection in the financial sector and strengthen regulation
accordingly," Yi said.

 

China has preliminarily established a legal system for personal data
protection and government departments will implement supervision, Yi said.

 

At the same time, he added said China should promote reasonable data usage
and make transactions more convenient, so as to enable tech innovation.

 

China has launched a flurry of crackdowns targeting sectors ranging from
technology to cryptocurrency and after-school tuition.

 

The Thomson Reuters Trust Principles.

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

National Unity Day

 

December 22

 


 

Christmas Day

 

December 25

 


 

Boxing Day

 

December 26

 


 

Public Holiday in lieu of Boxing Day falling on a Sunday

 

December 27

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

 

 


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.

 


 

 


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