Major International Business Headlines Brief::: 06 November 2021

[Bulls n Bears]

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Major International Business Headlines Brief::: 06 November 2021

 


 

 


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

 


 

 


ü  US Virgin Islands probes Barclays Epstein links

ü  US sees strong jobs growth as wages edge higher

ü  Wall St books records, weekly gains on strong jobs report, Pfizer COVID-19 pill cheer

ü  U.S. Senate bill would limit big tech mergers

ü  EV maker Rivian boosts IPO price range, aims for $65 bln valuation

ü  Boeing directors agree to $237.5 million settlement over 737 MAX safety oversight

ü  Peloton's value drops $9.2 billion as Wall Street predicts tough road ahead

ü  Vietnam's Vietjet agrees deal with Airbus on plane delivery timings

ü  McAfee nears deal to sell itself to Advent for over $10 bln - WSJ

ü  Tesla to open Canada battery gear factory in Markham, Ontario -mayor

ü  BMW cuts east German working hours to same as west

ü  Africa: Can Africa Attain Universal Internet Access By 2030?

ü  Kenya: Why You Will Not Export Avocados From Next Week

ü  Tanzania Is Home to Nearly 6,000 Billionaires

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

US Virgin Islands probes Barclays Epstein links

The US Virgin Islands has served Barclays in the UK with a court order to provide any documents linked to sex offender Jeffrey Epstein.

 

The US territory is seeking information on transactions, correspondence and investments linked to the financier.

 

The bank was subpoenaed in New York on the matter in February this year.

 

A Barclays spokesperson said: "Barclays has already provided its response to this subpoena and complied with its obligations.

 

"The US Virgin Islands is now in the process of serving a similar subpoena on Barclays in the UK and Barclays will respond to that subpoena once it is served."

 

The BBC understands there is no link between the subpoena and Jes Staley's recent shock resignation as Barclays chief executive, or the FCA probe into his links to Mr Epstein.

 

Following the conclusion of the investigation, Mr Staley left his job suddenly this week after more than six years at Barclays.

 

It had focussed on Mr Staley's links with the dead financier and whether they were closer than first thought.

 

Barclays said on Monday it had been made aware of the conclusions of the probe and "Mr Staley's intention to contest them".

 

Legal request

The subpoena served on Barclays in the US asked for a wide range of documents including any communications between Mr Staley and Epstein, details of the bank's investigation into Epstein and Staley, and Barclays' decision to hire Mr Staley.

 

The US Virgin Islands attempted to serve the second subpoena on Barclays at its London offices in September, but this needs High Court approval, which lawyers for the US territory are understood to be seeking.

 

Mr Staley left his job as Barclays boss after a shock resignation this week, apparently over a perceived inconsistency between his account to his own board of his relationship with Epstein and evidence seen by regulators.

 

Mr Staley insists that while Epstein was an important client of JP Morgan, where Mr Staley worked for a number of years and as such they were in contact regularly, their dealings were well within the grounds that could be described as professional.

 

The BBC understands the regulator took the view that the volume and tone of the emails between the two suggested a closer relationship than the purely professional. But Barclays has stated that the report makes no findings that Mr Staley saw, or was aware of, any of Epstein's crimes.-BBC

 

 

US sees strong jobs growth as wages edge higher

US employers hired more new workers in October than expected, after a slowdown in the summer.

 

Firms added 531,000 jobs and the unemployment rate fell slightly to 4.6%, official figures showed.

 

Hiring figures for September were also revised upwards.

 

The spread of the Delta variant and slower growth had suppressed hiring over the summer, along with an apparent reluctance from parts of the workforce to return to work.

 

That has left many employers scrambling for staff and struggling to meet growing demand. Many are raising wages to attract and retain staff. Figures from the Bureau for Labor Statistics showed average private sector wages rose modestly in October, by 11 cents, to $30.96 an hour, but the rise adds to six months of strong wage increases.

 

The 4.9% growth in average earnings over the past year outpaces annual inflation, which is running at 4.4%.

 

Revised data for September showed that many more jobs were created that month, 312,000, than the 197,000 initially reported.

 

Figures for August were also revised upwards from 366,000 to 483,000.

 

There were notable gains in leisure and hospitality, in professional and business services, in manufacturing, and in transportation and warehousing, the Bureau said.

 

Taken together the data shows a strong upward trend, although jobs growth is still below the rates seen in the first half of the year.

 

President Biden used the October jobs report to take a victory lap, pointing out that the recovery had been faster and stronger than predicted.

 

He said unemployment had decreased this year more than in any year since 1950.

 

The solid jobs report signals that the economic fallout from the Delta wave is finally receding after several months of disappointing data.

 

Nowhere was that more apparent than in the leisure and hospitality sector which added 164,000 jobs.

 

And the gains weren't limited to one industry. Across the private sector hiring was strong, including in professional and business services, and manufacturing.

 

But there is still a large hole to dig out of.

 

The country has more than four million fewer jobs than it did before the pandemic

 

And the labour force participation rate - which measures the share of people who have jobs or are actively looking for work - is flat even as the economic rebound gains steam.

 

A large number of workers who left the American job market during the pandemic, don't seem to be in a hurry to return. And it's not clear that they will.

 

Today's report shows the US economy is picking up momentum. But with lingering supply chain issues and the unpredictability of the health crisis, whether this performance can be repeated remains anyone's guess.

 

Analysts welcomed the report as a strong indication of post-pandemic recovery.

 

"It shows that we're seeing the jobs market healing to the point where we could expect even larger gains next month as more people return to the labour force," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

 

However, the participation rate, which shows what proportion of potential workers are in jobs or looking for one, remained flat, suggesting not everyone is ready for a return to normal.

 

"The participation rate idled at 61.6% which is consistent with people being hesitant about returning to the workforce," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington.

 

"The market wants to see people come off the sidelines and return to the labour force."

 

Fear of Covid infection, childcare challenges, relocations and other lifestyle changes have kept some people out of the labour market.

 

With government support coming to an end, children back in school and savings made during the pandemic running down economists expect more people to return to work.

 

There are currently 7.4 million people out of work, down sharply from its peak during the pandemic but above the 5.7 million who were looking for work pre-Covid.

 

In February 2020, before the pandemic the unemployment rate was 3.5%.

 

Seema Shah, chief strategist at Principal Global Investors, said it was "a little mystifying" why more people were not returning to the workforce.

 

"At this point, with reduced benefits, a return to in-person schooling and the drop in Covid rates, we should be seeing a recovery in participation," she said.

 

"Is it because the massive cushion of savings is still weighing on the incentive to return to work? Or is there a fundamental shift in the psychology of working?"

 

Until more workers return "supply chain issues will only linger", she added.-BBC

 

 

 

Wall St books records, weekly gains on strong jobs report, Pfizer COVID-19 pill cheer

(Reuters) - Wall Street's main indexes scored record closing highs on Friday and booked solid gains for the week following a strong U.S. jobs report and positive data for Pfizer's experimental pill against COVID-19.

 

The S&P 500 and the Nasdaq notched record high closes for their seventh straight sessions, while the Dow Jones Industrial Average also closed at a record. All three indexes posted weekly gains for their fifth straight weeks.

 

The Labor Department report showed U.S. employment increased more than expected in October as the headwind from the surge in COVID-19 infections over the summer subsided. read more

 

A trial of Pfizer Inc's (PFE.N) experimental antiviral pill for COVID-19 was stopped early after the drug was shown to cut by 89% the chances of hospitalization or death for adults at risk of developing severe disease. Pfizer shares jumped about 11%. read more

 

The news kept the run going for equities after investors earlier in the week digested the Federal Reserve's decision to start reducing its monthly bond purchases put in place to support the economy.

 

"Momentum that we have seen this week has continued, and the jobs report and the Pfizer announcement certainly are providing positive datapoints for investors to put more money into the market right now,” said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana.

 

The Dow Jones Industrial Average (.DJI) rose 203.72 points, or 0.56%, to 36,327.95, the S&P 500 (.SPX) gained 17.47 points, or 0.37%, to 4,697.53 and the Nasdaq Composite (.IXIC) added 31.28 points, or 0.2%, to 15,971.59.

 

For the week, the S&P 500 rose 2%, the Dow added 1.42%, while the Nasdaq gained 3.05%.

 

Travel stocks rose following Pfizer's announcement, with the S&P 1500 airlines index (.SPCOMAIR) climbing 7%, and cruise operators Carnival Corp (CCL.N), Royal Caribbean Cruises (RCL.N) and Norwegian Cruise (NCLH.N) rising between about 8% to 9%.

 

"Still early to be definitive but this (pill) looks like a true game changer for many industries like leisure and transportation, you're seeing it reflected in the prices," said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey.

 

Among S&P 500 sectors, energy (.SPNY) and industrials (.SPLRCI) led the way, rising 1.4% and 1%, respectively.

 

Healthcare (.SPXHC) was the only sector that ended negative, falling 1%. The Pfizer news weighed on shares of competitors such as Merck (MRK.N), which fell nearly 10%, and COVID-19 vaccine makers such as Moderna (MRNA.O), which slumped 16.6%.

 

Shares of so-called "stay-at-home" names fell, with Zoom Video Communications (ZM.O) down 6.2% and Netflix Inc (NFLX.O) off 3.4%.

 

Better-than-expected third-quarter earnings have helped lift sentiment for equities. With about 440 companies having reported, S&P 500 earnings are expected to have climbed 41.5% in the third quarter from a year earlier, according to Refinitiv IBES.

 

Pinterest Inc (PINS.N) shares climbed 5.9% after the company's strong fourth-quarter revenue forecast. read more

 

Peloton Interactive Inc (PTON.O) shares slumped 35.3% after the company slashed its full-year sales forecast by up to $1 billion. read more

 

Advancing issues outnumbered declining ones on the NYSE by a 2.16-to-1 ratio; on Nasdaq, a 1.22-to-1 ratio favored advancers.

 

The S&P 500 posted 83 new 52-week highs and two new lows; the Nasdaq Composite recorded 303 new highs and 80 new lows.

 

About 11.5 billion shares changed hands in U.S. exchanges, compared with the 10.5 billion daily average over the last 20 sessions.

 

The Thomson Reuters Trust Principles.

 

 

 

U.S. Senate bill would limit big tech mergers

(Reuters) - Two U.S. senators have introduced bipartisan legislation that seeks to make it harder for Amazon.com (AMZN.O) and other tech giants to make acquisitions.

 

The office of Senator Amy Klobuchar, a Democrat who chairs the Senate Judiciary Committee's antitrust panel, said on Friday that she and Republican Tom Cotton had introduced a bill targeting such companies as Alphabet's (GOOGL.O) Google and Facebook (FB.O).

 

The bill would make it easier for the government to stop deals it believes break antitrust law by requiring the companies to prove to a judge that the deals are good for competition, and therefore legal.

 

A similar bill, introduced by Democratic Representative Hakeem Jeffries and others, has been approved in the House of Representatives Judiciary Committee and awaits a vote by the full House.

 

Traditionally it is up to the government in antitrust enforcement to show a particular transaction would cause prices to rise or is illegal for other reasons.

 

"We're increasingly seeing companies choose to buy their rivals rather than compete," Klobuchar said in a statement.

 

"This bipartisan legislation will put an end to those anticompetitive acquisitions by making it more difficult for dominant digital platforms to eliminate their competitors and enhance the platform's market power."

 

Working with others, Klobuchar introduced a bill in October that would bar Big Tech platforms from favoring their products and services. read more

 

Other bills introduced seek to rein in the outsized market power of tech firms, including industry leaders like Apple (AAPL.O). Thus far none has become law, although one, which would increase resources for antitrust enforcers, passed the Senate. read more

 

The Thomson Reuters Trust Principles.

 

 

 

EV maker Rivian boosts IPO price range, aims for $65 bln valuation

(Reuters) - Rivian Automotive, backed by Amazon.com Inc (AMZN.O), on Friday significantly raised the expected offer price of its shares, with the electric vehicle manufacturer aiming for a valuation of as much as $65 billion in its initial public offering.

 

It had earlier this week aimed for a valuation of more than $53 billion at a price of $62 per share. The company now expects to sell 135 million shares in the range of $72-$74 apiece to raise nearly $10 billion on Nov. 9.

 

The increased price band follows a successful investor roadshow this week, as Wall Street's big IPO investors bet on Rivian to be the next big player in a sector dominated by Tesla (TSLA.O).

 

The IPO could make Rivian one of the only three companies that have raised more than $8 billion in a decade after Alibaba (9988.HK) and Facebook (FB.O).

 

While the startup has yet to sell any significant volume of its electric vans or trucks, a $65 billion valuation for Rivian could make it more valuable than Fiat maker Stellantis NV and bring it closer to legacy automakers Ford (F.N) and General Motors (GM.N).

 

Rivian has been investing heavily to ramp up production, including for its upscale all-electric R1T pickup truck which was launched in September, beating out competition from established rivals such as Tesla Inc, General Motors and Ford.

 

The company had about 55,400 R1T and R1S preorders in the United States and Canada, as of Oct. 31.

 

Rivian said it had started deliveries of the R1T and had recorded revenue for the three months ended September 30. Net loss for that period, however, is estimated to increase due to higher production costs.

 

The EV market is booming as consumers are more environment conscious and is seen as a symbol of luxury for many brands. Tesla produced a record number of cars in its latest quarter, suggesting strong demand for electric cars.

 

Amazon has ordered 100,000 of Rivian's electric delivery vans as part of the e-commerce giant's broader effort to cut its carbon footprint.

 

Rivian will, however, face competition from automakers in both the consumer and commercial van markets.

 

Ford said it has more than 160,000 orders for its F-150 Lightning electric pickup truck and that an electric version of its Transit commercial van is "completely sold out."

 

General Motors is gearing up production of electric delivery vans, SUVs and pickup trucks.

 

Morgan Stanley, Goldman Sachs and J.P. Morgan are the lead underwriters. Rivian will list on the Nasdaq under the symbol "RIVN". The valuation includes shares that underwriters could exercise under the "greenshoe" option.

 

The Thomson Reuters Trust Principles.

 

 

 

Boeing directors agree to $237.5 million settlement over 737 MAX safety oversight

(Reuters) - Boeing Co (BA.N) current and former company directors have reached a $237.5 million proposed settlement with shareholders to settle a lawsuit over the board's safety oversight of the 737 MAX aircraft, documents released on Friday show.

 

Following two fatal 737 MAX crashes in the space of five months in 2018-19 that killed 346 people, Boeing's best selling plane was grounded for 20 months and returned to service after the company made significant software and training improvements.

 

The proposed agreement, which is being filed in Delaware Chancery Court late on Friday and was confirmed by Boeing, will require the election of an additional board director with aviation/aerospace, engineering, or product safety oversight expertise within one year.

 

New York State Comptroller Thomas P. DiNapoli and the Fire and Police Pension Association of Colorado, the lead plaintiffs, said the settlement if approved will be the largest monetary recovery in a lawsuit filed in the Delaware Courts over allegations that directors failed to protect against the risk of harm.

 

Boeing’s board "failed in their fiduciary responsibility to monitor safety and protect the company, its shareholders and its customers from unsafe business practices and admitted illegal conduct," DiNapoli said. "It is our hope, moving forward, that the reforms agreed to in this settlement will help safeguard Boeing and the flying public against future tragedy and begin to restore the company’s reputation."

 

The agreement calls for Boeing's board to always be required to have at least three directors with safety-related experience, according to the proposal, which must be approved by a judge to become final.

 

Under the settlement, Boeing would amend its bylaws to require the separation of the CEO and Board chair positions, create for at least five years an ombudsperson program to provide Boeing employees conducting airplane certification work for the Federal Aviation Administration with a way to raise work-related concerns.

 

The settlement would also require Boeing to provide annual public reports on safety related enhancements implemented by the planemaker since the MAX air disasters.

 

The financial penalty is to be paid by insurers to Boeing, the documents show, minus up to $29.7 million in legal fees and expenses to the shareholder attorneys.

 

Boeing's current and former directors do not admit wrongdoing and assert they were acting in the best interests of Boeing and its stockholders, according to the settlement.

 

The Delaware court in September ruled Boeing stockholders could pursue some claims against the board, saying the first 737 MAX crash was a "red flag" about a safety system known as MCAS "that the board should have heeded but instead ignored."

 

The crashes have cost Boeing some $20 billion. Boeing agreed to a deferred prosecution agreement with the U.S. Department of Justice in January including $2.5 billion in fines and compensation stemming from the 737 MAX crashes.

 

Boeing confirmed the settlement and said "Boeing has taken significant actions to reinforce and strengthen our commitment to aviation safety" since the crashes.

 

The settlement, it added "builds on those actions with additional oversight and governance reforms that will further advance safety and quality in the work that we do."

 

Boeing's board includes the recent additions of Retired Lieutenant General Stayce Harris, who has over 10,000 hours experience as a pilot of Boeing aircraft; and David Joyce, who led GE Aviation from 2009 to 2020.

 

 

 

Peloton's value drops $9.2 billion as Wall Street predicts tough road ahead

(Reuters) - Peloton Interactive Inc (PTON.O) shares closed 35.3% lower on Friday, wiping off about $9.2 billion in market value as analysts predicted a tough path ahead for the pandemic darling amid a return by economies to normalcy.

 

It also halted hiring in all departments with immediate effect during an all-hands meeting, according to a CNBC report.

 

Peloton did not immediately respond to a Reuters request for comment.

 

At least 15 analysts lowered their price target on the Peloton stock after the company cut its annual sales forecast by up to $1 billion and reported its slowest quarterly sales growth in more than a year. read more

 

Wedbush analyst James Hardiman, rated five star by Refinitiv, dubbed Peloton's "fall from grace" in such a short period of time as "fairly astonishing".

 

Peloton's near-term sales is clouded by slowing traffic online, a shift to the lower-priced Bike and slower adoption of Tread, Dana Telsey of Telsey Advisory Group, another highly rated analyst, said in a note.

 

A Peloton exercise bike is seen after the ringing of the opening bell for the company's IPO at the Nasdaq Market site in New York City, New York, U.S., September 26, 2019. REUTERS/Shannon Stapleton/File Photo

Telsey cut her rating to 'market perform' from 'outperform', but along with a few other brokerages, she remained positive about its long-term prospects.

 

Credit Suisse analyst Kaumil Gajrawala said Peloton's connected fitness opportunity could still be intact, but the path to get there appears "more difficult".

 

However, with gyms back in favor, Gajrawala said Peloton needs to adopt a different strategy as gyms are planning to offer digital content.

 

To tackle falling sales, the New York-based company outlined plans to boost marketing spend. BMO's Simeon Siegel, however, doubted if that would be enough.

 

"There are plenty of new entrants fighting for mind and market share and that suggests that increasing marketing dollars will likely prove necessary, but hardly sufficient," Siegel said.

 

The home fitness leader's shares closed at $55.64. They have lost 63% so far this year.

 

The Thomson Reuters Trust Principles.

 

 

 

Vietnam's Vietjet agrees deal with Airbus on plane delivery timings

(Reuters) - Vietnamese budget airline Vietjet Aviation JSC (VJC.HM) said it had signed an agreement with Airbus SE (AIR.PA) on Friday involving the timing of deliveries of 119 planes on order with the European manufacturer.

 

The airline has 119 A321neo narrowbody planes, used for domestic and regional international flights, on order that have yet to be delivered, according to Airbus' order book. It did not provide details of the new delivery dates in a statement issued on Friday.

 

Southeast Asian budget carriers that had ordered hundreds of planes before the pandemic have been hit hard by travel restrictions that left fleets largely grounded for months, though the situation is beginning to improve. Vietnam and Malaysia last month allowed domestic flights to resume. read more

 

Vietjet's move comes a month after Malaysian budget airline AirAsia Group Bhd (AIRA.KL) also restructured its Airbus orders and revised delivery plans. read more

 

Airbus Chief Commercial Officer Christian Scherer said in the statement that the agreement with Vietjet was another example of how the planemaker had worked with customers to find solutions to adapt to the impact of the pandemic.

 

Vietjet also said it would take delivery of up to three leased A330 widebodies in November as part of the airline's fleet development plan.

 

Vietnam plans to restart international commercial flights with 15 countries from January next year, its aviation authority said on Friday, eyeing a full resumption by July. read more

 

The Thomson Reuters Trust Principles.

 

 

 

McAfee nears deal to sell itself to Advent for over $10 bln - WSJ

(Reuters) - Cyber security firm McAfee Corp (MCFE.O) is nearing a deal to sell itself to U.S. private equity firm Advent International for more than $10 billion, the Wall Street Journal reported on Friday, citing people familiar with the matter.

 

The deal could be announced on Monday, although the talks could still fall apart, the report said.

 

McAfee and Advent did not immediately respond to Reuters requests for comment.

 

The potential deal comes at a time when the pandemic-driven shift to remote working and a rise in cyber attacks has spurred demand for antivirus and digital security software.

 

Seeking to create a leader in consumer security software, U.S.-based NortonLifeLock Inc (NLOK.O) in August agreed to buy London-listed rival Avast Plc (AVST.L) for up to $8.6 billion. read more

 

Shares of McAfee, which made its market debut last year, closed 20% higher on Friday at $25.46.

 

The company said in March it would sell its enterprise business to a consortium led by Symphony Technology Group for $4 billion in cash. read more

 

The Thomson Reuters Trust Principles.

 

 

 

Tesla to open Canada battery gear factory in Markham, Ontario -mayor

(Reuters) - Tesla Inc opened a factory to produce battery manufacturing equipment in the Canadian city of Markham, Ontario, the city said on Friday, as the electric carmaker ramps up the production of cheaper, higher-range 4680 battery cells.

 

In 2019, the U.S. electric carmaker acquired Canada-based Hibar, which manufactures pumps used in fast-speed battery assembly that Tesla is introducing for its new 4680 cells.

 

"I'm delighted to share that Tesla Canada is joining our already robust automotive and technology ecosystem by locating a manufacturing facility in the City of Markham," the city mayor Frank Scarpitti said on Twitter.

 

"The facility will be the first branded Tesla Canada manufacturing facility in Canada and will produce state-of-the-art manufacturing equipment to be used at the Gigafactories located around the world in the production of batteries."

 

City official Bryan Frois told Reuters the Markham facility opened this summer, marking an expansion of another site in neighboring Richmond Hill.

 

Tesla did not immediately comment on the mayor's tweet. Last year, Tesla senior vice president Andrew Baglino said at the Battery Day event that its "vertical integration" with Hibar and others would allow them to build batteries faster and scale up production of its 4680 battery cells.

 

Baglino said last month that Tesla will start delivering its first vehicles with 4680 batteries early next year, but added that "this is a new architecture and unknown unknowns may exist still."

 

Tesla currently builds the 4680 cells at its pilot factory in California and plans to start their production at its upcoming factories in Texas and Berlin.

 

The Thomson Reuters Trust Principles.

 

 

BMW cuts east German working hours to same as west

(Reuters) - BMW will cut working hours at its east German plant from 38 to 35, in line with its west German factories, it said on Friday, in a move welcomed by the works council as bringing long-awaited equality 30 years after the fall of the Berlin Wall.

 

Salaries and working hours remain uneven between western and eastern Germany, with government data showing eastern German workers continue to work slightly longer hours for less money than their western counterparts.

 

BMW (BMWG.DE) committed on Friday to reducing the working week at its plant in Leipzig, part of former Communist East Germany, in three stages to 35 hours by 2026, and bringing on 300 additional employees to make up the shortfall.

 

"More than 30 years after the fall of the wall, our BMW Group workers finally do not have to work three more hours than their colleagues in the west," works council head Manfred Schoch said.

 

Rival Volkswagen (VOWG_p.DE) made a similar move in May, implementing a 35-hour working week at its east German plants to match west German working hours.

 

However, it did not hire additional workers, instead expecting east German plants to boost productivity.

 

The Thomson Reuters Trust Principles.

 

 

 

Africa: Can Africa Attain Universal Internet Access By 2030?

Despite recent growth in internet connectivity, Africa lags behind other regions of the world. The World Bank hopes to enable the continent to achieve universal connectivity by 2030, but huge hurdles stand in the way.

 

Customers surrounded Samuel Dagblo, a young teacher who doubles as a mobile phone money transfer agent at Northern Ghana's Yunyoo farming community.

 

In this rural part of Ghana -- which recently gained access to cellular networks -- people's lives are being rapidly transformed by internet connectivity.

Previously, people had to make do with weak network signals and, in some cases, had to walk several kilometers just to make a phone call.

 

But a few weeks ago, authorities and telecom companies set up infrastructure to connect via a 4G broadband network.

 

"It's making things now easy, whoever comes, maximum, one minute, you are done with that person, and the person can go," Dagblo told DW.

 

"Unlike those days you can be on one person close to 10 minutes and getting to the end, the network will fail you, and you have to start all over again."

 

Nearby, a group of young people sat under a cashew tree using their phones. One of them, Musah Nangode, said he felt very excited about this new connectivity.

 

"We did not have this privilege others were enjoying in other districts," Nangode said, adding that they could not make calls, transact mobile money, or use WhatsApp and Twitter.

"We were just left out, which was a hell here," Nangode told DW in an interview.

 

Broadening broadband

 

Ghana was among the first African countries to liberalize the telecommunications market in 1990. Two years later, the internet became accessible.

 

Today, nearly 70% of Ghana's 30 million people are mobile subscribers, according to the National Communications Authority (NCA).

 

In 2004, Ghana enacted an internet accelerating development program, which included laying fiber-optic infrastructure. IT expert Amadu Samed Gaida said that connectivity is crucial for empowering Africa's youth.

 

"That is where they will be able to learn beyond imagination," Gaida said.

 

"If you deprive them of the internet, you are definitely not empowering them. You can give them money, you can give them water, you can give them anything, but they will still lack the knowledge to make use of whatever you are giving them," Gaida told DW.

South Sudan's internet woes

 

Whereas countries such as Ghana, Nigeria, South Africa, and Kenya boast impressive internet penetration, South Sudan has an internet penetration rate of only 8% -- one of the lowest in the continent.

 

Moreover, mobile network coverage is feeble in Africa's youngest nation.

 

The number of mobile phone connections in South Sudan was equivalent to 20% of the population, cccording to 2020 figures from datareportal.

 

"It is very difficult in South Sudan to get in touch with our family members because we have the internet in South Sudan but it is not all that fast," Dedi Ezbon Samuel, a radio journalist in the capital Juba, told DW. "Even in some parts of the country, we find there is no internet."

 

His frustrations are shared by Jimmy Alithum. The 45-year-old hardware businessman complained that the phone companies give way too little time on their data bundles.

 

"Sometimes when I am at home doing my research using my phone or my laptop, it is a little bit disturbing because you feel like the time given [by phone companies to browse] is not enough and you have spent a lot of money," he told DW.

 

"Most people are doing business online and maybe there is a picture of a certain item that is on display, you want to view and so you click on it, It takes so long and if you are in a hurry you can not wait," Jimmy said, adding that in the process you are losing a lot of bundles.

 

"The government needs to address the issue of higher taxes," Robert Gama, an IT consultant based in Juba, told DW.

 

"Companies tend to incur a lot of money on taxes, they also spend a lot of money on taxes on the importation of equipment and logistics."

 

Gama also highlighted the need to improve the country's infrastructure, such as roads and railway, as a means of accelerating internet penetration.

 

"Besides that, the issue of insecurity tends to make a lot of losses for internet and telecom companies in this country," he said.

 

South Sudan has been ravaged by internal power and ethnic strife since it gained independence from Sudan on July 9, 2011.

 

Billions needed to connect Africans

 

Over the past decade, African leaders working with various local and international partners have made great strides in making the internet accessible for 1.4 billion people.

 

But -- with just 22% internet connectivity -- the continent remains significantaly behind other world regions.

 

IT experts have long argued that the cost of data is too high for most people. In addition, lack of digital skills and literacy remains a stumbling block for many, particularly those living in rural areas.

 

Africa will require an investment totaling $100 billion (€86 billion) to plug every African into the internet by 2030, according to a World Bank estimate.

 

"Let us be clear: No single actor will be able to meet Africa's 2030 target and carry the burden of a $100 billion investment funding requirement alone," Hafez Ghanem, the World Bank's vice president for Africa, said on the bank's website. He added that all stakeholders must strive to ensure that every African has affordable and reliable access to the internet.

 

In October, US tech giant Google announced that it intends to invest $1 billion in Africa over the next five years. The massive funds will ensure access to fast and affordable internet and support startups to aid the continent's digital transformation. Nigeria, Kenya, Ghana and Uganda will be the prime beneficiaries.

 

Abdul Rahaman Nayuni, from the Yunyoo community of northern Ghana, can attest to that.

 

"If you don't monitor the internet, you wouldn't know there is an opportunity somewhere. Now I can sit in my room every morning, go to the job opportunity platforms and see if anything is going on in Ghana."

 

 

 

Kenya: Why You Will Not Export Avocados From Next Week

The horticulture regulator has slapped a ban on export of Kenya's popular avocado varieties to curb harvesting of immature crop by hungry farmers and dealers.

 

Head of Horticulture Directorate Benjamin Tito says the move on Fuerte and Hass varieties, will be effected on November 15 with exceptions given to exporters who have the jumbo type and those having off season crop.

 

"The closing of Hass and Fuerte harvesting season for the 2021/2022 fiscal year shall be effected on November 15 to protect our overseas market from immature crop," said Mr Tito yesterday.

 

Mr Tito said exporters with the jumbo variety will only do it by air and not sea with the size expected to be at least 184 grammes for a single fruit.

 

Dealers and companies with off-season crop shall request verification for inspection from HCD regional offices in writing within 24 hours as from Friday next week.

The review on when the ban will be lifted will be conducted on January 15 next year to ascertain the status of the crop.

 

Low quality crop

 

The move follows rampant cases of traders picking immature fruit to capitalise on high prices of the commodity in the global markets.

 

Avocado has been a major contributor of income from horticulture earnings, raking in nearly half of the total returns from fruits.

 

The season for main varieties will affect local prices as a shortage is expected. Already, there have been price movements with a piece of the fruit now retailing at Sh30 from Sh20 previously.

 

Kenya's avocado market in the Middle-East was hit in 2018 following export of low quality crop. The price of the fruit to Dubai dropped by almost half in March 2018 as sale of immature crop hit the value of the produce.

 

The Directorate of Horticulture indicated that the price of a unit of avocado dropped from 35 dirhams (Sh945) previously to 16 dirhams (Sh432) during the period.

 

The decline resulted from immature avocados that were being exported to Dubai by unscrupulous businessmen following high demand of the fruit.-Nation.

 

 

Tanzania Is Home to Nearly 6,000 Billionaires

Dar es Salaam — There are close to 6,000 billionaires in Tanzania engaged in different businesses such as mining, industrial trade, financial sector, telecommunications, tourism and real estate. This was brought to light earlier today by Finance Minister Mwigulu Nchemba during a parliamentary session in the country's capital Dodoma.

 

According to the Minister, 115 of the 5740 billionaires have a net worth above $30 million, categorized as Ultra High Net Worth Individuals, and account for 28% of the total net worth of Tanzania's billionaires.

 

Nchemba was responding to a question raised by Mlalo Member of Parliament, Rashid Shangazi, and took the opportunity to further explain that the government through its revenue collecting authority TRA has a registry of most of these billionaires and collects taxes from them according to the law.

 

Africa as a continent is home to 140,000 billionaires, accounting for just 1% of the global billionaires tally.-Citizen.

 

 

 

 

 

 


 


 


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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