Major International Business Headlines Brief::: 08 November 2021

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Major International Business Headlines Brief::: 08 November 2021

 


 

 


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

 


 

 


ü  Nigeria one step closer to mobile money rollout

ü  Sydney Airport agrees to $17.5bn buyout deal

ü  Covid-19: US reopens border to UK travellers after almost two years

ü  New York gears up for tourists' return as US lifts ban

ü  Twitter poll calls on Elon Musk to sell 10% stake in Tesla

ü  Biden: Infrastructure bill is 'monumental step forward'

ü  Small scale nuclear to get green light this week

ü  Climate change: Fridge doors could save 1% of UK electricity use

ü  US sees strong jobs growth as wages edge higher

ü  The New Masters: How auction houses are chasing crypto millions

ü  Business leaders optimistic COP26 visions will become reality

ü  Asia stocks go guarded ahead of U.S. inflation test

ü  Crypto rally lifts ether to new record, bitcoin to near 3-week high

ü  Ant Group starts to differentiate consumer loan business Jiebei from bank
loans

ü  Indonesia carbon capture storage deal could need $500 mln, official says

ü  Some investors have not got Evergrande unit's bond interest due Nov 6:
sources

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Nigeria one step closer to mobile money rollout

Mobile phone operators MTN and Airtel have both received partial approval
from the Central Bank of Nigeria to operate mobile payments in the country.

 

This comes three years after the CBN initially said it would allow
non-financial companies to apply for mobile banking licences.

 

"A final approval which is subject to the fulfilment of certain conditions
will be issued to the Telcos within six months,” a statement from both
operators read.

 

Under the guidelines, mobile network operators are allowed to provide
financial services to millions of unbanked Nigerians. However, they can do
so only as Payment Service Banks (PSBs) and through a subsidiary separate
from their core operations.

 

PSBs accept deposits from individuals and small businesses, offer payment
and remittance services, and other activities prescribed by the central
bank.

 

This could make a huge difference for Nigeria's 38 million unbanked adults -
about 36% of the total adult population in the country.-BBC

 

 

 

Sydney Airport agrees to $17.5bn buyout deal

Sydney Airport has agreed to accept a A$23.6bn (£13bn; $17.5bn) takeover bid
from a group of investors.

 

If completed, the deal will one of Australia's biggest ever buyouts.

 

The agreement came after Sydney Aviation Alliance (SAA) raised its bid in
response to the airport's owner rebuffing its earlier offer.

 

However, the proposed sale faces a number of potential obstacles, which
means the process could still take months to complete.

 

"The Sydney Airport Boards believe the outcome reflects appropriate
long-term value for the airport, and unanimously recommend the proposal to
securityholders, subject to customary conditions such as independent expert
approval and no superior proposal," Sydney Airport's chairman David Gonski
said in a statement to the stock exchange.

 

The announcement of the deal for Australia's biggest airport operator came
shortly after the country reopened its borders to international travel.

 

>From the start of November, fully vaccinated overseas visitors have been
allowed to enter Australia's two biggest states without the need for
quarantine for the first time in more than a year and a half. Millions of
Australians are also now able travel abroad freely.

 

SAA is made up of Australian firms IFM Investors, QSuper and AustralianSuper
and US-based Global Infrastructure Partners.

 

The agreement still needs to clear several more hurdles until it can be
completed, including an independent report on the takeover.

 

It also requires approval from three quarters of the airport's shareholders,
as well as the greenlight from Australian regulators.

 

Sydney Airport's board said that it plans to hold meetings about the deal in
the first quarter of 2022.

 

Shares in the the company rose by 2.8% in Sydney Stock Exchange trading on
Monday.-BBC

 

 

 

Covid-19: US reopens border to UK travellers after almost two years

UK visitors are now able to travel to the US for the first time in nearly
two years.

 

The border reopened at 05:01 GMT and the first flights take off from
Heathrow at 08:30 - but all UK visitors over 18 will have to provide proof
of vaccination to enter the US.

 

American travellers have been able to travel to the UK since 28 July.

 

Transport Secretary Grant Shapps has called this a "significant moment" for
UK-US travel.

 

Transatlantic flights, he added, are "at the heart of UK aviation".

 

In addition to the UK, the travel ban is being lifted for people from
Brazil, China, India, Ireland, South Africa, Iran and the Schengen countries
- a group of 26 European nations.

 

New York gears up for tourists' return

Until now, only US citizens, residents and a small selection of other exempt
groups have been allowed entry to the US from the UK.

 

The new rules will apply to all individuals that have received vaccines
approved by the US Food and Drug Administration (FDA) and vaccines Listed
for Emergency Use (EUL) by the World Health Organization.

 

The White House's assistant press secretary, Kevin Munoz, confirmed on 15
October that double vaccinated foreign nationals would be able to visit the
US from 8 November.

 

The UK has been on the Centers for Disease Control and Prevention (CDC)'s
highest risk category for Covid, level 4 or "very high" since 19 July.

 

The CDC said that vaccines approved by the US FDA and WHO's EUL vaccines
will be accepted. Therefore, travellers that have received one dose of the
Johnson & Johnson vaccine or two doses of the following vaccines will be
allowed to enter the US:

 

·         Pfizer-BioNTech

·         Moderna

·         AstraZeneca,

·         Covaxin

·         Covishield

·         BIBP/Sinopharm

·         Sinovac

Travellers must provide proof of vaccination via their vaccine passport.
Certificates including the NHS Covid Pass will be accepted.

 

As well as being double vaccinated, travellers will have to provide proof of
either a negative Covid test result - taken no more than three days before
travelling - or show that they have recovered from the virus in the previous
three months.

 

Children are exempt from the vaccination requirement, but all those aged
between two and 17 will have to take a Covid-19 test three to five days
after arrival.

 

Fully jabbed American visitors travelling to the UK need to take a test on
or before the second day of their arrival.

 

After a difficult 21 months, airlines have increased UK-US flight schedules
to meet the higher demand.

 

What are the rules for travelling to the US now?

US to lift travel ban on 8 November

To celebrate the end of the travel ban, British Airways and Virgin Atlantic
will have a synchronised departure from Heathrow Airport.

 

line

'Missed two weddings'

One woman who had not seen her parents, brother or sister in nearly two
years as they live in California, said the ban had been a "nightmare" for
her family.

 

Nadine Beasley missed the weddings of both her siblings, which had been
scheduled to take place at the same time so she could attend with her
husband and nine-year-old daughter.

 

"Obviously the pandemic scuppered that," she told BBC Breakfast.

 

Unfortunately for Mrs Beasley, her brother's wedding took place in May and
her sister's was just over a week before the ban was lifted.

 

She has finally been able to book a flight to December to see them, but said
the opening up of travel left her with with mixed feelings, as it felt a bit
"too late for us".

 

Mrs Beasley said: "I bawled my eyes out and I think it was a mixture of
elation and also frustration and honestly a bit of grief.

 

"Grieving the loss of knowing I've missed out on massive life events with
everybody."

 

Before travelling, fully jabbed passengers entering the UK no longer have to
take a Covid test before travelling.

 

This applies to all individuals that have been vaccinated in the UK, the EU,
the US and several other countries - Brazil, India, Pakistan and South
Africa are some of the countries included in the list.

 

However, passengers have to prove they have been vaccinated before
travelling. In addition to this, they have to take a lateral flow test two
days after arrival in the UK.-BBC

 

 

 

New York gears up for tourists' return as US lifts ban

The ice rinks are opening, the decorations are going up and the Thanksgiving
day parade will be back in its full glory this year.

 

New York is getting ready to embrace tourists with open arms after 20 months
of a strictly long-distance relationship.

 

But visitors are also being warned that prices will be higher, menus more
limited, even the toilet paper may not be as soft as you'd like.

 

Welcome to travel in the wake of Covid.

 

What are the rules for travelling to the US now?

Before Covid, 65 million tourists were rolling into town every year, more
than a million from the UK.

 

With the ban on visitors from overseas now lifted - as long as they are
vaccinated - businesses across New York are gearing up for what they hope
will be a tsunami of tourists this winter.

 

 

But behind the scenes things are still far from normal.

 

Short supply

"Cutlery, plateware, glassware, take-out containers, paper products
 you
name it, it's across the board, even toilet paper," says Philippe Massoud,
listing the things that are difficult to get hold of thanks to supply chain
challenges.

 

He is chef and owner of Ilili, a Lebanese restaurant on 5th Avenue.

 

At a certain standard of venue, things like matching tableware and the right
specification of toilet tissue matter, says Mr Massoud. "Sandpaper" is not
okay, he says.

 

Like the UK, the US is suffering supply chain bottlenecks, sharply rising
prices and staffing shortages that are hampering day-to-day business.

 

"New York's heart is beating hard and strong," says Mr Massoud, so he's sure
tourists will still have the experience they're looking for, but for dining
out, they should definitely book ahead.

 

Ilili has already had to close at lunchtimes. Many of the staff who used to
work tables while pursuing careers on Broadway have left the city and not
yet returned.

 

"Everybody without exception is struggling to find staff," says Mr Massoud.

 

And with the cost of food rising, he says he has no choice but to look at
raising his prices too.

 

Reinvention

Ilili is adapting to cope. But not everyone managed to. Just as in other
cities around the world, the pandemic has forced hotels, nightclubs,
restaurants, bars and sandwich shops out of business.

 

But now new venues are beginning to open, including a vast new nightclub
near Times Square.

 

In fact it's a moment of reinvention, that New York is grasping with
enthusiasm, according to Fred Dixon, head of New York City & Co the body
responsible for promoting the city.

 

He points to the outdoor dining structures lining much of the city's
streets, providing ventilated, safer spaces to dine.

 

After Covid ripped mercilessly through the city at the start of the
pandemic, New Yorkers remain cautious. People wear masks not only on public
transport and in shops, but often on the street too.

 

Proof of vaccination is required to dine indoors at restaurants in New York,
attend sports events and theatres, a rule that applies to tourists too.

 

"There are challenges ahead of us but some of those innovations have kept
New York lively and vibrant," says Mr Dixon.

 

>From the time the first lockdown his organisation determined to keep NYC
alive in the minds of would-be travellers stuck at home in lockdown. It ran
a "New York is missing you" billboard campaign in the UK, to remind them
what they were missing.

 

Now with museums open, rules relaxed and Broadway set to return to full
capacity by spring, NYC &Co is switching messages to "New York is ready for
you".

 

Stockpiling

But being ready is harder work than it used to be and visitors may have to
exercise some patience, says Wilson Tang, who runs the 100 year old Nom Wah
Tea Parlor, in New York's Chinatown district.

 

Before the pandemic Chinatown attracted hoards of tourists, picking up
trinkets, noodles and dumplings. And it was hit earlier and harder than
most, thanks in part to rhetoric around "the China virus" and the xenophobia
that followed.

 

Now there are challenges to getting back to normal that can't be overcome
overnight, Wilson says.

 

"The wait [for service] might be longer, we might not have the full menu,
the pricing might be more expensive than the last time you were here," he
warns.

 

"These are things to take account of as we awake from our Covid slumber."

 

Nearby Lizy Yee, who runs the Kam Hing Bakery has managed to keep the price
of her sponge cakes low for now, but is frantically stockpiling ingredients
to head off rising costs.

 

"We're trying to get three to four months of reserve," she says.

 

"We're using basements, renting out storage rooms." She has already bought
fifty 50lb bags of sugar and wants to bulk buy flour and flavourings too.
The hunt for alternative suppliers and better deals is ongoing.

 

Substitute shampoo

At the luxury end of the market, they're taking a similar strategy.

 

Rebecca Hubbard general manager of the five star Lotte New York Palace Hotel
says she's "elated" at the prospect of returning tourists, but like others
she's not taking chances.

 

The hotel is making sure it is more than fully stocked with anything that
might run short, if supply chain bottlenecks continue.

 

"We're preparing for the worst, continuing to keep our [stock] levels up
just in case," Ms Hubbard says.

 

"Shampoo, toilet paper, linen, paper products, glassware anything guests
would normally use in a room."

 

On top of that the hotel needs a ready supply of masks. They are one of
things that have run short in the past, and are susceptible to shipping
delays as they're still mainly sourced from Asia.

 

Mitchell Hochberg, president of Lightstone the property company that owns
the Moxy chain of hotels says for the moment supply chain problems seem to
be getting worse not better, though he insists that won't affect visitors'
experience.

 

"A guest wouldn't know it's a different shampoo or that the air con unit
part was bought from a different manufacturer," he says.

 

But there are some changes.

 

"We instituted self-service check-in... like in an airport," says Mr
Hochberg. "It was well-received and seems to be something that will continue
for simplicity."

 

Moxy Hotels are offering guests the option to have less frequent
room-cleaning, every three days rather than daily, if they prefer, for
health and safety reasons, not to have staff coming into their room as
often.

 

And for now breakfast is still a takeaway bag of muffin, croissant, yoghurt
and the like, rather than a hot buffet, also for Covid-safety reasons, he
says.

 

Switching drinks

Having to find ways round the challenges has its upsides though too.

 

Hundreds of restaurants around the city have erected extra outdoor seating
structures on the roadside

At downtown wine bar Ardesia, it has proved a blessing in disguise.

 

Mandy Oser, has found an order of white wine from Hungary is stuck in a port
in Germany, a favourite Irish whiskey brand won't be available again until
Christmas, and George Clooney's Casamigos Tequila is nowhere to be found. So
she has been forced to find alternatives.

 

Amongst her new discoveries are an "outstanding" new artisan tequila and a
brand of bourbon made by an African-American owned company in Tennessee.

 

"For us it's opened up some new channels and pushed us to look rather than
just reorder what we ordered a year ago.

 

"Covid taught us you do not know what is around the corner. We're trying to
hold on to that."-BBC

 

 

 

Twitter poll calls on Elon Musk to sell 10% stake in Tesla

Voters in a Twitter poll have urged Elon Musk to sell 10% of his stake in
Tesla in order to pay tax.

 

More than 3.5 million Twitter users voted in the poll, launched by Mr Musk
on Saturday, with nearly 58% voting in favour of the share sale.

 

The vote could see him dispose of nearly $21bn (£16bn) of stock in the
electric carmaker.

 

He has promised to abide by the result, in response to a "billionaires tax"
proposed by US Democrats.

 

But Mr Musk, one of the world's richest men, has yet to comment publicly on
the verdict, or how and when he would sell his stake.

 

Should he go ahead with the sale, it could leave him with a huge tax bill.

 

When disposing of large share holdings, some chief executives use so-called
"blind" sales programmes, spreading the sale over a long time period to
avoid accusations of insider trading.

 

In an earlier tweet on Saturday, Mr Musk said he took no salary or bonuses
from any of his companies - meaning he has no earnings on which to pay
income tax.

 

But he has made billions of dollars through a compensation package, which
gives him power to exercise large amounts of stock options when the company
meets performance targets and its shares hit certain prices.

 

Mr Musk has an option, which expires in August next year, to buy 22.86
million Tesla shares at $6.24 each - a fraction of Tesla's closing share
price on Friday of $1,222.

 

Under plans proposed by the Democratic Party in the Senate, billionaires
could be taxed on "unrealised gains" when the price of their shares goes up
- even if they do not sell any of their stock.

 

It is thought the proposed tax on capital gains, whether or not assets have
been sold, could hit about 700 billionaires in the US. Critics have pointed
out that the value of assets do not always go up.

 

Mr Musk's recent Twitter poll has raised some eyebrows in the world of
finance.

 

"We are witnessing the Twitter masses deciding the outcome of a $25B coin
flip," Venture investor Chamath Palihapitiya wrote on Twitter.

 

"Looking forward to the day when the richest person in the world paying some
tax does not depend on a Twitter poll," Berkeley economist Gabriel Zucman
tweeted.

 

 

Mr Musk is one of the most popular business leaders on Twitter, with nearly
63 million followers.

 

He regularly uses the platform to share updates from the companies he owns -
including SpaceX and Neuralink. He is also known for sharing memes, adding
to his popularity among fans.

 

But some posts have drawn controversy.

 

Earlier this year he tweeted in response to a claim, made by the head of the
UN World Food Programme (WFP), that just 2% of Mr Musk's wealth could help
to solve world hunger.

 

In October, Mr Musk said he would sell $6bn in Tesla stock and donate it to
the WFP, provided it could describe "exactly how $6bn will solve world
hunger".-BBC

 

 

 

Biden: Infrastructure bill is 'monumental step forward'

President Joe Biden has hailed the passage of his landmark $1tn (£741bn)
infrastructure spending package as a "monumental step forward".

 

Negotiations over the sweeping public works bill - which passed the House of
Representatives with 228-206 vote - created a bitter split among Democrats.

 

"Finally, infrastructure week," Mr Biden told reporters. "I'm so happy to
say that: infrastructure week."

 

A more ambitious social spending bill favoured by liberals was put on hold.

 

The infrastructure package now heads to Mr Biden's desk to be signed into
law.

 

Billed as a "once-in-a-generation" spending measure, the infrastructure
legislation proposes $550bn in new federal expenditure, over the next eight
years, to upgrade highways, roads and bridges, and to modernise city transit
systems and passenger rail networks.

 

The agreement also sets aside funding for clean drinking water, high speed
internet, and a nationwide network of electric vehicle charging points.

 

It is the largest federal investment in the country's infrastructure for
decades and is seen as a major domestic win for the US president.

 

"We took a monumental step forward as a nation", Mr Biden told reporters.
"We did something that's long overdue... a once-in-a-generation investment
that's going to create millions of jobs modernising infrastructure, our
roads, our bridges, our broadband, all range of things".

 

It will be financed in several ways, including unspent emergency relief
funds from the Covid pandemic.

 

Its passage marks a huge achievement for the Biden administration amid low
approval ratings and a defeat for the Democrats in Virginia's gubernatorial
election this week.

 

Three months ago, 19 Republicans joined with Democrats to approve the
legislation in the evenly split Senate, a rare bipartisan feat in an
increasingly divided Congress.

 

On Friday the bill passed the House with support from 13 Republicans, too.
But more liberal lawmakers balked at its final version, complaining that key
liberal policies had been dropped in exchange for the bipartisan win.

 

Six Democrats voted against it, including Alexandria Ocasio-Cortez of New
York and Ilhan Omar of Minnesota. The group of six - dubbed The Squad - are
among the most left-wing and progressive members of the House.

 

Members of the Congressional Progressive Caucus pledged they would not
support the infrastructure bill until they had voted on a separate social
welfare bill that allocates $1.75tn for healthcare, education and climate
change initiatives.

 

If passed, it would usher in the biggest expansion of the US safety net in
more than 50 years.

 

Democrats control both chambers of Congress by very slim majorities, so
near-universal support would be required for the bill's passage.

 

Centrist Democrats continue to object to the size and scope of the sprawling
bill. They are insisting on seeing full accounting of its economic impacts.

 

On Friday House leaders brokered a compromise, insisting on a vote on the
infrastructure bill, accompanied by a procedural vote to start debate on the
social spending bill. The chamber passed the procedural vote early on
Saturday by 221 votes to 213.

 

Compiling an independent assessment of the social spending bill's full cost
is expected to take at least two weeks, although Democratic leaders have
said they remain confident the bill will be passed before the Thanksgiving
holiday at the end of November.

 

After months of haggling, brinksmanship and trips back to square one, Joe
Biden's bipartisan infrastructure bill is on the verge of becoming
infrastructure law.

 

Final passage in Congress was secured by a deal forged between liberals and
centrists in the Democratic Party to approve the infrastructure bill now and
hold a vote in the House of Representatives on a larger social spending
package by 15 November.

 

That represents a leap of faith - and a tactical retreat - by the liberals
who had been insisting that the infrastructure and spending bills be
approved simultaneously. It was a leap too far for the handful of liberals
who still voted no. But with a few Republicans on board, and Joe Biden
publicly pushing for a vote and promising progressives the spending bill
would get its day soon, a path to passage emerged.

 

Of course, promises can be broken - and there's still the possibility
centrists could derail the spending package, either in the House or after it
reaches the Senate. In the meantime, however, the infrastructure bill, with
hundreds of billions of dollars for roads, bridges, pipes and green energy,
has reached the finish line, giving Mr Biden a signature bipartisan
legislative victory.-BBC

 

 

 

Small scale nuclear to get green light this week

Reactor designer Rolls Royce will announce that a consortium of investors
will back plans for a new smaller nuclear reactor project.

 

As part of its 10 point green energy plan, the government has already
announced it would provide £210m in funding if that could be matched by
private capital.

 

An announcement that money has been raised could come as soon as Tuesday.

 

Around 21% of Britain's electricity supply is provided by nuclear power.

 

Jeff Bezos-backed fusion plant to be built in UK

What does net zero mean?

US lab stands on threshold of key fusion goal

The plan is thought to include the construction of an initial four Small
Modular Reactors (SMRs) based on the technology used in nuclear powered
submarines.

 

These reactors will be capable of generating nearly 500 megawatt hours of
power - three times as much as much as most existing nuclear submarine
reactors but more than six times less than the 3.2 gigawatts that the large
plant under construction at Hinkley Point will deliver. Hinkley is expected
to produce enough power to supply 6 million homes.

 

However, at an expected ultimate cost of around £2 billion each, they should
cost less than a tenth of the £20 billion each of Hinkley and an
anticipated, but not yet approved, sister plant at Sizewell in Suffolk.

 

Industry sources say they hope that these SMRs would be operational within a
decade.

 

Advocates of SMRs say their smaller size means they can be built in a
controlled factory setting and installed module by module, reducing risk and
cost.

 

These reactors are not expected to be a substitute for another large-scale
nuclear plant the government has said it is determined to approve this
parliament - but in addition.

 

The planned locations of these SMRs is not expected to be confirmed this
week but industry sources suggest that existing nuclear sites are the
obvious candidates.-BBC

 

 

 

Climate change: Fridge doors could save 1% of UK electricity use

The UK could cut its total electricity usage by 1% if the top five British
supermarkets put doors on fridges, campaigners have said.

 

Aldi has pledged to put fridge doors in all of its new UK stores, saving
2,000 tonnes of carbon a year.

 

Other supermarkets say they will try to make open fridges more efficient.

 

But the Environmental Investigation Agency said supermarkets could cut their
electricity bills by an average of 33% by adding doors.

 

Each of Aldi's 100 new stores will save 20 tonnes of carbon per year by
having doors on fridges, the German chain said, adding it would reduce
stores' energy consumption by 20%.

 

Glamorgan Cricketer and environmental campaigner Joe Cooke says all
supermarkets operating in Wales should follow suit.

 

"It's such a simple change," Cooke said. "It could save so much energy,
that's going to be so important for us as we try to decarbonise and make the
changes to become a greener country."

 

Cooke said only the Co-op and Aldi had committed to fridge doors in all
their new and newly refurbished stores.

 

Mary Dunn, Aldi UK's managing director of corporate responsibility, said:
"Introducing fridge doors is another step on that journey to reduce our
energy consumption and we hope that customers enjoy the new, more
sustainable shopping experience."

 

But Tesco, Sainsbury's, Morrisons, Waitrose and M&S all said they would be
using "air wall" technologies that force cold air towards the back of open
displays to save energy.

 

Lidl said is uses curtains when its stores are closed and Asda said it would
be trialling doors on chilled displays in 2022.

 

Ulla Lindberg, a refrigeration and consumer researcher from Swedish fridge
maker Haglund Industry, said fridges with doors outperform even the most
efficient open cabinet technology.

 

Ms Lindberg's research found food shoppers were not turned off by doors,
with many feeling the food was fresher.

 

Supermarkets with fridge doors also saw less food waste and allowed
supermarkets to cut their heating bills in winter because they need less
heat in the chilled sections of their stores, Ms Lindberg said.

 

"Half of the energy in a supermarket is from the refrigeration so that means
that you cut a lot [with doors]," she explained.

 

"You can also improve the situation for the consumer and the food as well."

 

The then Welsh Assembly's petitions committee considered a campaign to ban
open refrigerators in supermarkets in 2019, but members concluded the Welsh
government did not have the powers to intervene.

 

The UK government ruled out a ban on the use of open fridges and freezers in
retail outlets in 2019 and said it was already taking action to improve
energy efficiency.

 

In a statement, the the Department for Business, Energy and Industrial
Strategy said it was "looking at various ways to encourage greater energy
efficiency in commercial refrigeration".

 

"We urge retailers to increase their use of energy-efficient technology
wherever possible," it added.-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 doesn't outpace
annual inflation, which was running at 5.4% in September.

 

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

 

 

 

The New Masters: How auction houses are chasing crypto millions

(Reuters) - Little could James Christie have known some 240 years ago, as he
sold masterpieces by Rembrandt and Rubens to Catherine the Great, that his
auction house would one day offer virtual apes to a crypto company for over
$1 million.

 

Nor would Sotheby's founder Samuel Baker, auctioning hundreds of rare books
for about $1,000 in 1744, have envisioned selling a copy of the original
source code for the web, as a non-fungible token (NFT), for north of $5
million.

 

Times change.

 

"Everybody wants to sell an NFT," said Cassandra Hatton, Sotheby's global
head of science and popular culture. "My inbox is just absolutely clogged."

 

Sotheby's has sold $65 million of NFTs in 2021, while arch-rival Christie's
has sold more than $100 million of the new type of crypto asset, which uses
blockchain to record who owns digital items such as images and videos, even
though they can be freely viewed, copied and shared like any other online
file. read more

 

Those sales figures for the world's leading auction houses account for about
5.5% of their contemporary art sales, according to Art Market Research data.
It's a leap, given NFTs have only taken off in the last year.

 

Many buyers are from a new category of wealthy clientele: people who made
their fortunes through cryptocurrencies, art specialists involved in NFT
sales at major auction houses told Reuters. In a Sotheby's online NFT sale
in June which brought in $17.1 million, nearly 70% of the buyers were
newcomers.

 

Indeed the three NFTs of crude cartoon apes which were snapped up for
982,500 pounds ($1.3 million) at Christie's in London last month were bought
by Kosta Kantchev, who runs a cryptocurrency lending platform called Nexo.

 

The cartoons, from a set called Bored Ape Yacht Club, were Christie's first
NFT sale in Europe and were offered up at its biggest in-person auction
since the start of the pandemic.

 

In a sign of the changing times, Kantchev was rubbing shoulders with art
collectors bidding on works by David Hockney, Jean-Michel Basquiat and
Bridget Riley.

 

Antoni Trenchev, who runs Nexo with Kantchev, said their purchase of the
apes was less for their aesthetic value than a bet that the market for NFTs
would continue to grow, fuelled by the rise of the "metaverse" of online
worlds where virtually anything can be bought or sold, from avatars and
clothes to land and buildings. read more

 

Indeed digital art is just one part of the explosive sales growth for NFTs,
which topped $10 billion in the third quarter of this year alone, up
eightfold from the previous three months. read more

 

"We're working on exciting new financial tools for NFTs that will stimulate
adoption of the asset class," Trenchev said, referring to the possibility of
Nexo selling financial products based on NFTs as the underlying asset.

 

They're not the only ones betting on the metaverse. Facebook - a company
worth almost $1 trillion that has rebranded as Meta on the calculation that
increasingly-immersive virtual environments and experiences are the future.
read more

 

TRADITION UPENDED

 

Whether Mark Zuckerberg is prescient or not remains to be seen. The NFTs
boom is nonetheless dragging auction houses hundreds of years older than
Silicon Valley into a new world.

 

To hunt their new breed of buyers, big auction houses are taking to social
media.

 

Noah Davis, head of digital art sales at Christie's, said his potential NFT
buyers were happy for him to ditch the formalities normally involved in
attracting art collectors, adding that he recently negotiated a contract
over the messaging platform Discord and registered buyers for an auction via
Twitter.

 

"That's where it happens, that's where client services are done," he told
Reuters, adding that it was remarkable how much quicker this process
compared with traditional methods.

 

In another big digital shift, auction houses are often sourcing NFTs
directly from the crypto artists – in many cases, little-known, pseudonymous
figures.

 

In the physical art market, by contrast, artists' primary sales are normally
run by galleries, while auction houses traditionally focus on secondary
market sales.

 

"For me the biggest surprise is that the artists want to work with the
auction houses directly. We've always been in the secondary market," said
Rebekah Bowling, senior specialist of 20th century and contemporary art at
Phillips, another global auction house.

 

"The traditional structure has been upended," said Bowling, who uses Twitter
and Clubhouse to reach artists.

 

WHY CRYPTO'S RISKY

 

Yet these newcomers to an untamed metaverse also confront a new sphere of
risk, particularly around cryptocurrencies, which crypto-rich buyers often
prefer to use to pay for NFTs.

 

Auction houses can face legal risks in terms of know your customer (KYC) and
anti-money-laundering (AML) requirements, said Max Dilendorf, a
cryptocurrency lawyer and partner at Dilendorf Law Firm in New York.

 

"These products could be securities and when a gallery is picking up an
artist or product they better do their own due diligence," he said, adding
that money laundering via cryptocurrencies was a "known fact."

 

Sotheby's did not comment on its KYC or AML procedures. Christie's said its
KYC and AML standards in NFT sales were the same as those for physical
artworks, though declined to go into detail. Phillips said it checked that
buyers had sufficient funds in their crypto wallet.

 

Another issue is that while NFTs are marketed as a way of indisputably
recording ownership of a digital asset, problems can still arise.

 

A Sotheby's NFT sale in June - in which a buyer spent $1.5 million on what
was marketed as the first-ever NFT, a simple geometric animation called
"Quantum" by Kevin McCoy - was complicated by a claimant emerging saying
they owned an earlier, original version of the same NFT, the buyer and
claimant told Reuters. They said the dispute over which could truly could be
called the first NFT meant the transaction was delayed, and blockchain
records show the purchase was not transferred until several weeks after the
sale.

 

Separately, after a Sotheby's auction of an NFT representing the World Wide
Web source code, which fetched $5.4 million, observers noticed errors in the
included video version of the code.

 

Sotheby's did not respond to a request for comment on either sale.

 

Pablo Rodriguez-Fraile, a Miami-based collector who buys both NFT and
physical art, said the steps that auction houses had taken into the digital
sphere had been very positive.

 

"I think they're normalising the ecosystem, and I think that very soon
they'll find the right path," he said.

 

"But the curation challenge and the technology challenge are major ones," he
added, referring to auction houses acting as galleries by handling primary
sales.

 

On Tuesday, Christie's will sell a new NFT by Beeple, the artist whose NFT
fetched $69 million at Christie's in March. That was the first time a major
auction house had sold a piece of art that does not physically exist. read
more

 

However this time round his work will be sold in physical, as well as NFT,
form. At Christie's at least, the real world still holds some appeal.

 

($1 = 0.7414 pounds)

 

The Thomson Reuters Trust Principles.

 

 

 

Business leaders optimistic COP26 visions will become reality

(Reuters) - A week into the United Nations' high-profile climate conference
in Glasgow, executives and financial analysts said they are optimistic the
talks will lead to changes needed for business to play a bigger role in
tackling climate change.

 

The business observers pointed to several steps by world leaders they said
could boost sustainable business and investing efforts to mobilize the vast
sums of money needed to wean the world off fossil fuels.

 

These include a pledge by financial firms with a combined $130 trillion in
assets to focus on climate change, the creation of a global standards body
to scrutinize corporate climate claims, and pledges to cut methane emissions
and to save forests. read more

 

Jefferies managing director Aniket Shah said although many of the steps
lacked specific promises, they showed a global consensus forming to tackle
climate change that will make it easier to for private investors and
governments to put in money and effort.

 

"There's a certain power of signaling of intentions that can't be dismissed
here," Shah said. He pointed to the goal set by India's prime minister,
Narenda Modi, on Nov. 1 for his country to reach net-zero carbon emissions
by 2070. read more

 

Although two decades later than what scientists say is needed to avert
catastrophic climate impacts, the pledge was still more than India had
offered in the past and could be accelerated with financial help from
developed nations, Shah said.

 

Peter Lacy, Accenture’s global sustainability services lead, said that for
investors and companies, the most significant step at the conference was the
creation on Nov. 3 of the International Sustainability Standards Board,
meant to create a baseline for companies to describe their climate impact.
read more

 

Lacy called it a seismic moment for business and in line with the hopes of
CEOs Accenture surveyed ahead of the conference.

 

The new board, Lacy said, "will give investors and stakeholders a much
better understanding of related risks and opportunities and help guide the
allocation of the huge amount of capital needed as the world transitions to
net zero," he said via email.

 

LACK OF DETAIL

 

Critics say many of the conference's key announcements lack specifics and
give companies wiggle room. read more For instance, banks, insurers and
investors pledged to work to cut emissions to net zero by 2050, but each
entity has made its own net zero commitments "with potential overlap across
initiatives, institutions and assets," according to the group's press
statement.

 

Leslie Samuelrich, media of Green Century Capital Management in Boston,
which does not invest in fossil fuel stocks, said she worries bigger
investment firms signed on so quickly to carbon-reduction pledges advertised
at Glasgow because their terms might be too easy to meet.

 

"The speed with which some have adopted this makes me cautious," Samuelrich
said.

 

But other finance executives say it is inevitable businesses will move to
cut emissions under pressure from customers and to chase profits. Mark
Haefele, chief investment officer for UBS Global Wealth Management, said
promising areas include renewable energy, transport and batteries.

 

Diplomats now must hash out rules on areas like constructing markets to help
businesses price carbon and how much developed nations will help poorer
ones.[nL8N2RY0GS]

 

On a call with journalists on Friday, David Waskow, a director of the
nonprofit World Resources Institute, said he was more optimistic than a week
ago that the attendees would strike meaningful agreements.

 

"I think the beginning of the week actually did lay good groundwork. Not to
say everything is all rosy," he said.

 

The Thomson Reuters Trust Principles.

 

 

 

Asia stocks go guarded ahead of U.S. inflation test

(Reuters) - Asian share markets were mixed on Monday as risk assets found
support from the upbeat U.S. October payrolls report, but faced another test
later in the week from a reading on U.S. inflation that could spook the rate
horses.

 

The congressional passage of a long-delayed U.S. $1 trillion infrastructure
bill cheered investors, though a broader social safety net plan remains
elusive. read more

 

Data out over the weekend also showed China's exports beat forecasts in
October to deliver a record trade surplus, although a miss on imports added
to evidence of a slowing in domestic demand. read more

 

Moves were modest with MSCI's broadest index of Asia-Pacific shares outside
Japan (.MIAPJ0000PUS) off 0.2%. Japan's Nikkei (.N225) lost early gains to
dip 0.1%, short of a recent five-week peak.

 

Chinese blue chips (.CSI300) dithered either side of flat, stuck in a range
that has held for almost four months.

 

Nasdaq futures were off 0.4%, after 10 straight sessions of gains which left
the index looking overextended. S&P 500 futures dipped 0.2%, while EUROSTOXX
50 futures eased 0.1% and FTSE futures were flat.

 

Friday's robust U.S. payrolls report included upward revisions to the
previous couple of months and another strong reading on wages. read more

 

Tightness in the labour market combined with dislocation in global supply
chains should result in another high reading for U.S. consumer prices due on
Wednesday, with any upside surprise likely to rekindle talk of an earlier
Federal Reserve hike.

 

Analysts note an alternative measure of core trimmed mean inflation has
already picked up markedly to an annual 3.6%.

 

"Another acceleration in the monthly annualised trimmed CPI will reinforce
our view that the Fed is behind the curve," said Kim Mundy, a senior
economist & currency strategist at CBA.

 

"The longer the FOMC waits to tighten monetary policy, the greater the risk
the FOMC tightens more to bring inflation back under control."

 

No less than six Fed officials are speaking on Monday, with the most
attention likely on Vice Chair Richard Clarida who is talking on Fed and ECB
policy.

 

After some wild swings, Treasuries still managed to end last week with a
rally, thanks partly to a huge drop in UK bond yields where short-dated debt
enjoyed its best week since 2009 after the Bank of England skipped a chance
to hike.

 

That led the market to push out the likely timing and pace of tightening not
just there, but in Europe and the United States too. Fed Funds now have a
rate rise fully priced by September 2022, instead of July, a second not
until February 2023 instead of December 2022.

 

Yields on 10-year Treasuries dived 10 basis points on the week and were last
at 1.47%.

 

The drop took a little steam out of the dollar, which had hit a more than
one-year high after the payrolls data. The dollar index was holding at
94.331 , from a top of 94.634.

 

Still, the BoE's shock decision left sterling down 1.4% over last week and
trading at $1.3473 , while the euro touched a 16-month trough before
steadying at $1.1556 .

 

The dollar was also trying to sustain its bull run on the Japanese yen at
113.54, above support around 113.25 .

 

The retreat in bond yields was a boon for gold, which offers no fixed
return, and lifted it to $1,818 an ounce .

 

Oil prices firmed after OPEC+ producers rebuffed a U.S. call to accelerate
output increases even as demand nears pre-pandemic levels.

 

Saudi Aramco also raised its official selling price of crude to all buyers
across the globe.

 

Brent rose another $1.01 to $83.75 a barrel, while U.S. crude gained $1.07
to $82.34.

 

The Thomson Reuters Trust Principles.

 

 

 

Crypto rally lifts ether to new record, bitcoin to near 3-week high

(Reuters) - Bitcoin rallied toward its all-time high on Monday and ether
climbed to a fresh record as cryptocurrencies rode a wave of momentum,
flows, favourable news and inflation fears.

 

Bitcoin jumped more than 4% to as high as $66,170, approaching the
unprecedented $67,016.50 level reached on Oct. 20, while ether - which
underpins the ethereum network - sat at a record top of $4,768.07.

 

Ether is up around 59% since the start of October and bitcoin about 51% as
investors have cheered last month's launch of a U.S. futures-based bitcoin
exchange-traded fund and sought exposure to an asset class sometimes
regarded as an inflation hedge.

 

Falling real yields, as traders brace for inflation, adds to the
attractiveness of assets such as gold and cryptocurrencies which do not pay
a coupon, said Kyle Rodda, analyst at broker IG Markets, adding that the
mood in the sector has also been good.

 

"Financial institutions want to be a part of it, regulators don't want to
clamp down on it too much," he said. "We're almost past the inflection
point, where it's part of the system and its going to be very, very hard to
extricate it."

 

In recent weeks, Australia's biggest bank has said it will offer crypto
trading to retail customers, Singaporean authorities have sounded positive
on the asset class and spillover from a positive mood in stocks has also
lent support.

 

Last week, New York Mayor-elect Eric Adams said he would take his first
three paychecks in bitcoin and signaled his intention to make his city the
"center of the cryptocurrency industry" after a similar pledge from Miami's
mayor. read more

 

The Thomson Reuters Trust Principles.

 

 

 

Ant Group starts to differentiate consumer loan business Jiebei from bank
loans

(Reuters) - China's Ant Group said on Monday that it is making efforts to
"differentiate" part of its short-term consumer loan business Jiebei, as it
pursues a Beijing-led restructuring aimed at reining in some of its
freewheeling businesses.

 

Ant, the financial affiliate of e-commerce giant Alibaba Group (9988.HK),
saw its $37 billion IPO derailed by regulators last year and has since been
working to turn itself into a financial holding firm. read more

 

Local media on the weekend reported changes at Jiebei after Chinese
regulators in April asked Ant to conduct a sweeping business overhaul, which
includes folding its credit products Jiebei and Huabei, into a new consumer
finance firm.

 

They also criticised Huabei and Jiebei for improper links between payment
services and financial products, saying that these may have over promoted
loan services to users.

 

The Shanghai Securities News reported on Sunday, citing borrowers, that the
Jiebei platform had made changes to show which loans were being provided by
Chongqing Ant Consumer Finance Co, and which were provided by banks.

 

"Jiebei is gradually working on brand differentiation," an Ant Group
spokesperson said, adding that consumer credit services provided
independently by banks or other financial institutions will be presented on
a "credit loan" page.

 

Ant did not elaborate on how much of its business would be affected by the
brand differentiation.

 

Ant has been ordered by regulators to complete the branding restructuring of
Huabei and Jiebei within 6 months after its consumer finance firm starts to
operate, local media the 21st Century Business Herald reported earlier.

 

Ant's consumer finance unit won approval to begin operating in Chongqing
city in June. read more

 

Huabei and Jiebei were used by around 500 million people in the 12 months to
June 30, 2020, Ant said in its IPO prospectus.

 

In September, Ant's virtual credit card service Huabei begun to send its
consumer credit data to a database run by China's central bank, a key move
for both the company and regulators as Beijing tightens its grip over the
financial technology sector. read more

 

The Thomson Reuters Trust Principles.

 

 

 

Indonesia carbon capture storage deal could need $500 mln, official says

(Reuters) - Deployment of carbon capture storage (CCS) in Indonesia by
American energy giant Exxon Mobil Corp (XOM.N) could cost about $500
million, a senior official at Indonesia's state oil firm Pertamina said on
Monday.

 

Pertamina and Exxonmobil signed a memorandum of understanding during the
COP26 summit last week to look at ways of using CCS in Southeast Asia's
largest country. read more

 

"Our provisional estimate for investment needs is around $500 million,
excluding operating costs that will be incurred during CCS operations,"
Daniel Purba, Pertamina's senior vice president of corporate strategy, told
CNBC Indonesia.

 

CCS facilities are likely to be implemented in two Indonesia oil and gas
fields, namely the Gundih field in Cepu and the Sukowati field in
Bojonegoro, in Central and East Java respectively, Purba said.

 

A spokesperson for Exxonmobil did not immediately respond to a request for
comment.

 

Pertamina and Exxonmobil would need to build a 4 km (2.49 miles) gas
pipeline from Gundih to a reservoir where they would inject the carbon, and
another 30 km gas pipline from Sukowati, Purba added.

 

CCS traps emissions and buries them underground but is not yet at the
commercialisation stage.

 

CCS advocates see the technology as essential to help meet net zero
emissions and key to unlocking large-scale economic hydrogen production.
Critics, however, say CCS will extend the life of dirty fossil fuels.

 

Indonesia, the world's eighth-biggest carbon emitter, has brought forward
its goal for net zero emissions to 2060 or sooner.

 

The Thomson Reuters Trust Principles.

 

 

 

Some investors have not got Evergrande unit's bond interest due Nov 6:
sources

(Reuters) - Some holders of offshore bonds issued by a unit of developer
China Evergrande Group (3333.HK) had not received interest payments due on
Nov. 6 by Monday morning in Asia, two people familiar with the matter said.

 

Scenery Journey Ltd was due to make semi-annual coupon payments on Saturday
worth a combined $82.49 million on its 13% November 2022 and 13.75% November
2023 U.S. dollar bonds. ,

 

Non-payment of interest by Nov. 6 would have kicked off a 30-day grace
period for payment.

 

Twice in October, Evergrande narrowly averted catastrophic defaults on its
$19 billion worth of bonds in international capital markets by paying
coupons just before the expiration of their grace periods.

 

One such period expires on Wednesday, Nov. 10, for more than $148 million in
coupon payments that had been due on Oct. 11. Evergrande is also due to make
coupon payments totalling more than $255 million on its June 2023 and 2025
bonds on Dec. 28.

 

A spokesperson for Evergrande did not immediately respond to a request for
comment. The sources could not be named as they were not authorised to speak
to the media.

 

Reuters was unable to determine whether Evergrande has told bondholders what
it planned to do regarding the coupon payment due on Saturday.

 

BONDS, SHARES FALL

 

Evergrande's shares edged lower on Monday, finishing the morning down 0.9%.
They have fallen nearly 85% this year. Duration Finance data showed the
company's dollar bonds continuing to trade at discounts of about 75% from
their face value on Monday.

 

Once China's top-selling developer, Evergrande has been reeling under more
than $300 billion in liabilities, and its liquidity woes have reverberated
across the country's $5 trillion property sector, prompting a string of
offshore debt defaults, credit rating downgrades and sell-offs in the
developers' shares and bonds in recent weeks.

 

Spreads on Chinese corporate high-yield dollar debt (.MERACYC) widened to
record highs on Friday, and on Monday Shanghai Stock Exchange data showed
developers' bonds once again dominating the list of the day's biggest
losers. One yuan bond issued by an onshore unit of Shimao Group (0813.HK)
was suspended from trade after falling more than 34%.

 

Falls even extended to investment-grade names. Tradeweb data showed a 4.75%
January 2030 bond issued by a unit of Sino-Ocean Group Holding (3377.HK)
fell nearly 15% on Monday to just above 75 cents. Sino-Ocean is rated "BBB-"
by Fitch Ratings and has a "Baa3" rating from Moody's Investors Service.

 

Nomura economists Ting Lu and Jing Wang said in a note that they expected
"much higher" repayment pressures on developers in the coming quarters,
almost doubling from $10.2 billion in the fourth quarter of 2021 to $19.8
billion and $18.5 billion in the first and second quarters of 2022,
respectively.

 

"With the worsening property sector, we might see a rebound of defaults
onshore by developers, and bond prices in onshore and offshore markets may
increasingly impact one another as investors are on alert," they said.

 

"We believe regulators are likely to step up efforts to avoid rising
defaults in China's (offshore commercial dollar bond) market."

 

Regulators in October told developers to proactively prepare for repayment
of both principal and interest on their foreign bonds and to "jointly
maintain their own reputations and the overall order of the market." read
more

 

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.

 


 

 


(c) 2021 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
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