Major International Business Headlines Brief::: 09 November 2021

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Major International Business Headlines Brief::: 09 November 2021

 


 

 


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ü  Evergrande: Crisis-hit developer raises more cash as new deadline looms

ü  Rolls-Royce backed to develop nuclear reactors

ü  Tesla share price falls after Elon Musk's Twitter poll

ü  Matt Moulding: The billionaire THG boss facing a reality check

ü  Workers who want flexible work roles missing out

ü  Rwanda goes electric with locally made motorbikes

ü  Brexit: UK-EU trade deal could collapse over NI row, says Coveney

ü  Buyers show remorse over pandemic purchases

ü  China's Oct new bank loans likely halve from prior month

ü  Asian stocks extend global gains ahead of U.S. inflation test

ü  HSBC exceeds China wealth hiring targets, explores India private banking
re-entry

ü  Bitcoin, ether scale new peaks as flows pour in to crypto

ü  SoftBank shares jump 10% on $9 bln buyback

ü  China state council think-tank met developers, banks, says source, as
debt woes mount

ü  Petronas partners with Exxon Mobil to explore carbon storage
opportunities

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Evergrande: Crisis-hit developer raises more cash as new deadline looms

Cash-strapped Chinese real estate giant Evergrande has raised around $145m
(£107m) just before a deadline for a fresh debt interest payment.

 

The company has sold a 5.7% stake in media firm HengTen Networks Group which
produces films and television shows, and operates a streaming platform.

 

Evergrande needs to make overdue interest payments of $148m this week.

 

It has so far avoided defaulting on its debts by making overdue payments
just before 30-day grace periods expired.

 

Evergrande owned a majority stake in HengTen at the beginning of this year,
but has since made a number of share sales as it tries to raise money to
meet its financial commitments.

 

HengTen's other big corporate shareholder is Chinese technology giant
Tencent - it bought a 7% stake from Evergrande for about $266m in July.

 

The latest share sale now makes Tencent the media company's biggest
shareholder, with a stake of almost 24%.

 

Apart from HengTen, Evergrande also sold its UK-based electric motor making
business Protean in the last week.

 

It didn't say how much it earned from the sale of the company, which its
vehicle manufacturing unit bought for $58m in 2019.

 

However, Evergrande has struggled to sell some of its other assets in recent
months as it attempts to raise the money needed to make debt interest
payments.

 

Last month, the company halted trading in its shares on the Hong Kong Stock
Exchange ahead of an announcement on a "major transaction".

 

Then, after a 17-day suspension Evergrande said a $2.6bn deal to sell a
stake in its property services unit had fallen through as it was unable to
agree to the deal's terms.

 

Evergrande's $300bn debt mountain and the company's problems with making
debt repayments have triggered fears that its potential collapse could send
shockwaves through global markets.-BBC

 

 

Rolls-Royce backed to develop nuclear reactors

Rolls-Royce has been backed by a consortium of private investors and the UK
government to develop small nuclear reactors to generate cleaner energy.

 

The creation of the Rolls-Royce Small Modular Reactor (SMR) business was
announced following a £195m cash injection from private firms and a £210m
grant from the government.

 

It is hoped the new company could create up to 40,000 jobs by 2050.

 

However, critics say the focus should be on renewable power, not new
nuclear.

 

Currently, about 16% of UK electricity generation comes from nuclear power.

 

Small modular reactors are nuclear fission reactors but are smaller than
conventional ones.

 

 

The investment by Rolls-Royce Group, BNF Resources, Exelon Generation and
the government will go towards developing Rolls-Royce's SMR design and take
it through regulatory processes to assess whether it is suitable to be
deployed in the UK.

 

It will also identify sites which will manufacture the reactors' parts and
most of the venture's investment is expected to be focused in the north of
the UK, where there is existing nuclear expertise.

 

'Cleaner energy'

Rolls-Royce SMR said one of its power stations would occupy about one tenth
of the size of a conventional nuclear plant - the equivalent footprint of
two football pitches - and power approximately one million homes.

 

The firm said a plant would have the capacity to generate 470MW of power,
which it added would be the same produced by more than 150 onshore wind
turbines.

 

Warren East, Rolls-Royce chief executive, said the company's SMR technology
offered a "clean energy solution" which help tackle climate change.

 

Business and energy secretary Kwasi Kwarteng said SMRs offered opportunities
to "cut costs and build more quickly, ensuring we can bring clean
electricity to people's homes and cut our already-dwindling use of volatile
fossil fuels even further".

 

"This is a once in a lifetime opportunity for the UK to deploy more low
carbon energy than ever before and ensure greater energy independence", he
added.

 

SMRs are thought to be less expensive to build than traditional nuclear
power plants because of their smaller size. Due to the nature of
Rolls-Royce's reactors, it is understood parts could be produced in
factories and transported to sites by road, which would reduce construction
time and costs.

 

At an expected cost of around £2bn each, SMRs would cost less than the £20bn
each for the larger plant under construction at Hinkley Point and an
anticipated, but not yet approved, sister plant at Sizewell in Suffolk.

 

If approved for use in the UK, it is understood Rolls-Royce SMR could build
up to 16 reactors across the UK for electricity production.

 

Tom Samson, chief executive Rolls-Royce SMR, said the company had been
established to "deliver a low cost, deployable, scalable and investable
programme of new nuclear power plants".

 

"Our transformative approach to delivering nuclear power, based on
predictable factory-built components, is unique and the nuclear technology
is proven," he added.

 

What does net zero mean?

UK sets out net zero plans for greenhouse gases

However, Greenpeace's chief scientist Dr Doug Parr said SMRs were still more
expensive than renewable technologies and added there was "still no solution
to dispose of the radioactive waste they leave behind and no consensus on
where they should be located".

 

"What's worse, there's not even a prototype in prospect anytime soon," he
added. "The immediate deadline for action is sharp cuts in emissions by
2030, and small reactors will have no role in that."

 

Friends of the Earth's head of policy, Mike Childs, said government support
should be "aimed at developing the UK's substantial renewable resources,
such as offshore wind, tidal and solar, and boosting measures to help
householders cut energy waste".

 

As part of a "10-point plan" to dramatically reduce greenhouse gas emissions
to reach a target of net zero by 2050, the government has said nuclear power
provides a "reliable source of low-carbon electricity" and that it is
"pursuing large-scale nuclear", while also looking to invest in SMRs.

 

Tony Danker, director-general of the Confederation of British Industry, said
the investment for Rolls-Royce was a "hugely promising milestone for a
technology that can not only boost the economy but help deliver a greener
and more secure energy system overall".

 

Meanwhile, Tom Greatrex, chief executive of the Nuclear Industry
Association, added the funding sent a "huge signal to private investors that
the government wants SMRs alongside new large-scale stations to hit net
zero".-BBC

 

 

Tesla share price falls after Elon Musk's Twitter poll

Tesla shares have fallen by 4.9% after Twitter users voted in favour of boss
Elon Musk selling 10% of his stake in the carmaker in order to pay tax.

 

Mr Musk polled his Twitter followers on whether he should sell the shares,
and 58% of the 3.5 million accounts that voted said he should.

 

It could see him dispose of nearly $21bn (£16bn) of stock.

 

Mr Musk held the poll over the weekend in response to a "billionaires tax"
proposed by US Democrats.

 

Mr Musk - who is one of the world's richest people - pledged that he would
abide by the results of the poll, "whichever way it goes".

 

The Democrats had proposed plans to target billionaires by taxing their
assets, such as shares.

 

Billionaires are often compensated in shares, which means their wealth rises
or falls depending on the stock price. But they only pay tax on the gains
once the shares are sold.

 

Mr Musk has a large number of stock options which are due to expire next
year. In order to exercise them, Mr Musk would have to pay a large tax bill.

 

As of 30 June, Mr Musk's shareholding in Tesla came to about 170.5 million
shares and selling 10% would amount to close to $21bn based on Friday's
closing prices.

 

 

The chief executive, who currently owns a 23% stake in Tesla, has yet to
comment publicly on the Twitter poll result.

 

Mr Musk said on Twitter he takes no salary or bonuses from any of his
companies, meaning he has no earnings on which to pay income tax.

 

"Elon Musk doesn't like to do things in a conventional way and so holding a
poll on Twitter about whether he should sell 10% of his stake in Tesla might
seem crazy, but one could say it is normal behaviour for him," said Russ
Mould, director at AJ Bell Investment.

 

Mr Mould said the situation was an "open invitation for sellers to "place a
bet that the shares will fall" which would generate a profit for them if the
stock declined in price.

 

The Securities and Exchange Commission, the US regulator, declined to
comment.

 

With this latest Twitter stunt Mr Musk appears to be taking aim at a
Democrat plan to ratchet up taxes on America's wealthiest.

 

The plan, floated earlier this year would change the way Americans are
taxed, but it only applied to around 700 individuals, the richest of
America's richest, including Mr Musk.

 

Typically the very wealthy keep their money in the form of assets such as
shares in their own companies, and only pay tax if they sell those shares.
They can borrow money using those assets as collateral, avoiding the levels
of tax most ordinary people pay.

 

The plan proposed levying tax based on how much those assets had increased
in value, even if they hadn't been sold, known as "unrealised gains".

 

But it has been set aside for now after some Democratic senators
dissented.-BBC

 

 

 

Matt Moulding: The billionaire THG boss facing a reality check

The news flow about THG, the company formerly known as The Hut Group, was
breathless.

 

The rag-to-riches story of billionaire boss Matthew Moulding, the pictures
on Instagram of his muscled torso stripped to his waist, the dealmaking, the
creator of a tech business the UK could be proud of, the generous bonus
scheme: it seemed unending.

 

When Mr Moulding listed his fast-growing health and beauty firm - which
includes a potentially highly lucrative software arm - on the London stock
market last year, the hyperactive media went into overdrive about a big
business success and a big personality.

 

Much was made of the company's extensive portfolio of brands, including
ESPA, Perricone MD and Illamasqua, as well as online beauty retailer
Lookfantastic.

 

Now the bubble has burst, although in truth, it was probably more of a slow
deflation over several months.

 

Billions of pounds have been wiped off THG's value after a series of
challenges over its structure, its corporate governance and a deal with
Japanese investor Softbank to buy a stake in its technology business
Ingenuity.

 

 

But with Mr Moulding now hinting he may take the company private again, a
little over a year since it floated, the saga is clearly not over yet.

 

Veto powers

Despite THG being a public company, owned by its shareholders, Mr Moulding
had until recently a "golden share" that gave him rare powers to veto a
takeover of the business.

 

The founder, who has a 22% stake in THG, is also chairman and chief
executive, a move which puts the firm at odds with City guidance on
corporate governance, which recommends the roles should be separated.

 

THG also pays Mr Moulding about £19m a year after he took control of some of
the company's properties around the time of the float, which he now leases
back to the business.

 

Mr Moulding and his wife Jodie also have a £100m personal loan from
Barclays, which had been secured against THG shares.

 

However, the company now says the couple are no longer using THG shares as
collateral for the loan, which is apparently still active.

 

THG shares climb as founder hints at going private

Hut Group boss dumps 'golden share' in overhaul

Unease over this corporate governance structure had been developing for some
time.

 

At a meeting last month, Mr Moulding updated shareholders on trading and,
specifically, its Ingenuity technology division.

 

It's still unclear exactly what went on, but investors didn't like what they
heard. Actually, there are reports they didn't hear very much, because the
update contained little that was material to the business.

 

Shareholders wanted change in the way THG was run. Many investors voted with
their wallets, selling THG shares and triggering a 35% tumble. At one point,
THG's value sank almost £2bn.

 

Following that, THG announced changes to Mr Moulding's powers and a review
of its corporate governance.

 

The City appeared to have won. It seemed a rare defeat for the 49-year-old
billionaire - but he is clearly hoping to fight back.

 

Born in Lancashire on the poor side of the tracks, the young Mr Moulding's
prospects were not promising. His father repaired driveways and sold goods
procured from house clearances at a market.

 

Matthew was expelled from college for truancy. He was, though, persuaded to
finish his education and eventually went to university, going on to qualify
as a chartered accountant.

 

He cut his entrepreneurial teeth working for John Caudwell, the Phones4U
billionaire and another non-conformist businessman. When Mr Caudwell sold
the business, Mr Moulding used some of the money he got from the sale to set
out on his own.

 

Mr Moulding has said that he got the inspiration for setting up his own firm
by buying his first CD online back in 2003.

 

He said it was "fundamentally so much cheaper" than picking one up in a shop
that he decided to take up that business model himself.

 

He was in his early 30s when he launched THG with co-founder John Gallemore,
who remains chief financial officer.

 

Beauty bet

With an initial investment of £50,000, Mr Moulding began by selling CDs from
the Channel Islands to avoid VAT, making use of a then-prevalent tax
loophole which has since been closed.

 

Since then, the firm has gone through various changes, moving away from its
roots when the rise of music streaming started to undermine the CD market.

 

Using the infrastructure he had already created, he hit on switching to
health and beauty products, since they were not perishable or delicate and
had high profit margins.

 

The company grew rapidly by snapping up skincare and lifestyle brands, while
also operating online platforms for other companies, including Honda and
Nestlé.

 

Mr Moulding has certainly made a lot of money for himself, but the stock
market flotation also reportedly made 74 employees millionaires. And since
the flotation, he has also given bucketloads of cash to charities.

 

His latest possible change of direction, unusually, was signposted in an
interview with men's magazine GQ - not usually a must-read for financial
analysts.

 

But maybe it's that kind of star quality that he is counting on to see him
through as he prepares for his next set of challenges.-BBC

 

 

 

Workers who want flexible work roles missing out

Three out of four jobs advertised in the UK still do not offer any kind of
flexible work options, according to an annual survey of over five million
ads.

 

This is set against a backdrop of vacancies soaring to a 20-year high of 1.1
million between July and September.

 

Flexible work consultancy, Timewise, tracked millions of ads for 17 words or
phrases, such as job-share.

 

>From this analysis they found that the proportion of ads posted with a
flexible component was just 26%.

 

Over the last 19 months the coronavirus pandemic has delivered a seismic
shake-up in many professions - flipping a large chunk of the workforce to
remote-working overnight.

 

Around half of employees now work flexibly in some form, while nine in 10
people say they want flexibility in their next position.

 

One of these jobseekers is Carole MacLeod, who before she had her daughter
had a high-flying career as a consultant for a major UK telecoms provider.
She managed C-suite executives at major events such as the World Economic
Forum in Davos.

 

Now in her fifties, she's finding it impossible to find similar level work.

 

"Now I cannot find a single good flexible job to apply for," she said.

 

"The market is flooded with jobs. But none that offer a decent wage, good
enjoyable professional type work and flexibility too," she said.

 

"The kind of jobs that are available tend to be in hospitality, offering
long poorly paid shifts that are below my skillset. Recruiters won't even
answer the phone. I think I have applied for maybe one hundred jobs at
various universities and academic institutions in central London. I find it
bewildering."

 

Carole is not alone: there are many mid-career workers who, despite a recent
surge in job adverts as Covid restrictions eased, still cannot find work
that fits with their need for flexibility and level of experience.

 

The work landscape has shifted but experts say the way roles are advertised
suggest bosses have failed to adapt to find the best talent. "Employers that
don't include their flexible working offering within their job ads are
making a huge mistake," said Professor Sir Cary Cooper, Organisational
Psychologist at Alliance Manchester Business School.

 

"The hybrid model is what the majority of people want - and are currently
practising."

 

The Timewise survey also revealed part-time work and low pay are still
synonymous in the UK. Some 19% of the low paid jobs advertised -those paying
up to £20,000 full time equivalent -mentioned part-time possibilities. The
highest chunk of any salary band.

 

Prof Cooper explained senior management may be making a conscious decision
not to reference the term flexible working in any external communication
"because they fear potential employees will think that they have the
automatic right to work remotely 24/7."

 

He points out however, that's not the reality for most workers. "Most people
are tired of working in this way. What they're looking for is a mix of being
in the office and at home, so they can interact with other colleagues but
also have the freedom to take time at home if they need it to juggle other
life demands."

 

Emma Stewart, co-founder of Timewise tells employers to be as explicit as
possible about what forms of 'flex' they can offer. For example, 'this role
can be offered on a three-day week basis'.

 

"We know nearly half of job seekers click away from roles that say 'open to
flexible working'. They seek out ads which reflect the kind of flexible
pattern they are looking for. Just as you search for jobs within a set
salary range," she said.

 

Janine Bosak, professor of Organisational Psychology at Dublin City
University Business School said there might be several reasons why employers
remain hesitant to refer to flexible working in ads. For example, when
someone starts a new job, employers might prefer they be physically present
to learn the ropes and company culture.

 

"Employers might also be reluctant to mention flexible working in their
advertising materials as it might be perceived as a right to flexible
working, whereas it might not always be possible to accommodate a desire for
flexible working," she added.-BBC

 

 

Rwanda goes electric with locally made motorbikes

For 12 years Didier Ndabahariye has been ferrying passengers around the
streets of Kigali - one of the thousands of motorbike taxi drivers, known
locally as a motos.

 

Recently, he switched his usual ride for getting around Rwanda's capital for
one of the first electric motorbikes on the African continent.

 

"In the first days, things were not good because I was not used to riding
e-motos and the bike sometimes cut-off.

 

"However I went on working, and soon I knew many things about how the bike
works and how to ride it. Then I started saving more money," Didier
explains.

 

He is one of 60 drivers riding an electric motorbike from the Rwandan firm
Ampersand.

 

"Now I like the bikes - an e-moto can last for a long time without any
problems unlike with an engine motor - and it goes well, it is very smooth
to ride."

 

 

The start-up Ampersand is pioneering the switch and hopes that over the next
five years almost all of Rwanda's motorbikes will be electric.

 

It is an ambitious dream - there are around 25,000 motorbike taxis operating
in Kigali, some driving up to 10 hours a day, often covering hundreds of
kilometres daily.

 

"Motorbikes make up more than half of all vehicles in this part of the
world," says Ampersand chief executive Josh Whale.

 

"Their simple engines lack the sort of costly emissions reduction tech that
you see in modern cars, or in motorbikes in the global north. Meanwhile they
are being run for over 100km per day, so that's a lot of pollution, a lot of
carbon [dioxide].

 

"In Rwanda, drivers spend more in a year on petrol than the cost of a new
motorbike. We've shown that we can offer an alternative in the same style as
their current motorbike [that] costs less to buy, less to power and less to
maintain."

 

Ampersand says that savings on fuel and maintenance can double a driver's
income.

 

With an estimated five million motorbikes on the roads of East Africa, there
could be big savings in CO2 emissions if Ampersand and its rivals take a
significant share of the market.

 

Ampersand is more than just a technology platform. It assembles the
motorbikes, the batteries and has set up charging stations.

 

Each motorbike has around 150 parts, which are assembled in Kigali.
Particularly importantly, the battery packs are specially designed and
prototyped by Ampersand engineers in Rwanda. They are then manufactured
abroad and shipped back to Rwanda for final assembly by local technicians.

 

Ampersand currently has 73 employees at its Rwandan motorcycle factory and
is moving to a new facility this month as production grows.

 

"For the time being we also happen to be a motorbike company, with spare
parts and maintenance too. However we'd be glad to work with the big
existing petrol motorbike manufacturers on the vehicle side of things.

 

"We are still small and we want to move fast - as the climate crisis demands
- and do some hard things quickly. So we're very happy to team up with big
existing players where we can," Mr Whale says.

 

The company has set up battery swap stations - where drivers exchange their
depleted batteries for recharged ones - with five already in operation
around Kigali.

 

Each swap station costs around $5,000 (£3,700) - and the firm says it can
build about 20 swap stations for the price of one conventional petrol
station.

 

Rwanda's government has a large role to play in moving to e-transportation,
balancing the pros and cons of e-mobility. There will be a loss of fuel tax
revenue - but the benefits include a shift to locally produced power
sources, lower fuel importation costs and job creation if assembly takes
place locally.

 

The country has pioneered a range of incentives to encourage e-mobility.

 

This includes capped electricity tariffs for charging stations and rent-free
land for them, preferential parking and travel lanes for electric vehicles
around Kigali, and restrictions on the ages and emissions of polluting
vehicles.

 

Established transport companies are also showing willingness to contribute
to e-mobility efforts.

 

In Rwanda, Volkswagen has been conducting an e-mobility pilot project since
2019 in partnership with Siemens, which has seen it launch 20 electric Golfs
and two charging stations in Kigali.

 

Volkswagen says the country has the potential to leapfrog internal
combustion engines to electric cars.

 

"Together with our development partner Siemens and with support from the
government of Rwanda, Volkswagen aims to make the e-Golf pilot project a
blueprint for electric mobility in Africa," says Andile Dlamini, of
Volkswagen Group South Africa.

 

For Ampersand, Rwanda has only been the first step in Africa, with the
company currently launching in neighbouring Kenya and other countries
shortly afterwards.

 

While there are challenges to rolling out electric vehicles across Africa -
such as a shortage of specialised skills, the reticence of venture capital
investors and disrupted supply chains - Mr Whale argues that the continent
can be a leader in a global shift to e-mobility.

 

The amount of working capital required is "easily realistic", he says, and
could be put up by world governments to speed up roll out.

 

"We hope we can show that the electric age is here - for everyone - and
clean mobility isn't something that's just going to trickle down to the
global south in a second-hand manner, decades from now. Rather that it's
cost-effective, fundable, investable - now."-BBC

 

 

Brexit: UK-EU trade deal could collapse over NI row, says Coveney

The UK's trade deal with the EU could collapse in a row over Northern
Ireland, says a senior Irish minister.

 

The UK is thought to be preparing to suspend parts of the Northern Ireland
Protocol.

 

Irish Foreign Minister Simon Coveney hinted the EU could terminate the Trade
and Cooperation Agreement in response.

 

He said: "One is contingent on the other so that if one is being set aside
there is a danger that the other will also be set aside by the EU."

 

Northern Ireland is covered by a special Brexit deal known as the Protocol.

 

It keeps Northern Ireland in the EU's single market for goods, which
prevents a hard border with Ireland and allows free-flowing trade with the
EU.

 

But it also creates a trade border between Great Britain and Northern
Ireland, which is causing difficulties for some businesses.

 

What is the Northern Ireland Protocol?

Article 16 of the Protocol allows parts of the deal to be suspended if it is
causing serious problems - the UK says that threshold has been reached.

 

The EU has proposed operational changes to the Protocol but the UK is
demanding more far-reaching changes.

 

Mr Coveney said that if the UK did suspend parts of the Northern Ireland
deal it would be "deliberately forcing a breakdown in relationships and
negotiation between the two sides".

 

He linked that to the wider UK-EU deal, the Trade and Cooperation Agreement
(TCA).

 

Either side can give 12 months notice that they intend to terminate the TCA.

 

Article 16 exists to fix difficulties with the Northern Ireland Protocol
that are causing serious problems or causing diversion of trade.

 

The UK government says that threshold was reached long ago and so it can be
used legitimately.

 

But the EU fears the UK is planning to use Article 16 in an expansive way -
to gut the protocol, sweep away the Irish Sea border and open up a potential
back door into the single market.

 

The EU may argue that the broader Brexit trade deal only happened because
the issue of the Irish border had been sorted out first.

 

Therefore if the UK collapses that border solution the EU may give notice
that it intends to collapse the trade deal.

 

Last week Belgium's Deputy Prime Minister Vincent Van Peteghem suggested
that is figuring in the EU's thinking and Simon Coveney alluded to it again
on Sunday.

 

On Sunday Mr Coveney said the "messages" that he was getting from political
parties in Northern Ireland, the European Commission and others was that
London was preparing to trigger Article 16 after the COP26 climate summit in
Glasgow.

 

He told Irish national broadcaster RTÉ that such a move would be a
"significant act that would damage relationships between Britain and
Ireland".

 

"I think all the evidence now suggests that the British government are
laying the foundations to trigger Article 16," Mr Coveney said.

 

"That is a worry - I think we need not to be naïve in terms of what's
happening."

 

The minister said the UK was deliberately asking for "what they can't get".

 

Earlier, Labour leader Sir Keir Starmer said suspending parts of Northern
Ireland's Brexit deal would not resolve the dispute between the UK and EU.

 

The Labour leader told BBC One's The Andrew Marr Show he wanted to see "both
sides sitting down and resolving this".

 

"There's a little bit of me, I am afraid, that can't help think that the
prime minister is constantly trying to pick a fight on things like this so
he hopes people don't look elsewhere in the forest, which are things like
the Owen Paterson affair," Sir Keir said.

 

Asked if he would be prepared to renegotiate the Brexit deal to mitigate any
impact on economic growth, Sir Keir said he would not rip up the deal but
there were "sensible adjustments" that could be made to improve the
arrangement.

 

Triggering Article 16 'would be colossally stupid'

Why Brexit still has a Northern Ireland problem

"I think we need to make Brexit work... in order to do that, we have got to
deal with some of the gaps and weaknesses in the current arrangements."

 

The Labour leader said he would do "whatever I could to make it easier for
British firms to trade across the world, but particularly with the EU".

 

"What I'm not talking about is re-joining the EU, what I'm not talking about
is ripping up the current agreement and starting again - nobody wants to be
in that place."

 

Former Conservative Prime Minister Sir John Major said on Saturday that
triggering Article 16 and suspending parts of the Northern Ireland Protocol
would be "colossally stupid".

 

Meanwhile, Sinn Féin leader Mary Lou McDonald has warned the UK government
that suspending parts of the protocol could endanger the wider Brexit
withdrawal agreement with the EU.

 

On the prospect of the UK triggering Article 16, Ms McDonald said: "It would
demonstrate just again colossal bad faith and demonstrate again that
Ireland, the north of Ireland in particular, is collateral damage in the
Tory Brexit as they play games and play a game of chicken with the European
institutions."-BBC

 

 

Buyers show remorse over pandemic purchases

One in 10 people have expressed their regret over buying items ranging from
hot tubs to DIY tools during the pandemic, a survey has suggested.

 

Covid lockdowns led to a surge of sales of some items that people could
enjoy at home or in the garden, or to keep up their fitness.

 

Now, buyers' remorse has kicked in for some, who admitted typically spending
nearly £1,400 on the items.

 

Insurer Aviva said many expensive items were now gathering dust.

 

Home entertainment

Gaming equipment, DIY tools, home gyms, bikes, clothing and jewellery,
musical instruments, kitchen appliances such as bread makers, garden
furniture, pizza ovens and hot tubs all appeared on the regret list, the
insurer said.

 

Its survey of 4,000 people found some had sold or given away the items they
regretted buying.

 

Some used money which would have normally been spent on holidays or social
events, while others had intended to use the lockdown to start new hobbies.

 

Nicki Charles, a customer and marketing director at Aviva, said: "So much
has changed since the start of 2020. The way we work, how we interact with
others, and it seems the contents of our homes too.

 

"Faced with weeks or months at home, many of us made purchases to entertain
ourselves, often costing hundreds or even thousands of pounds."

 

What's in short supply and why?

Get off your Pelotons and back to work - top Tory

In March, Aviva said that there had been a 188% year-on-year increase in
accidental damage claims for hot tubs in 2020.

 

Claims included incidents of parasols falling into tubs and birds pecking
holes in their covers.

 

In August, another insurer - Zurich - warned that outbuilding fires - in
sheds, garages and conservatories - rose by 16% last year compared with
2019. It said the popularity of fire pits and pizza ovens, as well as
conversions to home offices, gyms and domestic drinks bars increased the
fire risk.-BBC

 

 

 

China's Oct new bank loans likely halve from prior month

(Reuters) - New bank lending in China is expected to have plunged in October
from the prior month, but the yuan loans are likely to be higher than a year
earlier, a Reuters poll showed, as the central bank treads warily on policy
easing amid stagflation concerns.

 

Chinese banks are estimated to have issued 800 billion yuan ($125.04
billion) in net new yuan loans last month, down from 1.66 trillion yuan in
September, according to the median estimate in the survey of 26 economists.

 

 

That would be higher than 689.8 billion yuan issued in the same month a year
earlier.

 

Central Bank Governor Yi Gang said last month that growth of China's money
supply and total social financing were largely in line with nominal GDP
growth, and liquidity is ample.

 

 

The People's Bank of China (PBOC) will likely move cautiously on loosening
monetary policy to bolster the economy, as slowing economic growth and
soaring factory inflation fuel concerns over stagflation, policy sources and
analysts said.

 

A few Chinese banks have sped up the disbursement of home loans in some
cities, but no wave of new credit is being unleashed just yet amid a heavy
regulatory push to deleverage the sector. read more

 

Momentum is faltering in the world's second-largest economy due to fresh
curbs to control COVID-19 outbreaks, power shortages that have hit factories
and a debt crisis in the real estate sector, among other factors that have
gummed up activity.

 

The PBOC said on Monday it will provide financial institutions with low-cost
loans to help firms cut carbon emissions, supporting the country's long-term
carbon-neutrality goals. read more

 

Analysts at Goldman Sachs estimated that the PBOC could provide around 1.2
trillion yuan in funding support over the coming year.

 

Annual outstanding yuan loans were expected to grow by 11.9% for October,
the same as in September, the poll showed. Broad M2 money supply growth in
October was seen at 8.3%, the same as in the previous month.

 

China's local governments issued a net 2.37 trillion yuan in special bonds
in the first nine months, the finance ministry data have shown.

 

The government will strive for early issuance of 2022 special local
government bonds.

 

Any acceleration in government bond issuance could help boost total social
financing (TSF), a broad measure of credit and liquidity. Outstanding TSF
growth slowed to 10.0% in September, the weakest pace since at least 2017.

 

In October, TSF is expected to fall to 1.6 trillion yuan from 2.9 trillion
yuan in the prior month.

 

($1 = 6.3980 Chinese yuan)

 

 

 

Asian stocks extend global gains ahead of U.S. inflation test

(Reuters) - Asian shares followed Wall Street higher in early trade on
Tuesday as the passage of a U.S. infrastructure bill boosted sentiment while
oil prices gained on the outlook for energy demand in an expansive global
economy.

 

The congressional passage of a long-delayed U.S. $1 trillion infrastructure
bill over the weekend has cheered investors, who however face another test
later in the week from a reading on U.S. inflation that may influence plans
for tightening monetary policy.

 

 

Early in the Asian trading day, MSCI's broadest index of Asia-Pacific shares
outside Japan (.MIAPJ0000PUS) was up 0.3%.

 

Japan's Nikkei stock index (.N225) rose 0.06% while Australian shares
(.AXJO) were down 0.12%.

 

 

China's blue-chip CSI300 index (.CSI300) was 0.33% higher in early trade.
Hong Kong's Hang Seng index (.HIS) opened up 0.65%.

 

On Monday, Wall Street's benchmark S&P 500 index (.SPX) and the Nasdaq
(.IXIC) extended their run of all-time closing highs to eight straight
sessions, while the blue-chip Dow notched its second consecutive record
closing high.

 

 

A 4.9% decline in Tesla Inc (TSLA.O) shares however weighed on the S&P 500.
Tesla fell after Chief Executive Elon Musk's Twitter poll on whether he
should sell about 10% of his stock in the electric automaker. The poll
garnered more than 3.5 million votes, with 57.9% voting "Yes". read more

 

World shares (.MIWD00000PUS) also rose on Monday after hitting a record high
last week as relatively dovish central bank messages and strong U.S. labour
data on Friday added to optimism generated by a healthy earnings season on
both sides of the Atlantic.

 

But a tight U.S. labour market and the dislocation in global supply chains
could result in a high reading for consumer prices on Wednesday. Strong
inflation likely would rekindle talk of Federal Reserve raising interest
rates earlier than expected.

 

"Although Chair Powell maintains the Fed can be patient with regards to rate
hikes, with measures of underlying inflation and wages intensifying and
broadening, the clock is ticking on how long the it can hold that line," ANZ
analysts said in a note.

 

Traders also sent most U.S. Treasury yields higher on Monday after Congress
passed the infrastructure bill on Saturday. read more

 

The yield on benchmark 10-year Treasury notes touched 1.4862% compared with
its U.S. close of 1.497% on Monday.

 

The dollar index , which tracks the greenback against a basket of six
currencies, was up at 94.075.

 

Oil prices firmed as the passage of the U.S. infrastructure bill and China's
export growth supported the outlook for energy demand. Saudi Arabia's
state-owned producer Aramco also raised the official selling price for its
crude. read more

 

U.S. crude ticked up 0.15% to $82.05 a barrel. Brent crude rose to $83.59
per barrel.

 

Spot gold was slightly lower, trading at $1,823.3 per ounce.

 

The Thomson Reuters Trust Principles.

 

 

HSBC exceeds China wealth hiring targets, explores India private banking
re-entry

(Reuters) - HSBC Holdings Plc is ahead of its hiring targets for its Chinese
retail wealth management business and is exploring re-entering India's
private banking business, senior executives said, as part of its plan to
make Asia and wealth key pillars of growth.

 

Under a strategy spearheaded by Group CEO Noel Quinn, HSBC (HSBA.L) is
ploughing $3.5 billion into its wealth and personal banking business, in
line with its ambition to become Asia's top wealth manager by 2025.

 

 

"We are the leading international bank in China, so we want to squeeze that
opportunity," said CEO of Wealth and Personal Banking Nuno Matos, one of
four top executives moving to Hong Kong from London this year as part of the
bank's regional pivot.

 

"On the private banking side, we are now in clear expansion mode," Matos
told Reuters in one of his first interviews since moving to the region.

 

Asia is the biggest region for HSBC, and the wealth and personal banking
unit contributed 44% or $22 billion to London-headquartered HSBC's adjusted
global revenue last year.

 

The bank is looking to boost its mobile wealth planning service, HSBC
Pinnacle, in China by having about 700 personal wealth planners by the
year-end instead of the 550 originally planned, Matos said.

 

HSBC's wealth management services include investments, insurance and asset
management products, while private banking caters to the needs of those with
investible assets of $5 million or more.

 

The bank had 20 people operating in China onshore private banking business
at the end of last year, said Siew Meng Tan, head of HSBC Private Banking
for Asia Pacific.

 

"By the end of this year, we will get to 64 and by the end of next year,
we'll double that," she said.

 

HSBC is exploring whether to re-enter onshore private banking in India,
where the ranks of the super rich are growing fast and record high stock
markets have created a string of billion dollar start-ups.

 

HSBC exited the Indian private banking business in 2015 as part of a group
strategy. The lucrative but very competitive Indian market has few foreign
players.

 

"We want to bank mass affluent and high net worth customers. At this moment,
the two major pillars we are expanding in India are insurance and asset
management," Matos said. "On the private banking side, we are not there yet
and that's something that demands a strategic decision this year."

 

Currently, HSBC is focusing on catering to wealthy Indians from its global
hubs in Singapore, London and the Middle East.

 

'COMPELLING OPPORTUNITY'

 

HSBC is also looking to bulk up its Singapore and Southeast Asia presence,
Matos said. In August, the bank bought French insurer AXA's (AXAF.PA)
Singapore assets for $575 million. read more

 

Though HSBC has a dominant Asia presence with its retail banking,
particularly in the financial hub of Hong Kong, global leaders such as UBS
(UBSG.S) and Credit Suisse (CSGN.S) rule the market for wealthier clients.

 

Global wealth managers remain bullish about their growth prospects in China
despite an unprecedented regulatory crackdown in the world's second-largest
economy.

 

In a global wealth report published in June, Boston Consulting Group said
Asia's wealth management revenue pools will soar faster than any other
market worldwide, nearly doubling over the next five years to $52 billion.

 

"Asian wealth is expanding twice as fast as the rest of the world. This is a
compelling opportunity for us," said Matos, who took charge of HSBC's newly
combined division in February.

 

"I'm not going to re-do now our goals but what I can say is that in 2021, we
will over-deliver our goals on the wealth side," he said.

 

After announcing plans last year to buy out its life insurance joint venture
partner in China, HSBC is also keen to gain full control of its asset
management company in the country, Matos said.

 

The Thomson Reuters Trust Principles.

 

 

Bitcoin, ether scale new peaks as flows pour in to crypto

(Reuters) - Bitcoin and ether made record peaks in Asia trade on Tuesday,
with enthusiasm for cryptocurrency adoption and worry about inflation
driving momentum and flows into the asset class.

 

Bitcoin rose as high as $68,564 in Asian afternoon trade and ether , the
second-biggest cryptocurrency by market value, earlier hit $4,825.

 

 

Both have more than doubled since June and added nearly 70% against the
dollar since the start of October.

 

"We're getting the feeling that the market has shifted," said Matthew Dibb,
chief operating officer at Singapore-based crypto asset manager Stack Funds,
pointing to a sharp pick up in demand from large investors and even pension
funds.

 

 

"People are now figuring out that not having any exposure, even a small
amount, is probably not a good thing moving forward, so they're having to
allocate at this price," he said.

 

Market momentum has been gathering since last month's launch of a
futures-based bitcoin exchange-traded fund in the United States raised
expectations of flow-driven gains. read more

 

 

Inflows into bitcoin products and funds have hit a record $6.4 billion so
far this year, data from digital asset manager CoinShares showed, and
totaled $95 million last week. read more

 

Other pieces of positive news have also helped, including plans by
Grayscale, the world's largest digital currency manager, to convert its
flagship bitcoin trust (GBTC.PK) into a spot-bitcoin exchange traded fund.
Last week Grayscale also applied to list a "future of finance" fund that
would track companies involved in the growing digital economy.

 

"Crypto is where the fast money is at," said Chris Weston, head of research
at brokerage Pepperstone. "(Ether) is trending like a dream and I'd be long
and strong here," he added.

 

"Clients are net long, with 79% of open positions held long, and I can sense
the $5k party could get going soon."

 

Others flagged cause for some near-term caution on bitcoin, however, as the
cost of funding long positions has crept higher in recent days, according to
trading platform BitMEX - sometimes a precursor to a pullback.

 

Still, the moves so far have carried the token more than 1680% higher from
its March 2020 lows and helped lift the total market capitalisation of
cryptocurrencies above $3 trillion, according to crypto price and data
aggregator CoinGecko.

 

CoinMarketCap put it slightly lower at $2.94 trillion. Either way true
believers, or "hodlers" in crypto markets terminology, have felt vindicated
and remain bullish.

 

"They threw everything at the beast and still it moves," said payments
strategist and sometimes host of the Around the Coin podcast, Brian
Roemmele, on Twitter. "Next stop: #Bitcoin $72000."

 

The Thomson Reuters Trust Principles.

 

 

SoftBank shares jump 10% on $9 bln buyback

(Reuters) - SoftBank Group Corp (9984.T) shares jumped 10% on Tuesday, the
first trading session after the Japanese conglomerate said it would spend up
to 1 trillion yen ($8.8 billion) buying back almost 15% of its shares.

 

The company announced the buyback, long speculated by the market, after it
revealed its quarterly earnings crashed to a loss amid a decline in the
share prices of its portfolio companies and a regulatory crackdown in China.

 

 

The move puts SoftBank's shares on track for the biggest daily jump in 11
months.

 

The buyback is SoftBank's second largest after a record 2.5 trillion yen
buyback launched during the depths of the COVID-19 pandemic last year.
Shares of the tech group quadrupled during that buyback, but have since
fallen 40% from a peak in May.

 

 

"Our analysis of buyback history indicates that SBG stock performs (and
outperforms indices or BABA) during buybacks," wrote Jefferies analysts Atul
Goyal in a note, referring to Alibaba (9988.HK), the group's largest asset.
SoftBank owns about a quarter of Alibaba's shares.

 

The slide in the Chinese e-commerce giant's shares and the broader
regulatory backlash in China contributed to a $57 billion fall in SoftBank's
net assets to $187 billion, a metric that Chief Executive Masayoshi Son has
said is the primary measure of SoftBank's success.

 

The repurchase period for the latest buyback runs to Nov. 8 next year, with
the group signalling the programme could take longer than the fast-paced
purchases last year.

 

The buyback "is nice support, but it isn't rocket fuel," wrote LightStream
Research analyst Mio Kato on the Smartkarma platform, adding "there are
material downside risks if broader tech, especially unprofitable tech,
falters."

 

Speculation SoftBank could launch a buyback has been raging for months as
the discount - the gap between the value of its assets and its share price -
has lingered to the frustration of executives and as investors push for
repurchases.

 

Ongoing uncertainties include the prospect of gaining regulatory approval
for the $40 billion sale of chip designer Arm to Nvidia (NVDA.O).

 

Delays to the sale "may have given Softbank the flexibility to announce a
buyback now with expectations of ramping up share purchases later," Redex
Research analyst Kirk Boodry wrote in a note.

 

SoftBank is ramping up investing via Vision Fund 2, which has $40 billion in
committed capital from the group and Son himself, even as it winds down
activity at trading arm SB Northstar.

 

"Even if the company manages its finances with a certain amount of
discipline, share buybacks would likely erode the financial buffer if
executed," S&P Global Ratings analysts wrote in a note.

 

The conglomerate held more than 5 trillion yen in cash and cash equivalents
at the end of September, an increase of 9% compared to six months earlier.

 

($1 = 113.3500 yen)

 

The Thomson Reuters Trust Principles.

 

 

China state council think-tank met developers, banks, says source, as debt
woes mount

(Reuters) - A think-tank of China's powerful state council met real estate
developers and banks in Shenzhen city, a source with direct knowledge of the
meeting told Reuters, amid intensifying worries over a liquidity crisis in
the country's property sector.

 

Participants at the meeting, which took place on Monday, included China
Vanke (000002.SZ), Kaisa Group (1638.HK), Ping An Bank (000001.SZ), China
Citic Bank , China Construction Bank (601939.SS) and CR Trust, according to
the source.

 

 

Investors are concerned about liquidity woes spreading in China's property
sector, with a string of offshore debt defaults, credit rating downgrades
and sell-offs in some developers' shares and bonds in recent weeks.

 

Embattled developer China Evergrande Group (3333.HK), which is at the centre
of the debt crisis, has rattled global markets as it grapples with
liabilities of more than $300 billion, which, if not managed, could pose
systemic risks to China's financial system.

 

 

At the meeting with the Development Research Center of the State Council,
Shenzhen-based Kaisa urged state companies to help private firms improve
liquidity through project acquisitions and strategic buys, said the source.

 

While the think-tank makes policy proposals, it is not a decision-making
body.

 

 

Kaisa, China's 25th largest developer by sales, also said its liquidity is
tight and it is facing significant difficulties amid rating downgrades and
banks curbing loans, the source added.

 

The developer said some financial institutions had transferred funds out of
its accounts inappropriately and it urged all lawsuits seeking a freeze of
its assets to be handled centrally in a Shenzhen court.

 

Vanke, one of China's top three developers, said at the meeting its
financials were healthy, although it called for stable policies in a bid to
avoid systemic risks and a liquidity crunch.

 

Other companies attending the meeting were Southern Asset Management and
developer Excellence Group, the source added.

 

Vanke, Kaisa and Citic Bank declined to comment. Excellence and the other
banks that participated in the meeting did not immediately respond to
requests for comment.

 

The State Council Information Office also did not respond to a request for
comment. The source declined to be identified due to the sensitivity of the
matter.

 

UPCOMING DEADLINES

 

In a statement on its official WeChat account late on Monday, Kaisa said it
was taking measures to solve its liquidity issues and was consulting
investors in wealth management products about better payment solutions.

 

Kaisa has the most offshore debt of any Chinese developer, after Evergrande.

 

Some holders of offshore bonds issued by a unit of Evergrande had not
received interest payments due on Nov. 6 by Monday evening in Asia. read
more

 

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.

 

Shares of Evergrande fell more than 1% on Tuesday.

 

Last week, Kaisa and three of its units had their shares suspended from
trading, a day after an affiliate missed a payment to onshore investors, as
China's snowballing property debt crisis jolts other developers. read more

 

The Thomson Reuters Trust Principles.

 

 

 

Petronas partners with Exxon Mobil to explore carbon storage opportunities

(Reuters) - Malaysia's state energy firm, Petroliam Nasional Berhad
(Petronas) (PETR.UL), said on Tuesday it has partnered with a Malaysian unit
of Exxon Mobil Corp (XOM.N) to jointly explore opportunities in carbon
capture and storage (CCS) technologies in a bid to decarbonise the country's
upstream industry.

 

Exxon Mobil said last month it wants to build CCS hubs in Southeast Asia and
has begun talks with countries with potential storage options for carbon
dioxide. read more

 

 

According to the memorandum of understanding signed on Nov. 3, both
companies will assess the viability of potential CCS projects in selected
locations offshore Peninsular Malaysia and identify suitable technology for
potential application, Petronas said.

 

The companies will also share subsurface technical data to enable CO2
storage assessment and characterisation.

 

 

"Relevant data related to pipelines, facilities and wells will also be
shared to evaluate potential reutilisation of existing infrastructure for
transport and storage in selected locations," Petronas said.

 

 

The Thomson Reuters Trust Principles.

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

National Unity Day

 

December 22

 


 

Christmas Day

 

December 25

 


 

Boxing Day

 

December 26

 


 

Public Holiday in lieu of Boxing Day falling on a Sunday

 

December 27

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

 

 


Starafrica

Fidelity

Turnall

 


Medtech

Zimre

Nampak Zimbabwe

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

 


 

 


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