Major International Business Headlines Brief::: 15 November 2021

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Major International Business Headlines Brief::: 15 November 2021

 


 

 


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

 


 

 


ü  Delta boss says climate change means flying will cost more

ü  No turkey shortage, says British Poultry Council

ü  Asia shares edge higher as China data beat forecasts

ü  China Oct new home prices fell the most since Feb 2015

ü  Trump reaches $375M deal to sell DC hotel - WSJ

ü  BOJ's Kuroda projects inflation approaching 1% mid-next year

ü  UK employers plan only modest pay rises, easing BoE inflation worries

ü  China industrial output, retail sales accelerate but property clouds outlook

ü  Samsung's Lee visits U.S ahead of likely $17 bln chip plant decision-media

ü  China bill including much-needed chips funding stalled in U.S. Congress

ü  Elon Musk spars with Bernie Sanders, offers to sell more Tesla stock

ü  Japan's economy shrinks more than expected as supply shortages hit

ü  Nigeria: Poultry Farmers Call for Ban On Maize Export

ü  Nigerian Airports Record 6.4 Million Passengers in Six Months

ü  Nigeria: 100% Recycling: Proudly Nigerian Achievement

ü  Tanzania: Govt Places Emphasis On Palm Tree Block Farming

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Delta boss says climate change means flying will cost more

The boss of the world's second biggest airline has said that tackling climate change will make flying more expensive.

 

"Over time, it's going to cost us all more, but it's the right approach that we must take," Delta Air Lines chief executive Ed Bastian told the BBC.

 

Aviation is responsible for about 2.5% of the carbon emissions that are warming the planet, according to the International Energy Agency.

 

Critics argue the best way to reduce them is by flying less.

 

Atlanta-based Delta says that after spending $30m (£22.4m) a year on carbon-offsetting it has been carbon neutral since March 2020.

 

It has also pledged to spend $1bn over the next decade to cancel out all the emissions it creates.

 

 

More fuel-efficient planes, sustainable aviation fuels and removing carbon from the atmosphere are some of the ways it hopes to achieve this.

 

Ambitious goal

Reducing carbon emissions is crucial if the world is to limit global warming to 1.5C above pre-industrial levels as agreed in Paris in 2015, and has been the focus of the COP26 climate change summit in Glasgow.

 

Andreas Schafer, professor of energy and transport at University College London, says it will "cost trillions rather than billions of dollars" to move the global aviation sector to net zero carbon emissions.

 

Preliminary results from his team's research suggest airfares would need to increase by 10%-20% to cover the costs.

 

"In the short-term, government support will be needed with those costs as decarbonising aviation will be extremely challenging, and current efforts will need to be scaled up dramatically", says Prof Schafer.

 

Mr Bastian concedes it is an ambitious goal that his airline won't be able to achieve alone.

 

"It's the biggest long-term challenge this industry faces," he said. "We're in an industry that's classified as hard to decarbonise because we don't have the bio-fuels or the sustainable aviation fuels (SAFs) en masse yet that we're going to need."

 

Delta aims to be using 10% sustainable aviation fuel by the end of 2030.

 

Many airlines and fuel companies are investing in SAFs. Other technologies being developed involve turning food waste into jet fuel and using carbon dioxide pulled out of the air.

 

However, these still cost more than traditional jet fuels and the quantities needed are also seen as problematic.

 

According to the US government, global demand for jet fuel is set to more than double by 2050 .

 

The number of passenger flights is set to jump from a pre-pandemic 4.5 billion to 10 billion by 2050, according to the International Air Transport Association (IATA).

 

IATA director general Willie Walsh told the BBC that while creating the levels of SAF production needed was a big challenge, "it is perfectly possible if industry and governments work together".

 

"Production increases will bring the cost down to competitive levels. We've seen similar increases in the development of solar and wind power in recent decades."

 

At the UN climate change summit in Glasgow, 23 countries have pledged to work together to get the aviation industry to net zero carbon emissions by 2050. More efficient energy use, sustainable aviation fuels and electric aeroplanes are all part of their ambitions.

 

However, environmental campaign group Greenpeace says the agreement is "brazen greenwashing".

 

"This announcement is full of scams like offsetting, and excessive optimism on so-called 'sustainable aviation fuels' and future aircraft designs," says Greenpeace's Klara Maria Schenk.

 

"But it lacks the one thing that's needed to deliver the goal of limiting temperature rise to 1.5C which is tangible action to prioritise green travel and reduce flights."

 

Whilst many businesses and individuals have used the pandemic as a chance to re-evaluate their carbon footprints, Mr Bastian thinks the number of flights will return to pre-pandemic levels.

 

"All forms of travel are on the way back. Families are the part of the travelling public that we're most happy to see, because there's been some really difficult stories over time of families not being able to connect for long [periods]".

 

Business travel is also returning because video meetings can't replace everything, says Mr Bastian.

 

"There's a real unity and sense of purpose that we have when people get back together in person".

 

That desire to travel helped Delta to report a $194m profit in the three months to the end of September, its first profit since the pandemic began.

 

Before the pandemic Delta was the world's second biggest airline, flying 200 million passengers in 2019. As of September it was operating at 71% of its pre-pandemic capacity.

 

The recovery in its domestic US market has been fastest, with long-haul routes to Asia the slowest. That echoes the pattern seen in a recent forecast from planemaker Boeing, which forecast a full recovery of global aviation would take until 2024.

 

Like other airlines, Delta has received billions in government support to get through the pandemic, but is hopeful of a brighter future now the US has reopened its borders to international travellers.

 

Mr Bastian says this may take some adjusting to and there may be long queues at airports as Covid vaccines and paperwork are checked.

 

However, he is confident in the airline's outlook and says the pandemic was "an opportunity to invest in our future".

 

Now the airline is making money again he says: "We hope to be able to maintain that and go into the new year as a profitable carrier."-BBC

 

 

No turkey shortage, says British Poultry Council

There will "definitely" be enough turkeys for Christmas, the British Poultry Council (BPC) has said.

 

The pledge from the industry body came as the deadline closes to recruit thousands of temporary workers from the European Union to help process turkeys, amid widespread UK labour shortages.

 

It believes about half of the visas made available have been taken up, but says this will be enough.

 

"It'll get us over the line," said the head of the BPC, Richard Griffiths.

 

Although he predicted there would be "a bird for everyone who wants one", people would have less choice overall this year, he said.

 

"We've been able to streamline products and reduce the variety, so that helps with the overall volume. There will be a focus on whole birds and very simple crowns and roasts," he added.

 

After months of pressure, the government relaxed immigration rules in September, making 5,500 visas available for foreign workers as a temporary measure to help the poultry industry get through Christmas.

 

The BPC reckons 2,500 to 3,000 applications have been made, although the Home Office and Defra would not comment, and those workers are now starting to arrive.

 

These numbers are way below the 5,500 visas up for grabs - the number that the industry had estimated were needed at the start of the year.

 

But Mr Griffiths says that thanks to a cut in the number of birds being reared, as well as producers managing to recruit some local EU seasonal workers who have settled status in the UK, the industry can now cope.

 

Paul Kelly

For Paul Kelly, the owner of KellyBronze, a turkey producer in Essex, the government's temporary visa scheme has made all the difference. He now has the workers he needs.

 

"Christmas has been saved. I just wish they'd done it earlier," he says.

 

This relatively small family business is now in its 50th year and prides itself on raising free range, hand plucked birds.

 

"It's impossible to do this job without seasonal workers. People say to me, you should employ local people," Mr Kelly said.

 

"Well, I have four weeks' work at Christmas. So how can I expect people to give up a full-time job to come for a month?

 

"We're a seasonal agriculture business, just like raspberries and strawberries, and we need people to help with our harvest."

 

He managed to hire 63 mainly EU seasonal workers and needed another 22 through the government's emergency scheme.

 

"These 22 workers make up about 20% of my full team. It was touch and go and a lot of sleepless nights, up until the last week in September when we got the green light from the Government to get some visas".

 

Many shoppers have also been anxious. Consumers spent £6m more on frozen turkeys last month than a year earlier, according to data from Kantar.

 

Households, it seems, have been racing to buy turkeys to stuff in the freezer, amid fears of festive shortages closer to Christmas.

 

"I don't think there will be people fighting over turkeys in the supermarket. The industry has pulled out all the stops and we will be supplying the Christmas market this year," said Mr Kelly.

 

But he also agreed there would be less variety on offer.

 

Turkeys

"The visa scheme has helped, but it came too late for a lot of the Christmas catalogues which get done in May and June.

 

"All those lattice joints, stuffed joints, and all those fancy turkey joints - they've been shrunk right down. The range will be reduced, but the numbers will be there. "

 

His workers will be arriving over the next few days ready to start in earnest by the weekend, when the business will go at breakneck speed to fulfil some 26,000 orders.

 

But Paul is already starting to think about next Christmas. He believes that without a permanent seasonal workers' scheme, the industry will shrink by another 15-20% next year.

 

"Without it, it's game over for the turkey industry," he said.

 

"If we can't supply the supermarkets, they might have to import turkeys from big producers in Poland and Germany, which is crazy."-BBC

 

 

 

Asia shares edge higher as China data beat forecasts

(Reuters) - Asian shares edged higher on Monday as Chinese economic data surprised on the high side, challenging wagers the economy was stuck in a downturn although a decline in mainland house prices was a worry.

 

Annual growth in retail sales and industrial output both handily beat forecasts, with the bounce in consumption a positive given pandemic restrictions. read more

 

On a negative note for the stressed housing market new home prices in China fell 0.2% month-on-month in October, the biggest decline since February 2015. read more

 

Economists at CBA argued there was a chance the People's Bank of China would cut bank reserve requirements (RRR) this week to support activity.

 

"We estimate a 50 basis point cut to the RRR can release CNY 1 billion of liquidity," they said in a note "In our view, mild easing measures can help meet funding requirements for property developers and offset downside risks to the economy."

 

Chinese blue chips (.CSI300) were steady on the data, while MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.4%, after popping higher late last week.

 

Japan's Nikkei (.N225) gained 0.5% as data showing economic activity shrank by more than expected in the third quarter only reinforced the case for aggressive fiscal stimulus. read more

 

Elsewhere, the U.N. climate conference in Scotland managed to hammer out a deal on emissions, but only by watering down a commitment to phase out coal. read more

 

Wall Street eased last week to break a string of gains, though the major indices were only a shade off all-time highs. S&P 500 futures firmed 0.1% in early trade on Monday, while Nasdaq futures added 0.2%.

 

A key release this week will be U.S. retail sales on Tuesday for any impact from the drop in consumer sentiment to a decade low reported for November as people fretted over higher prices, particularly for petrol. read more

 

There are also doubts about whether firms have the pricing power to maintain margins in the face of rising costs.

 

Analysts at BofA noted 75% of U.S. companies had beaten earnings estimates in the latest reporting season but forecasts for the fourth quarter were only flat, breaking more than a year of rising expectations.

 

The grim survey helped Treasuries steady a little, but yields were still up a hefty 11 basis points for the week as the market priced in a greater risk of an early tightening by the Federal Reserve.

 

BofA economist Ethan Harris suspects the market still has not priced in enough given the high starting level of inflation means rates need to rise more to reach neutral.

 

"If inflation stays high and comes in above the planned overshoot, the Fed will need to become much more hawkish and either accept a market correction or deliberately induce such a correction," warns Harris.

 

Higher U.S. yields have combined with general risk aversion to benefit the dollar, which boasted its best week in almost three months. Against a basket of currencies, the dollar was firm at 95.017 and just off its highest since July 2020.

 

It was holding at 113.85 yen , preparing for another challenge of the October top at 114.69.

 

The euro looked vulnerable at $1.1455 , having broken decisively lower last week.

 

"Covid infection curves moving in the wrong direction are part of the reason, while renewed restrictions are being imposed in Austria and the Netherlands," said Ray Attrill, head of FX strategy at NAB.

 

"The implications or both growth and ECB policy are not being lost on currency markets."

 

European Central Bank President Christine Lagarde will appear before European Parliament later on Monday.

 

Inflation concerns kept gold in demand at $1,860 an ounce , after notching its biggest weekly gain since May.

 

Oil prices had a tougher week, hit by a strengthening dollar and speculation that President Joe Biden's administration might release oil from the U.S. Strategic Petroleum Reserve.

 

Brent reversed early gains on Monday to lose another 52 cents to $81.65 a barrel, while U.S. crude fell 48 cents to $80.31.

 

The Thomson Reuters Trust Principles.

 

 

 

China Oct new home prices fell the most since Feb 2015

(Reuters) - China's October new home prices suffered their biggest month-on-month decline since February 2015, amid continued demand weakness across the country as authorities held firm on purchase restrictions to deter speculators.

 

New home prices dropped 0.2% last month, according to Reuters calculations of data released by the National Bureau of Statistics (NBS) on Monday. It was also the first decline since March 2015.

 

The October contraction compares with zero price growth a month earlier. Some analysts had said prices ticked marginally lower in September based on their calculations. read more

 

China's property market, which accounts for a quarter of gross domestic product by some metrics, has significantly slowed since May, with sentiment increasingly shaken by signs of stress in the sector, including a widening liquidity crisis that has engulfed some of the country's biggest and most indebted developers. read more

 

Last month, the top decision-making body of the Chinese parliament said it will roll out a pilot real estate tax in some regions, aiming to deter speculators and cool surging home prices. read more

 

Bankers and analysts expect China to stand firm on policies to curb speculative purchases and excess borrowing by developers, even as it makes financing tweaks to help home buyers. read more

 

Authorities said in September that banks ought to offer financial support for genuine home buyers with so-called "rigid" demand, referring to purchasing or renting from those recently married or seeking low-cost housing.

 

The China Banking and Insurance Regulatory Commission (CBIRC) said lenders should avoid inflexible rules that penalise non-speculative, legitimate home buyers.

 

Some Chinese banks in recent weeks have sped up the disbursement of home loans in some cities, helping to support sentiment among buyers and also providing relief to cash-strapped developers anxious to complete sales. read more

 

Monthly prices picked up in 13 of 70 cities, less than 27 cities reporting price gains in September, the fewest since March 2015.

 

On year, overall new home prices rose 3.4% in October, the slowest pace since January，according to Reuters calculations of the statistics bureau data.

 

The Thomson Reuters Trust Principles.

 

 

 

Trump reaches $375M deal to sell DC hotel - WSJ

(Reuters) - Former President Donald Trump's family hotel company has reached a deal to sell the rights to its Washington, D.C., hotel for $375 million, the Wall Street Journal reported on Sunday, citing people familiar with the matter.

 

Miami-based investment firm CGI Merchant Group is in contract to acquire the lease, the newspaper said.

 

The Trump International Hotel is in a historic building a few blocks from the White House that the Trump Organization leases from the U.S. government. The hotel has been a popular gathering spot for Trump supporters and foreign dignitaries.

 

The newspaper said CGI intends to remove the Trump name and has reached an agreement with Hilton (HLT.N) Worldwide Holdings to have the property managed and branded by Hilton's Waldorf Astoria group.

 

The Trump organization, CGI Merchant and Hilton did not immediately respond to Reuters requests for comment on Sunday.

 

Last month, the U.S. House Committee on Oversight and Reform said newly obtained government documents raised "troubling" questions about the hotel. read more

 

According to the Democratic-controlled committee, Trump reported that the hotel earned him more than $150 million during his time in office but actually lost more than $70 million.

 

The committee found that the hotel received more than $3.7 million in payments from foreign governments - equal to more than 7,400 nights at the hotel, raising a potential conflict of interest.

 

The hotel is in the city's second-tallest structure, after the Washington Monument. The building previously housed the U.S. Post Office Department Headquarters.

 

The Thomson Reuters Trust Principles.

 

 

 

BOJ's Kuroda projects inflation approaching 1% mid-next year

(Reuters) - Bank of Japan Governor Haruhiko Kuroda expects consumer inflation to accelerate to around 1% in the first half of next year as the economy recovers to pre-coronavirus levels, voicing hope for a consumption-driven recovery.

 

But with inflation still short of its 2% target, the BOJ will maintain its "powerful" monetary easing and stand ready to ramp up stimulus, even as other central banks head for an exit from crisis-mode policies, Kuroda said on Monday.

 

"We expect consumer inflation to gradually accelerate to around 1% at about the middle of next year as the output gap turns positive," he said in a speech to business leaders in Nagoya, central Japan.

 

Kuroda said the recovery in the world's third-largest economy has been "somewhat slower than initially expected," as COVID-19 curbs and parts shortages hit consumption and output.

 

"But the mechanism for an economic recovery remains intact," he said, adding that growth is seen recovering to pre-pandemic levels in the first half of 2022 as the lifting of state of emergency curbs helps revive consumption.

 

While automakers are grappling with supply constraints, bottlenecks blamed on factory shutdowns in Southeast Asia are likely to be resolved in coming months, Kuroda said.

 

Chip shortages, however, could take longer to fix as capacity must be ramped up through capital expenditure to meet robust demand, the governor added.

 

"If the global supply constraint lasts longer than expected, that could hurt Japan's exports and corporate profits by leading to a slowdown in global growth and a rise in cost," Kuroda said.

 

Japan's economy shrank much faster than expected in the third quarter as supply disruptions and a spike in infections hit business and consumer spending. read more

 

Kuroda said the economy will rebound in the current quarter as the Sept. 30 end of COVID-19 curbs props up consumption. He also brushed aside concern over rising commodity prices, saying it reflected robust global demand and was therefore positive for Japan's economy.

 

Japan has not been immune to the global commodity inflation with wholesale prices rising at the fastest pace in four decades in October. But core consumer inflation has hovered around zero as weak consumption prevent firms raising prices. read more

 

The Thomson Reuters Trust Principles.

 

 

 

UK employers plan only modest pay rises, easing BoE inflation worries

(Reuters) - British private-sector employers expect to raise staff pay by an average of 2.5% over the next 12 months, well below the likely rate of inflation, according to a survey that could ease worries at the Bank of England about the risk of a wage-price spiral.

 

The quarterly figures from the Chartered Institute of Personnel and Development (CIPD) suggested companies were taking only cautious steps to battle growing recruitment difficulties.

 

The CIPD said the median annual pay settlement which private-sector employers plan to offer between September 2021 and the same month next year had risen to 2.5% from 2.2% in its previous quarterly survey, its highest since the summer of 2019.

 

The BoE has said it is looking closely at the labour market as it considers whether to raise interest rates from their all-time, coronavirus-emergency low.

 

The BoE forecast this month that consumer price inflation would peak at nearly 5% in the second quarter of next year.

 

Public-sector employers planned a 1% pay rise, but the CIPD said the survey of more than 1,000 employers took place before finance minister Rishi Sunak announced last month that there would be more widespread public-sector pay rises.

 

The CIPD said the proportion of employers who reported hard-to-fill vacancies had jumped to 47% from 39% in its previous quarterly survey, while hiring intentions were the strongest since the survey began in its current form in late 2012.

 

By contrast, a separate survey of 1,400 British businesses by Accenture and IHS Markit, also released on Monday, showed hiring intentions had fallen from a record high seen four months earlier, as businesses found it harder to recruit.

 

Even so, hiring plans were still their second-strongest since June 2015.

 

Overall business confidence dropped to a 12-month low due to supply chain difficulties and record inflation expectations. But confidence was still high by historical standards and greater than in continental Europe.

 

Britain has suffered widespread labour shortages in sectors such as truck driving, food processing and hospitality, and official data shows a record number of job vacancies.

 

But there has been less evidence of whether this is translating into broader increases in pay. The CIPD said 47% of employers reported raising wages over the past six months to attract staff, while 44% had retrained existing employees.

 

"There's a relatively long tail of employers who could be doing more to attract and make full use of available workers," said Gerwyn Davies, the CIPD's senior labour market adviser.

 

The Thomson Reuters Trust Principles.

 

 

 

China industrial output, retail sales accelerate but property clouds outlook

(Reuters) - China's industrial output and retail sales grew more quickly than expected in October, despite fresh curbs to control COVID-19 outbreaks and supply shortages, but the slowing property sector weighed on the economic outlook.

 

Output grew 3.5% in October from the same period a year ago, official data showed on Monday, accelerating from a 3.1% increase in September. Retail sales growth also picked up.

 

The industrial output growth beat expectations of a 3.0% year-on-year increase in a Reuters poll of analysts, but remained the second lowest print this year.

 

The world's second-largest economy had staged an impressive rebound from last year's pandemic slump, but has since lost momentum as it grapples with a slowing manufacturing sector, debt problems in the property market and COVID-19 outbreaks.

 

"Economic momentum remained weak in October, with the real estate downturn weighing on industry," said Louis Kuijs, head of Asia economics at Oxford Economics, in a note.

 

The National Bureau of Statistics (NBS) data also showed retail sales accelerated even as China imposed fresh restrictions to fight a new wave of COVID-19 cases in the north. read more

 

Retail sales rose 4.9% year-on-year in October, beating expectations for 3.5% growth and after a 4.4% increase in September.

 

"Growth will likely weaken in the rest of this year," said Zhiwei Zhang, chief economist at Pinpoint Asset Management.

 

"The COVID outbreak has forced more cities to tighten travel restrictions, which will likely affect the service sector adversely in November. The property sector slowdown is getting worse," Zhang said, adding this was "the key risk for the macro outlook in the next few quarters."

 

NBS data showed property investment and sales growth continued to slow over January-October compared with the first nine months, and new construction starts measured by floor area fell.

 

Sentiment in China's property market has been shaken by a deepening debt crisis, with property giant China Evergrande (3333.HK) and Kaisa Group (1638.HK) grappling with looming defaults.

 

POLICY MEASURES

 

China's sprawling manufacturing sector has slowed this year after a blistering recovery from the COVID-19 slump, with electricity shortages and production cuts hampering production in recent months.

 

"We expect policymakers to take more easing measures to prevent growth from falling too much," said Oxford's Kuijs, adding that weaker demand is driving the broader industry slowdown rather than just supply constraints.

 

Easing measures should start to have an effect early next year, he said.

 

Policy sources and analysts have told Reuters that China's central bank will likely move cautiously on loosening monetary policy to bolster the economy, as slowing economic growth and soaring factory inflation fuel concerns over stagflation.

 

Signs of stagflation are caused by short-term factors like high international commodity prices, said Fu Linghui, an NBS spokesman, at a briefing in Beijing on Monday.

 

Fixed asset investment continued to slow, the NBS data showed, rising 6.1% in the first 10 months from the same period a year earlier, compared with the 6.2% increase tipped by a Reuters poll and the 7.3% rise in January-September.

 

"We think macro policies are close to a turning point. We expect the government will boost fiscal spending around year end to stabilize the weakening trend in investment," said Zhang.

 

The more upbeat output data stood in contrast to the country's official manufacturing survey for October. China's official purchasing managers' index showed factory activity declined for a second straight month in October, hurt by persistently high raw material prices and softer domestic demand. read more

 

The Thomson Reuters Trust Principles.

 

 

 

Samsung's Lee visits U.S ahead of likely $17 bln chip plant decision-media

(Reuters) - Samsung Electronics (005930.KS) vice chairman Jay Y. Lee is visiting North America in his first high-profile trip after serving jail time for bribery, with a decision imminent on the company's planned $17 billion U.S. chip plant.

 

Lee left Seoul on Sunday and his trip to Canada and the United States is expected to coincide with a decision on the location of the new plant, Yonhap and other local media said. read more

 

A site in Texas' Williamson County, near the city of Taylor, offered the better incentives package among various sites Samsung has been considering for the new chip plant that is set to make advanced logic chips, sources previously told Reuters.

 

Since Samsung vice chairman Kim Kinam confirmed the chip plant plan in May, Samsung has been comparing incentives and working out who pays what in convoluted land and other agreements, while also considering the available amount of stable utilities such as water and electricity, one of the sources with knowledge of the matter said.

 

The source declined to be identified as they were not authorised to speak to media.

 

A winter storm in the first quarter hit Samsung's chip plant in Austin, Texas, laying bare the importance of stable utilities, as a shutdown caused by blackouts affected wafers corresponding to around 300-400 billion won ($254-339 million) of damages.

 

"I am set to meet many U.S. partners," Lee told reporters before his flight on Sunday, without elaborating.

 

He said he also expected to visit Boston, where COVID-19 vaccine maker Moderna's (MRNA.O) headquarters are located.

 

Last month, South Korea granted emergency use approval for Moderna's vaccine produced by drugmaker Samsung BioLogics (207940.KS), which has a "fill and finish" deal with Moderna.

 

Lee was convicted in January of bribery and embezzlement and sentenced to 30 months in jail - including a year served before his sentencing. Upon his parole in August, the presidential office said it expected Lee will help the country procure "semiconductors and vaccines".

 

($1 = 1,179.6200 won)

 

 

 

China bill including much-needed chips funding stalled in U.S. Congress

(Reuters) - Sweeping legislation to boost U.S. competitiveness with China and fund much-needed semiconductor production passed the Senate with bipartisan support in June, but has stalled in the House of Representatives and now faces an uphill climb to become law before next year, if ever.

 

Although President Joe Biden's Democrats control both the Senate and House, and the White House says competing with China is a top priority, House members said they wanted to write their own bill, not consider the Senate-passed U.S. Innovation and Competition Act, or USICA.

 

Five months later, the House has not voted on its own bill nor taken up USICA. And with a packed legislative agenda, there is scant time to do so in 2021.

 

The Senate passed USICA by 68-32. The measure was a rare legislative foray into industrial policy, authorizing $190 billion to strengthen U.S. technology and research, and an additional $54 billion to increase U.S. production and research into semiconductors and telecommunications equipment.

 

There is a worldwide shortage of computer chips, crimping production of everything from gaming consoles to vehicles, and money in the bill would have gone to chip makers to expand manufacturing.

 

Many issues addressed in USICA, including trade and human rights, are expected to feature at Monday's virtual summit between Biden and Chinese leader Xi Jinping.

 

A House Democratic leadership aide declined to give a timeline for House consideration of the measure, saying only that there are still areas where the House and Senate must resolve differences.

 

Some USICA provisions may end up in other legislation expected to pass within weeks. Several lawmakers have offered pieces of the bill as amendments to the National Defense Authorization Act, or NDAA, a must-pass annual defense policy bill.

 

On Sunday, Senate Majority Leader Chuck Schumer said in a letter that the Senate would likely take up NDAA this week and "may add the Senate-passed text of USICA to the NDAA."

 

He added that "would enable a USICA negotiation with the House to be completed alongside NDAA before the end of the year."

 

The House Foreign Affairs Committee advanced its own China bill in July, but all 20 committee Republicans opposed the "Ensuring American Global Leadership and Engagement Act," or Eagle Act, and there has been no word on when it might come up for a vote in the full House.

 

The Eagle Act has a narrower scope than USICA, focusing largely on foreign policy rather than boosting industry. It also includes provisions, such as measures to boost climate cooperation, that Republicans said they will not support.

 

Senator Mark Warner, who as chairman of the Intelligence Committee has stressed the challenge of competing with China, said passing USICA is especially important given chip shortages slowing production at U.S. manufacturing plants.

 

"I'm urging my colleagues in the House to move this legislation without any further delay," he said in an emailed statement.

 

Congressional aides worry the bill could slip well into 2022.

 

The desire for a hard line in dealings with China is one of the few truly bipartisan sentiments in the deeply divided U.S. Congress.

 

"Congress and the executive branch must lock arms and fundamentally respond to this generational threat," said Representative Michael McCaul, the top Republican on the House Foreign Affairs Committee, when asked about the importance of legislation addressing competition with Beijing.

 

The Thomson Reuters Trust Principles.

 

 

 

Elon Musk spars with Bernie Sanders, offers to sell more Tesla stock

(Reuters) - Tesla Inc (TSLA.O) Chief Executive Elon Musk got into a spat with Bernie Sanders on Sunday after the U.S. senator demanded the wealthy pay their "fair share" of taxes.

 

"We must demand that the extremely wealthy pay their fair share. Period," Sanders wrote on Twitter. Taking a jibe at the 80-year-old senator, Musk responded by saying "I keep forgetting that you're still alive."

 

 

The billionaire CEO who had already offloaded a combined $6.9 billion worth of shares in the electric car company as of Nov. 12, further wrote, "Want me to sell more stock, Bernie? Just say the word."

 

Sanders' tweet comes amid the backdrop of Washington's efforts to hike taxes for the super-wealthy.

 

U.S. Senate Democrats have unveiled a proposal to tax billionaires' stocks and other tradeable assets to help finance President Joe Biden's social spending agenda and close a loophole that has allowed them to defer capital gains taxes indefinitely.

 

A week ago, Musk tweeted that he would sell 10% of his shares if users of the social media platform endorsed the move. About 57.9% of people voted for the stock sale.

 

The Thomson Reuters Trust Principles

 

 

 

Japan's economy shrinks more than expected as supply shortages hit

(Reuters) - Japan's economy contracted much faster than expected in the third quarter as global supply disruptions hit exports and business spending plans and fresh COVID-19 cases soured the consumer mood.

 

While many analysts expect the world's third-largest economy to rebound in the current quarter as virus curbs ease, worsening global production bottlenecks pose increasing risks to export-reliant Japan.

 

Also read: BOJ's Kuroda projects inflation approaching 1% mid-next year

 

"The contraction was far bigger than expected due to supply-chain constraints, which hit car output and capital spending hard," said Takeshi Minami, chief economist at Norinchukin Research Institute.

 

"We expect the economy to stage a rebound this quarter but the pace of recovery will be slow as consumption did not get off to a good start even after COVID-19 curbs were eased late in September."

 

The economy shrank an annualised 3.0% in July-September after a revised 1.5% gain in the first quarter, preliminary gross domestic product (GDP) data showed on Monday, much worse than a median market forecast for a 0.8% contraction.

 

The weak GDP contrasts with more promising readings from other advanced nations such as the United States, where the economy expanded 2.0% in the third quarter on strong pent-up demand.

 

In China, factory output and retail sales unexpectedly rose in October, data of Monday showed, despite supply shortages and fresh COVID-19 curbs.

 

On a quarter-on-quarter basis, GDP fell 0.8% compared with market forecasts for a 0.2% decline.

 

Some analysts said Japan's heavy dependency on the auto industry meant the economy was more vulnerable to trade disruptions than other countries.

 

Shinichiro Kobayashi, principal economist at Mitsubishi UFJ Research and Consulting, said automakers make up a large part of Japan's manufacturing sector with a wide range of subcontractors directly affected.

 

STIMULUS PLAN

 

Prime Minister Fumio Kishida plans to compile a large-scale economic stimulus package worth "several tens of trillion yen" on Friday, but some economists were sceptical about its impact on growth near-term.

 

"The package will likely be a mixed bag of near-term and long-term growth measures, and the focus may be blurred, so it won't have much impact near-term," Norinchukin's Minami said.

 

Consumption fell 1.1% in July-September from the previous quarter after a 0.9% gain in April-June.

 

Capital expenditure also decreased 3.8% after rising a revised 2.2% in the previous quarter.

 

Domestic demand shaved off 0.9% point to GDP growth.

 

Exports lost 2.1% in July-September from the previous quarter as trade was hurt by chip shortages and supply-chain constraints.

 

Analysts polled by Reuters expect Japan's economy to expand an annualised 5.1% in the current quarter, as consumer activity and auto output pick up.

 

However, Japanese firms still face risks from higher commodity costs and supply bottlenecks, which threaten to undermine the economic outlook over the short- to mid-term.

 

Real GDP, which factors in the effects of inflation, won't return to pre-pandemic levels until the second half of 2023, said Takahide Kiuchi, a former Bank of Japan board member who now serves as chief economist at Nomura Research Institute.

 

"China's slowdown, supply constraints, rising energy prices and a slowdown in inflation-hit western countries will reduce the pace of growth towards mid-2022," Kiuchi said.

 

"As exports remain severe, Japan's economy will likely undergo moderate growth of around 1%-2% annualised in the second quarter onwards, even taking effects of stimulus into account."

 

The Thomson Reuters Trust Principles.

 

 

 

Nigeria: Poultry Farmers Call for Ban On Maize Export

Disturbed by high cost of maize, a major ingredients in the poultry feeds, the Poultry Association of Nigeria (PAN), has called on the federal government to rescue the poultry industry by banning export of maize, in order to make the commodity available for poultry feed millers in Nigeria.

 

The association made the call in Abeokuta, Ogun State, at the 2021 Poultry Show with the theme: "De-Risking the Nigerian Poultry Industry: Stabilising Critical Inputs and Market Prices for Sustainability."

 

The show, which attracted stakeholders in the public and private agricultural sector in the country, featured exhibition of products and inputs, by players in the industry.

 

Speaking at the event attended by commissioners for Agriculture from the six South West states, the Chairman of the 2021 Poultry Show, Mr Olalekan Odunsi, stated that poultry farmers are facing lots of socio-economic challenges which is negatively affecting the industry.

Odunsi, who lamented that insecurity, high cost of animal feeds and exchange rate had forced some poultry farmers out of business, added that the challenges had cut number of poultry farmers producing eggs, chickens and other products as many of them had closed shop.

 

He said "A lot of farms have closed down due to high cost of feeds occasioned by huge cost of maize and soya. While appealing to the federal government to ban exportation of soybeans and maize to allow farmers to produce for local use.

 

On the immediate effect of the current situation, Odunsi said people should prepare for high cost of poultry products as Christmas is approaching.

 

The chairman also stated that apart from the issue of maize and soya, prices of other ingredients being used in the production of poultry feeds, are on the high side.

 

"What is also impeding more on poultry production is foreign exchange. A lot of things we used are imported only maize and soybeans are grown in the country, all the additives, multivitamin, medicament that we are using, we import all of them.

"Even the fish feeds, we are not producing locally, we import. So, all these are impeding very much on the cost of production.

 

"So, let's brace up, but we will try our best to make sure people have good meat to eat."

 

In a remark at the event, the Ogun State Government said it would continue to give piultry priority in its agricultural agenda for food security, job creation and industrialization through strategic partnership with private sector and international bodies.

 

The Ogun State Commissioner for Agriculture, Dr. Adeola Odedina, stated this in his goodwill message delivered on behalf of the government.

 

Odedina noted that Ogun State, being the largest producer of broiler and egg in Nigeria, has successfully organised broiler project, in which 45 youths were trained and made to rear 1,000 broilers each, as they made average profit of N150,000 in three cycles.

 

He added that, the broiler project would be replicated in all the Local Governments in the State, while the successful youths that have been made broiler ambassadors would train others.

 

Odedina harped on the need to assist farmers by creating enabling environment for them to be able to produce food and raw materials towards importat substitution, quality control and local value-chain operations, to combat looming food crisis in the country.

 

Speaking on the theme, the Country Representative, Nigerian International Livestock Research Institute, Dr. Tunde Amole, acknowledged that there is scarcity of feed for poultry across the world due to Covid-19 pandemic, climate change and usage of maize as raw material for various commodities, including fuel.

 

He called on Nigerians to adjust to the new normal, invent sustainable ways to address global crisis, look inwards to areas of comparative advantage and solve the problem of food crisis both for human and livestock consumption.

 

Amole suggested the use of cassava peels as part of components of producing poultry feeds to reduce total dependence on maize, advocating for the need to bridge the gap between academia's research and industrial operations.

 

Mr Olabode Adetoyi, Ekiti State Commissioner for Agriculture and Food Security, asked all the Southwest States to create enabling environment for farmers to operate.

 

He said Ekiti State Government has granted tax holidays and provided security to all agribusiness-based investors that are operating in the state. END-This Day.

 

 

 

Nigerian Airports Record 6.4 Million Passengers in Six Months

The figure represents a 50.5 per cent increase from the numbers recorded in the same period last year

 

A total of 6,420,820 passengers travelled through domestic and international airports in Nigeria between January and June 2021, a report by the Federal Airports Authority of Nigeria (FAAN) has shown.

 

The Passengers' Traffic Statistics Report made available to the News Agency of Nigeria (NAN) by Federal Airports Authority of Nigeria (FAAN) indicates that the figure comprised 5,513,098 domestic passengers and 907,722 international travellers.

 

The figure represents a 50.5 per cent increase over 4,267, 409 recorded in the same period in 2020.

According to the report, in the first half of the year, Murtala Muhammed International Airport (MMIA) in Lagos processed the highest number of international travellers with 670,938 passengers, followed by Nnamdi Azikiwe International Airport (NAIA), Abuja with 225,985.

 

NAIA Abuja, however, topped the chart for domestic air travellers with 1,974,249 passengers, closely followed by Lagos airport with 1,786,236. Others are Port Harcourt 377,679 passengers; Enugu 231,669; Kano 225,870.

 

The report indicates that Lagos and Abuja airports alone accounted for 3,760,485 out of a total of 5,513,098 or 68.2 per cent of all domestic arrivals and departures. Both airports also accounted for 896,923 out of a total of 907,722 or 98.8 per cent of all international passengers.

 

Aminu Kano International Airport came a distant third with only 10,119 international passengers in the first half of the year.

 

On cargo, the five major international airports in Lagos, Enugu, Abuja Kano and Port Harcourt handled a total of 126.4 million kilogrammes of cargo between January and June this year, about 106 per cent increase from the 61.2 million recorded within the same period in 2020.

 

Lagos alone accounted for the lion share of 113.9 million kilogrammes or over 90 per cent of the total cargo handled at the five international airports.-Premium Times.

 

 

 

Nigeria: 100% Recycling: Proudly Nigerian Achievement

Plastic egg crates, plastic bags, fabrics, throw pillows, tissue paper, paper crates, cardboards, ceiling boards, block making additives, organic manure, farming implements such as machetes, hoes, and the list continues.

 

This may look like products on offer from a conglomerate, but these are actually some of the by-products from the waste recycling programme of the British American Tobacco (BAT) factory in Ibadan. The company achieved 100 per cent waste recycling and zero waste to landfill at its Ibadan factory in March 2021.

 

Environmental pollution from industrial and manufacturing activity is a global problem. Elevated industrial output has inherently increased the volumes of industrial wastes generated. The pollutants include chemicals, fuels, paper waste, food wastes, sewage, and packaging such as plastics etc most of which end up in landfills or water bodies, contributing to environmental pollution.

It follows, therefore, that to solve the problem of global environmental pollution, governments, and businesses must seek ways to minimize their accumulation and promote proper disposal. Some quick wins which have been promoted include limiting the use of single-use plastics; waste recycling, particularly plastics, considering their ubiquity; and the efficient management of landfills.

 

BAT's success in achieving 100% recycling of all waste generated at its factory in Ibadan is thus a remarkable development. Heartwarming as this milestone achievement might be to environmental enthusiasts; it indeed gets more interesting when it is revealed that BAT achieved this feat with the support of an implementation partner that is a homegrown (100 percent) Nigerian company.

Enter a little known waste recycling company, Skaj & U Investment Nigeria Limited, whose position today belies their humble beginnings as a company that started out as an aggregator of waste paper, which it supplied to a paper recycling plant some 25 years ago. The company says the project with BAT has catalysed its growth. Specifically, they had to employ 150 skilled and unskilled workers to tend to the recycling project at the BAT factory. This was in addition to the expansion of its recycling capacity with the acquisition of new machinery and the introduction of new recycling processes.

 

Many global corporations have re-engineered operations across their value chains to minimize their environmental impact. Environmental, Safety, and Governance (ESG) priorities are increasingly important in the reckoning of companies in the global business environment. Recycling waste products is among measures that they deploy to reduce environmental pollution, improve the efficiency of resource use and reduce their carbon footprint.

In Nigeria, the story is the same. Recycling companies have sprung up that go beyond their regular operations by partnering with the corporate sector and some state governments like Lagos State, to help them actualize their aspirations regarding waste recycling. Names like Wecyclers, Recycle Points, PAKAM, etc readily come to mind.

 

BAT Nigeria launched a corporate recycling programme in 2019, in partnership with some recycling companies in Nigeria.

 

Apparently, the partnerships with the local recyclers have vastly accelerated the company's waste recycling programme such that BAT Nigeria achieved 100% recycling and zero waste to landfill earlier in 2021. This feat was accomplished four years ahead of the Group's global ESG target of 2025, as announced in its global strategy announced in March 2020.

 

This is why the efforts of the implementation partner, Skaj & U investment Limited, and indeed the efforts of sundry recycling companies across Nigeria must be applauded.

 

Skaj & U, which started off as a waste paper aggregator and transitioned to paper recycling years ago, is today, able to recycle such diverse products as plastic waste, spent oil, tyres, metal waste, carton waste, pallet waste, packs and label waste, waste water, canteen waste, nylon waste, tow waste, foil waste, used kegs, used drums, cable waste and sludge, etc at the BAT factory in Ibadan.

 

While celebrating the improvement in the company's strategy, Research &Development (R&D), and operational competencies due to the investments in new machinery, and the expansion of their capacity and processes on account of the scale and novelty of this project, it must also be recognised that some of the machines acquired for this project were also fabricated in Nigeria and by Nigerian companies.

 

This goes to show that beyond empowering the recycling company, partnerships of this nature also improve capacity further down the value chain. Part funding to finance the project was also provided by Nigerian commercial banks.

 

Environmental pollution remains a gnawing problem in Nigeria. Thankfully, more organisations like BAT are rising to the occasion and tackling the menace head-on. Lafarge Africa Plc for example said in its 2020 sustainability reports that it reutilized 71, 029 tonnes of waste in 2020. It achieved this by partnering with the Food and Beverage Recycling Alliance (FBRA). Similarly, Coca Cola Nigeria along with Nigeria Bottling Company has aggressively pursued waste recycling, reportedly recycling over one billion plastic bottles.

 

This has been facilitated through partnerships with recycling companies such as Recycle Points, West Africa Energy, Chanja datti, Wecyclers and many other collectors in the FBRA.

 

The public sector is also beginning to do more to address the waste challenge. The Lagos State government, for instance, announced in April 2021 that it was transitioning from waste disposal to waste conversion (recycling) partly on account of limited dumpsites. The Commissioner for Environment and Water Resources, Mr. Tunji Bello, stated that the project is expected to create 6,000 jobs initially.

 

The State along with its project partners has also deployed technology in the form of a mobile application known as PAKAM, which enables users to request for pickup of recyclable materials from their homes by registered aggregators on the mobile application.

 

The impacts of this project, beyond delivering a cleaner and healthier environment to Lagosians, will hopefully mirror on a far bigger scale, the catalytic effects earlier detailed on the BAT partnership with its implementation partner for the recycling project at its factory in Ibadan.

 

At a time of ever-increasing necessity for governments and corporations to minimize the impacts of their operations on the environment and deliver a sustainable future, partnerships of this nature that also create new jobs, improve entrepreneurial and technical competencies of our homegrown companies are welcome and should be encouraged.-Vanguard.

 

 

 

Tanzania: Govt Places Emphasis On Palm Tree Block Farming

The government has placed great emphasis on palm tree block farming in councils with vast and productive lands as it wants to address edible oil shortage in the country.

 

Deputy Minister for Agriculture, Hussein Bashe, said the ministry has devised a strategic plan to ensure palm tree farming is being conducted in such a way that it will create massive production.

 

Mr Bashe gave the announcement in the Parliament on Friday, when reacting to a question posed by legislator Mr Charles Mwijage (Muleba-North-CCM) on what measures are in place for the country to produce edible oil to meet the local market demand.

The deputy minister said the government has intensified production of palm trees, to halt the importation of edible oil in the country.

 

He said they are working closely with authorities in Kagera, Tanga, Coast, Katavi and Mbeya regions, to mobilise the public to engage in palm tree cultivation as they have arable land for the crop.

 

The government supports them by ensuring the use of the best and quality tree seeds and getting timely training from the extension officers on palm tree farming.

 

Recently, Prime Minister, Mr Kassim Majaliwa said annually the government spends over 400bn/- to import cooking oil.

 

As such, the PM directed District Commissioners (DCs) and the District Executive Directors (DEDs) in Kigoma Region to effectively coordinate palm tree production in their respective areas.

 

He equally called upon them to manage a database of the farms, which among other things will contain information including the number of farmers, size of the farm and their locations.

According to him, the move will help to ease service delivery with regard to the production of palm trees.

 

"The government is committed to make a close follow up on the production of palm trees from the initial to securing of the seedlings. Parents, establish palm tree farms for your children for their bright futures and economic development... It will help them not to be dependent," noted Mr Majaliwa.

 

Likewise, the Premier urged people coming from regions which famously engage in the production of palm trees to increase cultivation to boost their incomes and the country at large.

 

"Invest in palm tree production for your own development and the development of your children," noted the PM. Mr Majaliwa revealed that the government has recorded great achievements in the production of cash crops including cashew nuts, tobacco, cotton, coffee and tea.

 

Based on the achievement made, the government has also placed emphasis on more crops including palm tree, sisal, grapes and avocado production to be grown in large quantities and boost their value.

 

He applauded other regions which joined the palm tree farming for accepting the government call of embarking on palm tree production, pointing out that their farm is setting a good example in the production of the crop.

 

In 2019, the government set aside 4.3 million U.S. Dollars to boost cultivation of palm oil as part of its strategy to end importation of edible oil. The Kigoma region in Tanzania has been resilient in this farming.

 

A number of strategies have been put in place to enhance more production of palm oil. The government has promised to help the farmers with palm oil seeds, which has become a priority in the agricultural sector. The farmers have been cultivating the crop early from the 1920s as it continues to gain popularity.-Daily News.

 

 

 


 


 


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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