Major International Business Headlines Brief::: 17 November 2021

Wed Nov 17 09:48:22 CAT 2021

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Major International Business Headlines Brief::: 17 November 2021

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

ü  UK announces plan to boost overseas trade

ü  Lidl to become UK's highest-paying supermarket

ü  Nord Stream 2: Gas prices soar after setback for Russian pipeline

ü  Supply chain crisis: Japan's export growth slows as car production slides

ü  Arm-Nvidia deal: UK orders further inquiry

ü  Amazon to pay $500,000 for not sharing Covid data

ü  Coronavirus: Cathay Pacific imposes tough new rules on aircrew

ü  Dollar soars on upbeat U.S. data but Asian stocks wobble

ü  U.S. retail sales surge as holiday shopping starts, brightening economic outlook

ü  Volkswagen powers up the grid to take on Tesla

ü  Tesla's Musk exercises more options, sells $973 million for taxes

ü  Pavilion, Qatar, Chevron create emissions calculating standard for LNG

ü  China Evergrande dissolves some units of online marketplace -media

ü  Walmart stock tumbles as supply chain snarls hit margins ahead of holidays

ü  Yellen extends U.S. default deadline to Dec. 15 after highway payment

 <mailto:info at bulls.co.zw> 

UK announces plan to boost overseas trade

The government has announced plans to boost the UK's annual exports to £1 trillion by the end of the decade.

The Made in the UK, Sold To The World plan is intended to help firms seize new opportunities in global markets.

Last year, the UK exported about £600bn in goods and services. But only one in 10 British firms trades overseas.

International Trade Secretary Anne-Marie Trevelyan said it was "vital" for companies to "unleash their full exporting potential".

As part of the 12-point plan, government agencies such as UK Export Finance will offer new services to help UK exporters to secure business.

There will also be a new UK trade show programme to give UK companies help in exhibiting their products at international events.

BBC global trade correspondent Chris Morris says such targets have been set before, but not achieved.

But the task has acquired a new urgency, because in other rich countries, exports have recovered more quickly from coronavirus-related lockdowns.

However, the context the government does not mention is Brexit, our correspondent adds.

He points out that it is much harder to export to the European Union (EU) under the UK's new free trade deal than it was in the single market.

Meanwhile, the independent forecaster the Office for Budget Responsibility estimates exports to the EU will be about 15% lower in the long run.

"Businesses have been tackling head-on the challenges Brexit has thrown at them for the best part of five years," said Emma Rowland, policy adviser at the Institute of Directors.

There were new opportunities across the world, but EU member states should not be overlooked, as they remained the UK's largest export markets, she said.

"While there is significant potential for trade activity in the wider world, the government must secure a pragmatic solution to the challenges of exporting to the EU," she added.

"Only then will UK exporting be able to realise its full potential."-BBC

Lidl to become UK's highest-paying supermarket

Lidl has announced pay rises from March next year, which it says will make it the UK's highest-paying supermarket.

It will increase its minimum pay for employees outside London to £10.10 an hour, with rates of up to £11.40 for more experienced workers.

Higher rates will apply in the capital, the supermarket said.

It added that the increase recognised "the hard work and dedication of frontline colleagues during the last 18 months of the pandemic".

Earlier this year, Morrisons became the first UK supermarket to pay at least £10 an hour.

"Entry-level wages will increase from £9.50 to £10.10 an hour outside of London and £10.85 to £11.30 within the M25 from March 2022, with colleagues earning up to £11.40 and £12.25 respectively, depending on length of service," Lidl said.

It comes after official figures on Tuesday suggested that employers are continuing to struggle to fill roles, affecting the hospitality and retail sectors in particular.

Job vacancies hit a fresh record high of 1.17 million in October - almost 400,000 higher than before the pandemic.

With so many parts of the economy facing labour shortages, many employers are having to improve pay and conditions to fill vacancies and keep hold of the staff they have.

Lidl is still expanding. It currently has more than 850 stores in Great Britain and says it's still on track to increase that to 1,000 by the end of 2023.

It clearly wants to have a competitive edge on hourly pay. And that will put pressure on its bigger rivals, who have far larger wage bills to pay for.

Lidl said the move represented a pay rise of more than 6% for some. More than 21,000 Lidl employees, about 80% of its staff, would benefit, it added.

By comparison, the UK's minimum wage for workers over 23 is set to rise from its current level of £8.91 an hour to £9.50 from April 2022.

And earlier this week, the Real Living Wage, paid by almost 9,000 employers throughout the country, went up from £9.50 to £9.90 an hour.

As for Lidl's rivals, the latest available data suggests Tesco and Aldi currently pay £9.55 an hour, while Sainsbury's, Waitrose and the Co-op pay £9.50 and Asda pays £9.18.

Competing for talent

Lidl said its latest pay rise would cost it £18m and described it as part of its UK investment plan.

Nan Gibson, Lidl's chief HR officer, told the BBC: "We do not expect to pass that on to customers in the form of price rises."

She said it was currently "very difficult" to recruit staff, adding: "We are competing for talent with all the other retailers and, indeed, other industries."

Ms Gibson said Lidl's pay rise was intended to retain existing staff "as far as possible", but also to attract new workers.

The supermarket also reiterated its existing intention to have 1,000 stores in the UK by the end of 2023.

Christian Härtnagel, chief executive at Lidl GB, said: "We have ambitious plans to grow our business across Great Britain, and to do that, we need to ensure we attract and look after the best talent at every level of our business."-BBC

Nord Stream 2: Gas prices soar after setback for Russian pipeline

UK and EU wholesale gas prices have risen by 17% after Germany's energy regulator suspended approval of the controversial Nord Stream 2 natural gas pipeline from Russia to Germany.

It said the pipeline's operating company needed to be compliant with German law before it would certify the €10bn (£8.4bn) project.

Critics fear the pipeline will increase Europe's energy dependence on Russia.

The pipeline was finished in September, but it had been beset by delays.

Running under the Baltic Sea, Nord Stream 2 will double Moscow's gas exports to Germany, but it will also circumvent Ukraine, which relies on existing pipelines for income and would be hard-hit by the loss of transit fees.

German businesses have invested heavily in the 1,225km (760-mile) pipeline and former Chancellor Gerhard Schröder has played a big role in its development.

Gas prices were already high before this latest setback for the project. A cold winter in Europe last year put further pressure on supplies and, as a result, stored gas levels are much lower than normal.

Political weapon

The German regulator said "it would only be possible to certify an operator of the Nord Stream 2 pipeline if that operator was organised in a legal form under German law".

The decision is likely to set the project back several months and even when it receives German approval it will require a green light from the European Commission.

The regulator said its approval procedure would remain suspended until "the main assets and human resources" had been transferred from the Swiss-based Nord Stream 2 parent company to its German subsidiary, which owns and operates the German part of the pipeline.

Ukraine has opposed Nord Stream 2, described by President Volodymyr Zelensky as a "dangerous geopolitical weapon".

This week, UK Prime Minister Boris Johnson said a choice was coming shortly "between mainlining ever more Russian hydrocarbons in giant new pipelines and sticking up for Ukraine and championing the cause of peace and stability".

German Chancellor Angela Merkel said recently that further sanctions might be imposed on Russia if it used the pipeline against Ukraine.

The German regulator's decision to suspend certification has been welcomed by Ukrainian energy firm Naftogaz. And Polish gas company PGNiG responded with a call for energy solidarity in the EU to ensure security of supplies.

The Nord Stream 2 consortium declined to comment on possible delays to gas exports.

Under the EU's gas directive, gas producers have to be separate from the company that owns the pipeline.

BBC graphic

As well as Germany's Uniper and BASF's Wintershall unit, other European companies have stakes too, including Anglo-Dutch Shell, OMV of Austria and Engie of France.

Germany's government estimates that "natural gas will continue to make a significant contribution to energy supply in Germany over the coming decades", saying it is "more climate-friendly compared to other fossil fuels as it produces less CO2".

But environmentalist groups in the country such as Deutsche Umwelthilfe oppose Nord Stream 2, arguing that it is incompatible with Germany's emissions goals in the battle against man-made climate change.-BBC

Supply chain crisis: Japan's export growth slows as car production slides

Japan's exports have snapped seven months of double-digit growth as the supply chain crisis hit the motor industry.

Exports expanded by 9.4% in the year to October, the smallest rise in eight months and lower than forecasts.

Shipments of cars were hit particularly hard, down by almost 37% from the same time in 2020.

The slowdown highlights how vulnerable Japan's export-reliant economy is to supply chain bottlenecks.

Car exports to Japan's two largest trading partners, China and the United States, dropped by almost half, according to data from the country's Ministry of Finance.

At the same time imports rose by a slower-than-expected 26.7%, meaning that Japan's imports were 67.4 billion yen ($587m; £437m) higher than its exports.

Supply chain problems have impacted economies around world this year as companies struggle to secure the goods they need to operate their businesses.

Carmakers have been hit particularly hard by supply issues, especially the shortage of computer chips.

In August, the world's biggest carmaker Toyota slashed its production forecast due to the shortage of semiconductors.

'Rebound in the coming months'

But one expert believes the supply shortages faced by Japan's carmakers should have eased significantly by December.

Tom Learmouth, Japan economist at Capital Economics, said the impact is likely to be temporary: "Vietnam is the most important supplier of parts for Japanese carmakers in the region and had been hit with factory closures to control its Delta outbreak.

"We think that the rebound in exports will pick up pace over the coming months as production at Japanese carmakers returns to normal."

Official figures also signalled reluctance by the country's manufacturers to invest in new equipment. Core machinery orders were flat in September compared to the previous month.

Earlier this week, official figures showed that Japan's economy shrank faster than expected in the third quarter of the year, hit by global supply disruptions and a resurgence in Covid-19 cases. Gross domestic product contracted by 3%, compared to the same time last year.

Japan's newly-elected prime minister Fumio Kishida is expected to announce the details of a new economic stimulus package reportedly worth "several tens of trillion yen" on Friday.-BBC

Arm-Nvidia deal: UK orders further inquiry

A $40bn (£29bn) takeover of UK chip designer Arm by US giant Nvidia will be subject to an in-depth inquiry by the UK's competition watchdog.

Citing security and competition concerns, Digital Secretary Nadine Dorries told the Competition and Markets Authority (CMA) to launch a phase two investigation.

An initial inquiry by the CMA found "significant competition concerns".

Nvidia said, however, that the merger would boost competition and innovation.

The firm said in a statement: "We will continue to work with the UK government to resolve its concerns".

"The phase two process will enable us to demonstrate that the transaction will help to accelerate Arm and boost competition and innovation, including in the UK", Nvidia said.

Chips based on Arm's designs are used in a wide range of applications, including in the silicon inside many Apple products.

Announcing her decision, Ms Dorries said: "Arm has a unique place in the global technology supply chain and we must make sure the implications of this transaction are fully considered."

"The CMA will now report to me on competition and national security grounds and provide advice on the next steps."

In a letter to both Arm and Nvidia setting out the reasons for the decision, officials provided more detail on the national security concerns.

It suggested that the deal could see a "potential reduction of the UK's autonomy to develop, operate or support defence and security systems that utilise Arm IP (intellectual property)".

The deal also faces a competition probe by the European Commission.-BBC

Amazon to pay $500,000 for not sharing Covid data

Amazon has reached a legal settlement in California over claims it failed to adequately inform its warehouse workers about Covid-19 cases in the workplace.

California's attorney general said workers had been left "terrified and powerless".

The delivery giant will pay $500,000 (£370,000), but did not admit wrongdoing in agreeing the settlement.

Amazon said the law did not require it to share total numbers of cases with staff, but it had now started to do so.

It is the first application of the state's "right to know" rules that require employers to keep staff notified.

The legislation requires firms to inform workers promptly of potential Covid exposures at their work sites, to tell them about pandemic-related protections, benefits, disinfection and safety plans, and to report cases to local health agencies.

Amazon spokeswoman Barbara Grait said the company had not broken the law, and had always notified workers of any exposure to cases of the virus and done contract tracing.

"The California law doesn't specify we had to give numbers in those notifications," she said. However the firm was now providing that information within 24 hours for staff at its California sites.

It comes as Amazon is gearing up for the holiday season. US retail spending, including online, is already running higher than this time last year, despite supply chain problems and rising inflation.

However, rates of the virus are also expected to rise, as socialising moves indoors in the colder weather, and as families gather indoors for Thanksgiving.

Amazon has faced criticism through the course of the pandemic for its approach to protecting its workers.

"As the company enjoyed booming and historic sales with its stock price doubling, Amazon failed to adequately notify warehouse workers and local health agencies of Covid case numbers, often leaving them unable to effectively track the spread of the virus," California's attorney general Rob Bonta said.

"This left many workers understandably terrified and powerless to make informed decisions to protect themselves and to protect their loved ones."

The agreement applies only to California, where Amazon employs around 150,000 workers, and must still be approved by a judge.

However, the firm has been criticised over its policies elsewhere and is also facing legal action in New York over safety at two of its fulfilment centres there.

Amazon said there was no change required to the way it notified its workers if they had been in close contact with a Covid case. The firm said the issue was around the structure of bulk employee Covid-related notifications.

"We're glad to have this resolved and to see that the AG [Attorney General] found no substantive issues with the safety measures in our building," said Ms Agrait.

"We've worked hard from the beginning of the pandemic to keep our employees safe and deliver for our customers - incurring more than $15bn in costs to date - and we'll keep doing that in months and years ahead."-BBC

Coronavirus: Cathay Pacific imposes tough new rules on aircrew

Hong Kong-based airline Cathay Pacific is imposing tough new restrictions on its aircrews, as it tries to stop the spread of Covid-19.

Those returning to the city from layovers abroad have been told to remain at home and "avoid unnecessary social contact" for a total of 21 days.

The latest regulations are due to come into effect on Wednesday.

Last month, Hong Kong tightened its Covid-19 rules, which are already some of the strictest in the world.

Other than a few exemptions - including diplomats and business leaders - most arrivals in Hong Kong have to undergo between 14 and 21 days of hotel quarantine.

Now under Cathay's new rules, in the first three days after arriving in Hong Kong aircrew have been told that they must remain at home, other than for the following essential activities (maximum 2 hours per day):

Crew members then have to "avoid unnecessary social contact" for a further 18 days and continue daily testing.

The announcement also reminded aircrews to stick to the airline's strict isolation rules while on layovers in other countries.

Under those rules aircrew must go directly to their hotel as a group in pre-arranged company transport and wear a face mask for the entirety of that journey.

Once at the hotel they must stay in their room for the duration of the layover, including meal times.

The company also said that "all crew members are required to get their third dose of Covid-19 vaccine, as soon as possible after the completion of the six-month interval from their second dose of vaccination and no later than 30th April 2022".

Cathay has also been asking pilots whether they would be able to relocate outside Hong Kong, as the airline considers contingency plans in the event of a severe staff shortage.

On Monday, Cathay said that any aircrew members who had stayed in Frankfurt this month would need to undergo a 21-day quarantine in a government facility after three pilots on cargo flights from the German city were confirmed to have the coronavirus.

As a precautionary measure, the airline said it would suspend layovers in Frankfurt for cargo crew and require crew to take daily Covid tests.-BBC

Dollar soars on upbeat U.S. data but Asian stocks wobble

(Reuters) - The dollar strengthened through key resistance levels on Wednesday, propelled by better-than-expected U.S. retail data, although the upbeat news was not enough to lift Asian shares, which were dragged by worries about COVID-19 and higher costs.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) skidded 0.5% from Tuesday's near three-week closing high, and was set for its biggest fall this month, snapping seven days of gains.

Japan's Nikkei (.N225) lost 0.3% on fears the strong dollar would mean higher costs for imported material for manufacturers.

The dollar reached a high of 114.97 yen in early Asian hours, its strongest since March 2017, while the euro fell to $1.1263 its lowest since July 2020.

The greenback was helped by Tuesday data which showed U.S. retail sales rose faster-than-expected in October, potentially encouraging the U.S. Federal Reserve to accelerate the tapering of its asset purchase programme, as inflation remains stubbornly high. read more

These also weighed on U.S. Treasuries with benchmark 10-year note yields reaching 1.649% in early Asia, a three-week high.

"The data backs up that sense that things are going pretty well, and the Fed can be a little more aggressive if it wants to be without completely causing the party to crash," said Rob Carnell, head of research for Asia Pacific at ING.

"Top of mind for everyone is inflation right now, it's still an issue after the numbers we got from the U.S. yesterday, and we've got a whole barrage of other inflation data coming today, particularly the U.K. and Canada," he added.

Britain publishes its October inflation data later on Wednesday with a high print likely to add pressure on the Bank of England to raise rates in December after surprising markets by holding fire last month.

FTSE futures slipped 0.37%, pointing to a weak open for British shares, while pan-region Euro Stoxx 50 futures and U.S. S&P 500 futures were flat.

"What it's not about is the Biden-Xi summit, which had the potential to do damage but seems not to have done so," Carnell added.

At a three-hour meeting on Tuesday, U.S. President Joe Biden and Chinese leader Xi Jinping turned down some of the heat in Sino-U.S. tensions, though both sides held to entrenched positions on a range of issues. read more

The positive tone offered a slight boost to Asian shares on Tuesday, but this proved short-lived.

On Wednesday, South Korea's KOSPI (.KS11) fell 1.2% after the country reported its the second-highest daily new coronavirus infections since the pandemic began.

Australian shares (.AXJO) fell 0.7% weighed by Commonwealth Bank of Australia (CBA.AX), the country's largest bank, which slipped 8% after it flagged a hit to margins from the low interest rate environment and mortgage competition. read more

Chinese blue chips (.CSI300) were steady and the Hong Kong benchmark (.HSI) slipped 0.4%, as a short rally in developer and casino stocks ran out of steam.

Oil prices slipped after data showed U.S. gasoline inventories fell more than expected last week, heightening pressure on U.S. authorities to release oil from emergency reserves.

U.S. crude dipped 0.87% to $80.06 a barrel. Brent crude fell 0.5% to $81.69 per barrel.

Spot gold rose 0.25% to $1,854 an ounce, climbing back towards the five-month high of $1,876.9 hit a day earlier on rising inflation concerns.

Rival inflation hedge bitcoin slipped 0.8% to $59,500 having shed 5% a day earlier.

The Thomson Reuters Trust Principles.

U.S. retail sales surge as holiday shopping starts, brightening economic outlook

(Reuters) - U.S. retail sales surged in October as Americans eagerly started their holiday shopping early to avoid empty shelves amid shortages of some goods because of the ongoing pandemic, giving the economy a lift at the start of the fourth quarter.

The solid report from the Commerce Department on Tuesday suggested high inflation was not yet dampening spending, even as worries about the rising cost of living sent consumer sentiment tumbling to a 10-year low in early November. Rising household wealth, thanks to a strong stock market and house prices, as well as massive savings and wage gains appear to be cushioning consumers against the highest annual inflation in three decades.

"It's more important to look at what consumers do than what they say," said Gus Faucher, chief economist at PNC Financial in Pittsburgh, Pennsylvania. "They are concerned about higher inflation, but they are still in good shape and are continuing to spend."

Retail sales jumped 1.7% last month, the largest gain since March, after rising 0.8% in September. It was the third straight monthly advance and topped economists' expectations for a 1.4% increase. Sales soared 16.3% year-on-year in October and are 21.4% above their pre-pandemic level.

Several of the top U.S. retailers this week have noted an earlier start to holiday shopping. While this could lead to declines in November and December, economists and retailers expect holiday sales this year will be the best in a while.

"Today's numbers show that consumers are getting a jump on their holiday shopping," said Matthew Shay, president of the National Retail Federation in Washington. "We continue to urge consumers to shop early and shop safely, and we fully expect this holiday season to be one for the record books."

Retail sales are mostly made up of goods, with services, including healthcare, education and hotel accommodation, making up the remaining portion of consumer spending. The nearly two-year long COVID-19 pandemic has caused an acute shortage of labor, delaying deliveries of raw materials to factories as well as shipments of finished goods to markets.

October's broad increase in sales partly reflected higher prices as monthly consumer inflation surged 0.9% in October, which boosted the annual rate to 6.2%.

Stocks on Wall Street were trading higher on the data and also as Walmart forecast a strong holiday quarter. The dollar rose against a basket of currencies. U.S. Treasury prices fell.

Volkswagen powers up the grid to take on Tesla

(Reuters) - Volkswagen (VOWG_p.DE) plans to double staff numbers at its charging and energy division, roll out new payment technology next year and strike more alliances to take on Tesla (TSLA.O) in a key electric vehicle (EV) battleground: power infrastructure.

By ensuring there are enough fast-charging plugs - and enough power - for the EVs it wants to sell, Europe's biggest carmaker hopes to convince drivers worried about battery ranges that they can ditch their fossil fuel cars for good.

Underlining its electric ambition, Volkswagen has drafted in power industry veteran Elke Temme, who spent nearly two decades at German energy companies RWE (RWEG.DE) and Innogy, to help the carmaker get in better shape to take on Tesla.

In the job since January, Temme, 53, has been tasked with bundling the carmaker's various power activities such as procuring energy, enabling customers to charge their cars at home, and on the road, and selling the electricity required.

Getting this done will require a bigger workforce and Temme plans to double the staff at Volkswagen's European charging and energy division, known as Elli, to about 300 in 2022, having already tripled it this year, she told Reuters in an interview.

"We're investing in huge growth areas that don't always have to be profitable right away. We always see these investments in the overall context of our group strategy," she said. "That's why building up a comprehensive infrastructure is key."

Temme declined to specify the budget she has been given but said Volkswagen, led by Tesla admirer Herbert Diess, has approved the investment requests for the division, which also sells home battery storage systems similar to Tesla's Powerwall.

Volkswagen leads the pack worldwide by far with its investment plans for EVs and batteries through 2030, according to a Reuters analysis, and it is planning to spend 35 billion euros on battery EVs by 2025.

But when it comes to the networks of fast-chargers that many analysts believe are crucial for bringing EVs into the mainstream, VW has some catching up to do.

Tesla has been rolling out high-performance Superchargers for years and has a global network of about 30,000 fast-chargers that it says can give a 200 km (125 mile) boost in 15 minutes.

The company said in October that its own network has doubled in the past 18 months - and will triple over the next two years.

Volkswagen, meanwhile expects its network of fast-chargers to nearly quadruple to about 45,000 by 2025 - when it aims to overhaul Tesla as the global EV market leader - with 18,000 EV pumps in Europe, 17,000 in China and 10,000 in North America.

Volkswagen in March said it plans to spend 400 million euros on expanding its fast-charging network on the continent by then.

But that's a drop in the ocean compared with the 5 billion euros the European Union reckons is needed every year until 2040 to expand charging infrastructure on the continent, and it is raising the pressure on utilities and governments to step up.

In Europe, the Volkswagen group is a shareholder in the EU's fast-charging venture Ionity, along with rival carmakers BMW (BMWG.DE), Daimler's (DAIGn.DE) Mercedes-Benz, Ford (F.N) and Hyundai (005380.KS).

It has also teamed up with energy firms such as Italy's Enel (ENEI.MI), Britain's BP (BP.L) and Spain's Iberdrola (IBE.MC) to plug geographical gaps and form the blueprint for how funding for EV infrastructure can be split across industries.

"Various models are conceivable, from product partnerships and joint ventures to M&A," said Temme.

Tesla has already shown that when it comes to EVs, just selling cars no longer cuts it. It has adopted a model that offers customers everything from cars to battery storage to solar panels as well as electricity in some U.S. states.

Volkswagen is now selling power to retail clients that drive an EV or plug-in hybrids. One of its tariffs - which is available to customers who don't own a VW - has attracted more than 10,000 clients since its launch in July, Temme said.

She said VW was planning to make its fast-chargers available for all EV drivers, unlike Tesla which has so far kept its supercharging network just for Tesla drivers - with the exception of a pilot programme in the Netherlands. read more

"We are pursuing a different approach than Tesla when it comes to charging infrastructure roll-out," said Temme.

"We want an open, non-discriminatory charging network and will develop our services to make our offer more comfortable, simpler, more attractive."

Volkswagen says its open-for-all approach means buyers of its EVs can charge at more than 250,000 existing public charging points across Europe - from various providers with various charging speeds.

The problem is that charging protocols and payment methods can vary across vendors, potentially turning the act of refueling an EV into a time-consuming and messy undertaking.

>From the first quarter of 2022, Volkswagen plans to offer "Plug & Charge" technology in Europe to make the process smoother.

The car will store the owner's payment details and make a contactless payment when the charging plug is attached to the EV at refuelling stations set up for the service.

While these are new challenges for established carmakers, Temme, who witnessed first-hand the abrupt shift of Germany's utilities away from nuclear power in the wake of the Fukushima disaster, believes they can be mastered.

"Utilities must reinvent themselves and transition from nuclear and coal to renewables. In the automotive industry, including at Volkswagen, the question is currently how to consistently shift the focus from conventional vehicles to sustainable mobility," she said.

"These challenges are of similar magnitude."

($1 = 0.8738 euros)

Tesla's Musk exercises more options, sells $973 million for taxes

(Reuters) - Tesla Chief Executive Elon Musk sold another $973 million in stock to pay taxes after exercising options on Tuesday, filings showed after the electric vehicle maker's shares rebounded during regular trade.

Musk acquired 2.1 million shares worth $2.2 billion at the Tuesday closing price and sold 934,091 for $973 million to pay taxes, the SEC filings showed.

In a sector surge spearheaded by Rivian Automotive Inc (RIVN.O) and Lucid Group Inc (LCID.O), Tesla Inc (TSLA.O) rose 4.1% to close at $1,054.73, leaving its market capitalization down about $187 billion since before Musk began selling shares last week.

Rivian's stock jumped 15%, with the EV maker now up over 120% since its initial public offer last Wednesday.

Rivian disclosed in a filing on Tuesday that its underwriters bought 22.95 million additional shares, boosting the total size of the IPO. Including those shares, Rivian's market capitalization rose to $153 billion, overtaking Volkswagen AG (VOWG_p.DE) by $14 billion and making the Irvine, California, company the world's third-most valuable carmaker.

Lucid surged nearly 24% after it said reservations for its cars rose to 13,000 in the third quarter and that it is confident it will produce 20,000 of its upcoming Lucid Air sedans in 2022.

The gain in Lucid's shares elevated its stock market value to $90 billion, overtaking Ford Motor Co (F.N) and leaving it $1 billion short of General Motors Co (GM.N).

Over the past week, Musk has sold about 8.2 million Tesla shares for around $8.8 billion. Those sales fulfill almost half of his pledge on Twitter to sell 10% of his stake in Tesla.

Musk began selling shares last week after floating the idea in a Twitter poll.

With electric-car makers increasingly in demand on Wall Street, Tesla's stock has surged more than 150% in the past 12 months.

"There's still plenty of buying interest because I still think ultimately investors are viewing this as a phase and viewing pullbacks as an opportunity," said Craig Erlam, senior market economist at OANDA.

"If you ask me where the share price is going to be six months from now, 12 months from now? I'd say it's more likely to be 20% higher than 20% lower."

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Pavilion, Qatar, Chevron create emissions calculating standard for LNG

(Reuters) - Singapore's Pavilion Energy Trading & Supply Pte Ltd said on Wednesday it has jointly developed with suppliers QatarEnergy and Chevron Corp (CVX.N) a method to calculate greenhouse gas emissions for liquefied natural gas (LNG) cargoes.

The calculation of emissions from wellhead-to-discharge terminal will be applied to sales and purchase agreements that Pavilion Energy has with the producers, the trading company said in a statement.

Pavilion's announcement follows a framework launched by the International Group of Liquefied Natural Gas Importers (GIIGNL) on Wednesday to establish rules to declare cargoes carbon neutral. read more

Environmental groups are sceptical about the use of carbon offsets and say the ability to pay for emission reductions elsewhere could prolong the use of fossil fuels.

Pavilion, QatarEnergy and Chevron said their methodology is expected to enhance transparency and improve the accuracy of emission calculations.

"The methodology sets a strong tone for increased accountability of emissions along the LNG value chain, paving the way for more decarbonisation strategies towards a lower carbon future," said Alan Heng, Pavilion Energy's interim group chief executive officer.

The Thomson Reuters Trust Principles.

China Evergrande dissolves some units of online marketplace -media

(Reuters) - China Evergrande Group (3333.HK) has dissolved several district-level units of Fangchebao (FCB), its online real estate and automobile marketplace, due to shrinking capital and business, Chinese media outlet Cailianshe reported on Wednesday, citing sources close to the embattled developer.

FCB had planned for an initial public offering (IPO) late this year or early next year. Evergrande in March sold 10% of the company to 17 investors for $2.10 billion, at a pre-financing valuation of over 150 billion yuan ($23.48 billion).

Evergrande did not immediately respond to request for comment.

The world's most indebted property developer, with more than $300 billion in liabilities, has been scrambling for funds to pay its many lenders as well as contractors.

It had hoped to spin off businesses including FCB and bottled water to raise fund.

($1 = 6.3880 Chinese yuan renminbi)

The Thomson Reuters Trust Principles.

Walmart stock tumbles as supply chain snarls hit margins ahead of holidays

(Reuters) - Walmart Inc (WMT.N) shares on Tuesday suffered their biggest intraday drop since May after high labor and supply chain costs ate into quarterly margins, even as the world's biggest retailer raised its annual sales and profit forecast.

Major retailers, including Amazon.com (AMZN.O), have been struggling to bring products into the United States ahead of the peak shopping season due to shipping logjams, shuttered factories in parts of Asia and a scarcity of raw materials in recent months.

The hit to Walmart's margins comes despite efforts by the retailer to limit disruption from supply chain shortages by chartering its own vessels to ship goods, ordering products into the United States well ahead of time and re-routing deliveries to less crowded ports.

Shares in Bentonville, Arkansas-based Walmart declined 2.5% after the company said gross margins for the third quarter declined 42 basis points (bps). The period includes October, when some consumers began early shopping for the all-important holidays. Walmart's tight margins could continue into the rest of the festive season, analysts said.

Supply chain issues or inflation could see Walmart down 10-30 basis points on its fourth-quarter gross margin rate in the United States, said Evercore's Greg Melich.

"The long period of sustained demand for goods has stretched supply chains, resulting in out of stocks and inflation," Walmart Chief Executive Doug McMillon said.

Walmart's results come weeks after rival ecommerce giant Amazon reported an underwhelming fourth-quarter outlook and warned of higher costs during the holiday period. read more

Inflation and a labor shortage have rippled through America, forcing retailers to raise wages and hand out hefty bonuses. Walmart's McMillon said the retailer had hired over 200,000 new store and supply chain workers to tackle the holiday rush.

"They have a huge labor base and that pressured margins," Randy Hare, director of equity research at Huntington Private Bank, a Walmart investor. "If we start to see labor rates move up because of inflation, Walmart's one of the ones we wouldn't want to be around."

Walmart kept prices low to draw shoppers into stores in the third quarter. With more than 5,000 U.S. stores, the discounter's size and leverage with consumer product companies allow it to sell goods at lower prices, a key advantage when U.S. inflation is at a 30-year high.

HOLIDAY RUSH

Increased contributions from its advertising business helped offset some of the supply-chain pressure on margins, the company said. Retailers are aggressively chasing consumer brands' ad dollars, touting the wealth of their shopper data and prime media space on their websites and in stores.

Walmart said it expects full-year U.S. same-store sales to be more than 6% higher versus its prior forecast of a 5% to 6% rise, in anticipation of a surge in demand for toys and apparel during the holidays. Adjusted profit is expected to be around $6.40 per share, up from a previous range of $6.20 to $6.35.

In the third quarter, sales at U.S. stores open at least a year rose 9.2%, excluding fuel, benefiting from higher grocery demand and people buying more at stores. Analysts had estimated a gain of 7.04%, according to Refinitiv data.

Walmart's international business grew about 10% excluding the impact of currency fluctuations and divestitures, benefiting from strong sales in China and at India's Flipkart that got a big push from its promotional event ahead of the local festival of Diwali.

Total revenue grew by a better-than-expected 4.3% to $140.53 billion and on an adjusted basis it earned $1.45 per share, 5 cents above Wall Street expectations.

The Thomson Reuters Trust Principles.

Yellen extends U.S. default deadline to Dec. 15 after highway payment

(Reuters) - U.S. Treasury Secretary Janet Yellen on Tuesday extended a deadline for a potential U.S. government default to Dec. 15 from Dec. 3, giving Congress more time to raise the federal debt ceiling as lawmakers also consider a massive social spending and climate bill.

Yellen said in a letter to congressional leaders that the adjustment was "based on our most recent information," a reference to Treasury tax collections and cash flow data.

She said the Treasury would be able to make a $118 billion transfer to the Highway Trust Fund required on Dec. 15, a month after President Joe Biden's signing of a sweeping infrastructure bill on Monday. But the transfer would count against the debt ceiling, as the funds would be invested in non-marketable Treasury securities.

"While I have a high degree of confidence that Treasury will be able to finance the U.S. government through December 15 and complete the Highway Trust Fund investment, there are scenarios in which Treasury would be left with insufficient remaining resources to continue to finance the operations of the U.S. government beyond this date," Yellen said.

She repeated her call for Congress to raise or suspend the debt limit "as soon as possible" to maintain the full faith and credit of the United States.

The new estimate gives Democrats in Congress a bit more breathing space as they seek to pass a $1.75 trillion measure to provide new energy tax breaks and fund new benefits for childcare, universal preschool and an expanded child tax credit.

Senate Majority Leader Chuck Schumer said on Tuesday that Senate Democrats aimed to pass the Build Back Better legislation before Christmas - a goal that has slipped this fall because of squabbling between centrist and progressive Democrats.

AVOIDING DEFAULT

Democrats aim to pass the spending bill without Republican support. Republicans have also vowed to oppose a debt limit increase, putting pressure on Democrats to pass that measure on their own, complicating an already tricky legislative path for the rest of Biden's agenda.

Senate Republican leader Mitch McConnell earlier on Tuesday signaled some wiggle room on the debt limit, telling reporters: "We'll figure out how to avoid default. We always do." read more

Schumer said Democrats still hoped to raise the debt ceiling "in a bipartisan way," but sidestepped questions on whether Democrats would proceed without Republican support.

As Treasury's reported borrowing on Monday was just $25 million below the current $28.88 trillion statutory debt ceiling, the government is relying on tax collections, a $212 billion cash balance and extraordinary cash management measures to continue funding government operations.

"As the federal government’s cash flow is subject to unavoidable variability, I will continue to update Congress as more information becomes available," Yellen said in her letter.

The Thomson Reuters Trust Principles.

Invest Wisely!

Bulls n Bears 

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INVESTORS DIARY 2021

Company

Event

Venue

Date & Time

National Unity Day

December 22

Christmas Day

December 25

Boxing Day

December 26

Public Holiday in lieu of Boxing Day falling on a Sunday

December 27

Companies under Cautionary

ART

PPC

Starafrica

Fidelity

Turnall

Medtech

Zimre

Nampak Zimbabwe

 <mailto:info at bulls.co.zw> 

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

(c) 2021 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:  <mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77 344 1674

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