Major International Business Headlines Brief::: 18 November 2021

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Major International Business Headlines Brief::: 18 November 2021

 


 

 


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

 


 

 


ü  Amazon to stop accepting Visa credit cards in UK

ü  £96bn boost aims to transform rail services

ü  Apple announces self-service repair scheme in win for campaigners

ü  Inflation: UK prices soar at fastest rate for almost ten years

ü  Stop asking about salary history, employers urged

ü  Tesla: JP Morgan sues for $162m after Musk tweets

ü  Lidl to become UK's highest-paying supermarket

ü  UK announces plan to boost overseas trade

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

ü  Arm-Nvidia deal: UK orders further inquiry

ü  Stocks dip, oil slides and havens shine as growth nerves nag

ü  China Evergrande sells entire stake in streaming platform HengTen to ease debt burden

ü  U.S. asks Japan, China, others to consider tapping oil reserves -sources

ü  Cisco forecast knocked by supply chain snags, shares fall

ü  Google signs 5-year deal to pay for news from AFP

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Amazon to stop accepting Visa credit cards in UK

Amazon will stop accepting Visa credit cards issued in the UK from 19 January, the online retail giant has said.

 

It said the move was due to high credit card transaction fees but said Visa debit cards would still be accepted.

 

Visa said it was "very disappointed that Amazon is threatening to restrict consumer choice in the future".

 

Amazon said: "The cost of accepting card payments continues to be an obstacle for businesses striving to provide the best prices for customers."

 

The online retailer said costs should be going down over time due to advances in technology, "but instead they continue to stay high or even rise".

 

An Amazon spokesperson said the dispute was to do with "pretty egregious" price rises from Visa over a number of years with no additional value to its service.

 

 

Amazon is offering £20 for Prime customers to switch from using Visa to an alternative payment method, and £10 for other customers.

 

Visa said in a statement it was "very disappointed that Amazon is threatening to restrict consumer choice in the future. When consumer choice is limited, nobody wins."

 

It said it had "a long-standing relationship with Amazon" and that it was trying to resolve the situation so customers would be able to use Visa credit cards with Amazon UK.

 

Amazon declined to say how much Visa charges the retailer to process transactions made on credit cards.

 

Visa also declined to comment though it claimed that on average it takes less than 0.1% of the value of a purchase.

 

'A blow'

Amazon and Visa said any changes in fees had nothing to do with Brexit.

 

Both Visa and its rival Mastercard have raised the so-called interchange fee on cross-border transactions between businesses in the UK and the European Union following Brexit.

 

The dispute between Amazon and Visa is to do with the fees the credit card company charges Amazon for its services in the UK.

 

Amazon is also considering dropping Visa as a partner for its US co-branded credit card.

 

It is in talks with payment networks, including Mastercard, American Express and Visa - as part of what it calls a standard process, the BBC has learnt.

 

This row between two corporate titans is now being played out in full view of their customers.

 

Amazon says Visa's fees are excessive, and an obstacle to low prices for consumers. Visa says its fees are competitive, has minimal effect on prices, and that nobody wins when choice is restricted.

 

Whether or not this row is about fees, or whether that is just a smokescreen is largely irrelevant to consumers using these services. They just know they may have to change the way they pay on Amazon.

 

Yet, the timing is significant. These messages to customers hit home harder when people are regularly using Amazon for Christmas shopping.

 

But it also means there is still time before January 19 for a compromise to be reached.

 

James Andrews, senior personal finance editor at comparison website Money.co.uk, said the move "will come as a blow to the millions of Britons" who use Visa credit cards, including Barclaycard and HSBC customers.

 

"With American Express also rejected by many UK retailers, that means people looking for rewards on their spending or trying to split the cost of shopping with a 0% purchase card on Amazon will be effectively forced to choose a Mastercard," he said.

 

He added that a rewards card that is offered by Amazon is "powered by Mastercard".

 

Mastercard's executive vice chairman Ann Cairns, said: "It's very important that customers have choice, and have the widest variety of ability to pay, whether that's through cards or from their bank accounts or cash, and remember that it is never the consumer that pays fees."

 

"We talk to Amazon all the time because obviously we are two big global businesses and Amazon is one of our top customers around the world."

 

Retail analyst Steve Dresser said in a tweet that Amazon could be aiming to bring Visa fees down with its move.

 

The Federation of Small Businesses (FSB) said credit card fees "charged by the handful of card providers which dominate the cashless payment space have soared in recent years".

 

"Small businesses are almost always charged more for card terminals than big corporates - so when online giants start throwing down the gauntlet, you know the situation is becoming critical," said FSB national chairman Mike Cherry.

 

Businesses have had ongoing concerns about credit card fees from the major providers.

 

Last October, Visa and Mastercard were accused by the British Retail Consortium (BRC) of charging excessive fees. The trade body said they had doubled in two years.

 

At the time, the BRC warned that retailers would be forced to pass on costs to consumers, with credit card bills rising by up to £40.

 

The Payment Systems Regulator said there were "real questions about how well the cards market is working".

 

"We will look into how well this market is working, including the issue of increasing card fees," a spokesman for the regulator said. "If necessary we will intervene to address any issues we identify."

 

He said a final strategy would be published in the new year.

 

Visa shares ended Wednesday's New York trading day down by 4.7%.-BBC

 

 

 

£96bn boost aims to transform rail services

A £96bn rail improvement programme will help transform services in the Midlands and northern England, the government has said ahead of the expected scrapping of part of the HS2 scheme.

 

Local service upgrades, bringing faster journeys, will happen up to 10 years earlier than planned, ministers say.

 

It comes as businesses reacted angrily to reports the East Midlands-Leeds HS2 high-speed line would not be built.

 

Prime Minister Boris Johnson is due to unveil the plans later.

 

The Department for Transport (DfT) says its Integrated Rail Plan will improve journey times and capacity "from London and across the Pennines" and "strengthen connections between major cities in the North and Midlands".

 

HS2 was originally meant to connect London with the city centres of Birmingham, Manchester and Leeds. But sources have told the BBC that the eastern leg to Leeds is set to be scrapped.

 

According to a report in the Sunday Times, Transport Secretary Grant Shapps will instead announce two shorter high-speed routes created in part by upgrading existing lines. One is said to run between Leeds and Sheffield, another from Birmingham to East Midlands Parkway.

 

The government is also expected to put money aside to explore setting up a tram service for Leeds and spend £360m on contactless ticketing across commuter rail networks.

 

About half of £96bn investment in rail is thought to be new money.

 

Speaking ahead of Thursday's announcement, the prime minister said the IRP was the "biggest transport investment programme in a century, delivering meaningful transport connections for more passengers across the country, more quickly - with both high-speed journeys and better local services, it will ensure no town or city is left behind".

 

HS2 Route map

The IRP was initiated after the 2020 Oakervee Review into major transport schemes including HS2 and Northern Powerhouse Rail (NPR).

 

But the prime minister has come under pressure recently over claims the government intends to "water down" planned rail upgrades.

 

There has been outcry from some politicians and businesses in the north of England at reports that there will not be an entire new fast line between Leeds and Manchester, via Bradford. The improvements to the NPR east-west connections are likely to involve upgrades to existing infrastructure.

 

Newcastle City Council leader Nick Forbes said on Tuesday he was "absolutely appalled", claiming the region would be "bypassed" when new routes were developed elsewhere.

 

Nick Garthwaite, director of chemical manufacturer Christeyns Ltd in Bradford and vice chair of the West & North Yorkshire Chamber of Commerce, says he is disappointed by the reports that a new line between Manchester and Leeds may not be built.

 

"I feel the city and its people have been betrayed - we might not get the through railway station that Bradford so desperately needs and indeed was tacitly promised by government over a long period of time," he told the BBC.

 

A key concern for businesses in Bradford is trying to attract more talent to come to work there, so not having good transport links is a problem.

 

"What I'm worried about is that these young talented people in Bradford will be thinking twice about staying in the city or going somewhere else for their career development," he said.

 

"Do I want to be spending an hour and a half on the train?"

 

Mr Garthwaite said it was likely that businesses would also consider locating new factories in other parts of England.

 

His concerns seem to be shared by others. A student told the BBC that many young people were now moving away from Bradford and Leeds to live in cities like Nottingham and Manchester, because the transport links were so poor.

 

"I'm definitely not going to be staying in Leeds or Bradford because it's not reliable enough," she said.

 

There have also been reports that HS2 trains will still serve Leeds, but they will be put on mainline tracks north of the East Midlands rather than on high-speed lines. This could save tens of billions of pounds.

 

Speaking to the PA news agency on Tuesday, the transport secretary said: "[People in the North] should definitely feel optimistic.

 

"Not only are we going to spend a huge amount of money doing this, we are going to deliver it decades before it would have otherwise happened."

 

Mr Shapps added that if he was transport secretary 15 years ago with responsibility for HS2, then "I would have started in the North and moved south, I think that would have made sense".

 

He went on: "The Northern Powerhouse Rail, the Midlands Connect - all of those did not exist when HS2 was first mooted, but we are where we are and it's being built and we need to make sure we connect it all up and that's what the Integrated Rail Plan intends to achieve."

 

However Mick Whelan, general secretary of train drivers' union Aslef, accused the government of using "smoke and mirrors", while breaking its promises.

 

"HS2 was meant to be a world-beater, and put Britain, the country which gave the railway to the world, back on the industrial and economic map. Instead, the Tories are letting us down," he said.

 

"This government is a government of broken promises. It has announced Northern Powerhouse Rail an incredible 60 times - and I know because we've counted - and now it puts the project in the bin."-BBC

 

 

 

Apple announces self-service repair scheme in win for campaigners

Apple has announced a "self-service repair" programme so "customers who are comfortable" can fix their own devices.

 

At launch, in early 2022 in the US, it will cover replacing the batteries, screens and cameras of recent iPhones.

 

But Apple's new repair store will sell more than 200 parts and tools.

 

It comes after months of increasing pressure on Apple from the grassroots right-to-repair movement, which wants individuals and independent repair shops to be able to fix electronics.

 

"Self Service Repair is intended for individual technicians with the knowledge and experience to repair electronic devices," Apple said.

 

But "for the vast majority of customers" visiting a certified professional repair shop would be a better option.

 

 

"Creating greater access to Apple genuine parts gives our customers even more choice if a repair is needed," Apple chief operating officer Jeff Williams said.

 

"By designing products for durability, longevity, and increased repairability, customers enjoy a long-lasting product that holds its value for years," the company said.

 

'Massive win'

Apple has often been held up as one of the fiercest opponents of the right to repair, claiming safety issues.

 

Independent repair-instructions website iFixit, which recently took Apple to task for making it much harder to repair iPhone screens, tweeted: "We never thought we'd see the day."

 

"Apple has long claimed that letting consumers fix their own stuff would be dangerous," iFixit said in a statement to media.

 

"Now, with renewed governmental interest in repair markets - and soon after notably bad press... Apple has found unexpected interest in letting people fix the things they own."

 

And Canadian computer hardware reviewers Hardware Canucks wrote: "It may be a small step overall - but for Apple to do it, this is a massive win for the right-to-repair movement."

 

Apple said the Self Service Repair programme would allow individual customers to "join more than 5,000 Apple authorised service providers and 2,800 independent repair providers who have access to these parts, tools, and manuals".

 

It had been expanding its authorised repair network, so access to official parts "has nearly doubled" in the past three years, it said.

 

But Apple's authorised repair schemes have long been criticised for having extensive terms and restrictions such as where the replacement parts come from - making it unlikely a random component from a broken phone could easily be harvested and "transplanted" for repair.

 

And the company maintains tight controls on the pricing of those components.

 

The right-to-repair movement has attracted much attention in recent years, with several US states considering "fair repair" legislation.

 

And earlier this year, Apple co-founder Steve Wozniak - who built the first Apple computers in a garage with Steve Jobs in the 1970s - came out in favour of the movement.

 

"We wouldn't have had an Apple had I not grown up in a very open technology world," he said, in July.-BBC

 

 

 

Inflation: UK prices soar at fastest rate for almost ten years

The cost of living has surged at its fastest pace in almost 10 years, hitting 4.2% in the year to October.

 

It is mainly due to higher fuel and energy prices but the cost of second-hand cars and eating out also rose, the Office for National Statistics said.

 

Inflation is up sharply since Covid restrictions ended this year and the economy reopened.

 

The Bank of England says it may have to raise interest rates in the "coming months" to tackle rising prices.

 

October's reading is far higher than the 3.1% rise recorded in the year to September and more than double the Bank's target of 2%.

 

What is inflation?

Inflation is the rate at which prices are rising - if the cost of a £1 jar of jam rises by 5p, then jam inflation is 5%.

 

Inflation chart

It applies to services too, like having your nails done or getting your car cleaned.

 

You may not notice low levels of inflation from month to month, but in the long term, these price rises can have a big impact on how much you can buy with your money - sometimes referred to as the cost of living.

 

What items are getting more expensive?

Household energy bills were the biggest driver of inflation after Ofgem, the energy regulator, lifted the price cap on domestic gas and electricity last month.

 

It meant that gas bills rose by 28.1% in the year to October, while electricity climbed by 18.8%.

 

Petrol prices also rose by 25.4p to 138.6p per litre amid a surge in global oil prices. That's the highest price since September 2012.

 

Used car prices also rose by 27.4% since April this year, due to a global microchip shortage which has slowed the production of new vehicles.

 

Hotel stays, transport, clothing, household goods and raw materials also became more expensive.

 

Why are prices rising?

There are a number of reasons:

 

·         Demand for oil and gas is pushing up energy prices worldwide. This means higher bills for householders and for businesses, many of whom will pass on some or all of the extra energy costs to their customers

·         Shortages of many goods, including building materials and computer chips, are causing supply problems and pushing up prices

·         Government support to businesses during the pandemic - like reduced VAT for hospitality - has ended

·         Businesses are struggling to recruit lorry drivers and hospitality staff, and so are having to put up wages (costs that get passed on to consumers). This is partly due to the pandemic, but is also compounded by Brexit, according to international policy forum the OECD.

 

 

Paula Sharp and Sarah Allan, nursery workers from Halifax in Yorkshire, have increased the hours they work because of their rising household costs.

 

"I'm getting more money in, but I'm paying it out on fuel, food, clothes," said Paula.

 

Both women have seen a steep rise in their gas and electricity bills, and say they have to spend time shopping around to find the best deals on goods.

 

"We are tending to go for offers in the supermarket. The kids can't just put what they want in the trolley," says Sarah, who has 12 year-old twins. "Everything has gone up. It might only be 50p or 60p here or there, but it does add up."

 

How long could this last?

Earlier this month, Bank of England governor Andrew Bailey apologised for the rising prices and warned inflation could climb as high as 5%, before falling back again.

 

Banner saying 'Get in touch'

How have you adapted to rising prices? Are you shopping or living your life differently as a result?

 

Sir John Gieve, a former member of the Bank's Monetary Policy Committee which sets interest rates, said that October's high inflation figures were not "a one-off".

 

"The Bank and other forecasters expect it to rise right the way through to April, and then to stay well above target for the rest of the year," he told the BBC's Today programme.

 

"So this isn't really a blip, this is quite a marked trend."

 

What do politicians say?

Commenting on the latest figures, Chancellor Rishi Sunak said: "Many countries are experiencing higher inflation as we recover from Covid, and we know people are facing pressures with the cost of living."

 

But shadow chancellor Rachel Reeves said households would be more than £1,000 worse off a year due to the price rises.

 

"Instead of taking action, the government are looking the other way, blaming 'global problems' while they trap us in a high tax, low growth cycle," she said.

 

Are other countries experiencing high inflation?

Yes, many are facing similar problems as their economies reopen, such as surging energy prices and supply chain issues.

 

US consumer prices rose by 6.2% in the year to October, the fastest rate for three decades.

 

Inflation across the Eurozone was 4.1% in October, the highest since the 2008 financial crisis.

 

And Canada's inflation rate hit the same level in September, marking an 18-year high.

 

Will UK interest rates rise?

Most analysts now expect the Bank of England to increase interest rates from their current historic lows at its next meeting in December.

 

A low interest rate means it is cheaper for people and businesses to borrow money, which they then spend or invest which in turn fuels economic growth.

 

While growth is encouraged - especially following the various lockdowns - surging inflation could spell trouble for households.

 

If the Bank of England lifts the interest rate, High Street banks may put up the borrowing costs they charge individuals and businesses.

 

Higher interest rates mean people receive a better return on their savings, which should encourage them to save rather than spend.

 

The theory is that if more people to save, this should slow the increase in prices of everyday goods by tempering demand.

 

However, some analysts say a rate rise may not be effective in this case, because many of the factors driving UK inflation are global, such as higher oil prices.

 

For any member of a household paying an energy bill, it's obvious why the sharply rising prices are concerning. And of course, for poor households, especially pensioners, it will hit them hard financially.

 

But at least from an environmental point of view, there may be an upside. Cheaper bills can carry hidden costs because they do too little to discourage us from wastefully emitting greenhouse gases. The effects of that may not be visible to us but they're not invisible if, for example, you live in a Pacific island nation.

 

Where we don't need to burn energy and do so, for example, because we prefer the house to be at 21C rather than a perfectly habitable 16C, higher energy costs will make us think twice.

 

That could do more to encourage us to invest in insulation, curb unnecessary emissions and to mindful of what we are doing to the planet than any resolution at last week's COP26 conference in Glasgow.-BBC

 

 

 

Stop asking about salary history, employers urged

UK employers should stop asking jobseekers about their previous salaries, a campaign group is urging.

 

The Fawcett Society says asking about previous pay when recruiting contributes to the gender pay gap, by keeping women on lower wages.

 

Its survey of 2,200 working adults found that 47% of people had been asked about past salaries.

 

Meanwhile, 61% of women said the question had an impact on their confidence to negotiate better pay.

 

The Fawcett Society's chief executive Jemima Olchawski told the BBC that unless more is done, the gender pay gap will not be closed until at least 2050.

 

"We're calling on employers to make a simple change and stop asking potential employees about salary history," she said.

 

"Evidence shows that this will help to stamp out pay inequality, not only for women but for people of colour, and people with disabilities."

 

The campaign group warned that asking perspective candidates about their salary history meant companies could end up replicating gender pay gaps from other organisations.

 

The survey also found that 58% of women and 54% of men felt salary history questions meant they were offered a lower wage than they might otherwise have been paid.

 

Only a quarter of people feel that pay should be based on past salaries, compared to 80% of respondents, who felt that their pay should be based on their skill and responsibilities.

 

The campaign group also found that 77% of people felt their salaries should reflect the value of the work they do.

 

The report added that the pace of change to close the gender pay gap was "glacial".

 

The Fawcett Society stressed that more needed to be done by the government and employers to tackle its causes, such as stamping out discrimination.

 

Improving transparency

Peter Cheese, head of the Chartered Institute of Personnel and Development (CIPD), agrees that setting pay grades based on what people were paid in previous jobs can "exacerbate the problem".

 

But he says questions about previous salaries were legitimate.

 

"I'm not convinced that employers should never ask about previous pay because it's not an unnatural question to ask," he told the BBC.

 

"Indeed, perspective employees will tend to raise their expectations about pay and that's a perfectly natural question in the recruitment process."

 

He said that the issue was becoming prominent now because the UK was in a tight labour market with "upwards pressure" on pay.

 

"We need to be honest about that - if we think we can get away with paying the absolute minimum, we might be disappointed about our ability to recruit," Mr Cheese added.

 

"What we want is to encourage employers to be transparent about how they pay; the basis under which they pay and how that reflects things like market dynamics; and that they communicate that to their own organisation, as well as to external recruits."-BBC

 

 

 

Tesla: JP Morgan sues for $162m after Musk tweets

JP Morgan Chase is suing Tesla for $162m (£121m) over tweets in 2018 by boss Elon Musk that he could take the electric car maker private.

 

The bank accused Tesla of "flagrantly" breaching a deal it claims should have triggered payments to JP Morgan.

 

Mr Musk's notorious tweets that he had funding to take Tesla off the New York stock market sparked volatility in the share price.

 

He later abandoned the move and was fined by the US financial regulator.

 

JP Morgan's suit, filed in a Manhattan federal court, says the companies had an agreement signed in 2014 that allowed the bank to buy Tesla shares at a set price and date.

 

Under the deal, Tesla sold so-called warrants to JP Morgan allowing the bank to purchase shares if the "strike" price was below Tesla's share price when the warrants expired in June and July 2021.

 

 

"We have provided Tesla multiple opportunities to fulfil its contractual obligations, so it is unfortunate that they have forced this issue into litigation," a spokesperson for JP Morgan said in a statement.

 

JP Morgan said the warrants contained standard provisions that allowed it to adjust their price to protect both parties against the economic effects of "significant corporate transactions involving Tesla," such as an announcement the company was going private.

 

Mr Musk's tweeted on 7 August 2018 tweet that he might take Tesla private at $420 per share and had "funding secured". He scrapped the plan 17 days later.

 

Tesla's share price rose approximately 10-fold by the time the warrants expired this year, and JP Morgan said this required Tesla under its contract to hand over shares of its stock or cash.

 

Failure to do so, said JP Morgan, amounted to a default.

 

Charges

Tesla has yet to comment publicly on the bank's lawsuit. But the company said in 2019 when news of the dispute emerged that JP Morgan was being "opportunistic" to take advantage of the share price volatility.

 

Mr Musk is an enthusiastic and frequently controversial user of twitter, and now has 64 million followers.

 

Only this month the billionaire caused a stir when he asked his followers in a twitter poll whether he should sell 10% of his Tesla shares. The vote was 'yes'.

 

His 2018 tweets on taking Tesla off the stock market led to charges from the powerful US regulator, the Securities and Exchange Commission, for misleading the market.

 

Mr Musk vehemently denied the charges, but eventually agreed a settlement that led to him stepping down as chairman of the carmaker. He and Tesla paid $40m in penalties.-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.

 

Where are all the job vacancies?

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

 

 

 

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

 

 

 

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

 

 

 

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)".-BBC

 

 

 

Stocks dip, oil slides and havens shine as growth nerves nag

(Reuters) - Stock markets slipped on Thursday and safe havens such as government bonds, gold and the yen were supported in Asia, as a hint of uneasiness crept in over the outlook for interest rates and growth, particularly outside of the United States.

 

Oil prices skidded to a six-week low on concern about a supply overhang and the prospect of China, Japan and the United States dipping into their fuel reserves, with Brent futures last at $79.77, more than 8% off last month's three-year high.

 

The risk-sensitive Australian dollar also fell to a six-week trough of $0.7256.

 

Japan's Nikkei (.N225) was down 0.6% in early trade. MSCI's broadest index of Asian shares outside Japan (.MIAPJ0000PUS) dropped 0.5% and S&P 500 futures were flat after the index (.SPX) eased a little bit overnight.

 

The mood was softest in Hong Kong where concern over the earnings outlook weighed on tech stocks and an almost 5% drop in heavyweight Alibaba (9988.HK) dragged the Hang Seng (.HSI) about 1% lower.

 

"We do seem to have stalled somewhat as we head into the year end," said Jun Bei Liu, a portfolio manager at Tribeca Investment Partners in Sydney.

 

"Investors perhaps are just taking a bit of pause," she said, in the wake of a strong U.S. results season, but as inflation and China's slowdown loom as macroeconomic headwinds.

 

The yen, a safe-haven asset which has also lately been sensitive to oil prices, had its sharpest one-day jump against the dollar in three months on Wednesday while gold rose almost 1% and Treasuries rallied along the curve.

 

Gold rose a further 0.1% to $1,869 an ounce in Asia on Thursday. The yen edged up to 113.94 per dollar.

 

Benchmark 10-year Treasury yields were steady in Tokyo at 1.5889% after falling about 5.5 basis points overnight.

 

The day ahead is quiet on the calendar, with appearances from central bankers in Australia, the United States and Europe and U.S. jobless claims data the highlights.

 

BIG DOLLAR

 

Against the backdrop of apparent caution is a surging U.S. dollar, as U.S. data has turned surprisingly strong just as doubts have arisen over the outlook for other major economies.

 

On Wednesday figures showed a jump in building permits and the backlog of house construction rose to a 15-year high - underscoring strong demand on the heels of a better-than-expected retail sales report on Tuesday. read more

 

By contrast Europe is grappling with a fourth wave of COVID-19 cases and fresh restrictions to curb it, while the central bank is pushing back on pressure to raise rates. read more

 

The euro has recovered from a trip below $1.13 on Wednesday but remains shaky at $1.1325 and is braced for its worst month on the dollar since June when the Federal Reserve had surprised investors with a hawkish shift in tone.

 

Currency traders are also assessing a sharp downdraft in the Aussie/yen cross, often a barometer of market sentiment. It fell through its 200-day moving average on Tuesday and has lost almost 4% in a dozen sessions .

 

"You've got the perfect storm there for bears," said Matt Simpson, senior analyst at brokerage City Index. "Fundamentally and technically Aussie/yen looks pretty good with lower oil prices."

 

The Thomson Reuters Trust Principles.

 

 

China Evergrande sells entire stake in streaming platform HengTen to ease debt burden

(Reuters) - China Evergrande Group (3333.HK) is selling its entire stake in streaming services firm HengTen Network Group (0136.HK) to raise HK$2.13 billion ($273.5 million), as the cash-strapped developer boosts efforts to avoid a debilitating default on its debts.

 

Evergrande, the world's most indebted developer, said on Thursday it would book a loss of HK$8.5 billion from selling the 18% stake in HengTen, in which Chinese gaming and social media giant Tencent Holdings (0700.HK) holds around a 20% share.

 

The Shenzhen-based real estate company has been stumbling from deadline to deadline in recent weeks as it grapples with more than $300 billion in liabilities, $19 billion of which are international market bonds.

 

A wholly owned unit of Evergrande entered into an agreement with Allied Resources Investment Holdings Ltd, owned by investor Li Shao Yu, to sell 1.66 billion HengTen shares at HK$1.28 per share, at a discount of 24% to its closing price on Wednesday.

 

The latest share disposal extends Evergrande's sell-down of its HangTen stake from 26.55% in the secondary market since early this month.

 

Shares of Evergrande dropped 2.5% in late morning trade, while HengTen, which streams and produces film and television programmes and has been described as China's Netflix by Chinese media, jumped 22.5%.

 

Evergrande said that 20% of the deal consideration will be payable within five business days from the date of the agreement, while the remainder will be completed within two months, according to the Hong Kong stock exchange filing.

 

Investors are on tenterhooks as they wait to see if Evergrande, which failed to pay coupons totalling $82.5 million due on Nov. 6, can meet its obligations before the 30-day grace period expires on Dec 6.

 

Other Chinese property developers are also stepping up financing efforts via share sales as liquidity in the offshore bond market dries up due to fears over any contagion from Evergrande's troubles.

 

Country Garden Services Holdings (6098.HK), the property services unit of developer Country Gardens (2007.HK), is selling 150 million new shares, representing 4.5% of the enlarged capital, to raise $1.03 billion, according to a term sheet seen by Reuters on Thursday.

 

The selling price is HK$53.35 ($6.85) each, a 9.5% discount to the last traded price of HK$58.95 on Wednesday. Country Garden Services said it will use the proceeds for future acquisition opportunities and new business development.

 

The company's shares were suspended from trading on Thursday, while those of parent Country Garden dropped 3.2%.

 

Smaller rival Agile Group also said on Thursday it sold convertible bonds worth HK$2.4 billion based on the initial exchange price of HK$27.48 per share of its property management unit A-Living Smart City Services (3319.HK).

 

When fully converted, the bonds will represent 6.2% of A-Living's issued share capital. Shares of A-Living tumbled 8.3% to HK$21 on Thursday.

 

Agile said the fund raising is beneficial to the company considering the recent market conditions. The company said it has remitted funds to repay its $190 million senior notes due Thursday.

 

Early this week, Sunac China (1918.HK), among the top four developers in the country, said it raised a total of $949.70 million by issuing new shares and selling a stake in Sunac Services (1516.HK).

 

On top of the debt market pressures, Chinese property developers are also facing stiff challenges from an array of unprecedented policy tightening steps by Beijing to curb speculative buying.

 

China Vanke (000002.SZ) told its staff on Tuesday they need to raise their "crisis awareness" and cut unnecessary spending akin to being in "war time", according to a person with direct knowledge.

 

Last week, Evergrande once again averted a destabilising default with a last-minute bond payment but the reprieve did little to alleviate strains in the country's wider property sector from a liquidity crunch. read more

 

Evergrande has new coupon payments totalling more than $255 million due on Dec. 28. It has come under pressure from its other creditors at home and a stifling funding squeeze has cast a shadow over hundreds of its residential projects.

 

Chinese authorities have urged Evergrande Chairman Hui Ka Yan, 63, to use some of his personal wealth to help pay bondholders, two people with knowledge of the matter told Reuters last month. read more

 

Its founder is now freeing up funds from luxury assets including art, calligraphy and three high-end homes, according to filings and a person with knowledge of the matter.

 

Construction company Shanghai Trendzone Holdings (603030.SS) said on Wednesday it is suing Evergrande and its units for missing payments worth $38.3 million.

 

($1 = 7.7889 Hong Kong dollars)

 

The Thomson Reuters Trust Principles.

 

 

 

U.S. asks Japan, China, others to consider tapping oil reserves -sources

(Reuters) - The Biden administration has asked some of the world's largest oil consuming nations - including China, India and Japan - to consider releasing crude stockpiles in a coordinated effort to lower global energy prices, according to several people familiar with the matter.

 

The unusual request comes as U.S. President Joe Biden fends off political pressure over rising pump prices and other consumer costs driven by a rebound in economic activity from lows plumbed early in the coronavirus pandemic.

 

 

It also reflects U.S. frustration with members of the Organization of the Petroleum Exporting Countries and its allies who have rebuffed repeated requests from Washington to speed up their production increases.

 

"We're talking about the symbolism of the largest consumers of the world sending a message to OPEC that 'you've got to change your behavior,'" one of the sources said.

 

 

In Asia, where China said it is working on a crude release, oil prices extended declines prompted by the U.S. request, after settling on Wednesday further below seven-year highs struck in early October.

 

Biden and top aides have discussed the possibility of a coordinated release of stockpiled oil with close allies including Japan, South Korea and India, as well as with China, over the past several weeks, the sources said.

 

The US and allies have coordinated strategic petroleum reserve releases before, for example in 2011 during a war in OPEC member Libya.

 

But the current proposal represents an unprecedented challenge to OPEC, the cartel that has influenced oil prices for more than five decades, because it involves China, the world's biggest importer of crude.

 

A Japanese industry ministry official said the United States has requested Tokyo's cooperation in dealing with higher oil prices, but he could not confirm whether the request included coordinated releases of stockpiles. By law, Japan cannot use reserve releases to lower prices, the official said.

 

A senior cabinet official declined to comment.

 

China's state reserve bureau said it was working on a release of crude oil reserves although it declined to comment on the U.S. request.

 

A South Korean official confirmed the United States had asked Seoul to release some oil reserves.

 

"We are thoroughly reviewing the U.S. request, however, we do not release oil reserve because of rising oil prices. We could release oil reserve in case of supply imbalance, but not to respond to rising oil prices," the official said.

 

The U.S. share of any potential release of reserves would need to be more than 20 million to 30 million barrels to affect markets, according to a U.S. source who participated in the discussions. Such a release could be in the form of a sale or a loan from the U.S. Strategic Petroleum Reserve - or both.

 

The SPR was set up in the 1970s after the Arab Oil Embargo to ensure the United States has adequate supply to weather an emergency.

 

Several people familiar with the matter cautioned that negotiations over a coordinated supply release have not been finalized nor has any final decision been made about whether to pursue any specific course of action on oil prices.

 

The White House declined to comment on the detailed content of conversations with other countries.

 

After Reuters reported on the White House discussions, U.S. crude and global benchmark Brent slumped, with the latter dropping below %80 a barrel.

 

OPEC and other producers including Russia, known collectively as OPEC+, have been adding around 400,000 barrels per day to the market on a monthly basis, but have resisted Biden's calls for more rapid increases, arguing the rebound in demand could be fragile. read more

 

OPEC Secretary General Mohammad Barkindo said on Tuesday he expected a global supply surplus to emerge as soon as December.

 

"These are signals that we have to be very, very careful," he told reporters. read more

 

Rising oil prices have vexed Biden ahead of the 2022 midterm elections which will determine whether his Democratic party maintains slim majorities in the U.S. Congress.

 

U.S. gasoline prices average $3.41 per gallon recently, according to AAA, more than 60% higher than a year ago as the economy has rebounded from the COVID-19 pandemic.

 

Several Biden aides attribute his falling public approval ratings in recent months to worsening inflation from energy to food and other areas. The consumer price index is up 6.2% over the last 12 months, with its energy components up 30%.

 

The Paris-based International Energy Agency, which monitors national SPRs for members that include the U.S. Japan and most western countries, declined to comment. The IEA in the past has coordinated releases involving several countries.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Cisco forecast knocked by supply chain snags, shares fall

(Reuters) - Cisco Systems Inc (CSCO.O) forecast current-quarter revenue below expectations as supply chain shortages and delays drive up costs.

 

Shares of the network gear maker fell 6.3% in extended trading after it said it expects second-quarter revenue to grow 4.5% to 6.5% year-over-year, compared with Wall Street expectations of about 7.4%.

 

Businesses across the globe are facing an unprecedented semiconductor shortage that has pushed up expenses, hurting companies such as Cisco that use chips in their products.

 

Cisco Chief Financial Officer Scott Herren told Reuters the company also faces higher transport and logistics costs in its supply chain. Cisco is making progress on pinpointing and resolving component shortages but getting everything to the right place remains a challenge, he said.

 

"A lot more of the subcomponents are coming via air than would have come traditionally," Herren said. "The port snarls have hit us in a couple of places."

 

Cisco is working to derive more of its sales from software but still gets most of its revenue from hardware. It expects to see the benefit from hardware price increases that came into effect on Sept. 1 later into its fiscal year, because it is still working through hardware backlogs.

 

The company said orders grew by 33% in the first quarter ended Oct. 30, suggesting strong demand, but supply issues prevented this from translating into revenue right away.

 

However, the company stood by its fiscal 2022 overall growth target of between 5% and 7%, which was in line with analyst expectations of 6%, according to Refinitiv data. Herren said a $15.9 billion backlog of remaining contracts, 60% of which are for services and 40% of which are for software, provides some stability despite hardware supply chain issues.

 

"We know what that stream looks like through the end of the year," Herren said of the contracts.

 

The San Jose, California-based company said it expects second-quarter profit per share between 80 cents and 82 cents, with the midpoint narrowly missing Refinitiv IBES estimates of 82 cents.

 

Revenue for the quarter ended Oct. 30 was $12.90 billion. Analysts on average had expected revenue of $12.98 billion, according to IBES data.

 

The Thomson Reuters Trust Principles.

 

 

Google signs 5-year deal to pay for news from AFP

(Reuters) - Alphabet Inc's (GOOGL.O) Google will begin paying Agence France-Presse for its news content as part of broad five-year partnership announced Wednesday that marks one of the biggest licensing deals struck by a tech giant under a new French law.

 

News organizations, which have been losing ad revenue to online aggregators such as Google and Facebook (FB.O), have complained for years about the tech companies using stories in search results or other features without payment.

 

New laws in France and Australia - fueled by media lobbying and public pressure - have given publishers greater leverage, leading to a slew of licensing deals around the world collectively worth billions of dollars.

 

The AFP accord follows France enacting a copyright law that creates “neighboring rights,” requiring big tech companies to open talks with news publishers that want a licensing payment.

 

Google declined to disclose financial terms of the deal, but confirmed it would run for five years. The companies said in a joint press release that they also will collaborate on projects, such as fact-checking.

 

“This agreement is a recognition of the value of information," Fabrice Fries, Agence France-Presse's chief executive, said in a statement.

 

Google earlier this year agreed to pay $76 million over three years to a group of 121 French news publishers, not including AFP, Reuters previously reported. But the deal has been on hold, pending the outcome of an antitrust proceeding in which France's competition regulator has accused Google of failing to negotiate in good faith.

 

Sébastien Missoffe, managing director of Google France, said the AFP deal showed the tech company's "willingness to find common ground with publishers."

 

The deal does not bring AFP into News Showcase, a feature that Google launched last year that promotes content from over 1,000 publishers that have agreed to license content for a fee.

 

Reuters signed a News Showcase agreement with Google in January, and Wall Street Journal owner News Corp (NWSA.O) closed a similar deal a month later.

 

Facebook last month signed a neighboring rights deal with a French alliance including dozens of publishers such as Le Figaro.

 

The Thomson Reuters Trust Principles.

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

National Unity Day

 

December 22

 


 

Christmas Day

 

December 25

 


 

Boxing Day

 

December 26

 


 

Public Holiday in lieu of Boxing Day falling on a Sunday

 

December 27

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

 

 


Starafrica

Fidelity

Turnall

 


Medtech

Zimre

Nampak Zimbabwe

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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