Major International Business Headlines Brief::: 19 November 2021

[Bulls n Bears]

 <https://bullszimbabwe.com/> 

 


 

 <http://www.bullszimbabwe.com> Bullszimbabwe.com
<mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/> Bullish
Thoughts        <http://www.twitter.com/BullsBears2010> Twitter
<https://www.facebook.com/BullsBearsZimbabwe> Facebook
<http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn
<https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp
<mailto:info at bulls.co.zw?subject=Unsubscribe> Unsubscribe

 


 

 


Major International Business Headlines Brief::: 19 November 2021

 


 

 


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

 


 

 


ü  India PM Narendra Modi repeals controversial farm laws

ü  Alibaba: Shares dive after China spending slowdown warning

ü  Facebook tells LA police to stop spying on users with fake accounts

ü  US chain CVS closing 900 drugstores to focus on health services

ü  HS2 rail extension to Leeds scrapped amid promise to transform rail

ü  The small nuclear power plants billed as an energy fix

ü  Paytm: Shares plunge in India's biggest ever market debut

ü  Evergrande: Chinese developer sells streaming firm stake for $273m

ü  Asia sits out equities rally as Alibaba slides

ü  Fed policymakers start penciling in earlier U.S. rate hikes

ü  Japan to unveil record stimulus package, bucking global tapering trend

ü  Only 1.2% of world's top firms make substantial climate
disclosures-Arabesque

ü  Malaysia says Singapore has returned $16.3 million in 1MDB funds

ü  Nigeria: Who or What Will Fix the Electricity Challenge in Nigeria?

ü  Rwanda: Uproar Over Low Speed Limits, Traffic Fines

ü  Sudan: Govt Switches on Internet After Court Order

ü  Nigeria: Hike in Food, Commodity Prices Could Push 6m Nigerians Into
Poverty - World Bank

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

India PM Narendra Modi repeals controversial farm laws

 

Indian PM Narendra Modi has announced the repeal of three controversial farm
laws after a year of protests.

 

Thousands of farmers had camped at Delhi's borders since last November and
dozens died from heat, cold and Covid.

 

Farmers say the laws will allow the entry of private players in farming and
that will hurt their income.

 

Friday's surprise announcement marks a major U-turn as the government had
not taken any initiative to talk to farmers in recent months.

 

And Mr Modi's ministers have been steadfastly insisting that the laws were
good for farmers and there was no question of taking them back.

 

Farm unions are seeing this as a huge victory. But experts say the upcoming
state elections in Punjab and Uttar Pradesh - both have a huge base of
farmers - may have forced the decision.

 

 

The announcement on Friday morning came on a day Sikhs - the dominant
community in Punjab - are celebrating the birth anniversary of Guru Nanak,
the founder of Sikhism.

 

In his nationally-televised address, Mr Modi said the farm laws were meant
to strengthen the small farmers. "But despite several attempts to explain
the benefits to the farmers, we have failed. On the occasion of Guru Purab,
the government has decided to repeal the three farm laws," he added.

 

What has the reaction been?

Rakesh Tikait, one of the most prominent farmer leaders, said they would
stop their protest movement only after the government repealed the laws in
the winter session of parliament.

 

Another farmer leader said they needed additional promises from the
government around assured prices for their crops to end their protest.

 

Opposition parties have welcomed the decision. Congress party leader Rahul
Gandhi said the repeal of the laws was a win against injustice.

 

BJP members say the decision to repeal the laws had nothing to do with the
polls and the decision was taken to end the protest. The party has not said
if it has any plans to bring back the laws in another form later.

 

Narendra Modi's decision to repeal the contentious farm laws is, at once, a
strategic and political move and a belated admission of the government's
haste and high-handedness.

 

The laws had whipped up an unprecedented firestorm of protests in the states
of Punjab and Uttar Pradesh and posed a real challenge to Mr Modi. They had
mobilised farmers and civil society in Sikh-majority Punjab and spread to
parts of Uttar Pradesh, states which will see key elections early next year.

 

The BJP, which had not anticipated such a blowback, has been trying hard to
placate the Sikhs. Much of its executive meeting earlier this month was
devoted to assuaging the community's sentiments: increasing farm budget and
crop prices, re-opening a historic corridor to one of Sikhism's holiest
shrines in Pakistan, a fresh probe to punish the guilty of 1984 anti-Sikh
riots in Delhi.

 

The government was clearly getting jittery about the growing alienation of
the Sikh community over the laws. History holds grim lessons in Punjab, a
strategic border state: a violent separatist movement in the 1980s was
fuelled by similar estrangement of the community.

 

By repealing the laws, Mr Modi hopes to regain the confidence of the farmers
in general and Sikhs in particular. It would also boost the BJP's chances in
the polls.

 

As for those who had supported the reforms, it is again a salutary lesson
that good economics often makes for poor politics.

 

What led to the repeal?

The Samyukta Kisan Morcha (SKM), an umbrella group of some 40 farmers'
unions, had refused to back down despite appeals from the government to end
their protest.

 

Farmers continued to block motorways to Delhi through harsh winter and
summer months and even through deadly Covid waves. They called for strikes
across the country and dozens of them even died due to cold, heat and Covid.

 

The government initially engaged with them and offered to put the laws in
abeyance for two years. But after farmers rejected their overtures, the
authorities retreated, preferring to go with the wait-and-watch attitude.

 

A farmer prepares meals at the site of a protest during a nationwide protest
against the newly passed farm bills on a foggy morning at Singhu border near
Delhi, India, December 8, 2020.

 

First, the son of a federal minister allegedly drove his car into a group of
protesting farmers in Lakhimpur in Uttar Pradesh in early October. He denied
the allegation, but was arrested. Eight people, including four farmers and a
journalist, were killed in the incident which sparked outrage across the
country and put the government on the back foot.

 

Second, PM Modi's Bharatiya Janata Party (BJP) is up against strong regional
parties in the upcoming elections in Punjab, Uttar Pradesh and Uttarakhand
and the government knows that angry farmers would hurt the BJP's chances of
winning the crucial polls.

 

What did the laws offer?

Taken together, they loosened rules around sale, pricing and storage of farm
produce - rules that have protected India's farmers from the free market for
decades.

 

One of the biggest changes was that farmers were allowed to sell their
produce at a market price directly to private players - agricultural
businesses, supermarket chains and online grocers. Most Indian farmers
currently sell the majority of their produce at government-controlled
wholesale markets or mandis at assured floor prices (also known as minimum
support price or MSP).

 

They also allowed private buyers to hoard essential commodities for future
sales, which only government-authorised agents could do earlier; and they
outlined rules for contract farming, where farmers tailor their production
to suit a specific buyer's demand.

 

The reforms, at least on paper, gave farmers the option of selling outside
of this so-called "mandi system". But the protesters said the laws would
weaken the farmers and allow private players to control their fate. They
said the MSP was keeping many farmers going and without it, many of them
will struggle to survive.

 

They said India's stringent laws around the sale and use of agricultural
land and high subsidies had protected farmers from market forces for decades
and there was no need to change that.

 

But the government argued that it was time to make farming profitable for
even small farmers and the new laws were going to achieve that. -BBC

 

 

 

Alibaba: Shares dive after China spending slowdown warning

Alibaba shares have slumped by more than 10% in Hong Kong trade after the
Chinese online retail giant warned of a slowdown in consumer spending.

 

The company forecast that its annual revenue would grow at the slowest pace
since its stock market debut in 2014.

 

The weak figures underscore the firm's struggles with increasing competition
and Beijing's regulatory crackdown.

 

On Thursday, Alibaba's US-listed shares ended the New York trading session
more than 11% lower.

 

In the three months to the end of September, Alibaba's revenue rose by 29%
to 200.7bn yuan ($31.4bn, £23.3bn), its slowest rate of growth for a year
and a half.

 

The company also said it expects its annual revenue to grow by between 20%
to 23%, lower than analysts' forecasts.

 

Chinese consumption slows

Alibaba chief executive Daniel Zhang told investors that increasing
competition and slowing consumption in China were the main causes for the
weaker growth.

 

Chinese shoppers have become more cautious about spending, with new
coronavirus outbreaks, power shortages and concerns about the property
market weighing on sentiment.

 

The latest figures do not include sales from this month's Singles Day, or
"11.11 Global Shopping Festival", annual shopping festival.

 

This year's Alibaba's usually glitzy event was a more toned down affair than
previously, after Beijing cracked down on businesses and China's economic
growth slows.

 

Sales for the 11-day event rose at their slowest rate since it was launched
in 2009, up 8.5% on last year.

 

However, customer spending still hit a fresh record high of 540.3bn yuan.

 

Alibaba has come under intense scrutiny from Beijing as tough new rules have
been imposed on the country's big technology companies.

 

Earlier this year, it paid a record $2.8bn fine after a probe found that it
had abused its market position for years. Alibaba also said it would change
the way it conducted its business.

 

The company's shares have lost more than a third of their value so far this
year.-BBC

 

 

 

Facebook tells LA police to stop spying on users with fake accounts

Facebook has written to the Los Angeles Police Department (LAPD), demanding
that it stop setting up fake profiles to conduct surveillance on users.

 

This comes after the Guardian revealed that the US police department had
been working with a tech firm, analysing user data to help solve crimes.

 

Facebook expressly prohibits the creation and use of fake accounts.

 

The intent, it said, was to "create a safe environment where people can
trust and hold one another accountable".

 

"Not only do LAPD instructional documents use Facebook as an explicit
example in advising officers to set up fake social media accounts, but
documents also indicate that LAPD policies simply allow officers to create
fake accounts for 'online investigative activity'," wrote Facebook's vice
president and deputy general counsel for civil rights Roy Austin in a letter
outlining Facebook's policies.

 

"While the legitimacy of such policies may be up to the LAPD, officers must
abide by Facebook's policies when creating accounts on our services. The
Police Department should cease all activities on Facebook that involve the
use of fake accounts, impersonation of others, and collection of data for
surveillance purposes."

 

Documents obtained through public record requests made by non-profit
organisation the Brennan Center of Justice showed that in 2019, the LAPD had
been using Voyager Labs' social media surveillance software to collect data
from suspects' social media networks, including their friends' accounts.

 

Voyager Labs claims its software is able to analyse large amounts data to
help solve crimes, including helping to discern users' motives and beliefs.

 

The LAPD said in emails that the software had been particularly useful in
investigating the activities of street gangs online and crucial in helping
its robbery and homicide division collect evidence.

 

Pot calling the kettle black?

Facebook argues that spying on users and impersonating legitimate users goes
against its purpose, which is to enable people to "connect and share with
real people using their authentic identities".

 

In October, Facebook announced that its parent company would now be called
Meta in a nod to Mark Zuckerberg's ambitions of creating a "metaverse"

However, Robert Potter, an Australian security expert specialising in lawful
surveillance, thinks fake names can be justified in situations where human
rights activists or journalists are seeking to protect their privacy online,
or for users in countries where there is internet censorship.

 

And he is surprised at the social network's strong stance against the LAPD,
when it has been slow to take action in the past on issues like misleading
political ads, online scams and social media's negative effects on
teenagers.

 

"It's genuinely interesting to see that Facebook has become the nexus for so
many problematic communications, from child trafficking and terrorism
communications to Covid disinformation," he told the BBC.

 

"Yet they seem to care more about the LAPD misusing their platform than
sometimes they do about China or Russia."

 

Despite its claims regarding authenticity and accountability, in August the
social network banned the accounts of US academics researching political ads
on its platform.

 

Facebook said the researchers' data-scraping browser extension tool
undermined its security, while the academics argued that their work was
vital in maintaining democracy and keeping the social network's practices
transparent.

 

"If you're not cracking down across the board on malicious actors using your
platform, you don't have strong grounds to crack down on legitimate use of
the platform," said Mr Potter, who built the Washington Post's
cyber-security operations centre and has advised the Australian government
on cyber-security.

 

"You're not special if you run a social media platform. If there's not a
rule saying you can't have an undercover cop in a church, why should a
social media platform be any different?"-BBC

 

 

 

US chain CVS closing 900 drugstores to focus on health services

CVS, one of the largest pharmacy chains in the US, is planning to close 900
shops over the next three years.

 

That represents nearly a tenth of its outlets.

 

Its remaining stores, which sell a wide range of consumer goods and snack
foods, will be beefed up to offer more in-person health services.

 

Through the pandemic, Americans have grown increasingly accustomed to
accessing advice, testing and vaccinations at their local drugstore.

 

CVS, along with other pharmacy chains, have played a leading part in rolling
out Covid-19 vaccines in the US, in particular.

 

CVS Health Corp, which operates more than 9,900 locations across the US,
said it had been planning to expand the services it offered since it
acquired health insurer Aetna in 2018.

 

The retailer said it would start closing stores in the spring of 2022,
shutting 300 branches a year over three years, although it has not yet
identified which shops will close.

 

At its remaining sites, CVS plans to expand its health hubs that offer
treatments for every day health problems, as well as chronic care.

 

CVS said the long term strategy was to expand care delivery, while shrinking
its bricks-and-mortar retail business.

 

"Our retail stores are fundamental to our strategy and who we are as a
company," the company's chief executive Karen Lynch said.

 

"We remain focused on the competitive advantage provided by our presence in
thousands of communities across the country, which complements our rapidly
expanding digital presence."

 

CVS is the US's largest pharmacy chain, ahead of chief rival Walgreens Boots
Alliance.

 

Analyst Neil Saunders, managing director of GlobalData, said the decision
makes sense considering "CVS has neglected stores for far too long and has
pushed some of them into the downward spiral of irrelevance".

 

Walgreens also recently shifted its focus, investing in other care
providers, namely $5.2bn (£3.9bn) in healthcare provider VillageMD and $330m
in health services provider CareCentrix.-BBC

 

 

 

HS2 rail extension to Leeds scrapped amid promise to transform rail

The government has scrapped the Leeds leg of the HS2 high-speed rail line as
part of a package that ministers promise will transform services.

 

The prime minister said the overhaul would mean faster travel up to 10 years
earlier than planned, and said claims of broken promises are "total
rubbish".

 

The package won support from some business leaders, and anti-HS2 groups.

 

But Boris Johnson faced criticism that he had reneged on investment promises
to the Midlands and north of England.

 

The axing of a new East Midlands-Leeds high-speed line, with HS2 trains now
to run on existing upgraded routes, and a scaling back of the Northern
Powerhouse Rail (NPR) project, drew strong condemnation.

 

Labour leader Sir Keir Starmer said Mr Johnson had "ripped up" promises he
made that HS2 would go all the way to Leeds and that there would be a new
NPR line from Manchester to Leeds.

 

 

"This was the first test of 'levelling up' and the government has completely
failed and let down everybody in the North. You can't believe a word the
Prime Minister says," he said.

 

'We're building in the most efficient possible way'

There was also criticism that a significant portion of the £96bn pledged as
new investment has already been announced, such as £360m to improve
ticketing.

 

On a visit to a Network Rail logistics hub near Selby, Mr Johnson dismissed
the charges of broken promises as "total rubbish", insisting the government
would deliver on them "eventually".

 

"Of course there are going to be people who always want everything at once.
And there are lots of people who are [going to] say, look, what we should do
is carve huge new railways through virgin territory, smashing through
unspoilt countryside and villages and do it all at once," he said.

 

And in a BBC interview later the prime minister said that laying new track
through countryside would take decades to complete.

 

Mr Johnson said: "You can wait decades and dig up virgin countryside and
plough through villages, but you have to wait an awful lot longer and it
costs an awful lot more.

 

"I'm afraid that we are going to be building a huge amount of new line but
what we're doing is doing it in the most efficient possible way and to bring
the maximum possible commuter benefits."

 

The new Integrated Rail Plan includes:

·         The completion of HS2 from Crewe to Manchester, with new stations
at Manchester Airport and Manchester Piccadilly

·         A new high-speed line between Birmingham and East Midlands Parkway

·         The delivery of Northern Powerhouse Rail via a new high-speed line
between Warrington, Manchester and Marsden in Yorkshire

·         The upgrading or electrification of the existing Midland Main
Line, East Coast Main Line and Transpennine Main Line

·         A new mass transit system for Leeds and West Yorkshire

·         Money for a programme of fares and ticketing reform, including
contactless pay-as-you-go ticketing in the North and Midlands

·         A study to look at the best way to take HS2 trains to Leeds,
including capacity at Leeds Station

 

In addition to the HS2 changes, there is also a scaling back of a new
Trans-Pennine rail route between Manchester and Leeds as part of the NPR
project to improve links between major northern cities.

 

The route between Leeds and Manchester will now be a combination of new
track and enhancements to existing infrastructure.

 

"We're cutting journey times from Manchester in half from 2 hours 9 min to 1
hour 11 min," said Mr Johnson.

 

"We're also cutting times from Manchester to Leeds from 55 min to 33 min and
[creating] a crossrail for the Midlands for the first time."

 

He added that there would also be a new high-speed line taking the time
needed to travel from the West Midlands to East Midlands, from 1 hour 14 min
down to 26 min.

 

"What that means is you will be able to have HS2 trains all the way up to
Sheffield, taking half an hour off the time up to Sheffield," Mr Johnson
stressed.

 

"You will have a crossrail for the north, a crossrail for the Midlands and
then the HS2."

 

Rail journey times

Tory MP Robbie Moore, whose Keighley seat sits close to Bradford, said he
was "deeply disappointed" by the plan, which had "completely short-changed"
his constituents.

 

Bradford had expected to be included on the proposed Leeds to Manchester
route and to see a station built to accommodate new trains.

 

"We are one of the most socially deprived parts of the UK and we must get
better transport connectivity," Mr Moore said.

 

Delivering the Integrated Rail Plan (IRP) in the Commons, Transport
Secretary Grant Shapps told MPs it was an "ambitious and unparalleled
programme" to overhaul inter-city links across the north and Midlands, and
"speed up the benefits for local areas and serves destinations people most
want to reach".

 

Work has already started on the first phase of HS2, linking London and the
West Midlands. The next section will extend the line to Crewe.

 

The final phase was to take HS2 to Manchester and Leeds.

 

Commenting on plans for rail links between the East Midlands to Leeds, Mr
Shapps said: "We'll study how best to take HS2 trains into Leeds as well".

 

However, that is likely to be via upgrades to existing rail network, a move
condemned by MPs and regional business leaders who said a high-speed line
was vital to the economic growth of the Midlands and north England.

 

Labour MP Hilary Benn, who represents Leeds Central, said: "Today that
promise has been broken, and Leeds and the North have been betrayed."

 

Andy Bagnall, director general of the Rail Delivery Group, which represents
train operators, said: "While millions of people will benefit from this
major investment in boosting connectivity between major cities in the North
of England and the Midlands, leaving out key pieces of the jigsaw will
inevitably hold back the ability for the railways to power the levelling up
agenda and the drive to net zero."

 

The government's argument is that faster delivery at lower cost is now the
best approach. It also makes the case for putting cash towards better local
services, not just high speed inter-city connections.

 

That won't wash with those who will accept nothing but the original
proposals for both HS2 and Northern Powerhouse Rail - with their full
capacity benefits, as well as journey times. They feel a promise is being
broken.

 

Bradford is one example of this; a city whose leaders view a new, full
high-speed link to both Manchester and Leeds as essential to regeneration.

 

Opponents of HS2 - a controversial project - will see today's news as a
relief. Although the door has not been fully closed to the eastern leg being
completed at some future date.

 

However, businesses in Yorkshire who hoped HS2 would bring jobs, investment
and confidence, albeit not for a while, feel that opportunity has just been
diminished.

 

Labour also point out that despite the £96bn label, much of this money had
already been earmarked for HS2.

 

'Waste of money'

 

News that part of HS2 was being scrapped was met with "elation" by
campaigners against the line.

 

Sandra Haith, from an anti-HS2 group in Bramley, Rotherham, said she was
pleased, "not only as a resident of Bramley, but as a taxpayer. It's a
complete waste of money".

 

She said: "The eastern leg costs a lot of money and it basically connects
two cities. We can't get on it. We've got all the pain and no gain."

 

However, business people warned about the economic loss from scrapping the
HS2 line. James Greenhalgh, who runs the Flamingos Coffee House, in Leeds,
told the BBC it would deter investment in the city.

 

"We want to encourage other businesses to move up from London, up to Leeds,
get people moving around and coming to our city centre. It is really tough,
it is stopping businesses from expanding," he said.

 

There was praise, though, from business leaders at regional trade body
Midlands Connect.

 

Chairman Sir John Peace said: "Although these plans are different in some
respects to what we'd expected, there are a lot of positives in here and
lots of things to be excited about - a new high-speed connection between
Birmingham and East Midlands Parkway, direct links onto HS2 for Derby,
Nottingham, and Chesterfield and a commitment to the Midlands Rail Hub."-BBC

 

 

 

The small nuclear power plants billed as an energy fix

"We'll likely have more accidents than existing reactors because it's a new
technology, but these will be accidents and not disasters," says Troels
Schonfeldt, co-founder of Denmark's Seaborg Technologies.

 

His nuclear power company is one of several developing a new generation of
smaller nuclear power plants.

 

Like others in the industry, Mr Schonfeldt wants to address fears over
safety.

 

In Seaborg's case their reactors will be housed on floating barges and use
molten salt to moderate reactions.

 

Mr Schonfeldt argues that this set-up and location means large-scale
disasters, perhaps caused by a terrorist attack, simply aren't possible.

 

"If a terrorist bombs the reactor and the salt sprays everywhere, then it
solidifies and stays. You go and clean it up," he says.

 

"It's a very, very different scenario to bombing an existing reactor, where
you'd have a gas cloud that wouldn't be contained on your own continent and
would basically cause an international disaster."

 

Seaborg's modular power barges can generate between 200MW and 800MW of
electricity - enough to power up to 1.6 million homes.

 

The makers of these smaller reactors also claim that as well as being safer,
they will be much less expensive than their larger cousins.

 

Traditionally, building large nuclear power stations involves taking
components to a huge building site and assembling the reactor there. But
these new so-called modular designs can fit together like jigsaws and
largely be assembled in factories, making for a much simpler construction
project.

 

That's certainly the hope at Rolls-Royce, which has just received a £210m
grant from the UK government and a £195m cash injection from a consortium of
investors, to develop its own small modular reactor (SMR).

 

This means that 90% of a Rolls-Royce SMR power plant could be built, or
assembled, in factory conditions.

 

"So you build, in our case, probably three factories. In these factories you
create and assemble components. And these modules are then put on the back
of trucks," says SMR chief engineer, Matt Blake.

 

"The limiting factor for the size of the reactor was - what is the largest
single component that can go on the back of a truck?"

 

Small vs Large GFX

At an expected cost of around £2bn each, the Rolls Royce SMR would cost a
tenth of the £23bn bill for the UK's newest nuclear power station at Hinkley
Point in Somerset.

 

Each Rolls-Royce SMR will have a capacity of 470MW - so enough electricity
to power one million homes.

 

As many as 16 SMRs might be built dotted around the UK, with the first
planned to come online in 10 years' time: eight sites have been identified.

 

"We're the size of two football pitches and we're more akin to an Amazon
warehouse in terms of disruption than a Hinkley Point, so that should open
up a broader range of siting opportunities," says Mr Blake.

 

Rolls-Royce hopes their reactors will not just supply the National Grid. It
thinks other customers like data centres, and firms producing hydrogen and
synthetic aviation fuel, will be interested too.

 

It is also hoping to sell its reactors abroad, with their smaller size an
advantage.

 

"SMRs are different in that financing will be simpler - putting together
financing for £2bn is obviously a lot simpler than 10 times that," adds Mr
Blake.

 

Based in California, Radiant Nuclear's ambitious tagline is 'making nuclear
more portable' and it wants to shrink nuclear power plants down even
further.

 

It says it is developing a reactor the size of a shipping container, that
could be easily transported by truck.

 

The project is still in the very early stages, with the company planning a
fuelled demonstration in 2026 and units in production by 2028.

 

But Radiant does not see its reactors competing for market share with the
big power plants that connect to the energy grid.

 

Instead "it's in direct competition with the diesel generators that you'd
use for back-up power, or one you'd use in a remote off-grid location," says
the company's chief executive Doug Bernauer.

 

"That's anywhere you need back-up power, such as data centres, hospitals or
military bases."

 

However, anti-nuclear campaigners are not persuaded or reassured by safety
claims coming from new entrants to the nuclear power market.

 

"SMRs will still be vulnerable to nuclear accidents and terror attacks; they
risk nuclear proliferation, and can produce more nuclear waste than
conventional reactors per unit of electricity," says Kate Hudson, director
general of the Campaign for Nuclear Disarmament.

 

Mr Blake from Rolls-Royce says the process for dealing with nuclear waste is
well established: "Spent fuel is retained at the site and will be processed
in the same way as a standard PWR (pressurised water reactor), like Sizewell
or any other site"

 

"It will be held at the site, and eventually transferred to Sellafield, or a
geological disposal facility deep underground," he explains.

 

The proponents of small nuclear plants say their technology will be
necessary to meet an expected doubling of demand for electricity in the UK
from consumers by 2050.

 

But Ms Hudson is still sceptical: "It is an unproven and untested technology
that will still cost the taxpayer unspecified, and likely large, amounts of
money."

 

"Even with the most ambitious timescale," she adds. "We will have to wait 10
years for an SMR to produce energy, when renewable alternatives and energy
efficiency programmes are available now."-BBC

 

 

 

Paytm: Shares plunge in India's biggest ever market debut

Shares in Indian digital payments platform Paytm have plunged by more than
27% on their Mumbai stock market debut.

 

The company raised $2.5bn in the country's biggest ever initial public
offering (IPO).

 

Some investors have voiced concerns about the loss-making Paytm's business
model.

 

The firm counts Chinese payments giant Ant and Japanese technology group
SoftBank amongst its biggest backers.

 

Paytm's first-day slump comes as Asia's third-largest economy has been in a
grip of an IPO frenzy as shares sit near record highs. India's benchmark BSE
Sensex index has risen by almost 25% since the start of this year.

 

India's start-ups have attracted billions of dollars in funding this year as
investors look for opportunities in the Covid-battered economy.

 

Even before Paytm's record share listing, Indian companies had raised a
record $10.5bn so far this year through IPOs in 2021.

 

Last week, shares in beauty retailer Nykaa jumped on its debut, while food
delivery app Zomato surged on its first day of trade in July.

 

The soaring valuations of Indian IPOs has prompted authorities to take steps
to try to cool the market.

 

On Tuesday, the country's markets regulator outlined plans to tighten the
rules on how companies can spend the cash they raise from IPOs.

 

That came after a decision by India's central bank to impose limits on how
much people can borrow to buy shares of a new listing.

 

Founded by Vijay Shekhar Sharma, who was once named as India's youngest
billionaire, Paytm's platform was launched in 2010.

 

The company quickly became synonymous with digital transactions in a country
that has traditionally been dominated by cash payments.

 

Paytm was given a major boost by Prime Minister Narendra Modi's government
push to curb the use of cash - including the demonetisation of nearly all
banknotes in circulation five years ago. It also benefitted as people became
less willing to use physical cash during the pandemic.

 

Almost 22 million shop owners shop owners, taxi and rickshaw drivers and
other vendors in India now accept payments using the platform's
blue-and-white QR code stickers.

 

Last year the firm handled transactions worth more than $54bn for its 337
million customers.

 

Paytm's lacklustre debut wasn't entirely unanticipated after institutional
investors took three full days to submit enough bids to cover all the shares
on offer - although the extent of the slide has surprised many.

 

There are three major factors that worry analysts about the company's
future: A fuzzy and long road to profitability, a very high valuation and
stiff competition in the payments market from the likes of Google, WhatsApp
and Walmart-backed phonePe.

 

There are also concerns that Paytm has dipped its toes in too many
businesses and lacks focus, inhibiting its capacity to become a market
leader in any of these areas.

 

Global brokerage Macquarie, which initiated coverage on the stock today, has
given Paytm an "underperform" rating saying it sees the potential for Paytm
to fall by more than 40% from its issue price.

 

Paytm's weak debut performance is in sharp contrast to the 80% opening bump
that India's other big internet unicorn, beauty retailer Nykaa, saw on its
listing day.-BBC

 

 

Evergrande: Chinese developer sells streaming firm stake for $273m

Crisis-hit Chinese real estate giant Evergrande is selling its entire stake
in film and television streaming company HengTen for $273m (£200m).

 

The move comes as the world's most indebted developer has been struggling to
meet interest payments on its loans.

 

In another sign of the cash crunch in China's property market, another big
firm is reportedly raising fresh funds.

 

Trading in Country Garden Services was suspended on Thursday as it looks set
to sell $1bn of new shares.

 

Evergrande, which is saddled with around $300bn of debt, said it would book
a loss of more than $1bn from selling its remaining 18% stake in HengTen.

 

Last week, Evergrande sold a 5.7% stake in HengTen, which raised around
$145m.

 

The announcement of the deal came just a day before the deadline for overdue
interest payments of $148m.

 

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

 

At the start of this year Evergrande owned a majority stake in HengTen,
which has been described as the Netflix of China, but has been selling off
shares to raise money to meet its financial commitments.

 

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

 

Shares in Evergrande closed 5.7% lower on Thursday, while HengTen soared by
25%.

 

Share sale

Meanwhile, Hong Kong-listed Country Garden Services will sell 150m new
shares at a discount of almost 10% on their last traded price, according to
reports.

 

The company reportedly plans to use the funds for potential takeovers, new
business development and general corporate purposes.

 

Country Garden's shares fell by 4.2% on Wednesday.-BBC

 

 

 

Asia sits out equities rally as Alibaba slides

(Reuters) - Asian shares sat out a global rally on Friday as disappointing
earnings from Chinese e-commerce giant Alibaba reinforced worry about
slowing growth in the world's second-largest economy, even as European and
U.S. share futures indicated gains.

 

Elsewhere, Turkey's lira could not break far from Thursday's record low when
it weakened about 6% after the central bank, under pressure from President
Tayyip Erdogan, cut rates again even as inflationary risks broadened. read
more

 

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS)
fell 0.44% and was set for a weekly decline of 1%, even after a solid
performance overnight on Wall Street boosted by upbeat corporate earnings.

 

That global rally seemed set to continue with Euro Stoxx 50 futures gaining
0.41%, FTSE futures advancing 0.42% and S&P 500 e-minis up 0.36%.

 

The tone was more subdued in Asia, with the Hong Kong benchmark (.HSI) down
sharply 1.5%, dragged down by index heavyweight Alibaba (9988.HK).

 

The Chinese e-commerce firm's shares tumbled more than 10% after its
second-quarter results missed expectations due to slowing consumption,
increasing competition and a regulatory crackdown. read more

 

Kenny Ng, a strategist at brokerage Everbright Sun Hung Kai Securities, said
as well as Alibaba, recent poor results at Baidu (9888.HK), which was off
3%, and Bilibili (9626.HK), whose shares are suspended, had reinforced the
downward trend.

 

Given the sharp slowdown in recent Chinese retail data more broadly,
analysts at Citi said in a note Alibaba's results were not surprising.

 

Chinese economic data over recent months has also underlined a loss of
growth momentum, dragging down stocks across the region.

 

MSCI's Asian regional benchmark is down 13% from its February high, while
MSCI's gauge of stocks across the globe (.MIWD00000PUS) sits at a record
high.

 

Analysts at ANZ expect Asian stocks to continue to struggle.

 

"A confluence of powerful headwinds is building – a slowing China, higher
commodity prices at the wrong time of the business cycle, and a mild rebound
in household demand," they said.

 

"Each of these developments, combined with monetary policy normalisation,
can weigh on stock market earnings and valuations."

 

Tokyo's Nikkei (.N225) outperformed, however, rising 0.50% after Japanese
Prime Minister Fumio Kishida announced a fresh stimulus package with
spending worth around 56 trillion yen ($490 billion).

 

The yen hardly reacted to the news, and was headed for a small weekly loss,
trading at 114.33 per dollar in sight of its almost five-year low of 114.97
a few days ago.

 

Other major currencies were also largely quiet with the dollar sitting just
below a 16-month high hit against a basket of its peers earlier in the week.
FRX

 

U.S. benchmark Treasury yields were steady at 1.5942%.

 

"There is a lot already in the price and as a result, progress toward higher
yields is likely to be slow and defined by momentum shifts and sentiment
swings," said analysts at Westpac in a note.

 

Oil prices were continued their recent volatility. U.S. crude rose 0.96% to
$79.77 a barrel. Brent crude rose 0.97% to $82.03 per barrel.

 

On Thursday, oil fell to six-week lows after Reuters reported, citing
sources, that the Biden administration 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. read
more

 

Spot gold rose 0.11%.

 

The Thomson Reuters Trust Principles.

 

 

 

Fed policymakers start penciling in earlier U.S. rate hikes

(Reuters) - Federal Reserve policymakers are penciling in the possibility of
earlier interest rate hikes than they thought would be needed just a few
months ago, as inflation continues to soar and the economy picks up speed.

 

The shift comes as President Joe Biden nears a decision on whether to keep
Jerome Powell as Fed chair for another term, or to elevate Governor Lael
Brainard to that post instead. Earlier this week Biden signaled he could
make an announcement on Friday.

 

Whoever Biden picks will face the thorny task of steering toward the Fed's
two goals, stable prices and full employment, when they appear to be
increasingly in conflict.

 

Both Powell and Brainard have said they believe the current inflation surge
will subside next year as supply chains are repaired, and have argued the
Fed should keep interest rates at rock bottom to give more time for the
millions of Americans who lost employment or left the workforce during the
pandemic to get a job if they want to.

 

 

Many of their Fed colleagues have signed on to that view, but continued
rising prices are challenging it.

 

On Thursday, one of the U.S. central bank's most reliable policy doves said
he is "more open-minded" to raising interest rates next year than he was six
months ago. A 2022 interest rate hike, Chicago Fed President Charles Evans
said, could be appropriate if inflation continues to stick despite his
expectations to the contrary. read more

 

"I wouldn’t describe it as hair on fire or anything like that," Evans told
reporters after a talk. "But I would say, I have to admit, it’s gone on
longer, things are not quite as clean as I was hoping for; patience is hard,
and there might be a little bit of movement sooner than I'm thinking, or it
could be that I'm just flat out wrong and we need to move."

 

Separately, Atlanta Federal Reserve President Raphael Bostic said he
believes the U.S. central bank could start raising interest rates in the
middle of next year, based on the jobs outlook.

 

"Right now, our projections suggest that by the summertime of next year, the
number of jobs that we have in the economy will be pretty much where we were
pre-pandemic," Bostic said in an interview with NPR's Marketplace. "And at
that point, I think it’s appropriate for us to try to normalize our interest
rate policy."

 

Bostic previously said he was among the half of Fed policymakers who, as of
September, thought a rate hike would be appropriate by next year, but his
public embrace of a mid-2022 liftoff is new.

 

At their policysetting meeting last month, Fed officials decided to begin
withdrawing support for the economy by gradually reducing what had been $120
billion in monthly asset purchases down to zero by next June.

 

Some policymakers have since called for a hawkish turn and a quicker taper
so as to position the Fed for an even earlier rate hike should it be needed.
read more

 

Evans pushed back on that view on Thursday. "The expectation is we don't
raise rates before (the end of the taper); the expectation is we don't
adjust (the taper) unless, state-contingent, we see a big change in the
data," he said.

 

But traders are already adjusting their expectations, with interest-rate
futures now pricing in a better-than-even chance of three rate hikes before
the end of next year.

 

In September only half of the Fed's policymakers thought they would need to
begin to raise rates next year, with the other half seeing 2023 as more
likely for the first rate hike.

 

The Fed will deliver a better read on how far policymakers' views may have
shifted when it releases fresh quarterly forecasts on Dec. 15, when its next
policymaking meeting wraps up.

 

The Thomson Reuters Trust Principles.

 

 

 

Japan to unveil record stimulus package, bucking global tapering trend

(Reuters) - Japan is set to announce a record $490 billion spending package
on Friday to cushion the economic blow from the COVID-19 pandemic, bucking a
global trend towards withdrawing crisis-mode stimulus measures and adding
strains to its already tattered finances.

 

Spending has ballooned due to an array of payouts including those criticised
for being unrelated to the pandemic, such as cash handouts to households
with youth aged 18 or below, and will likely lead to additional bond
issuance this year, analysts said.

 

The massive spending would underscore the resolve of Prime Minister Fumio
Kishida - once considered a fiscal conservative -to focus on reflating the
economy and redistributing wealth to households.

 

"The reflationary monetary policy and go-big-or-go-home fiscal policy
pioneered by (former Premier) Shinzo Abe is now the orthodoxy," said James
Brady, an analyst at Teneo.

 

"Though Kishida has been known in the past for being somewhat hawkish, he
appears set to continue the Abenomics paradigm for several more years."

 

In a meeting of government and ruling-party executives on Friday, Kishida
announced his plan to spend around 56 trillion yen ($490 billion) in the
stimulus package, and compile an extra budget by year-end to fund the
measures.

 

The size of spending was much bigger than the 30-40 trillion yen estimated
by markets, mostly due to huge payouts to households and firms hit by the
pandemic.

 

The total package, which includes funds that do not lead to immediate
spending, will likely reach 78.9 trillion yen, according to a final version
of the draft of the stimulus package obtained by Reuters.

 

The government will compile an extra budget of around 32 trillion yen to
fund part of the cost, the draft showed.

 

It would include spending for defence of at least $6.7 billion, Kyodo news
reported, amid rising regional tensions over China's growing economic and
military power.

 

Critics of the package focused on its eye-popping scale.

 

"Inflating the size may have become the purpose with little discretion made
on whether the spending would be effective," said Takumi Tsunoda, senior
economist at Shinkin Central Bank Research Institute. "It's a lot of
wasteful spending."

 

The government will announce details of the package after it is signed off
at a cabinet meeting later on Friday.

 

Japan has lagged other economies in pulling out of pandemic-induced
doldrums, forcing policymakers to maintain massive fiscal and monetary
support even as other advanced nations dial back crisis-mode policies.

 

Policymakers hope the new spending will help underpin the economy, which
shrank more than expected in the third quarter due to the hit to consumption
and exports from pandemic curbs and global supply disruptions.

 

Japan's three massive spending packages to counter the pandemic have left it
with outstanding long-term debt roughly double the size of its $5 trillion
economy.

 

($1 = 114.3200 yen)

 

The Thomson Reuters Trust Principles.

 

 

 

Only 1.2% of world's top firms make substantial climate
disclosures-Arabesque

(Reuters) - Little more than one percent of 5,000 big companies globally are
making substantial disclosures of their climate risks, while more than half
are not reporting them at all, according to data from ESG research and
investment manager Arabesque.

 

Only 1.2% of the companies analysed by Arabesque -- most of them large
listed firms -- reported on all 11 recommendations of the Task Force on
Climate-Related Financial Disclosures (TCFD) in 2019.

 

 

Fifty-four percent of the top firms made no disclosures, it added.

 

The TCFD was set up by the Financial Stability Board, which groups
regulators, central banks and treasury officials from G20 countries, and set
out recommendations in 2017 on how companies could voluntarily disclose the
risks and opportunities from climate change.

 

 

Investors are increasingly focusing on companies' exposure to climate
change, as U.N. climate talks ended on Saturday with a deal that for the
first time targeted fossil fuels as the key driver of global warming. read
more

 

"We need to put action to the promises," said Arabesque president Daniel
Klier.

 

"TCFD is the framework everyone is looking at...the quality of disclosure
has to improve quite significantly."

 

Health and technology services companies were the worst offenders, with more
than 70% making no disclosures, Arabesque’s analysis showed, while energy
companies were among those giving the most information.

 

"Industries facing most investor scrutiny are industries that are trying to
do a better job," Klier said.

 

Regulators in markets such as Britain, the European Union, Brazil, Hong
Kong, Japan, New Zealand, Singapore and Switzerland have begun using the
TCFD recommendations as a basis for mandatory disclosures.

 

The TCFD also said last month only about half of companies disclosed
climate-related risks and opportunities in some form, on average covering
around a third of the 11 recommended disclosures. read more

 

The TCFD's 2021 review covered more than 1,600 companies around the world.

 

A lack of analytical tools to quantify the exposure of assets to physical
climate risks is contributing to "chronic underinvestment" in climate
resilience by the private sector, according to a report this week by the
Coalition for Climate Resilient Investment group of institutional investors
and governments with over $20 trillion in assets.

 

The Thomson Reuters Trust Principles.

 

 

Malaysia says Singapore has returned $16.3 million in 1MDB funds

(Reuters) - Singapore has recently returned to Malaysia about $16.3 million
linked to a multibillion-dollar scandal at state fund 1MDB, Malaysia's
anti-graft agency said on Friday.

 

U.S. authorities say about $4.5 billion was siphoned from 1Malaysia
Development Berhad (1MDB) between 2009 and 2014, in a globe-spanning theft
that has implicated high-ranking officials and financial institutions in
multiple countries.

 

Malaysia has said billions more remain unaccounted for.

 

Malaysia has recovered about 20.5 billion ringgit ($4.90 billion) in 1MDB
assets so far, the Malaysian Anti Corruption Commission said in a statement.

 

Efforts to recover more are ongoing, in countries including Switzerland,
Kuwait, Mauritius, Cyprus, and Hong Kong, it added.

 

($1 = 4.1810 ringgit)

 

The Thomson Reuters Trust Principles.

 

 

 

Nigeria: Who or What Will Fix the Electricity Challenge in Nigeria?

Nigerians have probably got too used to the oddity of unstable electricity
supply in a way that everything said about it now appears like a tired
platitude. It is most disappointing that year in, year out, one government
after the other, the bitter and unpleasant experience of Nigerians with
darkness either remains the same or even gets worse.

 

It has become like an inconquerable enigma which we must all find a way to
live with all our lives.

 

If there is any one issue that typifies succinctly what we describe as the
'Nigerian factor', it is the electricity issue. We do not all have to be
engineers to understand what is going on. All kinds of theories have been
pushed on why we continue to suffer epileptic power supply. Some say it is
the conspiracy of association of Generator sellers. That they ensure they
thwart all government's efforts to fix the problem so they will remain in
business. Other theories say, it is the NEPA "big men" who own the generator
companies and so they ensure that NEPA remains problematic so their
companies can flourish. Yet, other theories say Petroleum marketers,
especially those who deal on diesel work hand-in-gloves with 'NEPA'
officials to ensure that stable electricity is frustrated so that the sale
of diesel will continue to grow... . Just all kinds of warped and weird
theories. You can believe or dismiss them at your own risk.

Nigeria just returned from Durban, South Africa where it went for trade
exhibition with the intent of increasing the volume of trade from Nigeria to
other African countries. Nigeria lamented that South Africa is the leading
industrialised economy in Africa and still managed to showcase the latent
and untapped trade potential of Nigeria-- things like Nollywood films,
Nigerian music, fashion etc. It failed to say or declare that its poor
outing in technological prowess or potential is essentially because of poor
electricity supply in the country.

 

It is amazing that no Nigerian government has devotedly focused on how to
solve the pain caused by unstable electricity supply. Every government comes
around, speaks plenty of grammar, nibbles around the issue and gets out,
leaving us more forlorn, more distressed than before that government came on
board. Every effort seems dogged by the so-called Nigerian factor in such a
way that every conceived solution is dead on arrival. Why is it such an
enigma? How have other countries solved their energy crisis? Why is the
Nigerian case defying all solutions? Even more populous countries like China
or India let alone America, do not suffer this endless plague of darkness.

Two years ago, I had gone to Banjul, Gambia, a small West African country to
rest. For the two or so weeks I stayed, I experienced power cut just once
and it was for an hour. It is the same experience in many less-endowed
African countries. But Nigeria, regaled as the giant of Africa, still
suffers from the noisome pestilence of generators of different temper and
tone, in every neighbourhood. And we seem to have accepted it as our fate.
No, it is not!

 

The experiences have been chequered.

 

I recall that the Obasanjo administration, in an attempt to deal with the
problem began the building of independent power stations across the country.
Huge money was expended on this. They ind[pendent power plants were not
completed at the end of his administration. There were allegations of
corruption. When the Yar'Adua government came on board, it decided to halt
the work at the power stations so it can do an audit of it and assess what
was left undone. I remember the House of Reps panel, led by Hon Ndudi
Elumelu, which actually raised the alarm about the deals that went on in the
building of the stations, began to start to assess the various stations. The
panel hadn't gone round the facilities before it got enmeshed in scandal and
allegations of compromise and that was it: the process was frustrated and
ever since then, the problem has been simply regenerative.

 

The name changed from National Electricity Power Authority (NEPA) to Power
Holding Company of Nigeria (PHCN), the problem remained the same.

 

The Jonathan administration came up with the idea of unbundling the entity
and we came to have Generation Companies, Distribution Companies, and
Transmission Companies, creating National Electricity Regulation Commission
(NERC) along with it.

 

When all that did not seem to work or solve the problem, they came again
with the idea of privatising the whole electricity business. So, we have
eleven Distribution Companies (DISCOs), and since then we have been dancing
Reggae in darkness. So, we have sub entities like Eko Distribution Company,
Ikeja Distribution Company, Port Harcourt Distribution Company, Kaduna
Electricity Distribution Company, Benin Electricity Distribution Company,
Jos Electricity Distribution Company, Ibadan Electricity Distribution
Company etc. etc.

 

But in all, where has that taken us? We have succeeded in increasing the
megawatts of darkness beamed to Nigerians.

 

It is one problem after the other.

 

Even on the rather simple issue of providing pre-paid meters in the homes
and offices of consumers remains a big issue. More than eight years after
the pre-paid meter issue came up, more than 70 per cent of electricity
consumers are yet to get it, even when many have paid for it. It got so bad
that consumers have to bribe "NEPA officials" to get a unit from the few
they are rationing. In everything, it is either you bribe to get what is due
you or you have to know somebody who knows the Big man who can enable you
get what is due you.

 

In my house in Ughelli, Delta State, more than ten years after we have paid
for even the old meter, we are yet to receive the device.

 

Without doubt, the "NEPA officials" prefer to resort to estimated billing
wherein they send what they themselves describe as "crazy bills" in a manner
that gives room for you to negotiate with the agents who come to disconnect
power. That way, the NEPA agents are "settled" and they spare you, for a
season, like Satan.

 

Not too long ago, I had even a messier experience wherein my house, in
FESTAC Town, Lagos, was disconnected by officials of the Eko Distribution
Company (EKDC) even when I am on a pre-paid meter. Their silly argument was
that one of my neighbours with whom I share a feeder pillar is owing
electricity Bill and there was no other way of punishing him than to crudely
disconnect all the houses linked to that same feeder pillar. It was such a
warped and vexatious argument, and a pointer to the tyranny of a monopoly

 

Yet again, just two weeks ago, I had another sordid experience. My house in
Journalists' Estate, Arepo, in the outskirts of Lagos, which had been
graciously given a pre-paid meter, after much "settlement" kept receiving
estimated Bill more than eight months after the pre-paid meter had been
installed. All efforts to get the Ikeja Electricity Distribution Company
(IKDC), the same company which installed the pre-paid meter; to stop sending
the prepaid Bill made no impact. Worse still, the house had been vacant
about three months ago and yet, the Bill has continued to faithfully come,
in all its arbitrariness.

 

Two years ago, one of the occupants had written to IKDC office informing
them of the plan to travel, shortly before the COVID-19 pandemic. He had
pulled out the cut-out from the meter to disconnect the power source, yet,
the Bills kept coming even when the house had been technically disconnected.
The occupant returned from the trip about five months ago to meet a huge
piled up alleged unpaid Bill.

 

How long shall we suffer in the hands of these companies?

 

I was one of them who was excited at the dawn of the privatisation exercise
of PHCN. The unbundling even made me happier. My expectation was that coming
under the status of a private company, will not only guaranty increased and
better efficiency in service delivery, but also mark the dawn of a healthy
competition between and among the DISCOs and the GENCOs.

 

But years after, we have seen the unabashed sameness between the
government-owned PHCN and the privately-owned DISCOs and GENCOs. You can
hardly tell the difference. Both entities still operate largely with the
same operational template.

 

Darkness and not light is still being distributed zealously. If you don't
have light and you don't have a generator, chances are that you will sleep
in darkness and heat. There is hardly any homestead without at least two
generators. Little wonder, NNPC releases outlandish figures of fuel
consumption.

 

Nothing has changed, only the shell of the nomenclatures.

 

If wind blows and an electric pole falls, or the transformer explodes, or
the cable or wire gets cut, it is the neighbourhood people that will have to
contribute money to carry out the repairs or buy new equipment. Event he
engineers of the DISCOs sometimes charge the communities for the repairs
even after paying for the damaged equipment. That cost does not affect their
next Bill. People are contributing their hard-earned resources to assisting
a private company to do their business. And there appears to be nothing the
NERC can do, even when the Act setting it up does not allow that customers
will be the ones fixing the equipment of the DISCOs and GENCOs.

 

The hope raised when Babatunde Fashola, SAN, became the Energy minister has
long been dashed as all the grammar and seriousness he showed in tackling
the problem ended up giving him hasty grey hair and leaving us in even
darker alleys. Now there is a sitting minister, Mr Abubakar Aliyu, who does
not even seem to understand what the issues are. He sits like an orthodox
establishmentarian, saying nothing and doing nothing. Or so it seems.

 

If fire could consume the tortoise with the iron coat, how much more the hen
with its feathery gown?

 

Indeed, who or what will be the solution to the burden of darkness we bear
in Nigeria? Just who will break the jinx?

 

Dubaiafrika Tourism Boss, Adesanmi Becomes ECOWAS Youth Ambassador

 

The Office of the President, West Africa Youth Council has appointed the
Chief Executive Officer of DubaiAfrika, Dr. Tolu Adesanmi, as the West
Africa (ECOWAS) Youth Ambassador, as confirmed by the board of the West
African (ECOWAS) Youth Council (WAYC).

 

The appointment, according to a statement by the group, was connected with
the identified laudable antecedents of dedication, hard work, and diligence
that Adesanmi has proven in service to humanity and the commendable works as
an advocate and relentless crusader of promoting entrepreneurship for
African youths.

 

The appointment letter was presented to him on October 18, 2021, accompanied
with all the necessary documents attached to the diplomatic mission,
including a diplomatic ECOWAS identity card, ECOWAS certificate, and a
specialised automobile plate number to foster ease of the ambassador's
movements across the ECOWAS region.

 

According to the statement, "Adesanmi is a Luxury Tourism and Lifestyle
Entrepreneur with over 15 years of combined experience in the Gulf and
African tourism and entertainment industry. He brings creative approach to
ensure the viability of the multi-billion-naira industry. He's so
industrious at his job that he's considered the 'King of Luxury Tourism' in
Nigeria. He has the expertise to creatively craft systems and build any
tourism niche from the ground up, and turn a failing one into a flourishing
and healthy business.

 

"As the MD/Founder of DubaiAfrika Luxury Tourism, he's successfully
nourishing his insatiable passion by revolutionising the Nigerian tourism
space. He has implemented various thought-leader researches that have driven
investments in emerging markets and international tourism. He's worked with
notable celebrities in the sport and entertainment industry.

 

"DubaiAfrika.com is Nigeria's first Luxury Tourism company providing premium
presidential packages to various exotic destinations around the world. Their
client base includes high net worth individuals from all walks of life."

 

As a regional youth organisation, WAYC said it set goals for itself such as
integrating youth and student movements for the continent's overall
socioeconomic development and pan-Africanism.

 

"It achieves these by defending students and youths' rights, improving
equity, democratisation, and equal access to education at all levels, and
fostering academic freedom, freedom of research, the autonomy of higher
education institutions, and the promotion of democratic culture among its
members.

 

"And as the powers and voices of the continent fade, it's working earnestly
to support the rising powers and voices as yet to be known and promotes
dreams gravitating towards African youths beyond their boundaries of
habitation," a statement issued by the group noted.

 

The #EndSARS Report: Where is Lai Mohammed and Co?

 

Eddy Odivwri

 

Last Monday, the Panel of Inquiry set up to investigate the EndSARS protest
of October 10, 2020, submitted its report. The 309-page report had been long
in coming. It finally came, few weeks after the first anniversary of the
nation-wide protests.

 

Last year, there was a prolonged brick bath between State actors, led by the
Minister of Information, Alhaji Lai Mohammed, and the Nigerian and the
international media. Mohammed had insisted at the time that the report by
CNN claiming there was massacre of protesters was wrong and misleading. The
CNN insisted on standing by its report.

 

At the said first anniversary, Mohammed, again, mocked the CNN and Amnesty
International for having not proven that there was indeed, any form of
massacre at the Lekki tollgate, the scene of the protests in Lagos.

 

Mohammed was so vexed that if it was within his power to ban CNN, he would
have done so pronto.

 

Few weeks after that mockery, the panel set up to look into the crisis, and
headed by retired Justice Doris Okuwobi, submitted its report to Gov
Babajide Sanwo-Olu of Lagos State.

 

The report affirmed that there were killings of scores of protesters and
injuring many others at the scene of the protest.

 

The report also indicted the Nigerian Army and the Nigeria Police for
carrying out the said shooting at innocent, unarmed Nigerian youths who were
waving the Nigerian flag while singing the National Anthem. That was
treachery!

 

What is worse, the panel noted that there were attempts by the federal
government, the soldiers and the police to cover up the killings. It also
indicted the management of the LCCI for tampering with the evidence at the
said tollgate as it was said to have called in cleaners at night to wash off
the blood stains on the ground.

 

No doubt, the panel has shown its independence and has gained the confidence
of the critical public.

 

So, the question is what is Lai Mohammed's response to these revelations?
More than three days after the report was released, he is yet mute. Is he
bemused? Has it dawned on him that he was truly lying to Nigerians and
unduly harassing the international media? Or would Lai Mohammed fault the
report or probably seek a court order (with the help of Abubakar Malami, the
Minister of Justice and Attorney General of the Federation) stopping the
belief on the panel's report? Between Lai Mohammed, his ilk and the
international media, who, now is having the last laugh?

 

As The Guardian motto says, Conscience is an open wound, only truth can heal
it. Nigeria needs truth to heal. We are bleeding.-This Day.

 

 

 

Rwanda: Uproar Over Low Speed Limits, Traffic Fines

Low speed limits with accompanying speeding fines has caused an uproar in
Rwanda's capital Kigali with some motorists saying that the speed limits
(40-60km/hr) around the city are unreasonable.

 

Police have been at the forefront of enforcing the law on traffic fines.

 

Exceeding the speed limits results in a fine of Rwf25,000 (approximately
$24.6) which increases to Rwf35,000 (approximately $34. 4) if not paid
within two days.

 

Some residents have complained that the cameras used to monitor traffic are
faulty.

Since late 2019, cameras have been put up in strategic areas of roads to
ensure safety of road users and help to identify and fine violators. More
than 500 cameras have been installed since February 2020, according to
reports from Rwanda's National Police.

 

Some members of the public have also expressed concern that fining motorists
for breaching speed limits as slow as 30-40km per hour is unfair, arguing
that Kigali roads were expanded and improved after the speed limit signposts
were established.

 

However, some drivers support speed limit enforcement to some extent as
"exceeding 60km per hour in Kigali would likely cause accidents."

 

"I personally never exceed 60km per hour in Kigali. It is especially risky
in the mornings and evenings. The issue however comes when the speed limit
is 40km per hour and below on a highway. It can be too slow," said Mathew
Mugabarigira, a taxi driver in Kigali.

 

Some residents have taken to the media to petition for revision of the speed
limits, arguing that 30-40km per hour is too slow.

Responding to complaints, Rwanda National Police spokesperson John Bosco
Kabera told the media that as long as drivers respect speed limits, they
will not be fined.

 

"There are laws that place all speed limit signs. Everyone has to abide by
the law. As long as you pay attention to speed limit marks, there will be no
fines," he said.

 

The traffic cameras have significantly helped to reduce road accidents, Mr
Kabera added.

 

He said that as Kigali grows and the number of vehicles increases, there is
a higher likelihood of heavier traffic and accidents. It is important that
people abide by the law to avoid such inconveniences, Mr Kabera advised.

 

Rwanda had 221,000 registered vehicles in 2020 consisting of 52 percent
motorcycles and 38 percent passenger vehicles. At least 30,000 of these
vehicles are in Kigali. The number of vehicles is increasing rapidly, almost
12 percent per year, as indicated by Rwanda Revenue Authority data.

 

According to the latest data from the national police, at least 223 people
lost their lives to road accidents in 2019. Road injuries are among the top
seven causes of death in Rwanda, according to the World Bank.

 

A 2002 Presidential Order regulating general traffic police and road traffic
states that vehicles in Rwanda are allowed to drive within speed limits of
25-80km per hour.

 

"A public or goods transport vehicle must not exceed the speed of sixty
kilometres per hour (60 km/h)," it says.

 

Some taxi drivers say the hefty fines could force them out of their trade.

 

"I make Rwf25,000 in three days but on November 11, I was fined three times
in one day for exceeding the speed limit of 40km per hour. That is
Rwf75,000, excluding arrears. If I do not pay the fine, my motorcycle will
be confiscated so I have decided to first get the money and come back when I
am cleared," said Mandera Dusabumuremyi, a taxi moto rider in Kigali.

 

Apart from using the cameras, the police have devised other strategies to
ensure road safety in Rwanda, including having speed limit devices in public
transport vehicles and awareness campaigns.-East African.

 

 

 

Sudan: Govt Switches on Internet After Court Order

Sudanese authorities on Thursday evening switched internet services back on,
albeit partially.

 

The internet has been off for the last three weeks.

 

Telecom operators were authorised to turn on limited services, offering
partial respite to locals who have been in the dark since October 25 when
the military seized power and dissolved the transitional government of Prime
Minister Abdallah Hamdok.

 

The decision arose from a court decision which ordered internet firms to
immediately restore services amid a state of emergency imposed by the
military.

 

The court said the services should be restored immediately until the case
challenging the blockade is heard and determined.

 

Activists have been protesting in the streets as they called for immediate
restoration of Sudan's civilian-led government. But security forces
responded brutally on Wednesday leaving scores of protesters dead and other
injured.

 

The deaths were condemned by the US via Molly Phee, the US Assistant
Secretary of State for African Affairs, who has just left the country after
a two-day visit.

 

She met with coup leader Abdel Fattah al-Burhan as well as ousted Prime
Minister Hamdok, who is still under house arrest.

 

Immediately after the coup, the military detained Hamdok and a number of
cabinet ministers when it toppled the government, ostensibly because the
transitional authority had fallen victim to wrangles, according to
Burhan.-Nation.

 

 

Nigeria: Hike in Food, Commodity Prices Could Push 6m Nigerians Into Poverty
- World Bank

The rise of food prices and basic household items could push some more than
six million Nigerians into poverty, a World Bank report suggested.

 

The World Bank in a report titled "COVID-19 in Nigeria: frontline data and
pathways for policy" published in November 2021 indicated that rising
inflation is throwing more Nigerians into poverty thus the Nigerian
government needs to rev up its social safety interventions.

 

"The rise in prices witnessed between June 2020 and June 2021 alone could
push another 6m Nigerians into poverty, with urban areas being
disproportionately affected; this underscores the need for short-term
policies to support welfare." The report indicated.

 

The National Bureau of Statistics (NBS) in 2019 show that more than 82.9m
Nigerians are poor. That figure is projected to be near 90m in 2021,
especially with the additional 6m poor projected by the WB.

 

And an average of four out of 10 individuals in Nigeria had real per capita
expenditures below N137,430 last year.

The latest WB report further stated that "the simple simulations suggest
that the share of Nigerians living below the national poverty line could
have increased from 40.1 per cent to 42.8%, due to the food price inflation
witnessed between June 2020 and June 2021.

 

"This means about 5.6m additional Nigerians would be living in poverty.
While food price inflation would decrease purchasing power and raise poverty
across Nigeria, it appears that urban areas could be disproportionately
affected" the report stated.

 

It noted that in "2018/19, about 16 per cent of poor Nigerians were urban
dwellers. Yet among those who would be newly impoverished by the increase in
food prices between June 2020 and June 2021, around 27 per cent would be
from urban areas. Nevertheless, poverty in Nigeria is set to remain a
primarily rural phenomenon, with or without rising food prices."

 

It recommended that "In the short term, all efforts must be made to deliver
Nigeria's planned emergency social safety net programmes, geared towards
households affected by ongoing inflation."

 

Meanwhile, an economist, Dr. Muda Yusuf has said to fix the challenge of
high inflationary pressures, the government must address the critical
drivers of inflation like the rapidly depreciating naira exchange rate,
illiquidity in the foreign exchange market, monetisation of fiscal deficit,
high cost of logistics and insecurity around the country, especially the
farming communities and bottlenecks and corruption in the cargo clearing
processes.

 

The Chief Executive Officer of the Centre for the Promotion of Private
Enterprise (CPPE), said even at 15.99%, inflationary pressure remains
intense; stating that the intensity of food inflation is more troubling, at
18.34%.-Daily Trust.

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:       <mailto:info at bulls.co.zw> info at bulls.co.zw  

Website:         <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

Blog:
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/>
www.bullszimbabwe.com/blog

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

Facebook:
<http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimba
bwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA>
www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 



 

 

 


 

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

 


 

 

 

 

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20211119/faff75e6/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20211119/faff75e6/attachment-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.png
Type: image/png
Size: 409853 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20211119/faff75e6/attachment-0004.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 22328 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20211119/faff75e6/attachment-0001.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20211119/faff75e6/attachment-0005.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65577 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20211119/faff75e6/attachment-0001.obj>