Major International Business Headlines Brief::: 23 November 2021

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Major International Business Headlines Brief::: 23 November 2021

 


 

 


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ü  Jerome Powell nominated to stay as US Federal Reserve chair

ü  Lush to stop its social media until it's 'safer'

ü  Asia stocks down, dollar holds firm after Powell's renomination

ü  U.S. set to unveil emergency oil release in bid to fight high prices

ü  AmEx terminates some employees for inappropriately pitching certain
products

ü  DoorDash pays $5 mln to settle San Francisco worker misclassification
probe

ü  U.S. imposes further sanctions in connection with Nord Stream 2 gas
pipeline

ü  U.S. home sales climb to nine-month high; housing shortage persists

ü  Zoom shares fall after results as Wall Street turns cautious on growth

ü  Oil slips on plans to tap emergency crude reserves

ü  Nasdaq, S&P 500 end down after hitting record highs

ü  Cryptocurrencies post inflows in latest week, led by bitcoin -CoinShares

ü  Kenya: Consumers Face Fresh Sugar Price Increases

ü  South Africa: Heavy Rains Flood Roads Along South Coast

ü  Namibia: Windhoek Municipality Looking for Partnerships to Help With
Economic Growth and Employment Creation

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Jerome Powell nominated to stay as US Federal Reserve chair

Jerome Powell has been nominated for a second term as chair of the US
Federal Reserve by President Joe Biden.

 

Mr Powell is set to stay in the role, which includes managing inflation and
regulating the financial system, for a further four years.

 

He was initially appointed by former President Donald Trump and started his
first term in 2018.

 

The 68-year-old Republican has been praised for his management of the
economy during the pandemic.

 

The other front-running candidate, Lael Brainard, was favoured by
progressives on the left of President Biden's Democratic Party.

 

They have criticised Mr Powell for not doing enough to tackle climate change
and poverty and say he has weakened regulation of financial institutions.

 

 

Ms Brainard, who has been on the board of governors of the Federal Reserve
since 2014, has been nominated as vice chair.

 

Announcing the nominations, President Biden said: "While there's still more
to be done, we've made remarkable progress over the last 10 months in
getting Americans back to work and getting our economy moving again.

 

"That success is a testament to the economic agenda I've pursued and to the
decisive action that the Federal Reserve has taken under Chair Powell and Dr
Brainard to help steer us through the worst downturn in modern American
history and put us on the path to recovery."

 

The nominations need to be confirmed in the Senate, before Mr Powell and Ms
Brainard take up their posts in February 2022.

 

After months of speculation and weeks of apparent hesitation, Joe Biden has
decided to stick with Jerome Powell for what is, arguably, the most powerful
economic job in the world.

 

He does this despite clear indications that this will anger the left in his
party. Some liberals in the closely-divided Senate have already promised to
oppose Powell, who was first selected by Donald Trump, when his nomination
comes to a vote in the chamber.

 

Biden may think that by also picking the more left-leaning Lael Brainard to
be vice-chair he would assuage some of this dissatisfaction, but that seems
unlikely for liberals who want the Federal Reserve to be more aggressive in
addressing income inequality and banking power.

 

Instead, Biden has opted for stability in the Federal Reserve at a time when
rising interest rates and continued Covid-related challenges put the US
economy in a precarious position.

 

The president may consider Powell the safe choice, with some Republicans
already offering their support. But if Senate Democrats fracture over the
nomination, it may make it more difficult for them to stick together to pass
Biden's Build Back Better social spending legislation - a development could
have grave political consequences for their party.

 

line

Mr Biden said he was confident that Mr Powell and Ms Brainard would focus on
tackling inflation, but also shared his belief that urgent action was needed
to tackle climate change and risks to the financial system.

 

President Biden's government is coming under increasing pressure as prices
continue to rise for every day goods, eating into ordinary Americans'
spending power.

 

Last month, consumer price inflation reached 6.2%, defying predictions,
including from Mr Powell, that it would come quickly back under control once
the economy reopened.

 

The Federal Reserve has primary responsibility for managing inflation but
the issue is also affecting the president's own poll ratings, according to a
poll for CBS published this weekend.

 

US Treasury Secretary Janet Yellen said having an independent and
experienced Federal reserve was "critically important to navigating this
turbulent time".

 

US stocks opened higher after the news, which was broadly in line with what
investors had expected.

 

The appointment of Mr Powell, a former private equity lawyer and Republican,
appointed by a Democratic president, represents a return to the traditional,
non-partisan approach to selecting the Fed chair, after a more politicised
approach from President Trump.

 

It also ensures continuity of policy at a time of considerable debate over
interest rate strategy.-BBC

 

 

 

Lush to stop its social media until it's 'safer'

Cosmetics firm Lush says it is deactivating some social media accounts until
platforms "take action to provide a safer environment" for users.

 

The company said that from Friday, its Instagram, Facebook, TikTok and
Snapchat pages will be shut down.

 

The policy will be rolled out across all 48 countries Lush operates in.

 

However, the company will continue to operate on Twitter and YouTube "for
now", as looks to "build better channels of communication elsewhere".

 

The retailer previously closed several of its UK social media accounts, but
said it found itself "back on the channels, despite the best intentions".

 

It said it decided to bring back "some limited use of the channels we had
mothballed", to offer service to customers during coronavirus lockdowns.

 

Lush said the "serious effects" of social media were barely being
acknowledged and compared the situation to when "climate change was ignored
and belittled for decades".

 

The company has four million followers on its Lush Cosmetics North America
Instagram page and 1.2 million on Facebook.

 

'Out the mix'

"I've spent all my life avoiding putting harmful ingredients in my products.
There is now overwhelming evidence we are being put at risk when using
social media," said Mark Constantine, co-founder and chief executive of
Lush.

 

"I'm not willing to expose my customers to this harm, so it's time to take
it out of the mix."

 

Lush said it hopes platforms will introduce "best practice guidelines" and
that international regulation will be passed into law.

 

"As an inventor of bath bombs, I pour all my efforts into creating products
that help people switch off, relax and pay attention to their wellbeing,"
said Jack Constantine, chief digital officer and product inventor at Lush.

 

"Social media platforms have become the antithesis of this aim, with
algorithms designed to keep people scrolling and stop them from switching
off and relaxing."-BBC

 

 

 

Asia stocks down, dollar holds firm after Powell's renomination

(Reuters) - Asia stocks were mostly lower on Tuesday, tracking a retreat on
Wall Street after President Joe Biden picked Federal Reserve Chair Jerome
Powell to lead the central bank for a second term, reinforcing expectations
the U.S. will taper its stimulus soon.

 

MSCI's gauge of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) fell
0.49%, while Hong Kong's Hang Seng Index (.HSI) and China's benchmark CSI300
Index (.CSI300) opened 1.1% and 0.2% lower, respectively.

 

Australia's S&P/ASX 200 (.AXJO) outperformed with a 0.55% gain, boosted by
miners and energy stocks. read more Japanese markets were closed for a
public holiday.

 

Riskier assets have been shaken up again over recent sessions amid surging
COVID-19 cases in Europe and renewed curbs, dousing investor hopes of a
quicker recovery in consumption and growth worldwide.

 

Germany’s outgoing Chancellor Merkel said the latest surge is the worst
experienced by the country so far, while Austria went into a fresh lockdown
on Monday.

 

Overnight on Wall Street, the S&P 500 (.SPX) and Nasdaq Composite (.IXIC)
retreated from all-time highs after President Biden tapped Powell to
continue as Fed chair, and Lael Brainard, the other top candidate for the
job, as vice chair. read more

 

"The USD looks poised to hold onto its gains post-Powell renomination as it
leaves room for markets to flirt with the idea of a faster taper," said
analysts at TD Securities in a note.

 

ANZ bank analysts concurred, saying in a note to clients that the Powell
news stoked "expectations that tapering will accelerate and rates will begin
to lift from June 2022."

 

The U.S. rates chatter kept the dollar index well supported near a 16-month
peak. The greenback was also near a 4-1/2-year top versus the yen in early
deals on Tuesday. read more

 

Powell's current term, which has seen an emphasis on creating jobs from the
prominent focus on inflation, has proven positive for risk assets, with the
S&P gaining 69.7% since his appointment.

 

U.S. Treasury yields were led higher by two-year notes, which typically
moves in step with interest rate expectations. It hit its highest level
since early March 2020.

 

In commodities, spot gold rose 0.19% to $1,808.4 per ounce at 0226GMT,
paring Monday's losses. Gold prices were under pressure as Powell's
nomination drove expectations that the central bank will stay the course on
tapering economic support.

 

Oil prices were in the red again after a short rebound the previous day from
recent losses on reports that OPEC+ could adjust plans to raise oil
production if large consuming countries release crude from their reserves or
if the coronavirus pandemic dampens demand. read more

 

Brent crude was down 0.21% at $79.53 a barrel and U.S. crude dropped 0.5% to
$76.38 per barrel by 0226GMT.

 

The U.S. Department of Energy is expected to announce a loan of oil from the
Strategic Petroleum Reserve on Tuesday in coordination with other countries,
Reuters reported earlier.  

 

The Thomson Reuters Trust Principles.

 

 

 

U.S. set to unveil emergency oil release in bid to fight high prices

(Reuters) - The United States is expected to announce a loan of crude oil
from its emergency stockpile on Tuesday as part of a plan it hashed out with
major Asian energy consumers to lower energy prices, a Biden administration
source familiar with the situation said.

 

The move is designed to tame soaring energy prices after the OPEC producer
group and its allies rebuffed repeated requests from Washington and other
consumer nations to pump more quickly to match rising demand.

 

 

U.S. President Joe Biden is facing low approval ratings due to high prices
for gasoline and other consumer items in the recovery from the coronavirus
pandemic, posing a threat to him and his Democratic party ahead of next
year's congressional elections.

 

A so-called "swap" from the U.S. Strategic Petroleum Reserve (SPR) will be
announced on Tuesday in a move coordinated with several countries, the
source said. The source did not specify how much oil would be released from
the stockpiles.

 

 

Biden has already asked China, India, South Korea and Japan to release
strategic oil stocks in concert with the United States. Japanese and Indian
officials are working on ways to do that, Reuters reported. read more

 

The unprecedented effort by Washington to team up with major Asian economies
to lower energy prices is intended as a warning to major producers that they
should pump more oil to address concerns of high fuel prices in powerhouse
economies.

 

OPEC+, which groups the Organization of the Petroleum Exporting Countries
(OPEC) and allies including Russia, plans to meet on Dec. 2 to discuss
output policy.

 

The impact of a coordinated oil release would depend on the timeframe and
quantity, but a release of more than about 60 million barrels in around 30
days would be seen by the market as "very negative for pricing", said
Commonwealth Bank of Australia analyst Vivek Dhar.

 

"This situation is coming at a time when this market was shifting and global
oil stockpiles are rising. So this could see prices fall more steeply than
you think," he said, pointing to new coronavirus lockdowns in Europe. read
more

 

OIL OFF HIGHS

 

The United States historically has worked with the Paris-based International
Energy Agency (IEA), a bloc of 30 industrialized energy-consuming nations
when global supply issues demand a coordinated release of stocks.

 

Japan and South Korea are IEA members, while China and India are only
associate members.

 

Under an SPR swap, oil companies take crude oil from the stockpiles but are
required to return it - or the refined product - plus interest. Swaps are
typically offered when oil companies face a supply disruption like a
pipeline outage or damage from a hurricane.

 

Outright sales are less common.

 

U.S. presidents have authorized emergency sales from the SPR three times,
most recently in 2011 during a war in OPEC member Libya. Sales also took
place during the Gulf War in 1991 and after Hurricane Katrina in 2005.

 

Current high prices have not been caused by a supply disruption, but rather
a rebound on global energy demand from lows struck during lockdowns in the
early days of the coronavirus crisis.

 

OPEC+ has been adding around 400,000 barrels per day to the market on a
monthly basis to meet the increasing demand, but has resisted Biden's calls
for more rapid increases, arguing the rebound in demand could be fragile.

 

The threat of a coordinated release of stockpiled oil onto the market, along
with new coronavirus-related lockdowns in Europe, has knocked the wind out
of crude oil's rally lately. Brent crude was last trading around $79.30 a
barrel, down more than $7 from a peak reached in late October.

 

Citigroup analysts estimated that a combined release of oil from the United
States and other countries could be "on the order of 100-120 million bbls or
higher."

 

One source familiar with the discussions, however, said the input from China
and other countries is still very much up in the air, and that nations like
India and South Korea would be likely to contribute just a small amount of
barrels.

 

The Thomson Reuters Trust Principles.



 

AmEx terminates some employees for inappropriately pitching certain products

(Reuters) - American Express Co (AXP.N) said on Monday it had terminated
some employees of its global commercial services division for
inappropriately pitching some products, with respect to tax benefits.

 

The company said the issue primarily involved Premium Wire, which enables
businesses to send wire payments globally, and that it had hired a law firm
to investigate its small business sales practices in the United States,
including sales of Premium Wire.

 

 

The Wall Street Journal had earlier reported that some of the company's
salespeople had pitched a strategy to business owners, relying on a shaky
interpretation of how tax law treats rewards points.

 

"This misconduct should not have happened," the company said in a statement.
"As a result of an internal investigation, we terminated employees and
disciplined others, made product changes, adjusted our sales compensation
plan, required additional training, and reinforced our permitted sales
practices and policies."

 

 

AmEx said it was discontinuing the Premium Wire Service and was eliminating
the Membership Rewards component for a working capital solution, which was
created for one supplier and its buyers.

 

The services under investigation accounted for less than a quarter of 1% of
AmEx's global revenue from 2018 through September 2021, it said.

 

The Thomson Reuters Trust Principles.

 

 

 

DoorDash pays $5 mln to settle San Francisco worker misclassification probe

(Reuters) - Delivery company DoorDash Inc (DASH.N) is paying more than $5
million to settle an investigation by San Francisco into alleged labor law
violations, with the bulk of the money going to delivery workers, the city
attorney said on Monday.

 

DoorDash will pay more than $5.3 million under the agreement, San Francisco
City Attorney David Chiu said in a statement. About $5.1 million will go to
the nearly 4,500 DoorDash workers who completed deliveries in San Francisco
between 2016 and 2020.

 

"We are living through an era of deep inequality, and nothing could be more
important than ensuring workers are paid fairly and their benefits are
safeguarded," Chiu said in a statement.

 

DoorDash did not admit any wrongdoing as part of the settlement and in a
statement said it was proud of the flexible earning opportunities it
offered.

 

 

"While we deny any wrongdoing, we feel that this settlement represents a
fair compromise that will allow us to focus on continuing to provide the
best experience for Dashers," the company said.

 

The city opened a formal investigation into DoorDash in 2019 after media
reports said the company was using customer tips to subsidize workers' base
pay.

 

The city alleged DoorDash was violating San Francisco's health care benefit
and paid sick leave laws by misclassifying workers as independent
contractors, rather than employees.

 

The settlement is part of a larger fight between gig economy companies and
lawmakers, which culminated in a California ballot initiative in Nov. 2020,
during which voters cemented gig workers' status as independent contractors,
while entitling them to some benefits.

 

 

Fights over the status of workers at DoorDash, Uber (UBER.N), Lyft (LYFT.O)
and other gig companies continue across the United States, in Canada and
Europe. Companies say the majority of workers do not want to be employees
and enjoy the flexibility offered by on-demand work.

 

 

 

U.S. imposes further sanctions in connection with Nord Stream 2 gas pipeline

(Reuters) - The United States on Monday imposed further sanctions in
connection with the Nord Stream 2 gas pipeline, Secretary of State Antony
Blinken said in a statement, targeting Russia-linked Transadria Ltd. and its
vessel.

 

The State Department submitted a report to the U.S. Congress listing two
vessels and an entity, Transadria Ltd., involved in the pipeline, Blinken
said, but did not give details on the second vessel.

 

 

Washington opposes the $11 billion pipeline, which runs under the Baltic Sea
to bypass Ukraine and carry gas from Russia's Arctic region to Germany.

 

Nord Stream 2 has faced stiff opposition from the United States and some
European states, which say it will make Europe too reliant on Russian gas.
But other European governments say the link is vital to secure energy
supplies, with gas prices surging in recent weeks and the threat of power
outages looming this winter.

 

 

The Biden administration has waived sanctions on the pipeline's operator and
reached an agreement with Germany in July over the pipeline. Germany agreed
to take action if Russia uses energy as a weapon in its relations with
Ukraine, but the pact did not provide a specific criteria for how that would
be judged.

 

Last week, Germany's energy regulator temporarily halted the certification
process for the new pipeline that will carry Russian gas into Europe,
throwing up a new roadblock to the contentious project and driving up
regional gas prices.

 

 

"Even as the administration continues to oppose the Nord Stream 2 pipeline,
including via our sanctions, we continue to work with Germany and other
allies and partners to reduce the risks posed by the pipeline to Ukraine and
frontline NATO and EU countries and to push back against harmful Russian
activities, including in the energy sphere," Blinken said.

 

Ukraine will lose revenues if gas from Russia bypasses it and it accuses
Moscow of using energy as a weapon to threaten Europe's security.

 

The Thomson Reuters Trust Principles.

 

 

 

U.S. home sales climb to nine-month high; housing shortage persists

(Reuters) - U.S. home sales unexpectedly rose in October, reaching their
highest level in nine months, though higher prices amid tight supply
continued to sideline first-time buyers from the market.

 

The report from the National Association of Realtors on Monday also showed
an increase in the share of investors buying homes last month, likely
reflecting growing demand for rental accommodation as the economy reverts to
normal, thanks to vaccinations against COVID-19.

 

 

"Home sales remain resilient given the extremely tight supply of homes for
sale," said Shannon Brobst, an economist at Moody's Analytics in West
Chester, Pennsylvania. "Potential home buyers will continue to find it
challenging to find a home that meets their budget."

 

Existing home sales rose 0.8% to a seasonally adjusted annual rate of 6.34
million units last month. The second straight monthly increase lifted sales
to their highest level since January. Economists polled by Reuters had
forecast sales falling to a rate of 6.20 million units.

 

 

Sales rose in the most affordable Midwest region and the densely populated
South, but fell in the Northeast and were unchanged in the West, which is
the most expensive region.

 

Home resales, which account for the bulk of U.S. home sales, dropped 5.8% on
a year-on-year basis. The annual decline was, however, distorted by the
surge in sales in October 2020.

 

Last month's sales pace was well above the 5.64 million units sold in 2020
and 5.34 million units in 2019.

 

First-time buyers accounted for 29% of sales, up from 28% in September and
down from 32% a year ago. Individual investors or second-home buyers made up
17% of transactions. That compared to 13% in September and 14% a year ago.

 

Stocks on Wall Street were trading higher, with the S&P 500 and the Nasdaq
hitting record highs after President Joe Biden picked Federal Reserve Chair
Jerome Powell to lead the U.S. central bank for a second term. The dollar
rose against a basket of currencies. U.S. Treasury prices fell.

 

Sales soared over the summer of last year amid an exodus from cities to
suburbs and other low-density locations as Americans sought more spacious
accommodations for home offices and online schooling during the pandemic.

 

With vaccinations allowing workers to return to offices and schools to
reopen for in-person learning, the pandemic tailwind has subsided. Sales
have declined from a peak 6.73 million unit-pace in October 2020, but demand
for housing remains strong and continues to run against modest supply.

 

The median existing house price increased 13.1% from a year earlier to
$353,900 in October. Sales were concentrated in the $250,000-$500,000 price
range.

 

"While competition for homes has eased somewhat since the mania months
earlier this year, competition is still fierce and prices are still rising
at double-digit rates," said Robert Frick, corporate economist at Navy
Federal Credit Union in Vienna, Virginia. "The problem is especially acute
for lower-income buyers given prices and home availability are still skewed
toward higher-priced homes."

 

There were 1.25 million previously owned homes on the market in October,
down 12% from a year ago. Last month, properties typically stayed on the
market for 18 days. That compared to 17 days in September and 21 days a year
ago. Eighty-two percent of homes sold in October were on the market for less
than a month.

 

Government data last week showed a sharp decline in single-family
homebuilding in October and the largest backlog of houses yet to be
constructed in 15 years because of shortages of materials and labor. That
could boost housing inventory when the supply constraints ease. read more

 

At October's sales pace, it would take 2.4 months to exhaust the current
inventory, down from 2.5 months a year ago. A six-to-seven-month supply is
viewed as a healthy balance between supply and demand.

 

The Thomson Reuters Trust Principles.

 

 

 

Zoom shares fall after results as Wall Street turns cautious on growth

(Reuters) - Zoom Video Communications Inc's (ZM.O) third-quarter revenue
growth rate slowed to 35% as demand for its video-conferencing tools eased
from the pandemic-fueled heights last year, sending its shares down about 6%
on Monday.

 

Revenue was at $1.05 billion in the quarter ended Oct. 31, Zoom said, after
rising 54% in the previous quarter and surging 360% a year earlier.

 

 

The stock, a pandemic winner, fell to $227.5 in extended trading, after
having lost about 28% this year.

 

Moreover, stiff competition posed by Cisco's (CSCO.O) conferencing tool
Webex and Microsoft's (MSFT.O) Teams has made it challenging for Zoom to win
over enterprise customers.

 

 

To retain its users, the company launched a variety of new offerings such as
Events platform, where businesses can host large-scale conferences,
cloud-calling service Zoom Phone and in-office meetings feature Zoom Rooms.

 

"Their Rooms and Phone businesses are 5% penetrated or below and that seems
to imply plenty of remaining runway for growth even within their existing
capabilities only," said Joe McCormack, senior analyst at Third Bridge said.

 

 

Investment bankers and analysts have warned that Zoom faces several hurdles
in sustaining growth after its $14.7 billion bid to buy call center software
firm Five9 Inc (FIVN.O) fell through. read more

 

Still, Zoom reported an adjusted profit of $1.11 per share, beating Wall
Street's estimates $1.09 per share, according to Refinitiv data.

 

The company also forecast current-quarter revenue and earnings above
expectations, and raised its full-year revenue estimate to around $4.08
billion from about $4.01 billion earlier.

 

The Thomson Reuters Trust Principles.

 

 

 

Oil slips on plans to tap emergency crude reserves

(Reuters) - Oil prices fell on Tuesday, reversing gains in the previous
session, on growing talk the United States, Japan and India will release
crude reserves to tame prices despite the threat of demand faltering as
COVID-19 cases flare up in Europe.

 

The United States is expected to announce a loan of crude oil from its
emergency stockpile on Tuesday as part of a plan it hashed out with major
Asian energy consumers to lower energy prices, a Biden administration source
familiar with the situation said. read more

 

 

U.S. West Texas Intermediate (WTI) crude futures fell 58 cents, or 0.8%, to
$76.17 a barrel at 0423 GMT. Brent crude futures fell 42 cents, or 0.5%, to
$79.28 a barrel.

 

"U.S. President Biden is said to be preparing to announce a release of oil
from its strategic petroleum reserve in concert with several other
countries...," ANZ said in a note.

 

 

Brent and WTI both rose 1% on Monday on reports that the Organization of the
Petroleum Exporting Countries (OPEC), Russia and their allies, together
called OPEC+, could adjust their plan to raise oil production if large
consuming countries release crude from their reserves or if the pandemic
dampens demand.

 

With talk of a coordinated crude release having succeeded in driving prices
back below $80 a barrel and an actual release only expected to have a
temporary impact, analysts are turning their attention to the potential hit
to demand from a fourth wave of COVID-19 cases in Europe.

 

 

 

Nasdaq, S&P 500 end down after hitting record highs

(Reuters) - The S&P 500 ended lower and the Nasdaq tumbled deep into
negative territory on Monday after both earlier hit record highs following
the announcement of a second term for Federal Reserve Chair Jerome Powell.

 

The Dow Jones Industrial Average ended slightly higher.

 

Climbing Treasury yields kept tech stocks broadly lower, with holdouts
including Microsoft and Apple, which many investors view as relatively safe,
giving up gains late in the session.

 

Apple ended up 0.3%, its highest closing level ever, after rising over 3%
earlier in the day. JPMorgan flagged possible improvements to the supply of
the iPhone 13 in coming months.

 

Microsoft ended down almost 1% after earlier rising almost 2%.

 

"The market is nervous. We know we have Powell, but that doesn't help with
the inflation issue," said Dennis Dick, a trader at Bright Trading LLC.
"Under the hood, growth tech got hit all day, and then all of tech got hit
at the end."

 

Powell's nomination was welcomed by many investors hoping for no big changes
in the Fed as it guides the economy through a recovery from the pandemic.
The central bank is set to herald a return to pre-pandemic policy by
end-2022.

 

Fed Governor Lael Brainard, who was the other top candidate for the job,
will be vice chair, the White House said.

 

"Markets like predictability. ... While Brainard may have been a fine
choice, the markets would not know what to expect from her even though the
general consensus was that it meant lower rates for longer," said Randy
Frederick, managing director of trading and derivatives at Charles Schwab in
Austin, Texas.

 

The S&P 500 banks index rallied 2%, tracking a surge in Treasury yields as
investors priced in policy tightening by the first half of 2022. Wells Fargo
& Co rose over 3% and was among the strongest major Wall Street banks. [US/]

 

Futures contracts tied to the Fed's policy rate indicated that money markets
are now expecting the U.S. central bank to raise interest rates by 25 basis
points by next June versus a previous estimate of July.

 

The Dow Jones Industrial Average rose 0.05% to end at 35,619.25 points,
while the S&P 500 lost 0.32% to 4,682.94.

 

The Nasdaq Composite dropped 1.26% to 15,854.76.

 

The S&P 500 value index climbed 0.6%, strongly outperforming the S&P 500
growth index's 1% dip.

 

In extended trade, Zoom Video Communications jumped 6% after the
video-conferencing company posted quarterly revenue that beat expectations.

 

Investors were awaiting a slew of economic data this week, including IHS
business activity readings, personal consumption expenditure, and minutes of
the Fed's latest meeting.

 

In Monday's session, Amazon fell 2.8% and Alphabet declined 1.8%, both
weighing heavily on the Nasdaq.

 

Tesla Inc gained 1.7% after CEO Elon Musk tweeted that the Model S Plaid
will "probably" be coming to China around March. The stock has almost
recovered from a steep selloff earlier this month that started after Musk
polled Twitter users about whether he should sell some of his shares in the
electric car maker.

 

Activision Blizzard slipped 0.3% after a media report that the video game
publisher's chief executive, Bobby Kotick, would consider leaving if he
could not quickly address concerns about company culture.

 

The S&P 500 has now gained about 25% in 2021, while the Nasdaq is up 23%.

 

Declining issues outnumbered advancing ones on the NYSE by a 1.28-to-1
ratio; on Nasdaq, a 1.76-to-1 ratio favored decliners.

 

The S&P 500 posted 52 new 52-week highs and 11 new lows; the Nasdaq
Composite recorded 138 new highs and 507 new lows.

 

Volume on U.S. exchanges was 11.6 billion shares, compared with the 11.1
billion average for the full session over the last 20 trading days.

 

The Thomson Reuters Trust Principles.

 

 

 

Cryptocurrencies post inflows in latest week, led by bitcoin -CoinShares

(Reuters) - Cyrptocurrency products and funds posted inflows in the latest
week, with investors undeterred by the latest price corrections, weekly data
from digital asset manager CoinShares showed on Monday.

 

Institutional investors poured in $154 million in the crypto sector in the
week ended Nov. 19, with a year-to-date total of $9.2 billion, already
exceeding total inflows of $6.7 billion in 2020.

 

 

Bitcoin got the lion's share of inflows with $114.4 million, equivalent to
74% of the total. So far this year, total inflows into bitcoin products and
funds hit $6.7 billion.

 

The inflows came despite a 10.4% drop in bitcoin last week. On Monday,
bitcoin was down 4.5% at $56,042 . The world's largest cryptocurrency hit a
record high of $69,000 on Nov. 10.

 

 

"Bitcoin was ripe for a pullback and it might not be over yet before traders
confidently feel a bottom has been made," said Edward Moya, senior market
analyst at OANDA in New York.

 

Blockchain data provider Glassnode, in its latest research report on Monday,
said bitcoin holders took profits after it hit a record high earlier this
month.

 

"Spikes in on-chain profit-taking during bullish impulses are to be expected
as price climbs to new highs, and are typical for any bull market. As the
realization of profits increase, so too does the probability of establishing
a macro top," Glassnode said.

 

Ethereum saw inflows for a fourth straight week, of $12.6 million. Total
inflows in the last four weeks were about $80 million.

 

Some altcoins though, for the first time in many months, saw minor outflows,
such as Cardano, with outflows of $2.1 million, data showed.

 

But inflows into Solana, another public blockchain, totaled $8 million. By
measure of total inflows over the last month, Solana has seen inflows of $43
million over the last month versus Cardano's $23 million.

 

Assets under management at Grayscale and CoinShares, the two largest digital
asset managers, were at $51.62 billion and $6.5 billion, respectively.

 

The Thomson Reuters Trust Principles.

 

 

 

Kenya: Consumers Face Fresh Sugar Price Increases

Sugar prices are set for fresh increase in the coming days after the
government raised the buying price for a tonne of sugar cane paid to
farmers.

 

Agriculture Cabinet Secretary Peter Munya last week increased producers'
price of sugar cane from Sh3,833 per tonne to Sh4,112, effective November
18, with millers expected to pass this cost to consumers.

 

Already, some of sugar brands in supermarkets, such as the Neutrameal are
now selling at Sh295 for a two-kiloramme packet, having jumped 18 per cent
in a span of one week.

 

This is the second time that the government has reviewed the price of sugar
cane, coming as a boost to farmers.

 

The Crops (Sugar) (General) Regulations, 2020 provide for a scane pricing
committee responsible for developing the pricing formula and reviewing them
based on the cost of the commodity on shelves.

 

The rising cost of sugar and other commodities will have a negative impact
on inflation as food basket is a major driver of the cost of living.

 

Inflation in October dropped to 6.4 per cent from 6.91 per cent a month
earlier in what Kenya National Bureau of Statistics attributed to low food
prices.-Nation.

 

 

 

South Africa: Heavy Rains Flood Roads Along South Coast

Cape Town — A downpour of heavy rains in George led to flooding in the
Garden Route town, affecting transports and damaging homes and businesses.

 

Kumsa Masizana of the South African Weather Service (SAWS) forecast that the
SAWS issued a level-2 warning for rain along the south coast of the Western
Cape. "A significant amount of rainfall is expected over a 24-hour period,"
Masizana said.

 

The Garden Route District Municipality (GRDM) urged residents to say home,
releasing a statement that read:

 

"The GRDM Joint Operations Centre (JOC) has been activated to monitor the
heavy rainfall experienced in certain parts of the Garden Route. The main
area of concern remains George and surroundings.

 

"The GRDM Emergency call centre has confirmed that all logged calls
currently relate to incidents in the George Municipal area. The GRDM JOC has
requested their disaster management coordinators from Bitou and Mossel Bay
to activate JOCs in those respective areas."

 

 

 

Namibia: Windhoek Municipality Looking for Partnerships to Help With
Economic Growth and Employment Creation

A delegation led by Antonio Javier Romera Pintor, Ambassador of Spain to
Namibia visited Windhoek's mayor Dr Job Amupanda on 19 November to explore
possible avenues of collaboration to strengthen economic and commercial ties
between the two countries.

 

Amupanda explained that the Municipal Council of Windhoek is looking at
investment partnerships that will be effective in boosting Windhoek's
economic growth and employment creation.

 

He introduced the delegation to the Windhoek Economic Recovery Initiative,
an approach adopted by the Council focusing on reviving Windhoek's economy
through innovative bidding to open up the city for investment.

 

Other areas of interest expressed by the two parties are the development of
sports and recreational facilities, social housing and green urban transport
amongst others.

 

Previous engagements between the two parties resulted in the ongoing
engagements facilitated by the Spanish Embassy where the Spanish League
Team, Real Madrid, has committed to contribute to the development of sports
through local programmes, funded by the Real Madrid Foundation.- Namibia
Economist.

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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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

 


 

 

 

 

 

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