Major International Business Headlines Brief::: 26 November 2021

Fri Nov 26 09:08:50 CAT 2021

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Major International Business Headlines Brief::: 26 November 2021

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

ü  Black Friday spending set to soar despite fewer deals

ü  Chinese tech giant Tencent told to suspend new app roll outs

ü  Amazon workers plan Black Friday strikes

ü  Stocks lurch lower, bonds jump as virus variant spooks investors

ü  China asks Didi to delist from U.S. on data security fears - Bloomberg News

ü  Tesla to invest $188 mln to expand Shanghai factory capacity -Beijing Daily

ü  Former Apple worker inspires Washington state measure seeking to curb NDAs

ü  Canada tells Boeing its bid for C$19 bln fighter jet contract falls short - source

ü  In Japan, a weaker yen may not be the blessing it once was

ü  EU adds more pieces to its 'elusive' capital market jigsaw

ü  Japan PM Kishida urges companies to raise wages by 3% or more

ü  Yen rallies, rand and Aussie stumble as new variant spurs flight to safety

ü  Oil tumbles on concerns of surplus supply in Q1, new variant

ü  Africa: Masiyiwa Ranked Number 1 in Africa's Digital Top 40

ü  Uganda: Seychelles Needs More Ugandan Teachers, Doctors

ü  South Africans Push Back On Shell's Wild Coast Plan

 <mailto:info at bulls.co.zw> 

Black Friday spending set to soar despite fewer deals

Shoppers are set to splurge on what could be the biggest Black Friday yet, experts say.

But they have been warned to expect less generous discounts and shortages of some products in this year's sale.

Analysts PWC predict £8.7bn will be spent - up from £7.8bn in 2019 and about twice as much as last year when the UK was in lockdown.

Yet some big brands are shunning the sale, and questions have been raised about the quality of the deals offered.

Black Friday, which began in the US, sees retailers slash prices to entice shoppers ahead of the Christmas period.

It's officially on Friday 26 November but retailers' campaigns span the whole month and started earlier than ever this year, with some in October.

PWC predicts about 60% of adults in the UK will make purchases, spending an average of £280 each.

But Linda Ellett, head of consumer markets at analysts KPMG, said deals were likely to be worse this year as retailers struggled with global supply issues linked to the pandemic, and shortages of HGV drivers and warehouse staff.

"As rising costs start to bite hard into margins and supply chain issues impact the availability of goods, it leaves very little room for the mega discounting events we have seen in previous years."

Black Friday is the first big test for supply chains in the all important "golden quarter" for retailers.

Shoppers have been buying early, worried they won't get the presents they want if they leave it until the last minute this year.

Black Friday started as a one-day event but is now almost a month long blizzard of promotions.

But expect fewer deals overall this time around amid all the problems over stock availability and labour shortages. Many retailers can ill afford to slash prices when their costs are soaring.

Retailers also want to smooth out demand to try to reduce the pressure on distribution centres where goods are picked, packed and despatched over the big Black Friday weekend.

A lot of businesses have been removing next day delivery options to help them cope.

Some businesses, especially smaller independents, will shun this event altogether.

It may have a lost a bit of its lustre, but Black Friday is still a massive shopping event. And it will probably be the most well organised retailers with scale and the biggest clout over suppliers who will cope the best.

Presentational grey line

There are concerns some retailers will not be able to meet demand on the day due to staffing issues, leading to long waits for orders to be processed and delivered.

But analysts say most brands have spent months preparing for the sale and will have enough stock - although shoppers won't always get their first choice of product.

John Lewis told the BBC: "We've worked closely with our suppliers and we are confident we've got an extensive range of deals across a wide range of categories that represent great value for our customers."

AO World, which has hired 500 extra drivers ahead of the day, said: "Like all electrical retailers, we are currently unable to get all the stock we need in categories like gaming to meet customer demand largely because of global microchip shortages.

"We are working closely with our partners so that our customers continue to get the exceptional service and range they rely on."

Metapack, a firm that connects major retailers with parcel delivery services, thinks most retailers will avoid a "perfect storm" but a few could be unlucky.

"We've already seen retailers reach out and suggest customers buy early for Christmas which should ease the pressure," said senior vice president Tom Forbes.

"We're also seeing brands moving from offering delivery in 1-3 days to 3-5 to give themselves more time."

'Same old brands'

Some big brands such as M&S and Next shunning Black Friday again this year, with M&S saying its focus was on "offering great value throughout the whole season".

Many independent shops will also opt-out as they can't afford to offer deep discounts in the vital Christmas shopping period.

Mike Cherry, chairman of the Federation of Small Businesses, urged shoppers to support smaller local businesses who are "pinning their hopes to a bumper festive season" after last year's restrictions.

He said: "Rather than reaching for the same old brands - where deals might not be all they seem in any case - shop bespoke, receive one-to-one personal service and give some new restaurants, cafes and pubs a try."

It comes amid warnings of scams during Black Friday and Cyber Monday, the online discount sale on 29 November.

An investigation by consumer rights group Which? found that 92% of Black Friday deals in 2020 were the same price or cheaper in the six months before the event.

"Sometimes sellers raise their prices before a sales period to make it look like a great deal is on offer during the sale," Katherine Hart, lead officer at the Chartered Trading Standards Institute, told the BBC.

Which? said popular items it found to be the same price or less before Black Friday last year included washing machines, soundbars and TVs.

The Potions Cauldron gift shop in York is one of the independent retailers not taking part in Black Friday.

Manager Phil Pinder thinks it's an American invention driven by retailers like Amazon who want to "squeeze everyone else out".

"I read a story saying that some of the electrical retailers are going to run out of stock by Christmas from doing Black Friday deals.

"I'm not playing that game... it seems illogical. I think people have to wake up to the fact the deals aren't that good a deal."

The shop, which sells magical themed drinks, sweets and gifts, has been doing well this year but it is struggling with product shortages due to supply chain issues.

Phil says it is missing about £50,000 of stock it hoped to sell before Christmas which is "a real headache".

His message to shoppers this festive season is buy early: "If you want to get a specific present, go out and get it now. There are probably not going to be many of those last minute sales this Christmas because I don't think the retailers will have the stock."-BBC

Chinese tech giant Tencent told to suspend new app roll outs

Technology giant Tencent has been told to halt the roll out of new apps in China, the BBC has learnt.

The country's Ministry of Industry and Information Technology (MIIT) has also ordered a temporary suspension of updates to the products.

It comes as the technology industry regulator reviews compliance with privacy rules introduced this month.

However, current versions of the apps are still available to be downloaded and used as normal.

The suspension of new app roll outs and updates is expected to continue to the end of the year as they undergo technical testing by the regulator, the BBC understands.

"We are continuously working to enhance user protection features within our apps, and also have regular cooperation with relevant government agencies to ensure regulatory compliance. Our apps remain functional and available for download," Tencent said in statement.

The move came after Beijing started to implement its Information Protection Law from the beginning of November.

The new rules are aimed to more tightly regulate how technology firms handle their users' data.

It is part of a wider policy by the Chinese government to increase its oversight over some of the country's biggest technology companies.

State broadcaster CCTV reported that the MIIT had said all new app roll outs and updates from 24 November until the end of this year will be reviewed before they are allowed to be made available to the public.

In recent months the industry has seen a deluge of action taken against it, including crackdowns on ecommerce firms, online finance services, social media platforms, gaming companies, cloud computing providers, ride-hailing apps and cryptocurrency miners and exchanges.

Tencent, which is the world's biggest video game seller, owns the WeChat super app and QQ messaging platform.

The company's shares were down by 3.2% in Hong Kong trade on Friday.-BBC

Amazon workers plan Black Friday strikes

Amazon workers in 20 countries - including the US, UK, and several in the EU - are planning protests and work stoppages on Black Friday.

The shopping-centric day is among Amazon's busiest all year.

The Make Amazon Pay group says: "Amazon takes too much and gives back too little."

It is backed by a coalition of labour groups, trade unions, grassroots campaigns and non-profit-making organisations in individual countries.

In the UK, that includes the:

·         GMB Union

·         Trades Union Congress

·         Momentum

·         War on Want

·         International Transport Workers' Federation

·         Labour Behind the Label

No UK Amazon warehouses are unionised, so legally they can't strike.

Many employees will be working on the day, but campaign groups which include Amazon workers will be staging protests at Amazon buildings in Coalville, Leicestershire, Coventry, Peterborough and at its London headquarters.

But strikes are being encouraged elsewhere.

In Germany, for example, the union Verdi called on employees at major shipping centres to strike, beginning on Wednesday night.

Worldwide, nearly 50 organisations have signed up to a list of "common demands", published by the Make Amazon Pay coalition, which include:

·         raising warehouse workers' pay and adding hazard pay and peak time increments

·         halting worker "surveillance" and strict productivity targets

·         extending sick leave and improving Covid-19 tracking and reporting

·         ending casual employment status and "union-busting" activities

·         paying taxes without using loopholes or tax havens

"This company is a pandemic profiteer can afford to do better," said Mick Rix, from the GMB Union. "It's time for Amazon sit down with their workers' union GMB and make Amazon a great, safe place to work. "

Amazon reported a tripling of profits earlier this year, attributed to its success during the Covid-19 pandemic.

The company has also been accused of taking an anti-union stance across its operations, particularly in the US.

A landmark push to unionise a workplace in Bessemer, Alabama, failed earlier this year but was examined by the US regulator over allegations the company had put pressure on employees during the vote.

Owen Espley, from the War on Want campaign group, said: "Amazon's growing power is a threat to communities and workers around the world.

"Amazon is abusing its dominance across online retail, cloud services, and logistics, to create unfair competition that is driving down standards for everyone.

"Amazon workers face unsafe conditions, constant surveillance and are treated like robots.

"It's time for Amazon to pay fair wages, fair taxes, and for its impact on the planet."

Amazon did not respond to a request for comment on the UK action.

But its representatives have told US media outlets it is already addressing many of the concerns laid out by the Make Amazon Pay group, while admitting things "are not perfect" as they are.-BBC

Stocks lurch lower, bonds jump as virus variant spooks investors

(Reuters) - Stocks suffered their sharpest drop in three months in Asia on Friday and oil tumbled after the detection of a new and possibly vaccine-resistant coronavirus variant sent investors scurrying toward the safety of bonds, the yen and the dollar.

MSCI's index of Asia shares outside Japan (.MIAPJ0000PUS) fell 1.8%, its sharpest drop since August. Casino and beverage shares sold off in Hong Kong, travel stocks dropped in Sydney and Tokyo. Japan's Nikkei (.N225) skidded 3% and U.S. crude oil futures fell 2.7% amid fresh demand fears.

S&P 500 futures were last down 1% and Euro STOXX 50 futures down 2%.

Little is known of the variant, detected in South Africa, Botswana and Hong Kong, but scientists said it has an unusual combination of mutations and may be able to evade immune responses or make it more transmissible. read more

British authorities think it is the most significant variant to date, worry it could resist vaccines and have hurried to impose travel restrictions.  

"You shoot first and ask questions later when this sort of news erupts," said Ray Attrill, head of FX strategy at National Australia Bank in Sydney, as the news rattled currency traders.

Bets on rate hikes also retreated as Fed funds futures rallied and two-year Treasury yields fell 6 basis points, the sharpest drop since March 2020.

South Africa's rand dropped more than 1% to a one-year low on Friday and the risk-sensitive Australian and New Zealand dollars fell to three-month trough.

Japan and Australia each hinted at possible border closures in response to the new variant. read more

"Markets are anticipating the risk here of another global wave of infections if vaccines are ineffective," said Moh Siong Sim, a currency analyst at the Bank of Singapore.

"Reopening hopes could be dashed."

Equity selling in Asia has global shares (.MIWD00000PUS), on course for their worst week since early October. Dow Jones futures fell 1% , while FTSE futures fell 1.9%.

Moves in Treasuries were also sharp at the longer end, with 10-year Treasury yields down eight bps to 1.5618% and 30-year yields down 7 bps to 1.8963%.

Though that leaves yields inside recent ranges, heat has come out of wagers on the pace of rate hikes and the December 2022 Fed funds futures contract was last up 9 bps.

The yen jumped about 0.6% to 114.67 per dollar and the Aussie was last down 0.6% at $0.7141. The euro edged up 0.1% to $1.1221, as safety rather than policy differentials drove trade in Asia.

The moves come against an already growing backdrop of concern about COVID-19 outbreaks driving restrictions on movement and activity in Europe and beyond.

European countries expanded COVID-19 booster vaccinations and tightened curbs overnight. Slovakia announced a two-week lockdown, the Czech government will shut bars early and Germany crossed the threshold of 100,000 COVID-19-related deaths. read more

Shanghai on Friday limited tourism activities and a nearby city cut public transport as China doubles down on its zero-tolerance approach that is also unnerving traders. read more

The Thomson Reuters Trust Principles.

China asks Didi to delist from U.S. on data security fears - Bloomberg News

(Reuters) - Chinese regulators have asked top executives of ride hailing giant Didi Global Inc (DIDI.N) to devise a plan to delist from the New York Stock Exchange due to concerns about data security, Bloomberg News reported.

China's tech watchdog wants the management to take the company off the U.S. bourse on worries about leakage of sensitive data, the report said, citing people familiar with the matter.

Neither Didi nor the Cyberspace Administration of China responded to Reuters' requests for comments. Shares in Didi investors SoftBank Group Corp (9984.T) and Tencent Holdings (0700.HK) fell more than 5% and 3.1%, respectively following the report.

Proposals under consideration include a straight-up privatization or a share float in Hong Kong followed by a delisting from the United States, according to the news report.

If the privatization proceeds, shareholders would likely be offered at least the $14 per share initial public offering price, since a lower offer so soon after the June IPO could prompt lawsuits or shareholder resistance, the report said, citing sources.

As of Wednesday's close, Didi's shares have fallen 42% to$8.11 since it went public in June.

The company ran afoul of Chinese authorities when it pressed ahead with its New York listing, despite the regulator urging it to put it on hold while a cybersecurity review of its data practices was conducted, sources have told Reuters.

Soon after, the CAC launched an investigation into Didi over its collection and use of personal data. It said data had been collected illegally and ordered app stores to remove 25 mobile apps operated by Didi.

Didi responded at the time by saying it had stopped registering new users and would make changes to comply with rules on national security and personal data usage and would protect users' rights.

China's tech giants are under intense state scrutiny over anti-monopolistic behavior and handling of their vast consumer data, as the government tries to rein in their dominance after years of unfettered growth.

SoftBank Vision Fund owns 21.5% of Didi, followed by Uber Technologies Inc (UBER.N) with 12.8% and Tencent's 6.8%, according to a filing in June by Didi.

The Thomson Reuters Trust Principles.

Tesla to invest $188 mln to expand Shanghai factory capacity -Beijing Daily

(Reuters) - Tesla Inc (TSLA.O) plans to invest up to 1.2 billion yuan ($187.91 million) to expand production capacity at its Shanghai factory that will allow it to employ 4,000 more people at the site, state-backed Beijing Daily newspaper reported on Friday.

The newspaper attributed the information to a Shanghai government platform for companies' environmental information disclosures.

The investment amount was redacted in the document Tesla published on Nov. 23 on the platform when Reuters accessed the document on Friday.

Tesla did not respond to a Reuters request for comment.

The filing showed that expansion will allow Tesla to add 4,000 staff, taking the number of people the plant can employ to 19,000. There will be no change to the models the factory currently produces, according to the filing, which also did not specify how much production capacity will be increased.

Tesla's Shanghai factory was designed to make up to 500,000 cars a year, and currently has the capacity to produce Model 3 and Model Y vehicles at a rate of 450,000 total units a year.

The automaker's China sales are surging even though regulatory pressure is mounting following consumer disputes over product safety and scrutiny over how the firm handles data. Last month, Tesla said it had built a research centre and a separate data center in Shanghai to store data locally.

It currently ships China-made Model 3s to Europe, where it is building a factory in Germany. In October, it sold 54,391 China-made vehicles, including 40,666 for export, China Passenger Car Association data showed.

The Shanghai factory is wholly owned by Tesla and is the first and only foreign passenger car plant in China exempt from being operated by a joint venture.

($1 = 6.3860 Chinese yuan)

The Thomson Reuters Trust Principles.

Former Apple worker inspires Washington state measure seeking to curb NDAs

(Reuters) - A former Apple Inc (AAPL.O) employee who had filed a whistleblower complaint related to Apple's use of non-disclosure agreements (NDAs) has inspired draft legislation in Washington state that seeks to restrict companies' use of NDAs in settlements of workplace harassment and discrimination claims.

The measure comes on the heels of similar legislation in California.

Washington state Senator Karen Keiser and Representative Liz Berry, both Democrats, are working on bills in their respective houses, which they plan to introduce in the next legislative session, their offices confirmed this week.

Cher Scarlett, a former Apple employee and Washington resident who has played a leading role in worker activism, said she reached out to Keiser in October to raise awareness about the issue. Chelsey Glasson, a former Google (GOOGL.O) employee who sued for pregnancy discrimination, also wrote the lawmaker. The outreach from both women helped inspire Keiser to pursue the bill, an aide to Keiser said.

"No worker should be silenced from sharing their deeply personal story of harassment or discrimination in the workplace just because they signed an NDA," Berry said in a statement.

NDAs are commonplace in the technology industry. Some employees have alleged that tech giants use them to discourage legally protected activities such as discussions of working conditions.

In September, investor Nia Impact Capital filed a shareholder proposal calling for Apple's board to prepare a "public report assessing the potential risks to the company associated with its use of concealment clauses in the context of harassment, discrimination and other unlawful acts."

Apple in October filed a response with the U.S. Securities and Exchange Commission saying it wanted to exclude the proposal because "the company’s policy is to not use such clauses."

After viewing Apple's response, Scarlett said she filed an SEC whistleblower complaint in October alleging that Apple had made false and misleading statements to the regulator. She also shared documents with Nia Impact Capital.

Scarlett, who left Apple last week, said she decided to go public with that information this week, in violation of the terms of her settlement with Apple. Business Insider first reported details of her story.

Apple declined to comment. The company has previously said it is "deeply committed to creating and maintaining a positive and inclusive workplace."

The draft legislation in Washington echoes the Silenced No More Act, signed into law this year in California and co-sponsored by tech whistleblower Ifeoma Ozoma.

The Thomson Reuters Trust Principles.

Canada tells Boeing its bid for C$19 bln fighter jet contract falls short - source

(Reuters) - In a surprise move, Canada has told Boeing Co (BA.N) that its contender for a multi-billion dollar fighter jet contract does not meet the required standard, a defense source said on Thursday.

This means only Lockheed Martin Corp (LMT.N) and Sweden's Saab AB (SAABb.ST) are left in the race to supply 88 jets. Ottawa says it intends to make a decision next year on a contract that could be worth up to C$19 billion ($15 billion).

Boeing had entered its F-18 Super Hornet. The Canadian Press was the first the report the news.

Defense analysts had been certain Ottawa would exclude Saab's Gripen plane. Unlike Canada, Sweden is neither a member of NATO or NORAD, the North American defense organization.

Canada belongs to the consortium that developed Lockheed Martin's F-35 jet, which defense sources say is the preferred choice of the air force.

The competition is being overseen by the office of Procurement Minister Filomena Tassi, which did not respond to a request for comment.

Lockheed Martin declined to comment. No one at Saab was available for comment. Boeing spokesman Paul Lewis said by email that the company would reserve comment pending official notification from Ottawa.

Boeing clashed with Canada in 2017 after it complained Ottawa was unfairly subsidizing a passenger jet made by Montreal-based rival Bombardier.

Canada responded by saying it would look less favorably on a fighter jet bid from a company that had harmed national interests, but nonetheless allowed Boeing to take part.

The Liberals took power in 2015 vowing not to buy the F-35 on the grounds that it was too costly, but have since softened their line.

Canada has been trying unsuccessfully for more than a decade to replace its aging F-18 fighters. The former Conservative administration said in 2010 that it would buy 65 F-35 jets but later scrapped the decision, triggering years of delays and reviews.

($1 = 1.2649 Canadian dollars)

The Thomson Reuters Trust Principles.

In Japan, a weaker yen may not be the blessing it once was

(Reuters) - A weak yen, once seen as favourable for Japan's exports-focused economy, has now become a pain point as it eats into household finances and confounds policymakers.

A gradual shift by Japan's manufacturers to offshore production means a weak yen has become less of a boon for local exporters than it was about a decade ago.

That shift means some at Japan's finance ministry, which is in charge of currency policy and known to step in to counter sharp yen rises, are now paying more attention to the downsides of a weaker currency, namely the effects of higher import costs.

Putting those concerns into focus this week, the dollar hit 115.525 yen , a level not seen since January 2017, as expectations for higher U.S. interest rates propped up the greenback and Japan's economic outlook darkened.

"A weak yen pushes up import prices, weighing on profits at companies dependent on raw materials imports and household purchasing power," Citi economist Kiichi Murashima noted. "The negative impacts of a weak yen may be larger than before given the penetration ratio of imports is on the rise."

Reversing the strong yen trend through massive monetary easing was one of the key goals of former Prime Minister Shinzo Abe's "Abenomics" stimulus policies over his eight years in office to 2020. Prime Minister Fumio Kishida is expected to follow this strategy.

Over that period, the yen lost 50% against the dollar . However, export volumes remained mostly unchanged, suggesting a weaker currency, while still beneficial for Japanese companies abroad, has not necessarily made the country's goods more attractive to foreign buyers.

A quarter of Japanese manufacturers used offshore production in 2020, compared with 18% in 2010, according to a survey by the Ministry of Economy, Trade and Industry.

The 2011 earthquake and tsunami accelerated that trend, swinging the trade balance into deficit as exports slowed and imports of fuel surged.

Exports now make up roughly 15% of Japan's economy as of 2020, the second smallest contribution among OECD nations after the United States and down from 17.5% in 2007.

In contrast, the consumer sector's share of GDP has held steady at 53%, making the economy more vulnerable to the surge in imported goods prices caused by a weaker yen.

Up until 2011, Japan would intervene heavily to stop a strong yen from crimping the competitiveness of exports, but it has also on rare occasions stepped it stop the currency falling.

The last time Japan intervened to stop yen declines was 1998 during the Asian Financial Crisis when the dollar broke above 146 yen.

Analysts think such a move is highly unlikely this time, but some analysts see 125 yen as a potential line in the sand.

A Reuters' survey of companies earlier this month showed about third of respondents expected profits to decrease if yen weakness persists. read more

LESS BANG FOR YOUR YEN

Importantly for policymakers, a battered currency has sapped Japanese households' purchasing power, giving them less for what they pay.

The yen's dwindling value has pushed up prices of brand-name imports ranging from luxury cars to expensive watches to smartphones as well as foodstuff such as U.S. beef imports.

For example, the price of a new-model iPhone has tripled to 190,000 yen over the past decade, equivalent to 60% of the average monthly salary in Japan. Over that period, however, salaries have remained broadly unchanged.

While Bank of Japan Governor Haruhiko Kuroda maintains the merits of yen declines still outweigh the downsides, such a view is not evenly shared.

"The current yen weakness is rather negative, undermining Japanese purchasing power in the long run," said a government source with knowledge of the matter, stressing the need to fix public debt and raise productivity to make Japan more competitive.

Some central bankers have also acknowledged the challenge.

"For major companies with operations overseas, a weak yen gives a significant boost to their profits," BOJ board member Junko Nakagawa told Bloomberg in an interview published on Friday. "On the other hand, a weak yen strains firms with domestic operations by pushing up import costs."

The Thomson Reuters Trust Principles.

EU adds more pieces to its 'elusive' capital market jigsaw

(Reuters) - The European Union has moved a step closer to its vision of creating a single capital market across the bloc, a slow moving process but one that is chipping further away at Britain’s status as Europe's investment banker.

The bloc first began an ambitious – but tortuous – process of ultimately creating a single EU securities market in 2015.

Creating a single market should make it easier for companies to issue and bonds and shares, enabling them to spread risk and be less reliant on just bank loans for funding - the risks of which were highlighted during the euro zone crisis.

On Thursday, the EU set out proposals to introduce a single 'consolidated' set of prices for stocks and bonds listed across the EU and a single portal for corporate information – akin to Wall Street's Edgar system – analysts say the vision will gain more traction. read more

"Those two for me are key to setting up the whole CMU (capital markets union) effort and when that's in place you will see a real push to further it. Onwards and upwards," said Mairead McGuinness, the EU's financial services chief.

The initial plans for a capital markets union were set out in 2015 by McGuinness' then British predecessor Jonathan Hill to much fanfare, promising the building blocs would be in place by 2019.

Follow-up measures two years later raised expectations further, but an EU official acknowledged that there remains a perception that CMU is an 'elusive' goal.

"Perhaps the mistake of the original version of capital markets union was that it gave the impression that CMU was a legislative project that could be ‘completed’ by passing lots of new regulations," said William Wright, head of New Financial, a London-based think tank that does research on European capital markets.

"The current version may look less ambitious but is taking a more practical and tangible approach," Wright said.

The EU capital market is still little more than a quarter as deep as that of the United States, relative to GDP, with Britain's twice as deep as the bloc, according to New Financial figures.

Sander Schol, a former banker who is head of EU public affairs at consultants Hanbury Strategy, said the less controversial CMU measures have been approved previously and Brussels' latest proposals tackle more difficult issues, though rules on even tougher issues that are crucial, such as harmonising insolvency rules, are still missing.

This time round the EU executive, the European Commission, has proposed thornier steps for knitting together national markets by creating an EU tape or record of stock and bond trades by 2024, a step exchanges will lobby hard to water down.

A single EU point of access for information on listed companies to mirror the 'Edgar' filings system on Wall Street, is also proposed.

But far tougher reforms like harmonising settlement, taxes on investments and accounting will need tackling to create a truly seamless EU securities market like in the United States, Schol and others said.

"Market participants have asked for harmonisation of settlement and insolvency laws but member states don't want to change insolvency rules, for example, because if you start tinkering with those then you have to change the legal foundations of each country," Schol said.

STRATEGIC AUTONOMY

Brexit, the recovery from COVID-19 and the need for massive investments to tackle climate change have added a sense of urgency to CMU that was missing six years ago as Brussels seeks to build "strategic autonomy" in sectors like finance.

Britain's exit has shown Brussels that the bloc's markets can largely stand on their own feet after billions of euros in daily trading of shares, interest rate swaps and EU emissions allowances left London for Amsterdam without market disruption.

Previously a relatively small financial centre, the Dutch capital became Europe's biggest share trading centre immediately after Brexit, although London is now roughly neck and neck. Amsterdam has also attracted 22 public floats and private placements so far this year, raising 10.7 billion euros ($11.99 billion).

There have been 108 floats on the London Stock Exchange which raised 16.1 billion pounds ($21.47 billion), though London is aware of how it trails New York, which has raised $128 billion this year.

London is expected to remain Europe's top financial centre in coming years and the EU still relies on London for clearing interest rate swap trades worth trillions of euros, but here too Brussels is determined to reduce reliance over coming years.

"One way to think about CMU is as a multi-decade process of laying the important foundations over five to 10 years and then building on them over the next 10 to 20 years: the United States has a 150-year head start and still doesn’t have a full ‘CMU’," Wright said.

In reality, CMU was never going to happen overnight and remains a work in progress, said McGuinness, already flagging her next batch of measures due next year to include simplifying listing rules, making cross-border payments more efficient, and finally seeking to harmonise aspects of insolvency laws.

($1 = 0.8928 euros)

($1 = 0.7497 pounds)

The Thomson Reuters Trust Principles.

Japan PM Kishida urges companies to raise wages by 3% or more

(Reuters) - Japanese Prime Minister Fumio Kishida on Friday urged companies whose earnings have recovered pre-pandemic levels to raise wages by 3% or more at their labour talks next spring as he aims to achieve a virtuous cycle of growth and wealth distribution.

Kishida told his "new capitalism" panel meeting that the government would help take steps to encourage companies to reverse the recent trend of smaller wage increases.

The Thomson Reuters Trust Principles.

Yen rallies, rand and Aussie stumble as new variant spurs flight to safety

(Reuters) - The safe-haven yen rallied while the South African rand and risk-sensitive Australian dollar slumped on Friday, as investors ducked for cover following the discovery of a new coronavirus variant that could resist current vaccines.

The yen leapt as much as 0.64% to 114.595 per dollar, and fellow haven the Swiss franc rose as much as 0.33% to 0.9330 per dollar after South African scientists discovered the B.1.1.529 variant spreading in the country. The variant has a cluster of mutations that may help it evade the body's immune response and make it more transmissible. It has since been found in Botswana and in Hong Kong. read more

The rand dropped 1.62% to a more than one-year trough at 16.24 per dollar, while the Aussie and New Zealand dollars slumped to three-month lows at $0.7135 and $0.6818, respectively.

"COVID worries are definitely playing a role in increasing demand for safe havens including the yen, and because South Africa is the location of this new variant, that's an obvious reason to avoid the rand," said Shinichiro Kadota, senior FX strategist at Barclays in Tokyo.

Britain has rushed to introduce travel restrictions on South Africa and neighbouring Botswana, Namibia, Zimbabwe, Lesotho and Eswatini. Sterling slipped to a new 11-month low of $1.3299.

However, the euro rose 0.15% to $1.1222, recovering after hitting its lowest in nearly 17 months earlier in the week at $1.1186. Germany is considering following Austria's lead and reimposing a COVID-19 lockdown with the continent once again the epicentre of the pandemic. read more

Gains for the yen, franc and euro pushed the dollar index - which measures the greenback against those and three other currencies - further away from Wednesday's 96.938, its highest in nearly 17 months. It last traded at 96.707

But the index remained up 0.72% on the week, still headed for its fifth straight weekly advance.

Traders have ramped up bets that an increasingly hawkish Federal Reserve will lift rates by the middle of next year, while central banks in Europe, Japan and elsewhere stick to more dovish stances.

"If the COVID situation worsens, then dollar-yen could go down further, but otherwise the monetary policy divergence is definitely going to be weighing on the yen in the medium term," said Kadota, who predicts dollar-yen will strengthen to 116 and beyond by the middle of next year.

On the flip side, 114 should provide a floor for the currency pair in the near term, "unless the world really changes for the worse," he said.

Last week, Bank of Japan governor Haruhiko Kuroda reiterated his commitment to massive monetary stimulus, adding that the central bank stands ready to ramp it up further if necessary. read more

Overnight, minutes from the European Central Bank's October meeting showed most policymakers leaning toward continued stimulus and a cautious approach to any policy changes, despite the pressure from heated inflation. read more

By contrast, money markets are pricing for a Fed rate hike by July, with good odds it could come in June.

A potentially crucial signpost for U.S. policy direction is due next Friday, with the release of monthly payrolls figures.

"Medium term, we continue to favour the USD," Jane Foley, senior FX strategist at Rabobank, wrote in a research note.

"However, with the market now long USD and short EUR and the money market very aggressively positioned for Fed rate hikes next year, there is scope for pullbacks in the currency pair," with $1.15 a potential target, and the payrolls report a potential trigger, she said.

Oil tumbles on concerns of surplus supply in Q1, new variant

(Reuters) - Oil prices slid more than 2% on Friday on concerns that a global supply surplus could swell in the first quarter following a U.S.-led coordinated release of crude reserves among major consumers and as a new COVID-19 variant spooked investors.

Brent crude futures extended declines for a third session, falling $1.69, or 2.1%, to $80.53 a barrel by 0327 GMT. U.S. West Texas Intermediate (WTI) crude was down $2.04, or 2.6%, at $76.35 a barrel. There was no settlement for WTI on Thursday because of the Thanksgiving holiday.

Oil prices likely dropped in tandem with wider financial markets on concerns the new variant would hit demand by limiting movements again, while market participation has fallen due to the U.S. holidays, CMC Markets analyst Kelvin Wong said. read more

U.S. President Joe Biden's administration announced plans on Tuesday to release millions of barrels of oil from strategic reserves in coordination with other large consuming nations, including China, India and Japan, to try to cool prices. read more

Such a release is likely to swell supplies in coming months, an OPEC source said, according to the findings of a panel of experts that advises ministers of the Organization of the Petroleum Exporting Countries (OPEC). read more

The Economic Commission Board (ECB) expects a 400,000 barrel-per-day (bpd) surplus in December, expanding to 2.3 million bpd in January and 3.7 million bpd in February if consumer nations go ahead with the release, the OPEC source said.

Forecasts of rising surplus oil clouds the outlook of the meeting between OPEC and its allies, a group known as OPEC+, on Dec. 2 to decide on immediate production. The group is to decide whether it will continue raising output by 400,000 bpd in January.

Still, the benchmark contracts are set to post their first weekly gain in nearly a month as the overall volume of the crude reserve release - estimated at 70 million to 80 million barrels - was smaller than market participants expected.

"Since the volume is small, I think it is aimed at easing tightness in supply, rather than having a big impact on oil markets," Tsutomu Sugimori, president of the Petroleum Association of Japan (PAJ), told reporters late on Thursday.

Next Monday, world powers and Iran will resume negotiations to revive a 2015 nuclear deal that could lead to the lifting of U.S. sanctions on Iranian oil exports.

However, the failure of Iran and the International Atomic Energy Agency to reach even a modest agreement on monitoring of Tehran's nuclear facilities this week bodes poorly for next week's talks, Eurasia analyst Henry Rome said

"That Iran did not do so, and instead took a hard line with the IAEA, is another negative sign about its interest in reviving the 2015 nuclear agreement," he said in a Nov. 24 note.

The Thomson Reuters Trust Principles.

Africa: Masiyiwa Ranked Number 1 in Africa's Digital Top 40

Econet founder and executive chairman Strive Masiyiwa has been ranked number one in The Africa Report's Digital Top 40, a ranking of the leading shapers of Africa's digital landscape.

This is the first ranking of the digital economy's power players with Mr Masiyiwa, who founded and partly owns Econet, Cassava and Liquid Telecomms, coming tops.

If there is one industry that has continued to exceed expectations in Africa, it is telecommunications.

According to The Africa Report, today, Africa has more than 500 million cellphone users. That is almost one in two Africans.

"It is far beyond what Rwandan-Congolese businessman Miko Rwayitare, creator of the continent's first mobile network, Telecel International, could have imagined in 1987."

At the time, the entrepreneur was only targeting a few thousand of the happy few, and his phones, which could not even send an SMS, were still the size of a brick.

In three decades, operators have gone through global crises relatively untroubled. After the development of 2G networks, then 3G and 4G networks, submarine cables and mobile-mobile payments, the continent has taken a new technological leap - that of the platform economy.

It, (platform economy) first appeared in the field of e-commerce, which has been active for a few years now, to be joined by financial services, energy, agriculture, health and education. Even governments have started to use them in the hope of bridging the gap between citizens and administrations.

Alongside MTN, Vodacom, Orange and others, thousands of start-ups, investors, incubators, fibre-optic network operators, data centres and influencers are enriching the ecosystem.

This profusion of players inspired The Africa Report's first ranking of the top 40 personalities who make up Digital Africa, with the goal of updating it every year.

To select 40 from this crowded field was an ambitious undertaking, says The Africa Report about the ranking.

It includes -telecom operators with hundreds of millions of subscribers, the heads of specialised investment funds and founders of start-ups that have become unicorns, but also African representatives of the FAANG (Facebook, Amazon, Apple, Netflix and Google) giants. It also includes some public decision-makers who hold the purse strings on digital infrastructure.

Innovation, funding, leadership

For the ranking, The Africa Report used a series of criteria ranging from innovation capacity to financial strength and the size of funds raised, as well as leadership and notoriety, with the main focus on events that occurred during the period 2020 to 2021.

The Africa Report however said this ranking cannot claim to be an objective truth, but it presents a vision of a revolution that it has followed since its beginnings.

"We could have immediately placed the top 10 telecom operators, without whom very little would be possible, but we also wanted to highlight the adoption of e-commerce, the explosion of fintechs, particularly in Nigeria, the growing interest in energy-access services, the development of data centres, and the first truly significant projects from the FAANG companies in Africa, particularly in infrastructure," said The Africa Report.

It said the role of enlightened regulators and public servants is critical to success or indeed failure. For every Kigali Institute of Technology, there are unlawful crackdowns by Central Banks on blockchain operators. The Africa Report noted that women are still in the minority in this ecosystem, and particularly in the top roles.

"However, they are far from being absent. In addition to the personalities in our ranking, we would like to mention Odunayo Eweniyi, co-founder of the startup Piggyvest, Coura Carine Sene, who runs Wave mobile money in Senegal, Fatoumata Ba, whose fund, Janngo Capital has pledged €60m (US$70 million) for women-led start-ups, and Andreata Muforo, partner of the investment company TLcom.

"We hope to see more women in the elite of the sector in 2022, so watch this space."-The Herald.

Uganda: Seychelles Needs More Ugandan Teachers, Doctors

Seychelles needs more Ugandan teachers (for Sciences) and doctors, and has the potential to import agricultural products such as fresh fruits, vegetables, meat and dairy products, Uganda's high commissioner to Seychelles, Dr Hassan Wasswa Galiwango has revealed.

Dr Galiwango who is the first ever High Commissioner of Uganda to Seychelles made the revelation after presenting his letters of credence to Seychelles president, Mr Wavel Ramkalawan at State House in Victoria on Tuesday.

Dr Galiwango is Uganda's High Commissioner to Kenya and Seychelles with residence in Nairobi. He was accompanied to Victoria by his spouse Hajjat Sheru Umar Nsubuga, Mr Aryabaha Evans (Counsellor) and Ms Bernadette M. Ssempa (First Secretary) from the Uganda High Commission, Nairobi.

Dr Galiwango and President Ramkalawan agreed to strengthen bilateral cooperation between Uganda and Seychelles by concluding a General Cooperation Framework Agreement - with special focus on education, health, tourism, and agribusiness, among others.

The High Commissioner and his delegation separately met Seychelles Minister of Foreign Affairs, Mr. Sylvestre Radegonde; Minister of Agriculture and Climate Change and Environment, Mr. Flavien Joubert; Minister of Health, Mrs. Peggy Vidot; and Principal Secretary for Education Services Department, Dr. Odile Decomarmond.

The officials indicated that Seychelles needs more Ugandan Teachers (for Sciences) and doctors, and has the potential to import agricultural products such as fresh fruits, vegetables, meat and dairy products. Dr Galiwango and his delegation also met the chairperson of Seychelles Chamber of Commerce and Industry (SCCI) the following day.

Seychelles officials also underscored the quality of service provided to their country by Ugandan teachers and judges over the years. They singled out Justice Martin Stephen Egonda Ntende who was the Chief Justice of Seychelles from 2009 to 2014; Justice Lilian Tibatemwa Ekirikubinza (Court of Appeal, 2019); Justice Duncan Gaswaga (First Anti-Corruption Commission, 2016); and Justice Akiiki Kiiza (Supreme Court, 2014).

Seychelles has the total GPD of USD 12.3 billion and GDP Per Capita of USD 11,425.1 (2020) which is the highest in Africa. However, the country is highly dependent on tourism and fisheries, and climate change poses long-term sustainability risks.- Monitor.

South Africans Push Back On Shell's Wild Coast Plan

An oil and gas exploration survey off the Eastern Cape coast is scheduled to start in December. But fishers, residents, environmentalists and activists around the country want none of it.

Residents and grassroots environmentalists will ramp up pressure against the government and fossil fuel giant Shell next week to call off the hunt for oil and gas in the Eastern Cape's remote marine environment, off what is known as the Wild Coast.

This follows news that Shell plans to embark on its major seismic survey off the coast between Morgan Bay in the south and Port St Johns in the north from 1 December. It involves blasting soundwaves into the sea with air guns every 10 seconds for the next four to five months, raising concerns about the impact of underwater noise on fish, whales and other marine life.

Though the survey will not involve drilling at this stage, the plan raises broader concerns around sea pollution, climate change, national energy policy and the future development of the region if Shell were to discover commercial quantities of oil or gas off this coast.

But for now, the immediate concern is the impact of blasting waves of sound of up to 220 decibels into a marine environment abundant with fish and seafood resources, to map oil and gas pockets beneath the ocean floor.

More than 250 000 people had signed an online petition at the time of publication, demanding that the government pull the plug on Shell's exploration plan.

Protests up and down the coast

At a local level, subsistence fishing communities are also raising their voices. They are planning protests and there are indications that some groups may seek a court interdict. A march along Wild Coast beaches on Sunday 5 December starts at the Mzamba River Estuary, according to Amadiba Crisis Committee co-founder Nonhle Mbuthuma.

The committee, which has also been resisting plans for a new toll road and dune mining operations along this coastline, were surprised that Shell would start a new oil and gas exploration project barely a month after the COP26 climate conference in Glasgow, Scotland.

"As a part of Operation Phakisa, Shell's project has been allowed by our government, as if the threat of global heating from burning more and more fossil fuels doesn't exist," said Mbuthuma. Operation Phakisa is the government's fast-track economic programme, which includes unlocking potential in South Africa's oceans.

The Amadiba committee says blasting sonar canons poses a direct threat to marine life. "It is also a threat against the livelihood of communities along the Wild Coast and in KwaZulu-Natal, who use the riches of the sea to put food on the table and to get an income. This is our 'ocean's economy'. It is about food, not about mining the ocean to make profit for the minority rich who think you can eat money."

Aside from the future risk of oil pollution if Shell finds viable volumes of hydrocarbons, the committee says that drilling the seabed could release other toxic substances into the marine environment.

"For over two decades, the coastal Amadiba community has fought against opencast mining on our land. Now we must also fight against mining of the ocean. Indigenous people along the whole coast of Africa must have the right to say no to projects that threaten their livelihoods, the right to free prior and informed consent.

"We call upon the South African government to acknowledge the climate crisis. More and more expansion of the fossil fuel economy is not the solution to the economic crisis. You cannot bring about economic recovery by threatening our livelihoods and the ecology of the ocean ... Put the lives of people before profits. Withdraw the licence given to Shell for preparing mining in the ocean," said Mbuthuma.

Members of the South Durban Community Environmental Alliance, including those from the KwaZulu-Natal Subsistence Fisherfolk Forum, are planning a "massive protest" in the Durban area on 9 or 10 December, according to alliance coordinator Desmond D'Sa.

"No one was told or consulted about this, and we cannot allow Shell to risk destroying our marine resources," he said.

Strategic moves

The government originally granted an exploration permit to Impact Africa, a subsidiary of Impact Oil & Gas, in 2014. It later transferred some of its financial interests to ExxonMobil and a subsidiary of Norwegian group Statoil, now called Equinor. Shell entered the picture in November 2020, when it acquired a 50% interest in the exploration venture, with the remaining 50% held by Impact Africa.

Shell's environmental consultants placed an advert in East London newspaper the Daily Dispatch in early November, advising that a seismic survey along the Wild Coast would begin around 1 December.

The standard Dear Sir/Madam letter that Shell's consultants sent to a limited number of registered stakeholders says the survey covers an area of more than 6 000km² at depths of 700m to 3 000m. The exploration area is about 20km from the coastline at its closest point, according to the consultants.

That's about the distance by car from Shell South Africa's swanky headquarters in Sloane Street, Byranston, to the former head office of the ANC at Shell House in Plein Street, Braamfontein, in Johannesburg - cold comfort given that oil spills can spread rapidly over hundreds of kilometres.

Recalling the 1995 execution of Nigerian activist Ken Saro-Wiwa and the well-documented impact of oil pollution in the Niger Delta, D'Sa said Shell cannot be trusted to operate responsibly in Africa.

He drew attention to Shell's recent announcement that it plans to relocate its headquarters and tax residence to London and drop the words Royal Dutch from its name, amid a corporate overhaul that has angered the Netherlands.

"This move to London makes it easier for them to not adhere to the demands for major carbon emission reductions," said D'Sa, noting that a Dutch court recently ordered Royal Dutch Shell to reduce its carbon emissions by 45% by 2030 relative to 2019 levels. The landmark case, brought by environmental groups and more than 17 000 Dutch citizens, applies only in the Netherlands.

The Dutch pension fund for civil servants and teachers, APB, has announced that it will no longer invest in producers of oil, gas and coal. APB will also dispense with its current investments in those sectors, including in Shell, by the first quarter of 2023.

"We will stand up against Shell and continue to expose its hypocrisy," said D'Sa. "They claim to be committed to a just transition towards renewable energy, yet continue to destroy the health of our oceans. We don't want any oil washing up on our beaches, especially along the Wild Coast."

Dated consultation

Shell media officials in the United Kingdom did not respond to queries about the growing opposition to its survey plans. However, following a request to environmental consultancy SLR, Shell South Africa provided a copy of its final environmental management programme for the exploration survey. The 548-page document, dated June 2013, does not appear to be available currently for public scrutiny.

Shell also provided a standard "media responses" sheet in which the oil company says "a full stakeholder consultation process was undertaken ... for this project in 2013". This process included publishing a background information document in four newspapers and a series of "face-to-face engagements, which included three group meetings (in an 'open house' format) in Port Elizabeth, East London and Port St Johns."

In response to concerns about how underwater blasting would affect the marine environment, Shell maintained that "the impacts are well understood and mitigated against when performing seismic surveys. This is supported by decades of scientific research and the establishment of international best practice guidelines.

"There is no indication that seismic surveys are linked to (whale and dolphin) strandings."

Shell further asserted that establishing a 500m exclusion zone around the sound-blasting ship "guarantees that no animals will come into the near vicinity of the sound source ... If any animal enters the exclusion zone, operations are immediately shut down."

It did not explain how observers could detect marine animals not easily visible from the surface during daylight or at night, but suggested that sound levels could be ramped up slowly to alert marine animals to "gradually move away from the sound source".

Significantly, in a recent presentation to a South African conservation science symposium, international fish bioacoustics experts Anthony Hawkins and Arthur Popper pointed out that there are still "major gaps in our knowledge" about the impacts of underwater noise, particularly the more subtle biological impacts, the effects of underwater particle motion and whether current guidelines to regulate noise in different parts of the world's oceans are still appropriate.-New Frame.

Invest Wisely!

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INVESTORS DIARY 2021

Company

Event

Venue

Date & Time

National Unity Day

December 22

Christmas Day

December 25

Boxing Day

December 26

Public Holiday in lieu of Boxing Day falling on a Sunday

December 27

Companies under Cautionary

ART

PPC

Starafrica

Fidelity

Turnall

Medtech

Zimre

Nampak Zimbabwe

 <mailto:info at bulls.co.zw> 

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

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