Major International Business Headlines Brief::: 01 October 2021

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Major International Business Headlines Brief::: 01 October 2021

 


 

 


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

 


 

 


ü  Shutdown: Congress votes to keep US government open

ü  Aukus: Australia-EU trade talks delayed as row deepens

ü  Evergrande: Chinese property giant 'misses another payment deadline'

ü  Macy's sues to stop Amazon using famous New York billboard

ü  Clean energy from the fastest moving objects on earth

ü  Facebook grilled over mental-health impact on kids

ü  China power cuts: What is causing the country's blackouts?

ü  U.S. trade chief Tai to unveil Biden's China trade strategy on Monday

ü  Zoom, Five9 to terminate nearly $15 bln all-stock deal after shareholder
vote

ü  PwC offers U.S. employees full-time remote work

ü  SoftBank-backed Oyo files draft papers for $1.14 bln IPO

ü  India's Tata Sons selected as winning bidder for Air India - Bloomberg

ü  Nigeria: CBN Postpones Enaira Launch

ü  Nigeria: Govt to Boost Airports Facilities for Safety, Efficiency - FAAN
DG

ü  Nigeria: Why Food Prices Are High in Nigeria - Buhari

ü  Taleveras Says LNG Demand Growth is Here to Stay

ü  Nigeria: CBN Postpones Enaira Launch

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Shutdown: Congress votes to keep US government open

President Joe Biden has signed into law a temporary measure to keep the
government funded until early December and avoid yet another federal
shutdown.

 

Congress narrowly passed the bill hours before funding lapsed, which would
have forced federal museums, national parks and safety programmes to close.

 

The bill also includes money for hurricane relief and Afghan refugees.

 

However a separate vote on President Biden's massive $1tn (£750bn)
infrastructure bill was postponed.

 

Mr Biden, who signed the bill averting a shutdown with just hours to go,
said its passage "reminds us that bipartisan work is possible".

 

The biggest test of Biden's presidency so far

The newly approved funding ensures that federal agencies do not need to
close down on Friday and hundreds of thousands of government employees will
not have to take unpaid leave.

 

Of particular concern, given the ongoing Covid-19 pandemic, was the
potential hit that health services could take. A plan prepared by the Health
and Human Services Department (HHS) found that it may have been forced to
send up to 43% of its staff home in the event of a shutdown.

 

On Wednesday night, Republicans and Democrats in the Senate reached a deal
to keep the government open until 3 December, through a temporary budget
called a continuing resolution.

 

The measure passed the Senate by a vote of 65 to 35 on Thursday, with 15
Republicans voting to support it. In the House of Representatives, the lower
chamber, it passed 254 to 175.

 

It comes amid a week jam-packed with other policy hurdles, particularly the
delicate negotiations over President Biden's economic agenda.

 

What is a government shutdown?

Can the US avoid another government shutdown?

House Speaker Nancy Pelosi initially said she would move forward with a vote
on the infrastructure bill late on Thursday - but it was postponed until at
least Friday amid sharp differences between the progressive and centrist
wings in the Democratic party.

 

Progressives have been refusing to support the bill unless agreement is
reached on separate, more wide-ranging legislation dealing with climate
change and social welfare.

 

Party leaders insisted that the postponement was a temporary setback.

 

The infrastructure bill would provide $550bn for roads, bridges, internet
and other domestic priorities.

 

Congress also faces another pressing deadline: the US government is set to
hit its borrowing limit within weeks.

 

Treasury Secretary Janet Yellen said this week the US will reach its debt
ceiling - the limit on how much the US government can borrow - by October
18.

 

It has prompted dire warnings of a catastrophic default on the national debt
that could reverberate through the US and the global economy.

 

Raising the debt limit will allow the US government to pay its existing
obligations. Defaulting, though unlikely, could trigger an economic downturn
and cause millions of Americans who rely on paycheques or aid from the
federal government to go without.

 

The House, which is controlled by the Democrats, had already voted last week
to pass a dual measure that would keep the government open and suspend the
debt ceiling.

 

But Republicans in the Senate blocked the bill from advancing, citing the
Biden administration's plans to pass trillions of dollars in new spending as
a reason not to raise the debt ceiling.__BBC

 

 

 

Aukus: Australia-EU trade talks delayed as row deepens

Trade talks between Australia and the European Union have been postponed as
a row with France over the so-called Aukus security partnership deepens.

 

Last month, Canberra cancelled a $37bn ($27.5bn) deal with France to build a
fleet of conventional submarines.

 

Instead, it will build at least eight nuclear-powered submarines with US and
UK technology.

 

The decision angered Paris, which called the deal a "stab in the back" by
the US and Australia.

 

In fact, soon after the Aukus agreement was announced, France recalled its
ambassadors from both Canberra and Washington.

 

The ambassador to Washington will now return to his post, but it is not
clear if the ambassador to Canberra will do the same.

 

In solidarity with France, European Commission president Ursula von der
Leyen has questioned whether the EU would be able to strike a trade deal
with Australia.

 

Australian Trade Minister Dan Tehan declined to comment on what part, if
any, the submarine deal had played in delaying negotiations but confirmed
that the next round of talks, which were scheduled to start on 12 October,
had been postponed until the following month.

 

"I will meet with my EU counterpart Valdis Dombrovskis next week to discuss
the 12th negotiating round, which will now take place in November rather
than October," he said.

 

In June, after the last round of talks over a free trade deal, the European
Commission said negotiations had "progressed in most areas of the future
agreement".

 

The next round of talks was expected to include a number of subjects
including trade, investment and intellectual property rights.

 

The EU is Australia's third-biggest trading partner, with trade in goods and
services totalling almost $72bn last year.--BBC

 

 

 

Evergrande: Chinese property giant 'misses another payment deadline'

The hugely indebted Chinese property giant Evergrande has missed interest
payments to overseas investors for the second time in a week, reports say.

 

Evergrande was due to pay foreign bond holders $47.5m (£35m) by Wednesday.

 

But bondholders told Reuters news agency and Bloomberg that they were yet to
receive any payment.

 

Under agreements with investors, the company has a 30-day grace period
before the missed payments officially become a default.

 

Evergrande has not commented publicly on the issue. Once China's top-selling
developer, the company is now facing debts of more than $300bn.

 

It has been prioritising its liabilities within China, amid concerns of
social unrest.

 

Last week, Evergrande missed an $83.5m interest payment on an overseas bond,
but struck an agreement with domestic investors over a $35.9m payment which
was also due.

 

As the deadline for a similar interest payment passed on Wednesday, sources
told Reuters that some offshore Evergrande bondholders had not received any
money or communication on the matter.

 

Two bondholders told Bloomberg they had not received payment as of Thursday
morning.

 

Evergrande did, however, make a 10% repayment of wealth management products
- largely owned by onshore retail investors - that was due by Thursday.

 

The crisis engulfing the world's most indebted property developer has
transfixed global markets in recent weeks.

 

BACKGROUND: What is Evergrande and is it too big to fail?

Evergrande expanded aggressively to become one of China's biggest companies
by borrowing more than $300bn.

 

But after Beijing brought in new rules to control the amount owed by big
real estate developers, Evergrande started offering its properties at major
discounts to ensure money was coming in to keep the business afloat. Now, it
is struggling to meet the interest payments on its debts.

 

Evergrande announced this week that it is selling its $1.5bn stake in a
commercial bank, as it scrambles to raise the money it owes.

 

Investors have been watching the crisis unfold as the firm teeters between a
messy collapse with potentially far-reaching implications, a managed breakup
or the less likely prospect of a bailout by the Chinese government.-BBC

 

 

 

Macy's sues to stop Amazon using famous New York billboard

Two of the biggest names in US retail may be about to lock horns over a
prime bit of advertising space in New York.

 

Old school retailer Macy's says that Amazon plans to advertise on a huge
hoarding directly outside its flagship department store in Herald Square.

 

And the chain is suing the billboard's owner to try to stop it happening.

 

Macy's, which has advertised itself on the billboard for 60 years, says it
would do it "immeasurable" damage if a direct competitor took the space.

 

Amazon declined to comment, while the hoarding owner, Kaufman Realty, denied
it had been in talks with the online shopping giant.

 

In a complaint filed to the New York State Court last week, Macy's said it
learned in May that Kaufman was in talks with a "prominent online retailer"
about potentially renting the space - and that there was "little doubt" it
was Amazon.

 

Amazon 'planning to open department stores in US'

"The damages to Macy's customer goodwill, image, reputation and brand should
a prominent online retailer (especially Amazon) advertise on the billboard
are impossible to calculate," it said.

 

It said the 2,200 square-foot hoarding, which wraps around the corner of its
store, is "prominently seen and displayed", especially during its annual
Macy's Thanksgiving Day Parade.

 

'Up to a judge'

Macy's lease on the hoarding expired in August, but it says a deal signed in
1963 prevents Kaufman from allowing a competitor to advertise on the
billboard in perpetuity.

 

"We expect to realise the benefits of these rights and have asked the court
to protect them," it said in a statement.

 

Kaufman told the New York Post: "While the restrictive covenant will be up
to a judge to make a decision, we want to make it clear that we've had no
communication or negotiations with Amazon relating to the 1313 Broadway
space."

 

Like many High Street retailers, Macy's has closed hundreds of US stores
over the last five years as more people shop online.

 

Yet analysts say traditional US department stores have bounced back this
year, as consumers flocked to shops after lockdown. Sales surged 59% at
Macy's and 31.4% at Kohl's in the second quarter, and both have raise their
outlook for the financial year.

 

In August, the Wall Street Journal reported that Amazon was itself planning
to open several large bricks-and-mortar department stores in the US.

 

The online shopping giant, which is often blamed for the decline in High
Street shopping, called the claims "rumours and speculation", but the
newspaper said Ohio and California had already been earmarked as probable
locations.-BBC

 

 

Clean energy from the fastest moving objects on earth

"You might want to cover your ears," a senior engineer at First Light Fusion
tells me, as we gaze at a bank of screens that looks like a mini version of
a Nasa control room. I reach for some ear plugs.

 

A warning siren is sounding and a computerised voice counts up the level of
electrical charge in an extraordinary machine.

 

It has been built by First Light Fusion - an Oxford-based company trying to
recreate here on Earth the reaction that powers the Sun.

 

Shortly after it is fully-charged, Machine 3 makes a considerable bang as
switches fly open and 9 million amps - equivalent to around 300 lightning
strikes - is concentrated into an area the size of your finger nail.

 

That electricity is then used to generate an electromagnetic force which
accelerates a small aluminium disc to speeds of up to 20km-per-second,
making it one of the fastest moving objects humans have ever created.

 

It's hard to imagine that kind of speed, but something going that fast would
rocket from London to Paris in a little over 20 seconds.

 

The aluminium disc is not going far though - it has been launched through a
vacuum at a special target just 10mm away.

 

Exactly what the target is made of, its proportions and internal structure,
however, are top secret. That's because First Light has spent several years,
and millions of pounds, designing the target to collapse so it crushes a
small bubble of fuel under tremendous pressure and heat.

 

Why? Because with enough pressure you can get that fuel (isotopes of
hydrogen, called Deuterium and Tritium), to fuse together into helium.

 

During that process, known as fusion, fast-moving particles called neutrons
are produced and their energy can be captured and this is the crucial bit,
converted to heat, which can be used to make electricity.

 

If all that chemistry and physics is a little baffling then don't worry, the
important point is that producing energy this way would be a huge
breakthrough for industry.

 

Fusion only needs relatively small amounts of fuel. Fusion also does not
produce any greenhouse gasses and you end up with little of the radioactive
waste that makes current nuclear reactors so unpopular.

 

"This is going to be as significant as going from wood to fossil fuels in
terms of what it means for civilization... or you could say from fossil
fuels to renewables. This is a new, unlimited source of energy," says
Nicholas Hawker, a co-founder of First Light and its chief executive.

 

Interest in such a potentially clean source of energy has increased in the
run-up to the COP26 climate conference, which starts 31 October in Glasgow.

 

The downside to fusion, however, is that it is very difficult to sustain and
contain, due to the high temperatures and pressures required.

 

Mr Hawker thinks First Light is very close to achieving fusion in Machine 3.
But with the usual caution of a scientist, Mr Hawker does not want to
predict exactly when that will happen, and will want to carefully check any
results.

 

While that will be an impressive achievement, there is at least a decade of
work before First Light can build a working reactor that can keep the
process going, and capture the heat to make energy.

 

But Mr Hawker is confident his team can get there. "It's not a fantasy," he
tells me.

 

"I really think we have the most unblocked, most scalable technology that
can be built with the lowest risk, lowest cost and that's what it's about."

 

Once their current machines have demonstrated fusion, then the next step
will be to be to build a machine that can produce more energy than it uses -
so called "gain".

 

That is going to require an even more powerful machine that can generate
higher speeds, perhaps as high as 50km per second.

 

Over the decade they hope to get that running, at the same time planning
their first reactor, which they hope will be ready for testing in the 2030s.

 

Mr Hawker admits there are engineering challenges though: not least, firing
their high-speed projectile over longer distances and still hitting the
target.

 

"We don't know if it's a showstopper, but it's the most difficult
engineering challenge. Accurately launching the projectile at the required
repeat rate. That's the biggest engineering challenge for us," he says.

 

Competitors

He is also racing dozens of other firms who are developing their own
technologies for getting fusion to work.

 

Here in the UK, Tokamak Energy is attracting attention with its progress.
Instead of firing a projectile to create the conditions for fusion, it heats
the fuel to extreme temperatures and then captures the resulting plasma with
powerful magnetic fields in a device known as a tokamak.

 

Arthur Turrell has a PhD in plasma physics and is the author of "The Star
Builders" a book about the efforts to make fusion work.

 

Turrell admires the work done by private firms like First Light and Tokamak
Energy, but points out they are not the furthest advanced in the field.

 

"Fusion firms are doing really interesting things, and they're catching-up
on decade's worth of progress in public labs. But none of them have yet got
anywhere close to the conditions achieved in public laboratories. It doesn't
mean it won't happen. But they're just not there yet," he says.

 

For example in August the National Ignition Facility (NIF), in California,
made an important breakthrough by sparking a fusion reaction that produced
70% of the energy needed to get the reaction going in the first place.

 

NIF focuses powerful laser beams on a pellet of fuel to generate conditions
for fusion, and Mr Turrell thinks it is only a matter of time before they
start getting more energy out of the reactions than they put in.

 

While the big publicly-funded fusion projects are out in front, for now, to
tackle such a tricky problem it makes sense to have multiple players develop
their own technology, says Mr Hawker.

 

"We don't know, ultimately, what will work for commercialisation. So people
exploring lots of different options, [means] we've got a much better chance
of hitting upon something that works."-BBC

 

 

 

Facebook grilled over mental-health impact on kids

Facebook has defended the impact of its products, saying Instagram has
"affirmatively helped" young people.

 

Its global head of safety, Antigone Davis, testified to the US Senate, about
child protection.

 

It comes after a leak exposed how Instagram's own research had found the
platform could harm children’s well-being.

 

Previously, Instagram boss Adam Mosseri said the app's effects on teenagers'
mental health were "quite small".

 

The committee opened by reiterating Facebook's own research - first reported
on by the Wall Street Journal (WSJ) - which found Instagram could have a
negative impact on body image and self-esteem.

 

Teenagers "blame Instagram for increases in the rate of anxiety and
depression", it said.

 

But Ms Davis then told the committee: "We conduct this research, to make our
platform better, to minimise the bad and maximise the good and to
proactively identify where we can improve.

 

"We want our platforms to be a place for meaningful interactions with
friends and family and we cannot achieve that goal if people do not feel
safe."

 

'Indefensibly delinquent'

But Richard Blumenthal, who chairs the Senate commerce, science, and
transportation subcommittee on consumer protection, product safety, and data
security, highlighted how Facebook had, in August, denied it was aware of
any research that showed a negative correlation.

 

"We know it chooses the growth of its products over the well-being of our
children," he said.

 

"And we now know that it is indefensibly delinquent in acting to protect
them.

 

"It is failing to hold itself accountable and the question that haunts me is
how can we or parents or anyone trust Facebook."

 

In the hearing, Ms Davis repeatedly failed to answer the committee's
questions and said she would have to check with the relevant Facebook teams

 

Facebook disputes the WSJ's reporting.

 

“It is simply not accurate that this research demonstrates Instagram is
'toxic' for teen girls," head of research Pratiti Raychoudhury blogged.

 

"The research actually demonstrated that many teens we heard from feel that
using Instagram helps them when they are struggling with the kinds of hard
moments and issues teenagers have always faced."

 

But Facebook, releasing slides to illustrate its research, admitted: "One
exception was body image".

 

One in three teenage girls who had already experienced body-image issues
told Facebook using Instagram made them feel worse.

 

In particular filtered images, posting selfies and viewing content with
hashtags affect well-being, the slides suggest.

 

Separate hearing

It comes just days after the company paused its scheduled rollout of
Instagram Kids, which had been due to launch this year for users aged under
13.

 

"As every parent knows when it comes to kids and tweens, they're already
online," Ms Davis told the committee.

 

"We believe it is better for parents to have the option to give tweens
access to a version of Instagram that's designed for them where parents can
supervise and manage their experience - rather than to have them lie about
their age to access the platform that wasn't built for them."

 

Ms Davis said Instagram was also testing a feature called Take a Break which
"would encourage somebody to take a break" from their screen.

 

This would display "when we think [users] may be rabbit hole and down
certain kinds of content or are on the app too long."

 

The whistleblower who leaked the documents to the Wall Street Journal will
testify in a separate hearing next week and the committee said it would be
seeking interviews from other social media companies in regards to
children's mental health harms.-BBC

 

 

 

China power cuts: What is causing the country's blackouts?

China is struggling with a severe shortage of electricity which has left
millions of homes and businesses hit by power cuts.

 

Blackouts are not that unusual in the country but this year a number of
factors have contributed to a perfect storm for electricity suppliers.

 

The problem is particularly serious in China's north eastern industrial hubs
as winter approaches - and is something that could have implications for the
rest of the world.

 

Why has China been hit by power shortages?

The country has in the past struggled to balance electricity supplies with
demand, which has often left many of China's provinces at risk of power
outages.

 

During times of peak power consumption in the summer and winter the problem
becomes particularly acute.

 

But this year a number of factors have come together to make the issue
especially serious.

 

 

As the world starts to reopen after the pandemic, demand for Chinese goods
is surging and the factories making them need a lot more power.

 

Rules imposed by Beijing as it attempts to make the country carbon neutral
by 2060 have seen coal production slow, even as the country still relies on
coal for more than half of its power.

 

And as electricity demand has risen, the price of coal has been pushed up.

 

But with the government strictly controlling electricity prices, coal-fired
power plants are unwilling to operate at a loss, with many drastically
reducing their output instead.

 

Who is being affected by the blackouts?

Homes and businesses have been affected by power cuts as electricity has
been rationed in several provinces and regions.

 

The state-run Global Times newspaper said there had been outages in four
provinces - Guangdong in the south and Heilongjiang, Jilin and Liaoning in
the north east. There are also reports of power cuts in other parts of the
country.

 

Companies in major manufacturing areas have been called on to reduce energy
usage during periods of peak demand or limit the number of days that they
operate.

 

Energy-intensive industries such as steel-making, aluminium smelting, cement
manufacturing and fertiliser production are among the businesses hardest hit
by the outages.

 

What has the impact been on China's economy?

Official figures have shown that in September 2021, Chinese factory activity
shrunk to the lowest it had been since February 2020, when coronavirus
lockdowns crippled the economy.

 

Concerns over the power cuts have contributed to global investment banks
cutting their forecasts for the country's economic growth.

 

Goldman Sachs has estimated that as much as 44% of the country's industrial
activity has been affected by power shortages. It now expects the world's
second largest economy to expand by 7.8% this year, down from its previous
prediction of 8.2%.

 

Globally, the outages could affect supply chains, especially towards the
end-of-the-year shopping season.

 

Since economies have reopened, retailers around the world have already been
facing widespread disruption amid a surge in demand for imports.

 

 

China's economic planner, the National Development and Reform Commission
(NDRC), has outlined a number of measures to resolve the problem, with
energy supplies in the northeast of the country as its main priority this
winter.

 

The measures include working closely with generating firms to increase
output, ensuring full supplies of coal and promoting the rationing of
electricity.

 

The China Electricity Council, which represents generating firms, has also
said that coal-fired power companies were now "expanding their procurement
channels at any cost" in order to guarantee winter heat and electricity
supplies.

 

However, finding new sources of coal imports may not be straightforward.

 

Russia is already focused on its customers in Europe, Indonesian output has
been hit by heavy rains and nearby Mongolia is facing a shortage of road
haulage capacity,

 

Are energy shortages around the world connected?

Power cuts in China, UK petrol stations running out of fuel, energy bills
jumping in Europe and soaring crude oil, natural gas and coal prices on
wholesale markets - it would be tempting to assume the world is suddenly in
the grip of a global energy drought.

 

However, it is not quite as simple as that - there are some distinctly
different issues around the world.

 

For example, in the UK petrol stations have run dry as motorists rushed to
fill up their vehicles over concerns that a shortage of tanker drivers would
mean fuel would soon become scarce.

 

Meanwhile, mainland Europe's rising energy bills are due to a number of
local factors, including low stockpiles of natural gas, weak output from the
region's windmills and solar farms and maintenance work that has put
generating operations out of action.-BBC

 

 

 

U.S. trade chief Tai to unveil Biden's China trade strategy on Monday

(Reuters) - U.S. Trade Representative Katherine Tai will unveil the Biden
administration's long-awaited strategy for the troubled U.S.-China trade
relationship in a speech on Monday at a Washington think tank, her office
said.

 

Tai will deliver remarks on her review of China trade policy at the Center
for Strategic Studies in Washington and participate in a question-and-answer
session, USTR said in a statement on Thursday.

 

Since taking office in March, Tai has been conducting a top-to-bottom review
of Washington's China trade policy.

 

U.S. Joe Biden has kept in place tariffs on hundreds of billions of dollars
of Chinese imports imposed by former president Donald Trump, but his
administration has so far revealed little about how it will address what it
calls China's non-market trade and subsidy practices.

 

Tai's remarks at 10 a.m. EDT (1400 GMT) on Monday will mark the start of the
final three months of the "Phase 1" U.S.-China trade deal struck that Trump
struck with Beijing at the start of 2019, easing a tariff war between the
world's two largest economies. It called for China to boost purchases of
U.S. farm and manufactured goods, energy and services by $200 billion over
the two years to the end of 2021 compared to 2017 levels.

 

Biden administration officials say China has not met its Phase 1 trade deal
commitments and they intend to hold it to its international trade
commitments.

 

Chad Bown, a senior fellow at the Peterson Institute for International
Economics in Washington, estimates that China's purchases of U.S. exports
through August are running at about 62% of the Phase 1 targets, based on
U.S. export data.

 

Tensions between the two economic powers has also grown as the United States
has restricted Chinese companies' access to U.S. sensitive technologies.

 

Tai has said the United States faces "very large challenges" in its trade
relationship with China that require engagement across the Biden
administration. read more She has asked Congress for new trade law tools to
counteract massive Chinese state subsidies for high-technology sectors.

 

The Biden administration has sought to rally U.S. allies to join Washington
in confronting what it says are abusive trade policies by Beijing. U.S. and
European Union officials met on Wednesday in Pittsburgh to deepen
transatlantic cooperation on technology regulation, protecting sensitive
technologies and addressing challenges posed by "non-market economies" -- a
reference to China.

 

The Thomson Reuters Trust Principles.

 

 

 

Zoom, Five9 to terminate nearly $15 bln all-stock deal after shareholder
vote

(Reuters) - Five9 Inc (FIVN.O) shareholders voted down the call center
software firm's $14.7 billion sale to Zoom Video Communications Inc (ZM.O)on
Thursday, a major blow to Zoom's plan to expand its offerings following its
pandemic boom.

 

The termination of what would have been Zoom's biggest-ever acquisition
comes after proxy advisory firm Institutional Shareholder Services (ISS)and
Glass Lewis earlier this month recommended that Five9 shareholders vote
against the deal, citing growth concerns and dual-class shares. read more

 

Under the deal terms announced in July, Five9 shareholders would have
received 0.5533 Zoom share for every Five9 share. The terms implied a 12.8%
premium over Five9's market price and valued the company at $14.7 billion.

 

Since then, Zoom's stock has dropped over 25% as the virtual conferencing
giant reported slower growth on its second-quarter earnings call.

 

"The all-stock deal exposes FIVN shareholders to a more volatile stock whose
growth prospects have become less compelling as society inches towards a
post-pandemic environment," ISS said in its report earlier this month.

 

San Ramon, California-based Five9 said the merger agreement did not receive
enough approval votes from its shareholders, and it will continue to operate
as a standalone publicly traded company.

 

Five9 presented an attractive means to bring to customers an integrated
contact center offering, Zoom CEO Eric Yuan said on Thursday.

 

"That said, it was in no way foundational to the success of our platform nor
was it the only way for us to offer our customers a compelling contact
center solution," Yuan added.

 

The company said it would launch Zoom Video Engagement Center, its
cloud-based contact center solution, in early 2022.

 

Five9 said it would continue the partnership with Zoom that was in place
prior to the announcement.

 

Zoom became a household name and an investor favorite as the pandemic
clamped down on activity and businesses and schools adopted its services to
hold virtual classes and office meetings.

 

But with rapid vaccination and life creeping back to normal, Zoom was
looking for revenue sources beyond its core video conferencing business,
which faces stiff competition from rivals Microsoft Corp (MSFT.O), Cisco
Systems Inc (CSCO.O) and Salesforce's (CRM.N) Slack.

 

A U.S. Justice Department-led committee had been reviewing Zoom's proposed
purchase of Five9 over possible national security concerns, according to a
letter filed with U.S. regulators, though analysts last weeksaid the deal
was unlikely to be scrapped as a result. read more [nL4N2QO2UD]

 

Zoom's connection with China has been scrutinized in recent years. read more

 

Five9's shares, which gained as much 19.3% since the deal was announced in
July, fell 1.1% to $157.9 in extended trading on Thursday.

 

Five9, whose call center software is used by more than 2,000 clients across
the globe, counts firms such as Under Armour (UAA.N), Lululemon Athletica
Inc (LULU.O) and Olympus Corp (7733.T) as customers.

 

The Thomson Reuters Trust Principles.

 

 

 

PwC offers U.S. employees full-time remote work

(Reuters) - Accounting and consulting firm PwC told Reuters on Thursday it
will allow all its 40,000 U.S. client services employees to work virtually
and live anywhere they want in perpetuity, making it one of the biggest
employers to embrace permanent remote work.

 

The policy is a departure from the accounting industry's rigid attitudes,
known for encouraging people to put in late nights at the office. Other
major accounting firms, such as Deloitte and KPMG, have also been giving
employees more choice to work remotely in the face of the COVID-19 pandemic.

 

PwC's deputy people leader, Yolanda Seals-Coffield, said in an interview
that the firm was the first in its industry to make full-time virtual work
available to client services employees. PwC's support staff and employees in
areas such as human resources and legal operations that do not face clients
already had the option to work virtually full-time.

 

PwC employees who choose to work virtually would have to come into the
office a maximum of three days a month for in-person appointments such as
critical team meetings, client visits and learning sessions, Seals-Coffield
said.

 

"We have learned a ton through the pandemic, and working virtually, as we
think about the evolution of flexibility, is a natural next step,"
Seals-Coffield said. "If you are an employee in good standing, are in client
services, and want to work virtually, you can, full stop."

 

Location does factor, however, into PwC employees' pay, Seals-Coffield said.
Employees who opt to work virtually full-time from a lower-cost location
would see their pay decrease, she added.

 

Alphabet Inc's (GOOGL.O) Google also bases employees' pay on their location,
with those who work from home permanently potentially earning less. read
more

 

Most U.S. white-collar workers have been working from home since the
pandemic took hold in March 2020. Chief executives have grappled with
bringing employees back, weighing their management style and preferences
against risks such as more contagious COVID-19 variants and workers
rejecting vaccines. read more

 

PwC said in a memo to employees this week that it is offering the new policy
to attract and retain talent and become more diverse. Partners at PwC whose
team members choose to be in the office regularly will not be allowed to
work completely remotely.

 

"We're confident we can manage hybrid teams," Seals-Coffield said. She added
that PwC's research suggests that 30% to 35% of its eligible workers will
take the firm up on the offer. PwC has 55,000 U.S. employees in total, and
with its new policy, the majority will be able to work virtually if they
want.

 

Seals-Coffield said PwC is not planning to make any significant changes to
its real estate footprint due to the new policy. The firm plans to use its
office space differently and in more collaborative ways, she said, without
elaborating. PwC is globally headquartered in London, with its U.S. head
office in New York.

 

In addition to providing auditing and accounting services, PwC consults with
companies on issues such as return to the office. Asked about how PwC's new
policy would inform its advice to clients on the topic, Seals-Coffield said
that other organizations are deciding how to approach it "in ways that work
for their workforce."

 

In June, PwC said it would hire 100,000 people over the next five years in
jobs that would help clients report on diversity and climate. The firm
currently employs 284,000 globally.

 

A spokesman for Deloitte said on Thursday the "range of time spent at client
sites, at Deloitte offices, and remotely will vary."

 

The firm said in June all of its 20,000 employees in Britain would be
allowed to choose in the future whether they work from home or not.

 

The Thomson Reuters Trust Principles.

 

 

 

SoftBank-backed Oyo files draft papers for $1.14 bln IPO

(Reuters) - SoftBank-backed (9984.T) Indian hotel aggregator Oyo filed for a
$1.14 billion initial public offering (IPO) on Friday, becoming the first
hospitality company in the country to seek a domestic stock listing since
2019.

 

The hotel aggregator's long-awaited IPO comes at a time when travel
restrictions are being eased across the globe and the tourism sector is
rebounding as people head out on vacations after lengthy lockdowns.

 

The offering will consist of a fresh issue of shares of up to 70 billion
rupees ($942.8 million) and an offer for sale of as much as 14.30 billion
rupees, according to a copy of its draft herring prospectus dated Sept. 30.

 

According to Oyo's draft herring prospectus, the offer for sale comprises
equity shares aggregating up to 13.29 billion rupees by SVF India Holdings,
a firm incorporated in Cayman Islands to hold the investments on behalf of
SoftBank Vision Fund L.P.

 

Oyo is the latest among a clutch of tech-focussed companies to tap a booming
Indian IPO market, which has seen roughly 30 firms seeking a stock launch so
far this year.

 

Food delivery player Zomato (ZOMT.NS) had a blockbuster stock market debut
in July, while Ant Group-backed Paytm and TPG-backed e-commerce beauty firm
Nykaa have also filed initial offers to go public.

 

The offering also comes at a time when Oyo is facing a legal tussle with
rival Zostel over a deal between the two Indian hospitality startups that
fell apart six years ago. read more

 

Reuters reported last week that the firm was looking to raise around $1
billion to $1.2 billion via the IPO.

 

The Thomson Reuters Trust Principles.

 

 

India's Tata Sons selected as winning bidder for Air India - Bloomberg

(Reuters) - India's Tata Sons has been selected as the winning bidder for
the debt-laden state-run airline Air India, Bloomberg reported on Friday.

 

A panel of ministers accepted a proposal from officials recommending the
salt-to-software conglomerate ahead of an offer from Ajay Singh, promoter of
India's airline operator Spicejet Ltd (SPJT.NS), the report said.

 

A spokesperson for Tata Sons declined to comment. A finance ministry
spokesperson did not immediately respond to a Reuters message seeking
comment, while Air India declined to comment.

 

Prime Minister Narendra Modi's government has been pushing to sell its
entire interest in the loss-making airline, kept aloft by a bailout since
2012.

 

 

The government loses nearly 200 million rupees every day to run the national
carrier, which has accumulated losses of over 700 billion rupees ($9.53
billion), officials have said.

 

An effort to auction a majority stake almost three years ago drew no bids,
forcing the government to ease the terms. It had also extended the deadline
multiple times due to the pandemic.

 

The Thomson Reuters Trust Principles.

 

 

 

Nigeria: CBN Postpones Enaira Launch

The postponement came a day after a firm (ENaira Payment Solutions Limited)
filed a suit before the Federal High Court against the CBN over the name
"eNaira".

 

The Central Bank of Nigeria has announced the postponement of the launch of
the country's digital currency, eNaira.

 

The bank had earlier said it would launch the currency today, October 1. It
announced a postponement Thursday citing lined up events for the country's
61st independence anniversary.

 

The postponement came a day after a firm (ENaira Payment Solutions Limited)
filed a suit before the Federal High Court against the CBN over the name
"eNaira".

The firm had through its lawyers warned the bank to desist from the using
the name "eNaira".

 

A statement signed by the CBN's spokesperson, Osita Nwanisobi, did not give
a new date for the launch. Mr Nwanisobi said there was no cause for alarm.

 

"The CBN took the decision to postpone the launch, which had been initially
planned to coincide with the Independence anniversary, in deference to the
mood of national rededication to the collective dream of One Nigeria," he
said.

 

He said the CBN and other partners were working to ensure a seamless process
that will be for the overall benefit of the customer, particularly those in
the rural areas and the unbanked population.

 

He said the digital currency would ease peer-to-peer transfers, pay for
goods and services at selected merchants once launched.

 

He said the eNaira will limit the use of currency and ensure the Nigerian
economy's stability.

 

On the readiness of banks and other financial institutions in the financial
ecosystem for the launch of the eNaira, he reiterated that eNaira was a
journey, explaining that not all bank customers were expected to commence
transactions on the day of the launch.

 

He assured that financial institutions in Nigeria remained key actors and
were a critical part of the Central Bank Digital Currency (CBDC).

 

Mr. Nwanisobi also said that the CBN was mindful of concerns expressed about
the eNaira, being among the first central bank's digital currencies in the
world.

 

According to him, the bank had put a structure in place to promptly address
any issue that might arise from the pilot implementation of the
eNaira.-Premium Times.

 

 

Taleveras Says LNG Demand Growth is Here to Stay

As global markets recover from the Covid-19 pandemic, LNG markets globally
are tightening, with demand growth led by anticipated surge in Asian and
Latin America demand.

 

According to key Industry participants at the recent Gastech summit held in
Dubai, the longer-term outlook is robust, driven particularly by markets in
Asia as gas provides about one-quarter of the world’s energy supply and
continues to play a critical role in the global energy system.

 

Igho Sanomi, Taleveras Global Head of Gas, who spoke on the sidelines of
Gastech 2021, said: “There is hardly any other energy source that provides
such broad wins, being that gas is used for heating, cooling and cooking in
our everyday lives.  It energizes heavy industries, contributes to key
economies and keeps emissions at very impressive minimal levels. At
Taleveras over the last 5 years, we have taken a long term view on the
future of Gas and pursued our business plan aggressively. This greatly
propelled our pursuit and development of a strong LNG portfolio at a time
when most market participants had little belief in the future of LNG. In
essence, we called the LNG market correctly and still continue to keep a
long term view. It has been a challenging Journey so far, primarily due to
extreme levels of market volatility, coupled with disruption and supply
challenges in Nigeria, but overall we remain firm, resolute and optimistic
in our strategy to pioneer the involvement of Nigerian and African owned
establishments in global LNG trades”.

 

Taleveras has joined a growing list of global trading firms increasing their
presence in the liquefied natural gas market, raising its delivery volumes
by almost 30 per cent year on year.

 

Taleveras is still looking to cement its role as Africa’s leading
independent trader of Liquefied Natural Gas, the fastest growing fossil
fuel. Taleveras said it plans to increase and expand its supply sources of
LNG in other to maintain a vibrant portfolio to super such demand growth.

 

Global demand for LNG has witnessed a significant jump in recent times.
Taleveras believes LNG trade demand will grow at an average of 3.4% a year
between 2019 and 2040.  The company however expects LNG demand from Asia –
especially China, to contract from the year 2036.

 

“As the world continues to deal with the severe impacts of market demand and
the impact of Covid- 19, the fundamentals are supported by a growing
population and energy demand, LNG will continue to remain a high growth
industry based on a growing economy worldwide,” a Taleveras Senior Trader on
LNG, had said during a presentation.

 

To many industry watchers and analysts, Taleveras, which has enjoyed success
since its incorporation in the late nineties, has had to navigate
innumerable challenges in the ever-volatile Oil and Gas industry. Today
Taleveras is increasingly gaining a respected position as a resilient
company that keeps thriving on in the Gas Markets.

 

Taleveras, one of Africa’s leading integrated energy conglomerates, was
founded in the late nineties. The company operates and invests in the
upstream, midstream, downstream, and power sector of the energy industry.

 

 

 

Nigeria: Why Food Prices Are High in Nigeria - Buhari

The president stated this Friday during a televised broadcast to commemorate
the 61st anniversary of Nigeria's independence.

 

The president's comments come as prices of major staple foods (legumes,
cereals, proteins and vegetables) in Nigeria have risen at an average of
about 98.85 and 99.9 per cents respectively in the last year.

 

"Unfortunately, as our food production capacity has increased, food prices
continue going up due to shortages created by middlemen who have been buying
and holding the essential commodities," Mr Buhari said.-Premium Times.

 

 

Nigeria: Govt to Boost Airports Facilities for Safety, Efficiency - FAAN DG

The Federal Government has reaffirmed its commitment towards advancing
airports facilities to enhance safety and efficient carriage of the
passengers.

 

Capt. Rabiu Yadudu, Managing Director, Federal Airports Authority of Nigeria
(FAAN) made this known at a ceremony in honour of best performing staff,
retired managers, on Thursday in Abuja.

 

The ceremony was tagged, "Best Performance Staff (2020) Award Presentation
Ceremony and Honouring of Retired General Managers and Deputy General
Managers (2020/2021)".

 

According to him, the Federal Government is ready to intensify efforts to
ensure passengers get the best services for their flights.

 

 

"We are ready to keep developing and profitably managing customer centric
airport facilities for safe, secured and efficient carriage of passengers
and goods at world- class standards of quality.

 

"The move is to be among the best airport groups in the world, " he said.

 

Yadudu, who commended the 45 best performance staff (2020 awardees) across
all airports , advised them to sustain their passion, perseverance and
dedication toward achieving the mission and vision of the organization.

 

He further charged other members of staff to improve on their outputs to
collectively actualize the mandate of FAAN.

 

" The 2020 best performance staff award, therefore, seeks to appreciate a
few of us whose performance have been outstanding. The uneasy process of
nominating these few members of a workforce of over 7, 000 was fair and
unbiased.

 

 

" This is not to say that others that have not been recognized today are of
less importance. It is also not a license for those recognised to rest on
their oars.

 

"We should all be reminded that when we put in our best into our jobs, we
would collectively achieve our vision of truly making our airports one of
the best groups in the world," he said.

 

According to him, the COVID-19 pandemic has been the most financially and
physically challenging period ever with the Aviation industry being the
worse hit.

 

He said that in spite of the global lockdown, members of staff in the
Aviation industry had to remain at work to ensure safe delivery of essential
cargo.

 

He further said that the Nigerian airports were not left out as all the
airports were opened throughout the most critical period of the lockdown.

 

 

"The Human Resource is the strength and wealth of an organisation. Without a
dedicated, resilient and hardworking team, the aim of delivering world class
standard of services can never be achieved," he added.

 

Also, Mr Honorius Anozie, Director of Human Resources and Administration,
said running an airport required an extensive mix of roles and
responsibilities.

 

According to him, such parameters are all vitally important to delivering on
the customers and members of the public.

 

He urged the members of staff to value team work and be respective to one
another and appreciate co- workers.

 

"We are gathered here to commemorate and honour 45 members of FAAN staff
across all airports for their display of excellence and great dedication in
the line of duty in service of the authority.

 

"FAAN is indeed very fortunate to have staff members whose commitment and
loyalty have shaped and contributed towards a successful 2020 in spite of
the COVID-19 challenge.

 

"Now, it is our turn to say thank you and we appreciate your loyalty," he
said. (NAN)-Vanguard.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

National Unity Day

 

December 22

 


 

Christmas Day

 

December 25

 


 

Boxing Day

 

December 26

 


 

Public Holiday in lieu of Boxing Day falling on a Sunday

 

December 27

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

 

 


Starafrica

Fidelity

Turnall

 


Medtech

Zimre

Nampak Zimbabwe

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
344 1674

 


 

 

 

 

 

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