Major International Business Headlines Brief::: 08 October 2021

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Major International Business Headlines Brief::: 08 October 2021

 


 

 


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

 


 

 


ü  US Senate averts crisis by voting to extend debt ceiling

ü  Tesla: Elon Musk says company headquarters will move to Texas

ü  China power cuts: Coal miners ordered to boost output, say reports

ü  UK travel red list cut to just seven countries

ü  Why India is on the brink of an unprecedented power crisis

ü  Climate change: Tracking China's steel addiction in one city

ü  Labour shortage a human disaster for pig farms - NFU

ü  IMF chief Georgieva's lawyer claims data probe violated World Bank staff
rules

ü  Asian shares steady as Chinese markets return, US yields gain

ü  Japan wholesale inflation likely hit 13-year high in Sept on rising
commodity costs

ü  Chinese property bonds, shares slump as Evergrande angst spreads

ü  Britain's Asda to expand rapid delivery service

ü  Dollar edges higher as jobs data eyed for Fed policy clues

ü  U.S. job growth seen picking up after Delta setback

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

US Senate averts crisis by voting to extend debt ceiling

The US Senate has voted to temporarily raise the nation's debt limit,
avoiding a historic default that experts say would have devastated the
economy.

 

Senators agreed to increase the limit by $480bn (£352bn), which will cover
the US until early December.

 

The bill was approved in a 50-48 vote, following weeks of partisan fighting.

 

The breakthrough came less than two weeks before the US was set to be unable
to borrow money or pay off loans for the first time ever.

 

The bill now has to be approved by the House of Representatives, and will
then be sent to President Joe Biden to be signed into law.

 

The vote in the upper house of Congress came after Republican Senate leader
Mitch McConnell offered his support for a short-term extension.

 

Senate Republicans have previously said that raising the debt limit is the
"sole responsibility" of Democrats because they hold power in the White
House and both chambers of Congress.

 

They are frustrated by new spending proposals the Democrats are trying to
push through without Republican support, and Mr McConnell tweeted last month
that his party would "not facilitate another reckless, partisan taxing and
spending spree".

 

EXPLAINED: What's next for the US debt limit?

Speaking after the vote, the Democrats' Senate Majority leader Chuck Schumer
said Republicans had "played a dangerous and risky partisan game".

 

"What is needed now is a long-term solution so we don't go through this
risky drama every few months," he added.

 

But several senior Republicans attacked Mr McConnell's decision to strike a
deal with Mr Schumer. South Carolina Senator Lindsey Graham called the move
"a complete capitulation".

 

US lawmakers will still have to address this issue near the new December
deadline to avert a default.

 

If the US defaults on debts, experts say it will severely hurt the country's
credit rating, plunge the global financial system into turmoil, and possibly
lead to a self-inflicted recession.

 

What is the debt ceiling?

The US government spends more money than it collects in taxes, so it borrows
to make up for the shortfall.

 

Borrowing is done via the US Treasury, through the issuing of bonds. US
government bonds are seen as among the world's safest and most reliable
investments.

 

In 1939, Congress established an aggregate limit or "ceiling" on how much
debt the government could accumulate.

 

The ceiling has been lifted on more than 100 occasions to allow the
government to borrow more. Congress often acts on it in a bipartisan manner
and it is rarely the subject of a political standoff.

 

But some Republicans have voiced frustration about new Democrat spending
proposals.

 

Democrats have pointed out that raising the debt ceiling is about paying off
existing obligations rather than paying for new ones, and that President
Biden's policies have only contributed to 3% of existing debts.-BBC

 

 

 

Tesla: Elon Musk says company headquarters will move to Texas

Tesla has announced it will move its company headquarters to Texas from
California.

 

Chief executive Elon Musk announced the move at the electric carmaker's
annual shareholders' meeting in Austin.

 

Mr Musk had fallen out with local politicians in Alameda county, California,
the location of a key Tesla factory, over its Covid response.

 

He gave several reasons for the move, telling shareholders its Californian
factory in Fremont was "jammed".

 

California was also a difficult place for his employees to find affordable
housing, he told shareholders.

 

"There's a limit to how big you can scale it in the Bay Area. In Austin our
factory is like five minutes from the airport, 15 minutes from downtown," he
said.

 

The billionaire technology entrepreneur has had an fractious relationship at
times with California.

 

In May, Musk had a high profile spat with local politicians in California
after he was ordered to keep Tesla's Fremont plant closed.

 

He tweeted: "Tesla will now move its HQ and future programs to Texas/Nevada
immediately." However the move had not been confirmed until now.

 

Tesla is filing a lawsuit against Alameda County immediately. The unelected
& ignorant “Interim Health Officer” of Alameda is acting contrary to the
Governor, the President, our Constitutional freedoms & just plain common
sense!

 

Despite moving its headquarters, Mr Musk also said that the company planned
to increase output from its California and Nevada factories by 50%.

 

"This is not a matter of, sort of, Tesla leaving California," he said.

 

Tesla is not the first company to move to Texas. In 2020, tech powerhouse
Oracle announced it was moving from Silicon Valley to Austin.

 

Technology firm HP and carmaker Toyota have also moved their US headquarters
to Texas from California.

 

California has stronger labour laws, and higher living costs and taxes than
other states, while Texas is known for cheaper labour and less stringent
regulation.

 

Mr Musk moved his home to Texas from California at the end of last year to
focus on Tesla's new car manufacturing plant there.

 

His SpaceX rocket company has a launch site in the southern tip of
Texas.-BBC

 

 

China power cuts: Coal miners ordered to boost output, say reports

Beijing has reportedly ordered China's coal mines to boost output as an
energy shortage across the country has seen millions of homes and businesses
hit by power cuts in recent weeks.

 

Three major coal-producing provinces have pledged to increase production,
Chinese news agency Caixin said.

 

Several provinces across the country have been suffering from blackouts
since the middle of last month.

 

Demand for electricity is soaring as the country emerges from lockdowns.

 

North China's Inner Mongolia region has told more than 70 mines to boost
annual output capacity by nearly 100 million tonnes, according to the
Reuters news agency, citing a government official and coal traders.

 

The area is the country's second-largest producer of coal.

 

The proposed increase in output of 100 million tonnes would amount to almost
3% of China's total annual thermal coal consumption.

 

Why China has been hit by power shortages

The move is the latest attempt by authorities to increase coal supplies as
prices hit record highs and electricity shortages have forced energy firms
to ration power in large parts of the country.

 

Last week China's state planner, the National Development and Reform
Commission, called on mining companies and power firms to sign up to new
agreements to resolve the problem.

 

Since last month, a series of power cuts has forced factories to cut back
production or stop operations completely.

 

Manufacturing hubs in the northeast of China have been hit particularly
hard.

 

In recent weeks, energy shortages have raised concerns in countries around
the world, including the UK, mainland Europe and India.

 

UK consumers have been warned that household energy bills are set to rise
sharply as prices surge on the wholesale market.

 

Meanwhile, India is on the brink of an unprecedented energy crisis as the
country's power suppliers are struggling to secure enough coal to meet
rising demand for electricity.-BBC

 

 

UK travel red list cut to just seven countries

The number of countries on the UK Covid travel red list will be cut from 54
to seven, the government says.

 

South Africa, Brazil and Mexico come off the red list, which requires
travellers to quarantine in an approved hotel at their cost for 10 full
days.

 

Transport Secretary Grant Shapps said the changes begin on Monday and "mark
the next step" in opening travel.

 

This latest move will be seen as a boost to the airline industry and
families separated during the pandemic.

 

Panama, Colombia, Venezuela, Peru, Ecuador, Haiti and the Dominican Republic
remain on the red list.

 

Pandemic travel rules in the UK have recently been simplified, with the
amber list cut, and advice against holidays changed for 32 countries.

 

But consumer group Which? warned the changes only reflect requirements for
arriving back in the UK.

 

"Travellers should be aware that they may still face restrictions on entry
to many destinations, especially those under 18 who are not yet vaccinated,"
it said.

 

Arrivals from 37 more destinations will have their vaccination status
certificates recognised, meaning they can avoid more expensive post-arrival
testing requirements.

 

Vaccinated travellers from Brazil, Hong Kong, India, Pakistan, South Africa
and Turkey will be treated the same as returning fully-vaccinated UK
residents so long as they have not visited a red-list country in the 10 days
before arriving in England.

 

All arrivals will still complete a passenger locator form.

 

The Scottish government said the changes were "agreed on a four-nation
basis".

 

The Welsh government said that they increased opportunities for new
infections and variants, but it was adopting them because it was not
practical to have its own border policy.

 

For British expats Matt and Hannah Pirnie, who have lived in South Africa
for a decade, the country's removal from the red list will mean it is easier
to see family again.

 

"It's been a long pandemic for us. Not seeing family, not being allowed to
go back, but more importantly grandparents not being able to come here and
see their grandkids. It's been a long two years," Matt says.

 

"First of all when all the aeroplanes stopped initially - that was quite
anxiety provoking - and then to be put on the red list for so long has just
been quite hard to wrap your head around why," Hannah adds.

 

"Taking three children into a prison-like mentality was just a no-go, plus
the cost. It's been quite hard really."

 

line

Announcing the latest changes, Mr Shapps said the government was "making it
easier for families and loved ones to reunite".

 

He said that with fewer restrictions "and more people travelling, we can all
continue to move safely forward together along our pathway to recovery".

 

In addition to the shorter red list, the government said passengers would
soon be able to use a photograph of a lateral flow test as a minimum
requirement to verify a negative result.

 

This change - affecting tests taken by eligible fully-vaccinated people from
non-red list countries two days after arrival in England - would come into
effect in "late October", the Department for Transport (DfT) said.

 

A UK government source said the government still aimed to replace the
so-called day two "PCR test on arrival" with a cheaper lateral flow test by
the half-term break, for many schools in England after 22 October.

 

But they said the government was still working on a date for when the new
testing rule would be introduced.

 

Under current rules, travellers must use more expensive PCR tests for their
post-arrival day two screening. People who are not fully vaccinated must
provide a further PCR test on day eight.

 

The DfT said NHS lateral flow devices cannot be used for the purpose of
international travel. "Both pre-departure tests and on arrival tests must be
bought from private providers," it said.

 

Airlines and the travel industry praised a "much-improved system" but called
on ministers to implement changes to testing as soon as possible and
consider scrapping tests for passengers arriving from low-risk countries.

 

A spokesperson for London's Heathrow Airport said the announced changes
would "kick start a global Britain".

 

"However, the missing piece to this is clarity on when cheaper lateral flow
tests will be accepted, which is now critical in order to save the half-term
getaway for many," they said.

 

A further 40,701 new coronavirus cases were reported in the UK on Thursday,
alongside another 122 deaths within 28 days of a positive test.

 

The following destinations will be removed from the red list from 04:00 BST
on Monday:

 

Afghanistan, Angola, Argentina, Bolivia, Botswana, Brazil, Burundi, Cape
Verde, Chile, Congo (Democratic Republic), Costa Rica, Cuba. Eritrea,
Eswatini, Ethiopia, French Guiana, Georgia, Guyana, Indonesia, Lesotho,
Malawi, Mayotte, Mexico, Mongolia, Montenegro, Mozambique, Myanmar, Namibia,
Nepal, Paraguay, Philippines, Réunion, Rwanda, Seychelles, Sierra Leone,
Somalia, South Africa, Sudan, Suriname, Tanzania, Thailand, Trinidad and
Tobago, Tunisia, Uganda, Uruguay, Zambia and Zimbabwe.-BBC

 

 

Why India is on the brink of an unprecedented power crisis

India is on the brink of an unprecedented power crisis.

 

More than half of the country's 135 coal-fired power plants are running on
fumes - as coal stocks run critically low.

 

In a country where 70% of the electricity is generated using coal, this is a
major cause for concern as it threatens to derail India's post-pandemic
economic recovery.

 

Why is this happening?

This crisis has been in the making for months.

 

As India's economy picked up after a deadly second wave of Covid-19, demand
for power rose sharply.

 

Power consumption in the last two months alone jumped by almost 17%,
compared to the same period in 2019.

 

At the same time global coal prices increased by 40% and India's imports
fell to a two-year low.

 

The country is the world's second largest importer of coal despite also
being home to the fourth largest coal reserves in the world.

 

Power plants that usually rely on imports are now heavily dependent on
Indian coal, adding further pressure to already stretched domestic supplies.

 

What is the likely impact?

Experts say importing more coal to make up for domestic shortages is not an
option at present.

 

"We have seen shortages in the past, but what's unprecedented this time is
coal is really expensive now," said Dr Aurodeep Nandi, India Economist and
Vice President at Nomura.

 

"If I am [as a company] importing expensive coal, I will raise my prices,
right? Businesses at the end of the day pass on these costs to consumers, so
there is an inflationary impact - both direct and indirect that could
potentially come from this," he added.

 

If the crisis continues, a surge in the cost of electricity will be felt by
consumers. Retail inflation is already high as everything from oil to food
has become more expensive.

 

Vivek Jain, Director at India Ratings Research described the situation as
"precarious".

 

In recent years, India's production has lagged as the country tried to
reduce its dependence on coal to meet climate targets.

 

India's Power Minister RK Singh, in an interview with The Indian Express
newspaper, said the situation is "touch and go" and that the country should
brace itself for the next five to six months.

 

A senior government official, on the condition of anonymity, confirmed to
the BBC that the situation is worrying.

 

If this persists, Asia's third largest economy will struggle to get back on
track, warns Ms Zohra Chatterji, the former Chief of Coal India Limited - a
state-run enterprise responsible for 80% of the country's coal supply.

 

"Electricity powers everything, so the entire manufacturing sector- cement,
steel, construction - everything gets impacted once there is a coal
shortage."

 

She calls the current situation a "wake-up call for India" and says the time
has come to reduce its over-dependence on coal and more aggressively pursue
a renewable energy strategy.

 

What can the government do?

The question of how India can achieve a balance between meeting demand for
electricity from its almost 1.4bn people and the desire to cut its reliance
on heavily polluting coal burning power plants has been a major challenge
for the government in recent years.

 

The vast scale of the problem makes a short-term solution unlikely,
according to Dr Nandi.

 

"It's just the sheer scale of things. A huge chunk of our energy comes from
thermal [coal]. I don't think we've reached that stage yet where we have an
effective substitute for thermal. So yes, it's a wake-up call, but I don't
think the centrality of coal in our energy needs is set to be to be replaced
anytime soon, he said.

 

Experts advocate a mix of coal and clean sources of energy as a possible
long-term solution.

 

Why India can't live without coal

"It's not completely possible to transition and it's never a good strategy
to transition 100% to renewables without a backup. You only transition if
you have that backup available because then you're exposing a lot of
manufacturing to many risks associated with the environment", Mr Jain said.

 

Long term investment in multiple power sources aside, former bureaucrats
like Ms Chatterji say a crisis like the current one can be averted- with
better planning.

 

She feels there is need for closer coordination between Coal India Limited -
the largest supplier of coal in the country and other stakeholders.

 

>From ensuring smooth last-mile delivery to demanding more accountability
from power companies in India, Ms Chatterji adds, "power producers must
stockpile coal reserves, they must have a certain quantity at all times.

 

But in the past we have seen that has not happened, because maintaining such
an inventory comes at a financial cost."

 

What could happen next?

It is unclear how long the current situation will last, but Dr Nandi is
cautiously optimistic.

 

He says "with the monsoon on its way out and winter approaching, the demand
for power usually falls.

 

So, the mismatch between demand and supply may iron out to some extent".

 

Vivek Jain adds, "This is a global phenomenon, one not specifically
restricted to India. If gas prices dip today, there could be a switch back
to gas. It's a dynamic situation".

 

For now, the Indian government has said it is working with state-run
enterprises to ramp up production and mining to reduce the gap between
supply and demand.

 

The government is also hoping to source coal from so-called "captive" mines.
Captive mines are operations that produce coal or minerals solely for the
company that owns them and under normal conditions are not allowed to sell
what they produce to other businesses.

 

The overwhelming verdict from experts is that short-term fixes may help to
get India through the current energy crunch but the country needs to work
towards long-term alternatives to ensure its growing domestic power needs
are met.

 

As India works to climb out of one of the worst recessions among the world's
major economies the country will aim to avoid any further hurdles.-BBC

 

 

Climate change: Tracking China's steel addiction in one city

Wuzhou, in southern China, is a living example of the country's dependence
on its "build, build, build" mantra to boost development. It was one of many
contributors to China's record output of a staggering one billion tonnes of
steel last year.

 

But increasingly, cities like this are having to grapple with China's
climate change goals and the big question: will it cut emissions quickly
enough?

 

"No, it (the development) won't stop."

 

The grandpa, playing cards with two friends in his blue shirt, was adamant.
I was standing next to him in a corner of a recently constructed but mostly
empty shopping mall. "Ten years ago... this was just barren mountains and
ridges. It's developed so well."

 

The 68-year-old insisted that the environment and water were all good.
"Everything is nice, especially the people. Everyone is happy."

 

As we talked, his grandson played with a few friends in the centre of the
mall. With red Communist Party scarves tied around their necks, they were
building walls with multi-coloured foam blocks. The "build" mantra is in
their blood.

 

"My dad's job is building houses," one shouted out. "He drives a crane to
lift things up, so other construction workers can have the materials to
build houses."

 

In the post-Covid economic freeze, Beijing did what it usually does: spend
big on infrastructure and building to heat up the economy. Steel is an
integral part of that and also a major industry in Wuzhou, which has
generated lots of new jobs - as well as a lot of pollution.

 

China has the highest carbon emissions in the world and steel is its second
most polluting industry after coal.

 

Steel has underpinned China's rise.

 

The vast industry that now dominates the global steel trade created a huge
number of jobs for workers who produce the rods that hold up millions of
buildings and bridges, as well as the chassis and sheets that make millions
of cars.

 

More on climate summit top strapline

The COP26 global climate summit in Glasgow in November is seen as crucial if
climate change is to be brought under control. Almost 200 countries are
being asked for their plans to cut emissions, and it could lead to major
changes to our everyday lives.

 

In many ways, the rise of steel can be directly linked to increasing
modernisation, urbanisation and the rising aspirations of China's
population.

 

Wuzhou is a small city - by China's standards - with a population of around
three million.

 

The BBC asked several steel companies if we could have access to their
facilities and interview senior staff in Wuzhou, but they all refused.

 

However, you can see the construction everywhere. You see the clusters of
cranes. You hear the trucks. All of it evidence of a country that's still
shifting its people to the cities.

 

But amid mounting pressure on climate targets, like many other cities it is
trying to slow down.

 

Last month Wuzhou authorities ordered six steel mills to reduce production,
to try to hit energy consumption and emissions targets. Workers we spoke to
near one plant confirmed they were temporarily on reduced working hours.

 

It's a snapshot though, not the whole picture.

 

China is expected to keep increasing its demand for coal until 2026. It's
expected to increase its carbon emissions annually until 2030.

 

After that, it has committed to reducing emissions gradually for another 39
years until 2060, by which time it aims to go net-zero on carbon emissions.

 

In fact The Carbon Brief, a respected climate science website, said that
companies in China's two largest carbon-emitting sectors - power and iron
and steel - "have continued to announce new investments in coal-based
capacity, pointing to a continued mismatch with the country's emissions
goals".

 

Climate change is one of the world's most pressing problems. Governments
must promise more ambitious cuts in warming gases if we are to prevent
greater global temperature rises.



The summit in Glashow is where change could happen. You need to watch for
the promises made by the world's biggest polluters, like the US and China,
and whether poorer countries are getting the support they need.

All our lives will change. Decisions made here could impact our jobs, how we
heat our homes, what we eat and how we travel.

 

Analysis from the Centre for Research on Energy and Clean Air seen by the
BBC indicates that "a total of 18 new blast furnace projects... and 43 new
coal-fired power plant units were announced."

 

And even Wuzhou might be trying to ease off the relentless construction but
it doesn't look like a city that's slowing down.

 

Many of its residents like first-time home buyer Zhong Xin, 19, also see no
need to slow down.

 

"They are building a lot of apartments here but also they will grow green
plants," she says, adding that "if they don't build buildings there the land
will be wasted and the green landscape won't look good".

 

Home for her is an apartment that sits on the 13th floor of a tower block
that was completed a few years ago. She and her boyfriend saved and borrowed
from a bank to buy the place together.

 

As we chatted on her balcony, with her ginger kitten at my feet, I asked her
what she knew about climate change and how China's pollution compared to the
rest of the world.

 

"I'm quite busy at work so I don't really follow it. Sorry," she said.

 

She is indeed busy. She has two jobs and a mortgage, living what China's
leader Xi Jinping has called the "China dream" - the ruling Communist
Party's ambition of a rapidly modernised nation and a 'moderately prosperous
society.

 

But now it's under pressure to make that dream a much cleaner one.

 

Mr Zhong, who works as a real estate agent, is another person who doesn't
see any need for China to slow down because of what he views as "wild
accusations" from the US.

 

Timing is the key issue. China will slow down, he said, when it's ready.

 

"I think the US is not friendly to China. What we are doing is no-one else's
business. I suppose we should just ignore the wild accusations from the US
and focus on developing ourselves, right?"

 

But he is also a realist. China's "build, build, build" attitude could be a
problem for him and his trade.

 

"The whole industry is very sluggish," he told me. "Because most of Wuzhou's
people are leaving the city and the younger generation don't really want
babies, right? So the need for homes is not that big anymore."

 

Construction does often mean emptiness in China, with overcapacity an issue
in many of its cities where many tower blocks and shops stand without any
residents.

 

China has often built because it's often the simplest way to spur on the
economy. But it's also driven by the fact that tax from land sales has long
been the established way to raise money for local governments.

 

President Biden's climate envoy John Kerry has been to China twice in recent
months to try to hammer out an agreement between the world's two biggest
economies, on measures to cut carbon emissions.

 

He told me and a handful of others that China "can do more".

 

It doesn't have to do what the US is doing, he said, but it should be
"sufficient to your own capacities". In short, he thinks China has to reduce
its reliance on coal, increase its energy mix and cut its carbon emissions
faster. Otherwise, it could wipe out the efforts of numerous smaller
nations.

 

What China finally decides to do about emissions will be a balance between
its domestic demands and its growing global obligations.

 

Climate specialist Shu Wang, from global consultants firm ICF, put it like
this: "In my conversations with some local governments they are quite
concerned about how to achieve the requirements of the (central) government
on carbon emission reduction, while also realising the original economic
growth, because they are facing quite big pressure to maintain GDP growth
every year."

 

As we drove from an area of steel mills back into Wuzhou city centre I saw
an incongruously beautiful poster on a brick apartment block - a massive
copy of the Mona Lisa.

 

The "build, build, build" mantra might not have made China more beautiful,
but the people who talked to us were clear: it has made this country
"better".

 

The Communist Party leaders now have to work out how to keep this powerhouse
economy growing, and stick to their promise of creating a richer country,
while also having to fast-track making it greener.-BBC

 

 

 

Labour shortage a human disaster for pig farms - NFU

Pig farmers are facing a "human disaster" due to a shortage of abattoir
workers, the National Farmer's Union has said.

 

Farmers are already having to destroy healthy pigs due to a backlog on
farms, the union said.

 

Time is running out for the UK pig sector, the National Pig Association
(NPA) warned.

 

But a government minister said businesses should pay higher wages and invest
in skills.

 

'Pigs in blankets' shortage

The industry blames the shortage of people to slaughter pigs in abattoirs on
factors including Covid and Brexit.

 

The chronic labour shortage has led to an estimated backlog of 85,000 pigs
on farms, with an extra 15,000 being added per week, according to NPA
figures.

 

The industry association warned on Thursday that "empty retail shelves and
product shortages are becoming increasingly commonplace and Christmas
specialities, such as pigs in blankets are already under threat".

 

"The knock-on effect of the staff shortages is having a devastating effect
on the country's pig farmers," the NPA said.

 

"We are already seeing producers up and down the country getting out of pigs
or cutting down on numbers because they cannot sustain these losses any
longer," NPA chief executive Zoe Davies said.

 

"Without immediate government intervention, more producers will be pushed
over the edge."

 

"Sadly we are expecting a serious contraction of the UK pig industry," she
added, saying mainly smaller independent farmers were affected.

 

Around 600 pigs have already been killed to deal with overcrowding, and a
mass cull is the next stage, the industry association has said.

 

'Livelihoods at risk'

Speaking on BBC Question Time, National Farmers Union president Minette
Batters said the UK is the "first country in the world facing a cull of
healthy livestock".

 

She said pigs were having to be destroyed using either a bolt gun or lethal
injection, and added: "As far as I'm concerned this is the start and it has
to be resolved.

 

"This is livelihoods and this is people's businesses.

 

"This has been a human disaster for those pig farmers who are absolutely
distraught."

 

She said that the government must address labour shortages unless we "don't
want a pig industry in this country" which she argued would mean "we will
import pig meat that is produced to lower standards."

 

Ms Batters said Environment Secretary George Eustice and Cabinet Office
minister Stephen Barclay were doing "everything" they can, but said she had
not been able to see Home Secretary Priti Patel to discuss more migrant
visas to address shortages.

 

But Education Secretary Nadhim Zahawi said the government was working with
the industry to find sustainable solutions and that issuing temporary visas
was "not enough".

 

He also said shortages were happening elsewhere in the world.

 

Mr Zahawi added that Prime Minister Boris Johnson was "right" to challenge
businesses to pay higher wages and invest in skills.

 

But a top vet said on Wednesday that Mr Johnson was not taking the prospect
of a national pig cull seriously.-BBC

 

 

 

IMF chief Georgieva's lawyer claims data probe violated World Bank staff
rules

(Reuters) - Lawyers who investigated World Bank data-rigging allegations
against IMF Managing Director Kristalina Georgieva violated World Bank staff
rules by failing to notify her that she was a subject of the probe and by
not allowing her to respond to its findings, Georgieva's attorney said.

 

In a letter to the International Monetary Fund Executive Board released on
Thursday, Covington & Burling attorney Lanny Breuer asked directors to
consider "fundamental procedural and substantive errors" with the
investigation report by WilmerHale, a law firm hired by the World Bank's
board to investigate data irregularities in the lender's flagship "Doing
Business" rankings of country business climates.

 

The WilmerHale report alleged that while Georgieva was World Bank CEO in
2017, she applied "undue pressure" on World Bank staff to make data changes
that boosted China's ranking at a time when the bank was seeking Beijing's
support for a major capital increase. Georgieva has denied the allegations.

 

The new claims from Breuer, a former U.S. Justice Department official and
special counsel to former President Bill Clinton during his 1999 impeachment
trial, come as Georgieva tries to persuade the IMF board to support her.

 

The board interviewed both Georgieva and WilmerHale this week and will
deliberate again on the matter on Friday. read more

 

Georgieva on Wednesday called the accusations that she pressured staff to
make inappropriate data changes "outrageous and untrue" and said some of her
statements were taken out of context by WilmerHale. She publicly released
her lengthy statement to the board on Thursday.

 

"Ms Georgieva has never been notified that she is a subject of the
investigation, or been given an opportunity, as guaranteed by Staff Rule
3.00 to review and respond to the report's findings," wrote Breuer, her
attorney.

 

The rule covers the World Bank Office of Ethics and Business Conduct
procedures.

 

The WilmerHale report said the initial part of its investigation focused on
board officials pursuant to the Code of Conduct for Board Officials, a
different set of rules than the staff rule referenced by Breuer.

 

"We conducted our investigation following all applicable World Bank rules,"
the WilmerHale firm said in an emailed statement. "Dr. Georgieva was
notified that our report would be presented to the World Bank Board, and
that the World Bank could disclose any information she provided."

 

According to a July email from WilmerHale to Georgieva reviewed by Reuters,
a WilmerHale partner said the firm was conducting its review into Doing
Business data irregularities and staff misconduct authorized by and pursuant
to World Bank Staff Rule 3.00. As World Bank CEO in 2017, Georgieva would
have been considered a member of staff, not a board official.

 

"You are not a subject of our review," the email to Georgieva asking her to
speak with investigators read. "Instead, we are reaching out to you because
we believe you may have information that could be helpful to our review."

 

The World Bank's General Counsel's office said that the investigation into
the Doing Business 2018 and 2020 reports "was conducted in full compliance
with World Bank rules."

 

The Thomson Reuters Trust Principles.

 

 

 

Asian shares steady as Chinese markets return, US yields gain

(Reuters) - Asian shares held onto gains on Friday, and were set to snap a
four week streak of weekly losses as Chinese markets came back a bit more
positive after a long holiday, encouraged by a survey showing services
sector activity improving.

 

In the bond market, the U.S. Senate's approval legislation to temporarily
raise the federal government's debt limit sparked a sell-off which saw U.S.
Treasuries benchmark yields rise to their highest since June ahead of key
jobs data.

 

Japan's Nikkei index (.N225) advanced 1.8%, and MSCI's broadest index of
Asia-Pacific shares outside Japan (.MIAPJ0000PUS) traded either side of
flat, last up 0.03%, but set to gain 0.6% on the week, its best week in a
month thanks to gains on Thursday.

 

U.S. 500 S&P futures were flat and pan-region Euro Stoxx 50 futures shed
0.1%, also suggesting yesterday's global rally is petering out.

 

The Asian benchmark was supported by advances in Chinese blue chips
(.CSI300) which rose 1.07% as trading resumed after the week-long National
Day holiday. The improved sentiment partly stemmed from a private-sector
survey that showed China's services sector activity returned to growth in
September. read more

 

Over the past three months, Chinese shares have been battered by regulatory
changes, turmoil in the property sector, and more recently a power crunch,
but some investors are now starting to see a buying opportunity.

 

"The debate on China is shifting a bit away from being very negative. People
are asking 'Is there a way beyond the regulatory uncertainty? How much of
this is reflected in prices?'," said Herald van der Linde, Asia Pacific head
of equity strategy at HSBC.

 

"We're neutral, we tell people not to be too negative because valuations are
low."

 

However, bonds and shares issued by Chinese property firms slumped on Friday
with no sign in sight of a resolution to cash-strapped China Evergrande
Group's (3333.HK) debt problems which is affecting sentiment in the broader
sector. read more

 

Elsewhere, Australian shares (.AXJO) rose 0.84%, helped by mining stocks
amid surging commodities prices, but Hong Kong (.HSI) fell 0.26%.

 

Also supporting risk sentiment was the U.S. Senate's approval of legislation
to temporarily raise the federal government's debt limit and avoid the risk
of a historic default. read more

 

This sparked a sell off in U.S. government bonds, and 10-year U.S. Treasury
yields rose to as high as 1.5940% in early Asian trade, their highest since
mid June when they touched the same level. They were last at 1.5925%.

 

Traders are also waiting for U.S. payroll data for September due out later
in the global day. They expect employment figures that are near consensus
will lead the Federal Reserve to indicate at its November meeting when it
will begin tapering its massive stimulus program.

 

CBA analysts said it was possible the jobs data could surprise on the
downside, but "we think it would take a larger miss than we are anticipating
to stop the [Federal Reserve] from announcing a taper in November."

 

They said a strong payrolls print would support the U.S. dollar because it
would signal an imminent taper.

 

While traders waited for those figures, the dollar index, which measures the
greenback against a basket of its peers, was little changed at 94.278, not
too far from a 12-month high of 94.504 hit in late September,

 

It gained slightly against the yen, buying 111.87 yen.

 

Oil prices continued to be volatile, gaining on signs some industries have
begun switching fuel from high-priced gas to oil and on doubts the U.S.
government would release oil from its strategic reserves for now.

 

Brent crude rose 1.2% to $82.94 a barrel, heading back towards a three-year
high of $83.47 touched earlier in the week, while U.S. crude gained 1.39% to
$79.38 a barrel approaching its seven-year high of $79.78 also touched this
week.

 

The Thomson Reuters Trust Principles.

 

 

Japan wholesale inflation likely hit 13-year high in Sept on rising
commodity costs

(Reuters) - Japan's wholesale prices likely hit a 13-year high in September,
buoyed by lofty commodity prices, while firms' machinery orders are expected
to have risen for the second straight month in August, a Reuters poll showed
on Friday.

 

The corporate goods price index (CGPI), which tracks the prices companies
charge one another for their goods, likely rose 5.9% in September from a
year ago, according to a poll of 17 economists. That would be its highest
annual price gain since September 2008. The index grew 5.5% year-on-year in
August.

 

On a monthly basis, Japan's wholesale prices likely grew 0.3% in September
after being flat the previous month, the poll showed.

 

"Commodity inflation will affect prices of petroleum products, chemical,
steel and other metals, which results in a higher growth" in wholesale
inflation, said Shunpei Fujita, an economist at Mitsubishi UFJ Research and
Consulting.

 

 

"But as the growth in commodity prices slows, corporate goods inflation in
Japan will gradually cool down."

 

Commodity prices have rallied recently amid energy supply worries, stoking
concerns about global inflation. But with Japan's main inflation gauge still
well below target at 0.0% in August, the Bank of Japan is expected to stick
to massive monetary stimulus for the foreseeable future read more .

 

The Bank of Japan will release the CGPI data on Tuesday at 8:50 a.m. (Monday
at 2350 GMT).

 

On Wednesday, the government is due to release core machinery orders data.

 

Core machinery orders are expected to have risen 1.7% in August from the
previous month, according to the Reuters poll, after 0.9% growth in July.

 

Orders likely rose amid solid capital expenditure among companies preparing
for a reopening of the economy after the government lifted state of
emergency curbs at the end of September.

 

Japan's economic recovery has been led by robust demand for its exports,
offsetting the weakness in COVID-hit consumption. But the manufacturing
sector is now facing renewed pressure from supply chain disruptions.

 

Industrial output fell for the second straight month in August as COVID-19
outbreaks elsewhere in Asia shut factories and made it harder for carmakers,
already grappling with a global chip shortage, to source parts. read more

 

The Thomson Reuters Trust Principles.

 

 

Chinese property bonds, shares slump as Evergrande angst spreads

(Reuters) - Bonds and shares issued by Chinese developers slumped on Friday
as onshore markets returned from a week-long holiday with few clues as to
how regulators propose to contain the contagion from cash-strapped China
Evergrande Group's debt problems.

 

Evergrande (3333.HK), whose shares remain suspended since it requested a
trading halt on Monday pending a major transaction announcement, is facing
one of the country's largest defaults as it wrestles with more than $300
billion of debt.

 

The company last month missed coupon payments on two dollar bond tranches
and faces three more early next week totalling nearly $150 million. The
possible collapse of one of China's biggest borrowers has triggered worries
about contagion risks to the property sector in the world's second-largest
economy, as its debt-laden peers are hit with rating downgrades on looming
defaults.

 

That uncertainty battered bonds issued by property firms such as Kaisa Group
(1638.HK), Central China Real Estate (0832.HK) and Greenland (600606.SS)
over China's National Day break.

 

On Friday, onshore bonds caught up to the selling. The Shanghai Stock
Exchange suspended trading of two bonds issued by smaller developer Fantasia
Group China Co, with one dropping more than 50%, after controlling
shareholder Fantasia Holdings Group (1777.HK) missed the deadline on a $206
million international market debt payment on Monday.

 

"Typically, a default by a small firm will be viewed as idiosyncratic.
However, given tight liquidity for many Chinese developers now, market
participants are questioning if this may be a precursor for voluntary
defaults by other developers with healthy short-term liquidity positions,
but large unsustainable longer-term debt," Chang Wei Liang, Credit & FX
Strategist at DBS Bank, said in a note.

 

In a statement on Thursday evening, Fantasia Group said its operations were
normal and it was maintaining close contact with investors. It also said it
was "actively promoting debt service protection measures."

 

Onshore bonds of Xiamen Yuzhou Grand Future Real Estate Development, Yango
Group (000671.SZ) and Guangzhou R&F Properties (2777.HK) also slumped on
Friday.

 

China Aoyuan Group (3883.HK) on Friday said in a statement that it had
deposited funds for the payment of an onshore bond maturing Oct. 12, after
another of its onshore bonds dropped more than 7.5% in morning trade.

 

Worries around Evergrande contagion also hit mainland share prices, pulling
an index tracking the property sector (.CSI000952) down 1.75% in afternoon
trade, against a rise of around 1% for blue-chip shares (.CSI300)

 

In Hong Kong, the Hang Seng Property and Construction index (.HSCIPC) fell
more than 0.6%, versus a 0.1% drop for the broader Hang Seng index (.HSI).

 

Bloomberg reported on Thursday that some dollar bondholders were invited by
advisers to a call on Friday 0630 EST (1030 GMT) to discuss strategy and how
to broaden the group.

 

Furthermore, Evergrande dollar-bond trustee Citi has hired law firm Mayer
Brown as counsel, according to a source familiar with the matter. Citi and
Mayer Brown declined to comment.

 

A group of bondholders previously selected investment bank Moelis & Co and
law firm Kirkland & Ellis as advisers on a potential restructuring of a
tranche of bonds, two sources close to the matter said in September. read
more

 

Chinese regulators have not made any comments specifically on Evergrande
during the week-long holiday from Oct. 1, although the central bank last
Wednesday urged financial institutions to co-operate with relevant
departments and local governments to maintain the "stable and healthy"
development of the property market and safeguard housing consumers'
interests.

 

In a commentary late on Thursday, the state-backed Global Times said that
authorities' adherence to debt caps known as the "three red lines" indicated
that "China has its own set of priorities and maintains the focus on
deflating the real estate bubble and reducing risks."

 

Investors have been waiting to hear from the company after it requested a
halt in the trading of its shares in Hong Kong on Monday pending an
announcement about a major transaction. Evergrande Property Services Group
(6666.HK), a spin-off listed last year, also requested a halt and said it
referred to "a possible general offer for shares of the company."

 

While a sale of assets would temporarily ease concerns around Evergrande's
cash flows, analysts also reckon the indebtedness of Evergrande and some
other Chinese property firms is too large to be resolved quickly.

 

An index of China high-yield debt (.MERACYC), which is dominated by
developer issuers, has been sliding through the week and on Friday morning
hit its lowest level in more than five years. It could soon see spreads at
their widest on record.

 

The Thomson Reuters Trust Principles.

 

 

 

Britain's Asda to expand rapid delivery service

(Reuters) - British supermarket group Asda will extend a rapid online
service for delivery within one hour to 96 stores after a trial exceeded
expectations, it said on Friday.

 

Asda, which trails market leader Tesco (TSCO.L) and Sainsbury's (SBRY.L) in
annual sales, had launched the "Express Delivery" service with a four-store
trial in June. read more

 

Rapid delivery is the latest frontier in the battle for grocery shoppers'
cash.

 

A raft of new firms, including Weezy, Getir, Dija and Gorillas, are offering
deliveries within 15 minutes of ordering, prompting traditional supermarket
groups to rethink their business models. read more

 

Tesco said on Wednesday it had expanded its "Whoosh" service to 60 shops.

 

Asda's service allows customers to order up to 70 grocery products from a
range of over 30,000 for delivery within one hour if they live within a
three-mile radius of a store.

 

Delivery slots cost 8.50 pounds ($11.6) with no minimum spend requirement.

 

"We are rolling out our Express Delivery service to almost 100 stores after
a trial showed there was a clear gap in the market for a speedy delivery
service offering our full online product range for delivery within one
hour," said Simon Gregg, Asda’s vice president of online grocery.

 

Asda, owned by the Issa brothers and private equity firm TDR Capital, also
recently extended its rapid delivery partnership with Uber Eats to over 300
stores.

 

($1 = 0.7354 pounds)

 

The Thomson Reuters Trust Principles.

 

 

Dollar edges higher as jobs data eyed for Fed policy clues

(Reuters) - The dollar edged higher versus major peers on Friday but within
a narrow range as traders awaited clues on the pace of Federal Reserve
policy normalization from a monthly payrolls report.

 

The U.S. Dollar Currency Index , which measures the greenback against a
basket of six peers, rose 0.1% to 94.278, keeping within sight of last
week's one-year peak of 94.504.

 

The dollar gained 0.26% to 111.91 yen , and touched 111.93, the highest
level this month, helped by higher Treasury yields, with the benchmark
10-year note hitting 1.6010% for the first time since June 4.

 

The euro consolidated around $1.1550, after dipping on Wednesday to a
14-month low of $1.1529.

 

The Federal Reserve has said it is likely to begin reducing its monthly bond
purchases as soon as November and follow up with interest rate increases
potentially next year, as the U.S. central bank's turn from pandemic crisis
policies gains momentum. read more

 

Friday's non-farm payrolls data is expected to show continued improvement in
the labour market, with a consensus forecast for 500,000 jobs added in
September, although estimates ranged from 250,000 to 700,000, a Reuters poll
showed.

 

Following the September Federal Open Market Committee meeting, Chair Jerome
Powell said the upcoming payrolls report need not be "a knock-out, great,
super-strong" report to keep policy makers on track toward tapering, but it
would need to be "reasonably good".

 

Powell's comment "should make markets more tolerant of a downside surprise
in particular, and the balance of risks favours a positive USD reaction" to
the jobs data, Adam Cole, the chief currency strategist at RBC Capital
Markets, wrote in a research note.

 

Meanwhile, the Australian dollar slipped back 0.22% to $0.7297, following a
0.55% surge on Thursday. It earlier touched $0.7324 for a second day
running, the strongest level since Sept. 16.

 

The Aussie has made "a decent go at breaking higher," but the test will be
whether it can stay about $0.7315 following several failed attempts this
year, Rodrigo Catril, senior FX strategist at National Australia Bank in
Sydney, wrote in a client note.

 

Sterling slipped 0.1% to $1.3600, holding on to most of a 0.26% gain from
Thursday, when new Bank of England Chief Economist Huw Pill said inflation
pressures were proving stickier than initially thought, reinforcing
expectations for a rate hike by February. read more

 

The Canadian dollar was little changed at C$1.25515 per greenback after
earlier strengthening to a one-month peak of C$1.2534 on the back of rising
oil prices.

 

The Thomson Reuters Trust Principles.

 

 

U.S. job growth seen picking up after Delta setback

(Reuters) - U.S. job growth likely accelerated in September as the summer
wave of COVID-19 infections began to subside, fueling demand for
high-contact services like dining out, and positioning the Federal Reserve
to start scaling back its monthly bond buying.

 

The Labor Department's closely watched employment report on Friday would
also suggest that an apparent sharp slowdown in economic activity in the
third quarter was probably temporary. Still, the labor market and broader
economy remain constrained by worker and raw material shortages, wrought by
the pandemic.

 

"With COVID clearly on a downward path again, I think the jobs report should
be pretty good," said James Knightley, chief international economist at ING
in New York. "But there are still clearly strains in the job market, in that
the labor supply story remains very constrained."

 

According to a Reuters survey of economists, nonfarm payrolls likely surged
by 500,000 jobs last month, which would leave the level of employment about
4.8 million jobs below its peak in February 2020.

 

Estimates range from as high as 700,000 jobs to as low as 250,000. The
economy added 235,000 jobs in August, the fewest in seven months, with
hiring in the leisure and hospitality industry stalling. Apart from the
Delta variant, a seasonal quirk was also a drag, and economists expect
August payrolls will be revised higher in keeping with the trend in past
years.

 

COVID-19 infections are decreasing in the United States, with 100,815 new
infections reported on average each day, according to Reuters analysis of
data from state and local governments, as well as health authorities.

 

September's employment report is the only one available before the Fed's
Nov. 2-3 policy meeting. The U.S. central bank signaled last month that it
could start tapering its monthly bond buying as soon as November.

 

Fed Chair Jerome Powell told reporters that "it would take a reasonably good
employment report" to meet the central bank's threshold for reducing its
massive bond buying program.

 

Economists expect that criteria will be met in the September report, which
is also expected to show the unemployment rate falling to 5.1% from 5.2% in
August.

 

The likelihood of a taper was bolstered by the U.S. Senate taking a step on
Thursday to raise the Treasury Department's borrowing authority until
December. read more

 

"Virtually any payroll gain in excess of August's 235,000 increase would
check this particular box for the Fed," said Lou Crandall, chief economist
at Wrightson ICAP in New York.

 

SPEED BUMP

 

Labor market indicators were mixed in September. The ADP National employment
report on Wednesday showed stronger-than-expected private payrolls growth
last month. The number of people on state unemployment rolls decreased
between mid-August and mid-September.

 

But a survey from the Conference Board last week showed consumers' views of
current labor market conditions softened. While the Institute for Supply
Management's measure of manufacturing employment rebounded last month, its
measure of services industry employment slipped.

 

The economy hit a speed bump in the third quarter in part because of the
summer flare up in coronavirus cases, an ebb in the flow of pandemic relief
money from the government and scarce raw materials, which have hammered
motor vehicle sales.

 

The Atlanta Fed estimates that gross domestic product growth braked to a
1.3% annualized rate in the July-September quarter. The economy grew at a
6.7% pace in the second quarter.

 

The leisure and hospitality sector likely led the anticipated pick up in
hiring last month, reflecting a rebound in payrolls at restaurants and bars,
which fell by 42,000 jobs in August. A rebound in hiring at retailers is
expected as businesses gear up for the holiday season.

 

Manufacturing employment probably slowed, likely constrained by input
shortages, especially semiconductors. General Motors (GM.N) and Ford Motor
Co (F.N) announced production cuts at some plants in September as they
manage their chip supply.

 

Government payrolls likely rebounded as schools fully reopened for in-person
learning. There is cautious optimism that the return to classrooms boosted
the share of women in the labor force.

 

Economists will also be watching the proportion of the work age population
in the labor force for signs whether worker shortages were starting to ease.

 

Federal government-funded benefits expired in early September, affecting
more than 6 million people. The expanded benefits, which offered
unemployment checks to people who did not qualify for the regular state
jobless benefits, were blamed by businesses and Republicans for the worker
shortage.

 

There were a record 10.9 million job openings as of the end of July. But
many unemployed appeared to have stashed away some of the money from the
government, and are therefore in no hurry to start looking for jobs.

 

The labor force participation rate, or the proportion of working-age
Americans who have a job or are looking for one, has barely budged even as
about 25 states led by Republican governors terminated the expanded benefits
this summer.

 

Some economists say a significant portion of people who dropped out of the
labor force have retired, thanks to a strong stock market and record house
price gains, which boosted household wealth. Self employment has also
increased.

 

"The current labor shortage will ease considerably this fall, especially
following the expiration of federal benefits programs in September, but we
still project an over one million hit to the labor force from early retirees
and other labor force exits at end-2022," said Joseph Briggs, an economist
at Goldman Sachs in New York.

 

The Thomson Reuters Trust Principles.

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

National Unity Day

 

December 22

 


 

Christmas Day

 

December 25

 


 

Boxing Day

 

December 26

 


 

Public Holiday in lieu of Boxing Day falling on a Sunday

 

December 27

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

 

 


Starafrica

Fidelity

Turnall

 


Medtech

Zimre

Nampak Zimbabwe

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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