Major International Business Headlines Brief::: 21 October 2021

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Major International Business Headlines Brief::: 21 October 2021

 


 

 


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

 


 

 


ü  Evergrande shares fall 14% as trading resumes in Hong Kong

ü  UK agrees free trade deal with New Zealand

ü  Government borrowing falls in September

ü  Morocco bans UK flights due to Covid cases rising

ü  TotalEnergies accused of downplaying climate risks

ü  Canada's inflation rate hits a fresh 18-year high

ü  Evergrande $2.6bn property unit deal collapses

ü  Inflation: Rise in cost of living slows in September

ü  People won't have to pay more to go green, says Kwarteng

ü  Tesla says new factories will need time to ramp up, posts record revenue

ü  Bitcoin edges off all-time high but momentum for more gains this year
seen intact

ü  Truck maker Volvo profit beats forecast, but chip woes linger

ü  U.S. company results in industrial, materials sectors could shed light on
inflation woes

ü  Risk currencies' rally hits speed bump, yen rebounds

ü  Barclays Q3 profit doubles amid global deal frenzy

ü  Unilever warns of even higher inflation next year

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Evergrande shares fall 14% as trading resumes in Hong Kong

Evergrande shares fell as much as 14% on Thursday in Hong Kong as they
resumed trading after a 17-day halt.

 

The hugely indebted Chinese property giant had stopped its shares from
trading ahead of an announcement.

 

Reports said real estate firm Hopson Development was set to buy a 51% stake
in its property services unit.

 

On Wednesday, Evergrande said the $2.6bn (£1.88bn) deal had fallen through
as they were unable to agree on the deals terms.

 

The crisis at Evergrande has triggered fears that its potential collapse
could send shockwaves through global markets.

 

Investors have concerns about its more than $300bn of debt. The company's
total liabilities are equal to around 2% of China's gross domestic product.

 

Hopson Development is another Chinese property firm that is owed money by
Evergrande and some analysts thought this potential deal was a way for
Evergrande to write off its debt.

 

Hopson said on Wednesday that Evergrande told it the deal had been
terminated on 13 October and that it was now exploring other options
available to protect its interest.

 

'No guarantees debts will be paid'

The crisis over Evergrande began last year when Beijing, worried by
sprawling debt in the real estate sector, brought in new rules to control
the amount owed by big developers.

 

The firm hit an initial stumbling block back then to meet the interest
payments on its debts. Now, things have gone from bad to worse.

 

Its share price has tumbled and its bonds have been downgraded by global
credit ratings agencies.

 

Evergrande's chairman and founder Hui Ka Yan says its plan is to try to
secure extensions for its debts and "other alternative arrangements" with
its creditors.

 

But, he added, "there is no guarantee that the group will be able to meet
its financial obligations".

 

In recent weeks, the indebted property giant has reportedly missed interest
payments to overseas investors twice.

 

On Thursday it had been granted a three-month extension on another of its
debts after agreeing to provide extra collateral, according to research firm
REDD.

 

When China's state-owned media reported that the Evergrande-Hopson deal was
expected, many investors thought it was a done thing. But after waiting for
the announcement for over two weeks, it collapsed.

 

Its property services unit is a crown jewel for the company, and some
analysts think Evergrande probably didn't want to sell it without
controlling the proceeds of the sale.

 

But the time is ticking for the company to default. Saturday signals the end
of its one month grace period to pay creditors the interest on its debt.

 

Other developers Sinic and Fantasia have already defaulted earlier this
month.

 

So the big question on investors' mind is: what's next?

 

Some think Beijing will step in to force Evergrande to sell assets more
quickly while the firm restructures and investors - especially outside of
China - may end up losing money.

 

Its shares have already lost more than 80% of their value this year.

 

China's property developers are believed to owe more than $5tn all up. It's
a huge debt for the world's second biggest economy, which is already
battling other headaches like the energy crisis and soaring raw material
costs.-BBC

 

 

UK agrees free trade deal with New Zealand

The UK has agreed a free trade deal with New Zealand which it says will
benefit consumers and businesses.

 

Prime Minister Boris Johnson said the deal will cut costs for exporters and
open up New Zealand's job market to UK professionals.

 

The government hopes it is a step towards joining a trade club with the
likes of Canada and Japan.

 

The New Zealand deal itself is unlikely to boost UK growth, according to the
government's own estimates.

 

Overall, only a tiny proportion of UK trade is done with New Zealand, less
than 0.2%.

 

Labour and the National Farmers Union (NFU) said the deal could hurt UK
farmers and lower food standards.

 

 

But International Trade Secretary Anne-Marie Trevelyan said it "affords
opportunities in both directions for great sharing of produce" and British
farmers should not be worried.

 

UK 'cut climate pledges' to clinch Australia trade deal

Mr Johnson and New Zealand's Prime Minister, Jacinda Ardern, agreed the pact
in a video call on Wednesday after 16 months of negotiations.

 

Tariffs will be removed on UK goods including clothing, ships and
bulldozers, and on New Zealand goods including wine, honey and kiwi fruits.

 

Professionals such as lawyers and architects will be able to work in New
Zealand more easily, the government said.

 

Step to bigger trade deal?

However, the deal is not likely to increase UK economic growth - or GDP -
according to the UK government's own assessments. New Zealand will fare
slightly better as it may be able to sell more lamb to the UK.

 

But, like the trade deal recently struck with Australia, the UK hopes this
is a step towards joining the Comprehensive and Progressive Agreement for
Trans-Pacific Partnership (CPTPP) - a trade bloc that includes Australasia,
Canada, Mexico and Japan among others.

 

The UK already has deals with many of the members, rolled over from when it
was in the EU. But CPTPP membership would give it more access in terms of
services and digital trade.

 

In a video of the deal being struck, Mr Johnson said: "We've scrummed down,
we've packed tight, and together we've got the ball over the line and we
have a deal. And I think it's a great deal."

 

Ms Ardern said: "I loved your use of rugby metaphors, but if we were going
to continue that on, then naturally it would conclude with the All Blacks
winning.

 

"And I know that New Zealand feels that way with this free trade agreement,
but actually, it's good for both of us, as it happens."

 

'Nothing for farmers'

The NFU said the deal, like the one with Australia, could have a "huge
downside", especially for UK dairy and meat farmers.

 

Its president, Minette Batters, said the Australia and New Zealand deals
mean "we will be opening our doors to significant extra volumes of imported
food - whether or not produced to our own high standards - while securing
almost nothing in return for UK farmers".

 

"The fact is that UK farm businesses face significantly higher costs of
production than farmers in New Zealand and Australia, and it's worth
remembering that margins are already tight here due to ongoing labour
shortages and rising costs on farm," she said.

 

"The government is now asking British farmers to go toe-to-toe with some of
the most export-orientated farmers in the world, without the serious,
long-term and properly funded investment in UK agriculture that can enable
us to do so.

 

Emily Thornberry, shadow trade secretary, said the government's own figures
showed the deal would "cut employment in our farming communities, produce
zero additional growth, and generate just £112m in additional exports for UK
firms compared to pre-pandemic levels".

 

She added that the only winners were "the mega-corporations who run New
Zealand's meat and dairy farms".

 

"As our economy recovers from the pandemic, we need trade deals that will
boost jobs and growth, open up big new markets for UK exporters, and support
our objectives to buy, make and sell more in Britain. This trade deal with
New Zealand fails on every count," she said.

 

The international trade secretary said British farmers should not be
concerned about increased lamb imports because the lambing seasons were
different in the UK and New Zealand.

 

Anne-Marie Trevelyan said: "I'm very comfortable it's a complimentary -
because of the seasons
 consumers will have more choice."

 

She said trade with New Zealand was currently worth £2.3bn a year but had
the potential to increase by up to 30% by 2030.

 

A bottle of New Zealand Sauvignon Blanc could cost 20p less as a result of
this trade deal and other products like Manuka honey and kiwi fruits could
also cost less.

 

In terms of overall trade, even by the UK government's own analysis a tariff
free trade deal will make no difference at all to the country's GDP - the
total value of the goods and services the UK produces.

 

Overall the trade between the two countries is less than 0.2% of the UK
total and in fact in 2018 New Zealand ranked as only our 53rd biggest
trading partner.

 

So why does this deal matter?

 

The UK signed its first big post-Brexit deal with Japan last year and in
June it also signed a draft agreement for a trade deal with Australia.

 

Both countries, as well as New Zealand, are members of the Comprehensive and
Progressive Agreement for Trans-Pacific Partnership or CPTPP.

 

The combined GDP for the 11 nations that form the CPTPP in 2020 was £8.4trn
- one of the key reasons given by the UK government when it formally applied
earlier this year.

 

This deal is the first agreed during the tenure of Britain's new Secretary
of State for International Trade, Anne-Marie Trevelyan, who took over from
Liz Truss last month.

 

She believes that by getting this deal done the UK's application to the
CPTPP will be looked upon more favourably.

 

That being said, the trade deal the UK really wants is with the US.

 

But with the recent change in administration in the White House that seems
further away.-BBC

 

 

 

Government borrowing falls in September

Government borrowing fell in September compared with a year earlier as the
economy continued to recover from coronavirus lockdowns.

 

Borrowing - the difference between spending and tax income - stood at
£21.8bn, which was £7bn less than in September 2020.

 

But the figure was still the second-highest for September since monthly
records began in 1993.

 

Borrowing hit record levels during the pandemic.

 

The government spent billions of pounds on emergency measures to protect
wages, such as the furlough scheme, which wrapped up last month.

 

As a result, government debt has been pushed up to more than £2.2 trillion
at the end of September this year - about 95.5% of the UK's gross domestic
product (GDP), and the highest level recorded since the early 1960s.

 

The Office for National Statistics (ONS) estimates that the government has
borrowed a total of £108.1bn so far in the current financial year.

 

As well as higher spending on Covid measures, the government has collected
less in tax receipts during the pandemic, having given some badly-affected
firms tax holidays from VAT, for example.

 

As a result of a lower income from taxes and higher spending, the ONS now
estimates that in the 2020-21 financial year the government borrowed
£319.9bn. That amounted to 14.9% of GDP, the highest rate seen since the end
of World War Two.

 

'No giveaways'

The monthly borrowing figure for September was lower than economists had
expected.

 

Chancellor Rishi Sunak is due to deliver a new Budget and growth forecasts
on 27 October, as well as new multi-year spending limits for individual
government departments.

 

However, Paul Dales, chief UK economist at Capital Economics, said that
while the picture had improved for the government ahead of next week's
Budget, he did not expect a "major fiscal giveaway".

 

"Borrowing has fallen much more quickly than almost everyone expected," he
said.

 

"That said, the rumours are that the chancellor will still keep a very tight
grip on the public finances in next Wednesday's Budget to try and bring down
borrowing even quicker and build a fiscal war chest to deploy ahead of the
2024 election."

 

In response to the latest official figures, the chancellor said that
although debt levels have risen, "our recovery is well underway - with more
employees on payrolls than ever before and the fastest forecast growth in
the G7 this year".

 

"At the Budget and Spending Review next week, I will set out how we will
continue to support public services, businesses and jobs while keeping our
public finances fit for the future."

 

Prof David Miles, a former member of the Bank of England's Monetary Policy
Committee and professor of financial economics at Imperial College, warned
that there could be "a long struggle ahead" for the chancellor.

 

He told the BBC's Today programme: "The debt came down very rapidly after
the end of the Napoleonic wars, the First World War, the Second World War.

 

"All those people who had been in the army and the other armed forces came
back into employment, tax revenue went up, the government was spending less
on armaments - that's not going to happen now, so I think it is considerably
more difficult to bring down the stock of debt to GDP than it was in the
aftermath of those earlier wars."

 

In recent years, the government has been able to borrow easily at very low
interest rates, which makes its debt more affordable.

 

But rising inflation means that the Bank of England may increase interest
rates soon, in an attempt to ensure the cost of living does not increase too
quickly.

 

The Bank's governor, Andrew Bailey, warned on Sunday that it "will have to
act" over rising inflation soon.

 

Although he did not give any indication as to when it might increase rates
from the current record low of 0.1%, investors are expecting rates to be
raised later this year or early in 2022.-BBC

 

 

 

Morocco bans UK flights due to Covid cases rising

Morocco has banned flights to and from the UK due to the coronavirus
pandemic.

 

Several UK airlines and holiday companies have been told by the Moroccan
government that flights will be suspended from 23:59 BST on Wednesday until
further notice.

 

Flights between Morocco and Germany and the Netherlands have also been
suspended.

 

The BBC has contacted the Moroccan embassy and tourism office, as well as
the UK Foreign Office for comment.

 

Latest figures from the European Centre for Disease Prevention and Control
said that Morocco's weekly rate of reported coronavirus cases on 14 October
stood at 10.4 per 100,000 people, compared with 445.5 per 100,000 people in
the UK.

 

On Tuesday, the UK reported 43,738 new Covid-19 infections, with new cases
above 40,000 for seven days in a row. The number of patients in hospital
rose by 10% in a week to 7,749 on Monday.

 

 

Another 223 deaths were recorded, the largest number since March, although
daily figures are often higher on Tuesdays.

 

The UK government updated its advice on travel to Morocco to state that the
Moroccan government has suspended direct flights between the UK and Morocco
for an unspecified period of time.

 

UK passengers are not banned from travelling from the country, but must
travel via a third country to do so.

 

The advice states that UK travellers will need to provide proof that they
have been fully vaccinated for at least two weeks or a negative PCR test
taken no more than 48 hours before boarding.

 

They will also be asked to present a Public Health Passenger form to the
Moroccan authorities on arrival.

 

Airline cancellations

EasyJet has said that it was told this morning. It has cancelled its
outbound flights from the UK, Germany and Netherlands to Morocco until 30
November.

 

The airline had two flights operating from Manchester and Gatwick to
Marrakech, which it will operate as "ferry flights" for return customers due
to travel back to the UK today.

 

It said that, ahead of receiving further guidance from the Moroccan
government, it intends to fly inbound flights in the coming days as
repatriation flight options.

 

"We are contacting all customers whose flights are cancelled with their
options, which include a free of charge transfer, receiving a voucher or a
refund," an EasyJet statement said.

 

British Airways has cancelled a flight from Heathrow to the same
destination, meanwhile holiday operator Tui confirmed it had also been
contacted by the Moroccan government.

 

Tui said: "We are contacting customers in departure date order to discuss
their options, which include amending to another destination or a full
refund. We would like to thank our customers for their patience and
understanding during this time."

 

The tour operator said it currently has about 2,000 UK travellers in
Morocco, but hasnot yet confirmed whether it will need to bring these
passengers back early.

 

The flight ban will affect families in England and Wales who booked
half-term holidays in Morocco for next week.

 

Morocco's National Office of Airports said the policy will remain in place
"until further notice".

 

The UK's Foreign Office has updated its advice on travel to Morocco to
include the latest development.

 

It says that passengers returning to the UK from Morocco should contact
their airline or tour operator to arrange an alternative route via a third
country, such as Spain or France, where flights are operating as normal.

 

'I don't feel confident travelling abroad'

Alison Sedgewick is currently on holiday in Agadir, off the south-western
coast of Morocco, with her husband and son.

 

On Thursday, they were due to return from their first holiday in the two and
a half years since her son was born.

 

"You couldn't write it
 the one week we've chosen to go away and they've
closed the borders while we're here," she said.

 

However, Ms Sedgewick added she felt hopeful that because she booked a
package holiday with Tui, things would get sorted out swiftly. She said she
received a "holding message" from the tour operator, telling her she will
hear more information within 24 hours.

 

"I'm hoping it'll be a bit sooner than that because the bus to the airport
is supposed to be picking us at half six tomorrow evening," she added.

 

While she joked that her main concern is ensuring she doesn't run out of
nappies for her son, Ms Sedgewick said she did feel put off the idea of
travelling during the upcoming winter months.

 

"We debated doing a city break in November or December but I don't feel
confident travelling abroad over winter because things like this might
become more common," she said.

 

'Not very encouraging'

Meanwhile, Peter Mercer, the owner of the Dar Zaman boutique hotel in
Marrakech, said that several guests were "rushing around" and attempting to
return to the UK on Wednesday before the ban came into place.

 

"It's going to have a major impact, not just from the UK but also the
flights from Germany and the Netherlands," he said.

 

"It's not very encouraging because we're suddenly back to where we were in
March 2020. In terms of our business model, it is worrying. People perhaps
will lose faith in travel because restrictions can be imposed with little
notice."

 

While Mr Mercer said that he agrees with the Moroccan government's actions
to reduce the spread of coronavirus, he hopes any restrictions on travel
will be short-term.-BBC

 

 

TotalEnergies accused of downplaying climate risks

French oil company TotalEnergies knew at least 50 years ago about a link
between burning fossil fuels and global warming, researchers have said.

 

An article from 1971 in the company's magazine, Total Information, mentioned
partial melting of ice caps, researchers found.

 

It also predicted the rise of carbon dioxide in the atmosphere.

 

The company denied it had concealed climate risk and added that since 2015
it had focussed on renewable energy

 

The research, which follows similar studies about US oil giant ExxonMobil
and Royal Dutch, was carried out by three historians and published on
Wednesday in the peer-reviewed journal Global Environment Change.

 

The researchers said the 1971 Total article warned that burning fossil fuels
since the 19th Century had increased the concentration of carbon dioxide in
the atmosphere, and this would continue if fuels were burned at the same
pace.

 

"It is not impossible, according to some, to foresee at least a partial
melting of the polar ice caps, which would certainly result in significant
sea level rise. The catastrophic consequences are easy to imagine," the
Total Information article said.

 

Despite this, by the late 1980s Total "began promoting doubt regarding the
scientific basis for global warming", moving from "denial to delay," the
researchers said.

 

The company "ultimately settled on a position in the late 1990s of publicly
accepting climate science while promoting policy delay or policies
peripheral to fossil fuel control."

 

'Pointing the finger'

In 2021 Total rebranded as TotalEnergies.

 

The oil giant said its knowledge of climate risk was "no different to that
published in the scientific journals of the time, which the scientific study
published today fully confirms".

 

"It is therefore wrong to claim that the climate risk was concealed by
Total," the statement said.

 

"TotalEnergies deplores the process of pointing the finger at a situation
from 50 years ago, without highlighting the efforts, changes, progress and
investments made since then," the firm added.  

 

It also said that since 2015, it is transforming its operations profoundly
towards renewable energy.

 

However, environmental campaigners from climate change campaign group,
350.org disputed this and accused the company of greenwashing.

 

They have called for banks to cut ties the company and have argued it should
be held accountable for what they said was stolen time.

 

Clémence Dubois from 350.org told the BBC's World Service that Total "didn't
just know about climate change, they implemented a strategy of fabricating
doubt around the climate emergency through lobbying".

 

"They prevented any form of regulation of their activities and the biggest
problem is that they have been continuing to develop fossil fuels on a
massive scale", she continued.

 

"It's a rogue industry and this is why we are organising to hold them
accountable," she added.

 

Dan Lunt, professor of climate science at the University of Bristol, told
the BBC that the research "doesn't surprise" him.

 

"There are several oil companies that have been using results from climate
models to actually aid their oil exploration at the same time as ignoring
the future predictions from the same models - and that's been happening for
decades," he said.

 

"The only way we can achieve the targets that are going to save the most
vulnerable people is to stop the burning of fossil fuels and that has to
start happening immediately," Professor Lunt said.

 

"The changes TotalEnergies say they are making are not nearly enough
compared to what is needed to achieve our target of 1.5 degrees, enshrined
in the Paris agreement," he added.

 

Professor Andy Shepherd, director of the Centre for Polar Observation &
Modelling, said the evidence is "pretty clear cut".

 

"Total can claim they weren't aware of the dangers, but few people will
believe that."

 

"In fact the article was remarkably prescient, predicting CO2 levels of
concentration in the atmosphere would surpass 400 parts per million by 2010
which was spot on," he added.

 

"Indeed they were among the first to raise awareness of the impacts on ice
melting, and in a different world they might take credit for this," he
added.

 

The UK has committed to reduce its greenhouse-gas emissions to net zero by
2050.

 

As part of this promise, the government has a target to cut emissions by 78%
by 2035, compared with 1990 levels.

 

In June, a group of experts that advises the government said Boris Johnson
had credible policies in place to deliver only about a fifth of this
cut.-BBC

 

 

 

Canada's inflation rate hits a fresh 18-year high

Consumer prices in Canada rose at their fastest rate in 18 years in
September, as the country continued to grapple with global supply chain
issues.

 

The annual inflation rate hit 4.4%, up from 4.1% in August, its highest
level since February 2003.

 

The costs of transport, housing and food all jumped, the country's official
statistics agency said.

 

Canada's central bank, which meets next week to decide whether to raise
interest rates, is watching the trend.

 

Like many countries, Canada has seen inflation - the rate at which consumer
prices rise - heat up since its economy reopened after coronavirus
lockdowns.

 

A combination of surging consumer demand, global supply chain issues,
product shortages, and rising oil prices are driving up the cost of living
from pandemic-era lows.

 

According to Statistics Canada, gasoline was the biggest inflation driver
last month, with prices at the pump up by 32.8% compared with September
2020.

 

Food prices have also gone up 3.9% in the past year, with the price of meat
up by 9.5%. Meanwhile the cost of housing climbed by 4.8%.

 

Last week the governor of the Bank of Canada said supply chain bottlenecks
meant inflation would take longer to come down than previously expected.

 

Speaking after an IMF meeting with other central bankers, Tiff Macklem said:
"There was certainly a strong consensus these issues warrant continued
attention and they are going to take some time to work through.

 

"What this all means, in all our countries, is that inflation - measures of
inflation - are probably going to take a little longer to come back down."

 

The Bank of Canada slashed the country's baseline interest rate 0.25% last
year to support the economy, cutting the cost of borrowing for consumers and
businesses.

 

Raising interest rates is one way of controlling inflation, but analysts do
not expect Canada to make this move yet.

 

"The Bank of Canada has been pretty adamant that they think this current
inflationary surge is transitory," said Andrew Kelvin, chief Canada
strategist at TD Securities.

 

"I don't think [September's data] will change their mind."-BBC

 

 

Evergrande $2.6bn property unit deal collapses

A deal to sell a $2.6bn stake in the world's most indebted property firm to
a rival company has fallen through.

 

Chinese property giant Evergrande Group suspended its shares on 4 October
ahead of "an announcement containing inside information about a major
transaction".

 

It was reported that real estate firm Hopson Development was set to buy a
51% stake in its property services unit.

 

Both companies halted trading for more than two weeks, but will now resume
on Thursday after the agreement collapsed.

 

The crisis at Evergrande has triggered fears that its potential collapse
could send shockwaves through global markets.

 

Investors have concerns about its more than $300bn (£222bn) of debt.

 

 

The firm's shares have fallen by almost 80% since the start of this year.
The company's total liabilities are equal to around 2% of China's gross
domestic product.

 

What is Evergrande and is it too big to fail?

Evergrande shares halted as 'major' update awaited

The parties said in separate filings to the Hong Kong Stock Exchange that
they were unable to agree on the terms of the deal.

 

Hopson Development said that Evergrande told it the deal had been terminated
on 13 October.

 

Hopson added: "The company is exploring the options available to it for the
protection of its legitimate interests in relation to the agreement."

 

'No guarantees debts will be paid'

In a stock market statement, Evergrande Group chairman and founder Hui Ka
Yan said the company would "use its best effort to negotiate for the renewal
or extension of its borrowings or other alternative arrangements with its
creditors", following the deal's collapse.

 

"There is no guarantee that the group will be able to meet its financial
obligations under the relevant financing documents and other contracts," he
added.

 

"If the group is unable to meet its guarantee obligation or to repay any
debt when due or agree with its creditors on renewal or extension of its
borrowings or alternative arrangements, it would have a material adverse
effect on the group's business, prospects, financial condition and results
of operations."

 

In recent weeks Evergrande has struggled to make payments to investors in
its bonds and wealth management products.

 

The indebted property giant reportedly missed interest payments to overseas
investors twice in September.

 

The company has been taking steps to raise money owed to customers,
investors and suppliers. It has previously said it was selling a $1.5bn
stake it owned in a commercial bank.-BBC

 

 

 

Inflation: Rise in cost of living slows in September

Price rises dipped slightly in September as the economy continued to reopen,
according to official figures.

 

The increase in the cost of living, as measured by the Consumer Prices
Index, fell to 3.1% in the year to September, down from 3.2% in August.

 

Higher prices for transport were the biggest contributor to price rises.

 

It comes after the Bank of England warned it "will have to act" over rising
inflation, suggesting interest rates may rise soon.

 

The inflation rate fell back slightly last month, partly due to lower prices
in the hospitality sector.

 

Prices in restaurants and cafes rose less this summer than the last, when
the government's Eat Out to Help Out Scheme was running,the Office for
National Statistics said.

 

Inflation

Under the scheme, diners got a state-backed 50% discount on meals up to £10
each on Mondays, Tuesdays and Wednesdays.

 

Mike Hardie, head of prices at the ONS, said: "However, this was partially
offset by most other categories, including price rises for furniture and
household goods and food prices falling more slowly than this time last
year.

 

"The costs of goods produced by factories rose again, with metals and
machinery showing a notable price rise. Road freight costs for UK businesses
also continued to rise across the summer."

 

What is inflation?

Simply put, inflation is the rate at which prices are rising - if the cost
of a £1 jar of jam rises by 5p, then jam inflation is 5%.

 

It applies to services too, like having your nails done or getting your car
valeted.

 

You may not notice low levels of inflation from month to month, but in the
long term, these price rises can have a big impact on how much you can buy
with your money.

 

Why are prices rising?

Although price rises edged lower in September, the increase of 3.1% remains
far above the Bank of England's target of 2%.

 

Last month, transport costs made the biggest contribution to price
increases.

 

Average petrol prices stood at 134.9 pence a litre, compared with 113.3
pence a litre in September of 2020, when travel was reduced under travel
restrictions.

 

Inflation contributors by sector chart

The ONS added that the September 2021 price for fuel was the highest
recorded since September 2013.

 

A rise in used car prices, which were 2.9% higher in September than in
August, also contributed to higher transport costs.

 

Other factors such as demand for oil and gas rising around the world have
pushed up the price of energy.

 

Meanwhile, there are shortages and bottlenecks affecting the availability of
some important goods like computer chips, which are also increasing costs
for businesses.

 

Suren Thiru, head of economics at the British Chambers of Commerce, said
that further price increases were expected in the coming months "with the
increase in the energy price cap, partial reversal of the VAT reductions for
hospitality and tourism and persistent supply chain disruption".

 

He warned that rising inflation could disrupt UK's economic recovery by
squeezing people's spending power and companies' profit margins.

 

Everyone is affected by rising costs, but if you're on a low income or don't
have savings to fall back on, you're more likely to feel the impact.

 

And if your pay isn't going up in line with price rises, you may notice a
fall in the "real value" of your wages - what you earn buys less.

 

"We're just starting to notice the pinch a little bit," Ruth Holroyd told
BBC Breakfast. She usually takes on the task of doing the family's weekly
shop.

 

"I've noticed that the prices are higher for the overall shop, but where
prices stay the same for things like grapes and strawberries that come in a
punnet, the punnets have shrunk, so you don't get as much."

 

She is mostly worried about the impact of rising energy bills. She was
previously a People's Energy customer, but the firm ceased trading earlier
in September, collapsing because of rising gas prices.

 

Ruth expects that the family's energy bill will double from £120 to £250 per
month.

 

Is inflation a cause for concern?

A bit of inflation is considered to be a good thing. If prices were falling,
then people might delay buying non-essential items in the hope of getting
them cheaper.

 

But if prices rise too quickly, it's seen as a sign that the economy is
running into difficulties.

 

Business Secretary Kwasi Kwarteng told BBC Breakfast on Wednesday that price
rises were a "a real cause of some concern", adding that the government
wanted inflation rates to be lower.

 

He suggested that price increases were partially due to higher demand as the
economy reopens.

 

"When you see quite strong economic growth, there is always the danger you
will have inflation. Now the critical question is, how long is that
inflation going to last for?" he said.

 

He added that he had recently spoken with the governor of the Bank of
England and that it was "hopeful" price rises would be contained.

 

Referring to the new figures out on Wednesday, Liz Martins, senior economist
at HSBC, told the BBC's Today programme: "We can't stand down our concerns
about inflation just because this number was a bit lower than expected.

 

"Since September, there's been a big rise in natural gas prices, a rise in
petrol prices and global oil prices and from the Bank of England's point of
view, we've also seen more people start to get worried about inflation."

 

She warned that the economy was not "out of the woods yet".

 

What can the Bank of England do to target inflation?

Bank of England governor Andrew Bailey warned on Sunday that the Bank of
England "will have to act" over rising inflation.

 

The Bank has already said UK inflation is set to exceed 4% before falling
back as the economy recovers from Covid.

 

The UK's central bank can raise interest rates in a bid to tackle inflation
if prices are rising quickly. In principle, it means that when borrowing
costs rises, such as when mortgages become more expensive, people spend less
and prices are driven down.

 

Investors are expecting interest rates to be raised later this year or early
in 2022, in an effort to bring inflation back down to the Bank's2% target.

 

However, he gave no suggestion of when the Bank might increase rates from
the current record low of 0.1%.

 

The governor said that rising energy bills could push inflation higher for
longer than previously thought.

 

The slight easing of inflation in September comes more as a temporary
respite in the surging cost of living than a sign that it's over.

 

Last month's figures compared August with a year before, when prices in
restaurants and hotels were artificially low because of the government's Eat
out to Help Out scheme. This month's figures, by contrast, compare prices
now with where they were in September 2020, when the scheme was no longer
operating.

 

The average rise in the cost of living of 3.1% masked sharp price rises in
items such as air fares, up 9.7%, or carpets, up 9.6%.

 

And there are signs of further inflationary pressure coming down the line,
with manufacturers paying 11.4% more for raw materials and prices of goods
leaving the factory gate up 6.7% - the biggest rise in a decade.

 

An interest rate rise by the end of the year, with rates continuing to rise
in the new year, still looks more likely than not.-BBC

 

 

 

People won't have to pay more to go green, says Kwarteng

The business secretary has denied that individuals will bear the cost of
changing to greener ways of living.

 

Kwasi Kwarteng said it was "not true" to say that the move to more
environmentally friendly transport and energy production would "cost us".

 

The government plans to reduce greenhouse gas emissions to reach a target of
net zero by 2050.

 

The Treasury has hinted tax rises may be necessary as revenues from fossil
fuel-related activity dry up.

 

Achieving net zero means the UK will no longer be adding to the total amount
of greenhouse gases in the atmosphere. Without action on climate change, the
world faces a hotter planet, rising sea levels and extreme weather.

 

The Treasury said hitting the target would put pressure on public spending,
but added "the biggest impact" came from "the erosion of tax revenues from
fossil fuel-related activity".

 

 

Last year, £37bn was raised through fuel duty and vehicle excise duty, but
is believed the transition to electric vehicles could create a temporary tax
vacuum by the 2040s, meaning new revenue-raising measures would be needed.

 

A net-zero report by the Treasury said future governments "may need to
consider changes to existing taxes and new sources of revenue" rather than
relying on higher borrowing.

 

It also warned policies to support the adoption of electric vehicles "may
disproportionately benefit" richer people, with those on lower incomes
potentially bearing the brunt of increased costs.

 

"As higher income households drive more and are likely to adopt EVs
[electric vehicles] earlier, the costs and benefits of EV adoption are
likely to fall on higher income households first," the Treasury report said.

 

"Conversely, any changes to the cost of running an internal combustion
engine vehicle will fall disproportionately on lower-income households, so
there could be a trade-off in some instances."

 

Asked on the BBC's Today programme if there was a danger that poorer people
could lead to "subsiding the green guilt of the rich", Mr Kwarteng replied:
"No, I don't accept that at all."

 

He added that the transition to electric vehicles was "successful and we
should be doing it more rapidly", but admitted there was still "range
anxiety" over how far such vehicles could travel.

 

Mr Kwarteng said up to £90bn by 2030 of private investment would help the
country to source more energy from renewables, with "evidence" for such
forecasts based on previous investments of £100bn being ploughed into
offshore wind farms since 2012.

 

"It's not a heroic assumption to say that by 2030, we would have attracted
an additional £90bn," he said.

 

As well as plans to encourage more people to drive electric cars, the
government is also going to offer subsidies of £5,000 from next April for
people to switch from gas boilers to low-carbon heat pumps.

 

Heat pumps extract warmth from the air, the ground or water - a bit like a
fridge operating in reverse - and are powered by electricity. An air-source
heat pump costs between £6,000 and £18,000, depending on the type installed
and the size of a property.

 

Although up to 25 million UK homes have gas boilers, the government's grants
will fund just 90,000 pumps over three years. Critics have said the plans do
not go far enough.

 

Mr Kwarteng added the cost of heat pumps could "come down" as more companies
began manufacturing them, which would see more people "adopt them".

 

"People will have seen that in their own lives. A few years ago with things
like iPhones, at the beginning they were very, very expensive. Of course,
the unit cost, as the private sector invests in producing these things,
comes down," he said.

 

The recently released iPhone 13 handset is currently priced at £779 on
Apple's website.

 

Mr Kwarteng admitted it was a "lot of money" to install a heat pump, adding:
"No-one is saying we are imposing heat pumps on anybody.

 

"What we are trying to do is encourage behaviour."

 

The government's net-zero plans come as global leaders prepare to meet in
Glasgow to negotiate how to curb climate change.-BBC

 

 

 

Tesla says new factories will need time to ramp up, posts record revenue

(Reuters) - Tesla Inc (TSLA.O) said on Wednesday its upcoming factories and
supply-chain headwinds would put pressure on its margins after it beat Wall
Street expectations for third-quarter revenue on the back of record
deliveries.

 

The world's most valuable automaker has weathered the pandemic and the
global supply-chain crisis better than rivals, posting record revenue for
the fifth consecutive quarter in the July-to-September period, fueled by a
production build-up at its Chinese factory.

 

But the company led by billionaire Elon Musk faces challenges growing
earnings in coming quarters due to supply chain disruptions and the time
required to ramp up production at new factories in Berlin and Texas.

 

"There's quite an execution journey ahead of us," Chief Financial Officer
Zachary Kirkhorn said, referring to the new factories.

 

Price fluctuations of raw materials such as nickel and aluminum had created
an "uncertain environment with respect to cost structure", he added.

 

Even so, he said Tesla was "quite a bit ahead" of its plan to increase
deliveries by 50% this year.

 

"Q4 production will depend heavily on availability of parts, but we are
driving for continued growth," he said.

 

Tesla shares, up about 23% this year, were down about 0.6% in extended trade
late on Wednesday.

 

Musk himself was not present on the quarterly earnings call for the first
time, a development that may have disappointed those investors keen to hear
the celebrity CEO's latest thoughts. read more

 

Third-quarter revenue rose to $13.76 billion from $8.77 billion a year
earlier, slightly beating analyst expectations according to IBES data from
Refinitiv.

 

Tesla's automotive gross margin, excluding environmental credits, rose to
28.8%, from 25.8% the previous quarter.

 

Tesla's overall average price fell as it sold more lower-priced Model 3 and
Model Y cars, but it raised prices in the United States.

 

The company posted robust sales in China, where its low-cost Shanghai
factory has surpassed the Tesla factory in Fremont, California, in terms of
production.

 

Tesla also said it intended to use lithium iron phosphate (LFP) battery
chemistry, which is cheaper than traditional batteries but offers lower
range, in entry-level models sold outside China. Analysts said this would
help keep costs down and address shortages.

 

It expected the first vehicles equipped with its own 4680, bigger battery
cells to be delivered early next year, although it did not say which model
would be fitted with them. Musk said in September last year that using its
own cells would let Tesla offer a $25,000 car in three years.

 

In the third quarter, Tesla posted $279 million in revenue from sales of
environmental credits, the lowest level in nearly two years. The company
sells its excess environmental credits to other automakers that are trying
to comply with regulations in California and elsewhere.

 

The Thomson Reuters Trust Principles.

 

 

Bitcoin edges off all-time high but momentum for more gains this year seen
intact

(Reuters) - Bitcoin fell slightly in Asian hours on Thursday, a day after
marking an all-time high on optimism around the launch of the first U.S.
bitcoin futures ETF.

 

The world's largest cryptocurrency was last down 1.3% at $65,184 after
hitting a record $67,016 on Wednesday, but still above a previous peak of
$64,895 seen in April.

 

"We think its going to go higher and we can get to 80 or 90,000 by the end
of this year easy, but that won't be without volatility," said Matt Dibb,
COO of Singapore-based Stack Funds.

 

In the past few days, he said, traders were starting to pay high rates to
borrow to buy bitcoin futures, "and that's a sign that we could be a bit
overextended, and there could be a pullback to come."

 

He added he anticipated traders would rotate out of bitcoin and into major
'altcoins' - other cryptocurrencies.

 

Ether , the world's second largest cryptocurrency, rose 1% to $4,203 and
there were also sharper gains in smaller tokens.

 

Market players say the latest wave of buying has been supported by the
launch of the first U.S. bitcoin futures-based exchange-traded fund (ETF)
with investors betting this will open a path to greater investment from both
retail and institutional investors.

 

Existing bitcoin exchange-traded funds and products have seen sharp inflows
since September.

 

Average weekly flows to bitcoin funds totalled $121.1 million in October, up
from $31.2 million a month earlier, data from London-based CryptoCompare
shows.

 

The three months prior to September had seen outflows following steep losses
for bitcoin in May and June.

 

The Thomson Reuters Trust Principles.

 

 

 

Truck maker Volvo profit beats forecast, but chip woes linger

(Reuters) - Sweden's AB Volvo (VOLVb.ST) beat third-quarter core earnings
expectations on Thursday, boosted by strong demand for its trucks even as
lingering chip shortages hampered production.

 

Shortages of components and freight capacity had resulted in production
disruptions and increased costs, Volvo said in a statement.

 

It also cautioned it expected further disruptions and stoppages, both in
truck production and in other parts of the group.

 

While recovering strongly, the group's sales and adjusted earnings remained
below pre-pandemic levels.

 

JP Morgan said Volvo had produced a "solid set of results," despite the
disruptions.

 

"Despite limited visibility in the supply chain and semi-conductor shortages
still impacting the industry in 2H21, we expect consensus expectations to
move slightly higher," the investment bank said in a note.

 

Volvo, which competes with Germany's Daimler (DAIGn.DE) and Traton
(8TRA.DE), said order intake of its trucks, including brands such as Mack
and Renault, fell 4% from a year earlier.

 

It forecast European heavy truck market registrations would rise to 280,000
trucks in 2021, and to 300,000 trucks next year.

 

It expects the U.S. market to reach 270,000 trucks this year, and 300,000
trucks in 2022.

 

Volvo had previously forecast registrations in both Europe and the United
States at 290,000 trucks this year.

 

Adjusted operating profit at the company, which also makes construction
equipment, buses and engines, rose to 9.40 billion Swedish crowns ($1.09
billion) from 7.22 billion a year earlier, beating the 8.87 billion expected
by analysts.

 

A global shortage of semiconductors has hit large swaths of the
manufacturing sector, not least the vehicles industry, and has prevented
Volvo from fully capitalising on robust demand.

 

Daimler Trucks said this month it would continue to sell fewer vehicles than
it could have in the coming year as chip shortages hamper production. read
more

 

($1 = 8.5917 Swedish crowns)

 

 

 

U.S. company results in industrial, materials sectors could shed light on
inflation woes

(Reuters) - Corporate results in the industrial and materials sectors could
offer a snapshot of how companies in a key swath of the U.S. economy are
dealing with surging inflation, supply chain bottlenecks and higher
commodity prices.

 

Companies in those sectors -- which include logistics and transportation
firms, major chemical makers and manufacturers and suppliers for the
aerospace, automotive and construction industries -- are expected to post
strong third-quarter results.

 

Their position in the global economy, however, gives many companies in the
industrial and materials sectors a window into the fallout from rising input
costs, supply chain snags and other issues that have bedeviled the United
States and other countries as economic reopenings spur a surge in demand.
read more

 

Signs that companies are continuing to raise costs or expect inflation and
logistics snafus to persist could bolster the view that the recent surge in
consumer prices will prove more sustainable than expected, despite
assurances from the Federal Reserve that the recent rise is likely
transitory. read more

 

 

Supply chain and inflation issues have rippled through companies in a broad
range of sectors, from tech companies to consumer product firms. read more

 

Many industrial and materials companies have already relayed the challenges
they face. Diversified manufacturer 3M (MMM.N) at an investor conference
last month pointed to inflation coming in higher than expected, with cost
pressures in resins, wood pulp and labor. Eaton Corp (ETN.N) last month
warned its third-quarter revenue would come in "slightly below" the low end
of its forecast largely due to the "inability to serve the demand that we're
getting."

 

Also last month, paint and coatings company Sherwin-Williams (SHW.N) lowered
its 2021 sales and earnings estimates citing "escalating raw material
availability challenges and inflation headwinds."

 

"Everyone is going to feel the pain at different rates," said Joshua
Aguilar, U.S. multi-industry analyst at Morningstar. "Your short-cycle
businesses are going to feel it first, but no one is immune. What you want
is ideally somebody who has the pricing lever to offset that."

 

 

Investors will learn more in the coming days as corporate reports arrive,
including Dow Inc (DOW.N) on Thursday, and 3M, General Electric (GE.N), and
Caterpillar (CAT.N) next week.

 

Industrial and materials were among the economically sensitive cyclical
stocks that had broadly benefited after breakthrough vaccine data last
November created optimism about the economy's ability to emerge from the
coronavirus pandemic.

 

Yet while energy (.SPNY) and financials (.SPSY) have continued to shine
among such economically sensitive groups, industrial and material shares
have been weighed down by worries over how fallout from higher prices and
supply chain issues will affect their bottom lines, investors said.

 

While the overall S&P 500 (.SPX) has gained 14% since the first quarter
ended, the S&P 500 industrials sector (.SPLRCI) has increased about 6%, and
the materials sector (.SPLRCM) has climbed roughly 8%.

 

"We know this quarter was hit by these margin issues, but are we going to
see this continue for the next two quarters, or is it a one-quarter event?"
said Walter Todd, chief investment officer with Greenwood Capital in South
Carolina. "That’s the real unknown at this point, and that will drive ...
how these stocks react."

 

Industrials make up 8% of the overall S&P 500 index while materials account
for 2.5%.

 

Some investors are betting companies in the sectors can see more upside,
especially if they can weather rising costs including with strong pricing
power for their products.

 

Ryan Cope, portfolio manager at American Century Investments, holds shares
of bearings maker Timken Co (TKR.N) in the small-cap value portfolio he
manages.

 

"Companies that have pricing power in their business models will really
start to show much better results than companies that do not," Cope said.

 

The Thomson Reuters Trust Principles.

 

 

 

Risk currencies' rally hits speed bump, yen rebounds

(Reuters) - Commodity currencies slipped from multimonth highs on Thursday
after their rally on strong raw material prices was sideswiped by sudden
selling against the yen, in what many traders described as inevitable
profit-taking after a long rally.

 

Traders saw no clear trigger for the move, though some traders mentioned
unsubstantiated speculation that cash-strapped China Evergrande (3333.HK)
could make an announcement soon as it battles with possibility of default.

 

The Chinese property giant abandoned plans to sell a $2.6 billion stake in
one of its key units on Wednesday. read more

 

The Australian dollar turned 0.2% lower against the dollar at $0.7501 after
reaching a 3 1/2-month high of $0.75465 earlier in the day.

 

Against the yen, the Aussie dropped 0.5% to 85.58 yen after hitting a near
four-year high of 86.25.

 

The New Zealand dollar, which had risen for the past 10 consecutive days
against the Japanese currency in its longest rising streak since 2014, also
dropped 0.3% to 82.04 yen .

 

The U.S. dollar slipped 0.2% versus the yen to 114.12 yen , veering off its
four-year peak of 114.695 hit on Wednesday.

 

"I expect a bit of correction in risk assets ahead of a lot of events coming
up in the next week, such as the Bank of Japan's (BOJ) policy meeting," said
Masaru Ishibashi, joint general manager of Sumitomo Mitsui Bank.

 

 

"Ahead of Japan's election (on Oct. 30), there are a lot of talks that a
cheaper yen is hurting the economy. BOJ Governor Haruhiko Kuroda will be
surely asked about it."

 

The BOJ will hold its policy meeting on Oct. 27-28.

 

European currencies were firmer, with the euro trading flat at $1.1664 ,
staying close to Tuesday's three-week peak of $1.1670.

 

Sterling dipped 0.1% to $1.3807 but was supported on firming perceptions the
Bank of England (BoE) will raise interest rates as soon as next month to
curb inflation, despite softer-than-expected UK price data on Wednesday.

 

Against the euro, sterling was near its highest levels since February 2020,
at 84.33 pence per euro .

 

"It's as if the BoE is stealing the spotlight from the Fed as it looks
likely to raise rates before the Fed," said Kyosuke Suzuki, president of
Financial algotech company at Ryobi Systems.

 

"What could be the game changer, though, is if the Fed is also jumping on
the bandwagon of global rate hikes much sooner than expected," he added.

 

The dollar's index was little changed at 93.612 , holding barely above
Tuesday's three-week low of 93.501.

 

It has declined 1.1% from a 15-month peak hit last week. Expectations that
the Fed could soon scale back pandemic-era stimulus has underpinned the
dollar over the past few months.

 

The Federal Reserve is widely expected to announce tapering of its bond
purchase at a policy meeting in early November, but it is expected to
distance itself from future rate hikes for now.

 

Money markets are pricing in one U.S. rate hike in 2022, after the Fed is
expected to have finished its tapering process in the middle of next year.

 

In cryptocurrencies, bitcoin slipped 1.3% to $65,145 , after having hit a
record high of $67,016 the previous day.

 

Ether climbed 0.5% to $4,183 , edging near its record peak of $4,380 hit in
May.

 

The Thomson Reuters Trust Principles.

 

 

 

Barclays Q3 profit doubles amid global deal frenzy

(Reuters) - Barclays (BARC.L) reported a doubling of third quarter profits,
beating market expectations, as it followed Wall Street rivals in reaping
bumper investment banking fees from a surge in advisory mandates and
equities trading.

 

The British bank on Thursday reported profit before tax of 2 billion pounds
($2.76 billion) for the July-September period, better than the 1.6 billion
pounds average of analysts' forecasts and twice the 1.1 billion pounds it
made in the same period a year ago.

 

Barclays' advisory and equities business had a record performance in the
first nine months of the year, the bank said, driving a return on equity for
the overall investment bank of 16.4% compared to 10.5% a year ago.

 

"While the CIB (investment bank) performance continues to be an area of
strength for the group, we are also seeing evidence of a consumer recovery
and the early signs of a more favourable rate environment," Barclays CEO Jes
Staley said.

 

 

The results were boosted by the bank releasing 622 million pounds in cash
set aside for bad debt charges that have yet to materialise, after
government support measures propped up businesses.

 

The provision release comes despite a turbulent period for the British
economy, with supply chain disruptions and fuel shortages that flared up in
September denting consumer and business confidence.

 

Barclays nonetheless upgraded its economic forecasts for the UK compared to
the previous quarter and said it expected the country’s GDP to hit
pre-pandemic levels by early 2022.

 

But the bank warned that uncertainty remained relatively high, with a
significant number of jobs at risk of redundancy in its key markets of the
UK and US as government support measures were withdrawn.

 

INVESTMENT BANK

 

Barclays is alone these days among British banks in competing with Wall
Street rivals on their home turf across the main investment banking
businesses of advisory, equities and fixed income.

 

That helped it cash in on the surge in M&A fees that helped U.S. peers such
as Goldman Sachs (GS.N) and Morgan Stanley (MS.N) smash earnings estimates
for the third quarter, as global merger volumes shattered all-time records.
read more

 

Barclays reported investment banking income from advising on deals rose to
971 million pounds in the third quarter from 610 million in the same period
a year ago, while equities income rose 10%.

 

The bank's fixed income, currencies and commodities (FICC) division,
however, saw income fall from 1 billion pounds in the third quarter a year
ago to 803 million pounds this year.

 

($1 = 0.7242 pounds)

 

The Thomson Reuters Trust Principles.

 

 

Unilever warns of even higher inflation next year

(Reuters) - Unilever (ULVR.L) warned inflation was likely to accelerate next
year, keeping the pressure on consumer goods companies as they hike prices
to try to offset surging energy and other costs.

 

The maker of Dove soap and Knorr soup beat third-quarter sales growth
forecasts on Thursday and kept its full-year profit margin guidance, defying
some analysts' fears of a cut.

 

However, finance chief Graeme Pitkethly saw little let up in inflationary
pressures, in a potential blow to central bankers who are hoping the current
spike in prices will be transitory.

 

"We expect inflation to be higher next year than this year," he said on a
media call.

 

 

Unilever said its underlying sales rose 2.5% in the three months ended Sept.
30, above the 2.2% forecast by analysts in a company supplied consensus.

 

Growth was helped by demand in the United States, India, China and Turkey,
while a 4.1% increase in prices more than offset a 1.5% decline in volumes.

 

Consumer goods companies face soaring prices of raw materials such as
energy, edible oils and packaging, as well as higher transport costs as
economies recover from the pandemic.

 

KitKat and Nescafe maker Nestle raised its full-year sales target on
Wednesday as it also hiked prices to cope with the extra costs. read more

 

But analysts say Unilever faces a tougher task as it makes about 60% of
turnover in emerging markets, where inflationary pressures are fiercest. In
July, the group cut its full-year operating margin forecast to "about flat"
from "slightly up."

 

The company said on Thursday that, despite cost inflation remaining at
"strongly elevated levels," it was sticking with that latest forecast.

 

Unilever's shares are down around 13% this year.

 

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.

 


 

 


(c) 2021 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
344 1674

 


 

 

 

 

 

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