Major International Business Headlines Brief::: 31 October 2021

[Bulls n Bears]

 <https://bullszimbabwe.com/> 

 


 

 <http://www.bullszimbabwe.com> Bullszimbabwe.com
<mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/> Bullish
Thoughts        <http://www.twitter.com/BullsBears2010> Twitter
<https://www.facebook.com/BullsBearsZimbabwe> Facebook
<http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn
<https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp
<mailto:info at bulls.co.zw?subject=Unsubscribe> Unsubscribe

 


 

 


Major International Business Headlines Brief::: 31 October 2021

 


 

 


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

 


 

 


ü  G20: World leaders agree to historic corporate tax deal

ü  Greta Thunberg: Activist calls on banks to stop funding climate
'destruction'

ü  Volvo shares accelerate on stock market debut

ü  Walkers crisp supplies disrupted after computer glitch

ü  Energy price cap to be reviewed as firms go bust

ü  American Airlines cancels 1,400 flights due to staff shortages, bad
weather

ü  UK businesses report stronger-than-average growth - CBI

ü  China's falling factory activity a sign of economic woes ahead

ü  U.S., EU end Trump-era tariff war over steel and aluminum

ü  China Oct official services PMI falls to 52.4 vs 53.2 in Sep

ü  Current, former Tesla board members cash in on stock rally

ü  J&J settles most Risperdal lawsuits, with $800 million in expenses

ü  Australia's Macquarie raises A$1.5 billion - sources

ü  Exxon posts strongest results since 2017, vows to resume share buybacks

ü  GameStop chief operating officer Owens leaves after 7 months

ü  Apple objects to links to outside payments ahead of Epic Games hearing

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

G20: World leaders agree to historic corporate tax deal

Leaders of the world's 20 major economies have approved a global agreement
that will see the profits of large businesses taxed at least 15%.

 

It follows concern that multinational companies are re-routing their profits
through low tax jurisdictions.

 

The pact was agreed by all the leaders attending the G20 summit in Rome.

 

Climate change and Covid are also on the agenda of the summit, which is the
leaders' first in-person gathering since the start of the pandemic.

 

The G20 group - made up of 19 countries and the European Union - is short by
two, however, with China's Xi Jinping and Russia's Vladimir Putin choosing
to appear via video link.

 

The tax deal, which was proposed by the US, is expected to be officially
adopted on Sunday, according to Reuters news agency, and will be enforced by
2023.

 

US Treasury Secretary Janet Yellen said the historic agreement was a
"critical moment" for the global economy and will "end the damaging race to
the bottom on corporate taxation".

 

She wrote on Twitter that US businesses and workers would benefit from the
deal even though many US-based mega-companies would have to pay more tax.

 

Here at the G20, leaders representing 80% of the world’s GDP – allies and
competitors alike – made clear their support for a strong global minimum
tax. This is more than just a tax deal – it’s diplomacy reshaping our global
economy and delivering for our people.

 

The G20 summit comes ahead of the much-anticipated COP26 summit on climate
change in Glasgow which begins on Monday. What happens at the G20 may set
the tone for COP26, with sharp divisions remaining between countries on
their commitments to tackling climate change.

 

Italy's Prime Minister Mario Draghi opened the two-day G20 summit with a
message of unification, telling world leaders that "going it alone is simply
not an option. We must do all we can to overcome our differences".

 

There are increasingly dire warnings from experts for the future if urgent
action is not taken to cut carbon emissions.

 

Speaking to the BBC, UK Prime Minister Boris Johnson described climate
change as "the biggest threat to humanity", saying it posed a "risk to
civilisation basically going backwards".

 

Simple guide to climate change

Why the COP26 climate summit is important

However, he acknowledged that neither the G20 meeting nor COP26 would halt
global warming, but could, if the right measures were taken, "restrict the
growth in the temperature of the planet".

 

According to Reuters news agency, a draft communiqué outlines a promise from
the G20 to work towards limiting the rise in temperatures to 1.5C (2.7F),
saying it "will require meaningful and effective actions by all countries".

 

The draft also notes the need for "developed countries to mobilise $100bn
(£73bn) annually from public and private sources through to 2025 to address
the needs of developing countries" so they can tackle climate change - a
promise richer countries have failed to keep since 2009, when it was
initially pledged.

 

A message to Iran

Separately, the leaders of the US, Germany, France and UK met to discuss
their "grave and growing concern" over Iran's nuclear activities. Iran is
not part of the G20 forum.

 

In a joint statement, the nations said that if Iran continued its nuclear
advances, that would jeopardise the possibility of it returning to the 2015
nuclear deal with the US and economic sanctions being lifted.

 

They urged Iranian president, Ebrahim Raisi to "change course
 to avoid a
dangerous escalation".

 

Iran nuclear crisis in 300 words

Former US President Donald Trump abandoned the deal in 2018, reinstating
harsh sanctions against Iran. Since then Iran has increased its nuclear
activities, violating much of the multi-national pact.

 

Talks with Tehran - which have been stalled for months - are due to restart
in November.

 

The last few years have seen many countries looking after number one. They
have made their own vaccines, they have put up trade barriers, they have put
economic growth ahead of fixing the climate crisis.

 

Mario Draghi's point is that this has to stop. The Italian PM is saying that
if G20 leaders want to curb global warming, end vaccine inequity, and sort
an economic recovery, they have to start thinking and acting more
multilaterally.

 

And that doesn't just mean coming to summits. It means - at times - putting
wider global interests above narrow national imperatives. That is a big ask
because it often involves challenging voters. So far not all world leaders
seem ready to do that.

 

There remain divisions over whether much wealthier nations are ready to cut
carbon emissions, give more Covid vaccines to developing countries, and
stabilise volatile energy prices.

 

The G20 summit will produce many words. But what will matter are its
actions, above all on climate change, for that will play a huge part in
determining whether the COP26 summit in Glasgow succeeds or fails.

 

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 Glasgow 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.-BBC

 

 

 

Greta Thunberg: Activist calls on banks to stop funding climate
'destruction'

Media caption,Climate change activist Greta Thunberg says it is "very
unclear" if she has been officially invited to the COP26 summit.

Greta Thunberg has called on banks to "stop funding our destruction", ahead
of the UN COP26 climate summit.

 

The teenage Swedish climate activist is in London to take part in protests
demanding the financial system stops funding fossil fuel projects.

 

She told the BBC's Andrew Marr that "change is possible" at the summit, if
pressure on politicians is maintained.

 

But she added she has not been "officially" invited to speak at the event in
Glasgow.

 

The demonstrations against investment in fossil fuel projects come as world
leaders gather in the Scottish city ahead of COP26's opening on Sunday.

 

The protest in London is part of a series taking place on Friday at
financial centres around the world, including New York, San Francisco and
Nairobi.

 

Campaigners are calling on banks not to lend money to companies and projects
that use fossil fuels such as coal, oil and natural gas.

 

The COP26 conference will see more than 200 countries asked to set out their
plans to cut greenhouse gas emissions by 2030.

 

The summit is seen as crucial if countries are to implement a pledge made in
2015 keep global warming "well below" 2C above pre-industrial levels.

 

As the host country, the UK is under pressure to get them to make ambitious
commitments to reduce the greenhouse gases they emit.

 

Ms Thunberg confirmed this week she will travel to Glasgow to join a
"climate strike" taking place during the summit.

 

But asked whether she had been asked to speak at the event, she replied: "I
don't know. It's very unclear. Not, like, officially."

 

In its official summit programme, the UK said it wanted to "elevate youth
voices" during a series of events arranged on one of the summit days
alongside the UN's official youth climate arm.

 

There will also be a discussion on the outcomes of September's Youth4Climate
summit in Milan, where Ms Thunberg delivered a speech in which she mocked
politicians' use of climate slogans.

 

The interview was recorded at the Natural History Museum, where the activist
examined a newly discovered species of beetle named after her in 2019.

 

The interview will be shown on Sunday's Andrew Marr Show on BBC One.

 

Matt Graveling, BBC News reporter

 

Today's protest had a sense of community, with young activists from
different countries converging on London ahead of COP26 and sharing their
message on a communal mic.

 

While today's protest was aimed at the banking industry's financial support
of companies who mine fossil fuels, it also offered the first chance for
different global movements to meet face-to-face, having previously only ever
communicated online.

 

Different groups told me that as young individuals they struggle to be
recognised, but are optimistic that by joining forces their voice will now
to be heard.

 

Elsewhere in her interview, Ms Thunberg said poorer countries most affected
by climate change should have a bigger presence at COP26.

 

She added it was "not fair" that some nations would send "lots and lots" of
delegates, while nations from the so-called Global South would be
"under-represented".

 

And she added that the talks would not succeed if the world "continues to
ignore" the "historical responsibility" of industrialised countries to cut
their carbon emissions.

 

The United States is seen as a key player in the success of the summit, with
President Joe Biden arriving in Europe on Friday ahead of the event.

 

His $1.75 trillion (£1.2tn) Build Back Better social welfare package
includes more than $500bn of spending on green policies.

 

Mr Biden has described the measures as historic - but Ms Thunberg called on
the US to go further.

 

Asked whether the US could be seen as a world leader on climate change, she
replied: "Of course, everyone has the possibility, but if they continue like
now, no".

 

"We all understand, activists, that this doesn't fall on one single person.

 

"But of course, when you are a leader of the most powerful country in the
world, you have lots of responsibility.

 

"When the US is in fact expanding fossil fuel infrastructure, that is a
clear sign that they are not really treating the climate crisis as an
emergency."-BBC

 

 

 

Volvo shares accelerate on stock market debut

Swedish car company Volvo is now valued at more than $22bn (£16bn) after its
shares jumped in the first hours of trading of its market debut.

 

Volvo, majority-owned by Chinese firm Geely, offered up shares in a slice of
the company on the Stockholm stock exchange on Friday.

 

Shares jumped from an initial 53 Swedish crowns to 65 crowns on Friday.

 

Volvo boss Hakan Samuelsson said funds from the float would help it achieve
its goal to be fully electric by 2030.

 

US automotive giant Ford sold Volvo to Geely for $1.8bn in 2010, which
helped turn around the Gothenburg-based brand's fortunes as it rode the wave
of popularity of SUVs.

 

Geely will remain the largest single shareholder in the carmaker after the
public listing.

 

"Our industry is changing and we strive to lead that transformation. That is
why Volvo Cars has an ambitious strategy to become fully electric by 2030,"
Mr Samuelsson said on Friday.

 

"Today's listing will help us get there," he added.

 

Michael Hewson, analyst at CMC Markets, said: "Volvo's
stronger-than-expected first day of trading illustrated that there was good
investor demand for the company's electric vehicles plan.

 

"That being said, the initial valuation was at the lower end of estimates,
largely over concerns about the global semiconductor shortage.".

 

He said Volvo's valuation was "pretty decent, even if it does pale into
insignificance when compared to Tesla".-BBC

 

 

 

Walkers crisp supplies disrupted after computer glitch

Supplies of Walkers crisps have been disrupted by an IT upgrade.

 

The Leicester-based crisp giant confirmed products including multipacks of
ready salted, Quavers and Wotsits had been affected.

 

A number of these are currently unavailable on the Tesco website and there
are reports of empty shelves in some shops.

 

A spokeswoman said the firm was "working round the clock" to increase the
supply to stores across the UK.

 

She added: "We are currently experiencing disruption to the supply of some
of our Walkers snacks products, as a result of a recent IT system upgrade.

 

"We're very sorry for the inconvenience.

 

"We're incredibly grateful to all our colleagues in Leicester and our other
sites for their hard work and dedication as we work through this issue.-BBC

 

 

 

Energy price cap to be reviewed as firms go bust

The UK energy watchdog has said it will review how the price cap on gas and
electricity bills is calculated following a series of company failures.

 

Ofgem said there had been an "unprecedented" rise in wholesale energy
prices.

 

Suppliers are unable to pass on the full rise to consumers because of a
price cap on household bills, prompting a number of firms to collapse.

 

Ofgem will examine if the price cap reflects the risks facing companies.

 

It said it will "consult on the price cap methodology to ensure it
appropriately reflects the costs, risks and uncertainties facing suppliers".

 

What can I do if my energy supplier goes bust?

A number of UK energy firms have gone bust in recent weeks after wholesale
global gas prices surged by as much as 250% since the start of the year.

 

Energy firms that have collapse graphic

Ofgem can review the price cap - which is the maximum amount per unit that a
supplier can charge households on a standard tariff - twice a year.

 

The most recent review lifted the price cap by 12% to a record £1,277.

 

In a letter to the energy industry, Ofgem's chief executive Jonathan
Brearley, said: "The unprecedented rise in energy prices this year has
changed the perception of risk and uncertainty in this market.

 

"In order to protect the interests of consumers, we must ensure that the
regulatory frameworks, including the price cap, fully reflect the costs,
risks and uncertainties facing the supply companies we regulate."

 

'A bit clunky'

Over the past couple of months, more than two million households have seen
their energy suppliers go bust because of the rise in gas prices.

 

Ofgem has stepped in to find a new energy supplier for these households.

 

However, it has also meant that consumers face higher energy bills because
their new supplier may not be able to offer the tariff they were on before.

 

"We've got to take a cold, hard look at the energy market to understand what
went wrong and to make sure we can stop this happening again," said Michael
Lewis, UK chief executive of E.On, which has taken on customers from three
collapsed energy companies.

 

"Customers are already facing steep rises in bills because of the sudden
jump in wholesale energy costs, made worse by the added costs from the
failure of more than a dozen energy companies."

 

Philippe Commaret, from EDF, said the review was good news: "The recent
spikes in wholesale fossil fuel prices have undoubtedly had an impact on
customers and we welcome Ofgem's review of the market to make sure customers
are protected in the long term."

 

Ofgem currently calculates the cap by looking at wholesale gas prices,
energy suppliers' network costs and costs of government policies such as
renewable power subsidies.

 

Greg Jackson, the founder and chief executive at Octopus energy, said the
current methodology was "a bit clunky".

 

"It looks backwards six to 12 months on historical prices, so when you see
very big rapid changes, it is not agile to that," he said.

 

Scottish Power's chief executive Keith Anderson, said: "We need urgently to
address the structural failures in the retail market - reforming the price
cap so that it can respond more quickly to price shocks in the wholesale
energy markets as well as focusing it on the most vulnerable customers, who
will need our help the most."

 

Ofgem will launch the consultation in November. A decision on any changes
will be published in February, when the new price cap will be announced
before it is implemented in April.

 

The watchdog also said it would take an "enhanced" approach to making sure
that energy companies had a "sustainable business model", which it said
would minimise "risks to customers and the market as a whole".

 

Mr Jackson, whose firm has taken on hundreds of thousands of customers from
bust firms, said the situation "is not just about the price cap".

 

"There are some questions about how companies were run," he said.

 

"The reality is most of the companies, if not all of them that have sadly
failed, have done so because they were selling long-term energy contracts
but buying short-term energy, and so when the wholesale cost rose, they
weren't able to deliver on the prices they promised or even on the price
cap," said Mr Jackson.

 

"So we need to make sure that energy companies are run prudently."

 

Mr Anderson said: "Irresponsible and reckless behaviours have gone
unpunished and now customers are being told to bear the costs.

 

"Things are becoming desperate even for some well-run companies in our
sector. Many more will go bust in the next few weeks."-BBC

 

 

 

American Airlines cancels 1,400 flights due to staff shortages, bad weather

(Reuters) - American Airlines (AAL.O) said on Saturday it has canceled more
than 1,400 flights over the weekend due to staff shortages and unfavorable
weather.

 

The U.S. airline said it canceled 551 flights on Saturday, 480 flights on
Sunday, in addition to 376 flights canceled on Friday. FlightAware, a flight
tracking site, said American had also delayed more than 1,000 flights since
Friday.

 

"With additional weather throughout the system, our staffing begins to run
tight as crew members end up out of their regular flight sequences," the
airline said in a statement.

 

The company said it expected to get through this period of irregular
operations soon.

 

Heading towards the busy holiday travel season, carriers are working to hire
more employees.

 

American Airlines said it is increasing its staffing across all operations,
with nearly 1,800 flight attendants returning from leave and more than 600
newly hired flight attendants coming on board by the end of December.

 

Southwest also said it was hiring aggressively, with the aim of having about
5,000 new employees by the end of this year. read more

 

Earlier this month, Southwest canceled nearly 2,400 flights over a three-day
period, blaming unfavorable weather and air traffic issues in Florida.

 

The Thomson Reuters Trust Principles.

 

 

 

UK businesses report stronger-than-average growth - CBI

(Reuters) - British businesses gained a small amount of momentum and grew at
an above-average pace in the three months to the end of October, despite
widespread disruption to supply chains, the Confederation of British
Industry (CBI) said on Sunday.

 

The CBI's monthly growth indicator - which pulls together surveys of output
from manufacturers, retailers and other services companies - rose slightly
to +29 from +27 in September, after hitting its highest since 2014 in August
at +34.

 

"Given the headwinds business has faced, achieving above average growth for
the past six months shows real resilience in the UK economy," CBI lead
economist Alpesh Paleja said.

 

Many British petrol stations ran dry at the start of October, the most
visible example of bottlenecks in the economy as it emerges from the
COVID-19 pandemic and faces shortages of workers such as tanker drivers and
rising energy prices.

 

Britain's Office for Budget Responsibility upgraded its growth forecast last
week to predict an expansion of 6.5% this year and 6.0% in 2022, as the
economy recovers from its historic slump of nearly 10% in 2020.

 

Many investors expect the Bank of England to raise interest rates this week
for the first time since the start of the pandemic, although some economists
expect it to hold fire until there is clearer news on the health of the job
market.

 

The Thomson Reuters Trust Principles.

 

 

 

China's falling factory activity a sign of economic woes ahead

(Reuters) - China's factory activity contracted more than expected in
October to shrink for a second month, hurt by persistently high raw material
prices and softer domestic demand, pointing to more economic disquiet in the
final quarter of 2021.

 

The official manufacturing Purchasing Manager's Index (PMI) was at 49.2 in
October, down from 49.6 in September, data from the National Bureau of
Statistics (NBS) showed on Sunday.

 

The 50-point mark separates growth from contraction. Analysts had expected
it to come in at 49.7.

 

China's sprawling manufacturing sector has steadily slowed this year, with
output in September growing at its most feeble pace since March 2020 due to
environmental curbs, power rationing and higher raw material prices. read
more

 

In line with the softer headline PMI, a subindex for production slipped to
48.4 in October from 49.5 in September. A subindex for new orders also
contracted for a third month, coming in at 48.8.

 

"About one-third of the surveyed companies listed insufficient demand as
their biggest difficulty, indicating inadequate demand had restricted their
production," said Zhang Liqun, an analyst at the China Logistics Information
Center.

 

More worryingly, a subindex for output prices rose to 61.1, the highest
since 2016 when the statistics bureau started publishing the indicator,
suggesting rising inflationary pressures while broader economic growth
slows.

 

"The production index has dropped to the lowest level since it was published
in 2005, excluding the global financial crisis period in 2008/09 and the
COVID outbreak in February 2020," said Zhiwei Zhang, chief economist at
Pinpoint Asset Management.

 

"The output price index rose to the highest level since it was published in
2016. These signals confirm that China's economy is likely already going
through stagflation."

 

POLICY TIGHTROPE

 

Factory gate inflation rose to a record last month on soaring commodity
prices but weak demand capped consumer inflation, forcing policymakers to
walk a tightrope between supporting the economy and further stoking producer
prices. read more

 

Analysts polled by Reuters expect the People's Bank of China to refrain from
attempts to stimulate the economy by reducing the amount of cash banks must
hold in reserve until the first quarter of 2022.

 

"Production remains weak, indicating the demand problem may be relatively
large, and some easing of policy is still needed," said Zhou Hao, senior
economist at Commerzbank.

 

The official non-manufacturing PMI in October eased slightly to 52.4 from
53.2 in September, when services swung back to expansionary at the end of a
COVID-fraught summer.

 

New clusters of COVID-19 returned in October, especially in the north, which
could again disrupt economic activity and deal yet another blow to the
services sector because of tough restrictions to contain the disease.

 

"Due to the impact of the epidemic and weather, consumers were more inclined
to spend their holidays at home or travel for short distances," said Zhao
Qinghe, a senior NBS statistician, in an accompanying statement.

 

While the transport sector including air and railway services expanded, the
growth was relatively weak, Zhao said.

 

China's official October composite PMI, which includes both manufacturing
and services activity, stood at 50.8, down from September's 51.7.

 

The Thomson Reuters Trust Principles.

 

 

 

U.S., EU end Trump-era tariff war over steel and aluminum

(Reuters) - The United States and European Union have agreed to end a
festering dispute over U.S. steel and aluminum tariffs imposed by former
President Donald Trump in 2018, removing an irritant in transatlantic
relations and averting a spike in EU retaliatory tariffs, U.S. officials
said on Saturday.

 

Commerce Secretary Gina Raimondo told reporters that the deal will maintain
U.S. "Section 232" tariffs of 25% on steel and 10% aluminum, while allowing
"limited volumes" of EU-produced metals into the United States duty free.

 

It eliminates a source of friction between the allies and lets them focus on
negotiating a new global trade agreement to address worldwide excess steel
and aluminum capacity mainly centered in China and reduce carbon emissions
from the industries.

 

EU trade chief Valdis Dombrovskis confirmed the deal, writing on Twitter
that "we have agreed with U.S. to pause" the trade dispute and launch
cooperation on a future global arrangement on sustainable steel and
aluminum. Dombrovskis said the deal will be formally announced by Biden and
European Commission President Ursula von der Leyen on Sunday.

 

U.S. officials did not specify the volume of duty-free steel to be allowed
into the United States under a tariff-rate quota system agreed upon with the
EU. Sources familiar with the deal, speaking on condition of anonymity, have
said annual volumes above 3.3 million tons would be subject to tariffs.

 

The deal grants an additional two years of duty-free access above the quota
for EU steel products that won Commerce Department exclusions in the past
year, U.S. officials said.

 

The agreement requires EU steel and aluminum to be entirely produced in the
bloc - a standard known as "melted and poured" - to qualify for duty-free
status. The provision is aimed at preventing metals from China and non-EU
countries from being minimally processed in Europe before export to the
United States.

 

Europe exported around 5 million tons of steel annually to the United States
prior to Trump's imposition of the tariffs on national security grounds.

 

"The agreement ultimately to negotiate a carbon-based arrangement on steel
and aluminum trade addresses both Chinese overproduction and carbon
intensity in the steel and aluminum sector," White House National Security
Adviser Jake Sullivan told reporters, adding that the climate and workers
can be protected at the same time.

 

U.S. steel production, which relies heavily on electric-arc furnaces, is
regarded as having far lower carbon emissions than the coal-fueled blast
furnaces prevalent in China.

 

Biden has sought to mend fences with European allies following Trump's
presidency to more broadly confront China's state-driven economic practices
that led to Beijing building massive excess steelmaking capacity that has
flooded global markets.

 

The deal will eliminate Europe's retaliatory tariffs against U.S. products
including bourbon whiskey, Harley-Davidson (HOG.N) motorcycles and motor
boats that were set to double on Dec. 1, U.S. officials said.

 

"The end of this long tariff nightmare is in sight for U.S. distillers, who
have struggled with the weight of the tariffs and the pandemic," Distilled
Spirits Council President Chris Swonger said, also urging Britain to lift
its tariff on American whiskeys.

 

RECORD STEEL PRICES

 

Raimondo said the deal will reduce costs for steel-consuming U.S.
manufacturers. Steel prices have more than tripled in the past year to
records topping $1,900 a ton as the industry has struggled to keep up with a
demand surge after COVID-19 pandemic-related shutdowns, contributing to
inflation.

 

U.S. primary aluminum producers, which had dwindled to two companies by the
time Trump imposed the tariffs, will be able to maintain their investments
in reviving domestic capacity because the quotas are set at very low levels,
well below pre-tariff volumes, said Mark Duffy, CEO of the American Primary
Aluminum Association industry group.

 

American Iron and Steel Institute President Kevin Dempsey said the quota
arrangement will help "prevent another steel import surge that would
undermine our industry and destroy good-paying American jobs."

 

"We urge the U.S. and EU to take active steps to hold China and other
countries that employ trade-distorting policies to account," Dempsey added.
"We also believe U.S.-EU cooperation should focus on new trade approaches to
address climate change, including through development of effective carbon
border adjustment measures."

 

Due to its exit from the EU, Britain's steel exports remain subject to the
tariffs, as are those of other U.S. allies including Japan. The U.S. Chamber
of Commerce, which opposed the metals tariffs from the start, said the
duties and quotas should be dropped from "close allies."

 

The Thomson Reuters Trust Principles.

 

 

 

China Oct official services PMI falls to 52.4 vs 53.2 in Sep

(Reuters) - Activity in China's services sector grew at a slower pace in
October, official data showed on Sunday, as China combats small-scale
COVID-19 outbreaks hitting mainly the north.

 

The official non-manufacturing Purchasing Managers' Index (PMI) fell to 52.4
in October from September's 53.2, data from the National Bureau of
Statistics (NBS) showed. The 50-point mark separates growth from contraction
on a monthly basis.

 

Analysts say the services sector, which was slower to recover from the
pandemic than manufacturing, is more vulnerable to sporadic COVID-19
outbreaks, clouding the outlook for the much anticipated rebound in
consumption in the months to come.

 

The official October composite PMI, which includes both manufacturing and
services activity, fell to 50.8 from September's 51.7.

 

The Thomson Reuters Trust Principles.

 

 

 

Current, former Tesla board members cash in on stock rally

(Reuters) - Tesla Inc (TSLA.O) board member Ira Ehrenpreis sold shares of
the electric carmaker worth more than $200 million on Wednesday, after the
stock crossed the $1,000 mark for the first time to hit a record, according
to filings.

 

Antonio Gracias, a former Tesla board member whose term expired earlier this
month, also filed his planned sale of $610 million worth of shares on the
same day, filings showed.

 

Tesla became the fifth company to hit the trillion-dollar benchmark on
Monday following a deal with rental car company Hertz and after it recorded
its best quarterly revenue and profits. read more

 

Independent director Ehrenpreis exercised options to buy 370,000 shares at
about $50 each on Wednesday before their expiration in June next year,
filings with the U.S. Security and Exchange Commission showed.

 

The venture capitalist who has been a member of the Tesla board since May
2007 then sold 203,429 shares for as high as $1,068.38 a pop. The shares are
worth about $214 million, according to Reuters' calculation.

 

Gracias, chief executive officer of private equity firm Valor, also filed
plans to sell 338,493 shares worth $351 million and an additional 250,000
shares worth $259 million he holds indirectly via AJG Growth Fund, the
filings showed.

 

He had been a member of the board since May 2007 before his term expired in
October. Known as a close friend of Tesla CEO Elon Musk, he is a director of
SpaceX and was a director of SolarCity until its acquisition by Tesla in
2016.

 

Current and ex-board members including Musk stand to reap windfall gains
from Tesla's stock rallies, with a large number of stocks and stock options.
read more

 

The Thomson Reuters Trust Principles.

 

 

J&J settles most Risperdal lawsuits, with $800 million in expenses

(Reuters) - Johnson & Johnson (JNJ.N) said it has settled most of the
lawsuits it faced by thousands of men who claimed its anti-psychotic drug
Risperdal caused them to develop excessive breast tissue and disclosed that
it recorded $800 million in expenses in connection with the agreement.

 

J&J said in a filing with the U.S. Securities and Exchange Commission on
Friday that it reached a settlement in principle in September to resolve
"substantially all" of the roughly 9,000 cases that the New Brunswick, New
Jersey-based drugmaker faced over Risperdal.

 

The company said it reached the agreement with lawyers handling cases
including a lawsuit in state court in Philadelphia by Nicholas Murray, a
Maryland resident who a jury awarded an $8 billion punitive damage award in
2019 that a judge later reduced to $6.8 million.

 

J&J said it accrued $800 million in legal expenses in the third quarter
related to the settlement.

 

It was unclear what other cases in the United States were part of the
accord. Many of the lawsuits were also pending in Pennsylvania, and the
company also faced cases in California and Missouri.

 

Lawyers for plaintiffs did not immediately respond to requests for comment.

 

The lawsuits generally accused J&J of failing to warn of the risk of a
condition called gynecomastia associated with Risperdal, which they said the
company marketed for off-label, unapproved uses with children. J&J denied
the allegations.

 

The U.S. Food and Drug Administration approved Risperdal in 1993 to treat
schizophrenia and bipolar mania in adults, but it was only in 2006 that its
use was approved for irritability associated with autism in children.

 

The company separately agreed in 2013 to pay $2.2 billion to settle U.S.
criminal and civil probes into its marketing of Risperdal and two other
drugs.

 

The U.S. Supreme Court in May rejected a bid by Johnson & Johnson to
overturn a $70 million jury verdict against the company for its failure to
warn about risks associated with off-label uses of Risperdal. The court
turned away the J&J's appeal of a 2019 ruling by the Superior Court of
Pennsylvania that upheld the verdict in favor of a Tennessee man who was
prescribed the drug at age 4 in 2003. read more

 

The Thomson Reuters Trust Principles.

 

 

Australia's Macquarie raises A$1.5 billion - sources

(Reuters) - Australian investment conglomerate Macquarie Group (MQG.AX) has
priced its shares at A$194 each to raise A$1.5 billion, two people with
direct knowledge of the deal told Reuters.

 

The Sydney-based firm launched the deal on Friday to sell up to 7.9 million
shares to raise A$1.5 billion as it revealed it had more than doubled its
first-half profit to A$2.04 billion. At A$194, the firm sold 7.73 million
shares in the bookbuild to reach its targeted raising figure, one source
said.

 

The sources asked not to be named as the information has not been made
public.

 

Macquarie did not immediately respond to a request for comment on Sunday.

 

Shares in Australia's largest asset manager and the world's biggest
infrastructure investor are to resume trading Monday after trading was
halted on the Australian Securities Exchange (ASX.AX) on Friday when the
deal was launched.

 

Raising A$1.5 billion will take Macquarie's stack of surplus capital to
almost A$10 billion, while the funds it manages have a separate $A27.9
billion in equity "dry powder" to deploy, chief executive Shemara
Wikramanayake said on Friday.

 

The final price was a 1.9% discount to Macquarie's closing share price on
Thursday.

 

Macquarie said it will also carry out a retail investor share purchase plan
to raise an unspecified amount of funds.

 

Citigroup upgraded Macquarie's rating to a buy and increased its target
price for the stock by 13% following its first half profit result, according
to a note published on the weekend.

 

The bank also said it would raise its forecasts for Macquarie's earnings by
17% for 2022 and about 10% for the following two financial periods.

 

Its asset management arm said on Friday it would buy Germany's
second-largest gas pipeline operator, Thyssengas, from DIF and EDF Invest to
use the company's grid network to transport climate-friendly gases.

 

Macquarie, which had owned Thyssengas between 2011 and 2016, did not specify
the price. Sources close to the matter said on Friday the sales price was at
the upper end or above the 1 billion-1.2 billion euros mentioned by sources
in June.

 

The Thomson Reuters Trust Principles.

 

 

Exxon posts strongest results since 2017, vows to resume share buybacks

(Reuters) - Exxon Mobil Corp (XOM.N) on Friday pledged to revive its
long-dormant share repurchase program next year, bolstered by a jump in
profit and improved cash flow in the third quarter as rising global economic
activity has caused fossil fuel demand to surge.

 

The higher profit follows several years of lackluster returns and heavy
spending at Exxon, and as agitated shareholders this year voted to put three
new directors on the company's board due to dissatisfaction with its
direction. read more

 

For more than a decade, Exxon had been once the largest U.S. corporate
repurchaser of shares before suspending the practice in 2016.

 

"The upside surprise was the buyback program, no one was expecting it this
soon," said equity analyst Paul Sankey at Sankey Research.

 

The nation's largest oil and gas company reported net income of $6.75
billion, or $1.57 per share, in the third quarter, the highest since the
last quarter of 2017. That compared with a loss of $680 million, or 15 cents
per share, in the year-earlier period.

 

REFINING GAINS

 

Exxon's $1.58 a share profit beat the Refinitiv estimate by two cents.
Third-quarter results reflected the highest refining profit in at least two
years, soaring natural gas prices and energy shortages that pushed oil to a
three-year high. Crude prices have continued to climb to near a seven-year
high.

 

Exxon shares finished up 16 cents at $64.49as some analysts expressed
disappointed in the size of buyback program.

 

The company's three businesses delivered higher returns from past
cost-cutting restructurings and as the global economy emerges from the
coronavirus pandemic, Chief Executive Officer Darren Woods said.

 

The benefits of those changes "are manifesting themselves," Woods told
analysts on a conference call, adding that Exxon expects to "deliver the
same growth in earnings and cash flow as our pre-pandemic plans" that called
for $30 billion in annual profit by 2025.

 

That outlook will allow the company to resume buybacks starting next year
under a plan to spend up to $10 billion on share repurchases through 2023,
Exxon said.

 

"The macro winds are at Exxon's back," said Stewart Glickman, energy equity
analyst at CFRA Research.

 

CARBON EMISSIONS CUTS

 

In 2016, Exxon cut share repurchases amid weak results, saying it would buy
shares only to offset dilution from executive pay plans as opposed to
returning cash to shareholders.

 

In the decade prior, Exxon spent $210 billion on its own stock, more than
any other U.S. company in that period.

 

A day after Exxon's Woods appeared before Congress to address the company's
previous dismissal of global warming, Exxon said it would increase spending
to cut its carbon emissions to $15 billion between 2022 and 2027.

 

Profits in oil and gas soared in the third quarter on the strength of
international demand, reaching nearly $4 billion compared with a $383
million loss a year ago. Chemical profits slipped from last quarter's high
but more than tripled from the same period last year.

 

The company said it will benefit in the fourth quarter from higher oil and
gas volumes, increased European seasonal gas demand and the $1 billion sale
of its UK North Sea assets.

 

Exxon shares are up than 50% this year, as earnings bounced back from last
year's historic loss, but remain below where they traded in early 2020. This
year's profit has allowed the company to repay about $11 billion in debt
taken on last year to cover its dividend.

 

Earlier this year, Exxon spent heavily on a proxy battle waged by a hedge
fund unhappy with the oil and gas company's strategy. The fund, Engine No.
1, was successful in convincing enough shareholders to vote for three new
directors to serve on Exxon's board.

 

The Thomson Reuters Trust Principles.

 

 

GameStop chief operating officer Owens leaves after 7 months

(Reuters) - GameStop Corp (GME.N), the company whose stock became a
sensation with day traders this year, said on Friday that Jenna Owens agreed
to leave, just seven months after joining the video game retailer as its
chief operating officer.

 

It is the first major executive departure at GameStop since the company
hired a new chief executive officer, Matt Furlong, in June.

 

Owens, who was a top executive at Amazon.com Inc (AMZN.O) and Alphabet Inc's
(GOOGL.O) Google, joined GameStop in March. She was one of the technology
veterans recruited by Ryan Cohen, the co-founder and former CEO of online
pet food retailer Chewy Inc (CHWY.N), as he laid the groundwork to transform
the moribund brick-and-mortar retailer into an e-commerce powerhouse.

 

GameStop did not provide a reason for Owens' departure, which is effective
immediately. The company said in a regulatory filing that it and Owens had
reached a "separation agreement," which is typically negotiated when
companies and their executives do not see eye-to-eye.

 

GameStop also used separation agreements when it parted ways with its chief
financial officer Jim Bell and chief executive officer George Sherman
earlier this year. They were replaced by Furlong as CEO and Mike Recupero as
CFO.

 

Owens will be entitled to a severance package, the filing said. Her duties
will be taken up by other senior GameStop managers.

 

The company declined to comment beyond the filing. Owens could not
immediately be reached for comment.

 

Cohen and two other former Chewy executives joined the GameStop board in
January, right before retail investors piled into the company's stock and
drove it up more than 2,500%. The shares have given up some of their gains
and GameStop is now valued at roughly $14 billion.

 

Since becoming chairman in June, Cohen has pushed aggressively to improve
customers' experience but has not offered a detailed plan about how GameStop
will achieve its digital transformation. read more .

 

The Grapevine, Texas-based company's business of selling video games for
consoles faces competition from streaming services such as those of Apple
Inc (AAPL.O), which allow users to play video games on their TV sets without
a console required.

 

Cohen recruited a number of executives from Amazon, including Furlong and
Elliott Wilkie who joined as chief growth officer in March.

 

Public records and filings show the company has hired dozens of new
executives with supply chain and technology backgrounds from companies
including Chewy and ecommerce company Zulily.

 

Cohen and Furlong have also let go several senior employees in recent months
who have not fit their system, the two sources said.

 

The Thomson Reuters Trust Principles.

 

 

Apple objects to links to outside payments ahead of Epic Games hearing

(Reuters) - Apple Inc (AAPL.O) on Friday outlined its objections to allowing
app developers to link to third-party payment options ahead of a hearing
next month that could determine whether a set of antitrust court orders is
put on pause.

 

After a lengthy trial earlier this year brought by "Fortnite" creator Epic
Games, U.S. District Court Judge Yvonne Gonzalez Rogers issued a ruling that
was largely favorable to the iPhone maker and upheld its practice of
requiring developers to use its in-app payment system, for which it charges
commissions.

 

But Gonzalez Rogers expressed concern that consumers did not have access to
information about other ways to pay for apps. She ordered Apple to stop its
ban on "buttons, external links, or other calls to action that direct
customers to purchasing mechanisms" beyond Apple's own payment systems.

 

Apple has until Dec. 9 to implement the order, but the company has appealed
the ruling and asked the order to be put on hold while the appeal plays out,
which could take a year or more. A hearing on the request is set for Nov. 9.

 

Apple on Friday for the first time signaled that its strongest objections
are to the requirements to allow buttons and links that provide a
"mechanism" for outside payments. The filing provided the first suggestion
that Apple objects less strongly to allowing developers to provide
information about other ways to pay.

 

The company said that links and buttons harm its ability to require
developers to use its in-app payments (IAP), which the court upheld.

 

"Restrictions on linking out are inextricably tied to Apple’s requirement
that developers use IAP for purchases of digital content—a requirement this
Court considered in detail and upheld against Epic’s challenge," Apple said.

 

Apple posed fewer objections to in-app messages about other forms of
payment, but said it may want to "constrain their placement, format, or
content" and that the judge's orders as currently written would not allow it
to do so without facing further legal challenges.

 

The Thomson Reuters Trust Principles.

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:       <mailto:info at bulls.co.zw> info at bulls.co.zw  

Website:         <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

Blog:
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/>
www.bullszimbabwe.com/blog

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

Facebook:
<http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimba
bwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA>
www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

National Unity Day

 

December 22

 


 

Christmas Day

 

December 25

 


 

Boxing Day

 

December 26

 


 

Public Holiday in lieu of Boxing Day falling on a Sunday

 

December 27

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

 

 


Starafrica

Fidelity

Turnall

 


Medtech

Zimre

Nampak Zimbabwe

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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

 


 

 

 

 

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20211031/9a826a6f/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20211031/9a826a6f/attachment-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.png
Type: image/png
Size: 409853 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20211031/9a826a6f/attachment-0004.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 22328 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20211031/9a826a6f/attachment-0001.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20211031/9a826a6f/attachment-0005.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65560 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20211031/9a826a6f/attachment-0001.obj>