Major International Business Headlines Brief::: 01 September 2021

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Major International Business Headlines Brief::: 01  September 2021

 


 

 


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ü  Covid: Sri Lanka in economic emergency as food prices soar

ü  Ryanair predicts rapid rebound in airline travel

ü  YouTube signs Twitch video-game streamer Dr Lupo

ü  India Covid: Economy sees record growth during deadly wave

ü  Vauxhall Motors warns chip shortage to last months

ü  UK house price rises accelerate, says Nationwide

ü  Transfer deadline day: Premier League spending tops £1bn but is down on
previous year

ü  New eco-petrol baffles a quarter of motorists

ü  Walmart to hire 20,000 supply chain workers ahead of holiday season

ü  Mercedes-Benz teams up with SSAB to explore fossil fuel-free steel for
cars

ü  Asia's factories hit by pandemic-related supply disruptions

ü  Chinese state firms to take big stake in Ant's credit-scoring JV -sources

ü  OPEC+ raises 2022 oil demand growth forecast

ü  Luxury billionaire Arnault sells out of retailer Carrefour

ü  Shares shrug off growth worries in "semi-Goldilocks" moment

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Covid: Sri Lanka in economic emergency as food prices soar

Sri Lanka has declared an economic emergency, after a steep fall in the
value of the South Asian country's currency caused a spike in food prices.

 

Authorities say they will take control of the supply of basic food items,
including rice and sugar, and set prices in an attempt to control rising
inflation.

 

The Sri Lankan rupee has fallen by 7.5% against the US dollar this year.

 

The wide-ranging emergency measures came into effect on Tuesday.

 

A former army general has been appointed by the government as the
commissioner of essential services, with the power to seize stocks held by
traders and retailers.

 

"The authorised officers will be able to take steps to provide essential
food items at concessionary rate to the public by purchasing stocks of
essential food items," the president of the island nation, Gotabaya
Rajapaksa, said in a statement.

 

"These items will be provided at government guaranteed prices or based on
the customs value on imported goods to prevent market irregularities," the
statement added.

 

The announcement came after a surge in the cost of basic foodstuffs such as
sugar, onions and potatoes.

 

There have also been long queues outside shops due to shortages of other
goods including milk powder, kerosene and cooking gas.

 

The Country's Department of Census and Statistics said the increase in the
foreign exchange rate was one of the reasons behind rising prices of many
essential items over the last year.

 

Month-on-month inflation rose to 6% in August, mainly due to high food
prices, the department said.

 

The country, which is a net importer of food and other commodities, is
witnessing a surge in coronavirus cases and deaths which has hit tourism,
one of the country's main foreign currency earners.

 

Partly as a result of the slump in tourist numbers, Sri Lanka's economy
shrank by a record 3.6% last year.

 

In March last year, the government imposed an import ban on vehicles and
other items as it tried to stem the outflow of foreign currencies.

 

Earlier this month, Sri Lanka became the first country in the region to
raise interest rates in an attempt to shore up its currency and help ease
the inflationary pressure of the high cost of imports.

 

Sri Lanka is currently under a 16-day curfew until Monday because of a jump
in Covid-19 cases.-BBC

 

 

 

Ryanair predicts rapid rebound in airline travel

Ryanair is expecting a "very strong recovery" in European short-haul
flights, according to its chief executive, Michael O'Leary.

 

The airline, which forecast its capacity should return to pre-pandemic
levels, has also launched 14 new routes from London airports.

 

Gatwick will open a new flight to Spain, and Luton will now have flights to
Gran Canaria, Naples and Grenoble.

 

Stansted will also offer new services, including to Helsinki and Stockholm.

 

The Dublin-based carrier predicts it will fly a total of 10.5 million
passengers a month over the next three months.

 

By passenger count, the airline is Europe's largest.

 

"Through the winter, pricing will continue to build, but it will still be
below pre-Covid," Mr O'Leary said.

 

"We don't expect pricing to go back to pre-Covid levels until the summer of
2022," he added.

 

The airline is also looking to expand its order for Boeing aircraft and said
it was hoping to buy up to 55 new planes.

 

"We're certainly very keen to place a Max-10 order, but only when the timing
and the pricing is right," Mr O'Leary said.

 

He went on to criticise the UK government's current travel restrictions.

 

"If you just remove these stupid traffic light systems that don't work and
confuse people, then I think people are very willing to go back to flying,"
he said.

 

The reopening of travel in Europe and the easing of restrictions for fully
vaccinated UK travellers has led to a significant increase in demand.

 

As a result, EasyJet too has announced that it is extending its flying
schedules.

 

Doug Parker, chief executive of American Airlines, also recently told
analysts: "We are in the midst of an unprecedented recovery."

 

British Airways, owned by London-listed IAG, said it is working on plans for
a short-haul presence at Gatwick Airport.

 

But the airline also warned it was facing a "serious" problem over wage
costs which would "steeply increase" when the furlough scheme ends in
September.

 

The government has said the aviation sector will have benefited from £7bn in
government support by the end of September since the pandemic began.

 

Route changes

This month, Ryanair also announced it would open a new base at Newcastle
International Airport in 2022.

 

But it added that it would cease flights from Belfast City Airport in
September and from Belfast International Airport in October. Ryanair blamed
the cost of operating at the airports, as well as the UK government's
"refusal to suspend or reduce" air passenger duty.

 

Ryanair is also to stop flying from London Southend Airport from November as
a result of the coronavirus pandemic. It will mean that no passenger planes
will use the airport.

 

Ryanair said the aircraft it used on routes to and from Belfast would be
"reallocated to lower-cost airports elsewhere in the UK and Europe for the
winter schedule, which starts in November".

 

Australian airline Qantas also said this month that the pandemic was likely
to cost it $20bn Australian dollars (£10.6bn) in lost revenue by the end of
2021.

 

It is more optimistic about resuming more of its international flights from
December, once Australia's vaccination rate reaches 80% of the eligible
population.-BBC

 

 

 

YouTube signs Twitch video-game streamer Dr Lupo

YouTube has poached one of Twitch's top video-game streamers.

 

Ben "Dr" Lupo, who reportedly signed a multi-million dollar exclusivity deal
with Twitch in 2019, will now stream exclusively on YouTube.

 

The American, 34, known for playing Fortnite, Destiny, Escape from Tarkov
and Among Us, has the 26th most followers on Twitch, at 4.5 million.

 

Twitch said it wished him "nothing but the best in everything that comes
next".

 

He made the announcement in a glossy promotional video complete with
computer graphics and welling orchestral music.

 

As a creator, a gamer and a father, you’re many things to many people.

 

Above all, @DrLupo, you’re someone who works hard to put good into the
world.

 

We wish you nothing but the best in everything that comes next.
pic.twitter.com/pkUCoX1dWe

 

Like many popular Twitch streamers, Dr Lupo already uploads archives of live
broadcasts and highlight reels to YouTube, where he has 1.75 million
subscribers.

 

But changing platforms, or even games, can lead to a large loss of
followers.

 

In 2019, Tyler "Ninja" Blevins signed an exclusive deal reportedly worth
millions of dollars with Microsoft's streaming service Mixer.

 

Less than a year later, Microsoft announced Mixer was shutting down and
encouraged its partners to move to Facebook Gaming.

 

But, like YouTube Gaming, Facebook Gaming is comparatively small in the
livestreaming space compared with Amazon-owned Twitch, which dominates.

 

And Ninja - as well as streaming on YouTube - returned to Twitch, along with
Shroud, another top streamer signed by Microsoft.

 

In April, Streamlabs and Stream Hatchet estimated, of the total hours
watched in the first quarter of 2021:

 

Twitch had had 72%

YouTube Gaming more than 15%

Facebook 12%

Second-quarter figures, however, suggest YouTube's pandemic viewership bump
may be over, with hours spent watching streams down 4%.-BBC

 

 

 

India Covid: Economy sees record growth during deadly wave

India's economy rebounded at a record rate in the three months to the end of
June even as a devastating second wave of Covid-19 hit the country.

 

Looser pandemic curbs allowed for more economic activity compared to the
country's first nationwide lockdown in 2020.

 

Gross domestic product (GDP) grew by 20.1% for the April to June quarter
compared to a year earlier.

 

During the same period last year, India's economy shrank by 24%.

 

The Indian government's chief economic adviser KV Subramanian pointed to
private investments and consumer spending for helping to boost the so-called
'V-shaped' recovery.

 

A V-shaped recovery is considered to be a sharp downturn which quickly
bottoms out, followed by a sharp rebound.

 

Manufacturing and construction also drove growth, according to India's
statistics ministry.

 

The Indian economy shrank by 7.3% in its last financial year. It has been
among the world's major economies to be hit hardest by the pandemic.

 

The jump in GDP during the April to June quarter missed a forecast by the
country's central bank of 21.4% growth for the period.

 

Some analysts said this would make the Reserve Bank of India (RBI) more
likely to keep stimulus measures in place until at least the end of this
year.

 

While many advanced economies around the world have provided huge amounts of
stimulus to fuel spending, India's Prime Minister Narendra Modi has
prioritised investment in infrastructure, privatisation of state-owned
businesses and tax reforms to drive growth.

 

Experts are optimistic that India will continue to post strong growth,
although some key sectors are still not seeing a rebound.

 

Consumer spending - a major driver of growth - is also still lower than
pre-pandemic levels.

 

The risk of another wave of coronavirus infections and a sluggish
vaccination programme could hamper momentum too, experts say.

 

Although India is Asia's third-largest economy, it remains smaller than it
was before the pandemic.--BBC

 

 

Vauxhall Motors warns chip shortage to last months

The global shortage of computer chips has had a significant impact on the
car industry and is unlikely to improve before the end of the year,
according to Vauxhall Motors.

 

Vauxhall's managing director, Paul Willcox, told the BBC that the industry
was facing a "problem" for the next two or three months.

 

However, he insisted there was no need for a major overhaul of supply
chains.

 

The UK has suffered a shortage of semiconductors for the past year.

 

It was triggered by the Covid crisis. In the early stages of the pandemic,
there were dramatic cuts in car and commercial vehicle production. This was
followed by a surge in output when the first wave of lockdowns came to an
end.

 

But as car factories tried to ramp up their output, they found that the
available supplies of semiconductors had already been snapped up by other
industries, notably the consumer electronics sector, which was experiencing
a boom in sales.

 

Modern vehicles can have hundreds of chips on board. They are used in the
engine controls, entertainment systems, safety mechanisms, instrument
clusters and so on, so the shortage has forced manufacturers around the
world to curtail production.

 

Vauxhall is no exception. Production at both of its UK plants in Ellesmere
Port and Luton has been disrupted at different times. According to Mr
Willcox, the effects are still being felt.

 

"It has obviously suppressed our ability to manufacture," Mr Willcox told
the BBC, speaking at the Commercial Vehicle Show in Birmingham.

 

"If you look at the industry in the UK this month, commercial vehicle sales,
which have been hugely buoyant this year - 59% up - this month they're 20%
down, and obviously a large part of that is because of supply shortages."

 

He added that parent company Stellantis' decision to invest £100m on
building a new range of electric vans at Vauxhall's troubled plant in
Ellesmere Port was "massively important" for the factory and its workforce.

 

Motor manufacturers rely heavily on so-called "just-in-time" delivery
systems - which means that parts are delivered to factories when they are
needed, rather than being stockpiled.

 

This eliminates the need for expensive warehousing, but means that if parts
do not appear when they are required, factories can grind to a halt. But Mr
Willcox said he saw no need for a major overhaul of supply chains as a
result of the current crisis.

 

"I don't think it exposes a problem," he said. "I think it just illustrates
that when you have a crisis, you can be quite vulnerable."

 

He added that the car industry is very much "based on lean manufacturing".

 

"I don't think that will change in the short to medium term - maybe one
thing we need to be careful of is maintaining more stability in terms of our
contractual arrangements, but I don't see a fundamental shift in the way we
manage the business," he said.

 

Mr Willcox also applauded the recent decision by Vauxhall's parent company
Stellantis to build a new range of electric vans at the company's plant at
Ellesmere Port in Cheshire.

 

The factory, which employs 1000 people, had been at risk of closure.

 

"It's obviously massively important," he said. "The investment of £100m
obviously gives surety of jobs, gives stability in terms of the the
workforce and stability to the supply chain, which in that part of the UK is
obviously very important."

 

But the move, he said, would also protect the long-term future of the plant,
which will be building electric vehicles at a time when the industry as a
whole is moving rapidly towards electrification.-BBC

 

 

 

UK house price rises accelerate, says Nationwide

UK house prices accelerated in August, the Nationwide has said, with values
now 13% higher than before the pandemic.

 

The building society said that annual house price growth sped up, to 11%,
with the average home costing £248,857.

 

It said property prices recorded their second largest month-on-month rise in
15 years, up by 2.1%.

 

The Nationwide said the increase was "surprising", given that the benefit
from stamp duty holidays was reduced.

 

Northern English regions drive house price growth

How much stamp duty will I have to pay now?

At the end of June, stamp duty holidays became less generous in parts of the
UK. Many thousands of deals were rushed through to beat the deadline.

 

The tax breaks led to significant movement at the top end of the market.

 

The Nationwide's chief economist, Robert Gardner, said there was strong
demand from those buying a property priced between £125,000 and £250,000, as
there were still some stamp duty savings in parts of the UK.

 

"As we look towards the end of the year, the outlook is harder to foresee.
Activity will almost inevitably soften for a period after the stamp duty
holiday expires at the end of September," he said.

 

What is behind the rise?

However, a recent report by the Resolution Foundation think tank suggested
that it was "wide of the mark" to suggest the stamp duty holidays were the
key driver for rising prices.

 

It said that pandemic-related factors such as low interest rates and
changing home preferences would continue to push up prices.

 

The Treasury said that stamp duty holidays had stimulated the housing market
and, in turn, protected jobs.

 

IMAGE SOURCEPA MEDIA

Another big factor in the housing market that has increased prices is the
shortage of homes to sell to match demand in many areas.

 

Property portal Rightmove said that this was seen most acutely in Newmarket,
in Suffolk, where there had been a surge in sales, but a 49% drop in new
sellers coming to the market.

 

"The combination of fewer sellers coming to market and sustained demand has
resulted in a summer seller shortfall, and so the challenge for agents now
is to try and replenish the stock to meet the demand from buyers," said Tim
Bannister, Rightmove's director of property data.

 

He said that the the average number of available homes for sale per agent on
Rightmove had dropped from 29 in July last year to 16 now.-BBC

 

 

 

Transfer deadline day: Premier League spending tops £1bn but is down on
previous year

Cristiano Ronaldo completed his shock move back to Manchester United on
transfer deadline day to help push Premier League clubs' outlay past £1bn -
but overall spending has dropped for the second year in a row.

 

The Portugal forward's eye-catching Old Trafford return was one of the early
moves to be rubber-stamped on Tuesday, before England's summer window closed
at 23:00 BST.

 

The biggest deal was Nikola Vlasic's £26.8m move from CSKA Moscow to West
Ham, while Chelsea left it late to sign Saul Niguez on loan from Atletico
Madrid.

 

However, there would be no late move for Kylian Mbappe as Paris St-Germain
rejected two bids from Real Madrid for the France World Cup-winning forward.

 

In total, Premier League clubs spent £1.1bn on transfers during the window,
which was open from 9 June until 31 August. That outlay was 11% lower than
the previous summer's total of £1.3bn, itself was a 9% fall from 2019.

 

According to financial services firm Deloitte, this is the lowest collective
gross spend by Premier League clubs since 2015, and the first time there has
been a consecutive decline since the global financial crisis between 2008
and 2010.

 

Some of Deloitte's other key findings from the window include:

 

·         Deadline day activity totalled £150m, meaning Premier League clubs
have spent in excess of £1bn for the sixth summer in a row;

·         Premier League clubs signed 148 players, compared with 132 in
summer 2020 and 128 in summer 2019;

·         No less than 22% of all players signed by Premier League clubs
this summer were acquired on free transfers, up from 20% in summer 2020;

·         Only four Premier League clubs did not acquire a player on a free
transfer, while there were eight in summer 2020;

·         The German Bundesliga is the only European 'big five' league to
increase its gross spending this year;

·         The Premier League's net player transfer spend of £560m dwarfed
that of La Liga (£55m), Serie A (£50m) and Ligue 1 (£15m).

Dan Jones, of Deloitte's sports business group, said: "This has been a
remarkable transfer window.

 

"Club spending records have been broken, player moves - including the two
greatest players of their generation [Lionel Messi and Cristiano Ronaldo] -
have grabbed the headlines and Premier League clubs have spent in excess of
£1bn for the sixth summer in a row.

 

"Perhaps most remarkable is that all this has been achieved with lower
spending than we have seen in the previous two summers."

 

Tottenham spent £25.8m on Barcelona full-back Emerson Royal, while winger
Daniel James joined Leeds from Manchester United for £25m.

 

Brighton signed Spain defender Marc Cucurella from Getafe for around £15.4m
while Senegal striker Abdallah Sima also joined the Seagulls from Slavia
Prague before moving to Stoke on loan.

 

As well as Vlasic, West Ham also brought in midfielder Alex Kral on loan
from Spartak Moscow. Leicester signed winger Ademola Lookman on a
season-long loan from RB Leipzig.

 

Burnley signed their second full-back in the space of a few days by bringing
in Wales international Connor Roberts from Swansea. Crystal Palace landed
striker Odsonne Edouard from Celtic for £15m.

 

Arsenal wrapped up their busy summer by signing Japanese defender Takehiro
Tomiyasu from Bologna while allowing Hector Bellerin to join Real Betis and
Reiss Nelson to move to Feyenoord, both on loan.

 

Everton announced the free transfer signing of Salomon Rondon just as the
window closed in England at 23:00 BST.

 

Film fans will appreciate Newcastle signing Mexican striker Santiago Munoz,
whose name is strikingly similar to Santiago Munez, the fictional character
who played for the Magpies in the 2005 movie Goal.

 

Major deals across Europe

Elsewhere in Europe, the major clubs were active on transfer deadline day,
even though Real Madrid were unsuccessful in their attempt to sign Mbappe.

 

Instead, the Spanish giants signed highly-rated France midfielder Eduardo
Camavinga from Rennes.

 

Juventus responded to losing Ronaldo to Manchester United by re-signing
Italy striker Moise Kean from Everton on a two-year loan.

 

Barcelona, seeking to move out players in order to ease financial concerns,
sold Ilaix Moriba to RB Leipzig before leaving it late to loan Antoine
Griezmann back to Atletico Madrid.

 

With the exception of Germany's Bundesliga, gross transfer spend is down for
all of Europe's other 'big five' leagues - in England, Italy, Spain and
France - for the second consecutive year.

 

Behind the Premier League, Serie A is the next highest spending league with
£475m. The Premier League clubs' total gross transfer spend, though, is
still more than double that of Serie A's clubs.

 

Arsenal, Manchester United, Manchester City and Chelsea were, in gross
terms, the four biggest- spending Premier League clubs and were responsible
for the four highest-value individual transfers in this window.

 

Manchester City completed the biggest single deal of the window, breaking
the British transfer record to sign Jack Grealish from Aston Villa for
£100m.

 

European champions Chelsea were not far behind, re-signing striker Romelu
Lukaku from Inter Milan for £97.5m.

 

As well as Ronaldo, Manchester United spent £73m to sign Jadon Sancho from
Dortmund and £34m to bring in Raphael Varane from Real Madrid.

 

Arsenal were also one of the big spenders this summer, splashing out around
£140m on players including Ben White from Brighton (£50m), Martin Odegaard
from Real Madrid (£30m) and Aaron Ramsdale from Sheffield United (£24m).

 

Liverpool were relatively quiet in the window, spending £36m to sign
defender Ibrahima Konate from RB Leipzig. They did, however, tie up new
contracts for a number of key players including captain Jordan Henderson,
who signed a new four-year deal on deadline day itself.

 

Arguably the most eye-catching deal of the summer was a free transfer -
Lionel Messi breaking down in tears as he confirmed his Barcelona departure
after 21 years before heading to Paris St-Germain.

 

The summer 2021 transfer window will also likely be remembered for the deals
that did not happen.

 

Manchester City spent much of the summer pursuing England captain Harry
Kane, only for the striker to commit his future to Spurs.

 

Real Madrid tried twice to sign Mbappe, but their two bids in excess of
£100m were rejected by Paris St-Germain.

 

Chelsea were interested in another France international, defender Jules
Kounde, but Sevilla would not entertain bids for less than his 80m euro
release clause.

 

Ainsley Maitland-Niles took to social media to try to force a move away from
Arsenal but ended up staying. Jesse Lingard will fight for his place at
Manchester United after a permanent move to West Ham failed to materialise.
And Wolves abandoned a late move for Lille midfielder Renato Sanches.

 

Where does the financial power now lie in European football? Perhaps that
can be best summed up by a transfer deal that did not go through this
summer.

 

Despite wrestling with well-publicised financial issues as the transfer
window edged towards Tuesday's deadline, Real Madrid were able to offer more
than £100m for Mbappe.

 

Even though Mbappe is known to hanker after a move to the Bernabeu, and even
though his contract runs out in less than 12 months' time, meaning he could
join Real for nothing next summer and sign a pre-contract agreement as early
as January, his club PSG said no.

 

Financially, the decision makes no sense. But from a footballing perspective
- for a club who have signed Messi and Sergio Ramos, among others, this
summer in a determined effort to win the Champions League - it was the right
move.

 

PSG opted not to join the discredited European Super League plan. They
didn't have to. They didn't need the extra revenue.

 

The same could be argued for the six Premier League representatives. After
all, despite the massive impact of the coronavirus pandemic, Manchester City
still spent a British record £100m on Jack Grealish, Chelsea almost as much
on Romelu Lukaku, and Manchester United more than that as they brought in
Cristiano Ronaldo, Jadon Sancho and Raphael Varane. Tottenham were able to
turn down City's attempt to sign Harry Kane and Arsenal were the biggest
spenders of all, on six new players.

 

There may be some sniggering at the moment about Arsenal's plight, bottom of
the table, with no points and no goals after three matches of the new
Premier League season, but that situation will not last.

 

And if this summer is anything to go by, the reality is that for all the
public discontent about the European Super League - and Project Big Picture
before that - the only difference from the present landscape is that there
are currently fewer clubs able to compete on that scale than the 15 who
would have been granted entry to the Super League.-BBC

 

 

 

New eco-petrol baffles a quarter of motorists

A more eco-friendly petrol is coming to British filling stations this month,
but a quarter of drivers do not know whether their cars can run it, new
research says.

 

The government intends to make E10 the new standard petrol grade.

 

It contains less carbon than other fuels and more ethanol, a kind of alcohol
manufactured from plants.

 

But according to the RAC, 24% of motorists are unaware of it, while 27% do
not know if their car is compatible.

 

Current petrol grades in the UK - known as E5 - contain up to 5% ethanol,
with the other 95% being regular unleaded petrol.

 

Their replacement, E10, will see this percentage increased to 10% - a
proportion that would bring the UK in line with countries such as Belgium,
Finland, France and Germany.

 

Introducing E10 could cut carbon emissions by 750,000 tonnes a year, says
the Department for Transport, the equivalent of taking 350,000 cars off the
road and an important step towards the government's climate change targets.

 

The new fuel is being rolled out everywhere in the UK except Northern
Ireland, where it is not due to arrive until early 2022.

 

Every petrol vehicle built after 2011 should accept E10. But it will not be
compatible with some older vehicles - as many as 600,000 of those currently
on UK roads, the RAC estimates.

 

What is E10 petrol and can my car run it?

Shell sets out carbon neutral plans

The government has set up a website where drivers can check whether their
car will run on E10 fuel.

 

But it warns it will not be liable for any damage to vehicles as a result of
drivers using its checker - especially if their car has been fitted with
replacement parts.

 

The RAC said 26% of drivers surveyed had already checked online, with a
further 15% saying they had found their car was compatible by another means.

 

Those with incompatible vehicles will have to use E5 super unleaded instead,
which the RAC says can cost 12p a litre more than standard unleaded.

 

According to its survey, 59% of drivers who know their cars are incompatible
with E10 are worried about the higher cost of filling up, while 20% fear
mistakenly filling their tanks with E10.

 

RAC head of policy Nicholas Lyes said E10 petrol had already started
appearing on forecourts to replace the old E5 blend and the process would
continue "at pace" in coming weeks.

 

He said that while it would make no difference to "the vast majority" of
petrol car drivers, a "sizeable minority" would be adversely affected.

 

"Drivers who will continue to rely on E5 will also need to make sure the
filling station they're visiting stocks the fuel in the first place, or risk
running out of fuel and having to call on their breakdown provider," he
added.

 

"We'd also like to remind owners of classic cars that need to be careful not
to accidentally top up with E10 and then leave it sat unused in the tank for
long periods, something which can lead to expensive damaged plastics, metals
and seals."

 

In another development, oil giant Shell announced on Wednesday it was aiming
to install 50,000 charging points on Britain's streets by 2025, as part of a
government-backed push to increase electric vehicle numbers and reduce
carbon emissions to net zero by 2050.

 

Shell will roll out the charging points through on-street charging point
company Ubitricity, which it acquired in February.

 

The government has estimated that the UK will need between 280,000 and
480,000 charging points by 2030, the year it plans to ban the sale of new
petrol and diesel cars.

 

What questions do you have about the introduction of more eco-friendly
petrol? Get in touch.-BBC

 

 

 

Walmart to hire 20,000 supply chain workers ahead of holiday season

(Reuters) - Walmart Inc (WMT.N) said on Wednesday it planned to hire 20,000
workers at its supply chain division and raise wages ahead of the busy
holiday season anticipating higher demand.

 

The roles, which will be a mix of part time and full time jobs, would be
hired at across more than 250 Walmart and Sam's Club distribution centers,
fulfillment centers and transportation offices, the retailer said in a
statement.

 

The world's biggest retailer also hired around 20,000 seasonal workers last
year in its e-commerce fulfillment centers to meet the holiday demand.

 

The average wage for supply chain workers would be $20.37 per hour, the
statement added, which compares with the company's announcement of $15.25 an
hour average wage pay in February. read more

 

Walmart, however, did not disclose its costs for the new hiring and the wage
increases.

 

The move by Walmart comes as retailers across the U.S. were worried that
they will not have enough workers in stores and warehouses during the
holiday shopping season because of the nationwide labor shortage due to the
pandemic, prompting them to raise wages this year. read more

 

Last year, many U.S. companies hired thousands of seasonal workers to
bolster their distribution centers and cut delivery times as shopping for
the holiday season shifted largely online due to the pandemic.

 

The Thomson Reuters Trust Principles.

 

 

Mercedes-Benz teams up with SSAB to explore fossil fuel-free steel for cars

(Reuters) - Swedish steelmaker SSAB (SSABa.ST) said on Wednesday it had
partnered with Daimler's (DAIGn.DE) Mercedes-Benz to introduce fossil
fuel-free steel into vehicle production, with prototype parts for body
shells planned for next year.

 

SSAB plans to supply the market with fossil-free steel at a commercial scale
in 2026, using the HYBRIT system to replace coking coal, traditionally
needed for iron ore-based steelmaking, with electricity and hydrogen.

 

Green steel venture HYBRIT (Hydrogen Breakthrough Ironmaking Technology) is
created and owned by SSAB, Swedish state-owned utility Vattenfall (VATN.UL)
and Swedish miner LKAB.

 

Mercedes-Benz expects that by 2039 its new passenger car fleet will become
carbon dioxide-neutral along the entire value chain.

 

SSAB had in June partnered with Volvo Cars to jointly explore the
development of fossil-free steel for use in the automotive industry.

 

The Thomson Reuters Trust Principles.

 

 

 

Asia's factories hit by pandemic-related supply disruptions

(Reuters) - Asia's factory activity lost momentum in August as a resurgence
in coronavirus cases disrupted supply chains across the region, raising
concerns faltering manufacturing will add to economic woes caused by
slumping consumption.

 

Southeast Asia, a low-cost manufacturing hub for many global companies, was
hit particularly hard with factory activity shrinking in Vietnam, Indonesia
and Malaysia because of virus outbreaks and output suspensions, surveys
showed on Wednesday.

 

In a worrying sign for the global economy, China's factory activity also
slipped into contraction in August for the first time in nearly 1-1/2 years
as COVID-19 curbs, supply bottlenecks and high raw material prices weighed
on output.

 

Export power-houses Japan, South Korea and Taiwan also saw manufacturing
activity expand at a slower pace in August, a sign chip shortages and
factory shutdowns in the region could delay a sustained recovery from the
pandemic-induced slump.

 

"Virus disruptions add to the list of headwinds for the region's producers,
including semiconductor shortages and high shipping costs," said Alex
Holmes, emerging Asia economist at Capital Economics.

 

The weakness in Asia contrasts with conditions in Europe, where factories
are mostly expected to maintain a brisk pace of expansion as its highly
vaccinated economies reopen.

 

The surveys highlight the pandemic's broadening damage in Southeast Asia,
where soaring infections and subsequent lockdown measures have hurt both the
service and manufacturing sectors.

 

Delta outbreaks in the region have caused supply chain headaches for the
world's largest manufacturers, many of which rely on auto parts and
semiconductors made in low-cost bases such as Thailand, Vietnam and
Malaysia.

 

"If the strict lockdown measures continue, Southeast Asia may find it hard
to remain a global production hub," said Makoto Saito, an economist at NLI
Research Institute.

 

China's Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) fell to
49.2 in August, from 50.3 in July, breaching the 50-mark that separates
growth from contraction, a private sector survey showed on Wednesday.

 

The result was well below market expectations, underscoring the fragile
nature of China's recovery that had helped the global economy emerge from
the pandemic-induced doldrums.

 

The private survey followed official PMI released on Tuesday, which showed
the index falling in August but staying above the 50 mark.

 

Japan's PMI eased to 52.7 from 53.0 in July with new export orders posting
their first contraction since January. South Korea's index also fell to 51.2
in August from 53.0 in July.

 

In Vietnam and Malaysia, activity was hurt by lockdown measures and rising
infections that forced some factories to suspend operations.

 

Vietnam saw factory activity shrink to 40.2 from 45.1 in July. Malaysia's
PMI stood at 43.4 in August, up from 40.1 in July but staying well below the
50-threshold.

 

Once seen as a driver of global growth, Asian's emerging economies are
lagging advanced economies in recovering from the pandemic's pain as delays
in vaccine rollouts and a spike in Delta variant cases hurt consumption and
factory production.

 

Growth in India's factory sector activity also slowed as persistent
pandemic-related weakness weighed on demand and output, forcing firms to cut
jobs again following a brief recovery in July.

 

The Thomson Reuters Trust Principles.

 

 

 

 

Chinese state firms to take big stake in Ant's credit-scoring JV -sources

(Reuters) - State-backed firms are set to take a sizeable stake in a key Ant
Group asset for the first time, three people told Reuters, in a move that
will loosen the Chinese fintech giant's grip on a data treasure trove of
over 1 billion users but help revive its IPO.

 

The partners plan to establish a personal credit-scoring firm, said the
people, adding that such a firm and ownership structure was one aspect of
restructuring ordered by regulators who put a stop to Ant's initial public
offering (IPO) in November with just two days before its stock market debut.

 

The IPO highlighted the outsized role of Ant and e-commerce affiliate
Alibaba in China, triggering a regulatory clampdown on the business empire
of billionaire founder Jack Ma. The result was a restructuring order for
Ant, a record $2.75 billion fine for Alibaba Group Holding Ltd (9988.HK) for
antitrust violation, and a near-three month disappearance of Ma from public
view. read more

 

Under the plan, Ant and Zhejiang Tourism Investment Group Co Ltd (ZJGVTT.UL)
will each own 35% of the venture, while other state-backed partners include
Hangzhou Finance and Investment Group and Zhejiang Electronic Port, said one
of the people.

 

The only non-state investor will be Transfar Group, parent of logistics and
financial services firm Transfar Zhilian Co Ltd (002010.SZ), said the people
with knowledge of the matter, who declined to be identified as the
information was private.

 

Transfar's stake will total 7%, said one of the people.

 

Reuters phone calls to Zhejiang Tourism seeking comment went unanswered. Ant
and other shareholders did not respond to emailed requests for comment. The
People's Bank of China (PBOC) - China's central bank, which is overseeing
Ant's restructuring, did not immediately respond to a faxed request for
comment.

 

GOVERNMENT CONTROL

 

The plan, part of Ant's business revamp, would represent one of the most
prominent outcomes of a government push for state-backed firms to exert more
control and influence over fast-growing but previously lightly regulated
new-economy businesses.

 

It follows the PBOC in April ordering Ant to become a more strictly
regulated financial holding firm, break its "monopoly on information and
strictly comply with the requirements of credit information business
regulation." read more

 

In June, Ant won operational approval for a consumer finance venture whose
minority shareholders include state-owned firms. The venture puts Ant's
lucrative micro-lending businesses under tighter regulatory purview. read
more

 

The proposed joint venture would collect, manage and analyse consumer data
to score people's credit, thereby bringing Ant's main business-data
operations together and making regulatory oversight easier, said one of the
people.

 

Under the framework being discussed for the new venture, shareholders will
invest about 500 million yuan ($77.4 million) in the entity as registered
capital, said another person.

 

They aim to establish what would be China's third licensed private
credit-scoring firm as soon as October, two of the people said. The other
two are Baihang Credit Scoring and Pudao Credit Rating Co Ltd, both of which
won approval in recent years and count several internet firms among their
shareholders.

 

BIG DATA

 

E-commerce and financial technology (fintech) firms such as Ant sit on a
huge cache of consumer data that is the backbone of China's internet where,
in finance, companies' offerings are as varied as loans and investment
products sold via smartphones.

 

Big platforms like Ant, which began as Alibaba's payments arm, have for
years been reluctant to share that data with credit-scoring firms run or
backed by regulators. read more

 

The government responded with tighter rules for fintech firms that collect
and use personal data in financial services due to concern of the systemic
financial risk they pose. read more

 

In January, the central bank issued draft rules clarifying the scope of
information and businesses included in credit-scoring regulation and urged
credit-scoring firms to apply for licences and to not over-collect user
data.

 

Ant, via super-app Alipay, collects data of over 1 billion users, many of
whom are young, internet-savvy people without credit cards or sufficient
bank credit records, as well as 80 million merchants, according to analysts
and its IPO prospectus.

 

It runs Zhima Credit, one of China's biggest private credit-scoring
platforms, with proprietary algorithms to score people and small businesses
based on their use of Ant-linked services.

 

The Thomson Reuters Trust Principles.

 

 

 

OPEC+ raises 2022 oil demand growth forecast

(Reuters) - OPEC+ revised up its 2022 oil demand forecast ahead of a meeting
of the oil producing group on Wednesday, amid U.S. pressure to raise output
more quickly to support the global economy.

 

Two OPEC+ sources said the group's experts revised the 2022 oil demand
growth forecast to 4.2 million barrels per day (bpd), up from the previous
forecast of 3.28 million bpd.

 

OPEC+ expects global oil demand to grow by 5.95 million bpd in 2021 after a
record drop of about 9 million bpd in 2020 because of the COVID-19 pandemic.

 

The Organization of the Petroleum Exporting Countries and allies led by
Russia, a group known as OPEC+, meet on Wednesday at 1500 GMT to set policy.

 

Sources told Reuters the meeting was likely to roll over existing policies
despite pressure from the United States to pump more oil. read more

 

However, the higher demand forecast strengthens the case for a speedier
output increases by OPEC+ as benchmark Brent crude traded above $72 per
barrel, close to multi-year highs.

 

The demand forecast revision came during the OPEC+ joint technical committee
(JTC), which on Tuesday presented an updated report on the state of the oil
market in 2021-2022.

 

On Tuesday, OPEC+ sources said the report, which has not been made public,
forecast a 0.9 million bpd deficit this year as global demand recovers.

 

The report had initially forecast a surplus of 2.5 million bpd in 2022 but
this was later revised to a smaller surplus of 1.6 million bpd due to
stronger demand, the sources said.

 

As a result, commercial oil inventories in the OECD, a group of mostly
developed countries, would remain below their 2015-2019 average until May
2022 rather than the initial forecast for January 2022, the JTC presentation
showed, according to the sources.

 

The Thomson Reuters Trust Principles.

 

 

 

Luxury billionaire Arnault sells out of retailer Carrefour

(Reuters) - French luxury goods billionaire Bernard Arnault has sold out of
supermarket group Carrefour (CARR.PA), the retailer he first invested in 14
years ago and whose potential takeover by Canada's Couche-Tard unravelled
earlier this year.

 

Arnault held a 5.7% stake via his Financiere Agache holding company, which
raised 724 million euros ($854 million) by selling shares on the market in
an accelerated bookbuilding process, bookrunner Societe Generale said on
Wednesday.

 

Carrefour shares were down just over 5% in early trading.

 

The Agache stake was sold at 16 euros per share, after Arnault, alongside
Colony Capital and Axon Capital first took a 9.8% holding in 2007 at an
average price of 47 euros per share.

 

Carrefour has been through several transformations, with shareholders
benefiting as it spun-off businesses, including its DUA supermaket chain.
Arnault was one of its three big shareholders, along with the Moulin family
and Brazilian businessman Abilio dos Santos Diniz.

 

The company in May renewed the mandate of Chairman and Chief Executive
Alexandre Bompard, who has spearheaded a turnaround plan involving cost cuts
and an e-commerce push to boost sales and profits, for another three years.

 

Arnault, France's richest man, was supportive of Bompard in January when the
executive was in talks with Canada's Couche-Tard about a takeover deal,
sources said at the time. Couche-Tard eventually dropped its bid of nearly
$20 billion for Carrefour after it ran into opposition from the French
government. read more

 

Bompard has since carried out the acquisition of Grupo BIG, valued at around
$1.3 billion, and asserted Carrefour was viable on its own.

 

Agache is focused on investments in fashion and luxury, and took a stake in
sandal maker Birkenstock in February.

 

The vehicle had already begun to sell down part of its Carrefour stake in
2020.

 

($1 = 0.8478 euros)

 

The Thomson Reuters Trust Principles.

 

 

 

Shares shrug off growth worries in "semi-Goldilocks" moment

(Reuters) - World shares climbed on Wednesday, shrugging off economic data
that pointed towards weak economic growth to start the month on the front
foot, as the dollar struggled to move away from three-week lows.

 

The Euro STOXX 600 (.STOXX) added 0.8% in early trading, with indexes in
Paris (.FCHI) and London (.FTSE) adding 1.2% and 0.7% respectively. Travel &
leisure (.SXTP) and insurance (.SXIP) stocks were among the top gainers.

 

Wall Street futures gauges also pointed to early gains of around 0.4%.

 

The upbeat tone for equities came in spite of signs that Asia's factory
activity lost momentum in August, as a resurgence in coronavirus cases
disrupted supply chains across the region. read more

 

The limp data is likely to raise concerns that faltering manufacturing will
add to economic headaches caused by slumping consumption.

 

Investors are awaiting manufacturing activity and unemployment data for the
euro zone later in the day. Yet many market players remained cautiously
positive on prospects for equities in particular.

 

"We've clearly witnessed a deceleration of macro data from the months
before," said Olivier Marciot, senior portfolio manager with Unigestion.

 

"But we're in the moment where it's still semi-Goldilocks - there is the
inflation element that is still for the moment being discarded by central
bankers ... but earnings are very good, macro is very strong and still the
central banks are remaining very accommodative."

 

The MSCI world equity index (.MIWD00000PUS), which tracks shares in 50
countries, gained 0.2%. Like the S&P 500 (.SPX), the MSCI index closed out
its seventh straight month of gains in August, propelled by bets of
continued central bank support.

 

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS)
turned positive, adding 0.2% to its highest since early August, having
posted gains in six out of the last seven sessions.

 

The gains in Asia were in spite of China's Purchasing Managers' Index (PMI)
showing a contraction in activity for the first time in nearly 18 months,
because of COVID-19 containment measures and supply bottlenecks.

 

"As China maintains its zero tolerance policy for COVID, they will continue
to implement these lockdowns wherever there is a small outbreak, so that
suggests growth might remain under pressure," said Carlos Casanova, Asia
senior economist at UBP.

 

DOLLAR LOWS

 

The dollar traded near its lowest point in nearly three weeks versus major
peers, with currency investors already focused on a key U.S. jobs report due
on Friday for clues on when the Federal Reserve might begin paring stimulus.

 

Fed Chair Jerome Powell has suggested an improvement in the labour market is
one major remaining prerequisite for a tapering of asset purchases.

 

The dollar edged higher against six rivals to 92.744, away from a low of
92.395 hit on Tuesday.

 

Still, the Fed last week appeared in no rush to pullback from its massive
stimulus, with the continuing dovish tone contributing to a strong monthly
performance by the United States' three main indexes, even as U.S. consumer
confidence fell to a six-month low in August as soaring COVID-19 infections
and rising inflation dampened the economic outlook. read more

 

Yields on benchmark 10-year Treasury notes gained to stand at 1.32% compared
with the U.S. close of 1.30%, edging into the upper end of the range in
which they have traded for the past two months.

 

The Thomson Reuters Trust Principles.

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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

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INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

Dairibord

 


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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