Major International Business Headlines Brief::: 04 September 2021

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Major International Business Headlines Brief::: 04 September 2021

 


 

 


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ü  Hardys wine owner warns of Christmas shortage risk

ü  Poor US jobs growth shows Covid Delta variant impact

ü  Victim of Tesla crash in Texas had alcohol level exceeding legal limit

ü  U.S. job growth takes giant step back as Delta variant hits restaurants

ü  Black unemployment setback shows Fed's challenges targeting 'broad and
inclusive' job growth

ü  Wall St Week Ahead Investors grow wary as stocks hit new highs

ü  American Airlines to end pandemic leave for unvaccinated staff

ü  Payrolls and the stock market: Wall Street usually shrugs off jobs report

ü  U.S. companies lash out at Texas law changes, including abortion ban

ü  Porsche, Puma to join Germany's DAX as index expands

ü  Chevron looks to sell Texas' Eagle Ford Basin assets - document

ü  Back-to-school may lift U.S. retail shares after recent lull

ü  Tech lifts Nasdaq to record close but Wall Street mixed on jobs report

ü  Mexico adopts firm stance on auto dispute ahead of U.S. talks

ü  Tanzania: Nzasa-Kilunde-Buza Road Section Nears Completion

ü  Ethiopia: Safaricom Ethiopia to Go Operational in 2022

ü  Uganda: Kenya, Uganda Locked in New Sugar Trade Dispute

ü  Malawi: Ban All Maize Exports, Parliamentary Committee Tells Government

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Hardys wine owner warns of Christmas shortage risk

Accolade, the wine giant that makes Hardys, has warned that truck driver
shortages could hit the busy festive season and push up costs.

 

Robert Foye, its boss, said the firm was being hit by external staff
shortages, especially among suppliers, in distribution and delivery.

 

Companies operating in the UK are having to deal with a shortage of lorry
drivers.

 

Firms including Wetherspoons and McDonald's have been affected.

 

Mr Foye said: "These shortages, if they continue, could definitely impact
Christmas. We are trying to get ahead of it, but it does depend on the
situation for the entire transport and trucking industry in the UK."

 

Mr Foye also warned that shortages could push up costs. "The only way we can
mitigate this is if we work very closely with our trucking and transport
suppliers and our customers. We have done some of that and are managing well
so far, but ultimately costs will go up."

 

Australia's Accolade, the UK's largest wine firm and the world's fifth
biggest, delivers 35 million cases to 143 countries every year.

 

Its brands include Hardys, Echo Falls, Kumala, Banrock Station and Stowells.

 

"Staff shortages are definitely there and there's a whole new group of
employees that need to be trained, from truck drivers to restaurant staff,"
Mr Foye added.

 

Consumers are seeing the impact of driver shortages and supply chain
strains, from McDonalds halting milkshake sales to supermarkets running out
of Diet Coke.

 

The Road Haulage Association (RHA) estimates there is a shortage of about
100,000 drivers.

 

Marc Ostwald, chief economist at ADM ISI, said Western Europe and the US
were experiencing similar shortages.

 

"All the anecdotal evidence suggests that the large pay rises and even
signing-on bonuses have done little to alleviate the problem," he said.

 

"Christmas supply delivery problems are highly probable, above all due to
the extensive lockdowns over the past two months in China and much of
eastern Asia."

 

Accolade's large £8.5m Park facility in Bristol is the largest wine
distribution centre in Europe, with capacity to fill over a million bottles
per year and distribute more than 180 million litres of wine annually.

 

The industry has felt the effect of global lockdowns that restricted large
swathes of the hospitality industry.

 

Mr Foye said that despite the lifting of UK restrictions, business was
taking longer to get back to pre-Covid levels.

 

"In the UK you're 100% opened up, but because of the effect of Covid,
because people's habits have changed and some outlets gone out of business,
you're really only at 65% of the level of 2019 levels. We think it's going
to take two years to get back to 90-95% level in the UK."

 

He added: "Jump over to US, they're opening extremely fast and are at the
90% level."

 

Low-alcohol lifestyle

The firm, which pioneered wine blending back in 1853, predicts rising demand
for low alcohol wine - defined as 9.9% alcohol content or less by Accolade -
and is about to launch a zero-alcohol wine.

 

"No or low alcohol will grow 20% plus per year for the next five years and
eventually be 15-20% of all wine," he said.

 

Australian wine makers are also weathering trade tensions with China after
Beijing levied 200% tariffs on Australian wine in March.

 

China is the world's biggest red wine market and was the top buyer of
Australian wine before the tariffs hit.-BBC

 

 

 

Poor US jobs growth shows Covid Delta variant impact

The US economy added fewer jobs than expected in August as employment rose
by 235,000.

 

The figure was well down on the 1.05 million jobs created in July, adding to
fears that the recovery from the pandemic may be running out of steam.

 

Despite the disappointing hiring levels, the unemployment rate fell to 5.2%
in August from 5.4% in July.

 

Economists say rising infections caused by the Delta variant have hit
spending on travel, tourism and hospitality.

 

They also note that the Labor Department's data was collected in the second
week of August, so does not reflect the impact of hurricanes Ida and Henri
in the second half of the month.

 

President Joe Biden said he was disappointed but defended his record on the
economy, saying it was growing consistently.

 

"Total job creation in the first seven months of my administration is nearly
double, double any prior first-year president," he said.

 

"While I know some wanted to see a larger number today, and so did I, what
we've seen this year is a continued growth, month after month in job
creation."

 

Seema Shah, of Principal Global Investors, called the figures "a major miss"
that "screamed Delta disruption".

 

She added that the Federal Reserve may have to rethink its plan to start
withdrawing stimulus for the US economy this year.

 

US Fed hints it will start easing stimulus

McDonald’s in US hiring 14-year-olds amid shortage

"Not only did payrolls rise by less than a third of what was expected, the
[labour market] participation rate was unchanged suggesting that labour
supply is still struggling to recover as Covid confidence takes another hit.

 

"The Fed has hung its hat on the assumption that people are starting to
return to work, and unfortunately today's number will be a disappointment to
them."

 

Unemployment chart

According to the US Bureau of Labor Statistics, there were notable job gains
in August in professional and business services, transportation and
warehousing, private education and manufacturing.

 

However, employment fell in retail and was flat in leisure and hospitality,
after increasing by an average of 350,000 per month over the previous six
months.

 

While the number of people unemployed edged down to 8.4 million, it remains
well above the pre-pandemic level of 5.7 million seen in February 2020.

 

Joe Little, chief global strategist at HSBC Asset Management, said the weak
figures could turn out to be a blip, noting that average payrolls growth had
averaged at around 700,000 per month over the last three months.

 

Average earnings also jumped in August, suggesting that employers are trying
to lure workers back amid labour shortages in some industries.

 

'Demand remains high'

"Record levels of job openings means that the demand for labour remains
high," Mr Little said. "As we head into the autumn, labour shortages will be
eased by the expiry of additional unemployment insurance payments plus
improved access to childcare when schools return."

 

But he added the renewed wave of Covid infections could dissuade some from
re-joining the workforce and was "an important risk to monitor".

 

The US economy contracted sharply last year during lockdown but has
rebounded strongly in 2021.

 

House prices are rising and corporate results remain strong. However, like
most economies, the US is facing supply chain issues that have dragged on
manufacturing growth.

 

Inflation has also jumped as the economy reopens, although the Federal
Reserve believes the rise will be transitory-BBC

 

 

 

Victim of Tesla crash in Texas had alcohol level exceeding legal limit

(Reuters) - One of the two victims of a fatal crash involving a Tesla car in
Texas had a blood-alcohol level that exceeded the legal driving limit,
according to an autopsy report.

 

No one was found in the driver's seat in the April accident where a Model S
caught fire after hitting a tree, killing the two people in the car,
according to the police at the time.

 

William Varner, who was found in the back left passenger seat, had 0.151
g/100mL of ethanol - grain alcohol - detected in his blood after his death,
according to the report by Harris County Institute of Forensic Sciences.

 

The legal blood alcohol level for driving in Texas is 0.08%.

 

The cause of Varner's death was "blunt force trauma and thermal injuries
with smoke inhalation," the report said.

 

The police declined to comment on the report, saying the investigation is
still under way.

 

The National Highway Traffic Safety Administration has opened 33
investigations into Tesla crashes involving 11 deaths since 2016 in which
advanced driver assistance systems are suspected of being used, including
the Texas crash.

 

A preliminary report by the National Transportation Safety Board, which is
also probing the Texas crash, said testing showed that the vehicle's
automated steering system was "not available" on the road where the accident
occurred but the car's cruise-control function could still have been in
operation. read more

 

Tesla markets its advanced driver assistant system as "Full Self-Driving"
capability, but says that those features do not make the vehicle autonomous
and require active driver supervision.

 

 

 

U.S. job growth takes giant step back as Delta variant hits restaurants

(Reuters) - The U.S. economy created the fewest jobs in seven months in
August as hiring in the leisure and hospitality sector stalled amid a
resurgence in COVID-19 infections, which weighed on demand at restaurants
and hotels.

 

But other details of the Labor Department's closely watched employment
report on Friday were fairly strong, with the unemployment rate falling to a
17-month low of 5.2% and July job growth revised sharply higher. Wages
increased a solid 0.6% and fewer people were experiencing long spells of
unemployment.

 

This points to underlying strength in the economy even as growth appears to
be slowing significantly in the third quarter because of the soaring
infections, driven by the Delta variant of the coronavirus, and relentless
shortages of raw materials, which are depressing automobile sales and
restocking.

 

 

"It is important to keep the right perspective," said Brian Bethune,
professor of practice at Boston College. "Given the supply chain constraints
and the ongoing battle to lasso COVID-19 to the ground, the economy is
performing exceptionally well."

 

The survey of establishments showed nonfarm payrolls increased by 235,000
jobs last month, the smallest gain since January. Data for July was revised
up to show a whopping 1.053 million jobs created instead of the previously
reported 943,000.

 

Hiring in June was also stronger than initially estimated, leaving average
monthly job growth over the past three months at a strong 750,000.
Employment is 5.3 million jobs below its peak in February 2020. Economists
polled by Reuters had forecast nonfarm payrolls increasing by 728,000 jobs
in August.

 

Nonfarm payrolls

Though the Delta variant was the biggest drag, fading fiscal stimulus was
probably another factor. The response rate to the survey is lower in August
and the pandemic has made it harder to adjust education employment for
seasonal fluctuations.

 

The initial August payrolls print has undershot expectations over the last
several years, including in 2020. Payrolls have been subsequently revised
higher in 11 of the last 12 years.

 

"The August payroll figures have historically been revised higher in the
years since the Great Recession, sometimes significantly, and there's a good
chance this effect will occur again this time," said David Berson, chief
economist at Nationwide in Ohio.

 

Employment in the leisure and hospitality sector was unchanged after gains
averaging 377,000 per month over the prior three months. Restaurants and
bars payrolls fell 42,000 and hiring at hotels and motels decreased 34,600,
offsetting a 36,000 gain in arts, entertainment and recreation jobs.
Retailers shed 29,000 jobs.

 

 

Construction lost 3,000 jobs. There were gains in mining, financial
services, information and professional and business services as well as
transportation and warehousing.

 

Manufacturing added 37,000 jobs, led by a 24,100 increase in the automobile
industry. Factory hiring remains constrained by input shortages, especially
semiconductors, which have depressed motor vehicle production and sales.

 

General Motors (GM.N) and Ford Motor Co (F.N) announced production cuts this
week. read more

 

Motor vehicle sales tumbled 10.7% in August.

 

That, together with raw materials shortages, which are making it harder for
businesses to replenish inventories, prompted economists at Goldman Sachs
and JPMorgan to slash third-quarter GDP growth estimates to as low as a 3.5%
annualized rate from as high as a 8.25% pace. The economy grew at a 6.6%
pace in the second quarter.

 

Government payrolls fell by 8,000 in August as state government education
lost 21,000 jobs. August is the start of the back-to-school season, but the
Bureau of Labor Statistics, which compiles the employment report cautioned
that "pandemic-related staffing fluctuations in public and private education
have distorted the normal seasonal hiring and layoff patterns."

 

Stocks on Wall Street were mixed. The dollar slipped against a basket of
currencies. U.S. Treasury prices fell.

 

SILVER LININGS

 

 

Details of the smaller household survey from which the unemployment rate is
derived were fairly upbeat.

 

Household employment increased by 509,000 jobs, enough to push the
unemployment rate to 5.2%, the lowest since March 2020 from 5.4% in July.
The jobless rates, however, continued to be understated by people
misclassifying themselves as being "employed but absent from work." Without
this problem, the jobless rate would have been 5.5%.

 

Even so, a broader measure of unemployment, which includes people who want
to work but have given up searching and those working part-time because they
cannot find full-time employment, dropped to a 17-month low of 8.8% from
9.2% in July.

 

Though the participation rate was steady at 61.7%, about 190,000 people
entered the labor force last month. Even more encouraging, the number of
permanent job losers declined 443,000 to 2.5 million. The number of
long-term unemployed dropped to 3.2 million from 3.4 million in the prior
month.

 

They accounted for 37.4% of the 8.4 million officially unemployed people,
down from 39.3% in July. The duration of unemployment fell to 14.7 weeks
from 15.2 weeks in July.

 

Labor market participation rate

Economists did not believe the pullback in hiring was enough for the Federal
Reserve to back away from its "this year" signal for the announcement of the
scaling back of its massive monthly bond buying program, given strong wage
growth.

 

"For the Fed a taper announcement is still likely coming in either November
or December," said Michael Feroli, chief U.S. economist at JPMorgan in New
York.

 

The 0.6% jump in average hourly earnings after a 0.4% rise in July boosted
annual wage growth to 4.3% in August from 4.0% in the prior month. The
increase, led by lower-paying industries, is the result of worker shortages
caused by the pandemic. There were a record 10.1 million job openings at the
end of June.

 

Wage growth

There is cautious optimism that the labor pool will increase because of
schools reopening and government-funded benefits expiring on Monday. But the
Delta variant could delay the return to the labor force by some of the
unemployed in the near term.

 

About 41,000 women, 20 years and older, dropped out the labor force. The
number of number of people saying they were unable to work because of the
pandemic increased 497,000 in August, the first rise since December. There
was also a slight rise in the number of people working from home.

 

The Thomson Reuters Trust Principles.

 

 

 

Black unemployment setback shows Fed's challenges targeting 'broad and
inclusive' job growth

(Reuters) - Attaining its goal of maximum employment has always been a tall
order for the Federal Reserve but broadening the scope of that objective to
one that is also "broad and inclusive" has made the task tougher still, with
Friday's payrolls report standing as a case in point.

 

Job gains in August were far more meager than expected largely due to the
surge in coronavirus cases. And even though the unemployment rate fell to a
pandemic-era low of 5.2%, it did not drop for everyone. The jobless rate
rose for Blacks - to 8.8% from 8.2% - and they were the only major racial
demographic group to see an increase.

 

That figure on its own creates tough optics for the Fed as it approaches a
consequential meeting this month, especially as other data from the Labor
Department suggest the Black employment recovery from last year's recession
continues to progress - by some measures more so than for whites.

 

Reuters Graphics

Black workers continued to notch strong gains in employment and in the labor
force participation rate this year, while it appears improvements may be
moderating for white workers.

 

For example, the share of Black people who are either working or looking for
jobs, or the labor force participation rate, rose in August to 61.6% and is
now equal to the participation rate for white workers - a metric where Black
workers have historically lagged.

 

And the share of Black people who were employed in August, known as the
employment to population ratio, reached 56.2%, up from 54.7% in January.
This was slightly more than the gains seen for white workers. "That's an
unambiguous improvement" for Black workers, Nick Bunker, an economist with
Indeed Hiring Lab said in an email.

 

At 58.8%, the employment to population ratio for white workers is up from
57.9% in January.

 

Still, the trends in the unemployment rate are much less straightforward.
After last month's increase, the jobless rate for Black workers is still at
crisis-era levels and is down just 0.4 percentage points from the start of
the year. The unemployment rate for white workers, at 4.5%, is below the
national unemployment rate and down by 1.2 percentage points from January.

 

"Where that rise in unemployment came from is up for debate," said Bunker,
noting it could have been driven by a rise in Black people trying to find
work but not succeeding, or by an increase in the number of Black people who
became unemployed.

 

Policymakers will need to watch what happens in the coming months as the
U.S. labor market works through the effects of multiple shifts, including
cuts to unemployment benefits, the Delta variant's drag on spending and
travel and persistent challenges with childcare and schooling.

 

If the slowdown in hiring persists, that may not bode well for Black
workers, which often face the deepest losses during downturns and the
slowest recoveries, said Daniel Zhao, a senior economist with Glassdoor.

 

"Black workers are often first to be fired and last to be rehired, so if the
recovery slows we might expect to see that the impact is more on Black
workers," Zhao said.

 

The Thomson Reuters Trust Principles.

 

 

 

Wall St Week Ahead Investors grow wary as stocks hit new highs

(Reuters) - Investors are girding their portfolios for potential stock
market volatility, even as equities hover near fresh highs after logging
seven straight months of gains.

 

Utilities (.SPLRCU) are the S&P 500's best-performing sector so far this
quarter with a 10.2% gain. They have been followed by other popular
destinations for nervous investors, including real estate and healthcare.

 

In derivatives markets, the gap in price between the front month Cboe
Volatility Index futures contract and the VIX index itself (.VIX) is higher
than it has been about 85% of the time over the last five years. This
suggests some investors expect the calm in stocks to give way to more
pronounced price swings in the coming weeks and months.

 

Meanwhile, the Japanese yen and Swiss franc - viewed as havens during
uncertain times - have outperformed most G10 currencies this quarter.

 

"It's been a year of positive market returns, but it's a bull market which
has pretty defensive undertones," said Saira Malik, head of global equities
at money manager Nuveen Investments.

 

The demand for downside protection illustrates a conundrum that has
bedeviled investors at various times during the market's post-pandemic
surge.

 

Ultra-low yields on fixed income have left few alternatives to equities, and
betting against stocks has been a disastrous strategy in the last
year-and-a-half.

 

Stocks demonstrated their resilience on Friday, when the S&P appeared to
shrug off a big miss on August U.S. employment data, as some market
participants bet a weaker economy could undercut the case for the Federal
Reserve to unwind its market-supportive easy money policies in coming
months. The benchmark index is up 20.4% this year. read more

 

 

At the same time, many have grown antsy in a market that has gone 292
calendar days without a decline of 5% or more, nearly three times the
average since World War II, according to data from CFRA's Sam Stovall.
Rising valuations, ebbing economic growth and signs of speculative excess
have only added to their concerns.

 

"It's been a wonderful ride for U.S. equities ... but moving forward we
think it is going to be a little bit of a different picture," said David
Grecsek, managing director in investment strategy and research and partner
at Aspiriant, which manages about $14.5 billion.

 

Concerns over equity valuations have prompted Grecsek to take profits in
some of his equity positions and shift some money into non-U.S. stocks,
including emerging markets.

 

The S&P 500's price-to-earnings ratio on a forward 12-month basis stands at
21.3, a 35% premium to its 20-year average, according to Refinitiv
Datastream.

 

Investors next week will be keeping an eye on quarterly results from video
game retailer GameStop Corp(GME.N), whose wild ride this year put a
spotlight on retail investors' mania for so-called meme stocks that some say
is one sign of irrational exuberance in markets.

 

On the macro front, next week's U.S. August producer price index data could
provide some clues on how inflation is shaping up after July showed the
largest annual increase in over a decade. read more

 

With the Delta variant of the coronavirus continuing hindering growth, "a
lot of investors are seeing maybe some headwinds and positioning more
defensively," said Ross Mayfield, investment strategist at Baird in
Louisville, Kentucky.

 

Analysts at Morgan Stanley in the past week cut their view on third-quarter
U.S. gross domestic product to a gain of 2.9%, from a 6.5% increase.

 

Some of the flows into defensive sectors may have more to do with investors
hunting for yield rather than worries over an impending market crash.

 

The S&P 500 Utilities index (.SPLRCU)sports a yield of about 3%, while the
yield on the benchmark U.S. 10-year Treasury note stood at around 1.33% on
Friday.

 

"The wall of worry does loom on the horizon ... but the main reason
defensive (stocks) are holding up relatively well is because of the income
stream attached to them," said Terry Sandven, chief equity strategist at
U.S. Bank Wealth Management.

 

Sandven, Nuveen's Malik and Baird's Mayfield all remain bullish on stocks,
despite the market's defensive undertone.

 

History may be on their side: the S&P has held on to a double-digit annual
gain in eight of the last 10 years that it rose by 20% or more in the period
from January through August, as it has in 2021, according to a report from
BofA Global Research. The exceptions were 1929 and 1987, which were both
marked by historic market crashes.

 

The Thomson Reuters Trust Principles.

 

 

 

American Airlines to end pandemic leave for unvaccinated staff

(Reuters) - American Airlines (AAL.O) said on Friday it would not provide
special leave from next month to unvaccinated employees who have to
quarantine due to COVID-19.

 

Unvaccinated workers will have to use their sick time or medical leave if
they miss work due to the disease, it said.

 

"Given there is an FDA-approved vaccine, pandemic leave will only be offered
to team members who are fully vaccinated and who provide their vaccination
card to us," the carrier said in a memo to staff seen by Reuters.

 

The move comes after United Airlines Inc (UAL.O) last month became the first
U.S. carrier to require vaccinations for all domestic employees.

 

Separately, Alaska Air (ALK.N) said on Friday that it had stopped special
pay for unvaccinated employee absences due to COVID-19 infection or exposure
to a suspect. (https://bit.ly/3h07qlo)

 

The airline has mandated vaccination for all new hires and will pay $200 to
employees who provide proof of vaccination.

 

The Thomson Reuters Trust Principles.

 

 

 

Payrolls and the stock market: Wall Street usually shrugs off jobs report

(Reuters) - Markets always look to the Labor Department's monthly employment
report with great anticipation. But whether the data disappoints or
surprises to the upside often has only a modest effect on overall stock
index moves.

 

Friday's report missed consensus by a mile, for example, showing the economy
added a paltry 235,000 jobs instead of the 728,000 expected by economists.

 

But Wall Street seemed to largely shrug off the disappointment. The S&P 500
was essentially flat.

 

"Today it’s as simple as ‘bad news is good news’ because the weak number
gives the Fed cover to maintain its dovish outlook and likely push back
tapering," said Ryan Detrick, senior market strategist at LPL Financial in
Charlotte, North Carolina.

 

Detrick also pointed to strengthening yields as a reason the stock market is
not terribly worried.

 

The yield on the 10-year U.S. Treasury note rose about 4 basis points to
1.3257% Friday afternoon on data in the jobs report showing wages heating up
even more than feared. Even so benchmark Treasury yields are well below the
highs earlier this year when traders were most worried about the U.S.
recovery kindling durable inflation.

 

"This was on the disappointing side of things, but the bond market isn’t
overly concerned," Detrick added. "If the bond market was worried about the
economy, yields would be lower and that’s not the case."

 

The term "Goldilocks" is often used to describe data that hits the sweet
spot; not so dire as to herald economic deterioration or so robust as to
cause the Federal Reserve to tighten its dovish monetary policies.

 

And as markets tend to prefer not to be surprised, it might stand to reason
that stocks would perform well when the actual number comes in close to
estimates.

 

But neither appears to have been the case over the last year. The graphic
below shows the monthly payrolls surprise against the movement of the S&P
500 (.SPX) on the day of the report's release:

 

Payrolls and the stock market

On a more granular level, a clearer picture emerges.

 

This graphic charts payrolls surprise against the tech sector (.SPLRCT)
which tends to respond well to disappointing economic data as it tends to
ensure the Fed will keep key interest rates low, and Dow transports (.DJT)
that is seen by many as a barometer of economic health:

 

Payrolls tech and transports

Finally, this graphic pits payrolls surprise against the rise and fall of
benchmark Treasury yields, in basis points, during the session of the
report.

 

Yields often rise along with risk appetite, and indicate economic optimism:

 

The Thomson Reuters Trust Principles.

 

 

 

U.S. companies lash out at Texas law changes, including abortion ban

(Reuters) - U.S. companies including Lyft Inc, American Airlines Group Inc
and Silicon Laboratories Inc voiced their displeasure on Friday at new Texas
laws on abortion, handguns, and voting limitations, a fresh sign of
increased efforts by some firms to signal their commitment to social
responsibility.

 

Lyft (LYFT.O) and Uber Technologies Inc (UBER.N) said they will cover all
legal fees for the ride-hail companies' drivers sued under a law that puts
in place a near-total ban on abortion.

 

Lyft will also donate $1 million to women's health provider Planned
Parenthood, chief executive Logan Green said on Twitter.

 

 

"This is an attack on women's access to healthcare and on their right to
choose," Green said of the new Texas law.

 

Uber CEO Dara Khosrowshahi tweeted in response to Green's announcement that
his company would cover drivers' legal fees in the same way, thanking Green
for taking the initiative.

 

 

The ban, which took effect Wednesday, leaves enforcement up to individual
citizens, enabling them to sue anyone who provides or "aids or abets" an
abortion after six weeks. This potentially includes drivers who unknowingly
take women to clinics for abortion procedures.

 

 

On Wednesday, Tinder-owner Match Group's (MTCH.O) CEO and rival dating
platform Bumble Inc (BMBL.O) said they were setting up funds to help
Texas-based employees seeking abortion care outside the state.

 

Website hosting service GoDaddy Inc (GDDY.N) on Friday, meanwhile, shut down
a Texas anti-abortion website that allowed people to report suspected
abortions.

 

The reaction to the law change in Texas comes at a time when many companies
are seeking to burnish their corporate and environmental governance
credentials with consumers.

 

 

Companies also reacted to the Texas legislature this week passing the final
version of a bill that outlaws drive-through and 24-hour voting locations
and gives poll watchers more power, widely seen as restricting voting
access.

 

"We hoped for a different outcome for this legislation, and we're
disappointed by this result," an American Airlines (AAL.O) spokesperson said
in an email.

 

A spokesperson for Hewlett Packard Enterprise Co (HPE.N), based in Texas,
said, "As a global company of 60,000 team members, HPE encourages our team
members to engage in the political process where they live and work and make
their voices heard through advocacy and at the voting booth."

 

Meanwhile, a law allowing people to carry concealed handguns without any
permit went into effect in Texas on Wednesday.

 

 

"Looking at the abortion law, or the gun law, or the voting law, it's a form
of vigilante justice, where you're empowering individuals to enforce the
law," said Tyson Tuttle, the CEO of Austin-based Silicon Laboratories
(SLAB.O). "It's been a rough week in Texas and a harbinger of what's to come
across the country."

 

 

 

 

Porsche, Puma to join Germany's DAX as index expands

(Reuters) - German carmaker Porsche (PSHG_p.DE) and sportswear maker Puma
(PUMG.DE) will join the nation's premier DAX stock index, as it expands to
40 from 30 companies in the biggest overhaul of its 33-year history, the
exchange operator Deutsche Boerse (DB1Gn.DE) said on Friday.

 

The expansion, contemplated for years, got a push in reaction to the
collapse of German payments company Wirecard, which dramatically fell from
grace in 2020, just two years after promotion to the benchmark index.

 

A bigger index means greater diversification and potentially more stability
for investors.

 

Reuters Graphics

The move promotes an array of companies to an index previously reserved for
German corporate titans like Volkswagen (VOWG_p.DE) and Siemens (SIEM.NS).

 

Other new entrants include the plane manufacturer Airbus (AIR.PA) and the
online fashion retailer Zalando (ZALG.DE).

 

The changes are effective on Monday, Sept. 20.

 

Wirecard's demise embarrassed the German government and stained the nation's
reputation as a safe haven investment, accelerating the reform imitative
backed by Deutsche Boerse Chief Executive Officer Theodor Weimer.

 

 

Deutsche Boerse announced the overhaul plans last November, saying the
changes would improve quality of the DAX indexes and align them with
international standards. .

 

Over the past year, Deutsche Boerse has also imposed more stringent
membership criteria in financial reporting and profitability.

 

Manfred Schlumberger, portfolio manager at Starcapital, said he doubted the
expansion would make the index more attractive.

 

U.S. indexes are more attractive than their European counterparts because
they have a high portion of future-oriented industries like technology and
communication, he said.

 

"The DAX doesn't get that through the overhaul because those industries
simply don't exist here," he said

 

The remaining new entrants include: health technology company Siemens
Healthineers (SHLG.DE), flavour and fragrance maker Symrise (SY1G.DE), lab
equipment maker Sartorius (SATG.DE), chemicals distributor Brenntag
(BNRGn.DE), meal-kit company Hellofresh (HFGG.DE), and genetic testing
specialist Qiagen (QIA.DE).

 

The number of constituents in the mid-cap index (.MDAXI) will shrink to 50
from 60.

 

The Thomson Reuters Trust Principles.

 

 

 

Chevron looks to sell Texas' Eagle Ford Basin assets - document

(Reuters) - Chevron Corp (CVX.N) is looking to sell its oil and gas assets
in the Eagle Ford Basin in south Texas, according to sources familiar with
the matter and a marketing document seen by Reuters.

 

A spokesperson confirmed that the company was marketing the assets for sale,
adding the oil major regularly reviews its portfolio.

 

At $70 oil and $4 gas, Chevron estimated the assets' total proved developed
resources - the amount of oil and gas with a 90% or greater probability of
profitable extraction - were worth around $1 billion, according to the
document.

 

Including undeveloped inventory, the assets could be valued as high as $3.8
billion at those prices, according to the document. U.S. crude prices were
trading at around $69.5 a barrel on Friday, while natural gas was around
$4.69 per million British thermal units.

 

Prospective buyers are likely to bid between $1 billion and $2 billion for
the assets, two of the sources said.

 

Oil companies have been unloading properties from Texas to California,
taking advantage of a more than 40% surge in crude prices to shore up cash
for future investments and returns to shareholders.

 

Chevron, which plans to resume share buybacks in the current quarter,
stepped up its sales program in June by marketing two collections of
conventional oil and gas fields in the Permian Basin, together valued at
more than $1 billion. read more

 

"From Chevron's perspective, a sale further streamlines their upstream
operations as they narrow their focus to the largest and most economic oil
and gas projects while further diversifying their business to stay abreast
of changes in the industry," said Andrew Dittmar, senior M&A analyst at
Enverus.

 

"They are likely hoping to capitalize on a resurgent Eagle Ford M&A market
largely driven by interest from private equity buyers."

 

The basin has seen over $2 billion in deals so far this year, compared to
just $500 million in 2020 and $1 billion in 2019, Dittmar added.

 

Chevron's Eagle Ford assets, which the company acquired as part of its
takeover of Noble Energy last year, span 30,440 net acres and had net
production of 30,300 barrels of oil equivalent per day in 2021, with 45% of
it being natural gas, according to the marketing document.

 

The divestment plans come as Chevron reportedly held talks with activist
hedge fund Engine No. 1 to detail its plans to cut carbon emissions. Engine
No. 1 won three board seats at rival Exxon Mobil (XOM.N) in June, using the
top U.S. oil producer's "inadequate" response to climate change as its
rallying point. read more

 

The Thomson Reuters Trust Principles.

 

 

 

Back-to-school may lift U.S. retail shares after recent lull

(Reuters) - Strong late-summer back-to-school sales could provide U.S.
retailers some needed momentum after many sector shares lagged the broader
market in recent months.

 

The S&P 500 retailing index (.SPXRT), which includes Amazon.com Inc
(AMZN.O), is up just about 2% for the quarter so far, compared with a 6%
gain in the S&P 500 (.SPX).

 

Some retailers, including Macy's Inc (M.N) and Walmart Inc(WMT.N), cited
upbeat back-to-school data recently as they increased annual U.S. sales
forecasts, but further sales data and the U.S. August retail report are
expected later this month. read more

 

With the help of advance child tax credits and stimulus checks related to
the pandemic, some consumers have had extra cash to load up on backpacks and
other supplies.

 

Most U.S. schools are returning this year to in-class instruction after
months of remote learning. New York City's public schools reopen Sept. 13,
and many New York metro area schools begin in the days after the Labor Day
weekend, when parents typically continue to pick up school supplies.

 

Retail shares along with some other value-related sectors tied to the
economy have underperformed growth sectors in recent months, said Phil
Orlando, chief equity market strategist at Federated Hermes, in New York.
The S&P value index (.IVX) is up about 2% for the quarter, while the growth
index (.IGX) is up more than 8%.

 

But that trend is likely to change, and retail is among the groups that will
"catch a second wind here and run through the end of the year ... into the
beginning of next year," he said.

 

Holiday sales and back-to-school sales have a strong correlation, he noted.

 

Investors have been optimistic about back-to-school sales given the
comparisons with last year, said Michael James, managing director of equity
trading at Wedbush Securities in Los Angeles.

 

"I don't think there's any question that back-to-school is going to be far
stronger than last year," he said.

 

"That's been somewhat factored into expectations," he said, noting that
retail stocks are still higher than six months ago.

 

Also, supply chain issues could be a drag for some retailers, said Eric
Kuby, chief investment officer of North Star Investment Management Corp in
Chicago.

 

"Our operating assumption is that it doesn't get worse. ... They are working
hard on the supply chain to get products on the shelf," he said.

 

Shares of some bigger retailers have outperformed, so investors may need to
look for bargains, Kuby said.

 

"We haven't sold any (retail shares) ... but our favorite pick in the retail
area is Target, and that's a great stock but it's not inexpensive," he said.

 

Target Corp(TGT.N) shares are up about 39% for the year to date, compared
with about a 14% gain in the S&P 500 retailing index over that same period.

 

Shares of products-related companies might have more room to run, Kuby said,
such as ACCO Brands Corp(ACCO.N), which his firm owns.

 

"Investors' attention will pivot more to holiday sales," he said. "That's
where focus is going to be."

 

The Thomson Reuters Trust Principles.

 

 

 

Tech lifts Nasdaq to record close but Wall Street mixed on jobs report

(Reuters) - The Nasdaq closed Friday at a fresh record but Wall Street's
main indexes headed into the Labor Day weekend in mixed fashion, reacting to
a disappointing U.S. jobs report which raised fears about the pace of
economic recovery but weakened the argument for near-term tapering.

 

A majority of the 11 S&P sectors ended lower, with the energy (.SPNY) and
financial (.SPSY) indexes among those finishing in the red.

 

Banking stocks (.SPXBK), which generally perform better when bond yields are
higher, dropped even as the benchmark 10-year Treasury yield jumped
following the report.

 

"The number's a big disappointment and it's clear the Delta variant had a
negative impact on the labor economy this summer," said Michael Arone, chief
investment strategist at State Street Global Advisors in Boston.

 

"You can tell because leisure and hospitality didn't add any jobs and retail
actually lost jobs. Investors will conclude that perhaps this will put the
(Federal Reserve) further on hold in terms of the timing of tapering.
Markets may be okay with that."

 

Among the biggest decliners on the S&P 500 were cruise ship operators,
including Norwegian Cruise Line Holdings (NCLH.N), Carnival Corp (CCL.N) and
Royal Caribbean Cruises (RCL.N), whose businesses are highly susceptible to
consumer sentiment around travel and COVID-19.

 

The S&P 500 and the Nasdaq had scaled all-time highs over the past few weeks
on support from robust corporate earnings, but investors have remained
generally cautious as they watch economic indicators and the jump in U.S.
infections to see how that might influence the Fed and its tapering plans.

 

The labor market remains the key touchstone for the Fed, with Chair Jerome
Powell hinting last week that reaching full employment was a pre-requisite
for the central bank to start paring back its asset purchases.

 

On Friday, the Labor Department's closely watched report showed nonfarm
payrolls increased by 235,000 jobs in August, widely missing economists'
estimate of 750,000. Payrolls had surged 1.05 million in July. read more

 

Despite a number well outside the consensus estimate, the overall reaction
of investors was muted, continuing a trend over the last year of a
decoupling of significant S&P movement in the wake of a wide miss on the
payrolls report. read more

 

Unofficially, the Dow Jones Industrial Average (.DJI) fell 74.47 points, or
0.21%, to 35,369.35, the S&P 500 (.SPX) lost 1.41 points, or 0.03%, to
4,535.54 and the Nasdaq Composite (.IXIC) added 32.34 points, or 0.21%, to
15,363.52.

 

The Nasdaq, registering a fifth daily gain in the last six sessions, was
boosted by technology heavyweights, including Apple (AAPL.O), Alphabet
(GOOGL.O), and Facebook (FB.O). Tech stocks tend to perform better in a low
interest-rate environment.

 

Chinese ride-hailing firm Didi Global (DIDI.N) gained after a media report
that the city of Beijing was considering moves that would give state
entities control of the company. 

 

 

 

Mexico adopts firm stance on auto dispute ahead of U.S. talks

(Reuters) - Mexico expects the United States to comply with automotive rules
in the new North American trade pact, a senior official said, taking a firm
line ahead of high-level talks next week clouded by a dispute over the
future of the car industry in the region.

 

Mexico and Canada have been at odds for months with the United States over
the application of regional content requirements for the auto industry, one
of the cornerstones of last year's United States-Mexico-Canada Agreement
(USMCA) trade pact.

 

The two countries favor a more flexible interpretation of the rules than the
one taken by U.S. officials.

 

When asked late on Thursday whether a new methodology could be used to avoid
taking the row to an international tribunal, Deputy Economy Minister Luz
Maria de la Mora told Reuters:

 

"No, because we're not renegotiating (USMCA). It's about honoring what was
agreed in the treaty."

 

"The text of the agreement made very clear what scope for flexibility there
was in the deal," she added, noting that differences between the United
States and Mexico on the issue had begun while the Trump administration was
still in office.

 

Under USMCA, which replaced the 1994 North American Free Trade Agreement
(NAFTA), carmakers must meet a 75% threshold for North American content for
vehicles in order to qualify for tariff-free trade within the region.

 

With NAFTA, which former U.S. President Donald Trump had decried as a
"disaster" for U.S. industry, the content threshold stood at 62.5%.

 

Top U.S. and Mexican officials are due to restart the so-called high level
economic dialogue on Sept. 9 in Washington, talks that were suspended during
Trump's time in office.

 

Mexican Economy Minister Tatiana Clouthier will be among the participants at
the dialogue, which Mexico's government said is in part aimed at deepening
economic integration.

 

On Aug. 20, Mexico requested formal consultations over the interpretation
and application of the stricter automotive content rules, but de la Mora
said these had not yet begun.

 

Making the rules tougher than what was agreed under USMCA risked backfiring
on the industry, reducing competitiveness, raising costs and making the
region "less attractive for investment and production," de la Mora said.

 

She added that disputes over content requirements only fanned uncertainty
and could even end up benefiting suppliers from other parts of the world
with laxer rules like South Korea.

 

Nevertheless, earlier this week, President Andres Manuel Lopez Obrador said
he did not expect the dispute to end up before an international tribunal,
and expressed optimism that agreement could be reached before long.

 

The Thomson Reuters Trust Principles.

 

 

 

Tanzania: Nzasa-Kilunde-Buza Road Section Nears Completion

REHABILITATION and upgrading of Nzasa-Kilungule- Buza road in Temeke
Municipality under the Dar es Salaam Metropolitan Development Project (DMDP)
will be complete by October this year.

 

Deputy Minister of State in the President's office, Regional Administration
and Local Government, Mr David Silinde, told the National Assembly on
Wednesday that the project undertaken by contractor of Group Six
International Ltd will cost 19.13bn/-

 

He said out of the total section of 7.6 km road under construction, 5.4km
will be tarmacked and the remaining part would be concrete, specifically for
the Dar Rapid Transit buses.

 

Mr Silinde gave the statistics when responding to Ms Dorothy Kilave
(Temeke-CCM), who wanted to know when the project will be completed as it
connects Temeke and Mbagala residents.

 

The deputy minister said the project being implemented through a World Bank
loan, with the client being Temeke municipal council, will also cover
construction of the Buza bus terminal. Implementation of the project started
on April last year and is expected to be completed next month, whereas so
far it has been completed by 69per cent and 8.05bn/- has already been paid
to the contractor.

 

He assured the parliamentarian that the government will be renovating and
upgrading road infrastructures in Temeke as per availability of funds for
improving transport infrastructures.-Daily News.

 

 

 

Ethiopia: Safaricom Ethiopia to Go Operational in 2022

Safaricom Ethiopia PLC will start operating in 2022 as per the business
license agreement, said Ministry of Finance.

 

Discussing the progress and the next steps with regard to Safaricom Ethiopia
PLC investments in Ethiopia, Peter Ndegwa,Safaricom PLCChief Executive
Officer said that his company is committed to operate as per the license for
commercial launch in 2022.

 

Ahmed Shide, Ethiopian Minister of Finance and EyobTekalign (PhD) State
Minister of Finance, held fruitful discussions with a delegation from
Safaricom PLC and Safaricom Ethiopia PLC, led by Peter Ndegwa.

 

Peter reaffirmed the commitment of SafaricomEthiopia PLC to work with local
companies and ethio telecom with a view to fostering public service.

 

Ahmed Shideon his part confirmedthat the Government of Ethiopia is highly
committed to support Safaricom Ethiopia PLC to bring about a difference
concerning telecom service quality, coverage and innovation. He also said
that the Government renews its pledge to help scale up investment in
telecommunications sector in the country.

 

Safaricom Ethiopia PLC's investment in Ethiopia is anticipated to create
thousands of direct and indirect jobs as the company kicks off its
operations capitalizing on communications services.-Ethiopian Herald.

 

 

 

Uganda: Kenya, Uganda Locked in New Sugar Trade Dispute

Uganda has protested a 79 percent cut on its scheduled sugar exports to
Kenya, reigniting trade disputes between the two East African Community
states.

 

Agriculture Minister Frank Tumwebaze said Thursday Uganda was "not happy"
with restrictions on its sugar exports to Kenya.

 

"We need an honest conversation about these trade restrictions from your
side," he said in a tweet addressed to his Kenyan counterpart, Peter Munya.

 

Mr Tumwebaze was reacting to a notice by the Sugar Directorate in Nairobi
that traders will only be allowed to import 18,923 tonnes of sugar from
Uganda, down from 90,000 tonnes that Kenya had earlier said would be shipped
in from its landlocked neighbour.

 

Kenya's Trade Cabinet Secretary Betty Maina and her Ugandan counterpart had
in April this year agreed that Uganda would export 90,000 tonnes of sugar to
Kenya as soon as the verification mission on the country of origin was
completed.

A deal between the two countries allowed Uganda to export surplus sugar into
the country three years ago. But Nairobi delayed the implementation until
late last year when the neighbouring state was allowed to ship in 20,000
tonnes of the 90,000 tonnes surplus that it had requested.

 

The change of plans by Kenyan authorities have rubbed their Ugandan
counterparts the wrong way amid threats of retaliatory action.

 

"Kenya imports about 450,000 tonnes of sugar. If your sugar board (trade
police) allowed Uganda to export to Kenya its 150,000 tonnes still your
sugar import demand would remain unmet. So nothing explains the restrictions
on Uganda," Mr Tumwebaze said.

 

"Should we also start a board to restrict or give permits to Kenyan
margarine and plastics? Yes, we could check on their standards too!"

The two countries struck a deal in April to resolve the persistent trade
dispute between them following a seven-day visit by Kenyan officials led by
Ms Maina to Kampala.

 

In addition to discussing non-tariff barriers (NTBs) affecting trade between
the two countries, the Kenyan delegation sought assurances that the sugar
exported to Kenya was wholly produced in Uganda.

 

Kenyan producers argue that the commodity coming from the landlocked
neighbour originates from third party countries -- a claim Kampala denies.

 

Following the visit, the two nations signed a framework of trade
co-operation and agreed that Kenya would import up to 90,000 metric tonnes
of Ugandan sugar per year from July 1, 2021.

 

The officials also agreed to abolish a 35 percent excise duty on liquid
petroleum gas cylinders manufactured in Uganda.

 

"Kenyan authorities would immediately implement the March 2019 Joint
Ministerial Commission Decision that allowed Uganda to export to Kenya,
duty-free, 90,000 metric tonnes of wholly originating sugar annually," a
joint communique issued after the meetings read in part.

 

The deal was uplifting for Ugandan sugar exporters who had previously been
restricted to 11,000 metric tonnes per year allocated by the Common Market
for Eastern and Southern Africa (Comesa) Council of Ministers.

 

Official data shows that Uganda produces about 510,000 tonnes of sugar
annually, of which about 360,000 are consumed locally and the rest offered
to the regional export market.

 

In reciprocation to Kenya's concessions, Uganda committed to abolishing a 13
percent excise duty on Kenyan-manufactured juices, malted beers, and spirits
with effect from July 1, 2021 and scrapping a 12 percent verification fee on
pharmaceuticals manufactured in Kenya.

 

Uganda had introduced discriminative excise duties under the Excise Duty
Amendment Act 2017. As part of the pact in April, Kampala also committed to
abolishing the 20 percent excise duty on furniture and 18 percent
value-added tax (VAT) on exercise books manufactured in Kenya with effect
from July 1.

 

Additionally, Uganda undertook to abolish the 18 percent VAT charged on
processed poultry meat exported from Kenya and zero-rate drugs manufactured
in Kenya with effect from July 1.

 

Despite these pledges, both countries have reneged on implementing some of
them--triggering intermittent disputes such as the latest one on sugar
trade.- Monitor.

 

 

 

Malawi: Ban All Maize Exports, Parliamentary Committee Tells Government

Despite the country registering a bumper maize harvest during last
agricultural season there are fears that there could be a scarcity of the
commodity in the near future and the parliamentary committee on agriculture
has advised government to consider issuing a maize export ban.

 

Among others, the Committee cited the heightening rise of fertilizer prices
as a factor that would affect the amount of maize produce in the next
growing season.

 

"The country may have lower yields if rising fertilizer prices are not
contained... and allowing people to export maize will expose the country to
food shortage and rising prices," Sameer Suleman, parliamentary agriculture
committee chairperson, said.

A recent Malawi Vulnerability Assessment Committee (MVAC) report shows that
the number of people requiring relief food in the country stands at 1.5
million, about 43 percent lower than 2.6 million projected last year but it
could worsen based on the prevailing indicators.

 

According to Suleman, the ban would be in the best interest of all Malawians
and that it would be reasonable to suspend exportation of maize now until
the country was sure of a surplus.

 

Grain Traders and Processors Association Chairperson, Grace Mijiga Mhango,
advised government to purchase more produce through Agricultural Development
and Marketing Corporation (ADMARC) and National Food Reserve Agency (NRFA)
before exporting.

 

"Government should not rely on maize in the hands of private sector players
as some can informally export or hoard it at will," Mijiga-Mhango warned.

 

But trade minister, Sosten Gwengwe, said the food balance sheet informs that
Malawi has achieved excess maize.

 

"People need to understand that if there are pockets of hunger in the
country it means we will not be importing but we will use maize which is
locally found," Gwengwe said.

 

Maize is a staple food for Malawi and the highest contributor to inflation's
Consumer Price Index.

 

In the 2020-21 National Budget, the government allocated K12 billion to NFRA
and ADMARC for maize purchases.

 

This year, maize production has been estimated at 4,581,524 metric tonnes
(mt)-- compared to 3 785,712mt in the 2019-20 agriculture season.-Nyasa
Times.

 

 

 

 


 


 


 

 

 

 


 

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
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investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

 


 

 


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