Major International Business Headlines Brief::: 09 September 2021

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Major International Business Headlines Brief::: 09 September 2021

 


 

 


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

 


 

 


ü  UK on course to drop from Germany's top 10 trading partners

ü  Facebook accused of allowing sexist job advertising

ü  UK 'cut climate pledges' to clinch Australia trade deal

ü  Competition watchdog clears Viagogo-Stubhub merger

ü  Bitcoin crashes on first day as El Salvador's legal tender

ü  London's financial workers flock back to office in hot commuter crush

ü  Unleashing reforms, Xi returns to China's socialist roots

ü  European stock futures slide ahead of ECB meeting

ü  Gambling firm 888 to buy William Hill's non-U.S. assets for $3.03 bln

ü  Chinese gaming stocks tumble after regulators summon firms

ü  Sea looking to raise $6.3 bln in SE Asia's biggest fundraising

ü  British airline easyJet to raise $1.7 bln, rejected bid offer

ü  Lloyd's of London records H1 profit of $1.9 bln

ü  Merck KGaA lifts growth forecast for life science tools business

ü  Profit at bid target Morrisons falls 37% on COVID hit

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

ü  Nigeria: UAE Flight Ban - Nigerians Explore Alternatives As Airlines,
Others Count Losses

ü  Nigeria: 'Local Supply Still Low in the Poultry Sub-Sector of the
Economy'

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

UK on course to drop from Germany's top 10 trading partners

The UK has been in Germany's top 10 trading partners since 1950.

 

But, with Brexit-related hurdles taking a toll, Britain looks set to drop to
the 11th spot by the end of this year.

 

Germans spent £13.8bn, or nearly 11%, less on British goods in the first six
months of 2021, according to data from the Federal Statistics Office.

 

Companies are actively swapping UK suppliers for EU ones, seeing British
exports "free-fall" - and this trend is only increasing, an expert said.

 

Britain left the European Union's single market at the end of 2020 after
four years of wrangling. Since then, customs checks have been implemented
which have complicated trade.

 

"More and more small and medium-sized companies are ceasing to trade (in
Britain) because of these hurdles," said Michael Schmidt, president of the
British Chamber of Commerce in Germany. They "simply can't afford the extra
burden of keeping up to date and complying with all the kicked-in customs
rules such as health certificates for cheese and other fresh products".

 

"Imports in free-fall"

Two sectors that have been particularly hard hit are agriculture and
pharmaceuticals, where imports have dropped by 80% and half respectively.

 

This has seen Britain fall down the ranks of Germany's top trading partners:
it is likely to hit 11th place this year from ninth last year, and fifth
before it voted to leave the EU in 2016.

 

Despite this, the UK is still buying a lot from Germany, with imports up
2.6% to $32.1bn in the first six months of this year.

 

Mr Schmidt says the new trade realities would have hit small British
companies more than German ones, as they were less accustomed to selling
their goods outside the European Union: "For many small British firms,
Brexit meant losing access to their most important export market... It's
like shooting yourself in the foot. And this explains why German imports
from Britain are in free-fall now."

 

Gabriel Felbermayr, president of the Kiel-based Institute for the World
Economy said these impacts aren't going anywhere: "The UK's loss of
importance in foreign trade is the logical consequence of Brexit. These are
probably lasting effects."

 

The Department for International Trade did not immediately respond to the
BBC's request for comment.-BBC

 

 

 

Facebook accused of allowing sexist job advertising

Facebook has been accused of breaking equality law in the way it handles job
adverts.

 

Campaign group Global Witness said it failed to prevent discriminatory
targeting of ads and its algorithm was biased in choosing who would see
them.

 

In an experiment, almost all Facebook users shown adverts for mechanics were
men, while ads for nursery nurses were seen almost exclusively by women.

 

Facebook says its system shows people ads they may be most interested in.

 

Global Witness submitted two job ads for approval, asking Facebook not to
show:

 

one to women

the other to anyone over the age of 55

And the social-media giant approved both ads for publication, although it
did ask the organisation to tick a box saying it would not discriminate
against these groups.

 

Global Witness pulled the adverts before they were published.

 

Facebook said: "Our system takes into account different kinds of information
to try and serve people ads they will be most interested in and we are
reviewing the findings within this report."

 

In 2019, a legal case was brought in the US over house-related adverts on
Facebook the US Department of Housing and Urban Development alleged
discriminated on the basis of ethnicity.

 

The social network has since agreed it would not allow discriminatory ads of
this kind in the United States and Canada.

 

And it says it is exploring extending the limits on the targeting of job,
housing and credit ads to other countries.

 

"The fact that it is possible to do this on Facebook in the UK is
particularly shocking," Naomi Hirst, who led Global Witness's investigation,
said.

 

But the campaign group is even more concerned by what it found out about how
Facebook's system handled ads for which the recruiter did not specify a
target audience.

 

Nursery nurses

Global Witness created four job ads, linked to real vacancies on the
indeed.com platform, for nursery nurses, pilots, mechanics and
psychologists.

 

The group specified only the ads should be seen by UK adults.

 

"That meant that it was entirely up to Facebook's algorithm to decide who to
show the ads to," Ms Hirst said, "and what it decided appears to us to be
downright sexist."

 

Of the people shown an ad for:

 

mechanics, 96% were men

nursery nurses, 95% were female

airline pilots, 75% were men

psychologists, 77% were women.

The algorithm is designed to ensure as many people as possible click on the
ads - but Global Witness says it is perpetuating and even amplifying biases
already built into recruitment.

 

Previously, for example, jobs for mechanics may have been advertised in
magazines aimed at men.

 

"The difference here," Ms Hirst said, "is that if you are a woman looking
for a job as a mechanic, you could just as easily go to a shop and buy that
magazine as your male peer.

 

"It's just simply not true online."

 

'Discriminatory practices'

Global Witness asked barrister Schona Jolly QC to examine its evidence.

 

And in a submission to the UK Equality and Human Rights Commission, she
wrote: "Facebook's system itself may, and does appear to, lead to
discriminatory outcomes."

 

Global Witness has also contacted the information commissioner about what it
describes as the discriminatory practices resulting from the way Facebook
processes data for job adverts.

 

Ravi Naik, a data-rights lawyer acting for Global Witness, said its concern
was Facebook's advertising mechanisms might lead to the social network's
customers breaching equality laws.

 

"That is massively consequential because Facebook's entire business model is
advertising and if that business model results in discriminatory practices,
that undermines the ability of Facebook to operate properly in this
country," he added.-BBC

 

 

 

 

UK 'cut climate pledges' to clinch Australia trade deal

Ministers agreed to cut key climate pledges to help clinch the UK trade deal
with Australia it has emerged.

 

According to an email from an unnamed Cabinet official, leaked to Sky News,
government ministers referred to dropping "climate asks" to get the deal
"over the line".

 

This included cutting references to limiting global warming to specific
temperatures.

 

The government said the deal will reinforce climate commitments.

 

The email, which was sent last month, states that Trade Secretary Liz Truss
and Business Secretary Kwasi Kwarteng agreed to ditch references to the
targets of the Paris Agreement on climate change to sweeten the Australian
trade deal.

 

As a result, the draft agreement signed in June does not include an explicit
commitment to limiting global warming this century to 1.5C above
pre-industrial averages.

 

However, the government insisted that the trade agreement will include a
firm commitment from both countries to the Paris goals when finalised.

 

A spokesperson said: "Our ambitious trade deal with Australia will include a
substantive article on climate change which reaffirms both parties'
commitments to the Paris Agreement and achieving its goals. Any suggestion
the deal won't sign up to these vital commitments is completely untrue."

 

They added that Britain's climate change policies were some of "the most
ambitious in the world", with the UK being the first major economy to pass
new laws to achieve net zero emissions by 2050.

 

Australian trade minister Dan Tehan said all of the country's free trade
agreements focus on meeting international environmental commitments.

 

"Australia and the UK have agreed to work cooperatively on environmental
issues, including emissions reduction," he said.

 

The UK trade deal will be consistent with the Comprehensive and Progressive
Agreement for Trans-Pacific Partnership, a trade agreement between countries
including Australia, Canada Japan, Mexico, New Zealand and Singapore.

 

"Our goal is to reach net zero emissions as soon as possible, preferably by
2050.

 

"Our technology not taxes approach to addressing climate change is
delivering results, with updated forecasts showing Australia is on track to
meet and beat our 2030 Paris target," Mr Tehan added.

 

Moratorium call

However, campaign group Greenpeace said that Australia's commitments to the
Paris Agreement were currently "very weak" and that it was the only
developed economy not to have improved on emissions targets set out in 2015.

 

The country was also "nowhere close" to halving emissions by 2030, which
climate scientists say is required to keep the goals of the Paris Agreement
alive.

 

"The UK government pledged to embed the environment at the very heart of
trade, including supporting the Paris Agreement on climate and zero
deforestation in supply chains," said Greenpeace executive director John
Sauven.

 

"Signing an Australian trade deal with action on climate temperature
commitments secretly removed is the polar opposite of everything Boris
Johnson publicly pledged and rips the heart out of what the agreement stands
for."

 

He called for a moratorium on trade deals with countries like Australia
until they improved on their climate policies and ended deforestation.

 

Australia trade deal will not hit UK farmers, says Liz Truss

He also noted that Australia uses agrichemicals banned in the UK, including
hormones that promote animal growth and neonicotinoid pesticides that are
harmful to bees.

 

"And on animal welfare Australia uses battery cages for hens that were
banned in the UK in 2012, and female pigs confined to crates that were
banned in the UK in 1999," Mr Sauven said.

 

"No food should be imported using methods that are banned in the UK."

 

Labour's shadow business minister, Ed Milliband, said: "This government is
pursuing trade deals at the expense of our farmers and now our climate
targets. This is simply a massive betrayal of our country and our planet."

 

The leaked email comes as the UK gears up to host the COP26 climate
conference in Glasgow later this year.-BBC

 

 

 

Competition watchdog clears Viagogo-Stubhub merger

Ticketing site Viagogo has been cleared to go ahead with its £3bn
acquisition of rival StubHub.

 

The online ticket giant had promised to sell off StubHub's international
wing to allay competition concerns.

 

The Competition and Markets Authority (CMA) said it had approved Digital
Fuel Capital as a suitable new owner for the international wing of StubHub.

 

Viagogo can now buy StubHub's North American business.

 

Viagogo vice president of business development Cris Miller said: "We are
pleased to confirm a buyer for StubHub International has been approved by
the UK Competition and Markets Authority.

 

"This brings to an end the investigation into the much-anticipated merger of
Viagogo and StubHub North America, which is now cleared to proceed.

 

"We appreciate the CMA's role in bringing the merger to this conclusion, and
we look forward to sharing more details about the integration of the two
businesses with our loyal customers and partners very soon."

 

Digital Fuel Capital is a private equity company based in Massachusetts.

 

New powers sought to stop illegal ticket resales

StubHub told to clean up ticket sales

The $4bn (£2.9bn) merger between Viagogo and StubHub has been held up amid
competition concerns from the UK regulator.

 

The CMA has been looking into the deal since December 2019, a month after it
was announced.

 

In October last year the watchdog blocked the deal provisionally after
saying it could substantially lessen competition in the ticket resale
sector.

 

Between them the two companies have 90% of the UK's secondary ticketing
market.

 

Months later Viagogo offered to sell part of StubHub if the merger got
approval.

 

In April this year the CMA said it would accept this if it approved a buyer.

 

Covid complication

Now Viagogo faces another challenge. The industry looks very different today
than when the two businesses first agreed the deal.

 

Live events were closed in much of the world for large parts of the
coronavirus pandemic, putting strain on ticket-sellers.

 

Mr Miller said: "As the live events industry emerges from the coronavirus
pandemic, robust competition in the ticketing market is needed more than
ever and Viagogo will continue to take its essential role in the live events
industry very seriously.

 

"Viagogo and StubHub will always remain committed to working with
regulators, while providing safe and secure platforms for people to buy and
sell tickets to events all over the world."

 

In August the CMA called for tougher rules for the ticket resale industry,
including legislation to allow a swifter clampdown on touts.

 

In the UK, Viagogo and StubHub are the two main providers of secondary
ticketing platforms. Together, they have a combined market share of more
than 90%.

 

The CMA had feared the deal would mean a "substantial reduction in
competition" in the UK secondary ticketing market.

 

FanFair Alliance, a UK campaign group that opposes online ticket touting,has
misgivings about the merger of the two services.

 

"Good luck to Digital Fuel Capital," said FanFair Alliance spokesman Adam
Webb. "For their sake, I hope they didn't pay very much."

 

He stressed that the decision to sell off Stubhub's business outside North
America "has car crash written all over it".

 

"As well as reviving a distressed brand, what appears to be a team of US
investment bankers with a portfolio of coffee and bathroom businesses will
now be required to operate StubHub International as a direct competitor to
Viagogo," he said.-BBC

 

 

 

Bitcoin crashes on first day as El Salvador's legal tender

Angry protests, technological glitches and a plummet in value marked the
first day of El Salvador adopting Bitcoin as legal tender.

 

The price of Bitcoin on Tuesday crashed to its lowest in nearly a month,
falling from $52,000 (£37,730) to under $43,000 at one point.

 

An opposition politician said the fall caused one of Latin America's poorest
countries to lose $3m.

 

The rollout of bitcoin in El Salvador was far from what President Nayib
Bukele would have envisaged when he began his bold experiment.

 

Platforms such as Apple and Huawei weren't offering the government-backed
digital wallet, known as Chivo, and servers had to be pulled offline after
they couldn't keep up with user registrations.

 

But, as the day went on, Chivo began appearing on more platforms and was
accepted by the likes of Starbucks and McDonald's.

 

The government has even given Salvadorans $30 each of Bitcoin to encourage
its adoption. It says bitcoin could save the country $400m a year in
transaction fees on funds sent from abroad.

 

However, using data from the World Bank and the government, the BBC
calculates this to be closer to $170m.

 

"We must break the paradigms of the past," President Bukele tweeted. "El
Salvador has the right to advance towards the first world."

 

Ed Hernandez runs a family shop in San Salvador where customers buy
essentials like rice, beans and cleaning products. He's well and truly on
board.

 

"During the pandemic, it will be nice not to use physical cash," he told the
BBC, adding that it protects him from customers paying with counterfeit
notes.

 

What wasn't good timing for El Salvador though was the tumble Bitcoin took
on its first day as legal tender, falling 20% at one point.

 

"It was a very bad day for President Bukele, his government and his Bitcoin
experiment," opposition politician Johnny Wright Sol told the BBC.

 

"The majority of the population knows very little about cryptocurrencies.
What we do know is it's a very volatile market. Today that was surely made
manifest."

 

Mr Wright Sol said Bitcoin was not an apt national currency and was rushed
through: "The Bitcoin law was approved in parliament with hardly any debate.
It took only about five hours to go through.

 

"We're not cryptocurrency or Bitcoin haters, but we don't believe that it
should be compulsory that businesses should be obligated to accept Bitcoin
in payment.

 

"The state is backing these payments and assuming the risk but at the end of
the day us taxpayers are all the state."

 

Mr Wright Sol isn't the only critic. More than 1,000 protesters gathered
outside the country's supreme court, where fireworks were set off and tyres
were burnt.

 

Beyond financial instability, some say the adoption of Bitcoin may fuel
illicit transactions.

 

But Mr Hernandez, the shopkeeper, is not put off by the volatility: "I see
it as a risk yes - but like everything in life, there's a risk. When we own
a shop, sometimes we buy a product and we don't sell it.

 

"When others see a crisis though, I see an opportunity."-BBC

 

 

 

London's financial workers flock back to office in hot commuter crush

(Reuters) - There's no free lunch in finance - except when banks are wooing
workers back to the office.

 

London's financial sector, keen to return to a semblance of normality after
the worst of the pandemic, is leading the charge to encourage employees back
to their old lives, with some companies even offering free food and social
events.

 

It seems to be working; London's transport operator said this week it
recorded its busiest day since the pandemic hit in March 2020, as workers
filled once-deserted trains into the capital's twin financial districts of
the City and Canary Wharf.

 

Canary Wharf Group, which runs that district, also said it was busier than
at any time since last March. Crowds of office staff thronged its plazas,
while City workers bustled on London Bridge and lounged by Tower Bridge in
the resurgent September sun.

 

 

"It feels like London offices post the summer-holiday period should be
starting to get back to normal in September and October," said Ian Williams,
who works at investment bank Peel Hunt and was travelling back into his
office in the City of London this week for the first time.

 

Indeed Standard Chartered (STAN.L) said that about 33% of staff were in the
office this week, up from 20% last week and from a few dozen during
lockdowns this year and last.

 

The bank is among those getting creative in rewarding staff who make it into
the office, in its case by providing free food.

 

Meanwhile Goldman Sachs (GS.N), whose CEO has called home working an
"aberration", is offering sweet temptation with a free gelato ice cream bar.

 

The investment bank said around 3,000 workers came in to its Plumtree Court
offices in London's City this week. That was roughly 50% capacity, and up
six times from the peak of lockdowns when the bank operated with just
400-500 staff in per day, it added.

 

Daily occupancy at HSBC's (HSBA.L) headquarters in Canary Wharf rose to
1,800 people out of a possible 3,500 this week, from a recent average of
1,000-1,500, the bank told Reuters, and more are expected to join the crowd
in the next few weeks.

 

There's no such thing as a free lunch there, though.

 

The bank has not prioritised offering incentives like free food, its UK CEO
Ian Stuart told Reuters, in recognition of the fact that some 10,000 branch
staff have come in to work every day through the pandemic without such
lures.

 

"We are trying to communicate very effectively that the offices are safe,
the first hurdle is getting people to come in and try it and more and more
are doing that," he said.

 

'BACK GETTING CRUSHED ON TRAIN'

 

A similar office influx is happening in the United States, albeit cautiously
amid fears about the spread of the Delta coronavirus variant. Citigroup
(C.N) expects staff to come back to offices in New York and other big cities
two days a week from Sept. 13, but only if they have been vaccinated.

 

Senior executives face a tricky task in encouraging staff back to work at a
time when cases of COVID-19 are still on the rise in Britain and commuter
trains above and below ground are baking under near-record temperatures for
September.

 

"It's a bit crazy, suddenly we're back to getting crushed on the train and
not everyone is wearing a mask," Rob, who works for a financial firm, told a
Reuters reporter on Tuesday on a train into London's City district.

 

"I'd had enough of sitting at home, to be honest."

 

Investment bank executives have been among the most vocal on the need for
staff to return to the office.

 

They hope that the novelty of office working after a year and half at home,
plus the lure of mingling with senior executives who might open the door to
promotion, will outweigh health concerns among young City staff.

 

JPMorgan (JPM.N) has seen about 35% of its staff in its Canary Wharf office
this week, the highest proportion since the first UK lockdown began and a
number it expects to rise.

 

Other companies are poised to follow suit, including retail bank NatWest,
which is planning a phased return from next week starting with 50% occupancy
in its offices in England and Scotland.

 

Insurer Phoenix Group has adopted another novel strategy for helping staff
readjust to returning to its offices, including in the City.

 

It has run "safely social events" this week, where employees were offered
free food and soft drinks as well as coloured lanyards to show how
comfortable they were with levels of interaction - ranging from "I'm keeping
my distance" to "I'm OK with high-fives".

 

The Thomson Reuters Trust Principles.

 

 

Unleashing reforms, Xi returns to China's socialist roots

(Reuters) - When Xi Jinping took command of the Communist Party in late 2012
and proclaimed "only socialism can save China", it was largely ignored as
the perfunctory mention of an antiquated slogan - not to be taken literally
in a modern-day, market-powered economy.

 

But sweeping new policy moves - from crackdowns on internet companies,
for-profit education, online gaming and property market excesses - to the
promulgation of "Common Prosperity", show Xi's seriousness in steering China
back towards its socialist roots.

 

Having done away with term limits in 2018, China's most powerful leader
since Mao Zedong is pushing what some observers describe as a mini
"revolution", curbing the excesses of capitalism and shedding negative
cultural influences of the West.

 

The effort, touching everything from school curriculums - including the
newly required study of "Xi Jinping Thought on Socialism with Chinese
Characteristics" - to tighter regulation of the property sector and a
squeeze on what the government sees as unwholesome entertainment, has
rattled investors and prompted officials and state media to try to assuage
markets.

 

On Wednesday, for example, the official People's Daily sought to reassure
the private sector that support for it "had not changed": recent regulatory
actions were meant to "rectify market order", promote fair competition,
protect consumer rights and "perfect the socialist market economy system".

 

But the intent, observers say, is clear.

 

"Xi wants to address a very contemporary issue, the way in which neoliberal
reforms have made China much less equal, and bring back the sense of mission
that shaped early Maoist China," said Rana Mitter, a professor of Chinese
history and politics at Oxford University.

 

That inequality, as well as the vast wealth and power accumulated by some
industries, threatened to undermine social stability and ultimately the
party's legitimacy if left unchecked, some analysts said.

 

The timing of the reforms reflects confidence that China can solve its
problems through its own hybrid system instead of following the model of the
West, whose shortcomings - from managing COVID-19 to the chaos of the U.S.
election and withdrawal from Afghanistan - are repeatedly depicted in China
as evidence of systemic decay.

 

"The state control model did seem to serve China well in the fight against
COVID," said Chen Daoyin, a political commentator who is based in Chile and
was formerly an associate professor at Shanghai University of Political
Science and Law.

 

Xi is confident of striking a balance between government and markets, and
between power and capital, Chen said.

 

"The danger is when the state can't resist reaching out its visible hand ...
it creates unpredictability and political risk for capital," Chen said.

 

 

The Hong Kong market, where many Chinese tech firms targeted by the
crackdown are listed, has lost over $600 billion in value since July, with
investors whipsawed by new regulations and scouring old speeches for clues
as to what may be coming.

 

Xi's activist populism also demonstrates confidence that he can afford to
alienate elites who fall on the wrong side of his policies as he solidifies
his case for a third five-year term - not that there is any visible
competition.

 

But his calculus goes even beyond that, analysts say.

 

"Xi is an ambitious leader with a grand vision who genuinely wants to go
down in history as the man who saved the party and made China strong," said
Yang Chaohui, a lecturer in politics at Peking University.

 

China's State Council Information Office did not immediately reply to a
request for comment.

 

MR. FIX-IT?

 

Under Mao, the earliest iterations of party doctrine aspired to free people
from the exploitation of capital, destroy private ownership and defeat
American imperialism.

 

Deng Xiaoping, Mao's successor, took a pragmatic turn, allowing market
forces to incentivise production and unleashing four decades of breakneck
growth that fuelled massive wealth accumulation - but also deep inequality.

 

This summer's reforms are enabled by Xi's consolidation of control since
taking office: he unleashed a massive anti-corruption campaign, eliminated
space for public dissent, and reasserted Communist Party power - with
himself at the "core" - across all aspects of society.

 

With that power, Xi is addressing a spate of societal woes, from people not
having enough babies and an unhealthy obsession with educational achievement
to young adults so stressed by the rat-race that they would rather drop out
and "lie flat". New rules curb young people spending too much time playing
online games and too much money promoting their idols.

 

"Xi has set out to tackle the problems that cause anguish for the common
people, such as corrupt officials and the rich-poor gap," said Chen.

 

While many in China express scepticism that Beijing can get people to have
more babies or make big-city housing more affordable, some of the moves
appear popular: many parents welcome an easing of the educational burden and
the new three-hour-per-week time limit for children to play online games.

 

"Championing the common people gives him a moral high ground to consolidate
his authority within the party and makes it hard for his political opponents
to attack him. After all who can be against social equality?"

 

The Thomson Reuters Trust Principles.

 

 

 

European stock futures slide ahead of ECB meeting

(Reuters) - European stock futures slid on Thursday, tracking Asian shares
lower on concerns of slowing global growth, while expectations were running
high for the European Central Bank to announce a timeline to slow down bond
purchases later in the day.

 

Futures tracking Europe's top 50 firms were down 0.6% by 0605 GMT. Among
regional markets, UK's FTSE futures led the declines with 0.8% drop and
German DAX futures lost 0.5%.

 

The ECB is expected to slow its bond buying via its Pandemic Emergency
Purchase Programme (PEPP), according to a Reuters poll, but also reassure
markets that this is not the start of a gradual exit from easy policy. read
more

 

Asian shares dropped more than a percent, with Chinese gaming stocks coming
under pressure from fresh regulatory scrutiny, while data showed China's
factory gate inflation hit a 13-year high in August. 

 

The Thomson Reuters Trust Principles.

 

 

 

Gambling firm 888 to buy William Hill's non-U.S. assets for $3.03 bln

(Reuters) - British gambling firm 888 Holdings (888.L) said on Thursday it
has agreed to a deal with Caesars Entertainment Inc (CZR.O) to buy the
international assets of the U.S. casino group's William Hill business for
2.2 billion pounds ($3.03 billion).

 

888 said it will raise about 500 million pounds by issuing new equity via a
capital raise, adding that it expects cost savings of at least 100 million
pounds per year from the purchase.

 

"We have found an owner for the William Hill business outside the U.S. which
shares the same objectives, approaches and longer-term ambitions of that
business," Caesars CEO Tom Reeg said.

 

Caesars' 2.9-billion-pound acquisition of William Hill earlier this year was
part of a wider consolidation in the gambling industry, with American
companies buying out London-listed groups to gain more expertise as the
United States opens up to sports betting.

 

 

($1 = 0.7265 pounds)

 

The Thomson Reuters Trust Principles.

 

 

Chinese gaming stocks tumble after regulators summon firms

(Reuters) - Chinese gaming and media stocks including Tencent Holdings
(0700.HK) and NetEase (9999.HK) fell on Thursday a day after authorities
summoned them and other gaming firms to ensure they implemented new rules
for the sector.

 

Tencent shares shed 4% in Asia trade. NetEase's Hong Kong-listed shares
dropped 6.45% after a 5% decline in the company's U.S. shares overnight.
Bilibili's Hong Kong-listed shares (9626.HK) shed more than 7%, also
tracking an overnight fall in the U.S. shares of the short video sharing and
gaming company.

 

Beijing last month moved to ban under-18s from playing video games for more
than three hours a week.

 

The tighter gaming regulations come as China has conducted a broader
crackdown on a wide range of sectors including tech, education and property
to strengthen government control after years of runaway growth.

 

Chinese government ministries told gaming firms on Wednesday to implement
these measures, to resist engaging in improper competition and focus on
driving innovation instead, the official Xinhua news agency reported.

 

Companies should also "resolutely curb incorrect tendencies such as focusing
'only on money' and 'only on traffic', and change rules and gameplay designs
that induce players to indulge," the regulators said, according to Xinhua.

 

Tencent and NetEase said on Thursday they would work to be fully compliant
with the regulators' requests.

 

Separately on Thursday, Chinese state media cautioned investors against
blindly buying Chinese stocks hoping to profit from the so-called Metaverse,
saying that they will likely end up in tears.

 

The commentary by China's official Securities Times comes amid a recent
surge in stocks such as Shenzhen Zhongqingbao Interaction Network
(300052.SZ) and Perfect World (002624.SZ) that are perceived as developing
the Metaverse - a virtual shared space based on virtual reality (VR)
technologies.

 

Shares in related stocks tumbled after the commentary was published, with
Wondershare Technology (300624.SZ) falling by over 9% and Goertek
(002241.SZ) down by almost 6%.

 

The transport ministry also said on Wednesday it would intensify a crackdown
on illegal behaviour in the ride-hailing industry and deal with online
platforms that are still using non-compliant vehicles and drivers.

 

The Thomson Reuters Trust Principles.

 

 

Sea looking to raise $6.3 bln in SE Asia's biggest fundraising

(Reuters) - E-commerce and gaming company Sea Ltd (SE.N) is looking to raise
$6.3 billion in a share and convertible bond sale in Southeast Asia's
largest ever capital raising, tapping growing investor interest in the
region.

 

This is the second major fund raising in less than a year for the $185
billion company, which is seeking to scale up its global expansion by
testing out possible new markets, and the latest among a slew of deals in
Southeast Asia.

 

Sea, known for its Shopee e-commerce platform, is looking to sell 11 million
American Depository Receipts with the option to offer 1.65 million more as
part of a so called greenshoe option, the Singapore-headquartered company
said in a regulatory filing on Thursday.

 

It is also raising $2.5 billion in a convertible bond that has a $375
million greenshoe attached. At Sea's closing stock price of $343.8 in New
York on Wednesday, the share sale could raise up to $3.8 billion.

 

The combined deal would be the largest ever capital raising for a Southeast
Asian company, according to Refinitiv data.

 

Sea is "not really burning through cash", Aequitas Research director Sumeet
Singh said, adding the latest raising "looks opportunistic rather than
something that the company needs."

 

Given Sea had nearly $7 billion of cash on its balance sheet at the end of
first half, this deal will bolster that to nearly $13 billion, Singh, who
publishes on Smartkarma, told Reuters.

 

Sea, the biggest among all Southeast Asian companies by market value, plans
to use the proceeds for general corporate purposes, including strategic
investments and acquisitions.

 

Sea's Shopee is planning to expand into Europe and India, Reuters has
reported. Late last year, Sea also secured a full digital bank licence in
Singapore.

 

SE ASIA DEALS

 

Fintech and e-commerce companies in Southeast Asia have been raising hefty
amounts of capital as global investors bet on post-pandemic technology plays
emerging in the region.

 

Sea Shares have risen 72.72% this year, after an almost five-fold jump in
2020 amid strong demand as COVID-19-related restrictions forced people
indoors.

 

So far in 2021, companies have raised a total of $15.67 billion in equity
capital markets in Southeast Asia - the most in three years, Refinitiv data
shows - versus $11.8 billion over the corresponding period in 2020.

 

Among other deals, Southeast Asia's biggest ride-hailing and delivery firm
Grab raised over $4 billion this year as part of its nearly $40 billion
record valuation in a SPAC deal, while sources say Indonesia's biggest tech
group Goto is set to complete a pre-IPO funding exercise this year.

 

The Thomson Reuters Trust Principles.

 

 

 

British airline easyJet to raise $1.7 bln, rejected bid offer

(Reuters) - British airline easyJet (EZJ.L) said on Thursday it would raise
1.2 billion pounds ($1.7 billion) in a fully underwritten rights issue to
fund its pandemic recovery, and added it had recently rejected a takeover
offer.

 

The company said it had rejected an all-share takeover approach which it
believed fundamentally undervalued the company. It said the potential bidder
had since stated that it was no longer interested in a deal.

 

EasyJet said that the rights issue presented the company with a strategic
opportunity because it planned to use the new funds not just to strengthen
its balance sheet, but to take advantage of growth opportunities that arise
from the expected recovery in Europe's aviation market over the coming
years.

 

It wants to steal market share from legacy carriers like British
Airways-owner IAG (ICAG.L), once a rumoured suitor of easyJet, and Air
France-KLM (AIR.PA) as they restructure their short-haul operations.

 

Under the rights issue, shareholders will be able to buy 31 new shares for
every 47 existing shares at a price of 410 pence each, a 35.8% discount on
the theoretical ex-rights price of 638 pence per share on Sept. 8, easyJet
said.

 

The rights issue is underwritten by BNP Paribas, Credit Suisse, Goldman
Sachs, Santander and Societe Generale.

 

It also announced a new committed $400 million secured revolving credit
facility.

 

($1 = 0.7264 pounds)

 

The Thomson Reuters Trust Principles.

 

 

Lloyd's of London records H1 profit of $1.9 bln

(Reuters) - Lloyd's of London (SOLYD.UL) swung to a first-half pre-tax
profit of 1.4 billion pounds ($1.93 billion), helped by rising premium
rates, the commercial insurance market said on Thursday.

 

Lloyd's, which reports the combined results of its 100-odd syndicate
members, recorded a loss of 400 million pounds for the same period a year
ago.

 

Insurers suffered in 2020 due to hefty COVID-19 claims such as event
cancellation and trade credit cover. But after writing exclusions into
contracts for the pandemic and raising premiums, they have performed
strongly this year.

 

Premium rates rose 9.9%, Lloyd's said in a statement.

 

Lloyd's has also made a push in recent years for its members to exit
loss-making insurance lines.

 

It launched its first sustainability strategy last year and is trying to put
more of its business online and improve its record on diversity.

 

"Lloyd’s has successfully repositioned the market for sustainable,
profitable growth," CEO John Neal said.

 

"We are making great strides on all our strategic priorities which focus on
improving the culture in the market, the Future at Lloyd’s digital
transformation, and sustainability, climate and inclusion."

 

Lloyd's had a combined ratio of 92.2%, compared with 110.4% a year earlier.
A level below 100% indicates an underwriting profit.

 

It said 80% of COVID-19 claims notified to date had been paid.

 

($1 = 0.7257 pounds)

 

The Thomson Reuters Trust Principles.

 

 

Merck KGaA lifts growth forecast for life science tools business

(Reuters) - Germany's Merck KGaA (MRCG.DE) on Thursday issued a more
ambitious medium-term growth forecast for its Life Science unit, a supplier
of materials and lab gear for the biotech industry.

 

Life Science division revenues are now expected to grow 7% to 10% per year,
excluding the effect of currencies and acquisitions, significantly above
market growth and up from a previous goal of 6% to 9%, the diversified
company said.

 

In a statement on its capital markets day on Thursday, the family-controlled
group added that it expects group sales to grow organically by more than 6%
per year on average through 2025, driven by demand for the Life Science
unit's bioprocessing products, new pharmaceuticals and semiconductor
chemicals.

 

The Thomson Reuters Trust Principles.

 

 

 

Profit at bid target Morrisons falls 37% on COVID hit

(Reuters) - British supermarket group Morrisons (MRW.L), at the centre of a
bid battle between two U.S. private equity firms, on Thursday reported a
37.1% fall in first-half profit, hurt by COVID-19 costs and lost profit in
cafés, fuel and food-to-go.

 

The group, which trails market leader Tesco (TSCO.L), Sainsbury's (SBRY.L)
and Asda in annual revenue, said it made a profit before tax and exceptional
items of 105 million pounds ($144.5 million) in the six months to Aug. 1,
versus 167 million pounds in the same period last year.

 

Morrisons said direct COVID-19 costs were 41 million pounds, while 80
million pounds of profit was lost in cafés, fuel and food-to-go areas
because of the pandemic.

 

In a results statement that looks likely to be Bradford, northern England,
based Morrisons' last as a publicly listed company, it said total revenue
including fuel was up 3.7% to 9.05 billion pounds, with like-for-like sales,
excluding fuel and VAT sales tax down 0.3%.

 

They were down 3.7% in the second quarter, having risen 2.7% in the first
quarter. read more

 

Morrisons maintained its profit guidance for the full 2021-20 year - profit
before tax and exceptionals including business rates paid to be higher than
the 431 million pounds made in 2020-21 excluding 230 million pounds of
waived rates relief.

 

But it warned of some industry-wide retail price inflation during the second
half, driven by sustained recent commodity price increases and freight
inflation, and the current shortage of HGV drivers.

 

($1 = 0.7267 pounds)

 

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.

 

 

 

Nigeria: UAE Flight Ban - Nigerians Explore Alternatives As Airlines, Others
Count Losses

Despite the current suspension of flights between Nigeria and the United
Arab Emirates (UAE), Nigerians are visiting Dubai through neighbouring
African countries, Daily Trust has learnt.

 

This however comes with a risk as they were forced to undergo a 14-day
quarantine before settling down in Dubai.

 

Some of the countries that are taking advantage of the over six-month flight
ban between Nigeria and the UAE include: Ghana, Benin Republic, and recently
Kenya.

 

Daily Trust reports that there has been a diplomatic row between Nigeria and
the UAE over COVID-19 protocols in respect of passengers arriving at Dubai,
a top business and holiday destination for Nigeria.

 

 

While the Federal Government stipulated a negative PCR test, the UAE
authorities introduced additional rapid antigen test for passengers, a
development that the Federal Government resisted, leading to the present
imbroglio.

 

Daily Trust reports that all airlines flying into the UAE cities including
Dubai, Abu Dhabi, Sharjar, among others have lost billions of dollars due to
the ban.

 

Our correspondent learnt that an average of 6000 passengers shuttle between
Nigeria and UAE every week shared among airlines including Emirates, Air
Peace, Egypt Air, Ethiopian Airlines, and Etihad.

 

With the suspension, there is a lull on the highly lucrative Nigeria-UAE
route as airlines and travel agencies continue to count losses.

 

But for those who must go to Dubai, Accra and Cotonou, and other West Coast
countries where Emirates especially flies to have become the alternative
cities to connect Dubai.

Kenya Airways is also attracting that category of passengers in recent times
to connect Dubai via Nairobi. This however comes with a 32-hour transit
time, according to those familiar with the arrangement.

 

Also for those connecting Dubai through another country, they are expected
to go through 14-day quarantine.

 

The National President of the National Association of Nigerian Travel
Agencies (NANTA), Mrs. Susan Akporiaye, told Daily Trust however that the
number of people connecting via other countries is insignificant.

 

She noted that already people are exploring alternative countries for
vacation and business even as many partners are conducting their businesses
virtually.

 

Akporiaye warned that people going through other means to connect Dubai also
stand the risk of coming back positive with COVID-19.

 

"People who are going through that route are either people with medical
cases who just have to see their doctors, or students going back to school.
But for a businessman, it makes no economic sense. You can as well stay here
and order your goods. There is nowhere you can't order goods from.

"If you have a partner in Dubai where you buy things from, you just contact
them, give them a list of what you want, conclude on your transactions, and
send through shipping. You have saved yourself Hotel reservations, Covid
test. Doing a Covid test alone is over N200,000, the ticket is not included
yet. Any businessman will sit at home and contact his/her business partner
which saves a lot of stress," she said.

 

She however said discussions are going between the two countries to resolve
the impasse diplomatically.

 

Commenting on the stalemate, an aviation analyst, Capt. Alex Nwuba said,
"What the government is doing is to hold our ground irrespective of the
losses. But people will still move, people would conduct their businesses
eventually

 

"If Nigeria feels Nigeria is important in the scheme of things, then they
would have to compromise, that is how nations and societies are run and not
through bullying. Nigeria has refused to be bullied," he said.

 

According to him, "We must earn our respect one way or the other and the
things you buy in Dubai can be gotten elsewhere."

 

Also speaking, former Secretary-General of the National Union of Air
Transport Employees (NUATE), Comrade Olayinka Abioye said both countries
must come to use diplomacy to resolve the impasse.

 

"There is a fundamental reason why they said our flights or passengers
should not come. Don't you know how much money they make from Nigeria every
week? They are forgoing such money for critical safety and security reasons.
You know it is not everything that the minister says that we can believe.

 

"Diplomatically we can resolve it. It is not by raising tantrums because we
don't have the capacity to. What do we have? We only have numbers. Our
tantrums are too much, let us calm down and act normal."-Daily Trust.

 

 

 

Nigeria: 'Local Supply Still Low in the Poultry Sub-Sector of the Economy'

General Manager Sales & Marketing, Pandagric Novum Limited, one of the
leading manufacturers of animal feeds, Tunji Osoko, has expressed concern
over the disparity ratio between the demand and supply of poultry in Nigeria
,which he said was inimical for the growth of the economy.

 

Osoko who pointed out that poultry sub-sector is the most commercialised of
all Nigeria's agricultural sub-sectors with a net worth of N1.6 trillion
according to CBN, stated that Nigeria has a big population with low per
capital consumption of poultry compared to peer countries and that local
demand for poultry currently outpace supply.

Osoko, who spoke in Abuja at the annual distributors conference of the
company and the unveiling of the rebranded Supreme Feeds, stated that, the
purpose of the annual forum was to assure distributors of the organisation's
long-term commitment to the development of the Nigerian economy at a time
when many investors are discouraged and unwilling to invest.

 

In his words, "The conference is an avenue to solidify ties with feed
distributors, boost the confidence of our customers, and in line with the
theme of the event, Win Together!"

 

Speaking at the event, the Chief Executive Officer, Bruce Spain stated that
"the conference was all about introducing Pandagric Novum customers to the
new horizon, the new adventures, and the new destination of increased growth
by putting up a World Class New Feed Mill that will increase control over
Feed mill inputs and availability of products".

 

He reiterated that the company's mission is, 'To continuously innovate!
Never accept the status quo! To redefine the concept of farming, feeds and
foods in Nigeria! To positively impact our employees, suppliers, customers,
community and the environment while enhancing shareholders value!"

 

He went on to add that the conference was about sharing good news and
sharing information about the new opportunities for Pandagric Novum and its
distributors - "it's all about Winning Together, "he said.

 

One of the major distributors at the event, Olayemi Segun of Olaji Farms;
commended the efforts of the management of Pandagric Novum for organizing a
first in a class of events to celebrate, inform and reward its distributors.

 

He went on to add that, "the conference has added a new meaning to the sales
of Pandagric Supreme Feeds, as it was highly informative. It has shown me
that there are better ways to market feeds, as I now have new insights
regarding the sales and marketing of feeds. I am also impressed with the
improved process that Pandagric Novum is trying to inject into its system of
production by expanding and scaling its production to match demand."

 

Supreme Feeds was birthed in 2010, with the installation of a large-scale
commercial feed mill in Nasarawa State, with a mission to produce and supply
the highest quality animal feed in Nigeria. To support this mission of
converting grains and oil seeds to the highest quality animal feed;
additional factories for the processing of soybeans and raw maize to high
quality maize meal were installed, to enable the company to manage to the
greatest extent possible, the quality and consistency of its raw material
supply chain.-This Day.

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Hippo

AGM

virtual

September 17 -  (9am)

 


Star Africa

AGM

virtual

September 23 -11am

 


 

National Unity Day

 

December 22

 


 

Christmas Day

 

December 25

 


 

Boxing Day

 

December 26

 


 

Public Holiday in lieu of Boxing Day falling on a Sunday

 

December 27

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

 

 


Starafrica

Fidelity

Turnall

 


Medtech

Zimre

Nampak Zimbabwe

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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

 


 

 

 

 

 

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