Major International Business Headlines Brief::: 12 September 2021

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Major International Business Headlines Brief::: 12 September 2021

 


 

 


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ü  Toyota, Honda oppose U.S. House electric vehicle tax plan

ü  EXCLUSIVE U.S. Treasury, financial industry discuss cryptocurrency
'stablecoins'

ü  Analysis: Epic's narrow win in App Store case toughens fight against
Google Play rules

ü  Green investments to be part of EU budget rules review -Dombrovskis

ü  Two leading Generali investors could seek new CEO -sources

ü  U.S. Democrats propose dramatic expansion of EV tax credits that favors
Big Three

ü  Trading tantrum? Fed officials' personal dealings stir controversy, call
for change

ü  Greek PM says economy to rebound 5.9% this year, outlines tax relief

ü  Virgin Galactic sees delay to space mission with Italian Air Force

ü  Italy data authority asks Facebook for clarifications on smart glasses

ü  U.S. House committee moves to block Rio Tinto's Resolution mine

ü  Wall St Week Ahead Investors eye wobbling energy sector as gauge for
Delta fears

ü  Small U.S. employers frustrated by Biden's COVID vaccine mandate

ü  Tanzania: State Allocates 1.93bn/ - for Road Construction, Rehabilitation

ü  Uganda: Unra Lists 24 Completed Roads, Bridges and Ferries

ü  Tanzania: Government Injects Sh50bn for Buying Maize

ü  Taptap Send Launch the Ethiopian Corridor to Boost Financial Inclusion
and Legal Transactions

 

 

 

 


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Toyota, Honda oppose U.S. House electric vehicle tax plan

(Reuters) - Toyota Motor Corp (7203.T) and Honda Motor Co (7267.T) on
Saturday sharply criticized a proposal by Democrats in the U.S. House of
Representatives to give union-made electric vehicles in the United States an
additional $4,500 tax incentive.

 

Toyota said in a statement that the plan unveiled late Friday discriminates
"against American autoworkers based on their choice not to unionize."

 

The bill, set to be voted on Tuesday by the Democratic-led House Ways and
Means Committee as part of a proposed $3.5 trillion spending bill, would
benefit Detroit's Big Three automakers, which have union-represented auto
plants. read more

 

In a statement, Honda called the bill "unfair" and said it "discriminates
among EVs made by hard-working American auto workers based simply on whether
they belong to a union. ... The Honda production associates in Alabama,
Indiana and Ohio who will build our EVs deserve fair and equal treatment by
Congress."

 

The proposal, estimated to cost $33 billion to $34 billion over 10 years,
would boost to up to $12,500 the maximum tax credit for electric vehicles,
up from the current $7,500. The $12,500 figure includes a $500 credit for
using U.S.-produced batteries.

 

The proposal is a key part of Democratic President Joe Biden's goal to
ensure EVs comprise at least 50% of U.S. vehicle sales by 2030 and boost
American union jobs.

 

The bill, however, does away with phasing out automakers' tax credits after
they hit 200,000 electric vehicles sold, which would make General Motors Co
(GM.N) and Tesla Inc (TSLA.O) eligible again. It would also create a new
smaller credit for used EVs of up to $2,500.

 

GM, Ford Motor Co (F.N) and Stellantis NV (STLA.MI), the parent of Chrysler,
assemble their U.S.-made vehicles in plants represented by the United Auto
Workers (UAW) union.

 

In contrast, foreign automakers operating in the United States as well as
Tesla do not have unions representing assembly workers and many of them have
fought efforts by the UAW to organize U.S. plants.

 

Tesla would be eligible for up to $8,000 credits under the bill.

 

UAW President Ray Curry said the tax credit provision "would go a long way
in supporting-good paying union jobs in (the) EV auto sector that President
Biden has championed."

 

The bill limits the EV credit to cars priced at no more than $55,000, while
trucks could be priced up to $74,000.

 

Toyota added it will "fight to focus taxpayer dollars on making all
electrified vehicles accessible for American consumers who can’t afford
high-priced cars and trucks."

 

The Thomson Reuters Trust Principles.

 

 

 

EXCLUSIVE U.S. Treasury, financial industry discuss cryptocurrency
'stablecoins'

(Reuters) - The U.S. Treasury Department met with a number of industry
participants this week to quiz them about the risks and benefits posed by
stablecoins -- a rapidly growing type of cryptocurrencies, the value of
which is pegged to traditional currencies, according to three people with
direct knowledge of the meetings.

 

Washington policymakers are alarmed at the rapidly expanding cryptocurrency
market which exceeded a record $2 trillion in April. As of Friday, the
market cap of stablecoins stood at roughly $125 billion, according to
industry data site CoinMarketCap. It is unclear which financial regulations
apply to these relatively new products.

 

U.S. financial regulators are working to understand the risks and
opportunities posed by cryptocurrencies to the traditional U.S. financial
system and plan to issue a number of reports on the subject in coming
months, they have said.

 

In July, Treasury Secretary Janet Yellen said the government must move
quickly to establish a regulatory framework for stablecoins. read more

 

In a sign those efforts are gathering pace, Treasury officials this week met
with financial industry executives to discuss potential stablecoin
regulation, the three sources said.

 

Two of the people said that in meetings this week, one of which took place
on Friday, officials asked whether stablecoins would require direct
oversight if they become extremely popular. They also discussed how
regulators should try to mitigate the risks of too many people trying to
cash in their stablecoins at the same time, and whether major stablecoins
should be backed by traditional assets.

 

Officials also asked about how stablecoins should be structured, how they
could be used, whether the current regulatory framework is sufficient, and
other safety and soundness issues, one of the people said.

 

Treasury officials also met earlier in the week with a group of banks and
credit unions to discuss similar issues, another of the people said.
Treasury officials appeared to be gathering information and did not share
their thinking on how stablecoins should be regulated, this person added.

 

The information gathered at this week’s meetings is likely to help shape a
broad Treasury report on stablecoins expected in the coming months.

 

In a statement, Treasury spokesman John Rizzo said the department is
examining "potential benefits and risks of stablecoins for users, markets,
or the financial system."

 

"As this work continues, the Treasury Department is meeting with a broad
range of stakeholders, including consumer advocates, members of Congress and
market participants,” he added.

 

Washington policymakers worry the rise in privately-operated currencies
could undermine their control of the financial and monetary systems,
increase systemic risks, promote financial crime, and hurt investors.

 

The U.S. Securities and Exchange Commission, the Commodity Futures Trading
Commission, the Federal Reserve and the Office of the Comptroller of the
Currency are also working on cryptocurrency projects, they have said.

 

The Thomson Reuters Trust Principles.

 

 

Analysis: Epic's narrow win in App Store case toughens fight against Google
Play rules

(Reuters) - Android app makers suing to stop Alphabet Inc's (GOOGL.O) Google
from siphoning up to 30% of their sales received little reassurance about
their chances on Friday as a judge allowed a comparable fee charged by Apple
Inc (AAPL.O) to stand.

 

Developers including "Fortnite" maker Epic Games in the last year took aim
at the two biggest mobile app stores, run by Apple and Google. The critics
view the fee as needlessly high, costing developers collectively billions of
dollars a year, and a function of the two big tech companies having monopoly
power.

 

Google's trial is at least a year away, time both sides could use to hone
arguments based on the Apple decision, legal experts said.

 

In a ruling on Friday following a trial between Epic Games and Apple, U.S.
District Judge Yvonne Gonzalez Rogers required Apple to let developers tell
customers about ways to pay outside of its App Store, leading Apple shares
to fall 3.3%. Alphabet dropped 1.9%. read more

 

Google's Play store employs rules similar to the ones struck down in the
Apple case, limiting developer communications with their customers, and Tom
Forte, an analyst at D.A. Davidson, said Google could be at risk, too. He
also noted the remaining risk of new regulatory action by lawmakers.

 

But Gonzalez Rogers allowed to stand requirements that developers bemoan
even more. Those rules, including that in-app payments be made on Apple's
own system, allow the company to collect its 15-30% fee.

 

Apple General Counsel Katherine Adams told reporters that her company was
"extremely pleased." Epic Chief Executive Tim Sweeney wrote on Twitter that,
"Today's ruling isn't a win for developers or for consumers."

 

Vanderbilt Law School professor Rebecca Haw Allensworth said she agreed
Gonzalez Rogers' findings were discouraging for the case against Google,
while Valarie Williams, an antitrust partner at law firm Alston & Bird, said
Google "will likely be encouraged by the ruling."

 

The judge said the Apple restrictions allow users to rest assured that the
apps they buy for the most part are free of viruses and pornography and that
what they paid for will be delivered.

 

"App distribution restrictions increase security in the 'broad' sense by
allowing Apple to filter fraud, objectionable content, and piracy during app
review while imposing heightened requirements for privacy," Gonzalez Rogers
wrote.

 

Apple's fee leads to "extraordinary profits," according to her ruling. But
if she forced Apple to ease restrictions, the company might struggle to gain
any remuneration for providing a platform to developers, she said. Apple's
selling point to consumers about having strong security and a centralized
system also would be undermined, the judge added.

 

Its 30% rate, she said, was set "almost by accident when it first launched
the App Store" rather than as a result of market power.

 

Google has made similar arguments of privacy and security benefits as
justification for its rules and fee, and it has long followed Apple's lead
on commission levels, Google documents revealed in lawsuits show.

 

With Google's smaller share in the U.S. mobile app market, plaintiffs may
have to reframe arguments to succeed against Google. Gonzalez Rogers said
Epic's challenge of any commission at all was an unreasonable position
versus Apple, and that Epic failed to offer clear evidence of the iPhone
maker being a monopolist.

 

Tweaked arguments may not be enough. The case against Google has been more
difficult from the start. Google makes it possible to install apps from
other sources, taking away from the monopoly argument. It also historically
has been more lenient in enforcing some of its policies.

 

Google, Epic and attorneys for other developers suing the Play Store
operator declined to comment. Utah's attorney general, which is helping lead
a related lawsuit by U.S. states, said it is reviewing the judgment. read
more

 

The Thomson Reuters Trust Principles.

 

 

Green investments to be part of EU budget rules review -Dombrovskis

(Reuters) - The possibility of exempting "green" investments from EU deficit
calculations will form part of discussions when EU budget rules are revised,
European Commission Vice President Valdis Dombrovskis said on Saturday.

 

The idea to exempt investments that would help prevent climate change is to
support the bloc's ambition to cut net CO2 emissions to zero by 2050. The
exemption of investments in such projects has been nicknamed by EU officials
as the "golden rule".

 

"Obviously, the question of a golden rule, in one way or another, will be
part of the discussion of the EU fiscal framework," Dombrovskis told
reporters after a second day of EU finance ministers' talks in the Slovenian
town of Brdo.

 

During the two-day summit, finance ministers from the 27-nation bloc have
debated how to amend budget rules to better fit changed economic realities
once EU budget rules, now suspended until the end of 2022, are reinstated
from 2023.

 

Some, like French Finance Minister Bruno le Maire said the green exemption
idea was worth discussing because it would help generate the very large
funds needed to transform their economies over the coming years. read more

 

Others, like Austrian Finance Minister Gernot Bluemel, expressed concern
over how such a rule could be made to work in practice, given the difficulty
in precisely defining what constitutes "green" investment.

 

"From an economic, scientific point of view, that can make sense," he said.

 

"But I have repeatedly seen in the past that such exceptions in budgeting
practice - because the idea of a golden rule is nothing new - that this is
often used as an excuse when the political will is lacking to obey the
rules. And of course it shouldn't be," he said.

 

"Mechanisms must be built in to ensure that they are not misused," he said.

 

The idea of an exemption for green investments was presented by the Bruegel
think tank in a paper commissioned the ministers. The paper also suggested
the EU's requirement for governments to cut public debt every year by
one-twentieth of the excess over 60% of GDP was too ambitious in a
post-pandemic economy.

 

The Thomson Reuters Trust Principles.

 

 

Two leading Generali investors could seek new CEO -sources

(Reuters) - Two leading Generali (GASI.MI) investors are ready to push to
replace current CEO Philippe Donnet if the top Italian insurer's board fails
to reach an accord to keep him in the job, three sources close to the matter
said.

 

The Trieste-based insurer is due to appoint a new board next spring and
speculation over Donnet's future has mounted in recent months as tensions
among shareholders simmer.

 

In a sign battle lines are being drawn, the two Generali investors,
Francesco Gaetano Caltagirone and Leonardo Del Vecchio, on Saturday
disclosed a pact to consult over decisions concerning Generali..

 

Donnet's reappointment is in the hands of Generali's board which for the
first time can submit its own slate of board candidates after the insurer
changed its by-laws last year.

 

The sources said the two businessmen, who struck the pact over a combined
10.95% stake, are ready to file their own list of board nominees. The list
would not include the current CEO though he is willing to run for another
mandate, they said.

 

Donnet is already working on a new business plan for Generali due in
December after steering the company through the COVID-19 crisis and keeping
it on track to fully meet goals under the current plan through to end-2021.

 

Donnet currently enjoys the backing of Alberto Nagel, the CEO of Milanese
bank Mediobanca (MDBI.MI), which is Generali's top investor with a 12.9%
stake, as well as many board members at the insurer.

 

Del Vecchio and Caltagirone are also, respectively, the first- and
second-biggest investor in Mediobanca.

 

Over the past year, however, both Caltagirone, whose businesses span
construction to publishing, and Del Vecchio, the founder of Ray-Ban owner
Luxottica, have been critical of Donnet's strategy which they deem too
cautious in seeking merger and acquisition opportunities.

 

According to one of the sources, the two businessmen could also propose a
new chairman with a well-established international profile to oversee
Generali's growth strategies.

 

A compromise among shareholders is still possible, another of the sources
said, and one solution could be the appointment of a managing director
backed by both Del Vecchio and Caltagirone who would work alongside Donnet.

 

However, positions are still far apart, the sources said, ahead of a key
meeting on Sept. 27 when Generali's board will kick off proceedings to
submit its own list of nominees. read more

 

Before that, in an apparent attempt to find common ground, Generali
non-executive board members will meet on Sept. 14, a fourth source said.
Donnet will not attend the meeting as he is an executive member, the source
added.

 

The Thomson Reuters Trust Principles.

 

 

U.S. Democrats propose dramatic expansion of EV tax credits that favors Big
Three

(Reuters) - U.S. Democratic lawmakers on Friday proposed an expansion of tax
credits for electric vehicles that includes significantly higher subsidies
for union-made zero emission models assembled in the United States.

 

The proposal, a key part of President Joe Biden's goal to ensure EVs
comprise at least 50% of U.S. vehicle sales by 2030 and boost U.S. union
jobs, will give Detroit's Big Three automakers a big competitive edge and
has drawn criticism from foreign automakers like Honda Motor Co (7267.T) and
Toyota Motor Corp (7203.T).

 

The tax credit for up to $12,500 per vehicle for U.S.-made union-made zero
emission models compares with a $7,500 incentive for most other electric
cars - an amount that has not changed.

 

The bill, however, does away with phasing out automakers' tax credits after
they hit 200,000 electric vehicles sold, which would make General Motors Co
(GM.N) and Tesla Inc (TSLA.O) eligible again. It would also create a new
smaller credit for used EVs of up to $2,500.

 

House Democrats had not previously disclosed how much they might boost EV
credits. The dramatic hike and other revisions could cut the price of some
EVs like GM's Chevrolet Bolt by as much as a third and make battery-powered
vehicles more competitive with or in some cases cheaper than similar
gasoline models.

 

"We want to incentivize this. It puts American manufacturers in the lead,
which is where we want them, and it reduces emissions faster than any other
policy that we could put in place," Representative Dan Kildee, a Michigan
Democrat, told Reuters.

 

He said the new EV tax credit would cost an estimated $33 billion to $34
billion over a decade.

 

"In a decade, we want to see American workers making good wages building
American electric vehicles," he added.

 

Kildee said Biden, who has made the proposal a cornerstone of his climate
policy, "was very insistent" he wanted a hefty EV tax credit. "He wants us
to lean in. Let's go big and let's get this done," Kildee said, recounting a
recent conversation with Biden.

 

BILL TO FACE OPPOSITION

 

GM, Ford Motor Co (F.N) and Stellantis NV (STLA.MI), the parent of Chrysler,
assemble their U.S. made vehicles in plants represented by the United Auto
Workers union.

 

In contrast, foreign automakers operating in the United States as well as
Tesla do not have unions representing assembly workers and many of them have
fought efforts by the UAW to organize U.S. plants.

 

As talk of the EV tax proposal gathered steam, Honda said in a statement
last month that its workers "deserve fair treatment from Congress and should
not be penalized for their choice of a workplace."

 

The House Ways and Means Committee will vote on Tuesday on the proposal
which is a part of a broad tax measure in a planned $3.5 trillion spending
bill.

 

The bill will face opposition in the Senate, which is evenly divided 50-50
between Republicans and Democrats. Republicans have harshly criticized much
of the spending bill and Democrats must hold onto all 50 Democratic Senate
votes to win approval.

 

But a Senate panel in May also approved legislation to boost EV credits to
as much as $12,500 for U.S. vehicles made by union workers - despite all
Republicans in opposition.

 

The proposed EV credits would last for 10 years and consumers would be
allowed to deduct the value of the credit from the sales price at the time
of purchase.

 

In 2027, the $7,500 credit would only apply to U.S.-made vehicles. There are
also lower credits for EVs with smaller battery packs.

 

The bill says individual taxpayers must have an adjusted gross income of no
more than $400,000 to get the new EV tax credit. It would limit the EV
credit to cars priced at no more than $55,000, while trucks could be priced
up to $74,000.

 

But those limits may face pushback.

 

Last month, the Senate in a non-binding amendment narrowly voted in favour
of prohibiting taxpayers from claiming EV tax credits if they make more than
$100,000 annually or if vehicles cost more than $40,000.

 

The Thomson Reuters Trust Principles.

 

 

Trading tantrum? Fed officials' personal dealings stir controversy, call for
change

(Reuters) - Media reports this week that two of the Federal Reserve's 12
regional bank presidents were active traders has some of the central bank's
most vocal critics questioning the rules that allowed them to engage in the
transactions in the first place.

 

Dallas Fed President Robert Kaplan and Boston Fed President Eric Rosengren
made frequent or substantial trades in 2020, the Wall Street Journal and
Bloomberg reported earlier this week. The trades occurred during a year in
which the central bank took major actions to shore up the economy and
swooning financial markets after they were broadsided by the coronavirus
pandemic. read more

 

While the trades were permitted under the Fed system's ethics guidelines,
their disclosure prompted some observers and a top lawmaker to flag possible
conflicts of interest.

 

"Forget about the individual trades," said Benjamin Dulchin, director of the
Fed Up Campaign at the Center for Popular Democracy, a group that advocates
for the Fed to focus more on the needs of American workers. "The issue is
that a president of a Fed bank - one of the handful of people who ... set
our country's monetary policy - so clearly has his personal interests
aligned with the success of our biggest corporations."

 

On Thursday, Kaplan and Rosengren said in separate statements that their
trades complied with the Fed's ethics rules. They also said they would
change their investment practices to address "even the appearance of any
conflict of interest" and sell all individual stock holdings by Sept. 30,
moving the proceeds into cash or passively invested index funds. Both Kaplan
and Rosengren said they would not trade on those accounts as long as they
are serving as Fed presidents.

 

The changes came after they both faced criticism for transactions made last
year, dealings that were first reported by the Wall Street Journal this
week. Each has since made his annual financial disclosures public.

 

The documents showed that Kaplan, for instance, bought and sold at least $18
million in individual stocks in 2020, mostly tech stocks like Apple Inc
(AAPL.O) and Amazon.com Inc (AMZN.O) and energy stocks such as Marathon
Petroleum Corp (MPC.N). All of those transactions were reviewed by the
Dallas Fed general counsel, said Dallas Fed spokesman James Hoard.

 

Rosengren, who has publicly shared concerns about potential over-valuation
risks in the commercial real estate sector, held stakes in four real estate
investment trusts and made other investment trades, as highlighted by a
Bloomberg report.

 

"Regrettably, the appearance of such permissible personal investment
decisions has generated some questions, so I have made the decision to
divest these assets to underscore my commitment to Fed ethics guidelines,"
Rosengren said in a statement on Thursday.

 

CALLS FOR GREATER OVERSIGHT

 

Fed officials are subject to specific restrictions, such as not trading
during the “blackout period” around each Fed meeting when policy-sensitive
information is distributed, not holding stocks in banks or mutual funds
concentrated in the financial sector, and not reselling securities within 30
days of purchase.

 

But the Code of Conduct has broader language as well.

 

“An employee should avoid any situation that might give rise to an actual
conflict of interest or even the appearance of a conflict of interest,” the
code states. Those with access to market-moving information “should avoid
engaging in any financial transaction the timing of which could create the
appearance of acting on inside information concerning Federal Reserve
deliberations and actions.”

 

The financial disclosures did not look strikingly different from prior
years. But 2020 was a signature year for the Fed in which, by its own
account, it crossed "red lines" to ensure financial markets continued to
function. In a rapid-fire response to the then-unfolding pandemic, Fed
policymakers in March 2020 slashed interest rates to near zero and rolled
out programs meant to keep the markets for Treasury bonds, mortgage-backed
securities and corporate bonds working smoothly.

 

The Fed's fast action was praised for helping to stave off a larger
financial market collapse, an achievement Fed officials say helped to
minimize the hit to the economy. But some criticized the Fed's moves for
helping to boost asset prices while not doing enough to support small
businesses and households on Main Street.

 

Some Fed-watchers say it may be time for the rules to be reviewed.

 

"This is more evidence that the oversight of the Federal Reserve regional
bank presidents is broken," said Aaron Klein, a senior fellow at the
Brookings Institution. "I don’t know if this is a failure to enforce the
rules, or a failure of the rules."

 

U.S. Senator Elizabeth Warren, long one of Washington's most vocal critics
of the central bank's approach to financial regulation, said Fed officials
should not be allowed to trade.

 

"I've said it before and will say it again: Members of Congress and senior
government officials should not be allowed to trade or own stocks," Warren
posted on Twitter on Friday. "Period."

 

The Thomson Reuters Trust Principles.

 

 

Greek PM says economy to rebound 5.9% this year, outlines tax relief

(Reuters) - Greek Prime Minister Kyriakos Mitsotakis said on Saturday the
economy was set to grow by a better-than-expected 5.9% this year and
announced tax cuts and other relief measures to help businesses and
households strained by the coronavirus pandemic.

 

Greece emerged from a decade-long financial crisis in 2018 but saw its
economy slump again by 8.2% last year amid restrictions to curb the spread
of the COVID-19 pandemic, which also hurt its vital tourism industry.

 

The government's medium-term fiscal plan had projected growth of 3.6% for
2021.

 

"Today we are announcing the revision of the (growth) target for 2021 from
3.6% to 5.9%," Mitsotakis said in his annual policy address in the city of
Thessaloniki.

 

"Our country is stronger today than it has been in many years. It is
stronger economically, it is stronger geopolitically," he said. "Its image
abroad has changed."

 

To offset price hikes in energy and other essential goods driven by soaring
global gas and transport prices, Mitsotakis said the government would
maintain the lower 13% VAT rate for coffee and soft drinks, tourism, cinemas
and gyms. It would also spend 150 million euros in electricity bill
subsidies and offer more heating handouts to poor households.

 

It will also cut pension contributions by three percentage points, a
so-called solidarity tax surcharge on incomes will be terminated for another
year in 2022 and corporate tax will be lowered from 24% to 22% next year.
Small businesses that merge will benefit from a 30% cut in taxation.

 

PROTESTS

 

As Mitsotakis spoke, more than 15,000 people protested over issues ranging
from economic policy to coronavirus vaccines. Clashes broke out between
anti-vaccine protesters and police who fired tear gas and water canon to
break up the crowd. read more

 

Greece's economy grew by 3.4% in the second quarter of this year, beating
forecasts and giving the government fiscal space to proceed with tax relief
measures.

 

Its annual expansion rate hit 16.2% thanks to a pick-up in consumer spending
and investments.

 

Analysts attributed the second quarter's growth mainly to the lifting of
lockdown measures, pent-up demand and a boost from state support measures,
and less to tourism, the impact of which is expected to be manifested in the
third quarter.

 

As the pandemic brought global travel to a standstill, Greek tourism
suffered its worst year on record in 2020 with just 7 million visitors
compared with a record 33 million in 2019.

 

The sector, which accounts for about a fifth of the economy and a fifth of
jobs, brought in revenue of 4 billion euros, less than a quarter of 2019's
18 billion.

 

The government says it is counting on 40% to 50% of 2019 levels this year.

 

The Thomson Reuters Trust Principles.

 

 

Virgin Galactic sees delay to space mission with Italian Air Force

(Reuters) - Virgin Galactic Holdings Inc (SPCE.N) on Friday flagged a delay
to its first commercial research mission with the Italian Air Force to
mid-October due to a potential manufacturing defect.

 

The company also attributed the delay in the mission, named "Unity 23", to
the pending resolution of a probe by the U.S. Federal Aviation
Administration (FAA).

 

Virgin Galactic said on Friday a third-party supplier warned of a potential
manufacturing defect in a component of the flight control system during test
flight preparations.

 

"At this point, it is not yet known whether the defect is present in the
company's vehicles and what, if any, repair work may be needed," the company
said, adding it was conducting inspections with the vendor.

 

The mission was initially set for late September or early October to carry
three paying crew members from the Italian Air Force and the Rome-based
government agency National Research Council. read more

 

The FAA is investigating the flight that took billionaire Richard Branson to
space in July, and last week barred SpaceShipTwo flights until the agency
approves the final mishap report or determines the issues do not affect
public safety. read more

 

The Thomson Reuters Trust Principles.

 

 

 

Italy data authority asks Facebook for clarifications on smart glasses

(Reuters) - Italy's data protection authority said on Friday it has asked
Facebook (FB.O) to provide clarifications over the social media giant's
newly launched smart glasses to assess whether the product is compliant with
privacy laws.

 

Facebook smart glasses, which were created in partnership with Ray-Ban maker
EssilorLuxottica (ESLX.PA), allow wearers to listen to music, take calls or
capture photos and short videos and share them across Facebook's services
using a companion app. read more

 

The Italian watchdog, Garante, said it has called on the Irish data
protection commissioner, which leads oversight of Facebook because the
social-media company's European headquarters are based in Ireland, to ask
Facebook for clarifications.

 

The Italian authority said it wanted to be informed on measures Facebook has
put in place to protect people occasionally filmed, in particular children,
as well as on systems adopted to make data collected anonymous and features
of the voice assistant connected to the glasses.

 

"We know people have questions about new technologies, so before the launch
of Ray-Ban Stories we engaged with the Irish DPC to share how we’ve built
privacy into the product design and functionality of the glasses to give
both device owners and people around them peace of mind," a Facebook
spokesperson said in a statement.

 

"We'll answer questions from Garante through the Irish DPC and we look
forward to our continued collaboration with regulators in Europe," the
spokesperson added.

 

The Thomson Reuters Trust Principles.

 

 

U.S. House committee moves to block Rio Tinto's Resolution mine

(Reuters) - A U.S. House of Representatives committee has voted to include
language in a wider budget reconciliation package that would block Rio Tinto
Ltd (RIO.AX) from building its Resolution copper mine in Arizona.

 

The San Carlos Apache tribe and other Native Americans say the mine would
destroy sacred land where they hold religious ceremonies. Elected officials
in nearby Superior, Arizona, say the mine is crucial for the region's
economy.

 

The House Natural Resources Committee late on Thursday folded the Save Oak
Flat Act into the $3.5 trillion reconciliation spending measure. The full
House could reverse the move and the legislation faces an uncertain fate in
the U.S. Senate,

 

If approved, the bill would reverse a 2014 decision by former President
Barack Obama and Congress that set in motion a complex process to give Rio
federally-owned Arizona land that contains more than 40 billion pounds of
copper in exchange for acreage that Rio owns nearby.

 

Former President Donald Trump gave the land swap final approval before
leaving office in January, but successor Joe Biden reversed that decision,
leaving the project in limbo.

 

The final reconciliation budget is expected to include funding for solar,
wind and other renewable energy projects that require immense volumes of
copper. Electric vehicles use twice as much copper as those with internal
combustion engines. The Resolution mine could fill about 25% of the demand
for U.S. copper.

 

Superior Mayor Mila Besich, a Democrat, said the project seems increasingly
stuck in "bureaucratic purgatory."

 

"This move seems contradictory to what the Biden administration is trying to
do to address climate change," said Besich. "I hope the full House does not
allow that language to stay in the final bill."

 

Rio said it would continue consultation with local communities and tribes.
Rio Chief Executive Jakob Stausholm plans to visit Arizona later this year.

 

Representatives for the San Carlos Apache and BHP Group Ltd (BHP.AX), which
is a minority investor in the project, could not immediately be reached for
comment.

 

The Thomson Reuters Trust Principles.

 

 

 

Wall St Week Ahead Investors eye wobbling energy sector as gauge for Delta
fears

(Reuters) - Energy stocks are becoming a popular bellwether for concerns
over how deeply the Delta variant of the coronavirus is expected to impact
the U.S. economy, as the so-called reopening trade that boosted some parts
of the market earlier this year continues to stumble.

 

The S&P 500 energy sector is (.SPNY) down 12.3% for the quarter-to-date
compared with a 3.7% gain for the S&P 500 (.SPX), which stands near record
highs. That contrasts with the sector’s performance in the first quarter of
the year, when it zoomed 29.3% on expectations that a vaccine-fueled
economic rebound will boost energy demand.

 

The decline, which has outstripped a 2% fall in the price of Brent crude,
suggests some investors believe the U.S. economic recovery may have peaked
in the face of a coronavirus resurgence, leading them to focus on a looming
unwind of the easy money policies that have helped the S&P more than double
since its March 2020 lows.

 

Other reopening plays such as airlines and hotels have also stumbled, as
investors rotated back into the high-growth technology stocks that have led
the markets for years. The S&P technology sector (.SPLRCT) is up 6.8% this
quarter.

 

"The rise of the number of cases of the delta variant has led to a
resumption of the outperformance of stay at home defensive stocks like
tech," said Jeffrey Kleintop, chief global investment strategist at Charles
Schwab. "You're seeing reopening stocks underperform significantly."

 

Investors will get additional readings on the health of the U.S. economy
next week with the release of consumer price index figures, retail sales,
and a measure of consumer sentiment.

 

For now, many are gauging to what degree a slowing economic bounce could
impact asset prices.

 

Morgan Stanley cited concerns about slowing growth when it lowered its
recommendation on U.S. equities in the past week, while economists at
Goldman Sachs cut their estimate of U.S. economic growth in the third
quarter to 5.5% from 9% in late August.

 

Those worries have weighed on energy stocks, with companies like Exxon Mobil
Corp (XOM.N) and Chevron Corp (CVX.N) down more than 13% for the
quarter-to-date.

 

"It's definitely been a painful trade the last couple of months," as
investors moved out of crowded positions in energy stocks that rallied at
the start of the year, said Garrett Melson, portfolio strategist for Natixis
Investment Managers Solutions.

 

Some investors, however, remain bullish on energy out of expectations that
eventual declines in coronavirus case counts will buoy economic growth.

 

Melson has been increasing his positions in energy stocks because believes
that growth will continue to be comparatively robust, leaving the economy
expanding at a level that will support oil prices.

 

Overall, price values in the energy sector appear to reflect oil prices at
$50 per barrel, well below their current level of $72.50 for brent oil, said
Ben Cook, a portfolio manager of the Hennessy BP Energy Transition Fund, who
has been adding to his positions in large oil producers.

 

The mismatch, he believes, leaves “very little downside risk in the stocks
once you start to see some relief from these fears that are permeating the
sector."

 

"As the global consumer reverts back to previous pattern of economic
activity there will be a supply base that will have a tough time meeting
demand," Cook said.

 

The declines have also made some energy stocks much cheaper relative to
their values earlier in the year. Exxon, for instance, now trades at a
forward-price-to-earnings ratio of 12.6, compared to 30.9 in early March.
The S&P 500, by comparison trades at a ratio of 22.

 

Still, energy stocks could continue to faltering the short-term should
concerns over the Delta variant push back return-to-office dates for big
companies and reduce demand for business travel, said Burns McKinney, a
senior portfolio manager at NFJ Investment Group.

 

The sector also faces the prospect of tougher emission standards from the
Biden administration and rising demand for electric vehicles, he added.

 

Instead of making a broad bet on energy, McKinney is focusing on companies
that have recently raised their dividends, a sign that the corporations
believe their balance sheets may be strong enough to weather a potential
slowdown in the economy, he said.

 

The Thomson Reuters Trust Principles.

 

 

Small U.S. employers frustrated by Biden's COVID vaccine mandate

(Reuters) - Small employers like Bob Roth on Friday voiced frustration with
U.S. President Joe Biden's mandate that workers either get vaccinated or
tested regularly to combat the spread of the coronavirus.

 

The co-owner of RoMan Manufacturing, a producer of transformers and
glass-molding equipment in Grand Rapids, Michigan, supports vaccination but
worries about increased costs, such as for testing and administration, that
small companies like his will be forced to bear. He called the new mandate
"encroaching."

 

"It's easy when you sit in Washington, D.C., to say the employers will
handle it," he said.

 

On Thursday, Biden took aim at vaccine resistance, announcing policies
requiring most federal employees to get COVID-19 vaccines and large
employers to ensure their workers are vaccinated or tested weekly. The new
measures would apply to about two-thirds of all U.S. employees, who work for
businesses with more than 100 workers. read more

 

Large employers like U.S. automakers General Motors Co (GM.N) and Ford Motor
Co(F.N) and rare earths producer MP Materials Corp (MP.N) said they
encourage employees to get the vaccine, but they were quiet about Biden's
executive order.

 

"If we are required to mandate vaccines or weekly testing, we will certainly
comply," railroad operator Union Pacific Corp (UNP.N) said in a statement.

 

Executives said Biden's new mandate provides cover for companies that want
to raise their vaccination rates. But RoMan's Roth said it presents a
challenge at a time when his 160-employee company is struggling to fill 18
open jobs.

 

RoMan's vaccination rate has been stuck at 54%, and Roth stopped paying
employees $50 each to get vaccinated when it became clear no more were
stepping forward.

 

Andreas Weller, chief executive of auto aluminum parts maker Aludyne, which
employs about 3,000 people in the United States, said the mandate creates a
"substantial burden" on companies. With several hundred job openings, Weller
also fears the potential "devastating impact" on hiring and job retention
the mandate could have.

 

Arnold Kamler, CEO of bike maker Kent International, was "delighted" with
the mandate, however. His company operates an assembly plant in South
Carolina, where only 80 of 140 workers have been vaccinated.

 

"If they don’t want to be tested on a weekly basis, I'll wave goodbye to
them gladly because that's selfish and irresponsible," he said of his
workers, whom he notified of the mandate on Friday morning.

 

Roth feels that the mandate's effectiveness will be questionable given the
religious and health exemptions allowed under Title VII and the Americans
with Disabilities Act. On Wednesday, United Airlines (UAL.O) said employees
who receive religious exemptions for vaccinations will be placed on
temporary, unpaid personal leave starting next month. read more

 

Even before the mandate, many companies resorted to incentives for their
employees to get vaccinated, and some are turning to disincentives. read
more

 

States also will play a critical role in enforcing the mandate and support
there varies, company executives said. In historically more conservative
Indiana, Governor Eric Holcomb on Friday said a vaccine mandate was not the
answer.

 

"The announcement from President Biden is a bridge too far," he said in a
statement. "Private businesses should be able to look at their own mission,
their staff and their goals and make the decision best for them that will
keep their doors open."

 

The Thomson Reuters Trust Principles.

 

 

Tanzania: State Allocates 1.93bn/ - for Road Construction, Rehabilitation

THE government has approved a total of 1.93bn/- in the 2021/22 financial
year for construction and rehabilitation of roads around mountains with a
total length of 82.1 km, Deputy Minister of State in the Office of the
President (Regional Administration and Local Government), Mr David Silinde,
has said.

 

Such money, according to him, would be used to construct 22.3 km long of
lower belt roads under gravel level, construct one bridge, 63 culverts as
well as to dig 8 kilometers long of drainage canals.

 

He told the National Assembly here yesterday that six km of mountainous
roads would be designed for the construction at tarmac level. The Deputy
Minister named the roads as Leganga Mulala (2 km); Police Magarisho (2 km);
Sangisi - Ndoombo (2 km).

According to the Deputy Minister, in the financial year 2020/21, the
Government spent a total cost of 1.38bn/- to repair various roads, including
the construction of the Sangisi-Nambala road covering 1.9 km at tarmac
level.

 

Other roads are Maji ya Chai - Sakila (3km); Police - Ngurdoto (3.5km); Mji
Mwema - Dispensary(0.5km); Leganga - Ngarasero (0.8km); Kisimiri Secondary
(4km); Ngarenanyuki - Ngabobo (2.5km); Ubungo - Irrikolanumbe (2.6km);
Sangisi - Ndoombo (5km); Tengeru - Number (2km) and Poli - Seela (2km).

 

"The government will continue to allocate funds for the construction of
tarmac road roads in the Arumeru East Mountains depending on availability of
funds," he said in response to a question from Dr. John Palangyo (Arumeru
East-CCM).

 

In his question, the Member of Parliament wanted to know when the government
would construct tarmac level roads around Arumeru East Mountains to provide
easy services to citizens.

 

The construction of these roads, according to the MP, would help reduce the
cost of regular maintenance of such roads whose costs are on the high side
due to geographical difficulties of the areas concerned.-Daily News.

 

 

Uganda: Unra Lists 24 Completed Roads, Bridges and Ferries

Uganda National Roads Authority (UNRA) says it has completed upgrading four
national roads and eight other roads in various cities and towns, bringing
to 5,591 kilometres the national stock of paved roads.

 

UNRA executive director Allen Kagina said during the 2020/2021 financial
year, the national roads agency was able to complete construction of roads
connecting Tirinyi-Pallisa-Kumi, Pallisa-Kamonkoli, Masaka-Bukakata, and
Kigumba-Bulima.

 

Ms Kagina, who was addressing journalists during the annual road sector
performance briefing yesterday, said, "This brings to 5,591 kilometres, the
total paved stock, which is 22.6 percent of the national road network.

"In addition, UNRA upgraded 120 kilometres of town roads within various
cities, towns or municipalities along the project roads which are not part
of the national road network," she said.

 

Ms Kagina said while roads in the cities and towns were not part of the
national road network, they were part of the national roads development
programme. She said the authority also undertook rehabilitation and
reconstruction of 290.97kms of some sections of the network and are also
working on 56 bridges and have completed work on 16 of them.

 

She said they also awarded contracts worth Shs1.4 trillion to local service
providers under the local content reservation scheme for various road
maintenance projects. Ms Kagina said UNRA also got an operation and
maintenance service provider for the Kampala Expressway to operate and
maintain the expressway for five years.

 

Ms Kagina said despite disruption by flooding last year, UNRA was able to
operate its 12 ferries at Nakiwogo, Kiyindi, Mbulambuti, Bisina, Masindi,
Kyoga, Albert Nile, Laropi, Obongi, Amuru, and Sigulu.

The annual road sector performance report indicates that financing of the
road development programme remains constrained and not in harmony with the
UNRA's five-year plan after the authority closed the financial year with a
debt of Shs215b, which limits it from achieving the NDP III objectives.

 

In the last financial year, President Museveni commissioned 14 road projects
and carried out ground-breaking ceremonies for another 10 to be financed by
the government.

 

Mr Jachan Omach, the UNRA board chair, said in the last financial year,
government gave them Shs3.9 trillion to construct 400kms of road, but they
were able to build only 220km and still incurred debts.-Monitor.

 

 

 

Tanzania: Government Injects Sh50bn for Buying Maize

Dodoma — The government yesterday responded positively to public outcry over
maize market, with an injection of Sh50 billion, a day after lawmakers
advised the government to increase its budget for buying the produce for
reserve.

 

On Thursday, legislators debated a private motion moved by Kilolo MP Justine
Nyamoga who submitted that the maize market situation was an emergence
issue.

 

The MPs advised the government to intervene on the dropping prices by
increasing the budget for its National Food Reserve Agency (NFRA) so it
owuld buy more maize from the farmers.

Prime Minister Kassim Majaliwa yesterday said the government had approved
Sh50 billion that would be spent on maize from farmers, a move meant to
stabilise the crop's prices.

 

He made the statement in Parliament yesterday while adjourning Parliamentary
meeting in Dodoma.

 

Parliament was adjourned until November 2, this year.

 

"The government has heard the cries of farmers through their MPs. We have
already received Sh50 billion. Purchasing will start on Monday, September
13, 2021," said Mr Majaliwa.

 

Citing other steps that the government has taken to rescue the maize price
situation, Mr Majaliwa said the government had earlier provided Sh15 billion
to the NFRA to buy maize from various parts of the country.

 

He also said the government has provided Sh10 billion to the Cereals and
Mixed Crops Board (CPB) to increase crop purchasing capital.

"I urge the Ministry of Agriculture to closely monitor NFRA and CPB to buy
only maize from local farmers. In addition, add more maize buying centres at
the district and small towns levels," he said.

 

He said the government was finalizing agreement with South Sudan, DR Congo
and Zimbabwe to widen the maize market outside the country.

 

"Another step we have taken is to open borders for a period of two months
for export markets where export permits are issued free of charge through
the district commissioners' offices and online so that traders can easily
obtain them. Food delivery will be done with the utmost care to ensure that
the country continues to have adequate food security," he stressed.

 

He pointed out that another measure was to link grain traders in the country
with foreign traders through Tanzanian embassies and increase the value of
produce.

 

In addition to buying grain, the Prime Minister said the government was
monitoring the supply of fertilizers to ensure that the product was
available in bulk and cheap.

"The government's goal is to enable farmers to afford the cost of
fertilizer," he added.

 

In another step, Mr Majaliwa urged farmers and buyers of crops to continue
to strengthen the receipt system as it has shown great beneficial results.

 

"The warehouse receipt system is the only one that has been proven to show
great useful results. Therefore, let us continue to strengthen it in all
commercial crops in the country for prosperity of farmers and the nation as
a whole," he added.

 

Mr Majaliwa ordered the Ministry of Agriculture to work closely with
cooperatives and grassroot associations to ensure that they enable farmers
to access education and the benefits of using a secure warehouse receipt
system to ensure productivity.-Citizen.

 

 

 

Taptap Send Launch the Ethiopian Corridor to Boost Financial Inclusion and
Legal Transactions


The fast-growing no-fee money transfer service Taptap Send has announced it
has launched its services to Ethiopia.

 

Ethiopia has worked hard for many years to improve financial inclusion by
increasing the percentage of adults who can transact in the financial
sector.

 

Over the past decades, Ethiopia has made substantial progress in economic
growth and has become one of the fastest-growing economies on the continent.
Reduction in poverty, growth in gross domestic product, and increased
financial inclusion are some of the key achievements of economic progress.

 

Sustained, prudent, and responsible financial inclusion contributes to
financial and monetary stability, helps to combat anti-money laundering
risk, supports accelerated economic growth, greater prosperity, and social
development.

 

The cash-intensive nature of the financial economy has allowed for an amount
of money to circulate outside the formal financial system. This money is
partly responsible for the prevalence of criminal activities, corruption,
and illicit financial flows.

 

Taptap Send is set to boost financial inclusion efforts by launching its
services to allow money transfers from Europe and the US to Ethiopia. The
use of legal money transfer routes like Taptap Send reduces the use of the
informal sector and illicit financial inflows into Ethiopia. The Ethiopian
diaspora can send money back home legally, quickly, and securely at great
rates with no commission. Recipients of Taptap Send transfers can assess
monies via mobile money providers like Amole and Hello Cash without the need
to leave their homes or travel to traditional banks.

 

Being able to access financial services without leaving the comfort of home
is not only safer and less stressful, but it also helps local businesses
thrive in these  pandemic times. Taptap Send charges no fees, offers great
rates and transfers that are super-fast.

 

Since its inception in 2018, Taptap Send has moved tens of millions of
dollars and reached hundreds of thousands of customers.

 

Taptap Send Growth Director - Africa, Mawutor Abraham, had this to say about
the launch:

 

Legal money remittance and increased financial inclusion are really
important to the economic development of Ethiopia and Africa as a whole.
Taptap Send is one of the few money remittance companies committed to the UN
sustainability goal of reducing the cost of remittances worldwide to below
3%. We've served the African diaspora community in Europe since 2018 and
we're excited to bring our fast, secure, and no- commission money transfers
to Ethiopian customers too.

 

Money transfer service Taptap Send has announced the launch of its services
to Ethiopia. The service will enable people in the diaspora, particularly
those based in the UK, Europe, the USA, and Canada, to send money to their
loved ones instantly straight to Amole, HelloCash mobile money wallets, and
bank accounts with Dashen Bank and CBE.

 

Remittances make up a significant part of Africa's main source of currency,
contributing to above 5% of GDP in 15 African countries. As a result of the
ongoing pandemic, Africans have leaned into providing support back home
through affordable digital finance platforms like Taptap Send . These
remittances help thousands of Ethiopian families pay for essential needs
such as food, healthcare, household bills, and education.

 

Taptap Send is live in the UK, EU, US, and Canada, and supports payments
into Senegal, Mali, Guinea, Ghana, Cameroon, the Ivory Coast, Kenya,
Madagascar, Zambia, Bangladesh, Vietnam, DR Congo, Morocco, Sri Lanka, Rep.
Congo, Pakistan, and Nepal with more countries launching soon.

 

The Taptap Send app is available for download in the UK, Europe, USA, and
Canada on the Apple Store and Google play store for free. New customers can
receive an additional 5 euro (262 Birr) on their first send by using the
code ETHPRESS.

 

 

 

 

 

 

 

 


 


 


 

 

 

 


 

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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