Major International Business Headlines Brief::: 13 September 2021

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Major International Business Headlines Brief::: 13 September 2021

 


 

 


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ü  Alibaba slides on report China plans to break up payment app

ü  UK must prepare for more economic shocks, says TUC

ü  Covid: Legal action begins over quarantine hotel rules

ü  The epicentre of Britain's pandemic house price boom

ü  Ryanair: Holiday prices likely to rise sharply soon

ü  England vaccine passport plans ditched, Sajid Javid says

ü  TUC: Jobs at risk if UK fails to hit carbon emissions target

ü  Apple dealt major blow in Epic Games trial

ü  Asia makes watchful start, Nikkei nears 30-year high

ü  Kansas City Southern plans to accept Canadian Pacific's $27 bln bid

ü  UK employers, stung by new levies, call for overhaul of tax system

ü  Sydney Airport sale a step closer after improved $17.4 bln offer

ü  GM digs in with LG Corp to speed a fix for Bolt battery fires

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Alibaba slides on report China plans to break up payment app

Shares in Chinese technology giant Alibaba have fallen sharply after a
report that its financial affiliate Ant Group is again under scrutiny.

 

Regulators want to break up Alipay, which is China's biggest payments app
with more than a billion users, according to the Financial Times.

 

A separate platform for the app's profitable lending operation would be
created under the plan.

 

It would be the latest move by Beijing to tighten its grip on big
businesses.

 

Ant could also be forced to hand over the user data that underpins its loans
decisions to a new credit scoring firm, which would be partly state-owned,
the report said.

 

Alibaba shares were down by more than 5% in Hong Kong trade on Monday.

 

 

Ant Group did not immediately respond to a request for information from the
BBC.

 

This would not be the first time that Ant Group has been targeted by the
Chinese government.

 

The business empire of Jack Ma, the co-founder of both Ant Group and
Alibaba, has been hit by a series of high-profile regulatory measures.

 

Chinese authorities started to show increasing interest in Ant Group in
October last year after Mr Ma criticised regulators, suggesting that they
were stifling innovation.

 

The following month, regulators scuppered the record $37bn (£27bn) share
market launch of Ant Group.

 

In April, Alibaba was hit with a record $2.8bn fine over monopoly concerns.

 

At the same time, Chinese regulators called on Ant to conduct a sweeping
business overhaul, including restructuring itself into a financial holding
firm.

 

It was also told to fold its two micro-loan services, Jiebei and Huabei,
into the new finance firm.

 

Ant will not be the only Chinese online lender to be affected by the new
rules, the FT report said.

 

In recent months, Chinese regulators have been targeting other internet
giants in a wide-ranging crackdown which has included competition and
privacy issues, as well as user data and cryptocurrencies.-BBC

 

 

 

UK must prepare for more economic shocks, says TUC

The UK needs to be better prepared for future economic shocks, says the TUC.

 

"Covid is not going to be a one-off," the union federation's general
secretary, Frances O'Grady, will tell its annual congress later on Monday.

 

"Climate chaos is here already and the longer we put off getting to net
zero, the more disruptive it will be," she will add.

 

At the same time, the CBI is urging the government to avoid further big
post-pandemic tax increases on business.

 

CBI director general Tony Danker will say in a speech later on Monday that
ministers must make "big choices" to help business investment.

 

Instead, there is a risk the government will use business taxes to "carry
the load" following last week's announcement of new levies to fund social
care, he will say.

 

Such a policy is not without consequences for growth, he will add.

 

Real change

Speaking to the TUC Congress in London, Ms O'Grady will highlight the danger
to workers from further pandemics, climate change and technological
disruption.

 

"Years of austerity took their toll and meant we fought this pandemic with
one hand tied behind our backs," she is due to say.

 

"The UK must be better prepared for crises in the future. New tech offers
new opportunities but also poses old threats to jobs."

 

She will say that ministers may wonder what they can do to help fill job
vacancies.

 

"Well, here's a novel idea - let's make that industry deliver decent
conditions, direct employment and a proper pay rise," she will say.

 

"After decades of real wage cuts and falling living standards, no-one can
seriously say working people don't deserve a pay rise."

 

Ms O'Grady is also due to challenge Prime Minister Boris Johnson on his
policy of "levelling up".

 

"If levelling up means anything, it must mean levelling up at work and
levelling up living standards," she will say, arguing Covid pandemic "must
be a catalyst for real change".

 

Speaking to BBC Radio 4's Today programme ahead of her speech, Ms O'Grady
urged the government to reconsider recent rises to National Insurance
contributions, describing the move as "another hit" to young people and
low-paid workers.

 

"We saw far too much inequality before the crisis, it's got a lot worse. We
know that working people have been subject to pay freezes and pay pauses for
years."

 

She argued that shifting tax to wealth instead may offer a boost in demand
for the economy.

 

"One thing you can guarantee about working people is that they spend their
money locally and that's what will get the economy moving again."

 

Investment needed

For the CBI, Mr Danker is set to warn that a return to "business as usual"
in economic policy would be a mistake, with the UK lagging behind some of
its international competitors in driving investment in the industries of the
future.

 

He will say: "The lack of detail and pace from the government on some of the
big economic choices we must make as a country are the biggest concerns for
business."

 

He will call for a series of measures including:

 

·         Smarter taxation that rewards those firms who invest in the future

·         New individual training accounts to make it easier to access
support

·         Speeding up major infrastructure projects with "catalytic" public
investment

Replicating the successes of offshore wind in hydrogen and other emerging
industries as well as rebalancing economic regulation.

"Investing by the UK: that must be our mantra now, so that the decade ahead
does not repeat the low growth, zero productivity of the decade past, and
government holds the key to unlocking it all," Mr Danker will say.

 

A Treasury spokesperson said the government had shown it was committed to
supporting business investment, extending the Annual Investment Allowance
increase for another year and introducing the super-deduction, which it
called "the biggest two-year business tax cut in modern British history".

 

"The impact of the pandemic means we have had to make the tough but
responsible decision to raise taxes. We've asked both individuals and
businesses to pay a bit more as we get our public finances back on a
sustainable path," the spokesperson added.-BBC

 

 

 

Covid: Legal action begins over quarantine hotel rules

A law firm representing travellers is taking the government to court over
the UK's quarantine hotel policy.

 

Passengers must spend 11 nights in a quarantine hotel on returning from red
list countries, even if fully vaccinated and testing negative for Covid.

 

London-based firm PGMBM said it had called for a judicial review into the
policy, but the government had refused.

 

The cost of staying in a quarantine hotel is now £2,285.

 

More than 60 locations including Turkey, Mexico, Kenya and many countries in
Africa and Latin America are currently on the red list.

 

The other European countries with mandatory quarantine involving hotel
detentions - Ireland and Norway - have amended their schemes so fully
vaccinated travellers are exempt from needing to quarantine.

 

 

If PGMBM's claim was successful, not only would double-vaccinated travellers
no longer have to quarantine at the hotels, but the government could also be
forced to refund the fees of all those who were vaccinated and still had to
stay there.

 

It is estimated more than 100,000 people have been forced to quarantine in
hotels since the policy came into force in February this year.

 

What are the holiday rules for travel?

PGMBM said it was launching a legal case, representing "multiple" clients.
It described the policy as an "unlawful deprivation of liberty" that
violated fundamental human rights.

 

It is now asking anyone who was forced to stay in hotel quarantine to
register their details and help form a class action aimed at forcing the
government to reverse its policy.

 

One of the firm's clients, Ozgur Akyuz, a bus driver from Hackney, said his
pregnant wife and three-year-old daughter caught Covid while staying in
hotel quarantine two weeks ago.

 

"They were put in a hotel near Heathrow and it was filthy. She was crying
all day long," he said.

 

"She saw a rat in her room and kept being served bacon and sausages, even
though she told them she didn't eat pork.

 

"I ended up cooking food at home to take to her, and I also bought a rat
trap from B&Q to give her peace of mind because the hotel did nothing."

 

Mr Akyuz said both his wife and daughter tested positive for Covid on the
third day of quarantine, despite having tested negative when they left
Turkey.

 

"They were allowed home after 10 days but I then caught Covid from them. So
we have all had it. If she had come home to quarantine, chances are none of
us would have got it."

 

The government has said it has taken "decisive action" to protect the
country, including the quarantine system. Other countries around the world
had taken equivalent action, it said.

 

This is the second case PGMBM has brought about quarantine hotels. The first
was on the grounds of financial hardship and resulted in the government
offering the option to pay in 12 monthly instalments for those facing
financial hardship.-BBC

 

 

 

The epicentre of Britain's pandemic house price boom

Within days of going on the market, one picturesque, two-bedroom stone
cottage in the upper Yorkshire Dales had been viewed 10 times, leading to
eight offers.

 

Another 10 people are still on the waiting list to see it, attracted by its
views over a small waterfall and beck. Potential buyers are coming in with
offers above the asking price. Competition is fierce.

 

The market has been like this for months, eager buyers are ringing the local
estate agent's phone off the hook.

 

With far fewer properties to sell than would satisfy demand, prices have
surged. It means some locals have been considering shelving their plans for
a new home.

 

"We enjoy country life. We already live in one of the villages and would
like to stay, but there is a lot of demand for village properties and we are
increasingly finding ourselves priced out," say Jonathan and Sarah
Ratcliffe, both aged in their 30s and charity and NHS workers respectively.

 

image captionMarried couple Jonathan and Sarah Ratcliffe are hoping to buy a
bigger home

This is Richmondshire: a sprawling council district covering parts of the
stunning Yorkshire Dales and also home to Britain's biggest army garrison,
Catterick.

 

Property prices have risen by 29% in Richmondshire in the last year,
according to the latest official figures from the Land Registry. That is
faster growth than anywhere else in Britain (except Shetland and Orkney,
where the sale of a single property can easily skew the data).

 

Large increases have also been recorded in other idyllic, rural areas of the
UK. The Derbyshire Dales, North Norfolk, and the Cotswolds have all seen
property values increase by more than 20% in a year.

 

All this has occurred during a pandemic, when the country has endured months
of lockdowns and the loss of lives.

 

Covid has also led homeowners to reassess where and how they want to live.

 

The pandemic accelerated a shift towards remote working, and has meant big
savings for some parts of society. If you add in to the picture government
support through stamp duty holidays, as well as historically low mortgage
rates, you have a rapid increase in the number of buyers.

 

In areas where the number of homes for sale fails to match that demand,
prices have soared. The Royal Institution of Chartered Surveyors (RICS) says
the average number of properties on estate agents' books is close to record
lows.

 

"Anything we listed [from last summer] flew out of the door. Richmondshire
property has always been where we don't get too high on the highs and low on
the lows. It was a massive change from what we had seen previously. This is
unprecedented," says Margi Irving, a director at the family-run Irvings
Property estate and lettings agents.

 

She has 32 homes available for sale now, whereas a year ago there were more
than 100.

 

"We have definitely got a supply and demand issue. We have gone weeks, just
like other agents, listing just one or two. People are reluctant to put
their house on the market because they have nowhere to buy," she says.

 

Mostly, that trend has been in rural or coastal areas, rather than cities.

 

Residents of Richmond, North Yorkshire, will proudly tell you theirs is the
original Richmond, founded by the Normans in 1071. This is also the
constituency of the chancellor, Rishi Sunak.

 

There are 56 other Richmonds around the world, including the London borough
that lies on the River Thames.

 

Many more homes are sold in London. The average house price of £700,000 in
the Richmond down south is two-and-a-half times higher than in the Yorkshire
district of much the same name. However, house prices in
Richmond-upon-Thames have risen by less than 1%, in the last year compared
with 29% in Richmondshire.

 

"We were Britain's best kept secret, evidently. Just recently people have
realised you get really good value for money. It is a beautiful town. It has
lovely villages surrounding it. The services and schools are very, very
good," says Mrs Irving, in North Yorkshire.

 

The danger is that soaring values could start to price out potential
first-time buyers who were brought up in the area and want to stay.

 

Angie Dale is the independent leader of Richmondshire District Council, and
the mother of Robert - a 20-year-old dad hoping to get his own place.

 

"I love him dearly, but he needs to leave home. He needs to make his own way
in life but he needs to afford it, and pay [living costs] too," the
51-year-old says.

 

Reinforcing her point, she sits by a food bank serving people in the area
who have been hit hard financially by the pandemic.

 

She says there remains an issue with second home owners snapping up
properties, but she welcomed people moving to the area.

 

"Why wouldn't you want to come to Richmondshire? It is absolutely beautiful.
You are welcome here so long as you are investing and supporting the local
economy," she says.

 

The near future shows little sign of an end to interest among buyers and
rising prices, according to commentators, despite stamp duty holidays being
withdrawn.

 

"Any tax incentive is now all but gone unless you are a cash buyer, so the
group of buyers in the market right now are motivated by other things, with
low mortgage rates a key driver, along with a new group reviewing what their
longer term working pattern means for where they could live," says Tim
Bannister, director of property data at Rightmove.

 

Estate agent Margi Irving says the local house price boom will inevitably
come to an end.

 

"You never know with the housing market. It is so sensitive. It reacts to
leaves on a train line at times. I think it will be steady. I don't think we
will have the madness. It will level out," she says.

 

Yet, Angie Dale is clear that the peace and tranquillity of the Dales will
only be mirrored in the property market if more homes are built,
particularly for first-time buyers.

 

"With that you need to have the infrastructure - the roads and the dentists
- to back that up. We welcome growth, but we need to get it right," she
says.-BBC

 

 

 

Ryanair: Holiday prices likely to rise sharply soon

The boss of budget airline Ryanair has warned holiday prices are likely to
rise sharply next year as consumer demand for travel rebounds.

 

Michael O'Leary told The Sunday Times fewer flights, inflation and more
taxes would drive airfares up.

 

"I think there will be a dramatic recovery in holiday tourism within Europe
next year," he said.

 

"And the reason why I think prices will be dramatically higher is that
there's less capacity."

 

Ryanair's short-haul rivals had all had to reduce their fleets because of
the pandemic, he added.

 

"Take out Thomas Cook (six million seats), Flybe (eight million seats),
Norwegian (nearly 24 million seats)... Alitalia's reducing its fleet by
40%," said Mr O'Leary.

 

"There is going to be about 20% less short-haul capacity in Europe in 2022,
with a dramatic recovery in demand."

 

Ryanair is planning to open a new base at Newcastle International Airport
next year, creating at least 60 aviation jobs.

 

Its rival EasyJet meanwhile has closed its bases at Stansted, London
Southend and Newcastle airports, and from 1 November, Ryanair will cease all
operations at Southend, meaning no passenger planes will use the airport.

 

This comes as economists predict inflation will continue to rise over the
rest of the year, which Mr O'Leary said was a factor in increasing airfares,
as well as the threat of increasing environmental taxes.

 

However, to combat this he intended to cut prices for winter 2020 in order
to "grab market share from everywhere".

 

Airlines have been hit hard by lockdowns and travel restrictions around the
world, with many announcing job cuts.

 

EasyJet said in May that it planned up to 4,500 job cuts as it struggled
with the collapse in air travel caused by the coronavirus crisis.

 

It has started to fly passengers again but does not expect 2019 levels of
demand to be reached again until 2023.

 

Multiple airlines have warned that thousands more jobs could be at risk if
the government's furlough scheme was not extended after 30 September, as
bookings have not recovered.

 

They have also criticised the government for its "confusing" traffic-light
travel list system.

 

Canada, Switzerland and Denmark were among the latest countries to join the
UK's green travel list.

 

Meanwhile, the government is planning to overhaul the traffic light system
in the coming weeks, the BBC has been told.

 

Tim Alderslade from industry body Airlines UK said: "There are over half a
million direct jobs that rely on aviation and we're now entering the lean
winter period. Something may have to give, without the furlough support that
is coming to an end this month.

 

"This summer was such a missed opportunity - alone across Europe we insisted
on expensive and complex PCR tests and it's no wonder demand remained weak.
Until we stop being such an outlier it will be impossible to get back to
anything like 2019 levels of trade."-BBC

 

 

 

England vaccine passport plans ditched, Sajid Javid says

Plans to introduce vaccine passports for access into nightclubs and large
events in England will not go ahead, the health secretary has said.

 

Sajid Javid told the BBC: "We shouldn't be doing things for the sake of it."

 

It was thought the plan, which came under criticism from venues and some
MPs, would be introduced at the end of this month.

 

Just a week ago, the vaccines minister had defended the scheme as the "best
way" to keep the night industry open.

 

No 10 stressed the plan - which had been set to be introduced at the end of
this month - would be kept "in reserve" should it be needed over autumn or
winter.

 

Under the scheme, people would have been required to show proof - whether of
double vaccination, a negative Covid test or finishing self-isolating after
a positive PCR test - in order to gain entry to clubs and other crowded
events.

 

The Night Time Industries Association had said the plans could have crippled
the industry and led to nightclubs facing discrimination cases.

 

The industry body welcomed Sunday's announcement, saying it hoped businesses
could now plan with some certainty and start to rebuild the sector.

 

The Music Venue Trust, which aims to protect grassroots venues, also said it
was glad vaccine passports would not be going ahead, describing them as
"problematic".

 

There had been opposition from Tory MPs on the Covid Recovery Group as well
as the Liberal Democrats, whose leader Ed Davey called vaccine passports
"divisive, unworkable and expensive".

 

Speaking on The Andrew Marr Show, Mr Javid said: "We just shouldn't be doing
things for the sake of it or because others are doing, and we should look at
every possible intervention properly."

 

He said he had "never liked the idea of saying to people you must show your
papers" to "do what is just an everyday activity".

 

"We've looked at it properly and, whilst we should keep it in reserve as a
potential option, I'm pleased to say that we will not be going ahead with
plans for vaccine passports," he added.

 

Mr Javid denied the government was "running scared" on the policy after
criticism from its own backbenchers. He said the passports were not needed
because of other things in the "wall of defence" including high vaccine
uptake, testing, surveillance and new treatments

 

The move to scrap vaccine passports appears to be a sharp U-turn by the
government.

 

On the same TV programme last week, Vaccines Minister Nadhim Zahawi said the
end of September was the right time to start the vaccine passport scheme for
sites with large crowds because all over-18s would have been offered two
jabs by then and it was the "best way" to keep the night industry open.

 

In the interview, Mr Javid also said:

 

·         he wanted to "get rid" of PCR tests for travel and has asked for
advice on the issue

·         he was "not anticipating" any more lockdowns, although it would be
"irresponsible to take everything off the table"

·         if the UK's chief medical officers advised 12 to 15-year-olds
should be vaccinated, "we can start within a week" and schools were already
preparing for it. The UK's advisory body - the Joint Committee on
Vaccination and Immunisation (JCVI) - has recommended against doing so
except for children with particular health problems - but the final say is
with the CMOs.

Scotland is taking a different approach to England - they will bring in a
vaccine passport for over-18s for entry to nightclubs and many large events
from October.

 

In Wales, ministers will decide next week whether to introduce the scheme.
There are no current plans for a similar scheme in Northern Ireland.

 

On Sunday, the latest government figures showed there were 29,173 new cases
of coronavirus in the UK and 56 further deaths, of people who had tested
positive within the previous 28 days.

 

The UK government had faced pressure from a number of its own Tory MPs, as
well as from nightclubs and the events sector, to ditch plans for vaccine
passports in England.

 

First, there was a hint they were pushing ahead. Last week, Vaccines
Minister Nadhim Zahawi said they would be required in nightclubs and other
indoor venues in England by the end of the month.

 

Then came the row-back. On Friday, Culture Secretary Oliver Dowden said they
would "almost certainly" be necessary for nightclubs this autumn but said
he'd prefer a more limited use of them.

 

By Sunday at 08:30 BST, the health secretary said on Sky News that the
government hoped to avoid having them, and within the next hour told the BBC
they will not be going ahead with plans.

 

Clearly there has been debate within government itself about their use but a
decision has, for now, been made - even if the option will be kept in
"reserve".

 

Labour's deputy leader Angela Rayner said the government's approach to Covid
passports had been "shambolic from the start" and lacked any clarity from
ministers about the purpose of the passports and how they would work.

 

Liberal Democrat home affairs spokesperson Alistair Carmichael accused the
Conservatives of needlessly sowing confusion among businesses for months and
called for them to scrap the "unnecessary and draconian Coronavirus Act
altogether".

 

Some large venues such as football stadiums, live music venues and music
festivals have already been asking people to prove their vaccination status
to gain entry.

 

An Office for National Statistics survey, covering 25 August to 5 September,
found about 1 in 10 adults across Great Britain reported that they had been
asked to show proof of vaccination or a recent negative test to be allowed
into a venue or event.

 

On Saturday, Manchester United introduced Covid spot-checks on match days at
Old Trafford, with the club saying it expected proof of full vaccination to
become mandatory in the Premier League from 1 October.

 

The Premier League said at the start of the 2021-22 season that fans would
face random spot-checks of their Covid-19 status at grounds over the first
few match days. Brighton, Chelsea and Tottenham have introduced mandatory
checks for fans at their stadiums.

 

A series of key government announcements and decisions are expected in the
coming days.

 

Boris Johnson is expected to outline plans for booster jabs soon. Mr Javid
said that if the JCVI advised having a broad booster programme, he was
"confident" it could start this month "as planned all along".

 

And on Tuesday, the prime minister will set out his Covid Winter Plan for
England, likely to include contingency measures that would be implemented if
the NHS was at risk of becoming overwhelmed.-BBC

 

 

 

TUC: Jobs at risk if UK fails to hit carbon emissions target

Up to 660,000 jobs could be at risk if the UK fails to reach its net-zero
target as quickly as other nations, the Trade Union Congress (TUC) has
warned.

 

The government has pledged to cut carbon emissions by 78% by 2035.

 

But the TUC fears many jobs could be moved offshore to countries offering
superior green infrastructure and support for decarbonisation.

 

The union body is calling for an £85bn green recovery package to create 1.2
million green jobs.

 

TUC research from June shows the UK is currently ranked second last among G7
economies for its investment in green infrastructure and jobs.

 

However, the Department for Business, Energy and Industrial Strategy (BEIS)
says the TUC's claims are untrue and that it does not recognise their
methodology.

 

The government is currently considering the recommendations of an
independent report into the future of green jobs, a BEIS spokeswoman
stressed.

 

"In recent months we've secured record investment in wind power, published a
world-leading Hydrogen Strategy, pledged £1bn in funding to support the
development of carbon capture and launched a landmark North Sea Transition
Deal - the first G7 nation to do so - that will protect our environment,
generate huge investment and create and support thousands of jobs," she
added.

 

The TUC says steel industry jobs are at great risk are jobs because their
manufacturing process is dependent on burning coal at high temperatures.

 

Other nations such as Sweden are already bringing to market new technologies
that enable steel production without using coal.

 

SSAB showed off the world's first fossil-free steel plate in August

IMAGE SOURCE,SSAB

image captionSSAB showed off the world's first fossil-free steel plate in
August and signed a deal with Mercedes-Benz in September

In August, Hybrit, a joint venture between Swedish firms SSAB, LKAB and
Vattenfall, made its first delivery of green steel using hydrogen from the
electrolysis of water with renewable electricity, while another firm H2
Green Steel is planning to open a hydrogen plant in 2024.

 

SSAB has a partnership with Mercedes-Benz to introduce fossil-free steel
into vehicle production as soon as possible. The German carmaker wants its
entire car fleet to be carbon-neutral across the supply chain by 2039.

 

The TUC's analysis suggests the jobs at risk include:

 

26,900 jobs in iron and steel

41,000 jobs in glass and ceramics

63,200 jobs in chemicals

18,000 jobs in textiles

79,000 jobs in rubber and plastics

15,500 jobs in paper, pulp and printing

7,800 jobs in refineries

7,400 jobs in wood products

900 jobs in cement and lime

The UK's green recovery investment is currently a quarter of France, a fifth
of Canada, and 6% of the US, it says.

 

According to TUC general secretary Frances O'Grady, the clock is ticking for
the UK: "Thatcher devastated Britain's industrial heartlands with the loss
of industry and jobs. Boris Johnson is on the brink of doing more of the
same."

 

She said that unless the government urgently scales up investment in green
tech and industry, the UK could risk losing hundreds of thousands of jobs to
competing nations.

 

Industry body the CBI agrees, although it thinks the UK has already "made
excellent strides" in cutting emissions from the power sector.

 

"Now is the time to back up this progress with concrete policies and
programmes," said the CBI's decarbonisation director Tom Thackray.

 

"CBI analysis suggests that spending in areas like electric vehicles and
energy efficiency could create 250,000 net new jobs by 2030, but the window
of opportunity to realise this is shrinking by the day."

 

Alan Coombs, 56, is a Community trade union representative at the Port
Talbot steelworks, the UK's largest steel production plant with around 4,000
workers. He has worked at the plant for 40 years.

 

"Companies overseas are already setting target dates for green steel, but
the UK isn't even putting our toe in the water," he told the BBC.

 

"We've got to have a strategy of what it looks like - how we actually make
the steel going forward."

 

He says he can't see how any firm will be able to deliver new technologies
without government support, because it will be expensive.

 

But most of all he thinks speed is needed: "We need to determine what it
looks like for us and get on with it - because, environmentally, I think
most every industry realises it's got to change.

 

"We are not part of the debates, so you can imagine - people are [like],
'Where am I going to be working? What's going to happen to the plant that I
work on... and what is the future going to look like?"

 

'We have to make that adjustment'

Critiquing the TUC's analysis, Prof Jagjit Chadha, director of the National
Institute of Economic and Social Research (NIESR), points out that the UK
has "made significant progress since 1990" on cutting carbon emissions.

 

Prof Jagjit Chadha, the director of the National Institute of Economic and
Social Research

image captionProf Jagjit Chadha says the government needs to formulate a
long-term green economic strategy, together with the private sector

"In the UK, we're almost halfway towards our target, as of last year, in
part helped perversely by the Covid crisis," he said.

 

He is not certain it is possible to tell whether the UK has lost its
competitiveness in international trade, particularly since other countries
generate more pollution than us.

 

He also says that only "a very small fraction of people" - 2-3% of the
labour force - is directly affected by the UK falling behind other nations
in net-zero targets.

 

But he sees it as inevitable that all industries will eventually have to go
green and he wants government plans "that promote the rotation of the
economy away from one that's emitting carbon emissions to one which isn't."

 

When the UK was part of the EU, it was given about £7bn from the European
Investment Bank per annum, which then led to £20bn in investment a year -
the government will need to find investment to replace that.

 

"If we think about that happening over the next 10 years, we're then talking
about public and private investment public together, probably in the region
of £200bn," he said.

 

Unions and bosses aren't always on the same page, but when it comes to
carving out a green future, they are broadly at one.

 

Revolutions are rarely bloodless. The transition to a net-zero economy will
inevitably have some impact on traditional jobs, especially in polluting
industries. That's spelt out in the government's Green Jobs Taskforce report
from July.

 

So it's a delicate time. The extent of the impact will depend on the policy
decisions we make now and whether sectors like the steel industry can be
persuaded that there is a tasty enough "carrot" to go green, in the form of
incentivising demand for a greener product perhaps or extra funding.

 

And whether the "stick" - in the form of any policy to push firms to
net-zero - won't be used too aggressively.

 

It's a difficult path for the government to tread. The UK has a legally
binding commitment to reduce pollution by 2050.

 

However this will come at a massive financial cost, at a time when the
pandemic has left the UK with high levels of public debt.

 

With all that in mind, the government will set out more information on how
the move to net-zero will happen and how it will be paid for, in its Net
Zero Strategy, launched ahead of the COP26 summit at the end of October.-BBC

 

 

 

Apple dealt major blow in Epic Games trial

Apple has been dealt a major blow in its ongoing trial against
Fortnite-maker Epic Games.

 

A court in Oakland, California, has ruled that Apple cannot stop app
developers directing users to third-party payment options.

 

Apple had argued that all apps should use Apple's own in-app payment
options.

 

In a high profile trial, Epic Games had challenged the up-to-30% cut Apple
takes from purchases - and argued that the App Store was monopolistic.

 

On Friday, Judge Yvonne Gonzalez-Rogers ruled that "the court cannot
ultimately conclude that Apple is a monopolist".

 

However she also issued a permanent injunction, stating that Apple could no
longer prohibit developers linking to their own purchasing mechanisms.

 

 

For example, a movie-streaming service will now be able to tell customers to
subscribe via its own website, without using Apple's in-app purchasing
mechanism.

 

Epic has also taken legal action against Google over its Play Store.

 

Apple's closed payments system is hugely lucrative for the tech giant,
although the company says it does not know exactly how much it makes.

 

The ruling effectively states that Apple cannot ban developers from
communicating with customers. Often there are cheaper options for consumers
away from the App Store, however Apple did not allow companies to tell
consumers this.

 

Epic had argued that this was unreasonable and that developers should be
able to inform users that they could make purchases away from the App Store.

 

However in a win for Apple, the judge also ruled Epic failed to demonstrate
Apple was operating an illegal monopoly.

 

Judge Yvonne Gonzales-Rogers said: "Apple enjoys considerable market share
of over 55% and extraordinary high profit margins."

 

But added: "These factors alone do not show antitrust conduct. Success is
not illegal."

 

A spokesperson for Apple said: "Today the Court has affirmed what we've
known all along: the App Store is not in violation of antitrust law.

 

"Apple faces rigorous competition in every segment in which we do business,
and we believe customers and developers choose us because our products and
services are the best in the world."

 

Epic Games' chief Tim Sweeney said the ruling was "not a win for developers
or consumers" and vowed to "fight on".

 

Music streaming site Spotify said: "We are pleased with [the decision that]
Apple engaged in anti-competitive conduct and has permanently prohibited
their anti-steering provisions."

 

The ruling also revealed that gaming apps account for 70% of App Store
revenue.

 

It's likely the decision will be appealed, perhaps by both sides.

 

Apple's share price has fallen by 3% since the decision, wiping billions of
dollars from its valuation.

 

Apple has been quick to claim victory - calling it a "resounding win".

 

It is true that the judge mainly sided with Apple on Epic's major
contention, stating it is not a monopoly.

 

However the characterisation that Apple has "won" here is misleading.

 

Epic's case against Apple was speculative. Many believed they didn't stand a
chance.

 

That the court has moved to allow in app purchases to be redirected away
from the App Store could be a major blow to Apple's business model.

 

It was revealed that 70% of Apple's App Store revenue comes from gaming apps
- an astonishing figure.

 

I say "could be" because it's unclear how many people would choose to
purchase away from the App Store, or to what extent that would dent Apple's
profits.

 

During the trial, Apple's CEO Tim Cook said he didn't know how much the
company generates from the App Store. That makes trying to assess the damage
this ruling could have on the company difficult.

 

Epic is saying it is disappointed in the ruling, and certainly the judge
could have given them more.

 

But the decision has been welcomed by anti-trust campaigners, who believe
Apple use their market dominance to bully developers.-BBC

 

 

Asia makes watchful start, Nikkei nears 30-year high

(Reuters) - Asian shares made a guarded start on Monday to a week packed
with important U.S. and Chinese economic data and the launch of Apple's
latest iPhones, while the Nikkei was tantalisingly near heights last visited
in 1990.

 

Japanese shares have been on a tear as hopes for fresh stimulus from a new
Prime Minister saw the Nikkei (.N225) surge 4.3% last week. The Topix
(.TOPX) has already scaled that peak, while the Nikkei turned hesitant early
on Monday.

 

Reports U.S. Democrats were considering proposals to raise taxes on
corporations and the wealthy, while not exactly new, could make for a
cautious mood. read more

 

Adding to concerns about Beijing's regulatory crackdown was an FT report it
aimed to break up Alipay, the hugely popular payments app owned by Jack Ma's
Ant Group. read more

 

China releases a swath of data on retail sales, industrial output and urban
investment on Wednesday that analysts fear will show a further slowdown in
the world's second biggest economy.

 

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS)
eased 0.1%, after bouncing on Friday.

 

Both Nasdaq futures and S&P 500 futures were up 0.3%, after running into
profit taking last week.

 

Wall Street suffered its worst run since February as doubts about the
resilience of the global economic recovery hurt former reopening darlings in
energy, hotels and travel.

 

 

Apple (AAPL.O) will be a focus after sliding on Friday following an
unfavourable court ruling related to its app store, just days before it
unveils the new iPhone line up. read more

 

Also highlighting are readings on U.S. consumer prices on Tuesday, which is
expected to see core inflation ease a touch to 4.2%, while retail sales on
Thursday could show another decline as the spread of the Delta variant
spooks shoppers.

 

The importance of the CPI was underlined by Philadelphia Fed President
Patrick Harker who told the Nikkei he wanted to start tapering this year
just in case the spike in inflation proved more than transitory.

 

Harker favoured scaling the tapering down over an 8 to 12 month period,
which is longer than some hawks have touted.

 

 

"Global markets are fixated on the timing of tapering of QE by central
banks, particularly the Fed," said analysts at ANZ in a note.

 

"That's unsurprising, given the support that the extra liquidity has
provided to equities and assets more generally," they added. "The latest
guidance from senior FOMC officials is that tapering is still very much on
the agenda this year, but is unlikely to be announced until November."

 

The tension is only set to mount ahead of the Fed's next meeting on Sept.
21-22, and played a part in nudging U.S. 10-year yields up toward a major
chart bulwark around 1.38% last week.

 

The drift higher in yields and the general air of risk aversion helped the
dollar recoup some losses last week and left its index at 92.624 , off the
recent low of 91.941.

 

The euro has faded back to $1.1810 , from the September top of $1.1908, and
risks breaking support under $1.1800. The dollar remains sidelined on the
yen at 109.87, having spent an entire month trapped in a tiny range of
109.40-100.46.

 

Gold has also had trouble breaking higher and was last flat at $1,786 an
ounce , after shedding 2.1% last week when it repeatedly failed to clear
resistance above $1,1830.

 

Oil prices were a shade firmer on Monday supported by growing signs of
supply tightness in the United States as a result of Hurricane Ida.

 

Brent added 44 cents to $73.36 a barrel, while U.S. crude rose 47 cents to
$70.19.

 

The Thomson Reuters Trust Principles.

 

 

 

Kansas City Southern plans to accept Canadian Pacific's $27 bln bid

(Reuters) - Kansas City Southern (KSU.N) said on Sunday it planned to accept
Canadian Pacific Railway Ltd's (CP.TO) $27.2 billion cash-and-stock
acquisition offer as superior to its $29.6 billion deal to sell itself to
Canadian National Railway Ltd (CNR.TO).

 

Canadian National now has until the end of Friday to submit a better offer
or lose its deal with Kansas City Southern. At stake is the creation of the
first direct railway linking Canada, the United States and Mexico. read more

 

Kansas City Southern's change of heart came after the U.S. Surface
Transportation Board (STB) rejected a temporary "voting trust" structure
last month that would have allowed Kansas City Southern shareholders to
receive the $325-per-share cash-and-stock consideration under the deal with
Canadian National without having to wait for full regulatory approval. read
more

 

Canadian Pacific has had its proposed voting trust cleared by the STB. The
regulatory certainty this provided convinced Kansas City Southern's board to
switch to a deal with Canadian Pacific, even though its offer was lower than
Canadian National's, according to people familiar with the deliberations.

 

There is a silver lining for Kansas City Southern. The Canadian Pacific
offer it now plans to accept, worth $300 per share in cash and stock, is
better than the $275 per share cash-and-stock deal that the two companies
had clinched in March, before Canadian National gatecrashed it and entered
into an agreement with Kansas City Southern in May.

 

Were Canadian National to lose out to Canadian Pacific, it would receive
from Kansas City Southern a $700 million break-up fee and would be
reimbursed for another $700 million it paid Kansas City Southern to pass on
to Canadian Pacific as a break-up fee for terminating their March deal.
Canadian Pacific has said it will cover the cost of this $1.4 billion that
Kansas City Southern would owe Canadian National.

 

Canadian National has also faced pressure from some of its investors,
including hedge fund TCI Management Ltd, to abandon its pursuit of Kansas
City Southern.

 

Canadian National did not immediately respond to a request for comment on
its next steps.

 

The STB said last month that even though the overlap of Canadian National's
and Kansas City Southern's networks was confined to 70 miles (113 km)
between Baton Rouge and New Orleans, the two railways operated parallel
lines in the central portion of the United States and could be under less
pressure to compete if the voting trust for that deal was approved. It added
that it was not making a final determination on whether the competitive
issues that the deal faced could be resolved under a full regulatory review.

 

U.S. President Joe Biden has issued sweeping executive orders aimed at
promoting competition in the U.S. economy. One order encouraged the STB to
consider Amtrak's statutory rights when assessing whether a rail merger is
in the public interest.

 

Passenger railroad Amtrak, majority owned by the U.S. government, had
opposed the Canadian National's voting trust, saying its pledge to divest
the Baton Rouge to New Orleans line will harm future passenger service in
Louisiana.

 

 

 

UK employers, stung by new levies, call for overhaul of tax system

(Reuters) - British businesses demanded that finance minister Rishi Sunak
stop raising their taxes and instead offer more help to meet the challenges
of Brexit, COVID-19 and climate change when he makes major budget statements
next month.

 

The Confederation of British Industry urged Sunak to "flip business taxation
on its head" when he sets out new tax proposals and a three-year spending
plan on Oct. 27.

 

"The lack of detail and pace from the government on some of the big economic
choices we must make as a country are the biggest concerns for business,"
CBI Director General Tony Danker said in excerpts of a speech to be
delivered later on Monday.

 

Danker told Sunak to stop hitting companies that invest in making their
premises less carbon-intensive with increased property tax payments, a quirk
of the business rates system.

 

He also said more needed to be done to boost skills training, speed up the
development of new infrastructure projects such as Britain's delayed
high-speed railway and rewrite market rules to attract more private
investment.

 

The CBI and other employer groups protested last week that jobs would be
lost after the government said it would increase social security
contributions to fund social and health care.

 

That followed March's announcement of a big increase in corporation tax from
2023 to help fix the hole in Britain's public finances left by Sunak's 350
billion-pound ($485 billion) spending response to the coronavirus pandemic.

 

"I am deeply worried the government thinks that taxing business - perhaps
more politically palatable - is without consequence to growth," Danker said.

 

 

As well as next month's budget announcements, Sunak and Prime Minister Boris
Johnson are due to discuss investment plans with business leaders and
institutional investors in October.

 

British productivity levels have been more than 20% lower than those in the
United States, France and Germany for the past two decades. Business
investment has also lagged behind those three countries every year since at
least 2000, according to the Organisation for Economic Cooperation and
Development.

 

Danker said a two-year tax break introduced this year by Sunak to spur
businesses investment would simply bring forward investment planned for
later years and was limited in scope.

 

($1 = 0.7209 pounds)

 

The Thomson Reuters Trust Principles.

 

 

 

Sydney Airport sale a step closer after improved $17.4 bln offer

(Reuters) - A sale of Australia's biggest airport moved closer on Monday as
an infrastructure investor group won permission to conduct due diligence on
Sydney Airport Holdings Pt Ltd (SYD.AX), after sweetening its takeover offer
to A$23.6 billion ($17.4 billion).

 

The move sent the airport's shares up 5%, with analysts saying a rival bid
appeared unlikely given the scale of the funding needed and foreign
ownership rules that mean the airport must remain 51% Australian owned.

 

"We assign a high probability of a deal succeeding given the board's
commitment to unanimously recommend the (consortium's) offer if there is no
alternative higher offer," Credit Suisse analysts said in a note.

 

Sydney Airport is Australia's only listed airport operator and a purchase
would be a long-term bet on the travel sector which has been battered by the
pandemic. The country plans to gradually open its borders once 80% of adults
are fully vaccinated, a milestone expected by the end of the year.

 

A successful takeover would be among the largest buyouts ever of an
Australian firm and underline a year of stellar deal activity, that has
already seen a mega $29 billion buyout of Afterpay (APT.AX) by Square
(SQ.N).

 

The improved offer of A$8.75 a share - an increase of 3.6% - follows prior
proposals from the consortium pitched at A$8.45 and A$8.25, both of which
were rejected by the airport operator's board as inadequate. read more

 

Sydney Airport shares were trading at A$8.40 on Monday morning, below the
offer price, due to the length of the time the transaction will take to
complete as well as the limited prospects for a rival bid.

 

"An alternative bidder appears highly unlikely," Jefferies analyst Anthony
Moulder said in a note to clients.

 

The bidding consortium, Sydney Aviation Alliance (SAA), is comprised of
Australian investors IFM Investors, QSuper and AustralianSuper and
U.S.-based Global Infrastructure Partners.

 

Record-low interest rates have prompted pension funds and their investment
managers to chase higher yields. Australia's other major airports are
unlisted and owned by pension funds and infrastructure investors.

 

SAA has been granted non-exclusive due diligence that is expected to take
four weeks after signing a non-disclosure agreement, Sydney Airport said.

 

If SAA makes an acceptable binding proposal, the current intention is for
the board to recommend it in the absence of a superior offer, the airport
operator added.

 

UniSuper, Sydney Airport's biggest shareholder with a 15.3% stake, said it
was open to rolling that equity into an investment in the privatised
company, as required as part of the bid conditions.

 

"The price represents a very full valuation for the airport, particularly
given the uncertain medium-term outlook for international travel," UniSuper
Chief Investment Officer John Pearce said in a statement.

 

The deal will require an independent expert's report, approval from 75% of
shareholders and a green light from the competition regulator and the
Foreign Investment Review Board, in a process that typically takes months to
complete.

 

Jamie Hanna, deputy head of investments at VanEck, said he believed SAA
would consider increasing its bid after examining the airport's books given
the improving travel outlook.

 

An SAA spokesperson said the consortium welcomed the announcement and looked
forward to working with Sydney Airport's board to finalise the transaction.

 

($1 = 1.3587 Australian dollars)

 

The Thomson Reuters Trust Principles.

 

 

 

GM digs in with LG Corp to speed a fix for Bolt battery fires

(Reuters) - General Motors Co (GM.N) is taking a more direct role with South
Korea's LG Corp (003550.KS), its longtime electric vehicle partner, in
tracking down and fixing problems linked to battery fires in Chevrolet Bolts
that threaten the strategic plans of both companies.

 

At an investor conference on Friday, GM Chief Financial Officer Paul
Jacobson said LG is working with GM engineers to "clean up the manufacturing
process" at LG battery plants and implement some "GM quality metrics."

 

Battery plants in South Korea and Michigan operated by LG Energy Solution
(LGES) have been identified by GM as the source of defects behind a rash of
battery-related fires in the Bolt that have triggered three recalls and $1.8
billion in warranty set-asides by GM since last November - recalls for which
GM still has not implemented a hardware fix.

 

LGES and sister company LG Electronics (066570.KS) on Friday reiterated
their "close relationship" with GM and said the three companies are
"actively cooperating to come up with a final recall plan" to "wisely
resolve" battery issues in more than 140,000 Bolts - the entire production
run since late 2016.

 

 

“Experts from GM and LG continue to work around the clock on the issues," GM
spokesman Dan Flores said on Thursday. "We are determined to do the right
thing for our customers and resolve the problem once and for all. Once we
are confident LG can provide us with good battery modules, we will begin
repairs as quickly as we can.”

 

GM has said early Bolt models will have their entire battery pack replaced,
while newer models will have only defective modules within the pack
replaced. Those new parts may not be available until after November.

 

In the meantime, Bolt owners and prospective EV buyers have unleashed a
torrent of complaints and concerns on social media aimed at both GM and LG.
It is unclear how much permanent damage either company may sustain from the
battery fires.

 

"Not even Tesla has been slowed by fires," said Tyson Jominy, JD Power vice
president of automotive data & analytics. "I don’t expect this to slow down
the EV transition much."

 

With resolution of the costly recall debacle still up in the air, relations
between GM and LG have soured, people familiar with the situation said. The
partners are stuck in what one Korean analyst deemed a "show window
marriage," one in which a divorce is unlikely as few immediate alternatives
are available.

 

For now, GM's Michigan factory that assembles the Bolt is shut down and its
1,000 workers idled until late September.

 

The automaker said it has bought back some Bolts from owners and is
reviewing such requests on a case-by-case basis. GM also has said it expects
LG to help shoulder the $1.8 billion expense to replace Bolt battery packs.

 

On Friday, GM's Jacobson said the two companies are having "high level
conversations" about costs, and that GM expects reimbursement.

 

But the ultimate cost to GM and LG could be even greater. GM is ramping up a
$35 billion campaign to launch a new generation of electric and automated
vehicles powered by its proprietary Ultium battery technology.

 

The Ultium batteries GM plans to use in key electric models such as the GMC
Hummer EV and electric Chevrolet Silverado are scheduled to be made with
LGES in joint-venture factories in Ohio and Tennessee as part of a
$4.6-billion investment program.

 

But following the latest Bolt recall in late August, Chief Executive Mary
Barra left open the possibility that GM could find new partners for future
battery plants. read more

 

GM's Ultium cells have a different design, size and chemistry than the LG
cells in the Bolt and are packaged into modules and packs in a different
way.

 

GM executives also stress that the automaker, not LG, will control
manufacturing and quality control for Ultium batteries.

 

LG and its affiliates have as much at stake as GM, if not more.

 

The Bolt recalls are not the only ones involving LG batteries. South Korea's
Hyundai Motor Co (005380.KS) earlier this year recalled nearly 76,000 Kona
Electric cars worldwide to replace defective battery modules after reports
of fires linked to LG batteries made in China.

 

LG's signature battery technology, a thin and flexible rectangular format
called pouch cells, is one of three different battery types used in electric
vehicles.

 

Tesla (TSLA.O) Chief Executive Elon Musk took a jab at the GM-LG pouch cell
technology in a recent tweet, writing that "probability of thermal runaway
is dangerously high with large pouch cells. Tesla strongly recommends
against their use." Tesla mainly uses cylindrical cells from several
sources, including some made in China by LG.

 

It is not clear what type of cells LGES expects to produce as part of its
plan to invest another $4.5 billion in two additional U.S. battery plants.
Switching battery cell technology and formats could slow the investment
timetable.

 

On Friday, LGES told Reuters: "We will continue to win orders and proceed
(with) our investment in global markets, including the United States, as
planned."

 

The Thomson Reuters Trust Principles.

 

 

 

 

 

 

 


 


 


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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