Major International Business Headlines Brief::: 14 September 2021
Bulls n Bears
bulls at bullszimbabwe.com
Tue Sep 14 10:33:15 CAT 2021
<https://bullszimbabwe.com/>
<http://www.bullszimbabwe.com> Bullszimbabwe.com <mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments <https://bullszimbabwe.com/category/blogs/bullish-thoughts/> Bullish Thoughts <http://www.twitter.com/BullsBears2010> Twitter <https://www.facebook.com/BullsBearsZimbabwe> Facebook <http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn <https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp <mailto:info at bulls.co.zw?subject=Unsubscribe> Unsubscribe
Major International Business Headlines Brief::: 14 September 2021
<https://www.nedbank.co.zw/>
ü Job vacancies rise above one million in new record
ü Evergrande: Shares in cash-strapped China property giant plunge
ü Apple rushes to block 'zero-click' iPhone spyware
ü Democrats propose partial rollback of Trump tax cuts
ü Scrap Covid tests for most travellers, says industry
ü Fake Walmart news release claimed it would accept cryptocurrency
ü Tesco zero-waste trial launches at 10 stores in England
ü Asia shares mixed, dollar steady ahead of U.S. inflation
ü S.Korea fines Google $177 mln for blocking Android customisation
ü UK employee numbers surge above pre-pandemic level
ü Morrisons bidder CD&R reaches agreement with pension trustees
ü BP names Dotzenrath to lead renewables growth after Sanyal departure
ü Universal Music Group publishes prospectus for planned $39 bln listing
ü Tesla, Toyota spar with Ford, UAW over EV tax bill
<mailto:info at bulls.co.zw>
Job vacancies rise above one million in new record
Job vacancies have hit a record high as the economic recovery continues, according to official figures.
The number of vacancies in the three months to August rose above one million for the first time since records began in 2001.
The unemployment rate fell from 4.7% to 4.6% in the three months to July.
Figures also showed employee numbers were back at pre-Covid levels in August, the Office for National Statistics (ONS) said.
August payrolls showed another monthly increase of 241,000 to 29.1 million in total.
What's happening to those people on furlough?
The ONS deputy statistician, Jonathan Athow, said: "Early estimates from payroll data suggest that in August the total number of employees is around the same level as before the pandemic, though our surveys show well over a million are still on furlough."
Vacancies chart
But Mr Athow pointed out that the recovery was not even, with areas such as London and sectors like hospitality and the arts still down.
The ONS also cautioned that young people had been badly affected by job losses.
"The overall employment rate continues to recover, particularly among groups such as young workers who were hard hit at the outset of the pandemic, while unemployment has fallen," he said.
Furlough wind-down
Chancellor Rishi Sunak said on Tuesday: "Today's statistics show that our plan for jobs is working.
"As we continue to recover from the pandemic, our focus remains on creating opportunities and supporting people's jobs," he said.
The figures come as the furlough scheme, which was introduced by the government at the start of the pandemic to stop people being laid off, starts to wind down.
In July, employers were required to start paying 10% of salaries - with the government's contribution falling to 70%.
The government initially paid 80% of the wages of people who couldn't work, or whose employers could no longer afford to pay them - up to a monthly limit of £2,500.
But Yael Selfin, chief economist at KPMG, warned that there could be more pain to come.
"While the pressure should ease as more people look to return to work and the furlough scheme ends, the UK labour market is set to remain choppy with vacancies taking time to fill due to skills shortages and reduced availability of overseas workers," she said.
The food and accommodation sectors saw the biggest jump in the number of jobs available in August, increasing by 57,600.
UK recovery slows as staff shortages plague firms
Siren Thiru, head of economics at the British Chambers of Commerce said that firms were currently facing an "acute hiring crisis".
"With Brexit and Covid-19 driving a more deep-seated decline in labour supply, the end of furlough is unlikely to be a silver bullet to the ongoing shortages," he said.
"These recruitment difficulties are likely to dampen the recovery by limiting firms' ability to fulfil orders and meet customer demand."
Some companies in the food industry, for example, which has already seen a shortage of fruit pickers and lorry drivers, have been unable to provide normal service.
Supermarket bosses have also warned that it is vital to fix the labour shortage problems before key trading over the Christmas period.
Dairy giant Arla, meanwhile, has also had to cut back on milk deliveries to supermarkets because of the driver shortages.-BBC
Evergrande: Shares in cash-strapped China property giant plunge
Shares in the highly-indebted Chinese property giant Evergrande have plunged after it outlined the extent of its financial problems.
The firm said it is struggling to sell assets fast enough to service its massive $305bn (£220bn) of debts.
A statement issued by the company also said that its cashflow was under "tremendous pressure".
The announcement came just hours after angry protesters besieged the company's headquarters in Shenzhen on Monday.
In the statement to the Hong Kong Stock Exchange, Evergrande blamed "ongoing negative media reports" that "have dampened the confidence of potential property purchasers".
The world's most indebted property developer also said it was working with financial advisers to explore solutions to its problems.
Evergrande shares were down by more than 10% in Hong Kong trade on Tuesday. The firm's shares have fallen by around 80% in the last six months.
On Monday, dozens of investors staged a protest at the firm's headquarters, an unusual sight in China. They called on the company to pay back loans and financial products, and chanted: "Give us our money back."
They were met by scores of uniformed security guards, as well as a company representative who read out a proposal for repayments, according to news outlet Caixin.
Also on Monday, Evergrande said speculation about its potential bankruptcy and restructuring was "totally untrue".
Why is Evergrande's debt problem important?
Evergrande, one of China's biggest real estate developers, has raised concerns that it will be unable to repay investors.
Its debts, in the form of bonds, have been repeatedly downgraded by ratings agencies over concerns over how it has struggled to raise the money to meet repayments.
Some analysts have suggested that the company's debt problems could pose widespread risks to the financial system of the world's second-largest economy.
As the firm struggles to sell assets quickly to avoid defaulting on its liabilities, there are concerns that other heavily-indebted developers may also be seen as at risk.
Evergrande's troubles have also caused other concerns for the wider Chinese economy, as hundreds of housing projects remain unfinished and more than a million people are waiting to move into new homes.
What does Evergrande do?
Businessman Hui Ka Yan founded Evergrande, formerly known as the Hengda Group, in 1996 in Guangzhou, southern China.
He grew the company from being a small local firm to a property giant, mainly using borrowed money.
Evergrande Real Estate currently owns more than 1,300 projects in more than 280 cities across China, according to the company's website.
The group now encompasses far more than just real estate development, with businesses ranging from electric car manufacturing, media production and football club ownership, to food and drink firms.
Mr Hui has a personal fortune of around $11bn, according to Forbes.-BBC
Apple rushes to block 'zero-click' iPhone spyware
Apple has issued a software patch to block so-called "zero-click" spyware that could infect iPhones and iPads.
Independent researchers identified the flaw, which lets hackers access devices through the iMessage service even if users do not click on a link or file.
The problem affects all of the technology giant's operating systems, the researchers said.
Apple said it issued the security update in response to a "maliciously crafted" PDF file.
University of Toronto's Citizen Lab, which first highlighted the issue, had previously found evidence of zero-click spyware, but "this is the first one where the exploit has been captured so we can find out how it works," said researcher Bill Marczak.
The researchers said that the previously unknown vulnerability affected all major Apple devices, including iPhones, Macs and Apple Watches.
Citizen Lab also said the security issue was exploited to plant spyware on a Saudi activist's iPhone, adding that it had high confidence that the Israeli hacker-for-hire firm, NSO Group, was behind that attack.
In a statement to the Reuters news agency, NSO did not confirm or deny that it was behind the spyware, saying only that it would "continue to provide intelligence and law enforcement agencies around the world with life-saving technologies to fight terror and crime".
Security experts have said that although the discovery is significant, most users of Apple devices should not be overly concerned as such attacks are usually highly targeted.
Apple said in a blog post that it had issued the iOS 14.8 and iPadOS 14.8 software patches after it became aware of a report that the flaw "may have been actively exploited".
The announcement came as the technology giant prepared to unveil new devices at its annual launch event on Tuesday.
The company is expected to reveal new iPhones and updates to its AirPods and Apple Watch.
Apple's iMessage is one of the most secure messaging apps in the world but clearly it had a dangerous weakness that a hacking team found and exploited.
The news will embarrass Apple which prides itself on being a secure and safe system.
The revelation is potentially another blow to the reputation of NSO Group which is still reeling from recent accusations of widespread spy hacks on innocent people.
It also highlights once again that no device is fully safe if a determined, well-funded team wants to hack it and is paid enough to do so.
The good advice from all corners is for iOS users to update the security software of their devices as soon as possible to patch up the security hole.
But for the vast majority of users, the risk of being a target of this expensive and highly-skilled hacking, is low.-BBC
Democrats propose partial rollback of Trump tax cuts
Leading Democrats have released plans for a partial rollback of former US President Donald Trump's tax cuts.
Members of the powerful Ways and Means Committee, which sets tax policy, propose raising the top rate of corporation tax to 26.5% from 21%.
Wealthy individuals would see a jump in their income taxes, as well as higher capital gains and inheritance taxes.
The plans, to be debated this week, would help fund the Democrats' $3.5 trillion domestic investment plan.
Currently not one Republican in Congress supports that bill, which would pay for a big expansion of social services for the elderly and children and tackle climate change.
Under Mr Trump, the Republicans slashed the top rate of corporate tax from 35% in 2017, arguing it would boost economic growth and create jobs.
But the Democrats say the cuts favoured the wealthy and only provided a short-term lift to the US economy.
Their proposals would only partially reverse Mr Trump's cuts to corporate tax - bringing in a graduated rate of 18% on annual income below $400,000, 21% on income up to $5m and 26.5% on income above $5m.
The benefit of the graduated rate would phase out for firms making more than $10m.
Higher inheritance tax
However, their plans for individual taxation would take the top rate back to its pre-2017 level - from 37% to 39.6%. This would apply to taxable income above $400,000 for individuals and $450,000 for married couples.
Republicans have been critical of plans to raise inheritance tax. They doubled the threshold at which it is paid to £24m in 2017, but Democrats want to reverse this four years sooner than planned, in 2021 rather than 2025.
They also plan to increase capital gains tax paid on assets such as stocks and bonds to 25% for those with incomes above $400,000, up from 20% currently. An additional 3% surcharge would be imposed on taxable income in excess of $5m.
The plans are designed to raise $2.9tn over 10 years to help fund the $3.5tn "reconciliation" bill, which will require a simple majority in the Senate to be passed.
House Speaker Nancy Pelosi aims to have a vote in the Democratic-controlled House as soon as the end of this month, although the final version of the bill will be scaled back somewhat to win the support of moderate Democrats in the Senate, where Democrats have 50 of the 100 seats.
Democratic Vice-President Kamala Harris casts the tie-breaking vote when needed.
In addition to raising taxes, Democrats propose using the US tax code to encourage the construction of more low-income housing, and are seeking sizeable tax credits for the purchase of electric vehicles.
Committee Democrats also said there would be a provision in the bill to "level the playing field by cutting taxes for our nation's smallest businesses".-BBC
Scrap Covid tests for most travellers, says industry
Covid PCR testing should be abandoned for most holidaymakers, says travel organisation Abta.
Fully vaccinated travellers should not need to be tested on their return from lower-risk countries, it said.
It also called for a "significant overhaul" of the traffic light system for travel destinations.
Abta said the policies had "choked off" this summer's travel trade, with seven out of 10 travel firms planning to make redundancies after furlough ends.
It also called for the government to reduce the traffic light system to just a small number of "red list" countries, purely for the management of known Covid variants of concern.
The expense of PCR testing is widely blamed for discouraging people from travelling abroad.
At present, going on holiday abroad means taking Covid tests when you are returning to the UK.
Most private providers charge above £60 for PCR tests and £30 for lateral flow devices. The government has warned more than 80 providers over misleading prices.
The next formal review of the government's travel policies is expected by 1 October, while the furlough scheme is due to end on 30 September.
With more than 80% of eligible UK adults already vaccinated against Covid, it was time for a "stable framework" for international travel, said Abta, which represents tour operators and travel agents.
New summer foreign holiday bookings for 2021 were down 83% on 2019, Abta said, while almost half of travel companies reported they had seen no increase in 2021 bookings compared with last year, despite the rollout of the vaccine programme.
The summer sun is fading, but the travel industry's fears are heating up as the end of furlough approaches.
The industry is disappointed that vaccination didn't open up international travel as they would have hoped. The government said it will review the way international travel works before October and many expect it will come this week. Voices in the industry are hoping to make themselves heard before ministers meet to discuss exactly what might change.
A sticking point could be PCR testing. The government has argued so far that it's needed for all travellers to catch variants of concern as early as possible, but the industry say these expensive tests are putting off travellers.
Winter is approaching and travel companies need to make decisions about their future operations: they are waiting anxiously to see which way the government will go.
Abta chief executive Mark Tanzer said: "The government's travel requirements have choked off this summer's travel trade - putting jobs, businesses and the UK's connectivity at risk.
"While our European neighbours have been travelling freely and safely, the British were subject to expensive measures which have stood in the way of people visiting family and friends, taking that much-needed foreign holiday and making important business connections.
"The government needs to wake up to the damage its policies are doing to the UK travel industry and the impact they will have on the wider economic recovery."
Abta urged the government to extend the furlough scheme for travel businesses alongside a package of tailored financial support for the industry.
A Department for Transport spokesperson said: "Our top priority is to protect public health. Decisions on our traffic light system are kept under regular review and are informed by the latest risk assessment from the Joint Biosecurity Centre and wider public health factors.
"We recognise the challenging times facing the travel sector, which is why we have committed around £7bn of support by September 2021 and continue to work with industry to help them navigate this difficult period."-BBC
Fake Walmart news release claimed it would accept cryptocurrency
Cryptocurrency Litecoin saw a sudden surge in price on Monday over a press release about Walmart accepting it for payment - which turned out to be fake.
The release, published through a legitimate press channel, claimed that Walmart would accept the currency through all its digital stores.
Walmart later told US media outlets the announcement was "inauthentic".
By that time, several major news websites and press agencies had spread the supposed news.
It is not clear how the announcement made it on to Global Newswire, a service widely used to distribute press material from companies.
The faked release has since been deleted, and did not appear on Walmart's own website.
A tweet from a verified Litecoin Twitter account linking to the release has also been deleted. Hours later, the Litecoin Foundation tweeted that it had no such partnership.
But while it was being reported as fact, the price of Litecoin jumped from about £125 per token to close to £170, before falling back near its original price, at about £128.
It is not clear who was behind the fake release, or how they managed to publish it.
But so called "pump and dump" schemes are not uncommon in the cryptocurrency world - where bad actors attempt to raise hype around a coin, inflating its price, and quickly sell off their own stock before the market corrects itself.
Fabricated domains
The false press release suggested that Litecoin would be accepted on all Walmart ecommerce platforms from 1 October.
It contained quotes that appeared to come from both the Walmart chief executive and the founder of Litecoin.
One clue to its nature was that a press contact email address pointed to a web domain which had been registered only last month. Emails to that address bounced as undeliverable.
The fabrication was unmasked when CNBC reached representatives of Walmart by phone and were told the press release was fake. CNBC said it had been among the news organisations to publish the story before discovering it was not true.
Walmart, the Litecoin Foundation, and Global Newswire have been contacted for comment.
The announcement raised eyebrows among some sceptical observers because of the volatility of cryptocurrency prices, which can be an obstacle in using them for retail purchases.
Other companies which have accepted Bitcoin have drawn up terms to limit their exposure to large price swings.
For example, when Tesla briefly accepted Bitcoin as a payment option for its cars, it made clear that the price was in US dollars - and that any quote in equivalent Bitcoin was only valid for a limited time window.
It also said that if a refund was needed, Tesla would have the choice of whether to pay it back in US dollars or Bitcoin, which may work out as a lower cash value than what was paid.
Similarly, PayPal recently introduced the ability to buy and sell Bitcoin - but it cannot be used to make payment purchases. Instead, the cryptocurrency assets will be sold for the right amount of real money to make the purchase._BBC
Tesco zero-waste trial launches at 10 stores in England
Supermarket chain Tesco is to trial its zero-waste shopping service at 10 stores in the East of England.
Customers will be able to buy common household goods in reusable packaging that can be returned to the store to be used again.
This follows a year-long online pilot where customers could order products and return packaging from their doorsteps.
The trial aims to meet demand for less single-use plastic packaging.
Tesco says that if customers at the 10 stores were to switch just three products in their weekly shop, such as tomato ketchup, a bottle of soft drink and washing-up liquid, the packaging would be used and reused more than two-and-a-half million times a year.
Shoppers will be able to opt to purchase 88 popular products with reusable and durable packaging, including Persil washing up powder, Fever-Tree drinks and mixers, Carex handwash, Tetley Tea and BrewDog beers.
The reusable packaging and zero-waste shopping experience is provided through Tesco's partnership with reusable packaging platform Loop.
But regular versions of these products using single-use packaging, including plastic, cardboard, glass and Tetra Paks, will still continue to be available at the stores.
Tesco has also added 35 of its own-brand essential foodstuff products to the trial, such as pasta, rice, oil and sugar.
The stores taking part in the trial are:
· Milton Keynes Kingston
· Northampton South
· Cambridge Newmarket Road
· Wellingborough
· Milton Keynes Wolverton
· Evesham
· Leicester Hamilton
· Stratford-upon-Avon
· Ashby-de-la-Zouch
· Loughborough Rushes
· How it works
Customers who want a zero-waste shop can visit the Loop section of an aisle, where zero-waste versions of popular products, pre-filled in special reusable containers, are ready to pick up on shelves.
Shoppers take their groceries to the checkout and are charged an extra 20p deposit for each reusable product that is later refunded via an app when the packaging is returned.
Tesco says the products sold in Loop's reusable packaging are exactly the same price as the original versions of products, bar the fully-refundable deposit.
Once customers have finished using the product, they return the packaging to a collection point in the store and claim their refund on an app.
This is different from the zero-waste shop movement run by small, independent businesses.
That traditionally encourages shoppers to bring their own containers or make use of paper bags or existing containers, such as glass jars, Tupperware boxes or old metal biscuit tins, that have been donated by the local community for people to use.
Rival supermarket chain Waitrose began trialling zero-waste shopping in 2019, offering large dispensers for foodstuffs and encouraging shoppers to bring their own packaging, similar to the zero-waste entrepreneurs.
Consumer expert Kate Hardcastle says the pandemic has seen a rise of interest in people looking at going zero-waste, or at least reducing the amount of products they buy that feature single-use plastic.
She calls it a "jolt in social consciousness", as people had more time to think about their impact on the environment during the coronavirus lockdowns.
"It's about time, Tesco," she told the BBC.
"For many years, the independent small businesses have been leading the way on reducing single-waste plastic, but we know bigger retailers can bring an economy of scale to the consumer, which will help with more affordable prices and more access."
The online community of zero-waste shop owners estimates there are now roughly 320 zero-waste shops in the UK, but this also includes community interest companies (CICs) and organic wholefood shops.
According to Ms Hardcastle, it is difficult to collect official data, because many shops go bust and fail.
"What we don't want to see is big supermarket chains bulldozing the small retailers out of the equation," said Ms Hardcastle.
"The best outcome for our environment is if small and big retailers can all trade successfully with far greater ethical packaging and products on sale."
Accessing local zero-waste shops and carrying containers around can prove to be difficult for people who don't drive and do not want to travel too far.
This might make supermarkets a more attractive option, similar to the effect that large chains have had on local butchers and greengrocers in the past.
"Most small zero-waste businesses know this is coming and won't be surprised, but it will concern them in terms of cost as they won't be able to buy on the same scale, but they will hope they have built up a loyal local customer base," she said.-BBC
Asia shares mixed, dollar steady ahead of U.S. inflation
(Reuters) - Asia's share markets were mixed and the dollar held steady on Tuesday, with investors awaiting U.S inflation data for more clues on when the Federal Reserve will taper stimulus.
China's tightening grip on its technology companies and a widening liquidity crisis for the country's most indebted developer continued to keep investors on edge in early trade.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 0.13%.
Australia's S&P/ASX200 (.AXJO) fell 0.31% to 7,400.8, while Hong Kong's Hang Seng Index (.HSI) dipped into negative territory.
China's blue-chip CSI300 index (.CSI300) was down 0.2% and Tokyo's Nikkei traded 0.72% higher.
In Hong Kong, shares of developer China Evergrande Group (3333.HK) slumped after revealing it had appointed financial advisers to examine its capital structure.
The company also said sales would fall again in August due to concerns over its debt which would hurt its liquidity and cash flow. . Its shares dropped 7%.
China's technology stocks are also being closely scrutinised after authorities told the country's tech giants to stop blocking each other's links on their sites. read more
The directive was the latest in a string of tightening regulations that has dragged down the Hang Seng Tech Index (.HSTECH) by nearly 40% since its peak this year in February.
"We are still concerned about the regulations, what they mean and how they will be rolled, but with the correction that is underway, that means there is some value in certain parts of the Chinese equities market," Luke Moore, Oreana Financial Services chief executive, told Reuters.
"We don't see an end in sight to the changes yet, we think the uncertainty is going to continue and everyone is looking for clarity on how far the regulations will go and what could be next."
The Nasdaq Golden Dragon China Index (.HXC), which tracks Chinese companies listed in the United States, fell 1.1% on Monday, to take its decline over the past six months to 35.5%.
Meanwhile, markets are awaiting U.S. inflation data on Tuesday, expected to show core consumer prices rose 0.3% in August. Prices were up 0.3% the previous month and 0.9% in June.
Economists expect annual inflation to ease slightly to 4.2% from 4.3% in July. The data comes ahead of a key meeting by the Federal Reserve on Sept 21-22.
"We estimate the pace of price increases declined in August as re‑opening frictions slowly fade," Commonwealth Bank head of international economics Joseph Capurso said in a note to clients.
"There will be lots of analysis of individual price moves that reflect the re‑opening of the economy and supply bottlenecks."
On Wall Street, the Dow Jones Industrial Average (.DJI) rose 261.91 points, or 0.76%, to 34,869.63, the S&P 500 (.SPX) gained 10.15 points, or 0.23%, to 4,468.73 and the Nasdaq Composite (.IXIC) dropped 9.91 points, or 0.07%, to 15,105.58.
The prospect of a corporate tax hike in the United States from 21% to 26.5% as part of a $3.5 trillion budget bill remains front and centre for investors. read more
Goldman Sachs estimates a tax rate increase to 25% plus half of the proposed hike in foreign income tax rates could shave 5% off S&P500 earnings in 2022. read more
The dollar index was flat in Asian trade at 92.62 after falling back from its two-week high reached on Mnday of 92.87
The yield on benchmark 10-year Treasury notes rose to 1.3259% compared with its U.S. close of 1.324% on Monday. The two-year yield , which rises with traders' expectations of higher Fed fund rates, touched 0.2129% compared with a U.S. close of 0.215%.
U.S. crude ticked up 0.3% to $70.66 a barrel. Brent crude rose to $73.69 per barrel.
Gold was slightly lower. Spot gold traded at $1,790.31 per ounce.
The Thomson Reuters Trust Principles.
S.Korea fines Google $177 mln for blocking Android customisation
(Reuters) - South Korea's antitrust regulator has fined Alphabet Inc's (GOOGL.O) Google 207 billion won ($176.64 million) for blocking customised versions of its Android operating system (OS), in the U.S. technology giant's second setback in the country in less than a month.
The Korea Fair Trade Commission (KFTC) said on Tuesday Google's contract terms with device makers amounted to an abuse of its dominant market position that restricted competition in the mobile OS market.
Google said in a statement it intends to appeal the ruling, saying it ignores the benefits offered by Android's compatibility with other programs and undermines advantages enjoyed by consumers.
"The Korea Fair Trade Commission's decision is meaningful in a way that it provides an opportunity to restore future competitive pressure in the mobile OS and app market markets," KFTC Chairperson Joh Sung-wook said in a statement.
The antitrust regulator said this could be the ninth-biggest fine it has ever imposed.
KFTC said Google hampered competition by making device producers abide by an "anti-fragmentation agreement (AFA)" when signing key contracts with it regarding app store licences.
Under the AFA, manufacturers could not equip their handsets with modified versions of Android, known as "Android forks". That has helped Google cement its market dominance in the mobile OS market, the KFTC said.
Under the ruling, Google is banned from forcing device makers to sign AFA contracts, allowing manufacturers to adopt modified versions of Android OS on their devices.
In one instance, Samsung Electronics Co Ltd (005930.KS) launched a smartwatch with a customised OS in 2013 but switched to a different OS after Google regarded the move as an AFA violation, KFTC said. Samsung Electronics declined to comment.
The fine comes on the day that an amendment to South Korea's Telecommunications Business Act - popularly dubbed the "anti-Google law" - came into effect.
The bill was passed in late August and it bans app store operators such as Google from requiring software developers to use their payment systems. The requirement had effectively stopped developers from charging commission on in-app purchases. read more
Last year, India's antitrust body ordered an investigation into allegations that Google was abusing its market position to promote its payments app as well as forcing app developers to use its in-app payment system.
($1 = 1,171.8500 won)
The Thomson Reuters Trust Principles.
UK employee numbers surge above pre-pandemic level
(Reuters) - British employers added a record 241,000 staff to their payrolls last month, lifting the total number of payrolled employees just above the level they were before Britain first went into a COVID-19 lockdown last year, official data showed on Tuesday.
Tuesday's data show continued recovery in Britain's job market as the government phases out its furlough support programme, which will finish on Sept. 30.
Businesses reported more than 1 million vacancies in August - an all-time high - and the unemployment rate fell slightly to 4.6% in the three months to July, the Office for National Statistics said, in line with economists' expectations in a Reuters poll.
"The latest data brought more signs that labour market slack is declining fast and that labour shortages are contributing to faster underlying pay growth," said Ruth Gregory, economist at Capital Economics.
During the three months to July, the number of people in employment, which includes the self-employed as well as employees, rose by 183,000, broadly in line with forecasts.
July marked the peak of a so-called 'pingdemic' when hundreds of thousands of staff had to self-isolate after being alerted by a government mobile phone app that they had been in contact with people who had tested positive for COVID-19.
Businesses reported 1.034 million vacancies in August, the highest since these records began in 2001.
"Today's statistics show that our plan for jobs is working," finance minister Rishi Sunak said.
Separate data last week showed that as of mid-August, around 700,000 workers were fully furloughed while 900,000 were on reduced hours and still receiving part-time furlough payments, compared with around 9 million full-time recipients at the peak.
Average weekly earnings in the three months to July were 8.2% higher than the year before, although the ONS said this was heavily distorted by pandemic and furlough-related effects.
Pay excluding bonuses rose by 6.8% year on year in the three months to July, and the ONS said the true underlying rate was probably 3.6%-5.1%.
Gregory from Capital Economics said she expected labour shortages would be temporary.
"The danger is that they persist for longer than we expect, causing inflation to stay high and the Bank of England to pull the interest rate trigger next year," she added.
The Thomson Reuters Trust Principles.
Morrisons bidder CD&R reaches agreement with pension trustees
(Reuters) - Morrisons suitor Clayton Dubilier & Rice said it had reached agreement with the pension trustees of the British supermarket chain to provide additional security and support to the schemes, as it seeks to clinch the deal ahead of a rival bidder.
Morrisons is at the centre of a bid battle between two U.S. private equity firms.
The supermarket group agreed a 7 billion pound offer from Clayton, Dubilier & Rice (CD&R) in August, but a rival consortium led by Softbank-owned (9984.T) Fortress Investment Group could still trump the bid and the battle looks to be heading for an auction.
Chairman of the Trustees, Steve Southern, said that under CD&R, the outcome for Morrisons pensioners would be positive.
"We are pleased with the progress made and CD&R's ability to provide the necessary support and reassurance to the Schemes," he said in a statement on Tuesday.
The Thomson Reuters Trust Principles.
BP names Dotzenrath to lead renewables growth after Sanyal departure
(Reuters) - BP (BP.L) named Anja-Isabel Dotzenrath, a former chief executive of RWE Renewables, to oversee the British company's rapid expansion into renewable energy following the unexpected departure of BP's head of low carbon and natural gas Dev Sanyal.
Dotzenrath's appointment comes at a time when BP, under the leadership of CEO Bernard Looney, seeks to rapidly grow its renewables business and shift away from oil.
Dotzenrath is an electrical engineer with more than 25 years of senior experience in energy. She helped RWE Renewables develop into one of the world's largest renewable power companies and the second largest offshore wind player globally.
Sanyal, who joined BP 32 years ago, will now become the chief executive of European refiner Varo Energy, owned by Carlyle Group (CG.O) and Vitol, where he will expand the focus on low carbon energy, the company said in a separate statement.
"By choosing an executive vice president to lead the gas & low carbon energy business with a renewable energy track record and no oil & gas experience, BP confirms its ambitions in renewable energy while showing that it sees a smaller role in the natural gas part of the business going forward," Jefferies analyst Giacomo Romeo said in a note.
Sanyal's departure comes 19 months after Bernard Looney took over as BP CEO with an ambitious strategy to turn the oil and gas company into a major renewables and power company.
Sanyal was among three executives shortlisted to succeed former CEO Bob Dudley along with Looney and former chief financial officer Brian Gilvary, company sources previously told Reuters.
In July 2020, Sanyal was appointed as head of natural gas and low carbon as part of a major company overhaul. He will hand over his responsibilities in the fourth quarter of 2021, BP said.
The British and Indian national oversaw major investments in recent months, including in U.S. and British offshore wind projects.
He had previously headed BP's alternative energy business where he oversaw BP's acquisition of a 43% stake in Lightsource BP, a major solar company.
The Thomson Reuters Trust Principles.
Universal Music Group publishes prospectus for planned $39 bln listing
(Reuters) - Vivendi's (VIV.PA) Universal Music Group, the world's largest music company whose artists include Lady Gaga and the Rolling Stones, published its prospectus on Tuesday before a 33 billion euro ($39 billion) stock market flotation next week.
Universal's listing, which will complete its separation from Vivendi, involves the distribution of 60% of its shares to Vivendi's shareholders, including top investor Vincent Bollore.
Universal's shares will start trading on Euronext's Amsterdam stock exchange on Sept. 21, with a technical reference price for shares expected on Sept. 20, the music group said.
Universal is benefiting from a music industry rebound, underpinned by booming streaming revenues but also a recent surge in sales of vinyl records and CDs.
Universal, which competes with Sony Music and Warner Music Group as the biggest of the "big three" recording labels, represents stars such as Taylor Swift and Justin Bieber.
Universal has registered six consecutive years of sales growth, reporting 1.49 billion euros in core earnings in 2020 on 7.43 billion euros in sales. read more
($1 = 0.8464 euros)
The Thomson Reuters Trust Principles.
Tesla, Toyota spar with Ford, UAW over EV tax bill
(Reuters) - Toyota Motor Corp and Tesla clashed with Ford Motor Co (F.N) and the United Auto Workers (UAW) union over a proposal by Democrats in the U.S. House to give union-made, U.S.-built electric vehicles an additional $4,500 tax incentive.
In a letter to Congress, Toyota (7203.T) said the plan discriminates against nearly half of American autoworkers who do not belong to a union and called on lawmakers to reject giving "exorbitant tax breaks" to wealthy buyers of high-priced cars and trucks.
The bill, set to be taken up on Tuesday by the House Ways and Means Committee as part of a proposed $3.5 trillion spending bill, would benefit Detroit's Big Three automakers - General Motors (GM.N), Ford Motor Co (F.N) and Stellantis NV (STLA.MI), the parent of Chrysler - which assemble their U.S.-made vehicles in UAW-represented plants. read more
The proposal boosts the maximum tax credit for these electric vehicles to $12,500 - including a $500 credit for using U.S.-made batteries - from the current $7,500, which stays the same for all others. The bill also does away with phasing out tax credits after automakers hit 200,000 electric vehicles sold, which would make GM eligible again, along with Tesla Inc (TSLA.O), although Tesla would not receive the higher credit.
Tesla and foreign automakers operating in the United States do not have unions representing assembly workers and many have fought UAW efforts to organize U.S. plants.
Tesla Chief Executive Elon Musk said on Twitter Sunday that the EV incentives were "written by Ford/UAW lobbyists, as they make their electric car in Mexico. Not obvious how this serves American taxpayers."
Ford builds its electric Mustang Mach-E in Mexico, although these vehicles would not qualify for the larger tax credit.
Asked to respond, Ford spokesman Mark Truby said Ford will build its EV F-150 Lightning in Michigan and all-electric E-Transit van in Kansas City "with much more to come."
The UAW did not comment on Musk's tweet, but noted that most autoworkers globally were union represented.
"American tax money should pay for products here and American workers deserve the same voice as every other autoworker in the world," it said on its website.
Honda Motor (7267.T), which has auto plants in Alabama, Indiana and Ohio, said the EV incentive "discriminates among EVs made by hard-working American auto workers based simply on whether they belong to a union."
Toyota does not currently build any full EVs in the United States but has plans to sell two new EVs in the U.S. next year.
Stellantis, meanwhile, praised the plan, saying it "spur the market by making electrified vehicles affordable for more Americans, which in turn will support well-paying, middle-class jobs."
The bill also proposes a new EV tax credit for commercial vehicles, a 15% credit for electric bicycles and a $2,500 credit for used EVs.
Reporting by David Shepardson; Editing by Leslie Adler and Richard Pullin
Our Standards: The Thomson Reuters Trust Principles.
Invest Wisely!
Bulls n Bears
Cellphone: <tel:%2B263%2077%20344%201674> +263 77 344 1674
Alt. Email: <mailto:info at bulls.co.zw> info at bulls.co.zw
Website: <http://www.bullszimbabwe.com> www.bullszimbabwe.com
Blog: <https://bullszimbabwe.com/category/blogs/bullish-thoughts/> www.bullszimbabwe.com/blog
Twitter: @bullsbears2010
LinkedIn: Bulls n Bears Zimbabwe
Facebook: <http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimbabwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA> www.facebook.com/BullsBearsZimbabwe
Skype: Bulls.Bears
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
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210914/de6223ed/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210914/de6223ed/attachment-0002.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 39375 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210914/de6223ed/attachment-0002.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 22328 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210914/de6223ed/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210914/de6223ed/attachment-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65552 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210914/de6223ed/attachment-0001.obj>
More information about the Bulls
mailing list