Major International Business Headlines Brief::: 16 September 2021

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Major International Business Headlines Brief::: 16 September 2021

 


 

 


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

 


 

 


ü  Asos and Primark set out new green pledges

ü  Shares in Federer backed shoe firm soar on debut

ü  Five ways we think office work will change

ü  Crackdown fears send Macau casino shares on a losing streak

ü  Most office workers will never return full-time, survey says

ü  UK power prices soar after key cable hit by blaze

ü  Bitcoin protests in El Salvador against cryptocurrency as legal tender

ü  Billions blown as Macau casino investors fold amid gambling review

ü  Investors tense up as fears of post-election gridlock rise in Canada

ü  Japan cuts economic view on weaker production, spending due to COVID
revival

ü  China slows game approvals to enforce tough new rules -Bloomberg News

ü  Lagardere share price jumps 20% after Vivendi increases stake

ü  German economy to grow 2.1% in 2021, 4.9% in 2022 - DIW

ü  EU regulators right to say Belgian tax rulings constitute aid scheme -
court

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Asos and Primark set out new green pledges

Fashion firms Asos and Primark have announced new sustainability
commitments, with both saying they will keep prices affordable.

 

Asos says it is aiming to achieve a net-zero impact on the environment by
2030.

 

Primark says its clothes will be made using recycled or "more sustainably
sourced materials" by the same date.

 

The budget retailer has also promised to halve carbon emissions across its
operations.

 

Critics warned, however, that these goals will be hard to track as
fast-fashion supply chains often lack transparency.

 

On Thursday, Asos set out new environmental and social targets. They
include:

 

Reducing carbon emissions generated by its clothes production and deliveries

Ensuring all of its own-brand products are made from sustainable or recycled
materials by 2030

Giving customers more information on its supply chain

Recruiting a more diverse workforce, including 50% female representation
across its leadership team

Its chief executive, Nick Beighton, told the BBC's Today programme: "We need
to work with our partners on this to offset any minimal cost increases we
anticipate from doing this."

 

He added that he expects more consumers to choose to shop with Asos based on
those commitments.

 

"The responsibility for a sustainable future lies with all of us and
businesses must lead the way," he said.

 

In a statement, Primark also said it would design its clothes to be more
durable so they can be recycled and last longer - without increasing its
prices.

 

It said it would "pursue a living wage for workers in its supply chain", but
did not specify how much this wage would be in the countries where it has
employees or when this would happen. Primark has 397 stores across 14
countries and employs about 70,000 people.

 

The company's chief executive, Paul Marchant, said: "Sustainability
shouldn't be priced at a premium that only a minority can afford.

 

"Because of who we are, we believe we have the opportunity to make more
sustainable fashion choices affordable to all."

 

Primark said it would eliminate single-use plastics in its own operations,
but it does not own the majority of factories which manufacture its clothes.

 

Entry-price T-shirts

However, Noelle Hatley, lecturer in fashion business at Manchester
Metropolitan University's Fashion Institute, said that using language such
as "ambitions" and "pursuing" was vague.

 

"They need to be setting measurable targets, how many suppliers and
factories and by what date will living wages be paid?"

 

Over the next year, Primark said it would make all men's, women's and kids'
entry price point T-shirts from sustainably sourced cotton.

 

But Ms Hatley said that "without transparency of costings it is difficult to
know how they can achieve this as the fast fashion business model relies on
'unsustainable' or 'below real cost' prices".

 

Though she said the announcement is encouraging, Ms Hatley added that if
prices are being maintained, it "would be good for them to share how they
are achieving this; for example, are they accepting a lower margin, or is
the factory being paid the same for what could be more expensive materials?"

 

Kate Fletcher, research professor at the Centre for Sustainable Fashion at
the University of the Arts London, said that the problem of fast-fashion is
volume and questions remain about how Primark is going to put limits around
how many pieces it produces.

 

"The real change comes with the detail not in the commitments and
aspirations," she said.

 

"What I'd like to see are details on what the real and living wages would be
in different countries."

 

Primark was one of a number of retailers that attracted strong criticism in
2013 after more than 1,100 workers were killed in the Rana Plaza factory in
Bangladesh.

 

The Irish firm - which was one of 23 brands being produced at the garment
factory - extended payments to victims and families affected. A worker in a
Bangladeshi factory typically earns around 10p an hour.

 

It was one of the worst industrial accidents in recent memory and prompted
more scrutiny of working conditions in garment factories.

 

The global fashion industry produced an estimated 2.1 billion tonnes of
greenhouse gases in 2018, and uses more energy than both aviation and
shipping combined. It also accounts for nearly 20% of waste water.

 

In the UK, citizens buy more new clothes than any other European country and
an estimated 350,000 tonnes of clothes end up in landfill every year.-BBC

 

 

Shares in Federer backed shoe firm soar on debut

Shares in the Roger Federer-backed running shoe company On Holding jumped by
almost 46% in their debut in New York on Wednesday.

 

It left the Swiss firm valued at around $11bn (£8bn) by the end of the day.

 

The listing comes at a time when running shoes have been selling well, as
people seek to do more exercise outdoors in the pandemic.

 

The shoemaker sold 31.1 million shares in its initial public offering,
raising $746.4m.

 

On was founded in 2010 by running enthusiasts Olivier Bernhard, David
Allemann and Caspar Coppetti, with Mr Federer investing an undisclosed sum
in the company in 2019.

 

The 20-times Grand Slam winner teamed up with the company earlier this year
to develop the Roger Pro tennis shoe. The tennis player has worn the shoes
at recent tournaments including Wimbledon.

 

On also makes a 100% recyclable brand of running shoes, called Cyclon, made
from castor beans. The shoes are available only on a subscription basis and
have to be returned to the company for new ones once they wear out.

 

The company's listing comes amid growing global demand and investor appetite
for sustainable products.

 

Other sustainability-focused companies that recently listed their shares
baby good retailer Honest Co, run by Hollywood star Jessica Alba, and oat
milk firm Oatly, which is backed by Oprah Winfrey.-BBC

 

 

 

Five ways we think office work will change

The majority of people think that the world of office work has changed quite
radically due to covid, surveys for the BBC suggest.

 

At the start of the coronavirus pandemic many office-based workers worked
from home during lockdowns.

 

As pandemic restrictions eased, workers in England were urged to gradually
return to the office.

 

But bosses and the general public think future work will not be as
office-based as before the pandemic.

 

Chart - majority think people will not return to office at pre-pandemic rate

More bosses think that people won't be going back to the office at
pre-pandemic rates than the general public.

 

In the short term, people in England could be told to work from home once
again if the government adopts its "Plan B" to deal with Covid through the
autumn and winter.

 

In the rest of the UK, staff are still advised to work at home where
possible.

 

Chart - most people want to continue working from home

Almost two thirds of people want to work from home at least some of the
time, the surveys suggested.

 

Firms, which are competing for staff in a tight labour market in some
sectors including health and hospitality, seem to be responding to this
trend.

 

There has been a rise in job adverts that mention working from home, and
applications for jobs with remote working shot up, recruitment firm Reed
said in August.

 

Chart - many think young workers will struggle to progress working from home

Despite the appetite for working from home, the majority of bosses and the
general public think that young people could find it more difficult to
progress in their career compared with people going into the office.

 

In August, chancellor Rishi Sunak warned young people that home working may
hurt their career.

 

However, many young people want to work from home at least some of the time,
research suggests.

 

Chart - a quarter of Londoners don't want to work from home post-Covid

Nearly half of people living in London want to work from home some of the
time after the Covid pandemic.

 

However, a quarter in the capital say they never want to work from home.

 

This is a lower percentage than in many places in Britain.-BBC

 

 

Crackdown fears send Macau casino shares on a losing streak

Shares of casino operators in Macau have continued to slide after officials
began an overhaul of the rules governing 'Asia's Las Vegas'.

 

The move triggered concerns there could soon be tougher supervision of firms
in the world's largest gambling hub.

 

On Wednesday, some of the biggest gaming firms on the Hong Kong market lost
about $18bn (£13bn) in value.

 

It comes as the territory's lucrative casino licences are due to be put up
for rebidding next year.

 

Companies including Wynn Macau, Sands China and Melco Entertainment saw
their stock market valuations plunge by as much as a third on Wednesday.

 

On Thursday, the firms' shares continued to fall, with further losses of as
much as 13%.

 

 

The slump started after Macau's secretary for economy and finance, Lei Wai
Nong, gave notice of a 45-day consultation period on the gambling industry,
pointing to shortcomings in supervision of the industry.

 

During a news briefing on Tuesday, Mr Lei detailed nine areas for the
consultation, including the number of licenses, better regulation and
employee welfare, as well as having government officials to supervise
day-to-day casino operations.

 

Even before the latest announcement investors were wary after regulatory
crackdowns by the Chinese government on businesses such as technology giants
and private education providers.

 

Macau's government has increased its scrutiny of casinos in recent years,
with clampdowns on illegal cash transfers and unregulated lending.

 

In June, authorities more than doubled the number of gaming inspectors and
took other steps to boost supervision of the gambling industry.

 

The latest announcement also came as gamblers have started to return to
Macau's casinos after coronavirus restrictions since the start of last year
had hit visitor numbers.

 

Although the casinos have seen revenues from gambling rise in recent months
they are still less than half the levels of 2019.-BBC

 

 

 

Most office workers will never return full-time, survey says

Most people do not believe workers will return to the office full-time after
the coronavirus pandemic, an exclusive survey for the BBC suggests.

 

A total of 70% of 1,684 people polled predicted that workers would "never
return to offices at the same rate".

 

The majority of workers said that they would prefer to work from home either
full-time or at least some of the time.

 

But managers raised concerns that creativity in the workplace would be
affected.

 

Half of 530 senior leaders also surveyed by polling organisation YouGov for
the BBC said that workers staying at home would adversely affect both
creativity and collaboration - against just 38% of ordinary people.

 

Bosses at big firms such as investment bank Goldman Sachs and tech giant
Apple have rejected calls for more flexibility, with the former even calling
working from home an "aberration".

 

Managers and members of the public surveyed for the BBC agreed, however,
that neither productivity nor the economy would be harmed by continuing
work-from-home policies.

 

According to the research, more than three-quarters of people believe their
boss will allow them to continue.

 

Maisie Lawrinson joined TalkTalk through the government's Kickstart jobs
scheme in July. Under the scheme, Jobcentre work coaches match young people
aged between 16 and 24 who are on Universal Credit to new, temporary, roles.

 

While Maisie is grateful for the six-month contract, she's keen to be in the
office as much as possible so she can make a good impression.

 

"I've never had a job where I'm speaking to people online or emailing," she
says, referring to her past experience in retail.

 

She adds: "I'm more productive when I am in the office because it's more of
a professional environment and you get to see people."

 

Having started the role remotely, she only got to meet her colleagues for
the first time in-person recently.

 

"We recently had team drinks and I finally got to meet everyone. It was
really nice, I got to see everyone in person and get an idea of who they
are, rather than just what their email is."

 

She says she will still take the opportunity to work from home some days,
though, perhaps towards the end of the week.

 

More than 60% of those surveyed thought young people would struggle to
progress without face-to-face contact or in-person mentoring.

 

As experts have pointed out, under-25s in particular were hit hard by job
losses or reduced hours at the onset of the pandemic.

 

The bespoke research for the BBC suggests that some inequalities may be
exacerbated by the pandemic, while others might have improved.

 

Half of the workers surveyed thought that women's careers might be boosted
by home-working, with childcare duties being less of a hindrance.

 

'This is the new now'

One enthusiastic home-worker is Antony Howard, who works in procurement for
a large defence company in Manchester.

 

He's found big benefits to logging on remotely for the last 16 months, from
avoiding expensive coffee shops to cutting down on travel time.

 

"My health and carbon footprint have never been better. I'm no longer
commuting 92 miles a day and I'm more productive," he says.

 

While he's also been saving money by shopping more locally, he does worry
about those newer to the company.

 

"We've had 17-year-old apprentices starting in September who have never been
on-site," he says.

 

"For me as a 57-year-old, hybrid working is a great scenario, but for the
younger ones starting out, they need that workplace experience, that
structure."

 

Even so, he hopes that the pandemic will "recalibrate" the workplace. Rather
than being a novelty, he says, "I think this is the new now."

 

'Gradual return'

In England, Prime Minister Boris Johnson recommended a "gradual return to
work" over the summer as coronavirus restrictions eased. Across the rest of
the UK, people are still being advised to keep clocking on remotely where
possible.

 

And working remotely full-time for office staff could well become the norm
again.

 

On Tuesday, Health Secretary Sajid Javid told MPs that advising people in
England should work from home again would be part of the government's
contingency plans if there was considerable pressure on the NHS this winter.

 

Prof Andrew Hayward, a member of the Scientific Advisory Group for
Emergencies, added that the policy could make "a significant difference to
transmission if we get into trouble".

 

He told BBC Radio 4's Today programme on Wednesday: "The most important and
effective way of reducing spread of the virus is not to be in contact with
other people."-BBC

 

 

 

UK power prices soar after key cable hit by blaze

A key electricity cable between Britain and France has been shut down,
sending wholesale energy prices soaring.

 

National Grid said a fire and planned maintenance at a site near Ashford in
Kent means the cable will be totally offline until 25 September.

 

Half of its capacity, or one gigawatt (GW) of power, is expected to remain
unavailable until late March 2022.

 

On Wednesday, British electricity prices for the following day jumped by 19%
to £475 per megawatt hour (MWh).

 

The fire at the Interconnexion France-Angleterre (IFA) site broke out in the
early hours of Wednesday. The site was evacuated and there were no reports
of casualties.

 

After the fire an electricity interconnector running under the English
Channel was "not operating", the National Grid said in a statement.

 

 

Electricity interconnectors are high-voltage cables that connect the
electricity systems of neighbouring countries, and allow them to share
excess power.

 

A spokesperson for National Grid's electricity system operator, which
balances power supplies in the UK, said it expects to "continue supplying
electricity safely and securely" despite the incident.

 

The link can carry up to 2GW of power, and had been importing electricity
from France in recent days, after UK prices hit a record high of £540 per
MWh on the wholesale energy market.

 

The jump in prices has been fuelling concerns about inflation and the
potential impact on businesses just as the country's economy starts to
recover from the worst effects of the coronavirus pandemic.

 

Analysts are now closely watching National Grid's efforts to get the
facility fully back online as winter approaches and with it higher energy
demand.

 

"Our investigation is ongoing and we will update the market with any changes
as necessary," the National Grid said.

 

Britain is a net importer of electricity and near neighbour France is its
biggest supplier of power through the interconnectors that run under the
English Channel.

 

The IFA2 interconnector, a second link between Britain and France, is
currently operating at its full capacity and not affected by the problem.

 

The 1GW connection is a £700m shared investment with French power firm RTE
and the UK's fourth power exchange with continental Europe.

 

IFA (England - France): Opened in 1986 (2GW capacity)

Moyle (Northern Ireland - Scotland): 2001 (0.5GW)

BritNed (England - Netherlands): 2011 (1GW)

EWIC (Wales - Ireland): 2012 (0.5GW)

Nemo (England - Belgium): 2019 (1GW)

IFA2 (England - France): 2020 (1GW) -BBC

 

 

 

Bitcoin protests in El Salvador against cryptocurrency as legal tender

Thousands of protesters have taken to the streets in El Salvador, angry at
the introduction of Bitcoin as its legal tender.

 

President Nayib Bukele says the cryptocurrency will help Salvadorans working
abroad to send money back home.

 

But demonstrators fear it will bring instability and inflation to the
impoverished Latin American country.

 

Some protesters set fire to a brand-new Bitcoin machine, while others held
signs reading "Bukele Dictator".

 

Last week, El Salvador became the first country to use the virtual currency
as a legal tender, alongside the US dollar.

 

The demonstrators, gathered in the capital San Salvador on the 200th
anniversary of the country's independence, brandishing placards reading "No
to Bitcoin" and "Respect the Constitution".

 

They accuse the president of using authoritarian means to tighten his grip
on power.

 

Fear and excitement as Bitcoin becomes legal tender

El Salvador divided over Bitcoin legal tender law

Mr Bukele has moved to cement control over the judiciary which recently
cleared him to run for office for a second successive term despite
constitutional limits.

 

"It's important to say this morning: Enough already! What the government is
doing is arrogant, it is authoritarianism," protester Dora Rivera told
Reuters news agency.

 

But Mr Bukele still enjoys strong support in El Salvador, with a recent
newspaper poll showing 85.7% of people approved of the president.-BBC

 

 

 

Billions blown as Macau casino investors fold amid gambling review

(Reuters) - Shares of Macau casino operators on Wednesday shed as much as a
third of their value, losing about $18 billion, as the government kicked off
a regulatory overhaul that could see its officials supervising companies in
the world's largest gambling hub.

 

With Macau's lucrative casino licences up for rebidding next year, the plan
spooked a Hong Kong market already deep in the red after Beijing's
regulatory crackdown on sectors from technology to education and property
that sliced hundreds of billions of dollars off asset values.

 

Wynn Macau (1128.HK) led the plunge, falling as much as 34% to a record low,
followed by a 28% tumble for Sands China (1928.HK). Peers MGM China
(2282.HK), Galaxy Entertainment (0027.HK), SJM (0880.HK) and Melco
Entertainment (0200.HK) all fell heavily, taking the drop to HK$143 billion
($18 billion).

 

U.S. casino companies also fell for the second straight day, losing as much
as $4 billion in market capitalization on Wednesday, with Las Vegas Sands
Corp (LVS.N) slumping to more than a year low, Wynn Resorts Ltd (WYNN.O) and
MGM Resorts International (MGM.N), dropping 8% and 5%, respectively.

 

 

The slump came after Lei Wai Nong, Macau's secretary for economy and
finance, gave notice on Tuesday of a 45-day consultation period on the
gambling industry to begin from the following day, pointing to deficiencies
in industry supervision.

 

Beijing, increasingly wary of Macau's acute reliance on gambling, has not
yet said how the licence rebidding process will be judged.

 

"Margins will be crushed at the gambling capital of the world and that will
drag down all the big casinos," said Edward Moya, senior market analyst at
OANDA in New York.

 

Some Hong Kong stock analysts wasted little time in downgrading their view
of near-term prospects for casino operators in the Chinese special
administrative region, who must all rebid for licences when current permits
expire in June 2022.

 

J.P. Morgan is downgrading to neutral or underweight all Macau gaming names
from overweight, because of the tougher scrutiny on capital management and
daily operations ahead of licence renewals, said analyst D.S. Kim.

 

"We admit it's only a 'directional' signal, while the level of actual
regulation or execution still remains a moot point," he said, adding the
news would have already put doubt in investors' minds.

 

Brokerage CFRA downgraded Wynn Resorts to "Strong Sell" from "Buy", citing
heightened regulatory risks and said the review was a major overhang for the
company as well as other operators.

 

TIGHTER REGULATION

 

At a news briefing on Tuesday, Lei detailed nine areas for the consultation,
such as the number of licenses, better regulation and employee welfare, as
well as having government representatives to supervise daily casino
operations. read more

 

The government also plans to increase voting shares in gaming
concessionaires for permanent residents of Macau, as well as more rules on
transfer and distribution of profits to shareholders.

 

Discussions over the future of Macau's casino licences come amid rocky
U.S.-China relations, leaving some investors fearing an edge for domestic
players over U.S.-based casino operators.

 

The government has not singled out any U.S. players, but companies have
moved to beef up the presence of Chinese or local executives as they
position themselves more as Macau operators than foreign one.

 

Before licence expiry, operators have tried to strengthen corporate
responsibility and diversify into non-gaming offerings to placate Beijing,
which fears over-reliance on gambling.

 

Macau has boosted scrutiny of casinos in recent years, clamping down on
illicit capital flows from mainland China and targeting underground lending
and illegal cash transfers.

 

Beijing has also stepped up a war on cross-border flows of funds for
gambling, hitting the funding of Macau's junket operators and their VIP
customers.

 

In June, Macau more than doubled the number of gaming inspectors and
restructured departments to boost supervision. read more

 

George Choi, a Citigroup analyst in Hong Kong, said while the public
consultation document gave few details, the suggested changes benefit
long-term sustainable growth, with "positive implications on the six casino
operators".

 

However, he cautioned, "We will not be surprised if the market focuses only
on the potentially negative implications, given the weak investor
sentiment."

 

The consultation comes as Macau has struggled with a dearth of travellers
because of coronavirus curbs since the start of 2020. While gambling
revenues have picked up in recent months, they remain less than half of 2019
monthly figures.

 

($1=7.7785 Hong Kong dollars)

 

The Thomson Reuters Trust Principles.

 

 

 

Investors tense up as fears of post-election gridlock rise in Canada

(Reuters) - Foreign investors are growing more worried that Canada's federal
election on Monday could result in a deadlock that hampers Ottawa's response
to the COVID-19 pandemic and further slows the economic recovery from the
crisis.

 

Polls show Prime Minister Justin Trudeau's center-left Liberals virtually
tied with the opposition Conservatives ahead of the Sept. 20 vote, raising
the prospect that no party will be able to form even a stable minority
government. Adding to the uncertainty is an expected increase in mail-in
voting that could delay the counting of ballots in some key electoral
ridings. read more

 

Financial markets generally view Canadian elections from the vantage point
of which of the big parties would be most friendly for investors, but that
tendency may take a backseat this time to the desire to have a government
quickly in place in a crisis.

 

The results of Canadian elections typically are known within hours of the
polls closing. Even when no party has won a majority of the seats, it is
usually clear which will form the government and what the general policy
priorities will be.

 

 

An outcome "that leads to a gridlocked government is going to complicate the
recovery going forward, and I think that's why you are probably going to see
some (investor) hesitancy ahead of the election," said Edward Moya, senior
market analyst at OANDA in New York.

 

"Right now, we're in the process of an economic recovery that needs
everything to line up nicely."

 

Trudeau, who has been prime minister for six years, has relied on the
backing of the New Democrats since failing to win a majority of the seats in
the House of Commons in the 2019 election. Polls show the smaller
left-leaning party poised to do better on Monday, with enough support
perhaps to compel the Liberals to tilt to the left if they wish to remain in
power.

 

SPENDING SPREE

 

Trudeau's government has spent billions of dollars to stem the fallout from
the pandemic, while the Bank of Canada has cut interest rates and purchased
bonds to stimulate the economy. Although the central bank has vowed to keep
its key interest rate at a record low of 0.25% until economic slack is
absorbed, troubling signs have appeared on the horizon.

 

Canada's economic growth slowed in the second quarter and annual inflation
spiked in August to an 18-year high, taking some of the wind out of the
sails of the Liberal leader's economic argument for reelection. read more

 

The Canadian dollar has fallen 1.1% to about 1.2650 per U.S. dollar, or
79.05 U.S. cents, since Trudeau called the election in mid-August, and
speculators have turned bearish on the currency for the first time since
last December.

 

The market's measure of expected volatility for the currency over a one-week
period , a timeframe that covers the election, has climbed to an annualized
rate of about 7.5% from less than 5% in August.

 

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE), the
country's main stock index, fell 1.7% on Tuesday to its lowest closing level
in nearly three weeks, while an index showing implied volatility for the
Toronto stock market (.VIXI) hit its highest closing value since Aug. 23.

 

Equities investors are casting a nervous eye over some of the campaign
promises made by the parties, including Trudeau's vow to raise corporate
taxes on the most profitable banks and insurers to help pay for the cost of
the recovery and his pledge to immediately cap oil and gas emissions. read
more

 

"If it started to lean towards a Liberal majority I would begin to sell
energy and banks," said Greg Taylor, a portfolio manager at Purpose
Investments in Toronto.

 

There is also nervousness over a promise by the Conservatives, the main
opposition party, to increase foreign competition in the telecommunications
sector as well as a pledge by the Liberals to curb excessive profits from
rental housing, which could hurt real estate investment trusts.

 

"There is a lot of political posturing and rhetoric," said Russil Lea, a
portfolio manager at Nicola Wealth in Vancouver. "The race looks very tight
and the only certainty right now is uncertainty as far as how the election
will go."

 

The Thomson Reuters Trust Principles.

 

 

 

Japan cuts economic view on weaker production, spending due to COVID revival

(Reuters) - Japan cut its economic view for the first time in four months as
a surge in COVID-19 cases disrupted manufacturers' global supply chains and
dampened consumer confidence.

 

In a monthly assessment approved by the cabinet on Thursday, the government
pointed to domestic and overseas virus situations as evident downside risks
to the country's economic recovery.

 

"The economy continued picking up amid severe conditions due to the
coronavirus, but the pace has recently been slowing," the government said in
its September report.

 

Among key economic elements, authorities downgraded their view of production
for the first time in 17 months, and private consumption for the first time
in four months.

 

"Automobile production weakened lately ... as parts supply shortages due to
COVID-19 outbreaks in Southeast Asia have had material impacts on
carmakers," a government official told reporters before the cabinet approved
the report.

 

Together with chip shortages and slowing recoveries in major economies such
as China, the government report raised the possibility of production cuts
spreading to other sectors beyond carmakers.

 

Domestically, declining sales of new cars and household electronics showed
that consumers are turning more cautious and keeping their purse strings
tight not just for services but also for goods, the report said.

 

The government upgraded its view on home construction given growing demand
for suburban houses and rental rooms in cities.

 

The downgrade to the overall economic outlook reflects a slowdown in Japan's
economic recovery, rather than a change in direction, the government
official said, stressing that the backbones of the economy - household and
corporate income - remain solid.

 

The report comes just a few weeks before the end of Prime Minister Yoshihide
Suga's term as he announced earlier this month he would not run again in his
ruling party's leadership race.

 

While economists are curtailing their forecasts for the third-quarter output
to a modest growth, the next leader of the ruling party, and by extension
Japan, will be tasked with getting the world's third-largest economy on a
faster track to recovery ahead of general elections that must be held by
late November.

 

The government will release a preliminary estimate for Japan's third-quarter
gross domestic product on Nov. 15.

 

The Thomson Reuters Trust Principles.

 

 

 

China slows game approvals to enforce tough new rules -Bloomberg News

(Reuters) - China is reviewing new games to ensure they meet stricter
criteria for content and protection of children, Bloomberg News said on
Thursday, citing people familiar with the matter.

 

The media watchdog is re-evaluating titles submitted for approval by game
developers from Tencent Holdings Ltd (0700.HK) to Netease Inc (9999.HK) to
make sure they comply with fresh curbs imposed in August, the report said.

 

Tencent declined to comment on the report, and Netease did not immediately
respond to Reuters' request for comment.

 

Last month, China forbade more than three hours of video games a week for
those younger than 18, a stringent rule aimed at halting a growing addiction
to what it once called "spiritual opium". read more

 

 

Late in August, the National Press and Publications Administration (NPPA)
asked developers to resubmit titles in line with the new measures, the
report said.

 

Regulators are cracking down on increasingly popular zombie-themed games
that are considered "too scary" by NPPA standards, it added.

 

Scrutiny was also stepped up on subjects regulators consider undesirable,
such as "boys’ love" themes that have recently become trendy, it said.

 

China has cracked down on a broad range of industries from tech to education
and property as it tightens control after years of runaway growth. 

 

The Thomson Reuters Trust Principles.

 

 

Lagardere share price jumps 20% after Vivendi increases stake

(Reuters) - Shares in France's Lagardere (LAGA.PA) surged 20% on Thursday
after media group Vivendi (VIV.PA) said it would buy another stake in the
company, paving the way for a full takeover.

 

Canal+ owner Vivendi, which already owns 27% of Lagardere, said it had
agreed to buy Amber Capital's 17.9% holding for 24.10 euros per share, or
about 610 million euros ($718.95 million).

 

Vivendi said it would later launch a full bid at the same price once it has
passed the 30% threshold requiring companies in France to make a takeover
offer. read more

 

"We believe Vivendi is primarily interested in Lagardere's International
Publishing business which would bring scale, synergies & savings to Editis",
analysts at JP Morgan said in a note.

 

 

They also said that Vivendi would likely seek to sell the travel retail
business to fund the acquisition.

 

If successful, the acquisition of Lagardere will mark the end of what was
once one of France's national industrial champions, which under its late
founder used to have large stakes in companies like plane maker Airbus
(AIR.PA).

 

Heir and Chief Executive Arnaud Lagardere has sold off parts of the
conglomerate bit by bit. Last year he brought in investors like Vivendi and
luxury goods tycoon Bernard Arnault when he was trying to fend off an
activist campaign by Amber Capital.

 

($1 = 0.8485 euros)

 

The Thomson Reuters Trust Principles.

 

 

German economy to grow 2.1% in 2021, 4.9% in 2022 - DIW

(Reuters) - The German economy will grow slower than expected this year as
supply chain problems and shortages of raw materials keep a lid on the
industrial recovery, but it should rebound strongly next year, the DIW
economic institute said on Thursday.

 

The DIW trimmed its growth forecast for this year to 2.1% from a previous
3.2%, but predicted a jump of 4.9% in 2022 assuming production constraints
lift towards the end of the year. It sees growth normalising at 1.5% in
2023.

 

The Thomson Reuters Trust Principles.

 

 

EU regulators right to say Belgian tax rulings constitute aid scheme - court

(Reuters) - EU competition enforcers were right to say that a series of
Belgian tax rulings to multinationals was an aid scheme, Europe's top court
said on Thursday.

 

"The Commission correctly found that there was an aid scheme," the EU Court
of Justice said.

 

Judges referred the case back to the lower tribunal, which in 2019 annulled
the European Commission's 2016 decision ordering Belgium to recover some 700
million euros ($825.3 million) from more than 30 multinationals including
U.S. manufacturer Magnetrol and BP (BP.L).

 

The case is C-337/19 P Commission v Belgium and Magnetrol International.

 

($1 = 0.8482 euros)

 

The Thomson Reuters Trust Principles.

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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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

 


 

 

 

 

 

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