Major International Business Headlines Brief::: 17 September 2021

Fri Sep 17 09:43:25 CAT 2021

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Major International Business Headlines Brief::: 17 September 2021

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

ü  China applies to join key Asia-Pacific trade pact

ü  With tighter grip, Beijing sends message to Hong Kong tycoons: fall in
line

ü  EXCLUSIVE Tougher EU airport slot rules trigger Asia retaliation threat,
risk industry trade war

ü  Tesla to work with global regulators on data security -Musk

ü  Delta darkens U.S. Q3 growth views, Fed taper announcement expected in
Nov: Reuters poll

ü  Marks & Spencer blames Brexit as it closes 11 French stores

ü  Southwest Airlines pays staff extra to get jabbed

ü  Vectura: Marlboro giant seals takeover of UK inhaler firm

ü  China Evergrande is not 'too big to fail', says Global Times editor

ü  Banks beware, outsiders are cracking the code for finance

ü  Carbon emitters 'failing to disclose climate risks'

ü  Tanzania: Investment Innovations Earn NMB Four Awards

ü  West African Leaders Impose Sanctions on Guinea Junta

ü  Kenya Adopts DNA Barcodes to Protect and Save Fish Resources

ü  Nigeria: Dollar Scarcity May Hamper Shell's Planned Sale of Nigerian
Assets

 <mailto:info at bulls.co.zw> 

China applies to join key Asia-Pacific trade pact

China has applied to join a key Asia-Pacific trade pact as it attempts to
strengthen its position in the region.

The move comes the day after a historic security deal between the US, UK and
Australia was unveiled.

The pact that eventually became the Comprehensive and Progressive Agreement
for Trans-Pacific Partnership (CPTPP), was created by the US to counter
China's influence.

However, former President Donald Trump pulled the US out of it in 2017.

Chinese commerce minister Wang Wentao said the world's second largest
economy had submitted its application to join the free trade agreement in a
letter to New Zealand's trade minister, Damien O'Connor.

New Zealand acts as the administrative centre for the pact.

Mr Wang and Mr O'Connor then held a telephone conference to discuss the next
steps following China's application, the Chinese Ministry of Commerce said.

The original Trans-Pacific Partnership (TPP) was promoted by then-President
Barack Obama as an economic bloc to challenge China's increasingly powerful
position in the Asia Pacific.

After Mr Trump pulled the US out of the deal, Japan led negotiations to
create what became the CPTPP.

The CPTPP was signed in 2018 by 11 countries, including Australia, Canada,
Chile, Japan and New Zealand.

Regional trade arrangements

In June, the UK formally launched negotiations to join the CPTPP, while
Thailand has also signalled interest in joining the agreement.

Joining the CPTPP would be a significant boost for China, especially after
it signed up to a different free trade agreement with 14 countries - called
the Regional Comprehensive Economic Partnership (RCEP) - in November.

RCEP is the world's largest trading bloc, with South Korea, China, Japan,
Australia and New Zealand among its members.

Historic security agreement

China's announcement that it has officially applied to join the CPTPP comes
the day after the UK, US and Australia launched a historic security pact, in
what has been seen as an effort to counter Beijing's influence in the
Asia-Pacific region.

The so-called Aukus pact will allow Australia to build nuclear-powered
submarines for the first time, using technology provided by the US and the
UK.

The deal, which will also cover Artificial Intelligence and other
technologies, is Australia's biggest defence partnership in decades,
analysts said.

China has criticised Aukus, describing it as "extremely irresponsible" and
"narrow-minded".

Chinese foreign ministry spokesman Zhao Lijian said the alliance risked
"severely damaging regional peace... and intensifying the arms race".-BBC

With tighter grip, Beijing sends message to Hong Kong tycoons: fall in line

(Reuters) - As Beijing seeks to tighten its grip over Hong Kong, it has a
new mandate for the city's powerful property tycoons: pour resources and
influence into backing Beijing's interests, and help solve a potentially
destabilising housing shortage.

Chinese officials delivered the message in closed meetings this year amid
broader efforts to bring the city to heel under a sweeping national security
law and make it more "patriotic," according to three major developers and a
Hong Kong government adviser familiar with the talks.

"The rules of the game have changed," they were told, according to a source
close to mainland officials, who declined to be named because of the
sensitivity of the matter. Beijing is no longer willing to tolerate
"monopoly behaviour," the source added.

For Hong Kong's biggest property firms, that would be a big shift. The
companies have long exerted outsized power under the city’s hybrid political
system, helping choose its leaders, shaping government policies, and reaping
the benefits of a land auction system that kept supply tight and property
prices among the world's highest.

The sprawling businesses of the four major developers, CK Asset (1113.HK),
Henderson Land Development (0012.HK), Sun Hung Kai Properties (0016.HK) and
New World Development (0017.HK), extend their influence even further into
society. For example, the empire of Hong Kong's richest man, Li Ka-shing of
CK Assets, includes property, supermarkets, pharmacies and utilities.

Because the tycoons are so deeply intertwined with the city's economy and
politics, it would be difficult for Beijing to sideline them completely,
said CY Leung, former Hong Kong leader and now a vice-chairman of China's
top advisory body.

"They are a major component of our political and economic ecosystem, so we
need to be careful," Leung told Reuters. "I think we need to be judicious
with what we do and not throw the baby out with the bathwater."

INFLECTION POINT

Some Chinese officials and state media have blamed tycoons for failing to
prevent anti-government protests in 2019 that they say were rooted in
sky-high property prices.

The protests, joined by millions of all ages and social strata, demanded
greater democracy and less meddling by Beijing in Hong Kong, which had been
promised wide-ranging freedoms until 2047.

The new directives mark an inflection point in the power play between
Beijing and the tycoons, who once held kingmaking sway in Hong Kong's
political leadership race.

"Now the focus is on contribution to the country; this is not what the
traditional business sector in Hong Kong is used to," said Raymond Tsoi,
chairman of Asia Property Holdings (HK) and a member of the advisory group
Chinese People's Political Consultative Conference Shanxi Committee.

In March, Beijing made sweeping electoral changes. In a new election
committee, responsible for choosing the next leader of Hong Kong and some of
its lawmakers, a greater "patriotic" force has emerged, while many of the
prominent tycoons, including Li, 93, will be absent for the first time since
Hong Kong returned to Chinese rule in 1997.

Hong Kong's Constitutional and Mainland Affairs Bureau said the new election
committee would be more broadly representative of Hong Kong, going beyond
the vested interests of specific sectors, specific districts and specific
groups, which it called "inadequacies" in the system.

The source close to Chinese government officials told Reuters a team in the
Hong Kong and Macau Affairs Office and the Liaison Office (HKMAO) had sought
to curtail the influence of groups perceived to have done little for
Beijing's interests in the city.

HKMAO and the Liaison Office did not respond to requests for comment.

Sun Hung Kai said it was confident about the future of Hong Kong and would
continue to invest there and in mainland cities. Henderson Land and New
World Development declined to comment, while CK Holdings did not respond to
request for comment. Li did not respond to a request for comment.

'GIVE BACK MORE'

Developers have already taken measures to show the message was received.

New World and Henderson Land have donated rural land as reserves for social
housing. In recent weeks, Nan Fung Group, Sun Hung Kai, Henderson Land and
Wheelock applied for a public-private partnership scheme, the first
applications since the programme was launched in May 2020.

The programme offers developers an opportunity to build on a higher
percentage of open land, but they must use at least 70% of the extra floor
area for public housing. Several told Reuters last year that the programme
was unattractive becausethere were many restrictions and a risk of higher
costs.

"Beijing is not telling us what to do, but saying you need to solve this
problem," Hopewell Holdings' Gordon Wu told Reuters, adding that "it won't
be impatient but it will give you pressure."

Another developer source, who declined to be named because of the
sensitivity of the issue, said Chinese officials had laid out expectations,
but no strategy or deadline.

"We can continue our businesses as long as we give back more to society,"
said the source, a senior official at a top developer in Hong Kong. The
sector needs to step up efforts to ease the housing shortage, he added.

Most of the developers have published statements and newspaper
advertisements, along with other Chinese corporations, to support the
national security legislation and electoral changes.

Critics of the moves said they crushed democratic dreams, while authorities
said they were necessary to restore stability after the 2019 demonstrations.

Adrian Cheng, 41, who took over as chief executive of New World, founded by
his grandfather, told Reuters late last year the company needs to become
more relevant to society, especially in a new environment where firms have
to carefully balance the interests of various parties.

"It's not easy. I have a lot of grey hair you can't see," Cheng said.

The Thomson Reuters Trust Principles.

EXCLUSIVE Tougher EU airport slot rules trigger Asia retaliation threat,
risk industry trade war

(Reuters) - Regulators in Asian hubs like Singapore and Hong Kong have
threatened to retaliate against European Union plans to force airlines to
start using take-off and landing slots frozen during the coronavirus
pandemic, a move that could oblige Europe's carriers to fly empty seats for
thousands of miles at a loss.

Authorities controlling slots at major Asian airports are ready to slap
similar 'use it or lose it' conditions on European carriers flying to Asia's
cities - raising the prospect of an industry trade war over the uneven
impact of COVID-19.

After rare unity during the pandemic, when carriers were being bailed out or
trying to stay afloat, industry leaders say the dispute has rekindled
fundamental differences across a fragmented sector as the world stages a
multi-speed recovery.

"Is it a trade war? Certainly the germ of one," said former Australian
aviation negotiator Peter Harbison, chairman emeritus of the Sydney-based
CAPA Centre for Aviation consultancy.

"And it will be accentuated as more airlines collapse and international
markets remain closed, or at best, uncertain."

Tensions have grown since July, when the EU announced plans to force
airlines to use 50% of their rights or lose them to rivals from next month.
That move partially reinstated competition rules that had been waived as
airlines struggled to survive the pandemic.

But while the EU decision reflects a traffic recovery that is well under way
in Europe's mainly short-haul market, Asian carriers are protesting they
will be unfairly penalised because their long-haul networks will take much
longer to recover.

Some Asian regulators have already put European airlines on notice that they
will need to fly at least 50% of the time, industry sources said, risking
political fights over the future of transport links that are important for
global trade.

'RECIPROCITY'

Singapore, one of several Asian jurisdictions to line up previously
unreported 'reciprocity' rules, has included the provisions to ensure fair
treatment, said Daniel Ng, director air transport at Civil Aviation
Authority of Singapore.

In Asia, long quarantines remain the norm for travellers and airlines
operated just 14% of their 2019 international capacity in July, well below
the 46% of 2019 levels seen in Europe and 48% in North America,
International Air Transport Association (IATA) data shows.

Cathay Pacific (0293.HK) last month warned publicly that the slower recovery
in Hong Kong meant it risked losing prized overseas airport slots and
harming the city's hub status. read more

Taiwan's China Airlines (2610.TW) and Korean Air Lines (003490.KS) expressed
concern about the EU rules in statements to Reuters, while Singapore
Airlines (SIAL.SI) declined to comment.

In Europe, Lufthansa (LHAG.DE) - the EU carrier with the most flights to
Asia - said the tough EU rules could ultimately harm the climate as well as
airlines, if they are forced to fly empty planes to keep slots. Air France
(AIRF.PA) and KLM said their decisions to fly were not based on airport
slots.

'SHOCK PHASE' OVER

The EU broke with a global industry recommendation and tightened rules for
the winter schedule season, which runs from October to March, after heavy
lobbying by low-cost carriers like Ryanair (RYA.I), with big short-haul
networks, and European airports, many of which are privatised and trying to
produce returns.

"We're no longer in immediate shock phase," said Aidan Flanagan, safety and
capacity manager at Airports Council International Europe. "We are now in a
situation where the market is stable with much lower levels than what we
were in 2019, but it's stable."

The European Commission said in July the 50% use rate - down from 80% in
normal times - was chosen to ensure good use of airport capacity and to
benefit consumers. It also granted exceptions so that airlines do not need
to reach 50% while strict measures like quarantine that make it hard to
travel remain in place.

The Commission did not respond immediately to a request for comment.

SIX WEEKS TO RESPOND

Once travel restrictions are lifted, Asian carriers will have to boost
flying to the European Union within six weeks or risk losing slots even if
demand is slow to return.

"When the demand is not there it is unreasonable to expect people to
operate," IATA Head of Worldwide Airport Slots Lara Maughan said. "It is a
really short window they have once restrictions are removed to sort of
recalibrate that whole operation back."

René Maysokolua, managing director of German airport slot manager FLUKO,
said his organisation had been informed that some Asian countries were
telling European airlines they would need to fly 50% of the time or risk
losing their slots in retaliation for the EU rules.

Singapore, Hong Kong and South Korea are among those taking a harder line
against European carriers, said an industry source who was not authorised to
comment publicly on the matter.

Authorities in Singapore and Hong Kong confirmed reciprocity provisions are
in place but declined to comment on specific cases.

Korea Airport Schedules Office did not respond to a request for comment, but
Korean Air, a member of the country's slot working group, confirmed the
provisions.

Meanwhile, even as the potential for conflict brews between Asia and Europe,
the United States on Thursday announced more lenient winter season rules for
international carriers than the European Union.

The Thomson Reuters Trust Principles.

Tesla to work with global regulators on data security -Musk

(Reuters) - Electric vehicle maker Tesla Inc (TSLA.O) will work with global
regulators to ensure data security, Chief Executive Elon Musk told an
industry event in China on Friday.

Tesla, which assembles vehicles for the Chinese market in Shanghai, has been
under scrutiny in China this year over its storage and handling of customer
data.

Cars are being fitted with an ever-increasing array of sensors and cameras
to assist drivers but the data such equipment generates has also raised
questions about privacy and security.

"With the rapid growth of autonomous driving technologies, data security of
vehicles is drawing more public concerns than ever before," Musk told the
World New Energy Vehicle Congress on the southern Chinese island of Hainan
via videolink.

In May, Reuters reported that staff at some Chinese government offices had
been told not to park their Tesla cars inside government compounds due to
security concerns over vehicle cameras.

Tesla later said it had established a site in China to store car data
locally. read more

The Thomson Reuters Trust Principles.

Delta darkens U.S. Q3 growth views, Fed taper announcement expected in Nov:
Reuters poll

(Reuters) - The U.S. economic rebound has been dented in Q3, partly on the
spread of the Delta coronavirus variant, with economists in a Reuters poll
also pushing their expectations back to November for when the Federal
Reserve announces an impending policy shift.

Like in most countries, the U.S. economy is facing global supply chain
disruptions due to the pandemic, which have also pushed up inflation. But
economic disruption in many parts of the country has been sharp as the Delta
variant spreads, especially among people who are hesitant to take vaccines.

The shift in expectations over the past month for when the Fed will announce
a taper to its $120 billion in monthly bond purchases has been almost as
sudden as the unexpected dent to the recovery in the current quarter.

For now, most economists say the growth slowdown will be temporary, and so
far have not made any major changes to a strong outlook for next year.

Despite President Joe Biden's mandates to spur Americans who are not
vaccinated to get a shot, children heading back to school and some firms
continuing with return-to-office plans could still aggravate the risk of a
further spread. read more

"There has been rising concern a growth scare is underway in the U.S., and
at first blush the sharp markdown to our third- quarter growth estimates
would seemingly support that view," said Ellen Zentner, chief U.S. economist
at Morgan Stanley, who said Delta had left an "ugly mark" in August.

"The bottom line is the expansion continues to progress, albeit at a slower
pace," she said.

The median Q3 growth forecast in the Sept. 13-16 Reuters poll was slashed to
a 4.4% seasonally adjusted annualized rate from 7.0% just a month ago and
well below the second quarter's 6.6% growth, with the range showing lower
lows and lower highs.

The Q4 median was chopped to 5.1% from 5.9%.

Nearly 85% of 51 economists who responded to an extra question in the poll
said the spread of the Delta variant had a material impact on their
quarterly GDP growth forecasts over the last month.

Reuters poll graphic on the U.S. economic outlook:

But the growth outlook for next year is a still-robust 4.2%, unchanged from
the August poll, and 2.3% in 2023, only a notch lower than the 2.4%
predicted last month.

In the meantime, the expected timing of the Fed's taper announcement has
shifted decisively over the past month, partly because inflation also
remains elevated.

Nearly three-quarters of respondents, 36 of 49, said the taper announcement
will come in November and not this month as previously thought.

"The main problem is that they have reached a plateau (in terms of
vaccination) which will be very difficult to raise further, because of a
certain segment of the population who just don't want to be vaccinated,"
said Philip Marey, senior U.S. strategist at Rabobank.

"If there is going to be much more damage from the Delta (variant) to the
economy, then we could see a delay of the formal announcement from November
to December or even January."

While six respondents still expect an announcement at the conclusion of the
Fed's Sept. 21-22 meeting, economic uncertainty due to rising COVID-19 cases
and a weak jobs report last month have led most economists to shift their
expectations.

Reuters poll graphic on the Federal Reserve taper outlook:

Asked about the greater risk to the job market forecasts, a slight majority
of respondents said it was to the downside. The unemployment rate was
expected to remain above its pre-pandemic level of 3.5% at least until 2023.

Over 60% of respondents expected the taper to begin in December with monthly
reductions of $10 billion in purchases of Treasuries and $5 billion in
mortgage-backed securities. A majority of economists expected it to end in
Q3 2022.

While the consensus showed the federal funds rate would remain unchanged at
0.00%-0.25% until 2023, over one-quarter of respondents, 16 of 56, said the
Fed would raise rates next year for the first time in this cycle.

The Core Personal Consumption Expenditures Price Index, which recorded its
biggest surge since 1991 in June - was expected to remain above 3.5% per
quarter on average for the rest of 2021.

Core PCE inflation was expected to cool slightly but remain above the
central bank's 2.0% target at least until 2023.

The Thomson Reuters Trust Principles.

Marks & Spencer blames Brexit as it closes 11 French stores

Marks & Spencer has said it is closing 11 of its French stores because of
problems supplying them with fresh and chilled foods since Brexit.

The UK retail giant said all 11 franchise stores it operated with partner
SFH in France would shut by the end of this year.

M&S said supply chain problems since Brexit had made it "near impossible" to
maintain standards of food supply.

Nine M&S stores run at French travel hubs will continue to operate.

"M&S has a long history of serving customers in France and this is not a
decision we or our partner SFH have taken lightly," said Paul Friston, M&S
managing director of international.

"However, as things stand today, the supply chain complexities in place
following the UK's exit from the European Union now make it near impossible
for us to serve fresh and chilled products to customers to the high
standards they expect, resulting in an ongoing impact to the performance of
our business.

"With no workable alternative for the High Street stores, we have agreed
with SFH to close all 11 franchised stores."

Its French online operation, which sells mainly clothing and home products,
will not be affected by the closures.

One of the main problems Marks & Spencer was facing in France was
post-Brexit bureaucracy, a spokesman said.

Its partner, SFH, mainly operated shops on Paris High Streets, selling fresh
food products such as sandwiches, he said.

Due to hold-ups caused by red tape at the UK/French border, it was
impractical to get the products to the shops.

The retailer's other French partner, Lagardere Travel Retail, runs M&S
stores in French airports, railway and Metro stations.

Those stores are unaffected by this decision, in part because of their
location.

Marks & Spencer opened its first French stores in 1975, with branches in
Paris and Lyon.

After leaving France and the rest of mainland Europe in 2001 to focus on its
UK business, it then reopened in Paris in 2011.

M&S said its discussions with Lagardere on a sustainable future business
model continued to make good progress.

"Today's announcement is the latest change to the structure of our European
businesses following the UK's exit from the European Union," the retailer
said.

"In April earlier this year, we announced the reconfiguration of our food
business in Czech Republic, removing the sale of all fresh and chilled
products from stores, and instead doubling our ranges of frozen and ambient
products.

"This removed the ongoing supply chain risks to our business and the
knock-on impact on limiting availability for customers in our stores."

The export of fresh processed food from the UK to the EU is a classic
example of precisely the sort of trade, built up under the single market,
that was bound to be challenged by the new post-Brexit arrangements.

Specialist exporters say hundreds of pages of documents including health
certificates are now required.

Although catastrophic port delays were avoided in the immediate aftermath of
Brexit earlier this year, the trade data and surveys of small businesses
reveal a hit to exports to the EU.

Giants such as M&S were able to muddle through, but no longer.

Some exporters have also complained that imports coming the other way from
the EU will be waved through now until July at least.

There had been some hope that imposing UK import controls would provide an
incentive for France, the Netherlands and Germany to ease controls on their
side.

That discussion is not now happening. Nor is there any move towards a
veterinary agreement, of the sort the EU already enjoys with Switzerland or
New Zealand, that might have eased some of the new export red tape burden.

Instead, there is a private acceptance that after this Brexit deal, fewer
sandwiches will be exported to France, and that is the price for the
regulatory and trade freedom to export more elsewhere.

Steve Dresser, managing director of Grocery Insight, said that while all
retailers' sales had been affected by Covid, Marks & Spencer in France was
"another casualty of Brexit".

"Once you add inefficiency in to any supply chain, be it trade barriers or
bureaucracy, plus the need for extra manpower, there is cost that needs to
be absorbed somewhere along the line.

"It's likely for the minimal returns, the numbers simply no longer made
sense to M&S," Mr Dresser said.

"It's clear that a huge amount of management resource has been taken up
getting stock in the right place for European stores," he added.

This include the Republic of Ireland, where Marks & Spencer has had stock
shortages, "due to the way that product is accounted for coming via Northern
Ireland". Products entering either Northern Ireland or the Republic of
Ireland from Britain are subject to EU border processes.

Retailers have been dealing with stock shortages and stock being held up at
borders post-Brexit, as well as a chronic shortage of drivers, which
hauliers have said is in part due to Brexit.

Businesses are faced with costs, either through having to pay for warehouses
in EU countries and having cash tied up in stock, through wastage if
products with a short shelf life are held up at borders, or through gaps on
shelves due to supply chain problems.

"The outlook remains bleak on this front, with the deal signed by UK
government tying this country to checks and delays at the borders," Mr
Dresser said, adding that this was "baffling" as "we have voted to take back
control".

Southwest Airlines pays staff extra to get jabbed

Southwest Airlines has become the latest big US airline to try to cajole
workers into getting vaccinated as infection rates surge across the US.

It said it would pay a bonus to staff who got jabbed, but also stop sick pay
for unvaccinated workers who had to quarantine with Covid.

It said it was unrelated to Joe Biden's upcoming vaccine mandate for firms,
but it plans to comply with the order.

Delta, American and United Airlines have all made similar moves recently.

In a memo to workers, Southwest said those who submit proof of vaccination
to the company by 15 November would get 16 hours of extra pay.

"If you have not been vaccinated and choose to do so, this timeline gives
you enough time to receive both rounds of a two-series vaccine or the
single-dose vaccine," the airline wrote.

The Department of Labor is set to make Covid jabs mandatory at larger
private firms and federal employers in the coming weeks, affecting up to 100
million US workers.

The Delta variant is sweeping the US, but uptake of vaccines remains slow
amid scepticism in some communities.

The mandate is generally supported by big businesses, but Republican
lawmakers have threatened to sue, saying the order is unconstitutional.

Some firms have already brought in their own mandates or incentives,
including United Airlines, the first US airline to require all employees to
get vaccinated.

Delta Air Lines has said that unvaccinated employees enrolled in the
company's healthcare plan must pay a $200 monthly surcharge, while American
Airlines has ended pay protections for unvaccinated workers.

Vectura: Marlboro giant seals takeover of UK inhaler firm

Marlboro cigarette maker Philip Morris International (PMI) has sealed its
£1bn bid for the UK inhaler firm Vectura.

PMI has said its bid is now supported by owners of almost three-quarters of
Vectura's shares - more than the 50% needed for the takeover to go through.

Vectura makes inhaled medicines and devices to treat respiratory illnesses
such as asthma.

Dozens of health groups had urged Vectura to reject the firm's bid.

In a statement, PMI's chief executive, Jacek Olczak, said: "We have reached
an important milestone in our acquisition of Vectura and are pleased to have
secured over 74% of the company's shares, in excess of the 50% required to
make our offer unconditional and PMI the majority shareholder.

Mr Olczak added that he was "excited" by expanding the firm's product offer
beyond cigarettes and vape pens and working with Vectura's scientists.

PMI recently said that it could stop selling cigarettes in the UK in 10
years' time as it focuses on alternatives, such as heated tobacco.

The firm says that since 2008, it has invested more than $8bn (£5.8bn) in
developing smoke-free products.

Nonetheless the deal has faced controversy, with charities and medical
groups warning the British firm Vectura against "selling out".

'Considerable problems'

More than 20 UK, US and European organisations have written to Vectura's
management urging it to reconsider the takeover on ethical and practical
grounds.

"Vectura has sold out millions of people with lung disease, and instead
prioritised short-term financial gain over the long-term viability of
Vectura as a business," said Sarah Woolnough, chief executive of Asthma UK
and the British Lung Foundation.

She added that the fact Vectura was now owned by a tobacco company could
cause "considerable problems", such as the firm being excluded from research
trials.

"It creates perverse incentives for PMI to sell more of its harmful products
so they might then profit again through treating smoking-related diseases."

Ms Woolnough called on the government to stop the deal from happening,
citing its commitment to the World Health Organization Framework Convention
on Tobacco Control.

The board of Vectura had backed the £1.1bn takeover by PMI unanimously.
After that, Philip Morris started buying shares on the open market, securing
a stake of 29.9% last month.

Remaining shareholders were asked to approve the deal and sell their shares
in principle. For the deal to complete, 50% needed to agree.

PMI is now calling on the remaining investors to accept its offer of £1.65
per share, which beat a rival bid from US private equity group Carlyle. They
have until 30 September to do so.

China Evergrande is not 'too big to fail', says Global Times editor

(Reuters) - The editor-in-chief of state-backed Chinese newspaper Global
Times warned debt-ridden property giant Evergrande Group (3333.HK) that it
should not bet on a government bailout on the assumption that it is "too big
to fail".

It was the first commentary to appear in state-backed media casting doubt on
a government bailout for the country's No.2 property developer, whose shares
fell on Friday for the fifth consecutive day amid concerns it is heading for
default.

Evergrande is scrambling to raise funds to pay its many lenders and
suppliers and investors, with regulators warning its $305 billion of
liabilities could spark broader risks to the country's financial system if
not stabilised. read more

Global Times' editor-in-chief Hu Xijin said on his WeChat social media
account on Thursday that Evergrande should turn to the market for salvation,
not the government.

He said Evergrande's potential bankruptcy was unlikely to trigger a systemic
financial storm like the collapse of Lehman Brothers, because it was a real
estate business not a bank and downpayment ratios on property in China were
very high.

Global Times is a nationalistic tabloid published by the Communist Party's
People's Daily. Its views do not necessarily reflect the official thinking
of policymakers.

Policymakers are telling Evergrande's major lenders to extend interest
payments or rollover loans, and market watchers increasingly think a direct
bailout from the government is unlikely.

A group of Evergrande's offshore bondholders has selected investment bank
Moelis & Co and law firm Kirkland & Ellis as advisers on a potential
restructuring of a tranche of bonds, focusing on around $20 billion in
outstanding dollar bonds in the event of non-payment, sources told Reuters.
read more

Evergrande is due to pay $83.5 million interest on Sept. 23 for its March
2022 bond . It has another $47.5 million interest payment due on Sept. 29
for the March 2024 notes . The bonds would default if Evergrande fails to
pay the interest within 30 days.

The debacle of Evergrande - which has more than 1,300 real estate projects
in over 280 cities - is dampening the yuan and confidence in Chinese assets
more broadly.

Evergrande shares fell another 13% to HK$2.28 on Friday, the lowest level
since Oct 2011. Its offshore Oct 2023 bond fell 10% to 16.125 cents

China Minsheng Banking Corp , one of Evergrande's major lenders, dropped
4.6% to a record low of HK$2.80.

The Thomson Reuters Trust Principles.

Banks beware, outsiders are cracking the code for finance

(Reuters) - Anyone can be a banker these days, you just need the right code.

Global brands from Mercedes and Amazon (AMZN.O) to IKEA and Walmart (WMT.N)
are cutting out the traditional financial middleman and plugging in software
from tech startups to offer customers everything from banking and credit to
insurance.

For established financial institutions, the warning signs are flashing.

So-called embedded finance - a fancy term for companies integrating software
to offer financial services - means Amazon can let customers "buy now pay
later" when they check out and Mercedes drivers can get their cars to pay
for their fuel.

To be sure, banks are still behind most of the transactions but investors
and analysts say the risk for traditional lenders is that they will get
pushed further away from the front end of the finance chain.

And that means they'll be further away from the mountains of data others are
hoovering up about the preferences and behaviours of their customers - data
that could be crucial in giving them an edge over banks in financial
services.

"Embedded financial services takes the cross-sell concept to new heights.
It's predicated on a deep software-based ongoing data relationship with the
consumer and business," said Matt Harris, a partner at investor Bain Capital
Ventures.

"That is why this revolution is so important," he said. "It means that all
the good risk is going to go to these embedded companies that know so much
about their customers and what is left over will go to banks and insurance
companies."

WHERE DO YOU WANT TO PLAY?

For now, many areas of embedded finance are barely denting the dominance of
banks and even though some upstarts have licences to offer regulated
services such as lending, they lack the scale and deep funding pools of the
biggest banks.

But if financial technology firms, or fintechs, can match their success in
grabbing a chunk of digital payments from banks - and boosting their
valuations in the process - lenders may have to respond, analysts say.

Stripe, for example, the payments platform behind many sites with clients
including Amazon and Alphabet's (GOOGL.O) Google, was valued at $95 billion
in March. read more

Accenture estimated in 2019 that new entrants to the payments market had
amassed 8% of revenues globally - and that share has risen over the past
year as the pandemic boosted digital payments and hit traditional payments,
Alan McIntyre, senior banking industry director at Accenture, said.

Now the focus is turning to lending, as well as complete off-the-shelf
digital lenders with a variety of products businesses can pick and choose to
embed in their processes.

"The vast majority of consumer centric companies will be able to launch
financial products that will allow them to significantly improve their
customer experience," said Luca Bocchio, partner at venture capital firm
Accel.

"That is why we feel excited about this space."

So far this year, investors have poured $4.25 billion into embedded finance
startups, almost three times the amount in 2020, data provided to Reuters by
PitchBook shows.

Leading the way is Swedish buy now pay later (BNPL) firm Klarna which raised
$1.9 billion.

DriveWealth, which sells technology allowing companies to offer fractional
share trading, attracted $459 million while investors put $229 million into
Solarisbank, a licensed German digital bank which offers an array of banking
services software.

Shares in Affirm (AFRM.O), meanwhile, surged last month when it teamed up
with Amazon to offer BNPL products while rival U.S. fintech Square (SQ.N)
said last month it was buying Australian BNPL firm Afterpay (APT.AX) for $29
billion.

Square is now worth $113 billion, more than Europe's most valuable bank,
HSBC (HSBA.L), on $105 billion.

"Big banks and insurers will lose out if they don't act quickly and work out
where to play in this market," said Simon Torrance, founder of Embedded
Finance & Super App Strategies.

OU NEED A LOAN!

Several other retailers have announced plans this year to expand in
financial services.

Walmart launched a fintech startup with investment firm Ribbit Capital in
January to develop financial products for its employees and customers while
IKEA took a minority stake in BNPL firm Jifiti last month.

Automakers such as Volkswagen's (VOWG_p.DE) Audi and Tata's (TAMO.NS) Jaguar
Land Rover have experimented with embedding payment technology in their
vehicles to take the hassle out of paying, besides Daimler's (DAIGn.DE)
Mercedes.

"Customers expect services, including financial services, to be directly
integrated at the point of consumption, and to be convenient, digital, and
immediately accessible," said Roland Folz, chief executive of Solarisbank
which provides banking services to more than 50 companies including Samsung.

It's not just end consumers being targeted by embedded finance startups.
Businesses themselves are being tapped on the shoulder as their digital data
is crunched by fintechs such as Canada's Shopify (SHOP.TO).

It provides software for merchants and its Shopify Capital division also
offers cash advances, based on an analysis of more than 70 million data
points across its platform.

"No merchant comes to us and says, I would like a loan. We go to merchants
and say, we think it's time for funding for you," said Kaz Nejatian, vice
president, product, merchant services at Shopify.

"We don't ask for business plans, we don't ask for tax statements, we don't
ask for income statements, and we don't ask for personal guarantees. Not
because we are benevolent but because we think those are bad signals into
the odds of success on the internet," he said.

A Shopify spokesperson said funding goes from $200 to $2 million. It has
provided $2.3 billion in cumulative capital advances and is valued at $184
billion, well above Royal Bank of Canada (RY.TO), the country's biggest
traditional lender.

CONNECTED FUTURE?

Shopify's lending business is, however, still dwarfed by the big banks.
JPMorgan Chase & Co (JPM.N), for example, had a consumer and community loan
book worth $435 billion at the end of June.

Major advances into finance by companies from other sectors could also be
limited by regulators.

Officials from the Bank for International Settlements, a consortium of
central banks and financial regulators, warned watchdogs last month to get
to grips with the growing influence of technology firms in finance. read
more

Bain's Harris said financial regulators were taking the approach that
because they don't know how to regulate tech firms they are insisting
there's a bank behind every transaction - but that did not mean banks would
prevent fintechs encroaching.

"They are right that the banks will always have a role but it's not a very
remunerative role and it involves very little ownership of the customer," he
said.

Forrester analyst Jacob Morgan said banks had to decide where they want to
be in the finance chain.

"Can they afford to fight for customer primacy, or do they actually see a
more profitable route to market to become the rails that other people run on
top of?" he said. "Some banks will choose to do both."

And some are already fighting back.

Citigroup (C.N) has teamed up with Google on bank accounts, Goldman Sachs
(GS.N) is providing credit cards for Apple (AAPL.O) and JPMorgan is buying
75% of Volkswagen's payments business and plans to expand to other
industries. read more 06:00:00

"Connectivity between different systems is the future," said Shahrokh
Moinian, head of wholesale payments, EMEA, at JPMorgan. "We want to be the
leader."

The Thomson Reuters Trust Principles.

Carbon emitters 'failing to disclose climate risks'

A lack of detail in financial reporting will dramatically reduce firms'
chances of meeting global emissions targets, researchers have warned.

There is no way of knowing if money is being put into sustainable
activities, Carbon Tracker said.

Firms also need to be more transparent as to how they will hit
sustainability targets, the think tank said.

But the International Energy Agency said firms should not have to focus on
"ticking boxes for activists".

Climate risk

In a study of 107 global businesses working in carbon-intensive sectors,
researchers said there is a "glaring absence of climate risks in financial
reporting".

More than 70% of the companies studied fail to include their climate impact
in their financial statements.

Plans for net zero targets and limiting climate risks were also omitted.

Eight out of 10 audits of these firms also showed no evidence of assessing
climate risk.

Researchers assessed the 202 financial statements of 107 listed companies,
from oil and gas firms to construction, car manufacturers and aviation
businesses.

The study, conducted by the independent charity group-funded Carbon Tracker
and the Climate Accounting Project (CAP), said the lack of detail in their
financial reporting will dramatically reduce the chances of meeting global
emissions targets.

"The fact that we don't have transparency means we have no idea if capital
is being allocated to sustainable activities so we can actually transition
to a greener future," Barbara Davidson, analyst at Carbon Tracker and lead
author of the report, told the BBC.

Researchers also found that none of the accounts reflected aims set by the
Paris Agreement - an international treaty on climate change which aims to
limit global warming to no more than 1.5 degrees Celsius.

"Lacking this information means we don't know if funds are being allocated
to unsustainable businesses, which further reduces our chances to
decarbonise in the short time remaining to achieve our Paris goals," Ms
Davidson added.

The report identified inconsistencies across company reporting with firms
announcing emission targets and climate strategies, but not indicating how
these targets will effect their financial statements.

"There's a level of disclosure that needs to be provided so we know how they
are going to achieve these targets.

"It's very important for companies to set these goals but without
understanding the risks it's hard to know if they're greenwashing - so
investors need to take the statements with a pinch of salt."

'Knock-on loss for ordinary pensioners'

Ms Davidson said that the worst case scenario is that these companies will
"go under because they can't continue to invest in polluting activities" and
because pension funds have invested in these companies, that "will mean a
knock-on loss for ordinary pensioners".

However, Andy Mayer, chief operating officer at the International Energy
Agency (IEA) told the BBC he is "not surprised at all that this is
information is being left out".

"UK companies are not required to report their perception of climate risks
in their annual reports," he said.

"If investors genuinely want more climate risk information in reports they
will disinvest and punish companies not providing it."

"Serious climate action involves taking risks and investing in new
technologies, then seeing what the market will bear. Big companies, with
their vast R&D budgets need to focus on that, not ticking boxes for
activists," he added.

'Investors not given the data needed'

Tracey Cameron, senior manager from the Corporate Climate Engagement at
Ceres - a US organisation that works closely with investors - said:
"Investors grappling with quantifying portfolio risks aren't given the data
needed to make informed decisions.

"In many cases, that data exists but it lives behind a locked door, and only
companies and auditors have the key."

Auditors PwC, KPMG and EY did not immediately respond to the BBC's request
for comment.

A spokesperson from Deloitte said that under current accounting and auditing
standards, companies and auditors are not required to issue the "kinds of
information and opinions the PRI report calls for, and there may be cases
where issuing such opinions would not be permissible under current rules and
standards".

In 2019 and 2020 global accounting and auditing standard-setters said that
climate-related risks should not be ignored in accounts, or audits.

The International Auditing and Assurance Standards Board (IAASB) said: "If
climate change impacts the entity, the auditor needs to consider whether the
financial statements appropriately reflect this."-BBC

Tanzania: Investment Innovations Earn NMB Four Awards

NMB Bank Plc has yet again stamped its authority as a commanding financial
institution in the local financial services space after scooping four
international awards, placing it at the helm of the industry.

The new accolades for best service delivery and performance brilliance,
which the top lender disclosed yesterday in Dar es Salaam, add to six the
number of awards it has bagged so far this year.

The four recognitions are the Best SME Bank and Best Investment Bank
Tanzania 2021 from the World Economic Banking Magazine, the Best Innovation
Retail Bank Tanzania from International Banker and the Best Retail Bank
Tanzania by International Business Magazine 2021.

"The awards are in recognition of NMB Bank's proven track record of
excellence and its strong commitment to innovation, which is evidence of our
customer focus in line with our vision to become the preferred financial
partner," the lender said in a statement.

The latest prizewinning development comes after the bank was early this year
named the Best Bank in Tanzania for the 9th consecutive year by Euromoney
Awards and Best Retail Bank in Tanzania by the Global Banking and Finance
Awards.

The bank won the two awards for mostly its outstanding overall performance,
digital banking and financial inclusion efforts as well as innovation
ingenuity and the social investments it continues to make.

Chief Executive Officer Ruth Zaipuna called the excellence triumph a
monumental feat that proves NMB's market leadership and unrivalled ability
to deliver innovative solutions.

"It's a great accomplishment and honour for NMB Bank to receive these four
prestigious awards and the recognition they represent," Ms Zaipuna said
noting that the awards principally recognise the bank's strong financials
and appreciates its investment in digital channels.

She added that the digital investments have enabled it to significantly
expand the product mix and distribution channels for better customer
services and relevant transactional solutions.

Currently, 93 per cent of the lender's transactions happen outside branches.
Ms Zaipuna said in the past year, NMB introduced a good number of innovative
and impactful solutions compared to what most of its peers managed to put on
the table.

"We continue to invest strategically in our technology and branch network
and strengthen more our ability to deliver innovative solutions to the
market," she pointed out.

"The bank's management deserves praise for its execution of strategic plans
to improve operational efficiency, leverage technology to drive better
customer experience (CX) and improve cost efficiency.

NMB Bank's focus on its digital offering helped increase non-funded income
by 19 per cent year-on-year in 2020. Net interest income increased 11 per
cent, Gross loans and advances to customers jumped 15 per cent and customer
deposits rose by 7 per cent in 2020," said International Banker Magazine
Editor Simon Brown.

NMB Bank continues to support the local economy, act as a good corporate
citizen and innovate in the Tanzanian banking sector, with products such as
NMB Mkononi Plus, and is a worthy winner of the International Banker 2021
Best Innovation in Retail Banking Award," he added.-Daily News.

West African Leaders Impose Sanctions on Guinea Junta

Regional leaders from the ECOWAS group of countries have called for
elections in Guinea following a military coup. It is the second country in
the region now under the rule of a junta.

Leaders from 14 of the 15 Western African countries in the ECOWAS regional
group met in the Ghanaian capital Accra on Thursday to discuss their
approach towards Guinea after it was suspended following a coup there
earlier this month.

The Economic Community of West African States decided to freeze bank
accounts and introduce travel bans for the junta members and their families.
They called on the junta to hold elections within six months and release
President Alpha Conde from detention. He was ousted on September 5.

Representatives from the regional group produced a report after meeting
earlier in the week with coup leader Mamady Doumbouya — a former member of
the French Foreign Legion.

"We are required to take informed decisions on these matters," Ghana's
President Nana Akufo-Addo, the current chair of ECOWAS, said at the start of
the summit. "I count on your excellencies to help proffer durable solutions
to the crisis."

Guinean junta facing sanctions

The coup in Guinea has stoked fears of further political instability in the
region following the two coups that took place in other member state Mali
since August last year.

ECOWAS had already been pressuring the military junta in Mali to pursue a
democratic transition. Similar processes have begun with Guinea, but the
coup leaders there were unlikely to discuss a timetable yet, Ghana's Foreign
Minister Shirley Ayorkor Botchwey said on Wednesday.

Botchwey, who led the bloc's 15-member delegation visiting Guinea, also
raised the possibility of sanctions against the West African country.

ECOWAS President Jean-Claude Kassi Brou said after the emergency summit on
Thursday that the group had indeed imposed sanctions on Guinea and that the
member states insisted there was no "need for very long transition for the
country to return to democratic order."

Following in Mali's footsteps

Economic sanctions were imposed on the junta in Mali last year, but they
were, subsequently, lifted after it committed to holding democratic
elections in February 2022. With the military still in power, the prospect
of next year's elections has become dimmer.

Following the announcement of sanctions in Guinea, Kassi Brou also announced
new sanctions against those it deemed to be impeding the return to
democratic, constitutional rule in Mali, Reuters reported.

The outlook for a return to constitutional rule in Guinea is similarly
unclear. The military coup took place following mass demonstrations against
President Conde's controversial new constitution that allowed him to run
for, and win, a third term last October.

(AFP, AP, Reuters)

Kenya Adopts DNA Barcodes to Protect and Save Fish Resources

Kenya will use fish DNA barcodes to fight illegal exploitation and smuggling
of sea resources.

The scientific exercise involves harvesting different species, generating
molecular specimen and profiling them to build a reference library of the
country's aquatic organisms to enable the government to conclude different
pending cases as a result of illegal fishing.

"Kenya has more than 6,000 commercial species and for years we could not
claim any illegally harvested fish originated from the country. With this
scientific exercise, we shall be able to claim our resources since even
though fish look similar physically, each has special molecular
identification which is associated with a certain region," said Thomas Mkare
a senior research scientist at Kenya Marine and Fisheries Research Institute
(KMFRI).

Before the DNA barcoding begun, researchers collected random, different kind
of fish from fishermen, each target specimen is photographed, then fin clips
obtained from the dorsal fins are immediately stored in 100 per cent ethanol
before long-term storage in a freezer at -20°C. Dr Mkare said that since the
exercise began this year, the laboratory has generated DNA barcodes for 15
marine commercial species, with about 100 other species currently being
barcoded and a total of over 3,000 tissues of fish, sharks, rays,
crustaceans, and molluscs already collected.

Through the Centre for Aquatic Genomics, Forensics and Bioinformatics
(AGFB); a laboratory section under KMFRI, several aquatic organisms such as
fish, sharks and rays, crustaceans and molluscs are currently being analysed
to generate DNA barcode sequences for each species. "We have begun
generating a DNA barcode reference library of Kenya's aquatic organisms,
which will go on in the next few years, a project that is being supported by
the Kenyan government," said Dr Mkare.

Once the DNA barcode reference library is established, it will contribute to
sustainable harvesting and culturing, thereby leading to food security, and
socio-economic development.

"It will also contribute towards the attainment of the Big-Four development
agenda, the Blue Economy Development agenda, the Vision 2030, and the
Sustainable Development goals (SDGs)," said Dr Mkare.

Kemfri director-general James Njiru said Kenya's marine waters harbour more
than 6,000 species of economically important species ranging from marine
mammals, sharks, rays,fishes, crustaceans, and molluscs. He added that apart
from fish, the insititute is profiling more than 300 species of corals, nine
species of mangroves and 12 species of seagrasses.

At a global level, DNA barcoding libraries that are available include the
Barcode of Life Data base (BOLD) and the NCBI database. However, for rapid
and most accurate species identifications, development of national databases
is important.-East African.

Nigeria: Dollar Scarcity May Hamper Shell's Planned Sale of Nigerian Assets

The current challenge of dollar-crunch in the country may hinder plans by
Royal Dutch Shell to sell off its onshore and shallow water assets, being
managed by its Nigerian unit, the Shell Petroleum Development Company
(SPDC), THISDAY learnt yesterday.

A Bloomberg report indicated that Nigeria's lenders likely do not have
enough dollars to fund clients seeking to acquire the oil assets put on sale
by the International Oil Company (IOC), quoting Guaranty Trust Bank Plc.

Guaranty Trust Bank Chief Executive Officer, Segun Agbaje said he didn't see
the likelihood of any client raising the estimated $2.3 billion needed to
purchase the Shell assets.

Such a deal would require a syndication of up to $1.8 billion, and it "can
be very tough to raise this kind of funding locally at the moment," Agbaje
said.

"When I look at the books of Nigerian banks today, I don't see a lot of
dollar liquidity," Agbaje told an investor conference call in Lagos,
according to Bloomberg, adding that "It's becoming a very difficult deal for
people to pull off."

Nigerian banks in 2013, syndicated $3.3 billion debt to Dangote Industries
for a refinery and petrochemical plant and recently financed Heirs Holding's
$1.1 billion acquisition of OML 17.

A slump in crude prices and an economic downturn arising from the
coronavirus pandemic curbed foreign-currency flows into Africa's largest
crude producer and has continued to pressure its foreign reserves.

In May this year, Shell had said its onshore operations in Nigeria's oil and
gas industry were no longer compatible with its long-term climate strategy,
coming under increasing pressure from investors to slash emissions and pivot
toward cleaner energy.

The company's Chief Executive Officer, Ben van Beurden, told investors that
the additional community issues in the Niger Delta were becoming a huge
challenge for the company.

"The balance of risks and rewards associated with our onshore portfolio is
no longer compatible with our strategic ambitions. We cannot solve community
problems in the Niger Delta and the company has started discussions with the
government on how to move forward," he said.

The Anglo-Dutch company had been gradually selling onshore assets in the
West African country for more than a decade, as it sought to put aside
chronic problems such as pollution caused by ruptured pipelines and the
resulting legal battles with local communities.

The issue has become more acute in the past year after Shell pledged to
transform itself into clean energy giant and gradually wind down its oil and
gas business to achieve net-zero carbon emissions by 2050.

The federal government also recently confirmed that talks were ongoing with
Shell, but stated that it was encouraging the company to keep its onshore
operations instead of divesting.

However, local communities from the Niger Delta have said that Shell cannot
abandon the area after years of degrading their farming and fishing
environment, insisting that aside remediation works, compensation must be
paid before the company's planned exit.

Recently, Wood McKenzie, a leading global oil and gas consulting firm,
putting the total value of SPDC, the subsidiary the parent company proposes
to totally divest from, at about $2.3 billion. But the IOC must get consent
as well as negotiate the Nigerian National Petroleum Corporation (NNPC)'s
pre-emptive rights before the assets can be sold, it was gathered.

As many as 19 Oil Mining Leases (OMLs) would be put up for sale by the oil
giant in onshore locations and shallow waters in the company's eastern and
western operations in the Niger Delta.

In February, a Dutch court held Shell's Nigerian subsidiary responsible for
multiple oil pipeline leaks in the Niger Delta and ordered it to pay damages
to farmers.

Meanwhile, Chevron Corporation has pledged to triple to $10 billion its
investments to reduce its carbon emissions footprint through 2028, but said
it was not yet ready to commit to a 2050 net-zero emissions target.

Oil producers globally are under mounting pressure from investors and
governments to join the fight against climate change and sharply cut
greenhouse gas emissions by mid-century, with US majors lagging efforts by
European companies.

Chevron said half of its spending will go to curb emissions from fossil fuel
projects, total of $3 billion will be applied for carbon capture and
offsets, $2 billion for greenhouse gas reductions, $3 billion for renewable
fuels and $2 billion for hydrogen energy, Reuters reported.

Chief Executive Michael Wirth told investors Chevron may not be ready to
commit to net-zero targets, so as not to put the company, "in a position in
which we lay out ambitions that we don't believe are realistic and
deliverable."

"The board is looking to see, how do you deliver a strategy that meets the
needs of shareholders today and the expectations of shareholders for the
future?" the CEO said, adding that, "Directors may re-address a net-zero
goal later this year with the company's climate report."

European oil producers have set plans to shift away from fossil fuels with
larger investments in renewables and 2050 emission targets.

US oil producers Chevron, Exxon Mobil Corp and Occidental Petroleum sought
to reduce carbon emissions per unit of output while backing carbon capture
and storage.

BP Plc has said it will invest $3 billion $4 billion a year in low-carbon
projects by 2025 and shrink oil and gas production by 40 per cent in the
next decade, while Royal Dutch Shell Plc in February set annual investments
of $2 billion $3 billion in clean energy.

Chevron maintained its goal of paring greenhouse gas intensity by 35 per
cent through 2028 compared to 2016 levels from its oil and gas output,
saying it would expand renewable natural gas production to 40 billion
British thermal units (BTUs) per day and increase renewable fuels production
capacity to 100,000 barrels a day to meet customer demand for renewable
diesel and sustainable aviation fuel.

"We expect to grow our dividend, buy back shares and invest in lower-carbon
businesses," Wirth said.

Chevron aims to increase hydrogen production to 150,000 tonnes a year to
supply industrial, power and heavy duty transport customers and raise carbon
capture and offsets to 25 million tonnes a year by co-developing regional
hubs.

"We have favoured action over pledges," Wirth said on a call with reporters,
insisting "We have not at this point declared a net-zero 2050 ambition as
others have because we are still working on all of the elements that we
believe will be essential in order to get there."

Read the original article on This Day.

Invest Wisely!

Bulls n Bears 

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INVESTORS DIARY 2021

Company

Event

Venue

Date & Time

Hippo

AGM

virtual

September 17 -  (9am)

Star Africa

AGM

virtual

September 23 -11am

National Unity Day

December 22

Christmas Day

December 25

Boxing Day

December 26

Public Holiday in lieu of Boxing Day falling on a Sunday

December 27

Companies under Cautionary

ART

PPC

Starafrica

Fidelity

Turnall

Medtech

Zimre

Nampak Zimbabwe

 <mailto:info at bulls.co.zw> 

DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
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constitute an offer to sell or the solicitation of an offer to buy or
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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
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any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

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