Major International Business Headlines Brief::: 28 September 2021

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Major International Business Headlines Brief::: 28 September 2021

 


 

 


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ü  Goldman Sachs cuts China growth forecast over power outages

ü  Taliban: Afghanistan bank boss warns sector near collapse

ü  Ford announces $11.4bn investment in electric vehicle plants

ü  Power cuts hit homes in north-east China

ü  Instagram for kids paused after backlash

ü  UK visa plan will not fix lorry driver shortage, says boss

ü  Petrol supply: Army put on standby to ease fuel crisis

ü  Asian markets grapple with Evergrande fallout, eye China power crunch

ü  China energy crunch triggers alarm, pleas for more coal

ü  Two Fed officials depart amid scrutiny over investment trades

ü  Tesla Megapack fire in Australia blamed on undetected coolant leak

ü  Australia challenges Google's ad dominance, calls for data-use rules

ü  Tanzania: Grapes Small Scale Farmers Hopeful of Stable Markets

ü  Tanzania: Little Return From Crop Hinders Agro-Industrial Investment

ü  Kenya: MPs Train Guns on EPRA, Kenya Pipeline, KRA, KEPSA Over Hiked Fuel
Prices

ü  Nigeria: Russia to Assist Nigeria Revamp Ajaokuta Steel

ü  Nigeria: 15 Percent Businesses Expanded Using Tech Despite Covid-19 -
Report

 


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Goldman Sachs cuts China growth forecast over power outages

Goldman Sachs has become the latest banking giant to cut its growth forecast
for China, as the country struggles with energy shortages.

 

It now expects the world's second largest economy to expand by 7.8% this
year, down from its previous prediction of 8.2%.

 

The firm says major industrial output cuts caused by power outages add
"significant downside pressures".

 

It estimates as much as 44% of China's industrial activity has been
affected.

 

The power supply crunch, caused by environmental controls, supply
constraints and soaring prices, has left some factories and homes without
electricity.

 

The energy shortage at first affected manufacturers across the country, many
of whom have had to curb or stop production in recent weeks.

 

A document seen by the BBC shows that the largest port in northern China at
Tianjin has been affected by a shortage of electricity. Power rationing for
cranes that lift cargo between ships and the shore is expected to continue
until the end of the week.

 

The shortage has now spread to some homes, with residents in north-east
China experiencing unannounced power cuts in the past few days.

 

People living in Liaoning, Jilin and Heilongjiang provinces have complained
on social media about the lack of heating, and lifts and traffic lights not
working. Provincial authorities have been scrambling to guarantee
electricity and heating for residents.

 

China remains highly dependent on coal for electricity generation.

 

China's struggle to move away from coal

Japanese finance giant Nomura, Wall Street investment bank Morgan Stanley
and China International Capital Corporation have also either downgraded
their economic growth forecasts for China or warned of lower growth because
of the power disruptions.

 

The Chinese economy is already grappling with the impact of tough new
regulations of some of the country's biggest industries such as property
developers and technology companies.

 

Evergrande concerns

Concerns over the fate of the heavily-indebted real estate giant Evergrande
are also weighing on investor sentiment.

 

"Considerable uncertainty remains with respect to the fourth quarter, with
both upside and downside risks relating principally to the government's
approach to managing the Evergrande stresses, the strictness of
environmental target enforcement and the degree of policy easing," Goldman
said.

 

On Monday, without mentioning Evergrande by name, China's central bank
promised to protect consumers exposed to the housing market.

 

The announcement by the People's Bank of China has been seen as a signal
that authorities are ready to act to stop any fallout from the Evergrande
crisis spreading to other parts of the economy.

 

Global markets have been rocked in recent days as investors fret about the
company's ability to make interest repayments on its more than $300bn
(£219bn) of debt.-BBC

 

 

 

Taliban: Afghanistan bank boss warns sector near collapse

Afghanistan's banking system is near to collapse, the boss of one of the
nation's biggest lenders has told the BBC.

 

Syed Moosa Kaleem Al-Falahi, the Chief Executive of the Islamic Bank of
Afghanistan, said the country's financial industry is in the grip of an
"existential crisis" as customers panic.

 

"There's huge withdrawals happening at the moment", he said, speaking from
Dubai, where he is temporarily based because of the chaos in Kabul.

 

"Only withdrawals are happening, most of the banks are not functioning, and
not providing full services," he added.

 

Afghanistan's economy was already on shaky ground even before the Taliban
took control in August.

 

It is hugely dependent on foreign aid - about 40% of its gross domestic
product (GDP) comes from international aid, according to the World Bank.

 

 

But since the Taliban takeover, the West has frozen international funds,
including assets Afghanistan could have accessed with the World Bank and
International Monetary Fund (IMF).

 

Mr Al Falahi says this is encouraging the Taliban to look for other sources
of financial support.

 

"They are looking forward to China and Russia, and some other countries as
well.

 

"...it seems that sooner or later, they will be successful in dialogue," he
said.

 

China has already talked about its desire to help rebuild Afghanistan, and
work with the Taliban.

 

A recent editorial in the Chinese state-controlled Global Times said there
is "huge potential for cooperation in rebuilding Afghanistan", adding that
China is "definitely a leading player".

 

China has already pledged 200 million Chinese yuan ($31m, £22m) worth of aid
including food supplies and coronavirus vaccines.

 

Still, the Taliban is under pressure to fix Afghanistan's economic problems
now.

 

Inflation is soaring, the Afghani, the country's currency, is plummeting and
people are desperate as many have lost their jobs and are short of cash.

 

The United Nations World Food Programme has warned that only 5% of
households in Afghanistan have enough to eat every day.

 

Half of those surveyed said they have run out of food altogether at least
once in the last two weeks.

 

So accessing international funds and foreign assistance is key to
Afghanistan's survival.

 

But countries like the US have said that while they are willing to consider
working with the Taliban - it will depend on some pre-conditions - including
the regime's treatment of women and minorities.

 

Mr Al Falahi insists that despite statements from the Taliban that women are
not allowed to work for "a while", women in his bank are returning to work.

 

"There was sort of... fear among the women, they were not coming to the
offices, but now gradually they started coming to the office," he said.

 

Mr Al Falahi comments also chimed with recent statements by the Pakistan's
Prime Minister Imran Khan.

 

In a BBC interview Mr Khan said the Taliban are trying to show a more modern
and reformed face to the world, in comparison to how they behaved the last
time they were in power - a sort of Taliban 2.0.

 

"At the moment, they are more flexible, they are very cooperative.

 

"They're not imposing any strict rules and regulations for the time being,"
Mr Khan said.

 

However, women's groups and human rights organisations have pointed to a
huge difference between what the Taliban have said and the reality on the
ground, with reports of many women and girls now not being allowed to go to
school or work.-BBC

 

 

 

Ford announces $11.4bn investment in electric vehicle plants

Ford has announced a major investment in electric vehicle (EV) production in
the US, promising to build its biggest ever factory in Tennessee, and two
battery parks in Kentucky.

 

Under the $11.4bn (£8.3bn) plan, the carmaker said it will build
zero-emission cars and pickups "at scale" for American customers.

 

It will also create 11,000 jobs.

 

Like rivals GM and Stellantis, Ford hopes around half of the cars it sells
by 2030 will be zero emission.

 

Yet the additional government investment required to make it happen is still
in question.

 

"This is our moment - our biggest investment ever - to help build a better
future for America," said Jim Farley, Ford's president and chief executive
in a statement.

 

"We are moving now to deliver breakthrough electric vehicles for the many
rather than the few."

 

Ford said its Tennessee factory - called Blue Oval City - will cover a
6-square-mile area and build next-generation electric pickup trucks and
batteries from 2025.

 

Its battery parks in Kentucky will power a new line-up of Ford and Lincoln
EVs.

 

'I'm just not ready to buy an electric car'

Why electric cars will take over sooner than you think

Ford has already ramped up investment in EV production at its Texas and
Michigan plants. It said it would be making the new investments in
partnership with SK Innovation, a South Korean battery maker.

 

Outside of a few major metropolitan areas, EVs still aren't very common in
the US and the country accounted for just 2% of new EV sales globally last
year.

 

The Biden administration hopes to change this with tougher tailpipe
emissions rules from 2026 and billions of dollars of spending on new
charging points and consumer incentives.

 

However, the cash is tied up in two spending bills that Democrat leaders
must get through a divided Senate.

 

On Thursday, lawmakers will vote on the first - a $1.5tn infrastructure plan
- which appears to have enough bi-partisan support to pass.

 

But a second, $3.5tn bill - which focuses on widening America's social
safety net - is opposed by every Republican and some moderate Democrats who
say it is too expensive in its current form.

 

Ford told the BBC its announcement was not timed to coincide with this
week's voting on Capitol Hill.

 

But it said it supports the passage of both bills, which would "help more
Americans get into electric vehicles, while at the same time supporting
American manufacturing and union jobs".-BBC

 

 

Power cuts hit homes in north-east China

Residents in north-east China are experiencing unannounced power cuts, as an
electricity shortage which initially hit factories spreads to homes.

 

People living in Liaoning, Jilin and Heilongjiang provinces have complained
on social media about the lack of heating, and lifts and traffic lights not
working.

 

Local media said the cause was a rise in coal prices leading to short
supply.

 

The country is highly dependent on coal for power.

 

One power company said it expected the power cuts to last until spring next
year, and that unexpected outages would become "the new normal". Its post,
however, was later deleted.

 

The energy shortage at first affected manufacturers across the country, many
of whom have had to curb or stop production in recent weeks.

 

 

But over the weekend residents in some cities saw their power cut
intermittently as well, with the hashtag "North-east electricity cuts" and
other related phrases trending on Twitter-like social media platform Weibo.

 

The extent of the blackouts is not yet clear, but nearly 100 million people
live in the three provinces.

 

In Liaoning province, a factory where ventilators suddenly stopped working
had to send 23 staff to hospital with carbon monoxide poisoning.

 

There were also reports of some who were taken to hospital after they used
stoves in poorly-ventilated rooms for heating, and people living in
high-rise buildings who had to climb up and down dozens of flights of stairs
as their lifts were not functioning.

 

One video circulating on Chinese media showed cars travelling on one side of
a busy highway in Shenyang in complete darkness, as traffic lights and
streetlights were switched off. City authorities told The Beijing News
outlet that they were seeing a "massive" shortage of power.

 

Social media posts from the affected region said the situation was similar
to living in neighbouring North Korea.

 

The Jilin provincial government said efforts were being made to source more
coal from Inner Mongolia to address the coal shortage.

 

Power restrictions are already in place for factories in 10 other provinces,
including manufacturing bases Shandong, Guangdong and Jiangsu.

 

China's leader Xi Jinping has pledged that his country will reach peak
carbon emissions within nine years.

 

However, various regions have been criticised by the government for failing
to make energy reduction targets, putting pressure on local officials not to
expand power consumption, the BBC's Stephen McDonell reports from
Beijing.-BBC

 

 

 

Instagram for kids paused after backlash

Plans to make an "Instagram experience" for under-13s, dubbed Instagram
Kids, have been paused.

 

Facebook would use the time to listen to "parents, experts, policymakers and
regulators", Instagram head Adam Mosseri wrote.

 

It follows leaked internal research the Wall Street Journal (WSJ) said
showed Instagram was "toxic for teen girls".

 

But in a recent blog, Facebook head of research Pratiti Raychoudhury called
this allegation "simply not accurate".

 

Instagram requires users to be at least 13 before they create an account -
but many children under that age use the platform anyway.

 

And the company previously told BBC News Instagram Kids would be a
"practical solution to the ongoing industry problem of kids lying about
their age to access apps" and enable children to connect with family and
friends in an "age appropriate way".

 

But in April, a letter from the Campaign for a Commercial-free Childhood,
signed by 99 groups and individuals, claimed the "image-obsessed" platform
was dangerous for children's health and privacy and called for the project
to be scrapped.

 

Supervision tools

In the new blog post, Mr Mosseri said he still believed it was better to
have a version of Instagram for 10-12-year-olds, rather "than relying on an
app's ability to verify the age of kids who are too young to have an ID".

 

"The reality is that kids are already online," he said.

 

While the project is paused, Instagram will expand its work on new opt-in
parental supervision tools, to cover 13-19-year-olds currently on Instagram.

 

There would be more announcements on that in the coming months, Mr Mosseri
wrote.

 

And while he disagreed with the WSJ's interpretation of the leaked research
it had "raised a lot of questions for people".

 

In 2020, teenage girls were asked when they felt bad about their bodies did
Instagram make them feel:

 

worse - 32%

better - 22%

"no impact" - 46%

But Facebook said the survey:

 

"relied on input from only 40 teens"

was deliberately focused on the most negative aspects of Instagram, to help
the company make improvements

showed body image was the only one of 12 possible teenage problems Instagram
made worse for girls

In other areas such as eating issues, loneliness, anxiety and sadness,
"teenage girls who said they experienced these challenges were more likely
to say that Instagram made these issues better v worse," it said.

 

"The research actually demonstrated that many teens we heard from feel that
using Instagram helps them when they are struggling with the kinds of hard
moments and issues teenagers have always faced", Ms Raychoudhury wrote, two
weeks after the WSJ report, part of its Facebook Files series.

 

But technology news site The Verge said Facebook's response "ignores many of
the issues raised in the WSJ piece, including that teens claimed they felt
addicted to Instagram".

 

Commentators have challenged Facebook to make public the research.

 

And on Monday, a Facebook representative told BBC News it planned to release
some of the research material to Congress.

 

"Our plan is to release the two most noteworthy source decks to Congress and
we're looking at a potential public release," they said.

 

"Our intention is that they will become public."

 

Facebook global head of safety Antigone Davis will answer questions at
forthcoming US Senate committee, where she is expected to be asked about the
WSJ report and plans for Instagram Kids.-BBC

 

 

 

UK visa plan will not fix lorry driver shortage, says boss

Plans to offer temporary visas to foreign lorry drivers will not make a big
difference to the UK's skills shortage, the boss of one of Europe's biggest
goods vehicle firms has said.

 

There was no longer an "endless amount of labour" in eastern Europe looking
for such jobs, said Jens Romer Sode, chief operating officer of Girteka.

 

He told the BBC that higher salaries alone would not solve the crisis.

 

More had to be done to make lorry driving an attractive career, he said.

 

On Saturday, the UK government announced measures to give temporary visas,
lasting until Christmas Eve, to 5,000 fuel tanker and food lorry drivers and
5,500 poultry workers in a bid to limit disruption in the build-up to
Christmas.

 

Freight industry group Logistics UK told the BBC that it was expecting the
policy to be "driven by wages".

 

It's estimated that the UK needs about 100,000 HGV drivers - with existing
shortages made worse by the pandemic, tax changes, Brexit, an ageing
workforce, low wages and poor working conditions.

 

The scarcity of lorry drivers is not a new problem, but the effects of
recent shortages have disrupted the supply chains of businesses and led to
customers finding some items unavailable in supermarkets and shops.

 

Girteka's Mr Sode said short-term visas and getting work for higher pay in
the UK could be "tempting" for foreign drivers.

 

But he added: "Competing on drivers' salaries and talent attractiveness
alone, I do not think will make a big difference."

 

He said: "Paying fair and good salaries of course is part of what every good
trucking company, including Girteka, will and must do.

 

"But I think the longevity of employment and ease of doing business is
equally important."

 

Challenges everywhere

Lithuania-based Girteka is one of the largest operators of goods vehicles in
Europe, with about 8,000 lorries.

 

The company plans to hire about 7,000 new drivers this year, saying that
more of them are needed per vehicle, so that workers can spend more time at
home.

 

Mr Sode said time was needed to ramp up the number of drivers and train them
properly: "It's not really something that is done in a heartbeat."

 

He added that the shortage of lorry drivers was not just a UK problem, but
was affecting other European countries too.

 

"We employ drivers in Lithuania, but just as many in Poland, Norway, Denmark
and Germany, and we see the challenges everywhere."

 

Survey findings about why there are driver shortages

Mr Sode said some eastern European countries used to have "an endless amount
of labour looking for this type of job, but that has definitely changed".

 

He said improving conditions for entrants to the job was now important.

 

"For the industry, it's very very key that either we make this attractive as
a workplace and as a career again or we will face more and more of these
bottlenecks."

 

Big step

Logistics UK's director of policy, Elizabeth de Jong, told the BBC that the
short-term visa plan was "a big step for government".

 

"We're expecting it to be driven by wages, there's some very compelling
packages around and [terms and conditions] as well.

 

"We know that many [HGV drivers] went back to Europe because of the value of
the pound, so we're hoping pay will matter."

 

Ms de Jong said it was "very hard to disentangle" the twin effects of Brexit
and Covid on the driver shortage.

 

"Testing, training and that short-term visa are all part of that solution.
Longer-term, it's improving facilities and parking spaces to make the whole
industry more attractive," she added.

 

Union representatives have expressed scepticism about the government's plan,
calling it a short-term approach to a long-term problem.

 

Livia Spera, general secretary of the European Transport Workers'
Federation, told the BBC: "There's a shortage of drivers everywhere, not
just in the UK, so I doubt that in this moment, it would be very attractive
for drivers to go to the UK. "

 

She added: "If you want to solve the problem, you need to have structural
solutions, like improving the working conditions of drivers."-BBC

 

 

 

Petrol supply: Army put on standby to ease fuel crisis

The Army is ready to help ease fuel supply problems after a fourth day of
long queues and pump closures.

 

Up to 150 military tanker drivers will prepare to deliver to forecourts
which have run dry because of panic buying.

 

The surge in demand came amid fears a driver shortage would hit fuel supply
- which is plentiful at refineries.

 

Transport Secretary Grant Shapps said: "We are starting to see panic buying
moderate with more grades of fuel available at more petrol stations."

 

The UK is estimated to be short of more than 100,000 lorry drivers - causing
problems for a range of industries, including food suppliers and
supermarkets, in recent months.

 

The government has blamed people needlessly buying fuel for causing queues
at many petrol stations with fuel running out in some places.

 

Motoring group the RAC said the price of a litre of unleaded petrol had
risen by a penny since Friday to an eight-year high. It added it was aware a
small number of retailers were hiking prices amid the soaring demand.

 

Meanwhile, there are mounting calls for key workers, such as health and
social care staff, to receive priority access to fuel where it is available.

 

Business Secretary Kwasi Kwarteng said the move to place the Army on standby
- meaning it is ready to respond to any request for support - was a
"sensible, precautionary step".

 

"If required, the deployment of military personnel will provide the supply
chain with additional capacity as a temporary measure to help ease pressures
caused by spikes in localised demand for fuel," he added.

 

The BBC's deputy political editor Vicki Young said she had been told an
initial 75 military drivers would be on standby, with up to 150 and the same
number of support staff available if needed.

 

They require specialised training which takes up to five days, she said.

 

The government has also authorised an extension to special driver licences
that allow drivers to transport goods such as fuel.

 

ADR licences due to expire between 27 September and 31 December will have
their validity extended until 31 January 2022, without refresher training or
exams.

 

Labour said the latest response to the fuel crisis was "an admission of
failure" and that asking the Army to step up was "a sticking plaster".

 

Leading fuel suppliers, including BP and Shell, have sought to reassure the
public that supplies remain unaffected at source - with pressures expected
to ease shortly.

 

"As many cars are now holding more fuel than usual, we expect that demand
will return to its normal levels in the coming days, easing pressures on
fuel station forecourts," they said in a joint statement.

 

Doctors, nurses, prison staff unions and care staff have called for
essential workers to be given priority for fuel.

 

The UK Homecare Association said people had been left waiting for carers at
home because staff had been caught in queues for petrol.

 

Unison called on ministers to use emergency powers to "designate fuel
stations for the sole use of key workers".

 

Some ambulance trusts have their own fuel pumps in their depots and their
supplies are expected to be prioritised - but essential workers can still be
caught out.

 

One ambulance driver in north London told the BBC he had visited several
filling stations in his search for fuel.

 

"I had zero tank, I was on my reserve, the light was on, it was getting
chaotic, my heart rate was going through the sky," he said, after finally
buying fuel in Brent Cross.

 

John McSorley, Strategic Commander for Yorkshire Ambulance Service NHS
Trust, said the service had "sufficient fuel stocks" for its ambulances and
"robust business continuity plans in place" to ensure it could still attend
to patients.

 

He added that some ambulance staff had found it "difficult" to get fuel for
their own cars, and that the trust had a staff transport plan it could
activate "should the situation escalate further".

 

Carol Curry, who needed fuel to drive her husband to a hospital appointment,
said she blamed the media for frenzied scenes at the pumps.

 

"If nobody had said about this, the lorry drivers and everything, then this
panic wouldn't have started," she said.

 

The government has temporarily exempted fuel companies from competition law,
allowing them to work together to target supplies at areas most in need.

 

Temporary visas, lasting until Christmas Eve, for 5,000 foreign fuel tanker
and food lorry drivers and 5,500 poultry workers have also been announced.

 

But Richard Walker, the managing director of supermarket Iceland, told BBC
Two's Newsnight the visas would not begin until mid-October, adding: "I
don't know who would give up a full-time job in Europe for a matter of
weeks."

 

Nearly one million drivers qualified to drive heavy goods vehicles are being
encouraged to rejoin the sector, and some 3,000 new recruits are expected to
undertake short, intensive driving courses.

 

Factors including Brexit, the pandemic, pay levels and an aging workforce
have all contributed to a shortage of lorry drivers.

 

After the UK left the European Union, many European drivers went back to
their home countries, or decided to work elsewhere because of the additional
border bureaucracy and the impact it had on their income.

 

The pandemic also prompted many foreign drivers to return home and led to a
huge backlog in HGV driver exams. Driver shortages have also been seen in EU
countries, including Germany and Poland.-BBC

 

 

Asian markets grapple with Evergrande fallout, eye China power crunch

(Reuters) - Asian shares mainly drifted lower Tuesday as investors continued
to fret over China Evergrande Group's (3333.HK) unsolved debt crisis and
eyed the potential impact of a widening power shortage in China.

 

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS)
was 0.13% lower on Tuesday, following a mixed session on Wall Street

 

In early trade Tuesday, Australia's benchmark S&P/ASX200 index (.AXJO) was
down nearly 1%, while Japan's Nikkei (.N225) was off 0.6%.

 

China's blue chip index CSI300 (.CSI300) edged up 0.1% at the open, as Hong
Kong's Hang Seng Index (.HSI) gained 0.44%.

 

The future of Evergrande, the world's most indebted property developer, is
being forensically scrutinised by investors after the company last Friday
did not meet a deadline to make an interest payment to offshore bond
holders. read more

 

Evergrande has 30 days to make the payment before it falls into default and
Shenzen authorities are now investigating the company's wealth management
unit.

 

Without making reference to Evergrande, the People's Bank of China (PBOC)
said Monday in a statement posted to its website that it would "safeguard
the legitimate rights of housing consumers".

 

Widening power shortages in China, meanwhile, halted production at a number
of factories including suppliers to Apple Inc (AAPL.O) and Tesla Inc
(TSLA.O) and are expected to hit the country's manufacturing sector and
associated supply chains.

 

Analysts cautioned the ongoing blackouts could affect the country's listed
industrial stocks.

 

"What we see in China with the developers and the blackouts is going to be a
negative weight on the Asian markets," Tai Hui, JPMorgan Asset Management's
Asian chief market strategist told Reuters.

 

"Most people are trying to work out the potential contagion effect with
Evergrande and how far and wide it could go. We keep monitoring the policy
response and we have started to see some shift towards supporting homebuyers
which is what we have been expecting."

 

On Wall Street, the Dow Jones Industrial Average (.DJI) rose 144.36 points,
or 0.41%, to 34,942.36, the S&P 500 (.SPX) lost 4.57 points, or 0.10%, to
4,450.91 and the Nasdaq Composite (.IXIC) dropped 68.29 points, or 0.45%, to
14,979.41.

 

Rising bond yields prompted a shift from growth to cyclical stocks in the
United States, in a move that analysts expect could become more permanent
after a prolonged period of supressed bond yields.

 

U.S. Treasury yields soared to a three-month high, touching 1.516% overnight
following the Federal Reserve's move last week to indicate fiscal stimulus
could be tapered as early as November. read more

 

U.S. investors are looking ahead to speeches later this week from several
senior Fed officials, as well as keeping an eye on any developments at China
Evergrande, broker Ord Minnett said in a note.

 

In Asian trade, the dollar was up nearly 0.1% in line with its performance
in the international session Monday after it rose alongside bond yields.

 

Gold was flat, while Brent crude oil was down 0.2%.

 

The Thomson Reuters Trust Principles.

 

 

 

China energy crunch triggers alarm, pleas for more coal

(Reuters) - As a severe power crunch roils China's northeastern industrial
heartland, senior officials face mounting pressure from alarmed citizens to
ramp up coal imports thick and fast in order to keep lights on, factories
open and even water supplies flowing.

 

With electricity shortages sparked by scant coal supply crippling large
sections of industry, the governor of Jilin province, one of the hardest hit
in the world's no.2 economy, called for a surge in coal imports, while a
power company association said supply was being expanded "at any cost".

 

News organisations and social media carried reports and posts saying the
lack of power in the northeast had shut down traffic lights, residential
elevators and 3G mobile phone coverage as well as triggering factory
shutdowns. A utility in Jilin even warned power shortages could disrupt
water supplies at any time, before apologising for causing alarm.

 

Speaking to local power firms on Monday, Han Jun, the governor of Jilin
province, with a population of close to 25 million people, said "multiple
channels" needed to be set up to guarantee coal supplies, and China should
source more from Russia, Mongolia and Indonesia.

 

Han said the province would also urgently dispatch special teams to secure
supply contracts in the neighbouring region of Inner Mongolia, according to
the province's official WeChat social media account.

 

Goldman Sachs estimated that as much as 44% of China's industrial activity
has been affected by power shortages, potentially causing a 1-percentage
point decline in annualised GDP growth in the third quarter, and a
2-percentage point drop from October to December.

 

It said in a note published on Tuesday that it was cutting its 2021 GDP
growth forecast for China to 7.8%, from the previous 8.2%. 

'AT ANY COST'

 

The power crunch has taken hold as a shortage of coal supplies, toughening
greenhouse gas emissions standards and strong demand from industry have
pushed coal prices to peaks - China's thermal coal futures climbed 7% by
0500GMT on Tuesday to a record 1,324 yuan ($204.76) per tonne.

 

Rationing has been implemented during peak hours in many parts of
northeastern China since last week, triggering state media reports of power
supply disruptions in many cities and stoking concern among the country's
avid social media users.

 

As some shops in the northeast operated by candlelight and malls shut early,
posts on China's Twitter-like Weibo service expressed concern about water
after a public utility in Jilin warned users that power shortages could hit
supplies at any time.

 

Jilin governor Han urged companies to fulfil their "social responsibilities"
and "overcome the difficulties" caused by coal price rises.

 

The China Electricity Council, which represents the country's power
suppliers, said in a note on Monday that coal-fired power companies were now
"expanding their procurement channels at any cost" in order to guarantee
winter heat and electricity supplies.

 

It said China needed to increase the production and supply of coal while
guaranteeing safety and environmental protection. More medium- and long-term
contracts needed to be signed to raise power plant inventories ahead of
winter.

 

Coal traders noted finding fresh import sources may be easier said than
done.

 

"Russia has to first meet demand from Europe, Japan and South Korea," said
one northeast China based trader. "Indonesia's export shipments have been
curbed by rainy weather the last couple of months and Mongolia's exports,
mostly by trucks, are small."

 

David Fishman, China energy policy researcher and manager at the Lantau
Group consultancy, said flaws in China's pricing system were ultimately to
blame for the current shortages.

 

"In the short term, the only relief policies that make sense are digging
more coal out of the ground, which is bound to be an unpopular idea, or make
end-users pay more for their power," Fishman said.

 

Policymakers had previously warned that China needed to build more coal
plants in order to offset potential power shortages over the 2021-2025
period, but utilisation rates at existing plants remain low.

 

Lauri Myllyvirta, lead analyst with the Helsinki-based Centre for Research
on Energy and Clean Air, said northeast China currently had 100 gigawatts of
coal-fired capacity, which would be more than enough to meet demand if
plants had the incentive to buy more coal.

 

"Not a single grid region has reported peak loads that would be even close
to exhausting available generating capacity," he said.

 

The Thomson Reuters Trust Principles.

 

 

Two Fed officials depart amid scrutiny over investment trades

(Reuters) - Two Federal Reserve officials who came under scrutiny for
investment trades they made last year announced their retirements on Monday,
in a controversy that has already sparked a planned review of the Fed's
ethics rules.

 

Dallas Fed President Robert Kaplan said he will retire on Oct. 8, citing the
"distraction" of the controversy over his investments, while Boston Fed
President Eric Rosengren said he will retire on Sept. 30, pointing to a
long-term health condition.

 

The two are among 12 regional Fed presidents that get rotating seats on the
central bank's powerful monetary policy committee, which sets U.S. interest
rates.

 

Kaplan and Rosengren had faced calls to step down for investment trades made
in 2020, a year in which the Fed took unprecedented action to steady the
economy, while news of the transactions, revealed in recent financial
disclosures, raised questions about the effectiveness of Fed trading
guidelines for policymakers.

 

Their departure came after Fed Chair Jerome Powell, who is nearing the end
of his term and under consideration for reappointment as Fed chief, called
earlier this month for a review of the central bank's ethics rules and said
the policies need to change.

 

Powell is due to testify before the Senate Banking committee on Tuesday,
where he may face questions from Democratic Senator Elizabeth Warren, who
has demanded stricter ethics rules at the regional Fed banks.

 

According to financial disclosures first reported by the Wall Street
Journal, Kaplan made multiple million dollar trades in individual stocks in
2020. Rosengren invested in real estate investment trusts on a smaller
scale, but he was criticized for making the moves while also calling out
risks in the real estate sector.

 

The financial disclosures did not look strikingly different from prior
years, and both officials said their investment trades were cleared by
ethics officers and did not violate Fed policy. They also previously agreed
to sell their stock holdings by the end of September to avoid even the
appearance of a conflict of interest.

 

But the actions were still viewed as problematic during a year when millions
of Americans lost their jobs and the Fed took sweeping action to stabilize
financial markets and the economy in the wake of the rapidly-unfolding
pandemic. read more

 

When asked if he trusted the two regional Fed bank presidents to do their
jobs, Powell said last week that "in terms of having confidence and that
sort of thing, I think, no one is happy."

 

Calls for broader reform of Fed ethics rules continued Monday despite the
resignations, with outside groups pressing Powell to take stronger action.
read more

 

'DISTRACTION'

 

Kaplan said on Monday afternoon: "Unfortunately, the recent focus on my
financial disclosure risks becoming a distraction to the Federal Reserve's
execution of that vital work."

 

Rosengren earlier cited a long-term health condition in his decision to step
down.

 

In a statement that did not mention the investment controversy, Rosengren
revealed that he qualified for the kidney transplant list in June of 2020
and wanted to make "lifestyle changes" to protect his health.

 

While Rosengren was facing mandatory retirement next June, Fed rules would
have allowed Kaplan to stay on until 2025.

 

The last such high-profile departure from the Fed was in 2017, when
then-Richmond Fed president Jeffrey Lacker resigned while acknowledging he
had, five years earlier, been the source of information used in a report by
Medley Advisors that included at that point unreleased information.

 

Lacker took explicit blame, saying his "conduct was inconsistent with ...
confidentiality policies." Neither Rosengren or Kaplan have acknowledged any
breach of the Fed ethics rules that require them to abide by certain trading
practices and avoid even the appearance of a conflict of interest.

 

NEW LEADERSHIP

 

Kaplan, 64, was hired to lead the Dallas Fed just over six year ago. The son
of a traveling jewelry salesman, Kaplan had taught at Harvard Business
School for about 10 years and before that was an executive at Goldman Sachs,
where he worked for 23 years.

 

Rosengren, a PhD economist, has been the president of the Boston Fed since
2007, and has been part of its staff since 1985. Prior to becoming president
he was head of the bank's supervision and regulation division.

 

Dallas Fed First Vice President Meredith Black will serve as interim
president after Kaplan steps down.

 

Boston Fed First Vice President Kenneth C. Montgomery will take over as
interim president during the search for Rosengren's replacement, which is
already underway given his approaching retirement date.

 

The back-to-back resignations leave a suddenly wider opening for a potential
overhaul of Fed leadership.

 

U.S. President Joe Biden is assessing whether to reappoint Powell and is
poised to nominate as many as three others to the seven-member
Washington-based Board of Governors, a group long criticized for mostly
being comprised of white men.

 

The departure of the two Fed bank presidents could allow for a more diverse
group of regional bank presidents, who are chosen by local boards of
directors with the approval of the Fed governors. Currently seven of 12 bank
presidents are white men, three are white women, and two are non-white men.

 

The Thomson Reuters Trust Principles.

 

 

 

Tesla Megapack fire in Australia blamed on undetected coolant leak

(Reuters) - A fire that damaged two Tesla Inc (TSLA.O) battery units at a
huge energy storage project in Australia in July was caused by a coolant
leak that went undetected during start-up tests, a state watchdog said in a
report released on Tuesday.

 

Safety regulators on Tuesday cleared the so-called Victoria Big Battery
project, run by French renewables firm Neoen SA (NEOEN.PA), to resume
testing at the site near Melbourne.

 

However the safety regulator Energy Safe Victoria said it will now determine
whether there have been any breaches of the state's electricity safety rules
and "if so, whether enforcement action is warranted".

 

Neoen said it is working with Tesla to ensure the 450 megawatt hour energy
storage project is ready for the Australian summer, which begins in
December. Testing will resume on Wednesday.

 

"We have taken the time to understand the cause of the incident and we have
implemented actions to ensure it will not happen again," Neoen Australia
Managing Director Louis de Sambucy said.

 

The fire was first detected on July 30 when smoke was spotted coming out of
one Megapack and then erupted into flames, which took several hours to
subside. It took three day before fire authorities declared the site under
control. read more

 

Investigations by several Victoria state agencies found that the fire in the
Megapack, a shipping container-sized battery unit, was triggered by short
circuits in two locations likely caused by a coolant leak outside the
battery compartment.

 

The short circuits occurred when the Megapack had been switched off after
initial testing, which removed fault protections. That meant the fault went
undetected and the fire spread to an adjacent battery compartment.

 

Actions have been taken to prevent that happening again at the Victoria site
and across Tesla's global fleet of Megapacks, Neoen said.

 

"Through these actions, Tesla has improved the detectability and associated
fault protection against these types of rare events," Neoen said.

 

The Victoria Big Battery is one of the world's largest and is seen as
essential to preventing blackouts in a market that is increasingly reliant
on solar and wind power, especially during heatwaves.

 

Tesla has not commented on the fire.

 

Energy Safe Victoria said it has required Tesla to provide the final results
of its investigation into why the fire caused the loss of a second Megapack
and what it will do to prevent that from happening again.

 

($1 = 1.3778 Australian dollars)

 

The Thomson Reuters Trust Principles.

 

 

 

Australia challenges Google's ad dominance, calls for data-use rules

(Reuters) - Australia's antitrust watchdog called for powers to curb
Google's use of internet data to sell targeted ads, joining other regulators
in saying the firm dominates the market to the point of hurting publishers,
advertisers and consumers.

 

The comments, in a report published on Tuesday, puts Australia alongside
Europe and Britain where regulators want to stop the Alphabet Inc (GOOGL.O)
unit trouncing rival advertisers by using the data it collects from people's
online searches - including on maps and YouTube - to place marketing
material. read more

 

The U.S. justice department is meanwhile preparing an anti-monopoly lawsuit
accusing Google of using its market muscle to hobble advertising rivals,
according to media reports. read more

 

"The Europeans and the U.K. are consulting on such laws at the moment and
we're going to be trying to align with them over the next year," Australian
Competition and Consumer Commission (ACCC) Chair Rod Sims said in a Reuters
interview.

 

"I don't think we're far behind."

 

Already this year Google said it was poised to withdraw core services from
Australia over a law - also recommended by the ACCC - forcing it to pay
media companies for content that drives traffic to its search engine. It
ultimately inked deals with most major outlets.

 

Google said, following the report, that its advertising arm supported over
15,000 Australian jobs and contributed $2.45 billion to Australia's economy
annually.

 

"As one of the many advertising technology providers in Australia, we will
continue to work collaboratively with industry and regulators to support a
healthy ads ecosystem," a spokesperson said.

 

Treasurer Josh Frydenberg, who commissioned the report, said the government
would consider its findings and recommendations.

 

'BETTER INTERNET'

 

While the U.S. justice department would likely use existing competition law
against Google, the ACCC said in its 200-page report that Google's dominance
of Australian online advertising was so entrenched that existing laws were
insufficient to rein in any anticompetitive behaviour.

 

More than 90% of clicks on Australian internet ads were at least partly the
result of one of Google's offerings in 2020, the regulator said. read more

 

The ACCC said the U.S. company benefited from vast amounts of internet user
data from its search engine, mapping and YouTube video streaming services,
and must be made to clarify publicly how it used that information to sell
and display advertisements.

 

It also wants special powers to address the imbalance of advertiser access
to consumer data, such as introducing a rule that would stop a company from
using data collected by one part of its business to sell targeted
advertisements via another part without a rival company getting the same
benefit.

 

Sims said he expected the global push to increase regulation of Google's
advertising business would raise the chances of cooperation between the U.S.
internet giant and the regulator.

 

"I just think they can see what's happening and it's in their interests that
these rules are aligned (between countries) and it's in their interests that
they're really well thought through," he said in the interview.

 

"We don't want to stifle innovation, we don't want to have any negative
effects, we just want to promote competition, reduce entry barriers, so that
consumers get a better internet, better transparency about what's going on,
and companies aren't paying too much."

 

The Thomson Reuters Trust Principles.

 

 

 

Tanzania: Grapes Small Scale Farmers Hopeful of Stable Markets

AFTER some difficult years, grapes small scale farmers in Dodoma are hopeful
of stable markets within and outside Tanzania as the government plans to
expand grape and wine production and the inclusion of grapes on the list of
economic strategy crops.

 

Ms Frida Josia, a 43-year-old single mother with two sons who was reared
here by grape farmers, said they see the light at the end of the tunnel by
the government decision to list grapes among the strategic crops.

 

"Grape farming is in my blood. When I was small, my father took me to our
family grape farm, and I observed how they dig the farrows, put manure in
them, and plant the seedlings, so grape farming is in my blood," she said
with a smile.

She said in Dodoma at the time, there was no permanent market for wine
grapes; the main customer was the DOWICO factory which perished in 1990, and
many farmers stopped growing grapes" she explains.

 

After years of assisting with grape farming, her father, she said, handed
her the first piece of land in 2008, a quarter of an acre. She began farming
grapes, starting with eleven rows of grape vines, and harvesting in 2011.

 

"By that time, the market had improved because of new grape buyers flocking
to Dodoma, acquiring grapes and selling them in Dar es Salaam and nearby
Kenya" she said when telling her success story.

 

Adding "When a winery become our main buyer of wine grapes in 2010, the firm
wanted to help us receive loans and agriculture inputs to ensure good
quality and quantity of grapes, so the KUMEKUCHA group was formed and I was
elected as its secretary", Frida adds.

 

The group consists of local grape farmers, with its main goal of improving
farmer's economic development through access to loans for agriculture inputs
and access to stable markets.

 

"I guess I was great for this position since I am a people person who
doesn't discriminate against anyone based on their age, gender or education"
she chuckles.

 

For the group, she locates markets, monitors grapes, and ensures that every
farmer sells his/her produce at the appropriate time.

 

"We have bright times ahead of us, as wine is becoming increasingly popular
and the exports of Tanzania to neighboring countries are growing fast"

 

"While I see grape diseases as a challenge, I also see a bright future
ahead. I own half an acre now and I am planning to grow to another two acres
soon. I also have bought land and will build a house next year. Grape
farming allows me to take good care of both of my children. It allows me to
envisage a future for them".-Daily News.

 

 

 

Tanzania: Little Return From Crop Hinders Agro-Industrial Investment

MINISTER for Agriculture, Prof Adolf Mkenda said little returns from the
crops sales has been a main factor hindering agro-industrial investment in
the country.

 

Speaking here over the weekend when launching the centre for disseminating
agriculture technology at Nzuguni, Prof Mkenda said they are aware of the
problems facing the sector and the government is working around the clock to
solve the challenges.

 

He said time is up to transform the agriculture sector so that to become a
vibrant one, so that it attracts investors to set up factories that will add
value while helping farmers to get the required returns for their produce.

Prof Mkenda said Tanzania is stuck in exporting some of its agricultural
crops due to little profit, even when they secure the markets for them.

 

"Take cassava for instance, we have failed to sell it outside the country
because it is unprofitable, its production has not yet been satisfactory.
Not only that, we still have problems to export almost all other crops, more
hard work is needed for us to move forward from here," he said.

 

He said the main task to be done as for now is to strengthen the sector by
using research in quality seeds production and strengthen extension
services.

 

He said Tanzania Agricultural Research Institute (TARI) has done a great job
to strengthen the sector and that it is now better for farmers to use the
research results in their activities to provide better returns.

 

TARI Director General, Dr Geoffrey Mkamilo said the newly launched hub will
allow farmers to get the best seeds researched by TARI and other services,
instead, of waiting for farmers' day which is observed once a year.

 

"This hub will provide services throughout the year and we will have a wide
variety of crops, which are doing well in the central zone," said Dr
Mkamilo.

 

The hub, located at Nzuguni, famously known as Nane Nane in Dodoma will
among others conduct researches on seeds, offer training of extension
officers, farmers and other stakeholders on different technologies along the
value chain throughout the year.

 

The centre will receive stakeholders' challenges in the value chain of the
products grown and seek appropriate solutions including mentoring and
training.

 

He insisted that TARI contributes to making traditional farming more
productive, and if possible making it commercial.-Daily News.

 

 

 

Kenya: MPs Train Guns on EPRA, Kenya Pipeline, KRA, KEPSA Over Hiked Fuel
Prices

Nairobi — The Energy and Petroleum Regulatory Authority (EPRA), the Kenya
Pipeline Company (KPC) and the Petroleum Institute of East Africa are among
five stakeholders expected to give submissions to the Parliamentary
Committee on Finance and National Planning as it begins its consideration of
the two petitions regarding the increase in prices of petroleum and
petroleum products.

 

A schedule issued by the Gladys Wanga-led committee shows that the Kenya
Private Sector Alliance (KEPSA) and the Kenya Association of Manufacturers
(KAM) are slated to submit there views on Tuesday on the hiked fuel prices
blamed for the sharp rise in the cost of living in the country.

Clerk of the National Assembly Micheal Sialai on Friday published a notice
urging members of the public to address themselves to a petition which was
submitted to the National Assembly by Antony Manyara and John Wangai seeking
to abolish the 8 per cent Value Added Tax, which staged an increase in the
prices of petroleum products.

 

Sialai said the committee will be required to inquire on how demurrage
charges, fees levied by shipping lines to the importer, affect the pricing
of petroleum, how much they are per month and in which component of the fuel
pricing they are contained.

 

The House team is also to inquire into the implementation of the Fuel
Stabilization Fund and establish why the Kenya Petroleum Refineries Limited
is still a factor in petroleum pricing yet it no longer refines crude oil.

 

"The inquiry also aims to understand the impact of increased fuel prices to
the economy and general welfare of Kenyans," read the invitation for public
submissions.

 

House Speaker Justin Muturi directed that the Wanga-led team should attach a
draft bill to the report proposing legislative interventions to reverse the
situation.

 

The matter has elicited a heated debate as both the Legislators and
Executive engaged in a blame game on whether there could be other reasons
beyond taxation causing fuel prices to rise.

 

The hearing comes a day after the High Court temporarily halted the decision
by Kenya Revenue Authority (KRA) to adjust exercises duty rates for
petroleum products.

 

Justice James Makau said the suspension order shall remain in place pending
hearing and determination of a judicial review application filed Isaiah
Yatta.

 

The judge directed that the petition be served to KRA, EPRA, Cabinet
Secretaries in charge of Treasury, Petroleum and Mining as well as
Energy.-Capital FM.

 

 

Nigeria: Russia to Assist Nigeria Revamp Ajaokuta Steel

President, Nigeria-Russia Chamber of Commerce and Industry, Dr Obiora
Okonkwo has expressed the readiness of the Russian Federation to assist the
Federal Government in revamping the near-moribund Ajaokuta Steel Company

 

Dr Okonkwo disclosed this in Abuja at a news conference to announce the
inauguration of the Nigeria-Russia Chamber of Commerce and Industry.

 

He said: "Russia has made itself available to the Nigerian government that,
should they decide to bring back the original equipment manufacturer, they
are ready to assist. "

Okonkwo said revamping Ajaokuta has a lot more to do with Nigeria and not
Russia. "It is more of our policy somersault and a whole lot of conflicting
international interests

 

"Nigeria's Ministry of Mines and Steel Development is in talks with the
Russian Ministry of Trade and Investments and they are willing to help
Nigeria in that regard".

 

Speaking when he received in audience a delegation of Nigerian-Russian
Chamber Of Commerce and Industry, Vice President Yemi Osinbajo said "with
mutual diplomatic relations between both countries dating back to the 60s,
the formal inauguration of a Nigeria-Russia Chamber of Commerce and Industry
will greatly consolidate efforts made to deepen the long-lasting
relationship and invigorate business opportunities.

 

Osinbajo said: "This is a very unique opportunity for us to do really good
work and to strengthen relations between our countries."

 

He reiterated the support of the Federal Government to ensure that the
Chamber of Commerce to be inaugurated soon "works for the benefit of
Nigerian businesses and Russian investors and business people."

 

The delegation also included representation from the Russian government,
including a special envoy of the Ministry of Foreign Affairs of the Russian
Federation, Mr Oleg Ozerov, and the country's Ambassador to Nigeria, Mr
Alexey Shebarshim.-Daily Trust.

 

 

Nigeria: 15 Percent Businesses Expanded Using Tech Despite Covid-19 - Report

A report by the National Bureau of Statistics (NBS) has revealed that 15 per
cent of businesses were able to expand their operations during the COVID-19
pandemic while incorporating technology to conduct business.

 

The report titled: "The Impact of COVID-19 on Business Enterprises in
Nigeria," was launched by NBS in partnership with the United Nations
Development Programme (UNDP), based on 3,000 interviews from both the formal
and informal sectors.

 

The report noted that just 15% of the enterprises expanded their products
and services or their sales and distribution channels. It added that survey
responses by business owners showed that their business reach was not
hindered as they did so primarily by "including online marketing and
delivery services as part of their sales and distribution channels".

"Differences across the sectors were evident with more formal enterprises
employing online marketing while more of the informal enterprises resorted
to adding delivery services as part of their operations," the report noted.

 

The report indicated that the trend towed the broader global movement
towards e-commerce and direct distribution to consumers to reduce health
risks and overcome hurdles imposed by the pandemic restrictions.

 

It, however, observed that the low adoption by businesses was a result of
not integrating internet channels in their operations in the first place.

 

The report further reads: "Results indicate that higher proportions of
enterprises that used the internet, computers, mobile banking, and social
media also expanded product lines/distribution channels relative to those
who did not use these platforms."

 

The report revealed that while COVID-19 containment efforts led to the
closure of businesses, there were differences in closure rates between
formal and informal businesses because "while 63% of those in the formal
sector had previously closed, the figure for informal enterprises was lower
at 56%".

 

The report explained that a third of informal businesses continued to
operate throughout the pandemic as a form of resistance to regulation by the
government as they had no alternative means of subsistence.

 

"For those informal businesses, approximately a quarter never closed. Since
formal businesses are directly regulated by the federal and local
governments, those that remained open were likely designated as essential
businesses that were allowed to continue operating through lockdowns, such
as grocery stores and food vendors, pharmacies, etc."-Daily Trust.

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


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.

 


 

 


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