Major International Business Headlines Brief::: 30 September 2021

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Major International Business Headlines Brief::: 30 September 2021

 


 

 


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

 


 

 


ü  Changing China: How Beijing's crackdowns are impacting business

ü  'Bad bank' to clean up India's $27bn debt mountain

ü  Researchers find Apple Pay, Visa contactless hack

ü  Russia threatens YouTube ban for deleting RT channels

ü  United Airlines to fire staff who refuse vaccine

ü  Amazon's algorithms taken to task in landmark bill

ü  Next warns of staff shortages and price rises

ü  GB number plate sticker no longer valid abroad

ü  Petrol supply: Reserve fuel tankers on the road to help boost deliveries

ü  Three more energy firms go bust amid gas price rise

ü  Africa: Facebook-Backed 2Africa Set to Be the Longest Subsea Cable Upon Completion

ü  Nigeria: Financial Services Organisations Hit By Ransomware Spend Over $2m in Recovery Costs - Report

ü  H&M's Sept sales hit by supply delays after profit tops pre-pandemic level

ü  IPOs slow down globally in Q3 after frenetic 2021 start

ü   

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Changing China: How Beijing's crackdowns are impacting business

Hardly a day has gone by in recent months without news of a fresh crackdown on one part of the Chinese economy or another.

 

The slew of announcements of tough new regulations and the stringent enforcement of existing rules have targeted many of the country's biggest companies.

 

As we explained in the first part of this series on the recent developments in China, these measures are part of President Xi Jinping's centrepiece policy initiative, known as "common prosperity".

 

The phrase is not a new one in China. It has been around since the 1950s, when it was used by the founding leader of the People's Republic of China Mao Zedong.

 

The sharp escalation of the term's use in the year that the Chinese Communist Party (CCP) also celebrates its 100th anniversary has been seen as a signal that it is now central to government policy.

 

Key to the common prosperity policies are Beijing's attempts to narrow the huge wealth gap between the nation's richest and poorest citizens.

 

It is an issue that some would argue both endangers the rise of the world's second largest economy and poses an existential threat to the CCP.

 

These latest measures are seen by some as a way to rein in the billionaire owners of some of China's biggest companies to instead give customers and workers more of a say in how firms operate and distribute their earnings.

 

'Local moves with a global impact'

The ramping up of rhetoric from Beijing in recent months has seen action being taken against a dizzying array of Chinese business interests.

 

Everything from insurance agents, private tutoring firms, real estate developers and even companies planning to sell shares in the US have come under intense scrutiny.

 

The technology industry, in particular, has seen a deluge of action against it, including crackdowns on ecommerce firms, online finance services, social media platforms, gaming companies, cloud computing providers, ride-hailing apps and cryptocurrency miners and exchanges.

 

These moves are, of course, having a major impact on both China's economy and society, and effects are also being felt around the world.

 

The country has long been seen as the factory of the world, as well as a major engine of global economic growth.

 

Now, the uncertainty around the regulation of businesses in China is making it difficult for companies from overseas to make decisions about potential investments.

 

Although another way of looking at it is that while there will be some short-term upheaval as the new rules are implemented, the reworked regulatory framework will remove uncertainty in the long-term. Presumably, that's the way the Chinese government views it, at least.

 

Crushing the mighty Ant

Even before it became fully apparent that Mr Xi was looking to reshape China's economy with his common prosperity policies, Beijing unleashed a shock and awe display of its firepower.

 

Less than a year ago, Jack Ma, the multi-billionaire founder of Alibaba who was known for his flamboyant appearances at dazzling corporate events, was just about to oversee the world's biggest ever stock market debut.

 

The initial public offering of Ant Group, Alibaba's financial affiliate and owner of China's largest digital payment platform Alipay, was set to rake in $34.4bn (£25.4bn).

 

It would have made Mr Ma Asia's richest person, but then he made a controversial speech criticising China's financial system.

 

Within days of the address the share sale was called off and the once-high-profile Mr Ma was not seen again in public until January the following year.

 

Jack Ma, founder of China's e-commerce giant Alibaba, dressed as Michael Jackson at a party celebrating the 18th anniversary of Alibaba Group in 2017.

 

Since then Alibaba has been hit with a record $2.8bn fine after a probe found that it had abused its market position for years. Ant has also announced a drastic restructuring plan for its business.

 

Whether or not the episode was officially part of the common prosperity initiative we can leave to the historians of the future.

 

What we can say for sure is that Mr Ma's spectacular fall from grace and the action taken against his vast business empire served as a powerful opening act to the drama that is now reaching into every corner of China's economy.

 

Teetering tower of debt

China Evergrande Group is another vast company that has found its fate intertwined with common prosperity policies.

 

Its core business is real estate development but the company also has interests in wealth management, electric cars and food and drink manufacturing. It even owns one of China's biggest football teams - Guangzhou FC.

 

It is run by a multi-billionaire, Hui Ka Yan, who unlike Jack Ma actually did, briefly, become Asia's richest person - back in 2017, according to Forbes.

 

In recent weeks the debt crisis engulfing Evergrande has rocked global financial markets.

 

On its way to becoming one of China's biggest real estate developers it racked up debts of more than $300bn.

 

Beijing now views heavily-indebted property firms as a threat to the economy, so Evergrande was exactly the sort of company it had in mind when it introduced measures to cut borrowing in the sector.

 

Now, without enough fresh infusions of borrowed money, the company is struggling to meet the repayments on its existing debts.

 

Under the common prosperity doctrine, authorities seem more likely to help buyers of Evergrande's properties and the customers of its wealth management business rather than the company itself and its other creditors like bond holders and banks.

 

This notion was supported just this week when China's central bank, without directly mentioning Evergrande, vowed to protect consumers exposed to the housing market.

 

That all adds up to a major headache for financial markets as the firm has seen more than 80% wiped off its stock market value in just the last six months.

 

A boss battle for gaming

When in early August a Chinese state media outlet called online games "spiritual opium" it was viewed as a red flag.

 

The news sent shares in gaming firms like Tencent and NetEase sharply lower as the industry braced itself for tough new curbs.

 

To no-one's surprise, later the same month authorities unveiled plans to further clamp down on the country's young gamers and impose tighter regulations on gaming platforms.

 

Under-18s were told that they would be allowed to play for only an hour on Fridays, weekends and holidays and that gaming would only be allowed between 8pm to 9pm.

 

A group of teenage Chinese boys playing mobile video game.

 

The new regulations mean that it will be up to the gaming companies to prevent children from breaking the rules, while authorities have said they will increase their scrutiny of the firms to ensure the limits are enforced.

 

If all of this sounds like the Chinese government must be running out of businesses to hit with new rules, Beijing has signalled that the crackdowns will continue for years to come.

 

Just last month, it published a new 10-point plan, which runs to the end of 2025, outlining tighter regulation of much of the economy.

 

What is not yet clear is just how radically these new rules and much stricter enforcement of existing ones will reshape the world's second largest economy.

 

The outcome of that is likely to have major ramifications for all of us, whether we live in China or not.-bbc

 

 

 

'Bad bank' to clean up India's $27bn debt mountain

With more than 150,000 branches loaded with $2tn (£1.46tn) worth of deposits and serving over a billion customers, India's banks look impressive on paper.

 

In reality, they are in a mess.

 

A clutch of banks is saddled with tens of billions of dollars of bad loans after years of injudicious lending to dud projects. State-owned banks account for more than 60% of the sour debt. Five banks have been rescued from collapse since 2018.

 

Bad loan recoveries have traditionally been low - up to a third of total loans - and have only improved a bit (40-45%) after a 2016 bankruptcy law which allows for liquidation of assets. And now borrowers hit by the pandemic could further default and add to the soaring debt in the coming months.

 

Are Indians losing trust in banks?

The bailouts - more than $35bn of taxpayers' money was injected to revive ailing banks between 2005 and 2009 alone - haven't helped much. In July last year, Fitch Ratings said India's struggling banks would need between $15bn-$58bn in infusion of fresh funds by 2022.

 

Now the government plans to float a long talked-about "bad bank" which will try to tame $27bn of bad loans and clean up the balance sheets of commercial banks.

 

This would still be a quarter of India's estimated $100bn of bad loans on the books of commercial banks. The resultant squeeze on credit has not only hobbled banking but undermined growth: private investments have nosedived as risk-averse banks are unwilling to lend freely.

 

This picture taken on September 1, 2017 shows under construction residential buildings by Jaypee group in Noida, a suburb of New Delhi. Hundreds of homebuyers on September 3, petitioned India's top court to challenge the country's insolvency law, their lawyer said, amid fears that bad loan problems are spilling over to hurt ordinary people.

 

A "bad bank" - also described as an asset reconstruction company - typically buys bad loans from affected banks at an agreed price. Then it liquidates or sells assets that borrowers have offered as securities against loans. The proceeds from the sales help the banks recoup some of the money they had lent to companies.

 

This is not the first time India has faced a bad loan crisis or launched a "bad bank". In fact, there have been 28 such firms, all privately owned, in the past two decades, but recoveries have been underwhelming.

 

This time, the government has formed two companies - one which will acquire the bad loans and will be state owned; and the other, partly privately owned, will try to sell the assets.

 

The government will pay the difference between the expected value of assets by the commercial bank and what the "bad bank" will be able to raise from the asset sales.

 

'We lost our money and then our son'

It will not be easy.

 

For one, the banks have to agree on valuations.

 

"Say there are 20 lenders in one company. All of them have to agree on many things. How much are the loans worth today? How much are the assets of the borrowers worth? Convincing a bank to sell loans at a loss is a challenge," says Anil Gupta, vice-president of financial sector ratings at ICRA, an investment and credit rating agency.

 

"Banks are usually skilled in lending but not recovery and resolution of bad loans."

 

Here, the second company will come into play.

 

It will bid for the assets of ailing and defunct companies: mainly land, plant and machinery, and some of it at scrap value. Half-a-dozen industries account for some 80% of the bad loans: they are in iron and steel, aviation, mining, roads, power and telecoms sectors.

 

Among the bouquet of 12 big defaulting firms - called "The Dirty Dozen' - are ones that used to make steel, textiles, infrastructure and ships; distribute electricity; develop real estate and build infrastructure. Some of their assets need to be sold, and that will be a challenge in a slowing economy.

 

In the long term, India needs to radically clean up its banking. At less than 60% India's credit to GDP ratio remains low, yet its banks have some of the highest non-performing loans in the world.

 

The loans began piling up between 2006 and 2008, when growth was buoyant and borrowing was easy. The global financial crisis of 2007-8 and the slowdown of growth left India relatively unscathed, and enthusiasm for investing didn't wane.

 

"Bad loans are sown in good times," says C Rangarajan, a former central bank governor.

 

India economy: Seven years of Modi in seven charts

This led, say experts, to a "classic case of irrational exuberance". A cocktail of high economic growth, even higher credit growth, low inflation, and a reduced fiscal deficit led to risk-taking by companies and banks, according to Tamal Bandyopadhyay, author of Pandemonium: The Great Indian Banking Tragedy.

 

Overconfident bankers did not do due diligence for many loans. Banks "lived on hope", giving fresh loans to book artificial profits by recovering interest on previous loans.

 

"India's crony capitalists used bank loans as both debt and equity to finance their projects. In a capitalist system, the businessman is expected to bring in the equity," says Mr Bandyopadhyay.

 

Experts say a "bad bank" will not be a magic bullet to cure what is a systemic problem with Indian banking.

 

State-owned banks will have to become truly independent, clean up their act and become more efficient lenders after accounting for market risks, and weighing their risk appetite. Improved regulation by India's central banks would help. Loan sales need more transparency.

 

"The bad bank is a step in the right direction," says Mr Gupta. "But only time will tell how it works out."-bbc

 

 

 

Researchers find Apple Pay, Visa contactless hack

Large unauthorised contactless payments can be made on locked iPhones by exploiting how an Apple Pay feature designed to help commuters pay quickly at ticket barriers works with Visa.

 

In a video, researchers demonstrated making a contactless Visa payment of £1,000 from a locked iPhone.

 

Apple said the matter was "a concern with a Visa system".

 

Visa said payments were secure and attacks of this type were impractical outside of a lab.

 

The problem, researchers say, applies to Visa cards set up in 'Express Transit' mode in an iPhone's wallet.

 

"Express Transit" is an Apple Pay feature which enables commuters to make quick contactless payments without unlocking their phone, for example touching-in and touching-out at a London Underground ticket barrier.

 

It is a weaknesses in how Visa systems work with this feature, that researchers from the Computer Science departments of Birmingham and Surrey Universities, discovered how to attack.

 

Relay attack

In demonstrating the attack, the scientists only took money from their own accounts.

 

In very simple terms - and with many key details deliberately omitted- the attack works like this:

 

a small commercially available piece of radio equipment is placed near the the iPhone, which tricks it into believing it is dealing with a ticket barrier

at the same time an Android phone running an application developed by the researchers is used to relay signals from the iPhone to a contactless payment terminal - this could be in a shop or one the criminals control

because the iPhone thinks it is paying a ticket barrier, it doesn't need to be unlocked

meanwhile the iPhone's communications with the payment terminal are modified to fool it into thinking the iPhone has been unlocked and a payment authorised - allowing high value transactions to be made without entering a PIN, fingerprint or using Face ID

In a demonstration video seen by the BBC, researchers were able to make a Visa payment of £1,000 without unlocking the phone or authorising the payment.

 

The researchers say the Android phone and payment terminal used don't need to be near the victim's iPhone.

 

"It can be on another continent from the iPhone as long as there's an internet connection" said Dr Ioana Boureanu of the University of Surrey.

 

Stolen phones

The researchers have so far demonstrated the attack only in the "lab" - and there's no evidence that criminals are currently exploiting the hack.

 

Ken Munro, a security researcher with Pen Test Partners, who was not involved in the research, told the BBC it was "a really innovative piece of research" and needed to be fixed quickly.

 

He said it's a similar attack to having a contactless credit card terminal tapped against your wallet or purse.

 

But this attack was rather more insidious, he said, as it doesn't need the card terminal any more - just a small box of electronics that can relay the fraudulent transaction elsewhere

 

"Perhaps the greatest worry is for a lost or stolen phone. The crook doesn't have to be concerned about being spotted by others as they carry out the attack any more."

 

The university researchers also said the attack might be easiest to deploy against a stolen iPhone.

 

The researchers say they first approached Apple and Visa with their concerns almost a year ago - there have been "useful" conversations, but the problem has not been fixed.

 

Visa's view was that this type of attack was "impractical".

 

It told the BBC that it took all security threats seriously, but "Visa cards connected to Apple Pay Express Transit are secure, and cardholders should continue to use them with confidence.

 

"Variations of contactless fraud schemes have been studied in laboratory settings for more than a decade and have proven to be impractical to execute at scale in the real world".

 

It is possible, for example, that Visa's fraud detection systems would spot and block unusual patterns of spending, although the researchers did not encounter this problem in their lab tests.

 

There's also the practical problem of getting close to a victim's phone.

 

Anyone who thinks they have lost their phone can use Apple's iCloud to block Apple Pay or wipe the phone, and they can also alert Visa and block payments.

 

Apple told the BBC: "We take any threat to users' security very seriously. This is a concern with a Visa system but Visa does not believe this kind of fraud is likely to take place in the real world given the multiple layers of security in place".

 

"In the unlikely event that an unauthorised payment does occur, Visa has made it clear that their cardholders are protected by Visa's zero liability policy".

 

But Dr Andreea Radu, of the University of Birmingham who led the research, told the BBC complex attacks that work in the lab can end up being used by criminals.

 

"It has some technical complexity - but I feel the rewards from doing the attack are quite high", she said, adding that if unaddressed "in a few years these might be become a real issue".

 

Dr Tom Chothia also at the University of Birmingham, said iPhone owners should check if they have a Visa card set up for transit payments, and if so they should disable it.

 

"There is no need for Apple Pay users to be in danger, but until Apple or Visa fix this they are", he said.

 

Secure systems

The researchers also tested Samsung Pay, but found it could not be exploited in this way.

 

They also tested Mastercard but found that the way its security works prevented the attack.

 

Co-author Dr Ioana Boureanu, from the University of Surrey, said this showed systems could be "both usable and secure".

 

The research is due to be presented at the 2022 IEEE Symposium on Security and Privacy.-BBC

 

 

 

Russia threatens YouTube ban for deleting RT channels

Russia has threatened to ban YouTube if it does not reinstate two German-language channels backed by the Russian state that were deleted for violating Covid misinformation guidelines.

 

Russian media watchdog Roskomnadzor accused YouTube of censorship.

 

The agency ​​”demanded” that the channels be restored.

 

It comes as YouTube also expanded its misinformation policies to cover all effective vaccines, not just Covid ones.

 

The tech firm said the measles, mumps and rubella (MMR) vaccine being falsely attributed to causing autism, was one example of the types of content the new policy will cover which had previously been allowed.

 

Defying suspension

In the Russian argument, RT DE had already received a warning from YouTube for breaching coronavirus misinformation guidelines.

 

It was given a week-long suspension from posting on the platform.

 

During this time, RT used a second channel - Der Fehlende Part - to upload content which also violated these policies.

 

As a result, both were deleted by YouTube.

 

But the move may have repercussions.

 

Internet service providers in Russia can limit or block the flow of data to websites, as instructed by the government.

 

The state used these powers in March to restrict access to Twitter after Roskomnadzor said it failed to remove around 3,000 posts allegedly involving banned content.

 

In May, it also threatened to slow down YouTube for failing to remove videos it said were ”unlawful”.

 

“YouTube has always had clear community guidelines that outline what is allowed on the platform,” a spokesperson for the platform said.

 

In August, Sky News Australia was suspended on the platform for a week after posting videos that denied the existence of Covid and encouraged the use of unproven and potentially dangerous treatments hydroxychloroquine and ivermectin.

 

The Russian YouTube channels were taken down for posting misinformation about Covid and trying to evade a YouTube-imposed ban. Previously, they've been accused by Germany of 'manipulative' reporting on anti-lockdown protests, and for spreading divisive content ahead of last week's election.

 

YouTube's move to suspend the Russian state-operated channels has been met by predictable outrage from Moscow, which portrays itself as an innocent victim of US-backed 'Russophobia', trying to silence its voice abroad.

 

The affair is being portrayed by the Russian government as information warfare instigated by Germany, calling this incident "Operation Media Barbarossa", a reference to the Nazi invasion of Russia in 1941.

 

And it's expressing its anger through predictable means - suggesting that retaliatory measures are in the pipeline not only against YouTube, but also German broadcasters in Russia.

 

We can expect at least some sort of action from Moscow. RT's editor-in-chief Margarita Simonyan - a close friend of Vladimir Putin - says that she was looking forward to Moscow "banning Deutsche Welle and other German media outlets".

 

It's a predictable dance faced by governments and - increasingly - the big tech companies. How far can they tolerate misinformation from foreign broadcasters if their own media organisations get caught in the retaliatory crossfire?

 

Presentational grey line

YouTube's new rules on misinformation, meanwhile, mean any videos containing misinformation about any vaccine that has been approved by health authorities will be removed.

 

Under its previous guidelines, these videos would not be promoted by the website - meaning fewer views - but would not be deleted outright.

 

YouTube said it has removed 130,000 pieces of content related to Covid vaccine misinformation since last year, as part of a total of one million videos removed by the platform for spreading Covid-related misinformation.-BBC

 

 

United Airlines to fire staff who refuse vaccine

Nearly 600 United Airlines employees face being fired after failing to comply with the firm's Covid-19 vaccination policy.

 

The vast majority of its 67,000 US staff have supplied proof of vaccination, which was required by Monday.

 

"This was an incredibly difficult decision," its bosses said in a memo to employees.

 

The Chicago-based airline set out its Covid requirements for staff in August.

 

Its US employees had to upload proof of vaccination, or the first of two jabs, by the deadline on Monday.

 

The 593 workers who have refused a coronavirus vaccine and have not applied for an exemption on religious or medical grounds now face losing their jobs.

 

"Our rationale for requiring the vaccine for all United's US-based employees was simple - to keep our people safe - and the truth is this: everyone is safer when everyone is vaccinated, and vaccine requirements work," its chief executive Scott Kirby and president Brett Hart said on Tuesday.

 

"This was an incredibly difficult decision but keeping our team safe has always been our first priority," they said.

 

Some of those employees could be kept on if they have been jabbed and have simply failed to submit proof of vaccination - or if they are vaccinated before formal meetings on the matter, the company said.

 

United said it would follow the rules outlined in union agreements on the dismissals. The process could take weeks or months.

 

A further 2,000 employees have requested an exemption to the policy.

 

It previously said it would put those who are exempt on temporary, unpaid leave from 2 October. But those plans were put on hold after a lawsuit was filed by six employees challenging the policy.

 

A flight attendant assists a passenger before a JetBlue flight to London at JFK International Airport in the Queens borough of New York City, New York, U.S., August 11, 2021.

 

 

Fiona Cincotta, market analyst at City Index, told the BBC's Today programme that the "strict" policy was not likely to be introduced by UK airlines.

 

Like many companies in the aviation sector, United was severely hit by pandemic-related travel restrictions.

 

At the height of the crisis, it announced that it would need to furlough up to 36,000 staff.

 

It denied, however, that its vaccine policy would affect recruitment going forward, although vaccination will be a condition of hire for new staff.

 

On Tuesday it said that it had received more than 20,000 applications for about 2,000 flight attendant jobs.

 

Elsewhere in the US, few airlines have introduced vaccine mandates for its staff. Delta Airlines, for example, has announced a $200 (£148) monthly health insurance surcharge for those who are not jabbed.-BBC

 

 

Amazon's algorithms taken to task in landmark bill

The methods Amazon and other employers use to monitor, reward and discipline warehouse workers are being shaken up in California.

 

State governor Gavin Newsom has signed a bill prohibiting the workers from being fired for failing to meet a quota that does not allow for rest breaks.

 

Amazon workers have complained of having to work gruelling hours, with harsh penalties for being "off task".

 

The online retailer has not commented on the new law.

 

Bathroom facilities

The bill, the first of its kind, comes into force in January 2022.

 

Companies will have to detail the number of tasks they expect warehouse workers to complete within a certain timeframe and any penalties for failing to do so.

 

"An employee shall not be required to meet a quota that prevents compliance with meal or rest periods, use of bathroom facilities, or occupational health and safety laws," the bill says.

 

Amazon has about 150,000 employees in California.

 

'Arduous workloads'

Its pay and benefits are considered generous for the industry.

 

But some complain conditions are not and arduous workloads create mental and physical problems.

 

One of its most controversial policies is time off task (TOT).

 

Amazon's algorithms calculate which hours of a shift are off task, based on the number of items scanned, with penalties for those who underperform.

 

Previously, the system had sent an alert if workers were off task for half an hour.

 

But in June, Amazon tweaked its policy to average scanned items over a longer period.

 

At the time of the change, worldwide operations vice-president Dave Clark blogged the tool "could be easily misunderstood" but was primarily to "understand whether there are issues with the tools that people use to be productive" and only secondarily to identify underperforming employees.

 

One of the biggest criticisms of Amazon is its use of technology, including a large number of robots, dehumanises workers.

 

It uses an array of technology to keep an eye on workers, including cameras in delivery vans and an app that monitors driving.

 

'Union-busting tactics'

In April, workers in Bessemer, Alabama, voted for the first time on whether they wanted to be represented by the National Retail, Wholesale and Department Store Union (RWDSU).

 

The vote went against the union but amid allegations Amazon had used union-busting tactics, including:

 

altering a traffic-light system outside the warehouse to give union officials less time to leaflet workers

bombarding workers with texts, posters and signs encouraging them to vote no

The National Labour Relations Board found enough evidence Amazon had interfered with the process to warrant a second vote, yet to be held.

 

RWDSU president Stuart Applebaum welcomed the new California legislation but said a union contract "is better".

 

Transparency about what warehouses required of its workers was needed, he said, but "many other issues" had to be addressed.

 

In June, the US Teamsters Union announced it was also aiming to recruit Amazon workers.-BBC

 

 

 

Next warns of staff shortages and price rises

Next has warned of price rises and staff shortages before Christmas unless immigration rules are eased.

 

The High Street chain said some areas of its business were "beginning to come under pressure", including warehouse and logistics staffing.

 

It blamed higher shipping costs, particularly for larger furniture items, for pushing up its prices.

 

The Home Office said it was working with industry to "understand how we can best ease particular pinch points".

 

Next urged the government to "take a more decisive approach to the looming skills crisis" and said that the lorry driver crisis was "foreseen, and widely predicted".

 

The company's warning over potential staffing issues during the festive period was made in its half-year results, which showed profit before tax was up by 5.9% compared to 2019 levels.

 

The company said rising shipping costs had driven up prices by about 2%, with its larger home products "bearing the brunt of the increase".

 

It added that in the first half of next year it expected prices to increase by an average 2.5%, with homeware prices up 6%.

 

Next chief executive Lord Wolfson said the firm was not currently having difficulties in recruiting staff for its stores, but warned warehouse and logistics staffing was "beginning to come under pressure".

 

"We anticipate that, without some relaxation of immigration rules, we are likely to experience some degradation in our service in the run up to Christmas," he said.

 

A government spokeswoman said: "We want to see employers make long term investments in the UK domestic workforce instead of relying on labour from abroad.

 

"The government encourages all sectors to make employment more attractive to UK domestic workers through offering training, careers options, wage increases and investment."

 

Lorry driver shortage

Many UK sectors, from fuel firms to supermarkets, have supply chain problems at the moment due to a chronic shortage of lorry drivers.

 

The shortage in drivers in the UK is estimated to be about 100,000, according to industry bodies, with a long-term problem being made worse by the pandemic, tax changes, Brexit, and an ageing workforce.

 

The recent supply chain problems led to the UK government announcing it will grant temporary visas, lasting until Christmas Eve, to 5,000 fuel tanker and food lorry drivers and 5,500 poultry workers.

 

Lord Wolfson was a strong advocate of Brexit in the run-up to the referendum, but he has been critical of the government's approach towards post-Brexit immigration.

 

He has said the imposition of a minimum salary of £30,000 was a mistake.

 

In a statement, Next added: "The HGV crisis was foreseen, and widely predicted for many months. For the sake of the wider UK economy, we hope that the government will take a more decisive approach to the looming skill crisis in warehouses, restaurants, hotels, care homes, and many seasonal industries.

 

"A demand led approach to ensuring the country has the skills it needs is now vital."

 

'Golden girl of the high street'

The company's performance for the half year to July was largely fuelled by a surge in online revenue, with sales increasing by 52% compared to pre-pandemic levels.

 

Lord Wolfson said the retail bounce-back from the coronavirus pandemic was "far stronger than we anticipated".

 

"Sales in retail stores have done better than planned, while online sales have fallen back less than we expected. It appears that the wider economy has not suffered the long term damage many feared, for the moment at least. And, in particular, employment has held up well," he added.

 

The retailer raised its full year profit outlook for the fourth time in six months.

 

Sophie Lund-Yates, equity analyst at Hargreaves Lansdown, said Next's "ever-growing" online business had led it to brush off the "worst of the woes brought on by lockdown".

 

"Next is the golden girl of the high street," she said.

 

"The High Street star hasn't escaped unscathed by the labour, supply and cost issues sweeping across the country.

 

"While things are stable for now, a lack of foreign workers means some Christmas deliveries might take longer to arrive during the peak trading season."-BBC

 

 

 

GB number plate sticker no longer valid abroad

British motorists driving outside the UK must now remove old-style GB stickers or cover them up.

 

Instead they should display a UK sticker or have the UK identifier on their number plate.

 

The UK government guidance has been in place since Tuesday 28 September.

 

"It might only be a matter of replacing two letters, but this is a significant change for drivers who in normal times take their cars outside the UK," said RAC spokesman Rod Dennis.

 

The new rules state that any driver with a GB sticker on their car now needs to replace it with a new UK one if they are taking their vehicle abroad.

 

"Drivers also need to remember that number plates featuring the blue band and letters 'GB' next to the European golden stars are also no longer valid," Mr Dennis warned.

 

Penalties for not complying with the new rules are likely to vary.

 

Halfords warned that drivers who failed to display their UK badges could be refused entry to some countries.

 

Number plate changes

The GB sticker was valid for cars from England, Scotland, Wales and Northern Ireland.

 

The move was only revealed by the United Nations which said it had received "a notification stating that the United Kingdom is changing the distinguishing sign that it had previously selected for display in international traffic on vehicles registered in the United Kingdom, from 'GB' to 'UK'".

 

A Department for Transport spokesperson said: "Changing the national identifier from GB to UK symbolises our unity as a nation and is part of a wider move towards using the UK signifier across government.

 

"We notified the UN of our intention to make these changes in July, and have been working with the sector to implement the change."

 

The latest change comes just nine months after the government announced new style number plates to mark the one-year anniversary of Brexit.

 

In January the EU flag was removed from all UK number plate designs and UK drivers were told they wouldn't need to display a GB sticker in most EU countries if their number plate has GB or GB with a Union Flag on it.

 

At the time Transport Secretary Grant Shapps said: "Looking to the future, whether it's for work, or for holidays abroad, these changes mean that those who want to drive in the EU can continue to do so with ease."

 

Sticker rules

According to government guidelines anyone planning to drive outside the UK now needs "to display a UK sticker clearly on the rear of your vehicle if your number plate has any of the following:

 

• a GB identifier with the Union flag

 

• a Euro symbol

 

• a national flag of England, Scotland or Wales

 

• numbers and letters only - no flag or identifier

 

However, anyone with a number plate that includes the UK identifier with the Union flag, also known as the Union Jack, does not need a UK sticker.

 

The guidelines add: "If you're in Spain, Cyprus or Malta, you must display a UK sticker no matter what is on your number plate.

 

"You do not need a UK sticker or number plate to drive in Ireland."-BBC

 

 

 

Petrol supply: Reserve fuel tankers on the road to help boost deliveries

The government has started deploying its reserve tanker fleet, driven by civilians, to boost fuel deliveries.

 

It comes as the fuel industry said the situation at the pumps "has begun to improve" and that it is working with the government to maintain regular deliveries.

 

Business Secretary Kwasi Kwarteng said soldiers would be delivering fuel later this week, after days of queues.

 

He said things had been difficult but denied there was a fuel supply crisis.

 

Ministers have decided to deploy troops to drive tankers in "the next couple of days", he said, in addition to the civilians driving them from Wednesday.

 

Some 150 military drivers are ready to drive the fuel tankers, with another 150 Army personnel ready to support them.

 

Fuel suppliers and retailers, including Shell UK, BP and Esso, said in a statement issued by the Department for Business, Energy and Industrial Strategy: "We remain confident that the situation will stabilise further in the coming days and encourage everyone to fill up as they normally would to help forecourts return to normal."

 

The industry statement also said there had "always been plenty of fuel at our refineries and terminals" and welcomed the deployment of the reserve tanker fleet.

 

The Petrol Retailers Association (PRA) said there were "encouraging signs" the pressure was starting to ease at the pumps, with forecourts taking further fuel deliveries.

 

The PRA, which represents nearly 5,500 of the UK's 8,000 stations, said 27% of sites had run out of fuel on Wednesday - compared with two-thirds being without on Sunday.

 

Brian Madderson, PRA chairman, told BBC News that while there were "less queues [and] panic buying" there was still "unusually heavy demand". He said "one or two" petrol station groups were reporting fewer dry sites than on Tuesday.

 

It would take more than "a day or a few days" to fully replenish stocks at all UK forecourts, he said, but there was still "plenty to go round".

 

On Tuesday, speaking for the first time since issues began, Prime Minister Boris Johnson also sought to reassure drivers about supplies, saying that people should be "confident" to go about their business.

 

He said he was not seeking to prioritise essential workers at pumps because things were "stabilising".

 

Sir Keir Starmer used his first in-person conference speech as Labour leader on Wednesday to criticise the government's handling of fuel supply issues.

 

Referring to the government's flagship "levelling up" policy to lower regional inequalities, he said: "Level up, you can't even fill up."

 

He accused the government of ignoring the issues, blaming others and delivering "half-baked" solutions with "no plan in place". Mr Starmer urged the PM to "either get a grip or get out of the way and let us step up to clear up this mess".

 

One hospice in Oldham has put out an appeal for petrol, saying its staff were struggling to fill up their vehicles.

 

Nurse Lindsey Harper, lead nurse for community service at Dr Kershaw's Hospice, said there was "an element of sheer panic" over the situation. The hospice gives end-of-life care to 11 patients in their own homes and staff vehicles need constant refills of unleaded petrol.

 

It wants filling stations to give its staff priority access and is also asking the public for donations.

 

Ms Harper said: "We need to prioritise those patients; we need to get to those patients as soon as we can.

 

"We can't be thinking about where we need to stop off for fuel."

 

There have also been concerns voiced by other care organisations that vulnerable service users could be left without their usual help if the crisis does not ease.

 

Emma Voglemann who lives in south Cambridgeshire said that, without the 24-hour help from her team of five carers, her "situation is life-threatening".

 

Care assistant Jenny Irons, who works in Clacton, Essex, with end-of-life patients, said it was frustrating to see people top up their cars, then get out four or five jerry cans to fill up those too.

 

2px presentational grey line

James Spencer, managing director at fuel supplier Portland Fuel, said the UK was over the worst of the situation and sending in the Army would "generate more panic".

 

"Under normal circumstances supply can easily meet demand," he told BBC Radio 4's Today programme. He added that now many people had filled up their tanks, there might be a "dip in demand".

 

Fuel supplies are plentiful at refineries but a shortage of tanker drivers caused problems with deliveries to a small number of filling stations last week.

 

Reports of pumps running dry at some garages then subsequently led to a surge in demand.

 

Sainsbury's, which has 315 filling stations, said it was still "experiencing high demand for fuel" and that "all our sites continue to receive fuel".

 

Simon Williams, fuel spokesman for roadside assistance firm RAC, said its latest data on breakdowns "points to an improving picture with fewer drivers running out of fuel at the roadside".

 

He added: "After huge increases in these breakdowns between Saturday and Monday, yesterday we saw a 40% drop in 'out of fuels' compared to the day before."

 

This is still higher than normal but is a "positive sign", he said.

 

But Steve McNamara, general secretary of the Licensed Taxi Driver Association, said that the situation was "not getting better", with 25% to 30% of his members unable to work on Tuesday because they could not get fuel.

 

He called for an essential users list to be brought in to "take the sting out of this crisis".

 

Meanwhile, car use in Britain this week fell to its lowest level for a working Monday since 12 July, suggesting some drivers have reduced the amount they are driving due to fuel supply issues.

 

The figures from the Department for Transport showed car traffic was at 91% of pre-pandemic levels on Monday, compared with 97% a week earlier.

 

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

 

The government is taking action to ensure there were enough deliveries in all industries during the run-up to Christmas, the prime minister said.-BBC

 

 

 

Three more energy firms go bust amid gas price rise

Three more energy suppliers have gone bust amid the surge in wholesale gas prices, the regulator Ofgem has said.

 

Enstroga, Igloo Energy and Symbio Energy said they would stop trading on Wednesday.

 

The trio are the latest companies to go under as soaring gas prices have made price promises by suppliers to customers undeliverable.

 

Together, the suppliers represent less than 1% of the UK market with a total of about 233,000 customers, Ofgem said.

 

Enstroga supplies gas and electricity to about 6,000 domestic customers, while Igloo has about 179,000. Symbio Energy has roughly 48,000 in the UK and a small number overseas.

 

The three energy supplies follow six others which have collapsed in recent weeks. A total of nearly 1.73m customers have been affected in September.

 

Bust energy companies and customers affected chart

Ofgem said customers of Enstroga, Igloo and Symbio would continue to receive energy supplies and any credit to their accounts would be protected.

 

Affected customers will be switched to a new tariff by Ofgem and be contacted by their new supplier, the regulator said.

 

It has advised people to take a meter reading and to wait until a new supplier has been appointed before looking to switch to another energy firm.

 

Ofgem added that consumers will also be protected by the energy price cap, which limits how much firms can charge per unit of gas, once switched to a new tariff.

 

Neil Lawrence, director of retail at Ofgem, said: "Ofgem's number one priority is to protect customers.

 

"I want to reassure customers of Enstroga, Igloo Energy and Symbio Energy that they do not need to worry.

 

"Ofgem will choose a new supplier for you and while we are doing this our advice is to wait until we appoint a new supplier and do not switch in the meantime. You can rely on your energy supply as normal."

 

Gas price chart

On Monday, Ofgem announced Shell Energy had been appointed as the new supplier for 255,000 gas and electricity customers of Green, which collapsed last week.

 

Green ceased trading on the same day as another supplier, Avro, whose 580,000 customers have been moved to Octopus Energy.

 

Jonathan Brearley, chief executive of Ofgem, previously told the BBC the cost of protecting customers from failing energy providers could lead to higher bills.

 

"As underlying costs rise, pressure on bills does go up," he said.

 

Mr Brearley has rejected claims from the industry the current crisis represents a failure to adequately regulate the market.

 

The government has said it is looking at issuing loans to bigger energy firms to help them take on stranded customers.

 

Business Secretary Kwasi Kwarteng has said the government would "not be bailing out failed companies" and added he does "not expect supply emergencies".

 

Consumers' attention may have been drawn to the queues for petrol this week, but this news is evidence the gas crisis is far from over.

 

It is a crisis that many more suppliers are not expected to survive. The pressure on them is increasing as wholesale gas prices are continuing to go up.

 

Meanwhile, tens of thousands of customers of these three collapsed companies will now wait to be moved automatically onto new, dedicated - but undoubtedly more expensive - tariffs.

 

Millions more face price rises on Friday, when Ofgem's higher price cap for variable tariffs kicks in.

 

As more and more suppliers fold, the cost of dealing with their customers will mean further price rises for everyone in the future are inevitable.-BBC 

 

 

Africa: Facebook-Backed 2Africa Set to Be the Longest Subsea Cable Upon Completion

 

2Africa will connect 16 countries in Africa with the Middle East and Europe.

Facebook announced on Tuesday that its 2Africa cable would now extend to over 45,000 kilometers with the addition of nine landings collectively dubbed the 2Africa Pearls. The subsea cable will directly connect three continents -- Africa, Europe and Asia.

 

The extension will see 2Africa become the longest subsea cable system in the world upon completion, Facebook said. It will best the current record set by the SEA-ME-WE 3 line that stretches 39,000 km and connects 33 countries across South East Asia, Middle East and Western Europe.-TechCrunch.

 

 

Nigeria: Financial Services Organisations Hit By Ransomware Spend Over $2m in Recovery Costs - Report

Sophos, a global leader in next-generation cybersecurity, has revealed how mid-sized financial services organisations worldwide spent more than $2 million on average recovering from a ransomware attack.

 

It stated this in its latest survey report findings, titled: "The State of Ransomware in Financial Services 2021."

 

This figure exceeds the global average of $1.85 million, even though the results also show the financial sector is among the most resilient against ransomware.

 

Accordingly to the report, nearly, two-thirds, about 62 per cent of victims surveyed in the technology sector were able to restore their encrypted data from backups. The survey studied the extent and impact of ransomware attacks during 2020.

The report found that 34 per cent of the financial services organisations surveyed were hit by ransomware in 2020, while 51 per cent of the organisations impacted, said the attackers succeeded in encrypting their data.

 

The findings further showed that only 25 per cent paid the ransom demanded to get their encrypted data back. This is the second lowest payment rate of all industries surveyed.

 

"Financial services were among the most highly regulated industries in the world. Organisations must adhere to myriad regulations, including SOX, GDPR, and PCI DSS, which include pricey penalties for non-compliance and data breaches. Many of these organisations are also required to prepare business continuity and disaster recovery plans to minimize any potential damage from data breaches or operational disruptions stemming from a cyberattack, "the report further said.

Analysing the report, Senior Security Advisor at Sophos, John Shier, said: "Strict guidelines in the financial services sector encourage strong defenses. Unfortunately, they also mean that a direct hit with ransomware is likely to be very costly for targeted organizations. If you add up the price of regulatory fines, rebuilding IT systems and stabilising brand reputation, especially if customer data is lost, you can see why the survey found that recovery costs for mid-sized financial services organisations hit by ransomware in 2020 were in excess of $2 million.

 

"Two other slightly worrying data points are the fact that a small, but significant, 8 per cent of financial services organisations experienced what are known as 'extortion' attacks, where data is not encrypted, but stolen and victims are threatened with the online publication of their data unless they pay the ransom.

 

Backups cannot protect against this risk, so financial services organisations should not rely on them as an anti-extortion defense. Further, 11 per cent of the financial organisations surveyed believe they won't get hit because they are 'not a target. This is a dangerous perception because anyone can be a target. The best approach is to assume you will be a target and to build your defenses accordingly."

 

According to the report, "Of the financial services organizations that believe they'll be hit by ransomware in the future, 47 per cent said this is because attacks are now so sophisticated they have become harder to stop. About 45 per cent feel they'll become a target because other organisations in their industry have already been targeted with ransomware, while 40 per cent believe that since ransomware is so prevalent, it is inevitable they'll get hit by the cybercrime."

 

The financial sector has too much at stake to not set up an in-depth defensive plan to protect, detect and block cyberattackers," Shier, said, adding that while they should continue to invest in backups and their disaster recovery efforts to minimise the impact of an attack, they should also look to extend their anti-ransomware defenses by combining technology with human-led threat hunting to neutralise today's advanced human-led cyberattacks.

 

The State of Ransomware in Financial Services 2021 survey polled 5,400 IT decision makers, including 550 in financial services organisations, in 30 countries across Europe, the Americas, Asia-Pacific and Central Asia, the Middle East, and Africa.-This Day.

 

 

H&M's Sept sales hit by supply delays after profit tops pre-pandemic level

(Reuters) - Supply disruptions hampered H&M's (HMb.ST) sales in September, the Swedish retailer said on Thursday, after its June-August profit surpassed expectations and pre-pandemic levels.

 

Disruptions to the global economy during the pandemic have upset global supply chains, leading to shortages of goods as well as containers, storage and drivers for the transportation of goods, and causing a spike in shipping costs.

 

"Sales in September 2021 were slightly higher than in the corresponding month the previous year in local currencies, even though demand was not able to be fully met because of disruption and delays in product flow," H&M said.

 

Chief Executive Helena Helmersson told analysts and media bottlenecks affecting H&M were mainly in production, transport and ports. She said the situation was now improving at the supplier end but that H&M was bracing for more delays in deliveries in the current quarter.

 

Fiscal third-quarter pretax profit at the world's second-biggest fashion retailer jumped 158% from a year earlier to 6.09 billion Swedish crowns. Analysts polled by Refinitiv had on average forecast a 5.05 billion crown profit.

 

Compared to the same quarter in 2019, before the pandemic, profit was up 22%.

 

"The H&M group’s increase in profit for the quarter is mainly a result of well-received collections with more full-price sales, lower markdowns and good cost control," Chief Executive Helena Helmersson said in a statement.

 

H&M said around 50 of its 5,000 stores remained temporarily closed currently, against 180 at the start of June. At the height of the COVID-19 pandemic, most stores were closed due to lockdowns and restrictions.

 

H&M said an advantageous U.S. dollar exchange rate had in its third quarter offset substantially higher prices for shipping and raw materials, but warned:

 

"As the positive U.S. dollar effect subsides and the high shipping and raw materials prices remain, the overall market situation for purchasing costs in the fourth quarter will gradually become less positive."

 

Prices for cotton are rising on strong Chinese demand and unfavourable weather in key growing regions.

 

The group proposed paying a dividend for 2020 of 6.50 crowns per share in November. It had said in July that prospects of paying a dividend in the autumn were very good, after it failed to propose one at its annual general meeting in May.

 

H&M's shares were roughly unchanged at 0915 GMT.

 

Market leader Inditex (ITX.MC), the owner of Zara, earlier this month also reported quarterly profits above pre-pandemic levels. read more

 

Helmerssom told analysts and media its situation remained complex in China, where the group is suffering a backlash over comments made in 2019 about workers' rights in the Xinjiang province.

 

The Thomson Reuters Trust Principles.

 

 

IPOs slow down globally in Q3 after frenetic 2021 start

(Reuters) - Initial public offerings (IPO) globally slowed in the third quarter of 2021 from their previous frenetic pace, but the number of listings in the first nine months of the year still was the highest since the dotcom bubble of 2000, according to Refinitiv data.

 

IPOs in the third quarter raised a total of about $94.6 billion, down 26.3% from the second quarter, as activity cooled due to a summer slowdown and U.S. scrutiny of Chinese listings following Beijing's crackdown on DiDi Global Inc (DIDI.N) just days after its New York IPO.

 

More than 2,000 IPOs have raised a combined $421 billion globally year-to-date, a record high, as private companies rushed to attain the soaring valuations of their publicly listed peers. That was more than double the proceeds raised during the same period last year.

 

This number includes IPOs of 486 special purpose acquisition companies (SPACs) that went public in the first nine months of the year, raising a total of $127.7 billion.

 

"After record levels of SPAC IPO activity in the first quarter, that market has taken a needed pause. However, we are seeing early signs of that market begin to normalize and open up for the right issuers," said David Ludwig, global head of equity capital markets at Goldman Sachs Group Inc (GS.N).

 

Among the third quarter's high-profile IPOs were trading app Robinhood Markets Inc's (HOOD.O) $2.1 billion listing in New York and South Korean software company Krafton Inc that raised more than $3.7 billion on the Korean stock exchange.

 

The largest IPO this year so far is Tencent-backed Chinese online video company Kuaishou Technology Co Ltd's (1024.HK) $5.4 billion offering.

 

In July, U.S. Securities and Exchange Commission Chair Gary Gensler asked for a "pause" in U.S. IPOs of Chinese companies and sought more transparency about their offshore structures and regulatory risk they face in China. Chinese listings in the United States came to a standstill as a result. In the first seven months of 2020, Chinese listings had reached a record $12.8 billion.L1N2PU1GE

 

Tech listings remained investor darlings even as valuations were scrutinised more closely. But a greater mix of sectors were among stock market debutantes. In Europe, Taylor Swift's record label Universal (UMG.AS) made a highly anticipated debut on the Amsterdam bourse, the most valuable company to list on the continent this year.

 

Volvo Cars is also expected to launch an IPO while Daimler is expected to list its trucks unit to diversify the offering for stock market investors.

 

Ludwig said IPO activity in the fourth quarter could pick up. "The backlog (of IPOs) across the street is very robust, across regions and sectors," he said.

 

The Thomson Reuters Trust Principles.

 

 

 

Diageo sees boost to margins as bars, restaurants open

(Reuters) - Johnnie Walker whisky maker Diageo Plc (DGE.L) said on Thursday its new financial year was off to a "strong start" and forecast a boost to operating margins as people opt for premium brands and spend more at restaurants and bars.

 

Recovery in Europe has been ahead of its own expectations, while in North America, despite supply constraints, the business has been "performing strongly", the company said in a statement ahead of its annual general meeting later in the day.

 

Sales at bars and restaurants, hit by COVID-led restrictions last year, are recovering strongly in both regions as higher vaccination rates encourage more people to venture out.

 

Sales in Africa, Asia Pacific and Latin America and the Caribbean markets are also performing well, but Diageo warned it expects some volatility in these markets to persist.

 

"We have made a strong start to fiscal '22 ... as we benefit from resilience in the off-trade (retail) and continued recovery in the on-trade (bars and restaurants)," Chief Executive Ivan Menezes said.

 

The company is also benefiting from customers trading up to more premium drinks and from a rise in sales through higher margin channels such as e-commerce, Menezes added.

 

The Thomson Reuters Trust Principles.

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

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

 


 

 

 

 


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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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