Major International Business Headlines Brief::: 15 December 2022

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Major International Business Headlines Brief::: 15 December 2022 

 


 

 


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ü  Bank of England set to raise interest rates again

ü  Elon Musk sells $3.6bn of shares in electric car maker Tesla

ü  Fed hikes rates again and warns of more rises

ü  Elon Musk taking legal action over Twitter account that tracks his private jet

ü  Social media influencers charged with $100m stock scheme

ü  Italian label maybe but the beer's British brewed

ü  Is UK inflation going to keep falling?

ü  Buy festive shopping in store, small retailers say

ü  HSBC to end funding for new oil and gas fields

ü  Hong Kong markets watchdog warns of cryptocurrency platform risks

ü  Kenya: Govt Asks Teachers to Be Realistic With Salary Hike Push

ü  Africa: U.S. 'All In' On Africa, President Joe Biden Says

ü  Nigeria: Biden Announces $350m to Facilitate Digital Transformation in Nigeria, Others

ü  South Africa: Eskom Chief De Ruyter Resigns

 


 

 


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Bank of England set to raise interest rates again

Interest rates are expected to be increased again by the Bank of England as the cost of living soars.

 

The benchmark rate stands at 3% and is widely forecast to go up to 3.5% following the latest meeting of the Monetary Policy Committee.

 

It would be the ninth consecutive hike since December 2021. The rate is already at its highest level for 14 years.

 

The impact of a rate rise would be felt by borrowers and savers across the UK.

 

At its November meeting, the Bank increased its benchmark rate from 2.25% to 3% - the biggest single increase since 1989.

 

How high could interest rates go?

More rate rises are likely to come. Analysts suggest rates could reach 4.5% by the middle of next year.

 

However, that peak is lower than predictions had suggested when the government was in turmoil after its mini-budget was badly received.

 

The Bank's monetary policy committee meets eight times a year to decide interest rate policy.

 

It is under pressure to put rates up because it has a target to keep inflation at 2%, but prices are currently rising at 10.7%, more than five times that level.

 

How do interest rates affect me?

Mortgages

 

Just under a third of households have a mortgage, according to the government's English Housing Survey.

 

After a period of ultra-low rates, many homeowners are now facing the likelihood of much more expensive monthly repayments. The Bank of England says about four million households face a higher monthly mortgage bill next year.

 

When interest rates rise, about 1.6 million people on tracker and variable rate deals usually see an immediate increase in their monthly payments.

 

An increase in the Bank rate from 3% to 3.5% would mean those on a typical tracker mortgage would pay about £49 more a month. Those on standard variable rate mortgages would face a £31 jump.

 

This would come on top of increases following the previous recent rate rises. Compared with pre-December 2021, average tracker mortgage customers would be paying about £333 more a month, and variable mortgage holders about £210 more.

 

Three-quarters of mortgage customers hold a fixed rate mortgage. Their monthly payments may not change immediately, but house buyers - or anyone seeking to remortgage - will have to pay a lot more now than if they had taken out the same mortgage a year ago.

 

Chart showing mortgage rates

There has been considerable upheaval in this market since September's mini-budget, even though most of the policies that were announced have now been ditched.

 

An average two-year fixed deal, which was 2.29% in November 2021, is now just under 6% - a difference of hundreds of pounds each month in repayments for a typical borrower.

 

You can see how your mortgage may be affected by rising rates with our calculator below.

 

If you can't see the calculator, click here.

 

Credit cards and loans

 

Bank of England interest rates also influence the amount charged on things such as credit cards, bank loans and car loans.

 

Even ahead of the latest decision, the average annual interest rate in October was 20.73% on bank overdrafts and 19.31% on credit cards.

 

Lenders could decide to put prices up further, in expectation of higher interest rates in the future.

 

Individual banks and building societies usually pass on interest rate rises to customers. The deals being offered now are better than anything seen for years.

 

But although this means savers get a higher return on their money, interest rates are not keeping up with rising prices.

 

This means the value of cash savings - its buying power - is falling in real terms.

 

Why does increasing interest rates help lower inflation?

The Bank has been putting rates up to combat rising prices - known as inflation.

 

Prices have been going up quickly worldwide, as Covid restrictions eased and consumers spent more.

 

Many firms have problems getting enough goods to sell. And with more buyers chasing too few goods, prices have increased.

 

There has also been a very sharp rise in oil and gas costs - a problem made worse by Russia's invasion of Ukraine.

 

Raising interest rates helps to control inflation by making it more expensive to borrow money. This encourages people to borrow and spend less, and save more.

 

However, it is a tough balancing act as the Bank does not want to slow the economy too much. The Bank is predicting that the UK could be in recession - a period of economic decline - for two years which is longer than we have seen in comparable statistics.

 

Since the global financial crisis of 2008, UK interest rates have been at historically low levels. Last year saw rates of 0.1%.

 

The UK is affected by prices rising across the globe. So there is a limit as to how effective UK interest rate rises will be.

 

However, other countries are taking a similar approach, and have also been raising interest rates.

 

The US central bank has announced big rate rises which have taken its key rate to levels not seen for nearly 15 years.

 

Other central banks around the world have also raised rates, as inflation continues to cause problems in a host of major economies.

 

Graph showing interest rates of different central banks-BBC

 

 

 

 

Elon Musk sells $3.6bn of shares in electric car maker Tesla

Multi-billionaire Elon Musk has sold another 22 million shares, worth $3.58bn (£2.9bn), in the electric car maker Tesla.

 

The shares were sold on the Monday, Tuesday and Wednesday this week, according to a filing with a US financial regulator.

 

It brings the total of Tesla stocks sold by Mr Musk over the past year to almost $40bn.

 

Earlier this week Mr Musk lost his position as the world's richest person.

 

The reason for the latest share sales has not been disclosed.

 

He remains Tesla's biggest shareholder with a 13.4% stake, according to financial market data provider Refinitiv.

 

Last month Mr Musk revealed that he had sold 19.5 million shares of Tesla worth $3.95bn, just days after completing a $44bn takeover of social media platform Twitter.

 

Tesla is one of the worst performing stocks among major car makers and technology companies this year, as investors worry that Mr Musk's buyout of Twitter is diverting his attention.

 

On Wednesday the value of Tesla shares listed on the technology-heavy Nasdaq index in New York closed below $500bn for the first time since 2020.

 

At the end of last year the company was worth more than $1tn but its value has slumped in recent months.

 

Mr Musk completed the takeover of Twitter in October and since then has focused a significant amount of his time on the business.

 

Mr Musk sold billions of dollars worth of Tesla shares to help fund his purchase, which helped to push the shares down.

 

The Twitter deal was only completed after months of legal wrangling, and some have cited the distraction of the takeover as another factor behind Tesla's share price fall.

 

Investors have also been concerned that demand for the company's electric cars may slow, as the economy weakens, higher borrowing costs discourage buyers and other companies boost their electric vehicle offerings.

 

Tesla has also been hit by recalls, as well as government probes of crashes and its autopilot feature.

 

This week Mr Musk lost his position as the world's richest person after a sharp drop in the value of his shares in Tesla this year.

 

According to both Forbes and Bloomberg, he was overtaken at the top spot by Bernard Arnault, the chief executive of luxury goods group LVMH.

 

Mr Musk is now worth $174bn, Mr Arnault's fortune stands at almost $191bn, according to Forbes.-BBC

 

 

 

 

Fed hikes rates again and warns of more rises

The US central bank has hiked interest rates again, and warned more rises will be necessary to rein in the rapid pace of price increases.

 

Forecasts from the Federal Reserve showed the bank's key interest rate could stand above 5% a year from now.

 

But policymakers are starting to move more cautiously, following signs that the most severe inflation in decades may be starting to ease.

 

They agreed to lift the bank's key interest rate by 0.5 percentage points.

 

That pushed the target range for the Fed's benchmark rate to 4.25% - 4.5% - the highest rate in 15 years.

 

But it was a smaller increase than in recent announcements.

 

Federal Reserve Chairman Jerome Powell said the bank wanted to slow down to see how the economy is responding to the cumulative impact of the hikes, whichhave increased the cost of mortgages, car and business loans, and credit card debt.

 

But he warned that Wednesday's rise was "still a historically large increase and we still have some way to go."

 

The bank's moves are being closely watched around the world as the US drives a global shift to higher borrowing costs after years of low interest rates that followed the financial crisis.

 

The United Arab Emirates and Saudi Arabia were among the countries to increase borrowing costs on Wednesday, citing the Fed.

 

The Bank of England, which has warned the country is facing its longest recession on record, is expected to announce its own 0.5 percentage point hike on Thursday, after approving an even bigger rise last month. The European Central Bank is poised for a similar move.

 

Inflation improving?

Wednesday's hike marked the Fed's seventh this year.

 

The bank is responding to inflation in the US that remains near a 40-year high, though it has dropped since hitting a peak of 9.1% in June, helped by a decline in energy costs.

 

The latest US figures showed consumer prices jumped 7.1% over the 12 months ending in November, down from 7.7% in October.

 

Mr Powell said the bank was encouraged by signs that inflation was improving, but that it would take "substantially more evidence" to be confident that it was on a sustained downward path.

 

Chart showing US inflation

"It's good to see progress but we have a long ways to go to get back to price stability," he said.

 

By raising borrowing costs, the Fed is hoping to cool economic activity and ease the pressures pushing up prices.

 

But policymakers run the risk of setting off a sharp economic downturn in the world's largest economy.

 

Fed forecasts

Projections released after the bank's meeting showed policymakers on average expect the US economy to grow by just 0.5% next year - well below historic norms - while the unemployment rate rises to 4.6%.

 

While they expect inflation to fall, most members see it remaining above 3% in 2025, which is higher than the bank's 2% target.

 

Overall, their outlook was more gloomy than just a few months ago, reflecting concerns that the easy part of the fight against inflation is over.

 

"The Fed still remains coy about the possibility of recession, but with most Fed officials considering risks to be tilted to the downside, it's fair to say they are far more worried about the economic outlook than they are willing to admit," said Seema Shah, chief global strategist at Principal Asset Management.

 

Some parts of the economy, such as the housing market, have already slowed sharply in response to higher rates.

 

And there are concerns about broader weakening, despite a strong labour market.

 

At Anglero Hoodies, a small clothing company in New York, owner Juan Carlos Anglero said he has felt the slowdown in the form of weaker sales, as higher costs erode buyers' willingness to spend on non-essentials.

 

Last year, he said, it took less than a month to sell out his most premium hoodie - a black sweatshirt lined with faux mink fur that goes for $479. This year, he doubled his supplies for the holiday season, but shoppers are shifting to less expensive options, like t-shirts.

 

"I definitely notice the change," he said, speaking from his stand in a holiday market in New York. "In comparison to last year, there's definitely more resistance."

 

The Fed has faced increased pressure to consider the cost of its policies.

 

But Mr Powell said the bank was focused on inflation, which he said would have far more damaging economic effect in the long run.

 

"I wish there were a completely painless way to restore price stability," he said. "There isn't. This is the best we can do."-BBC

 

 

 

 

Elon Musk taking legal action over Twitter account that tracks his private jet

Elon Musk says he is taking legal action against the holder of a Twitter account that tracks his private jet, arguing it put his son at risk.

 

The @ElonJet account, which has more than half a million followers, was suspended on Wednesday.

 

Its owner Jack Sweeney, 20, used publicly available flight-tracking information to tweet every time Mr Musk's jet took off and landed.

 

Mr Musk says legal action is now being taken against Mr Sweeney and others.

 

"Last night, car carrying [his son] lil X in LA was followed by crazy stalker (thinking it was me), who later blocked car from moving and climbed onto hood," he tweeted.

 

He added that any account revealing people's real-time locations will be suspended "as it is a physical safety violation".

 

Mr Sweeney denied the incident was related to his account when asked by the BBC.

 

It comes after he confirmed on his personal Twitter account on Wednesday that the profile had been suspended.

 

That evening, Mr Sweeney's account appeared to have been reactivated. He tweeted: "Yes I am back!" Minutes later it was listed again as suspended. His personal account, @JxckSweeney, has also been frozen.

 

Mr Sweeney, a college student in the state of Florida, shared a screenshot with CNN of a message from Twitter saying the social media company had conducted a "careful review" and had decided to permanently ban the account for violating Twitter's rules.

 

The student is in charge of dozens of other accounts that track the private flights of wealthy Americans, including Microsoft co-founder Bill Gates, Amazon founder Jeff Bezos, and Meta Chief Executive Officer Mark Zuckerberg.

 

Many of those accounts - including one tracking aircraft associated with Russian President Vladimir Putin, and another monitoring celebrity jets - appeared to be suspended on Twitter as well on Wednesday afternoon.

 

Mr Musk had long taken issue with the @ElonJet account, and once reportedly offered Mr Sweeney $5,000 to delete it.

 

Mr Sweeney told US media outlets that Mr Musk ultimately told him it did not feel right to pay to have the account shut down.

 

And a month ago, Mr Musk pledged to keep it running even though it was a "direct personal safety risk".

 

But Mr Musk tweeted on Wednesday evening: "Any account doxxing real-time location info of anyone will be suspended, as it is a physical safety violation. This includes posting links to sites with real-time location info."

 

Twitter's Help Center has tweeted an updated media policy that begins: "You may not publish or post other people's private information without their express authorization and permission."

 

Since taking the helm at Twitter, Mr Musk has made a host of changes to its moderation practices.

 

He has restored a handful of previously banned accounts, including former President Donald Trump's profile, which was banned following the 6 January insurrection at the US Capitol.

 

The Tesla CEO has also slashed the social media company's staff and has reportedly stopped paying rent for some of Twitter's offices, including the company's San Francisco headquarters, according to the New York Times.

 

Investors have questioned whether his recent takeover of Twitter has diverted his attention from his electric car business.

 

On Monday, Tuesday and Wednesday of this week, he sold another 22 million shares, worth $3.58bn (£2.9bn), in the company.

 

It brings the total of Tesla stocks sold by Mr Musk over the past year to almost $40bn.-BBC

 

 

 

 

Social media influencers charged with $100m stock scheme

A group of social media influencers has been charged with conspiring to manipulate stock prices in an alleged scheme that netted them $114m (£90m).

 

The eight men hyped market-traded securities online to followers without disclosing they planned to sell once prices rose, say prosecutors.

 

The influencers, aged 23-38, posted photos of their extravagant lifestyles.

 

They are charged with conspiracy to commit securities fraud, which carries a maximum of 25 years in prison.

 

Seven of the men are also charged with other financial crimes in the alleged pump-and-dump scheme, according to the US Securities and Exchange Commission (SEC) and the Department of Justice (DoJ), which jointly announced the charges on Wednesday.

 

On Twitter and Discord, the group "promoted themselves as successful traders", the SEC said in a news release.

 

They posted "false, positive" information about each stock in order to "artificially drive up its price", DoJ prosecutors added.

 

They then "secretly" sold off their own shares after the price had risen, and "concealed" the move from their followers.

 

The alleged crimes took place between January 2020 and April 2022. Each of the accused had over 100,000 Twitter followers as of this month.

 

The influencers used their platforms to encourage social media followers to share in their financial rewards, according to prosecutors.

 

"The defendants used their social media credibility to maximise their own profits at the expense of their followers," prosecutors said.

 

The group ran an online community for stock traders called Atlas Trading. They also ran a chatroom called Atlas Trading Discord, which they used to "disseminate false and misleading information" to followers.

 

"Financial crimes like securities fraud may not be violent, but they certainly are not victimless," said FBI Special Agent in Charge James Smith.

 

The defendants, (and their Twitter handles) were named as:

 

Edward Constantin (@MrZackMorris)

Perry "PJ" Matlock ("PJ_Matlock)

Thomas Cooperman (@ohheytommy)

Gary Deel (@notoriousalerts)

Mitchell Hennessey (@Hugh_Henne)

Stefan Hrvatin (@LadeBackk)

John Rybarcyzk (@Ultra_Calls)

Daniel Knight (@DipDeity)

Criminal and civil charges were filed against them in the US District Court for the Southern District of Texas.

 

Members of the group have yet to publicly comment on the charges. The BBC has reached out to some of them on Twitter.-BBC

 

 

 

Italian label maybe but the beer's British brewed

Budweiser Budvar's head brewer, Adam Brož, says the popular Czech lager will never be brewed outside of its hometown.

 

"There is no way we could brew elsewhere in the world and still be considered authentically Czech," says Mr Brož who is only the 10th person to be in charge of brewing at Budvar since it launched 127 years ago.

 

"Firstly there are the ingredients. To be authentic you need quality, local Czech ingredients... and there is no other place with identical water [like our brewery's natural well].

 

"Secondly, there is the equipment of the brewery... if you have two breweries, they won't always have exactly the same geometry or size etc, and you could end up with significant differences despite using the same recipe."

 

Lastly, he says brewing has "an artistic aspect", which can be lost if a beer is also brewed elsewhere by a different team.

 

Based in the Czech city of České Budějovice, Budweiser Budvar gets its name from the old German name for the city - Budweis.

 

Owned by the Czech government, it should not be confused with its namesake, the US lager Budweiser. That is an entirely separate brand owned by the world's largest brewing group, Anheuser-Busch InBev (AB InBev).

 

What makes Budvar increasingly rare among lagers sold around the world, is the fact it is only brewed in its country of origin.

 

By contrast, if you look at the list of the 10 best-selling beers in the UK this year, all lagers, eight of them are foreign brands which are brewed under licence in the UK - Carling (originates in Canada), Fosters (Australia), Birra Moretti (Italy), Coors (US), Stella Artois (Belgium), Carlsberg (Denmark), San Miguel (Spain), and Amstel (Netherlands).

 

So if you are sitting in a UK pub, drinking a cold pint of Moretti while daydreaming about Italy, your drink was actually produced at a brewery in Edinburgh. Meanwhile, your crisp pint of Stella is from South Wales.

 

But unless you are a beer snob, does this blurred provenance actually matter?

 

The world's largest brewing companies are quick to point out that it is far more environmentally friendly to brew their best-selling brands at numerous breweries around the world, rather than have to ship the billions of litres of finished beers per year all the way from their original country of origin. It is also far more cost-effective.

 

Molson Coors is a case in point. It sells an increasingly popular Spanish lager called Madrí Excepcional, which for the UK market is brewed in Yorkshire.

 

"Madrí Excepcional is a collaboration between our Molson Coors master brewers here in the UK and at La Sagra Brewery, our joint venture partner based near Madrid," says Fraser Thomson, the company's western Europe operations director.

 

"We continue to work closely with the team at La Sagra, but brewing Madrí Excepcional here in the UK enables us to deliver efficiently, more sustainably - reducing the miles travelled from brewery to bar or shelf, and quickly respond to demand. And all our beers in the UK are produced using 100% renewable electricity."

 

AB InBev's British and Irish operation is called Budweiser Brewing Group UK & Ireland. It brews its brands, including US Budweiser, Stella Artois, Becks (originally German) and Corona (Mexican), at its brewery in Magor, near Newport, in South Wales.

 

A spokesperson for the company says such a "local" approach is both more environmentally sustainable and allows it to supply the freshest, best-quality beer.

 

"And since January 2021, every bottle, can and keg of Budweiser in the UK has been brewed with 100% renewable electricity. To make this possible, Budweiser Brewing Group UK&I built two solar farms and a wind turbine to power its Magor Brewery."

 

The company also sources all of its barley from UK farms. "This helps us reduce carbon emissions and champions British agriculture - both of which are core to our local sustainability efforts," adds the spokesperson.

 

It is a similar picture at Dutch global brewing giant Heineken, which for the UK market produces 90% of its beers, including Moretti, at British breweries, using 100% renewable electricity.

 

"Birra Moretti is brewed all over the world to the same 'l'autentica' recipe, using the same ingredients and crafted to the same quality standards," says a Heineken UK spokesman. "The global master brewer for Birra Moretti oversees the brewing to make sure that the beer tastes just as it should.

 

"Quality and taste are incredibly important to us and the millions of people who also enjoy a Birra Moretti. There are also a number of other benefits to brewing in the UK - it is more sustainable, and it provides UK jobs both in the brewery and the wider supply chain, and, therefore, contributes to the British economy."

 

 

Yet why are so many British lager drinkers attracted by a foreign brand name? Business psychologist, Stuart Duff of UK practice, Pearn Kandola, says it is an "aspirational" decision.

 

"While we like to believe that our choice is based on logic - the quality of the lager - the reality is that we can associate foreign lagers with exotic and aspirational qualities," he says.

 

"We associate foreign lagers with other, entirely unrelated, factors related to that country, such as fashion, cars, architecture - mainly cool and stylish. It gives the drinker a feeling that they are drinking something much more special, interesting and classier than a local UK brew, despite the lager in question often actually being brewed here too."

 

Beer writer Jane Peyton says as most global beer brands are lagers with "a similar flavour profile", the brewers need to highlight a particular brand's "heritage, or invented heritage" to differentiate it from the crowd. Often this highlighted heritage means that they can charge a higher price for the beer in question, she adds.

 

"What the consumer thinks they are buying is a leading beer made in Mexico, Spain, or Italy, but it might say in small type that it was brewed under licence elsewhere," she says. "Yet most people do not check.

 

"Would they buy that beer, and be willing to pay a premium for it, if they knew it had been brewed in a regional British town alongside non-premium beers with the same ingredients?"

 

Back at Budweiser Budvar, its UK managing director Jitka Vlčková says the company will continue to absorb the higher transportation costs of shipping all of its beer from Budweis, Czech Republic.

 

"The cost of compromising our quality, values and traditions would be far higher," she adds.-BBC

 

 

 

Is UK inflation going to keep falling?

The dip in the overall rate of inflation in the year to November should be the start of a few months of falls. October's four-decade high now looks to have been the peak. But inflation will remain very high for months to come.

 

Even talk of a moderation in the rate of price rises seems out of kilter with everyday experience. On our visits around the country, everybody is feeling the sharpest of pinches, and most people seem to be willing to talk about it.

 

I was at the Winter Wonderland fair and ice rink in Reading testing the rather cold ground. They think they have benefitted from offering free entrance, but the owner Billy tells me there are signs of a profound squeeze everywhere.

 

People paying for the rides with credit cards and looking for cheaper options on food and drink. Meanwhile, Billy's family are stepping in to help staff the fair as other costs sky rocket.

 

"Fuel has doubled over the past 12 months, but that's slowly creeping down. Gas prices have nearly tripled, and there's no sign that's coming down. The food is staying staying sky high... The drinks from the breweries that's going up," he tells me.

 

Apart from for car fuel, none of the punters say they can feel much of a change.

 

Even in the latest inflation figures, food price rises reached new 45-year highs of 16.5%, as is evident in the shops. But it's not just petrol prices contributing to a slowing of the inflation rate. Other commodity prices and transport costs are on their way down.

 

The fall in the price of used cars - one of the first indicators of the inflationary pressures last summer - is now accelerating. Globally, there are signs of a peak, especially in the US. The UK's inflation rate is now lower than Italy and Germany's, but higher than in France.

 

While consumers still face an historic squeeze from the cost of living, the Bank of England may feel able to slow up on rises in interest rates, especially given expectations a recession has already started.

 

In the absence of further shocks to the world economy, the very worst may well be behind us in the charts at least. It will be many months more before that is felt in ordinary households.-BBC

 

 

 

 

Buy festive shopping in store, small retailers say

People should go into some stores rather than rely on online shopping if they want to get Christmas gifts on time, retailers have said, as postal strikes delay parcel deliveries.

 

"That's the advice we're giving," the boss of bookseller Waterstones said.

 

If buying from smaller retailers, shopping in store will ensure "certainty", the British Independent Retailers Association (Bira) said.

 

It comes as Royal Mail staff continue strike action.

 

Postal workers are set to walk out again on Thursday, marking the fourth of six strike days across the festive season, in a row over pay and conditions.

 

As a result, letters and parcel deliveries are being delayed.

 

Many larger retailers have their own distribution networks or deals with courier firms.

 

But the UK's largest book chain, Waterstones, is warning customers on its website that the Royal Mail strikes are likely to result in "some delay to our quoted delivery times".

 

Its chief executive, James Daunt, told the BBC that buying books in shops is the best option given the strike disruption.

 

"If people want to be certain of getting deliveries in time for Christmas, they need to go into stores," Mr Daunt said. "That's definitely the advice we're giving."

 

Waterstones has more than 300 stores across the UK. This means it is in a very different position to those retailers who don't have a physical presence, as he acknowledged.

 

"I know it's easy for us to say go into shops, as we're a national retailer," he said.

 

"It's the independent retailers all over the country who will be suffering the most from this. I feel desperately sorry for them.

 

"For national retailers, it's more swings and roundabouts. What we lose online, we make in stores."

 

Andrew Goodacre, the chair of Bira, said that if customers want to be confident of getting their Christmas gifts on time, their best bet is to go and buy them in person.

 

"To ensure you get your Christmas gifts on time, we are advising people to go into shops," Mr Goodacre told the BBC.

 

"We would always say that anyway as we'd always promote a healthy vibrant High Street, but when there's so much disruption, not just with postal strikes, but rail strikes too, if customers want certainty on Christmas orders, best to order online, and collect in store."

 

But Mr Goodacre warned that it's a difficult situation for small retailers, many of whom will be reliant on Royal Mail to make deliveries.

 

He said retailers will have been hoping to maximise sales at Christmas time, and the strikes could make that harder.

 

"They will do their best but it's a challenge they could do without."

 

Meanwhile, the Booksellers Association said the "uncertainty" around parcel delivery dates is likely to push people to the High Streets to get their Christmas gifts.

 

"This could have the positive consequence of creating more traffic on High Streets and more footfall for bricks and mortar retailers," said Meryl Halls, managing director of the Booksellers Association.

 

"If the silver lining from the very challenging situation around Royal Mail strikes does help produce busy local High Streets this Christmas, many bookshops will be pleased to welcome the increased traffic."

 

Strikes calendar

The postal worker walkouts coincide with the busiest time of year for Royal Mail when people and businesses are sending Christmas cards and presents.

 

Some parcel companies claim the walkouts are having a knock-on effect, and forcing them to delay next-day deliveries as people and firms seek alternative ways to send their post.

 

As well as holding strikes this week, 115,000 Royal Mail workers from the Communication Workers Union (CWU) will also take industrial action on 23 December and Christmas Eve.

 

The dispute has been going on since the summer and like all the industrial action across rail, the NHS, teachers, border staff and driving examiners, pay is a key issue.

 

Many workers are seeking wage rises as the cost of living soars. The rate at which prices are rising, known as inflation, is running at nearly 11%, which remains close to a 40-year high.

 

A spokesman for Royal Mail said the company had made a "best and final pay offer worth up to 9% over 18 months".

 

"Instead of working with us to agree on changes required to fund that offer and get pay into our posties' pockets, the CWU has announced plans to ballot in the New Year for further strike action."

 

But a spokesman for the CWU said that Royal Mail has offered workers a 3% pay rise this year, 3% next year as well as an additional 2% if employees agree to "the absolute destruction" of terms and conditions.

 

The union has said the strikes are partly about the "Uberisation" of the postal service, including "widespread changes... introducing Uber-style owner-drivers, mail centre closures and changes to Sunday working".-BBC

 

 

 

HSBC to end funding for new oil and gas fields

HSBC has announced it will stop financing new oil and gas fields, as part of its efforts to drive down global greenhouse gas emissions.

 

Environment groups said the move sends "a strong signal" to fossil fuel giants that investment is waning.

 

Europe's largest bank said it made the decision after receiving advice from international energy experts.

 

It comes following previous criticism of HSBC for funding oil and gas projects despite its green pledges.

 

Jeanne Martin, head of the banking programme at ShareAction, a charity that campaigns for reducing investment for fossil fuels like oil and gas, said: "HSBC's announcement sends a strong signal to fossil fuel giants and governments that banks' appetite for financing new oil and gas fields is diminishing."

 

The charity called on other banks to follow suit - saying this move sets a "a new minimum level of ambition" for the sector.

 

In 2020, HSBC made a pledge to be "net zero" - which means not adding to greenhouse gases already in the atmosphere - and investing up to $1 trillion (£806bn) in clean energy.

 

However, the bank came under criticism earlier this year when it was revealed it had invested an estimated $8.7bn (£6.4bn) into new oil and gas in 2021, according to ShareAction.

 

In the update to its energy policy, the bank said the decision had been made "follow[ing] consultation with leading scientific and international bodies" who had estimated that current oil and gas fields would meet any demand in 2050 under a "net-zero" scenario.

 

Under the 2015 Paris Agreement, 197 countries agreed to try to keep temperature rises "well below" 1.5C to avoid the worst impacts of climate change.

 

Experts say that to achieve this, net zero must be reached by 2050.

 

What does net zero mean and how are countries doing?

HSBC follows Lloyds bank - Britain's biggest domestic bank - which announced a similar decision in October.

 

Tony Burdon, chief executive at climate finance campaign Make My Money Matter, said: "it's another nail in the coffin for fossil fuel expansion, and a massive signal to other UK banks that the game is up on new oil and gas."

 

It is not yet clear if this is the beginning of a trend across the sector, but it comes just months after the UK government announced a new round of licensing for oil and gas production in the North Sea.

 

New UK oil and gas licences defy climate warnings

HSBC has said it will continue to keep its investments already in oil and gas fields as it "recognises that fossil fuels, especially natural gas, have a role to play in the transition, even though that role will continue to diminish".-BBC

 

 

 

Hong Kong markets watchdog warns of cryptocurrency platform risks

Hong Kong's financial markets watchdog has issued a warning over the risks of online platforms for cryptocurrency and other digital asset deposits.

 

"Investors are urged to be wary of the potential high risks" associated with so-called "virtual asset arrangements," the Securities and Futures Commission (SFC) said in a statement.

 

The announcement comes at a tumultuous time for the cryptocurrency market.

 

This week the founder of failed crypto exchange FTX was arrested and charged.

 

"Whilst some VA [virtual asset] Arrangements are commonly labelled or marketed as 'deposits' or 'savings' products, they are not regulated and are not the same as bank deposits. Investors are not afforded with any form of protection," the SFC said.

 

"If they cannot fully understand them and bear the potential significant or total losses, they should not make an investment," it added.

 

It came after Sam Bankman-Fried, founder of the failed cryptocurrency exchange FTX, was arrested in The Bahamas on Monday.

 

Within hours US authorities charged him with "one of the biggest financial frauds in US history".

 

The former FTX chief executive built a "house of cards on a foundation of deception," Security and Exchange Commission (SEC) Chair Gary Gensler said.

 

Later on Tuesday Mr Bankman-Fried was denied bail by a judge in the Bahamas.

 

Bahamas Chief Magistrate JoyAnn Ferguson-Pratt denied the petition for his release on bail, citing a "great" risk of flight, and ordered that he be kept on remand at a correctional facility until 8 February.

 

Meanwhile, rival exchange Binance has seen withdrawals of more than $1bn in the last 24 hours after it said it would "temporarily paused" withdrawals of the USDC stablecoin.

 

According to blockchain data firm Nansen, users of the world's biggest cryptocurrency exchange had withdrawn $1.9bn from the platform.

 

However, Binance's chief executive Changpeng Zhao, who is widely known as CZ, put the figure at around $1.14bn.

 

"Some days we have net withdrawals; some days we have net deposits. Business as usual for us," he added in a tweet.

 

Cryptocurrencies are not currencies in the traditional sense, but are stored online and act more like investment vehicles or securities - often with a high degree of volatility.

 

Their anonymity means they have been favoured for criminal activities such as drug dealing and ransomware attacks, but their supporters say there is huge potential for innovation - and independence from governments.

 

The world's biggest cryptocurrency Bitcoin has lost more than 60% of its value this year, while other digital assets have also fallen sharply.-BBC

 

 

 

 

Kenya: Govt Asks Teachers to Be Realistic With Salary Hike Push

Kisumu — The government has asked teachers to be realistic in their new push to call for salary increment.

 

Education Cabinet Secretary Ezekiel Machogu told Kenya National Union of Teachers (KNUT) to be considerate with the current economy while asking for the implementation of a collective bargaining agreements (CBA).

 

The CS whose speech was read at the ongoing 62nd KNUT National Delegates Conference in Kisumu was responding to fresh demands by KNUT who were calling for a 60 percent pay rise.

 

"I am sure we will reach an agreement and move on as a country," Machogu said in a speech read oh his behalf by Nyanza regional director of education Nelson Sifuna.

 

KNUT Secretary General Collins Oyuu had on Tuesday announced that they will embark on demanding more pay from the government

 

CS Machogu told the teachers that the government was proud of the major strides the union has made since its formation to improve the welfare of its members.

 

 

He said the government respects the role teachers play in the growth and development of the country.

 

In addition, Machogu noted that the trade unions played very crucial roles in the fight for independence of countries of Africa and the world.

 

Machogu said the government recognizes the teacher as a cardinal pillar in the education sector, that drives and sustains social, economic and political pillars that drive the growth of the country in terms of building reliable human resource.

 

"The Kenya Kwanza Government has a deliberate education charter that puts the teacher at the center of the masterplan," Machogu said.

 

TSC director legal and industrial relations Calvin Anyuor who represented commission's chief executive officer Dr Nancy Macharia assured teachers that they will meet with Knut officials over the CBA demands.

 

"We have received 13 letters from Collins Oyuu, KNUT Secretary General demanding for a meeting with the TSC over the 2021-25 CBA. The meeting has been granted and we want to engage with the union to reach amicable solutions that will be beneficial to teachers and the commission for the betterment of learners, " Anyuor said.

 

He acknowledged the high cost of living saying that TSC officials are not stones but human beings who shall engaged the union to reach an agreement.

 

On his part, Kenya Union of Post Primary Education Teachers (KUPPET) secretary general Akelo Misori vowed that next year will be a tough time for President William Ruto's government should it failed to honour the demands of teachers in the country.

 

"We won't work for free, the CBA of 2021-2025 was not implemented so you owe us," Akello said.

 

-Capital FM.

 

 

 

Africa: U.S. 'All In' On Africa, President Joe Biden Says

The US unveiled $55 billion worth of investments, trade deals and aid at a summit of African leaders. It comes after China dominated foreign investment on the continent for years.

 

US President Joe Biden has declared that his country is "all in on Africa's future" at a conference of 49 leaders in Washington.

 

"When Africa succeeds, the United States succeeds. Quite frankly, the whole world succeeds as well," Biden said.

 

The US president made the comments on Wednesday, the second day of a US-Africa Leaders Summit being attended by heads of government and other high-level delegates from around the continent.

 

It was the first such meeting since former US President Barack Obama hosted African leaders in Washington in 2014.

 

Trade and investment on the agenda

 

The Biden administration has pledged $55 billion (€52 billion) worth of public investment, private investment, aid, and trade deals across Africa. Biden said this was "just the beginning."

 

 

The announcement includes a $100 million aid package for clean energy and another $800 million in public and private financing for digital development.

 

A $504 million infrastructure package aims to connect Benin's port of Cotonou with landlocked Niger's capital Niamey. US officials estimate 1.6 million people will benefit from this.

 

"For a long time we've considered this to be our natural port," Niger's President Mohamed Bazoum said. He promised to enact "institutional reforms" that would boost trade.

 

Meanwhile, credit card company Visa said it would invest $1 billion into Africa to develop digital payments, and Cisco with its partner Cybastion announced 10 cybersecurity contracts worth a total of $858 million.

 

Microsoft said it would roll out satellites to provide internet access to millions of people, starting in Egypt, Senegal and Angola.

 

The summit was held after China surpassed the US in recent years in terms of its overall investments in Africa through highly visible infrastructure projects.

 

World Cup backdrop

 

During an address to nearly the 50 African leaders in attendance on Wednesday, Biden said: "I know you're saying to yourselves, make it short, Biden, there's a semi-final game coming up. I get it."

 

Later on, he watched the France-Morocco match with Moroccan Prime Minister Aziz Akhannouch and other leaders from around the continent.

 

Although Morocco lost, it was the first time an African team made it to the semi-finals of the global tournament.

 

zc/sms (AP, Reuters, AFP)

 

 

 

Nigeria: Biden Announces $350m to Facilitate Digital Transformation in Nigeria, Others

President Joe Biden of the United States of America has announced the commitment of $350 million to facilitate digital transformation in Africa.

 

According to Biden, such intervention would help to make sure more people across Africa participate in the digital economy.

 

He stated that the commitment included partnerships such as a new collaboration between Microsoft and Viasat to bring in Internet access to five million Africans.

 

This was part of Microsoft's commitment to bring access to 100 million people across Africa by the end of 2025.

 

 

He revealed that the initiative would include programmes to train African entrepreneurs with a focus on women entrepreneurs to code and build skills needed to start their own businesses, to secure good-paying jobs and for technology firms.

 

"This will include partnerships between Africa and American companies to provide cybersecurity services to make sure Africa's digital environment is reliable and secure.

 

"So, today, I'm announcing a new initiative - The Digital Transformation with Africa. Working with Congress to invest $350 million to facilitate more than almost half a billion dollars in financing to make sure more people across Africa can participate in the digital economy," he said.

 

Speaking during the US-Africa Business Forum, at the at the ongoing US-Africa Leaders' Summit in Washington DC, the United States, Biden said that Cybastion, a diaspora-owned small business, was jointly announcing $800 million in new contracts to protect African countries from cyber threats.

 

 

Furthermore, he disclosed that Visa was also committing more than $1 billion into Africa over the next five years to further expand its operations on the continent, including providing mobile payment services for more micro-, small-, and medium-sized businesses across Africa.

 

According to Biden, "The United States is focused on Africa's future. And the work we've done over the past two years, building on decades of vital investments made under previous American presidents, has helped make possible the critical steps that I'm about to announce.

 

"First, the United States is signing an historic memorandum of understanding with the new African Continental Free Trade Area Secretariat. This MoU will unlock new opportunities for trade and investment between our countries and bring Africa and the United States even closer than ever. This is an enormous opportunity for Africa's future, and the United States wants to help make those opportunities real.

 

 

"We are finally implementing the African Continental Free Trade Area. It will represent one of the largest free trade areas in the world with 1.3 billion people, and a continent-wide market totalling $3.4 trillion.

 

"And with the new MoU, we are doing things correctly: enshrining protections for workers both across Africa and in the United States; looking out for small- and medium-sized entrepreneurs and enterprises to make sure they have a fair shot to compete; lifting up opportunity for women-owned businesses, diaspora-owned businesses, and businesses owned by members of historically underserved communities; and supporting and investing in the continent's vibrant and growing urban economies.

 

"Together, we want to build a future of opportunity where no one no one is left behind. Secondly, we are investing to facilitate greater regional trade within Africa, including by investing in infrastructure. Today, the Millennium Challenge Corporation signed its first-ever regional transport compact with the governments of Benin and Niger.

 

"This compact will invest $500 million to build and maintain roads, put in place policies that reduce transportation costs, making it easier and faster for ships to ship goods from the Port of Cot- -- excuse me, from the Port of Cotonou to neighbouring landlocked countries."

 

Speaking further, he said: "General Electric and Standard Bank will together provide $80 million to improve healthcare services and provide access to cutting-edge healthcare equipment. Altogether, the forum has spurred more than $15 billion in new deals, which will turn, lift up, and improve lives of people all across the continent.

 

"And that is the biggest deal of all. These are long-term investments that are going to deliver real benefits to people; create new, good-paying jobs, including here in the United States; and expand opportunities for all our countries for the years to come. All of you, the deals you have signed, the investments we have made together, are concrete proof of the enduring commitment we are making to one another, government to government, business to business, people to people."

 

In a related development, the African Export-Import Bank (Afreximbank) and the US Eximbank have signed a $500m memorandum of understanding (MoU) on trade to boost US-Africa trade.

 

The MoU provides the framework under which Afreximbank and the US Exim bank can operate and support renewed US-Africa trade, investment, engagement and relations.

 

Speaking during the signing ceremony, the President and Chairman of the Board of Directors of African Export-Import Bank (Afreximbank), Prof. Benedict Oramah, said by signing the MoU, the two banks have moved from intentions to action and set the stage for the two institutions to serve as anchors for a renewed, vibrant US-Africa trade and investment relations.

 

He also stated that Afreximbank would leverage the relationship with US Eximbank to promote the creation of regional supply chains by through supporting transportation, rail and road infrastructure, healthcare, renewable energy, supporting Diaspora engagements, especially the creative industry, which he said was something, "we have it as a priority and the US government also has as a priority."

 

He expressed confidence that the engagement they have had would promote the work they were doing to support the AfCFTA and make it possible for them to support industries to bring in heavy equipment and capital goods needed to create manufacturing capacity, "as well as also the kind of infrastructure goods that are required to create capacities for production on the continent."

 

According to him, "It is undoubtedly that the US is the largest market in the world so by improving the relationship and creating the opportunities for trade, we can gain access to that market that has helped pull billions of people out of poverty, especially in Asia.

 

"US is the country with the largest pool of capital. By creating the environment to attract this capital, we are going to be able to support the kind of investments that will enable us do value addition in our continent, especially solid minerals and agriculture products, it will help us to push ahead as a trade destination hub for venturing in the US, given the fracturing of global supply chain that we are beginning to witness. We have a large diaspora community in the US.

 

"The good thing is that the President Joe Biden administration has issued an executive order to send in Diaspora engagement and they have even appointed somebody to an office to make sure that African diaspora engagement is strengthened. The Diaspora source of foreign direct investment, marginal remittances, and skills, and it is also a market for us.

 

"So this renewed relationship we are beginning to see, if we are able to give it some impetus, we will also be able to fully leverage the benefits of a large pool of our diaspora here. Here, just as the Jews have done, and just as the Indians have done, we are the only ones who have not used our diaspora in a way that it is a win-win for us.

 

"Nigeria is large market and it has a huge population. The youth population in Nigeria is huge and it is a source of low-cost labour that can be used to produce for the US market. The US market and Nigeria are not far apart. Nigeria can be a good destination for the US and that can boost economy and create jobs.

 

"Nigeria is the largest source of diaspora in the US. So as we renew this engagement, we are able to leverage the pool of the Diaspora we have in the US, we are also going to attract more capital for the US into Nigeria.

 

"Nigeria stands the opportunity of gaining so much from the AfCFTA. So Nigeria can be industrial base that will attract manufacturing investments from the US apart from also being a potential market for our goods."

 

Earlier in his remarks, the the Chairman, Heirs Holdings, Tony Elumelu called for an urgent need to address internal and external obstacles confronting Africa, stating that the region suffers the most trade discrimination in the world.

 

Elumelu disclosed this at a panel session on US- Africa Business Forum with the theme: "Charting the Course: The Future of U.S.-Africa Trade and Investment Relations."

 

He emphasised the urgent need to address internal and external obstacles confronting the continent.

 

Elumelu challenged African leaders to rise to the occasion, as the continent has the capacity to do a lot for itself and the world.

 

"We should not allow this discrimination to discourage us. Africa can be the food basket of the world. Africa can do a whole lot more for the world and itself the moment we address the obstacles.

 

"We need to look at our structure, we need to work together collectively to turn Africa into a manufacturing center. Africa can do a lot more than it is doing today. The opportunities on the African continent are huge, but we need to address trade barriers and obstacles as well as environmental challenges," he said.

 

The Nigerian Banker told his audience that he had been supporting young entrepreneurs across Africa, adding that through the work of the Tony Elumelu Foundation, he would want to see the young entrepreneurs become multinationals.

 

Continuing, he said: "We need to change the stereotype. We need to change our mindset. We need to understand that Africa has opportunities. Let's embrace Africa as we embrace other parts of the world.

 

"Africa can be the breadbasket of the world. Africa can do a whole lot more for the world. What I see as opportunities on the continent in the area of trade and investment is huge, but for us to realise that we need to do more in removing obstacles as well as address environmental issues. If we remove these two, we can make progress."

 

-This Day.

 

 

 

 

South Africa: Eskom Chief De Ruyter Resigns

Eskom Group's chief executive Andre de Ruyter has resigned, reports News24, as the country suffers worsening loadshedding (planned power cuts).

 

De Ruyter is vacating his position close to when he assumed his post - December 25, 2019.

 

This is only the second time ever that the country has reached Stage 6 level of power cuts, since the energy crisis began. South Africans may yet experience up to six hours without electricity per day.

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2022

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

National Unity Day

 

December 22

 


 

Christmas Day

 

December 25

 


 

Boxing Day

 

December 26

 


Companies under Cautionary

 

 

 


CBZH

Meikles

Fidelity

 


TSL

FMHL

Turnall

 


GBH

ZBFH

GetBucks

 


Zeco

Lafarge

Zimre

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from sources believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and sourced from third parties.

 


 

 


(c) 2022 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:  <mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77 344 1674

 


 

 

 

 

 

 

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