Major International Business Headlines Brief::: 01 February 2022

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Major International Business Headlines Brief::: 01 February 2022 

 


 

 


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ü  Wordle: New York Times buys popular word game

ü  Sony to buy Destiny and Halo developer Bungie for $3.6bn

ü  Budget 2022: Can India's budget address its uneven recovery?

ü  Tesco to shut down its Jack's discount stores

ü  Wine drinkers face higher prices and less choice, firm warns

ü  Global chip shortage: Jaguar Land Rover loses £9m

ü  Turbulent January could bode poorly for rest of year for U.S. stocks

ü  Fed sees March rate hike, but no roadmap after that

ü  Exxon unveils sweeping restructuring in latest cost cutting move

ü  Japan's Nomura Q3 net profit drops 39% as pandemic-era trading boom slows

ü  UBS plans to boost profitability, logs smaller-than-expected Q4 profit
fall

ü  Report on Rio Tinto finds 'disturbing' culture of sexual harassment,
racism, bullying

ü  Oil refiners offer union workers 9% pay raise over three years -sources

ü  Nigeria: Govt Ramps Up Work On Siemens Power Deal, Set to Reach 40
Million Nigerians With Reliable Electricity

ü  Rwanda: Relief to Business Community as New CHOGM Date is Announced

ü  Nigeria: Again, Nigeria, Other African Countries Led OPEC Oil Production
Underperformers in January

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

Wordle: New York Times buys popular word game

The New York Times has purchased the popular word game Wordle for an
undisclosed seven-figure sum.

 

The free and simple game was created by software engineer Josh Wardle. It
was released last October and now boasts millions of players.

 

Mr Wardle said the game's success had been "a little overwhelming", and that
he was "incredibly pleased" to announce the deal with the New York Times.

 

The newspaper publisher said the game would initially remain free to play.

 

The game challenges players to find a five-letter word in six guesses.

 

A new puzzle is published every day and players can post how quickly they
solved the colourful grid on social media - but in a way that does not spoil
the answer for those still playing - which is why, Mr Wardle said, it
managed to capture the imagination of so many users.

 

Mr Wardle announced the deal in a statement posted on Twitter, saying he had
"long admired the NYT's approach to their games and the respect with which
they treat their players".

 

The New York Times said it bought the hit word game from its creator for a
price "in the low seven figures".

 

"The Times remains focused on becoming the essential subscription for every
English-speaking person seeking to understand and engage with the world. New
York Times Games are a key part of that strategy," a statement said.

 

"Our games already provide original, high-quality content and experiences
every single day. Wordle will now play a part in that daily experience,
giving millions more people around the world another reason to turn to The
Times to meet their daily news and life needs," it added.

 

The game can be played in just a few minutes. Players begin by guessing any
five-letter word.

 

Mr Wardle said he had "really got into" the New York Times crossword and
spelling games during the pandemic.

 

The New York Times Games, Mr Wardle said, played a "big part" in Wordle's
origins, "so this step feels very natural".

 

In January, Mr Wardle, who engineered games for social-media platform
Reddit, told the BBC's Today programme he had come up with a prototype for
the game in 2013 but his friends had not been keen on it.

 

"Last year, my partner and I got really into crosswords and word games and I
wanted a game for us to play each morning as part of our routine," he said.

 

He then shared it with his family on WhatsApp before opening it up to the
public.

 

Asked whether he planned to make money from it, he said: "I don't understand
why something can't just be fun. I don't have to charge people money for
this and ideally would like to keep it that way."-BBC

 

 

 

Sony to buy Destiny and Halo developer Bungie for $3.6bn

Japanese technology giant Sony says it will buy video game developer Bungie
in a deal worth $3.6bn (£2.7bn).

 

The US-based company is best known for the Destiny and Halo gaming
franchises.

 

Sony says the deal will give it control of Bungie's franchises and access to
its live gaming services, as it aims to "reach billions of players".

 

Earlier this month, Microsoft revealed plans to buy video games giant
Activision Blizzard for $68.7bn, which is the industry's largest ever deal.

 

"This is an important step in our strategy to expand the reach of
PlayStation to a much wider audience," said Jim Ryan, president and chief
executive of Sony Interactive Entertainment (SIE).

 

"We understand how vital Bungie's community is to the studio and look
forward to supporting them as they remain independent and continue to grow."

 

Sony did not provide a timeline for when it expects the deal to be
finalised.

 

Bungie has limitless potential to unite friends around the world.

 

We have found a partner in PlayStation that shares our dream and is
committed to accelerating our creative vision of building
generation-spanning entertainment.

 

Bungie, which is based in Washington state, has more than 900 employees.

 

Under the deal, the firm will operate independently and continue to publish
its own games after the takeover is completed.

 

Bungie is working on expanding its Destiny 2 universe, the first-person
shooter video game which was released in 2017.

 

"Both Bungie and SIE believe that game worlds are only the beginning of what
our IP [intellectual property] will become," said Bungie's chief executive
and chairman Pete Parsons.

 

"Our original universes have immense potential and, with SIE's support, we
will propel Bungie into becoming a global multi-media entertainment company
dedicated to delivering on our creative vision," he said.

 

Month of mega deals

The Sony-Bungie deal helped make January a record month for mergers and
acquisitions (M&A) in the video games industry.

 

There were two other major deals, with Grand Theft Auto creator Take-Two
Interactive unveiling its buyout of Zynga for $12.7bn and Microsoft's plan
to purchase industry giant Activision Blizzard for $68.7bn.

 

"These three deals alone surpass the 2021 M&A deal value of $85bn, which had
already been an annual record," said Daniel Ahmad, a senior analyst at
market intelligence company Niko Partners.

 

Mr Ahmad said he expects more consolidation in the gaming industry this
year.

 

"Technology and media companies in particular are viewing the game publisher
and developer companies to have valuable IP, talent and content" added Mr
Ahmad, who covers the Middle East, North Africa and Asia video game
industry.

 

"This leads us to consider not 'Will there be another acquisition?' but
rather 'Who is next?'"

 

The Activision Blizzard takeover will be the biggest acquisition in
Microsoft's history and will see it taking ownership of gaming franchises
including Call of Duty, Warcraft and Overwatch. The deal is expected to be
finalised in 2023.

 

Microsoft and Sony are in a battle for popularity among gamers.

 

Sony's PlayStation 5 console is generally seen as having the lead over
Microsoft's fourth generation Xbox models.

 

The Japanese company has strengthened its network of in-house games studios
and delivered a string of exclusive hits in recent years, including in its
Spider-man franchise.

 

It is also a pioneer in virtual reality and teased some details about its
next generation headset last month.-BBC

 

 

 

Budget 2022: Can India's budget address its uneven recovery?

Prime Minister Narendra Modi's government is set to present its annual
budget amid rising unemployment, sluggish demand and inflation.

 

With elections in five states just days away, experts anticipate a slew of
populist welfare measures targeting farmers and low-income families.

 

But that alone will not stimulate demand and revive businesses, they say.

 

Given India's steep deficit, they add, finance minister Nirmala Sitharaman
must pull off a "balancing act".

 

"The budget will see the government walking the tight rope in terms of
boosting growth and reducing the gap between its income and spending," Madan
Sabnavis, chief economist at Bank of Baroda, told the BBC.

 

Ms Sitharaman tabled the annual economic survey in parliament on Monday -
the report projected growth ranging between 8-8.5% for the 2022-23 financial
year.

 

There is some growth driven by pent-up demand and increased government
spending. But experts doubt that is enough to kickstart growth without major
policy interventions.

 

What are the challenges?

"India's overall macroeconomic situation is in recovery mode... The worry
stems from the fact that this growth is concentrated at the top end,"
India's former chief economic adviser Kaushik Basu said in a recent
interview.

 

"The big task is to create jobs and help small business," he added.

 

The country's small and often informal businesses, which employ the majority
of India's workforce, have been the worst-hit by the pandemic.

 

Although the Omicron variant appears to be on the wane, intermittent
restrictions continue to disrupt supply chains and along with rising prices,
are hurting consumer demand.

 

A brutal second wave last year shrank India's middle class, gutted savings
and widened inequality. Job losses and persistent unemployment have also
worsened the situation.

 

Experts say that small industries can be critical in building jobs again in
cities and towns.

 

But the government has not focused on them, Jayati Ghosh, professor of
economics at the University of Massachusetts, told the BBC.

 

"You cannot look to revive small-scale industries with only a supply-side
package - the real problem is they don't have demand. People are bleeding,"
she said. "The government will have to put money in the hands of the
people."

 

India's revenues for the first eight months of the current financial year
are up by 67% from the previous year, the Economic Survey, noted. This gives
the government more room to spend.

 

But experts are wary that much of the money may go towards freebies for
voters ahead of crucial polls.

 

Will it be a populist budget?

This year's budget comes on the back of repealed farm laws - contentious
reforms were rolled back after farmers protested for more than a year. They
posed one of the biggest challenges to Mr Modi's government since he came to
power in 2014, and have caused anger and resentment among farmers, a big
vote bloc.

 

Just 10 days after the budget, two large rural states - Uttar Pradesh and
Punjab - the latter was the centre of the farm protests - go to the polls.

 

This year also marks the promised deadline by Mr Modi to double farmers
income but that hasn't happened and farm incomes have, in fact, shrunk.

 

Mr Modi has also come under increasing criticism for taking a protectionist
turn in recent years that has hurt manufacturing and done little to spur
exports.

 

Economists have also called for greater reforms.

 

Raghuram Rajan, former governor of India's central bank, said growing
unemployment, low buying power, the financial stress faced by small
businesses and the state of India's schools, were all "dark stains" on the
country's economy - despite "bright spots" such as the "roaring" IT business
and the emergence of so many new billion-dollar start-up firms.

 

"We need to do more to prevent a... possible lowering of our medium-term
growth potential," he said.-BBC

 

 

 

Tesco to shut down its Jack's discount stores

Tesco has said it will close down seven of its Jack's stores, while the
remaining six branches will be converted into Tesco superstores.

 

The move will affect 130 jobs but Tesco said it will try and find
alternative roles for the staff affected.

 

Tesco also said that meat, fish and deli counters at 317 store sites would
be also be shut down because of changes in customer demand.

 

It launched Jack's in 2018 to tackle the threat from rivals Aldi and Lidl.

 

Tesco said that Jack's had enabled it to bring in new customers from other
supermarkets.

 

Jason Tarry, chief executive of Tesco UK and Ireland, said: "We have learnt
a huge amount from Jack's and this has helped Tesco become more competitive,
more efficient and strengthened our value proposition, including through the
launch of Aldi price match."

 

"In turn, this has enabled us to consistently attract new customers to Tesco
from our competitors over the last two years and we know they increasingly
recognise the value they can find at Tesco," he added.

 

Chief executive Dave Lewis claimed that Jack's - named after Tesco founder
Sir Jack Cohen - would be cheaper than Aldi or Lidl.

 

Jack's stores sold 2,600 products - far fewer than the 35,000 carried by a
Tesco supermarket - with 1,800 branded "Jack's".

 

In the first six months after the launch, Tesco had planned between 10 and
15 Jack's stores for new locations, next to existing Tesco stores, and a
small number of converted Tesco stores but a total of 13 were built.

 

The seven sites which will be closed are in Hull, St Helen's, Walton, Castle
Bromwich, Middlewich, Barnsley and Liverpool North.

 

The sites which will be transferred to large Tesco stores are in Chatteris,
Immingham, Edgehill, Rubery, Sheffield and Wakefield.

 

Staff working on the meat, fish and hot deli counters listed for closure in
317 of Tesco's stores will also be offered different roles.

 

The supermarket chain said the changes will "ensure" Tesco remains "focused
and competitive in a fast-changing market".

 

"With the learnings from Jack's now applied, the time is right to focus on
ensuring we continue to deliver the best possible value for customers in our
core business," Mr Tarry added.

 

Tesco saw sales soar over Christmas and forecasted strong full-year profits
in January. It said it expects annual income to hit the top end of forecasts
at £2.6bn. Tesco's Christmas sales in the UK rose by 0.3% compared to the
previous year and were 9.2% higher than the pre-pandemic festive period in
2019.-BBC

 

 

 

Wine drinkers face higher prices and less choice, firm warns

Proposed changes to alcohol duty will lead to higher prices and less choice
for wine drinkers, the owner of wine merchant Laithwaites has warned.

 

The proposals, contained in October's Budget, were described by Chancellor
Rishi Sunak as the "most radical simplification of alcohol duties for over
140 years".

 

But Direct Wines said the complexity would be "crippling" for the trade.

 

It said small and medium firms would "probably go out of business".

 

In the Budget, the chancellor said that under the new system for alcohol
duty, which is due to start in 2023, taxes on sparkling wine, draught beer
and cider would be cut, but would rise for stronger drinks such as red wine.

 

According to the Wine and Spirit Trade Association (WSTA), if wine is taxed
according to its alcoholic strength in this way, 70% of all wine, still and
sparkling, will go up in price, as will 80% of all still wine, 95% of red
wine and 100% of fortified wines.

 

The government's consultation on the proposals has just closed. A
spokesperson from the Treasury said that for all wines with an ABV between
8.5% and 22%, there will be one band based on alcohol content.

 

"Our reforms will replace our outdated rules with a common-sense approach
that puts the taxation of stronger beers, wines and spirits on an equal
footing, making lighter and sparkling wines more affordable for UK
drinkers", they said.

 

'Administrative nightmare'

Speaking to the BBC's Today programme, the treasurer of Direct Wines, Tim
Curtis, said that under the present system there were three rates of duty on
wine: one for still wine, a slightly higher one for sparkling wine and a
higher one for fortified wine.

 

"So it's just three numbers and the majority of still wines sold in the UK,
it's £2.23 a bottle, it couldn't really be much simpler," he said.

 

"But the Treasury have had a go and they've created 13 wine bands for the
same £2.23, so for every half a percent of alcohol increase it goes up about
10p per bottle and above the 15% threshold there's another 14 bands so
really they're replacing three with 27."

 

The WSTA has calculated implementing the changes would result in an increase
in costs of about £250m a year for the wine trade.

 

"The complexity for the wine trade... is crippling," said Mr Curtis.

 

"Wine is an agricultural product and the ABV (Alcohol by Volume) of wine is
set by the amount of sunshine warmth in the vineyard when the grapes grow on
the vines and that changes every year.

 

"Last year we sold over 7,500 different wines and we would need a team of
people dedicated to this to track and calculate the correct amount of duty
for each product."

 

Mr Curtis said the average price of wine would "certainly go up for the UK
consumer".

 

"It is the same cost to set up a duty rate for 12 bottles of wine as it is
if you're selling a million so inherently for small and medium merchants in
the UK this is just going to become an administrative nightmare.

 

"The red tape is just huge so you can imagine some ranges will shrink and
sadly some small and medium enterprises will probably go out of business. So
for the consumer it is a case of higher cost, less choice and fewer
merchants competing for their business."

 

Wine mail order company The Wine Society, which has sales of £130m a year,
initially welcomed the government review because it aimed to simplify the
duty regime.

 

"But actually it doesn't simplify it at all," said its director of wine
Pierre Mansour.

 

'The cost of wine will increase'

He also said that Wine Society members would pay more for their wine as a
result of the proposed changes.

 

Most still wines sold by the Society, and in the UK overall, are 11.5% ABV
and above.

 

"That's about 95% of our sales," he said. "And we estimate that with the new
taxation customers would end up paying an additional £2m a year in duty, so
the cost of wine will increase because the taxation is going to rise."

 

A spokesman for the chain Majestic Wine said the move would have an effect
on the "day to day pricing of wines that most consumers drink".

 

It would "inevitably have an impact on retailers' bottom lines - and whilst
we will work hard to minimise the impact this has on our customers, it comes
at a very challenging time for the industry".

 

Similarly, head of wine at the Adnams brewery, which is based in Southwold,
Suffolk, said that reduced sales and compromised margins will make this
sector "increasingly unappealing to small business and entrepreneurship".

 

Increasing three tax bands to more than 20% would add "complexity and cost
to all drinks retailers in the UK. Clearly, we do not see this as
simplification and would urge the government to listen to the WSTA and its
members to reconsider this move," the spokesperson for Majestic Wine added.

 

Instead of the government's proposals, The Wine Society said a simpler
approach would be to apply tax bands across categories of alcohol, so any
type of alcohol up to 5% ABV would be taxed at the same rate, with this
rising for drinks of between 5% and 10% ABV, and so on.

 

Alternatively, most still wine sold in the UK is 8.5%-15% ABV. Mr Mansour
said one single tax rate could be applied to all wines in that range, fixing
it at the mid-point of the band - so at 12%.-BBC

 

 

 

Global chip shortage: Jaguar Land Rover loses £9m

Jaguar Land Rover (JLR) lost £9m ($12m) in the last three months of 2021
amid the global computer chip shortage.

 

The UK car maker saw its retail sales fall 37.6% compared to a year earlier,
as it sold 80,126 vehicles in the quarter to the end of December.

 

Despite that fall in production the company saw revenue of £4.7bn, up 22% on
the previous quarter.

 

Manufacturers around the world have been hit hard as they struggle to secure
supplies of semiconductors.

 

"Whilst semiconductor supplies have continued to constrain sales this
quarter, we continue to see very strong demand for our products underlining
the desirability of our vehicles," JLR's chief executive Thierry Bolloré
said in a statement.

 

However, the company also warned that it expects the chip shortage to
continue throughout this year but expect supplies to gradually improve.

 

 

That helped push JLR's Indian parent company Tata Motors to a 15.16bn rupees
(£150m; $203.2m) loss for the period.

 

JLR also said that its order book has hit a new record high of around
155,000 vehicles, due to strong demand for the new Range Rover.

 

Chips are vital to modern cars, with a number of features including
touchscreen controls, automatic emergency brakes, reversing cameras, fuel
efficiency equipment and airbag deployment systems all relying on them.

 

On Friday, industry figures showed that UK car production last year fell to
its lowest level since 1965.

 

The Society of Motor Manufacturers and Traders said that just under 860,000
new cars left UK factories in 2021.

 

Production last year was 6.7% lower than in 2020 - and a full 34% below its
pre-pandemic level.

 

The SMMT said the figures were dismal, largely thanks to a global microchip
shortage and disruption caused by the coronavirus pandemic.

 

Car makers around the world have also been impacted by the chip shortage,
along with supply chain disruptions, Covid-19 restrictions and rising prices
of raw materials.

 

Motor industry giants including Toyota, General Motors, Ford, Nissan,
Daimler, BMW and Renault, have all been forced to scale back production in
recent months as they struggled to secure enough semiconductors.-BBC

 

 

 

Turbulent January could bode poorly for rest of year for U.S. stocks

(Reuters) - 2022 is off to a turbulent start for U.S. stocks. Even as the
market recouped some losses in the last two sessions of the month, the
benchmark S&P 500 (.SPX) ended down 5.3% in January, its biggest monthly
drop since the pandemic took hold in March 2020. The tech-heavy Nasdaq
(.IXIC) is in a correction, while the small-cap Russell 2000 (.RUT)
confirmed a bear market, dropping over 20% below its November record high.

 

Some investors are taking profits after the S&P 500 in 2021 finished its
best three-year run in two decades and as the Federal Reserve is set to
raise interest rates after equities were supported by the central bank's
post-pandemic easy money policies.

 

“In a very simple way, I would call it the tightening tantrum," said James
Ragan, director of wealth management research at D.A. Davidson. "Even though
they haven’t even started raising rates yet, I think it has led to investors
just having some concern about what it means for the market.”

 

January's performance could bode poorly for the rest of the year. Since
1950, when the S&P 500 is positive in January, the index has climbed an
average of 11.9% for the final 11 months of year, according to LPL
Financial. However, when January is negative, the S&P 500 historically rises
an average of 2.7% in the last 11 months.

 

More recently, a red January has not necessarily meant a dour rest of year.
In the past 10 times January was negative for the S&P 500, the index was
positive in nine of those times over the next 11 months, with an average
gain of 13.1%, according to LPL Financial.

 

In January, investors in particular fled growth stocks, including tech and
other names carrying high valuations that rest on future profit growth. The
S&P 500 growth index (.IGX) fell 8.4% in January.

 

Value stocks, which have long underperformed growth, held up better with the
S&P 500 value index (.IVX) down only 1.7%. Energy shares, which are expected
to be among the biggest beneficiaries in an inflationary environment, were
standouts, with the energy sector (.SPNY) gaining nearly 19% for the month,
the only S&P 500 sector in positive territory.

 

Amid the sharp declines, investor sentiment about U.S. equities has fallen.
Bearish sentiment about the direction of the stock market hit its highest
level since 2013 in the latest American Association of Individual Investors
Sentiment Survey (AAII).

 

Sentiment can be a contrary indicator about the market as it could mean that
there is a lower threshold for positive surprises.

 

"Recent depressed investor sentiment readings and the sharp contraction in
valuations seen over the past month have tended to be followed by positive
market returns on an intermediate basis," Keith Lerner, co-chief investment
officer at Truist Advisory Services, said in a report.

 

The Thomson Reuters Trust Principles.

 

 

 

Fed sees March rate hike, but no roadmap after that

(Reuters) - Federal Reserve policymakers say they'll raise interest rates in
March but spoke cautiously on Monday about what might follow, signaling a
desire to keep options open in the face of an uncertain outlook for
inflation and a pandemic still ongoing.

 

In what sounded like a well-orchestrated chorus, four Fed officials said
they felt it was time for the U.S. central bank to begin removing support
from an economy that is growing strongly and where inflation is at its
highest in four decades.

 

Despite forecasts by Wall Street analysts that five, six or even seven
interest-rate hikes will be needed this year, the four resisted laying out
the kind of clear policy path that markets have come to expect from recent
tightening cycles.

 

"We definitely are poised for a March increase," San Francisco Fed President
Mary Daly told Reuters in a brief phone interview. "But after that, I want
to see what the data brings us ... let's get through Omicron, let's look at
this and let's see."

 

"I'd like us to be better positioned," Richmond Fed President Thomas Barkin
told CNBC. "Better positioned is somewhere closer to neutral, certainly,
than we are now and I think the pace of that just depends on the pace of
inflation."

 

Fed Chair Jerome Powell said last week that he and fellow U.S. central
bankers were "of a mind" to raise interest rates at their March 15-16
meeting as they begin to pare back support for the economy.

 

Policymakers are also expected to begin shrinking the central bank's nearly
$9 trillion portfolio later this year, a balance sheet that doubled in size
as the Fed purchased Treasury securities and mortgage-backed securities to
shore up markets and nurture the recovery from the economic ravages of the
coronavirus pandemic.

 

Officials say that the U.S. economy no longer needs the same level of
support, and that they need to address the arrival of high inflation as
demand outstrips supply. But their outlook for how quickly to remove that
accommodation is clouded, because they cannot be sure how inflation will
behave.

 

"We know that goods supply chain issues are going to ease in time; that
should bring prices down," Barkin said. But at the same time, "we know
there's pressure on the service side from rising wages," which will tend to
drive prices up.

 

Complicating the picture further, U.S. economic growth could slow at the
start of this year - after it expanded last year at the fastest annual pace
since 1984 - as fiscal support wanes and a surge in infections caused by the
Omicron COVID-19 variant disrupts the labor market.

 

"We are going to need to be thinking very carefully about how things are
going, how the economy responds to our first moves," Atlanta Fed President
Raphael Bostic told Yahoo Finance. "We are not set on any particular
trajectory. The data will tell us what is happening."

 

Economic reports are mixed. Inflation expectations remained broadly anchored
through the end of last year, while some of the most intense price pressures
may have begun to ease. read more

 

But the labor market recovery likely slowed last month. Economists polled by
Reuters expect the U.S. payrolls added a median of 153,000 jobs in January,
the fewest in a year, and about 10% of those polled think the economy lost
jobs over the month.

 

Kansas City Fed President Esther George said the uncertainty caused by the
virus makes it difficult for Fed officials to provide the same kind of
guidance it has offered in the past.

 

"It is in no one's interest to try to upset the economy with unexpected
adjustments," George said during an event organized by The Economic Club of
Indiana. "I do think the Federal Reserve is going to have to move
deliberately in its decisions to begin to withdraw accommodation."

 

The Thomson Reuters Trust Principles.

 

 

 

Exxon unveils sweeping restructuring in latest cost cutting move

(Reuters) - Exxon Mobil Corp (XOM.N) on Monday disclosed a sweeping
restructuring of its global operations that will combine its refining and
chemicals businesses into one, and put its energy transition business on the
same footing as its other operations.

 

The broad restructuring marks its latest cost-cutting effort after activist
investors seeking to boost returns and address the energy transition won
three seats last spring on its board. Exxon vowed to cut $6 billion from
operating costs by next year after suffering a historic $22.4 billion loss
in 2020.

 

The changes were first considered around 2017, Exxon Senior Vice President
Jack P. Williams told Reuters. Around that time, Exxon combined its fuels
and lubricants division with supply and refining.

 

"It's an evolution," said Williams. "We have been working on it now for a
while."

 

Putting its low carbon business on the same level as its two major
businesses allows Exxon more flexibility to redirect investments as the
company adjusts to the energy transition, Williams said.

 

Exxon shares rose nearly 1% to $75.96 on Monday.

 

NO JOB CUTS ANTICIPATED

 

The restructuring will not affect fourth quarter financial results, which
the top U.S. producer reports on Tuesday. Exxon does not anticipate cutting
any jobs as a result of the restructuring, said spokesperson Erin McGrath.

 

Among the changes: Karen McKee, head of Exxon Chemical, will run the
combined refining and chemicals unit, called Exxon Mobil Product Solutions.
Those businesses contributed about a fifth of operating profit in 2019.

 

Linda DuCharme, president of Exxon Mobil Upstream Integrated Solutions and
Upstream Business Development, will lead Exxon Technology and Engineering,
the company said. That unit will develop new technologies to support the oil
and gas, petrochemicals and low carbon businesses.

 

Exxon's largest business, its oil and gas production, will be consolidated
into a global organization called Exxon Mobil Upstream. It will be led by
Liam Mallon, former chief of its Upstream Oil and Gas unit. That business
accounted for $14.42 billion of operating profit in 2019.

 

Its energy transition business, called Low Carbon Solutions, shares equal
stature with Exxon's oil and gas and petrochemical operations. That business
was formed last March to commercialize biofuels and carbon storage.

 

"Aligning our businesses along market-focused value chains and centralizing
service delivery, provides the flexibility to ensure our most capable
resources are applied to the highest corporate priorities," Chief Executive
Officer Darren Woods said.

 

PROFIT REBOUND

 

Past cost-cutting moves and higher oil prices are expected to deliver a
quarterly per share profit of $1.93, up from an adjusted profit of three
cents a share a year-ago. Profit for the full year could be the highest
since 2014, analysts estimate.

 

The restructuring also combines several technology and engineering
operations which had been assigned to individual business units. The new,
single technology organization will be called Exxon Mobil Technology and
Engineering, Exxon said.

 

Exxon also will relocate its corporate headquarters from Irving, Texas, to
its campus north of Houston. That move is expected to be completed in mid
2023.

 

The Thomson Reuters Trust Principles.

 

 

 

Japan's Nomura Q3 net profit drops 39% as pandemic-era trading boom slows

(Reuters) - Nomura Holdings Inc (8604.T), Japan's biggest brokerage and
investment bank, reported on Tuesday a 38.7% drop in quarterly net profit as
the pandemic-era trading boom waned.

 

October-December profit came in at 60.3 billion yen ($524.70 million), down
from 98.4 billion yen a year earlier.

 

The dismal third quarter earnings reflected a slowdown in the global markets
trading business, which benefited a year ago from high trading activity
driven by a massive injection of cash into capital markets by the Federal
Reserve.

 

But Nomura's investment banking unit continued to thrive, partly offsetting
the trading revenue drop, thanks to global waves of merger and acquisitions
(M&As).

 

Nomura Greentech, a recently acquired boutique M&A advisor in clean tech,
helped boost Nomura's presence in the U.S. market.

 

Pre-tax income for Nomura's wholesale division, which houses its trading and
investment banking businesses, dropped 47% to 40.8 billion yen for the same
period a year earlier.

 

($1 = 114.9800 yen)

 

The Thomson Reuters Trust Principles.

 

 

 

UBS plans to boost profitability, logs smaller-than-expected Q4 profit fall

(Reuters) - UBS (UBSG.S) announced more ambitious profitability goals and a
continued plan to pare back costs on Tuesday, while also reporting a
smaller-than-expected 18% slide in fourth-quarter earnings.

 

In its first major strategic review since Chief Executive Ralph Hamers took
the helm in November 2020, Switzerland's biggest bank said it wants to use
technology to help it increase revenues and reach more customers in the
years ahead, while also continuing to streamline its setup to bring costs
down.

 

"UBS is in better shape than ever," Hamers said in a statement. "We're
adapting our coverage models to deliver more digital and scalable advice as
well as bespoke solutions."

 

Net profit or income attributable to shareholders for the quarter tumbled to
$1.348 billion after the lender took a $740 million litigation provision for
a French tax case. Bumper trading volumes led to a surge in earnings for the
last three months of 2020.

 

That compares with a median estimate of $863 million in a poll of 23
analysts compiled by the bank.

 

UBS's full-year net profit of $7.457 billion outpaced the consensus
expectation of $6.976 billion.

 

It set a more ambitious 70%-73% target for its cost-income ratio, while also
saying it aimed to boost the returns it generates off core (common equity
tier 1) capital to 15%-18%, up from its previous guidance for 12%-15%.

 

The world's biggest wealth manager, UBS sailed through the COVID-19 pandemic
thanks to buoyant markets and a spike in trading by its ultra-wealthy
clients. read more

 

On Tuesday, the bank said it had continued to see high levels of client
activity in its core wealth management division, with increases in revenue
from lending, recurring fees and transactions pushing up operating income
13% year-on-year. Profit for the division, however, was hit by money set
aside for the tax case.

 

The division posted $26.9 billion in fresh fee-generating client inflows,
which with gains in asset prices, pushed invested assets in its global
wealth management business up 3% sequentially to $3.303 trillion.

 

Its asset management division saw pre-tax profit fall 17% with the bank
citing more "normalized levels" for performance fees, while profits from
investment banking soared 35% on the back of higher revenues from trading
and dealmaking.

 

The Thomson Reuters Trust Principles.

 

 

 

Report on Rio Tinto finds 'disturbing' culture of sexual harassment, racism,
bullying

(Reuters) - A report released by Rio Tinto (RIO.AX), (RIO.L) on Tuesday
outlined a culture of bullying, harassment and racism at the global mining
giant, including 21 complaints of actual or attempted rape or sexual assault
over the past five years.

 

Nearly half of all employees who responded to an external review of the
miner's workplace culture commissioned by Rio said they had been bullied,
while racism was found to be common across a number of areas.

 

Rio Tinto Chief Executive Jakob Stausholm said the results were "disturbing"
and the company would implement all 26 recommendations from the report by
former Australian sex discrimination commissioner Elizabeth Broderick.

 

"The eye opener for me was two-fold," Stausholm told Reuters. "I hadn't
realised how much bullying exists in the company and secondly that it's
quite systemic - the three issues of bullying, sexual harassment and racism
... that's extremely disturbing."

 

Rio Tinto launched the review in March last year, not long after Stausholm
took over the top job in the wake of a widespread backlash against the
company after it blasted the 46,000-year-old Juukan Gorge rock shelters to
expand an iron ore mine.

 

More than 10,000 employees, nearly a quarter of its 45,000-strong workplace
shared their experiences and views for the study. read more

 

The report found nearly 30% women and about 7% of men have experienced
sexual harassment at work, with 21 women reporting actual or attempted rape
or sexual assault.

 

Racism was a "significant challenge" for employees at many locations. People
working in a country different to their birth experienced high rates of
racism while nearly 40% of men who identify as Aboriginal or Torres Strait
Islander in Australia had experienced racism.

 

"I have copped racism in every single corner of this company," one employee
was anonymously quoted as saying.

 

Rio said reforms will focus on a commitment from the company's leadership to
create a safe and inclusive working environment, including by increasing
diversity within the company. It would also ensure the company's remote mine
site facilities are safe, and make it easier for staff to call out
unacceptable behaviours.

 

"Clearly much more needs to be done to ensure the safety of workers in the
resources sector," said Owen Whittle, Secretary for UnionsWA, which
represents over 30 workers groups which have over 150,000 members in Western
Australia.

 

"With nearly half of the workforce reporting bullying, it is clear that they
have failed workers over a long period of time and need to do far more to
prevent harassment and bullying in workplaces," he said.

 

SEXISM, RACISM

 

The Rio report comes ahead of the release of another report by the West
Australia state government later this year on sexual harassment at mining
camps in the state, which provides more than half of the world's supply of
iron ore.

 

Submissions to the inquiry last year said sexual harassment was rife at
mining camps in Western Australia, which is home to mines of global firms
including BHP Group (BHP.AX), Rio Tinto and Fortescue (FMG.AX).

 

A Western Australia state minister, Rita Saffioti, told Australia's ABC News
that she was very disturbed by the number of allegations.

 

"You want everyone to be able to feel safe in their workplace. Also in
particular in those areas where you're a bit more isolated from friends and
family and you want to have the utmost protection from having that type of
behaviour," she said.

 

In a 2020 report, an Australian Human Rights Commission inquiry into sexual
harassment found that 74% of women in the mining industry had experienced
some form of sexual harassment in the past five years, partly due to a
gender imbalance.

 

Nearly 80% of Rio Tinto's workforce is male.

 

"Creating a safe, respectful work culture will encourage people of all
backgrounds and diversity to thrive in our organisations," Kellie Parker,
the Australian CEO for Rio Tinto told Reuters.

 

Male and female employees in South Africa experienced the highest rates of
racism. Employees spoke of the frequency of racism and its impacts on their
confidence, self-esteem and work performance.

 

"Rio is a Caucasian oriented company," one employee said in the report.

 

Rio said the report came at a pivotal time as workplace cultures shift
against the backdrop of #MeToo, Black Lives Matter and other global
movements, as well as an Australian inquiry into Rio's destruction of Juukan
Gorge, culturally significant rock shelters.

 

Stausholm said Juukan Gorge had triggered the biggest management change in
the history of Rio and the new team wanted to drive more change.

 

"Its a matter of using the momentum of the moment now and try to move these
actions forward fast because we cannot change these from one day to
another."

 

The Thomson Reuters Trust Principles.

 

 

 

Oil refiners offer union workers 9% pay raise over three years -sources

(Reuters) - U.S. oil refiners have offered union oil and chemical workers a
9% pay raise over three years, according to people familiar with the matter,
as talk on a new labor contract near a deadline.

 

The United Steelworkers union and Marathon Petroleum Corp., which is
representing oil refinery, pipeline and chemical companies, were hoping to
avoid a possible strike.

 

The existing contract, which covers about 30,000 workers across the United
States, expires shortly after midnight.

 

The Thomson Reuters Trust Principles.

 

 

 

Nigeria: Govt Ramps Up Work On Siemens Power Deal, Set to Reach 40 Million
Nigerians With Reliable Electricity

The federal government yesterday said its electricity deal with Siemens was
on course, stating that the first phase of the programme under the
Presidential Power Initiative (PPI) would increase power supply to about 40
million Nigerians.

 

In addition, the contract which would see the eventual ramp up of the
country's generation capacity to 25,000 megawatts, the government stated,
would create at least 11,000 direct and indirect jobs.

 

Speaking at the commencement of the PPI training on network development
studies, by FGN Power Company, the firm overseeing the Siemens power
project, in Abuja, the Minister of Finance, Budget and National Planning,
Dr. Zainab Ahmed, said the unveiling of the training session was a milestone
under the initiative.

 

Ahmed assured that the collaborative effort with the implementing partner,
Siemens, on the PPI was on track to bring positive change to the power
sector.

The training aspect of the PPI, she said, was to empower engineers with
tools and training on network modelling and system development studies.

 

According to her, the FGN had been driving the process by coordinating key
stakeholders' input and working with the ministry of finance to secure
financing and to enter into efficient commercial and contractual
arrangements to deliver the PPI.

 

The flag-off of the training, she noted, was intended to deliver capacity
development for engineers in network development, using proprietary
simulation software by Siemens.

 

"The first phase of the PPI will provide over 40 million people with more
reliable electricity supply, create 11,000 direct and indirect jobs for
Nigerians from power system engineers to electricians and contractors.

 

"This will in turn improve the standard of living while providing homes and
businesses with constant, reliable and affordable electricity supply," the
minister said.

 

While lauding President Muhammadu Buhari, "for his tireless effort in
supporting the efforts of sector improvements, in particular the PPI," Ahmed
explained that the first phase would witness the immediate rise in
generation by 2,000 megawatts.

 

The minister is the chairperson of the board of FGN Power Co, while members
are the ministers of power, works and housing as well as the minister of
justice, the Director General of the Bureau of Public Enterprises (BPE) and
president of the Nigerian Society of Engineers (NSE).

 

In his remarks, the Minister of Power, Abubakar Aliyu, who was represented
by the Minister of State, Power, Mr. Goddy Jedy-Agba, reiterated that in 18
months, the Siemens project would add 2,000 megawatts to the national grid,
raising it to about 7,000 megawatts.

 

"The objective of the PPI is to increase the end-to-end grid operational
capacity of the power system in Nigeria to 25 gigawatts, but the focus in
the next 18 months is to deliver the first additional 2,000 megawatts.

 

"This will create a rapid transformation in the on-grid electricity value
chain, spur economic growth, create jobs and opportunities for Nigerian
youth and enterprises," he noted.

 

He pointed out that the government was prepared to solve the problems of
epileptic power supply in Nigeria once and for all, stressing that it is the
reason the federal government launched the programme.

 

According to him, the initiative would help to achieve commercial autonomy
by facilitating investments in critical infrastructure for power delivery
and service to Nigerians.

 

"This project is expected to modernise, rehabilitate and expand the national
grid by investing in the electricity value chain (generation, transmission,
and distribution systems) of the power sector.

 

"Our implementing partner, Siemens will assist with world-class experience
in power system reforms like they have done recently in Egypt," he noted.

 

Also speaking, the Managing Director of FGN Power, Kenny Anuwe, said the
training was the first Power System Simulation Software (PSS) session under
the Power Technology International (PTI) from Germany.

 

He noted that the training would cut across the power sector value chain
comprising the generation, transmission and distribution to be handled by
the National Power Training Institute of Nigeria (NAPTIN).

 

According to him, the training will happen over the next four years on
different levels to ramp up the competency of those that will be involved in
handling the project.

 

Anuwe assured that the project will resolve the existing bottlenecks in
transmission and distribution networks, which will increase electricity
access across Nigeria.

 

"It is important to stress that the benefits of constant and reliable
electricity will boost economic activities; improve the lives of small,
medium and micro enterprises across and deliver the much-needed power supply
across the country.

 

"I want to assure you that FGN Power Company will do its best to deliver on
this project to ensure greater success and sustainability," he stated.

 

Commenting, the Project Director, Siemens Energy, Nigeria, Sean Manley, said
Siemens had brought in trainers from Germany, explaining that the company
would not relent until the different phases were executed.-This Day.

 

 

 

Rwanda: Relief to Business Community as New CHOGM Date is Announced

Several businesses in Rwanda have welcomed the latest confirmation that the
highly anticipated Commonwealth Heads of Government Meeting (CHOGM) would
finally take place in June 2022.

 

According to a joint statement by President Paul Kagame and Patricia
Scotland, the Commonwealth Secretary General, the next CHOGM will be held
during the week of June 20.

 

Patricia Scotland, the Commonwealth Secretary General.

 

The high level meeting has been postponed twice owing to the Covid-19
outbreak, a decision that had left many business operators in a state of
disappointment because of the anticipated opportunities that come with it.

Ian Williams, the General Manager of Mantis Epic Hotel in Nyagatare district
recounts that most businesses had lost hope in the meeting.

 

"We're very excited that the meeting is finally going ahead, we were very
worried that the meeting would be cancelled after this time or taken
virtual," he told The New Times in an exclusive interview.

 

He also added that the global gathering will not only benefit businesses,
but come down to everyone's radar.

 

"Apart from commercial impact, it will also showcase Rwanda to the eyes of
the international press, as all Commonwealth Heads of State are expected
here, and hence benefit the Rwandans in general," he added.

 

The high-level consultative meeting is expected to bring together 53 heads
of state and their entourages.

 

For Aubin Bahizi Mutesa, the Manager of Sovana Restaurant in Kigali, this is
an immense opportunity that they are bracing for.

 

"We are very glad for the new date and we promise to do our best and serve
the guests with integrity, and we shall also reap from that, as they will
have to spend some time here," he said.

 

He added: "We're also upgrading our digital platforms to sell our products,
so that they can be accessible to our clients and the guests in all possible
forms, so as to increase the access," he said.

 

The leaders' summit will be preceded by meetings for representatives from
Commonwealth networks for youth, women, civil society and business.

 

According to Jean Damascene Ngiruwonsanga, the Head of Marketing and
Communications at Tom Transfers, a company specialized in car rental
services as well as accommodation among others, the new schedule is an array
of hope.

 

"We are now relieved, as the new date is set, because the investments we had
made won't make losses for this time and we hope that hosting this big event
will increase our capacity as the private sector," he noted.

 

Is postponement possible in 2022?

 

Businessmen and women who talked to The New Times indicated their full
optimism that CHOGM won't be postponed this time.

 

They base their argument on the current Covid-19 vaccination progress
registered in the commonwealth countries and particularly Rwanda.

 

As of the end of January 2022, over 8.5 million Rwandans had been inoculated
with the first dose whereas more than 7 million got two doses of the
vaccine.

 

More than one million people also got the Covid-19 booster.

 

Up to 10,000 guests are expected in this year's Commonwealth Heads of
Government Meeting.-New Times.

 

 

Nigeria: Again, Nigeria, Other African Countries Led OPEC Oil Production
Underperformers in January

Nigeria was once more unable to meet its oil production allocation by the
Organisation of Petroleum Exporting Countries (OPEC) in January.

 

The country was only able to pump 1.46 million barrels per day of the
expected 1.683 million bpd in January.

 

Although it achieved an improvement of 50,000 bpd on its 1.41 million bpd
production in December 2021, the African continent's biggest oil producer
remained far from meeting its target.

 

When the OPEC allocation for the month was deducted from the actual oil
produced, Nigeria in January lagged behind by as much as 223,000 bpd in the
first month of the year.

But oil prices continued to rally yesterday, with a 17 per cent jump in
January, the strongest January performance in a long time, as the expected
global supply struggled to keep up with rebounding demand. Brent and WTI
benchmarks recorded their highest levels since October 2014 last Friday and
their sixth straight weekly gain.

 

On the last trading day of January, Brent Crude, Nigeria's benchmark traded
for as high as $91.25, up by over 1.17 per cent while the West Texas
International (WTI) crude was up 0.68 per cent at $87.63 as at Monday night.

 

The tightening oil market was further exacerbated by a winter storm in the
United States as well as geopolitical concerns arising from the brewing
faceoff between Russia and Ukraine.

 

Added to that was the ongoing situation in the Middle East, where the United
Arab Emirates (UAE) reported a third attack this month, from the
Iran-aligned Houthis.

But in all, a Reuters survey sighted by THISDAY indicated that with a 2020
baseline of 1.829 million bpd, Nigeria achieved 369,000 barrels out of its
cut, with a remaining cut pledge of 146,000. It's compliance
(over-compliance) was 253 per cent in January.

 

It showed that OPEC pumped 28.01 million bpd in January, up 210,000 bpd from
the previous month but short of the 254,000 bpd increase allowed under the
supply deal.

 

The producers' group meets on Wednesday and was expected to stick to
previously agreed plans despite the surge in oil prices to a seven-year high
near $92 a barrel.

 

The OPEC+ agreement allowed for a 400,000 bpd production increase in January
from all members, of which about 254,000 bpd is shared by the 10 OPEC
members participating in the deal, OPEC documents showed.

 

With output undershooting the planned increase, OPEC's compliance with its
pledged cuts increased to 132 per cent in January, the survey found, up from
127 per cent a month earlier.

 

Nigeria has struggled for months to fully meet its quota due mainly to
ageing upstream infrastructure, sabotage and outright oil theft.

 

In addition, the Group Managing Director, Nigerian National Petroleum
Company (NNPC), Mr. Mele Kyari, had said that NNPC's joint venture partners
were unable to restart oil wells shut down in the heat of the COVID-19
pandemic.

 

But the survey showed that the biggest rise in January came from Saudi
Arabia, OPEC's top producer, which boosted output largely as promised
according to the agreement.

 

Nigeria was also able to boost shipments of Forcados crude after a force
majeure was lifted, although output is still in long-term decline, among the
largest in OPEC.

 

The United Arab Emirates and Kuwait followed through on their higher quotas
while Venezuela, which is exempt from the deal, pumped more as it halted a
years-long decline in output.

 

Production fell or did not increase in Angola, Congo, Libya, Iraq and Iran,
the survey found, in many cases, owing to a lack of capacity to produce more
or because of unplanned outages.

 

Output in Iraq edged down, while Iran pumped at stable levels in January
amid prolonged talks on reviving its nuclear deal with world powers, which
would allow higher oil exports.

 

OPEC and allies, known as OPEC+, are unwinding record output curbs made in
2020 but are still withholding millions of barrels. In January, the cuts
required of OPEC stood at 2.129 million bpd, according to Reuters
calculations and OPEC figures.-This Day.

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2022

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

 

 


Starafrica

Fidelity

Turnall

 


Medtech

Zimre

Nampak Zimbabwe

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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