Major International Business Headlines Brief::: 11 February 2022

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Major International Business Headlines Brief::: 11 February 2022 

 


 

 


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

 


 

 


ü  China halts Lithuania beef, dairy and beer imports amid Taiwan row

ü  US consumer prices rise at fastest rate since 1982

ü  Crypto exchange Binance to take $200m stake in Forbes

ü  Apple moves to stop AirTag tracking misuse

ü  Tesla sued over alleged racial discrimination

ü  Freedom Convoy: Canada trucker protests force car plant shutdowns

ü  Four Gupta steel firms face winding up orders, say reports

ü  Asian shares fall, U.S. treasury yields hold firm after U.S. inflation
data

ü  Analysis: Hot inflation fuels case for 'big-bang' Fed rate hike in March

ü  Biden sees inflation easing this year, touts his drug price plan

ü  Canadian trucker protest forces some companies to use air transport

ü  Purdue's Sacklers consider adding another $1 bln to opioid settlement -
Bloomberg News

ü  Volvo Cars says supply chain woes remain as profit lags forecasts

ü  Tesla plans to locate China design centre in Beijing, city govt says

ü  India's textile industry revs up, giving hope on jobs for PM Modi

ü  Oil prices slip on hot U.S. inflation concerns, set for weekly fall

ü  Amazon to allow work without face masks, require vaccination for paid
COVID leave

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

China halts Lithuania beef, dairy and beer imports amid Taiwan row

China has stopped buying beef, dairy products and beer from Lithuania,
authorities say, as a row deepens over the Baltic state's ties with Taiwan.

 

China's General Administration of Customs suspended the exports citing a
"lack of documentation", a Lithuanian agency said in a statement.

 

The move comes after Lithuania let Taiwan open a de facto embassy there.

 

It may bolster a European Union case against China alleging discriminatory
practices towards a member state.

 

Lithuania's State Food and Veterinary Service said it has "so far not
received any notification from China that any information or data is
missing".

 

The agency said Chinese authorities had carried out a remote audit of
Lithuanian beef and fish product exporters in 2020.

 

It added that there were no complaints, and exports continued to run
smoothly until the end of last year.

 

No further details were provided on why sales stopped.

 

The foreign ministries of China and Taiwan did not immediately respond to
requests for comment from the BBC.

 

What's behind the China-Taiwan divide?

China-Lithuania relations soured after Lithuania allowed Taiwan to open an
embassy in its capital of Vilnius in November.

 

The embassy in Lithuania bears the name Taiwan rather than "Chinese Taipei",
the name used by many foreign nations to avoid offending China.

 

However, China downgraded its diplomatic relations with Lithuania days
after.

 

While Taiwan is a self-governed democratic state, Beijing sees it as part of
its territory. Beijing has stepped up pressure in the past year to isolate
the island from its international allies.

 

The move could help to advance a European Union (EU) trade case against
China, which was referred to the World Trade Organization in January.

 

The case - which has been backed by the UK, US, Australia and Canada -
alleges "discriminatory trade practices" by China against Lithuania, which
is a member of the EU.

 

These alleged practices included pressuring businesses in Europe to cut
Lithuania from their supply chains.

 

Valdis Dombrovskis, the EU's executive vice president and commissioner for
trade, said the case was necessary after "repeated failed attempts to
resolve the issue bilaterally".

 

Although China is the world's largest importer of beef, it makes little of
its purchases from Lithuania.

 

It imported 775 tonnes of the meat from Lithuania last year, out of a total
2.36m tonnes of beef imports, Chinese customs data shows.

 

Last month, Taiwan's government started sharing tips with the public on how
to drink and cook with rum after it bought 20,000 bottles of Lithuanian rum
bound for China.

 

State-run media said Taiwan Tobacco and Liquor Corp purchased the rum after
learning that it could be blocked from entering China.-BBC

 

 

 

US consumer prices rise at fastest rate since 1982

A woman wearing a mask moves her shopping cart December 3, 2020 in a Trader
Joe's supermarket in New York City.

Price rises in the US accelerated by more than expected last month, pushing
annual inflation up to 7.5% - the highest rate since 1982.

 

Food and energy costs helped to drive the increases, which left few spending
categories untouched.

 

The rising prices are squeezing household finances as wages fail to keep
pace.

 

Washington is under pressure to address the issue, with the US central bank
expected to raise interest rates.

 

The Bank of England has already raised interest rates twice in the last
three months in a bid to dampen down consumer spending by making borrowing
more expensive.

 

In the US, consumer spending held strong for much of last year despite the
rapidly rising prices, which analysts say have been caused by a mix of
robust demand, government spending, supply chain hold-ups and pay increases
following labour shortages.

 

Amazon, Netflix and Procter & Gamble are among the many firms that have
announced price rises in recent months, citing higher costs. They have said
they expect most households to absorb the increases.

 

But the issue is increasingly a key issue for voters, hurting President Joe
Biden's popularity despite strong economic growth last year.

 

In a statement, Mr Biden pledged that his administration would "be all hands
on deck to win this fight", acknowledging that "Americans' budgets are being
stretched in ways that create real stress at the kitchen table".

 

The people fighting price rises by trying to buy nothing

On a monthly basis, consumer prices climbed 0.6% in January, the US Labor
Department said.

 

The rent index rose 0.4%, while grocery prices jumped 1%, driven by
increases in the cost of bakery and cereal products.

 

Detra Thomas, a 60-year-old human resources assistant who lives in New York,
says she recently stopped shopping at the supermarket, opting to order in
bulk online or visit street vendors in hopes of finding lower prices.

 

"I just can't afford to buy all my food from the regular grocery store," she
told the BBC.

 

She has been delaying clothing purchases, clipping coupons and taking other
steps in an effort to make her money go farther. Though she received a small
pay raise last year, it does not match the rapid increases in the cost of
living, she says.

 

"You have to worry about what am I going to buy, what am I not going to buy,
can I do without this for a while," she said.

 

"I would like the stability of knowing that the supplies are going to get
through in a timely manner and that we're not going to have to pay an arm
and a leg for them."

 

University of Michigan economist Betsey Stevenson said the "fundamental
problem" was demand outstripping supply.

 

"So we've got two ways to fix the problem: We can bring down demand ... or
we can try to increase supply," she said.

 

"The central bank is going to deal with trying to constrain demand by
raising interest rates. But we've got to look at governments to try to do
what they can to increase supply."

 

Mr Biden said his administration was making investments to ease supply chain
bottlenecks and had championed other policies aimed at lowering prices with
increased competition.

 

Thursday's report held some signs that inflationary pressures may start to
cool, noting that prices for new cars - one of the key drivers of inflation
over the last year - were unchanged over the month, while the increases for
used cars slowed.

 

Rates for hotel rooms also dropped a hefty 3.9%, which may have been driven
by the impact of reduced travel due to Omicron.

 

But given the jumps in food and shelter costs, the financial pressures for
most households are not going away, said Andrew Hunter, senior US economist
at Capital Economics.

 

"A rapid cyclical acceleration in inflation is underway and, with labour
market conditions exceptionally tight, it is unlikely to abate any time
soon," he said.

 

"While we still expect more favourable base effects and a partial easing of
supply shortages to push core inflation lower this year, this suggests it
will remain well above the Fed's target for some time."-BBC

 

 

 

Crypto exchange Binance to take $200m stake in Forbes

Binance, one of the world's biggest cryptocurrency firms, will take a $200m
(£147.6m) stake in Forbes in the latest twist for the 105-year-old media
brand.

 

Forbes, known for its ranking of billionaires, said the deal would help make
it a leader supplying information about digital assets, like Bitcoin.

 

But news of the investment sparked questions among media watchers about
potential conflicts of interest.

 

Binance sued Forbes in 2020 for defamation, later dropping the case.

 

Analysts also noted that crypto assets have proven particularly vulnerable
to manipulation by celebrities and media hype, prompting warnings from
regulators around the world.

 

In a statement announcing the investment, Binance founder Changpeng 'CZ'
Zhao said he saw media as "an essential element to build widespread consumer
understanding and education" of the crypto market and emerging blockchain
technologies.

 

The Chinese Canadian billionaire, whose net worth is estimated to be nearly
$100bn, later took to Twitter to clarify his comments, saying his focus was
on helping Forbes build out its technology and calling Forbes' editorial
independence "sacrosanct".

 

He told broadcaster CNBC that his firm was also eyeing investments in other
traditional companies as it looks to advance adoption of blockchain, a
system for recording transactions that uses a shared, decentralised ledger.

 

Forbes said Binance - which has faced scrutiny from regulators in the US, UK
and elsewhere - would provide technology advice, helping the business
publication "maximize its brand" and advance plans to convert readers to
paying subscribers.

 

It said the deal would not change its areas of coverage, but hopefully allow
its existing digital assets team and "some other beats" to grow over time.

 

"Forbes has been fiercely independent for more than a century, regardless of
our ownership, and that is not changing," spokesman Bill Hankes told the
BBC. "The integrity of our trusted journalism is our most important brand
asset."

 

The deal comes at a key moment for the crypto industry. Currencies such as
Bitcoin have seen values skyrocket, while companies have been spending on
sports stadium sponsorships, advertising and government lobbying to expand
their influence and shape anticipated regulation.

 

Many crypto firms have been branching out into new areas, including media,
as they look to increase their reach, said Henri Arslanian, a partner at PwC
who frequently advises crypto firms.

 

He added even if both sides promise independence, the tie-up between Binance
and a major US media brand will raise questions

 

"Binance buying part of Forbes is like McDonald's buying part of Yelp or
Marriott buying part of Trip Advisor," he wrote on Twitter.

 

"Even though there might not be a direct conflict of interest, I think the
perception will remain," he later told the BBC.

 

Forbes, founded in 1917, was for decades family-owned with a name made
covering the titans of the business world. But as with many in the media
industry, its transition from print to digital has been rocky.

 

In 2013, the Forbes family put the business up for sale and Hong Kong-based
Integrated Whale Media acquired a majority stake.

 

Last August, Forbes said it would list publicly on the New York Stock
Exchange via a merger with Magnum Opus, a firm established to buy companies
looking to go public.

 

The firms said the deal, which valued Forbes at roughly $630m and is
expected to be finalised within weeks, would come with a $400m investment by
other partners. Binance is now behind half of that sum.

 

"Forbes is committed to demystifying the complexities and providing helpful
information about blockchain technologies and all emerging digital assets,"
Forbes chief executive Mike Federle said.

 

"With Binance's investment in Forbes, we now have the experience, network
and resources of the world's leading crypto exchange and one of the world's
most successful blockchain innovators. Forbes, already a resource for people
interested in the emerging world of digital assets, can become a true leader
in the field with their help."

 

Forbes today counts an audience of more than 150 million people worldwide,
with 45 licensed local editions covering 76 countries. Its online content is
bolstered by articles written by a small army of contributors, a model that
has at times raised questions about the brand's reliability.

 

This week, one of its former contributors, Heather Morgan, was accused of
participating in a scheme to launder millions of dollars stolen in 2016 in a
hack of a Bitcoin exchange. Forbes said the relationship ended last
year.-BBC

 

 

 

Apple moves to stop AirTag tracking misuse

Apple plans to introduce a number of changes to make it harder to misuse
AirTags to track someone.

 

The button-sized devices are designed to work with Apple's 'Find My' network
to locate lost items.

 

The company said its changes to the device will make suspicious tags easier
to find, and alert users earlier that an AirTag may be travelling with them.

 

In January, a number of women told the BBC they had been followed using
AirTags.

 

Apple launched AirTags in April last year. The small, circular devices can
be attached to luggage or keys - anything you could lose.

 

But the devices can be misused to track people by being hidden in a car, or
on a personal item such as a bag.

 

As part of the changes to make misuse harder, Apple said every user setting
up their AirTag for the first time will see a message warning that using the
device to track people without consent is a crime in many regions around the
world.

 

Currently, iPhone users (and Android users who download an app) receive
"unwanted tracking" alerts if an unknown AirTag moves with them.

 

Apple announced that people will be alerted earlier that an unknown AirTag
is travelling with them.

 

And when people are warned of "unwanted tracking" by an AirTag, users of
iPhone 11, iPhone 12, and iPhone 13 devices will be able to use "precision
finding", to see the distance and direction to an unknown AirTag when it is
in range. Previously only the owner of the AirTag could do this.

 

Currently iOS users can send an unwanted tracking alert to make the suspect
AirTag play tones and Apple has said tags will use louder tones in the
future to make the tag easier to locate.

 

The company said it will also add to a feature that makes an AirTag that
hasn't been with the person who registered it for an extended period of
time, play a sound when moved.

 

In theory this could reveal the presence of an AirTag to a stalking victim,
but recent reports revealed that AirTags with the internal speakers
deactivated had been listed for sale online.

 

To counter this, when the sound is triggered and the AirTag is detected
moving with an iPhone, iPad, or iPod touch, an alert will also appear on
that device.

 

Apple also said it will also update its support article on unwanted tracking
with additional information and resources.

 

Apple AirTags are incredibly good at finding things. They can track your
items down to 0.1 feet.

 

But that accuracy means that, in the wrong hands, they can be used as
sophisticated tracking tools.

 

This isn't theoretical, as the BBC reported last month, there's evidence
that people are using AirTags to follow people.

 

The AirTags themselves are relatively new, and it's clear that Apple hasn't
yet worked out how best to protect people.

 

For example, it took six months after AirTag's launch for the company to
bring out an app that would alert Android users to an unwanted AirTag.

 

The new updates that Apple plans to come out later this year - precision
finding and AirTags that emit louder noises - are what campaigners have been
calling for.

 

But with these iterative updates, there will be questions over whether Apple
launched the product too early.

 

Apple said it designed "products to provide a great experience, but also
with safety and privacy in mind", adding that it was "committed to listening
to feedback and innovating to make improvements that continue to guard
against unwanted tracking".

 

It also noted that "based on our knowledge and on discussions with law
enforcement, incidents of AirTag misuse are rare; however, each instance is
one too many".-BBC

 

 

Tesla sued over alleged racial discrimination

Tesla is being sued for alleged racial discrimination and harassment by a
California regulator which claims the electric carmaker operates "a racially
segregated workplace".

 

The California Department of Fair Employment and Housing (DFEH) said it had
received "hundreds of complaints" from workers at the Fremont factory.

 

Tesla called the lawsuit "misguided".

 

It said it "strongly opposes all forms of discrimination and harassment" and
will ask the court to pause the case.

 

Tesla said this would allow it to "take other steps to ensure that facts and
evidence will be heard".

 

Kevin Kish, director of the DFEH, said the agency "found evidence that
Tesla's Fremont factory is a racially segregated workplace where black
workers are subjected to racial slurs and discriminated against in job
assignments, discipline, pay and promotion".

 

It claimed that employees would refer to areas where Black or
African-American staff worked with racist historical names, such as "the
plantation".

 

The lawsuit, filed after an investigation by the agency, also alleged that
one worker heard racial slurs "as often as 50-100 times a day".

 

But Tesla claimed that over the past five years the DFEH has been asked by
individuals to investigate the company on nearly 50 occasions

 

"On every single occasion, when the DFEH closed an investigation, it did not
find misconduct against Tesla," the firm said in a blog.

 

"It therefore strains credibility for the agency to now allege, after a
three-year investigation, that systematic racial discrimination and
harassment somehow existed at Tesla."

 

It also said that the claims "focused on alleged misconduct by production
associates at the Fremont factory that took place between 2015 and 2019".

 

Last year, Tesla was ordered to pay $137m (£101m) in damages for failing to
stop a black former worker at its Fremont factory from being abused.

 

Tesla has since appealed against the multi-million dollar settlement granted
to former lift operator, Owen Diaz.

 

The company, which is led by chief executive Elon Musk, said in its blog
that it is the "last remaining automobile manufacturer in California", has
"a majority-minority workforce" and provides well-paid jobs to 30,000
people.-BBC

 

 

 

Freedom Convoy: Canada trucker protests force car plant shutdowns

Two of the world's biggest carmakers, Ford and Toyota, say production is
being disrupted by trucker protests in Canada.

 

Plants have been forced to shut because car parts are being held up at two
US border points blocked by truckers protesting against a vaccine mandate.

 

Canada's Transport Minister, Omar Alghabra, called it an illegal economic
blockade against all Canadians.

 

The trade disruption is estimated to be costing $300m (£221m) a day.

 

Truckers blocking the most important border crossing, the Ambassador Bridge,
waved Canadian flags and banners denouncing Prime Minister Justin Trudeau,
who has refused to scrap a rule requiring truckers entering Canada to be
fully immunised against coronavirus.

 

The demonstrators have also voiced opposition to Covid passports and the
requirement to wear masks.

 

The Ambassador Bridge is the largest international suspension bridge in the
world and carries about a quarter of US-Canada trade.

 

It connects Windsor, Ontario, to Detroit, in the US state of Michigan.

 

Toyota, the world's biggest car manufacturer, has halted production at three
factories in Ontario, saying no more vehicles will be produced there this
week.

 

Output has also been halted at a Ford engine factory, while Stellantis,
which owns Chrysler, said parts shortages had affected shifts at its Ontario
plant.

 

On the other side of the border, General Motors said it had been forced to
cancel two production shifts at a plant in Michigan where it builds sport
utility vehicles.

 

The shutdowns come as a further blow to the car industry, which was already
struggling with a global shortage of semiconductor chips due to the economic
effects of the pandemic.

 

Industry experts say that the protests could result in company layoffs and
increase the prices that consumers pay for vehicles.

 

The demonstrations began late last month in central Ottawa, where about 400
trucks remain.

 

Michelle Krebs, a senior analyst with Autotrader in Detroit, told AFP that
North American assembly plants relied on timely parts deliveries across the
Ambassador Bridge.

 

She said the car industry was "a significant portion of the economy and an
important portion of consumer spending - it's the second-largest purchase
people make - and it's been hampered in the past year".

 

Another key trade link between Coutts, Alberta and Sweet Grass, Montana has
also been blocked by protesters for several days.

 

How do you remove a 30-tonne truck?

Patience running thin at truckers' protest in Ottawa

The White House has called for an end to the protests, saying they risk
hurting the car industry and US agricultural exports.

 

Mr Trudeau has hit out at the protests as "unacceptable", saying they are
"negatively impacting businesses and manufacturers",

 

The prime minister returned to parliament on Monday following a week-long
isolation after he caught coronavirus.

 

He has refused to budge on federal Covid measures, even as some provinces
begin lifting their restrictions.

 

The prime minister has faced criticism from within his own party over his
handling of the protests, which come as infections from the Omicron variant
decline significantly.

 

Meanwhile, interim Conservative leader Candice Bergen accused Mr Trudeau on
Wednesday of wanting a "permanent pandemic".

 

The protests in Canada have inspired similar events around the world from
Australia and New Zealand to France. Online chatter is building for a
trucker protest in Washington DC.-BBC

 

 

 

Four Gupta steel firms face winding up orders, say reports

Winding up petitions have been issued against four companies owned by metals
tycoon Sanjeev Gupta, reports say.

 

Court records revealed one of the firms included Speciality Steel UK
Limited, a division of Liberty Steel, which employs about 2,000 people in
England.

 

The Financial Times reported three other firms, Liberty Pipes, Liberty
Performance Steels and Liberty Merchant Bar, also had petitions against
them.

 

The newspaper said the four companies owe HM Revenue & Customs (HMRC)
£26.4m.

 

Mr Gupta's GFG Alliance, which owns the businesses, was forced into a
financial restructuring last year. This happened because its key lender,
Greensill Capital, collapsed.

 

Since then it has been racing to shore up its finances under growing
pressure from creditors and the tax authorities.

 

 

Speciality Steel UK Limited, which supplies the aerospace and oil and gas
sectors, has sites in Stocksbridge and Rotherham.

 

A winding up petition is a form of legal action taken by a creditor against
a company that owes them money. If the company is deemed to be insolvent, an
official receiver will be appointed to liquidate the company.

 

Speciality Steel's case is not expected to take place until late March. It
is unclear at what stage the petitions are against the other three companies
facing legal action.

 

A spokesman for Mr Gupta's GFG Alliance said: "Our priority has been to
protect thousands of jobs in the UK.

 

"We are committed to repaying all our creditors and continue to work with
all stakeholders around the UK to create a sustainable future for our
businesses following the collapse of Greensill Capital."

 

The Community, Unite and GMB unions, who represent the steel industry, said
in a joint statement: "This action by HMRC threatens thousands of jobs and
is a devastating blow to our members and their families. Liberty Steel is a
strategically important business, crucial to delivering net zero, and under
no circumstances can our plants be allowed to close."

 

A spokesperson for HMRC said: "We take a supportive approach to dealing with
customers who have tax debts, working with them to find the best possible
solution based on their financial circumstances."

 

'Critical stage'

GFG Alliance said it was operating against a "very challenging" backdrop, as
record high energy prices drove up its overheads.

 

It added that it was in continuous dialogue with its creditors, including
HMRC, to find an "amicable solution" that was in the best interest of all
stakeholders.

 

"Short term actions that risk destabilising these efforts are not in
anyone's interest, and undermine creditor recovery at a critical stage in
our debt restructuring efforts that seek to secure the future of our
businesses," said a spokesman for GFG.

 

Community, Unite and GMB called on GFG and HMRC "to get back round the table
and hammer out a deal that provides space for the company to refinance".

 

"The best route to protect jobs and repay HMRC and other creditors would be
to enable the business to continue to trade," the said.

 

'National assets'

Steel producers have expressed concerns in recent months over the impact of
soaring energy costs on the UK sector, which the industry says puts it at a
disadvantage to global competitors.

 

"Lots of countries around the world are supporting their steel sectors, but
in the UK the industry is on its own", said Chris McDonald, a former
executive at Tata Steel who now runs the Materials Processing Institute.

 

"In France, the industry is supported with energy subsidies and trade
protections. In Germany, heavy energy users in industry get big rebates."

 

He said specialist UK steel products were in demand and must be supported.

 

"The steelworks in Rotherham and Stocksbridge are important national assets
and if the company that runs them can't continue to operate, then we need to
find a way to enable the asset to continue beyond that," said Mr McDonald.

 

"The government have done that before with British Steel for a period of
time, and of course we do it all the time with our railways."

 

A spokesperson for the Department of Business, Energy & Industrial Strategy
said: "The government is closely monitoring developments around Liberty
Steel and continues to engage closely with the company."

 

They added: "As always, we stand ready to support their dedicated employees
and their families affected by any developments.

 

"We have provided extensive support to the steel sector as a whole to help
with the costs of electricity and are working with them to support their low
carbon transition."

 

Meanwhile, earlier on Thursday the Financial Reporting Council announced it
was investigating HW Fisher, the auditor to Liberty Commodities which is
another of Mr Gupta's businesses.

 

The accounting watchdog said the probe concerned HW Fisher's audit of
Liberty Commodities' financial statements for the year to 31 March 2020.

 

GFG Alliance, which is a collection of businesses and investments owned by
Mr Gupta and his family, has been under investigation by the Serious Fraud
Office since May 2021.

 

The agency said it was investigating "suspected fraud, fraudulent trading
and money laundering in relation to the financing and conduct of the
business of companies within the Gupta Family Group Alliance".-BBC

 

 

 

Asian shares fall, U.S. treasury yields hold firm after U.S. inflation data

(Reuters) - Asian share markets fell on Friday, after red-hot U.S. inflation
data and hawkish comments from a Federal Reserve official fuelled bets on
U.S. interest rates being hiked more aggressively, and sent U.S. Treasury
yields jumping.

 

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS)
dropped 1.1%, with most markets in the red. Greater China markets, which had
been buoyed by strong credit growth data and a resurgence in property
stocks, gave up earlier gains. Japanese markets were closed for a holiday.

 

An index tracking Hong Kong listed mainland property firms (.HSMPI) rose
1.7% after a media report that China will allow real estate firms easier
access to presale proceeds from residential projects, loosening a liquidity
squeeze on the sector. read more

 

Broader moves across Asian stocks followed U.S. data on Thursday which
showed consumer prices surged 7.5% last month on a year-over-year basis,
topping economists' estimates of 7.3% and marking the biggest annual
increase in inflation in 40 years.

 

Sentiment further soured after St. Louis Federal Reserve Bank President
James Bullard said the data had made him "dramatically" more hawkish.
Bullard, a voting member of the Fed's rate-setting committee this year, said
he now wanted a full percentage point of interest rate hikes by July 1.

 

Though Bullard is one of the more hawkish Fed policymakers, contracts traded
at CME Group priced in an 88% chance of a 50 basis point hike in March and a
nearly 95% chance of at least 100 basis points by June, up sharply from
before the data.

 

The stock rout is set to continue in Europe. The pan-region Euro Stoxx 50
futures tumbled 1.54%, and FTSE futures were down 1.04%.

 

Wall Street futures also took a beating. S&P 500 futures fell 0.8% and
Nasdaq futures were 1.03% lower. On Thursday, the Dow Jones Industrial
Average (.DJI) fell 1.47%, the S&P 500 (.SPX) lost 1.81% and the Nasdaq
Composite (.IXIC) dropped 2.1%.

 

"Our view is that Asian shares were not as relatively overvalued as U.S.
equities so there should be some selective resilience," said Lorraine Tan,
Morningstar's Director of Equity Research in Asia, while adding that the
market was still digesting a higher cost of capital than it had been used
to.

 

"Having said this, we think the market has factored in a rise in 10-year
treasuries to 2.0-2.5%. The risk and the fear that will lead to a sharper
sell off is if yields move above this level."

 

The yield on benchmark 10-year U.S. Treasury yield hit 2% for the first time
since August 2019, and was last at 2.0346%.

 

Two-year notes, which typically move in step with interest rate
expectations, were yielding 1.5868% having jumped sharply after the CPI
data.

 

"That reaction is quite significant when you consider traders were
supposedly expecting a 50-year high read on CPI," said Matt Simpson, Senior
Market Analyst, City Index.

 

"But with inflation adding a full 2.1 percentage points over the past four
months alone, it's a good job the Fed has ditched the term transitory,"
Simpson said, noting the U.S. central bank was no longer describing the rise
in inflation as a temporary phase.

 

That jump drove significant volatility in currency markets on Thursday,
sending the dollar to a five week high against the yen .

 

The dollar rose in Asia on Friday, gaining 0.16% against a basket of major
currencies. The euro was last down 0.4% at $1.1382 and the Australian and
New Zealand dollars each dropped more than 0.5%.

 

The higher dollar weighed on oil prices. U.S. crude dipped 0.41% to $89.51 a
barrel, while Brent crude fell 0.58% to $90.95 per barrel. Investors are
awaiting the outcome of U.S.-Iran talks that could lead to increased global
crude supply.

 

Spot gold was down 0.15% at $1823.5 per ounce.

 

The Thomson Reuters Trust Principles.

 

 

 

Analysis: Hot inflation fuels case for 'big-bang' Fed rate hike in March

(Reuters) - Pressure increased on the Federal Reserve on Thursday to take a
stronger stand against inflation after an unexpectedly large jump in U.S.
consumer prices defied hopes that the pocketbook squeeze would ease and
bolstered the view that the U.S. central bank is behind the curve.

 

In the hours after a government report showed consumer prices rose at their
fastest pace since the early 1980s, traders piled into previously improbable
bets that the Fed will start its coming round of rate hikes with a "big
bang" 50 basis-point rate hike. One Fed policymaker who just last week said
such a move was unnecessary said he had changed his mind. The yield on
two-year Treasuries rose the most since June 5, 2009.

 

The massive market shift and St. Louis Fed President James Bullard's embrace
of a full percentage point's worth of rate hikes over the next four months
suggests an internal Fed debate over how fast and high to raise interest
rates will only intensify ahead of the next rate-decision meeting on March
15-16.

 

Until this moment, Fed policymakers had largely resisted the idea of a
half-point hike, which they have not used since May 2000 and not at the
outset of a rate-hike cycle since probably the 1980s, before the Fed's rate
hike decisions were published.

 

"I don't think there's any compelling case to start with a 50 basis-point"
rate increase, Cleveland Fed President Loretta Mester, often among the Fed's
more hawkish voices, said on Wednesday. Interest-rate futures were pricing
in about a one-in-four chance of that happening.

 

Fast forward a day, and the latest U.S. inflation reading tipped that on its
head. Household prices were up 7.5% in the 12 months through January, the
Labor Department reported.

 

Market participants began pricing a hefty chance of a half-percentage-point
rate hike in March. Then Bullard - who last week agreed with Mester - told
Bloomberg News he had become "dramatically" more hawkish.

 

That sealed the deal for markets. At day's end rate futures were pricing in
a half-point rate hike in March with just a scant chance of a smaller
quarter-point hike, and heavy bets for a policy path that would bring rates
to a range of 1.75%-2.00% by the end of the year.

 

Fed policymakers had already flagged that they will begin raising the
central bank's benchmark overnight interest rate from near zero at the March
meeting, just days after they stop their two-year spree of buying billions
in government bonds each month. It began the bond purchases to keep
financial conditions loose and spur borrowing amid the COVID-19 pandemic.

 

By many measures they are already late to the party, with inflation at its
highest level in 40 years and a super-tight labor market at odds with a Fed
only just getting ready to remove crisis-era policy support.

 

"All this logically supports a 50 basis-point move in March," said Karim
Basta, chief economist at III Capital Management. "Whether the Fed ditches
its gradualist approach remains the most relevant question."

 

To Mark Cabana, head of U.S. interest rates strategy at Bank of America
Global Research, the case is only getting stronger.

 

"Are you going to tell the market that it's wrong and you need to go
slower?" Cabana said. "If the market gives the Fed the option, we do not
believe that the Fed will tell the market that it's wrong."

 

Economists at Deutsche Bank on Thursday said they now think the Fed will
kick off its policy tightening with a 50 basis-point hike next month.

 

The Federal Reserve building is seen in Washington, U.S., on January 26,
2022. REUTERS/Joshua Roberts

And Tim Duy, economist for SGH Macro Advisors, said he would not be
surprised if the Fed in the next few days abruptly ended bond purchases and
raised interest rates. "The Fed needs to do something significant to
establish even a minimal amount of credibility on inflation," he wrote.

 

Still, many economists for now are predicting the U.S. central bank will
stick to quarter-percentage-point increments for future rate increases.

 

Instead of going bigger to start, they say, the Fed could just speed up the
pace of rate hikes or reduce its balance sheet sooner and more sharply.

 

With one more big inflation reading and more jobs data due before the March
meeting, the jury for most Fed officials is likely still out.

 

"We'll see what we get by the time we get to March," Richmond Fed President
Thomas Barkin said Thursday at a virtual meeting of the Stanford Institute
for Economic Policy Research.

 

Asked about the possibility of a 50-basis point hike, Barkin said: "I'd have
to be convinced on that."

 

The Fed is leery of spooking financial markets, which have required diligent
handholding in recent years to avoid a knee-jerk tightening of financial
conditions and repeats of episodes like the 2013 "taper tantrum," which was
widely seen as a communications misstep.

 

A half-percentage-point hike in March would not itself hurt the economy,
economists say, but the signal it sends about the future path of policy
could.

 

"The market goes from pricing five (quarter-percentage-point rate hikes) to
pricing eight, 10 and then you are potentially causing some real sharpening
in financial conditions," said Aneta Markowska, chief financial economist at
Jefferies.

 

"They are way behind the curve, and I think they have a lot of catching up
to do," Markowska added, "but I think it makes sense to move, not slowly,
but not too aggressively."

 

Keeping rate hikes to 25 basis-point increments allows the Fed to better
tailor policy to the data if inflation soon cools on its own, as Atlanta Fed
President Raphael Bostic said earlier this week he thinks is likely.

 

That could still come to pass if supply chains get untangled and an easing
COVID-19 pandemic allows more people to return to work, reducing price and
labor-market pressures without the need for steep rate hikes.

 

But Narayana Kocherlakota, an economics professor at the University of
Rochester known for his dovish views after the 2007-2009 recession when he
was the Minneapolis Fed's president, expects dissents, including perhaps
from Fed Governor Christopher Waller, should the central bank not go harder
in March.

 

"I think going 50 now also puts it on the table in every meeting going
forward ... so it expands optionality in a big and useful way," he said.
Much-higher-than-expected inflation, he said, "deserves an aggressive
response."

 

The Thomson Reuters Trust Principles.

 

 

 

Biden sees inflation easing this year, touts his drug price plan

(Reuters) - U.S. President Joe Biden on Thursday said he expected inflation
to start to ease this year as supply chain logjams clear up, while saying
that his administration was already helping ease shortages, as new data
showed the biggest jump in consumer prices in 40 years.

 

Biden told NBC News that efforts by his administration to address the
shortage of semiconductors that sent car prices soaring last year were
starting to pay off.

 

Rising consumer prices "ought to be able to start to taper off as we go
through this year," Biden said. "In the meantime, I'm going to do everything
in my power to deal with the big points that are impacting most people in
their homes."

 

Biden earlier in the day told an event in Virginia that proposals included
in his signature Build Back Better legislation would help bring down prices
for families. The roughly $1.7 trillion bill, which includes social spending
and climate change provisions, is stalled and Biden has said previously that
chunks, rather than the full package, could pass.

 

U.S. stock indexes ended sharply lower on Thursday after the consumer price
data raised fears of a hefty interest rate hike by the Federal Reserve. read
more Consumer prices in the 12 months through January rose 7.5%, the biggest
jump since February 1982, according to the Labor Department.

 

Part of Biden's Build Back Better plan would give the federal government's
Medicare program for seniors authorization to negotiate drug prices for the
first time.

 

"The fact is that if we are able to do the things I'm talking about here,
it'll bring down the cost for average families," Biden said.

 

Noting that Build Back Better had already passed the House of
Representatives, Biden said, "Now we just have to get it through the United
States Senate. And we're close.

 

"We can do even more to lower out-of-pocket prescription costs," he said.
"Under my proposal, we will hold drug companies accountable for the absurd
price increases."

 

The Democrats hold a razor-thin majority in the Senate, providing little
leeway given that Republicans have been opposed to allowing the government
to negotiate prescription drug costs.

 

High inflation and fatigue over the ongoing pandemic have hurt Biden's
popularity with Americans, causing concern for his fellow Democrats, who
risk losing control of both houses of Congress in the November midterm
elections.

 

Biden was joined by Democratic Representative Abigail Spanberger of
Virginia, who could face a tough re-election fight in November, and Xavier
Becerra, his secretary of Health and Human Services, who has faced criticism
for a low-profile role in the administration's fight against COVID-19. Biden
praised Becerra for "how much he's helped us make so much progress in
getting people vaccinated" and making healthcare affordable.

 

The Thomson Reuters Trust Principles.

 

 

 

Canadian trucker protest forces some companies to use air transport

(Reuters) - Automakers and some manufacturers are looking to the skies as
they seek alternatives for moving products caught up in Canadian trucking
protests that have hit supply chains on both sides of the U.S.-Canada
border, union and industry executives said.

 

Protesters have occupied key border crossings between the United States and
Canada as part of two-week old demonstrations against pandemic measures and
vaccine mandates. read more

 

With more than two-thirds of the C$650 billion ($511 billion) in goods
traded annually between Canada and the United States moving via roads, the
choking of key arteries has upended already stressed supply chains.

 

That has manufacturers, including automakers like Ford Motor Co (F.N)
looking for alternative routes and forms of transportation to move supplies.

 

Ford is looking at flying in some auto parts to a plant in Windsor, Ontario
that produces engines for popular models, an official with the union
representing auto workers at the plant said on Thursday.

 

Mike Stopay, director of Toronto-area cargo specialist Pacer Air Freight,
said he had received requests from some auto-parts and pharmaceutical
companies to transport products by air due to the protests on the vital
Ambassador Bridge.

 

"All these parts are needed just in time," he said. "I can't take the chance
to sit around at the border for eight hours."

 

A spokesperson for Ford's Canadian division said: "We are looking at all
options to keep our plants running."

 

A spokesperson for Magna International (MG.TO) said the Canadian parts
supplier "had to be a bit creative" by using other ports of entry into
Canada and the United States.

 

Matt Poirier, director of trade policy for trade and industry association
the Canadian Manufacturers & Exporters, said some companies were looking at
alternative routes, but were running into roadblocks as other sites were
backed by traffic and protests, raising costs.

 

"What complicates it for manufacturers is that not only do they have to
figure out the logistics of getting a truck there, but then all the
paperwork they've done to move stuff across the border changes too," he
said.

 

"So administratively it's a nightmare."

 

The protests are the latest challenge for the auto sector on both sides of
the border, which has already been wrestling with a global shortage of
semiconductors, along with COVID-19.

 

Toyota Motor Corp, General Motors Co (GM.N), Ford and Chrysler-parent
Stellantis (STLA.MI) said on Thursday they were forced to cancel or scale
back some production because of parts shortages due to the protests against
pandemic measures. read more

 

Dino Chiodo, director of automotive at Unifor, Canada's largest private
sector union, said the union had heard that Ford was looking at alternatives
like flying to bring in parts to support production at an engine plant in
Windsor.

 

"They're looking at alternative methods to get the parts into the Windsor
Essex engine plant so they don't negatively impact their production," Chiodo
said.

 

Chiodo questioned how a group supposedly protesting for more freedoms was
now leading to the closings of workplaces.

 

"The reality is that they are the ones causing us to be shut down," he said.

 

The Thomson Reuters Trust Principles.

 

 

 

Purdue's Sacklers consider adding another $1 bln to opioid settlement -
Bloomberg News

(Reuters) - Members of the billionaire Sackler family that owns Purdue
Pharma are weighing whether to add $1 billion to the OxyContin-maker's
faltering opioid settlement bid in an effort to win over holdouts, Bloomberg
News reported on Thursday.

 

The addition would bring the family's total contribution to $5.325 billion
to get a handful of U.S. state attorneys general to drop their opposition to
Purdue's bankruptcy plan, the report said citing people familiar with the
matter.

 

Purdue did not immediately respond to a request for comment.

 

Earlier this week, a mediator reported that the OxyContin-maker and U.S.
states were "even closer" to a settlement over claims that the company
fueled a U.S. opioid epidemic. read more

 

The mediator asked a bankruptcy judge to extend the deadline for
negotiations to Feb. 16 from Feb. 7, saying that the two sides need more
time to finalize a deal that would involve "substantial" additional money
from the Sacklers. The new settlement would also include non-monetary
concessions.

 

Purdue, the maker of the highly addictive opioid pain drug OxyContin, filed
for bankruptcy in 2019 in the face of thousands of lawsuits accusing it and
wealthy Sackler family members who owned the company of helping cause the
U.S. opioid epidemic through deceptive marketing that played down addiction
and overdose risks.

 

The company pleaded guilty to misbranding and fraud charges related to its
marketing of OxyContin in 2007 and 2020. The Sacklers have denied
wrongdoing.

 

The Thomson Reuters Trust Principles.

 

 

 

Volvo Cars says supply chain woes remain as profit lags forecasts

(Reuters) - Volvo Cars (VOLCARb.ST) posted on Friday earnings below
analysts' expectations pressured by the lingering global supply shortages,
while demand for its products remained strong.

 

The Gothenburg-based carmaker, which listed on Nasdaq Stockholm in October,
said it expected to continue growing sales volume in 2022, though
uncertainty due to the lingering effects of the pandemic was still high.

 

Volvo and other global car makers have been forced to cut vehicle output,
despite robust demand in key markets like China and the United States, due
to a global chip shortage.

 

"While the component shortage has eased somewhat, the supply chain is
expected to remain a restraining factor," the Swedish company said in a
statement.

 

Volvo's fourth-quarter operating profit fell to 3.7 billion Swedish crowns
($396.4 million) from 4.9 billion a year ago, compared to a 4.77 billion
mean forecast in a Refinitiv poll.

 

The company's full-year operating margin rose to 7.2% from 3.2% in 2020, and
versus 5.2% in 2019, before the coronavirus pandemic struck.

 

Volvo, majority owned by China's Geely Holding (GEELY.UL), proposed that no
dividend would be paid.

 

($1 = 9.3353 Swedish crowns)

 

The Thomson Reuters Trust Principles.

 

 

 

Tesla plans to locate China design centre in Beijing, city govt says

(Reuters) - U.S. electric carmaker Tesla (TSLA.O) plans to place its China
design centre in Beijing, a government document issued by the Chinese
capital said.

 

Tesla said in 2020 it planned to open such acentre in the country to make
"Chinese-style" vehicles but has not said where it would be. Last year,
Reuters reported that the studio could be in Shanghai, where its factory is
located, or Beijing.

 

The Beijing municipal government in late January made the disclosure in a
work report in which it listed key projects for the city in 2022.

 

It briefly listed a number of electric vehicle facilities that it said it
would push forward with construction this year, without giving further
details. Besides Tesla, it also mentioned Xiaomi Corp's (1810.HK) planned
car plant and Toyota Motor's (7203.T) fuel cell research centre.

 

Tesla did not immediately respond to a request for comment. Local media and
the Wall Street Journal earlier reported on the Beijing government document.

 

Tesla started delivery vehicles from its Shanghai factory at the end of 2019
and is ramping up production amid surging sales. The country has also become
an export hub for Teslas headed to Europe and other markets.

 

The Thomson Reuters Trust Principles.

 

 

 

India's textile industry revs up, giving hope on jobs for PM Modi

(Reuters) - At Texport Industries' factories in India's south, thousands of
mostly women workers are busy converting yarn and fabrics into T-shirts,
shirts, spaghetti tops and kids' clothes for U.S. customers of Tommy
Hilfiger and Kohl's Corp (KSS.N).

 

After being outpaced in recent years by neighbouring Bangladesh and then
hammered by the COVID-19 pandemic, India's garment factories are now humming
near full capacity - a rare labour market bright spot for Prime Minister
Narendra Modi and his ruling party as they head towards an election in 2024.

 

"We have been so busy," said Parashuram, the head of one of the Texport
factories who goes by one name, as a batch of 60 new women recruits
practiced stitching. "We are constantly looking to hire workers."

 

The company is scouting for land to add new factories around its main
production base in Hindupur, about 100 km (60 miles) north of tech hub
Bengaluru.

 

Sustained success for the textile and apparel (T&A) industry, the country's
biggest employer after farming, is crucial if Modi is to succeed in taming
unemployment.

 

India's jobless rate is above 7% and estimated to have exceeded the global
average in five of the last six years - a massive problem for a country that
must create millions of jobs each year just to keep pace with the young
people joining the labour market. read more

 

HIGHER LABOUR COSTS

 

India is the world's fifth biggest T&A exporter with a 4% share of the $840
billion global market, while China controls more than a third of it. India's
exports were on a par with closest rival Bangladesh about a decade ago but
have lagged in recent years - especially on garments - partly due to higher
labour costs that make Indian clothes some 20% costlier.

 

Indian T&A companies say they are now adding new clients, selling more to
old ones and raising production capacity as foreign buyers seek to diversify
their supply chains.

 

Other than China, only India has a big supply chain of everything from
cotton to garments. read more

 

Still, some industry leaders said that unless India signed free trade
agreements with Western countries - which New Delhi says it is working on -
it would not be easy to outsell Bangladesh, which also enjoys preferential
export terms from many buyers as a least developed country.

 

Indian companies such as Texport, Welspun India (WLSP.NS) and Raymond
(RYMD.NS) - whose buyers include Western retailers Amazon , Target (TGT.N),
Costco (COST.O), Walmart Inc (WMT.N), Tesco (TSCO.L) and Macy's (M.N) - have
managed to lift sales in recent quarters.

 

Modi wants them to create some 1.5 million jobs in the sector over the next
five years or so.

 

India's junior textiles minister, Darshana Jardosh, on Wednesday listed
recent announcements to support the industry, such as setting up seven huge
all-in-one textile parks for about $600 million to further increase
employment and make it easier for foreign buyers to place orders and monitor
supply chains. The government has also proposed production-linked incentives
worth $1.4 billion.

 

The American Apparel & Footwear Association (AAFA) said India's ongoing and
planned investments had resulted in "more companies looking at India as a
potential source of growth over the coming years", without giving specifics.

 

Two industry sources with knowledge of the matter said both Fast Retailing's
(9983.T) Uniqlo and Gap Inc (GPS.N) were in talks to expand purchases from
India. The companies, who source from India mainly from the country's
biggest garments exporter Shahi Exports, did not immediately respond to
requests for comment.

 

Shahi Exports Managing Director Harish Ahuja declined to discuss individual
buyers but said demand was high from its existing customers.

 

CAPACITY CONSTRAINTS?

 

India's April-December T&A exports soared 52% to $30.5 billion from the
year-ago period, and the government has set a full fiscal-year target of $44
billion, which would be a record.

 

While global textile exports recorded a compounded annual growth rate of 2%
between 2015 and 2019, India's shrank 0.8%, according to an industry report.
Both Bangladesh and Vietnam grew at 10% or more.

 

One factor behind the surge in sales for Indian companies to the United
States and Europe in the past few quarters has been alleged rights abuses in
China's main cotton growing province of Xinjiang, where the minority Muslim
Uyghur community lives.

 

U.S. President Joe Biden in late December signed into law legislation that
bans imports from Xinjiang. China has rejected accusations of forced labour
or any other abuses in Xinjiang. read more

 

The China Cotton Association referred Reuters to a December statement that
warned of "severe impact" on its cotton textile industry because of the U.S.
move.

 

Raymond, an Indian exporter of men's suits, jackets and denim, said the
China factor helped it recently sign up new clients that it had long
pursued.

 

"At current capacity, we may not be able to pick up as much as the orders
coming our way, as much as buyers want to ship away from China," said
Narendra Goenka, chairman of the Apparel Export Promotion Council of India
and a founder of family owned Texport.

 

Goenka said his company was spending some $25 million to raise its capacity
by more than a quarter over the next two years, with the addition of 8,000
jobs on top of its current workforce of more than 10,000.

 

For 19-year-old Lopamudra Patel, from the eastern state of Odisha, whose
family struggled to survive on her father's income as a part-time driver,
the industry has come as a saviour. She joined Texport a few weeks ago for a
monthly wage of $100.

 

"It was very difficult at home," she said, standing next to whirring sewing
machines in the training room. "I will now be able to send some money home."

 

The Thomson Reuters Trust Principles.

 

 

 

Oil prices slip on hot U.S. inflation concerns, set for weekly fall

(Reuters) - Oil prices eased on Friday as hot U.S. inflation fanned worries
about aggressive interest rate hikes and investors await the outcome of
U.S.-Iran talks that could lead to increased global crude supply.

 

Brent crude futures fell 25 cents, or 0.3%, to $91.16 a barrel at 0345 GMT,
while U.S. West Texas Intermediate crude declined 15 cents, or 0.2%, to
$89.73 a barrel.

 

The benchmark oil prices are also in line for their first weekly decline
after seven consecutive weekly gains, though both contracts had earlier
climbed to a seven-year high.

 

"Yesterday's inflation number likely puts more pressure on the U.S. Fed to
act more aggressively with rate hikes. This expectation is weighing on oil
and the broader commodities complex somewhat," said Warren Patterson, ING's
head of commodities research.

 

"In addition, Iranian nuclear talks appear to be progressing, which is
another factor holding prices back."

 

St. Louis Federal Reserve Bank President James Bullard had said he wanted a
full percentage point of interest rate hikes by July 1, following the
release of U.S. inflation data that saw its biggest annual increase in 40
years. read more

 

Investors have also been eyeing indirect talks between the United States and
Iran to revive a nuclear deal, which resumed this week after a 10-day break.
A deal could see the lifting of sanctions on Iranian oil and ease global
supply tightness.

 

White House spokeswoman Jen Psaki said the talks have "reached an urgent
point," and that a "deal that addresses the core concerns of all sides is in
sight." read more

 

"The crude price rally has finally run out of steam as optimism grows that
Iran nuclear deal talks are headed in the right direction and as the dollar
rallies as money markets start to price in a supersized Fed hike," said
Edward Moya, senior market analyst at brokerage OANDA.

 

"The oil market is still very tight, but exhaustion in the crude price rally
has settled in. If the dollar continues to rally, oil prices could continue
to decline further."

 

Tight supply was seen in U.S. crude oil stockpiles (USOILC=ECI), which
unexpectedly fell 4.8 million barrels in the week to Feb. 4 to 410.4 million
barrels as overall refined product demand reached an all-time record, said
the Energy Information Administration. This compares with an analyst
forecast of a 369,000-barrel rise. read more

 

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) said
that world oil demand might rise even more steeply this year. The group
forecast a gain of 4.15 million barrels per day (bpd) this year, as the
global economy posts a strong recovery from the pandemic. read more

 

The Thomson Reuters Trust Principles.

 

 

 

Amazon to allow work without face masks, require vaccination for paid COVID
leave

(Reuters) - Amazon.com Inc on Thursday informed staff at its U.S. warehouses
and logistics sites that they must report being fully vaccinated by March 18
if they wish to receive paid leave due to COVID-19.

 

The company also said fully vaccinated operations staff could work without a
face covering starting on Friday as local regulations allow, according to a
message to workers that Amazon shared with Reuters.

 

The online retailer attributed its policy updates to a recent decline in
coronavirus cases across the United States, increasing rates of vaccination,
and guidance from its medical experts and public health authorities.

 

"This is a positive sign we can return to the path to normal operations,"
the company's message said.

 

Amazon's COVID-19 protocols have faced scrutiny throughout the pandemic, as
safety measures taken by the company have been met with criticism by some
workers that it was not doing enough to protect them.

 

The company's status as America's second-biggest private employer, behind
Walmart, has added significance to its policies. Amazon had a full and
part-time headcount greater than 1.6 million worldwide as of Dec. 31.

 

The retailer's paid leave change does not regard workers who have received a
religious or medical accommodation, its message said. Unvaccinated employees
without such accommodation can take unpaid time off for a week of COVID
isolation, it said.

 

The Thomson Reuters Trust Principles.

 

 

 

 

 


 


 


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
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been compiled from sources believed to be reliable, but no representation or
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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
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any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

 


 

 


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