Major International Business Headlines Brief::: 05 January 2022

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Major International Business Headlines Brief::: 05 January 2022 

 


 

 


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ü  China Mobile shares rise in Shanghai debut after US exit

ü  Covid: Travel firms call for removal of testing rules

ü  China investment firm's shares slump after $6.6bn bailout

ü  General Motors 90-year reign as top US car seller ends

ü  Asus recalls product after users 'smell smoke'

ü  Burger King to sell vegan nuggets in bid to go 50% meat-free

ü  Train services hit by Covid staff absences

ü  Walmart to hire over 3,000 U.S. drivers as it expands home delivery

ü  Asian stocks saw big foreign outflows in 2021 despite Dec buying

ü  Record U.S. quits, hiring slowdown may show Omicron's impact on labor
supply

ü  Samsung likely to report best Q4 profit on solid chip demand

ü  Tencent raises $3 bln by trimming stake in Shoppee-owner Sea

ü  Sony looks to electric cars for its next big hit

ü  As pressure mounts, China Evergrande seeks delaying onshore bond payment

ü  Asian shares slip as rising U.S. yields hit tech firms

ü  Malawi: Over 35,000 Households Affected By Armyworms in Thyolo

ü  Malawi: Care Malawi Rescues 225 Children From Tobacco Farms

ü  Rwanda: Thousands Stuck As Maritime Transport Between Gakenke-Muhanga Is
Suspended

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

China Mobile shares rise in Shanghai debut after US exit

China Mobile shares have risen as they started trading in Shanghai after
raising $7.7bn (£5.7bn) in China's biggest public offering in a decade.

 

The shares opened 9.4% higher before easing back in morning trade.

 

China Mobile's smaller rivals, China Telecom and China Unicom, have already
made the move to their home country.

 

The three firms were delisted from the New York Stock Exchange after a
Trump-era decision to restrict investment in Chinese technology companies.

 

China Mobile's Hong Kong-listed shares also rose in early trade after the
company said it would press ahead with a plan to buy back up to 2.05 billion
shares, worth nearly $13bn.

 

Nina Xiang, the author of US-China Tech War, told the BBC that the Chinese
government would have made sure that China Mobile's Shanghai debut went
well.

 

She said: "It's important for Beijing to ensure this listing appears
successful and smooth to prove that China has the wherewithal to accommodate
its own companies on its own stock exchanges.

 

"But it won't be great for Chinese companies to lose the access to the US
capital markets as it will be another step in the downward spiral of
deteriorating bilateral relations," she added.

 

The policy introduced by the Trump administration to clamp down on
investments in Chinese technology firms has remained in place under
President Joe Biden as tensions continue between Washington and Beijing.

 

Ms Xiang also highlighted that more US-listed Chinese firms may take similar
steps to safeguard their share listings: "There are dozens of Chinese
companies listed on US exchanges that might seek a listing in Hong Kong this
year to secure their shares remain publicly traded, in case the two
countries couldn't reach a solution for Chinese firms to remain listed in
the US."

 

The company has said it plans to use the cash raised from the offering to
develop projects including premium 5G networks, infrastructure for cloud
resources and artificial intelligence software.

 

China Mobile is the world's largest mobile network operator by total
subscribers.

 

Last month, Chinese ride-hailing giant Didi Global has announced plans to
take its shares off the New York Stock Exchange and move its listing to Hong
Kong.

 

The firm had come under intense pressure since it raised $4.4bn in its US
debut at the end of June.

 

Also, within days of the New York initial public offering Beijing announced
a crackdown on technology companies listing overseas.

 

Didi shares have lost almost 65% of their value since their US market
debut.-BBC

 

 

 

Covid: Travel firms call for removal of testing rules

Travel industry groups have called for all remaining Covid restrictions on
travellers to be removed in the latest government review.

 

With data last week suggesting one in 25 people in the UK currently had the
virus, airlines say passenger testing is having no real impact.

 

The government said it continued to "keep all measures under review".

 

The travel industry said compulsory testing for UK arrivals and departures
had held back the sector's recovery.

 

The prime minister will meet his cabinet later and urge them to back his
decision not to impose any further Covid restrictions in England.

 

On Tuesday, Boris Johnson said he hoped the country could "ride out" the
current wave, although he acknowledged parts of the NHS would feel
temporarily overwhelmed.

 

What are the current travel rules?

Currently, all travellers to the UK aged 12 and over have to show proof of a
negative test, which can be a PCR or a lateral flow test, and must be taken
up to two days before departure for the UK.

 

They then have to take another test - which this time must be a PCR test -
within the first two days after their arrival in the UK.

 

But at the time that rule was brought in a month ago, the number of new
cases reported in the UK each day was running between 40,000 and 50,000 -
and was only rising relatively slowly because it was almost entirely made up
of the Delta variant of Covid.

 

But now, the UK has announced more than 200,000 new cases in a day for the
first time in the entire pandemic and Omicron is the dominant variant - so
airlines can argue that there is no longer any hope of relying on testing to
"keep out Omicron".

 

The only other countries in the world that have topped 200,000 positive
tests in a single day this week have been the US and France.

 

The trade body Airlines UK argued that continuing the current measures would
be financially disastrous for the industry. It added that the current limits
have depressed demand and dented consumer confidence.

 

Manchester Airports Group (MAG) has sent the government research it
commissioned, which it claims shows that pre-departure testing has had
little or no impact on the spread of Omicron.

 

It said that passenger numbers at MAG's airports fell by more than 30% after
Omicron measures were introduced.

 

Tim Hawkins, chief of staff at MAG, told the BBC's Today programme the
research showed there was a "basis for taking out all tests" related to
international travel, due to the high number of Covid cases in the UK.

 

"We are beyond the point where international travel restrictions can play a
role in managing that peak and if there is no benefit to it then we
shouldn't be doing it and we should take those measures out," he added.

 

Last month, Health Secretary Sajid Javid said that "very soon", if Omicron
became the dominant variant, there would be "less need to have any kind of
travel restrictions at all".

 

As well as travel restrictions, ministers must also consider future plans
for domestic testing.

 

The system has come under pressure in recent weeks as cases have surged,
with appointment slots and home test kits periodically being temporarily
unavailable.

 

And on Tuesday, Mr Johnson announced plans for 100,000 critical workers to
take daily tests.

 

The Daily Telegraph has reported that the government is planning to change
testing rules so that people who test positive on lateral flow devices do
not need to take a confirmatory PCR test.

 

The government did not comment but pointed to the guidance from the UK
Health Security Agency which maintains that people should take a follow-up
PCR test if they receive a positive lateral flow result.

 

"We continue to review PCR availability and continue to make more PCR
booking slots available every day," the agency said.

 

Travellers must pay for private tests rather than using free NHS tests.

 

MAG chief executive Charlie Cornish and Airlines UK chief executive Tim
Alderslade said the government should press ahead with the "immediate
removal" of travel testing requirements which come at "huge cost" to the
industry.

 

"It is therefore vital they do not remain in place a day longer than is
necessary," they wrote in a statement.

 

A government spokesperson said that they keep all measures "under review"
and added that the temporary testing requirements were introduced to
"prevent additional Omicron cases from entering the UK, stopping people from
passing it on to others if they are infected".

 

The Times has reported that the requirement for people to take a
pre-departure test before they arrive in England is likely to be dropped by
the government in the update later. But it said the requirement that people
take a PCR test within two days of arriving in England is set to remain.

 

Separately, European airline and tour operator stocks rose on Tuesday amid a
rise in investor confidence in the sector.

 

Hargreaves Lansdown analyst Susannah Streeter told Reuters: "With so many
people in the short-term being forced to isolate at home, it's likely many
people will be spending the next few weeks browsing travel blogs for
inspiration, given there is so much desperation for a holiday."

 

A recent report by aviation analytics firm Cirium found that the Covid
pandemic triggered a 71% drop in international flights in and out of the UK
in 2021.-BBC

 

 

 

China investment firm's shares slump after $6.6bn bailout

Shares in scandal-hit China Huarong Asset Management have slumped by more
than 50% after a state-backed bailout of almost $6.6bn (£4.9bn).

 

The company's shares had been suspended on the Hong Kong Stock Exchange for
the last nine months.

 

Huarong rocked Asian stock markets in August last year when it revealed a
record loss of close to $16bn.

 

The firm's former chairman Lai Xiaomin was executed last year after being
found guilty of corruption.

 

Huarong, one of four state-owned distressed-debt managers, halted trading in
its shares on 1 April last year.

 

The move came after the firm missed a deadline at the end of March to file
its earnings for 2020.

 

That sparked a rout in Huarong's US dollar-denominated bonds that spread to
the bonds of other Chinese companies.

 

In August, Huarong, which counts China's finance ministry as its largest
shareholder, announced a profit of $24.5m for the first half of 2021 and an
almost $16bn loss for 2020.

 

The company had earlier in November said that it would receive a cash
injection of $6.59bn from a group of state-backed investors as part of its
rescue plan.

 

Huarong, which is majority-owned by China's Ministry of Finance, was set up
in 1999 to take bad debts off the country's largest state-owned banks.

 

During Mr Lai's time as chairman the asset manager expanded far beyond its
original remit.

 

The crisis that engulfed the firm was seen by investors as a test of the
Chinese government's approach to corporate failures.

 

Lai Xiaomin, then chairman of China Huarong Asset Management Co., speaking
during the Boao Forum for Asia Annual Conference 2016.

 

Mr Lai was arrested in 2018 on charges of taking 1.8bn yuan (£210m, $280m)
in bribes over a 10-year period.

 

His death sentence was heavily criticised, with rights group Human Rights
Watch saying China was "clearly taking a major step backwards."

 

It was one of the most severe sentences to stem from President Xi Jinping's
anti-corruption drive.-BBC

 

 

 

General Motors 90-year reign as top US car seller ends

US car giant General Motors has lost its title as America's top car seller
for the first time in 90 years.

 

Japan's Toyota claimed the top spot, selling more than 2.3 million vehicles
last year, up 10%.

 

GM said its sales, which fell 13%, were hurt by the widespread shortage of
semiconductor parts that has been affecting the car industry.

 

The Detroit company had ranked as the number one US car seller since 1931
and vowed it would bounce back.

 

"I wouldn't rush out if I were (Toyota) and get a 'We're No 1' tattoo,"
spokesman Jim Cain said, according to Reuters.

 

Overall, analysts expect the number of new cars sold in the US to have
increased roughly 2% in 2021 compared to 2020, when buyers were reeling from
the onset of the coronavirus pandemic.

 

But purchases remain depressed compared to their pre-pandemic levels, as
companies grapple with supply chain woes, problems that have also pushed
prices higher for consumers.

 

General Motors pickup trucks awaiting missing parts are seen in Fort Wayne,
Indiana, U.S. August 14, 2021.

 

"The key constraint for sales continues to be reduced inventory levels as a
result of the semiconductor shortage," GM chief economist Elaine Buckberg
said in a statement discussing the firm's sales and outlook for 2022.

 

GM sold roughly 2.2 million vehicles last year down from 2.5 million in
2020, relying on its profitable pick-up trucks and SUVs to boost its bottom
line.

 

Toyota, which saw strong sales of its hybrids and other models, has been
less affected than some other car makers by the shortage of chips, thanks to
its decision to build up a stockpile after the 2011 earthquake and tsunami.
But it has also been forced to cut production amid the shortages.

 

But America's top car companies have been ceding ground to international
rivals well before the pandemic-related snarls.

 

Ford, General Motors and Chrysler once accounted for as much as 90% of all
US car sales and still claimed more than half as recently as 2008. But that
has slid lower.

 

Toyota's Camry has been the top-selling passenger car in the US for 20
years, while its Rav4 has ranked as the best-selling SUV for five years.-BBC

 

 

 

Asus recalls product after users 'smell smoke'

Asus has been forced to issue a product recall after reports from some users
that its motherboards were melting.

 

Reports emerged on social media that a number of affected Z690 Hero
motherboards made by the computer company were burning and producing smoke
after normal use.

 

Asus acknowledged the fault and said it could "potentially affect" specific
units manufactured in 2021.

 

The Z690 Hero is a high-end motherboard for use within powerful gaming
laptops.

 

The motherboard is the bit into which you plug all the other parts of a PC.

 

The majority of those affected have reported seeing a Bios warning code of
53 on screen, which indicates a memory initialisation failure.

 

Others smelled smoke and found burn marks on the products, while one user on
social media platform Reddit reported an actual fire being sparked.

 

User TheMaxXHD said they were browsing the internet when their PC shut down
and: "When I look over there I see a component on the motherboard literally
on fire."

 

Asus acknowledged the issue in a statement on its website and warmed the
fault could "affect units manufactured in 2021" with a specific part and
serial number.

 

Owners of the motherboard can examine the product packaging to see if their
hardware is affected.

 

Customers can also type in their serial number on Asus's website to see if
their model could be faulty.

 

"We have recently received incident reports regarding the ROG Maximus Z690
Hero motherboard," said the company.

 

"The issue potentially affects units manufactured in 2021 with the part
number 90MB18E0-MVAAY0 and serial numbers starting with MA, MB, or MC."-BBC

 

 

 

Burger King to sell vegan nuggets in bid to go 50% meat-free

Burger King will sell vegan nuggets across the UK as part of a pledge to
make its menu 50% meat-free by 2030.

 

The fast-food giant said the nuggets, made from soy and plant proteins, had
been certified by the Vegan Society.

 

Burger King previously released a plant-based Rebel Whopper burger two years
ago, but it was later revealed to be unsuitable for vegans because it was
cooked on the same grill as meat.

 

It has introduced a Vegan Royale burger as demand for such products has
risen.

 

A vegan diet involves cutting out animal products such as meat, fish, dairy
and eggs.

 

Burger King said its 50% meat-free target would help it reduce greenhouse
gas emissions by 41%. It said its vegan nuggets would taste the same as its
chicken-based counterparts.

 

Rival McDonald's already sells some "accidentally vegan" Veggie Dippers, but
also recently launched its vegan McPlant burger in the UK.

 

Meanwhile, the Greggs vegan sausage roll and vegan steak bake have proved
popular in recent years.

 

Burger King UK chief executive Alasdair Murdoch said the introduction of
vegan nuggets was an "a significant milestone for the company and an
important next step in achieving our target of a 50% meat-free menu by
2030".

 

"The launch is another positive step in reducing our carbon footprint and
driving innovation in our menus in response to growing demand for meatless
alternatives and products with no animal protein in the UK," he said.

 

According to the Vegan Society, there were about 600,000 vegans in Great
Britain in 2019, four times more than there were in 2014.

 

A total of 49% of those interested in cutting down on meat consumption said
they would do so for health reasons, according to a survey of more than
1,000 adults in Great Britain by Mintel.

 

Weight management, animal welfare and environmental concerns were also big
motivators.-BBC

 

 

 

Train services hit by Covid staff absences

Rail passengers are facing cancellations or fewer services as train
companies face high levels of staff absences due to Covid.

 

The Rail Delivery Group said almost one in 10 rail workers were off.

 

Train companies including ScotRail, CrossCountry and LNER have announced
reduced timetables and passengers have been warned of cancellations.

 

Alex Hynes, boss of ScotRail, said the company had "hundreds" of staff off
work due to having Covid or isolating.

 

He told the BBC's Today programme the company usually operates 2,000
services a day, but it would be reducing this by 160 (8%) from Tuesday.

 

"Over the last few weeks because of record numbers of Covid cases we have
been cancelling too many trains so we have decided to proactively put this
revised timetable in to give our customers greater certainty on the service
we can offer," he said.

 

Mr Hynes said the operator was "pretty confident" the reduced timetable
would "prove to be a robust service for customers in the coming weeks".

 

"We have said we will offer this timetable until the end of the month but of
course one of the lessons we have learnt from Covid is that we would be
foolish to predict the future," he added.

 

"There will be a few twists and turn in this Covid tale until it's over."

 

Rising Covid case numbers have led to large numbers of people self-isolating
and being unable to go to work, which has acutely affected industries where
staff are unable to work from home.

 

Rail operator CrossCountry said its staff absences were "worsening each
day", with more than one in 10 staff now absent.

 

 

The BBC is not responsible for the content of external sites.

 

Meanwhile, South Western Railway said its services would be "subject to
short notice cancellations" ahead of the company introducing a "consolidated
timetable" from 17 January.

 

LNER has announced it has cancelled 16 trains for this week, but warned
passengers there could be "other non-planned changes" to the timetable.

 

The Confederation of Passenger Transport (CPT), which represents bus and
coach operators across the UK, said up to 8% of its members' staff were
currently off work, about double what it would usually expect.

 

The CPT said operators were reducing services on high frequency routes to
reduce disruption, and were also prioritising services to schools and
vaccination centres.

 

Amended timetables

On Monday, there were widespread cancellations across Britain's train
services with the Rail Delivery Group estimating that more than 6,000 staff,
including crews and drivers, were currently absent.

 

The industry body said there would be "some short-notice cancellations so
our advice to anyone travelling is to check online before they set out or to
sign up for automatic alerts from National Rail Alert Me".

 

"We are working hard to provide the most reliable service possible and so
that passengers can travel with confidence when fewer rail staff can work, a
number of operators are introducing amended timetables," it added.

 

The website of Transport for Wales showed 49 train journeys were cancelled
on Monday, while TransPennine Express cancelled 37 and Avanti West Coast
cancelled 25.

 

Southern has said it is not putting on any direct services to London
Victoria - a major commuter station - until next Monday.

 

Rail Minister Wendy Morton said she would "continue to monitor the situation
closely".

 

The government has warned rising cases could see up to a quarter of staff
off work and ministers have been tasked with developing "robust contingency
plans" to deal with workplace absences.

 

Public sector leaders have been asked to prepare for "worst case scenarios"
of 10%, 20% and 25% absence rates, the Cabinet Office said.

 

The transport sector is not the only area affected by staff absences, with
worker shortages also hitting retailers and hospitality firms.

 

Go-Ahead shares

Separately, shares in transport firm Go-Ahead Group have been suspended to
give its auditor more time to finalise the company's results in the wake of
it being stripped of the Southeastern rail network.

 

The government seized control of the franchise from Go-Ahead in October,
after the company admitted to failures in the way it ran Southeastern, which
is one of Britain's busiest networks.

 

Go-Ahead said it was working with Deloitte to publish its annual results "as
soon as possible". Its shares were suspended on Tuesday at 667p.-BBC

 

 

 

Walmart to hire over 3,000 U.S. drivers as it expands home delivery

(Reuters) - Walmart Inc (WMT.N) said on Tuesday it plans to hire more than
3,000 U.S. delivery drivers and build out a fleet of all-electric delivery
vans to support its "in-home" grocery delivery service, its latest
investment in its last-mile fulfillment network.

 

The retailer, which said it has about 100 drivers at present, expects to be
able to reach 30 million homes by the end of the year. It now services 6
million homes.

 

Bentonville, Arkansas-based Walmart in 2019 launched its InHome delivery
service through which workers deliver groceries directly into shoppers’
homes, sometimes placing items straight into kitchens or garage
refrigerators when people are not in the house.

 

The driver uses a one-time access code to unlock the customers' doors or
garages through an app that pairs with a "smart" entry lock.

 

Fearing COVID-19, many shoppers have turned to online grocery delivery since
the start of the pandemic, sparking aggressive competition in the industry
from the likes of Amazon.com Inc's Whole Foods, Instacart and Uber
Technologies Inc (UBER.N).

 

Walmart has experimented for years with last-mile delivery options. In 2017,
for instance, Walmart established a program through which its own store
employees would bring online orders directly to shoppers’ homes after
completing their usual shifts on sales floors.

 

In August, ahead of the U.S. holiday shopping season, Walmart launched a
last-mile delivery service for other merchants. Last year, it also tested
company-branded "last-mile" delivery vans, taking a page from Amazon's
playbook as online demand pressures United Parcel Service (UPS.N), FedEx
Corp (FDX.N) and the U.S. Postal Service.

 

The Thomson Reuters Trust Principles.

 

 

Asian stocks saw big foreign outflows in 2021 despite Dec buying

(Reuters) - Foreigners were net purchasers of Asian equities in December but
the inflows paled in comparison with the massive outflows faced throughout
last year, as regional stocks were hit by a strong dollar and a dip in
business activity due to COVID-19-led curbs.

 

Cross-border investors purchased Asian equities worth a net $5.85 billion in
South Korean, Taiwan, the Philippines, Vietnam, Indonesia, and India last
month, marking their biggest monthly inflow in 2021.

 

Yet, the region faced total outflows worth $35 billion last year, the
biggest since 2008, the data showed.

 

"FIIs have largely shunned Asian markets for the last couple of months
largely due to an appreciating U.S. dollar and well performing developed
market equities, while Asian peers had been grappling COVID-19 waves and
regulatory actions," said Suresh Tantia, senior investment strategist at
Credit Suisse.

 

Investors were reluctant to take risks last year, especially in the region's
tech sector, due to rising costs, a disruption in its supply chain, and as
China kicked off a sweeping crackdown on its tech and internet firms.

 

South Korea and Taiwan, which depend heavily on its tech export revenues,
saw outflows worth 22.85 billion and $16.25 billion last year.

 

Breakdown by country for Asian equities' foreign investment flows in 2021

Also, concerns in China's real estate sector, with its largest builder China
Evergrande Group struggling to repay its debt, also hit sentiment.

 

"In China, the real estate challenge will provide a headwind for growth for
2022, but we believe that the targeted easing should spur momentum,
particularly with manufacturing upgrading and green investment becoming the
bright spot," said Jessica Tea, senior investment specialist at BNP Paribas
asset management.

 

The MSCI Asia-Pacific index (.MIAP00000PUS) dropped 3.4% last year, compared
with the MSCI World index's (.MIWD00000PUS) gain of 16.8%.

 

Indonesia and Indian equities received net inflows last year, however, the
latter witnessed outflows worth $5.12 billion in the fourth quarter of 2021.

 

Jun Rong Yeap, market strategist at IG, said investors may be unwilling to
take more risks in India, as the country looks more vulnerable to COVID-19
risks, as just 43.6% of its population are fully vaccinated.

 

"Although most Asian economies are well into their re-opening, we think it
is still too early to expect continued FII inflows in the near term," said
Credit Suisse's Tantia.

 

"Asian equities are not particularly attractive given the flat-lined
earnings revisions despite a -1.3 standard deviation discount to global
equities on P/E basis. COVID-19 uncertainties still remain with the rise of
Omicron."

 

The Thomson Reuters Trust Principles.

 

 

 

Record U.S. quits, hiring slowdown may show Omicron's impact on labor supply

(Reuters) - Record numbers of U.S. workers leaving their jobs and a slowdown
in hiring at front-line businesses may show that the latest COVID-19 wave is
denting labor supply, possibly pushing the Federal Reserve further toward
concluding that employment is nearing its practical limits.

 

Hiring data tracked by business payroll managers Homebase and UKG showed
employment edging down through December, coinciding with a record outbreak
of coronavirus infections driven by the Omicron variant.

 

Data from both firms showed larger seasonal dips this year than in 2020,
with employment in Homebase's sample of smaller businesses falling around
15% in the last days of 2021 compared to a roughly 10% drop last year.

 

UKG saw shift work across a variety of industries fall 1.7% in December
versus a 0.3% decline in the same period last year and a 0.8% drop in
December 2019.

 

"The data shows a strong downward shift starting in mid-December," wrote
Dave Gilbertson, vice president at UKG.

 

At the same time, new government data for November showed workers walking
away from jobs in record numbers, particularly from lower-paid and often
front-line service-sector positions where health risks are considered more
acute and work-from-home options less available.

 

With job openings still near record levels and consumer demand holding up
despite the wave of infections, economists say it could mean more pressure
on companies to raise wages - and more pressure on the Fed to declare that
its goal of "maximum employment" was close to being met, if not exceeded
already.

 

Meeting that goal is one of the U.S. central bank's precursors to raising
interest rates, and policymakers at the Fed's Dec. 14-15 meeting indicated
they felt that key benchmark was close. Minutes of that meeting are
scheduled to be released on Wednesday, providing more details of a session
where the Fed began a more concerted fight against inflation that is running
at nearly three times its targeted rate of 2% a year and laid the groundwork
for an interest rate increase as early as March.

 

In an essay published on the website Medium, Minneapolis Fed President Neel
Kashkari, prominent among Fed officials who have wanted to delay interest
rate increases in hopes of encouraging more job growth, said that as of last
month's meeting he had penciled in two rate hikes for 2022 in part because
of doubts about how many people will be willing to return to work soon.

 

"Wages are now climbing rapidly across various income categories," Kashkari
wrote in explaining the sharp change in his policy outlook. "The labor
market has not fully recovered from the COVID-19 shock ... But how long it
is going to take for all prior workers to return is unclear. For now, at
least, it appears demand for workers exceeds the supply." read more

 

The U.S. Labor Department is due to release its December employment report
on Friday.

 

WAGE GROWTH

 

How the wave of Omicron infections influences the economy and the Fed
remains in flux. Some analysts have trimmed their economic growth forecasts
for 2022 as a result of the latest turn in the pandemic - but not by much
given the scale of infections now eclipsing prior outbreaks.

 

So far, the new variant appears less dangerous - fatalities and
hospitalizations are not increasing as much as the case count - and data on
air travel through December, for example, did not show consumers racing to
self-isolate.

 

As of the end of November there were more than 1.5 open jobs for each person
who declared themselves unemployed, another record that reflects a labor
market where wage growth seems primed to continue as workers either quit for
better conditions, higher pay, or to avoid getting sick.

 

"Lots of quits means stronger worker bargaining power which will likely feed
into strong wage gains," said Nick Bunker, economic research director for
the Indeed Hiring Lab, an arm of the web-based job and recruiting site.
"Wage growth was very strong in 2021 ... We might see more of the same in
2022."

 

The Thomson Reuters Trust Principles.

 

 

 

Samsung likely to report best Q4 profit on solid chip demand

(Reuters) - Samsung Electronics Co Ltd (005930.KS) is likely to post a
record fourth-quarter profit thanks to solid demand for server memory chips
and higher margins in contract manufacturing, analysts' estimates showed.

 

Operating profit for the world's biggest memory chip and smartphone maker
likely hit 15.2 trillion won ($12.7 billion) in the quarter ended December,
according to a Refinitiv SmartEstimate from 14 analysts, weighted toward
those who are more consistently accurate.

 

That would be up 68% from 9.05 trillion won a year earlier and narrowly beat
the previous Q4 record profit of 15.15 trillion won reported in 2017.

 

Samsung Electronics' shares have climbed about 12% in the last two months in
anticipation of higher memory chip prices this year, boosted by new data
centres and demand for videos, games, conferencing and other streaming
services.

 

"Contrary to previous concerns, the semiconductor industry is likely to see
demand increase significantly from customers in both memory and non-memory
sectors," said Jeff Kim, analyst at KB Securities.

 

"As of December, major data centre companies in North America such as Amazon
, Microsoft (MSFT.O) and Meta (FB.O) have steadily increased their memory
chip orders ... And Samsung's foundry business appears to have won two
years' worth of orders until 2023."

 

This view was supported by its peer Micron Technology Inc's (MU.O)
stronger-than-expected earnings results in December and its positive
forecast for the following quarter. read more

 

Samsung's chip contract manufacturing business, which competes with Taiwan
Semiconductor Manufacturing Co (TSMC) , has also seen sharply improved
profitability from the previous quarter to reach an operating margin between
10% and 20% due to more deliveries and higher prices, analysts said.

 

Samsung's overall Q4 chip profit is likely to reach 9.7 trillion won, more
than double the previous year's 3.85 trillion won, according to an average
forecast of five analysts.

 

The South Korean tech giant will announce preliminary results on Friday.

 

For Samsung's mobile business, which was recently merged into a single
Device Experience (DX) division with TV and home appliances, analysts said
shipments likely rose slightly from the previous quarter due to easing
component shortages. read more

 

The mobile business likely reported an operating profit of about 3 trillion
won, up about 24%, according to five analysts' averaged forecasts.

 

Market participants will be tuning into Samsung's full results later this
month for any updated impact on its Xian NAND flash chip manufacturing
facilities, after the company said it would temporarily adjust operations
there due to strict COVID-19 curbs in the Chinese city. read more

 

Data firm TrendForce said last week Samsung's Xian plant was manufacturing
without significant disruptions for now.

 

($1 = 1,193.0000 won)

 

The Thomson Reuters Trust Principles.

 

 

 

Tencent raises $3 bln by trimming stake in Shoppee-owner Sea

(Reuters) - Chinese gaming and social media company Tencent Holdings Ltd
(0700.HK) has raised $3 billion by selling 14.5 million shares at $208 each
in Sea, which owns e-commerce firm Shoppe, according to a term sheet seen by
Reuters on Wednesday.

 

Tencent said late on Tuesday it had entered into a deal to reduce its stake
in the Singapore-based gaming and e-commerce group to 18.7% from 21.3%. The
company plans to retain the substantial majority of its stake in Sea for the
long term.

 

The sale comes after Tencent said last month it would divest $16.4 billion
of its stake in JD.com (9618.HK), weakening its ties to China's
second-biggest e-commerce firm, amid pressure from Beijing's broad
regulatory crackdown on technology firms. read more

 

Sea's shares fell 11.4% on Tuesday in New York to $197.8 following the
divestment news. Ahead of the announcement, Sea said Tencent had also agreed
to cut its voting stake in the company to less than 10%.

 

"We believe with a lower voting right control, it could reduce any potential
conflict if Tencent's gaming teams plan to publish more games directly in
global markets and help reduce any potential geopolitical friction if/when
Sea plans to expand more strategically into new markets in more countries,"
Citi's analysts said in a report on Wednesday.

 

Sea said Tencent and its affiliates had given an irrevocable notice to
convert all their Class B ordinary shares.

 

Upon conversion, all outstanding class B shares of Sea will be beneficially
owned by Forrest Li, the founder, chairman and CEO of Sea, Southeast Asia's
most valued company, which has a market capitalisation of $110 billion.

 

Tencent and Sea declined to comment on the pricing of the share sale.

 

Sea's shares have shed 47% from a record high of $372 struck in October but
have still risen five-fold in the past three years.

 

The company started out as a gaming firm in 2009 and then diversified into
e-commerce and food delivery, benefiting from roaring demand for its
services from consumers, especially during pandemic-related restrictions.

 

Sea is now expanding its e-commerce operations globally. read more

 

"The divestment provides Tencent with resources to fund other investments
and social initiatives," Tencent said in a statement.

 

It sold the stock at the lower end of the $208-$212 per share range when the
transaction was launched on Tuesday. The price set was a 6.8% discount to
Sea's closing price of $223.3 on Monday.

 

Tencent's shares fell 3.5% on Wednesday in a broader market, weighed down by
tech stocks.

 

Tencent will be subject to a lockup period that restricts further sale of
Sea shares by Tencent during the next six months.

 

Separately, Sea is proposing to increase the voting power of each Class B
ordinary share to 15 votes from three.

 

"The board believes that, as Sea has scaled significantly to become a
leading global consumer internet company, it is in the best interests of the
company in pursuing its long-term growth strategies to further clarify its
capital structure through the contemplated changes," it said.

 

Sea said the changes are subject to approval by its shareholders.

 

It said that once the changes are made, the outstanding Class B ordinary
shares beneficially owned by Li are expected to represent about 57% of the
voting power, up from about 52%.

 

Separately, Li holds about 54% of the total voting power related to the size
and composition of Sea's board of directors.

 

The Thomson Reuters Trust Principles.

 

 

 

Sony looks to electric cars for its next big hit

(Reuters) - Japan's Sony Group Corp (6758.T) plans to launch a company this
spring to examine entering the electric vehicle market, looking to harness
its strengths in entertainment and sensors to play a bigger role in
next-generation mobility.

 

The new company, Sony Mobility Inc, comes as the Japanese tech giant is
"exploring a commercial launch" of electric vehicles, Sony chairman and
president Kenichiro Yoshida told a news conference, speaking ahead of the
CES technology trade fair in the United States.

 

"With our imaging and sensing, cloud, 5G and entertainment technologies
combined with our contents mastery, we believe Sony is well positioned as a
creative entertainment company to redefine mobility," he said.

 

Although its once-dominant position in consumer electronics has been eroded
by Asian rivals like South Korea's Samsung Electronics Co (005930.KS), Sony
still has an arsenal of sophisticated technology in areas such as sensors
critical to autonomous driving.

 

It also remains one of the world's biggest entertainment companies, home to
prominent video game and movie franchises. Audio and entertainment systems
are increasingly a focus for next-generation vehicles.

 

Shares in Sony jumped 4.2% in Tokyo after the electric vehicle plans were
announced, easily outpacing a flat Nikkei index (.N225).

 

Yoshida unveiled a prototype sport utility vehicle (SUV), the VISION-S 02,
which uses the same electric vehicle platform as the previously announced
VISION-S 01 coupe that began testing on public roads in Europe from December
2020.

 

He said the company saw mobility as an "entertainment space" where
passengers could chose individual entertainment options and use 5G internet
connection.

 

Wall Street is betting heavily on electric cars and the global auto industry
has been upended by Tesla Inc (TSLA.O), now the world's most valuable
automaker. Many investors also expect Apple Inc (AAPL.O) to launch its own
vehicle within the next few years.

 

Japan's Toyota Motor Corp (7203.T) in December committed $70 billion to
electrify its automobiles by 2030.

 

The Thomson Reuters Trust Principles.

 

 

 

As pressure mounts, China Evergrande seeks delaying onshore bond payment

(Reuters) - China Evergrande Group (3333.HK) will seek a six-month delay in
the redemption and coupon payments of a 4.5 billion yuan ($157 million) bond
in a meeting with bond holders this weekend, underscoring the pressure on
the debt-laden property developer.

 

Evergrande is struggling to repay more than $300 billion in liabilities,
including nearly $20 billion of offshore bonds deemed in cross-default by
ratings agencies last month after it missed payments. read more

 

The delay is being sought due to the "current operational status" of the
issuer, Hengda, the flagship property arm of Evergrande, said in a statement
on Wednesday. It didn't provide any further details on why the delay was
sought.

 

The online meeting with the yuan bondholders will vote on a few proposals on
Jan-7-10.

 

Evergrande is seeking to defer redemption and coupon payments of Hengda Real
Estate Group's 4.5 billion yuan 6.98% January 2023 bond to July 8 from Jan.
8, which gives bondholders the option to sell bonds back to the issuer this
weekend.

 

Trading in the bonds will be halted from Jan. 6 ahead of the meeting with
bondholders, Hengda said.

 

Evergrande, the most indebted developer in the world, has not yet missed any
bond payments onshore, which are more senior than the offshore debt. The
firm failed to make $82.5 million in offshore interest payments at the end
of a month-long grace period early last month.

 

The developer's publicly announced meeting with the onshore bondholders is
in sharp contrast to the silence it continues to maintain about the status
of its offshore credit since missing payment on its dollar coupons for the
first time in September.

 

In another resolution to be passed during the online meeting, Hengda must
promise to meet its debt obligation, and it will have to formulate a
reasonable repayment plan as soon as it expects a failure to make a payment
on time, according to the statement.

 

Chinese authorities have repeatedly reassured markets that Evergrande's woes
can be contained, and stressed that paying workers' wages and delivering
homes to buyers are priorities for developers in order to maintain social
stability.

 

"A postponement is expected," said a holder of the bonds in question on
condition of anonymity. "Given the company is under pressure to prioritize
wages ...and apartments."

 

Evergrande reiterated in a filing on Tuesday it would continue to actively
maintain communication with creditors, strive to resolve risks and safeguard
the legitimate rights and interests of all parties. read more

 

The developer set up a risk management committee led by senior officials
from state companies in December to study potential restructuring plans.
read more

 

Evergrande shares listed in Hong Kong traded down 2.5% as of 0552 GMT,
versus a 1.2% drop in the broader market (.HSI).

 

($1 = 6.3725 yuan)

 

The Thomson Reuters Trust Principles.

 

 

 

Asian shares slip as rising U.S. yields hit tech firms

(Reuters) - Asian stocks slipped on Wednesday following a mixed Wall Street
session as higher U.S. Treasury yields weighed on global tech firms and
pushed the dollar to a five-year high against Japan's yen.

 

U.S. yields rose on Tuesday as bond investors geared up for interest rate
hikes from the Federal Reserve by mid-year to curb stubbornly high
inflation.

 

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS)
lost 0.8%, while Japan's Nikkei (.N225) was little changed.

 

U.S. stock futures also slipped with S&P 500 e-minis down 0.25% and Nasdaq
e-minis losing 0.4%.

 

"From Asia's perspective, it's a slightly more risk-off tone because it's
one of those days where higher bond yields are a bad thing, as, even though
they reflect a stronger U.S. backdrop, they tend to be supportive of the
dollar rather than local currencies," said Rob Carnell, head of Asia Pacific
research at ING.

 

"But it's pretty choppy, tomorrow we might get back to thinking the higher
yields reflect a stronger global backdrop," Carnell said.

 

He said overnight declines in the Nasdaq due to the higher yields weighed on
Asian share markets given the greater significance of tech stocks in the
region.

 

Hong Kong-listed tech stocks (.HSTECH) lost 3.7% in early trade while in
Japan, Nintendo (7974.T) slipped 1% and in South Korea, Samsung (005930.KS)
shed 2% ahead of its quarterly results. read more

 

U.S. shares were mixed on Tuesday with the tech-heavy Nasdaq (.IXIC) losing
1.3%, though rising yields boosted banks and industrial names helped the Dow
Jones Industrial Average (.DJI) to a record closing high and the S&P 500
(.SPX) to touch an all-time intraday high.

 

U.S. five-year notes , which reflect rate hike expectations, soared to their
highest since February 2020, after U.S. two-year note yields hit their
strongest level since March 2020 on Monday.

 

Benchmark U.S. 10-year treasury yields touched a six-week high on Tuesday
and were last at 1.657%.

 

Minutes from the Fed's December meeting, due at 1900 GMT, could underscore
U.S. policymakers' newfound sensitivity to inflation and their readiness to
tighten policy.

 

"The market is now speculating that a March rate hike is possible when the
Fed stops purchasing assets, therefore yields are rising," said Edison Pun,
senior market analyst at Saxo markets in Hong Kong.

 

He said he thought declines in tech stocks would be short-lived, while
rising yields would help banking stocks.

 

HSBC's Hong Kong-listed shares rose 2.3% on Wednesday, though Chinese bad
debt manager Huarong (2799.HK) lost 40% on resuming trading after a
suspension.

 

In currency markets, the yen was at 116.7 per dollar having dropped to as
low as 116.34 overnight, its lowest since March 2017.

 

With the Bank of Japan widely expected to be late if not last in the queue
to hike rates, the gap between U.S. and Japanese yields are rising, hurting
the yen.

 

The euro was also on the back foot with the European Central Bank also
likely to be slow to raise rates. As a result, the dollar index which
measures the greenback against six peers was at 96.272, the stronger end of
its recent range.

 

Oil prices drifted down on Wednesday, giving up some of the previous
session's gains. Brent crude futures fell 0.3%, to $79.73 a barrel after
hitting a high of $80.26, while U.S. West Texas Intermediate (WTI) crude
futures lost 0.3%, to $76.75 a barrel.

 

Spot gold was at $1,814 an ounce, steady on the day and at the upper end of
its recent range.

 

The Thomson Reuters Trust Principles.

 

 

 

Malawi: Over 35,000 Households Affected By Armyworms in Thyolo

At least 35,000 families from six Extension Planning Areas (EPAs) in Thyolo
district have been affected by armyworms, a development described as
worrisome by the farmers.

 

In an interview with Malawi News Agency (Mana) on Tuesday, Thyolo District
Chief Agriculture Officer, Miriam Ndhlovu said 9,756 hectares from all six
EPAs of Dwale, Khonjeni, Masambanjati, Thekelani, Thyolo central and
Matapwata have been affected.

 

"We are teaching the farmers to use neem, tephrosia and vogelli. Those who
are affected but cannot afford to buy pesticides from shops can use
available resources to deal with armyworms like ash and sand because these
also help," she said.

Ndhlovu asked the farmers to be weeding their fields regularly, to monitor
and report to nearby agricultural officers when they observe any pests in
their fields.

 

One of the farmers from Dwale EPA, John Chiyembekezo said that his maize
field has been extremely affected by armyworms saying he was worried as he
depends on agriculture for survival.

 

He said," If this disaster continues we would end up harvesting less than
our expectations and this would lead to hunger. We are trying to use what
our agriculture officers are advising us to do so that we overcome the
disaster.

 

"We are using local interventions such as applying sand and ashes in our
fields to minimize the outbreak.

 

Chiyembekezo called other non-governmental organizations to work with the
agriculture office to help fight against the armyworms.-Nyasa Times.

 

 

 

Malawi: Care Malawi Rescues 225 Children From Tobacco Farms

A Non-Governmental Organisation called Care Malawi says it managed to rescue
225 children from the burden of working in tobacco farms in the year 2021 in
Ntchisi district.

 

Child labour is said to be rampart in tobacco farms in Ntchisi district in
areas of Kalumo, Malenga and Chilowoko.

 

As one way of encouraging farmers to desist involving in child labour, Care
Malawi gave a number tools and implements to lead farmers in the named
areas, including bicycles.

 

An official from Care Malawi, Catherine Nyirenda, told the local media that
the bicycles will help the lead farmers in the fight against child labour.

 

"We have handed 66 bicycles to Ntchisi District Council. The council will in
turn hand them over to the Ministry of Agriculture here. We are hopeful that
the bicycles will ease the work of the 66 lead farmers that we are working
with here in Ntchisi," explained Nyirenda.

 

Lewis Bwaduka, one of the lead farmers, hailed Care Malawi for giving them
the bicycles.

 

"We travel long distances to visit our fellow farmers. These bicycles will
help us in terms of transportation," said Bwaduka.

 

An official from Ntchisi District Council, Solomon Mbewe, said more
initiatives were needed to curb child labour in the district.

 

The 225 children that were rescued from the tobacco farms have since been
enrolled back into various schools.-Nyasa Times.

 

Rwanda: Thousands Stuck As Maritime Transport Between Gakenke-Muhanga Is
Suspended

Local officials have temporarily suspended movement between Muhanga and
Gakenke districts following an accident that took place on Monday, January
3, involving two boats on River Nyabarongo

 

The two boats were carrying passengers crossing from either banks of the
river and at least one person drowned, forty people were rescued, and the
search for more was still going on by press time.

 

On Tuesday, a team comprising officials from both districts, security,
infrastructure ministry headed to the scene to find a solution for traders
who cross the river every day, Eric Bizimana, the Vice Mayor in charge of
economic development in Muhanga district told The New Times.

"We are now waiting for a motorized boat provided by Rwanda Defence Force to
help transport passengers and traders who are stranded. This is because
since yesterday movements were temporarily suspended to avoid further risks.
We have realized that boats made of wood are very risky on this side," he
said.

 

He said that the two districts are also carrying out a study on a
sustainable solution to ensure safe transport on the river.

 

"Temporary solutions such as suspended bridges can also work for some time
to ease trade and movement between the districts but we are working with the
Ministry Infrastructure and the transport agency to come up with a study
that could tell us a kind of bridge that can provide a sustainable solution
in addition to motorboats," he said.

 

He explained that the bridge is needed to facilitate daily business
activities carried out by residents who cross it.

 

 

"We have over 500 residents from Muhanga district who cross the river going
for mining activities in Gakenke district besides thousands of others who go
there to do other businesses," Bizimana said.

 

He said that thousands of residents from Gakenke district also cross the
river to Muhanga for agricultural activities and other businesses.

 

"Gakenke residents supply and buy commodities from markets in Muhanga while
those in Muhanga also cross the river to supply and buy goods from Ruli
market in Gakenke district," he said.

 

The maritime transport using boats on this river was only being used
following the destruction of a bridge by unknown people last week.

 

Information from Rwanda Investigation Bureau indicates that at least 13
people have been arrested for allegedly destroying the bridge for their own
benefits.

 

The suspects first said that the bridge was destroyed by disasters but
later, following an investigation, it was found that it was destroyed by
locals operating maritime transport, after realizing that they were no
longer getting clients for their boats.

 

Oswald Nsengimana, the executive secretary of Rongi sector of Muhanga
district which borders the river confirmed that the exact number of people
that boats were transporting is still being traced.

 

Bill to regulate maritime transport

 

Last year in July, the Chamber of Deputies adopted the relevance of the new
draft law governing land and waterways transport in Rwanda.

 

The draft legislation which was tabled by the Minister of Infrastructure,
seeks to address the legal gaps in the existing laws and regulating
sub-sectors that were not catered for in the current law such as passenger
and goods transport.

 

He disclosed that there was no law governing waterways transport known as
maritime transport in the country.

 

Among other provisions, the bill provides for the training to ensure safety
of persons and cargo.

 

The bill proposes, among other things, that organs involved in operations of
waterways ensure sufficient and efficient staff, to guarantee safety of
persons and cargo.

 

The authority in charge of safety in waterways assesses a trained person who
wishes to obtain a certificate of competency and issues a certificate of
competency to a successful candidate.

 

Also, it provides that a person who intends to carry out port operation must
obtain a license from the regulator.-New Times.

 

 

 


 


 


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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<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
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