Major International Business Headlines Brief::: 13 January 2022

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Major International Business Headlines Brief::: 13 January 2022 

 


 

 


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

 


 

 


ü  KFC faces boycott in China over meal toy promotion

ü  US consumer prices rise at fastest rate in nearly 40 years

ü  A trade deal with India in 2022 would be a big prize

ü  Why warehouses are Asia's new hot property

ü  Meta monopoly case from FTC given go-ahead

ü  US will remove UK steel tariffs 'when the time is right'

ü  Pret boosts pay to £10 per hour for thousands of staff

ü  Has Vodafone given up on the Indian market?

ü  U.S. FAA issues impact notices on 5G wireless aviation

ü  More Chinese developers seek to extend bond terms to avert default

ü  Asia shares stumble on weak China data, U.S. dollar heavy

ü  Investors ready for U.S. earnings as inflation worries run high

ü  Life insurers adapt pandemic risk models after claims jump

ü  Fed's Harker open to more than three rate hikes in 2022 if inflation
worsens - FT

ü  Activists behind Shell climate verdict target 30 multinationals

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

KFC faces boycott in China over meal toy promotion

A top Chinese consumer group has called for a boycott of a KFC meal
promotion, saying it encourages food waste.

 

The China Consumers Association (CCA) says the promotion sent some customers
into a buying frenzy.

 

KFC launched the promotion last week with Pop Mart, a Chinese toy maker
known for its mystery boxes.

 

Customers are able to collect limited edition versions of large-eyed and
round-faced Dimoo dolls when buying certain KFC set meals.

 

KFC "used limited-edition blind box sales to induce and condone consumers'
irrational and excessive purchase of meal sets, which goes against public
order, good customs and the spirit of the law", the state-affiliated CCA
said in a statement.

 

That led one customer to spend 10,494 yuan (£1,202; $1,649) on more than 100
of the meals in one go to collect the toys, while people also paid others to
purchase meals for them, or just threw them away, the statement added.

 

KFC launched the hugely popular promotion last week to celebrate the 35th
anniversary of the opening of its first outlet in mainland China.

 

Yum China, which operates KFC China, and Pop Mart did not immediately
respond to requests for comment from the BBC.

 

In 2020, the Chinese government launched a major campaign against food
waste, which was spearheaded by President Xi Jinping.

 

President Xi called the amount of food wasted as "shocking and distressing".

 

The "Clean Plate Campaign" came against the backdrop of growing concerns
about food security during the pandemic.

 

The campaign saw online influencers being banned from binge eating on social
media platforms, while restaurant-goers were urged to not order more than
they could eat.

 

-BBC

 

 

 

US consumer prices rise at fastest rate in nearly 40 years

Prices in the US are rising at their fastest rate in almost 40 years, with
inflation up 7% year-on-year in December.

 

Strong demand and scarce supply for key items such as cars are driving the
increases, which are putting pressure on policymakers to act.

 

The US central bank is expected to raise interest rates this year.

 

The rise in borrowing costs is aimed at reducing demand by making purchases
such as cars more expensive.

 

December's increase marked the third month in a row that the US annual
inflation rate has hovered above 6% - well north of policymakers' 2% target.
The last time the pace of inflation exceeded that level was 1982.

 

Housing costs were up 4.1% year-on-year, while the cost of groceries rose
6.5% - compared to a 1.5% annual average over the last 10 years.

 

 

Wednesday's report from the Labor Department showed signs that some of the
pressures may be easing.

 

The cost of energy dropped 0.4% from November to December - its first
decline since April. But over 12 months energy costs are up by nearly 30%
and have returned to their upward trend in recent days.

 

"Overall, this is every bit as bad as we expected," Paul Ashworth, chief
economist at Capital Economics, said of the December inflation report.

 

Reacting to the latest report, President Joe Biden said that it
"demonstrates that we are making progress in slowing the rate of price
increases".

 

He added that there is "more work to do" in the US and noted that "inflation
is a global challenge, appearing in virtually every developed nation as it
emerges from the pandemic economic slump".

 

The price pressures occurring in the US have been seen to varying degrees
around the world.

 

The Organisation for Economic Cooperation and Development, which represents
more than 30 of the world's largest economies, said this week that inflation
among its members had hit its highest rate in 25 years in November.

 

Further rises

In the UK, inflation hit a 10-year high in November, while globally, prices
are rising at their fastest pace since 2008, according to the World Bank.

 

While many countries are grappling with higher food and energy costs, the US
has seen an unusually large pick-up in inflation.

 

That's due in part to strong demand from households, whose spending got a
boost from government coronavirus aid and shifted suddenly from things like
travel to furniture during the pandemic.

 

Economists in the US were initially hopeful that the pressures would ease as
the pandemic faded. But ongoing production snarls and the emergence of virus
variants have made the price increases more persistent than expected.

 

"It's proving more difficult than we had hoped to end the pandemic," the
head of America's central bank, Jerome Powell, told Congress on Tuesday.

 

Sarah House, economist at Wells Fargo, said it is no longer likely that
inflation will fade naturally as the pandemic abates, pointing to worker
shortages and wages, which have also been rising - though not as fast as
prices.

 

"Although the exceptional pace of goods inflation and momentum in shelter
costs are still firmly rooted in the pandemic, the increasingly tight labour
market and ensuing wage pressures will make it difficult for inflation to
fall back on its own," she said.

 

The issue has put pressure on the Biden administration, eroding consumer
confidence despite other signs of a strong economy.

 

Mr Powell has pledged to keep inflation in check by raising interest rates.
But on Tuesday he warned those moves would only go so far to address the
problem if supply chain issues persist, pointing to risks from new shutdowns
in China.

 

"Omicron, particularly if China sticks to a no-Covid policy, Omicron can
really disrupt the supply chains again," he said.

 

Official inflation figures from China on Thursday showed prices rose less
than expected in November, with producer prices up 10.3% and consumer prices
up 1.5%.

 

But that easing is not necessarily an indicator of what will happen
elsewhere, said Gian Maria Milesi-Ferretti, senior fellow at the Brookings
Institution, a Washington think tank.

 

"Indicators of what is happening [in China] to the labour market, to wage
demands and to the supply bottlenecks that have pushed up some prices ...
those are more important indicators," he said.-BBC

 

 

 

A trade deal with India in 2022 would be a big prize

Trade negotiations with India are not for the faint-hearted.

 

But with no progress on a free trade deal with the United States, and none
expected in the foreseeable future, the formal start of talks with India,
being announced in New Delhi on Thursday, is the biggest negotiation the UK
government will launch this year.

 

India is on course to become the third largest economy in the world by 2050,
and the government hopes UK-India trade will double over the course of this
decade.

 

The Trade Secretary Anne-Marie Trevelyan calls the prospect of a free trade
deal with India "a golden opportunity" and there are certainly huge
commercial prizes up for grabs.

 

EY's director of trade strategy, George Riddell says the move to open
negotiations is a "welcome step", and one which he says is already
generating real enthusiasm in the business community.

 

But India, with so many vested and vulnerable interests to protect, has
always been reluctant to liberalise.

 

The EU has been trying for years to reach a meaningful deal with India, with
little success. Australia too, has been working on a deal for a decade.

 

Areas such as government procurement policy and the trade in services are
particularly difficult.

 

"The current terms under which services providers are trading between the UK
and India date from 1995, and don't take into account any of the
technological developments that have taken place over the past twenty-five
years," Mr Riddell points out.

 

And India always makes big demands about visas for Indian professionals and
students to work and study abroad.

 

British officials say both sides are now keen to get a UK-India deal done
quickly, and they would like it to be agreed by the end of the year. But
it's an ambitious timeline.

 

So, why try to get this deal done with India, if recent history suggests it
will be so difficult?

 

It is partly because the country is so big, its population so large, and
partly because: well, where else?

 

China is simply off limits. The US is saying no. Other big emerging
economies like Brazil are incredibly difficult to negotiate with. And a deal
has already been done with the EU, albeit on worse trading terms than the UK
had before it left the union.

 

Smaller deals can be done, like the ones already agreed with Australia and,
another in principle, with New Zealand in 2021. The government sees those
agreements as important steps towards membership of the trans-Pacific trade
deal, the CPTPP, in the world's most dynamic region.

 

But the uncomfortable fact is that after leaving the EU, the UK is trying to
rebuild its trade policy almost from scratch at a time when, broadly
speaking, many governments are focused on domestic economics.

 

"Some of the momentum has gone out of reaching trade agreements generally,"
says Emily Jones, associate professor in public policy at the Blavatnik
School of Government in Oxford.

 

It doesn't help that there's little momentum behind multilateral deals at
the World Trade Organisation. And, under both Donald Trump and Joe Biden,
the United States has been concentrating on protecting the American worker
at home.

 

So, with the Office for Budget Responsibility estimating that the size of
the UK economy will shrink by about 4% over the long term, because less
trade will be done outside the EU single market, the pressure is on
officials to make up ground elsewhere.

 

"The civil servants the UK has working on trade are really good," Ms Jones
says, "but I think politics is driving the trade agenda."

 

"The need to show success is being given a higher priority than the
intrinsic economic merits."

 

The government would dispute that. We know it is trying to promote digital
trade and service exports - areas in which the UK economy often excels. But
the overall strategy is less clear.

 

When it comes to environmental issues, for example, analysts argue that it's
not immediately obvious how UK trade policy sits alongside UK climate goals.

 

In agriculture the government wants to promote a shift towards
sustainability and biodiversity. But at the same time, it has agreed to
liberalise agricultural trade with Australia, a country which farms on a far
more industrial scale than the UK.

 

The NFU president Minette Batters has certainly been critical, calling the
Australia deal "one-sided" with "extremely little to benefit British
farmers."

 

The government responds that it is trying to do new kinds of trade deals,
and the implication is that some people may not like it. And it is setting
out to be different.

 

Last month, the trade minister Penny Mordaunt gave a speech in the US in
which she urged Washington to side with the UK in what she called "a global
battle between two competing versions of capitalism."

 

A free-trading UK is on one side, she argued, and the EU - "a trading bloc
that is pushing its regulatory system on the rest of the world" - is on the
other.

 

Brexit, Ms Mordaunt went on, "is a major geo-political event and it calls
for a US response that recognises the moment, and the opportunity that comes
with it."

 

Many critics were not impressed, describing the speech as begging for
American support in matters of trade.

 

Anton Spisak, head of policy at the Tony Blair Institute, called it "a solid
candidate for the most embarrassing speech delivered by a government
minister in 2021."

 

But the government insists that its critics lack ambition, and that
ministers are determined to give substance to the Global Britain slogan.

 

Trade policy in 2022, and the progress of negotiations, will be another big
test of how well that's going.-BBC

 

 

 

Why warehouses are Asia's new hot property

They are not glamorous, there are no chandeliers or luxury furnishings, yet
warehouses are hot property around the world.

 

But why? In short, it is because businesses, especially retailers, are
running out of space to put the many things we order online.

 

Since the pandemic began at the end of 2019, online shopping is estimated to
have grown by 43.5% to reach $2.87tn (£2.1tn) globally, almost half of which
came from Asia, according to market research firm Euromonitor.

 

The global supply chain crisis has been making headlines for months. Behind
it is a web of disruptions to everything from factories, the shipping
industry in Asia, the US and the UK and even a shortage of lorry drivers.

 

What you may not have heard about is that this has helped push the take up
of warehouse space around the world close to full capacity, with vacancy
rates at record low levels.

 

It has been particularly marked in Asia as so many of the things we buy are
made in and shipped through the region.

 

 

"The current vacancy rate in Asia is around 3% which is a historic low,"
according to Henry Chin from CBRE, the world's biggest commercial real
estate services firm.

 

"The stronger demands from ecommerce and the ongoing supply chain
disruptions mean that companies want to hold the highest safety stock on
hand," he added.

 

To adapt to rising demand companies like RedMart, which is one of
Singapore's biggest online grocers, require larger warehouses and
increasingly rely on automation.

 

A year ago, RedMart moved to a much bigger warehouse, quadrupling the space
it has available, just as the pandemic hit. The new facility is 12 metres
high and covers an area equivalent to seven football pitches.

 

"Four or five years ago, we recognised that the online business and sales
for groceries was going to increase anyway," said Richard Ruddy, the chief
retail officer of RedMart's parent company, Lazada.

 

"In the last 12 months, including the pandemic, the online market in
Singapore grew by about 70% year over year which is about twice the previous
12 months. So the warehouse here helped us to meet part of that demand."

 

Every week tens of thousands of orders flow through the facility, which is
located close to Singapore's border with one of its main importers,
Malaysia.

 

At any one time there are more than 100,000 products in the warehouse. The
fast turnaround of goods means they will all be gone within three days and
replaced with new items.

 

Unsurprisingly, the company uses data to know exactly how many of which
products it needs at any one time, while automation allows it "to use every
cubic centimetre of this warehouse," Mr Ruddy said.

 

That has meant RedMart needed to hire just 200 extra workers to operate its
much larger facility, which is crucial at a time of staff shortages.

 

Mr Ruddy predicts further expansion in the years ahead and RedMart is not
alone in expecting such growth.

 

Workers at a warehouse of an e-commerce logistics park in Lianyun district
of Lianyungang City, North China's Liaoning Province.

 

 

In latest CBRE survey, more than three quarters of companies using
warehouses in the Asia-Pacific region said they are keen to expand in the
next three years - signalling demand for warehouse space will continue to
grow.

 

With that growth in demand warehouses look set to become ever more automated
and get a whole lot taller.

 

"The most obvious one is in Hong Kong which has a 20 storey warehouse
because the land is limited for industrial usage," said Mr Chin.

 

"Across Asia-Pacific, we will see three to five storeys, ramped up logistics
facilities to improve efficiencies and they are also cost effective."

 

However, this approach to doing business is not without its critics. For
years, there have been concerns that people would be replaced by robots,
while the idea of warehouses taking up more and more space is not popular
either.

 

But as we buy more and more online, retailers will just keep on growing to
keep up with demand.-BBC

 

 

 

Meta monopoly case from FTC given go-ahead

The US Federal Trade Commission (FTC) has been given the go-ahead to take
Facebook to court over anti-trust rules.

 

The competition and consumer regulator is trying to make Facebook - now
called Meta - sell off Instagram and WhatsApp.

 

A previous version of the same action failed last year because of a lack of
detail.

 

The FTC has since revised the case and a federal judge has said the claim is
now "far more robust" and can go ahead.

 

Meta said it was sure it would prevail in court.

 

Seeking 'divestiture'

The FTC's claim revolves around the idea Facebook had systematically bought
up rivals to eliminate competition, effectively giving itself a monopoly.

 

The key examples were Instagram and WhatsApp, which Facebook acquired in
2012 and 2014.

 

The FTC was seeking "divestiture" - the selling off of those companies to
eliminate the alleged monopoly.

 

Considering the case in June 2021, Judge James Boasberg said the FTC had not
provided a justification for its delay in looking into the matter nor
provided enough evidence to support its claims.

 

"It is almost as if the agency expects the court to simply nod to the
conventional wisdom that Facebook is a monopolist," he wrote at the time.

 

In the wake of the case being thrown out, Facebook's stock price surged and
the company achieved a trillion-dollar (£0.7tn) market value for the first
time.

 

Giving the revised case the go-ahead, on Tuesday, Judge Boasberg wrote: "In
stark contrast with its predecessor, this complaint provides reinforcing,
specific allegations that all point toward the same conclusion: Facebook has
maintained a dominant market share during the relevant time period."

 

However, he added: "The agency may well face a tall task down the road in
proving its allegations."

 

Meta had asked the court to dismiss the case entirely, saying Lina Khan - a
vocal critic of Meta, who chairs the FTC - was biased against the company.

 

Judge Boasberg, however, said Ms Khan was not an impartial judge and more
akin to a prosecutor.

 

"Although Khan has undoubtedly expressed views about Facebook's monopoly
power, these views do not suggest the type of 'axe to grind' based on
personal animosity or financial conflict of interest that has disqualified
prosecutors in the past," he wrote.

 

But the judge did tell the FTC it had to drop some allegations about
Facebook's platform policies, which he said the company had already changed.

 

Meta said: "Today's decision narrows the scope of the FTC's case by
rejecting claims about our platform policies.

 

"It also acknowledges that the agency faces a 'tall task' proving its case
regarding two acquisitions it cleared years ago."-BBC

 

 

 

US will remove UK steel tariffs 'when the time is right'

The US is in no rush to agree a deal to ease tariffs on British steel, the
country's top trade official indicated on Wednesday.

 

Trade Representative Katherine Tai said the border taxes on British steel
and aluminium exports would be addressed "when the time is right".

 

British exporters currently pay a 25% duty on steel shipments to the US.

 

However their European counterparts are able to export to the US tariff-free
after a deal was struck last year.

 

The US suspended Trump-era tariffs of 25% on steel and 10% on aluminium
levied on European products, but left them in place on UK exports.

 

One UK steel exporter has already said it is shifting production to Spain as
a result. United Cast Bar Limited told the BBC it was unlikely to move
production back to the UK once it had been moved, unless an agreement was
reached with the US very quickly.

 

Ms Tai said it had taken six months to reach an agreement with the EU.
Washington has also opened formal negotiations with Japan about the ongoing
tariffs on its metals.

 

"It's a matter of pragmatism," she said, referring to when a deal might be
struck with the UK.

 

"We just need to have a process that makes sense, but the UK is very much on
our minds and I am confident that we will take this up when the time is
right," she said.

 

Ms Tai was speaking to an online forum hosted by the Institute of
International and European Affairs in Dublin.

 

Washington has voiced concerns that the UK government's plans to redraw
trading arrangements in Northern Ireland, agreed when the UK left the
European Union, could threaten peace on the island of Ireland.

 

Ms Tai refused to be drawn directly on whether the US will link resolution
of the steel dispute to negotiations over the Northern Ireland protocol.

 

But she said the Biden administration would continue to follow closely any
developments between Britain and the EU on issues relating to Northern
Ireland, and said it was encouraging both sides to find a durable solution.

 

She added that she and President Joe Biden "care deeply about supporting the
Good Friday Agreement" that maintains open borders on the island.-BBC

 

 

 

Pret boosts pay to £10 per hour for thousands of staff

Pret A Manger is to raise the pay of thousands of its workers to more than
£10 per hour, following the lead of other retailers and supermarkets.

 

The sandwich chain said it wanted to invest in its staff as it recovered
from the coronavirus pandemic which has battered its business.

 

It is the second time it has raised pay since September and comes as
employers face a widespread worker shortage.

 

Some Pret staff have complained about pay and their workload during Covid.

 

The sandwich chain, which has 550 shops around the world, said its basic pay
rates would increase from between £9.40 and £9.56 to between £9.80 and
£10.15 per hour, with baristas being paid more.

 

That means at least 6,900 of its more than 8,500 staff will be paid over £10
per hour.

 

Pret said its mystery shopper bonus scheme will also be boosted from an
additional £1 an hour, to £1.25. Under the scheme Pret outlets are visited,
rated and staff are rewarded according to the standard of service, products
and cleanliness they're providing.

 

Sainsbury's raises pay to £10 an hour

Pret flooded with complaints over drinks deal

Several other retailers have boosted staff pay already as they struggle to
hire and retain workers.

 

Supermarkets Sainsbury's, Aldi and Morrison's all recently increased their
minimum hourly pay to £10.

 

In September, Pret's rival Costa gave workers a 5% pay bump to £9.36 an
hour, while Asian fast food chain Itsu boosted its minimum hourly rate by
11% to at least £10.40.

 

Pret's chief executive Pano Christou said: "We've said all along that as our
business recovered, we wanted to invest back into our people.

 

"After a difficult couple of years, it gives me so much joy to be able to
give our hard-working shop teams this news."

 

Pret's cafes are usually based in city centres, catering to office staff
grabbing takeaway snacks and lunches. It was hit hard by the pandemic as
many people started working from home and many of its outlets were closed
for long periods.

 

However, the chain has faced criticism during the crisis, after it ruled
last summer that workers would no longer be paid during their breaks - a
policy that remains in place.

 

Former Pret staff also told the BBC in December that a drinks subscription
service it introduced had left some workers feeling overwhelmed by their
workload.

 

The service, which offers unlimited hot and cold drinks for £20 a month,
faced customer complaints when some popular drinks were unavailable.-BBC

 

 

 

Has Vodafone given up on the Indian market?

On the face of it the world's second biggest telecoms industry appears to be
a roaring success.

 

India has 1.18 billion phone subscribers, second only to China. With an
eye-popping 765 million broadband subscribers, it is one of the largest
guzzlers of data in the world. Fuelled by cheap prices and wide
availability, growth has been explosive.

 

Yet, these numbers don't tell the story of the turmoil within. This week,
Vodafone Idea, one of the oldest and third-largest players in the market,
approved a state bailout to stave off an imminent collapse.

 

The government is now likely to pick up a third - nearly 36% of the stake in
the ailing operator, leaving the rest to its joint venture partners,
British-owned Vodafone Group (28.5%) and India's Aditya Birla conglomerate
(17.8%).

 

Vodafone Idea has been bleeding both cash (it hasn't made a profit in five
years) and customers (253 million after losing 10% of its base last year)
for years now. Last year, the company's chairman Kumar Mangalam Birla said
the operator would shut shop if they were not granted relief from courts.

 

"Giving up the majority stake was a clearly an option of last resort. It was
also about giving up on the Indian market," said Jayanth Kolla, a partner at
consultancy firm Convergence Catalyst.

 

Three private operators - Vodafone Idea, Reliance Jio and Airtel - together
hold about 90% of India's cellular market. The rest is largely held by the
state-run Bharat Sanchar Nigam Limited, a smaller player in the retail
mobile market but with a large countrywide footprint.

 

"If Vodafone Idea was a bank or a financial institution, it would have been
labelled too big to fail by now. But the thing is the company is indeed too
big to fail," notes economist, Vivek Kaul.

 

The collapse of Vodafone Idea could have easily made things much worse.
India's struggling banks would have been buried under a fresh storm of bad
loans. More importantly, telecoms in India would become a duopoly or one
where two suppliers dominate the market.

 

"In a country with over a billion subscribers, four operators are ideal. [By
picking up a stake] the government has provided a relief package to maintain
the industry structure. Further, this also sends a positive signal to
foreign investors," Ankit Jain, assistant vice-president at ICRA, an
investment and credit rating agency, said.

 

India's telecoms industry has been riding a storm since 2017, when Asia's
richest man Mukesh Ambani's Reliance Jio entered the market and launched a
bruising price war by slashing tariffs and remaking a voice market into a
data one.

 

The unending price war and the overhang of dues owed by operators to the
government - outstanding spectrum payments and a certain proportion of
revenues earned by telecoms companies that are shared with the government -
shrunk profits. "With profits going down due to lower prices and the high
debt, things went downhill," Mr Jain said.

 

Last September, the government offered cash-strapped operators a four-year
moratorium on the dues to help them save enough cash to pay back dues,
expand network and buy spectrum. In November, the operators hiked tariffs by
20% across the 10-odd mobile plans they offer, somewhat easing the price
war. Now the ball is back in the court of operators to show results.

 

Investors don't appear to be enthusiastic about the government's move -
Vodafone Idea shares plunged nearly 21% after the announcement, the most in
nearly a year. They believe it flies in the face of the government's policy
to disinvest in loss-making industries - in October, the government sold the
loss-making national carrier Air India to the Tata group, the country's
largest conglomerate.

 

Some analysts wonder what the government will be doing with another telecom
company, when it already runs one which makes losses. Others believe the
Vodafone bailout will help the government bolster its telecom portfolio and
assets, which it can leverage to sell to an investor later.

 

In many ways, the Vodafone story tells you a few things about the Indian
market. The days of dirt-cheap data may be over as tariffs rise, but the
country remains a price sensitive market. A new player with ambitions of a
pan-India presence will need deep pockets and ample shareholder support to
undercut existing prices.

 

Remember India had 15 operators a little over a decade ago. Today it has
mainly four.-BBC

 

 

 

U.S. FAA issues impact notices on 5G wireless aviation

(Reuters) - The Federal Aviation Administration (FAA) began publishing
notices early on Thursday that detailed the extent of potential impact of
new 5G wireless service on sensitive aircraft electronics.

 

The FAA has been in talks with airplane makers, airlines and wireless
carriers to reduce the impact of new wireless service set to begin on Jan.
19.

 

The FAA has warned that potential interference could affect sensitive
airplane instruments like altimeters but on Wednesday reported progress.

 

AT&T (T.N) and Verizon Communications (VZ.N), which won nearly all of the
C-Band spectrum in an $80-billion auction last year, on Jan. 3 agreed to
buffer zones around 50 airports to reduce the risk of interference. They
also agreed to delay deployment for two weeks, averting an aviation safety
standoff.

 

The FAA began publishing what are known as 'Notices to Air Missions' at
midnight Thursday local time offering details on "aircraft with untested
altimeters or that need retrofitting or replacement will be unable to
perform low-visibility landings where 5G is deployed."

 

More than 300 notices had been posted by 01:00 ET, including many around
major airports and hospitals where medical helicopters are used. The FAA did
not respond to a question about how many in total were to be published.

 

Many of the notices say certain procedures are unavailable unless the FAA
approves alternative methods of compliance "due to 5G C-Band interference."

 

The wireless industry provided additional transmitter location data and the
FAA said it was able to determine that in the initial 5G deployment,
aircraft will be able to safely land in low-visibility conditions on some
runways without restrictions.

 

Some notices include details of how instrument approaches at major airports
are impacted. The FAA has determined that some GPS-guided approaches will
continue to be possible at certain airports like Miami and Phoenix.

 

The FAA said Wednesday that it "expects to provide updates soon about the
estimated percentage of commercial aircraft equipped with altimeters that
can operate reliably and accurately in the 5G C-Band environment."

 

The FAA is still "working to determine which radar altimeters will be
reliable and accurate with 5G C-Band deployed in the United States."

 

On Friday, the FAA picked 50 U.S. airports that will have buffer zones when
wireless carriers turn on new 5G C-band service.

 

The Thomson Reuters Trust Principles.

 

 

 

More Chinese developers seek to extend bond terms to avert default

(Reuters) - Cash-strapped Chinese developers are scrambling to negotiate new
terms with their bondholders to avoid defaults, with Shimao Group (0813.HK)
and Yuzhou Group (1628.HK) the latest seeking extensions on their maturing
debt.

 

The market is also watching the outcome of China Evergrande Group's
(3333.HK) meeting with onshore bondholders, as the voting period to approve
an extension will end on Thursday. The firm has so far met payments on
onshore bonds though it has defaulted on some offshore bonds.

 

Struggling with more than $300 billion in liabilities, the world's most
indebted property company is seeking a six-month delay in the redemption and
coupon payments of a 4.5 billion-yuan ($157 million) bond. read more

 

Chinese developers are facing an unprecedented liquidity squeeze due to
years of regulatory curbs on borrowing, leading to a string of offshore debt
defaults, credit-rating downgrades and sell-offs in developers' shares and
bonds.

 

The World Bank's economic prospects report said earlier this week a severe
and prolonged downturn in China's real estate sector would have significant
economy-wide reverberations, as its developers' combined onshore and
offshore liabilities amount to almost 30% of the country's GDP.

 

It warned of risks and potential costs of contagion from a sharp
deleveraging of China's large property firms.

 

Shanghai-based Shimao will hold online meetings with creditors in two
asset-backed securities (ABS) on Jan. 17, to vote on payment extension
proposals, according to documents obtained by Reuters on Thursday.

 

The two onshore ABS products - worth 1.17 billion yuan ($183.91 million) in
total - are to mature later this month, and Shimao is seeking to extend the
payment deadlines to the end of 2022 while making some payments in stages
before the new deadline, according to the documents, and confirmed by
sources.

 

Yuzhou, founded in the eastern coastal city of Xiamen, also announced an
exchange offer for two of its 2022 dollar bonds , due later this month -
worth a total of $582 million - to extend the maturities by one year to
avoid default. read more

 

It expects a delay in coupon payments totalling $110 million that are due in
January and February, Yuzhou said in a filing. It is also seeking consent
from holders of all of its other $4.5 billion dollar bonds to amend the
terms that would help it avoid cross defaults if other bondholders seek
repayment.

 

MORE MAY COME

 

Nomura estimates the sector's cash crunch could intensify with firms needing
to meet onshore and offshore maturities totalling around 210 billion yuan
each in the first and second quarter, up from 191 billion yuan in the fourth
quarter of 2021.

 

Developers are also desperately raising funds to repay debt.

 

Major player Sunac China Holdings Ltd (1918.HK) said on Thursday it would
raise $580.1 million from a share sale. read more

 

Media reports said on Wednesday, citing company registry records, that
shares worth 110 million yuan in a few companies held by Sunac have been
frozen by a Shenzhen court.

 

Responding to the reports, Sunac said the freeze was caused by a "minor
dispute" between the firm and its partners, but the parties have come to a
reconciliation and are resolving to unfreeze the shares.

 

Separately, smaller developer Agile Group (3383.HK) pledged 65.6 million
shares of its property management unit, A-Living Smart City Services, on
Jan. 6 for an unspecified amount, stock exchange filing showed.

 

Shares of Chinese developers are generally down on Thursday, with Sunac and
Agile tumbling 19% and 12%, respectively, by early afternoon. Shimao fell
7.6% while Yuzhou shed 7%. Evergrande eased 3%.

 

One of Yuzhou's yuan-denominated bonds tumbled 21.8% in the morning before
it was ordered to temporarily halt trading.

 

Two Shanghai-traded bonds of Shanghai Shimao (600823.SS) were also
temporarily suspended but after surging over 30%.

 

($1 = 6.3610 Chinese yuan)

 

The Thomson Reuters Trust Principles.

 

 

 

Asia shares stumble on weak China data, U.S. dollar heavy

(Reuters) - Asian shares were dragged lower by weakness in Chinese economic
data on Thursday although investors seemed relieved that U.S. inflation data
was not hot enough to force even faster monetary tightening by the Federal
Reserve.

 

U.S. consumer price inflation was at its highest in nearly 40 years, data
showed overnight, but it didn't come as a surprise and kept intact
expectations for the Fed's tapering or timeline for the first rate rise as
early as March.  

 

Asian shares fell in line with Chinese stocks, after data showing mainland
bank lending fell more than expected in December read more , causing
property and consumption sectors to sink.

 

Chinese blue-chips (.CSI300) dropped 1.3%, while MSCI's broadest index of
Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was flat after recording
its biggest daily gain in a month on Wednesday. Japan's Nikkei (.N225) lost
nearly 1% after surging nearly 2% a day earlier.

 

European stock futures pointed to a tepid open in those markets, and the
dollar was hovering near a two-month low at 94.97.

 

"The U.S. dollar is a counter cyclical currency which decreases as the world
economy recovers," Joseph Capurso, head of international economics at the
Commonwealth Bank of Australia, said in a note.

 

Markets in Asia, where inflation pressures have generally been more subdued
in major economies, could offer attractive risk hedging opportunities, said
Jim McCafferty, Nomura's joint head of APAC equity research.

 

"If you are a global investor and you've seen very significant stock market
gains in the U.S. during 2021, if you are seeing inflation as a threat then
a lot of investors may be tempted to reallocate funds away from developed
equity markets in the West into the mix of developed and developing markets
in East Asia," he said.

 

The uneven performance in Asia followed small gains on Wall Street
overnight, with the S&P 500 (.SPX) rising 0.28% and the Nasdaq Composite
(.IXIC) up 0.23%. The Dow Jones Industrial Average (.DJI) rose 0.11%.

 

While longer-dated U.S. yields dipped after Wednesday's inflation data, Fed
fund futures are pricing in nearly four rate hikes this year. Some analysts
say that there could still be room for a more aggressive rate hike schedule.

 

"Our expectation for sustained cyclical price pressures means that we think
the Fed will continue to tighten policy into 2023 by more than investors
currently anticipate," Jonathan Petersen, markets economist at Capital
Economics said in a note, adding that he expected the U.S. 10-year yield to
reach 2.25% by year-end, and 2.75% by the end of 2023.

 

On Thursday, the U.S. 10-year yield edged up to 1.7499% after dipping on
Wednesday to close at 1.725%. The policy-sensitive 2-year yield was up at
0.9229% from Wednesday's close of 0.907%.

 

The dollar was also almost flat against the euro at $1.1442, after hitting
its lowest since mid-November in the previous session. Overnight, it also
fell versus the yen , dropping through support around 115 to hit 114.38 yen,
a more than two-week low. It last bought 114.62 yen.

 

Oil prices ticked lower, a day after hitting their highest in nearly two
months on the back of a falling dollar, tighter supply, and as investors bet
the spread of the Omicron coronavirus variant would have a relatively
limited economic impact.

 

Global benchmark Brent crude fell 0.07% to $84.61 per barrel and U.S. West
Texas Intermediate crude edged down to $82.58 per barrel.

 

Spot gold held steady at $1,824.54 an ounce.

 

The Thomson Reuters Trust Principles.

 

 

 

Investors ready for U.S. earnings as inflation worries run high

(Reuters) - U.S. companies will post results in the coming weeks on the
final quarter of 2021 as investors worry about inflation's impact on
earnings and pressure on the Federal Reserve to speed up the timeline for
kicking off interest rate hikes.

 

The concerns, along with caution tied to the fast-spreading COVID-19 Omicron
variant, have driven a recent market sell-off, led by Nasdaq and shares of
technology and other big growth companies that have benefited from low
interest rates.

 

Year-over-year profit growth for S&P 500 companies is expected to be lower
in the fourth quarter than it was in first three quarters of 2021 but still
strong at 22.4%, according to IBES data from Refinitiv.

 

Huge profit gains earlier in 2021 were fueled by a rebound from the economic
downturn in the early stages of the pandemic.

 

It's "nearing the end of the very easy comparisons that we had relative to
2020," said Bill Northey, senior investment director at U.S. Bank Wealth
Management. "Those easy comparisons will begin to wane as we move into
2022."

 

Last year's strong market performance - with the S&P 500 (.SPX) gaining
26.9% for the year - was on the back of massive profit growth, so corporate
outlooks for 2022 will be key this earnings period, Northey said.

 

Earnings growth for all of 2021 is estimated at about 50% compared with 8.6%
for 2022, while the forward price-to-earnings ratio for the S&P 500 was last
at 21.7, compared with its long-term average of 15.5, according to Refinitiv
DataStream.

 

JPMorgan Chase (JPM.N) is due to report Friday and will kick off the
reporting period along with Citigroup (C.N) and Wells Fargo .

 

Heading into earnings season, bank shares have rallied with U.S. Treasury
yields as focus has turned to rate hike expectations.

 

Analysts expect big U.S. banks to show an increase in fourth-quarter core
revenues, thanks to new lending and rising Treasury yields. read more

 

Both the S&P 500 bank index (.SPXBK) and financial index (.SPSY) hit record
highs last week. Minutes released last week from the Fed's December meeting
showed some policymakers want to tighten policy even faster. read more

 

With inflation among their top worries, investors will also watch for signs
supply chain bottlenecks may be easing. U.S. economic reports have offered
some hope on that front.

 

Last week's report on U.S. services industry activity included tentative
signs the supply logjam in that sector is starting to break up.

 

Transportation snags at ports and other areas have led to bigger expenses
for companies and higher costs for consumers.

 

Bottlenecks have hit retailers especially hard, and investors will watch for
how they affected holiday sales.

 

S&P 500 companies have been maintaining record profit margins, with many
able to pass on higher expenses to customers, but that may not continue.

 

"We expect margins not to be a record this quarter" but still high, said
Howard Silverblatt, senior index analyst at S&P Dow Jones Indices in New
York.

 

The stock market has seen investors rotating out of technology-heavy growth
shares and into more value-oriented stocks that tend to do better in a
higher interest-rate environment. Still, some investors say technology
company results could be much better than Wall Street expects.

 

Results from big tech and other mega-cap companies start next week, with
Netflix due to report on Jan 20.

 

Recent results from some chip companies including Micron Technology (MU.O)
were upbeat, said Daniel Morgan, portfolio manager at Synovus Trust in
Atlanta, Georgia. read more

 

"That gives me confidence we should get good reports out of the chips
sector," he said. "I'm optimistic."

 

Energy, materials and industrials sectors are expected to post the biggest
year-over-year earnings gains in the fourth quarter, according to Refinitiv
data.

 

Energy has been by far the strongest S&P 500 sector performer in early 2022,
with the S&P 500 energy index (.SPNY) up about 14% since Dec. 31, supported
by tight supply, following a whopping 48% gain in 2021. read more

 

Results from oil majors ExxonMobil (XOM.N) and Chevron (CVX.N) are due in a
couple of weeks.

 

But all 11 of the S&P 500 sectors are slated to show profit growth for the
fourth quarter of 2021, while revenue growth for the period is seen at
12.1%. That growth level would also be lower than in recent quarters, based
on Refinitiv data.

 

The Thomson Reuters Trust Principles.

 

 

 

Life insurers adapt pandemic risk models after claims jump

(Reuters) - A coronavirus pandemic which lasts five years, another pandemic
in a decade, and ever more transmissible variants are among the scenarios
life insurers are predicting after COVID-19 claims jumped more than expected
in 2021.

 

The global life insurance industry was hit with reported claims due to
COVID-19 of $5.5 billion in the first nine months of 2021 versus $3.5
billion for the whole of 2020, according to insurance broker Howden in a
report on Jan 4, while the industry had expected lower payouts due to the
rollout of vaccines.

 

"We definitely paid out more than I had anticipated at the beginning of last
year," said Hannover Re (HNRGn.DE) board member Klaus Miller.

 

The increase in claims was largely down to the emergence of the Delta
variant, twice as transmissible, and more likely to cause hospitalisation
than the original coronavirus strain. read more

 

Claims rose most in the United States, India and South Africa due to the
more lethal variants and a rise in fatalities or illness among younger and
unvaccinated groups.

 

Dutch insurer Aegon , which does two-thirds of its business in the United
States, said its claims in the Americas in the third quarter were $111
million, up from $31 million a year earlier. read more

 

U.S. insurers MetLife (MET.N) and Prudential Financial (PRU.N) also said
life insurance claims rose. South Africa's Old Mutual (OMUJ.J) used up more
of its pandemic provisions to pay claims and reinsurer Munich Re raised its
2021 estimate of COVID-19 life and health claims to 600 million euros from
400 million. read more

 

The long-term nature of life insurance products – often lasting 20 years or
more – means premiums are not yet capturing the risk that deaths or
long-term illness from COVID-19 will likely remain higher than previously
estimated. Competition in the industry is also keeping a lid on premiums.

 

Actuaries say rising claims will be eating into the capital which insurers
set aside to ensure solvency.

 

In the initial "shock" period of the pandemic in 2020, the insured U.S.
population suffered 12% more deaths than average, according to research from
life insurance trade association LIMRA shared with Reuters.

 

"For the insurance industry, that's not huge because we have reserves," said
Marianne Purushotham, LIMRA's chief actuary.

 

"We're always trying to compare the new variant to the initial shock," she
said.

 

The impact for insurers in 2020 was more muted because deaths were mainly
among older people who typically do not take out life insurance.

 

CRYSTAL BALL-GAZING

 

As the pandemic continues to surprise with the Omicron variant now becoming
dominant, insurers, reinsurers and specialist risk modelling firms are
looking to the future.

 

"We take into account the possibilities of more transmissible and less
transmissible (variants)," Narges Dorratoltaj, scientist at modelling firm
AIR said. "We cannot say specifically which path we are going to follow but
we are trying to come up with the possible ranges to at least narrow down
the possible outcomes."

 

AIR is factoring in periodic lockdowns around the world and is also
considering factoring in more uncertainty over whether governments will
continue to impose restrictions to keep transmission rates low, and over
individuals' willingness to obey them, Narges said.

 

Risk modelling firm RMS said its updated COVID-19 projection model allowed
for variants, such as Omicron, which show elements of vaccine escape, as
well as for variants which might evade vaccines.

 

Reinsurer Swiss Re (SRENH.S) said its pandemic model takes more than 20,000
different scenarios into account. It has been updating its risk model
regularly with the latest data on testing, vaccination, infection,
hospitalisation and fatality rates.

 

HOW LONG, WHAT'S NEXT?

 

With the emergence of the even more transmissible Omicron, COVID-19 vaccine
manufacturer Pfizer (PFE.N) has said it does not expect the pandemic to
subside to an endemic state globally until 2024. read more

 

AIR's model anticipates that the pandemic, caused by a virus first
identified in China in December 2019, could last five years.

 

Excess deaths could continue as the virus becomes endemic, similar to
influenza which causes many deaths each year despite vaccines.

 

"We would expect to see some medium-term (impact on claims) of five to 10
years," LIMRA’s Purushotham said.

 

More deaths or long-term illnesses will require insurers to set aside more
reserves to pay claims, and may force them to raise premiums.

 

Insurance risk experts also say the opportunities for transmission between
humans and animals, high levels of global travel, increased urbanisation and
climate change impacts such as deforestation and disease-carrying mosquitoes
mean pandemics could become more frequent.

 

"A new coronavirus outbreak is indeed likely in the near future -- within
the next 10 years," said Brice Jabo, principal modeller, life risks, at RMS,
referring to the severe acute respiratory syndrome (SARS) and Middle East
respiratory syndrome (MERS) outbreaks in the last two decades as early
warnings.

 

The potential for any future corovanirus outbreak to again become a pandemic
would depend on its transmissibility and the strength of measures to fight
it, Jabo said.

 

Bruno Latourrette, chief knowledge officer of reinsurer SCOR Global Life
(SCOR.PA), said he did not expect the next pandemic to be as devastating as
COVID-19.

 

"COVID is...the perfect storm with pre-symptomatic contagiousness, a
lethality that is not too high to lead to super-strong zero tolerance
measures, a waning of immunity and high transmissibility".

 

The Thomson Reuters Trust Principles.

 

 

Fed's Harker open to more than three rate hikes in 2022 if inflation worsens
- FT

(Reuters) - Philadelphia Federal Reserve Bank President Patrick Harker said
he would currently support three interest rate hikes this year, starting
from March, and would be open to more if inflation worsens.

 

U.S. consumer prices surged in December, with the annual increase in
inflation the largest in nearly four decades, cementing expectations the
Federal Reserve will start raising interest rates as early as March. read
more

 

In an interview with Financial Times, Harker said the central bank had few
tools to combat the supply chain problems fuelling inflation, but it should
act to slow some of the demand.

 

Harker's remarks echoed the Fed's turn towards inflation fighting, a shift
cemented at a December meeting, where it signaled three rate hikes in 2022.

 

Earlier this week, Chair Jerome Powell reiterated the stance, saying that a
tighter monetary policy was need to ensure that high inflation did not
become "entrenched." read more

 

Similar comments were also made by Atlanta Fed President Raphael Bostic, who
too suggested that the central bank will have to raise interest rates at
least three times this year, beginning as soon as March.

 

Both Bostic and Harker are non-voting members of the Fed's rate-setting
committee this year.

 

The Thomson Reuters Trust Principles.

 

 

Activists behind Shell climate verdict target 30 multinationals

(Reuters) - The Dutch wing of environmental group Friends of the Earth,
which won a landmark court victory against Royal Dutch Shell (RDSa.L) last
year, is targeting 30 major corporate emitters in a campaign launched on
Thursday.

 

Milieudefensie has set its sights on large companies with legal bases in the
Netherlands, where a court ruled in May that Shell must reduce its
environmental footprint. read more

 

The heads of the companies were being sent letters demanding that they
provide plans outlining how they will trim emissions by 45% from 2019 levels
by 2030, in line with the Paris climate accord. A failure to do so may
result in legal action, said Peer de Rijk, policy officer at Milieudefensie.

 

"We are very clear that in the end, if needed, we are willing to go to
court. But of course we are hoping these companies will be moving by
themselves," De Rijk told Reuters in an interview.

 

"We are willing to engage in talks, but we are in a hurry as well, so we
won't accept talks for the sake of talks themselves," he said. "Climate
science is very clear. This is exactly what is needed. ...There is no choice
so they will just have to."

 

Shell is appealing against The Hague district court order to cut emissions
in line with the 2015 Paris agreement.

 

Among leaders in finance, retailers, oil and energy majors, builders and
industrial manufacturers on the list are KLM, the Dutch arm of airline Air
France KLM (AIRF.PA), ABN Amro bank (ABNd.AS) and supermarket operator Ahold
Delhaize (AD.AS).

 

"You lead an enterprise with control over and influence on a substantial
amount of CO2 emissions. An enterprise that can and must contribute to the
system change necessary to prevent dangerous climate change," a draft letter
seen by Reuters said, asking: "Are you a frontrunner or a straggler?"

 

Some of the businesses are "small in the Netherlands itself, but they have a
very large, international, global impact and the Shell verdict very clearly
states that it is ...possible to hold them accountable for their global
emissions via the Dutch law," he said.

 

MID-APRIL DEADLINE

 

The move by Milieudefensie follows a commitment by countries to accelerate
their emissions reductions at the COP26 climate talks in Glasgow in
November, with investors managing $130 trillion in assets signing up to
net-zero and pressuring companies to ensure their plans are good enough.

 

The broadening out of Milieudefensie's campaign also comes against a
backdrop of increased climate-related litigation globally, with more than
1,000 cases brought since 2015, research from the London School of Economics
showed.

 

Milieudefensie, which said it had been approached by scores of concerned
companies after the Shell verdict, set a three-month deadline until April 15
for the companies to present a climate plan.

 

They will be used to set an emissions baseline against which the companies'
progress in cutting climate-heating gasses can be measured, the group said.

 

KLM said that while it could not comment in detail until it had formally
received the letter, it has committed to aligning its net-zero pathway with
climate science, and planned to use more sustainable aviation fuel.

 

An ABN spokesperson said the bank supported efforts to limit global warming
and was working to reduce emissions from its lending, including by
encouraging homeowners to improve the energy efficiency of their homes and
increasing its lending for renewable energy.

 

Ahold Delhaize said it had not yet received the official letter and could
not comment.

 

In addition to targeting companies, Milieudefensie also called on the
government in the Netherlands to enshrine the Paris accord in Dutch law to
ensure corporate compliance.

 

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
the securities of more established companies. Neither Faith Capital nor any
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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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