Major International Business Headlines Brief::: 18 January 2022

Tue Jan 18 12:42:40 CAT 2022

 <https://bullszimbabwe.com/> 

 <http://www.bullszimbabwe.com> Bullszimbabwe.com         <mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments        <https://bullszimbabwe.com/category/blogs/bullish-thoughts/> Bullish Thoughts        <http://www.twitter.com/BullsBears2010> Twitter         <https://www.facebook.com/BullsBearsZimbabwe> Facebook           <http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn          <https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp         <mailto:info at bulls.co.zw?subject=Unsubscribe> Unsubscribe

Major International Business Headlines Brief::: 18 January 2022 

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

ü  China's Xi Jinping defends 'common prosperity' crackdowns

ü  Unilever looks set to continue pursuing £50bn-plus mega-merger

ü  Amazon halts plan to block UK Visa credit cards amid talks

ü  Credit Suisse boss Horta-Osorio resigns over Covid breaches

ü  Asian shares drop as bond yields rise ahead of Fed

ü  Chinese lender to issue bonds for M&A in cash-strapped property sector

ü  BlackRock's Fink defends push for companies to value more than profits

ü  Starbucks ties up with Meituan to bolster presence in crucial China market

ü  Less than half of projected U.S. renewable diesel output likely by 2025- study

ü  UK regulator fines Mastercard, others for prepaid cards cartel

ü  Daimler Truck sees 20% sales growth in 2021

ü  Nigeria to Launch Second Satellite Into Orbit

ü  Kenya: 45% of Rich Citizens Planning Early Retirement, Study Finds

ü  Malawi: USCA Salutes Women Cannabis Growers of Kasungu

ü  Tanzania: Tz Hands Over AfCFTA Ratification Instruments

 <mailto:info at bulls.co.zw> 

Chinese president Xi Jinping has made a rare defence on the world stage of his "common prosperity" policy, which has seen major crackdowns on businesses.

His comments came during the World Economic Forum's (WEF) annual meeting of government and corporate leaders.

China says the policy is aimed at narrowing the widening wealth gap, which could threaten the Communist Party's rule if left unaddressed.

Technology, education and entertainment firms have been hit by the crackdowns.

"The common prosperity we desire is not egalitarianism," Mr Xi told delegates.

"We will first make the pie bigger and then divide it properly through reasonable institutional arrangements. As a rising tide lifts all boats, everyone will get a fair share from development, and development gains will benefit all our people in a more substantial and equitable way," he continued.

The measures put in place by the common prosperity policies are seen by some as a way to rein in the billionaire owners of some of China's biggest companies to instead give customers and workers more of a say in how firms operate and distribute their earnings.

But with its implementation, billions of dollars have been wiped off the value of some of China's biggest companies as Beijing imposed tough new regulations on them, which has rattled international investors.

China cuts interest rates as economic growth slows

How China's crackdowns are impacting business

During his address Mr Xi moved to ease some of those concerns as he said the country is still open to investment from overseas.

"All types of capital are welcome to operate in China, in compliance with laws and regulations, and play a positive role for the development of a country," he said.

Due to the pandemic this year's WEF annual meeting is being held online, rather than at the Swiss resort of Davos.

Mr Xi's comments came as he is expected to be appointed for a third term in office later this year.

That would cement his position as an equal to Mao Zedong, the founder of the Chinese People's Republic, and his successor Deng Xiaoping, who oversaw major reforms to the country's economy.

Meanwhile, the Beijing Winter Olympics Games are due to start next month at a time when China is facing international criticism on a number of fronts including for encroaching on democratic freedoms in Hong Kong, its treatment of the Uyghur minority in Xinjiang and its stance on Taiwan.

-BBC

Unilever looks set to continue pursuing £50bn-plus mega-merger

Consumer goods giant Unilever has signalled it will continue pursuing a blockbuster deal to buy GlaxoSmithKline's (GSK) healthcare arm.

Unilever has already had a £50bn offer rejected, but said on Monday a deal would be a "strong strategic fit".

GSK's health products business owns brands such as Sensodyne toothpaste, Panadol and Centrum vitamins.

Unilever, maker of Marmite, PG Tips and Dove soap, says it wants a bigger slice of the health and hygiene sectors.

"The acquisition would create scale and a growth platform for the combined portfolio in the US, China and India, with further opportunities in other emerging markets," Unilever said, pointing to synergies in the oral care and vitamin supplements business.

Unilever has not said if it will sweeten its rejected offer, but according to the Bloomberg news agency the company has held talks with its banks about additional financing for a increased bid.

Marmite-owner Unilever bids for GSK consumer arm

GSK's share price was up almost 5% on Monday morning, a sign some investors are hopeful of a higher offer. Unilever's shares fell almost 7%.

Unilever is already the third largest company on London's FTSE 100 index and is worth around £100bn. A deal would see it take over one of the biggest divisions of the FTSE 100's fifth biggest company.

GSK, which runs the healthcare operation in a joint venture with US drug maker Pfizer, has already said it wants to offload the operation.

However, management had proposed spinning it off as a standalone business listed on the stock market. GSK wants to concentrate on pharmaceuticals and vaccines.

Some activist investors have been calling for GSK chief executive Emma Walmsley to explore a potential sale as an alternative to the spin-off.

'Appealing'

News of Unilever's interest was first reported over the weekend by the Sunday Times. That prompted the company to bring forward a strategic update, which it had planned to release later this month.

Unilever said it has "concluded that Unilever's future strategic direction lies in materially expanding its presence in health, beauty and hygiene".

It added: "The board also concluded that major acquisitions should be accompanied by the accelerated divestment of intrinsically lower growth brands and businesses."

It said GSK's consumer health division was "a highly complementary" target, with "good potential for synergies and a number of routes to build scale".

Hargreaves Lansdown analyst Laura Hoy said there is a good chance Unilever will raise its offer. "Based on Unilever's new strategic direction, which includes increased focus on growth in the health, beauty and hygiene segments, there could be another offer in the pipeline.

"The group says it will pounce on acquisition opportunities within the space, and they don't get much more appealing than this one."-BBC

Amazon halts plan to block UK Visa credit cards amid talks

Amazon has dropped plans to block UK Visa credit card payments this week, as the two sides continue to try to resolve a dispute over payment fees.

"The expected  change regarding  the use of  Visa credit cards on Amazon.co.uk will no longer take place on January 19," Amazon said.

Visa said it was "working closely to reach an agreement".

Amazon said last year that Visa payment costs were "an obstacle" to providing the best prices for customers.

But Visa accused Amazon of threatening to restrict consumer choice. "When consumer choice is limited, nobody wins," Visa said.

Neither company has indicated when the talks might conclude. In an email to customers on Monday, Amazon said it was working closely with Visa on "a potential solution that will enable customers to continue using their Visa credit cards on Amazon.co.uk".

An EU-enforced cap on fees charged by card issuers is no longer in place in the UK following Brexit.

Both Visa and its rival Mastercard have raised the so-called interchange fee on cross-border transactions between businesses in the UK and the European Union following Brexit.

However, Amazon and Visa said last year that their dispute had nothing to do with the UK leaving the EU.

They have been slugging it out in public and in private, now these two corporate heavyweights are going in for an extra round.

Amazon is ahead on points in this bout. Given this announcement has come so close to the deadline, many customers would have already switched their primary Amazon payment method away from Visa. But the online retailer would also have been hurt financially if it had followed through on its threat.

The cancelling of the deadline, and the fact a new end date has not been set, suggests a deal is near. Neither Amazon nor Visa are saying much to be able to judge quite how close they are to a compromise.

This dispute is about more than just fees. It is also about control. Don't forget that Amazon has taken a different course with Mastercard, which is behind Amazon's reward card.

Amazon has previously declined to say how much Visa charges the retailer to process transactions made on credit cards.

Visa also declined to comment, though it claimed that on average it takes less than 0.1% of the value of a purchase.

The Payment Systems Regulator has raised concerns about competition in this sector, which is dominated by Visa and Mastercard.

In a strategy published last week, it said one of its priorities was to promote competition between UK payment systems.

"We will focus more on improving competition between payment systems, not just competition within payment systems," its managing director Chris Hemsley said.

"This is important because we know that the future of retail payments is becoming increasingly about digital payments, most of which are currently made using card payment systems."-BBC

Credit Suisse boss Horta-Osorio resigns over Covid breaches

The chairman of global banking giant Credit Suisse, Antonio Horta-Osorio, has resigned with immediate effect after breaking Covid quarantine rules.

Mr Horta-Osorio, who was with the bank for just nine months, left following an internal investigation.

The former boss of Lloyds Banking Group joined Credit Suisse after a series of scandals at the Swiss bank.

But it has emerged he breached Covid rules last year, including by attending the Wimbledon tennis finals.

"I regret that a number of my personal actions have led to difficulties for the bank and compromised my ability to represent the bank internally and externally," Mr Horta-Osorio said in a statement issued by the bank.

"I therefore believe that my resignation is in the interest of the bank and its stakeholders at this crucial time," he added.

Mr Horta-Osorio has been replaced by board member Axel Lehmann.

Last month, a preliminary investigation by Credit Suisse had found that Mr Horta-Osorio had breached Covid-19 rules.

He attended the Wimbledon tennis finals in July at a time when the UK's Covid-19 restrictions required him to be in quarantine.

Mr Horta-Osorio also breached Swiss Covid restrictions when, according to Reuters, he flew into the country on 28 November but left on 1 December. Swiss rules meant he should have quarantined for 10 days upon his arrival.

Mr Horta-Osorio joined Credit Suisse in April last year following a series of scandals at the bank,

In February 2020, then-Credit Suisse chief executive Tidjane Thiam resigned after it was revealed the bank had spied on senior employees. Mr Thiam denied knowledge of the spying operations.

Credit Suisse has also been hit with huge losses in connection with the failed financial firm Greensill - which backed Liberty Steel - and Archegos, the US hedge fund which collapsed last year.

Last year, in a report into its relationship with Archegos, Mr Horta-Osorio said: "We are committed to developing a culture of personal responsibility and accountability."

There are two narratives emerging from Antonio Horta-Osorio's short-lived tenure at the top of one of Swiss banking giants.

One is that he broke the rules, was investigated and, having been found in breach, was asked to step down.

But allies of the former boss of Lloyds Banking Group insist that the board of Credit Suisse could have censured him rather than forced him out and suggest that the Swiss bank had not appreciated his efforts to reform an executive team and a culture that has been hit a series of scandals in recent years.

Credit Suisse clients lost billions after the bank funnelled them into financial products designed by the collapsed Greensill Capital while the bank itself took a multi-billion hit from the collapse of hedge fund Archegos.

The bank also found itself at the centre of an unusual spying scandal which saw the departure of chief executive Tidjane Thiam.

Ironically, the man Credit Suisse brought in to bring an end to a string of negative headlines is the subject of them this morning.

Justin Tang, head of Asian research at investment firm United First Partners, said Credit Suisse "has been in the 'damaged goods' section for a while now".

"While Horta-Osorio was responsible for the new strategy, his short tenure means that the revamp is likely to only be in the nascent stage. The irony of it is that Horta was hired to fix the reputational damage to Credit Suisse and revamp its risk taking culture in the bank."

In his statement, Mr Horta-Osorio said: "I am proud of what we have achieved together in my short time at the bank."

But George Godber, fund manager at Polar Capital, told the BBC: "Only [nine] months in is not really time to achieve much.

"He was brought in to turn around the business - it is a bank that has been hit by scandal - and so it means that his reign has been cut short.

"Not everybody is above the law for Covid restrictions."

Mr Horta-Osorio was chief executive at Lloyds Banking Group for 10 years, the start of which was marked by a surprise two month leave of absence to deal with severe sleep deprivation.

Later on, amid media reports of an extra-marital affair, Mr Horta-Osorio emailed Lloyds staff, saying: "I deeply regret being the cause of so much adverse publicity and the damage that has been done to the group's reputation.

"I have been a strong advocate of expecting the highest professional standards from everyone at the bank, and that includes me."

Speaking to the BBC, a spokesperson for Credit Suisse said that the bank would give no further details on Mr Horta-Osorio's resignation other than those in its statement.

They also said that there were no plans to release the findings of the investigation.-BBC

Asian shares drop as bond yields rise ahead of Fed

(Reuters) - Asia's share markets turned negative on Tuesday as two-year U.S. Treasury yields topped 1% for the first time in almost two years with investors weighing the risks of a Fed policy rate rise as soon as March.

Early European markets on Tuesday were also slightly weaker.

However, oil prices rose to their highest level in more than seven years over concerns about supply shocks after Yemen's Houthi group attacked the United Arab Emirates. read more

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) edged higher earlier in the session as much as 0.4%, before turning down 0.45% in the afternoon.

Each of the region's major markets, apart from some Chinese indexes, gave up their earlier gains.

Australian shares (.AXJO) fell 0.11%, while in China the blue chip CSI300 Index (.CSI300) bucked the trend to stand 0.7% higher.

Hong Kong's Hang Seng Index (.HSI) swung from a 0.6% gain to trade down 0.42%.

Japan's Nikkei (.N225) dropped 0.23%.

The turn in sentiment came after two-year U.S. Treasury yields, a bellwether for rate expectations, rose above 1% for the first time since February 2020. The yields stood at 1.0364% in the Asia afternoon.

Benchmark 10-year yields gained nearly 6 basis points (bps) to 1.855%.

In early European stock trading, the pan-region Euro Stoxx 50 futures slid 0.38% to 4,276.5, German DAX futures fell 0.22% to 15,893 and FTSE futures were off 0.17% at 7,538.5.

U.S. stock futures, the S&P 500 e-minis , were down 0.47% at 4,633%.

The U.S. Federal Reserve is not expected to change rates at its Jan. 25-26 meeting but a growing number of investors think March will be the start of a tightening cycle.

"Investors' focus remains on the Fed and the pace at which they raise rates," John Milroy, adviser at brokerage Ord Minnett in Sydney, told Reuters.

"We think it will be faster than markets currently expect. Boom conditions remain in the U.S. with a tight labour market. Good for world growth but adds to the inflationary pressures."

Elizabeth Tian, Citigroup's equity derivatives director, said equities markets were reacting to the bond market moves.

"There are fears there are more aggressive and quicker rate hikes by the Fed coming," she said.

"The Fed is turning more hawkish and there is a lot of focus on that, but we think in the short-term equities market there should be more support because of the value of central bank liquidity that exists now," she said.

"We're saying it's too early because of the liquidity to be too bearish and it should be more of selling into the rally."

The dollar index , which tracks the greenback against a basket of currencies of major trading partners, was up at 95.33.

Brent crude rose to $87.33 per barrel, up 1% and just off a peak hit earlier in the day of $87.55, the highest price since October 2014. U.S. crude ticked up 1.32% to $84.93 a barrel.

An air strike killed about 14 people in a building in the Yemeni capital of Sanaa, residents said on Tuesday, during strikes across the city launched by the Saudi-led coalition fighting the Houthi group. read more

The alliance strikes on Houthi-held Sanaa followed an attack claimed by the Iran-aligned Houthis on Monday on coalition partner the United Arab Emirates, in Abu Dhabi, in which three people were killed.

The "new geopolitical tension added to ongoing signs of tightness across the market," ANZ Research analysts said in a note.

Gold was slightly lower. Spot gold traded at $1,817.1642 per ounce.

The Thomson Reuters Trust Principles.

Chinese lender to issue bonds for M&A in cash-strapped property sector

(Reuters) - Property developer shares rose on Tuesday after a Chinese lender unveiled a plan to issue debt to fund real estate acquisitions - the first bank to do so - while Beijing sought to reassure investors about the broader impact of defaults on bond markets.

Shanghai Pudong Development Bank Co (600000.SS) plans to raise 5 billion yuan ($790 million) by selling three-year bonds through China's interbank market, it said in a filing on Monday. The funds would be used to finance real estate project acquisitions in the form of lending, it said.

The bond sales plan by the Shanghai government-controlled bank pointed to a broadening of financing channels for the property sector and more financial institutions were expected to follow suit, analysts said.

Beijing is already encouraging large property developers to acquire assets from cash-strapped real estate firms to ease liquidity pressure. Developer China Merchants Shekou Industrial Zone Holdings Co (001979.SZ) said last week it planned to issue bonds for real estate acquisitions.

China will also make it easier for state-backed property developers to buy up distressed assets of debt-laden private firms by not counting such loans as debt under rules that cap borrowing, a source told Reuters this month. read more

Also on Tuesday, Jin Xiandong, an official at China's National Development and Reform Commission, told a conference the market was adjusting to news of defaults by some highly leveraged real estate developers and he did not expect them to affect Chinese companies' overseas bonds more generally.

The CSI300 Real Estate Index (.CSI000952) jumped nearly 5%, on Tuesday morning, while the Hang Seng Mainland Properties Index (.HSMPI) gained more than 3%.

Dollar bonds of Chinese developers also rebounded following sharp falls in the previous session.

A Country Garden Holdings (2007.HK) 2026 bond rose to 70.866 cents on the dollar, up from 64.865 over night, according to data by Duration Finance, after the developer scooped up $10 million of its own bonds on Monday. Its shares jumped 5.3%. read more

Separately, in a rare case where a trust company took over assets from a distressed developer, state-owned Minmetals International Trust bought all equities in two projects from struggling China Evergrande Group (3333.HK), filings at the National Enterprise Credit Information Publicity System showed.

Two projects - in the southern cities of Kunming and Foshan - were pledged to a Minmetals trust loan extended to Evergrande, according to the filings, and Minmetals spent 50 million yuan ($7.9 million) and 30 million yuan respectively to acquire all the equity in the projects. It held 51% in the latter project before the acquisition.

Minmetals said in a statement it wanted to help solve the Evergrande's problems to "ensure home delivery, ensure people's livelihood, and ensure stability".

BlackRock's Fink defends push for companies to value more than profits

(Reuters) - Larry Fink, chief executive of the world's biggest asset manager BlackRock Inc (BLK.N), has defended a shareholder movement that pushes companies to focus on the interests of society as well as profits.

In his annual open letter, Fink built on themes he has sounded in previous January missives to other CEOs, calling on them to find a purpose and to take account of issues like climate change as part of so-called stakeholder capitalism. read more

"Stakeholder capitalism is not about politics," Fink said in the letter late on Monday, titled The Power of Capitalism. "It is not 'woke.' It is capitalism."

Fink, 69, defended BlackRock's stance in engaging with companies on carbon transition rather than divesting altogether, saying the companies themselves cannot be the "climate police" but instead should work with governments.

"Divesting from entire sectors – or simply passing carbon-intensive assets from public markets to private markets – will not get the world to net zero," he said. "And BlackRock does not pursue divestment from oil and gas companies as a policy."

Overseeing $10 trillion as of Dec. 31, the world's largest asset manager has become one of the most influential voices in U.S. and European boardrooms, making Fink's annual letter a director must-read. read more

In Monday's letter, Fink unveiled plans to launch a Center for Stakeholder Capitalism to create a "forum for research, dialogue, and debate." The center will help to explore the relationships between companies and their stakeholders, he said.

Fink also said that BlackRock is working to expand an initiative for investors to use technology to cast proxy votes.

"We are committed to a future where every investor – even individual investors – can have the option to participate in the proxy voting process if they choose," he said.

After years of criticism from activists focused on climate and other environmental, social and governance (ESG) issues, BlackRock changed course in 2021 and cast a much more critical set of proxy votes such as backing calls for things like emissions reports or the disclosure of workforce diversity data. read more

At the same time the fund manager has faced challenges from conservative U.S. politicians. On Monday, West Virginia State Treasurer Riley Moore said his agency would no longer use a BlackRock liquidity fund, where it last kept $21.8 million as of Jan. 6.

In a news release, Moore cited BlackRock's dealings in China and noted "that BlackRock has urged companies to embrace 'net zero' investment strategies that would harm the coal, oil and natural gas industries."

A BlackRock spokesman declined comment. The company in December acknowledged some continued fossil-fuel investment will be needed. read more

The Thomson Reuters Trust Principles.

Starbucks ties up with Meituan to bolster presence in crucial China market

(Reuters) - Starbucks (SBUX.O), which has seen sales slow in China due to COVID-19's fallout, is attempting to widen its reach in its second-biggest market globally by distributing its coffees through the country's dominant food delivery firm, Meituan.

The U.S. coffee chain said on Tuesday it has entered into a partnership with Meituan (3690.HK) that will allow its Chinese customers to order coffee delivery and make reservations at its stores via the super-app's platforms.

The move comes as competition in the Chinese coffee market is intensifying, and is aimed at expanding the availability of Starbucks, which first begun food delivery services in the country in 2018 through an exclusive partnership with Alibaba Group's (9988.HK) Ele.me arm, Meituan's main rival.

"Exclusive cooperations have a time frame," said Liu Xingliang, president of tech consultancy China Internet Data Center. "Starbucks will expand service with more partners, I believe this is not a surprise."

Alibaba, whose partnership with Starbucks will continue, did not immediately respond to a request for comment.

Shares in Meituan, whose main app also offers services such as restaurant and hotel bookings, rose as much as 5.3% in morning trading before paring back gains.

Starbucks' business in China has been hit by a resurgence of the coronavirus in the country that forced it to close stores in several major cities and led it to report a 7% fall in comparable China fourth-quarter sales. read more

It also faces rising competition from other coffee chains such as Italy's Lavazza, backed by restaurant chain Yum China (9987.HK), and Canada's Tim Horton, which have been expanding in China.

China Market Research Group Director Ben Cavender said that given concerns around COVID-19 and store traffic it made sense for Starbucks to be aggressive in promoting delivery.

"Part of that means being available on both major aggregators," he said, referring to Meituan and Ele.me. "Starbucks now has enough competition from other coffee players that if a consumer doesn't see their stores available in a chosen app that they will simply defect to another brand."

The expansion in China comes amid a safety cloud for Starbucks. The U.S. firm carried out food safety inspections and staff training across its 5,000-plus China stores in December after a newspaper reported that two of its outlets in Wuxi had used expired ingredients in their drinks, prompting multiple local governments to launch checks on its stores. read more

Meituan had about 668 million paying users in China as of end-September and held an estimated 68.2% of China's food delivery market in the second quarter of 2020, according to the latest available figures from Trustdata.

Starbucks has 5,360 stores in more than 200 Chinese cities, according to the company's most recent earnings report.

Starbucks also said the two companies will launch a service that will allow Meituan users to make private bookings to taste and learn to make coffees at Starbucks stores. The so-called 1971 Salon service is exclusive to Meituan's platform, it added.

It also plans to utilise Meituan's "super store" feature under the partnership which will see each of its stores have their own unique page on Meituan's platforms by the end of this year, from which customers can book food delivery services or check local events.

The Thomson Reuters Trust Principles.

Less than half of projected U.S. renewable diesel output likely by 2025- study

(Reuters) - U.S. refiners and biofuel companies are likely to reach less than half the renewable diesel production projected by the U.S. government for 2025 due to policy and feedstock constraints, according to a study released Tuesday from consultancy Cerulogy.

Numerous petroleum refiners across North America are planning to convert facilities to process waste and vegetable oils into renewable fuels, a small but growing market backed by government incentives.

The Energy Information Administration estimates renewable diesel production capacity in the United States could increase fivefold by 2024 from 1 billion gallons currently to more than 5 billion gallons per year.

But Cerulogy estimated the projects are more likely to yield approximately 2 billion gallons of total renewable diesel production capacity in 2025, meaning at least 2 billion gallons of already announced capacity additions are likely be delayed, canceled or downsized.

Achieving EIA predictions would be "exceedingly difficult" and would likely require relying heavily on feedstock imports and a very significant reduction in production of biodiesel - a biofuel made from similar feedstocks but blended with petroleum-based diesel - according to Chris Malins, who authored the report backed by the International Council on Clean Transportation.

Achieving EIA forecasts would require an increase of 1.3 billion gallons of feedstock for renewable diesel, largely by diverting waste oils and fats from traditional biodiesel production, raising U.S. soy oil production and increasing U.S. vegetable oil imports, the report said.

However, while the fuel significantly reduces greenhouse gas emissions compared with petroleum diesel, several parties are concerned the increased demand for the oils needed to create it will result in indirect land use change and cause food prices to rise.

Annual production of 2 billion gallons of renewable diesel by 2025 is a "high-end estimate" for what can be achieved without causing strong market distortions, Malins said.

In addition, policies meant to promote renewable diesel are not strong enough. The U.S. Renewable Fuel Standard and state policies such as California's Low Carbon Fuel Standard are meant to achieve growth in renewable diesel.

The U.S. Environmental Protection Agency has highlighted the risk of negative market and environmental impacts if the supply of biomass-based diesel is further increased, Malins added.

The Thomson Reuters Trust Principles.

UK regulator fines Mastercard, others for prepaid cards cartel

(Reuters) - Britain's payments regulator on Tuesday fined five payments companies including Mastercard a total of 33 million pounds ($45.01 million) for cartel behaviour involving prepaid cards issued to vulnerable people on welfare benefits.

Mastercard received the largest fine of 31.56 million pounds ($43.04 million). The other companies fined were allpay, Advanced Payment Solution, Prepaid Financial Services and Sulion.

The Payment Systems Regulator (PSR) said the firms broke competition law by agreeing not to compete or poach each other's customers on pre-paid cards offered by local authorities to distribute welfare payments to vulnerable people.

The cartel meant recipients of the cards - who included the homeless, victims of domestic abuse and asylum seekers - could have missed out on cheaper or better-quality products, the regulator said.

The PSR previously announced in March last year it planned to fine the five companies in preliminary findings. read more It said on Tuesday it had concluded the investigation.

The regulator said during the course of the investigation, all the parties settled and admitted breaking the law.

"This investigation and the significant fines we have imposed send a clear message that the PSR has zero tolerance for cartel behaviour," said Chris Hemsley, Managing Director of the Payment Systems Regulator.

($1 = 0.7332 pounds)

The Thomson Reuters Trust Principles.

Daimler Truck sees 20% sales growth in 2021

(Reuters) - Newly spun-off commercial vehicle maker Daimler Truck (DTGGe.DE) sold 455,000 units in 2021, the company reported on Tuesday, a fifth more than last year but still 13% below pre-pandemic levels.

Supply chain bottlenecks slowed production particularly in the second half in the United States and Europe, the company said in a statement.

Trucks Asia fared best with 30% growth, while the Buses segment did not grow at all, with sales flat at 19,000.

Daimler Truck, which spun off from Daimler (DAIGn.DE) last December and is now the world's largest truckmaker by revenue, is due to report its full annual results on March 24.

The Thomson Reuters Trust Principles.

Nigeria to Launch Second Satellite Into Orbit

Nigeria has mapped out strategies to launch a second satellite (Sat 2) into the orbit to enhance the communications status of the nation.

Minister of Communications and Digital Economy, Prof. Isa Ali Pantami disclosed this during a one- day facility visit and interaction with the staff of the Nigerian Communications Satellite (NIGCOMSAT) in Lugbe, Abuja, stressing that President Mohammadu Buhari has given approval for the purchase of the Satellite.

The Minister, who noted that he had gone further to lobby the Minister of Finance to ensure that this is included in the 2022 Budget however did not disclose the amount approved and how many satellites are to be purchased.

Sources indicate that the Federal government has allocated about of N2.5 billion for Satellite 2 project in the 2022 budget estimate.

In 2011 Nigeria launched that existing Sat1R, with a life span of 15 years which will expire in the next four years.

Also, the minister said he had approved establishment of some subsidiaries under NIGCOMSAT, as part of the ongoing effort to revive the institution back to the part of progress and productivity.

"Since 2019, I have been so passionate about the success of NIGCOMSAT starting with the suspension of the privatization of NIGCOMSAT. As a matter of fact, I have secured the approval of Mr President for purchasing of another Satellite. I went further to lobby the Minister of Finance to ensure that this is included in the 2022 budget. I have also approved establishment of some subsidiaries under NIGCOMSAT as part of efforts to revive the company and make it innovative and productive."

Pantami, who told the staff of the company that the innovation in the agency is not enough and needs to be improved upon, charged them to turn the institution around in order to justify the suspension of the proposed privatization plan.

He said, "Core values should be the guiding principle that must be adopted without compromise, to ensure that any institution is successful. You need to be customer centric, discover the failure of services before they realize it, fix the problem and come up with innovative ideas. The innovation in the agency is not enough and needs to be improved upon

"You need to change your perception because you are not part of core civil servants; you are a company and should by far be above civil servants. One of the reasons our civil service has been failing is that feeling that we are government employees, we have nothing to lose and whatever happens, we will be paid our salaries.

"There are other companies that are ready to come up and start providing similar services with you. The efforts made to stop privatization if NIGCOMSAT is for the good of the company and for the good of the country."-Leadership.

Kenya: 45% of Rich Citizens Planning Early Retirement, Study Finds

Nairobi — Forty-five percent of affluent and high net worth (HNW) Kenyans are said to be planning to retire before the age of 65 years, a study conducted by Standard Chartered has said.

The expectancy 2021 bridging the confidence gap study which was conducted among 1,598 respondents between June 30 and July 26 2021 noted that another 22 percent had set a new financial goal of retiring early.

Notably, it noted that 17 percent of people do not currently save/invest for retirement.

"For those that do, 'investment income' (62percent) and 'cash savings'(38percent) are the most common expected sources of income," the study noted saying it highlights a disconnect between current actions and future expectation.

COVID-19, the survey, added had prompted Kenyans to shift their goals with 73pc affluent Kenyans now focused on health as compared to the wealth and home management which scored 66 and 68 percent respectively.

Meanwhile, another 59 percent of the respondents reported lower confidence about their finances occasioned by COVID-19 effects compared to 29 percent who reported increased confidence.

The report noted that the confidence gap' was holding back many from meeting their goals as 96 percent of the respondents said they had reset their life goals and were unable to take necessary actions to achieve their new goals.

"When asked about factors that are making it harder for people to pursue their new goals, the three most selected were 'volatility in financial markets (38%), 'fear of poor returns on investments (37%), and 'insufficient information about specific investment opportunities (32%)," the survey added.

It further noted that 43 percent of the respondents Kenyans had opted for cryptocurrency in order to diversify money management options.

The survey was conducted among respondents across 12 markets including China, Hong Kong, India, Indonesia, Kenya, Malaysia, Pakistan, Singapore, South Korea, Taiwan, UAE, and the UK.-Capital FM

Malawi: USCA Salutes Women Cannabis Growers of Kasungu

The United States Cannabis Association (USCA) has saluted a group of women who cultivate cannabis in Kasungu under the banner of Women of Vision Cannabis Growers.

The group has a mega farm in Chinsinga Village in Traditional Authority Nyaza in the district.

The group has already started creating job opportunities for the locals, a development that has excited USCA.

Speaking to Nyasa Times over the weekend, USCA chief executive officer, Wezzie Ngalamila, said she expects other cooperatives to learn from Women of Vision Cannabis Growers.

Ngalamila said her organization is doing everything to make sure that all cannabis cooperatives are familiar with how to cultivate and take care of the Malawian new gold crop.

USCA then donated five greenhouses to the group and named it as a cannabis farm learning center.

Ngalamila further disclosed that her organization is ready to support any cooperative facing any problem in the process.

The group said they have so far recruited security personnel from within the surrounding area apart from engaging some villagers in different activities at their farm.

The Cannabis Regulatory Authority (CRA) chairperson, Boniface Kadzamira, urged all cooperatives to follow the advice on cannabis production.

Kadzamira said Malawi stands to benefit from the certified industrial hemp despite poor rains.-Nyasa Times.

Tanzania: Tz Hands Over AfCFTA Ratification Instruments

TANZANIA has officially submitted the instruments of its ratification of the African Continental Free Trade Area (AfCFTA) agreement to the Afri- can Union Commission (AUC).

Ratifying the AfCFTA agreement means that the country will now be able to access the market of over 1.3 billion people across the continent.

This will help to foster the free movement of goods, services, and people across borders and help meet the continent's enormous economic potential.

The new development comes after the Parliament of Tanzania passed resolution No. 4/2021 of September 9, 2021, granting permission for Tanzania to be part of the Af- CFTA agreement.

The instruments of ratification was presented by the Ambassador of Tanzania in Ethio- pia, Innocent Shiyo, who is also the country's Permanent Representative to the African Union.

Ambassador Shiyo presented the instruments for ratification to the Commissioner for Trade and Industry of the African Union Commission Ambassador Albert Muchanga who received it on behalf of the Chairman of the AUC Moussa Faki Mahamat.

"The establishment of the AfCFTA is an opportunity and a very important step in expanding business opportunities,

attracting investors and increasing exports of Tanzanian products, particularly agricultural products," said ambassador Shiyo.

He revealed that the opportunity also acts as a crucial catalyst for economic growth and trade between member states (intra-African trade) by promoting African participation in world trade and building its capacity to add value to products through sound technological, innovative and competitive policies.

Besides, the ambassador stressed the countries readiness to effectively participate in the implementation of the Af- CTA agreement which aims to open up the doors of a market of more than 1.3 billion people within the African continent.

For his part, ambassador Muchanga applauded Tanzania for the bold move of ratifying and depositing its ratification instrument to the AUC, calling upon other countries which are yet to ratify the agreement to emulate the example which set by Tanzania.

The AfCTA has been ratified by 54 member states of the AU out of the existing 55 the African Continental Free Trade Area (AfCFTA) agreement. The agreement officially gained status in July 2019, after ratification by 28 member states of the AU.

The AfCFTA is one of the flagship projects of Africa's Agenda 2063 and a major step towards African continental economic integration. Tanzania fully participated in and signed for its establishment.

Analysts' reports show that the significance of the AfCFTA cannot be overstated as it will be the world's largest free trade area since the establishment of the World Trade Organization (WTO) in 1994. It is estimated that if successfully implemented AfCFTA, Africa will have a combined consumer and business spending of 6.7 trillion US dollars in 2030.

AfCFTA will also have a significant impact on manufacturing and industrial development, tourism, intra-African cooperation, and economic transformation.

The United Nations Economic Commission for Africa (UNECA), has predicted that it will raise intra-African trade by 15 to 25 percent, or 50 billion US dollars to 70 billion US dollars, by 2040, compared to an Africa without the AfCFTA.

The International Monetary Fund (IMF) similarly projects that, under the AfCFTA, Africa's expanded and more efficient goods and labor markets will significantly increase the continent's overall ranking on the Global Competitiveness Index.

Increased market access, in turn, is expected to enhance the competitiveness of industries and enterprises.

Read the original article on Daily News.

Invest Wisely!

Bulls n Bears 

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:       <mailto:info at bulls.co.zw> info at bulls.co.zw  

Website:         <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

Blog:            <https://bullszimbabwe.com/category/blogs/bullish-thoughts/> www.bullszimbabwe.com/blog

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

Facebook:      <http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimbabwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA> www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 

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.

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

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20220118/ebb3853b/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20220118/ebb3853b/attachment-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.png
Type: image/png
Size: 409853 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20220118/ebb3853b/attachment-0004.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 22328 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20220118/ebb3853b/attachment-0001.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20220118/ebb3853b/attachment-0005.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65554 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20220118/ebb3853b/attachment-0001.obj>