Major International Business Headlines Brief::: 19 January 2022

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Major International Business Headlines Brief::: 19 January 2022 

 


 

 


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ü  Sony slides on Microsoft-Activision Blizzard tie-up plan

ü  More expats may quit Hong Kong over its tough Covid laws: Survey

ü  How Gen Z is dealing with cost of living crisis

ü  Mobile firms agree another 5G delay at US airports

ü  Oil prices hit seven-year high after attack

ü  'Aldi opens its first till-free supermarket

ü  Asia shares fall as Treasury yields hit fresh highs

ü  Big U.S. banks see higher expenses from workers' rising wages

ü  Tesla investors urge judge to order Musk repay $13 bln for SolarCity deal

ü  Ford records $8.2 bln fourth-quarter gain from Rivian investment

ü  Millionaires group calls for wealth tax at virtual Davos

ü  Oil highest since 2014 as Turkey outage adds to tight supply outlook

ü  Microsoft to gobble up Activision in $69 billion metaverse bet

ü  Richemont sales jump shows luxury revival

ü  Cadence Design Systems aims to cash in on new custom-chip era

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Sony slides on Microsoft-Activision Blizzard tie-up plan

Shares in Japanese technology giant Sony have slumped in Tokyo trade after
Microsoft said it plans to buy mega games company Activision Blizzard.

 

The deal worth $68.7bn (£50.5bn), would be Microsoft's biggest ever buyout
and the largest deal in gaming history.

 

It would see the US firm owning popular gaming franchises including Call of
Duty, Warcraft and Overwatch.

 

The deal would be a major step for Microsoft's Xbox gaming brand in its
battle against Sony's PlayStation.

 

It also comes a year after Microsoft bought another influential gaming
company, Bethesda for $7.5bn.

 

Buying the troubled but successful Activision would turn Microsoft into the
world's third-biggest gaming company by revenue, behind China's Tencent and
Sony, marking a major shift for the industry.

 

Microsoft said the Activision-Blizzard deal would help it grow its gaming
business across mobile, PC and consoles as well as providing the building
blocks for the metaverse.

 

The purchase of the Call of Duty maker comes as Microsoft is also
aggressively expanding its Game Pass subscription service.

 

"We're investing deeply in world-class content, community and the cloud to
usher in a new era of gaming that puts players and creators first and makes
gaming safe, inclusive and accessible to all," Microsoft's chief executive
Satya Nadella said in a statement.

 

Microsoft plans to buy Activision Blizzard for $68.7bn

In the battle for popularity with gamers, Sony's PlayStation 5 is widely
seen as having the lead over Microsoft's fourth generation Xbox models.

 

In recent years, Sony has strengthened its network of in-house games studios
and delivered a string of exclusive hits including in its Spider-man
franchise, which has left its US rival playing catch-up.

 

The Japanese firm is also a pioneer in virtual reality and this month teased
some details its next generation headset.

 

However, it faces tough competition in that area from non-traditional rivals
such as Facebook owner Meta Platforms, which is investing heavily in its
metaverse offering.

 

Sony Group's shares were down by 12.2% in Tokyo Stock Exchange afternoon
trade, which helped to pull down the benchmark Nikkei 225 index by 2.9%.-BBC

 

 

 

More expats may quit Hong Kong over its tough Covid laws: Survey

A leading business organisation says more than 40% of its members are
considering leaving Hong Kong due to the city's strict coronavirus rules.

 

The American Chamber of Commerce in Hong Kong pointed to border closures as
a major issue for those surveyed.

 

The organisation's president has told the BBC she has now left Hong Kong.

 

The Asian financial hub has some of the world's tightest coronavirus rules
as it follows mainland China's tough zero-Covid policies.

 

The American Chamber of Commerce in Hong Kong's (AmCham HK) 2022 Business
Sentiment Survey polled 262 individuals and corporate representatives, many
of which have moved to the city from overseas.

 

It found that 44% of individuals said that they may leave Hong Kong due to
its border controls and social restrictions. That compares to 26% of the
companies surveyed saying they are considering relocating.

 

"Companies are not keen to go - but for the staff there are all sorts of
issues. Because they have personal lives, they have anxieties, they have
families back home," AmCham HK's outgoing-president Tara Joseph said.

 

"One of the things that's really hurting at this point is there seems to be
no light at the end of the tunnel," she said.

 

The survey found that Hong Kong's Covid-19 restrictions are causing
businesses significant disruptions, delaying new investment and making it
difficult to recruit talent.

 

However, the survey also said businesses are upbeat when it comes to their
prospects in the city.

 

This is particularly the case in the financial services industry, with
almost a third of respondents saying Hong Kong has gained in regional
competitiveness in the last three years when it comes to wealth management.

 

Many of those surveyed also said they saw business opportunities opening up
as some companies and individuals left the city.

 

While firms remained broadly optimistic, strained US-China relations, the
high cost of living and other issues have caused concerns.

 

Almost 70% of respondents said their confidence in Hong Kong's rule of law
had worsened over the past year, with issues such as the imprisonment of
billionaire Jimmy Lai and the increasing closeness of Hong Kong's government
to Beijing weighing on sentiment.

 

Ms Joseph is herself one of the expats who has chosen to leave the city.

 

Now back in the US, she is due to leave her post as AmCham HK's president in
March and said she has been unable to return to the city after Hong Kong
closed its border to America.

 

"Even if I wanted to go back, I couldn't," she said about the city she's
called home for the past 20 years.

 

"I feel sad but I'm a realist. I would love to see Hong Kong succeed."-BBC

 

 

 

How Gen Z is dealing with cost of living crisis

Prices are rising at rates not seen in decades - and that surging inflation
is something that millions of young people have never had to deal with.

 

High demand and shortages have steadily pushed up prices for consumer goods,
food, petrol and energy, putting further pressure on households across the
UK.

 

For Gen Z, adults aged from 18 to 25, this is the first time they have
experienced significant inflation in their life time.

 

We ask this generation, whose lives and careers have been some of the
hardest hit by the pandemic, how they are being affected.

 

Jessica Langton, who is required to drive long journeys between farms for
her job in cattle reproduction, told the BBC she had seen her petrol costs
rise by £100 per month.

 

The 21-year-old - who lives in Derby - is in the final year of her studies,
funded by a tuition loan with a fixed interest rate.

 

 

She is concerned that wages have not increased in line with the cost of
living, which means that a sudden bill - such as a car breakdown - would be
a "huge stress to cover".

 

"You're meant to work to live rather than the other way round and the rising
costs of everything aren't helping young people at the moment," she told the
BBC.

 

"My sister is 15 and I'm worried about her fees as fixed interest rate loans
may be harder to get then and I think fees should've been discounted during
the pandemic," she added.

 

Due to higher food and drink costs, Ms Langton said she and her friends had
cut back on restaurant and pub visits.

 

"Inflation has added a lot of mental pressure and stress," she said.

 

"A lot of my friends are on the minimum wage and are really struggling as
it's far behind inflation."

 

Alfie Kearns, from Liverpool, told the BBC he believed inflation was making
it harder to save money so that he can move out of his family home.

 

"Energy bills and gas and everything has been going up," he said.
"Especially with it being the winter period, there's definitely increases
anyways but this [rising costs] is just the cherry on top."

 

"A big thing for me right now is I want to move out, I want my own home and
that's the next step for me and it's just impossible in the current
climate," he said.

 

"It's so hard to save as it is. If you want more affordable housing you have
to go through different sort of systems with the council where the demand is
just extortionate and extreme, so you would be waiting forever."

 

The 24-year-old was on Universal Credit at the start of 2021 before getting
a job through the government's Kickstart scheme.

 

Now Alfie helps others find work at I Am Moore, an organisation which helps
get young people into careers. Alfie said he had met a lot of recent
graduates in his new job. He said they have "talents and ambition", but were
unable to find work.

 

"The younger generation, they should be motivated and supported into
adulthood, but instead we are sort of scuppered with rising costs," he
added.

 

"It's like running a marathon with no finishing line in sight."

 

For Adam Mlamali, a stock trader, inflation is something he "constantly"
studies to monitor and make decisions over his investments.

 

The 20-year-old, who moved to Birmingham from London to buy his first
property, said a food delivery service based in the capital which he made a
large investment in was experiencing surging operating costs.

 

"One of the alarming risks facing the company was the fact that due to
inflation across the entire food delivery industry, drivers are being paid
out 15% more per hour, leading to increased costs potentially affecting our
returns," he added.

 

"Right now there's a big talk with certain investors and investment funds
whether, is inflation transitory? Is it just a period that is going to end?
Or is this actually here to stay?"

 

Adam said certain investment vehicles "aren't really performing now" as they
were in the last few years due to rising costs.

 

"You need to be realistic with budgeting, spending, saving and even
potentially investing," he said.

 

Aimee Cashmore, a public relations consultant who lives in London, hasn't
experienced "a particular pinch" on prices in comparison to when she
graduated.

 

"Obviously the cost of living is particularly high for young people and
students. If you go to university and then fresh out of university into the
real world and move out you're typically riddled with debt" said the
23-year-old said.

 

Amiee said more lessons about the economy and finances in schools would help
young people understand rising costs and budget more effectively.

 

Through her work in the technology sector, she's noticed influencers on
social media platforms sharing financial advice, which she said, if
"vetted", could make information more accessible for young people.

 

"You don't really learn about pensions, mortgages or anything like that,"
she said. "I'm 23 and only starting to get my head round any of that because
you're just not taught it."-BBC

 

 

 

Mobile firms agree another 5G delay at US airports

US mobile networks AT&T and Verizon have agreed to postpone the rollout of
their new 5G service at some airports.

 

The C-band service, which offers faster speeds and broader coverage, was due
to be turned on tomorrow.

 

But airlines in the US have pushed to delay the start, warning that the
signals could interfere with aeroplane navigation systems.

 

The telecoms firms expressed frustration as they bowed to pressure to limit
their rollout.

 

AT&T said it was "temporarily" deferring the rollout at a "limited number of
towers around certain airport runways". Regulators had had "two years" to
plan for the start of 5G service, it added.

 

"We are frustrated by the Federal Aviation Administration's inability to do
what nearly 40 countries have done, which is to safely deploy 5G technology
without disrupting aviation services, and we urge it do so in a timely
manner," AT&T said in a statement.

 

"We are launching our advanced 5G services everywhere else as planned with
the temporary exception of this limited number of towers."

 

Verizon also said it had "voluntarily decided to limit our 5G network around
airports".

 

This third postponement came as the White House and aviation authorities
rushed to work out a solution to an issue that airlines have warned could
cause major disruption, forcing them to ground some of their fleets and
cancel flights.

 

In a statement, President Joe Biden thanked Verizon and AT&T for agreeing
the delay, which he said would affect only about 10% of wireless tower
locations.

 

"This agreement protects flight safety and allows aviation operations to
continue without significant disruption and will bring more high-speed
internet options to millions of Americans," he said, adding that officials
would continue talks to find a "permanent, workable solution around these
key airports".

 

Phone companies have spent tens of billions of dollars to upgrade their
networks to deploy the 5G technology, which brings much faster internet
services and greater connectivity.

 

But airlines fear C-band 5G signals will disrupt planes' navigation systems,
particularly those used in bad weather. Two major planemakers, Airbus and
Boeing, have also voiced concerns.

 

Graphic showing how 5G signal could interfere with aviation

In a recent letter to regulators, the 10 biggest US airlines said they
wanted 5G signals to be excluded from "the approximate two miles of airport
runways at affected airports as defined by the FAA on 19 January 2022".

 

"This will allow 5G to be deployed while avoiding harmful impacts on the
aviation industry, travelling public, supply chain, vaccine distribution,
our workforce and broader economy.

 

"We further ask that the FAA immediately identify those base stations
closest to key airport runways that need to be addressed to ensure safety
and avoid disruption," they added.

 

There have been several delays already because of the aviation concerns,
with launch dates in December and earlier this month both being pushed back.
Wireless industry groups say airlines are distorting the risks.

 

Despite Tuesday's deal, some airlines including Air India and Japan's
biggest airline, ANA Holdings said they had cancelled some U.S.-bound
flights because of possible 5G interference.

 

The much-hyped expansion of 5G networks in the US has been chaotic, to say
the least.

 

The rollout has been delayed twice - and now AT&T and Verizon have bowed to
intense pressure, agreeing to defer opening some parts of the network near
airports.

 

This happened because of concerns about the safety of aircraft. To mitigate
those concerns, airlines would have had to operate under restrictions they
clearly found intolerable.

 

But those safety issues have been well publicised for more than a year.
There was clearly time to come up with a mitigation plan - and other
countries have been able to do just that.

 

The question is, why were US regulators, telecoms operators, airlines and
airports apparently unable to come up with a workable solution?

 

line

In other countries, telecoms companies have been required to reduce 5G
signals around airports by taking steps such as pointing antennae away from
control towers.

 

But US firms were not expecting those types of limits to be imposed when
they spent billions on 5G infrastructure, said Diana Furchtgott-Roth, a
professor of transportation economics at George Washington University and a
former deputy assistant secretary at the US Department of Transportation.

 

"They want to get the most out of their investment," she said. "What they
should have been told beforehand is that they would not have free rein to
use it because it could interfere with the planes but they were not given
that information in advance."

 

In an update on Sunday, the FAA, which oversees aviation safety across the
US, said it had cleared "an estimated 45% of the US commercial fleet to
perform low-visibility landings at many of the airports where 5G C-band will
be deployed".

 

The FAA added that it had approved "two radio altimeter models that are
installed in a wide variety of Boeing and Airbus planes".

 

"Even with these new approvals, flights at some airports may still be
affected," the regulator said.

 

"The FAA also continues to work with manufacturers to understand how radar
altimeter data is used in other flight control systems. Passengers should
check with their airlines if weather is forecast at a destination where 5G
interference is possible."-BBC

 

 

 

Oil prices hit seven-year high after attack

The price of oil hit its highest level in more than seven years on Tuesday
as traders worried that an attack on a fuel storage facility in the Middle
East could affect supply.

 

A suspected drone attack by Yemeni Houthi rebels in the United Arab Emirates
blew up three fuel tankers.

 

Three people were killed in the attack on Monday near Abu Dhabi airport.

 

A Saudi-led coalition retaliated with airstrikes on the Yemini capital of
Sanaa, killing as many as 20 people.

 

The surging price of oil is also thought to be partly down to growing
optimism for a speedy global economic recovery from the coronavirus
pandemic, which would increase demand for the fossil fuel.

 

Concern about the attacks on the oil-rich state, twinned with expectations
for a surge in demand, sent prices to their highest level since October
2014.

 

 

Brent crude, which is the international benchmark for oil prices, rose
almost 1% to hit $87.22 a barrel. Price rises were even steeper in the US,
where West Texas Intermediate crude increased by 1.3% to $84.89 a barrel.

 

Cost of living crunch

And there are already concerns that increases in the cost of oil could
further contribute to a cost-of-living squeeze.

 

"Traders are eyeing the $100 per barrel mark for crude oil for the first
time since 2014, with the perceived diminishing threat posed by Omicron to
the global economy and supply constraints and disruption driving the black
stuff higher," said AJ Bell's investment director Russ Mould.

 

"A rise in oil prices to a seven-year high and a continuing, though below
inflation, rise in UK earnings has put the spotlight once again on
inflationary pressures and a cost of living crisis," he added.

 

Mr Mould's comments followed news from the Office for National Statistics
that the cost of living in the UK was increasing faster than salary rises,
leaving people feeling poorer.-BBC

 

 

'Aldi opens its first till-free supermarket

Aldi has opened its first checkout-free supermarket where people can shop
without having to scan a product.

 

The grocer is operating a "trial" store in Greenwich, London, which allows
customers to complete their shop and pay without going to a till.

 

Instead, customers can download the Aldi Shop&Go app, and will then be
automatically charged for their purchases once they leave the store.

 

Aldi's new store follows similar moves by Tesco, Sainsbury's and Amazon.

 

The supermarket's new site will also allow customers to buy alcohol, using
facial-age estimation technology, to check whether they appear to be over
the age of 25.

 

People who cannot or choose not to use this system can have their age
verified by a member of staff.

 

A series of hi-tech cameras will track customers as they do their shopping,
and then bill them when they leave.

 

Giles Hurley, chief executive of Aldi UK and Ireland, said he was "looking
forward to seeing how customers react" to the trial, which he said used the
"very latest in retail technology".

 

Lewis Esparon, Greenwich store manager, added: "We have been working towards
this day for several months now so it will be great to see how our customers
react to the new technology.

 

"For us, steps like this are always about improving the customer experience
and the whole team are looking forward to being on-hand and ready to help to
ensure that experience is as smooth as ever."

 

Before the service was launched, Aldi trialled the format with employees.

 

Aldi is Britain's fifth largest supermarket with more than 950 stores and
about 38,000 staff.

 

Online retailer Amazon inspired the "grab-and-go" shopping phenomenon in
Seattle, when it opened its first checkout-free store in 2018.

 

Dubbed the "future of retail", Sainsbury's launched its own till-less shop
later that year which allowed customers to scan goods with a smartphone and
put them straight into a bag, and pay via phone.

 

Meanwhile, Tesco has enabled customers with the Tesco.com app be able to
pick up the groceries they need and walk straight out at its branch in High
Holborn, London.

 

A combination of cameras and weight sensors establish what customers have
picked up and they are then charged for products directly through the
supermarket's app when they leave.

 

Retail expert Natalie Berg, founder of NBK Retail, said till-free shopping
was "only going to grow".

 

"Retailers are in a race to offer the most frictionless in-store experience
- in retail 'no touch' has become the new normal," she added.

 

"Amazon was the main catalyst for this trend and the pandemic has really
accelerated this."

 

Ms Berg said it was "interesting" that Aldi had adopted this approach, with
many discount supermarkets tending to "shy away" from anything that "adds
costs to the business".

 

However, Ms Berg suggested Aldi could see the till-less supermarket as a
long-term opportunity to reduce labour costs.

 

"There is a fine balance retailers have to strike between seamless and
soulless. The danger with too much automation is that it can make stores
feel cold and uninspiring," she added.

 

'Best ever Christmas'

Separately, Aldi has hailed its "best ever" Christmas after a jump in
December trading.

 

The discount supermarket said sales increased by 0.4% compared with the same
month last year, when grocery stores had been buoyed by lockdown measures
affecting hospitality firms.

 

In the run-up to Christmas, it sold more than 43 million mince pies and 118
million Brussels sprouts.

 

Boss Mr Hurley said the supermarket would commit to offering shoppers the
lowest grocery prices throughout 2022 amid concerns over the rising cost of
living.

 

"As we look ahead, the top priority for most families this year will be
managing their household budgets in the face of rising living costs," he
said.-BBC

 

 

 

Asia shares fall as Treasury yields hit fresh highs

(Reuters) - Asia's share markets fell on Wednesday as U.S. Treasury yields
hit fresh two-year highs and a global technology stock sell-off unsettled
investors worrying about inflation and bracing for tighter U.S. monetary
policy.

 

Oil prices hit their highest since 2014 amid an outage on a pipeline from
Iraq to Turkey and global political tensions, stoking fears of inflation
becoming more persistent and propping up the dollar, which hovered near
one-week highs.

 

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS)
reflected the sombre tone, losing 0.7% in mid-afternoon trade after closing
lower for four days straight.

 

Australia (.AXJO) shed 1.0%, while Japan's Nikkei (.N225) hit a three-month
low as technology stocks fell and worries over new curbs on businesses to
halt a record surge in coronavirus cases curbed risk appetite. It was last
down 2.7%. read more

 

Shares in Sony Group (6758.T) slumped to their lowest level since late
October, losing more than 10% after gaming rival Microsoft (MSFT.O) said it
will buy developer Activision Blizzard (ATVI.O). read more

 

Elsewhere, South Korea's Kospi (.KS11) lost 1.0%, while China's blue-chip
index (.CSI300) was down 0.6% despite expectations of more central bank
policy easing. Hong Kong's Hang Seng index (.HIS) bucked the downtrend to
trade flat.

 

Two-year Treasury yields , which track short-term interest rate
expectations, were last at 1.069%, after hitting as high as 1.075%, the
highest since February 2020, as traders positioned for a more hawkish
Federal Reserve ahead of the U.S. central bank's policy meeting next week.

 

"The speed of the short-rate move ... is raising concerns that Asia is going
to have follow very quickly in hiking rates," said Sean Darby, global equity
strategist at Jefferies.

 

The prospect of higher U.S. rates also played out elsewhere in fixed income
markets, with longer-dated U.S. Treasury yields hitting fresh two-year
highs.

 

Ten-year yields were up about 1 basis point at 1.8842% after hitting as much
as 1.890%, while five-year yields were at 1.682%, also holding near new
two-year highs recorded early in the session.

 

"It seems as if rates are following the typical historical pattern of
increasing into the first Fed hike of the cycle," Rodrigo Catril, a senior
FX strategist at National Australia Bank, said in a note.

 

"Another surge in oil prices and ongoing repricing of Fed hike expectations
are themes playing in the rates space with the U.S. dollar broadly stronger,
benefiting from the combination of higher U.S. Treasury yields and spike in
risk aversion," he added.

 

The dollar index , which tracks the greenback against a basket of currencies
of other major trading partners, was down a tad at 95.669.

 

The Australian dollar was just below its 50-day moving average at $0.71915,
while sterling held steady at 1.3609.

 

It will be in focus later on Wednesday when British inflation figures are
due, with annual headline inflation expected to reach its highest in almost
a decade of 5.2%.

 

Oil prices rose for a fourth day as an outage on a pipeline from Iraq to
Turkey added to worries about an already tight supply outlook amid
geopolitical troubles involving Russia and the United Arab Emirates. read
more

 

U.S. crude jumped 1.36% to $86.59 a barrel. Brent crude rose 1.21% to $88.57
per barrel.

 

Gold was slightly lower. Spot gold traded at $1,811.35 per ounce.

 

The Thomson Reuters Trust Principles.

 

 

 

Big U.S. banks see higher expenses from workers' rising wages

(Reuters) - Big U.S. banks will spend more on salaries and benefits this
year, as inflationary pressures, pandemic risks and the tight labor market
force them to raise wages to get and keep workers.

 

The nation's six biggest banks - JPMorgan Chase & Co (JPM.N), Bank of
America (BAC.N), Citigroup (C.N), Wells Fargo & Co , Morgan Stanley (MS.N)
and Goldman Sachs Group Inc (GS.N) - have taken steps to raise some workers'
wages in 2021 and several raised expense projections for the coming year.

 

"We are seeing certainly fierce competition in the war for talent, and
that's playing out in wage inflation," Emily Portney, chief financial
officer for Bank of New York Mellon Corp (BK.N), told Reuters in an
interview after reporting fourth-quarter earnings on Tuesday. read more

 

Portney said wages are rising even at the lower pay scales.

 

The cut-throat competition has forced investment banks and wealth managers
like JPMorgan Chase, Bank of New York Mellon and Goldman Sachs to pay more
to recruit and keep talent in some of its most lucrative jobs.  

 

Goldman on Tuesday reported a 23% increase in fourth-quarter operating
expenses, mainly due to higher compensation and benefits costs. In August,
Goldman followed rival banks in raising pay for second-year analysts and
first-year associates to $125,000 and $150,000.

 

"There is real wage inflation everywhere in the economy, everywhere," said
Goldman's Chief Executive David Solomon.

 

The latest Labor Department employment report showed wages have increased
solidly across the board. read more

 

At retail banks, the ongoing pandemic risks facing frontline branch workers
and the high number of open jobs has pushed Bank of America and Wells Fargo
to raise the minimum wage they offer to entry-level employees.

 

Bank of America, which reports its earnings on Wednesday, increased its
minimum wage to $21 an hour in October as part of its pledge to have its
minimum wage at $25 by 2025.

 

Wells Fargo raised its minimum wage for hourly workers to $18-$22, depending
on location, late last year. The federal minimum wage in the U.S. is
currently $7.25.

 

"The banking sector is not immune from the labor shortages and the trend of
less people going into the industry due to the relative attractiveness of
... other industries," said Mark Doctoroff, co-head of MUFG's
[RIC:RIC:MTFGTU.UL] Global Financial Institutions Group.

 

Wells' Chief Financial Officer Mike Santomassimo said last week the bank
expects a $500-million increase in wage and benefits-related costs in 2022
on top of the normal level of merit and pay increases, in part because of
the increase in the minimum wage. read more

 

JPMorgan Chase, the largest U.S. bank, reported last week its non-interest
expenses jumped 11% in the fourth quarter last year, largely due to higher
staff compensation. read more

 

Citi also highlighted the competition for workers in last week's earnings.

 

"Hiring has been very competitive across the business," Citigroup Chief
Financial Officer Mark Mason said. read more

 

The Thomson Reuters Trust Principles.

 

 

 

Tesla investors urge judge to order Musk repay $13 bln for SolarCity deal

(Reuters) - Tesla Inc (TSLA.O) shareholders urged a judge on Tuesday to find
Elon Musk coerced the company's board into a 2016 deal for SolarCity and
asked that the chief executive be ordered to pay the electric vehicle
company one of the largest judgments ever of $13 billion.

 

"This case has always been about whether the acquisition of SolarCity was a
rescue from financial distress, a bailout, orchestrated by Elon Musk," Randy
Baron, an attorney for shareholders, told the Zoom hearing.

 

The closing arguments recounted key findings from a 10-day trial in July
when Musk spent two days on the stand defending the deal. read more

 

The lawsuit by union pension funds and asset managers alleges that Musk
strong-armed the Tesla board into approving the deal for the cash-strapped
SolarCity, in which Musk was the top shareholder.

 

Musk has countered that the deal was part of a decade-old master plan to
create a vertically integrated company that would transform energy
generation and consumption with SolarCity's roof panels and Tesla's cars and
batteries.

 

Evan Chesler, one of the lawyers representing Musk, told the hearing that
the deal was not a bailout and SolarCity was far from insolvent and its
finances resembled many high-growth tech companies.

 

"They were building billions of dollars of long-term value," Chesler said of
SolarCity.

 

The all-stock deal was valued at $2.6 billion in 2016, but since that time
Tesla's stock has soared.

 

Shareholder attorney Lee Rudy urged Vice Chancellor Joseph Slights of
Delaware's Court of Chancery to order Musk return the Tesla stock he
received, which would be worth around $13 billion at its current price.

 

Musk said in court papers such an award would be at least five times the
largest award ever in a comparable shareholder lawsuit and called it a
"windfall" for plaintiffs.

 

Rudy said Slights should consider Musk's contempt for the deposition and
trial process, in which he repeatedly clashed with and insulted shareholder
attorneys.

 

"It would be a windfall for Elon Musk if he got to keep shares he never
should have gotten in the first place," Rudy said.

 

Chesler called the request to order Musk to return the stock from the deal
"preposterous" and said it ignored five years of unprecedented success at
Tesla.

 

Tesla's stock was down 1% at around $1,040in afternoon trade.

 

Tesla acquired SolarCity as the electric vehicle maker was approaching the
launch of its Model 3, a mass-market sedan that was critical to its
strategy. Shareholders allege the deal was a needless distraction and
burdened Tesla with SolarCity's financial woes and debt.

 

Shareholders claim that despite owning only 22% of Tesla, Musk was a
controlling shareholder due to his ties to board members and domineering
style. If plaintiffs can prove this, it increases the likelihood that the
court will conclude the deal was unfair to shareholders.

 

Musk's lawyers said the celebrity entrepreneur had no power to fire
directors or control their pay and he recused himself from price
negotiations on the SolarCity deal.

 

"Without Elon Musk, Tesla might not exist let alone have a $1 trillion
value," said Vanessa Lavely, an attorney for Musk. "That doesn't make him a
controller. That makes him a highly effective CEO."

 

Slights ended the hearing by saying he expects to rule in about three
months.

 

He said last week he intends to retire in the coming months and a related
shareholder lawsuit challenging Musk's record pay package was transferred
from Slights to another judge. read more

 

The Thomson Reuters Trust Principles.

 

 

Ford records $8.2 bln fourth-quarter gain from Rivian investment

(Reuters) - Ford Motor Co (F.N) said on Tuesday its fourth-quarter results
would include an $8.2 billion gain on its investment in Rivian Automotive
Inc (RIVN.O), following the electric-vehicle maker's blockbuster market
debut in November.

 

Rivian had soared as much as 53% to cross $100 billion in the biggest
initial public offering of 2021, but the company's shares have dropped over
27% since then. read more

 

The stock closed 8.5% lower on Tuesday after hitting its weakest since the
IPO amid a broader tech selloff on Wall Street.

 

Ford, an early investor in Rivian, currently owns about 12% of the
California-based company and has itself been racing toward electrification
in a shift away from traditional gasoline-powered cars as demand for green
transport surges.

 

It has pledged to invest more than $30 billion on EVs by 2030. read more

 

In 2019, the 118-year-old Detroit automaker invested $500 million in Rivian,
with plans to use the EV maker's platform to build a new Ford-branded
electric vehicle, but the companies dropped those plans in 2021. read more

 

Ford, which is reporting its fourth-quarter results on Feb. 3, also said on
Tuesday that it would reclassify its $900 million first-quarter 2021
non-cash gain on the Rivian investment as a special item.

 

The reclassification will change the automaker's full-year adjusted earnings
before interest and taxes (EBIT) guidance that was previously forecast
between $10.5 billion and $11.5 billion including the gain.

 

Ford also said it would record about $1.7 billion in costs associated with
buying back and redeeming more than $7.6 billion in high-cost debt in the
fourth quarter.

 

It will also mark a non-cash gain of about $3.5 billion in the fourth
quarter and $3.9 billion for the full year related to the remeasurement of
its global pension and other post-retirement employee benefits.

 

Ford also said it would report a $3.6 billion non-cash benefit, mostly due
to changes in its global tax structure.

 

The Thomson Reuters Trust Principles.

 

 

 

Millionaires group calls for wealth tax at virtual Davos

(Reuters) - A group of more than 100 billionaires and millionaires has
issued a plea to political and business leaders convening virtually for the
World Economic Forum: make us pay more tax.

 

The group calling itself the "Patriotic Millionaires" said that the
ultra-wealthy were not currently being forced to pay their share of the
global economic recovery from the pandemic.

 

"As millionaires, we know that the current tax system is not fair. Most of
us can say that, while the world has gone through an immense amount of
suffering in the last two years, we have actually seen our wealth rise
during the pandemic - yet few if any of us can honestly say that we pay our
fair share in taxes," the signatories said in an open letter, published on
the occasion of the World Economic Forum's "virtual Davos", which began on
Jan. 17.

 

Reuters reported last year on the staggering rise in billionaires' wealth in
2020, as the world went into lockdown and the global economy faced its worst
recession since World War Two, prompting the millionaires' group to call for
higher taxes.

 

While that spurred more than 130 countries to agree a deal to ensure big
companies pay a global minimum tax rate of 15%, aimed at making it harder
for them to avoid taxation, the millionaires said the wealthy still needed
to contribute more.

 

Over the course of the two years of the pandemic, the fortunes of the
world's 10 richest individuals have risen to $1.5 trillion - or by $15,000 a
second - a study by Oxfam this week showed.

 

'PART OF THE PROBLEM'

 

In the letter, the signatories including Disney heiress Abigail Disney and
venture capitalist Nick Hanauer told Davos participants convening for a week
of online power-brokering and talks: "You're not going to find the answer in
a private forum... you're part of the problem."

 

A spokesperson for the World Economic Forum said paying a fair share of
taxes was one of the forum's tenets, and a wealth tax -as exists in
Switzerland, where the organisation is based -could be a good model to
deploy elsewhere.

 

In most countries outside a handful in Europe and some recent joiners in
South America, the rich do not have to pay annual taxes on assets such as
real estate, stocks or artwork, because they are taxed only when the asset
is sold.

 

According to a study conducted by the Patriotic Millionaires together with
Oxfam and other non-profits, a progressive wealth tax starting at 2% for
those with more than $5 million and rising to 5% for billionaires could
raise $2.52 trillion, enough globally to lift 2.3 billion people out of
poverty and guarantee healthcare and social protection for individuals
living in lower income countries.

 

The World Bank in 2021 published an article urging countries to consider a
wealth tax to help reduce inequality, replenish state coffers depleted by
COVID-19 relief schemes and regain social trust.

 

However, outside Argentina and Colombia, no new wealth tax schemes have been
initiated since the start of the pandemic.

 

The Thomson Reuters Trust Principles.

 

 

 

Oil highest since 2014 as Turkey outage adds to tight supply outlook

(Reuters) - Oil prices rose for a fourth day on Wednesday as an outage on a
pipeline from Iraq to Turkey increased concerns about an already tight
supply outlook amid worrisome geopolitical troubles in Russia and the United
Arab Emirates.

 

Brent crude futures rose 87 cents, or 1%, to $88.38 a barrel at 0543 GMT,
adding to a 1.2% jump in the previous session. The benchmark contract
climbed to as much as $89.05, its highest since Oct. 13, 2014.

 

U.S. West Texas Intermediate (WTI) crude futures climbed $1.03, or 1.2%, to
$86.46 a barrel, adding to a 1.9% gain on Tuesday. WTI earlier jumped to a
high of $87.08, its highest since Oct. 9, 2014.

 

Turkey's state pipeline operator said it put out a blaze following an
explosion that cut oil flow at the Kirkuk-Ceyhan pipeline, adding that it
would be operational "as soon as possible". The cause of the explosion is
not known. [nL1N2TZ04K]

 

The pipeline carries crude out of Iraq, the second-largest producer in the
Organization of the Petroleum Exporting Countries (OPEC), to the Turkish
port of Ceyhan for export.

 

The loss comes as analysts are forecasting tight oil supply in 2022, driven
in part by demand holding up much better than expected as the highly
contagious Omicron coronavirus variant spreads, with some predictingthe
return of $100 oil. read more

 

Concerns over Russia, the world's second-largest oil producer, and the UAE,
OPEC's third-largest producer, are adding to the supply fears.

 

The UAE late on Tuesday called for a meeting of the United Nations Security
Council to condemn an attack on Abu Dhabi on Monday by Yemen's Houthi
movement, which has threatened further attacks. read more

 

Meanwhile, Russian troops are lined up on the border of Ukraine, with the
White House calling the crisis extremely dangerous and saying Russia could
invade at any point.

 

The tensions raise the prospect of supply disruptions at a time when OPEC,
Russia and their allies, together called OPEC+, are already having
difficulty meeting their agreed target to add 400,000 barrels per day of
supply each month.

 

"OPEC+ is falling short of hitting their production quotas and if
geopolitical tensions continue to heat up, Brent crude might not need much
of a push to get to $100 a barrel," OANDA analyst Edward Moya said in a
note.

 

Jet fuel consumption is rising with growth in international flights, while
road traffic is much higher than the same time last year, Commonwealth Bank
commodities analyst Vivek Dhar said in a note.

 

"OPEC+ supply constraints and the ongoing increase in global oil demand will
likely keep oil prices well supported in coming months," Dhar said.

 

OPEC officials have told Reuters that oil's rally may continue in the next
few months due to recovering demand and limited capacity in OPEC+, and
prices could break $100 a barrel. read more

 

The Thomson Reuters Trust Principles.

 

 

 

Microsoft to gobble up Activision in $69 billion metaverse bet

(Reuters) - Microsoft Corp (MSFT.O) is buying "Call of Duty" maker
Activision Blizzard (ATVI.O) for $68.7 billion in the biggest gaming
industry deal in history as global technology giants stake their claims to a
virtual future.

 

The deal announced by Microsoft on Tuesday, its biggest-ever and set to be
the largest all-cash acquisition on record, will bolster its firepower in
the booming videogaming market where it takes on leaders Tencent (0700.HK)
and Sony (6758.T).

 

It also represents the American multinational's bet on the "metaverse,"
virtual online worlds where people can work, play and socialize, as many of
its biggest competitors are already doing.

 

"Gaming is the most dynamic and exciting category in entertainment across
all platforms today and will play a key role in the development of metaverse
platforms," Microsoft Chief Executive Satya Nadella said.

 

Microsoft, one of the biggest companies in the world largely thanks to
corporate software such as its Azure cloud computing platform and Outlook
franchise, is offering $95 per share - a 45% premium to Activision's Friday
close.

 

 

Activision's shares were last up 26% at $82.10, still a steep discount to
the offer price, reflecting concerns the deal could get stuck in regulators'
crosshairs.

 

Microsoft has so far avoided the type of scrutiny faced by Google and
Facebook but this deal, which would make it the world's third largest gaming
company, will put the Xbox maker on lawmakers' radars, said Andre Barlow of
the law firm Doyle, Barlow & Mazard PLLC.

 

"Microsoft is already big in gaming," he said.

 

However, a source familiar with the matter said Microsoft would pay a $3
billion break-fee if the deal falls through, suggesting it is confident of
winning antitrust approval.

 

The tech major's shares were last down 1.9%.

 

The deal comes at a time of weakness for Activision, maker of games such as
"Overwatch" and "Candy Crush". Before the deal was announced, its shares had
slumped more than 37% since reaching a record high last year, hit by
allegations of sexual harassment of employees and misconduct by several top
managers.

 

The company is still addressing those allegations and said on Monday it had
fired or pushed out more than three dozen employees and disciplined another
40 since July.

 

CEO Bobby Kotick, who said Microsoft approached him about a possible buyout,
would continue as CEO of Activision following the deal, although he is
expected to leave after it closes, a source familiar with the plans said.

 

In a conference call with analysts, Microsoft boss Nadella did not directly
refer to the scandal but talked about the importance of culture in the
company.

 

"It's critical for Activision Blizzard to drive forward on its renewed
cultural commitments," he said, adding "the success of this acquisition will
depend on it."

 

'METAVERSE ARMS RACE'

 

Data analytics firm Newzoo estimates the global gaming market generated
$180.3 billion of revenues in 2021, and expects that to grow to $218.8
billion by 2024.

 

Microsoft already has a significant beachhead in the sector as one of the
big three console makers. It has been making investments including buying
"Minecraft" maker Mojang Studios and Zenimax in multibillion-dollar deals in
recent years.

 

It has also launched a popular cloud gaming service, which has more than 25
million subscribers.

 

According to Newzoo, Microsoft's gaming market share was 6.5% in 2020 and
adding Activision would have taken it to 10.7%.

 

Executives talked up Activision's 400 million monthly active users as one
major attraction to the deal and how vital these communities could play in
Microsoft's various metaverse plays.

 

Activision's library of games could give Microsoft's Xbox gaming platform an
edge over Sony's Playstation, which has for years enjoyed a more steady
stream of exclusive games.

 

"The likes of Netflix have already said they'd like to foray into gaming
themselves, but Microsoft has come out swinging with today’s rather generous
offer," said Sophie Lund-Yates, equity analyst at Hargreaves Lansdown.

 

Microsoft's offer equates to 18 times Activision's 2021 earnings before
interest, tax, depreciation and amortisation (EBITDA). That compares with
the 16 times EBITDA valuation of "Grand Theft Auto" maker Take-Two
Interactive's (TTWO.O) cash-and-shares deal for Zynga last week.

 

According to Refinitiv data, the Microsoft-Activision deal would be the
largest all-cash acquisition on record, trumping Bayer's $63.9 billion offer
for Monsanto in 2016 and the $60.4 billion that InBev bid for Anheuser-Busch
in 2008.

 

Tech companies from Microsoft to Nvidia have placed big bets on the
so-called metaverse, with the buzz around it intensifying late last year
after Facebook renamed itself as Meta Platforms to reflect its focus on its
virtual reality business.

 

"This is a significant deal for the consumer side of the business and more
importantly, Microsoft acquiring Activision really starts the metaverse arms
race," David Wagner, equity analyst and portfolio manager at Aptus Capital
Advisors said.

 

"We believe the deal will get done," he said, but cautioned: "This will get
a lot of looks from a regulatory standpoint."

 

The Thomson Reuters Trust Principles.

 

 

Richemont sales jump shows luxury revival

(Reuters) - Cartier owner Richemont said strong demand for its jewellery and
watches in the Americas and Europe helped sales rise by nearly a third in
the quarter to Dec. 31, the world's second largest luxury group said on
Wednesday.

 

Sales rose to 5.658 billion euros ($6.41 billion) in the company's third
quarter, a 32% increase when currency swings were removed. The performance
was 38% better than the 2019 Christmas quarter before the pandemic hit,
Richemont said in a statement.

 

High-end watch sales recovered last year, with Swiss watch exports slightly
above 2019 levels at the end of November, while Richemont also benefits from
its exposure to the faster growing jewellery category.

 

Sales at jewellery brands Cartier, Buccellati and Van Cleef & Arpels were up
38%, while specialist watchmaker sales, including IWC and Vacheron
Constantin, rose 25%, versus the year-ago period, Richemont said.

 

The Americas posted the strongest growth of 55%, followed by Europe with
42%, while China, which had already recovered the previous year, only saw 7%
growth, Richemont said.

 

Kepler Cheuvreux analyst Jon Cox said it was "a very strong set of figures
across the board, led by its peerless jewellery business", also highlighting
growth in Europe "given it has lagged the recovery in other areas".

 

"I would expect the stock to react positively," he said.

 

Earlier this week, Italian fashion group Prada posted a 41% rise in constant
currency sales for 2021 thanks to pent-up demand for luxury handbags and
clothes. read more

 

Peer LVMH (LVMH.PA), owner of the Bulgari and Tiffany jewellery brands, is
due to post full-year results on Jan 27. Swatch Group (UHR.S) results are
also expected around that date.

 

($1 = 0.8828 euros)

 

The Thomson Reuters Trust Principles.

 

 

Cadence Design Systems aims to cash in on new custom-chip era

(Reuters) - Microchip design software maker Cadence Design Systems Inc
(CDNS.O) is betting on growth from automakers and other chip users strapped
by global supply shortages who face mounting competition from rivals such as
Tesla Inc (TSLA.O) and Apple Inc (AAPL.O) that design their own chips.

 

Cadence and rivals Synopsys Inc (SNPS.O) and Siemens EDA (SIEGn.DE) are at
the center of a microchip industry shift as cloud computing providers,
software makers and others who traditionally have bought semiconductors from
a few big companies now want to draw up their chips own in-house.

 

Tesla, Apple and Alphabet Inc's (GOOGL.O) Google are among the leaders of
in-house design. Executives across industries have taken note of how custom
chips help set products apart, said Anirudh Devgan, who became Cadence's
chief executive last month. The company counts Tesla as a client and
analysts say Apple is as well.

 

Cadence shares fell 5% on Tuesday in a down market.

 

Developing a chip costs around $100 million, but artificial intelligence is
reducing costs, even as traditional semiconductor firms keep raising prices,
with many chips selling for more than $100 each.

 

"How many car companies have more than 1 million units? A lot of them,"
Devgan said in his first interview as CEO. "At some volume, it's a
no-brainer to do it because of cost, because of schedules and more
importantly, for customization."

 

Bottlenecks in the global semiconductor supply chain that have hobbled
production at most major automakers for over a year also are forcing
companies like Ford Motor Co (F.N) and General Motors Co (GM.N) to rethink
their approach to chip procurement.

 

The industry is consolidating hundreds of small micro-controller chips that
crept into cars piecemeal over decades into a smaller number of more
powerful and costlier chips.

 

Tesla has always used a consolidated approach, and the results contrast
sharply with those of other automakers. Despite a global chip shortage,
Tesla reported record fourth-quarter production, in part because close
control of its chip and system designs allowed the company's engineers to
quickly rewrite code to use chips that were available.

 

Cadence makes electronic design automation (EDA) software that translates
ideas on how a chip should work into the physical layout of tens of billions
of transistors crammed onto a few millimeters of silicon. The resulting
chips are often manufactured by third parties like Taiwan Semiconductor
Manufacturing Co .

 

In decades past, most of Cadence's customers were traditional semiconductor
firms. But the newer breed of "systems" customers, which dream up full
products in which chips play a central role, now account for about 40% of
Cadence's revenue, said Jay Vleeschhouwer, head of software research for
Griffin Securities.

 

Cadence has branched out to offer those customers software that goes beyond
chip design to helping fit their custom chip into a full product. Cadence
has acquired apps for tasks like packaging finished chips to put onto
circuit boards and making sure the chips will not overheat and melt in daily
use.

 

The allure of such functions "extends to automotive, aerospace, industrial
equipment, all of the makers of products" in which chips eventually reside,
said Joe Vruwink, analyst with Robert W. Baird & Co.

 

With the transformation of cars into rolling computers all but assured,
automakers and other chip-design newcomers will face stiff competition when
hiring chip architects, who are some of the most fought-over talent in the
tech industry.

 

As little as four years ago, Vleeschhouwer said, EDA companies were not
excited about the automotive market because it used less complex chips.

 

Now, multiple EDA firms "have made pilgrimages to Detroit and other centers
of automotive development, and they're making investments in those areas,"
he said. "It's a consequence of the fact that the complexity of automotive
systems, at the system level and the chip level, has become highly
motivating."

 

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
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

 


 

 


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