Major International Business Headlines Brief::: 22 January 2022

[Bulls n Bears]

 <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::: 22 January 2022 

 


 

 


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

 


 

 


ü  Serbia revokes Rio Tinto lithium mine permits following protests

ü  Firms call for urgent help with energy bills

ü  Ex-Credit Suisse chief also broke Covid rules going to Euros final

ü  Omicron spread led shoppers to desert High Street

ü  Amazon could face claims by U.S. agency over union supporter's firing

ü  Yellen rebrands Biden economic agenda as 'modern supply-side economics'

ü  Workers at Activision Blizzard-owned studio say they have formed union

ü  Google asks judge to dismiss most of Texas antitrust lawsuit

ü  Union faults BP’s proposals in local refinery negotiations

ü  Royal Dutch no more - Shell officially changes name

ü  Mexico faces risks to growth, credit rating from energy bill -JP Morgan

ü  GM sets $6.5 bln for in Michigan electric vehicle plants -document,
sources

ü  S&P 500, Nasdaq post worst weeks since pandemic start as Netflix woes
deepen slide

ü  Nigeria: Dangote's Wealth Surges by U.S.$1.3 Billion in Three Weeks,
Nears Senegal's GDP

ü  Ghana: Telecos Reduce Momo Charges By 25 Percent ... to Reduce Impact On
E-Levy - Finance Minister

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Serbia revokes Rio Tinto lithium mine permits following protests

For months, thousands of people have been demonstrating against Rio Tinto's
plan to mine lithium in the country

Serbia has withdrawn the exploration licences of Anglo-Australian mining
company Rio Tinto following weeks of protests over plans for a lithium mine.

 

"All permits were annulled... we put an end to Rio Tinto in Serbia," Prime
Minister Ana Brnabic said on Thursday.

 

The decision comes just weeks ahead of Serbia's general election in April.

 

Relations between Belgrade and Canberra have also soured recently over
Australia's treatment and deportation of Serbian tennis star Novak Djokovic.

 

Djokovic, the world's number one men's tennis player who was unable to
compete in the Australian Open, has supported the protests against the
controversial mine.

 

In December, he posted images on social media of demonstrators and green
landscapes along with comments written in Serbian such as "clean air and
water are the keys to health" and "nature is our mother".

 

Thousands of demonstrators have been taking to the streets in recent months,
blocking main roads in several cities, including the capital Belgrade and
the country's second-largest city Novi Sad.

 

They say the development of a large mine near the town of Loznica in the
western Jadar Valley could cause irreparable damage to the landscape and
contaminate the region's water supplies.

 

Rio Tinto had previously said that any mining development in the country
would meet both domestic and European Union environmental standards.

 

Speaking at a news conference in Belgrade on Thursday, Ms Brnabic - Serbia's
first woman and first openly gay prime minister - said the decision to
abandon the $2.4bn (£1.8bn; A$3.3bn) Jadar lithium mine was made in response
to requests from environmental groups.

 

The project had been due to start production in 2027.

 

Rio Tinto's shares tumbled in Australia following the news, and were down
more than 4% after markets opened in London.

 

It is undoubtedly tempting to look for a link between Australia's treatment
of Novak Djokovic and Serbia's cancellation of Rio Tinto's mining project.

 

After all, it does have headquarters in Melbourne as well as London. And
Serbia's prime minister, Ana Brnabic, announced the demise of the
much-trumpeted lithium extraction operation just days after her counterpart
in Australia cheered the deportation of Serbia's sporting icon.

 

The cancelled project is more likely a victim of Serbia's domestic politics,
rather than a bizarre diplomatic tit-for-tat. Novak Djokovic is important to
Serbia - but not as important as the $2.4bn which the mining giant had
promised to invest.

 

In fact, pulling the plug is a reaction to months of protests. The movement
has surprised Serbia's authorities with its organisation, unity and broad
support going well beyond the usual coalition of opposition activists.

 

The government does not want to go into April's elections against a backdrop
of blocked roads and accusations about favouring foreign investors over
local interests.

 

But the environmentalists say they will continue protesting until the
authorities issue a permanent ban on lithium mining.

 

line

In December, local authorities in western Serbia scrapped a plan to allocate
land for a lithium mine in the region.

 

President Aleksandar Vucic had said that the opening of such a mine would
require approval following an environmental study and a referendum.

 

In a statement to Reuters news agency, the Australian government said it
regretted Serbia's decision: "We note the strong economic benefits of the
significant investment by Rio Tinto in Serbia," it said.

 

Lithium is the main component of the batteries used in electric vehicles and
demand for the element is increasing.

 

The World Bank estimates that globally the production of lithium will need
to increase by 500% by 2050.-BBC

 

 

 

Firms call for urgent help with energy bills

Five business groups have written to Chancellor Rishi Sunak urging support
for businesses and consumers as energy costs soar.

 

The groups, representing small and large businesses, bosses and
manufacturers, said price rises on the horizon could push millions of people
into fuel poverty.

 

They said businesses had also been hit by steep rises in bills.

 

The Treasury said it was helping families with £12bn support.

 

The five groups - the British Chambers of Commerce, the Confederation of
British Industry, the Federation of Small Businesses, the Institute of
Directors and Make UK - said businesses were likely to be faced with further
costs as existing fixed tariff contracts come to an end.

 

"The scale of the crisis has left companies with little protection while
they face dealing with soaring wage, shipping and tax costs," the groups
said.

 

 

"Small and medium-sized businesses are the most at risk. Many companies will
be left with little other choice than to pass costs on to their customers,
adding further inflationary pressure."

 

They said that the government should focus on "supporting firms across the
economy as they strive to manage these costs and protect cashflows".

 

Energy-intensive industries such as steel, ceramics and glass makers also
needed support to be competitive internationally, the groups said.

 

Soaring costs

Rising energy costs are putting pressure on families.

 

Inflation is running at its fastest rate for 30 years, pushed up by surging
food costs and the energy bill crisis.

 

A government spokesperson said: "We understand the pressures people are
facing with the cost of living and are providing support worth around £12bn
over two years to help families.

 

"Support is being targeted towards the lowest paid, and we are specifically
helping households with their energy bills.

 

"In addition, the energy price cap is currently insulating millions of
consumers from high global gas prices and we'll continue to listen to
consumers and businesses on how to manage the costs of energy."-BBC

 

 

 

Ex-Credit Suisse chief also broke Covid rules going to Euros final

Banker António Horta-Osório, who quit as Credit Suisse boss for breaking
Covid isolation rules, also went to the Euros football final, it has
emerged.

 

He resigned last weekend, with reports saying he had lost the confidence of
other directors for going to the Wimbledon tennis finals last summer.

 

But the former Lloyds Bank boss also attended the football at Wembley on the
same day, sources have confirmed.

 

News of the Euros visit was first reported by the Financial Times.

 

The Swiss bank had organised corporate hospitality at both events, but Mr
Horta-Osório took family members to both events after other guests were
unable to use the tickets, the Financial Times said.

 

The Portuguese executive attended Wimbledon and the final of the European
Championship in July at a time when the UK's Covid-19 restrictions required
him to be in quarantine.

 

Mr Horta-Osório 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.

 

He joined Credit Suisse in April last year following a series of scandals at
the bank, including allegations of spying on employees, and had vowed to
change the culture at the firm.

 

In his resignation statement earlier this week, Mr Horta-Osório said: "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.

 

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

 

The England-Italy Wembley final was later declared a Covid superspreader
event by public health officials, with more than 2,000 people said to have
attended while "likely to be infectious".-BBC

 

 

Omicron spread led shoppers to desert High Street

UK retail sales sank 3.7% in December from the month before as the spread of
Omicron deterred shoppers from visiting the High Street.

 

Data from the Office for National Statistics also showed a 7.1% fall in
clothing and other non-food sales.

 

However, last month's figures followed a strong November amid reports there
would be some shortages in the run-up to Christmas.

 

And while food sales fell by 1%, volumes were above pre-pandemic levels.

 

"After strong pre-Christmas trading in November, retail sales fell across
the board in December, with feedback from retailers suggesting Omicron
impacted on footfall," said Office for National Statistics (ONS) deputy
director for surveys and economic indicators Heather Bovill.

 

"As Plan B restrictions in England meant more people working from home,
there was a notable fall for fuel sales.

 

 

"However, despite the fall in December, retail sales are still stronger than
before the pandemic, with over a quarter of sales now made online."

 

Fuel volumes fell by 4.7% in December on the previous month as more people
worked from home, and were 6.6% below their pre-pandemic levels in February
2020.

 

Gavin Peck, chief executive of retailer The Works, told the BBC there were
definite signs that consumers did their Christmas shopping earlier than
usual last year.

 

Mr Peck, whose firm on Friday reported a strong rise in sales, said it was
noticeable that some shoppers were starting festive purchases as early as
September.

 

As the UK economy emerged from lockdown last year retail sales recovered
quickly from their 2020 pandemic slump.

 

But analysts say that a combination of fast-rising inflation led by surging
energy prices, the prospect of higher interest rates, and planned tax rises
in April may dent the appetite of consumers to keep on spending in 2022.

 

Bethany Beckett, economist at Capital Economics, said December's fall was
much bigger than expected and could drag UK growth figures lower.

 

However, she said: "With encouraging signs that the Omicron outbreak may
have turned a corner and the government's Plan B restrictions due to be
lifted next week, retail sales may recoup a bit of this fall in January and
probably all of it in February and March.

 

"That said, with the UK's cost of living crisis looming, we expect a
weakening in the consumer recovery to dampen retail sales further ahead."

 

Ms Beckett said that, despite weaker economic data, the Bank of England will
remain focused on accelerating inflation, and she still expects interest
rates to be raised to 0.50% in early February.

 

On Friday, The Restaurant Group, whose operations include Wagamama, Frankie
& Benny's, and food kiosks, said that despite the lifting of Plan B
restrictions "consumer confidence may take longer to recover".

 

The company's sales figures underlined the impact of December's Covid
restrictions on trading.

 

At Wagamama, sales in October and November were up 11% and 8% respectively
on the same months in 2019, before the pandemic hit, as people returned to
eating out in larger numbers.

 

But in December, Wagamama sales were just 1% up on 2019, and there were even
sharper falls at Restaurant Group's other divisions.-BBC

 

 

 

Amazon could face claims by U.S. agency over union supporter's firing

(Reuters) - Amazon.com Inc may soon face claims from a U.S. labor board that
it unlawfully fired a vocal union supporter at a New York warehouse in the
midst of an organizing campaign.

 

A National Labor Relations Board (NLRB) official in Brooklyn recently found
that claims involving the worker, Daequan Smith, had merit and plans to
issue a complaint against Amazon unless the company settles the case, board
spokeswoman Kayla Blado said in an email on Friday.

 

 

The development was first reported by Bloomberg.

 

Amazon did not immediately respond to a request for comment.

 

A new complaint against Amazon would fuel claims by labor organizers and
advocacy groups that the company uses unlawful tactics to thwart unionizing
while placing profits over worker safety.

 

In November, a NLRB official found that Amazon unlawfully interfered with a
union election at an Alabama facility in which workers overwhelmingly voted
against unionizing. The results of a second election will be tallied at the
end of March.

 

Smith worked at an Amazon warehouse in Staten Island, New York, that is the
subject of a more recent election petition by a group of employees. A
fundraising campaign launched on Smith's behalf in November says he was left
homeless after his firing.

 

The NLRB has the power to reinstate workers who are fired for engaging in
union activities and to compensate them for lost work, but cannot grant
other types of money damages.

 

The Thomson Reuters Trust Principles.

 

 

 

Yellen rebrands Biden economic agenda as 'modern supply-side economics'

(Reuters) - U.S. Treasury Secretary Janet Yellen on Friday rebranded the
Biden administration's economic agenda as "modern supply-side economics,"
using a Reagan-era phrase favored by Republicans to assert that Democrats'
spending plans will boost the U.S. economy's productive capacity.

 

Yellen said in a speech to the World Economic Forum that rather than tax
cuts and deregulation, her modernized version seeks to increase labor supply
and improve infrastructure, education and research to boost potential U.S.
growth and ease inflationary pressures.

 

"Our new approach is far more promising than the old supply- side economics,
which I see as having been a failed strategy for increasing growth," Yellen
said. "Significant tax cuts on capital have not achieved their promised
gains. And deregulation has a similarly poor track record in general and
with respect to environmental policies — especially so with respect to
curbing CO2 emissions."

 

Yellen did not announce any policy shifts as she introduced the concept,
which suggests it may be a new tactic to persuade Americans and moderate
Democrats in Congress to support the "Build Back Better" social spending and
climate investment plan, which stalled in December.

 

The new nomenclature emphasizes the administration's efforts to expand the
U.S. workforce - a sentiment echoed by President Joe Biden in a speech to
mayors on Friday - and increase productivity, forces that could help quell
inflationary pressures while supporting a stronger growth rate.

 

The administration is trying to blunt the political fallout from high
inflation that hit 7% last month amid labor, housing and goods shortages,
the biggest annual increase in nearly 40 years, and counter claims that
further spending would fuel further inflation.

 

A DIFFERENT SUPPLY SIDE

 

Yellen's vision of "supply-side economics" would differ greatly from the
"Reaganomics" version that burst into the mainstream in the 1980s with the
election of Ronald Reagan as president.

 

Then, lower taxes and lighter regulation were touted as the fuel that would
make U.S. businesses more competitive and profitable, unleashing capital
investment that would "trickle down" to the wider economy, fueling growth
and hiring.

 

At the same time, Republicans argued, the tax cuts would "pay for
themselves" through turbocharged growth - a phenomenon that has never come
to pass.

 

Yellen argued that the "supply" needs of the economy center around the
availability of labor, which has been constrained by the pandemic and in the
view of Democrats by the absence of policies around things like child and
elder care that could allow more people to join the workforce.

 

Yellen identified two years of universal early childhood education and an
expanded earned income tax credit as "core" components of the Build Back
Better plan going forward. read more

 

She added that Republican-passed tax cuts in 2017, rather than encourage
investment in the United States, have perpetuated the 'perverse corporate
tax incentives' that have encouraged companies to shift productive capacity
overseas as countries compete on taxes. The deal for a global 15% corporate
minimum tax, which depends on passage of Build Back Better for
implementation, would end this "race to the bottom" she said.

 

"Modern supply-side economics seeks to spur economic growth by both boosting
labor supply and raising productivity, while reducing inequality and
environmental damage," Yellen said. "Essentially, we aren’t just focused on
achieving a high topline growth number that is unsustainable — we are
instead aiming for growth that is inclusive and green."

 

The Thomson Reuters Trust Principles.

 

 

Workers at Activision Blizzard-owned studio say they have formed union

(Reuters) - A group of employees at an Activision Blizzard studio that works
on the "Call of Duty" franchise said on Friday that they had formed a union
and would seek voluntary recognition from the company, signaling organized
labor's first foothold at the video game giant.

 

The union, supported by the Communications Workers of America, represents 34
people in the quality assurance department at Raven Software.

 

Activision said it was considering the matter. Workers could also seek to
hold an election supervised by the National Labor Relations Board (NLRB).

 

Activision's stock has been battered in recent months as the company faces
multiple accusations of sexual harassment and misconduct, and on Tuesday
Microsoft Corp (MSFT.O)announced plans to acquire the company.

 

As criticism of Activision Blizzard's culture has mounted in recent months,
workers have banded together to influence the company's future, including
staging a walkout and circulating a petition calling for the removal of
Chief Executive Bobby Kotick.

 

Unionization has emerged as a goal for some, and workers in other parts of
Activision Blizzard are also signing union cards, said Jessica Gonzalez, a
former Activision employee, as well as a current employee who spoke on
condition of anonymity.

 

"I hope that we are able to serve as inspiration and to help guide other
parts of Activision Blizzard ... that want to follow in our footsteps," said
Onah Rongstad, a quality assurance tester at Raven.

 

Activision Blizzard said in a statement that it is "carefully reviewing" the
request for voluntary recognition.

 

"While we believe that a direct relationship between the company and its
team members delivers the strongest workforce opportunities, we deeply
respect the rights of all employees under the law to make their own
decisions about whether or not to join a union," the company said.

 

If Activision Blizzard does not voluntarily recognize the union, workers
plan to seek to hold an election sponsored by the NLRB, Rongstad said.

 

Workers on Raven's quality assurance team began striking in December after
learning that 12 of their colleagues had been laid off, Rongstad said.

 

By forming a union, the workers hope to gain more of a say in
decision-making at the company as well as help set their working conditions.
QA testers at Raven work up to 50- to 60-hour weeks when deadlines are
looming, Rongstad said.

 

The Thomson Reuters Trust Principles.

 

 

 

Google asks judge to dismiss most of Texas antitrust lawsuit

(Reuters) - Alphabet Inc's Google (GOOGL.O) asked a federal judge on Friday
to dismiss the majority of an antitrust lawsuit filed by Texas and other
states that accused the search giant of abusing its dominance of the online
advertising market.

 

Google said in its court filing that the states failed to show that it
illegally worked with Facebook, now Meta (FB.O), to counter "header
bidding," a technology that publishers developed to make more money from
advertising placed on their websites. Facebook is not a defendant in the
lawsuit.

 

The states had also alleged that Google used at least three programs to
manipulate ad auctions to coerce advertisers and publishers into using
Google's tools.

 

Google responded that the states had a "collection of grievances" but no
proof of wrongdoing. On some allegations, Google argued the states waited
too long to file its lawsuit.

 

"They criticize Google for not designing its products to better suit its
rivals' needs and for making improvements to those products that leave its
competitors too far behind. They see the 'solution' to Google’s success as
holding Google back," the company said in its filing.

 

Google asked for four of the six counts to be dismissed with prejudice,
which means that it could not be brought back to the same court.

 

Texas Attorney General Ken Paxton said they would press on with the fight.
"The company whose motto was once 'Don't Be Evil' now asks the world to
examine their egregious monopoly abuses and see no evil, hear no evil, and
speak no evil,” he said in a statement.

 

The Texas lawsuit had two other claims based on state law and made against
Google which were stayed in September. The search giant did not ask for them
to be dismissed on Friday but may in the future.

 

The lawsuit is one part of a long list of antitrust investigations and
federal and state litigation against the Big Tech platforms. read more

 

The Thomson Reuters Trust Principles.

 

 

 

Union faults BP’s proposals in local refinery negotiations

(Reuters) - The United Steelworkers union (USW) on Friday said proposals by
energy giant BP Plc would undermine its 56-year-old national program for
refinery and chemical plant worker contracts.

 

People in the USW familiar with the matter said BP has put forward proposals
in local negotiations at its U.S. refineries to require waiting periods of
up to 120 days between the expiration of a contract and the possible start
of a strike.

 

“BP's position at local tables attacks the National Oil Bargaining Program,”
the union said in a message to members and seen by Reuters. “Pipeline &
refinery locals stand together to fight back!”

 

A BP spokesperson declined to discuss the details of proposals in contract
negotiations.

 

“BP is negotiating in good faith with the United Steelworkers union to
improve the competitiveness of our business and create a sustainable future
for all,” said company spokesperson Cameron Nazminia.

 

A union spokesperson was not immediately available to discuss the USW’s
message.

 

Since 1966 the union has at many refineries won a common expiration date for
refinery and chemical plant contracts. The common date raises the
possibility workers will strike at multiple plants simultaneously, as
happened in 2015, during the last nationwide strike.

 

"We're standing the line," said a union source, who described the BP
proposals as taking refineries off the common contract expiration date,
allowing the company to "influence the contract behind the scenes."

 

While not changing the formal expiration date, the 120-day no strike period
changes the date in practice, potentially reducing the power of collective
action available to the USW with a common expiration date.

 

One company that has used no-strike or so-called labor peace periods is
Exxon Mobil Corp (XOM.N), which locked out 650 workers at its Beaumont,
Texas, refinery nearly nine months ago, following a 75-day no-strike period.

 

"We don't believe Exxon is the best example to follow," a union source said.

 

The USW is negotiating a new national agreement for 30,000 U.S. refinery and
chemical plant workers with Marathon Petroleum Corp (MPC.N), the industry’s
lead negotiator.

 

At the same time, USW local unions are negotiating site-specific issues with
plant managers.

 

The Thomson Reuters Trust Principles.

 

 

Royal Dutch no more - Shell officially changes name

(Reuters) - Shell officially changed its name on Friday, ditching "Royal
Dutch", which has been part of its identity since 1907, following plans to
scrap its dual share structure and move its head office from the Netherlands
to Britain.

 

"Shell announced the Board's decision to change its name to Shell plc on
December 20, 2021. This change has now taken effect," Shell said in a
filing.

 

The London and Amsterdam stock exchanges will reflect the name change on
Jan. 25 while the New York Stock Exchange will follow on Jan. 31.

 

The change will not affect share ownership and the A shares and B shares
will remain unchanged for the time being, Shell said.

 

The shares are planned to be assimilated into a single line of ordinary
shares on Jan. 29.

 

Shell announced in November it would scrap its dual share structure and move
its head office to London from The Hague, pushed away by Dutch taxes and
facing climate pressure in court as the energy giant shifts from oil and
gas.

 

The firm has been in a long-running tussle with the Dutch authorities over
the country's 15% dividend withholding tax on some of its shares, making
them less attractive for international investors. Shell introduced the
two-class share structure in 2005 after a previous corporate overhaul.

 

Shell held its first board meeting in London on Dec. 31.

 

The Thomson Reuters Trust Principles.

 

 

 

Mexico faces risks to growth, credit rating from energy bill -JP Morgan

(Reuters) - Mexico faces risks to economic growth and potential for a credit
rating downgrade in the medium term from political developments including
the likely passage of a controversial energy bill, JP Morgan said in a
report.

 

According to the bank, President Andrés Manuel López Obrador's plan to
tighten state control of the electricity market could trigger sovereign debt
rating downgrades from Moody's and Standard & Poor's. U.S. Energy Secretary
Jennifer Granholm raised concerns about the risks to investors from the
energy market initiative during talks with Mexican officials this week. read
more

 

 

The JP Morgan report, dated Thursday, stressed that the energy bill was
likely to pass at some point this year, even if in watered-down form. The
opposition PRI party could support the legislation, potentially fragmenting
the opposition to Lopez Obrador.

 

The bill's approval could enable Lopez Obrador to increase the strength of
the presidency and undercut the roles of independent institutions and
regulators, JP Morgan economist Gabriel Lozano wrote in the report.

 

In addition to the bill's passage, Lopez Obrador is likely to get a boost
from gubernatorial victories for his Morena party as well as his own
expected win in a recall referendum scheduled for April 10, Lozano said.

 

Against this backdrop, he expects the Mexico Central Bank to boost interest
rates to 7.25% this year and to 8% in 2023 from the current 5.5% level.

 

“If there are some doubts on whether Banxico (Mexico Central Bank) should
follow the Fed throughout 2023 or not, this year’s political events will
probably dictate the extent of the coupling, ” the bank said.

 

The Thomson Reuters Trust Principles.

 

 

 

GM sets $6.5 bln for in Michigan electric vehicle plants -document, sources

(Reuters) - General Motors and a joint venture with LG Energy Solution
(051910.KS) are to set announce investments of more than $6.5 billion next
week in Michigan in new electric truck and battery plants, according to a
state document and sources briefed on the matter.

 

The Michigan Strategic Fund said Friday it plans to consider at a Tuesday
board meeting GM's and the Ultium Cells joint venture's plans to invest $6.5
billion and add 4,000 jobs at sites in Lansing and Orion Township.

 

In December, Reuters reported that GM had proposed building a $2.5-billion
battery plant near Lansing with LG Energy Solution adding 1,700 jobs. The
two companies are expected to split the cost.

 

GM also is expected to invest at least $4 billion in Orion Township to build
versions of the new Chevrolet Silverado and GMC Sierra electric pickup
trucks, sources said. A significant plant expansion is expected to be
completed by 2025.

 

The automaker also is planning electric versions of its heavy-duty pickups,
but they are not likely to be built at the expanded Orion plant, one of the
sources said.

 

GM announced in January 2021 plans to eliminate tailpipe emissions from new
light-duty vehicles by 2035. The company confirmed this month it also plans
to eliminate tailpipe emissions from new heavy-duty vehicles by 2035.

 

GM said in a statement Friday it appreciates the support "related to two
prospective projects that GM is considering in Orion Township and Lansing.
Until these projects receive final approval, we have no comment on potential
announcement timing."

 

GM announced in June it would boost electric and autonomous vehicle spending
to $35 billion through 2025, a 30% jump over its prior forecast.

 

The Thomson Reuters Trust Principles.

 

 

S&P 500, Nasdaq post worst weeks since pandemic start as Netflix woes deepen
slide

(Reuters) - Wall Street's main indexes ended sharply lower on Friday as
Netflix shares plunged after a weak earnings report, capping a brutal week
for stocks that saw the S&P 500 and Nasdaq log their biggest weekly
percentage drops since the onset of the pandemic in March 2020.

 

The benchmark S&P 500 posted its third straight week of declines, ending
8.3% down from its early January record high.

 

Losses also deepened for the Nasdaq after the tech-heavy index earlier in
the week confirmed it was in a correction, closing down over 10% from its
November peak. The Nasdaq has now fallen 14.3% from its November peak and on
Friday closed at its lowest level since June.

 

Netflix shares tumbled 21.8%, weighing on the S&P 500 and the Nasdaq, after
the streaming giant forecast weak subscriber growth. Shares of competitor
Walt Disney (DIS.N) fell 6.9%, dragging on the Dow, while Roku (ROKU.O) also
slid 9.1%. read more

 

"It has really been a continuation of a tech rout,” said Paul Nolte,
portfolio manager at Kingsview Investment Management. "It’s really a
combination of a rotation out of technology as well as very poor numbers
from Netflix that I think is the catalyst for today."

 

The Dow Jones Industrial Average (.DJI) fell 450.02 points, or 1.3%, to
34,265.37, the S&P 500 (.SPX) lost 84.79 points, or 1.89%, to 4,397.94 and
the Nasdaq Composite (.IXIC) dropped 385.10 points, or 2.72%, to 13,768.92.

 

For the week, the S&P 500 fell 5.7%, the Dow dropped 4.6% and the Nasdaq
declined 7.6%.

 

The Dow fell for a sixth straight session, its longest streak of daily
declines since February 2020.

 

The S&P 500 closed below its 200-day moving average, a key technical level,
for the first time since June 2020.

 

"When markets get like they've gotten this week, the emotion is what takes
over," said Jim Paulsen, chief investment strategist at The Leuthold Group.
"Until it finds support, no one's going care about anything fundamental."

 

Stocks are off to a rough start in 2022, as a fast rise in Treasury yields
amid concerns the Federal Reserve will become aggressive in controlling
inflation has particularly hit tech and growth shares.

 

Investors are keenly focused on next week's Fed meeting for more clarity on
the central bank's plans to tighten monetary policy in the coming months,
after data last week showed U.S. consumer prices in December had the largest
annual rise in nearly four decades. read more

 

“Between the Fed meeting and earnings, there is a lot that the market could
be worried about next week,” said Anu Gaggar, global investment strategist
at Commonwealth Financial Network.

 

Apple (AAPL.O), Tesla (TSLA.O) and Microsoft (MSFT.O) are among the large
companies due to report next week in a busy week of earnings results.

 

Declining issues outnumbered advancing ones on the NYSE by a 4.26-to-1
ratio; on Nasdaq, a 4.34-to-1 ratio favored decliners.

 

The S&P 500 posted five new 52-week highs and 24 new lows; the Nasdaq
Composite recorded 13 new highs and 1,029 new lows.

 

About 14.6 billion shares changed hands in U.S. exchanges, compared with the
10.4 billion daily average over the last 20 sessions.

 

The Thomson Reuters Trust Principles.

 

 

Nigeria: Dangote's Wealth Surges by U.S.$1.3 Billion in Three Weeks, Nears
Senegal's GDP

Mr Dangote's wealth is on course to see greater boost later in 2022 when his
$19 billion petroleum refinery project is expected to be delivered.

 

Aliko Dangote recorded a boost of as much as $1.3 billion in his fortune in
the year to January 21, a period that was a blessing to investment for
shareholders of his cement firm, Dangote Cement Plc.

 

At $20.4 billion according to Bloomberg's Billionaires Index on Friday, the
wealth of Africa's richest man now approaches the value of the economy of
the entire nation of Senegal, which the World Bank estimates to have a gross
domestic product of $24.9 billion.

Dangote owes the latest rise in its fortune to the execution of the second
tranche of the share buyback of his cement firm this week, which investors
are betting will lift the valuation of the company further.

 

Dangote Cement has so far yielded 11 per cent since the turn of the year,
firming up its reputation as Nigeria's biggest company by market value at a
market capitalisation of N4.9 trillion as of Friday.

 

It contributes roughly half of Dangote's wealth, reaching its peak level of
N265.7 per share since 2010 on Friday.

 

The mogul, Bloomberg reported, is among the 35 billionaires of the top 100
in the world that recorded an increase in their wealth in January. The most
phenomenal advance was the jump by $13 billion to $89.5 billion in the
riches of India's most affluent man, Gautam Adani.

 

Dangote's wealth is on course to see a much greater boost later in 2022 when
his $19 billion petroleum refinery project is expected to be delivered.

 

The 650,000 barrels per day capacity refinery is said to be the largest
single-train refinery in the world and is located on a vast expanse of land,
about six times the size of Victoria Island.

 

The refinery is expected to wean Nigeria off its almost absolute dependence
on imported fuel and transform it into a net exporter, helping the
government to conserve scarce forex.

 

Dangote's investment ambition knows no bounds, and the industrialist has
told the Financial Times his intention to buy an English football club when
his refinery project is done and dusted. David Pilling, the Financial Times
journalist who interviewed him on the subject in 2018, said Dangote talked
of buying Arsenal "as though discussing (buying) the latest model of
iPhone."-Premium Times.

 

 

Ghana: Telecos Reduce Momo Charges By 25 Percent ... to Reduce Impact On
E-Levy - Finance Minister

The telecommunications companies in the country have offered to cut mobile
money charges by 25 per cent to provide financial relief to subscribers, the
Minister of Finance, Ken Ofori-Atta, has announced.

 

This for instance, means that the GHc1.00 charged for sending GHc100.00 will
now be reduced to GHC0. 75p.

 

Mr Ofori-Atta disclosed this at a press conference in Accra on Wednesday to
brief the citizens about the developments in the economy and the E-Levy, and
said the move was to reduce the overall net impact of the E-Levy on mobile
money consumers.

 

He said the E- Levy was a necessary tool to increase the country's Tax to
Gross Domestic Ratio from around 13 per cent to 16 per cent.

 

"The E-Levy would not only ensure that we move towards a more sustainable
debt level but would also ensure that we have the revenues to sustainably
invest in entrepreneurship, youth employment, cyber security, digital and
road infrastructure," Mr Ofori-Atta said.

 

He said digitalisation was eroding the traditional resilience of brick and
mortar enterprises, stressing that with fewer transactions happening across
the counter, there was an increased risk that some of the standard revenue
generation and tax measures would gradually become obsolete.

 

"Indeed, except for Excise duties, the various tax types experienced a
marked decline in growth between 2019 and 2020. Domestic Value Added Tax
(VAT), for instance, which has traditionally been a significant component of
Ghana's tax framework, increased by three per cent between 2019-2020,
compared to 29 per cent between 201 and 2019," Mr Ofori-Atta, said.

The Finance Minister said the E-Levy was borne out of a careful study of
current trends in the rapidly evolving digital age and was specific on the
transactions on which it will be applied.

 

"After extensive consultations, the E-levy will be re-submitted to
Parliament this month. We look forward to joining hands with Members of
Parliament to approve the E-Levy on a consensus basis so we can collectively
address the big issue of unemployment," Mr Ofori-Atta said.

 

He said the Ministry of Finance had had consultations on the E-Levy with
faith-based organisations, the banks and Chamber of Telecommunications,
civil society organisations after the 2022 budget was presented to
Parliament.

 

"A team comprising myself, colleague ministers and other key members of
government have started public engagement and sensitisation campaign across
the country. We intend to communicate clearly on the proposed mechanics of
the E-levy, its potential benefits to the people of Ghana within the spirit
of burden sharing that must guide us in our development efforts as we move
Ghana Beyond Aid," Mr Ofori-Atta said.

 

Among others, the Finance Minister said the E-Levy would cover Mobile Money
Transfers between accounts on the same electronic money issuer (EMI) such as
Mobile Money transfers from an account on one EMI to a recipient on another
EMI, transfers from bank accounts to mobile money accounts, transfer from
mobile money accounts to bank accounts; and bank transfers on a digital
platform or application which originate from a bank account belonging to an
individual to another individual.

 

"I emphasise that E-Levy will not impact cumulative transfers of GHC 100 per
day made by the same person, transfers between accounts owned by the same
person, transfers for the payment of taxes, fees, and charges on the
Ghana.gov platform, electronic clearing of cheques, specified merchant
payments (i.e. payments to commercial establishments registered with GRA for
Income Tax and VAT purposes); and transfers between principal, master-agent,
and agent's accounts," Mr Ofori-Atta said.-Ghanaian Times.

 

 

 

 


 


 


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%2FBullsBearsZimba
bwe&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/20220122/8797e3fe/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/20220122/8797e3fe/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/20220122/8797e3fe/attachment-0004.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20220122/8797e3fe/attachment-0005.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65561 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20220122/8797e3fe/attachment-0001.obj>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image006.jpg
Type: image/jpeg
Size: 22328 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20220122/8797e3fe/attachment-0001.jpg>