Major International Business Headlines Brief::: 28 January 2022

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Major International Business Headlines Brief::: 28 January 2022 

 


 

 


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

 


 

 


ü  Apple sales soar despite chip supply shortages

ü  US bans telecom giant China Unicom over spying concerns

ü  Dover queues: The firms struggling with Brexit red tape

ü  Bankers rate 'rigging' not criminal, says US

ü  The scramble for cargo aircraft as shipping costs soar

ü  US economy grows at fastest pace in decades

ü  Air India: Tata Group takes over loss-making national carrier

ü  Musk: Robots to be bigger business than Tesla cars

ü  Asian stocks, U.S. futures regain footing after hawkish Fed

ü  High inflation to stick this year, denting global growth: Reuters poll

ü  EXCLUSIVE China regulator talks to foreign banks to soothe economic
concerns -sources

ü  Steelmaker POSCO's 2021 profit jumps on strong demand

ü  AirAsia changes name to Capital A as it grows beyond an airline

ü  Toyota remains world's biggest car seller, widens lead on VW

ü  French 2021 economic growth strongest in 52 years at 7%

ü  Meme stock hangover: a year after GameStop, traders face gloomier markets

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Apple sales soar despite chip supply shortages

Apple sales soared in the key Christmas shopping season, despite constraints
due to a global shortage of microchips.

 

Sales at the iPhone giant rose 11% to a record $123.9bn (£92.6bn) in the
October to December period, beating forecasts.

 

Shares jumped more than 4% in after-hours trade, as the report suggested the
firm's pandemic boom is continuing.

 

Apple has seen purchases skyrocket during the pandemic as people spend more
time online.

 

The firm's market value briefly hit the $3tn milestone in early January
though its share price has slipped more recently amid weeks of market
turmoil.

 

Sales boom

Executives had warned last year that the global shortage of microchips might
limit its sales, but the firm's quarterly update to investors on Thursday
showed it brushing past those concerns.

 

Mac sales were up 12%, while iPhone sales jumped 9%.

 

With few rival phones debuting in the holiday shopping season, the iPhone
13, which started shipping days before the quarter began, led to worldwide
phone sales revenue for Apple of $71.6bn.

 

Revenue from the company's services unit - which includes Apple Pay, the App
store and its TV streaming service - was up more than 23%.

 

The iPad, which executives said was particularly affected by the supply
issues, was the one product that showed weakness, with sales slipping 14%.

 

Demand in China, where sales rose 20%, propelled the firm's growth in the
quarter.

 

Apple said profits were $34.6bn, up 20%.

 

The company, which has more than 1.8 billion active devices in the market,
has been able to put pressure on suppliers and manufacturers to produce big
quantities of iPhones and other devices despite shortages brought on by the
pandemic and most recently the Omicron variant.

 

"They've navigated the supply chain better than everybody, and it's showing
in the results," said Ryan Reith, who studies the smartphone market for
industry tracker IDC.

 

Chief Financial Officer Luca Maestri said that supply constraints would
decrease in the current quarter, which ends in March.

 

"The level of constraint will depend a lot on other companies, what will be
the demand for chips from other companies and other industries. It's
difficult for us to predict, so we try to focus on the short term," he
said.-BBC

 

 

 

US bans telecom giant China Unicom over spying concerns

China Unicom has become the latest Chinese telecoms giant to be banned from
the US over "significant" national security and espionage concerns.

 

The Federal Communications Commission (FCC) said it had voted unanimously to
revoke authorisation for the company's American unit to operate in the US.

 

The firm must stop providing telecoms services in America within 60 days.

 

The announcement comes after larger rival China Telecom had its licence to
operate in the US revoked in October.

 

FCC chairwoman Jessica Rosenworcel said: "There has been mounting evidence -
and with it, a growing concern - that Chinese state-owned carriers pose a
real threat to the security of our telecommunications networks."

 

China Unicom told the BBC its American unit "has a good record of complying
with relevant US laws and regulations and providing telecommunication
services and solutions as a reliable partner of its customers in the past
two decades".

 

"China Unicom (Hong Kong) Limited will closely follow the development of the
situation," it added.

 

The Chinese Embassy in Washington did not immediately respond to a request
for comment from the BBC.

 

Chinese technology and telecoms firms have been targeted in recent years by
US authorities over national security concerns.

 

In November, President Joe Biden signed legislation that stops companies
judged to be a security threat from receiving new telecoms equipment
licences.

 

Under the Secure Equipment Act, the FCC should no longer review applications
from companies ruled to be a threat.

 

It means equipment from Huawei, ZTE and three other Chinese companies cannot
be used in US telecoms networks.

 

Also in November, the US government added a dozen more Chinese companies to
its restricted trade list, citing national security and foreign policy
concerns.

 

Washington said that some of the firms are helping develop the Chinese
military's quantum computing programme.

 

In October, Washington revoked the US licence of China Telecom, also citing
national security concerns.

 

US officials said the Chinese government's control of the company gave it
the opportunity "to access, store, disrupt, and/or misroute US
communications".

 

This in turn could allow it "to engage in espionage and other harmful
activities against the US", they said.

 

In 2019, Chinese state-owned telecoms giant China Mobile also had its US
licence revoked.-BBC

 

 

 

Dover queues: The firms struggling with Brexit red tape

On the approach into Dover, there are queues of lorries, parked in one lane
of the A20, stretching back for miles.

 

They're being held along this road to avoid congesting the town, as they
wait to board ferries across the Channel.

 

Queues are not uncommon close to Britain's main trading hub with the EU, but
they've been really long in recent weeks.

 

And a month after more post-Brexit border bureaucracy came into force, many
businesses - smaller ones especially - are struggling to cope.

 

Lorry queue in Dover port

Long delays

Drivers waiting at a customs facility in Dover - most of them from elsewhere
in Europe - are phlegmatic, but fed up.

 

"I'm waiting maybe one hour, next week maybe five hours, it's always
different," said one.

 

"When we're waiting, there's no money," said another.

 

For drivers who are paid by the kilometre that's a real concern, and it
means some will be reluctant to come back.

 

The drivers blame cancelled ferry crossings - there are temporarily fewer
ferries in operation than normal.

 

But they also blame the post-Brexit rules that now govern their working
lives.

 

Last year, which was Britain's first outside the EU single market and
customs union, companies had 60 days to fill in UK customs documents after
exporting goods to the EU.

 

But since 1 January, those forms have to completed in full, before lorries
and vans can board ferries heading for Europe every day.

 

Thousands of drivers need to get their documents checked, and the process is
taking time.

 

"For us, the government is staging Brexit bit-by-bit," says John Shirley,
who's run a freight-forwarding company in Dover for 25 years.

 

"That's caused all sorts of headaches for people, they don't know the
paperwork properly or haven't prepared themselves - that's what's causing
the delays here."

 

He recounts meeting a driver earlier in the week who had been stuck in Dover
for four days, with a lorry going to Germany, a journey which used to be
routine.

 

Won't it get better with time, I suggest, as companies get used to a new
system?

 

"I don't know, I suspect it won't do," he replies. "And in July we get an
additional set of controls on foodstuffs."

 

That is a development David Pavon is having to prepare for.

 

At the small Spanish deli he runs in Bristol, he relies on imports from his
homeland.

 

All businesses bringing goods into the country from Europe have also been
dealing with new bureaucracy over the last few weeks.

 

That means each individual consignment of the olives, chorizos or serrano
ham that David imports now needs separate customs forms, where there used to
be none at all.

 

But later in the year, most of the food products he imports will need to be
physically inspected as well, when they arrive in the UK.

 

"We will need to do more paperwork, and pay more, and we might need to
increase the prices," he says.

 

"It's certainly more difficult, but there is no other way unless we close
the doors and shut the business. We need to do it."

 

Lost trade

So, what happens in places like Dover will have a wider impact. The smoother
the system can become, the better for businesses across the country.

 

But while those who still believe they can make a profit are finding new
ways to trade, and to cope with bureaucracy and delay, others have concluded
that it is no longer worth the hassle.

 

Global trade rebounded pretty well last year from the slump produced by the
Covid pandemic in 2020.

 

But there was not much bounce back for British trade with the EU.

 

Many European exporters who used to trade into Great Britain seem to have
decided to focus their attention elsewhere in the single market instead, or
further afield.

 

German exports to the rest of the EU, for example, grew by 17% in the first
eleven months of last year, compared to the same period in 2020. They also
rose by 18% to the US.

 

But exports to the UK fell by 2%.

 

That's a massive difference. Britain is doing much less trade with Europe
than it used to.

 

New deals

>From the cliffs above Dover, you can watch ferries coming and going on a
constant basis.

 

The government says traders need to get used to new rules here, and also
take advantage of new trade deals it is negotiating on the other side of the
world.

 

But two years after Britain left the EU, the idea of seamless trade across
the narrow stretch of water beneath the white cliffs?

 

That ship seems to have already sailed.-BBC

 

 

 

Bankers rate 'rigging' not criminal, says US

A US appeals court has overturned the convictions of two former Deutsche
Bank traders who were prosecuted for rigging interest rates.

 

In a legally significant judgment, US judges acquitted Matthew Connolly, 58,
from New Jersey and Gavin Black, 52, from Twickenham, Middlesex.

 

The court ruled that their conduct was not against the rules.

 

It means that what has been prosecuted as interest rate rigging in the UK is
not regarded as a crime in the US.

 

The US Court of Appeals for the Second Circuit ruled that it was not against
the rules to seek to influence the estimates a bank submits of the cost of
borrowing cash.

 

That directly contradicts a key British appeal court ruling that was used to
prosecute 24 traders, nine of whom were jailed between 2015 and 2019.

 

'They wanted to jail a banker - I was that banker'

For Mr Connolly and Mr Black, it's the end of an eight-year struggle to
prove that what they were accused of was not criminal.

 

The evidence against Matt Connolly was just four emails from 14 years ago,
asking for high or low interest rate estimates to be submitted.

 

Matt Connolly told the BBC on Thursday he was "speechless" to have won in
court for the first time.

 

"My family and I are very thankful this ordeal is finally ending, and that
the courts have finally recognised once and for all my innocence," he said.

 

"I am hoping the rest of the story emerges so others that have been denied
justice get their peace as well."

 

"The nine trials on both sides of the Atlantic have been a whole series of
miscarriages of justice where innocent people were jailed who had done
nothing wrong.

 

"The only Libor 'rigging' that was really bad was the lowballing. That was
ordered from the top - from central banks and governments. And neither the
Department of Justice nor the Serious Fraud Office has ever brought that to
trial."

 

Email evidence

The evidence against Mr Connolly was only four emails that he had sent 12
years previously.

 

A BBC investigation in 2019 raised questions about the safety of his
convictions.

 

A few weeks later, a judge in the New York court gave them light sentences
of home confinement after learning that the Bank of England had been
involved in the same conduct on a much larger scale.

 

Judge Colleen McMahon said at the time: "I'm always uncomfortable when I'm
asked in any context - it usually happens in the drug context - to sentence
the low man on the totem pole while the big guy goes free."

 

The evidence against traders, both in the US and the UK, were emails and
messages requesting that colleagues publish "high" or "low" estimates of the
cost of borrowing cash.

 

The estimates would be averaged to get a rate called Libor (London Interbank
Offered Rate) which is being phased out in favour of other benchmarks.

 

Libor estimates

What the FTSE or Nikkei are to share prices, Libor was to interest rates -
an index that tracked the cost of borrowing cash between the banks.

 

It was used to set interest rates on millions of residential and commercial
loans around the world.

 

To work out Libor each day, 16 banks answered a question - at what interest
rate could they borrow money? They submitted their answers and an average
was taken.

 

The evidence against Tom Hayes and other traders consisted of messages and
emails asking for those interest rates to be submitted "high" or "low".

 

There were no laws or written regulations about Libor at the time the
traders made the requests.

 

In late 2014, lawyers for Tom Hayes, the first trader jailed for rate
rigging, argued that because there was no rule against the traders' requests
the case should be dismissed.

 

In January 2015, Lord Justice Davies ruled that it was "self-evident" that
the requests were against the rules.

 

Banks were not allowed to take into account commercial interests, such as
trading positions linked to the Libor rate, when making their estimates.

 

That ruling was used to prosecute 24 traders in the UK.

 

Mr Hayes, who got the longest sentence, told the BBC: "This considered court
ruling completely contradicts [UK] Court of Appeal rulings ahead of my
trial.

 

"Those rulings formed the basis of the case in law to prosecute not only
myself but every trader subsequently who faced trial.

 

"Four times, traders have been denied leave by the Court of Appeal to make
the case to the Supreme Court, when there is clearly a point of law of
significance that needs to be heard at the highest level.

 

"I hope that the British courts will, in time, reach the same conclusion."

 

If you want to know more about this story, a BBC Radio 4 investigative
podcast, The Lowball Tapes, will contain exclusive revelations. It will be
broadcast in five parts, starting on 28 February at 1.45pm.-BBC

 

 

 

 

The scramble for cargo aircraft as shipping costs soar

Last summer, as the shipping supply crisis worsened, a cargo aircraft in
Italy was rapidly loaded with thousands of lipsticks. They were bound for
the US, on a tight deadline.

 

Mehir Sethi, chief executive and founder of California-based beauty brand
True + Luscious, says she had relied on sea freight for years. It had always
been reliable.

 

But to get those 15,000 lipsticks to her customers on time, her only option
was to pay to send them by air.

 

"At great pain to myself, we had to do it for two time-sensitive shipments.
These were goods that were already committed to retailers."

 

The lipsticks were flown-in at a slight loss to the business, but she says
it was worth it to keep the clients.

 

Firms have been making thousands of decisions like this in recent months.
And there is no sign of let-up yet.

 

 

"We have used a lot of air freight, which we're not excited about, but it's
a necessary thing with the challenges we're all being faced with," explained
David Bergman, chief financial officer for sportswear brand, Under Armour,
on an earnings call in November.

 

The Eastman Chemical Company similarly reported resorting to air freight to
ship specialty plastics.

 

A US Census Bureau service called USA Trade Online, that tracks cargo flows
in and out of the country, notes in the first 10 months of 2021, 78.9
million kg of car parts were sent by air from Asia to the US - a staggering
increase from the 3 million kg shipped during the same period in 2020.

 

Sending goods by air has always been expensive. But now it is more expensive
than ever.

 

Air freight costs from Asia to North America "have hit levels I've never
seen before, $15 (£11) per kg which is just insanely high," says Greg
Knowler, senior Europe editor at IHS Markit's Journal of Commerce.

 

Delays affecting sea freight are partly to blame for this but so is the huge
fall in passenger flights since the start of the pandemic.

 

More than half of all the air freight in the world usually travels via
'belly cargo' in the holds of passenger planes. But with far less of that
space available, airlines have been scrambling to convert passenger aircraft
into freighters, and bring older models out of retirement.

 

AirBridgeCargo Airlines, a subsidiary of Russian air freight specialist,
Volga-Dnepr, is boosting its fleet with an additional six aircraft, after
what Alexey Zotov, commercial director, says has been a "peak season we
never had before".

 

Backlogs at airports have "rolled over like [a] snowball since early
autumn," he adds.

 

Some carriers, such as Air Canada, have also rushed cargo aircraft into
service sooner than planned - before they've even had a chance to finish
their paintwork, in some cases.

 

Manufacturers, including Airbus, have been inundated with requests to
convert former passenger aircraft to carry more cargo, just to get
additional capacity into the sky. The process includes removing the
passenger seats and installing larger doors.

 

"We're seeing a lot of people buying these conversions, they're sold out for
the next two to three years," says Crawford Hamilton, head of marketing for
freighter marketing at Airbus.

 

"That's something that we were not in a position two years ago to say."

 

While air freight only represents roughly 1% of the entire freight market in
terms of volume, it accounts for about 35% of the value. Sometimes,
expensive products such as consumer electronics and fashion goods that have
a short market life are sent by air. Plus, during the pandemic, planes have
carried countless loads of vaccines and personal protective equipment.

 

Airbus has also launched a new air-cargo service using its five-strong fleet
of BelugaST aircraft, also known as flying whales thanks to their huge
fuselage.

 

The question is whether demand for air freight will remain strong, even if
the pandemic subsides. With lots of aircraft permanently converted to carry
freight, and belly cargo capacity rising once again, Robert Mayer at
Cranfield University questions whether there might be too much capacity in
the market half a decade from now.

 

Yet aircraft manufacturers seem confident. Airbus expects rising demand for
dedicated cargo carriers in the coming years - and it has just launched the
A350F aircraft in anticipation of that.

 

It can carry as much cargo, in terms of volume, as a Boeing 747 but is 40%
more fuel efficient. This is achieved partly through the use of lighter
materials, composites and titanium in the body of the aircraft.

 

Boeing, too, is bullish. It forecasts that the number of air freighters will
grow globally by 60% between now and 2039. If correct, manufacturers will
need to build 2,400 new cargo carriers by then.

 

Tom Sanderson, director of product marketing at Boeing, says it may
introduce a freighter variant of its latest wide-bodied passenger jet, the
777X, but it would be "multiple years" before it came into service.

 

More freight might move by air in the coming years but that could lead to an
unwelcome rise in emissions unless aviation gets greener.

 

Both Boeing and Airbus are currently testing "sustainable aviation fuels",
including biofuels from renewable sources that can be used on existing
aircraft instead of fossil fuel-based propellants.

 

Small electric planes will are also likely to become more common. DHL
Express has ordered 12 fully electric aircraft from Eviation, for example.

 

Besides the prohibitive cost, one thing that puts Ms Sethi off using air
freight more often to fly in her beauty product is the environmental impact.

 

"It would definitely bother me, just the sheer increase in our carbon
footprint as a company if we were to rely on air freight," she says.

 

Like many others, she is reconsidering her reliance on global supply chains.
She has decided to source some of her products from suppliers closer to
home, to avoid shipping problems in the future.

 

"Some of the orders we were placing to our Italian manufacturer will now go
to our New Jersey manufacturer," she says.

 

"I just can't cut it too close any more."-BBC

 

 

 

US economy grows at fastest pace in decades

The US economy expanded at its fastest rate in decades last year as it
roared back from pandemic lockdowns.

 

Official figures from the Commerce Department showed the economy grew by
5.7% - its best performance since 1984.

 

But analysts are expecting growth to slow this year, as the government
scales back stimulus spending and the Federal Reserve raises interest rates.

 

Other risks include high inflation and threats from new Covid variants, such
as Omicron.

 

The World Bank is predicting the US economy will grow by 3.7% this year, in
line with other forecasts.

 

"The Omicron wave means the economy is starting 2022 on a much weaker
footing and we expect growth to disappoint over the rest of this year too,"
said Andrew Hunter, senior US economist at Capital Economics.

 

Consumer spending and government stimulus helped power the rebound from
2020, when gross domestic product contracted by 3.4% as the pandemic struck.

 

The labour market has now regained some 19 million of the 22 million jobs
lost amid shutdowns that year.

 

Output remained robust in the final three months of the year, when it grew
at a better-than-expected annual rate of 6.9%.

 

President Joe Biden hailed the figures, saying they were "no accident" but
rather driven by the government's recovery efforts.

 

As pandemic stimulus winds down, he urged Congress to move forward with
additional spending plans focused on areas such as renewable energy,
manufacturing and child care.

 

But with Mr Biden's agenda currently stalled in Congress, the economy is
likely to have to perform without that boost - and with less help from
America's central bank.

 

On Wednesday, Federal Reserve chair Jerome Powell signalled officials were
planning to raise its key interest rate in March for the first time since
2018, saying the economy no longer needed extra-low borrowing costs put in
place in 2020 to help it along.

 

"The defining challenge for the economy in the next year or two will be how
well we can sustain growth not just in the absence of fiscal policy, but in
the face of tightening monetary policy," Wells Fargo economists wrote in a
research note.

 

The Fed is under pressure to tackle inflation as the US sees prices rise at
their fastest rate in nearly 40 years.

 

Bank officials had initially said the pressures would be transitory and fade
as the world moved past supply chain problems triggered by the virus -
something that has proved to be far more difficult than hoped.

 

Some analysts say the Fed has already moved too slowly to respond to the
issue, while others fear the bank will move too aggressively, and the higher
borrowing costs will reduce demand by more than expected.

 

US stock markets have seen three consecutive weeks of declines amid the
concerns, as well as more recent data suggesting a slowdown as Omicron hit
at the end of December and January.

 

"Today's figures measure GDP up until the end of December 2021, excluding
some of the recent surges in Covid-19 cases," said Richard Flynn, managing
director at Charles Schwab UK.

 

"Indeed, there's been weakness across US stock indices in the first weeks of
2022, as investors digest some of the risks facing the economy: receding
monetary and fiscal liquidity, persistent effects from the pandemic, and a
rise in inflationary pressures."-BBC

 

 

 

Air India: Tata Group takes over loss-making national carrier

India's national carrier, Air India, has been officially handed over to the
Tata Group, which bought the debt-ridden airline in October last year.

 

The Tatas paid nearly $2.4bn (£1.7bn) after the government made the terms of
the debt less onerous for the buyer.

 

The salt-to-steel conglomerate founded the airline in 1932 before it was
taken over by the government in 1953.

 

The handover brings to an end a years-long attempt to sell Air India, which
has racked up losses worth $9.5bn.

 

Tata Group chairman Natarajan Chandrasekaran met Prime Minister Narendra
Modi on Thursday before the handover.

 

 

The existing board of directors for the airline has resigned, making way for
a new board appointed by the Tata Group.

 

 

It's unclear when Air India will begin flying under the Tata banner.

 

The airline called the deal a "brand new chapter" in its history. "Two
iconic names come together to embark on a voyage of excellence," it wrote on
Twitter.

 

The sale is a boost to Mr Modi who had been keen to sell the government's
entire interest in the airline. It's also the biggest disinvestment in
government-owned assets and companies since Mr Modi came to power in 2014.

 

The government has been unable to divest its stake in several loss-making
public companies despite its ambitious targets.

 

The iconic maharajah returns home

Air India has many assets, including prized slots at London's Heathrow
airport, a fleet of more than 130 planes and thousands of trained pilots and
crew.

 

Tata Sons already run two airlines in India - Vistara, a full service
carrier in partnership with Singapore Airlines, and AirAsia India, a budget
airline in partnership with Malaysia AirAsiaBhd.

 

Air India had been making losses since 2007 when it was merged with the
state-owned domestic operator Indian Airlines. It remained operational due
to taxpayer-funded bailouts.

 

The government said running the airline was incurring losses of nearly $2.6m
every day.

 

The airline's management cited rising aviation fuel prices and airport usage
charges as well as competition from low-cost carriers, a weakening rupee and
the interest burden for its poor financial performance.

 

Air India "suffered for its inconsistent service standards, low aircraft
utilisation, dismal on-time performance, antiquated productivity norms, lack
of revenue generation skills and unsatisfactory public perception",
according to Jitender Bhargava, a former executive director of the airline.

 

Yet the airline has attracted buyers because it owns several valuable
assets, including millions of dollars worth of prime real estate.

 

Apart from its fleet of over 130 aircraft, the new buyer will now have
control of the airline's 4,400 domestic and 1,800 international landing and
parking slots at domestic airports, as well as 900 slots at airports
overseas. More than two-thirds of its revenues come from its international
operations.

 

According to the aviation ministry, its fixed assets - land, buildings,
planes - in March last year were worth more than 450bn rupees ($6bn).

 

Air India also has more than 40,000 pieces of art and collectibles,
including an ashtray designed and gifted by Spanish surrealist artist
Salvador Dali in the 1960s. In return the airline gave Dali a baby elephant,
which was flown to Spain.

 

With India seeing passenger growth of around 20% per year and analysts
saying the Indian market is vastly underserved, Air India is a good prospect
for Tata Group, say experts.-BBC

 

 

 

Musk: Robots to be bigger business than Tesla cars

Elon Musk likes to have a focus - and this year, it looks like it might be
robots.

 

He told investors on a Tesla earnings call his nascent robot plans had "the
potential to be more significant than the vehicle business, over time".

 

And they would be the most important things Tesla worked on this year.

 

The robot in question, part of a project dubbed Optimus, was previewed last
year - to raised eyebrows - by a human in a robot suit dancing on stage.

 

And the performance became a popular internet meme.

 

The Tesla Bot, as it was dubbed, would use the same artificial-intelligence
(AI) systems that helped power Tesla vehicles, Mr Musk said at the event
last August - but no prototype has yet been made.

 

He also said the not-yet-built 5ft 8in robot would have a screen on its
"face" and be able to lift 150lb and travel at about 5mph.

 

Labour shortages

This week, Mr Musk told investors the humanoid robot's first application
would be at a Tesla plant "moving parts around the factory, or something
like that".

 

But in the future, he sees it helping solve labour shortages.

 

And earlier this week, he tweeted: "Tesla AI might play a role in AGI
[artificial general intelligence], given that it trains against the outside
world, especially with the advent of Optimus".

 

AGI refers to the ability of a machine to learn or understand tasks
currently performed by humans.

 

Mr Musk has previously warned AI risks killing off human civilisation.

 

And in the same Twitter thread, he added: "Decentralised control of the
robots will be critical."

 

'Narrow intelligence'

Professor of robot ethics Alan Winfield, at the University of West England,
said: "AGI is an exceptionally hard problem.

 

"The idea that you can crack AGI because you have created a driverless
vehicle is absurd.

 

"Even if that car is highly capable, that would not be AGI - it would be
high-functioning narrow intelligence.

 

"Google and Facebook have hired some of the best AI people in the world and
the idea that Musk can come in and crack the problem is hubristic in the
extreme."

 

Mr Musk does likes hard problems though, from autonomous cars to trips to
Mars, and has plenty of successes.

 

SpaceX's reusable rockets are widely regarded as representing a big step
forward for space flights, for example.

 

But previous efforts to create cost-effective mass-market humanoid robots
have failed.

 

In June, Japanese conglomerate Softbank announced production of Pepper, a
friendly little humanoid, had been paused and would start again only when
the robots were needed, much to the dismay of the academic community that
used them.

 

That said, robots are increasingly used in factories around the world, with
a current average of 126 robots per 10,000 employees in the manufacturing
industry, according to the International Federation of Robotics.

 

Many, though, remained sceptical about Mr Musk's plans.

 

Accel Robotics software engineer Filip Piekniewski tweeted: "Anyone who
thinks Tesla is actually building a humanoid robot is living in an alternate
reality.

 

"Mars bases is more likely than the bot."

 

And professor of cognitive robotics Tony Prescott, at the University of
Sheffield, told BBC News Mr Musk would face many challenges.

 

"If it is being used in a factory, then a wheel-based robot would be much
easier to build and have no problems of balance - but then it wouldn't be
humanoid," he said.

 

'Research problems'

Keeping the robot upright would be one of the biggest issues, Prof Prescott
said, along with creating hands and any form of hand-to-eye co-ordination.

 

"These are fundamental research problems that you need to solve," he said.

 

And even robots such as Atlas, designed by Boston Dynamics and regarded as
one of the most sophisticated humanoid bots available "will be attached to
the ceiling when it is not making videos".

 

"Tesla cars are robots - but they are a much simpler form, so this will be
starting from scratch," Prof Prescott added.

 

Prof Winfield agrees with Mr Musk on one thing though.

 

"The only thing that Musk is getting right is that the path towards AGI will
be through physical robots," he said.

 

"Our own intelligence is grounded in the real world."

 

The Tesla boss's new robotics focus may disappoint some customers - in the
same earnings call, he also said the company would not be introducing any
new car models in 2022.

 

And he does have a history of making rather ambitious promises.

 

In 2019, he said Tesla would have one million robot-taxis on the road by the
end of 2020.-BBC

 

 

 

Asian stocks, U.S. futures regain footing after hawkish Fed

(Reuters) - Asian stocks rebounded of Friday after steep losses in the
previous session as strong U.S. economic growth and Apple Inc's (AAPL.O)
impressive earnings offset some bearishness generated by the Federal
Reserve's hawkish comments.

 

U.S. stock futures rose in Asia trade with Nasdaq futures up 0.77% and S&P
500 e-minis up 0.48% after Apple on Thursday reported record sales in the
holiday quarter. Apple shares rose over 5% in after-hours trading.

 

In early European trade, the pan-region Euro Stoxx 50 futures were up 0.14%
and FTSE futures were up 0.34%.

 

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS)
was up 0.4% after sliding 2.26% on Thursday. The index is still down 5.1% so
far this month.

 

Japan's Nikkei stock index (.N225) rose 2.25% on Friday, recovering after a
14-week closing low. Fuji Electric (6504.T) surged 9.68% to become the
Nikkei's biggest percentage gainer, after posting strong earnings late on
Thursday. Australian shares (.AXJO) were up 2.19%.

 

"After big sell-off earlier this week amid a hawkish stance by the Fed, we
are seeing several markets in Asia recover from some of the heavy losses
today," said Zhang Zihua, chief investment officer at Beijing Yunyi Asset
Management.

 

Elsewhere in Asia, China stocks inched higher on Friday, after state-backed
newspapers and fund houses tried to boost sentiment ahead of next week's
Lunar New Year holiday. read more

 

Benchmark Shanghai Composite Index (.SSEC) gained 0.43% while Shenzhen SE
Composite Index (.SZSC) advanced 0.97%.

 

"In China, the market sentiment has also been bolstered by robust profit
forecast of battery maker CATL," Zhang added.

 

Shares of Shenzhen-listed Contemporary Amperex Technology Co Ltd (CATL)
(300750.SZ), the world's largest EV battery manufacturer, jumped more than
4% after the company expected its 2021 net profits to rise more than 150%
from one year earlier.

 

Hong Kong's Hang Seng index (.HIS) however dropped 0.71%, dragged by the
city's tech index (.HIS) and finance index (.HSNF) which retreated 0.71% and
0.94%, respectively.

 

Overnight, Wall Street retreated after a solid opening, as investors juggled
positive economic news with mixed corporate earnings, geopolitical tensions
and the prospect of rising U.S. interest rates.

 

U.S. markets had opened higher after the Commerce Department's advance take
on fourth-quarter GDP showed the U.S. economy grew 6.9% in 2021, its fastest
pace in nearly four decades.

 

However, gains were pared with all three major U.S. stock indexes ending
lower, as investors processed how strong economic growth might inform the
Fed's thinking.

 

In its latest policy update on Wednesday, the Fed indicated it was likely to
raise rates in March, as widely expected, and reaffirmed plans to end its
pandemic-era bond purchases that month before launching a significant
reduction in its asset holdings.

 

The prospect of faster or larger U.S. interest rate hikes helped push the
dollar to its best week in seven months. The dollar rose 0.08% against the
yen to 115.43 , closing in on its high this year of 116.34 on Jan. 4.

 

The yield on benchmark 10-year Treasury notes rose to 1.8212% compared with
its U.S. close of 1.808% on Thursday. The two-year yield , which rises with
traders' expectations of higher Fed fund rates, touched 1.1902% compared
with a U.S. close of 1.192%.

 

U.S. crude ticked up 0.52% to $87.06 a barrel. Brent crude rose to $89.7 per
barrel.

 

Rising tension between Russia and Ukraine had pushed oil prices to
seven-year highs earlier in the week.

 

Gold was slightly higher. Spot gold was traded at $1,797.65 per ounce.

 

The Thomson Reuters Trust Principles.

 

 

 

High inflation to stick this year, denting global growth: Reuters poll

(Reuters) - Persistently high inflation will haunt the world economy this
year, according to a Reuters poll of economists who trimmed their global
growth outlook on worries of slowing demand and the risk interest rates
would rise faster than assumed so far.

 

This represents a sea change from just three months ago, when most
economists were siding with central bankers in their then-prevalent view
that a surge in inflation, driven in part by pandemic-related supply
bottlenecks, would be transitory.

 

In the latest quarterly Reuters surveys of over 500 economists taken
throughout January, economists raised their 2022 inflation forecasts for
most of the 46 economies covered.

 

While price pressures are still expected to ease in 2023, the inflation
outlook is much stickier than three months ago.

 

At the same time, economists downgraded their global growth forecasts. After
expanding 5.8% last year, the world economy is expected to slow to 4.3%
growth in 2022, down from 4.5% predicted in October, in part because of
higher interest rates and costs of living. Growth is seen slowing further to
3.6% and 3.2% in 2023 and 2024, respectively.

 

Nearly 40% of those who answered an additional question singled out
inflation as the top risk to the global economy this year, with nearly 35%
picking coronavirus variants, and 22% worried about central banks moving too
quickly.

 

"The odds of an accident have risen and the likelihood of a soft landing in
2022 requires some favourable assumptions and a modicum of good luck,"
Deutsche Bank group chief economist David Folkerts-Landau said, noting high
inflation, the persistence of supply chain strains and the pandemic, as well
as international political tensions.

 

This month's Reuters polls found 18 of 24 major central banks were expected
to lift rates at least once this year, compared to 11 in the October poll.

 

The U.S. Federal Reserve on Wednesday signaled it would raise the benchmark
federal funds rate from a record low of 0-0.25% in March after shuttering
its bond purchase programme.

 

The Bank of England was the first major central bank to raise rates since
the pandemic started and is expected to act again, the Bank of Canada is
also seen hiking soon.

 

In contrast, most economists expect the European Central Bank and the Bank
of Japan to stay put at least until the end of next year.

 

While the tightening cycle is in early days in developed markets, many
emerging market central banks, with a few notable exceptions like Brazil and
China, are waiting for the Fed's cue while grappling with the pandemic and
their own economic challenges.

 

"Over the past three decades, developed market central banks led by the Fed
have been inclined to see supply shocks boosting inflation as a drag on
growth that should be cushioned," noted Joseph Lupton, global economist at
J.P. Morgan.

 

However, with major central banks showing concern about bringing inflation
expectations close to their targets, emerging economies face a similar
challenge.

 

"Pressure on emerging market central banks to act to anchor inflationary
expectations is likely to intensify," Lupton said.

 

The growth outlook for over 60% of the 46 economies covered in the polls was
either downgraded or left unchanged for 2022 and about 90% of respondents,
144 of 163, said there was a downside risk to their forecasts.

 

While most countries saw cuts in growth forecasts for the fourth quarter and
the current one, largely due to the spread of the Omicron coronavirus
variant, they were expected to rebound next quarter.

 

The Thomson Reuters Trust Principles.

 

 

 

EXCLUSIVE China regulator talks to foreign banks to soothe economic concerns
-sources

(Reuters) - The China Securities and Regulatory Commission (CSRC) met this
week with the executives of top western banks and asset managers to reassure
them about the country's economic prospects after regulatory crackdowns in
2021, three sources said on Friday.

 

Fang Xinghai, the vice-chairman of the CSRC, hosted the virtual meeting with
more than a dozen foreign financial institutions on Tuesday, said the
sources, who have direct knowledge of the meeting but declined to be
identified as they were not authorized to speak to the media.

 

Fang reassured the meeting participants that China will achieve "respectable
growth" in 2022 as it prioritises economic growth for this year, one of the
sources told Reuters.

 

The CSRC did not immediately respond to Reuters request for comment.

 

Fang told the executives that China and the United States were making
progress in coordinating regulations governing Chinese companies listed in
New York and there could be a "positive surprise" by June or earlier, the
source said.

 

The U.S. Securities and Exchange Commission (SEC) said last month that
Chinese companies that list on U.S. stock exchanges must disclose whether
they are owned or controlled by a government entity, and provide evidence of
their auditing inspections.

 

The rule advances a process that could lead to more than 200 companies being
kicked off U.S. exchanges and could make some Chinese companies less
attractive to investors.

 

The Thomson Reuters Trust Principles.

 

 

 

 

Steelmaker POSCO's 2021 profit jumps on strong demand

(Reuters) - South Korean steelmaker POSCO's (005490.KS) operating profit
more than tripled to a record 9.2 trillion won ($7.62 billion), boosted by
strong demand and higher prices of the construction raw material.

 

Global crude steel production rose 3.7% last year to 1.95 billion tonnes,
World Steel Association data showed this month, despite an energy crunch
that led to weaker output in top producer China.

 

POSCO's consolidated operating margins in 2021 were 12.1%, up from 4.2% in
2020.

 

The company's fourth-quarter consolidated profit was 2.37 trillion won, in
line with estimates of 2.3 trillion won, according to Refinitiv Eikon data.

 

For 2022, POSCO expects consolidated sales of 77.2 trillion won, compared
with 76.3 trillion won in 2021. The company also forecast capital
expenditure of 8.9 trillion won this year.

 

Meanwhile, the company's shareholders earlier on Friday approved a plan to
split off its steel operations and form a holding company called POSCO
Holdings Inc. read more

 

The new holding company will wholly own the steel unit, which will remain
unlisted, and oversee development of new businesses, such as battery
materials and lithium.

 

POSCO shares closed up 2.9% after the shareholder meeting, while the wider
market (.KS11) rose 1.9%.

 

($1=1,206.8600 won)

 

The Thomson Reuters Trust Principles.

 

 

 

AirAsia changes name to Capital A as it grows beyond an airline

(Reuters) - Malaysia's AirAsia Group Bhd (AIRA.KL) said on Friday it had
finalised the name change of its listed holding company to Capital A Bhd as
it seeks market recognition of its growing portfolio of businesses beyond
the core budget airline.

 

The company's airline business has been hard-hit during the pandemic due to
strict travel rules in Asia, leading Malaysia's stock exchange to this month
classify the firm as financially distressed though it has been raising funds
to bolster its balance sheet. read more

 

Capital A has been investing heavily in payments business BigPay, logistics
arm Teleport and its mobile Super App to gain other sources of revenue,
though they remain in growth phases and were loss-making in the quarter
ended Sept. 30, 2021.

 

"Over the past two years we have spent the downturn in flying building a
solid foundation for a viable and successful future, which is not solely
reliant on airfares alone," Capital A Chief Executive Tony Fernandes said in
a statement.

 

The airline business will retain the AirAsia brand, which is well known in
Asia, he added.

 

The carrier on Thursday reported it filled 80% of seats on offer in the
fourth quarter of 2021 and had the highest number of passengers since the
start of the pandemic as travel rules began to ease.

 

"Domestic travel has already started to rebound in our key markets,"
Fernandes said. "I am hopeful borders will reopen gradually throughout 2022
and we will see a return to normal capacity for our international services
by the middle to third quarter of this year."

 

The Thomson Reuters Trust Principles.

 

 

 

Toyota remains world's biggest car seller, widens lead on VW

(Reuters) - Japan's Toyota Motor Co (7203.T) said on Friday its vehicle
sales rose by 10.1% last year, making it the world's biggest carmaker for a
second straight year and putting it further ahead of its nearest rival,
Germany's Volkswagen AG (VOWG_p.DE).

 

The carmaker said sales were 10.5 million vehicles in 2021, including those
by affiliates Daihatsu Motors and Hino Motors.

 

That compares with 8.9 million delivered by Volkswagen in the same period,
5% fewer than in 2020 and its lowest sales figures in 10 years.

 

Carmakers have been forced to cut output because a shortage of
semiconductors during the coronavirus pandemic disrupted supply chains,
boosting competition for the key component among makers of consumer
electronic devices.

 

However, the Japanese company has weathered the pandemic better than most
other carmakers because its home market, Japan, and parts of Asia, have been
less affected than Europe.

 

Toyota, which releases third-quarter earnings on Feb 9, has said it is
likely to fall short of a production target of 9 million vehicles in the
business year that ends on March 31 because of disruptions linked to
COVID-19.

 

The Thomson Reuters Trust Principles.

 

 

 

French 2021 economic growth strongest in 52 years at 7%

(Reuters) - France posted its strongest growth in over five decades last
year, hitting 7% as the euro zone's second-biggest economy bounced back from
the COVID-19 crisis faster than expected, data showed on Friday.

 

Despite a resurgence of COVID-19 underway, the strongest boom in a
generation bolsters President Emmanuel Macron's economic credentials less
than three months from an April election in which he is widely expected to
run for a second term.

 

The economy grew 0.7% in the final three months of the year after a
particular strong third quarter when it grew 3.1%, the INSEE statistics
agency said in a preliminary report.

 

Economists polled by Reuters had on average forecast fourth quarter growth
of 0.5%.

 

The better-than-expected end to the year meant the economy grew 7% in 2021
as a whole, the strongest since 1969, after an 8% contraction in 2020 when
strict coronavirus lockdowns were in force.

 

"The French economy has rebounded spectacularly and that's erased the
economic crisis," Finance Minister Bruno Le Maire said on France 2
television.

 

"There are still some sectors that are still having trouble, like tourism
and hotels, but most are recovering very strongly and that's creating jobs."

 

Businesses and consumers are once again having to contend with tighter
health restrictions as France faces its fifth wave of COVID-19, which has
pushed new infection levels to record levels.

 

While the economy is starting 2022 on a softer footing, the central bank has
said the economic impact of the current wave should be minimal as the
economy has largely adapted to living with a pandemic.

 

"All told, the economic stage is set for April’s presidential election.
Emmanuel Macron will clearly be pleased with the 2021 GDP numbers," Capital
Economics senior Europe economist Jessica Hinds said.

 

"But whether Macron can convince the French electorate to give him another
five years is still not a done deal," she added.

 

Macron currently has a comfortable lead over the closest contenders from the
conservatives and far right who are trying to push identity politics and
security to the fore in the election where Macron is much less at ease.

 

INSEE said that the economy had recovered to pre-crisis levels of activity
in the third quarter as a vaccination campaign gained momentum and the
government eased COVID-19 restrictions.

 

In the fourth quarter, growth was driven by consumer spending rising 0.4%
even though it slowed from an exceptionally strong 5.6% jump the previous
quarter as the economy re-opened after a lockdown.

 

Business investment rose 0.8% in the fourth quarter after gaining only 0.1%
in the previous three months.

 

Growth was also boosted by companies replenishing depleted inventories, with
stock-building adding 0.4 percentage points in the fourth quarter after
representing a 0.7% drag in the third quarter.

 

The Thomson Reuters Trust Principles.

 

 

 

Meme stock hangover: a year after GameStop, traders face gloomier markets

(Reuters) - The mood has shifted dramatically a year since a spectacular
rally in shares of GameStop (GME.N) captivated Wall Street, launching a
mania for so-called meme stocks and putting the spotlight on retail
investors as a force to be reckoned with in markets.

 

GameStop shares have tumbled from their peak, though they are far above
levels touched before the meme stock craze. Other stocks popular with retail
investors, including AMC Entertainment Holdings (AMC.N), have followed a
similar path.

 

It's not only meme stocks that have lost their luster. Individual investors
and professional money managers alike now have to contend with a hawkish
Federal Reserve, with expectations of tighter monetary policy battering
assets that soared over the last two years and stirring volatility in
broader markets.

 

Despite sharp drops from their 2021 peaks, several of the stocks caught up
in the meme-stock trading frenzy are trading higher then they were at the
start of 2021. AMC and GameStop remain up about 600% and 400%, respectively,
from their Dec 31, 2020 closing levels. Some, like BlackBerry (BB.TO), show
a more modest gain of 14%.

 

Others haven't fared as well. Clover Health (CLOV.O), for instance, which at
one point in 2021 was up 72% for the year, is now trading 86% below its 2021
starting level.

 

In many cases, those who arrived at the meme stock party early and were
quick to take profits were rewarded, while late-comers were punished. Most
of the stocks swept up in the 2021 trading frenzy now stand anywhere between
70% to 95% below their recent highs.

 

Options have been a popular tool for investors looking to play the rally and
their heavy usage helped exacerbate the swings in some stocks.

 

Heightening their appeal among individual investors was the growth of
commissions-free options trading on platforms such as RobinHood and Webull.

 

Single stock options have been especially popular. Trading in these
contracts on individual stocks jumped to a record high, at one point making
up as much as 70% of the overall volume in options markets.

 

Single stock options' overall market share has fallen to about 60% but
remains higher than pre-2021 levels, suggesting that interest in options
plays among retail investors remains robust.

 

A year ago, retail investors rallied to squeeze hedge funds that had bet
against shares of GameStop and other companies, bruising institutional
players such as Melvin Capital in the process.

 

But while the surges in GameStop and other meme stocks made some bears
skittish, the practice of shorting stocks – or selling borrowed shares in
the hopes of buying them back at a cheaper price – remains a popular
strategy in markets.

 

"Short interest in some stocks has decreased rapidly as short-sellers exit
positions to ensure that they are not caught out in the next GameStop
event," said Peter Hillerberg, co-founder of financial analytics firm Ortex.

 

"However ... this does not seem to have resulted in a significant effect as
the overall short interest in all U.S.-listed stocks is currently 30% higher
than it was a year ago, demonstrating the willingness to short stocks is
still high," he said.

 

Reddit's WallStreetBets, the forum where individual investors exhorted each
other to defy hedge funds and coordinated their stock buying, saw its
membership swell in the wake of last year's meme stock drama, though
engagement remains well below the peaks of early 2021.

 

The forum boasts around 11.5 million subscribers, up from 1.7 million in
December 2020, while daily posts have fallen to under 1,000 from a high of
about 64,000 a year ago.

 

That doesn't mean that retail investors have dropped out of the market, even
as volatility has rocked asset prices.

 

Individual investors bought a net of $1.66 billion in equities on Wednesday,
when a hawkish U.S. Federal Reserve outcome caused wild gyrations in
markets, data from Vanda showed. That was the highest figure since a net
$2.2 billion bought on November 30.

 

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
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

 


 

 


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