Major International Business Headlines Brief::: 01 March 2022

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Major International Business Headlines Brief::: 01 March 2022 

 


 

 


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ü  Ukraine to sell 'war bonds' to fund armed forces

ü  Ukraine conflict: Disney, Warner, Sony halt release of films in Russia

ü  Shell to sell Russian investments due to Ukraine conflict

ü  Toyota to close Japanese factories after suspected cyber-attack

ü  Canada to ban imports of crude oil from Russia

ü  Asian shares firmer as Ukraine market panic takes a breather

ü  Australia lawsuit accuses Crown Resorts of 'innumerable' money laundering
breaches

ü  Global economy: Asia's factory activity grows but Ukraine crisis clouds
outlook

ü  Visa, Mastercard block Russian financial institutions after sanctions

ü  Toshiba CEO suddenly resigns amid opposition to restructuring plans

ü  Cryptoverse: Bitcoin gains conflict currency credentials

ü  Bayer targets return to growth in annual adjusted profit

ü  Palm oil becomes costliest vegoil as Ukraine war halts sunoil supply

ü  Hyundai to stop plant in Russia on March 1-5 amid supply crunch, Ifax
says

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

Ukraine to sell 'war bonds' to fund armed forces

Ukraine's government has said it plans to sell bonds from Tuesday to pay for
its armed forces as they defend the country from a Russian invasion.

 

The announcement comes after a slide in the prices of Ukraine's existing
bonds.

 

Ukraine's finance ministry also sought to reassure international investors
that it will not default on its existing debts.

 

Investors are concerned that Russia's invasion of the country will push Kyiv
to default on its debt.

 

In a Twitter thread, the Ministry of Finance of Ukraine said: "In the time
of military aggression of the Russian Federation, the Ministry of Finance
offers citizens, businesses and foreign investors to support the budget of
Ukraine by investing in military government bonds."

 

The ministry said that each one-year bond would have a nominal value of
1,000 Ukrainian hryvnia (£24.80; $33.27) and the interest rate offered to
investors would "be determined in the auction".

 

"The proceeds from the bonds will be used to meet the needs of the Armed
Forces of Ukraine," it added.

 

In the time of military aggression of the Russian Federation, the Ministry
of Finance offers citizens, businesses and foreign investors to support the
budget of Ukraine by investing in military government bonds.
pic.twitter.com/7P7AkxmTaD

 

The announcement on Monday came as the Russian rouble slumped by almost 30%
against the US dollar, while its international bonds were hit hard.

 

That came after Western countries imposed unprecedented sanctions on Moscow
in response to its invasion of Ukraine.

 

Russian President Vladimir Putin responded to the sanctions with an order
barring citizens from transferring money outside of Russia, including for
debt payments.

 

Meanwhile, Moscow's stock market, which saw heavy losses last week, will be
closed for a second day on Tuesday.-BBC

 

 

 

Ukraine conflict: Disney, Warner, Sony halt release of films in Russia

Warner Bros, Disney and Sony have halted the release of films in Russian
cinemas, after the invasion of Ukraine.

 

The announcements mean the releases of major movies The Batman, Turning Red
and Morbius will now not go ahead as scheduled in the country.

 

They come as governments around the world have been ramping up their
sanctions against Moscow.

 

In recent days global corporations, including car makers and energy giants,
have cut business ties with Russia.

 

The Warner Bros blockbuster The Batman was due to be released in Russia on
Friday.

 

"In light of the humanitarian crisis in Ukraine, WarnerMedia is pausing the
release of its feature film 'The Batman' in Russia," a spokesperson said.

 

Meanwhile, Disney has delayed the Russian release of the Pixar animated
film, Turning Red.

 

"Given the unprovoked invasion of Ukraine and the tragic humanitarian
crisis, we are pausing the theatrical release of films in Russia," Disney
said in a statement.

 

The entertainment giant added that it would work with its non-governmental
organisations to provide "urgent aid and other humanitarian assistance to
refugees".

 

Sony has also halted the release of its Marvel adaptation Morbius in the
country.

 

"Given the ongoing military action in Ukraine and the resulting uncertainty
and humanitarian crisis unfolding in that region, we will be pausing our
planned theatrical releases in Russia," a spokesperson told the BBC.

 

"Our thoughts and prayers are with all those who have been impacted and hope
this crisis will be resolved quickly," they added.

 

Meanwhile, Netflix has said that it will not comply with new Russian rules
to carry state-backed channels.

 

"Given the current situation, we have no plans to add these channels to our
service," a Netflix spokesperson said.

 

Tech platforms Twitter and Facebook have also moved to limit the presence of
Russian state-backed news outlet information on their platforms as these
have been accused on spreading misinformation about the Russian invasion of
Ukraine.

 

Meta, which owns Facebook, said it would restrict access in the European
Union to state-owned media outlets RT and Sputnik.

 

Twitter also said it would add warnings to tweets that share links to
Russian state-affiliated media.

 

Twitter's head of site integrity, Yoel Roth, said the platform has seen more
than 45,000 tweets per day that were sharing links to these media
outlets.-BBC

 

 

 

Shell to sell Russian investments due to Ukraine conflict

Shell is to end all of its joint ventures with the Russian energy company
Gazprom following the invasion of Ukraine.

 

The move will include the oil giant's 27.5% stake in a major liquefied
natural gas plant.

 

Shell's chief executive, Ben van Beurden, said the company is "shocked by
the loss of life in Ukraine".

 

It follows similar moves by BP, which is to offload its share in Russian
state-owned oil firm Rosneft.

 

Shell will quit the flagship Sakhalin II facility, which is 50% owned and
operated by Gazprom.

 

It will also sell its 50% stake in two Siberian oilfield projects, as well
as end its involvement in the Nord Stream 2 gas pipeline from Russia to
Germany, which it helped finance among a mix of other companies. The 1,200km
pipeline under the Baltic Sea had already been put on hold by German
ministers.

 

In a statement issued on Monday, Shell said that it expects the move, which
will also apply to any "related entities" to Gazprom, will be worth about
$3bn (£2.2bn).

 

The associated costs will be marked on its balance sheet later this year.

 

'We will not stand by'

"Our decision to exit is one we take with conviction," van Beurden said in a
statement on Monday.

 

"We cannot - and we will not - stand by", he added, describing Russia's
actions as "a senseless act of military aggression which threatens European
security".

 

Business Secretary Kwasi Kwarteng voiced his support for Shell's decision on
social media.

 

Earlier today I spoke to Shell's chief executive, Ben van Beurden. Shell
have made the right call to divest from Russia – including Sakhalin II.

 

There is now a strong moral imperative on British companies to isolate
Russia. This invasion must be a strategic failure for Putin.

 

Foreign Secretary Liz Truss had earlier named Gazprom as one of the many
Russian companies who would be unable to access any funding from UK
financial institutions as part of new sanctions.

 

As part of the new measures announced, the European Union (EU), US, UK and
allies have agreed to remove selected Russian banks from the Swift messaging
system, which enables the smooth transfer of money across borders. The move
is intended to cut Russia off from the international financial system and to
"harm their ability to operate globally".

 

Major Russian banks are also having their assets frozen and being excluded
from the UK financial system. This stops them from accessing pound sterling
and clearing payments through the UK.

 

And several governments have imposed sanctions on some individuals,
including Russia's President Vladimir Putin, the Foreign Minister Sergei
Lavrov and a number of members of Russia's oligarch elite.

 

Shell's decision follows that of BP, which announced that it would offload
its stake in the Russian state-owned oil firm Rosneft, which it has held
since 2013.

 

Its boss Bernard Looney also said he would resign from the board of Rosneft
with "immediate effect", having played a part on it since 2000, alongside
chairman Igor Sechin, who is a close friend of Russian President Vladimir
Putin.

 

Shell didn't take long to follow BP to the exit from Russian oil and gas
interests.

 

While nowhere near the scale of BP's potential $25bn (£18.7bn) hit, Shell
could see a charge of up to $3bn (£2.2bn) as it offloads any interests in
which it is a partner with state-owned gas giant Gazprom.

 

As with BP, it is unclear how or to whom these businesses will be offloaded
and whether they are worth anything.

 

This will not be the last global company to bring decades-long
collaborations to a financially damaging end.

 

Russia's rapidly-acquired pariah status is prompting a reckoning for company
boardrooms around the world.

 

It has also prompted a major rethink for the UK government.

 

Business Secretary Kwasi Kwarteng applauded the decisions by BP and Shell to
yield to pressure he helped apply personally. It seems clear the UK
government thinks it can no longer afford to be seen - as successive UK
governments in the past have been - as an accommodating, unquestioning
friend to Russian capital.

 

BP said it is too early to say how or to whom its stake in Rosneft will be
sold.

 

The firm will pay an $11bn charge when it writes off foreign exchange losses
that have accumulated over the last few years and another charge relating to
the value of its stake.

 

Norwegian oil and gas producer Equinor also announced its exit from Russia
on Monday, as it said it would begin the process of divesting from its joint
ventures in the country.

 

It said the ongoing conflict meant its position was "untenable".

 

Canadian Prime Minister Justin Trudeau has also announced that Canada will
ban crude oil imports from Russia.-BBC

 

 

 

Toyota to close Japanese factories after suspected cyber-attack

Toyota will shut down all 14 of its factories in Japan on Tuesday after a
possible cyber-attack.

 

News site Nikkei, which first reported the shutdown, said supplier Kojima
Industries Corporation suspected it had been hit by a cyber-attack, causing
a halt in production.

 

Japanese factories account for about a third of Toyota's production.

 

It told the Wall Street Journal it did not know whether the factories would
remain closed beyond Tuesday.

 

'System failure'

Toyota is the world's best selling carmaker.

 

Its production target for this year is 8.5 million vehicles.

 

And the closure will reportedly set this back by about 13,000 cars.

 

"Due to a system failure at a supplier in Japan, we have decided to suspend
the operation of 28 lines at all 14 domestic plants", Toyota told news
agency AFP.

 

Like other manufacturers, Toyota's production has been hit by the global
semi-conductor shortage.

 

The shutdown included some plants operated by Toyota-affiliated Hino Motors
and Daihatsu Motor, Reuters reported.-BBC

 

 

 

Canada to ban imports of crude oil from Russia

Canadian Prime Minister Justin Trudeau has announced a ban on Russian oil
imports following the country's invasion of Ukraine.

 

Mr Trudeau said oil revenues have helped to prop up President Vladimir Putin
and Russian oligarchs.

 

Coordinated Western sanctions against Russia have targeted its banks but
still accept its oil and gas exports.

 

Unlike Europe, Canada is not heavily reliant on Russia's oil exports.

 

"While Canada has imported very little amounts in recent years, this measure
sends a powerful message," Mr Trudeau told a news conference.

 

Canada imported just C$289m (£170m) worth of energy products in 2021,
according to Statistics Canada.

 

 

Canada is the world's fourth largest producer of oil.

 

Europe, however, is far more reliant on Russia's supplies. A quarter of the
European Union's petroleum oil imports come from Russia and about 40% of the
EU's natural gas imports.

 

Refusing to buy its oil and gas would be a very tough sanction from European
countries, but policymakers have so far been reluctant to take that step,
worried about the impact on energy prices in their own countries.

 

The price of Brent crude rose by 4.6% to $102 barrel on Monday after Western
nations imposed new sanctions on Russia - one of the world's largest energy
producers.

 

While the UK gets most of its imports from Norway and the US, fuel prices in
the UK still hit record highs on Monday as the impact of Russia's invasion
affected global energy markets.

 

Russian oil and gas exports make up a fifth of Russia's economy and half of
its earnings from exports. The country is the European Union's biggest oil
trading partner, according to the latest data from Eurostat.

 

Western nations announced at the weekend that they would impose sanctions on
Russia's central bank to prevent it from selling its vast reserves to prop
up its own banks and companies.

 

Russia's central bank has build up $630bn in reserves.

 

The White House press secretary Jen Psaki also said that sanctions targeting
Russia's energy sector remain on the table.

 

On Saturday, the EU, the US, the UK and other allies also announced that
some Russian banks would be banned from Swift, an international payment
system.

 

Swift is the global financial artery that allows the smooth and rapid
transfer of money across borders.

 

Banning Russia from using Swift will, for example, hit payments for its key
energy and agricultural products.-BBC

 

 

 

Asian shares firmer as Ukraine market panic takes a breather

(Reuters) - Asian stocks regained some composure on Tuesday as the massive
selling that rocked financial markets after Russia's invasion of Ukraine
last week paused for breath, while surging crude prices supported oil
exporters in the region.

 

Global stock markets have tumbled in recent days following Russia's invasion
of Ukraine and Western sanctions, which include cutting off some of Russia's
banks from the SWIFT financial network and limiting Moscow's ability to
deploy its $630 billion foreign reserves.

 

High-level talks between Kyiv and Moscow on Monday ended with no agreement
except to keep talking, but Asian markets stabilised on signs of no
immediate escalation of sanctions.

 

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS)
gained 0.42% and Japan's Nikkei (.N225) jumped 1.47%. The Russian rouble
regained some footing after crashing to an all-time low, while the
safe-haven dollar resumed its rise against major peers.

 

Australia's S&P/ASX 200 index (.AXJO) rose 0.92%, paring earlier gains. The
country's central bank decided to keep the official cash rate at a record
low. read more

 

The Reserve Bank of Australia said "the war in Ukraine is a major source of
uncertainty," and that it would maintain "highly supportive monetary
conditions" while monitoring inflation.

 

"A lot of what's been happening in markets is obviously overshadowed by the
news around Ukraine and Russia in terms of negotiations, but the significant
drivers are going to be the response from governments and central banks in
terms of the policy settings," said Kerry Craig, global market strategist at
J.P. Morgan Asset Management.

 

"The markets are going to focus on the broader implications of what's going
to happen around energy prices, what that means for inflation across parts
of the world," he said.

 

Brent crude futures, on Tuesday rose 0.91% to $98.86 per barrel.

 

The benchmark touched a seven-year high of $105.79 after Russia's invasion
of Ukraine last week, though markets calmed as the United States and allies
discuss a coordinated release of crude stocks.

 

The risks of a further energy shock have helped Southeast Asian oil
exporters with Indonesian stocks (.JKSE) hitting record high on Tuesday, up
as much as 1.6%, with coal and energy companies among the biggest gainers.

 

Malaysia's bourse dipped slightly, albeit after days of sharp gains.

 

"We are positive on select ASEAN markets, primarily the oil-exporters that
should be more resilient in an elevated energy-price environment," Ronald
Chan, Chief Investment Officer, Asia ex-Japan equities at Manulife
Investment Management, said in a research note.

 

"Additionally, any slowdown in the pace of rate hikes due to the military
conflict would also benefit emerging markets in Asia," Chan added.

 

The Federal Reserve is poised to raise interest rates at its meeting this
month, with policymakers publicly sparring about whether a large 50 basis
point hike is necessary.

 

Atlanta Fed President Raphael Bostic said on Monday he was in favour of a 25
basis point rise, but could consider a 50 basis point move if economic data
between now and then shows high inflation persisting. read more

 

The bearish outlook continued to weigh on European futures, with Euro stoxx
futures down 0.83%. European markets tumbled on Monday, led by banking
shares amid concerns lenders may take a big hit from powerful Western
sanctions against Russia. read more

 

Benchmark 10-year U.S. Treasury yields were at 1.8560%, gradually walking
back a little ground from Monday's tumble.

 

The euro resumed its decline, dropping 0.2% to $1.1197, but well off the low
of $1.1121 from the previous session.

 

Russia's rouble steadied after plunging as much as 30% to a record 120 per
dollar after Western countries and their allies slapped Russia with new
sanctions. It later clawed back some losses to 101 per dollar, following
action by Russia's central bank.

 

Spot gold was 0.1% lower at $1,906 an ounce, having risen as high as
1,973.96 last week.

 

The Thomson Reuters Trust Principles.

 

 

Australia lawsuit accuses Crown Resorts of 'innumerable' money laundering
breaches

(Reuters) - An Australian government agency filed a lawsuit on Tuesday
accusing casino operator Crown Resorts Ltd (CWN.AX) of "serious and systemic
noncompliance" with anti-money laundering laws, complicating a $6.3 billion
buyout by Blackstone Inc (BX.N).

 

In a Federal court filing, the Australian Transaction Reports and Analysis
Centre (AUSTRAC) said the company started by billionaire James Packer failed
its due diligence obligations "innumerable" times from 2016 to 2020, leaving
it and the country's financial system "vulnerable to criminal exploitation".

 

"As a result of (Crown's) non-compliance, the Australian and global
community and financial system has been exposed to systemic ML/TF risks over
many years," AUSTRAC said in a legal filing, using acronyms for money
laundering and terrorism financing.

 

"It is likely that many ML/TF risks were realised," the agency added in the
filing, which it published on its website.

 

Though not unexpected, the lawsuit presents an additional hurdle as Crown
tries to pull off a buyout by Blackstone, which its shareholders have
welcomed as a way out of an investment that has been weighed down by
regulatory headaches - including a suspended gambling licence - for years.
read more

 

AUSTRAC didn't specify the damages it was seeking, saying there had been
"innumerable" breaches. However, the court filing listed 547 contraventions
and noted that each violation carried a fine of up to A$22.2 million ($16
million), implying a potential fine of more than A$1.2 billion. The case
would not result in prison time because it is in the civil court.

 

Blackstone declined to comment. Crown said it was reviewing the lawsuit, but
added that it had developed a comprehensive mediation plan and overhauled
its governance since allegations of poor due diligence surfaced at a
regulatory inquiry in 2020.

 

The company has also replaced most of its board and management in the past
year. Packer, who still holds 37% of the company, has withdrawn his
representatives from its board to end accusations of having an inappropriate
level of control over it.

 

Still, AUSTRAC said it wanted the company to answer for turning a blind eye
to - and in some cases, knowingly allowing - suspicious transactions on its
premises on a massive scale.

 

The oversight failures were most apparent in the company's reliance on
foreign tour groups, known as junkets, which involved "movement of large
amounts of money across borders and through multiple bank accounts" by
people whose identities were often obscured, the court filing said.

 

Crown knew of 60 customers, responsible for A$70 billion in turnover, who
engaged in suspicious activity like making large payments to unknown third
parties offshore and making payments from "cash in plastic bags, shoeboxes
or cardboard boxes", the filing said.

 

The company knew some of the customers were connected with organised crime
but failed to invest in technology - or any system other than "manual"
observation by staff - to monitor risky transactions, the filing said.

 

($1 = 1.3765 Australian dollars)

 

The Thomson Reuters Trust Principles.

 

 

 

Global economy: Asia's factory activity grows but Ukraine crisis clouds
outlook

(Reuters) - Asia's factories sustained a brisk recovery in February amid
signs the coronavirus was having less of an impact of business, but the
Ukraine crisis has rapidly emerged as a fresh risk that could disrupt supply
chains and worsen cost pressures.

 

Strong international sanctions against Russia in response to its invasion of
Ukraine have jolted markets and boosted oil prices, adding to headaches for
Asian economies and businesses already reeling from rising input costs. read
more

 

"The war in Ukraine is a major new source of uncertainty," Reserve Bank of
Australia Governor Philip Lowe said on Tuesday after his bank kept interest
rates at a record low. read more

 

While the conflict in eastern Europe now looms as significant risk for the
global economy, indicators from February showed conditions had been
gradually improving before the significant escalation in the crisis.

 

Chinese factory surveys, both official and private sector, showed activity
remaining in expansionary territory, pointing to resilience in the world's
second-largest economy despite cost pressures.

 

Manufacturing activity also expanded in Malaysia, Vietnam and the
Philippines as they gradually re-opened their economies even as Omicron
infections continued to spread, surveys showed.

 

But Japan's factory activity growth slowed to a five-month low in February
on continued COVID-19 curbs and rising input costs.

 

The expansion in activity also slowed in Taiwan and Indonesia in a sign of
the lingering impact of supply chain disruptions caused by the pandemic.

 

The surveys indicate the fragile state of Asia's recovery even before the
Ukraine crisis.

 

"The most immediate hit from the crisis will come from rising oil prices,
which will deal a severe blow to many Asian economies," said Toru Nishihama,
chief economist at Dai-ichi Life Research Institute in Tokyo.

 

"Russia is a big exporter of gas, rare metals and other goods critical for
chip production. That means the crisis could aggravate supply chain
disruptions, which would be bad news for countries like Japan, South Korea
and Taiwan."

 

INFLATION RISKS

 

China's factory activity returned to growth in February on rising new
orders, a private survey showed on Tuesday, although employment remained
mired in contraction. read more

 

Separately, China's official manufacturing purchasing managers' index (PMI)
rose to 50.2 in February, remaining above the 50-point mark that separates
growth from contraction. It picked up from a reading of 50.1 in January and
confounded analysts' estimate of a slowdown to 49.9. read more

 

Despite the pick-up, China's official PMI remains well below its
pre-pandemic average, said Julian Evans-Pritchard, senior China economist at
Capital Economics.

 

"The upshot is that China's economy appears to have struggled for momentum
so far this year," he said.

 

Japan's PMI slipped to 52.7 in February from 55.4 in January, marking the
slowest expansion since September last year. read more

 

The spike in commodities prices caused by Russia's invasion of Ukraine could
prop up inflation and complicate policies for Asian central banks, as they
balance the need to arrest an unwelcome rise in inflation and underpin
growth.

 

Malaysia, for one, will wait until the third quarter before raising rates
from a record low to support an uneven economic recovery, analysts in a
Reuters poll expect. read more

 

The Thomson Reuters Trust Principles.

 

 

 

Visa, Mastercard block Russian financial institutions after sanctions

(Reuters) - U.S. payment card firms Visa Inc (V.N) and Mastercard Inc have
blocked multiple Russian financial institutions from their network,
complying with government sanctions imposed over Moscow's invasion of
Ukraine.

 

Visa said on Monday it was taking prompt action to ensure compliance with
applicable sanctions, adding that it will donate $2 million for humanitarian
aid. Mastercard also promised to contribute $2 million.

 

"We will continue to work with regulators in the days ahead to abide fully
by our compliance obligations as they evolve," Mastercard said in a separate
statement late on Monday.

 

The government sanctions require Visa to suspend access to its network for
entities listed as Specially Designated Nationals, a source familiar with
the matter told Reuters. The United States has added various Russian
financial firms to the list, including the country's central bank and
second-largest lender VTB (VTBR.MM).

 

On Saturday, the U.S., Britain, Europe and Canada announced new sanctions on
Russia - including blocking certain lenders' access to the SWIFT
international payment system. read more

 

Russians rushed to ATMs and waited in long queues on Sunday and Monday amid
concerns that bank cards may cease to function, or that banks would limit
cash withdrawals. read more

 

Russia calls its actions in Ukraine a "special operation".

 

Many Western banks, airlines and more have cut ties with Russia, calling the
country's actions unacceptable. European nations and Canada have shut their
airspace to Russian aircraft. read more

 

The Thomson Reuters Trust Principles.

 

 

Toshiba CEO suddenly resigns amid opposition to restructuring plans

(Reuters) - Toshiba Corp (6502.T) said on Tuesday CEO Satoshi Tsunakawa has
resigned - a sudden departure that comes after sources said revised
restructuring plans sparked opposition within the company in addition to
long-standing anger from shareholders.

 

New interim CEO Taro Shimada said, however, that the company would continue
to pursue its current break-up plan as it had been approved by the board.

 

Initial plans announced last year by the scandal-ridden conglomerate to
split into three had been much criticised by foreign hedge fund shareholders
- many of which favour a sale to a private equity firm. But a revised plan
last month that called for a breakup into two companies and the sale of
other businesses also met with internal dissent, according to two sources
familiar with the matter.

 

There were fears within Toshiba that its planned sale of units such as its
elevator business would leave the company only with low-margin businesses,
said the sources who were not authorised to speak to media and declined to
be identified.

 

Asked about internal opposition, Toshiba said it firmly believes its
announced reorganization plan is the best option for the company but
declined to comment further.

 

For some observers, the departure of Tsunakawa as well as that of Mamoru
Hatazawa, a board member who had pushed to split up the company, add to
doubts about whether Toshiba will be able to press ahead with the plans to
break up.

 

"The split plan will be reviewed - we think there is a chance it is
scrapped," said Justin Tang, head of Asian research at investment advisor
United First Partners in Singapore.

 

NEW GUARD

 

The appointment of Shimada, a former Siemens AG (SIEGn.DE) executive who
only joined in 2018, represents a significant changing of the guard at
Toshiba, helping the company's shares end 2% higher.

 

Toshiba also said Goro Yanase, the head of Toshiba's elevator business, will
be appointed interim chief operating officer.

 

The board will monitor the performance of the new appointees and the status
of business execution and "where appropriate, the board will continue its
deliberations, toward appointing external candidates," it said in a
statement.

 

While Tsunakawa had stepped back into the CEO role on an interim basis and
had said he did not expect to be in the position long-term, the timing of
the announcement was a surprise.

 

Raymond Zage, head of Toshiba's nomination committee, said the new
appointments had been made at this time after some shareholders had voiced
concerns that management had not appeared able to proceed with the firm's
restructuring plans in a timely manner.

 

An extraordinary general meeting that will seek initial shareholder approval
for the revised breakup plan has been set for March 24. Shareholders will
also vote on a major shareholder's proposal that Toshiba explore other
options and solicit buyout offers from private equity firms. read more

 

The original break-up plan was announced last November after a five-month
strategic review following years of accounting scandals and governance
issues that undermined investor confidence and saw Toshiba's market value
more than halve, to around $18 billion, from an early 2000s peak.

 

The Thomson Reuters Trust Principles.

 

 

 

Cryptoverse: Bitcoin gains conflict currency credentials

(Reuters) - Bitcoin has leapt since Russia's invasion of Ukraine, bolstered
by people in those countries looking to store and move money in anonymous
and decentralised crypto.

 

Bitcoin trading denominated in the Russian rouble went into overdrive when
the invasion began on Thursday, with daily volumes rising 259% from a day
earlier to 1.3 billion rouble ($13.1 million), according to data from
CryptoCompare.

 

In Ukraine, meanwhile, crypto exchange Kuna saw its daily trading volume
more than treble to 150 million hryvnias ($5 million).

 

Bea O'Carroll, managing director at Radkl, a digital asset investment firm,
said the war and Western sanctions had seen a trend emerge of bitcoin being
used to transfer value.

 

"Basically, having a currency that is not controlled by the government, that
is not affected by the emergency acts ... is really interesting," she added.
"Maybe this is how Russia gets its value moved around. Equally, on the other
side, there was 'this is how people are going to get value to the
Ukrainians'."

 

In the five days since Russia invaded Ukraine on Feb. 24, bitcoin has risen
13%, while the S&P 500 U.S. stock index that it often mimics is up around 2%
and traditional safety play gold is now largely flat after gaining as much
as 3.5% on the day of the invasion.

 

On the day of the attack, about $300 million short bitcoin positions were
liquidated, Coinglass data showed, while Singapore-based QCP Capital said "a
good portion" of leveraged long positions had been taken out.

 

As well as being largely anonymous, crypto holdings and transactions are
often held in wallets on decentralised platforms that can be accessed from
anywhere.

 

ENTER THE OLIGARCHS

 

"Bitcoin could be a potential safe haven for Russian oligarchs avoiding
sanctions as there will be no censor on the Bitcoin network and on
cryptocurrency transactions," said Ipek Ozkardeskaya, senior analyst at
Swissquote Bank.

 

"Cryptocurrencies could act as a powerful store of value for a major part of
holdings that don't need to be liquid."

 

Yet for crypto fans, the fact that such holdings could offer a route around
sanctions could be a double-edged sword.

 

"It could lead to regulations from NATO countries against usage of crypto,
but the flip side is that there could be broader adoption in places with
geopolitical turmoil," said Katie Talati, head of research at digital asset
manager Arca.

 

Ukraine was also quick to spot an opportunity in the crypto world's reach
and anonymity. Vice-Prime Minister Mykhailo Fedorov tweeted the wallet
addresses of bitcoin and ether , alongside an appeal: "Stand with the people
of Ukraine. Now accepting cryptocurrency donations."

 

Fedorov's government and Ukrainian non-governmental organisations raised
over $22 million in cryptocurrencies after the appeals, according to
blockchain analysis company Elliptic. read more

 

While bitcoin may be emerging as a currency of choice in areas of
geopolitical risk, however, market players caution there are differing views
over whether it can more broadly become a "safe-haven" asset, a form of
digital gold.

 

For Zach Friedman, co-founder of crypto brokerage Secure Digital Markets,
bitcoin's post-invasion gains serve to enforce the "narrative around
bitcoin's store of value during turbulent times".

 

STABLECOINS ON FIRE

 

Elsewhere: money is flowing into "stablecoins", which are pegged to
traditional assets such as the U.S. dollar.

 

As of Friday, stablecoin transactions comprised over 83% of the total crypto
market's 24-hour trading volume according to CoinMarketCap.

 

USD Tether, the largest stablecoin saw its market capitalization climb to an
all time high of nearly $80 billion, while gold-backed cryptocurrency PAX
Gold added nearly $100 million to its market cap in two days.

 

($1 = 98.9450 roubles; $1 = 29.7000 hryvnias)

 

The Thomson Reuters Trust Principles.

 

 

 

Bayer targets return to growth in annual adjusted profit

(Reuters) - German diversified group Bayer (BAYGn.DE)is aiming for a return
to growth in adjusted core earnings this year as higher profit at its
agriculture division would likely be tempered by investments in new genetic
treatment technologies.

 

Earnings before interest, tax, depreciation and amortisation (EBITDA) before
special items should reach 12 billion euros ($13.4 billion) in 2022, when
adjusted for currency swings, up 7% from 11.18 billion euro last year, the
company said in a statement on Tuesday.

 

Bayer reported its fourth-quarter adjusted EBITDA was flat at 2.4 billion
euros, in line with the average analyst forecast, resulting in a 2.5%
decline for the full year due to higher costs, negative currency effects and
drug development spending.

 

In its presentation slides, the maker of drugs and farming supplies said it
was aiming for earnings growth at its crop science division due to mark-ups
in prices, market share gains as well as efficiency measures that offset
inflationary cost pressures.

 

Bayer is catching up with its closest rival Corteva (CTVA.N) in the U.S.
seeds market, offering a soy variety that resists a higher number of
weedkillers.

 

The company warned that its outlook assumed a stable geopolitical
environment in Eastern Europe, now thrown into doubt by Russia's invasion of
Ukraine.

 

"Bayer will closely monitor and mitigate these risks to the extent
possible," it added.

 

The company has built what it describes as one of the leading cell and gene
therapy platforms in the industry, boosting its long-term drug development
prospects but requiring substantial expenditure.

 

A successful clinical trial prompted the drugmaker last month to boost its
peak sales estimates for prostate cancer drug Nubeqa to more than 3 billion
euros. read more

 

($1 = 0.8930 euros)

 

 

 

Palm oil becomes costliest vegoil as Ukraine war halts sunoil supply

(Reuters) - Palm oil has become the costliest among the four major edible
oils for the first time as buyers rush to secure replacements for sunflower
oil shipments from the top exporting Black Sea region that were disrupted by
Russia's invasion of Ukraine.

 

Palm oil's record premium over rival oils could squeeze price-sensitive
Asian and African consumers already reeling from spiralling fuel and food
costs, and force them to curtail consumption and shift to rival soyoil ,
dealers said.

 

Crude palm oil (CPO) is being offered at about $1,925 a tonne, including
cost, insurance and freight (CIF), in India for March shipments, compared
with $1,865 for crude soybean oil.

 

Crude rapeseed oil was offered at around $1,900, while traders were not
offering crude sunflower oil as ports are closed due to the Ukraine crisis.

 

The Black Sea accounts for 60% of world sunflower oil output and 76% of
exports. Ports in Ukraine will remain closed until the invasion ends. read
more

 

"Asian and European refiners have raised palm oil purchases for near-month
shipments to replace sunoil. This buying has lifted palm oil to irrational
price level," said a Mumbai-based dealer with a global trading firm.

 

"They have the option of buying soyoil as well. But prompt soyoil shipments
are limited and they take much longer to land in Asia compared to palm oil,"
he said.

 

Soybean production in Argentina, Brazil and Paraguay is expected to fall
because of dry weather.

 

Price-sensitive Asian buyers traditionally relied on palm oil because of low
costs and quick shipping times, but now they are paying more than $50 per
tonne premium over soyoil and sunoil, said a Kuala Lumpur-based edible oil
dealer.

 

Palm oil's price premium is temporary, however, and could fade in the next
few weeks as buyers shift to soyoil for April shipments, the dealer said.

 

Most of the incremental demand for palm oil is fulfilled by Malaysia, as
Indonesia has put restriction on the exports, said an Indian refiner.

 

"Malaysian stocks are depleting fast because of the surge in demand. It is
the biggest beneficiary of the current geopolitical situation," he said.

 

The Thomson Reuters Trust Principles.

 

 

Hyundai to stop plant in Russia on March 1-5 amid supply crunch, Ifax says

(Reuters) - Hyundai Motor Co (005380.KS) will suspend its car assembly plant
in Russia's St Petersburg on March 1-5 due to supply chain interruptions,
Interfax newsagency reported on Tuesday, citing a company official for the
South Korean company in Russia.

 

The Thomson Reuters Trust Principles.

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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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.

 


 

 


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<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
344 1674

 


 

 

 

 

 

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