Major International Business Headlines Brief::: 04 January 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 04 January 2023 

 


 

 


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ü  Sam Bankman-Fried pleads not guilty to fraud

ü  US regulators warn banks over cryptocurrency risks

ü  Microsoft recognises first labour union in US

ü  Foreigners now banned from buying homes in Canada

ü  Tuesday to Thursday is the new office working week, data suggests

ü  Rwanda: Silk Production Drops Following Korean Investor's Exit

ü  South African rand gains ahead of Fed minutes

ü  Sudan's 2022 Gold Production 'Highest in History'

ü  Tunisia offers projects to produce 1,700 megawattes of renewable energies

ü  Nigeria to pay $4 bln extra in 2023 if lawmakers reject loan-bond swap -
president

ü  Jack Ma’s Ant Wins Approval for $1.5 Billion Capital Plan

ü  Denmark sees first year with no bank heists

ü  BOJ's Kuroda aims to keep policy loose to meet price, wage growth goals

 


 

 


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Sam Bankman-Fried pleads not guilty to fraud

The former boss of collapsed cryptocurrency exchange FTX has officially
denied charges that he defrauded customers and investors.

 

Sam Bankman-Fried pleaded not guilty in a US court to claims that he took
customer deposits at FTX to fund his other firm, Alameda Research, buy
property and make political donations.

 

He was released after his arrest last month on a $250m (£208m) bail package.

 

But he faces more than 100 years in prison if convicted.

 

Judge Lewis Kaplan set a trial date of 2 October.

 

Two of Mr Bankman-Fried's closest colleagues have pleaded guilty already and
are cooperating with the investigation, which has shaken the entire
cryptocurrency industry.

 

In interviews before his arrest, the 30-year-old former billionaire admitted
failings but put the problems down to his own "mistakes".

 

It is not unusual for defendants to change their pleas as the legal
proceedings unfold.

 

Mr Bankman-Fried, who founded FTX in 2019, was one of the most high-profile
figures in the cryptocurrency industry, known for his political ties,
celebrity endorsements and bailouts of other struggling firms.

 

But in November, a wave of customer withdrawals sparked by reports of shaky
finances forced FTX to declare bankruptcy and reveal billions of dollars
worth of missing funds.

 

In a press conference last month, federal prosecutors said the meltdown at
the platform, which allowed customers to buy and sell digital tokens,
stemmed from "intentional fraud".

 

Prosecutors accused Mr Bankman-Fried of misappropriating FTX customer funds
to pay debts at his other company, Alameda, and to make other investments.

 

They announced eight criminal charges, including wire fraud, money
laundering and campaign finance violations. Financial regulators also
brought claims against Mr Bankman-Fried.

 

Mr Bankman-Fried was arrested in December in the Bahamas, where he lived and
FTX was based.

 

He was extradited to the US, where he was freed on a $250m bail package. His
bail conditions required that he wear an electronic monitoring bracelet and
remain largely confined to the California home of his parents, law
professors at Stanford University.

 

His parents co-signed the bond, guaranteeing the money if Mr Bankman-Fried
fails to appear in court.

 

In court filings on Tuesday, attorneys asked to keep the identities of the
other backers secret, saying Sam Bankman-Fried's parents had been receiving
threats. Judge Kaplan granted that request.-BBC

 

 

 

US regulators warn banks over cryptocurrency risks

US regulators have issued their first ever joint warning to banks over the
risks associated with the cryptocurrency market.

 

The watchdogs told financial institutions to be wary of potential fraud,
legal uncertainty and misleading disclosures by digital asset firms.

 

Banks were also cautioned over the "contagion risk" from the sector.

 

It comes just two months after the collapse of trading platform FTX sent
shockwaves through the crypto industry.

 

In the joint statement, the US Federal Reserve, Federal Deposit Insurance
Corporation and the Office of the Comptroller of the Currency said they were
closely monitoring the crypto activities of banking organisations.

 

"The events of the past year have been marked by significant volatility and
the exposure of vulnerabilities in the crypto-asset sector," the statement
said.

 

The regulators also said that issuing or holding crypto tokens, which are
stored on public, decentralised networks was "highly likely to be
inconsistent with safe and sound banking practices".

 

Banks were also encouraged to take steps to avoid problems in the digital
asset market spreading to the wider financial system.

 

"It is important that risks related to the crypto-asset sector that cannot
be mitigated or controlled do not migrate to the banking system," it added.

 

Tuesday's statement comes after months of hesitancy by US financial industry
watchdogs to issue uniform guidelines on cryptocurrencies, despite banks
inviting clearer advice from regulators.

 

FTX shock

The cryptocurrency industry was rocked by the collapse of FTX in November.

 

It was the world's second largest cryptocurrency exchange and the entry
point for millions of people into the digital asset market.

 

On Tuesday, FTX's former chief executive Sam Bankman-Fried officially denied
charges that he defrauded customers and investors.

 

He pleaded not guilty in a US court to claims that he took customer deposits
at FTX to fund his other firm, Alameda Research, buy property and make
political donations.

 

Two of Mr Bankman-Fried's closest colleagues have already pleaded guilty and
are cooperating with the investigation, which has shaken the entire
cryptocurrency industry.

 

Mr Bankman-Fried was one of the most high-profile figures in the sector,
known for his political ties, celebrity endorsements and bailouts of other
struggling firms.

 

He has been accused by the US of building "a house of cards on a foundation
of deception, while telling investors that it was one of the safest
buildings in crypto".-BBC

 

 

 

 

Microsoft recognises first labour union in US

Workers at Microsoft's ZeniMax Studios have voted to form the tech giant's
first labour union in the US.

 

Microsoft agreed to recognise the group after a "supermajority" of workers
at the video game production company signalled support for the plan, said
the Communications Workers of America (CWA) union.

 

ZeniMax owns popular games including The Elder Scrolls and Fallout.

 

It follows an uptick in unionisation efforts in the US.

 

Apple, Amazon and Google are among the other US companies that have seen
labour fights in recent years, as workers demand more from employers amidst
the rising cost of living.

 

Union campaigns have traditionally triggered sharp corporate opposition,
said the CWA.

 

Apple workers form first US union

"Other video game and tech giants have made a conscious choice to attack,
undermine, and demoralize their own employees when they join together to
form a union," CWA's president Chris Shelton said.

 

"Microsoft is charting a different course which will strengthen its
corporate culture and ability to serve its customers and should serve as a
model for the industry and as a blueprint for regulators," Mr Shelton added.

 

ZeniMax Studios, the company behind popular first-person shooting game DOOM,
is the first studio at Microsoft US to secure union representation and will
boast the largest group of union-represented quality assurance testers at
any US game studio, CWA said.

 

The group will represent roughly 300 quality assurance workers at offices in
Maryland and Texas.

 

Organisers said they hoped a union, which allows collective bargaining over
issues such as pay and working conditions, would allow them to improve job
opportunities, and reduce unfair pay practices and overwork during crunch
periods.

 

Voluntarily agreeing to bargain with unionised employees allows Microsoft to
avoid a formal process overseen by the US National Labor Relations Board,
which can often be followed by legal battles.

 

The CWA has also been involved in unionisation campaigns at gaming company
Activision Blizzard. The company has fought the efforts.

 

Last year, Microsoft announced a deal to buy Activision Blizzard, prompting
the government to sue to block the deal over competition concerns.

 

Microsoft had struck a pact with the CWA to remain neutral in labour fights
as part of its efforts to win support for that merger, which would be one of
the biggest in its history.

 

A Microsoft spokesperson declined to comment on how the new union might
affect operations at the firm.

 

"We look forward to engaging in good faith negotiations as we work towards a
collective bargaining agreement", the spokesperson said.-BBC

 

 

 

 

Foreigners now banned from buying homes in Canada

A two-year ban on some foreigners buying homes in Canada has come into
effect.

 

The ban aims to help ease one of the most unaffordable housing markets in
the world.

 

As of this summer, the average home price in Canada is C$777,200 ($568,000;
£473,700) - more than 11 times the median household income after taxes.

 

Some have been critical of the ban, saying it is unclear what impact it will
have on Canada's housing market.

 

Non-Canadian residents make up less than 6% of homeowners in Ontario and
British Columbia, where national statistics indicate home prices are the
highest.

 

As of 1 January, the ban prohibits people who are not Canadian citizens or
permanent residents from buying residential properties, and imposes a
C$10,000 fine on those who breach it.

 

In late December - 11 days before the ban came into effect - the Canadian
government announced some exemptions to the regulation, including for
international students who have been in the country for at least five years,
refugee claimants and people with temporary work permits.

 

In a statement, federal housing minister Ahmed Hussen said the ban is meant
to discourage buyers from looking at homes as commodities instead of a place
to live and grow a family.

 

"Through this legislation, we're taking action to ensure that housing is
owned by Canadians, for the benefit of everyone who lives in this country,"
Mr Hussen said.

 

While housing prices in Canada dipped slightly in 2022, they remain much
higher than a decade ago.

 

Housing prices were up 48% last year compared to 2013, when the average
price of a home was C$522,951.

 

Meanwhile, the average household income for Canadians has struggled to keep
pace to rising home prices. The latest data indicates the median after-tax
household income grew 9.8% from 2015 to 2020.

 

These numbers set Canada's housing market up as one of the most unaffordable
in the world, ranking the country higher than New Zealand, the US and the
UK, according to a Statista analysis of house-price-to-income ratios.

 

The average home price in two of Canada's largest cities - Toronto and
Vancouver - has topped the C$1m mark, often putting them at the list of top
10 most unaffordable cities in the world.

 

New Zealand passed a similar legislation banning foreign homebuyers in 2018
as the country grappled with its own housing affordability crisis.

 

However, inflation-adjusted home prices have continued to rise since the ban
came into effect.

 

Other countries have enacted different measures to curb foreign
homeownership, including by implementing designated restricted zones where
non-residents are barred from purchasing homes, or bringing in specific fees
on foreign buyers.-BBC

 

 

 

 

Tuesday to Thursday is the new office working week, data suggests

A typical week in the office now runs from Tuesday to Thursday, a study of
mobile phone activity suggests.

 

Analysts Placemake.io and Visitor Insights examined anonymised phone data
from more than 500 UK high streets from 2019 to 2022.

 

The study found increased activity in many suburban and small towns, which
it linked to the trend for working from home.

 

Seaside towns were significantly busier than before the Covid pandemic.

 

Mark Allen, chief executive of property firm LandSec, said Tuesday to
Thursday was incredibly busy in the City of London, but activity on Mondays
was only 50-60% of that level, and Fridays were almost as quiet as weekends.

 

"We're not going back to how things were pre-Covid," he said. "We certainly
believe there are going to be fewer people in offices for the longer term
and we are planning accordingly."

 

Real estate firm CBRE Investment Management said empty office space in
London has more than doubled in the last three years.

 

The company's head of research, David Inskip, warned many office districts
would struggle if there was nothing but a desk and a computer on offer.

 

"It has to be a high quality built environment that draws you in," he said.

 

However, while city centres have seen a decline, many towns and suburbs have
seen an increase in high street footfall.

 

In Kirkby, Merseyside, footfall appears to have increased by 160% over three
years, aided by local regeneration, including the opening of a supermarket
in the town centre.

 

PlaceMake.io founder Chlump Chatkupt said: "The places that have thrived
have a more balanced, diverse mix of office, residential and retail.

 

"Residents are spending more time at home and in their local community and
finding they can do a lot without venturing too far out."

 

Towns with shops, offices and housing all within walking distance - what
planners call a 15-minute city - have done well.

 

Town centres recording the biggest increase in activity include:

 

Marlow: 33%

Glossop: 33%

Matlock: 32%

Colchester: 26%

Buxton: 26%

Melton Mowbray: 23%

Attraction of the seaside

Activity also seems to have increased in seaside towns, including Budleigh
Salterton in Devon. The town which had a reputation as a place to retire,
has attracted an increasing number of young families.

 

Adam Sweet, a structural engineer who largely works from home, said when he
arrived in the town in 2016 he knew of only one family with young children
in his neighbourhood.

 

"Since then, there's 10 or 20 families in our area who've all moved in and I
know a lot of people who are waiting to move in to Budleigh, it's become
quite a family area," he said, adding: "People can live further away now."

 

Mark Godfrey, who runs Deer Park Country House in Honiton, Devon, moved in
to Budleigh Salterton in 2021.

 

He only goes in to the office twice a week.

 

"As soon as I finish work it takes me seven minutes to get to the sea for a
swim," he said.

 

Seaside towns that have seen a big boost in high street footfall include:

 

Morecambe: 70%

Budleigh Salterton: 59%

Porthcawl: 55%

Skegness: 53%

Folkestone: 52%

Margate: 32%

Scarborough: 29%-BBC

 

 

 

 

Rwanda: Silk Production Drops Following Korean Investor's Exit

Lack of an investor led to a 43 per cent decline in the production of silk
cocoons in the 2021-2022 fiscal year, compared to the previous year, it has
emerged.

 

Silk cocoons are coverings of threads that are produced by silkworms after
feeding on mulberry trees, and are used in the textile industry.

 

As per the 2021-2022 annual report by the Ministry of Agriculture and Animal
Resources, the National Agricultural Exports Development Board (NAEB)
supported farmers and Cocoon Production Centers (CPCs) to rear 1159 boxes of
silkworms, and the production of cocoons which was 15.4 tonnes in that
fiscal year ended on June 30 last year.

 

The report showed that the decrease observed in silk sheath production was
"particularly due to farmers discouraged by the departure of the previous
investor in the sector."

 

It showed that some sericulture, or silk farming, agriculturalists did not
resume production after termination of contract with HeWorks Rwanda Silk
Ltd.

 

"They were discouraged by reduction in farm gate cocoon price that followed
the fluctuation of value on the international market caused by Covid-19
pandemic effect on different economies," the report indicated.

 

Speaking to The New Times, Jean de Dieu Rukemwa, the president of Musereko
Sericulture Cooperative in Gatsibo District, said that some farmers seem to
have been demotivated because of lower price at which their cocoon produce
was being bought since the departure of the Korean firm, yet, breeding
silkworms requires intensive care.

 

He said that (some) farmers carried on sericulture because NAEB told them it
was looking for another investor in the silk sector.

 

"We are still taking care of mulberry trees because they told us that
another investor would be found to do the same work that the Korean firm was
doing," Rukemwa said, adding that the cooperative has a mulberry plantation
of a hectare and a half.

 

Information from NAEB showed that in August 2021, it took over the
sericulture business after the exit of HeWorks Rwanda Silk Ltd.

 

Talking about prices at which cocoons were bought from farmers, it pointed
out that as a result of Covid-19, the international price of silk yarn fell
by 21 per cent in 2020, from $55.31 a kilogramme in 2019 to $43.8 a
kilogramme in October 2020.

 

In response to that change, it argued that HeWorks Rwanda Silk Ltd, in
collaboration with NAEB, had to take this price variation into account and
review the cocoon pricing structure on the local market.

 

NAEB indicated that the price of fresh cocoons, therefore, decreased by 17.7
per cent, from Rwf3,450 to Rwf2,840 a kilogramme.

 

-New Times.

 

 

 

 

South African rand gains ahead of Fed minutes

(Reuters) - South Africa's rand strengthened in early trade on Wednesday,
ahead of minutes from the U.S. Federal Reserve's December policy meeting
that could give clues on its interest rate tightening path.

 

At 0602 GMT, the rand traded at 16.9500 against the dollar, 0.37% stronger
than its previous close.

 

Minutes from the Fed's December meeting are due to be released later in the
day.

 

Local investors will be looking at S&P Global South Africa PMI survey for
December due on Thursday on how the economy fared in the last month.

 

However, with no other major domestic economic events scheduled this week,
the risk-sensitive rand is set to take cues from global drivers.

 

The government's benchmark 2030 bond was unchanged in early deals, with the
yield at 10.045%.

 

-The Thomson Reuters Trust Principles

 

 

 

Sudan's 2022 Gold Production 'Highest in History'

Khartoum — The Sudanese Mineral Resources Company announced the production
of more than 18 tons of gold during 2022, describing it as the highest
productivity in the history of the mineral sector in Sudan.

 

The Director of the General Administration for Supervision and Control of
Production Companies, Engineer Alaeldin Ali, said in a press statement on
Monday that the production rate of gold for the year 2022 amounted to 18
tons and 637 kilograms from the production of the organised sector of
concession companies and companies dealing with traditional mining waste.

 

He pointed out that productivity increased by one ton and 611 kilograms,
compared to the highest production in the last period, which was achieved in
2019.

 

 

Smuggling

 

Sudan is one of the largest producers of gold in Africa, however production
is often driven by unregulated, artisanal (individual subsistence) mining,
and routine gold smuggling across international borders is a constant
problem.

 

It is estimated that between 50 per cent and 80 per cent of Sudan's gold is
smuggled out of the country, with proceeds frequently used to finance the
internal conflict.

 

Central Bank of Sudan issued a new circular to banks and related authorities
in March 2022, banning the export of gold by government agencies and
foreigners, individuals, and companies, excluding concession companies
operating in mining. The circular also limits the role of the Central Bank
of Sudan to purchasing gold for the purpose of building reserves only.

 

In July 2022, CNN published an investigation that had been seven months in
the making disclosing how "Russia is plundering gold in Sudan to boost
Putin's war effort in Ukraine" with the complicity of Sudanese military
rulers.

 

CNN's investigation shows the extent to which Russia smuggles gold out of
Sudan, bypassing the county's official gold export regulations.

 

At least 16 known instances of Russian gold smuggling flights out of Sudan,
have occurred in the past year and a half, the investigation report
explained.

 

Interviews with high-level Sudanese and US officials suggest the existence
of 'an elaborate Russian scheme' to plunder Sudan's gold reserves to
strengthen Russian wealth in the face of Western sanctions.

 

-Dabanga.

 

 

 

 

Tunisia offers projects to produce 1,700 megawattes of renewable energies

(Reuters) - The Tunisian government offered projects to produce 1,700
megawatts of renewable energies during 2023-2025, with investments worth 5
billion dinars( $1.60 billion), the energy minister Naila Nouira said on
Tuesday.

 

Tunisia also plans to raise phosphate production from 3.7 million tonnes in
2022 to 12 million tonnes in 2025, she added.

 

 

 

 

Nigeria to pay $4 bln extra in 2023 if lawmakers reject loan-bond swap -
president

(Reuters) - Nigeria will pay 1.8 trillion naira ($4 billion) extra interest
in 2023 if parliament rejects a loan-to-bond swap request on the central
bank's overdrafts to the government, President Muhammadu Buhari said on
Tuesday after signing the 2023 budget into law.

 

The Senate last week delayed a decision on the president's request to
convert $53 billion worth of central bank overdrafts to the government into
40-year bonds after some lawmakers questioned the plan.

 

In a speech on Tuesday, Buhari said the government currently pays a 3%
margin above the central bank's lending rate of 16.5% but his administration
has negotiated a rate of 9% for the bonds.

 

Lawmakers increased the size of the 2023 budget by 6.4% to 21.83 trillion
naira ($49 billion) after they raised the oil price assumption to $75 a
barrel from $70.

 

"Considering the imminent transition process ... I decided to sign the 2023
appropriation bill into law ... to enable its implementation to commence
without delay," Buhari said, referring to a general election coming up in
February.

 

Having completed the maximum two terms allowed by the constitution, Buhari
is not standing for re-election.

 

Rising debt, weak economic growth, high inflation and mounting insecurity
are major issues for many Nigerian voters.

 

The International Monetary Fund has urged Nigeria to phase out central bank
financing of the government to help reduce double-digit inflation.

 

Economists say Nigeria's government is spending more money on debt
repayments than on education and health, but Buhari has said his government
had no choice but to borrow its way out of two recessions in the past seven
years.

 

($1 = 447.58 naira)

 

 

 

Jack Ma’s Ant Wins Approval for $1.5 Billion Capital Plan

Chinese regulators approved a plan by billionaire Jack Ma’s Ant Group Co. to
raise 10.5 billion yuan ($1.5 billion) for its consumer unit, signaling
progress in the government-ordered overhaul of the financial technology
firm.

 

The China Banking and Insurance Regulatory Commission division in Chongqing
green-lit the company’s plan to lift its capital to 18.5 billion yuan,
according to a notice on Dec. 30. Ant, which contributed 5.25 billion yuan
as part of the plan, will control half of its shares after the deal, while a
unit owned by the city of Hangzhou will hold 10%, becoming the
second-biggest shareholder.

 

 

 

Denmark sees first year with no bank heists

COPENHAGEN: Denmark has recorded its first year without bank robberies, as
the use of cold hard cash has dwindled in recent years, the country’s
finance workers union said on Monday.

 

The increasingly cashless society has led banks to dial down their cash
services, leaving little potential loot for robbers. “It’s nothing short of
amazing. Because every time it happens, it’s an extreme strain on the
employees involved,” Steen Lund Olsen, vice president of a union, said in a
statement.

 

“It’s something you can’t even begin to understand the emotional impact of
if you haven’t experienced it yourself,” he added.

 

The union said there had been 221 bank robberies in 2000, which has slowly
decreased to less than 10 a year since 2017. Denmark’s central bank reported
in March last year that the use of cash had nearly halved from 23 percent of
payments in 2017 to 12 percent in 2021.

 

The Covid-19 pandemic accelerated the abandonment of cash, said the bank.

 

The finance workers’ union noted that while holdups have become scarce,
“many bank employees who have been robbed continue to struggle with the
consequences”. Some still suffer from symptoms such as “anxiety, sadness,
irritability, restlessness and insomnia”.

 

 

 

BOJ's Kuroda aims to keep policy loose to meet price, wage growth goals

(Reuters) - Bank of Japan Governor Haruhiko Kuroda said on Wednesday the
central bank would maintain its loose monetary policy in order to sustain
inflation at its 2% target along with wage growth.

 

Kuroda's comments at a New Year gathering of the Japanese bankers'
association counter lingering market speculation the BOJ may join the
world's major central banks in tightening money supply to fight decade-high
inflation.

 

The world's third-largest economy would grow firmly and stably this year
backed by accommodative monetary conditions although uncertainties such as
inflation and the COVID-19 pandemic remain, Kuroda said.

 

Adding to the uncertainty, the yen rebounded sharply on speculation the BOJ
may start to turn away from its ultra-loose monetary policy after it widened
the yield cap range on 10-year Japanese government bonds (JGBs) last month.

 

The yen spiked to a seven-month high above 129 yen against the U.S. dollar
on Tuesday, on rising expectations that the BOJ might move away from its
accommodative policies.

 

The currency's momentum was further fuelled by media reports on the weekend
that the BOJ was set to raise inflation forecasts in January to show prices
near its 2% goal in fiscal 2023 and 2024.

 

The Thomson Reuters Trust Principles.

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

National Unity Day

 

December 22

 


 

Christmas Day

 

December 25

 


 

Boxing Day

 

December 26

 


Companies under Cautionary

 

 

 


CBZH

Meikles

Fidelity

 


TSL

FMHL

Turnall

 


GBH

ZBFH

GetBucks

 


Zeco

Lafarge

Zimre

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


(c) 2023 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
344 1674

 


 

 

 

 

 

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