Major International Business Headlines Brief ::: 04 November 2025

[Bulls n Bears]

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Major International Business Headlines Brief :::  04 November  2025 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Starbucks to sell majority stake in China business

ü  ChatGPT owner OpenAI signs $38bn cloud computing deal with Amazon

ü  More people using family help than Buy Now Pay Later loans

ü  'No idea who he is,' says Trump after pardoning crypto tycoon

ü  Kimberly-Clark to buy Tylenol-maker for more than $40bn

ü  Should K-beauty products have to come from South Korea?

ü  Goldman Sachs, Morgan Stanley warn of a market correction: ‘Things run
and then they pull back’

ü  BP beats third-quarter profit expectations on higher oil and gas
production

ü  HSBC, General Atlantic CEOs flag AI capex-revenue mismatch, ‘irrational
exuberance’

ü  Oil slips on oversupply concerns after OPEC+ output plans

ü  Norway wealth fund to vote no on Musk $1 trillion Tesla pay package

ü  Third of British farmers made no profit in past year, report finds

ü  World’s largest oil company Aramco reports higher third-quarter net
profit on production boost

ü  Nintendo hikes Switch 2 sales forecast to 19 million units as flagship
console momentum grows

 


 <mailto:info at bulls.co.zw> 

 


 

 

Starbucks to sell majority stake in China business

Starbucks says it is selling a 60% stake in its business in China as part of
a $4bn (£3.04bn) deal with investment firm Boyu Capital.

 

Under the agreement, the world's biggest coffee chain will have a 40% stake
in the Chinese retail operation and retain ownership of the Starbucks brand
there.

 

Starbucks entered China in 1999 and the country is now its second-largest
market outside the US, but has struggled in recent years with the rise of
homegrown brands like Luckin Coffee.

 

The business will continue to be headquartered in Shanghai and will own and
operate 8,000 outlets in the Chinese market, with plans to grow to as many
as 20,000 locations, the firm said on Monday.

 

 

The partnership with Boyu is a "significant milestone" and signals its plans
for long-term growth in China, Starbucks said as it put a $13bn valuation on
its retail operations in China.

 

The collaboration "combining Starbucks globally recognised brand, coffee
expertise, and partner (employee)-centred culture with Boyu's depth of
understanding of Chinese consumers," it added.

 

Starbucks said it plans to introduce new drinks and digital platforms in
China, adding that the deal will be finalised next year.

 

Boyu Capital is a private equity firm that invests in retail, financial
services and technology businesses. The company has offices across Asia,
including in Shanghai, Hong Kong and Singapore.

 

Starbucks' future in China had been uncertain for months after former boss
Laxman Narasimhan said last year that the company was exploring "strategic
partnerships" to stay competitive in the world's second largest economy.

 

Trump's tariffs are pushing food and drink exporters closer to China

Price hikes and boycotts: Is trouble brewing at Starbucks?

 

The agreement marks one of the biggest deals involving the Chinese
operations of a global consumer company in recent years.

 

KFC and Pizza Hut's operations in China were spun off by their owner Yum!
Brands in 2016 after struggling in the country for years.

 

Other major US brands like fashion chain Gap and ride-hailing platform Uber
have also faced challenges in China.

 

In recent years, Starbucks has seen falling sales in China, due to the
Covid-19 pandemic, slower consumer spending and fierce competition.

 

Beijing-based Luckin Coffee now runs more shops in China than Starbucks and
has won a loyal following with its lower prices and frequent discounts.

 

Starbucks has also cut its prices in the country in a bid to compete with
domestic rivals, but this has had an impact on its profits.

 

Since being appointed as Starbucks' chief executive last year, Brian Niccol
has been on a mission to turn around the global business.

 

The former Chipotle boss has led a revamp of Starbucks' menu, and has said
he would hire more baristas while scaling back automation efforts.

 

The chain has more than 40,000 outlets around the world.-bbc

 

 

 

 

ChatGPT owner OpenAI signs $38bn cloud computing deal with Amazon

OpenAI has signed a $38bn (£29bn) contract with Amazon to access its cloud
computing infrastructure, as the start-up continues its run of major
partnerships to secure computing power.

 

In 2025, the ChatGPT maker has signed deals worth more than $1tn with
Oracle, Broadcom, AMD and chip-making giant Nvidia. Its latest deal reduces
its reliance on Microsoft.

 

As part of the seven-year agreement, OpenAI will gain access to Nvidia
graphics processors to train its artificial intelligence models.

 

The deal follows a sweeping restructure of OpenAI last week which saw it
convert away from being a non-profit and changed its relationship with
Microsoft to give OpenAI more operational and financial freedom.

 

 

"Scaling frontier AI requires massive, reliable compute," said OpenAI
co-founder and CEO Sam Altman.

 

"Our partnership with AWS [Amazon Web Services] strengthens the broad
compute ecosystem that will power this next era and bring advanced AI to
everyone."

 

The deal reflects the massive demand for computer power coming from the
growing interest in AI - and OpenAI's rush to secure the power it needs.

 

OpenAI, which brought AI into the consumer mainstream with the launch of
ChatGPT in 2022, had been reliant on Microsoft for computing power for
years. The two firms had an exclusive cloud agreement until January of this
year, when their relationship loosened.

 

The AI start-up's first agreement with Amazon's AWS marks its latest shift
away from Microsoft toward diversified sources of computing power.

 

"The deal with AWS shows that OpenAI considers that its path to leadership
is paved with getting access to as much computing power as it can get its
hands on," said Kim Forrest, chief investment officer at Bokeh Capital
Partners.

 

Microsoft "taking less of a control stake in the company has allowed
relationships with near competitors to OpenAI's funders possible," she
added.

 

But OpenAI has been unprofitable, as spends big to get ahead in the
development of AI technology. Quarterly results from Microsoft last week
indicated that OpenAI lost $12bn in just the last quarter.

 

Following the announcement of the deal on Monday, Amazon shares hit an
all-time high, adding $140bn (£106bn) to its valuation.

 

AWS is "uniquely positioned to support OpenAI's vast AI workloads," Matt
Garman, CEO of AWS, said in a statement.

 

Leading AI firms have been investing in one another, creating a tangled web
of deals that has been drawing scrutiny. OpenAI is at the centre of that
web.

 

In response to OpenAI's deal spree, there has been some speculation that an
AI bubble may be in the offing.

 

Speaking to the BBC last month, Sam Altman said: "Yes, the investment loans
are unprecedented", but added: "It's also unprecedented for companies to be
growing revenue this fast."

 

Warnings have come from the Bank of England and the International Monetary
Fund, as well as from JP Morgan boss Jamie Dimon, who told the BBC that "the
level of uncertainty should be higher in most people's minds".-bbc

 

 

 

 

More people using family help than Buy Now Pay Later loans

People turn to family and friends for money more often than Buy Now Pay
Later loans, a new survey has suggested, and for most of them it was for
less than £250.

 

The survey of more than 4,000 adults commissioned by non-profit Fair4All
Finance, shared exclusively with the BBC, found that while 25% of
respondents had taken out a Buy Now Pay Later loan, 26% had borrowed from
family and 15% from friends this year.

 

Many relied on friends and relatives because they had been turned down by
traditional services like banks - but some of those loans still come with
interest.

 

For 42-year-old Carla McLoughlin, borrowing small sums from her mum is
crucial.

 

 

The mother-of-three explains that the money is needed "just to tide us over
for a week or two until we get paid".

 

But some people said borrowing from their nearest and dearest had affected
those relationships.

 

Of those who borrowed from family, 9% said it weakened the relationship, and
that figure rises to 17% when borrowing from friends, with different
expectations of repayment souring relationships.

 

The dynamics get trickier for many with 16% of people who borrowed from
friends and 8% of those that borrowed from family saying they were charged
interest.

 

Val Lucus, Carla's 63-year-old mother, said she's lent to other family
members who didn't pay her back.

 

"You're constantly chasing it up. That can be difficult," she said.

 

'We do it all the time'

A head and shoulders crop of Val Lucus in a checked jacket and white hoody
smiling and looking into the camera against a grey background.

Val Lucas lends and borrows money from her children

 

Fair4All Finance was set up 2019 by the government, and campaigns to make
financial products available to a wider group of people.

 

The research was carried out in collaboration with polling firm Ipsos, and
included people from England, Scotland and Wales.

 

It found that younger adults, households with children, and people on
zero-hours contracts or in lower-paid work are most likely to borrow from
friends and family.

 

The research also showed that a quarter of all households would not be able
to afford a £500 emergency bill without borrowing.

 

But the flow of cash is not all in one direction for Carla and her mum Val.
They live close by in Merseyside, and regularly have to borrow from each
other.

 

"We do it all the time. If I need £50 just to get a few bits to tide me
over," Carla said.

 

"Two weeks later she'll be short so I give that back and if she needs a bit
extra I give it to her."

 

Carla has been turned down for a loan in the past and struggled to get a
phone contract, so Val has been happy to help.

 

Carla has also seen her mum pawn her grandmother's rings in the past.

 

"I was crying my eyes out, saying mum why didn't you ask me?" she said,
adding that she wants to help her mum whenever she can, and has paid for her
mum's gas and electricity bills in the past.

 

The pair said it has not impacted their relationship, and have never charged
each other interest, but they have seen it go wrong for others.

 

"Some people say they'll pay you back but then they don't. Then they're
messing it up for themselves," Carla added.

 

Nowhere else to turn

A lot of people turn to family and friends because they have been turned
down by banks, credit cards or Buy Now Pay Later services.

 

For others it could be a cheaper option to avoid overdraft fees or
high-interest short-term loans.

 

Kate Pender, the boss of Fair4All Finance, said it was important everyone
has access to credit for the unexpected moments in life.

 

"No one should have to risk their closest relationships just to cover
essential costs. We urgently need to expand access to safe, affordable
credit so people aren't forced into difficult choices," she said.

 

Of those surveyed, 4% had turned to a loan shark, or unregistered lender
within the last 12 months.

 

That figure could be even higher, as some of those who think they are
borrowing from a "friend" may actually have borrowed from a loan shark - a
person who is lending to multiple people, charging high interest, and often
using intimidation to get repayment.

 

Dave Benbow head of the England Illegal Money Lending Team, known as Stop
Loan Sharks, said about half of all people the organisation supports
believed the loan shark was a friend at the time of borrowing.

 

"All too often we see situations where extra charges are suddenly added, the
debt spirals, and borrowers find themselves trapped," he said.

 

Moneyhelper, an independent website backed by the government, says it's
important to think carefully before borrowing from someone in your family or
a friend. If you struggle to repay this could put pressure on you and your
relationship.

 

They suggest good forward planning and a written agreement can help whether
you're the one doing the borrowing or lending.

 

 

A red, black and white graphic reading Cost of Living Tackling It Together
with a woman filling a mug from a kettle

Can I lend money safely?

Be completely honest with yourself about whether you can afford to lend the
money if it was never paid back.

If you feel pressured, or awkward, then say no. There are safe borrowing
options, like Credit Unions you could direct a loved one to.

Keep a written record - an email, text or Whatsapp could be enough - saying
how much your lending and when you'd like to be repaid.

Offer to help in another way - perhaps pay a bill directly for someone in
need.

Encourage the person asking to get help from a debt organisation. Help them
get on top of their finances, don't just keep bailing people out.-bbc

 

 

 

'No idea who he is,' says Trump after pardoning crypto tycoon

US President Donald Trump says he does not know who Changpeng Zhao is,
despite pardoning the cryptocurrency multi-billionaire last month.

 

Trump was asked about the pardon during an interview with CBS News' 60
Minutes programme, which was broadcast on Sunday.

 

Zhao, who is also known as "CZ", pleaded guilty to enabling money laundering
in 2023. He served four months in prison and agreed to step down as the
chief executive of Binance, the crypto exchange he co-founded.

 

His companies have partnered with firms linked to Trump on new
digital-currency projects including Dominari Holdings, where his sons sit on
the board of advisers and which is based in Trump Tower.

 

 

The host of 60 Minutes, Norah O'Donnell, asked Trump why he pardoned Zhao
even though government prosecutors had said he caused "significant harm to
US national security."

 

"Okay, are you ready? I don't know who he is," the president said.

 

Trump added that he did not recall meeting Zhao and had "no idea who he is",
only that he had been told that the businessman was a victim of a "witch
hunt" by the administration of former US President Joe Biden.

 

During the interview, Trump also discussed his support for cryptocurrencies
and said that the US had to make sure it was a leader in the industry or
risk China and its rivals gaining an advantage in the emerging technology.

 

CBS News is the BBC's US news partner.

 

The president's pardon lifts restrictions that had stopped Zhao from running
financial ventures, but it is unclear whether it changes his standing with
US regulators or his role at Binance.

 

At the time of the pardon, White House Press Secretary Karoline Leavitt
called Zhao's prosecution under the Biden administration part of a "war on
cryptocurrency", pushing back on critics who said the pardon appeared
motivated by Trump's personal financial interests.

 

"This was an overly prosecuted case by the Biden administration," she said,
adding that the case had been "thoroughly reviewed". "So the president wants
to correct this overreach of the Biden administration's misjustice and he
exercised his constitutional authority to do so."

 

The Binance platform remains the most used crypto exchange in the world for
trading digital assets.

 

The Trump administration previously halted a fraud case against crypto
entrepreneur Justin Sun, after his investments in the Trump family's crypto
firm, World Liberty Financial.

 

In May, it was announced that a stablecoin launched by World Liberty
Financial would be used by an Abu Dhabi firm for a $2bn (£1.52bn) investment
in Binance.

 

Trump has also pardoned founders of the crypto exchange BitMEX, who faced
charges related to money laundering, and Ross Ulbricht, founder of the Silk
Road, the dark web marketplace known as a place for drug trade.-bbc

 

 

 

 

Kimberly-Clark to buy Tylenol-maker for more than $40bn

Kimberly-Clark is set to buy Kenvue, the maker of Tylenol, which has faced
attacks from the White House and flagging demand for its products.

 

The more-than $40bn (£30.5bn) cash-and-stock deal would create a consumer
giant, with a portfolio of some of the world's most commonly stocked
bathroom and medicine cabinet items.

 

Kimberly-Clark makes Kleenex, Huggies nappies and some of the biggest toilet
paper brands in the US. As well as Tylenol, Kenvue is known for Band-Aid,
Zyrtec, Benadryl, Neutrogena and Aveeno.

 

Both firms have been under pressure as price-conscious households
increasingly turn to cheaper, store-brand versions of their products.

 

 

Johnson & Johnson spun off Kenvue as a standalone company in 2023,
separating its faster growing, more profitable medical technical and
pharmaceutical business from its consumer products.

 

Executives argued at the time that a narrower focus would help each company
flourish.

 

But Kenvue's business and its shares have struggled, down almost 30% in a
year, making it a target of activist investors, who have bought up stakes
and pushed the firm for changes, including a possible sale.

 

The firm's shares sank last month, when the Trump administration publicly
linked use of Tylenol during pregnancy to autism, despite what scientists
say is inconclusive evidence.

 

Sales in the first nine months of the year are down almost 4% compared with
2024.

 

In their announcement of the deal, executives said the companies had
"complementary strengths" and a combination would accelerate growth. They
said they expected to complete the transaction in the second half of next
year.

 

Together, the firms are on track to generate $32bn in sales in this year,
they said.

 

"With a broader product range and greater reach, the combined company will
be a global health and wellness leader," they said.

 

 

The cash-and-stock deal values Kenvue at about $48.7bn, the companies said.

 

They said Kenvue shareholders would receive about $21 per share, including
$3.50 in cash and a portion of shares in Kimberly Clark.

 

Kenvue shares jumped 17% in early trading to more than $16.

 

But shares in Kimberly-Clark sank more than 10% in a sign of investor doubts
about the deal, which exposes the firm to new risks.

 

Kenvue is facing a lawsuit from the Texas attorney general, claiming that
Kenvue and Johnson & Johnson hid alleged dangers that the drug posed to
children's brain development.

 

Kenvue brands, while under the Johnson & Johnson umbrella, had also faced
crisis in recent years over lawsuits linking use of its baby powder to
cancer.

 

A recent lawsuit in the UK picked up on those claims, accusing Johnson &
Johnson of knowingly selling baby powder contaminated with asbestos for
decades.

 

The company, which now makes its talcum powder with cornstarch, has denied
the allegations.-bbc

 

 

 

 

 

Should K-beauty products have to come from South Korea?

Korean skincare or "K-beauty" products are very popular around the world.

 

But as exports from South Korea hit $10.3bn (£7.7bn) last year, cosmetics
companies in other countries have introduced their own K-beauty ranges that
are not Korean-made.

 

Does this blurring of the definition matter?

 

K-beauty products first came to international attention in the 2010s, part
of a wave of other Korean exports, such as K-pop and K-drama.

 

The K-beauty skincare regime can be very elaborate, involving as many as 10
different steps, each requiring a separate product. This caught the
imagination of people around the world, and sales rose sharply.

 

Annual exports from South Korea increased from $650m in 2011 to $4bn in
2017, according to official figures, a sixfold rise in just six years.

 

 

BBC Business Daily - The blurring of K-beauty

Recognising this huge jump in demand, cosmetics brand Seoul Ceuticals was
launched in 2017, named after the South Korean capital.

 

"We started to see this increase in growth in interest in K-beauty, and
began developing a skincare brand to meet that demand
 when we really saw it
emerging in the US," says Seoul Ceuticals' director of retail relationship
Ann Majeski.

 

"It has been extremely successful. We expect to do over $14m in sales in
2025. We've seen a global acceptance and demand for the K-beauty products.
We've started selling in India, Latin America, Europe and Australia."

 

But Seoul Ceuticals is not a Korean company. It is based in the US, where it
also manufacturers all its products.

 

The business doesn't claim to be Korean, but it does say that it makes
"real, authentic Korean skincare".

 

That may sound like a contradiction, but the company says it isn't because
its ingredients are sourced from South Korea.

 

"I think we were a little more sensitive about it when we were first
starting, because we wanted to be very transparent that the products are
made in the US," says Ms Majeski.

 

"[But] we source our ingredients in Korea
 we wanted to be able to
legitimately say we are a K-beauty brand."

 

But not everyone would agree with this.

 

 

PureSeoul Products on sale at K-beauty store PureSeoul PureSeoul

Exports of K-beauty products from South Korea were more than $10bn last year

"The products should be manufactured by a Korean manufacturer," says Seung
Gu Kim, co-founder of K-beauty cosmetics firm Hwarangpoom.

 

He runs the business with his wife Elisa Ahonpää-Kim. While they are based
in Finland, all of their team except Elisa are Korean, and all their
products are made in South Korea.

 

"The most important thing that we both absolutely agree is that the brand
should develop its concept, and ideas, and products with a Korean
perspective," says Mr Kim.

 

"That can come through in the ingredients, the design. Or cultural elements,
basically anything that clearly connects to the brands to Korea, or at least
reflects a Korean influence."

 

However, the couple do admit that the definition of K-beauty remains
complex.

 

"I guess it's a very vague concept, because on the market you will find a
lot of brands that are made by Koreans who live abroad," says Ms
Ahonpää-Kim.

 

"And then brands like Lancôme and Clinique manufacture their products in
Korea and Japan, but then it doesn't make those brands Japanese and Korean."

 

There is currently no official definition of K-beauty. And there is no
protected designation of origin to defend it, like in the case of Champagne
or Parmigiano Reggiano cheese.

 

And there is no plan to set one up, according to the K-beauty Industry
Association, the only K-beauty trade body officially approved by the South
Korean government.

 

"We are currently more focused in promoting and expanding K-beauty," says
the organisation's chairman Chang Nam Jang.

 

"While the trend is quite established in Asia, it is only just starting in
Europe and the US, and we don't want to throttle the growth by imposing any
sanctions on them."

 

However, the association does have rules for its members – they must be
companies that are registered in South Korea, and their products must be
officially tested and approved by Korea Food & Drug Administration. That
approval is required in order to sell inside South Korea.

 

"If a product is developed in a way that suits the climate and environment
of Korea, and is recognized as a viable product in the Korean market, then
we would acknowledge it as K-beauty," says Mr Jang.

 

Hwarangpoom agrees with this definition, and has received approval from
KFDA. And Seoul Ceuticals has also started the process to attain KFDA
approval, to bring their products to Korean consumers.

 

With K-beauty exports from South Korea in 2024 20% higher than in 2023,
there is a lot of money to be made in the sector whether the firms are
homegrown or not.

 

In fact, South Korea is now the largest exporter of cosmetic products after
France and the US.

 

However, this success has spawned counterfeiters.

 

Mark Lee is the CEO of MarqVision, a US-based business helps firms spot
fakes and get them removed from sale.

 

"For a major Korean beauty brand, which I cannot disclose, we recently
conducted 29 test purchases across major US marketplaces," he says. "Twenty
six of them were fake. So that's a 90% counterfeit rate."

 

And in 2024 as a whole, Marqvision identified $280m worth of fake K-beauty
products in the US market alone.

 

The high number of counterfeits greatly frustrated K-beauty fan Gracie
Tullio. "Shopping online for K-beauty was a really scary experience," she
says.

 

PureSeoul Gracie Tullio, founder and boss of K-beauty retailer
PureSeoulPureSeoul

Gracie Tullio, founder of PureSeoul, says many people are buying fakes
online

This led to London-based Ms Tullio launching PureSeoul in 2019, a K-beauty
retail business that sells authentic products sourced directly from Korean
manufacturers.

 

She says she gets customers who visit the shop with suspected fake products
to check if they are real.

 

"Even our customers can be sometimes tempted by the lower price [of online
fakes]. It's so tempting for them just to give it a go and see, and nine
times out of 10, it's not real," she says.-bbc

 

 

 

 

Goldman Sachs, Morgan Stanley warn of a market correction: ‘Things run and
then they pull back’

Global markets may be due for a reality check after this year’s relentless
rally, as Goldman Sachs and Morgan Stanley on Tuesday cautioned investors to
brace for a drawdown over the next two years.

 

Equities worldwide have been soaring, hitting record highs this year, driven
by AI-linked gains and expectations of rate cuts. Over the past month, key
U.S. indexes have scaled new peaks, Japan’s Nikkei 225 and South Korea’s
Kospi have hit fresh highs, while China’s Shanghai Composite has notched its
strongest level in a decade on easing U.S-China tensions and a softer
dollar. 

 

“It’s likely there’ll be a 10 to 20% drawdown in equity markets sometime in
the next 12 to 24 months,” said Goldman Sachs CEO David Solomon at the
Global Financial Leaders’ Investment Summit in Hong Kong. “Things run, and
then they pull back so people can reassess.”

 

However, Solomon noted that such reversals were a normal feature of
long-term bull markets, noting that the investment bank’s standing advice to
clients remains to stay invested and review portfolio allocation, not
attempt to time markets.

 

“A 10 to 15% drawdown happens often, even through positive market cycles,”
he said. “It’s not something that changes your fundamental, your structural
belief as to how you want to allocate capital.”

 

Morgan Stanley CEO Ted Pick, speaking at the same panel, said investors
should welcome periodic pullbacks, calling them healthy developments rather
than signs of crisis.

 

“We should also welcome the possibility that there would be drawdowns, 10 to
15% drawdowns that are not driven by some sort of macro cliff effect,” he
said.

 

Solomon and Pick’s views come on the back of recent warnings by the IMF of a
possible sharp correction, while Federal Reserve Chair Jerome Powell and
Bank of England Governor Andrew Bailey have also cautioned about inflated
stock valuations.

 

Bright spots in Asia

Goldman Sachs and Morgan Stanley pointed to Asia as a bright spot in the
next few years on the back of recent developments including the trade pact
between the U.S. and China. Goldman expects global capital allocators to
continue to be interested in China, adding that it remains one of the
“largest and most important economies” in the world.

 

Morgan Stanley remains bullish on Hong Kong, China, Japan and India due to
their unique growth stories. Japan’s corporate-governance reforms and
India’s infrastructure build-out were singled out as multi-year investment
themes.

 

“It’s hard not to be excited about Hong Kong, China, Japan and India — three
vastly different narratives, but all part of a global Asia story,” Ted said.
He highlighted the AI, EV and biotech sectors in China particularly.cnbc

 

 

 

 

BP beats third-quarter profit expectations on higher oil and gas production

British oil giant BP  on Tuesday reported stronger-than-expected
third-quarter profit as higher crude and gas production outweighed a weak
oil trading result.

 

The London-listed oil and gas major posted underlying replacement cost
profit, used as a proxy for net profit, of $2.21 billion for July-September
period. That beat analyst expectations of $2.03 billion, according to an
LSEG-compiled consensus.

 

BP’s third-quarter net profit came in at $2.3 billion last year and $2.35
billion in the second quarter of 2025.

 

“We’ve delivered another quarter of good performance across the business
with operations continuing to run well,” BP CEO Murray Auchincloss said in a
statement.

 

“We are looking to accelerate delivery of our plans, including undertaking a
thorough review of our portfolio to drive simplification and targeting
further improvements in cost performance and efficiency,” Auchincloss said.

 

The oil major’s third-quarter net debt came in at $26.05 billion, broadly
flat from the previous quarter, although up from $24.27 billion a year
earlier.

 

Some other third-quarter highlights included:

 

Operating cash flow came in at $7.8 billion, up from $6.3 billion three
months ago.

BP said it expects divestment and other proceeds to be above $4 billion in
2025.

BP also announced another $750 million in share buybacks over the next three
months, maintaining the pace of its shareholder returns, albeit at a reduced
level from earlier in the year.

 

The results come just over eight months after the company launched a
fundamental strategic reset.

 

BP, which has been the subject of intense takeover speculation, is looking
to regain investor confidence by slashing renewable spending and
prioritizing its traditional oil and gas business.

 

Investors appear to have broadly welcomed the oil and gas major’s green
strategy U-turn, with share prices up more than 13% year-to-date. The
improving sentiment has also been attributed to the firm’s leadership
shake-up, progress on its cost-cutting program and a string of recent oil
discoveries.

 

BP on Monday announced it had agreed to sell minority stakes in some of its
U.S. onshore pipeline assets in the Permian and Eagle Ford basins to private
investor Sixth Street for $1.5 billion. BP has previously said it is
targeting $20 billion in divestments by the end of 2027.

 

Last week, British rival Shell

reported stronger-than-expected third-quarter profit, citing robust
operational performance and higher trading contributions.-cnbc

 

 

 

 

HSBC, General Atlantic CEOs flag AI capex-revenue mismatch, ‘irrational
exuberance’

As companies pour billions into artificial intelligence, HSBC CEO Georges
Elhedery on Tuesday warned of a mismatch between investments and revenues.

 

Speaking at the Global Financial Leaders’ Investment Summit in Hong Kong,
Elhedery said the scale of investment poses a conundrum for companies: while
the computing power for AI is essential, current revenue profiles may not
justify such massive spending.

 

Morgan Stanley in July estimated that over the next five years, global data
center capacity would grow six times, with data centers and their hardware
alone costing $3 trillion by the end of 2028.

 

McKinsey said in a report in April that by 2030, data centers equipped to
handle AI processing loads would require $5.2 trillion in capital
expenditure to keep up with compute demand, while the capex for those
powering traditional IT applications is forecast at $1.5 trillion.

 

Elhedery said that consumers were not ready to pay for it, and businesses
will be cautious as productivity benefits will not materialize in a year or
two.

 

“These are like five year trends, and therefore the ramp up means that we
will start seeing real revenue benefits and real readiness to pay for it,
probably later than than the expectations of investors,” he said.

 

William Ford, chairman and CEO of General Atlantic, speaking at the same
panel, agreed: “In the long term, you’re going to create a whole new set of
industries and applications, and there will be a productivity payoff, but
that’s a 10-, 20-year play.”

 

Big Tech firms Alphabet, Meta, Microsoft and Amazon have all lifted their
guidance for capital expenditures and now collectively expect that number to
reach more than $380 billion this year.

 

OpenAI, which set off the AI frenzy with the launch of ChatGPT in November
2022, has announced roughly $1 trillion worth of infrastructure deals with
partners including Nvidia, Oracle and Broadcom.

 

Ford said that the huge expenditure that is going into the sector shows that
people recognize the long-term impact of AI. This sector, however, will be
capital-intensive initially, and “you need to, sort of, pay up front for the
opportunity that’s going to come down the road,” he said.

 

Ford warned there could be “misallocation of capital, destruction,
overvaluation... [and] irrational exuberance” in the initial stages, and
also added that it can be difficult to pick winners and losers at the
moment.

 

“You’re really betting on this being a broad based technology, more like
railroads or electricity, that had profound impacts over over time, and
reshaped the economy, but were very hard to predict exactly how in the first
few years.”-cnbc

 

 

 

 

 

Oil slips on oversupply concerns after OPEC+ output plans

Brent crude futures fell 37 cents, or 0.6%, to $64.52 a barrel by 0700 GMT.
U.S. West Texas Intermediate crude was down 37 cents, or 0.6%, at $60.68 a
barrel.

The Reuters Power Up newsletter provides everything you need to know about
the global energy industry. Sign up here.

On Sunday, the Organization of the Petroleum Exporting Countries and their
allies, known as OPEC+, agreed to a small oil output increase for December
and a pause in increases in the first quarter of next year.

 

 

OPEC+ has raised output targets by around 2.9 million barrels per day - or
around 2.7% of global supply - since April, but slowed the pace from October
amid predictions of oversupply.

"(The) market may see this as the first sign of acknowledgement of potential
oversupply situation from the OPEC+ front, who have so far remained very
bullish on demand trends and ability of market to absorb the extra barrels,"
said Suvro Sarkar, energy sector team lead at DBS Bank.

The bosses of some of Europe's biggest energy producers on Monday, however,
challenged forecasts of an oil supply glut next year, pointing to increasing
demand and easing production. The U.S. Department of Energy's deputy
secretary, James Danly, said he does not think there will be an oil glut in
2026.

 

 

The decision by OPEC+ to keep output targets steady came after Russia
lobbied for the pause because it would struggle to increase exports due to
Western sanctions, four OPEC+ sources said.

In October, both the U.S. and Britain imposed sanctions on Russia's two
major oil companies, Rosneft and Lukoil.

JP Morgan said in a note that "our oil strategists maintain their view that
while the risk of disruption has increased, U.S. measures, along with
complementary actions by the UK and EU, will not prevent Russian oil
producers from operating."

Despite the current dip in oil prices, the sanctions could continue
providing some price support in the near term, said independent analyst Tina
Teng.

Market participants are now waiting for the latest U.S. inventory data from
the American Petroleum Institute (API), due later in the day, for more
trading cues. A preliminary Reuters poll showed U.S. crude oil stockpiles
were expected to have risen last week.

Reporting by Ashitha Shivaprasad in Bengaluru and Emily Chow in Singapore;
Editing by Himani Sarkar and Christian Schmollinger

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

 

Norway wealth fund to vote no on Musk $1 trillion Tesla pay package

(Reuters) - Norway's sovereign wealth fund, the world's largest, said on
Tuesday it would vote against ratifying Tesla (TSLA.O), opens new tab CEO
Elon Musk's proposed compensation package, containing shares worth up to $1
trillion, at an annual general meeting this week.

Investors in the electric-vehicle maker will decide on November 6 whether to
approve the package, likely the largest-ever CEO compensation agreement,
which critics have called excessive.

Make sense of the latest ESG trends affecting companies and governments with
the Reuters Sustainable Switch newsletter. Sign up here.

 

 

So far, the Norwegian wealth fund is the largest outside Tesla investor to
say how it plans to vote. The next-largest to do so, Baron Capital, on
Monday said it would back Musk's pay package.

The company's largest institutional investors, including BlackRock, Vanguard
and State Street, have yet to disclose their voting plans.

 

PRAISING VALUE CREATION, BUT CONCERNED WITH OVERALL SIZE

Tesla's board is pushing for shareholders to approve the plan, with Chair
Robyn Denholm warning last week that Musk could leave the company if the
deal is rejected.

While the package could grant stock worth up to $1 trillion over 10 years,
the cost of those shares at the time of the award will be deducted, making
the value to Musk slightly lower, at up to $878 billion, according to a
Reuters analysis.

 

 

"While we appreciate the significant value created under Mr. Musk's
visionary role, we are concerned about the total size of the award,
dilution, and lack of mitigation of key person risk - consistent with our
views on executive compensation," Norges Bank Investment Management said on
its website.

The fund, Tesla's seventh-biggest owner with a 1.12% stake worth $17
billion, also voted "no" to Musk's previous compensation plan, drawing a
sharp response from the CEO, who turned down an invitation to a conference
in Oslo.

Various groups have tried and failed to block record payouts to Musk,
including a $56 billion compensation plan for 2018 that investors reapproved
last year, though legal challenges remain.

 

NBIM on Tuesday also said it would vote against two out of three Tesla
directors who are up for reelection, declining to back board veterans
Kathleen Wilson-Thompson and Ira Ehrenpreis while supporting Joe Gebbia, who
joined in 2022.

The $2.1 trillion Norwegian fund also said it would vote against Tesla's
proposed general stock compensation plan, which is intended for all
employees and can also be used by the board to benefit Musk.

 

Tesla says its CEO will earn "nothing" unless the company's market value
grows substantially and that the maximum award is only paid if the group
reaches several milestones, most notably a market value of $8.5 trillion, a
near six-fold increase.

Yet Musk could still reap tens of billions of dollars without meeting many
of those targets, according to experts in executive pay, company valuations,
robotics and automotive trends.

 

Top U.S. investment firms are under pressure from Republican politicians to
pay less attention to environmental, social and governance concerns at
companies in which they invest and Musk has been an ally of President Donald
Trump.

 

The political pressure makes it harder for large investors to vote
independently, said Matt Moscardi, CEO of director analytics firm Free Float
Analytics. Top investors, Moscardi said, "at this point, almost can't vote
against management."

Reporting by Terje Solsvik; Editing by Joe Bavier and Thomas Derpinghaus

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Third of British farmers made no profit in past year, report finds

A third of British farmers are making a loss or breaking even as they
struggle with the loss of subsidies and looming inheritance tax changes, a
report on post-Brexit farming has found.

 

Only 14% of farmers surveyed for McCain Foods’ inaugural Farmdex report said
they made 10% or more profit in the past year. In fact, many are making no
profit at all, with 35% of the farmers reporting making a loss or breaking
even.

 

The report found this was true even for the highest-valued farms, with 28%
of farmers with farms valued at £2.5m or more reporting a loss or no profit
in the past year.

 

When the UK was part of the EU, subsidies from the bloc for UK farmers made
up as much as half of their income annually. After Brexit, the devolved
British nations designed their farming payments regimes differently. In
England, automatic payments were sharply cut and instead a scheme was
introduced where farmers are paid for looking after nature under the
environmental land management scheme (Elm).

 

This money is less than the subsidies they received from the EU, farmers
say. The government recently cut England’s farming budget by £100m. The
nature schemes have been beset by delays and the application process has
been unpredictable. In March the scheme abruptly closed because the
government said the budget had been allocated.

 

Some farms have lost out under the new scheme. A survey by the National
Farmers’ Union found that on average, upland farming businesses lost 37% of
their support payments under the current Sustainable Farming Incentive (SFI)
– the first component of Elm – and Countryside Stewardship (CS) options.

 

The government’s decision to introduce inheritance tax for farms worth more
than £1m led to outrage and protests as farmers said they would be unable to
pass down the land to their children.

 

Farmers are also on the frontline of climate breakdown, in recent years
facing extreme floods and droughts that have led to some of the worst
harvests on record.

 

The McCain report reveals that 51% of farmers have considered leaving the
industry in the past year due to financial strain, while only 4% believe
current government support is adequate. More than six in 10 farmers (61%)
say their work negatively affects their mental health, while more than a
third endure 70-hour-plus working weeks during peak seasons.

 

James Young, the vice-president of agriculture at McCain GB&I, praised
farmers’ “unwavering resilience” and said the findings must serve as a
wake-up call.

 

He said: “As a company founded by farmers, we’re proud to stand alongside
our 250 growers across the UK. It is crucial that industry bodies, the
government and businesses work together to heed the warning signs in the
Farmdex and take action to support farmers.”

 

A spokesperson for the Department for Environment, Food and Rural Affairs
said: “Farming plays a central role in our mission to kickstart economic
growth, with farmers acting as stewards for our nation’s food security.

 

“We know there are challenges in the sector and prolonged dry weather,
followed by heavy rain, has hit some harvests. We are backing our farmers
with the largest nature-friendly budget in history to grow their businesses
and get more British food on our plates and are working with all food
producers to make sure farmers get a fair deal.”-theguardian

 

 

 

 

 

World’s largest oil company Aramco reports higher third-quarter net profit
on production boost

Saudi Aramco on Tuesday posted a 0.9% jump in third-quarter profit, beating
expectations on the back of higher production even as oil prices remained
under pressure.

 

The world’s largest oil company reported adjusted net income of 104.92
billion Saudi riyals ($27.98 billion) for the quarter, beating analyst
expectations of 98.47 billion Saudi riyals, according to an LSEG-compiled
consensus.

 

The results come as Aramco faces a profit squeeze amid weaker oil prices —
down over 6% this year until September — except for a short-lived surge in
the second quarter triggered by tensions between Israel and Iran.

 

Year-to-date, spot prices of the U.S. West Texas Intermediate are down over
16%, data from FactSet showed. Similarly, the global benchmark Brent is down
over 12%.

 

“We increased production with minimal incremental cost, and reliably
supplied the oil, gas and associated products our customers depend on,
driving strong financial performance and quarterly earnings growth,” Aramco
CEO Amin Nasser said.

 

Some other third-quarter highlights included:

 

Third-quarter revenue came in at 418.16 billion Saudi riyals, beating
analyst estimates of 411.26 billion Saudi riyals.

Net debt stood at 114.33 billion Saudi riyals in the third quarter, down
from 115.59 billion Saudi riyals three months earlier.

Aramco reported a free cash flow of $23.6 billion compared with $22 billion
a year earlier. The board also declared the 2025 base dividend of $21.1
billion and performance-linked dividend of $0.2 billion to be paid in the
fourth quarter.

 

Over the weekend, OPEC+ announced a modest increase in oil production for
December and decided to halt further hikes during the first quarter of next
year. The cartel members agreed to raise their December production target by
137,000 barrels per day, matching the hike for October and November.

 

Since April, OPEC+ has raised its output targets by approximately 2.9
million barrels per day but began easing the pace of these increases in
October over expectations of a market glut.

 

Adding to the complexity, new Western sanctions on Russia, a key OPEC+
member, are posing difficulties for the group’s production strategy, as
Moscow faces limits in boosting output after the U.S. imposed additional
restrictions on the country’s major oil producers Rosneft and Lukoil.

 

Aramco recently completed its acquisition of a 22.5% stake in Petro Rabigh,
Reuters reported, from Japan’s Sumitomo Chemical for $701.8 million,
bringing the Saudi company’s total ownership to roughly 60%.

 

The oil giant also recently acquired a minority stake in artificial
intelligence company HUMAIN, which is majority owned by Saudi Arabia’s
Public Investment Fund.

 

Nasser added that the company’s stake in HUMAIN is expected to further drive
innovation and progress its role in the “crucial and rapidly evolving AI
sector.”-cnbc

 

 

 

 

Nintendo hikes Switch 2 sales forecast to 19 million units as flagship
console momentum grows

The Japanese gaming giant said it now expects to sell 19 million units of
the Switch in the fiscal year ending March 2026 versus a previous forecast
of 15 million units.

Revenue was up over 90% year-on-year while profit rose more than 270%.

 

 

Nintendo  raised its forecast for sales of the Switch 2 console in its
current fiscal year as momentum for its new flagship console grows.

 

The Japanese gaming giant said it now expects to sell 19 million units of
the Switch in the fiscal year ending March 2026 versus a previous forecast
of 15 million units.

 

Here’s how Nintendo did in its fiscal second quarter ended Sept. 30 versus
LSEG estimates:

 

Revenue: 527.2 billion Japanese yen ($3.7 billion) versus 461.76 billion yen
expected.

Net profit: 102.9 billion Japanese yen versus 63.6 billion yen expected.

Revenue was up over 90% year-on-year while profit rose more than 270%.

 

Nintendo is riding a wave of momentum after launching its latest console
called the Switch 2 in June, with the stock up nearly 40% this year.

 

Nintendo said it sold 4.54 million units of the Switch 2 in the September
quarter. That was a decline compared to the “high demand seen immediately
following the launch of Nintendo Switch 2” during its fiscal first quarter,
Nintendo said, adding that “performance remained strong.”

 

In total, Nintendo has sold 10.36 million units of the Switch 2 since
launch.

 

“Mario Kart World” and “Donkey Kong Bonanza” have proved to be two of
Nintendo’s most popular games since the Switch 2 launch, helping the company
record 11.95 million units of software sold for the console in the quarter.

 

Nintendo’s optimism around the Switch 2 prompted the company to also raise
other financial forecasts. The Kyoto-headquartered firm said it now sees net
sales at 2.25 trillion yen for its fiscal year versus a previous forecast of
1.9 trillion yen. It also hiked its net profit outlook by nearly 17% to 350
billion yen.

 

New games in focus

Nintendo’s original Switch, first released in 2017, has become its
second-best selling console of all time after the Nintendo DS. The hybrid
nature – where people could play the console at home and on the go – has
caught on.

 

There were questions swirling over whether Nintendo’s Switch 2 would be
different enough from its predecessor to entice users. So far, initial
Switch 2 sales appear to be strong for Nintendo. Investors will now assess
the current quarter and demand during the critical holiday season.

 

Nintendo managed to maintain sales for the original Switch over several
years thanks to games based around key franchises like Super Mario and
Pokemon, a playbook it is looking to replicate with the Switch 2.

 

Last month, Nintendo released “Pokémon Legends: Z-A” as well as an offer
that bundles the game with the Switch 2 console. “Kirby Air Riders” and
“Metroid Prime 4: Beyond” are also scheduled for this year.

 

“We will aim to keep the momentum of released titles and continuously
introduce new titles to expand the platform’s user base,” Nintendo said in
its earnings release.

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

Cellphone:         +263 71 944 1674 | +27 79 993 5557 

Email:                <mailto:bulls at bullszimbabwe.com>
bulls at bullszimbabwe.com

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INVESTORS DIARY 2025

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <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 s 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 d from third parties.

 


 

 


 (c) 2025 Web:  <http://www.bullszimbabwe.com> www.bullszimbabwe.com Email:
<mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993
5557 | +263 71 944 1674

 


 

 

 

 

 

 

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