Major International Business Headlines Brief::: 05 April 2018

Thu Apr 5 10:36:29 CAT 2018

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Major International Business Headlines Brief::: 05 April 2018

 <http://www.mbca.co.zw/> 

*  South Africa signs $4.7 bln of delayed renewable energy deals

*  South African glassmaker Consol eyes Johannesburg IPO

*  South African rand eases as risk appetite ebbs

*  Nigeria bank stocks fall before c.bank's first rate decision in 2018

*  OPEC March oil output sinks to 11-month low - Reuters survey

*  Trafigura signs three-year cobalt deal with Shalina Resources subsidiary

*  Time to cut? Nigeria central bank gathers for first 2018 meeting

*  Facebook scandal 'hit 87 million users'

*  Australia's biggest winemaker bought by US equity firm

*  UK car registrations plunge in March

*  Bahrain discovers offshore oilfield 'containing 80bn barrels'

 <mailto:info at bulls.co.zw> 

South Africa signs $4.7 bln of delayed renewable energy deals

JOHANNESBURG (Reuters) - South Africa signed long-delayed renewable energy
contracts worth $4.7 billion with independent power producers on Wednesday,
in the first major investment deal under President Cyril Ramaphosa.

The signing of power purchase agreements for the 27 mostly solar and wind
projects was held up for over two years under ousted president Jacob Zuma,
who favoured a plan to build additional nuclear power plants.

It was also the subject of a last-minute legal challenge by the NUMSA labour
union and Transform RSA lobby group, but a court rejected their application
for an urgent interdict last week.

The signing represents a victory for Ramaphosa, who has promised to unlock
investment and kick-start economic growth since replacing scandal-plagued
Zuma in February.

“This will bring much-needed policy and regulatory certainty and maintain
South Africa’s position as an energy investment destination of choice,” the
energy ministry said in a statement.

Ramaphosa, a wealthy businessman, has prioritised revamping the economy and
turning around struggling state-owned enterprises like utility Eskom, which
will purchase power from independent producers as part of the deals agreed
on Wednesday.

Opponents of the renewable contracts argued that Eskom could not afford the
additional financial burden and that they would lead to job losses in the
coal sector.

South Africa relies on coal-fired plants for more than 80 percent of its
electricity generation, while renewables contribute around 7 percent.

Transform RSA, which opposed Zuma’s removal as head of state, said it would
continue to fight the renewable deals and had appealed last week’s court
ruling dismissing its application for an interdict.

“Eskom simply does not have the liquidity, cashflow and strong balance sheet
to support this hideous gamble on the fiscus and state electricity
supplier,” Transform RSA president Adil Nchabeleng said.

 <mailto:info at bulls.co.zw> 

South African glassmaker Consol eyes Johannesburg IPO

JOHANNESBURG (Reuters) - South African glass bottle maker Consol is
preparing to float on the Johannesburg bourse, it said on Thursday,
returning to public markets after more than a decade in the hands of private
equity groups.

Consol, which also operates in Kenya and Nigeria, was taken private in 2007
by a consortium of private equity investors led by Brait Private Equity.

South African rand eases as risk appetite ebbs

JOHANNESBURG (Reuters) - South Africa’s rand weakened against the dollar
early on Thursday, reflecting a cautious mood in emerging markets due to
lingering fears of a global trade war.

At 0631 GMT, the rand was at 11.9000 per dollar, 0.25 percent weaker than
its overnight close of 11.8700.

Technical and momentum indicators suggested the rand was slightly oversold
in the past few sessions, losing more than 1 percent in value against the
greenback since March 29, as the trade tiff between the world’s two largest
economies escalated.

“The rand remains on the back foot due to what’s happening globally. The
escalating trade war induced the risk-off tone,” said ETM analyst ETM Halen
Bothma.

The rand was also undermined by concerns about the government’s fiscal
position, highlighted this week by the tax service admitting it had missed
its revenue collection target and Moody’s downgrading state power giant
Eskom, Bothma added.

Local data releases on Thursday include Standard Bank PMI data and business
confidence survey.

In fixed income, the yield for the benchmark government bond was flat at
8.070 percent.

Nigeria bank stocks fall before c.bank's first rate decision in 2018

LAGOS (Reuters) - Nigeria’s banking index fell 2.4 percent on Wednesday
before the central bank’s first interest rate decision this year due later
in the session and as investors grew bearish on equities, traders said.

The drop in banking stocks led the main share index down 0.65 percent to its
lowest level in almost three months.

The central bank will give its decision at 1330 GMT.

Most analysts polled by Reuters expect rates to be kept on hold with cuts
due later this year.

Stocks fell for the second straight day on Wednesday as concerns that a
trade dispute between the United States and China could create uncertainty
for frontier market investors also weighed.

Most Nigerian quoted companies reported strong earnings for 2017 but traders
said these had already been priced in.

“There’s some pessimism in the market and investor have priced in 2017
performance into last quarter’s rally,” one trader said.

“If Q1 numbers show strong results then optimism will come back.”

Nigeria’s stock market rose 16 percent in January buoyed by gains in the
banking sector as local and foreign investors snapped shares. Profit taking
has since eroded some of the gains and stocks are now up 6.8 percent so far.

Twenty-four stocks led the index down on Wednesday with mid-tier lenders
FCMB, Skye Bank and Unity Bank falling more than 4 percent each. Unity Bank
has said it was in talks to sell a minority stake to two foreign investors
to help it recapitalise.

OPEC March oil output sinks to 11-month low - Reuters survey

LONDON (Reuters) - OPEC oil output fell in March to an 11-month low due to
declining Angolan exports, Libyan outages and a further slide in Venezuelan
output, a Reuters survey found, sending compliance with a supply-cutting
deal to another record.

A man fixes a sign with OPEC's logo next to its headquarter's entrance
before a meeting of OPEC oil ministers in Vienna, Austria, November 29,
2017. REUTERS/Heinz-Peter Bader

The Organization of the Petroleum Exporting Countries pumped 32.19 million
barrels per day last month, the survey found, down 90,000 bpd from February.
The March total is the lowest since April 2017, according to Reuters
surveys.

OPEC is reducing output by about 1.2 million bpd as part of a deal with
Russia and other non-OPEC producers to get rid of excess supply. The pact
started in January 2017 and runs until the end of 2018.

Adherence by producers in the deal rose to 159 percent of agreed cuts from
154 percent in February, the survey found. There was no sign that other
producers had boosted output to cash in on higher prices or to compensate
for the Venezuelan decline.

Oil has topped $71 a barrel this year for the first time since 2014, and was
trading above $67 on Wednesday. Still, OPEC says supply restraints should be
maintained to ensure the end of a glut that had built up since 2014.

In March, the biggest decrease in supply came from Angola, which exported 48
cargoes, two fewer than in the same month of 2017. Natural declines at some
fields are weighing on output.

Production in Libya, which remains unstable due to unrest, slipped because
of stoppages at two fields, El Feel and El Sharara, setting back 2018’s
partial recovery in output.

And production fell further in Venezuela, where the oil industry is starved
of funds because of an economic crisis. Output dropped to 1.56 million bpd
in March, the survey found, a new long-term low.

Output in OPEC’s largest producer, Saudi Arabia, dropped by 40,000 bpd from
February’s revised level, even further below the kingdom’s target.

OPEC’s No. 2 producer, Iraq, pumped more. Exports from the south, the outlet
for most of the country’s crude, rose despite maintenance at a loading
terminal. Exports declined from the north but domestic crude use increased.

Among others with higher output, the biggest rise came from the United Arab
Emirates, where production had dropped in February due to maintenance. Even
so, the UAE is still pumping below its OPEC target and showing higher
compliance than in 2017.

Output climbed in Qatar, after a dip in February that sources attributed to
maintenance. Nigeria also pumped at a higher level, extending a run of more
stable supply from Africa’s top exporter.

Nigeria and Libya were originally exempt from cutting supply because their
output had been curbed by conflict and unrest. For 2018, both told OPEC that
output would not exceed 2017 levels.

OPEC has an implied production target for 2018 of 32.73 million bpd, based
on cutbacks detailed in late 2016 and taking into account changes of
membership since, plus Nigeria and Libya’s expectations of 2018 output.

According to the survey, OPEC pumped about 540,000 bpd below this implied
target in March, not least because of the involuntary decline in Venezuela.

The Reuters survey is based on shipping data provided by external sources,
Thomson Reuters flows data and information provided by sources at oil
companies, OPEC and consulting firms.

Trafigura signs three-year cobalt deal with Shalina Resources subsidiary

LONDON (Reuters) - Commodities trader Trafigura has signed an offtake
agreement for cobalt hydroxide running to December 2020 with Shalina
Resources and its subsidiary Chemaf, based in the Democratic Republic of
Congo (DRC), Chemaf said in a statement on Wednesday.

Interest in cobalt reflects a shift in the automotive industry to electric
cars (EV), powered by lithium-ion batteries which also require components
made from the metal as well as other materials such as nickel.

Trafigura has already increased its foothold in nickel with an exclusive
offtake agreement with Finland’s Terrafame, that also produces zinc and
cobalt.

“If as expected EVs account for an increasingly significant proportion of a
growing global vehicle fleet from 2025, it will drive sharp rises in demand
for nickel and cobalt,” Trafigura Chief Executive Jeremy Weir said in the
company’s 2017 annual report.

“That provides a very promising environment for our growing cobalt and
nickel trading activity.”

Chemaf specialises in cobalt and copper exploration. It produced about 5,000
tonnes of cobalt last year from its Etoile mine and processing plant in
Lubumbashi, with production set to rise to 7,000 tonnes this year.

More than 60 percent of global cobalt production comes from the DRC. Trading
and mining group Glencore, the world’s biggest producer of cobalt, has
already signed major offtake agreements with Chinese companies.

Trafigura traded 69.9 million tonnes of metals and minerals in 2017, up 18
percent from 2016.

Time to cut? Nigeria central bank gathers for first 2018 meeting

LONDON (Reuters) - The Nigerian central bank’s monetary policy committee
will finally meet on Wednesday to set interest rates for the first time this
year.

Interest rates have been stuck at a record high of 14 percent since July
2016. However, the committee had to cancel its January meeting due to an
inability to form a quorum following a number of departures that reduced it
to just five out of 12 members.

A majority of analysts taking part in a Reuters poll said they expected
rates to stay on hold for now, but that they would be cut later in the year.

Here are three graphics showing Nigeria’s changing economic dynamics.

1/ EASING PRESSURE

The pace of inflation has steadily slowed since the start of 2017, with the
core reading hovering close to the 12 percent mark. And with exchange rates
fairly stable and demand-related pressures absent, inflation rates could be
sinking further, making Nigeria ripe for easier monetary policy.

“After a year of lethargic disinflation, the drop in headline inflation to
14.3 percent in February 2018 ignites hope that inflation is still on a
steady course towards the target 9.0 percent ceiling and that conditions
could continue improving to favour unwinding the present hawkish monetary
stance,” StratLink wrote in a note to clients.

2/ WHERE’S THE GROWTH?

Nigeria returned to growth in 2017 with the economy expanding 0.83 percent
after shrinking by 1.58 percent in 2016, which was its first annual
contraction in 25 years. However, latest growth figures are still well below
its potential, the recovery has been fragile, and private sector credit
lending lacklustre.

Political stalemate has been a common occurrence in Nigeria and has hampered
reforms, while lawmakers still have to pass the 2018 budget. But with
elections coming up in 2019, the heat is on for policy makers to help
stimulate growth.

“The main focus will be to try and do something positive to the economy, to
try to kickstart bank lending to the economy against a very weak backdrop,
where the budget has not been passed and money supply is weak,” said Razia
Khan, chief economist for Africa at Standard Chartered.

3/ RISING BUFFERS

Meanwhile a recovery in oil prices, successful debt sales including rolling
local into external debt, and a significant amount of portfolio investment
have helped replenish the central bank’s coffers. In March, foreign exchange
reserves stood at $46.2 billion - a near 9 percent jump month-on-month.

Nigeria’s foreign exchange buffer has climbed 53 percent since March 2017
when it stood at $30.30 billion - though reserves remain far from the peak
of $64 billion in August 2008.

Facebook scandal 'hit 87 million users'

Facebook believes the data of up to 87 million people was improperly shared
with the political consultancy Cambridge Analytica - many more than
previously disclosed.

The BBC has been told that about 1.1 million of them are UK-based.

The overall figure had been previously quoted as being 50 million by the
whistleblower Christopher Wylie.

Facebook chief Mark Zuckerberg said "clearly we should have done more, and
we will going forward".

Zuckerberg: I'm still the man to lead Facebook

During a press conference he said that he had previously assumed that if
Facebook gave people tools, it was largely their responsibility to decide
how to use them.

But he added that it was "wrong in retrospect" to have had such a limited
view.

"Today, given what we know... I think we understand that we need to take a
broader view of our responsibility," he said.

"That we're not just building tools, but that we need to take full
responsibility for the outcomes of how people use those tools as well."

Mr Zuckerberg also announced an internal audit had uncovered a fresh
problem. Malicious actors had been abusing a feature that let users search
for one another by typing in email addresses or phone numbers into
Facebook's search box.

As a result, many people's public profile information had been "scraped" and
matched to the contact details, which had been obtained from elsewhere.

Facebook has blocked now blocked the facility.

"It is reasonable to expect that if you had that [default] setting turned
on, that in the last several years someone has probably accessed your public
information in this way," Mr Zuckerberg said.

New numbers

The estimates of how many people's data had been exposed were revealed in a
blog by the tech firm's chief technology officer, Mike Schroepfer.

The BBC has also learned that Facebook now estimates that about 305,000
people had installed the This Is Your Digital Life quiz that had made the
data-harvesting possible. The previously suggested figure had been 270,000.

About 97% of the installations occurred within the US. However, just over 16
million of the total number of users affected are thought to be from other
countries.

Zuckerberg to testify before US committee

Facebook chief fires back at Apple's Tim Cook

Facebook haunted by 'ugly truth' memo

A spokeswoman for the UK's Information Commissioner's Office told the BBC
that it was continuing to assess and consider the evidence before deciding
what steps to take.

What is the controversy about?

Facebook has faced intense criticism after it emerged that it had known for
years that Cambridge Analytica had collected data from millions of its
users, but had relied on the London-based firm to self-certify that it had
deleted the information.

Cambridge Analytica: The story so far

Cambridge Analytica said it had bought the information from the creator of
the This Is Your Digital Life app without knowing that it had been obtained
improperly.

The firm says it deleted all the data as soon as it was made aware of the
circumstances.

But Channel 4 News has since reported that at least some of the data in
question is still in circulation despite Cambridge Analytica insisting it
had destroyed the material.

During Mr Zuckerberg's press conference, Cambridge Analytica tweeted it had
only obtained data for 30 million individuals - not 87 million - from the
app's creator, and again insisted it had deleted all records.

The latest revelations came several hours after the US House Commerce
Committee announced that Facebook's founder, Mark Zuckerberg, would testify
before it on 11 April.

Facebook's share price has dropped sharply in the weeks since the
allegations emerged.

Wide-ranging changes

In his Wednesday blog post, Mr Schroepfer detailed new steps being taken by
Facebook in the wake of the scandal.

They include:

*         a decision to stop third-party apps seeing who is on the guest
lists of Events pages and the contents of messages posted on them

*         a commitment to only hold call and text history logs collected by
the Android versions of Messenger and Facebook Lite for a year. In addition,
Facebook said the logs would no longer include the time of the calls

*         a link will appear at the top of users' News Feeds next week,
prompting them to review the third-party apps they use on Facebook and what
information is shared as a consequence

An alert will remind users they can remove any apps they no longer want to
access their data

Facebook has also published proposed new versions of its terms of service
and data use policy.

The documents are longer than the existing editions in order to make the
language clearer and more descriptive.

Tinder users affected

Another change the company announced involved limiting the type of
information that can be accessed by third-party applications.

Immediately after the changes were announced, however, users of the widely
popular dating app Tinder were hit by login errors, leaving them unable to
use the service.

When asked about this by the BBC, he said he had decided that his chief
technology officer and chief product officer should answer questions from
countries other than the US.

He added, however, that he had made a mistake in 2016 by dismissing the
notion that fake news had influenced the US Presidential election.

"People will analyse the actual impact of this for a long time to come," he
added.

"But what I think is clear at this point is that it was too flippant and I
should never have referred to it as crazy."--BBC

Australia's biggest winemaker bought by US equity firm

Australia's biggest winemaker, Accolade Wines, is to be bought by a US
private equity firm.

The Carlyle Group has agreed to buy the maker of Hardys wine from
Australia's Champ Private Equity for 1bn Australian dollars ($769m; £546m).

The deal comes as Australia's wine exports to China, its biggest market,
expanded by 63% to A$848m last year.

Australia is the fifth largest exporter of wine in the world.

Accolade is the number one winemaker in Australia by volume, and the fifth
largest winemaker in the world.

Champ created the firm in 2011 when it bought two separate divisions from
Constellation Brands for A$290m - less than one-third of its agreed sale
price to the Carlyle Group.

Accolade delivers 38 million cases of wine to 140 countries, including
China, the US and the UK, and has a suite of well-known labels including
Hardys, St Hallett and Grant Burge.

The firm's biggest rival in Australia is Treasury Wine Estate - one of the
world's biggest publicly listed winemakers and the makers of Penfolds
wine.--BBC

UK car registrations plunge in March

Car registrations plunged in March, according to figures from industry body
the Society of Motor Manufacturers and Traders (SMMT).

Preliminary data shows the UK new car market shrank by 15.6% last month,
compared with March 2017.

Demand for diesel vehicles fell by 37%, but petrol car demand rose by 1%.

However, March 2017 was a record month as consumers and businesses snapped
up new vehicles ahead of a change in Vehicle Excise Duty the next month.

The full data will be published later on Thursday morning by the SMMT.

New car sales fell for the first time in six years in 2017, with a 5.7%
decrease to about 2.5 million vehicles.

Demand for diesel cars plunged by 17% last year, meaning the pace of decline
for such vehicles in March has more than doubled.

Analysis: Theo Leggett, BBC business correspondent

At first glance, this looks like deeply worrying news for the automotive
industry. But it it's worth remembering that in March 2017 new car
registrations hit a record high. Buyers were rushing to get hold of new
vehicles ahead of big changes to the vehicle excise duty regime, which
sharply increased the rates payable on some cars.

So a direct comparison between March 2017 and last month could be a bit
misleading. But we can say with certainty that registrations have now been
falling steadily for a whole calendar year. The SMMT has consistently blamed
economic uncertainty, which it links to Brexit - and the collapse in diesel
sales.

Those factors still apply - and the latest figures show that the move away
from diesel seems to have accelerated. That suggests that the industry's
attempts to convince consumers and politicians that modern diesels are clean
and have a future are failing badly.

By historical standards new car registrations are still at pretty high
levels. The steep fall in March might be a glitch. However, the overall
trend cannot be ignored - and that is what the industry will be worried
about.--BBC

Bahrain discovers offshore oilfield 'containing 80bn barrels'

Bahrain says a newly-discovered oil field contains up to 80bn barrels of
tight (or shale) oil, dwarfing the Gulf island kingdom's current reserves.

Appraisals of the offshore Khaleej Al Bahrain basin by two US firms also
suggest the presence of 280bn to 560bn cubic metres of natural gas.

Oil Minister Sheikh Mohammed bin Khalifa Al Khalifa said it was not yet
known how much oil could be extracted.

But it could turn Bahrain into a major player in the global market.

Officials expect extraction from the oil field to begin within five years,
according to Bahrain's national news agency.

'Long-term production'

Before the discovery, Bahrain had proven crude reserves of just 125m barrels
and 92bn cubic metres of natural gas.

By comparison, neighbouring Saudi Arabia, the world's top oil exporter, has
266bn barrels of proven reserves. Qatar, the top exporter of liquefied
natural gas, has 24tn cubic metres of gas.

In recent years, the Bahraini government had responded to its relatively
small reserves and falling oil prices by seeking to diversify the economy
into other sectors, such as financial services and tourism.

Sheikh Mohammed told a news conference in Manama on Wednesday that the
National Oil and Gas Authority aimed to attract foreign oil and gas firms to
develop the Khaleej Al Bahrain field, which covers 2,000sq km.

An agreement had already been reached with Halliburton to drill two further
appraisal wells this year to "further evaluate reservoir potential, optimise
completions, and initiate long-term production", he said.

Bahrain currently produces about 50,000 barrels of oil per day from the
Bahrain Field, which was discovered in 1932. It also gets another 150,000
barrels per day from the Abu Saafa field, which it shares with Saudi
Arabia.-BBC

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

Zimbabwe

Independence Day

Zimbabwe

18/04/2018

Workers’ Day

01/05/2018

Africa Day

25/05/2018

Zimbabwe

Heroes’ Day

Zimbabwe

13/08/2018

Zimbabwe

Defence Forces Day

Zimbabwe

14/08/2018

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