Major International Business Headlines Brief::: 30 April 2018

Mon Apr 30 14:32:55 CAT 2018

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Major International Business Headlines Brief::: 30 April 2018

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*  South African rand firms, trade data awaited

*  South Africa's credit demand growth quickens to 5.96 percent in March

*  Quantum Global cries foul as Angolan fund seeks more asset freezes

*  Egypt, Cyprus to sign deal to connect Aphrodite gas field with Egypt

*  Tanzania asks bank to finance hydropower project in heritage site

*  National Bank of Egypt seeking to raise $600 mln club loan -sources

*  Former chairman Wiese sues Steinhoff for $5 billion

*  Egypt says Kuwait agreed 'in principle' to renew $4 bln in deposits -
agency

*  T-Mobile agrees $26bn mega-merger with Sprint

*  Walt Disney buys Murdoch's Fox for $52bn

*  Sainsbury's vows Asda deal will cut prices

*  Avengers: Infinity War smashes global opening weekend box office record

*  Chinese firm Dalian Wanda opens $7.9bn 'movie metropolis'

 <mailto:info at bulls.co.zw> 

South African rand firms, trade data awaited

JOHANNESBURG (Reuters) - South Africa’s rand firmed early on Monday as the
dollar pulled back slightly from a 3-1/2-month high last week, with traders
expecting thin trade in the session ahead of a national holiday on Tuesday.

At 0626 GMT, the rand traded at 12.3050 per dollar, 0.22 percent firmer than
its close on Friday.

“Barring some local credit numbers this morning and local trade balance a
bit later we don’t expect too much to happen

today as many locals take advantage of the extra-long weekend with the
holiday tomorrow,” Nedbank analysts wrote in a note.

Nedbank added: “The rand has room to extend lower towards 12.2000 from here
but expect that area to provide some good support initially and on the
topside 12.37/38 and then 12.4600.”

Central bank data showed on Monday that growth in private-sector credit
demand in South Africa rose in March from February.

The South African revenue service will publish March trade balance data at
1200 GMT.

In fixed income, the yield for the benchmark government bond fell 3.5 basis
points to 8.17 percent, reflecting firmer bond prices.

 <mailto:info at bulls.co.zw> 

South Africa's credit demand growth quickens to 5.96 percent in March

JOHANNESBURG (Reuters) - Growth in private-sector credit demand in South
Africa rose to 5.96 percent in March from 5.74 percent in February, central
bank data showed on Monday.

Expansion in the broadly defined M3 measure of money supply slowed to 6.42
percent from 6.89 percent.

Quantum Global cries foul as Angolan fund seeks more asset freezes

ZURICH (Reuters) - Swiss-based asset manager Quantum Global accused Angola’s
sovereign wealth fund of harassment on Sunday after more court-ordered asset
freezes in a widening legal row.

Angola’s $5 billion FSDEA fund said on Friday it was sacking Quantum Global
as its asset manager because it was concerned about the way its funds were
being invested.

Quantum Global, which was appointed in 2012 and made most of its investments
in 2015, responded by saying all Angola’s money under its management was
accounted for.

On Sunday, the asset manager said a British court had reportedly on Friday
granted an FSDEA application “for a worldwide freezing order on several
Quantum Global Group companies” although it had not yet been served with
court papers.

“Quantum Global continues to be dismayed that FSDEA has resorted to
intimidation by launching legal action in multiple jurisidictions rather
than seeking a negotiated settlement or arbitration in accordance with the
contractual arrangements,” it said in a statement.

It reiterated that it wanted to resolve the situation with the FSDEA in an
amicable manner.

Mauritius this month froze bank accounts and suspended business licences
linked to QG Investments Africa Management following a visit by Angolan
officials.

Egypt, Cyprus to sign deal to connect Aphrodite gas field with Egypt

CAIRO (Reuters) - Egypt aims to sign an agreement with Cyprus to connect the
island’s Aphrodite gas field with Egypt, Egypt’s oil minister said on
Sunday.

Tarek El Molla, speaking at an American Chamber of Commerce in Egypt event
in Cairo, also said the country was preparing a bid round for unexplored
offshore areas west of the Nile Delta to the Libyan border.

“We intend to have a bid round in this area shortly,” Molla said.

Egypt may also invite companies to bid for oil and gas exploration in the
Red Sea before year-end, he said.

Tanzania asks bank to finance hydropower project in heritage site

DAR ES SALAAM (Reuters) - Tanzania has approached the African Development
Bank (AfDB) to finance a 2,100-megawatt (MW) hydroelectric plant in a World
Heritage site renowned for its animal population, despite concerns from
conservationists.

The East African nation considers the project at Stiegler’s Gorge in the
UNESCO-designated Selous Game Reserve to be vital in its bid to diversify
its energy mix and end chronic electricity shortages.

The project would more than double the country’s power generation capacity.

    But critics say securing financing for it could prove difficult because
construction of a dam on a major river that runs through the Selous Game
Reserve could affect wildlife and their habitats downstream.

    Tanzania’s finance ministry said in a statement on Saturday that
President John Magufuli, who is personally pushing the long-delayed project,
made the financing request to AfDB President Akinwumi Adesina during talks
in Tanzania’s administrative capital Dodoma over the weekend.

    The AfDB confirmed that it was reviewing Magufuli’s request but did not
say how much the project would cost.

    “President Magufuli is very committed to ensure that the country
industrialises, but you cannot industrialise unless you have access to
electricity,” Adesina told journalists on Saturday after his talks with the
president.

    “The president is very keen to talk to us about the Stiegler’s Gorge
project ... he mentioned that to us and we are going to be looking at that
with him and the government, but we are also very keen to look at other
alternative sources of energy.”

    Adesina said the AfDB plans to work with the Tanzanian government to
develop integrated power projects with the private sector.

    Tanzania’s Finance and Planning Minister Philip Mpango said on Saturday
that East Africa’s third-biggest economy was also seeking a $200 million
loan from the AfDB to build a new airport in Dodoma, and additional
financing for the construction of roads.

    The government invited bids in August for the Stiegler’s Gorge project
and hopes construction work will begin as early as July.

    Covering 50,000 sq km, the Selous Game Reserve is one of the largest
protected areas in Africa, according to UNESCO. It is known for its
elephants, black rhinos and giraffes, among many other species.

National Bank of Egypt seeking to raise $600 mln club loan -sources

DUBAI (Reuters) - National Bank of Egypt, the country’s largest bank by
assets, is putting together a group of lenders for a club loan in the region
of $600 million, banking sources said.

It is expected a three-year debt facility and will likely be provided by
international banks and some United Arab Emirates lenders, the sources said.
NBE is coordinating the fundraising.

The bank could not be reached for immediate comment.

Foreign currency liquidity for Egyptian banks has improved since the central
bank allowed the Egyptian pound to free float in November 2016, resulting in
the currency losing half of its value against the U.S. dollar.

Egyptian banks now have access to foreign currency liquidity through the
interbank market, as opposed to through central bank auctions, which was the
case before the currency’s floatation.

But banks still need to boost their foreign currency liquidity to face
requirements accrued during the shortages before the floatation.

NBE has borrowed internationally before. Last year it obtained a $300
million loan from the African Export-Import Bank.

In 2015, it raised a $390 million three-year syndicated loan. HSBC, Citi,
Arab Banking Corp, National Bank of Abu Dhabi, Standard Chartered and Union
National Bank arranged that deal.

Rating agency S&P rates the bank B-(minus). It revised its outlook to
“positive” from “stable” in November last year.

Former chairman Wiese sues Steinhoff for $5 billion

JOHANNESBURG (Reuters) - South African businessman Christo Wiese has
launched a $5 billion lawsuit against crisis-hit Steinhoff, a retail company
in which he was a board member and biggest shareholder until earlier this
year, his company Titan Group said.

Wiese resigned as chairman in December last year, days after Steinhoff
uncovered accounting irregularities that sent its shares crashing.

($1 = 12.3600 rand)

Egypt says Kuwait agreed 'in principle' to renew $4 bln in deposits - agency

CAIRO (Reuters) - Egypt’s central bank governor said on Sunday Kuwait has
agreed “in principle” to renew $4 billion in deposits, state news agency
MENA reported.

Arab Gulf countries, including energy-rich Kuwait, have given Egypt billions
of dollars in aid since 2013 when the army ousted Islamist President Mohamed
Mursi following mass protests against his rule.

T-Mobile agrees $26bn mega-merger with Sprint

T-Mobile boss John Legere broke the news of deal on Twitter.

US telecoms giant T-Mobile has agreed to buy its rival Sprint in a $26bn
(£18.9bn) deal.

The merger of America's third and fourth largest mobile carriers is designed
to create a more competitive firm with about 130 million customers.

However, the deal is expected to attract regulatory scrutiny over its
potential impact on customer prices.

T-Mobile boss John Legere said the new firm would spend $40bn on building a
5G mobile network in the next three years.

"Together, we will build the highest-capacity mobile network in US history!!
I'm talking 30X more capacity than T-Mobile today!!" he said in one of a
series of Tweets.

It comes after months of negotiations between T-Mobile's controlling
shareholder, Deutsche Telekom, and Japan's SoftBank, which controls Sprint.

Under the deal, Deutsche Telekom will own 42% of the combined company and
control its board. Softbank will hold a 27% stake.

Mr Legere will lead the new firm which will take the T-Mobile name and have
a market value of $146bn.

Analysts say the combined company would have more clout to compete with the
first and second biggest US telecoms firms, Verizon and AT&T, each of which
have more than 100 million subscribers.

In particular, they say it would be better positioned for America's looming
shift to next generation 5G mobile broadband technology.

They also believe that, without T-Mobile, Sprint lacks the scale needed to
upgrade its network.

Competition concerns

Sprint and T-Mobile had been in talks about a potential tie-up since 2014,
when the Obama administration scuppered a previous merger attempt over
competition concerns.

Under the Trump administration, regulators have continued to challenge deals
they believe could push up prices and are likely to scrutinise this latest
takeover closely.

The US Justice Department is currently trying to block AT&T's deal to buy US
media giant Time Warner for $85bn, warning that "consumers all across
America will be worse off" if it goes ahead.

It has also allegedly opened a probe into claims of co-ordination by AT&T,
Verizon and a telecoms standards body to hinder consumers from easily
switching provider, Reuters reported earlier in April.

In a statement, Mr Legere said the merger between Sprint and T-Mobile would
lower prices and help the US accelerate its development of 5G, amid fierce
competition from China.

He also said it would create tens of thousands of jobs in rural America -
factors analysts say could help sway officials in the Trump administration.

"This combination will create a fierce competitor with the network scale to
deliver more for consumers and businesses in the form of lower prices, more
innovation, and a second-to-none network experience - and do it all so much
faster than either company could on its own," Mr Legere said.--bbc

Walt Disney buys Murdoch's Fox for $52bn

Walt Disney has agreed to buy the bulk of 21st Century Fox's business for
$52.4bn (£39bn), in a deal both companies said position them to compete in
the rapidly changing media industry.

The purchase includes Fox's film and television studios, as well as its 39%
stake in satellite broadcaster Sky.

Fox will form a news-focused company with its remaining assets.

The move is a sharp shift for 86-year-old Fox owner Rupert Murdoch after
more than half a century of media expansion.

Simon Jack: Why is Disney buying Fox?

Five reasons why the Murdochs are selling Fox to Disney

Media Editor Amol Rajan: Cunning Fox and mighty Mouse

Mr Murdoch turned a single Australian newspaper he inherited from his father
at the age of 21 into one of the world's largest news and film empires.

He said the break-up makes sense amid new threats from online advertising
and competitors who are streaming entertainment into homes via the internet.

Disney's long-standing chief executive Bob Iger struck the deal with Rupert
Murdoch

Fox shareholders, who include the Murdochs, will get a 25% stake in the
larger Disney.

"With today's announcement, we launch the next great leg of our journey,"
Rupert Murdoch said on Thursday in a call for investors.

He added later: "Are we retreating? Absolutely not."

What is Disney buying?

Disney will scoop up Fox's movie and television studios, regional sports
network and international holdings, among other investments.

The move adds to Disney's back catalogue high-grossing films such as the
original Star Wars movies, the Marvel superhero pictures, Avatar and
Deadpool, as well as TV hits such as Modern Family and The Simpsons.

It expands Disney's offerings with the FX and National Geographic cable
channels, and Fox's regional sports network in the US.

The purchase also extends Disney's global reach, adding media company Star
India and Fox's interests in Sky plc and Tata Sky to its portfolio.

Disney will also get majority control of the video streaming service Hulu,
which is also partially owned by Comcast and Time Warner.

Disney will assume $13.7bn in Fox debt as part of the stock deal, taking the
total value of the transaction to more than $66bn.

Why does Disney want them?

Disney already owns a vast array of news, film and leisure companies. But
the media landscape is changing as technology companies like Amazon and
Netflix attract customers to new ways of viewing.

Disney is investing heavily in online streaming platforms, as a way to
counter a downturn in its pay-TV business and threats from these new rivals.

The firm believes this deal will give it the scale to compete, and expects
to wring "at least" $2bn in cost-savings out of the new company to boot.

David Yelland, former editor of the Murdoch owned Sun newspaper in the UK,
told the BBC the transaction puts Disney in pole position to compete with
California's tech giants.

"In ten years time there'll be two Chinese giants and four US giants and [of
the current entertainment companies] the only one that'll survive will be
Disney."

Fox is creating a smaller firm focused on news and major live sports events
in the US.

It will hold onto its flagship Fox News Channel, Fox Business Network, Fox
Broadcasting Company, Fox Sports, Fox Television Stations Group, and sports
cable networks FS1, FS2, Fox Deportes and Big Ten Network.

Lachlan Murdoch said: "While the merged business is about scale, the new Fox
is about returning to our roots as a lean, aggressive, challenger brand."

There has been speculation the deal opens the opportunity to reunite Fox
with the news businesses which were spun-off in 2013 following a scandal
over phone tapping in the UK.

That prompted the creation of a separate news publishing group, News Corp.,
which owns the Times and the Sun newspapers and remains controlled by the
Murdochs.

Rupert Murdoch said the firm hasn't looked at that possibility and any move
along those lines is "way ahead" in the future.

As part of the deal Fox shareholders will receive Disney stock, representing
about 25% of the enlarged company.

What does it mean for Sky?

In the UK, Fox is in the midst of a bid to buy the part of the broadcaster
Sky that it doesn't already own. That bid is being investigated by the
Competition and Markets Authority (CMA), which is due to publish provisional
findings in January.

The BBC understands that the Disney deal will not alter that CMA
investigation.

If the Sky purchase is approved, that deal would probably go through before
the Disney purchase of Fox assets. So the whole of Sky would then be likely
to transfer to Disney's ownership.

If not, then just the 39% of Sky currently in Fox's stable passes to Disney.

Rupert Murdoch said: "If things go wrong, the existing [Sky] shares go to
Disney. It will be up to them to decide what to do."

Either way Sky's future will lie primarily in Disney's hands.

What about the Murdochs themselves?

Most observers expected Rupert Murdoch to hand over his vast media empire to
his two sons James and Lachlan.

So the decision to break it up came as something of a surprise.

The management of the new Fox company is still being discussed. But Rupert
Murdoch told Sky he hopes his elder son, Lachlan, will become chief
executive.

James has been widely tipped to take on a senior role at Disney.

On Thursday, Disney boss Bob Iger, who is staying in his role running Disney
until the end of 2021, said James will be involved in the integration of the
two firms.

As for the future he said: "He and I will continue to discuss whether
there's a role for him here or not, but I look forward to talking to him
about it."

Will this make it past the regulators?

The companies said they expect to complete the transaction in 12 to 18
months.

But it is not clear how the deal - which increases consolidation in the
movie and sports media industries - will be received by US competition
regulators.

The US Department of Justice recently sued to block AT&T's $85.4bn deal to
buy Time Warner, on the basis that it will raise prices for consumers and
competitors.

It is possible officials would take a similarly dim view of a Disney-Fox tie
up, in which case Disney would pay Fox a $2.5bn break-up fee.

The Writers Guild of America West, a union that represents writers for
television and movies, said it opposes the deal on the grounds that it would
increase Disney's already sizeable power.

It said: "The antitrust concerns raised by this deal are obvious and
significant."--bbc

Sainsbury's vows Asda deal will cut prices

Sainsbury's has confirmed plans to merge with Asda, which is currently owned
by US supermarket giant Walmart.

The supermarkets said that grocery prices would fall in both chains as a
result of the merger.

Sainsbury's chief executive Mike Coupe also said the deal would not lead to
store closures or job losses in stores.

The combination of the UK's second and third largest supermarkets would
create a giant, representing nearly £1 in every £3 spent on groceries.

Mr Coupe - who will lead the new combined group - said he believed the two
supermarkets were "the best possible fit".

Shares in Sainsbury's jumped 16% in response to the merger news.

Live: Reaction to supermarket merger

Walmart, which has owned Asda since 1999, will retain 42% of the combined
business following the merger.

What will the merger mean for shoppers?

The supermarkets say that as a result of the merger they expect to be able
to lower prices "by around 10% on many of the products customers buy
regularly".

Sainsbury's and Asda will remain separate brands and no stores will close,
Mr Coupe told the BBC.

"There's been a bit of commentary over the weekend where people have been
alluding to the fact that the only way of making this happen is by closing
stores - that is not true," said Mr Coupe.

Following the merger Argos will open outlets within Asda stores, the firms
said. Sainsbury's took over Argos in 2016 and has been integrating the
catalogue retailer into its own stores.

What will it mean for suppliers?

The combined business will overtake current market leader Tesco,
representing around 30% of UK grocery sales. That will give it greater
muscle in the market.

Labour's shadow business secretary Rebecca Long-Bailey told the BBC she was
concerned at the impact on suppliers of the proposed tie-up.

The combined group "will have immense purchasing power, giving them an
opportunity to bargain very hard with suppliers," she warned.

Mike Cherry, national chairman of the Federation of Small Businesses, said
the firms should explain how they plan to merge their supply chains fairly,
and reassure people that cost savings wouldn't be achieved "simply by
milking their small suppliers for all they're worth".

Sainsbury's and Asda executives said one advantage of the merger would be
the opportunity to bring in "the power of Walmart in the form of buying of
general merchandise and in the form of their systems and investments".

Will the merger be allowed?

A competition probe seems inevitable given the size of the two chains and
the UK's competition watchdog, the Competition and Markets Authority (CMA),
said on Monday it was "likely" to review the merger.

Sainsbury's and Asda have asked for the CMA investigation to be fast-tracked
and hope to complete the deal by the autumn of 2019.

At the weekend, Liberal Democrat leader Sir Vince Cable said the merger
risked creating "even more concentrated local monopolies" and said the CMA
should force the companies to sell off stores if the new giant was dominant
in a particular area.

Retail analyst Nick Bubb said he thought there was "a pretty good chance"
that the deal will be allowed to proceed, but the main debate would be over
how many stores Sainsbury's and Asda would have to sell "to placate the
CMA".

"Too many store disposals and the deal won't be worth doing... too few store
disposals and the CMA will look toothless
 hopefully there will be a
"Goldilocks" scenario for Sainsbury's/Asda."

Why are the two chains combining?

Sainsbury's and Asda are both being buffeted by competition from budget
supermarkets such as Aldi and Lidl. On the horizon, Amazon is making initial
steps into grocery deliveries.

"I think from a market share perspective, both Sainsbury's and Asda are
landlocked to a certain extent. They're not really able to grow at a rapid
rate," said Steve Dresser, director of the Retail Insight consultancy.

The two chains are in many ways complementary: Sainsbury's stores are
focused more in the south of the UK and target a higher-end market segment.
Asda is more concentrated in the north, offering lower-cost groceries.

"If they remain on their own it's difficult to see how they get any real
growth beyond standard organic growth, which isn't necessarily going to be
enough when Amazon joins the market," said Mr Dresser.

Will the Sainsbury's and Asda merger affect you? What do you want to know
about it?--bbc

Avengers: Infinity War smashes global opening weekend box office record

Avengers: Infinity War made history by earning an estimated $630m (£457m)
worldwide on its opening weekend.

That's way ahead of the previous first weekend record of $542m set by The
Fate of the Furious last year.

And the new Avengers movie, in which Marvel superheroes unite to battle
Thanos, hasn't opened in China yet.

It is also likely to take the all-time North American opening weekend record
after making an estimated $250m. Star Wars: The Force Awakens took $248m.

Industry tracker Exhibitor Relations made the estimates and official figures
will come out later on Monday, but they rarely vary significantly from the
estimates.

Infinity War, directed by brothers Joe and Anthony Russo, cost between $300m
and $400m to make.

Actors including Robert Downey Jr, Scarlett Johansson, Benedict Cumberbatch,
Chadwick Boseman and Chris Pratt, star in the sequel, the first of two
parts. The conclusion is set to be released in May 2019.

The films with the all-time top five opening weekends are all sequels and
spin-offs.

Top five global opening weekends

Film   Takings       Release

Avengers: Infinity War    $630m        2018

The Fate of the Furious   $542m        2017

Star Wars: The Force Awakens  $529m        2015

Jurassic World       $526m        2015

Harry Potter and the Deathly Hallows Part 2 $483m        2011

Deadpool actor Ryan Reynolds congratulated the Avengers on their success by
posting a letter supposedly written by Tony Stark (AKA Iron Man) to
Deadpool, rejecting his request to join the Avengers.

Reynolds wrote: "From a guy who never knows when to quit, I'm glad you guys
never did. Congrats #Avengers."

Avengers: Infinity War comes 10 years after the release of Iron Man, which
kicked off a series of high-profile superhero films.

The first Avengers came out in 2012. It held the previous record opening for
a Marvel film, making $207.4m domestically. Age of Ultron, the second
Avengers feature, debuted with $191m.--bbc

Chinese firm Dalian Wanda opens $7.9bn 'movie metropolis'

A sprawling film studio complex featuring a theme park, yacht club and hotel
has opened in eastern China.

Chinese firm Dalian Wanda has invested $7.9bn (£5.7bn) into the Qingdao
Movie Metropolis, which it hopes will attract foreign producers to the
country.

The complex spans more than 400 acres and is said to include
state-of-the-art production facilities.

Wanda chairman Wang Jianlin said it would "turn Qingdao into a global hub
for film".

"We will boost the Chinese movie industry development," he said at the
project's official opening on Saturday.

"This is the largest investment the global film and television industry has
ever seen."

Dalian Wanda woos Hollywood filmmakers to China

Why is China's 'Disney rival' being sold?

Dalian Wanda $9.3bn deal in 'crazy' restructuring

The site also features a shopping mall, restaurants and a cinema that is
reportedly the biggest in Asia.

The Qingdao Movie Metropolis opened its first studios in 2016, and has
already hosted some Hollywood productions including The Great Wall which
starred Matt Damon.

It was first major Hollywood film aimed at a global audience to be set,
filmed and produced in China.

The completion of the studios marks a further step in Wanda's efforts to woo
Hollywood directors to work in the country.

In 2016, the firm said it would give foreign movie and TV firms huge
discounts to film at the Qingdao studios.

It also bought Legendary Entertainment, the US studio behind blockbusters
such as Jurassic World, the Batman Dark Knight trilogy and Godzilla.

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

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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