Major International Business Headlines Brief::: 07 August 2018

Tue Aug 7 12:51:39 CAT 2018

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Major International Business Headlines Brief::: 07 August 2018

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*  South Africa's Nedbank H1 profit rises 26 percent

*  Safaricom CEO defends company's dominance as he returns to work

*  South Africa's rand firmer in early trade

*  Tunisia's annual inflation eases to 7.5 percent in July

*  South Africa's net foreign reserves fall to $42.44 billion in July

*  Tanzania wants to build pipeline to pump gas to Uganda

*  Kenyan shilling firm on tight liquidity in money markets

*  Ola to challenge Uber in UK ride-hailing market

*  US to fully enforce reimposed Iran nuclear sanctions

*  Indra Nooyi to step down as PepsiCo chief executive

*  Arsenal's Stan Kroenke makes offer to buy whole of London club

*  Iran nuclear deal: EU shields firms from US sanctions law

*  HSBC 'cautiously optimistic' about growth despite trade tensions

*  BA boss demands action on Heathrow queues

 <mailto:info at bulls.co.zw> 

South Africa's Nedbank H1 profit rises 26 percent

JOHANNESBURG (Reuters) - South African lender Nedbank reported a 26 percent
jump in half-year profit on Tuesday, helped by a recovery in its west
African associate, Ecobank.

Nedbank owns about 16 percent of Ecobank Transnational Incorporated (ETI),
which is a recovering from weak investment and consumer spending in the
commodity-rich west African region.

Diluted headline EPS, the primary measure of profit in South Africa that
excludes certain one-off items, came in at 1,387 cents in the six months
through the end of June compared with 1,098 cents a year earlier.

“While risks remain, it is expected that the actions taken to improve ETI’s
financial position and governance, along with an improving macroeconomic
environment, will continue to drive an improved financial performance in
2018,” Nedbank said in a results filing.

 <mailto:info at bulls.co.zw> 

Safaricom CEO defends company's dominance as he returns to work

NAIROBI (Reuters) - Kenya’s dominant telecoms operator Safaricom does not
hinder competition, its chief executive Bob Collymore told lawmakers on
Monday as he returned to work after a nine-month absence for medical
treatment.

The country’s industry regulator recommended in a draft proposal in May that
Safaricom, which controls 67 percent of Kenya’s mobile market, should offer
rivals access to its transmission sites and its vast network of mobile money
outlets to increase competition in the sector.

“Thirty million customers have made a conscious decision to come onto
Safaricom’s network,” Collymore told a parliamentary committee when asked if
Safaricom was hindering competition.

The committee is looking into whether any measures should be taken to boost
competition in the market following the Communications Authority of Kenya’s
(CA) draft proposal.

Collymore said he was confident authorities would not seek to punish the
success of Safaricom, which is 35 percent-owned by South African group
Vodacom with the Kenyan government and Britain’s Vodafone also holding
stakes.

“I didn’t get the sense from the committee that they are looking to cut
Safaricom down to size,” he said.

“They are really genuinely examining whether there is anything else that
needs to be done to encourage more competition in the market place.”

Collymore, who has been receiving medical treatment for an undisclosed
illness, appeared to be in good health during a three and a half hour
appearance before parliament’s communication and information committee and
told Reuters that he would actively run the company again from now on.

He has been in charge since 2010, during which time he has overseen a surge
in the company’s share price and dividends as he delivered strong results.

The other big players in the market are Bharti Airtel’s Kenyan unit, which
has a 19.7 percent market share, and Telkom Kenya, controlled by
London-based Helios Investment, with 8.6 percent of the market.

Safaricom’s share price continued to rise during Collymore’s absence. It
gained 11 percent during the past nine months, despite a wobble after the
CA’s proposal, with the company forecasting in May that profit before
interest and taxes would rise 7-12 percent in the year through April 2019.

“The team has done a fantastic job in my absence, you saw the results in the
full year,” Collymore told Reuters after the committee hearing.

“Now it is a little bit more about refocusing on the strategy in the
company, ensuring that the strategy remains relevant; it is refreshed.”

Safaricom’s shares were up 0.89 percent on Monday at 28.25 shillings
($0.2814).

($1 = 100.4000 Kenyan shillings)

South Africa's rand firmer in early trade

JOHANNESBURG (Reuters) - South Africa’s rand firmed early on Tuesday,
gaining back some of the ground lost in the previous session after emerging
markets were knocked by a retreat in risk demand as trade tensions between
Washington and Beijing rose.

At 0625 GMT, the rand traded at 13.3950 per dollar, 0.33 percent firmer than
its overnight close.

The rand has seen volatile trade over the past week, breaking through the
13.10 level to a seven-week best before sliding back to near 13.50, an
inflection point traders have targeted to gauge the currency’s longer term
trend.

“Foreign exchange markets over the most recent past relatively subdued,
emerging markets largely driven by the on-going trade war talk,” Nedbank
analysts said in a note.

Some analysts see trade tensions supporting the dollar as the United States
economy is better placed to handle protectionism than emerging markets, and
as tariffs may narrow the U.S. trade deficit.

Local focus on June manufacturing data due at 1100 GMT.

In fixed income, the yield for the benchmark bond due in 2026 was flat at
8.735 percent.

Tunisia's annual inflation eases to 7.5 percent in July

TUNIS (Reuters) - Tunisia’s annual inflation rate eased to 7.5 percent in
July from 7.8 percent in June, official data showed late on Monday.

In May Tunisia’s central bank raised its key interest rate by 100 basis
points to 6.75 percent, the second hike in three months, to tackle
inflation.

South Africa's net foreign reserves fall to $42.44 billion in July

JOHANNESBURG (Reuters) - South Africa’s net foreign reserves fell slightly
to $42.440 billion in July from $42.447 billion in June, the Reserve Bank
said on Tuesday.

Gross reserves fell to $50.511 billion from $50.582 billion, the central
bank data showed.

The forward position, which represents the central bank’s unsettled or swap
transactions, decreased to $1.790 billion in July from $1.809 billion the
previous month.

Tanzania wants to build pipeline to pump gas to Uganda

KAMPALA (Reuters) - Tanzania wants to build a pipeline to pump natural gas
to neighbouring Uganda, another step in the two countries’ bid to expand
energy cooperation.

State-run Tanzania Petroleum Development Corporation (TPDC) said on Monday
that the pipeline would start from its capital Dar es Salaam, then pass
through Tanga port on the Indian Ocean and to Mwanza, a port on Lake
Victoria before crossing the border to Uganda.

It said it was looking to hire a contractor to conduct a feasibility study
to determine current and future natural gas demand “by identifying all
potential customers”. It did not give an estimated volume.

The study would also establish the most economically viable route for the
pipeline, it said.

Tanzania boasts estimated recoverable natural gas reserves of over 57
trillion cubic feet (tcf), mostly in offshore fields in the south of the
country.

In 2016 the two countries agreed to develop a crude oil export pipeline to
help transport land-locked Uganda’s crude reserves from fields in the
country’s west to offshore markets.\

Kenyan shilling firm on tight liquidity in money markets

NAIROBI (Reuters) - The Kenyan shilling was firm against the dollar on
Monday due to thin demand from importers and tightening liquidity in the
local money markets, traders said.

At 0853 GMT, commercial banks quoted the shilling at 100.40/60 per dollar,
compared with 100.50/70 at Friday’s close.

The weighted average interbank lending rate rose to 8.4545 percent on Friday
from 8.3475 percent during the previous session. The central bank said it
planned to inject 5 billion shillings into the money market on Monday.

Ola to challenge Uber in UK ride-hailing market

Indian taxi-hailing giant Ola is moving into the UK as it continues to
challenge Uber around the world.

The company, which was founded in 2011, has 125 million customers and
already operates in 110 cities. It plans to start business in South Wales
and Greater Manchester.

Unlike Uber it will offer a choice of private hire vehicle or black taxi.

It says it is working with local authorities across the UK to expand
nationwide by the end of 2018.

Ola says it will begin UK operations in South Wales in the next month.

This move is the first serious challenge in the UK to market-leading
taxi-hailing app, Uber, which was founded two year's earlier than Ola, has
three million drivers and operates in 600 cities in 65 countries.

Currently, Ola only operates in two countries, the UK will be its third,
after starting its first operations in Australia earlier this year.

Both companies count Japan's Softbank as an investor, but the two already
compete fiercely in India, although Uber pulled out of operating in South
East Asia earlier this year.

Softbank is a major backer of the world's leading taxi-hailing apps, with
investments in Chinese giant Didi and Grab, although it is not invested in
Uber's chief US rival on its home soil, Lyft.

Services such as Uber - often called "ride-hailing" or "ride-sharing" apps -
at their simplest were designed to link drivers, via a mobile phone app,
with people who they were prepared to give a lift to in return for a bit of
petrol money.

As it has grown, Uber in particular has come under scrutiny over passenger
safety and how it treats its drivers.

It has been engaged in court battles over whether it needs licensing,
whether it is an employer or simply an app, and how much it should regulate
its drivers and be responsible for passenger safety. It has been banned from
some cities, and had to fight to keep its licence to operate in London.

It is particularly resented by licensed drivers of black taxis, for whom it
takes years of work to qualify for their licences.

Ola will be the first app to link to both these, as well as individuals who
offer private hire.

Apps in the UK that currently connect passengers with black taxis include
Gett and mytaxi.

'Compelling service'

Ola's UK launch statement stresses its willingness to engage with the
authorities.

It says it "seeks to lead the industry with its approach to passenger safety
including Disclosure and Barring Service (DBS)-screened drivers".

Ola also plans to offer round-the-clock voice support and an options to
share journey details with a passenger's emergency contacts.

Bhavish Aggarwal, chief executive of Ola, studied computer science in Mumbai
and worked for Microsoft after that. He was 26 when he founded Ola in 2011.

He said: "The UK is a fantastic place to do business and we look forward to
providing a responsible, compelling, new service that can help the country
meet its ever demanding mobility needs.

"We look forward to our continued engagement with policymakers and
regulators as we expand across the country and build a company embedded in
the UK."

Ola's entry into the UK follows its launch in Australia in February 2018,
where it now operates in seven major cities.--BBC

US to fully enforce reimposed Iran nuclear sanctions

President Donald Trump says the Iran nuclear accord was a "horrible,
one-sided deal"

President Donald Trump says he will fully enforce the sanctions being
reimposed on Iran as a result of the US withdrawal from a 2015 nuclear deal.

Measures targeting Iran's automotive sector as well as its trade in gold and
other key metals will take effect from 00:01 EDT (04:01 GMT) on Tuesday.

Mr Trump believes the economic pressure will force Iran to agree to a new
deal and end its "malign" activities.

Iran's President Hassan Rouhani said the act was "psychological warfare".

Responding on Iranian state television, Mr Rouhani rejected the idea of
last-minute talks. "We are always in favour of diplomacy and talks... but
talks need honesty," he said.

Iran nuclear deal: Key details

EU shields firms from US law

The impact of Iran sanctions - in charts

Mr Trump warned that individuals or entities who breach the sanctions risk
"severe consequences".

The UK, France and Germany - which were also parties to the 2015 accord
along with Russia and China - have expressed "deep regret" at the US move.

They have pledged to abide by their commitments under the deal. Iran has
said it will also do so if it continues to receive the economic benefits.

Why did Mr Trump abandon the nuclear deal?

The accord saw Iran limit its controversial nuclear activities in exchange
for sanctions relief.

Former US President Barack Obama insisted that it would prevent Iran from
developing a nuclear weapon and that the world would be safer as a result.

But Mr Trump said it was a "horrible, one-sided deal".

He declared that its so-called "sunset clauses" - under which the limits on
Iran's nuclear programme will start to expire - were unacceptable; that it
did not deal with Iran's ballistic missile programme; and that it failed to
stop Iran's "malign behaviour" in neighbouring countries, including Syria
and Yemen.

What sanctions are being reimposed?

An executive order signed by Mr Trump said that from midnight sanctions
would be reimposed on:

The purchase or acquisition of US banknotes by Iran's government

Iran's trade in gold and other precious metals

Graphite, aluminium, steel, coal, and software used in industrial processes

Transactions related to the Iranian rial

Activities relating to Iran's issuance of sovereign debt

Iranians have been buying up gold coins since the US abandoned the nuclear
deal

On 5 November, potentially more damaging sanctions will be reimposed on:

Iran's port operators and energy, shipping, and shipbuilding sectors

Iran's petroleum-related transactions

Transactions by foreign financial institutions with the Central Bank of Iran

"I am pleased that many international firms have already announced their
intent to leave the Iranian market, and several countries have indicated
that they will reduce or end imports of Iranian crude oil," the president
said in a statement.

"We urge all nations to take such steps to make clear that the Iranian
regime faces a choice: either change its threatening, destabilising
behaviour and reintegrate with the global economy, or continue down a path
of economic isolation."

How has the international community reacted?

There was no immediate response from Iran, but Foreign Minister Mohammad
Javad Zarif earlier said the US was being "isolated".

He added that it was hard to imagine negotiating with someone who had torn
up an agreement that had taken so long to reach. "Who can believe Trump is
serious about talks?" he asked.

The British, French and German foreign ministers issued a joint statement
with the EU's foreign policy chief saying the nuclear deal was working and
was "crucial" for global security.

They also unveiled a "blocking statute" that will seek to protect European
firms doing business with Iran against the impact of US sanctions.

However, an unnamed senior Trump administration official said the US was
"not particularly concerned" by the move.

The official noted that Iran had already suffered severe economic
difficulties since the US abandoned the nuclear deal in May, with the rial
losing almost 80% of its value.--BBC

Indra Nooyi to step down as PepsiCo chief executive

PepsiCo chief executive Indra Nooyi is to step down after 12 years at the
helm.

She is among the world's most prominent female business leaders and has
consistently appeared on Forbes' list of the 100 most powerful women,
ranking 11th in 2017.

PepsiCo shares have risen 78% since she took the job in 2006.

Mrs Nooyi, 62, has been with the company for 24 years. Current president
Ramon Laguarta will succeed her.

In a series of posts on Twitter, the businesswoman referred to her
upbringing in India and said she "never imagined" she'd have the opportunity
to lead a company like PepsiCo.

She also described "mixed emotions" about leaving the role.

Indra Nooyi: 'Everybody's watching you'

Nooyi's tenure

Mrs Nooyi was chief financial officer before becoming chief executive in
October 2006, and has overseen significant revenue growth for the company.

"She has delivered a strong and consistent financial performance, managing
with an eye toward, not only the short-run, but the long-run as well. As
CEO, she grew revenue more than 80%, outperforming our peers and adding a
new billion-dollar brand almost every other year." said a PepsiCo statement.

PepsiCo's board of directors unanimously voted in 54-year-old Mr Laguarta,
who will take over on 3 October and will also join the board, according to
the company.

A 22-year veteran of PepsiCo, Mr Laguarta oversaw global operations,
corporate strategy, public policy and government affairs in his role as
president.

Mrs Nooyi will continue as chairman of the board until early 2019.

Indra Nooyi's success on the global stage has been ardently followed in
India. For the tens of thousands of students who go from here to the US each
year, the fact that a woman born in the southern city of Chennai, or Madras
as it was called when she lived there, reached the helm of one of the
world's largest companies, is evidence that the American dream is real.

At the time she was elevated as the boss of PepsiCo, there were Indian born
men leading big global firms, like Vikram Pandit at Citibank. But Ms Nooyi's
achievements were seen as particularly remarkable because of the odds she
had to fight.

In a conservative, patriarchal society, where women are married off at an
early age, and even many of those who do get jobs often have to quit when
they have children, Ms Nooyi has been an inspiration for many across India.

What's made her even more relatable to this country's new generation of
women who are striving to have and keep careers, is that she hasn't shied
away from being brutally frank about the challenges of work-life balance.

In the last few years, we've seen a string of Indian born professionals
taking charge of global giants, like Satya Nadella at Microsoft and Sundar
Pichai at Google.

Each elevation has grabbed headlines and has been spoken about with great
pride here. But Ms Nooyi's story remains unique for women in India, and
around the world.--BBC

Arsenal's Stan Kroenke makes offer to buy whole of London club

Arsenal's majority shareholder Stan Kroenke has made a £600m offer to buy
the whole of the club in a deal that would value the Gunners at £1.8bn.

The American billionaire owns 67% of Arsenal through his company KSE, which
says Alisher Usmanov has agreed to sell his 30% stake in the club.

A KSE statement to says taking the club private will help to further
Arsenal's "strategy and ambitions".

The buy-out announcement was made to the London Stock exchange on Tuesday.

Despite his shareholding, Usmanov is not part of the board or the
decision-making at Arsenal.

The metal magnate made a £1bn bid to buy the Emirates outfit in May 2017 but
this was rejected by Kroenke.

The statement to the stock exchange added: "KSE's ambitions for the club are
to see it competing consistently to win the Premier League and the Champions
League, as well as the major trophies in the women's senior game and at
youth level."

KSE said that under "its stewardship since 2011 the club has invested in
major transfers, player contracts, analytics, senior non-playing football
management employees" and it "expects the club to build on those
investments".

Arsenal have a new manager in charge this season after Unai Emery took over
from Arsene Wenger, who had been Gunners boss for 22 years.

In Wenger's final season, Arsenal finished sixth in the Premier League as
they missed out on the Champions League but qualified for the group stages
of the Europa League.

The Gunners start their Premier League campaign against champions Manchester
City on Sunday.

'A dreadful day for Arsenal' - fans' reaction

While Kroenke says taking sole ownership will benefit the club, the Arsenal
Supporters' Trust (AST) called the news "a dreadful day" for the Gunners.

"Stan Kroenke taking the club private will see the end of supporters owning
shares in Arsenal and their role upholding custodianship values," said an
AST statement.

AST added that by becoming the 100% owner, Kroenke would be able to take
"detrimental actions" such as paying "management fees and dividends without
any check or balance".

It added: "The AST is also extremely concerned to note that this purchase is
being funded by a loan.

"The AST is wholly against this takeover which marks a very sad day for
Arsenal football club."

Analysis - what does single ownership mean?

Rob Wilson, football finance expert at Sheffield Hallam University

There are two sides to this and from a fans' point of view you like to have
a bit more transparency - when there is more than one person involved you
get a broader discussion about what you should do, who you should buy and
how much to spend on particular people.

When you have this single ownership, particularly when it will be set up in
the United States, it lacks a bit of transparency.

There will be big dividends getting paid out from the football club as a
profit maximising entity, but for Arsenal that's not really any different to
what they have had for the past 10 or 15 years with Usmanov and back when
Farhad Moshiri (former shareholder and Everton co-owner) was involved.

The only thing that concerns me is it's going to be a leverage buy-out, so
he's going to have to borrow to be able to do it. Depending on which side of
the fence you're on will determine whether you see that as a positive or a
negative thing.

>From a purely business point of view, it's not a bad model. It's like you or
I buying a house, taking out a mortgage, if you maintain those payments
against those loans or however you borrowed then it is not a problem.

While the leverage is there that would have to be paid back, I don't think
it will limit the activity Arsenal will be able to undertake in the transfer
market as the reality is in order to make that business profitable, you have
to be finishing in the top four and going into European competition.

What are the details of the offer?

Kroenke will be raising the capital to take control of the club with £45m of
his own money and borrowing £557m, which he says will not be against the
club.

"The offer is not being funded by way of any debt finance (bank loans,
payment in kind loans or other debt or quasi debt interest bearing
obligations) for which the payment of interest on, repayment of, or security
for any liability (contingent or otherwise) will depend on the business of
Arsenal," said the statement.

In the offer document, each of Arsenal's 62,217 shares are valued at at
£29,419.64.

KSE currently has 41,743 of those, with Usmanov holding a stake of 18,695,
which would be worth £550m under the offer.

Aquiring Usmanov's shares would move KSE past the 90% threshold whereby they
could compulsorily be able to purchase the remaining 1,779 shares, which are
valued at £52.3m.

Apart from Arsenal, Kroenke's "family portfolio" of assets also include NFL
side Los Angeles Rams, the NBA's Denver Nuggets, the NHL outfit Colorado
Avalanche, MLS side Colorado Rapids and Colorado Mammoth of the National
Lacrosse League.--BBC

Iran nuclear deal: EU shields firms from US sanctions law

European foreign affairs chiefs have pledged to protect firms against the
impact of US sanctions for doing business with Iran.

An EU "blocking statute" will take effect on Tuesday to nullify US legal
action against European firms in connection with Iran.

Some US sanctions on Iran are expected to be reimposed later on Monday.

In May, President Donald Trump withdrew the US from an international 2015
deal to control Iran's nuclear ambitions.

Under that deal, nuclear-related Western sanctions on Iran were lifted.

Mr Trump argues that the deal will not prevent Iran from finding ways to
develop nuclear weapons. Iran has always insisted that its nuclear research
is strictly for civilian purposes.

A joint statement from EU foreign policy chief Federica Mogherini and the
foreign ministers of France, Germany and the UK says the nuclear deal - or
Joint Comprehensive Plan of Action (JCPOA) - is "crucial" for global
security.

"We are determined to protect European economic operators engaged in
legitimate business with Iran, in accordance with EU law and with UN
Security Council resolution 2231," the statement says.

"This is why the European Union's updated Blocking Statute enters into force
on 7 August to protect EU companies doing legitimate business with Iran from
the impact of US extra-territorial sanctions."

They say they "expect Iran to fully implement its nuclear commitments under
the JCPOA".

Iran agreed to limit its uranium enrichment programme in return for the
lifting of crippling Western sanctions.

Iran nuclear deal: Key details

Iran row threatens EU billion-dollar deals

What is the updated blocking statute?

It will enable EU-based firms to recover damages resulting from the US
sanctions.

It will also ban EU businesses from complying with those US sanctions,
unless they get exceptional authorisation from the European Commission.

The existing blocking statute dated from 1996 and applied to the effects of
US sanctions on Cuba.

The updated version - relating to US sanctions on Iran - will be published
on Tuesday, and will take effect immediately.

The EU statement commits the remaining signatories of the JCPOA to
"maintenance of effective financial channels with Iran and the continuation
of Iran's export of oil and gas".--BBC

HSBC 'cautiously optimistic' about growth despite trade tensions

HSBC said it was "cautiously optimistic" about global growth as it announced
a 4.6% increase in pre-tax profit for the first half of 2018.

The bank said Asian economies remained robust despite growing trade tensions
between China and the US.

It also said its contingency plans for Brexit had not changed, despite
growing warnings of a no-deal exit.

HSBC is Europe's largest bank, but Asia is by far its biggest market.

The Hong Kong-listed firm reported a pre-tax profit of $10.7bn (£8.3bn) in
the first six months of the year, compared with $10.2bn in the same period
last year.

The US and China imposed tit-for-tat trade tariffs on each other's goods in
early July, and the row has since escalated.

However, in a call with reporters, HSBC group chief executive John Flint
said the bank was "pretty sanguine" about China's growth outlook, despite
the protectionist "rhetoric".

"I think if there is a full blown trade war, of course it could impact our
business," he said. "But equally, while we recognise the potential threat,
we haven't seen any impact in our business so far."

'Robust' plan

He added: "As for estimating the impact [of a trade war] it's very
difficult
 There is a chance it will shave China's GDP growth by a modest
amount, but it's too early to tell."

HSBC also said it had put in place a "robust contingency plan" for a UK exit
from the EU without the existing passporting or regulatory framework.

In recent weeks, several government ministers have warned that the chances
of Britain not striking a trade deal with the EU before Brexit have
increased.

But HSBC said the sum of cash it had set aside in preparation for a no-deal
Brexit remained unchanged.

"When negotiation positions become clearer, we will update our contingency
plan," it added.

The bank's results showed "strong progress" in the issuing of new credit
cards in the first half of the year, notably in China, where 221,000 credit
cards were issued during that period, just short of the 282,000 issued in
the UK.

However, as the bank spent on hiring more frontline staff and expanding
digital capabilities, its costs climbed 6% to $17.5bn.--BBC

BA boss demands action on Heathrow queues

The boss of British Airways has criticised long queues at Heathrow, saying
arrivals face two-hour waits to get through border control.

Alex Cruz has written a letter to the Times saying queues at the London
airport are "significantly worse" than other major hubs across the world.

The letter is in response to proposals for "UK-only" lines after Brexit.

The Home Office said most of those arriving at Heathrow passed border
control within agreed time limits.

These are 25 minutes for EEA (European Economic Area) nationals, and 45
minutes for those coming in from outside that region.

Mr Cruz said UK-only lines were a matter for government, but its priority
should be preventing long queues now.

The airline chief executive called on Home Secretary Sajid Javid to "take
immediate action to address this border farce".

Cabinet approves new Heathrow runway

Reality Check: Would a 'no deal' Brexit prevent planes flying?

Mr Cruz said although the target wait for non-EEA travellers coming into
Heathrow was 45 minutes, two hours was "fast becoming the norm".

The BA boss said the target was missed 8,298 times last year and the number
had already reached more than 6,000 for 2018.

He also said that those from within the EEA wait almost an hour.

Case study: 'It should be better prepared'

Adrian Felton, 45, and his family from West Sussex were frustrated by queue
times when they arrived at Terminal 5 from Nice last Friday.

"We queued for well over an hour to get through passport control. As we have
young children we could not use the e-gates. There were only four border
control desks open for a full arrivals hall. After about an hour more desks
were opened, but too late.

"I can understand that we can't take children through e-gates but Heathrow
is not catering for families. It is an airport and should be better prepared
for scheduled flights coming in."

'Immediate action'

"This is unacceptable," said Mr Cruz - quoting the head of the UK's Border
Force, Nick Jariwalla as saying it was unlikely to change, or for his teams
to meet their targets.

He added: "What kind of message does this send as we try to build links
outside the EU?

"We need more than UK-only lanes to show Britain is open for business, and
that includes Sajid Javid taking immediate action to address this border
farce once and for all."

A Heathrow spokeswoman also said delays at border control were too long.

"Heathrow is Britain's front door and it should be welcoming, as well as
secure. It takes far too long for low-risk passengers who have a right to be
here to get through the border, which is unacceptable," the spokeswoman
said.

"We are calling on the home secretary to allow low-risk passengers from
non-EU countries such as the US and Canada to use e-gates, in the same way
as our EU friends can."

No compromise on safety

A Home Office spokeswoman said from January to June 2018, more than 95% of
people arriving at Heathrow passed border control within the agreed time
limits.

However, she added: "We understand the frustration for those who have
experienced longer waits and remain fully committed to working with our
partners to reduce waiting times as far as is possible.

"At the same time, we will not compromise the essential checks we carry out
at the border which keep our country safe.

"We are making sure Border Force has the resources it needs and are
deploying 200 additional staff at Heathrow over the summer."--BBC

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

NicozDiamond

shares delist from the ZSE

06/07/2018

Zimbabwe

Heroes’ Day

Zimbabwe

13/08/2018

Zimbabwe

Defence Forces Day

Zimbabwe

14/08/2018

The Harare Agricultural Show

The Harare Agricultural Show

The Harare Agricultural Show

August 27- September 1

 <mailto:info at bulls.co.zw> 

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

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