Major International Business Headlines Brief::: 16 August 2018

Thu Aug 16 11:15:22 CAT 2018

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Major International Business Headlines Brief::: 16 August 2018

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

*  Gold Fields suffering under poor management: S.Africa mines minister

*  Uganda wants unit of MTN Group to list locally before licence extension

*  Kenya central bank to hold its next rate-setting meeting on Sept.24

*  South Africa's Standard Bank H1 profit up 5 percent

*  Uber narrows losses but growth slows

*  B&Q owner Kingfisher sales rise during warm weather

*  Tesla 'to be probed by regulators' over privatisation plan

*  Financial Times boss returns £510,000 rise

*  Twitter suspends Alex Jones for one week

*  UK inflation rate rises for first time since November

*  Surgeons' warning over Botox on High Street

*  The student trying to solve the food waste crisis

 <mailto:info at bulls.co.zw> 

Gold Fields suffering under poor management: S.Africa mines minister

JOHANNESBURG (Reuters) - Gold Fields’ plans to cut jobs in South Africa to
reduce costs is taking the “easy way out” and avoids tackling the real issue
of poor management, mining minister Gwede Mantashe said on Thursday.

Gold Fields, which is due to report half-year results later on Thursday,
said this week it would cut 1,100 permanent jobs at its struggling South
Deep mine, sending its shares plummeting.

“Gold Fields is sitting on the second biggest gold deposits in a mine in the
world,” Mantashe told Reuters. “Going for job cuts is the easy way out. The
real problem is poor management.”

 <mailto:info at bulls.co.zw> 

Uganda wants unit of MTN Group to list locally before licence extension

KAMPALA (Reuters) - Uganda has asked the local unit of South African
telecoms giant MTN Group to list some of its shares on the local stock
exchange as a condition for renewing its operating licence, a top official
told Reuters on Wednesday.

Godfrey Mutabazi, head of telecoms sector regulator Uganda Communications
Commission (UCC) said Ugandans should be able to own a stake in the firm
which has operated in the country for 20 years.

“We are evaluating the conditions of (licence) renewal and that’s one of the
points we are discussing,” he said referring to listing shares on the local
Uganda Stock Exchange (USE).

When asked specifically whether a local listing was being stated as a
condition for renewing MTN’s licence, he said “that’s right.”

“They have not shown any resentment to that proposal at all,” Mutabazi
added.

MTN Uganda did not immediately respond to a request for a comment. Their
current licence expires in October.

The firm has dominated the market in Uganda throughout its two decades in
the East African country. It is the largest telecommunications firm by
subscribers, followed by a unit of India’s Bharti Airtel and other smaller
players.

According to the group’s financial results last year, MTN Uganda has a
subscriber base of 10.7 million while its revenues for the year surged 10
percent to $356.34 million.

A listing of MTN’s shares would be a major boost to the local bourse which
is still relatively small, with 16 firms. The bourse had not attracted an
IPO for years until this month when a local drugs maker listed.

Recently, MTN Uganda has faced criticism on social media platforms like
Twitter and Facebook from some subscribers about data bundles getting used
up quickly and the firm not responding to their complaints.

In May UCC said it would investigate MTN after criticism on social media
about its mobile money policies.

An extra headache for MTN and other telecoms in the country is also coming
from a new tax measure on access to use of popular social media platforms
like Facebook and WhatsApp which some analysts think will hurt growth in the
sector.

“MTN is an investor here and they have been here for 20 years...to go
beyond, I would argue that they have been here long enough they should be
identified as Ugandans and the only way to do that is to list so that
Ugandans can have a stake in that company,” Mutabazi said.

“They should warm to the government desire to have some of their shares
listed.”

($1 = 14.5929 rand)

Kenya central bank to hold its next rate-setting meeting on Sept.24

NAIROBI (Reuters) - Kenya’s Monetary Policy Committee will hold its next
rate-setting meeting on Sept.24, the central bank said on Wednesday.

At its last meeting in July, the bank cut its benchmark lending rate to 9.0
percent from 9.50 percent previously.

South Africa's Standard Bank H1 profit up 5 percent

JOHANNESBURG (Reuters) - South African lender Standard Bank’s first-half
profit rose by 5 percent, helped by a strong showing from its businesses
outside its home market, the bank said on Thursday.

Headline EPS, the main profit measure in South Africa that strips out
one-off items, came in at 794 cents in the six months ended June, compared
with 756 cents a year earlier.

South African banks have struggled to grow lending at a faster rate in their
home market as a stagnant economy, job losses, and high personal debt levels
hit investment and spending.

But Standard Bank has fared relatively better thanks to its extensive
operations elsewhere on the continent, where a rebound in commodity prices
have spurred transaction volumes and lifted demand for loans.

Non-interest revenue, or income from transaction fees, rose 8 percent to 22
billion rand ($1.53 billion) while net interest income, a measure of lending
profitability, edged up 1.3 percent to 29.1 billion rand.

($1 = 14.3737 rand)

Uber narrows losses but growth slows

Uber narrowed its losses in the second quarter but remains a long way from
making a profit, according to company results published on Wednesday.

The ride-hailing firm reported an $891m (£702m) net loss for the three
months to 30 June, compared with a $1.1bn loss a year ago.

Revenue growth slowed and the firm continues to face regulatory scrutiny in
key markets such as New York.

It is under pressure to become more profitable for a planned IPO next year.

According to the US firm, net revenue, which strips out what gets paid to
drivers, was $2.7bn in the quarter.

New York votes to cap Uber and Lyft cars

Uber sells South East Asia business to Grab

Uber probed over gender discrimination

That is up by more than 50% since last year but a slowdown from the 67% seen
in the first quarter.

The firm also made $12bn in quarterly gross bookings, which includes both
rides and its food-delivery service, Uber Eats, up 40% from a year before.
First-quarter growth totalled 55%, however.

Uber has retreated from major markets China, Southeast Asia and Russia over
the last year after failing to fend off local competitors.

But it said it was still committed to India and the Middle East, despite
pressure from some investors to quit those markets too.

Boss Dara Khosrowshahi said it was also investing heavily in "big bets"
outside its core ride-hailing business, such as Uber Eats and electric bikes
and scooters.

Mr Khosrowshahi was brought in last year to revive Uber's image after a
damaging sexual harassment scandal engulfed the firm.

But the company still has a number of costly legal battles, including over
its classification of drivers as independent contractors, and federal
inquiries to resolve.

Regulatory pressure also threatens to hinder growth in major markets.

Last week New York voted to impose a temporary cap on new licences for
ride-hailing vehicles to tackle congestion. And Mayor of London Sadiq Khan
on Wednesday said he would seek similar restrictions in the UK's capital.

David Brophy, professor of finance at the University of Michigan, told
Reuters news agency the firm could expect to see its valuation slashed in a
public listing if it did not show more progress towards becoming profitable.

The ride-hailing giant was most recently valued at $72bn, making it one of
the most valuable privately held firms in the world.--BBC

B&Q owner Kingfisher sales rise during warm weather

B&Q owner Kingfisher saw a 1.6% rise in like-for-like sales during the
second quarter, helped by recent warm weather.

The company said same-store sales at B&Q in the UK and Ireland rose 3.6% in
the three months to 31 July.

Comparable trade at Screwfix, which sells to professionals, rose by 5.5%.

Kingfisher chief executive Veronique Laury said: "In the second quarter, I'm
pleased that we grew our sales after the exceptionally harsh weather
conditions in the first quarter."

In the first quarter sales had been hit by wet and snowy weather across
Europe, and had fallen by 4%.

She added: "In B&Q, Screwfix and Brico Depot France we delivered good sales
growth.

"However, the performance of Castorama France has been more difficult and as
a result, we have put additional actions in place to support our full-year
performance in France, with the benefits expected to come through in [the
second half of the financial year."

Like-for-like sales were down by 1% in France during the quarter.--bbc

Tesla 'to be probed by regulators' over privatisation plan

Shares in Tesla have fallen 4% on reports that US regulators are seeking to
question executives at the firm about its privatisation plans.

Fox News tweeted that the US Securities and Exchange Commission (SEC) had
sent subpoenas to the electric carmaker and was "ramping up" its
investigation.

Last week, boss Elon Musk said he was considering taking Tesla private, but
some have questioned his intentions.

Both Tesla and the SEC declined to comment on the Fox report.

On Tuesday, Tesla's board of directors said it had not received a formal
proposal from Mr Musk.

This is despite the fact that the firm has created a special committee of
three directors to evaluate any such proposal.

Elon Musk is playing a dangerous game

While US companies are allowed to make announcements via social media,
typically they also make a simultaneous regulatory filing.

Mr Musk's tweet may have violated US securities law if it turns out to be
untrue, lawyers said.

Mr Musk announced on Twitter on 7 August that he was considering taking
Tesla private at $420 (£330) a share, and that "funding [is] secured".

On Monday, he said financing for the deal had been discussed with Saudi
Arabia.

The colourful entrepreneur says he wants to de-list the struggling carmaker
to take it out of the glare of Wall Street.

If the plan goes ahead, it will be the biggest deal of its kind, valuing the
company at $70bn (£55bn).

However, his comments - which caused shares in Tesla to jump 11% before
falling back - have landed him a lawsuit from unhappy investors.

Short-sellers, who bet on share price falls, allege he misled the market.

Mr Musk, who owns a fifth of the company, has complained previously about
"negative propaganda" from short-sellers.

The plaintiff in the case, Kalman Isaacs, alleges the announcement was aimed
at "completely decimating" short-sellers.

Mr Musk, who also founded satellite launching company SpaceX, is no stranger
to controversy.

Only last month he was forced to apologise for insulting a British diver
involved in rescuing a youth football team from a cave in northern Thailand.

Elon Musk apologises to Thai cave diver for Twitter attack--BBC

Financial Times boss returns £510,000 rise

The boss of the Financial Times will hand back a pay rise of more than
£500,000 after some of the newspaper's journalists complained about his pay.

Explaining his decision, John Ridding said the rise had "created concerns".

This month, Steve Bird, of the paper's National Union of Journalists chapel,
wrote to FT staff saying Mr Ridding's £2.6m pay was absurdly high.

And the NUJ urged him to go further and increase pay for all staff, claiming
reporters' pay had been "squeezed".

Chief executive pay jumps 11%

Firms must justify bosses' pay gap

In an email to staff, Mr Ridding said his salary was set by the FT's
Japanese owners Nikkei, and was independently assessed and "highly
performance-related".

However, he added: "While our performance has been strong, I recognise that
the size of the consequent jump in my own total reward in 2017 feels
anomalous and has created concerns.

"For now, I have decided to reinvest into the FT the increase awarded in
2017, which is £510,000 before tax."

He said "the first call" on the money would be a women's development fund to
boost the FT's efforts to promote women to more senior roles and reduce the
gender pay gap.

"The balance of funds will be used to help meet the company's overall
financial objectives," he added.

'Widespread anger'

The NUJ welcomed his decision, but called on Mr Ridding to award
"above-inflation pay increases" to staff both inside and outside editorial.

It also said he should forego his bonus this year and called on the board to
reveal how much every director is paid.

"We believe the company should respond to the widespread anger among staff
as a matter of urgency," it said.

"If we do not receive a timely response to all of our demands, we instruct
chapel reps to place this matter into dispute and take such steps as may be
necessary, up to and including balloting for industrial action."

Nikkei, which bought the FT from Pearson for $1.3bn (£1.02bn) in 2016, said
it was very satisfied with the growth of the newspaper under Mr Ridding.

"We respect and support his proposal to adjust his remuneration to refocus
attention on the FT's mission," Nikkei said.

The FT chief was paid about £1.6m in the year before the sale to Nikkei.

Mr Ridding's decision comes after UK chief executives' pay rose by 11% last
year.

A Chartered Institute of Personnel Development survey found that median pay
for bosses of the UK's biggest companies hit almost £4m last year - up from
about £3.5m in 2016.--BBC

Twitter suspends Alex Jones for one week

Twitter is blocking the right-wing conspiracy theorist Alex Jones from
posting to its platform for a week.

The InfoWars broadcaster's past tweets will, however, remain viewable to
others while his account is locked in a "read-only" mode.

The social network has not confirmed what prompted the action.

But the New York Times reported Mr Jones had tweeted a link to a video in
which he called on his followers to ready their "battle rifles".

The BBC understands that Twitter judged this to be a violation of its rules
against abusive behaviour.

The restriction was initially only effective against the @RealAlexJones
account, which has 890,000 followers.

Mr Jones subsequently posted a video in which he discusses the move to a
separate @Infowars feed - with about 431,000 followers - which he described
as being a "sub-account".

Twitter then locked that account in read-only mode too.

Twitter chief executive Jack Dorsey told NBC that Mr Jones had been put on a
"timeout".

NBC Nightly News anchor Lester Holt suggested to Mr Dorsey that the
seven-day suspension was too lenient a punishment.

Mr Dorsey said: "Well, I feel, you know, any suspension, whether it be a
permanent one or a temporary one, makes someone think about their actions
and their behaviours."

The anchorman asked Mr Dorsey if he really believed Mr Jones would tone down
the rhetoric after a one-week suspension.

The Twitter boss said he did not know, but that was the company policy.

Conspiracy theories

Mr Jones has previously been widely criticised for repeating claims that the
9/11 attacks in New York were staged by the US government.

He has also claimed that many of the children killed in the 2012 Sandy Hook
massacre were actors. The parents of two children shot in that attack are
suing him for defamation, saying he had made "false, cruel, and dangerous
assertions".

Apple's iTunes, Facebook and YouTube removed podcasts and other content by
Mr Jones and InfoWars from their services last week.

Other tech firms have since taken similar action, including:

*         the video site Vimeo

*         the social networks LinkedIn and Pinterest

*         the photo site Flickr

*         the audio-streaming services Spotify, Stitcher and TuneIn

*         the online marketing tool MailChimp

*         However, Twitter had resisted imposing a similar ban.

It said Mr Jones' accounts had not breached its rules, although CNN later
highlighted past tweets that appeared to contradict this.

The social network did, however, promise to take action if there were ever
any fresh infractions.

According to the terms of the suspension, Mr Jones will still be able to use
his account to view and search for other people's content. He can also send
direct messages. But he will not be able to tweet, like, comment or retweet
others' material.

Techcrunch reported that he had also been required to delete the link to his
earlier Periscope video session, which itself is no longer online.

Among the last messages Mr Jones posted before the ban came into effect was
a claim that InfoWars' main website had been forced offline by a
cyber-attack.

Although he now faces many restrictions to his online activity, there are
several outlets that have not blocked his content.

They include the social networks Google+, Gab and Tumblr. In addition,
Google's Play store and Apple's iOS equivalent continue to host the InfoWars
app.--BBC

UK inflation rate rises for first time since November

UK inflation rose to 2.5% in July, after holding steady at 2.4% in the
previous three months, as the cost of transport and computer games
increased.

It was the first jump in the Consumer Prices Index (CPI) measure since
November and was in line with forecasts.

Meanwhile the Retail Prices Index (RPI) measure of inflation fell to 3.2%.

The Department for Transport uses the RPI figure to set the maximum annual
increase for regulated rail fares.

Despite the rise for CPI, wage growth is still outstripping inflation. On
Tuesday, the Office for National Statistics said that average earnings,
excluding bonuses, rose by 2.7% for the three months to June.

Wednesday's inflation figures show that increases in computer games and
transport - up 5.6% in the year ending July 2018 - were partially offset by
falls in the price of clothing.

For manufacturers, the cost of raw materials was 10.9% higher than in July
2017, the biggest rise in more than a year.

Much of that cost pressure has been caused by oil price increases of more
than 50% over the period.

Regulated rail fares to rise 3.2%

Unemployment at lowest since 1975

UK growth boosted by warmer weather

The CPI figure had hit a five-year high of 3.1% in November, when the
inflationary effect of the pound's fall following the June 2016 Brexit vote
reached its peak.

Earlier this month the Bank of England forecast inflation would rise to 2.6%
in July before falling back.

The Bank expects inflation will settle down to just above its 2% target in
two years' time as it gradually increases interest rates.

'Little respite'

Tej Parikh, senior economist at the Institute of Directors, said the rise in
inflation showed the cost of living squeeze was not yet a thing of the past.

"For households this isn't good news, as the already weak growth in their
pay packets is being further eroded by high prices. This is likely to weigh
down consumer spending, posing fresh problems for embattled high street
businesses," he said.

"As the temporary factors pushing prices up fade away, inflation is expected
to slowly fall back close to the target rate, but that will offer little
respite for workers without a significant pickup to their salaries in
tandem."

Samuel Tombs at Pantheon Macroeconomics added: "Unless inflation in the
services sector strengthens dramatically, CPI inflation will fall below the
2% target in the first half of next year."--BBC

Surgeons' warning over Botox on High Street

Surgeons have warned about the health risks of Botox and fillers, after a
High Street retailer said it would start offering the cosmetic treatments.

Superdrug said it would provide the injections at one of its London
branches, following feedback from nearly 10,000 customers.

But surgeons warned that the procedures were not "casual beauty treatments".

The injections could sometimes result in infection and potentially even
paralysis in facial muscles, they said.

'Highly-qualified nurse'

Superdrug said it would be making Botox and dermal fillers available to
people over the age of 25.

The Skin Renew Service, which has launched in the retailer's London Strand
store before being rolled out nationwide, is available only following a
phone booking and a consultation with a qualified nurse.

The treatments start at £99 and will be carried out in a private
consultation room.

Caris Newson, head of health and wellbeing services at Superdrug, said:
"We're listening to what people are telling us they would like, which is the
reassurance that if they choose to have aesthetic treatments then it will be
administered by highly qualified nurse practitioners in a private
consultation room."

But the British Association of Aesthetic and Plastic Surgeons warned that
Botox and dermal fillers should not be seen as "casual beauty treatments"
like eyebrow threading or waxing.

Spokesman Gerard Lambe said: "Administering an injection of any kind is a
very serious procedure and requires an experienced and qualified health
professional.

"All kinds of risks can arise, from infection to incorrectly applied needle
placement over delicate facial muscles - which can lead to paralysis."

'I'm swapping nursing for botox'

Botox Bust: How some doctors are breaking the rules

Beauticians banned from filler register

It comes after it was announced last week that beauticians would be blocked
from joining a new register designed to make getting injected with fillers
safer.

The voluntary register was opened by the Joint Council for Cosmetic
Practitioners in April to everyone trained to a high standard.

But it will now include only those with medical training, after doctors and
nurses threatened to boycott it.

Botox

*         Botulinum toxin injections, such as Botox and Dysport, are medical
treatments that can also be used to help relax facial muscles

*         This makes lines and wrinkles, such as crow's feet and frown
lines, less obvious

*         The effect isn't permanent

*         There's no guarantee the desired effect will be achieved

*         The ageing process will still happen elsewhere - for example,
Botox will not fix sagging eyelids

*         Take time to find a reputable practitioner who is properly
qualified and practises in a clean, safe and appropriate environment

*         You shouldn't have botulinum injections if you're pregnant or
breastfeeding, since the effects on the baby aren't known

Source: NHS Choices

The student trying to solve the food waste crisis

Lawrence Okettayot is on a road trip across Uganda.

He's spreading the word about a device he's created which could be a
solution to Africa's food waste crisis.

Food wasted every year in the continent could feed up to 300 million people,
according to the United Nations. In just Uganda alone, up to 40% of fruit
and vegetables end up being discarded.

But Lawrence, a 23-year old engineering student, hopes that his invention,
the Sparky Dryer, will change everything.

The device is a dehydrator running on garden waste that dries fruit and
vegetables quickly, making them last for months instead of days.

It looks like a small fridge and uses organic waste instead of electricity -
to which few farmers in Uganda and elsewhere in Africa have regular access.

Rotting food

"Much of what's sold in markets is wasted because farmers cannot store the
food. So they have to return home and pick fresh fruit and vegetables to
sell the next day.

"During the dry season very little grows here so people go hungry," says
Lawrence, while walking in the buzzing market in the northern regional
capital of Kitgum, past small stalls and piles of rotting food.

The starting price is $80 (£60). And each unit can dehydrate 10kg of mangoes
in just two hours.

It has a small chamber where a gas fire is fixed, heating up a separate
drying chamber above where the sliced produce is stacked in shelves.

It also has a catalytic converter which prevents harmful gases from being
released during the drying process.

The alternatives to the Sparky Dryer are electric-powered dehydrators but
they are too expensive, while traditional drying methods - solar dryers or
open sun drying - do not work well during the rainy season and are much
slower.

Yet despite its potential, Lawrence has sold very few units - seven in all.
So does his invention actually work?

Three hours away by road from Kitgum, lives Joe Okettayot, Lawrence's uncle,
one of the few farmers who has brought a dryer.

Lawrence was inspired to come up with his idea after his uncle told him he
was considering leaving farming.

"We used to throw away most of what we grew," says Joe.

"Now we can dry mangoes and other fruit even when it rains, so we don't
waste anything anymore.

"We sell dehydrated products during the dry season for four times more money
than the fresh produce," Joe adds while pointing to a brick building sitting
in the middle of the farm which he built thanks to this extra income.

Uganda's government admits it has a massive food waste problem, but has not
yet found solutions.

"We only have two processing facilities in Uganda," says James Tumwine from
the Ministry of Agriculture.

"The government doesn't do business and private investors just aren't aware
of the huge market potential here," he says.

Uganda plans to create food processing hubs for specific products in
different regions, but progress is too slow.

Back in Kitgum, Lawrence is optimistic about the future and he wants to
scale up his invention to reach parts of the world.--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
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opinions expressed and recommendations made are subject to change without
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companies typically involve a higher degree of risk and more volatility than
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