Major International Business Headlines Brief::: 17 August 2018

Fri Aug 17 08:18:59 CAT 2018

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Major International Business Headlines Brief::: 17 August 2018

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*  South Africa's Ramaphosa to appoint inquiry into $130 bln state pension
fund

*  Gold Fields' CEO says not considering resigning after minister criticism

*  S.Africa's Truworths creates COO role to boost sales as FY profit falls

*  CEO of Kenya's Arm Cement to quit but remain board member

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

*  KCB Group to finalise Imperial Bank deal in September

*  Arbitration move by South Africa's Eskom threatens to delay wage deal

*  Google employees criticise 'censored China search engine'

*  Walmart shares up 10% on news of online sales lift

*  Motorola phone 'brazen copy' of iPhone X

*  Chipotle to retrain staff after series of food poisonings

*  Whistleblower warns of Vodafone security breaches

*  Discounts and online help retail sales bounce back in July

 <mailto:info at bulls.co.zw> 

South Africa's Ramaphosa to appoint inquiry into $130 bln state pension fund

JOHANNESBURG (Reuters) - South African President Cyril Ramaphosa has agreed
to set up a commission of inquiry into alleged governance failures at the
state-owned pension fund, the Finance Ministry said on Thursday.

The Public Investment Corporation (PIC), which manages roughly 1.9 trillion
rand ($130 billion) of civil servants’ pensions, has come under fire after
an opposition party alleged that its chief executive Dan Matjila had misused
funds and made careless investment decisions.

The PIC and Matjila have denied any wrongdoing.

The Treasury ordered the probe in July but it was up to Ramaphosa to
formally anoint the process.

“The commission’s terms of reference will include a review of the PIC’s
governance and operating model, possible changes to the PIC’s founding
legislation and its Memorandum of Incorporation and investment
decision-making framework,” the Finance Ministry said in a statement.

($1 = 14.5650 rand)

 <mailto:info at bulls.co.zw> 

Gold Fields' CEO says not considering resigning after minister criticism

JOHANNESBURG (Reuters) - Gold Fields Ltd Chief Executive Nick Holland said
on Thursday he was not considering resigning after South Africa’s mines
minister Gwede Mantashe blamed “poor management” for planned job cuts at its
South Deep mine.

Mining minister Gwede Mantashe said Gold Fields’ plans to slash jobs at
South Deep to reduce costs is taking the “easy way out” and avoids tackling
the real issue of poor management.

Asked if he planned to step down, Holland told Reuters: “No.”

S.Africa's Truworths creates COO role to boost sales as FY profit falls

JOHANNESBURG (Reuters) - South African fashion retailer Truworths
International has created a chief operating officer position to boost retail
sales growth at home and in the UK, where consumer spending remains under
pressure and online competition is growing.

Truworths, which also runs British footwear chain Office, made the
announcement of the new role on Thursday after reporting a 7.3 percent fall
in annual profit, sending its shares more than 4 percent higher. The profit
decline was in line with analyst estimates.

Chief Financial Officer David Pfaff, 53, was appointed to the new COO
position responsible for retail store operations and will also continue his
role as CFO, Truworths said in a statement.

At home, the retailer launched its new e-commerce site earlier this year to
better its online offering and is also expanding its recently acquired
homeware Loads of Living business.

In the United Kingdom, the firm has been introducing improved ranges and
product mix to address margin and profit decline.

Truworths said diluted headline earnings per share (HEPS) for the 52 weeks
to July 1 declined to 612.7 cents compared to the 53-week prior period, in
line with the average estimate of 612 cents in a poll of eight analysts by
Thomson Reuters.

Compared to the 52-week prior period, diluted HEPS declined 1.3 percent.

Headline EPS, a widely watched profit measure in South Africa, strips out
certain one-off, non-trading items.

Group retail sales fell by 2.7 percent to 18 billion rand ($1.24 billion),
and unchanged compared to the 52-week prior period.

The firm’s shares pared gains to trade up 2.66 percent at 81.70 rand.

($1 = 14.5100 rand)

CEO of Kenya's Arm Cement to quit but remain board member

NAIROBI (Reuters) - Arm Cement’s chief executive said on Thursday he planned
to leave his post as part of a shake-up at the Kenyan cement maker, but
would stay on as a board member.

“As founder shareholder and entrepreneur, I will be an active Board member
and support the incoming CEO and the management team in strengthening
stakeholder relationships with suppliers, customers and the Government in
all the three East African countries where we operate,” Pradeep Paunrana
said.

The company, which was once Kenya’s second-largest cement maker behind
LafargeHolcim’s Bamburi Cement, has seen its market share plunge to just 10
percent after the clinker plant it built in Tanzania in 2014 failed to
generate income.

The 1.2 million metric tonne annual capacity plant in the northeast
Tanzanian port of Tanga was hit by electricity rationing, inadequate coal
supply and increased competition from firms like Nigeria’s Dangote Cement.

Paunrana, whose family holds a 35 percent stake in ARM Cement, said vacating
his post was also part of the company’s plan to separate its management and
board roles.

“As we now overcome the Tanzania specific challenges, I want to assure you
all that I am as committed as ever before, to ensuring that we restore the
financial health of the company,” he said in a letter to shareholders and
ARM staff.

In 2016, ARM Cement secured a $140 million investment from CDC Group. This
year the British development finance institution added a further $4 million
in short-term working capital.

“As we seek to recapitalise the company with long term debt and equity
capital, the first step towards this goal is to ensure that investors see a
thriving business that is being managed by a world class team,” Paunrana
said.

At close of trade on Nairobi Securities Exchange at 1300 GMT, ARM Cement was
up 9.4 percent at 5.25 shillings.

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)

KCB Group to finalise Imperial Bank deal in September

NAIROBI (Reuters) - KCB Group expects to finalise a takeover of smaller
rival Imperial Bank by the end of September, Kenya’s biggest bank by assets
said on Thursday after reporting higher first-half profits.

Imperial Bank Limited was placed in receivership in October 2015, after the
board of the privately-owned bank alerted authorities to suspected
malpractices.

Kenya’s central bank said last month KCB was in talks to buy Imperial Bank.

Chief Executive Joshua Oigara said KCB’s preliminary conversations with the
central bank on the Imperial deal had concluded.

“We have what you call a non-binding offer,” he said. “The central bank has
said they are okay for us to proceed and finalise it. We expect that to be
finalised by the end of September.”

Terms of the Imperial Bank purchase have not yet been made public.

KCB reported a 16 percent rise in pretax profits to 17.1 billion Kenyan
shillings ($169.8 million), with most of it coming from its home market.

The bank, which also operates in Rwanda, Burundi, Tanzania, Uganda and South
Sudan, said net interest income rose 4 percent year-on-year to 24.1 billion
shillings.

KCB said the rise in profits was attributable to higher deposits, an
expansion of the loan book by 4 percent, and a surge in both interest and
non-interest income.

The company will pay an interim dividend of 1.00 shilling per share in
November, it said.

The results beat analysts’ expectations, Aly Khan Satchu, a Nairobi-based
independent trader and analyst, said.

“The H1 earnings represented a strong defensive game,” he said.

“The offensive game was clearly a digital and regional one,” Satchu said,
referring to the bank’s international business, where profits before tax
grew by 25 percent overall. “The interim dividend will keep shareholders
sweet.”

Oigara also said that the there was no basis for a “Robin Hood” tax on
financial transactions that the government proposed in its budget
presentation in June.

The tax, which came into effect on July 1, imposes a fee of 0.05 percent on
transactions that are over 500,000 shillings ($5,000).

Banks and the financial community were opposed to the new tax, saying it
would stifle the flow of funds across the system and curb investments.

Keny’s High Court temporarily suspended the tax after the Kenya Bankers
Association (KBA) challenged it. The court will hear the case on Sept. 17.

Oigara said the tax could have a negative impact on transactions for banks,
pension funds, money markets, and investment managers.

“We believe it is ill-advised, it is not the right moment for it,” he said.

The bank’s balance sheet grew to 668 billion shillings from 630.6 billion,
driven by higher deposits and gross customer loans in an environment of
controlled interest rates, it said. Deposits jumped to 525 billion shillings
from 483 billion.

($1 = 100.7000 Kenyan shillings)

Arbitration move by South Africa's Eskom threatens to delay wage deal

JOHANNESBURG (Reuters) - South African power firm Eskom on Wednesday sought
arbitration in a dispute with unions over whether some staff who went on
strike illegally should be disciplined, threatening to delay implementation
of a wage deal to end the crippling stoppage.

The state-owned utility and its three main unions reached the outline deal
on Thursday, agreeing on salary increases of 7.5 percent this year and 7
percent next year and in 2020, plus other benefits. [nL5N1V02UG]

Workers at Eskom, which generates more than 90 percent of the country’s
power, went on strike in June.

The same month, South Africa’s Labour Court declared that action
“unprotected and unlawful.” [nJ8N1T000K]

In defiance of that order and an attempt at arbitration by Public
Enterprises Minister Pravin Gordhan, some Eskom workers downed tools again
in July and August.

The National Union of Mineworkers (NUM) and the National Union of Metal
Workers of South Africa (NUMSA) sought dispensation from disciplinary action
for those workers, a condition Eskom said it could not agree to.

The company said it was referring the dispute to the Commission for
Conciliation, Mediation and Arbitration.

The cash-strapped utility is desperate to push ahead with a turnaround plan
that is a centrepiece of President Cyril Ramaphosa’s efforts to reform the
economy.

($1 = 14.5481 rand)

Google employees criticise 'censored China search engine'

Hundreds of Google employees have written to the company to protest against
plans to launch a "censored search engine" in China.

They said the project raised "urgent moral and ethical questions" and urged
the firm to be more transparent.

"Currently we do not have the information required to make
ethically-informed decisions about our work," they added.

Google, which has never spoken publicly about the plans, declined to
comment.

Google 'plans censored China search engine'

Google 'to end Pentagon AI project'

The firm, which is owned by Alphabet, quit China eight years ago in protest
at the country's censorship laws and alleged government hacks.

However, reports last month claimed it had been secretively working on a new
Chinese search service, referred to internally as Dragonfly.

The platform, which still requires Chinese government approval, would block
certain websites and search terms like human rights and religion.

This has angered some employees who fear they have been unwittingly working
on technology that will help China suppress free expression.

'Open processes'

In their letter, which was shared with various media organisations, they
also argue it would violate the "don't be evil" clause in Google's code of
conduct.

"We urgently need more transparency, a seat at the table, and a commitment
to clear and open processes: Google employees need to know what we're
building," the letter said.

It is not the first time Google employees have spoken out against the
company's decisions.

In April, thousands of staff criticised its work on a US military programme
developing artificial intelligence for drones.

Google has since ended its AI contract with the Pentagon.

China has the world's largest internet audience but US tech firms have
struggled to take off in China due to content restrictions and blockages.

Facebook, Google, Twitter and Instagram are all banned, although Google
still has three offices in the country.--BBC

Walmart shares up 10% on news of online sales lift

Online sales at the US retail giant Walmart soared 40% in the last three
months helping boost overall sales to $128bn (£101bn).

Walmart shares jumped 10% ahead of the opening of the New York stock market.

President and chief executive Doug McMillion said: "We're leveraging stores
and e-commerce to make shopping faster and more convenient."

Walmart's UK subsidary Asda, which is merging with Sainsbury's, reported a
0.4% rise in like-for-like sales.

That's slower than the 3.4% increase recorded in the first three months of
the year which were boosted by Easter sales.

Asda boss Roger Burnley said: "Our second quarter performance shows
continued momentum for 2018 and this is the first quarter we have
outperformed the market since 2014.

"We remain focused on... innovation in our own brand, lowering prices and in
continuously improving our shopping experience both in store and online."

Amazon threat

Before today's results Walmart's shares were among the worst performers on
the Dow Jones Index, down 13% so far this year, as investors worried that
its customers were increasingly turning to online retailers, such as Amazon.

Wal-Mart Stores bought online retailer Jet.com for about $3bn in 2016 to
increase its online presence.

Today's numbers are the biggest jump in sales that the group has had in ten
years.

Despite the performance, Walmart reported an $861m loss due to the pre-tax
costs of $4.8bn on the sale of an 80% stake in its Brazilian operations as
it switched its focus towards Asian markets.

Mr McMillon said: "We're continuing to aggressively roll out grocery pickup
and delivery in the US and we recently announced expanded... initiatives in
China and Mexico."--BBC

Motorola phone 'brazen copy' of iPhone X

Smartphone brand Motorola has been criticised for revealing a "shameless"
copy of the iPhone X as its new model.

Many phone-makers have copied the look of the iPhone X, which has a smaller
bezel around the screen and a "notch" at the top that houses a camera.

However, reviewers said the new Motorola P30 was a "brazen" and "egregious"
rip-off of Apple's flagship device.

Lenovo, which owns the Motorola brand, has not yet responded to the
criticism.

Motorola was a pioneer in the mobile phone industry, but its sales fell in
the smartphone era and its handset division was sold to Google in 2012.

The division was then sold to Chinese computer firm Lenovo in 2014, where it
has continued to produce smartphones running the Android operating system.

Commenting on the similarity between the Motorola P30 and the iPhone X,
technology blogger Marques Brownlee called it the "most shameless rip yet".

News site Mashable said Motorola "even went so far as to adorn the screen
with a wallpaper that's a dead ringer for Apple's default wallpaper".

Android Pie: Google adds Digital Wellbeing controls

Hands on with the new iPhone X

News and reviews site Technobuffalo said the design was an "egregious clone"
that was "nearly impossible to distinguish" from the iPhone X.

Tech news site The Verge pointed out that Google's image recognition
algorithms described photos of the P30 as "iPhone".

"The growing number of identikit smartphone designs is a depressing trend
and it's little wonder consumer apathy is on the rise and replacement rates
are slowing," said analyst Ben Wood from the CCS Insight consultancy.

"One starts to wonder whether Jony Ive's design group at Apple has become
the de facto owner for the reference design for all high-end smartphones.

"Phone makers need to innovate and find ways to differentiate if they want
to maintain consumer desire to upgrade their phones," he told the BBC.

On Thursday, Lenovo posted an operating profit for the first quarter - after
making a loss the previous year.

Bloomberg attributed the rise to an increase in sales, but also cost-cutting
measures in its mobile division.

Lenovo plans to sell the Motorola P30 in China, but has not announced its
availability in other countries. The device is expected to cost about $350
(£275) - less than half the price of Apple's flagship device.--BBC

Chipotle to retrain staff after series of food poisonings

All staff at Chipotle's US Mexican Grill restaurants are to be retrained in
food safety procedures after a series of food poisoning incidents.

The latest outbreak in Powell, Ohio was caused by a bacteria that occurs
when food is left at unsafe temperatures.

Over 600 people that ate at the restaurant during four days in July suffered
food poisoning.

Chipotle's shares have fallen from a 2015 peak of $749 (£590) before a food
poisoning outbreak in Boston, to $501.

The US chain said then that it would change its cooking methods in an effort
to address food safety concerns and said it was taking "aggressive actions".

Chipotle to change cooking methods

Chipotle names new boss in turnaround bid

Last month's outbreak was caused by the bacterium, clostridium perfringen,
and occurred among customers who had eaten food that included tacos and
burrito bowls.

However, it was not certain exactly which food caused the illness and
testing is still being conducted by the US Centres for Disease Control.

Security breaches

Chipotle, which has more than 2,400 outlets worldwide, has faced a spate of
other food-safety incidents in recent years.

In 2015, it temporarily closed 43 restaurants in Washington state and Oregon
while authorities investigate an outbreak of E. coli.

And it is facing a federal criminal investigation into food-related
illnesses at its restaurants, including norovirus, dating back three years.

In 2017, the firm also suffered a security breach involving customer payment
data.

Earlier this month the US Department of Justice said it had arrested three
Ukrainian citizen charged with using malware to attack more than 120 US
companies, including Chipotle.

Commenting on the latest food poisoning, boss Brian Niccol said: "Chipotle
Field Leadership will be retraining all restaurant employees nationwide
beginning next week on food safety and wellness protocols."--BBC

Whistleblower warns of Vodafone security breaches

Staff at Vodafone call centres have broken the rules about security checks
and left customers vulnerable to fraud.

Criminals posing as genuine customers have gained access to some accounts
even though they failed to correctly answer security questions.

A whistleblower told the BBC it happens because of pressure on call centre
staff to meet customer satisfaction targets.

Vodafone said it takes security "extremely seriously".

In February, David Hart from Lincolnshire discovered Vodafone had given
someone else control of his mobile phone number.

They had contacted Vodafone via the company's online web-chat service and
pretended to be him.

His phone number was switched to another network, allowing criminals to
receive the text message from his credit card provider which authorised the
purchase of a £9,000 Rolex watch.

Vodafone boss to leave after 10 years

Vodafone 'sorry' for signal issues

"I don't think customer service at Vodafone really understand how important
a mobile phone is," said David. "If I hadn't acted so quickly clearly many
more things would have happened."

David cancelled his credit cards and contacted the retailer from whom the
watch had been purchased to alert them to the fraud.

Vodafone later confirmed that the individual who posed as him had failed to
provide the correct PIN and password and had failed the security questions.

It apologised and confirmed that its web-chat agents should have been more
thorough during the initial security process.

A whistleblower who works in a Vodafone call centre has told Radio 4's You &
Yours they have seen evidence of other, similar breaches.

"I get people coming through to me who become very upset when I don't give
them access to an account," the whistleblower said.

"They claim that they got access the last time and I can see that's true,
and they sometimes even phone back and get another agent before I've
finished my notes and closed the account, and I can see they're being given
access by someone else."

Monthly bonus

The whistleblower said call centre staff were trying to keep customers happy
to protect their bonuses, at the cost of security.

They described a customer satisfaction survey that is sent via text message
to customers after a call has finished.

The first question is "would you recommend Vodafone?" and the customer has
the option to choose a score out of ten.

The whistleblower said that a score of 9 or 10 means a 100% outcome for the
customer service agent. A score between 5 and 8 would be zero, and anything
below 5 would result in a rating of minus 100% for that call.

Vodafone customer service agents can receive monthly bonuses worth up to
£150 for high customer satisfaction scores alone.

However, low scores can also result in them being placed on action plans to
improve their performance.

Disciplinary action

In relation to David Hart's case, Vodafone said it has since "enhanced its
security controls" so that authorisation codes for switching an account will
only be provided if a caller accurately answers the security questions and
has access to the mobile telephone in question.

The company said that data protection forms a major part of a customer
service adviser's training.

It takes non-compliance "extremely seriously" and disciplinary action is
taken if any individual is found not to have followed its procedures.--BBC

Discounts and online help retail sales bounce back in July

UK retail sales increased by 0.7% in July, ahead of expectations.

The Office for National Statistics (ONS) figures also showed that retail
sales rose by 3.5% in the year to July.

ONS statistician Rhian Murphy said: "Many consumers stayed away from some
High Street stores in July, but online sales were very strong, supported by
several retailers launching promotions.

"Food sales remained robust as people continued to enjoy the World Cup and
the sunshine."

On the three-month measure for May to July, sales rose 2.1%, the strongest
three months since February 2015.

The sales growth comes despite continuing pressures on High Street stores
and weakened household spending power as pay growth struggles to outpace
inflation.

Clothing sales recorded their strongest year-on-year growth since December,
also helped by sales promotions, the ONS added.

Total spending online continued to increase, to reach a new record
proportion of all retailing at 18.2% in July 2018.

Meanwhile, online spending via department store websites also reached a
record proportion of their total sales, at 18.2%.

Wage growth weak

Andrew Wishart, UK economist at Capital Economics, said that the robust
retail sales for July suggested "some recovery in consumer spending is in
the pipeline".

He said: "Of course, retail sales only account for about a third of total
household spending, so the strength of spending on the High Street could be
offset by households reducing their outlay elsewhere."

Analysis: Jonty Bloom, BBC Business correspondent

While the good weather may have distorted these figures by keeping people
off the baking hot High Street and at home shopping on their computers
instead, the remorseless advance of online shopping is hard to deny.

It now accounts for a record 18.2% of all spending in the UK, a rise on last
year of more than 15%. That boom was helped in the last month by a splurge
of promotions by online shopping sites that increased sales, including
Amazon Prime Day.

But an interesting aspect of the figures is that this is not just about new
burgeoning online giants snatching business away from the traditional High
Street. Department stores are rapidly moving into this area, their sales
online have increased by 35% in the last year, so almost twice as quickly as
the average.

That reflects a trend of even the largest department stores becoming more
like shop windows, with shoppers visiting them to see the range and choice
available but then going home to order online.

"Admittedly, still-weak real wage growth will weigh on consumer spending,"
Mr Wishart added. "Nonetheless, the retail sales data provides reason to
think that consumer spending growth could post a slightly improved
performance in the third quarter."

Following the announcement, the pound was up 0.24% against the dollar at
$1.2727.

Hamish Muress, currency analyst at OFX, said: "The reaction from the
pound... has been muted, suggesting that the wider view of the UK economy is
still bleak.

"With the chances of a no-deal Brexit scenario high, wage growth shrinking
and inflation rising, the Bank of England may find it difficult to follow
through on any previous notions of further interest rate hikes in the
future.

"As long as this outlook remains, the pound will continue to be under
sustained pressure."--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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