Major International Business Headlines Brief::: 27 August 2018

Mon Aug 27 20:24:57 CAT 2018

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Major International Business Headlines Brief::: 27 August 2018

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

*  South Africa's rand falls in early trade, stocks set to open higher

*  South African bond selloff resumes as Turkey contagion stokes local risks

*  South Sudan resumes pumping 20,000 bpd from oil field suspended since 2013 - Sudan

*  Ghana opposition seeks IMF view on $2 bln Chinese Bauxite deal

*  Kenya parliamentary committee proposes retaining upper limit of lending rate cap -document

*  IMF says talks with Zambia on possible aid package still on hold

*  Kenya's Finserve to tap into Africa's e-commerce, remittances market

*  Elon Musk will no longer take Tesla private

*  US Fed chair Jerome Powell backs cautious path on rates

*  Didi Chuxing suspends carpool service after woman killed

*  US-China trade war: China to respond 'resolutely'

*  Galileo: Funding pledge for UK rival to EU sat-nav system

*  Belgium shop fined for discriminating against male job-seeker

*  Customs workload will soar on no-deal Brexit warn experts

 <mailto:info at bulls.co.zw> 

South Africa's rand falls in early trade, stocks set to open higher

JOHANNESBURG (Reuters) - South Africa’s rand weakened against the dollar in early trade on Monday, as markets digested comments from the head of the U.S. Federal Reserve signalling a gradual approach to interest rate hikes.

At 0645 GMT, the rand traded at 14.3000 per dollar, 0.25 percent weaker than its close on Friday.

Federal Reserve Chairman Jerome Powell on Friday defended the U.S. central bank’s push to raise interest rates as healthy for the economy and signalled more hikes were coming despite President Donald Trump’s criticism of higher borrowing costs.

Market focus in the week will also be on domestic data releases, with July money supply, private sector credit extension and producer price inflation numbers due on Thursday and trade balance figures out on Friday.

Stocks were set to open higher at 0700 GMT, with the JSE securities exchange’s Top-40 futures index up 0.53 percent.

In fixed income, the yield on the benchmark government bond due in 2026 was down 1 basis point to 8.89 percent.

 <mailto:info at bulls.co.zw> 

South African bond selloff resumes as Turkey contagion stokes local risks

JOHANNESBURG (Reuters) - South African bonds suffered twice the outflows of the next worst-hit emerging market at the height of the Turkey crisis as foreign investors scrambled to reduce volatility in their portfolios against a backdrop of rising economic risk.

Even with forward markets now heavily pricing in interest rates hike this year, which would boost the potential yield on local bonds, investors are dumping Pretoria’s debt with increasing speed.

The Turkish lira has plunged nearly 40 percent this year over investor concern about Tayyip Erdogan’s influence on monetary policy and a deepening row with the United States, sparking a wave of selling across emerging market assets.

Data from the International Institute of Finance (IIF), an authority on global portfolio flows, this week showed $800 million (12 billion rand) bled out of South African bonds from the start of the month up to Aug. 17, more than any other emerging market, including Turkey.

Between January and June foreign investors sold $2.5 billion worth of South African bonds, the highest sell-off on record, before a brief respite in July as investors gave in to the lure of a carry yield second only to Russian debt.

“Higher interest rates would make bonds attractive, however the return adjusted for volatility also plays an important role,” said strategist at Nedbank Mehul Daya.

The benchmark 1-month implied volatility contract rose 10 vols to a 7-year high last week as the rand spot rate rapidly collapsed to its weakest in 24 months.

“A squeeze in global dollar-liquidity also makes the carry-trade expensive. A stronger dollar means tighter financial conditions meaning higher CDS spread, which works into the S.A. bonds,” Daya said.

On Friday forward markets were pricing-in a 100 percent chance of a 25 basis points (bps) increase to benchmark rates at the bank’s September meeting, and a 65 percent probability of a hike by the same margin in November.

The Reserve Bank said in July it was ready to tighten policy if rand weakness translated into higher second-round inflation, a message it has reiterated more recently. It also said it was concerned about the exchange rate’s volatility.

The benchmark 2026 bond currently yields 8.9 percent, but market watchers say investors are likely to want a return of 9.2 percent or above to compensate for higher risks.

CONTAGION

“When you look at candidates for contagion from Turkey, South Africa stands out,” said Kiran Kowshik, EM FX strategist at UniCredit.

“It has quite a liquid currency and... investors have quite a lot of South African bonds – they own well over 40 percent of that market. (So) when people want to hedge their EM exposure they may sell South Africa,” Kowshik said.

On Friday ratings firm Moody’s cited the high wage settlements and uncertainty about the implementation of land reform as factors that would exacerbate the selloff in South Africa’s debt.

With economic growth set to barely top 1 percent this year and public debt close to a third of gross domestic product, analysts see financial stresses mounting, taking the sheen off the hoped-for recovery following Cyril Ramaphosa’s election as state president.

And while the crash of the Turkish lira triggered an exodus from EM’s across the board, South Africa’s high current account deficit and the fact that foreigners hold nearly half of state debt has ensured added pain.

“You might not be willing to sell the ones with the big losses, but rather sell the more liquid holdings, so there could have been pressure for funds to sell some South Africa,” said Trieu Pham, emerging markets sovereign debt strategist at ING.

South Sudan resumes pumping 20,000 bpd from oil field suspended since 2013 - Sudan

KHARTOUM (Reuters) - South Sudan has resumed pumping 20,000 bpd of crude from Toma South oil field, where production had been suspended since 2013, the Sudanese oil minister Azhari Abdulqader said on Sunday.

Abdulqader told a news conference in Khartoum production at five previously suspended oil fields was expected to reach 80,000 bpd after maintenance work is completed by year-end.

South Sudan’s oil output currently stands at 130,000 bpd and is expected to reach 210,000 bpd by year-end, he added.

South Sudan’s oil is shipped to international markets via a pipeline through Sudan.

Ghana opposition seeks IMF view on $2 bln Chinese Bauxite deal

ACCRA (Reuters) - Ghana’s opposition in parliament wants the International Monetary Fund (IMF) to decide whether a $2 billion Chinese deal agreed by the government in exchange for bauxite will add to the country’s debt burden, it said on Thursday.

Under the deal, approved by Ghanaian lawmakers last month, China’s Sinohydro Corp Ltd will provide $2 billion for government road projects in exchange for refined bauxite exports.

President Nana Akufo-Addo is expected to visit China next week to finalise the deal, which the government has described as a barter deal and not a loan facility.

But minority leader in parliament Haruna Iddrisu told Reuters his side considers the deal to be a loan with implications for an already over-burdened taxpayer, and had written to seek the IMF’s verdict.

He said the decision to write to the IMF stemmed from past statements by the government that debt servicing costs were among the factors constraining Ghana’s development programme.

“It is our strong belief that this Sinohydro deal is a loan which is coming to add to the debt stock and we are concerned about the burden of additional borrowing cost on the over-burdened taxpayer,” Iddrisu said.

IMF Ghana chief Natalia Koliadina confirmed her office had received the letter. “We have received information from the parliamentary minority regarding the Ghana-China bauxite deal. We will need to have more information to determine the nature of the transaction,” Koliadina said in email response to Reuters.

Ghana is in its final year of a $918 million credit deal agreed with the IMF in 2015 and must meet benchmarks including trimming its public debt to successfully exit in December.

Ratings agency Moody’s estimates that Ghana’s debt will rise above 70 percent of gross domestic product (GDP) by December, compared with 63.8 percent as of May, driven mainly by a decision by the government to finance the setting up of a new bank to acquire the assets of distressed lenders.

Ghana, which exports gold and cocoa, plans to build a bauxite refinery by the end of next year.

Kenya parliamentary committee proposes retaining upper limit of lending rate cap -document

NAIROBI (Reuters) - A Kenyan parliamentary committee has proposed that the east African economy retains the upper limit of commercial lending rates at 4 percentage points above central bank rate, as passed into law in late 2016, a committee seen by Reuters on Friday showed.

In June Kenya’s Finance Minister Henry Rotich proposed repealing the interest rate cap, a move cheered by bankers who had said the ceiling had hurt credit growth and access.

IMF says talks with Zambia on possible aid package still on hold

LUSAKA (Reuters) - The International Monetary Fund (IMF) said its discussions with Zambia over an aid programme are still on hold because the nation’s borrowing plans remain unsustainable.

In February the fund rejected Zambia’s borrowing plans, saying they risked making it harder for the southern African country to sustain its debt load.

“There are no discussions on a possible Fund-supported programme given that the authorities’ borrowings plans compromise the country’s debt sustainability, and undermine its macroeconomic stability,” an IMF spokesman told Reuters.

Zambia has raised its 2018 forecast for the country’s fiscal deficit to 7.8 percent of gross domestic product from an initial estimate of 6.1 percent.

The nation’s central bank said on Wednesday that containing the fiscal deficit within programmed levels remained a challenge and external debt posed additional challenges.

Zambia, with an external debt of $8.7 billion, said in December last year that it would begin refinancing Eurobonds worth a total $3 billion in 2019 to reduce the cost of debt servicing.

Zambia’s Finance Ministry said in a statement late on Friday that an IMF staff mission would be visiting in the third quarter for consultations to assess the nation’s economy.

The government was taking measures to strengthen the implementation of its medium term debt management strategy, it said.

“The prior actions required to facilitate the recommencement of discussions for an IMF Supported Programme are duly being attended,” the statement said.

Zambia wants a $1.3 billion loan from the IMF but the chance of a deal depends on how Africa’s second-largest copper producer reconciles its debt management plans.

Kenya's Finserve to tap into Africa's e-commerce, remittances market

NAIROBI (Reuters) - Kenyan bank Equity Group’s fintech business Finserve is betting on a new payment platform for customers and businesses across East and Central Africa to tap into the region’s e-commerce and remittances markets.

Finserve plans to work with financial services providers and businesses to merge payment options in East and Central Africa on to one payment platform, accessible via mobile apps and online sites, Finserve managing director Jack Ngare said.

    “If you are a businessman doing business in, let’s say, Tanzania and you want to move to Uganda, then you can ... use our platform as soon as you land in Uganda to accept payments,” he said in an interview.

Ngare said this would mean people would not have to sign up for all the telecoms companies and banks services just to allow customers to pay into their business.

The new service will be available in Kenya, Uganda, Tanzania, Rwanda, the Democratic Republic of Congo and South Sudan.

Finserve is also targeting the remittances business, where people living outside their home country regularly send money back. Billions of dollars annually are sent to Africa by the continent’s diaspora. The World Bank, for example, estimated remittances to sub-Saharan Africa at $38 billion in 2017.

Finserve is also teaming up with an unnamed fintech firm and six Ethiopian banks to make its remittances platform available in the country.

Uber 'to focus on bikes over cars'

Uber says it plans to focus more on its electric scooter and bike business, and less on cars, despite the fact it could hurt profits.

Boss Dara Khosrowshahi said that individual modes of transport were better suited to inner city travel.

He also forecast users would make more frequent shorter journeys in future.

"During rush hour, it is very inefficient for a one-tonne hulk of metal to take one person 10 blocks," he told the Financial Times.

"Short-term financially, maybe it's not a win for us, but strategically long term we think that is exactly where we want to head."

Uber move into sidelines deepens loss

Uber invests in Lime scooter hire company

The ride-sharing firm has invested in a number of bike firms in the last year.

Its Jump electric bikes are now available in eight US cities, including New York and Washington, and are soon launching in Berlin.

It also teamed up with Lime, an electric scooter company, while forging deals in other areas such as public transit and freight.

Mr Khosrowshahi admitted that Uber makes less money from a bike ride than from the same trip in a car, but said this would be offset as customers used the app more frequently for shorter journeys.

"We are willing to trade off short-term per-unit economics for long-term higher engagement," he told the FT.

He also acknowledged that Uber drivers could lose out from the plan, but said over the longer term drivers would benefit from more lucrative longer journeys.

Under pressure

Uber, which lost $4.5bn (£3.5bn) last year, is under pressure to improve its finances ahead of an anticipated public listing.

Revenue from its taxi business is rising but the cost of expansion into new areas such as bike sharing and food delivery has meant losses have grown rapidly.

Regulatory pressure is also threatening growth in some markets.

This month New York voted to impose a temporary cap on new licences for ride-hailing vehicles to tackle congestion, while the mayor of London has said he will seek similar restrictions.--BBC

Elon Musk will no longer take Tesla private

Tesla chief executive Elon Musk says he will no longer be taking the electric car maker private, just two weeks after saying he was considering a deal.

The plan was cancelled after a board meeting on Thursday, he wrote in a post published on the company's site.

Since Mr Musk announced his plan to delist Tesla, its share price has dropped by 20%.

He said he had told the board "that I believe the better path is for Tesla to remain public," and that they agreed.

Mr Musk, who owns about a fifth of the company, said he had spoken with shareholders and major banks to consider the privatisation but found the sentiment was "please don't do this".

Earlier this month, Elon Musk shocked investors by announcing on Twitter that he had funding secured to take Tesla private at a value of $72bn (£57bn).

It later transpired that he had not closed a deal with Saudi Arabia's sovereign wealth fund, with unhappy investors launching a lawsuit against him after the news.

The lawsuits are still continuing against Mr Musk despite his cancellation of the privatisation plan, as is an investigation by the US Securities and Exchange Commission to see if the tweet broke securities laws.

The billionaire entrepreneur has complained since floating the company on the stock market that quarterly scrutiny of Tesla's finances encourages short-term thinking.

But in a follow up tweet after his blog post, he said talks with shareholders had persuaded him otherwise.

Tesla shares rose sharply on 7 August following Mr Musk's suggestion he would take Tesla private, but have continued to fall since then.

The slide has been good news for short sellers, who bet that Tesla's share price would fall.

Mr Musk has a well-known dislike of short sellers, whom he has called "jerks who want us to die" and has argued that taking Tesla off the stock exchange would shield it from their attacks.

Shares fell even further after Mr Musk gave an emotional interview to the New York Times, in which he said he was working 120 hour weeks and had been using sedatives.

Tesla directors reportedly told him to restrict his use of Twitter in recent days, according to the paper.

Elon Musk in the hot seat, again

Tesla CEO's '120 hour weeks' hit shares

Tesla has faced growing financial pressures this year as it works to build more of its Model 3 cars.

On 1 August, as Tesla reported another record loss, Mr Musk said he expected the company to be profitable in the second half of 2018 and every quarter going forward.

But there is growing scepticism that Tesla can pull it off.

The company delighted investors with a surprise first quarter profit in 2013 thanks to sales of its Model S car - at the time the first profit in the company's history.--BBC

US Fed chair Jerome Powell backs cautious path on rates

The "consensus view" at the US Federal Reserve is that gradual interest rate rises remain the best policy, the head of the US central bank has said.

Federal Reserve chair Jerome "Jay" Powell made the remarks at an annual economic conference in Wyoming.

He said the difficulties of interpreting data suggest the wisdom of a conservative approach.

However, he added, policymakers will act decisively in a crisis.

"I am confident that the [Fed] would resolutely 'do whatever it takes'," he said, according to a transcript of the speech at the Jackson Hole symposium.

The Federal Reserve has been slowly raising rates since 2015, including two increases so far this year.

Analysts expect one or two additional rate rises, with the next one anticipated at the bank's September meeting.

'Smaller dose'

Some analysts worry that the bank is moving too slowly, citing unemployment that has fallen to near record lows. Others warn its actions risk becoming too aggressive, pointing to relatively weak price inflation so far.

US President Donald Trump, who appointed Mr Powell as chair, is among those who have spoken against the rate increases, which he argues will dampen economic activity and push the dollar higher, hurting exports.

But Mr Powell said he saw the slow and steady approach to rate rises adopted by the Fed as the best way to avoid both of the risks.

"When you are uncertain about the effects of your actions, you should move conservatively," he said. "In other words, when unsure of the potency of a medicine, start with a somewhat smaller dose."

A new man takes over the Fed: What will he do?

What happens at Jackson Hole?

Mr Powell said the bank had a responsibility to set expectations about inflation.

It is also important for officials to consider data beyond unemployment and inflation, including froth in the financial markets, he added.

"In the run-up to the past two recessions, destabilising excesses appeared mainly in financial markets rather than in inflation," he noted. "Thus, risk management suggests looking beyond inflation for signs of excesses."

In his remarks, Mr Powell said that the US economy - which grew at an annualised pace of 4.1% in the most recent quarter - is strong and does not appear at "elevated" risk of overheating.

Many of the most significant challenges facing the US economy - such as slow wage growth and rising government debt - remain outside the powers of the Fed to address, he added.

US shares increased and the dollar index fell after Mr Powell's remarks were published - a sign of diminished concern among investors that the pace of rate increases would suddenly accelerate.--BBC

Didi Chuxing suspends carpool service after woman killed

China's ride-hailing giant Didi Chuxing has suspended its carpool service after police said a driver had raped and killed a female passenger.

A company statement said the incident showed there were deficiencies in its processes and so it would suspend its Hitch system for re-evaluation.

Didi Chuxing is the world's largest ride-hail company by number of trips.

China's transport ministry has demanded action from the taxi giant to ensure passenger safety.

China car app plans change after murder

Women switch gender on China taxi app after murder

China's Uber says it's time to go global

Steps reportedly include better driver vetting and education for drivers.

What happened to passenger?

Police say the woman, 20, got into the taxi in the eastern city of Wenzhou at 13:00 local time (05:00 GMT) on Friday.

An hour later she messaged a friend for help before losing contact.

The 27-year-old driver, named only as Zhong, was detained early on Saturday morning and confessed to raping and murdering his passenger, police say.

The body has been recovered and an investigation is continuing.

Didi Chuxing said Zhong had had no previous criminal record but it admitted there had been a previous complaint made against him.

A previous passenger allegedly said the driver had taken them to a remote place and followed them after they left the car.

A similar incident happened in May in a different part of China, when a 21-year-old flight attendant died after using the service in Zhengzhou.

The company suspended and changed Didi Hitch, which pairs car owners and passengers.

Reacting to the latest death, Didi said it was was "too high a cost to pay" and had shown "the many deficiencies with our customer service processes".

The company also fired the head and vice president of Hitch.

Didi Chuxing reportedly completed more than one billion journeys in the past three years.

In 2016, US taxi app Uber agreed to sell its local business to Didi after failing to make a profit.

What action is the government demanding?

"These two vicious incidents that have violated the life and safety of passengers has [have] exposed the gaping operational loopholes of the Didi Chuxing platform," the transport ministry said in a statement quoted by AFP news agency.

"The Ministry demands that Didi... stops making empty promises and takes concrete steps to ensuring passengers' safety."--BBC

US-China trade war: China to respond 'resolutely'

China will continue to hit back against the US if more tariffs are imposed, the country's finance minster has said.

In an interview with Reuters, Liu Kun said China would respond "resolutely" to the "unreasonable" US measures.

On Thursday, the US imposed a second wave of tariffs on Chinese goods worth $16bn (£12.4bn), and China immediately responded in kind.

Two days of trade talks in Washington between the two sides failed to make any major progress.

Tariff threats

The escalating trade row between the US and China has now seen each side impose 25% tariffs on a total of $50bn of one another's goods

The US has threatened a third round of tariffs on an additional $200bn of Chinese goods, which could come as soon as next month. President Trump has also said he could slap tariffs on all $500bn of imports from the country.

In his interview with Reuters, Mr Liu said: "China doesn't wish to engage in a trade war, but we will resolutely respond to the unreasonable measures taken by the United States.

"If the United States persists with these measures, we will correspondingly take action to protect our interests."

He said that, so far, the impact of the trade row on the Chinese economy had not been significant, but added that government spending would be increased to support workers affected by the tariffs.

Bikes, cots and fridges: the imports hit by Trump's tariffs

US-China trade row: What has happened so far?

The early victims of Trump's trade war

Six ways China could retaliate in a trade war

Mr Liu said China was responding to the US measures in a "precise way".

"Of course, the value of US imports of Chinese goods isn't the same as the value of Chinese imports of US goods. We'll take tariff measures in accordance to this situation."

He also said China was trying to ensure that companies operating in the country were not caught up in the crossfire.

"When we take measures, we try our hardest not to harm the interests of foreign businesses in China. That's why our tariff measures are targeted to avoid affecting them as much as we can."

President Trump has long been critical of China, and ordered an investigation into Chinese trade policies in August 2017.

His administration says its goal is to convince China to make its economy more open to foreign companies.

China has loosened some rules in recent months. It removed restrictions on foreign ownership for banks this week, putting into effect a promise from last year.

However, the White House has maintained that China's changes have not gone far enough.

Candid talks

Talks between the US and China concluded this week without a major breakthrough.

White House deputy press secretary Lindsay Walters said the two sides "exchanged views on how to achieve fairness, balance, and reciprocity in the economic relationship".

In a statement, China's Ministry of Commerce said the Chinese delegation had held "constructive and candid" talks on trade issues.

"Both sides will keep in contact about the future arrangement," it added.

By imposing tariffs on Chinese imports, President Trump hopes to make life easier for US companies, whose goods will become cheaper within the US by comparison.

The duties are part of his broader "America First" approach, which has also prompted the US to impose higher import duties on steel and aluminium, including from Mexico, Canada and the European Union. All of those countries have retaliated.

Many US companies and industry groups have testified to the US Trade Representative's Office that their businesses are being harmed.

Firms that rely on Chinese imports face higher costs, while exporters are worried that retaliation will make their products more expensive and reduce demand.

Meantime, China plans to file a fresh complaint against the tariffs at the World Trade Organization (WTO), which adjudicates in global trade disputes.

China's commerce ministry says it "clearly suspected" the US of violating WTO rules.

It filed an initial complaint at the WTO in July as Mr Trump imposed his first round of tariffs.--BBC

Galileo: Funding pledge for UK rival to EU sat-nav system

Funding for the UK's own satellite navigation system to rival the European Union's Galileo project is expected to be announced.

It comes after the UK was told it would not be able to access the EU-wide programme after Brexit next March.

At least £92m has been promised by the Treasury to plan for a UK system, a government official has told the BBC.

The UK has already spent 1.4bn euros (£1.2bn) on Galileo, Europe's answer to the US GPS system.

Costs for a UK-only sat-nav system are likely to run to several billion pounds.

Head-start

A feasibility study to work out what a UK programme might look like would cost around £100m alone, according to the official.

While the UK would prefer to remain in Galileo as part of a strong partnership with Europe, the funding announcement, expected later this week, is not a negotiating tool, the official insisted.

The government believes the feasibility work will allow the British space industry to remain at the forefront of the market, regardless of whether an alternative to Galileo is eventually commissioned.

The row over Galileo centres around whether the UK can continue to be trusted with the EU's most sensitive security information after Brexit.

Why is there a row about Galileo?

The UK's armed forces were planning to use Galileo to supplement their use of the US GPS system.

Business Secretary Greg Clark told the BBC in April: "If Galileo no longer meets our security requirements and UK industry cannot compete on a fair basis, it is logical to look at alternatives."

If ministers give the go-ahead for the UK GPS system to be built, they will aim for costs to be in the region of what Britain had set aside as its contribution to Galileo.

The UK Space Agency has said a British project would have a head-start thanks to work already done and because much of the expertise is UK-based.

Can UK really go it alone with sat-nav system?

Furthermore, the system would be built to the specifications of just one country rather than needing to fulfil the requirements of all the EU's member states.

Graham Turnock, the agency's chief executive, has said the UK has "a lot of the capability that would be needed for a sat-nav system because we developed them as part of our role in Galileo".

"We cannot launch yet, although obviously we are trying to address that, but this is something we think is in the realm of the credible," he added.

In May, the UK Space Agency, wrote to 13 firms to remind them that they need security authorisation to engage in any future contracts on the EU's Galileo system.

Europe's Galileo system

*         A project of the European Commission and the European Space Agency

*         24 satellites constitute a full system but it will have six spares in orbit also

*         22 spacecraft are in orbit today; the figure of 30 is likely to be reached in 2021

*         Original budget was 3bn euros but will now cost more than three times that

*         Spacecraft have been launched in batches of two, but now go up four at a time

*         Will work alongside the US-owned GPS and Russian Glonass systems

*         Promises eventual real-time positioning down to a metre or less--BBC

Belgium shop fined for discriminating against male job-seeker

A Belgian shop has been ordered to pay a man more than €13,000 (£11,726) in damages for turning him down for a job because it wanted a woman.

The man in Louvain (Leuven), near Brussels, complained to Belgium's institute for gender equality, which won his case at a labour tribunal.

Rejecting his application for stock manager, the clothes shop said it was "looking for a female colleague".

The institute says it usually resolves discrimination cases out of court.

Neither the shop in Louvain nor the job-seeker were named, for legal reasons.

The award of €13,289.84 represents about six months' gross salary in the post that the man wanted.

The shop was also ordered to pay one euro to the Institute for Equality between Women and Men (IEFH).

A lawyer at the institute, Pauline Loeckx, told the BBC that in 2017 she and her colleagues handled about 50 claims from men and 60 from women concerning sex discrimination during job recruitment.

At the tribunal, she said, the Louvain clothes shop argued that it had found a more capable woman to do the job. But the evidence of discrimination was in the e-mail it had sent to the male applicant.

"With men you see the discrimination mostly at the recruitment stage, whereas with women there is discrimination at each stage of work: in recruitment, salary levels and dismissal," Ms Loeckx said.

Pregnancy-related claims

The IEFH acts to enforce Belgium's gender equality laws nationally. Last year it handled 295 complaints of sex discrimination - not just workplace discrimination, but also in services.

About 58% of those concerning the workplace came from women, and more than 150 were related to pregnancy, Ms Loeckx said.

The Louvain case, she said, illustrates that recruitment decisions "are often based on stereotypes, not on the real competences of people".

Ms Loeckx said men were more likely to suffer discrimination in shops, beauty parlours and kindergartens.

With women, discrimination came more often from transport firms, butchers, builders and taxi businesses.

The IEFH's annual report (in French) says another issue it handled was "ladies only" events staged by two cinema chains. Men who wanted to go with their female partners to the events were refused entry.

After a complaint from the IEFH the cinemas agreed to admit men, but kept the label "ladies only", arguing that the promotions were an example of positive discrimination.--BBC

Customs workload will soar on no-deal Brexit warn experts

The boss of one of the UK's largest customs brokers is warning of a 500% rise in customs processing if there is no deal to leave the European Union.

George Baker told BBC 5 live's Wake Up To Money he expects a no-deal Brexit to increase their workload by 500%.

He said it will be "very difficult to cope" if there is no Brexit deal.

Government papers released on Thursday warned importers and exporters to "begin taking steps to mitigate against" a no-deal exit.

A customs broker submits electronic declarations on behalf of import and export traders.

George Baker, whose business is based in Felixstowe, Suffolk, said, "There are many businesses which hadn't considered they may need a customs broker.

"They may have thought the import and export declarations are just a simple thing they can do and don't have much idea about how complex the transactions would be.

"It takes between two to five years to train to be a customs broker."

'Be ready'

Brexit Secretary Dominic Raab said on Thursday that reaching a deal with the EU was the "overriding priority" and "by far the most likely outcome" but that "we must be ready to consider the alternative".

Allie Renison, head of Europe and trade policy at the Institute of Directors, said: "A lot of these companies don't know all the different information they need to put into this.

"You have a whole different raft of paperwork you don't currently have to deal with if you're an exporter to Europe."--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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