Major International Business Headlines Brief::: 30 August 2018

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Major International Business Headlines Brief::: 30 August 2018

 


 

 


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*  Egypt's tourism revenue jumps 77 pct in first half: government official

*  MTN shares plunge after Nigeria orders $8.1 bln be refunded

*  South Africa's rand retreats in global risk-off trade

*  South Africa's Solidarity union agrees wage deal with Eskom

*  Steinhoff to meet to discuss asset sales, debt repayments

*  Kenya Airways expects better second half after H1 pretax losses narrow

*  Tunisia sees 2019 economic growth rising to 3.5 pct

*  Nafta: Clock is ticking for Canada in US trade negotiations

*  Argentina asks IMF to release $50bn loan as crisis worsens

*  Panasonic to move Europe headquarters from UK to Amsterdam

*  California pushes to put women on company boards

*  Air Canada app data breach involves passport numbers

*  US economic growth revised up to 4.2% for the second quarter

*  Vodafone in $11bn Australian merger

*  Emails read while commuting 'should count as work'

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Egypt's tourism revenue jumps 77 pct in first half: government official

CAIRO (Reuters) - Egypt’s tourism revenue jumped 77 percent in the first
half of 2018 to around $4.8 billion compared with the same period last year,
a government official told Reuters.

 

Egyptian tourism has been gradually recovering from a 2011 downturn
triggered by the uprising that ousted president Hosni Mubarak, helped by a
currency float in late 2016 that halved the pound’s value and made the
country a relatively cheap bet for foreign visitors.

 

The tourism sector is a pillar of the country’s economy and a key earner of
foreign currency.

 

The official, who declined the be named, said visitor numbers during the
first half of 2018 jumped 41 percent from a year before to about 5 million.
A total of 14.7 million people visited Egypt in 2010 before the uprising.

 

“Indicators suggest the sector will earn about $9 billion by the end of this
year,” the official said, adding there were expectations of greater traffic
from western Europe, Italy, Germany and Ukraine towards the end of the year.

 

That figure would mark a jump from last year’s $7.6 billion.

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


                                      

MTN shares plunge after Nigeria orders $8.1 bln be refunded

JOHANNESBURG (Reuters) - Shares in MTN Group plunged as much as 19 percent
on Thursday, a day after Nigeria ordered the South African telecoms group
and its bankers to return $8.1 billion.

 

Nigeria’s central bank said the funds had been illegally moved abroad
because the company’s bankers, who include Standard Bank’s Nigeria unit
Stanbic, had failed to verify that Africa’s biggest telecoms company had met
all the foreign exchange regulations. [nL8N1VK5QW]

 

At 0713 GMT, the stock was down 14 percent at 92.12 rand, recouping some
losses after falling to a low of 86.99 rand.

 

MTN denied the allegations.

 

“No dividends have been declared or paid by MTN Nigeria other than pursuant
to certificates of capital importation issued by our bankers and with the
approval of the CBN (Central Bank of Nigeria) as required by law,” MTN said
in a statement.

 

The allegation is the latest setback for MTN in Nigeria, its most lucrative
but increasingly most problematic market, coming two years after it agreed
to pay $1 billion to end a long running dispute over unregistered SIM cards.

 

 

 

South Africa's rand retreats in global risk-off trade

JOHANNESBURG (Reuters) - South Africa’s rand traded weaker early on
Thursday, continuing to suffer on global risk aversion linked to the trade
wrangle between the United Stats and China and financial turmoil in Turkey.

 

At 0645 GMT the rand was 0.52 percent weaker at 14.4325 per dollar compared
to a close of 14.3575 overnight in New York.

 

The rand has fallen alongside other emerging market currencies on concerns
that a trade truce between Washington and Beijing will be derailed by the
NAFTA deal the U.S. signed this week with Mexico and Canada.

 

Turkey’s ongoing crisis has also hurt sentiment, with the lira < TRYTOM=D3>
reeling after Moody’s downgraded the credit ratings of 20 of the country’s
financial firms.

 

“We see potential for the rand’s further depreciation ... with the USD/ZAR
possibly surpassing the 14.50 resistance level,” said analysts at Continuum.

 

Stocks were set to open lower at 0700 GMT, with the JSE securities
exchange’s Top-40 futures index down 0.44 percent.

 

In fixed income, the yield on the benchmark government bond due in 2026 was
flat at 8.94 percent.

 

 

 

South Africa's Solidarity union agrees wage deal with Eskom

JOHANNESBURG (Reuters) - South Africa’s Solidarity, a union representing
high-skilled workers, said on Thursday that it has agreed a three-year wage
deal with state power utility Eskom, bringing an end to weeks of
negotiations that led to power outages.

 

The much larger National Union of Mineworkers earlier said it had reached
the same deal with Eskom. The agreement includes a 7.5 percent increase this
year and a 7 percent rise in each of the next two years.

 

 

Steinhoff to meet to discuss asset sales, debt repayments

CAPE TOWN (Reuters) - Steinhoff’s board will meet over the next two days to
discuss asset sales to boost cash flow and pay down debt, its chairwoman
said on Wednesday, months after creditors of the South African retailer
threw it a lifeline.

 

Steinhoff had been fighting for survival since December last year when it
uncovered accounting irregularities that sent its shares crashing and left
it scrambling for working capital.

 

In July, its creditors agreed to hold debt claims for three years, removing
a imminent threat of default that would have tipped the company into
bankruptcy.

 

“They (banks) have given us three years until 2021 to, in a considered way,
decide which assets we sell and how we will bring down the debt,” Heather
Sonn said.

 

“A key consideration there is that the assets that remain have to be able to
generate a cash flow and service the remaining debt.”

 

Steinhoff, which has more than 40 brands that include Conforama, Mattress
Firm and Poundland, has already sold assets that include its Polish unit
Kika/Leiner, as well as a stakes in investment holding firm PSG and
industrial firm KAP.

 

Pepco, a clothing and footwear chain in central and eastern Europe, is seen
as one of the names next in the block, a source close the matter said.

 

Sonn was speaking before a South African parliamentary committee which is
investigating the scandal. The affair is also under investigation by
accounting firm PwC.

 

PwC INVESTIGATION ON TRACK

 

She told the parliamentary panel an investigation by PwC was on track to be
largely completed by year-end, sending its shares more than 13 percent
higher.

 

“There is probably belief in the market that the PwC report will provide
some more clarity and the market is just happy that we might finally get
some answers,” Greg Davies, Cratos Capital.

 

Steinhoff shares jumped 7.7 percent to 2.37 rand, valuing it at around 10
billion rand ($696 million), a dramatic fall for the company that was valued
at more than 200 billion rand before the scandal broke.

 

Steinhoff’s former chief financial officer Ben La Grange, who was questioned
by the parliamentary panel on Wednesday, denied any wrongdoing in Steinhoff
bookkeeping practices.

 

He told the panel he was misled into believing the company’s profits and
third party deals were above board.

 

“From my side, I also do not think I did anything deliberately wrong,” said
La Grange, who stepped down as CFO in January to focus on helping the group
to plug a liquidity gap.

 

Former chief executive Markus Jooste is due is due to appear next week
before the committee next Wednesday, co-chair of the committee, Themba Godi,
told Reuters.

 

Jooste would be speaking publicly for the first time since he abruptly
resigned following the discovery of multibillion rand holes in Steinhoff’s
accounts.

 

He was an instrumental figure in the transformation of Steinhoff from a
small Johannesburg furniture outfit into multinational retailer with more
than 40 brands in the United States, Europe, Africa and Australia.

 

($1 = 14.3618 rand)

 

 

 

Kenya Airways expects better second half after H1 pretax losses narrow

NAIROBI (Reuters) - Kenya Airways expects much better performance in the
second half of this year, helped by an improved business environment, and
after prolonged election uncertainty in Kenya in the second half of 2017 hit
passenger numbers.

 

The airline, which is 7.8 percent owned by Air France KLM, reported a pretax
loss of 3.99 billion shillings ($40 million) for the first half of 2018,
from a loss of 5.77 billion shillings during the same period last year.

 

Kenya Airways this year changed its financial reporting period to match the
calendar year. Previously its financial year was to the end of March.
Comparisons given in its first-half results were with January-June 2017.

 

In the second half of 2017, Kenya Airways’ domestic and intra-Africa
passenger traffic dropped because of jitters over Kenya’s presidential
election in August. The election was subsequently nullified by the Supreme
Court and a rerun held with President Uhuru Kenyatta elected for a second
term.

 

“August is already behind us. I can confirm we are already much better than
the previous August, in terms of traffic, in terms of domestic growth,”
Chief Executive Sebastian Mikosz told a news conference on Wednesday.

 

Kenya Airways is showing signs of recovery after it came close to collapse
last year, leading to a $2 billion financial restructuring in November that
included a government bailout which shrank Air France KLM’s stake.

 

The carrier said its revenue rose 3 percent to 52.19 billion shillings, but
total operating costs rose by 4 percent to 53.22 billion shillings due to
rising global fuel prices.

 

The airline has said it would resume aviation fuel hedging in the second
half of this year after price volatility drove up its costs.

 

Mikosz said two weeks ago the airline’s board approved the plan to hedge.

 

“Effects of the hedging policy will only be felt in 2019,”he said.

 

Passenger numbers increased 7 percent in the first half to 2.3 million, it
said.

 

Kenya Airways, which plans its first non-stop flight to New York in October,
said it was preparing to launch at least three new routes next year, with
Europe, Middle East and Asia as a possibility, Mikosz said.

 

At 1131 GMT, Kenya Airways shares were trading up 2.36 percent at 10.85
shillings a share on the Nairobi Securites Exchange.

 

The airline still has a long way to go, but progress so far was encouraging,
said Aly Khan Satchu, a Nairobi-based independent trader and analyst.

 

“It’s a big, big task. It’s like trying to navigate and turn an oil tanker.
You are not going to get a quick result here. But from what I see, traffic
numbers were up,” he said.

 

($1 = 100.7300 Kenyan shillings)

 

 

 

Tunisia sees 2019 economic growth rising to 3.5 pct

TUNIS (Reuters) - Tunisia expects economic growth to accelerate to 3.5
percent of next year from the 2.9 percent expected in 2018, driven by a
recovery of the tourism industry and an expanding agricultural sector, a
minister told Reuters on Wednesday.

 

Minister of Reforms Taoufik Rajhi also said the government planned to reduce
the budget deficit to 3.9 percent next year from the 4.9 percent forecast
for 2018.

 

The key tourism sector has begun to recover three years after two militant
attacks which killed scored of foreigners.

 

Its revenue from the start of the year to August 20 rose to 2.3 billion
dinars ($836 million), up 48 percent over the same period last year.

 

Tunisia expects to receive eight million tourists for the first time in
2018, officials have said.

 

The North African country’s economy has been in crisis since the toppling of
autocrat Zine al-Abidine Ben Ali in 2011 threw it into turmoil, with
unemployment and inflation shooting up.

 

($1 = 2.7504 Tunisian dinars)

 

 

 

Nafta: Clock is ticking for Canada in US trade negotiations

The clock is ticking for Canada to come to a trade agreement with the US
after Donald Trump gave an ultimatum - sign an agreement by Friday, or else.

 

Canada's foreign minister has flown to the US to discuss the North American
Free Trade Agreement (Nafta), a landmark pact dating back to 1994.

 

Her visit comes a day after the US and Mexico agreed to a new Nafta deal.

 

Canada, the third member of Nafta, has yet to say whether it will join the
revised free trade agreement.

 

On Wednesday, Prime Minister Justin Trudeau said striking a deal by Friday
was possible, but added: "It is only a possibility, because it will hinge on
whether or not there is ultimately a good deal for Canada."

 

In Washington, Foreign Minister Chrystia Freeland struck a cautiously
positive tone.

 

She said Canada supported wage rules agreed by the US and Mexico that would
require car workers to be paid at least $16 an hour.

 

The US and Canada reached a "high level agreement" about the matter in the
spring, Ms Freeland said: "On that basis, we are optimistic about having
some very productive conversations this week."

 

Mr Trump has threatened to tax Canada's automotive sector or cut it out
entirely if a deal is not reached soon.

 

But a deal without Canada could be harder than he thinks, experts say.

 

What is Nafta?

Where does Trump's 'America First' leave Canada?

'It would be a disaster for Texas'

Lawrence Herman, a senior fellow at the CD Howe Institute in Toronto who has
extensive experience in US-Canada trade relations, says Canada has been
"badly treated" by this divide-and-conquer approach.

 

"Canada has been isolated," he says. "It is outrageous that the United
States and Mexico would negotiate some kind of arrangement behind closed
doors."

 

Prime Minister Justin Trudeau said "he is determined to reach a fair
agreement for all concerned" as long as the deal is "good for Canada and
good for middle-class Canadians".

 

If Canada does not come to an agreement by Friday, Mr Trump said he will
levy additional tariffs on its auto exports.

 

 

"It will either be a tariff on cars, or it will be a negotiated deal," the
US president said. "And, frankly, a tariff on cars is a much easier way to
go, but perhaps the other would be much better for Canada."

 

Vehicle exports to the US are worth $56bn (C$72bn; £43bn), or 20% of
Canada's total exports to the US - its largest export market.

 

The costs for the US would also be high, as America's auto sector uses parts
that are manufactured in Canada.

 

"I think the question the Canadian negotiators are trying to calculate is
whether or not this is a serious threat or a bluff," says Edward Alden, a
senior fellow on trade at the Council of Foreign Relations in Washington,
DC.

 

If auto tariffs do not work, Mr Trump has said he would be happy to
"terminate" Nafta entirely and instead sign bilateral agreements with Mexico
and Canada separately.

 

But getting his way would not be that simple, Mr Herman says.

 

Mr Trump would have to give Congress 90 days notice of his intention to
terminate Nafta. Congress would then have an additional 90 days to review
any new agreements replacing Nafta.

 

Meanwhile, the US would be open to litigation from all sides, says Mr
Herman.

 

"I think it will be extremely difficult," he adds. "The Congress, and only
the Congress, can agree to the termination of Nafta by the United States."

 

Trump's Trudeau jibes bring Canadians and Americans together

Canada retaliatory tariffs on US come into force

Tensions between Canada and the US have been simmering since the G7 summit
in June, when Mr Trump called Mr Trudeau "very dishonest and weak".

 

 

The looming deadline was precipitated by a political changing of the guard
in Mexico, and mid-term elections in the US.

 

Negotiators want to sign a deal with Mexico before outgoing President
Enrique Pena Nieto leaves office at the end of November.

 

In order to meet that deadline, the Trump administration must present
Congress with a deal at least 90 days in advance - which means the deadline
is the end of August.

 

It would also be a big win for Mr Trump if he could have a deal ready to go
before Americans head to the polls.

 

"I think what Trump is hoping for is a vindication of his approach, which is
by taking a very hard line and in effect holding a gun to the head of
American trading partners, he can force them to make concessions," Mr Alden
said.

 

"We're going to get a test of that over the next several days."--BBC

 

 

 

Argentina asks IMF to release $50bn loan as crisis worsens

Argentina's government has unexpectedly asked for the early release of a
$50bn (£37.2bn) loan from the IMF amid a growing economic crisis.

 

President Mauricio Macri said the move was designed to restore confidence in
the Argentine economy.

 

The Argentine peso has lost more than 40% of its value against the US dollar
this year and inflation is rampant.

 

The IMF confirmed on Wednesday it was looking to strengthen the arrangement
and changing its phasing.

 

"I stressed my support for Argentina's policy efforts and our readiness to
assist the government in developing its revised policy plans," Christine
Lagarde, managing director of the International Monetary Fund (IMF), said in
a statement.

 

Argentina economy: From comeback kid to turbulence

IMF issues warning on global debt

Investors are concerned Argentina may not be able repay its heavy government
borrowing and could default.

 

Correspondents say the decision to speed up the IMF bailout smacks of
growing desperation.

 

When the terms of the loan were agreed in May, President Macri said he
expected the economy to recover and did not plan to use the money.

 

How did we get here?

By Daniel Gallas in Buenos Aires

 

The world's highest interest rates and backing from the IMF have failed to
reassure investors.

 

The Argentine peso is still losing value despite all attempts to meet
investor concerns.

 

Other emerging markets such as Turkey and Brazil are also suffering from the
devaluation of their currencies this year, but Argentina's situation is
particularly troublesome.

 

The country has not been able to lower inflation, which is the highest
amongst G20 nations. And the government is failing to enact the economic
reforms it promised the IMF, most of them aimed at curbing public spending
and borrowing.

 

President Macri was elected on the promise of reviving the economy, but so
far it seems little progress has been made.

 

Everyday life is getting more expensive for Argentines, as the prices of
many goods and services still bear a close relation to the US dollar.

 

And the combination of spiralling inflation and public spending cuts means
wages are not keeping pace with prices, making most people poorer.

 

What did the president say?

"Over the last week we have seen new expressions of lack of confidence in
the markets, specifically over our financing capacity in 2019," Mr Macri
said in a televised address.

 

"We have agreed with the International Monetary Fund to advance all the
necessary funds to guarantee compliance with the financial programme next
year.

 

"This decision aims to eliminate any uncertainty."

 

He added that further measures to rein in government borrowing would
accompany the move.

 

What do his opponents say?

Mr Macri's decision to ask the IMF for help in May was criticised by many
within his country.

 

The IMF is widely loathed in Argentina and blamed for the country's 2001
economic collapse after it pulled the plug and denied financial support.

 

The country's opposition blames Mr Macri's centre-right policies, including
the end of capital controls and cuts to social programmes, for the economic
crisis.

 

"IMF, never again," reads a banner held by protesters in Buenos Aires last
month

What is the IMF's view?

Argentina, which has been plagued by economic problems for years, asked for
assistance from the IMF in May after its currency hit an all-time low.

 

The country committed to tackle its double-digit inflation and cut public
spending as part of the deal.

 

IMF managing director Christine Lagarde said at the time that the plan had
been designed by the Argentine government and was "aimed at strengthening
the economy for the benefit of all Argentines".

 

After speaking to President Macri on Wednesday evening, she said that she
had instructed her staff to work with the Argentine authorities to
strengthen the agreed arrangement and re-examine the planned phasing.

 

She also said she was confident the "strong commitment and determination" of
the authorities would be instrumental on steering the country through the
difficult financial climate.

 

Have we been here before?

In 2001, Argentina's government defaulted on its debt and left the banking
system largely paralysed.

 

The effect on Argentines was devastating, with many seeing their prosperity
quickly disappear.

 

Those who experienced it fear a return of government restrictions imposed
back then to prevent a run on the banks.

 

Under the constraints, which lasted for a year, people could not freely
withdraw money from their accounts, making life very difficult for ordinary
Argentines.--BBC

 

 

 

Panasonic to move Europe headquarters from UK to Amsterdam

Panasonic will move its European headquarters from the UK to Amsterdam in
October as Brexit approaches.

 

The aim is to avoid potential tax issues linked to the UK's decision to
leave the EU, said Panasonic Europe's chief executive Laurent Abadie.

 

In the run-up to March 2019, a number of multinational firms have said they
plan to move jobs out of the UK.

 

Several Japanese financial companies have said they intend to move their
main EU bases away from London.

 

Panasonic's decision was driven by a fear that Japan could start considering
the UK a tax haven if it cuts corporate tax rates to attract business, Mr
Abadie told the Nikkei Asian Review newspaper.

 

If Panasonic ends up paying less tax in the UK, that could render it liable
for a bigger tax bill in Japan.

 

Brexit: Key dates and potential hurdles

At-a-glance: the UK's four Brexit options

Mr Abadie told the Nikkei Asian Review that Panasonic had been considering
the move for 15 months, because of Brexit-related concerns such as access to
free flow of goods and people.

 

The newspaper said employees dealing with auditing and financial operations
would move, but those dealing with investor relations would stay in the UK.

 

Up to 20 people could be affected out of a staff of 30.

 

A spokesperson confirmed to the BBC that the registration of Panasonic's
European headquarters would move in October.

 

However, the spokesperson said the firm could not comment on the numbers of
people who would have to move to Amsterdam.

 

In 2016, the UK government pledged to cut corporation tax to encourage
businesses to continue investing in the UK after the Brexit referendum.

 

Britain voted to leave the EU in 2016, but with less than a year to go, the
UK and the EU are struggling to reach consensus on the terms of the exit.

 

Japan is a major investor in the UK, where more than 800 Japanese companies
employ more than 100,000 people.

 

However, financial firms including Nomura, Sumitomo Mitsui and Daiwa have
already said they will no longer maintain their EU headquarters in
London.--BBC

 

 

 

California pushes to put women on company boards

Politicians in California want listed companies based in the state to have
at least one woman on their boards.

 

The state's assembly voted in favour of the idea on Wednesday and the bill
is expected to pass California's senate, which has backed an earlier
version.

 

It would then go to the Governor, Jerry Brown, who is yet to state his
position.

 

If the bill becomes law, the state would be the first to impose such a
quota.

 

California would join countries such as Norway and Germany, which have also
set rules to increase the number of women on corporate boards.

 

100 Women: Do women on boards increase company profits?

Top 10 worst excuses for not appointing women executives

Many of the state's best-known companies - such as Walt Disney and Google
owner Alphabet - already have women on their boards.

 

However, about 26% of listed Californian companies on the Russell 3000 index
do not include women - a situation more common at smaller firms, according
to analysis cited in the legislation.

 

The Russell 3000 includes almost all of the companies on the US stock
exchange.

 

Some business groups, including the state's chamber of commerce, have
opposed the bill, arguing that it is likely to violate other state laws that
mandate equal treatment.

 

The bill would require public companies headquartered in California to
include at least one woman on their boards by the end of 2019.

 

By the end of 2021, five-member boards would be required to include at least
two women and six-member boards would be required to include at least three.

 

Violators would face financial penalties.--BBC

 

 

 

Air Canada app data breach involves passport numbers

Air Canada's app has suffered a data breach resulting in the suspected loss
of thousands of its customers' personal details.

 

The airline has warned that users who had entered their passport details
into the product may have had that data stolen.

 

Experts warn that the theft of such information would pose a serious ID
fraud risk.

 

The firm has also been criticised for its relatively weak password system.

 

Although it is not clear how the breach occurred, one cyber-security
specialist highlighted that Air Canada's website still says account
passwords should contain between six and 10 characters and that it only
accepts letters and numbers, but no other symbols.

 

"Many users will choose short and easily guessable passwords," commented
Amit Sethi, a security consultant at Synopsys.

 

"Moreover, users that want to use strong passwords cannot do so."

 

According to the Canadian government's own cyber-security advice, all
passwords should "include at least one character that isn't a letter or
number" and be a minimum length of eight characters.

 

The firm said it has adopted "improved password guidelines".

 

Its app now says that passwords should be at least 10 characters long and
contain one symbol.

 

Account lock-outs

Air Canada said that it detected unusual login activity between 22 and 24
August and decided to lock down all 1.7 million of its accounts as a
consequence.

 

It believes data has been stolen from about 20,000 of these, and has
informed members of this group via email.

 

However, all customers will need to reset their logins to use the app again.

 

Chinese hotel group probes data leak affecting millions

Dixons Carphone says data breach affected 10 million

Air Canada apologises after 'bumping' boy, 10, from flight

The airline says customers' credit card details were encrypted, so should
not be at risk.

 

But basic profile data that could have been exposed includes names, email
addresses and phone numbers.

 

In addition, it warned the following details may also have been copied if
they had been provided:

 

*         passport number

*         passport country of issuance

*         passport expiration date

*         country of passport issuance

*         nationality

*         country of residence

*         birth date

The City of London's Action Fraud team told the BBC that the "consequences
of having your passport information accessed can be severe".

 

It said banks, insurance firms and mobile phone providers were among
businesses that request the data to set up accounts, but do not always
require sight of the physical document.

 

Victims can face wrecked credit scores and bills, from which it can take
months to extricate themselves.

 

In some cases, Action Fraud added, it is even possible to use the
information to obtain genuine documents such as driving licences and new
passports.

 

"The loss of passport data in this breach makes it unusual," commented Prof
Alan Woodward, from the University of Surrey.

 

"Like driving licences, passports are considered government-issued ID and it
is assumed that only the holder will know the contents.

 

"But we're at the point where so much sensitive data is being released via
such breaches that we can no longer assume that mere knowledge of what is
written in a passport is sufficient to verify ID online."

 

Air Canada has recommended that its customers "regularly review their
financial transactions, be aware of any changes to their credit rating, and
contact their financial services provider" if they become aware of unusual
activity.--BBC

 

 

 

US economic growth revised up to 4.2% for the second quarter

The US economy grew at a faster pace than initially thought in the second
quarter, according to revised figures.

 

The Commerce Department's second estimate for the April-June period put
growth at an annualised 4.2%, slightly up from the previous figure of 4.1%.

 

It was the best quarterly figure for nearly four years and put the economy
on track to hit Donald Trump's goal of 3% annual growth.

 

The figures helped send Wall Street to new highs on Wednesday.

 

The S&P 500 and the Nasdaq indexes both hit new record highs for the fourth
consecutive session, boosted by gains for technology companies such as
Amazon and Alphabet.

 

Amazon rose 3.4% as the online retailer edged closer to becoming the second
US company after Apple to be worth $1 trillion. Its market value stands at
$971bn.

 

Many economists had forecast a downward revision of growth to about 4%.

 

On a non-annualised basis, the economy grew 1% during the quarter. During
the same period, the UK economy expanded by just 0.4%.

 

The upward revision reflected more business spending on software than
previously estimated and less imports of oil.

 

Growth was driven by one-off factors such as a $1.5 trillion tax cut
package, which helped boost consumer spending.

 

The new estimate was based on a more complete set of data than previously
available and will be revised again next month.

 

US defence spending rose 6% in the quarter, the biggest increase in nine
years. But there was also downward revisions to consumer spending and
construction.

 

Economists questioned whether the US economy could maintain the same
momentum.

 

"We expect the pace of the expansion will cool in the second half of 2018,
as the boost from fiscal stimulus starts to fade ... and trade protectionism
weighs on activity," said Oren Klachkin at Oxford Economics in New York.

 

The robust growth pace is likely to keep the Federal Reserve on course to
raise interest rates next month for the third time this year.--BBC

 

 

 

Vodafone in $11bn Australian merger

Vodafone's Australian operations will become part of a new telecoms giant in
a A$15bn merger announced on Thursday.

 

Combining Vodafone Hutchison Australia and TPG Telecom will create a mobile,
fixed-line and broadband provider with the scale to rival Telstra and Optus.

 

Vodafone Australia, owned by Hong Kong-based CK Hutchison and Vodafone
Group, will have a majority 50.1% stake.

 

TPG will hold the remainder of TPG Telecom Limited, which will be listed on
the Australian Securities Exchange.

 

"The combination of the two companies will create an organisation with the
necessary scale, breadth and financial strength for the future," Vodafone
Hutchison Australia's chief executive Inaki Berroeta said in a statement.

 

"The equal terms of the combination preserves the competitive strengths of
the two businesses, meaning a sustainable long-term fixed/mobile competitor
to Telstra and Optus."

 

Australia bans Huawei and ZTE 5G networks

Telstra to slash 8,000 jobs

Mr Berroeta will be the managing director and chief executive of the new
merged group. David Teoh, who is currently the CEO and chairman of TPG, will
become the new group's chairman.

 

TPG is one of Australia's largest internet service providers.

 

Vodafone Hutchison Australia is the country's third largest mobile operator
which is jointly owned by Vodafone Group and Hutchinson Telecommunications
Australia. It has a mobile customer base of approximately 6 million
subscribers.

 

Shares in Hutchison Telecommunications Australia surged 44%. Stocks in TPG
Telecom jumped 18%.

 

The Australian Competition and Consumer Commission said it will soon begin a
public review of the proposed merger to identify any competition
concerns.--BBC

 

 

Emails read while commuting 'should count as work'

Commuters are so regularly using travel time for work emails that their
journeys should be counted as part of the working day, researchers say.

 

Wider access to wi-fi on trains and the spread of mobile phones has extended
the working day, a study from the University of the West of England says.

 

The study examined 5,000 rail passengers on commuter routes into London as
wi-fi became more available.

 

"I am a busy mum and I rely on that time," one commuter told researchers.

 

"It's really important to my sanity that I can get work done on the train,"
she said, on the Aylesbury to London route.

 

Never switching off

The study, to be presented at the Royal Geographical Society on Thursday,
found that 54% of commuters using the train's wi-fi were sending work
emails.

 

Those on the way to work were catching up with emails sent ahead of the
coming day - while those on the return journey were finishing off work not
completed during regular working hours.

 

Is it damaging for a work-life balance if people are expected to answer
emails before and after work?

"It's dead time in a way, so what it allows me to do is finish stuff and not
work in the evenings," said a commuter on the London to Birmingham route.

 

The study examined the impact of free wi-fi being upgraded on the London to
Birmingham and London to Aylesbury routes.

 

It showed that as internet access improved it had the effective consequence
of extending working hours, using laptops and mobile phones.

 

Is it OK to paint your nails on a train?

Rail fares: Commuters 'pay fifth of salary' on season ticket

Commuting by solar-powered river bus

For commuting parents, it was also seen as a "transition", where they
switched roles from being part of a family to a working environment.

 

There were other commuters who liked the "buffer" of being able to work when
travelling.

 

"The majority of the time it's an option for me to, you know, clear the
decks for the day, relax and put work behind me more than anything else,"
said a passenger on the London to Birmingham route.

 

Work-life balance

But the findings raise questions about the work-life balance - and whether
it is healthy to stretch out the working day with people routinely answering
emails beyond office hours.

 

If the journey has become part of work, should it also be recognised as part
of working hours?

 

Researcher Dr Juliet Jain said smartphones and mobile internet access had
caused a "blurring of boundaries" between work and home life - and this now
applied to the journey to work.

 

"How do we count that time? Do workplace cultures need to change?" she
asked.

 

Instead of technology giving people more flexibility over working, the study
showed that people were working extra hours on top of their time in the
office.

 

"There's a real challenge in deciding what constitutes work," said Dr Jain,
from the university's Centre for Transport and Society.

 

Counting the journey as work could "ease commuter pressure on peak hours"
travel, she said, allowing more staggered travel times.

 

But Dr Jain said it would also mean that employers would want "more
surveillance and accountability" for how commuters were spending that time
before arriving at their desks.

 

Business leaders recognised the difficulties of setting boundaries around
such work emails and mobile technology - and warned it could damage
productivity if work became too pervasive.

 

"This increasing flexibility has the potential to radically shift the
work-life balance for the better - but it also leaves open the door to
stress and lower productivity," said Jamie Kerr, of the Institute of
Directors.

 

"With the concept of clocking on and clocking off no longer straightforward,
defining where leisure begins and work ends will be vital for both employers
and individuals, as well as a complex task for regulators."--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
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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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