Major International Business Headlines Brief::: 04 December 2018

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Major International Business Headlines Brief::: 04 December 2018

 


 

 


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*  Nigerian court to hear MTN and attorney general case on Feb 7 - registrar

*  Sudan decides to allow private sector to export gold - PM on twitter

*  South Africa's Absa PMI rises for the first time in 3 months

*  Glencore hires new industrial mining chief, copper head steps down

*  Congo begins audit of Glencore unit over radioactivity concerns

*  South Africa's rand and stocks lifted by U.S.-China trade truce

*  Egypt intends at least two foreign-currency bond issues in Q1 2019 -
minister

*  IMF agrees new loan programme for Sierra Leone

*   South Africa's Naspers H1 profit jumps, Tencent robust

*  Egypt to stop discounted customs exchange rate for some imports

*  Global shares jump on US-China trade 'truce'

*  Cannabis firm confirms investment talks with Marlboro maker

*  YouTube top earners: The seven-year-old making $22m

*  Qatar pulls out of Opec oil producers' cartel

*  Royal Dutch Shell ties executive pay to carbon reduction

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

                                      

Nigerian court to hear MTN and attorney general case on Feb 7 - registrar

LAGOS (Reuters) - A Lagos court hearing concerning a dispute between South
African telecoms firm MTN Group and Nigeria’s attorney general over a $2
billion tax demand will take place on Feb. 7, a registrar said on Monday.

 

MTN faces a $2 billion tax demand from the country’s attorney general, a
claim which the company has said is without merit. A judge was scheduled to
hear the case on Monday but a registrar said the court would not sit and the
hearing had been moved to February.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Sudan decides to allow private sector to export gold - PM on twitter

KHARTOUM (Reuters) - Sudan has decided to allow the private sector to export
gold, Sudanese Prime Minister Moataz Moussa said in a message on his Twitter
account on Monday.

 

“With the blessings of the president of the republic, we have decided to
include the private sector in exporting gold,” Moussa said in his message,
adding that the central bank will take the necessary measures to ensure that
gold exports are channeled through the national economy.

 

 

 

South Africa's Absa PMI rises for the first time in 3 months

JOHANNESBURG (Reuters) - South Africa’s seasonally adjusted Absa Purchasing
Managers’ Index (PMI) rose in November, supported by an uptick in new orders
and business activity, a survey showed on Monday.

 

The index, which is compiled by the Bureau for Economic Research and gauges
manufacturing activity in Africa’s most industrialised economy, rose to 49.5
in November from 42.4 in October, just missing the 50-mark separating
contraction from expansion.

 

The index stood at a revised 44.5 in September, and 43.4 in August. It stood
at 51.5 in July.

 

“Going forward, a likely significant fuel price decline on Wednesday may
bring further relief for producers in December,” it said in a statement.

 

South Africa’s energy department said over the weekend that the petrol price
will decrease by 184 cents a litre, while wholesale diesel price to decrease
by 147.4 cents a litre from Dec. 5.

 

 

 

Glencore hires new industrial mining chief, copper head steps down

LONDON (Reuters) - Glencore has appointed Peter Freyberg to the newly
created role of head of industrial mining, the global trader and miner said
on Monday, while its head of copper Telis Mistakidis retires at the end of
the year.

 

The London-listed miner said billionaire Mistakidis, who also owns a stake
in the company, will be replaced by Nico Paraskevas.

 

Glencore was ordered by U.S. authorities in July to hand over documents
about its business in the Democratic Republic of Congo, Venezuela and
Nigeria as part of a corruption probe.

 

The company, which has shed 25 percent of its market value this year, mines
copper and cobalt in Congo and had oil businesses in Venezuela and Nigeria.

 

Freyberg was previously head of the company’s coal assets and will be
replaced in that role by Gary Nagle, Glencore said in an update to
investors.

 

The London-listed miner also narrowed the 2018 operating earnings forecast
range for its trading division, and pointed to weakness in its alumina and
cobalt businesses.

 

It said full-year marketing adjusted earnings before interest and tax would
be between $2.6 billion and $2.8 billion at the unit, compared with its
previous forecast of within the top half of a $2.2-$3.2 billion range.
(bit.ly/2DY3heM)

 

In production, copper output in 2019 is projected to reach 1.540 million
tonnes from an expected 1.465 million this year. Cobalt output next year is
expected to total 57,000 tonnes from a target of 39,000 tonnes in 2018.

 

Jason Kluk and Ruan Van Schalkwyk are to be appointed as joint heads of
ferroalloys marketing.

 

 

 

Congo begins audit of Glencore unit over radioactivity concerns

DAKAR (Reuters) - Authorities in Democratic Republic of Congo have started
auditing a Glencore unit’s supply chain to determine where small amounts of
uranium detected in its cobalt come from, the mines ministry said on Monday.

 

    Glencore subsidiary Katanga Mining said on Nov. 6 it had halted cobalt
exports from its Kamoto project in southeastern Congo while it builds a
facility to remove excess uranium.

 

    The Congo mines minister suggested last week that Glencore had suspended
exports and announced its investment in the $25 million facility to avoid
higher taxes that would kick in once Kamoto’s operations became profitable.


 

    “The audit is already ongoing,” Valery Mukasa, the mines minister’s
chief of staff, said in text message. He did not provide further details.

 

    A Glencore spokesman declined to comment.

 

    Glencore’s relations with Congolese authorities have grown increasingly
strained in recent months as the government pushes for foreign investors to
contribute more to state coffers.

 

 

 

South Africa's rand and stocks lifted by U.S.-China trade truce

JOHANNESBURG (Reuters) - South Africa’s rand firmed more than 1 percent
against a softer dollar on Monday, in line with emerging markets and a fall
in bond yields, as a temporary trade truce agreement between U.S. and
Chinese leaders supported demand for riskier assets.

 

Stocks surged along with global markets on the news that the two countries
agreed to halt additional tariffs on each other.

 

The rand was trading at 13.7075 per dollar by 1500 GMT, 1.05 percent firmer
than its close on Friday of 13.8500. The currency touched an intraday low of
13.5800.

 

Government bonds also firmed, with the yield on the benchmark bond due in
2026 falling 3 basis points to 8.910 percent.

 

“The rand appreciated markedly at the start of Monday’s session,
outperforming other EMEA currencies in the aftermath of the U.S.-China trade
war truce news. We expect the currency to continue to strengthen in the next
few days,” said Continuum Economics in a note.

 

The White House said on Saturday that U.S. President Donald Trump and
Chinese President Xi Jinping had agreed to keep the trade war from
escalating by pledging to halt imposition of new tariffs for 90 days, while
continuing to work on a long-lasting agreement in the given period.

 

On the local front, South Africa’s seasonally adjusted Absa Purchasing
Managers’ Index (PMI) rose for the first time in three months to 49.5 in
November from 42.4 in October, supported by an uptick in new orders and
business activity.

 

“The PMI survey reflected that conditions in the manufacturing sector
improved to an essentially neutral level of 49.5 in November, from a
depressed reading of 42.4 in October,” said Investec in a note.

 

In equities, the All Share index was 3.17 percent higher at 52,270 points
while the blue chip Top 40 index was 3.58 percent firmer at 46,254 points.

 

Bourse heavyweight Naspers rose 4.54 percent to 2,889 rand while
Petrochemicals group Sasol jumped 6.82 percent to 43.40 rand at the top of
the blue chip index as oil prices were given an additional boost ahead of an
OPEC meeting during which oil supply is expected to be cut.

 

 

 

Egypt intends at least two foreign-currency bond issues in Q1 2019 -
minister

CAIRO (Reuters) - Egypt is aiming for at least two foreign currency bond
issues in the first quarter of 2019, the finance minister said on Monday.

 

Finance Minister Mohamed Maait declined to say exactly how much Egypt was
seeking to raise. Previously, he had said the target was about $5 billion.

 

“It can go up, it can go down. It depends on the moment of decision making,”
Maait said on the sidelines of a business conference.

 

Asked what currencies the bonds would be issued in, Maait only said: “It can
be two or more ... in the next quarter, we are planning for the first
quarter of 2019.”

 

Maait also said Egypt was aiming for economic growth of 5.8 percent in the
current financial year that ends in June and for at least 6 percent in
2019-2020.

 

Separately, deputy finance minister Ahmed Kouchouk said Egypt was aiming to
lengthen the average maturity on its debt to 3.5 years by the end of June
from two years now.

 

“The maturity of our debt has reached less than two years. We are aiming to
increase it to 3.5 years by the end of the current financial year, and then
increase it to nearly 5 percent in the medium term,” Kouchouk said.

 

Egypt’s foreign debt stood at $92.64 billion at the end of June. Its
borrowing requirement for the repayment of external debt is $10.51 billion
in the current financial year.

 

 

IMF agrees new loan programme for Sierra Leone

FREETOWN (Reuters) - The International Monetary Fund (IMF) board has
approved a new $172 million loan programme for Sierra Leone to help the West
African country combat rising inflation and lacklustre economic growth.

 

The 43-month agreement follows a previous $240 million financing plan that
was suspended in February over foot-dragging on reforms such as taxing
luxury car imports, and removing subsidies on fuel and rice.

 

“The objectives of the previous program remain appropriate, but
circumstances call for a recalibration,” the IMF said in statement.

 

“The main objectives of the current program are to safeguard macroeconomic
stability, deepen structural reforms, and advance the country’s education
for development and poverty reduction agendas.”

 

Representatives of Sierra Leone’s finance ministry and central bank did not
immediately respond to requests for comment.

 

After recovering from a civil war ending in 2002, the country saw impressive
growth but its economy was then battered by an Ebola epidemic and falling
commodity prices. Economic growth has declined from 6.3 percent in 2016 to
an estimated 3.75 percent this year.

 

The IMF has reclassified Sierra Leone as a “high risk” for debt distress as
a result of the economic slowdown.

 

As a part of its deal with the Fund, the finance ministry and central bank
have signed a memorandum of understanding that the new government, elected
in April, will cooperate with IMF conditions in terms of budget spending and
accounting.    

 

“The economic environment remains challenging, with output growth still
recovering from the recent loss in iron ore mining and reduced activity in
the non-mining sectors,” IMF representative Brian Aitken said during a visit
to Sierra Leone in October.

 

Aitken added that Sierra Leone’s growth is unlikely to pass 4 percent this
year, warning that inflation remained high at 18 percent.

 

 

 

South Africa's Naspers H1 profit jumps, Tencent robust

JOHANNESBURG (Reuters) - South African media and e-commerce giant Naspers
reported a 39 percent jump in half-year profit on Friday, thanks to a strong
performance in its investment in China’s Tencent.

 

Naspers, which owns about a third of Tencent, said core headline earnings
came in at $1.7 billion, or 385 cents per share, in the six months ended
September compared with $1.2 billion, or 277 cents per share, a year
earlier.

 

Core headline EPS is Naspers’ main profit measure that strips out
non-operational and one-off items.

 

Tencent’s contribution to core headline EPS of $1.8 billion helped offset
weakness at the company’s other businesses that include e-commerce platforms
MakeMyTrip and Delivery Hero.

 

Founded more than 100 years ago in Stellenbosch, South Africa, Naspers has
transformed itself from a newspaper publisher into a $87 billion empire but
it owes all of that valuation to its one-third stake in Tencent.

 

The stake has become not just a moneyspinner for the group but also a
headache as it dwarfs Naspers’ own market capitalisation by 40 percent.

 

Share in Naspers rose 1.1 percent to 2,280 rand as of 1348 GMT.

 

 

Egypt to stop discounted customs exchange rate for some imports

CAIRO (Reuters) - Egypt is set to end a discounted customs exchange rate in
December for imports of goods that are considered non-essential, the finance
minister said on Friday.

 

Egypt began setting a monthly fixed customs exchange rate in January last
year, following the flotation of its pound currency in November 2016.

 

In recent months the customs rate for all goods had been set at 16 Egyptian
pounds to the dollar. On the currency market, Egypt’s pound has held steady
in a narrow range of 17.78 to 17.98 to the dollar over the last six months.

 

>From Dec. 1 the rate for strategic and essential goods will remain at 16,
while the rate for non-essential goods will be set as the average exchange
rate listed by the central bank during the preceding month, Finance Minister
Mohamed Maait said in a statement carried by state news agency MENA.

 

The non-essential goods include tobacco products, alcohol, pet food and
cosmetics, the statement said.

 

Some goods, such as mobile phones and computers that are exempt from customs
taxes, goods including furniture and shoes that are manufactured locally,
and cars and motorbikes, will also be subject to the new rate.

 

Industrial and agricultural raw products will still be imported at the
discounted rate, according to the finance minister’s statement.

 

 

Global shares jump on US-China trade 'truce'

Global stock markets have jumped following the truce in the US-China trade
war.

 

US indexes rose about 1% on Monday, following gains in Europe and Asia.

 

The increases come after the US and China said they had agreed to not
increase tariffs for 90 days to allow for talks.

 

It remains uncertain how the two sides will resolve underlying US concerns
over trade barriers, subsidies and alleged technology theft.

 

 

Despite the questions, US President Donald Trump was in an ebullient mood,
promising benefits to US farmers and car companies.

 

On Twitter, he said farmers would be a "very BIG and FAST beneficiary" and
described the meeting with Chinese President Xi Jinping as "extraordinary".

 

Both farmers and the auto industry have been struck in the trade war, as the
US and China hit each other with escalating tariffs.

 

Since July, the US has imposed tariffs on $250bn (£195.9bn) worth of Chinese
goods. China has retaliated with duties on some $110bn of US goods over the
same period.

 

What was agreed at the G20?

The US agreed to postpone further tariffs on Chinese goods - a halt that
applies to its plans to raise tariffs from 10% to 25% on almost 6,000 items.

 

The 90-day pause will start 1 January.

 

In exchange, the two countries agreed to re-start talks on the US concerns
that triggered the dispute, including "forced technology transfer,
intellectual property protection, non-tariff barriers, cyber intrusions and
cyber theft", according to the White House.

 

Trade war truce: A win for the US or China?

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

A quick guide to the US-China trade war

In addition, the US said China agreed to "purchase a not yet agreed upon,
but very substantial, amount of agricultural, energy, industrial, and other
products from the United States".

 

Mr Trump later wrote on Twitter that China would "reduce and remove" tariffs
on US-made cars, which had been raised to 40% over the summer as tensions
escalated.

 

Beijing did not immediately confirm the statement and White House economic
advisor Larry Kudlow said the two sides had not come to a firm agreement.

 

However, he said he expected China to reduce the tariffs to zero, taking
action "immediately" as a way to demonstrate its commitment to a final deal.

 

What's missing in China's official statement?

Zhaoyin Feng, US Correspondent, BBC Chinese Service

 

Beijing has offered limited details regarding the truce deal made during the
Trump-Xi meeting in Buenos Aires, a move to downplay China's compromises in
the negotiation and to save face in front of its own people.

 

China's official statement underlines that no higher tariffs will be imposed
on January 1, 2019, but it does not mention the 90-day deadline.

 

The US statement also lays out major issues for discussion in the coming 90
days and types of American products that China promises to purchase, while
the details are not disclosed by the Chinese government and barely reported
by the heavily regulated Chinese domestic media outlets.

 

The not-so-subtle disparities between the US and Chinese official statements
highlight how much a gap needs to closed in the three-month trade war
time-out.

 

Also, Beijing has neither echoed nor rebutted Trump's claim about China
agreeing to "reduce and remove" tariffs on American vehicles. China's
silence indicates that the two leaders likely discussed the issue and
reached a tentative agreement during their dinner meeting.

 

On the non-trade issues, Beijing was more open, announcing that China will
tighten supervision of Fentanyl and review rules on the drug. Pledging to
crack down Fentanyl is considered a low-hanging fruit in the Trump-Xi
meeting, as China has previously pledged to work with the US to stop opioid
imports.

 

What pushed the two sides to the table?

China had previously offered to increase its purchases of US products, only
to have Mr Trump reject the deal.

 

However, he has faced fierce criticism from US business groups, as the
tariffs lead to reduced exports of crops such as soybeans, while raising
costs for businesses that rely on Chinese imports.

 

Worries about the economic impact of the tariffs have pushed stock markets
lower in recent months.

 

In China, tariffs have also weighed on the economy.

 

On Monday, China's foreign ministry said economic teams in both countries
had been instructed to "intensify talks" towards removing all tariffs
following the G20 meeting.

 

It did not indicate if that was a plan with specific goals or something that
was merely desirable.

 

Will this resolve the dispute?

The White House was eager to declare victory on Monday, with Mr Kudlow
hailing this weekend's meeting as an "enormous, enormous event".

 

"We have never had such broad-based, deep-down commitments," he said, though
he later added there is more work to do.

 

US markets initially gained more than 1% on Monday, but the enthusiasm
dimmed a bit later, as it remained unclear how the two countries will
resolve their underlying differences.

 

"There should be no wishful thinking that the truce would end the trade war
between the world's two largest economies," DBS strategist Philip Wee wrote
in a research note.

 

Trade wars and protectionism explained

He said it "remains to be seen if real progress could be achieved during
this narrow window to resolve the contentious issues, not just on trade, but
also intellectual property".

 

However, Andrew Hunter, US economist for Capital Economics, said he is
optimistic that the apparent "ceasefire" will hold, even though the two
sides have been in similar positions before.

 

He said Mr Trump has been willing to strike trade deals with only modest
concessions in the past, pointing to new agreements with South Korea, Canada
and Mexico.

 

"With Trump himself having personally negotiated the latest deal, this one
has a much greater chance of leading to a lasting truce," he wrote in a
research note.--BBC

 

 

 

Cannabis firm confirms investment talks with Marlboro maker

Altria, the maker of Marlboro cigarettes, is in talks with a Canadian
cannabis producer over a potential investment in the firm.

 

Canada's Cronos Group confirmed the discussions but said it had not yet
reached an agreement.

 

It follows reports that Altria was in talks to acquire Cronos as it moves to
diversify from traditional smokers.

 

Canada legalised recreational cannabis in October - the second country in
the world to do so.

 

Cronos confirmed in a statement "it is engaged in discussions concerning a
potential investment by Altria Group Inc. in Cronos Group."

 

"No agreement has been reached with respect to any such transaction and
there can be no assurance such discussions will lead to an investment or
other transaction involving the companies."

 

Canada legalises sale and use of cannabis

Corona beer firm pours $4bn into weed

Tobacco giant invests in medical cannabis

Several other companies around the world are pushing into the marijuana
sector.

 

Corona beer owner Constellation Brands has said it would pour some $4bn
(£3.1bn) into Canada's top cannabis producer, Canopy Growth, in a deal
marking the largest investment in the industry to date.

 

Tobacco firm Imperial Brands is investing in UK biotech company Oxford
Cannabinoid Technologies, while a recent media report said Coca-Cola was in
talks with a Canadian producer Aurora Cannabis about developing
marijuana-infused beverages.

 

Canadian Prime Minister Justin Trudeau campaigned to legalise cannabis,
arguing laws criminalising its use were ineffective given Canadians are
among the world's heaviest users.

 

Cannabis possession first became a crime in Canada in 1923 but medical use
has been legal since 2001.--BBC

 

 

 

YouTube top earners: The seven-year-old making $22m

A seven-year-old boy who reviews toys has been revealed as YouTube's
highest-earning star, raking in $22m (£17.3m).

 

The estimate by Forbes magazine found that Ryan of Ryan ToysReview pipped
Jake Paul by $500,000 for the 12 months to June.

 

Videos are posted most days and one promoting a blue giant mystery egg
bearing Ryan's face has had more than a million views since Sunday.

 

The Dude Perfect channel was in third place, making $20m, Forbes said.

 

Ryan's earnings, which do not include tax or fees charged by agents or
lawyers, have doubled compared with the previous year.

 

Asked by NBC why kids liked watching his videos, Ryan - who is now eight -
replied: "Because I'm entertaining and I'm funny."

 

Since the channel was set up by Ryan's parents in March 2015, its videos
have had almost 26 billion views and amassed 17.3 million followers.

 

Forbes said all but $1m of the $22m total is generated by advertising shown
before videos, with the remainder coming from sponsored posts.

 

The amount generated by sponsored posts is small compared with other top
YouTubers, Forbes writes. It is "the result not only of how few deals Ryan
(or his family) chooses to accept, but also the fact that his pint-sized
demographic isn't exactly all that flush".

 

The toys featured in one of the channel's videos can sell out instantly.

 

In August, Walmart began selling an exclusive range of toys and clothing
called Ryan's World, and a video showing Ryan and his parents searching for
his own toys at a Walmart store has had 14 million views in three months.

 

The revenues from the Walmart deal are set to substantially increase Ryan's
total earnings next year.

 

As he is still a child, 15% of Ryan's earnings are put into a bank account
that he can only access when he becomes a legal adult.

 

Ryan's twin sisters haven't been left out of the fun either: they feature in
some videos on a related YouTube channel called Ryan's Family Review.

 

A video titled "Top 10 Science Experiments you can do at home for kids"
starring the three children has had more than 26 million views:

 

Daniel Middleton, the Minecraft gamer who topped the 2017 list with earnings
of $16.5m, has slipped to fourth place.

 

While Jake Paul moved up six places to second, his brother Logan Paul has
tumbled down the Forbes rankings this year to 10th place with $14.5m - still
$3m more than 2017.

 

Logan Paul apologised in January after showing the body of an apparent
suicide victim in Japan in one of his videos.

 

Google, which owns YouTube, removed Paul's channels from its Google
Preferred programme, where brands sell ads on the platform's top 5% of
content creators, in the wake of the controversy.--BBC

 

 

 

Qatar pulls out of Opec oil producers' cartel

Qatar has announced it is pulling out of the Opec oil producers' cartel,
just days before the group meets in Vienna.

 

The Gulf state, which joined Opec in 1961, said it would leave the cartel in
January and would focus on gas production.

 

Qatar, the world's biggest exporter of liquefied natural gas, has been
boycotted by some Arab neighbours over allegations that it funds terrorism.

 

Opec is expected to cut oil supply at this week's meeting.

 

Explaining Qatar's decision, Energy Minister Saad al-Kaabi said: "We don't
have great potential (in oil), we are very realistic. Our potential is gas."

 

Qatar crisis: What you need to know

He said geopolitics was not factor in the decision.

 

Since June 2017, Qatar has been cut off by some of its powerful Arab
neighbours, particularly Saudi Arabia, over its alleged support for
terrorism.

 

Qatar's withdrawal from Opec may not have any lasting impact on the price of
oil as it is a relatively small producer.

 

But this week's meeting of Opec is being closely watched by markets for any
agreement over cuts to production after the oil price fell sharply in
November.

 

Qatar is Opec's 11th biggest oil producer - which is to say it's one of the
smallest producers in the cartel, clocking in at less than 2% of the group's
output.

 

While its departure might not mean much for Opec's influence over the oil
market, it is important to see the decision within the broader geopolitical
climate here in the Middle East.

 

Opec's de facto leader Saudi Arabia has been leading a regional blockade on
Qatar that has seen trade and travel links severed since June 2017.

 

While Qatar's energy minister insists that the decision was not political,
the withdrawal from Opec after 57 years in the club is just another way that
Qatar and its Gulf Arab cousins are growing further apart as relations
deteriorate.

 

Price pressures

Expectations are high that Opec will reach an agreement on output this week
after Russian President Vladimir Putin said at the weekend that he and Saudi
Arabia's Crown Prince Mohammed bin Salman "have agreed to extend our
agreement" to limit production.

 

Russia is not a member of Opec, but is one of the biggest oil producers
outside the group.

 

Mr Putin's comments pushed oil prices higher. In early trading on Monday,
Brent crude was $2.60 higher at $62.06 a barrel, while US West Texas
Intermediate oil rose $2.42 to $53.35 a barrel.

 

However, prices are down sharply from September - when Brent crude was at
$81.16 a barrel - because of concerns about over supply.

 

Qatar produces around 650,000 of barrels of oil a day, compared with
Russia's 11.37 million barrels a day.--BBC

 

 

 

Royal Dutch Shell ties executive pay to carbon reduction

Energy giant Royal Dutch Shell is to set carbon emission targets and link
them to its executive pay.

 

The Anglo-Dutch company has made the move after pressure from investors, led
by asset manager Robeco and the Church of England Pensions Board.

 

The groups said they believed "climate change to be one of the greatest
systemic risks facing society today".

 

Shell will link energy transition and long-term pay, subject to a
shareholder vote in 2020.

 

The firm is still in talks with investors over the precise figures over
carbon targets and what percentage of pay might be affected, but it is
estimated that as many as 1,300 high-level employees could be employed.

 

Climate chiefs warn 'world at crossroads'

'Trump effect' limits action on climate

David Cumming of Aviva Investors told the BBC: "This is evidence of the
growing power of what they call ESG - environmental, social and governance -
investing.

 

"Investors are increasingly concerned over environmental and social metrics
like carbon emissions.... and encouraging moves like the one seen today."

 

He said other oil firms would be forced to follow Shell's example.

 

"We will see more of this going forward," said Mr Cumming. "The pressure is
on for that, they will come round to statutory [carbon] metrics."

 

Shorter-term targets

Shell aims to set three- to five-year targets every year which will include
specific net carbon footprint targets.

 

Last year, shareholders criticised Shell for last year setting long-term
"ambitions" to halve its emissions of carbon dioxide by 2050, which lacked
binding targets.

 

Shell has now signed a joint statement with a group of 310 investors with
more than $32 trillion (£25tn) of assets under management, dubbed Climate
Action 100+.

 

"We are taking important steps towards turning our Net Carbon Footprint
ambition into reality by setting shorter-term targets," said Shell boss Ben
van Beurden.

 

It comes as governments meet in Poland for a conference hosted by the United
Nations COP24 which will lay out a "rule book" to implement a 2015 climate
accord.

 

'Benefit of engagement'

According to Adam Matthews, director of ethics and engagement for the Church
of England pensions board, the Shell move "sets a benchmark for the rest of
the oil and gas sector".

 

He also said it showed "the benefit of engagement - aligning institutional
investors' long-term interests with Shell's desire to be at the forefront of
the energy transition".

 

The Archbishop of Canterbury, Justin Welby, added: "As governments meet at
the United Nations climate negotiations in Poland, I am delighted to see a
unique announcement on climate change between investors and one of the
largest companies in the world - Royal Dutch Shell.

 

"I am pleased that the Church of England Pensions Board has worked in
collaboration with other investors... and with the management of
Shell."--BBC

 

 

 

 


 

 


 

INVESTORS DIARY 2018

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


GetBucks

AGM

Conference Room 1, Monomotapa Hotel

04/12/2018 (10am )

 


Innscor

AGM

Royal Harare Golf Club

05/12/2018 (8:15am)

 


Truworths

AGM

Boardroom, Prospect Park, 808 Seke Road

06/12/2018 (9am)

 


TSL

EGM

Head Office, 28 Simon Mazorodze Road, Southerton

07/11/2018 (10am )

 


Cassava shares list on the ZSE

 

11/12/2018

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 


 

 

 

 


 <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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