Major International Business Headlines Brief::: 11 December 2018

Tue Dec 11 09:39:13 CAT 2018

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Major International Business Headlines Brief::: 11 December 2018

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

*  South Africa needs to bail out Eskom, says former Eskom adviser Rothschild

*  South Africa's MTN says still in talks with Nigerian authorities\

*  Nigeria's economy grew 1.81 pct in Q3, driven by non-oil sector, stats office says

*  KPMG South Africa appeals for second chance after corruption scandals

*  UK's Experian to buy Africa's Compuscan

*  Congo's Gecamines to boost stake in Boss Mining JV to 49 pct

*  Egypt's annual urban consumer price inflation falls to 15.7 pct in November

*  Kenya's Consolidated Bank says seeking investor to inject 3.5 bln shillings

*  Sudan's inflation rises slightly in November to 68.93 pct

*  South African rand firmer as dollar slides on soft payrolls data

*  Venezuela crisis: Goodyear staff get '10 tyre' severance

*  France yellow vest protests: Macron promises wage rise

*  UK economy slows as car sales fall

*  Apple denies iPhone import ban in China

*  Indian rupee hit by central bank chief's shock resignation

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South Africa needs to bail out Eskom, says former Eskom adviser Rothschild

JOHANNESBURG (Reuters) - The South African government needs to “bite the bullet” and bail out struggling state-run power firm Eskom, which has asked for 100 billion rand ($7 billion) in government support, the chief executive of Rothschild & Co in South Africa told Reuters.

Rothschild advised Eskom in 2008 when it last received a major cash injection from government. At the time, Eskom sought 115 billion rand, but was granted a 60 billion rand loan which was later converted into equity.

Eskom has implemented controlled power cuts for much of the past week, which could erode support for the ruling African National Congress at next year’s national election.

Opinion is divided on whether Eskom, which provides more than 90 percent of South Africa’s power but was embroiled in corruption scandals under its previous management, should be bailed out again.

Rothschild’s Martin Kingston said in an interview that recapitalising Eskom could cost the country its last investment grade credit rating but that there was “no other obvious solution” if Eskom was to survive.

“The government knows that putting money into Eskom is going to exacerbate a downgrade scenario. But I think it is going to have to bite that bullet,” Kingston said. “The level of debt on Eskom’s balance sheet is completely unsustainable.”

Eskom’s debt has ballooned from around 106 billion rand to more than 419 billion rand over the past decade, while electricity sales have fallen.

Eskom executives told investors on a roadshow last week they wanted the state to take on 100 billion rand of the company’s debt. But Finance Minister Tito Mboweni is yet to approve the proposal and has said the state cannot afford to continue “pouring money” into loss-making state firms. [nL8N1YA2BV]

President Cyril Ramaphosa has made reforming Eskom a priority since taking office in February, but the scale of its financial difficulties has made progress slow.

Kingston said the government had kicked the can down the road by not providing Eskom with more funds in 2008 and that restructuring the utility could take three to five years.

($1 = 14.1565 rand)

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South Africa's MTN says still in talks with Nigerian authorities

JOHANNESBURG (Reuters) - South African telecoms firm MTN Group was still in talks with Nigerian authorities over an $8.1 billion dispute and a $2 billion tax demand in a bid to reach an agreement, Africa’s biggest mobile operator said on Monday.

The dispute is over the transfer of $8.1 billion of funds which Nigeria’s central bank said the company had sent abroad from Africa’s biggest economy in breach of foreign-exchange regulations. MTN has denied any wrongdoing.

MTN also faces a $2 billion tax demand from Nigeria’s attorney general, a claim which the company has said is without merit.

“Shareholders are advised that MTN Nigeria Communications Limited continues to engage with the Nigerian authorities in order to reach a mutually acceptable resolution on both the Central Bank of Nigeria and Attorney General matters,” the firm said in a statement.

On Tuesday, a court in Lagos adjourned the case between MTN and representatives of Nigeria’s central bank to Dec.12, after lawyers requested a short adjournment for them to report back to the court on the settlement talks.

Another court hearing over the $2 billion tax demand will take place on Feb. 7, a registrar said last Monday.

Nigeria's economy grew 1.81 pct in Q3, driven by non-oil sector, stats office says

ABUJA (Reuters) - Nigeria’s economy grew 1.81 percent in the third quarter of 2018 from a year earlier, pushed higher by the non-oil sector, the statistics office said on Monday.

The figures are a slight improvement from the previous quarter, when a slowdown in growth sparked fears that Africa’s biggest oil producer might enter recession for the second time in three years.

But a sluggish recovery since 2017 could bode poorly for President Muhammadu Buhari, who is seeking a second term in February 2019 elections and for whom economic rejuvenation has been a key pillar of policy.

The non-oil sector grew 2.32 percent in the third quarter, the National Bureau of Statistics (NBS) said, adding that information and communication services were the main driver of the expansion.

Oil production rose slightly to 1.94 million barrels per day (mbpd) in the period, from 1.84 mbpd in the previous quarter, yet the sector’s growth contracted 2.91 percent from the previous year when production was at 2.02 mbpd, the statistics office said.

KPMG South Africa appeals for second chance after corruption scandals

JOHANNESBURG (Reuters) - The chairman of KPMG South Africa on Monday appealed for the firm to be seen as a changed business, following months of efforts to regain public trust after becoming embroiled in major corruption scandals.

In an open letter published in South African newspapers, KPMG South Africa’s executive chairman Wiseman Nkuhlu said the local unit of the audit giant was “very different” from 18 months ago, after a period of significant introspection and change.

“I would like to make an appeal to South Africa-business, government and the public,” he wrote, asking for recognition of its efforts, patience and the chance to play a positive role in South Africa.

“KPMG has nothing to hide,” the letter also said, adding the firm had cooperated with inquiries and would accept responsibility for its misdeeds.

KPMG has apologised repeatedly for its role in some of South Africa’s largest corruption scandals, which have damaged the reputation of one of the world’s biggest audit firms at a time when it is also facing criticism for its practices elsewhere.

Its South African unit lost several major clients and had to overhaul its leadership over work done for the Gupta family, friends of former president Jacob Zuma who were accused of unduly influencing the awards of billions of rand in government contracts. Zuma and the Guptas have denied any wrongdoing.

It also audited the results of VBS Mutual Bank during a period when almost 2 billion rand ($141 million) was looted from the lender, with the unit reporting a former partner to the police as a result, and came under fire over a report into the South African Revenue Service.

Nkuhlu pointed to a number of things the firm had done to regain trust, including appointing a new chief executive and agreeing to repay 47 million rand in fees earned from Gupta companies, but acknowledged this would not happen quickly.

“We failed by our own standards and we let the country down,” he wrote.

($1 = 14.1565 rand)

UK's Experian to buy Africa's Compuscan

(Reuters) - Credit check firm Experian Plc has agreed to buy South African peer Compuscan for $262.78 million, bulking up its existing African operations and giving it a foothold in a handful of other states, Experian said in a statement on Monday.

Britain’s competition watchdog last month indicated it may block Experian’s takeover of rival ClearScore due to concerns that the deal could stifle development of digital products that help customers understand personal finances.

($1 = 14.1565 rand)

Congo's Gecamines to boost stake in Boss Mining JV to 49 pct

KINSHASA (Reuters) - Democratic Republic of Congo’s state mining company Gecamines said on Monday it would increase its stake in its Boss Mining joint venture with ENRC Africa Holdings to 49 percent after the two companies renegotiated terms.

The state miner is moving to increase its take from joint ventures with international miners such as Glencore and China Molybdenum, which it accuses of not bringing enough money to the country.

Congo is Africa’s biggest copper and cobalt producer and also mines gold and diamonds, but it is one of the world’s least developed countries with an annual budget of roughly $5 billion.

In a statement on Monday, Gecamines said its share in Boss Mining would rise to 49 percent from 30 percent, while ENRC’s stake would fall to 51 percent from 70 percent.

A Boss Mining debt of $1.5 billion towards ENRC - a subsidiary of Kazakh group Eurasian Natural Resources Corporation - has also been cancelled, and the signing bonus payable by ENRC to Gecamines was raised to $165 from $35 per tonne of copper and copper equivalent, the statement said.

Boss Mining exported over 17,000 tonnes of copper over the first six months of 2018.

Gecamines signed a production-sharing deal for copper and cobalt deposits with China’s Hongkong Excellen Mining Investment last week, its first production-sharing deal for copper and cobalt deposits.

Egypt's annual urban consumer price inflation falls to 15.7 pct in November

CAIRO (Reuters) - Egypt’s annual urban consumer price inflation dipped to 15.7 percent in November from 17.7 percent in October, the official statistics agency CAPMAS said on Monday, exceeding analysts’ expectations.

The rate had been increasing steadily since August, reflecting the impact of the government’s fuel, electricity and transportation subsidy cuts that helped it meet the terms of its $12 billion IMF loan.

“We did not expect the rate to decline like this,” said Radwa El-Swaify, head of research at Pharos Securities Brokerage.

Inflation had spiked in October due to supply problems in the domestic fruit and vegetable market.

Prices fell by an average of 0.8 percent across urban Egypt in November from October, the main driver behind the decrease in the headline rate.

“The results are much better than expected, and it’s a big relief for policymakers as the headline inflation rate is back within the central bank’s targeted range,” said Allen Sandeep, head of research at Naeem Brokerage.

Egypt’s central bank, which is targeting an inflation rate of 10-16 percent, left key interest rates on hold in its November meeting, saying underlying inflationary pressures in the economy were contained.

The bank’s monetary policy committee is due to meet again on Dec. 27.

Kenya's Consolidated Bank says seeking investor to inject 3.5 bln shillings

NAIROBI (Reuters) - Kenya’s Consolidated Bank said on Monday it was seeking an investor, either foreign or local, to inject 3.5 billion Kenyan shillings ($34.21 million) as part of its balance sheet reorganisation.

In a statement published in local newspapers, the state-owned bank asked investors to send in their prequalifications as a first step by Jan. 9, 2019.

In late November, Consolidated Bank said it had given its directors permission to allot up to 3.5 billion shillings in new preference shares to an unidentified investor and that the reorganisation of its balance sheet was a precursor to privatisation at a later date.

The bank has 17 branches and assets of over 12.5 billion shillings.

The National Treasury owns 85.8 percent of the bank, with the rest of the shares held by other government agencies.

($1 = 102.3000 Kenyan shillings)

Sudan's inflation rises slightly in November to 68.93 pct

CAIRO (Reuters) - Sudan’s inflation rose to 68.93 percent in November year-on-year, from 68.44 pct in October, the state statistics agency said on Sunday.

Inflation jumped to more than 50 percent in January, when subsidy cuts triggered food price increases that kindled unrest. Since then it has continued to accelerate despite attempts to slow price rises with strict limits on cash withdrawals.

South African rand firmer as dollar slides on soft payrolls data

JOHANNESBURG (Reuters) - South Africa’s rand firmed in early trade on Monday as the dollar dropped after soft U.S. payrolls data fuelled speculation that the Federal Reserve may stop raising interest rates after a highly likely move next week.

At 0630 GMT, the rand traded at 14.1050 per dollar, 0.53 percent firmer than its close of 14.1800 on Friday.

U.S. jobs growth slowed in November, data released last week showed, while monthly wages increased less than forecast, suggesting some moderation in economic activity that could support expectations of fewer interest rate increases from the Federal Reserve in 2019.

Expectations of fewer U.S. interest rate hikes boost investors’ appetite for emerging markets assets, which offer higher returns but carry more risk.

The local market focus is on October mining and manufacturing output numbers due on Tuesday, and November consumer price inflation data and October retail sales figures expected on Wednesday.

“The rand market did not take kindly to last week’s weaker-than-expected current account data and is likely to be skittish ahead of this week’s mining, manufacturing and retails sales releases, which will give us a first glimpse of fourth-quarter economic activity,” RMB analyst Nema Ramkhelawan-Bhana said in a note.

Venezuela crisis: Goodyear staff get '10 tyre' severance

Goodyear employees in Venezuela are each to be given 10 tyres as part of their severance payment, as the US firm halts operations in the country.

Quality tyres are valuable on the black market, in a country where there is a chronic shortage of all sorts of goods.

A number of foreign firms have pulled out of Venezuela, citing a growing economic crisis and US sanctions.

President Nicolás Maduro has accused his opponents and the US of waging an "economic war" on his government.

In a statement on Monday, Goodyear said that it "has made the difficult decision to stop producing tyres" in Venezuela, Reuters news agency reports.

"Our goal had been to maintain its operations, but economic conditions and US sanctions have made this impossible."

The company said it was in the process of making severance payments, which included giving each employee 10 tyres.

Goodyear is the latest multinational to leave Venezuela, following Kellogg, Kimberley Clark and several airlines.

Venezuela has been in a dire economic crisis since 2014.

An estimated 2.3 million citizens have fled hyperinflation, power cuts, and food and medicine shortages.

Over the past two years, the US administration of President Donald Trump has imposed sanctions on dozens of Venezuelans, including top officials.

Washington accuses them of corruption, drug trafficking and human rights abuses - a claim they deny.--bbc

France yellow vest protests: Macron promises wage rise

France's President Emmanuel Macron has promised a minimum wage rise and tax concessions in response to weeks of violent protests.

France has seen four weekends of violent protests against fuel tax rises, living costs and other issues.

Speaking in a televised address, Mr Macron condemned the violence but said the protesters' anger was "deep, and in many ways legitimate".

The minimum wage would increase by €100 per month from 2019, he said.

A planned tax increase for low-income pensioners would be cancelled, overtime pay would no longer be taxed, and employers would be encouraged to pay a tax-free end of year bonus to employees, he added.

However, he refused to reinstate a tax on the wealthy, saying "this would weaken us, we need to create jobs".

The minimum wage will be increased by 7% - and the cost of this increase will be met by the government rather than employers.

Government minister Olivier Dussopt told broadcaster BFMTV the total cost of all the measures is likely to be between €8bn and €10bn.

"We are in the process of fine-tuning and to see how to finance it," he added.

They wanted more than just a politician's promises. They wanted measures, banknotes in their pockets, a tangible change in their impoverished daily lives.

President Macron got the message. In fact he had no choice. To have blethered about future challenges and the need for nation-building would have driven the yellow vests to distraction.

So here - at the core of the address - were four simple changes: a rise in the minimum wage; the removal of tax and social charges on overtime; encouragement to employers to give workers a tax-free bonus; and an end to a surcharge on most pensions.

Plus a note of contrition, and a promise of a new "national contract" built on electoral change and wider consultation with the provinces.

Chuck in the concessions already given - an end to the fuel tax rise and "mobility" grants for people who drive to work - and the yellow vests suddenly appear as one of the most successful protest movements of modern times.

Four weeks after their first Facebook videos were posted, they have forced a total reorientation of French social and economic policy. And without even making out a formal list of demands.

What did Macron say about the protests?

Mr Macron, who has until now kept a low profile during the protests, acknowledged that many people were unhappy with living conditions and felt they "had not been listened to".

He said that over the last 40 years there had been "a malaise" of "villages and neighbourhoods where public services have been diminishing, where living conditions had deteriorated".

There were many "people whose status in society had not been sufficiently well recognised. In a cowardly way, we had got used to it and everything seemed to suggest that we had forgotten them.

"I assume my share of the situation - I may have given you the feeling I have other concerns and priorities. I know some of you have been hurt by my words," he added.

Mr Macron, a former banker, has previously been criticised for being out of touch and not listening to the struggles of ordinary people.

'Cross the road,' Macron tells jobseeker

Macrons' new dinner plates spark cash row

He sought to change this impression on Monday, pledging to meet mayors from all the regions of France, and encourage "unprecedented debate".

"We must tackle the question of immigration," he added, while also urging the nation to come together to "change in order to take into account climate change and other challenges".

What reaction has there been?

The proposals were dismissed by one yellow vest protester, Benjamin Cauchy, who told France 2 TV: "These are half measures. We feel that Macron has got a lot more to give."

His political opponents were also critical: left-wing leader Jean-Luc Melenchon said he expected more protests, right-wing politician Eric Woerth described the moves as a "short-term" solution, and far-right leader Marine Le Pen said Mr Macron had addressed some but not all of his mistakes.

Meanwhile, a group of anti-racism NGOs, SOS Racisme, told Le Figaro newspaper they were concerned about Mr Macron's comments on immigration.

What is the yellow-vest movement?

The protesters adopted the name after a social-media campaign urging people to take to the streets wearing the high-visibility yellow jackets that must be carried in every vehicle in France.

They were initially protesting against a rise in duties on diesel, which is widely used by French motorists and has long been less heavily taxed than other types of fuel.

Mr Macron had said higher taxes on fossil fuels were needed to fund renewable energy investments.

Who are the 'gilets jaunes'?

Will the environment be the true victim of France's riots?

Who supports the protesters?

But protests have also erupted over other issues, including calls for higher wages, lower taxes, better pensions and easier university entry requirements.

The movement's core aim, to highlight the economic frustration and political distrust of poorer working families, has widespread support.

Protest timeline

17 November: 282,000 protesters - one dead, 409 wounded - 73 in custody

24 November: 166,000 protesters - 84 wounded - 307 in custody--bbc

UK economy slows as car sales fall

Growth in the UK's economy has slowed as car sales fell and the manufacturing sector stalled, the Office for National Statistics (ONS) has said.

The economy grew by 0.4% in the three months to October, slower than the 0.6% in the three months to September.

The UK's trade deficit also widened as imports grew faster than exports in October.

Economists expect growth to slow in the last three months of the year.

The latest three-month growth figure follows a stronger-than-expected set of data for the three months to September, when the economy grew at its fastest pace since late 2016 buoyed by consumers spending in the warm weather.

Why has growth slowed?

"GDP growth slowed going into the autumn after a strong summer, with a softening in services sector growth mainly due to a fall in car sales," said Rob Kent-Smith, head of national accounts at the ONS. "This was offset by a strong showing from IT and accountancy."

"Manufacturing saw no growth at all in the latest three months, mainly due to a decline in the often-erratic pharmaceutical industry," he added.

"Construction, while slowing slightly, continued its recent solid performance with growth in housebuilding and infrastructure."

The services sector grew by 0.3% on the three-month rolling measure - the lowest since the three months to April 2018.

The sector's performance is closely watched as it makes up 80% of the economy.

There were some negative signs in the latest economic growth figures, but on the whole they were benign, with services such as accountancy driving modest economic growth.

But here we meet the frustration of lagging economic indicators.

If we want to know what effect the upheaval at Westminster over the Brexit withdrawal agreement has had, the more recent indicators tell a less benign story.

In November, retail sales grew by 0.5 per cent overall (including online). But if you exclude food they were flat, and sales in shops were down.

Similarly, the leading indicator of business activity, the purchasing managers' index which tracks buying decisions by business executives, recorded its worst reading in the services sector since the month after the referendum, July 2016.

Activity expanded, but only just.

Unfortunately we won't know the effect of Theresa May's troubles on November's economic growth (GDP) until January, by which time it will be far too late to influence decision making.

What happened in October?

GDP grew by 0.1% in October - after being flat in both September and August.

In October, the first month of the last quarter of the year, the services sector was the only major part of the economy to expand.

Industrial production fell 0.6%, with manufacturing output down 0.9%. Output in the construction industry fell 0.2%.

Chris Williamson, chief business economist at IHS Markit, said the latest growth figures "come on the heels of more up-to-date survey evidence which suggests the economy is approaching stall speed and could even contract as we move into 2019 unless demand revives".

What has happened to the UK's trade balance?

In October, the UK imported more than it exported despite the weakness in the pound.

The trade deficit widened to £3.1bn in October, the ONS said, as imports increased by £3.6bn, faster than the amount exported, which rose by £1.9bn.

The ONS also revised the trade data for September, which now shows a deficit of £2.3bn compared with £0.1bn.

"The widening in the UK's trade deficit is a concern and reflects a sharp rise in goods imports," said Suren Thiru, head of economics at the British Chambers of Commerce (BCC).

"Trading conditions for UK exporters are deteriorating amid moderating global growth and uncertainty over Brexit. Businesses continue to report that the persistent weakness in sterling is hurting as much as its helping, with the weakening currency raising input costs."

What about the coming months?

With October marking the start of the fourth quarter, economists said the economy's progress in remaining months of the year could be determined by Brexit negotiations.

Mr Williamson said: "The outlook for growth... very much depends on Brexit developments over the coming days, weeks and months, and the surrounding uncertainty makes forecasting extremely difficult.

"However, what's clearly evident is that the widely-expected slowing of the economy in the lead-up to the UK's separation from the EU is now upon us, leaving the big question of whether the economy will bounce back alongside a smooth Brexit process or slide into decline," he said.

Yael Selfin, chief economist at KPMG UK, said that surveys of the services sector were also showing weak growth which do "not augur well" for the last quarter of the year.

Capital Economics is forecasting annual GDP growth of 1.3% for this year - the lowest since the financial crisis.-bbc

Apple denies iPhone import ban in China

US chip-maker Qualcomm claims it has won an injunction against Apple that effectively bans the import of a number of iPhone models, ranging from the iPhone 6S to the iPhone X.

The preliminary order, issued by a Chinese court, is the latest in step a continuing feud between the two tech giants over intellectual property.

However, Apple says all of its iPhone models remain on sale in the country.

The disputed patents relate to software rather than hardware.

The injunction affects devices running older versions of Apple's iOS operating system and not those running the latest version, iOS 12.

The court found Apple had violated two of Qualcomm's patents - one regarding photograph resizing and the other related to how apps are managed on a touch screen.

"Apple continues to benefit from our intellectual property while refusing to compensate us," said Don Rosenberg, general counsel of Qualcomm.

However, Apple responded that the attempted ban was "another desperate move by a company whose illegal practices are under investigation by regulators around the world".

The company added it would "pursue all our legal options through the courts".

In January 2017, Apple filed two lawsuits against Qualcomm, claiming it had abused its dominant market position as a chip-maker.

In July the same year, Qualcomm claimed that iPhones using chips by rivals, such as Intel, infringed six of its patents.--bbc

Indian rupee hit by central bank chief's shock resignation

India's currency slumped one day after the abrupt resignation of the country's central bank governor.

The Indian rupee fell 1.2% against the US dollar and stocks were also lower as investors reacted to his departure.

On Monday, Urjit Patel resigned from his post midway through his three-year term, citing "personal reasons".

His exit comes amid reports of a rift between the Reserve Bank of India (RBI) and the government.

Analysts expected Mr Patel's resignation could make investors more wary of India and hurt the economy as it prepares for a general election next year.

India's central bank governor resigns

Priyanka Kishore, head of India and Southeast Asia economics at Oxford Economics, said Mr Patel's resignation was a "negative development for the market".

Its timing has also raised some concerns about central bank independence in India.

"Patel's resignation seems like a protest to the government's interference," Ms Kishore said.

"There are already other concerns weighing on the economy... uncertainty about RBI's leadership and policy at this point could weigh on growth further."

The rupee has been among the worst performing currencies in Asia this year, hit by various factors including higher oil prices.

The perception of government intervention in monetary policy can undermine investor confidence and hurt the local currency.

A day after Mr Patel's resignation, economist Surjit Bhalla stepped down from Prime Minister Narendra Modi's economic advisory council.

Elections eyed

Uncertainty over the outcome of local elections also weighed on investors.

Indian stock markets were already in the red on Monday after exit polls in state elections showed the ruling party struggling. More election results were due later on Tuesday.

India will vote in a general election in the first half of next year, with polls due by May.--bbc

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

Cassava 

shares list on the ZSE

11/12/2018

Unity Day

22/12/2018

Christmas Day

25/12/2018

Boxing Day

26/12/2018

New Years’ Day

01/01/2019

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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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