Major International Business Headlines Brief::: 19 December 2018

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Major International Business Headlines Brief::: 19 December 2018

 


 

 


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*  Zim IMF approves $3 billion Precautionary and Liquidity Line for Morocco

*  South African Airways, Emirates agree to expand codeshare pact

*  South Africa's Nedbank shares fall on Ecobank inquiry report

*  Kenya grants Standard Investment Bank online forex trading licence

*  Eni, Shell knew of 'sharks' in Nigeria graft case: judge

*  Nigeria's first gold refinery plans to triple capacity in five years

*  Siemens to invest additional 500 mln euro in Africa

*  Botswana's retailer Choppies replaces CFO

*  South African rand stronger as dollar slides ahead of Fed

*  Softbank shares down as mobile unit makes Tokyo debut

*  Trump warns US Fed against making 'yet another mistake'

*  Brexit: 'Horrified' firms warn time is running out

*  UK tech firm Blippar collapses into administration

*  BA to resume flights to Pakistan

 

 

 

 

 

 


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IMF approves $3 billion Precautionary and Liquidity Line for Morocco

RABAT (Reuters) - The IMF has approved financing of about $2.97 billion in
the form of a Precautionary and Liquidity Line (PLL) to help Morocco ward
off external economic shocks.

 

“The new PLL arrangement will provide insurance against external shocks and
support the authorities’ efforts to further strengthen the economy’s
resilience and promote higher and more inclusive growth,” the IMF Executive
Board announced on Monday.

 

The two-year arrangement will help lower the ratio of public debt to GDP
over the medium term while securing priority investment and social spending,
the IMF said on its website.

 

Morocco’s treasury debt-to-GDP ratio for 2019 is expected to rise to 67.1
percent in 2019, up from 66.7 percent in 2018 and 65.1 percent in 2017,
according to Finance Ministry data.

 

The ratio of public debt to GDP stood at 91.2 percent in 2017, with the
government planning to reduce it to 60 percent in 2021.

 

In 2016, the IMF granted Morocco a two-year $3.5 billion credit line to give
foreign lenders, investors and rating agencies reassurance about Morocco’s
economic policies, allowing it to tap international capital markets on more
favourable terms.

 

The external shocks that the PLL is intended to guard against could include
a spike in oil prices, the central bank has said.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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South African Airways, Emirates agree to expand codeshare pact

JOHANNESBURG (Reuters) - South African Airways (SAA) said on Tuesday that it
had signed a partnership deal with Emirates airline which would see the two
firms expand an existing codeshare agreement and work on other areas of
cooperation.

 

South African President Cyril Ramaphosa has been at pains to stabilise
struggling state-run firms like SAA, which has not generated a profit since
2011.

 

 

South Africa's Nedbank shares fall on Ecobank inquiry report

JOHANNESBURG (Reuters) - Nedbank shares fell by more than 4 percent on
Tuesday after a South African newspaper report that Nigeria’s accountancy
regulator had begun a probe into its West African associate Ecobank.

 

Nedbank, which is one of South Africa’s four largest lenders, holds a 21
percent stake in Ecobank and its relationship with the Togo-based lender was
just starting to pay off after years of disappointment.

 

Mfundo Nkhuhlu, Nedbank’s chief operating officer, said in a statement that
neither the South African lender, nor the board of Ecobank’s Nigeria-listed
holding company Ecobank Transnational Incorporated (ETI) were aware of any
probe. Ecobank did not respond to requests for comment.

 

“Consequently, it has not arisen that there is any need to notify the JSE
and shareholders,” Nkhuhlu said, referring to Johannesburg’s stock exchange.

 

Reuters was unable to confirm the existence of a probe by The Financial
Reporting Council of Nigeria, which South Africa’s Sunday Times said related
to allegations by a former Ecobank executive that it inflated its accounts
by applying incorrect exchange rates.

 

When contacted by phone, the council said it did not discuss its
investigations and would not immediately comment.

 

A probe into its associate would make Nedbank the latest South African
company to take a hit from the actions of regulators in Nigeria, where
telecoms firm MTN is facing the prospect of handing over billions of dollars
in taxes over allegations it breached foreign exchange rules.

 

“I think it’s going to be a theme going forward ... Nigeria’s a tough market
to do business in, you are always clashing with the authorities,” Greg
Davies, equities trader at South Africa’s Cratos Capital told Reuters.

 

A slide in commodity prices and unfavourable currency swings had already
left Ecobank struggling in Nigeria, its second largest market by assets,
driving it to a $131.3 million loss before tax in 2016.

 

It said it returned to profitability one year later, citing an easing of
both factors throughout 2017, and has been a boost to Nedbank’s earnings so
far this year.

 

Nedbank shares had regained some ground by 1333 GMT, when they were down 2.6
percent to 258 rand. ETI’s shares were flat at market close.

 

Also on Tuesday, Nedbank repurchased 7.1 million shares from minority
shareholders, worth 1.41 percent of its issued share capital, for 1.95
billion rand ($136 million).

 

($1 = 14.3146 rand)

 

 

Kenya grants Standard Investment Bank online forex trading licence

NAIROBI (Reuters) - Kenya’s Capital Markets Authority said on Tuesday it had
granted a licence to Standard Investment Bank to engage in online foreign
exchange trading business.

 

The bank is the second company in Kenya to receive an online forex trading
licence after EGM Securities Limited was granted one in February this year.

 

In October, the regulator had warned Kenyans against online foreign exchange
trading through unlicensed entities, saying they could risk losing their
investments.

 

Paul Muthaura, CEO of the Capital Markets Authority, said at the time he had
observed several individuals and entities carrying on or purporting to carry
on the business of an online foreign exchange broker or a money manager
without the relevant licence.

 

The regulator said Standard Investment Bank had been given a money manager
licence that would allow it to chose and manage investments prudently for
its online forex trading clients and develop appropriate investment
strategy.

 

“The money manager will conduct financial analysis and monitor foreign
exchange portfolio investments on behalf of its clients,” it said.

 

 

 

Eni, Shell knew of 'sharks' in Nigeria graft case: judge

MILAN (Reuters) - An Italian judge said on Monday oil majors Eni and Royal
Dutch Shell were fully aware their 2011 purchase of a Nigerian oilfield
would result in corrupt payments to Nigerian politicians and officials.

 

Italy’s Eni and Shell bought the OPL 245 offshore field for about $1.3
billion in a deal that spawned one of the industry’s largest corruption
scandals. It is alleged that about $1.1 billion of the total was siphoned to
agents and middlemen.

 

The Milan judge made the comment in her written reasons for the September
conviction of Nigerian Emeka Obi and Italian Gianluca Di Nardo, both
middlemen in the OPL 245 deal, for corruption. The pair were jailed for four
years.

 

“The management of oil companies Eni and Shell ... were fully aware of the
fact that part of the $1.092 billion paid would have been used to compensate
Nigerian public officials who had a role in this matter and who were
circling their prey like hungry sharks,” judge Giusy Barbara said in her
reasoning.

 

“It was not mere connivance, but a conscious adhesion to a predatory project
damaging the Nigerian state,” she added.

 

She also said money was given to some managers of state-controlled Eni, the
biggest foreign energy company in Africa.

 

“Things look even more serious from an Italian point of view with the
involvement of the country’s leading company, in which the Italian state is
the biggest shareholder, with obvious reputational damage for the whole
Italian community,” she said.

 

Obi and Di Nardo have been tried separately from Eni and Shell, which also
face corruption allegations over the same deal in a hearing that is expected
to drag on for months.

 

Eni said it would analyse the judge’s remarks, noting that a fuller account
of the facts and evidence surrounding the deal would emerge only from the
main trial.

 

The Italian company has previously denied any wrongdoing.

 

At 1538 GMT, Eni shares were down 1.8 percent while Shell shares were 1.1
percent lower.

 

Under the deal, Eni and Shell jointly acquired the OPL 245 field from a
company owned by former Nigerian oil minister Dan Etete, who was convicted
of money laundering in an unrelated case in France in 2007.

 

Shell said on Monday that neither Obi nor Di Nardo had worked for Shell, and
that there was no basis to convict it or any of its former staff of alleged
offences related to the deal.

 

In her reasonings, the judge said two banks - Switzerland’s BSI and
Lebanon’s Misr - had sent money transferred to them in the deal back for
compliance reasons due to Etete’s reputation.

 

Eni Chief Executive Claudio Descalzi and four ex-Shell managers, including
former Shell head of upstream Malcolm Brinded, are also accused of
international corruption in the main trial. They have all denied any
wrongdoing.

 

Brinded’s lawyer referred requests for comment to Shell.

 

Judge Barbara alleged that Shell executives, including Brinded, had known
that Etete would keep part of the purchase price for himself and use the
rest to “pay people”, including Nigerian politicians and public officials
who had helped him to take possession of the field in 1998.

 

 

 

Nigeria's first gold refinery plans to triple capacity in five years

LAGOS (Reuters) - Nigeria’s first gold refinery is expected to more than
triple its capacity within five years after operations begin next June, an
executive at the company developing it said on Tuesday.

 

Nere Teriba, vice chairman of local firm Kian Smith Trade & Co, said the
refinery would initially be able to produce three tonnes per month of gold
and one tonne of silver, rising to 10 tonnes a month of gold and three
tonnes of silver in five years.

 

Nigeria has largely untapped deposits of 44 minerals, which include gold,
iron ore, coal, tin and zinc, in more than 500 locations spread across
Africa’s most populous nation. But most of the mining is artisanal and the
absence of gold refineries means value typically has not been added in the
supply chain.

 

Construction workers broke ground at the refinery site in the southwestern
state of Ogun last week. Teriba said work was expected to be completed by
the end of February 2019 and production would start by the end of June.

 

“It is a five-year expansion plan to get to 10 tonnes a month of gold.
Silver will probably go up to about three tonnes a month,” Teriba said in an
interview with Reuters in Lagos.

 

The company said it would supply Nigeria’s central bank as well as the
jewellery industry.

 

“The gold supply for the refinery will be coming from Nigeria ... but also
from the rest of Africa,” she said, adding that Kian Smith had a memorandum
of understanding with a supplier to bring gold from Ghana, Sierra Leone and
Tanzania.

 

She said one supplier had committed to providing a total of 100 kg each
month from Ghana and Sierra Leone. Teriba did not identify the supplier.

 

Most ore will be sourced locally from various locations including the
northwestern states of Zamfara, Kebbi and Kaduna, as well as the central
states of Kwara and Niger. Teriba said the company had MoUs from about 200
gold suppliers.

 

Some 80 percent of mining in Nigeria is carried out on an artisanal basis
and gold is routinely smuggled out of the country illegally to neighbouring
Cameroon and Niger, as well as Togo before being registered in those
countries.

 

Teriba said Kian Smith was in talks with the government after proposing an
altered approach to import duties and royalties.

 

“We are working with the government on a proposal to reduce import duties on
gold dore,” she said, adding that the company had asked the government to
make refined gold bars and coins free of value-added tax.

 

Gold mines produce gold dore bars, a semi-pure version of the substance,
which are sent to a refinery for further purification.

 

Under the current system, miners are responsible for paying the royalty on
gold, an approach Teriba said caused “leakages” because most miners were
artisanal. The refinery will seek to incentivise suppliers by paying
royalties on their behalf.

 

She talks with the government on royalty payments were at an advanced stage.

 

 

 

Siemens to invest additional 500 mln euro in Africa

VIENNA (Reuters) - Siemens will invest additional 500 million euro ($569
million) in Africa to support crucial projects such as the expansion of
infrastructure and the education of young people, its chief executive said
on Tuesday.

 

“We have decided that Siemens will invest additional 500 million euro in the
African continent,” Joe Kaeser said at the Africa-Europe Forum in Vienna
without elaborating further.

 

Africa needs reliable infrastructure and energy as well as affordable
electricity to benefit from the digital age, he said.

 

($1 = 0.8783 euros)

 

 

 

Botswana's retailer Choppies replaces CFO

JOHANNESBURG (Reuters) - Botswana’s budget retailer Choppies said on Tuesday
its chief financial officer resigned last week, amid concern over
months-delayed financial results.

 

In a statement, Choppies said Sanooj Pullarote had resigned with effect from
Dec. 15 but did not give a reason for his departure.

 

Pullarote has been replaced by Heinrich Mathiam Stander, an accountant who
has held various senior level finance roles at British American Tobacco, the
food retailer said.

 

“Sanooj will continue to offer his assistance to the company until
publication of the company’s audited financial statements,” it continued.

 

The firm, which runs around 200 stores mainly at home but also in
north-western parts of South Africa, has seen its shares plunge by over 60
percent since announcing a delay to the publication of its financial
statements in September.

 

The CFO’s resignation comes just over one month after Choppies shares were
suspended from Botswana’s stock exchange as a result. South Africa’s bourse,
where Choppies has a secondary listing, also suspended the firm’s shares.

 

Choppies has said it postponed the release of its financial statements while
it reassessed a number of past accounting practices and policies, which in
some cases could have a material impact on its results.

 

 

South African rand stronger as dollar slides ahead of Fed

JOHANNESBURG (Reuters) - South Africa’s rand traded slightly stronger early
Tuesday, helped by a fragile dollar as markets counted down to a crucial
U.S. Federal Reserve meeting amid speculation it will soon hit the pause
button to its monetary tightening cycle.

 

At 0645 GMT, the rand traded at 14.3500 versus the dollar, 0.3 percent
stronger than its previous close.

 

The dollar index was marginally lower at 97.08 after losing 0.4 percent on
Monday, as some investors speculated growth worries could prompt the U.S.
Fed to signal a pause to its monetary tightening cycle at this week’s
meeting.

 

The U.S. economy, which has been growing strongly this year, has started to
show signs of fatigue.

 

South Africa-focused investors will look to a central bank business cycle
indicator on Tuesday for clues about the health of Africa’s most
industrialised economy.

 

The South African economy enjoyed a strong start to the fourth quarter after
sluggish performance earlier in the year, when it briefly fell into
recession.

 

Government bonds were also stronger in early deals on Tuesday, with the
yield on the benchmark instrument due in 2026 down 3.5 basis points to 9.170
percent.

 

Stocks were set to open weaker at 0700 GMT, with the Johannesburg Stock
Exchange’s Top 40 futures index down 1.5 percent.

 

 

 

Softbank shares down as mobile unit makes Tokyo debut

The mobile phone unit of Japanese tech giant Softbank has had a
disappointing debut on the Tokyo stock market.

 

The firm raised as much as 2.6 trillion yen ($23bn; £18bn) by selling shares
at 1,500 yen each in one of the world's largest ever stock offerings.

 

But as markets opened in Tokyo on Wednesday, shares were trading down at
1,463 yen.

 

Originally a telecoms firm, Softbank has become a vast conglomerate covering
robotics, chips and investments.

 

The firm was founded by Japan's richest man Masayoshi Son.

 

By the close of morning trade on Wednesday, Softbank Corp's shares were down
10.6%.

 

What does this sale mean for Softbank?

While you could already buy shares in Softbank itself, its
telecommunications unit, called Softbank Corp, is now also available for
public purchase.

 

The firm's initial public offering (IPO) - a way for a company to raise new
capital - was seen as cementing Softbanks' move from a domestic
telecommunication provider to a global tech investor.

 

It was expected to be one of the biggest-ever offerings of shares on any
stock market.

 

Chinese ecommerce giant Alibaba IPOed for a record $25bn in 2014. In
comparison, Facebook only raised $16bn when it went public in 2012.

 

The disappointing trading debut was expected by some analysts.

 

But David Kuo, a market analyst in Singapore, told the BBC that the stock
price should pick up once investors understand better how to value
Softbank's telecoms arm.

 

"As an entrepreneur, Masayoshi Son had the freedom to invest as he wished,"
Mr Kuo said.

 

"But the [newly listed arm] now has to play by the harsh rules of the
market. It will be valued on revenues, profit and cash flow."

 

What is Softbank?

Softbank started as a telecoms company but has spread out through many deals
and investments.

 

The firm has moved into robotics, bought UK chip firm ARM Holdings and
invested in satellite start-up OneWeb and ride-sharing firms, as well as in
self-driving technology with Toyota.

 

It also acquired Vodafone's Japanese operations and the US telecoms company
Sprint.

 

The firm set up a venture fund with Saudi Arabia, which focuses on emerging
technology and has around $90bn at its disposal.

 

Saudia Arabia is the fund's major investor and other backers include Apple
and Foxconn.

 

But Softbank has come under criticism for co-operation in light of the
recent death of Saudi dissident journalist Jamal Khashoggi.

 

Company chief Masayoshi Son condemned the Khashoggi murder, but said
Softbank must continue to work with Riyadh.

 

Who is Masayoshi Son?

Mr Son founded Softbank and has guided it to become one of the world's
biggest technology companies.

 

The entrepreneur - Japan's richest man according to Forbes Magazine - is
known for having an eye for firms with big potential and for spotting
transformative industries and trends.

 

He saw the potential in e-commerce before many others and was an early
investor in Alibaba.

 

Often described as the Steve Jobs or Bill Gates of the Japanese business
world, he's seen as someone quite different from country's more conservative
corporate culture.--bbc

 

 

 

Trump warns US Fed against making 'yet another mistake'

US President Donald Trump has stepped up his pressure on the Federal Reserve
by warning the central bank against making "yet another mistake".

 

The Fed is widely expected to announce an interest rate rise - its fourth in
a year - on Wednesday.

 

But with financial markets in turmoil and fears of recession growing, some
critics are questioning the plan.

 

In a tweet, President Trump advised the Fed to "feel the market" and not to
"just go by meaningless numbers".

 

What's knocked markets off course?

The perils of a political Federal Reserve

His remarks bring unprecedented pressure on the central bank as policymakers
meet in Washington for a two-day meeting.

 

Presidents generally avoid criticising the Fed publicly, for fear of
politicising the institution and undermining confidence in its decisions.

 

However, Mr Trump - who appointed the Fed's chairman Jerome Powell - has
repeatedly blamed the central bank for unsettled markets and dismissed
analysts who cite other factors, such as rising trade tariffs.

 

On Monday, he wrote that it was "incredible" that the bank was considering a
rate rise, before telling the Fed on Tuesday to read an editorial in the
Wall Street Journal "before they make yet another mistake".

 

Fed plans

The Fed has said the US economy is healthy enough that the ultra-low rates
put in place during the financial crisis are no longer necessary.

 

It has raised the rate nine times since 2015, most recently in September,
when it increased the target range to 2% to 2.25%.

 

It is also removing stimulus by reducing its portfolio of Treasuries and
mortgage-backed securities, which were purchased in response to the
financial crisis.

 

Analysts said they expect the Fed to move ahead with a rate rise at this
week's meeting, but its plans for next year are less certain.

 

Ten years after the financial crisis, the US economy is chugging along
nicely.

 

President Trump has bragged in the past that he's responsible for the
economy taking off like a "rocket ship".

 

But perhaps the real credit should go to America's central bank and the
policy actions it took to support the economy when it was extremely fragile.

 

So why is Trump calling the US Federal Reserve "crazy"? Why is he urging it
not make "another mistake" by raising interest rates to keep inflation in
check at its policy meeting on Wednesday?

 

Interest rates can act as a brake on inflation. But they can also slow the
economy. Or worse still, cause a recession. For a President who likes to
boast about his ability to create jobs, this might make that task a lot
harder. It could also impact his re-election chances in 2020.

 

And his comments aren't just a break from tradition. They may also be
counter-productive.

 

Federal Reserve chairman Jerome Powell may feel he has to stick to his guns
to avoid any appearance of undue presidential influence.

 

The press conference with Mr Powell will be "particularly important",
economists at Goldman Sachs said.

 

"We expect Powell will clear the air, acknowledging some softening in the
growth outlook but also highlighting data dependence. This would likely ease
near-term financial stresses, but it would also preserve [options] in the
event that growth stabilizes or inflation rebounds."

 

At prior meetings, Mr Powell has emphasised near record low unemployment
rates as well as inflation, which is around the Fed's 2% target.

 

Ken Matheny, executive director at Macroeconomic Advisers by IHS Markit,
says he expects Mr Powell to emphasise that any decisions will respond to
incoming data - not the president or other critics.

 

"Appearing to respond to jaw-boning is something the Fed would like to
avoid," he said.--bbc

 

 

 

Brexit: 'Horrified' firms warn time is running out

British businesses have criticised politicians for focusing on in-fighting
rather than preparing for Brexit, warning that there is not enough time to
prepare for a no-deal scenario.

 

With 100 days to go before the UK leaves the EU, the groups say firms have
been "watching in horror" at the ongoing rows within Westminster.

 

The cabinet met on Tuesday to ramp up preparations for a no-deal departure.

 

But the groups say the idea that "no-deal" can be managed is not credible.

 

In other Brexit developments:

 

The EU is to push ahead with its planning for Brexit, including if there is
no deal, with the European Commission set to publish legislation to ensure
continuity in some sectors on a temporary basis

The SNP and other opposition parties table a vote of no confidence in the UK
government - but it is understood the government only has to give time to
motions tabled in the name of the Leader of the Opposition.

Prime Minister Theresa May is to urge the first ministers of Scotland and
Wales to back her Brexit deal at a summit in London

The Public Accounts Committee of MPs says the government has not done enough
to secure the supply of medical equipment in a no-deal scenario.

In a joint statement, the British Chambers of Commerce, the Confederation of
British Industry, manufacturers' organisation the EEF, the Federation of
Small Businesses and the Institute of Directors said: "Businesses have been
watching in horror as politicians have focused on factional disputes rather
than practical steps that business needs to move forward.

 

"The lack of progress in Westminster means that the risk of a no-deal Brexit
is rising."

 

Brexit: A really simple guide

How Europe does second referendums

What can New Zealand teach us about Brexit?

The government said on Tuesday that it had sent letters to 140,000
businesses, urging them to trigger their no-deal contingency plans as
appropriate.

 

It will also distribute 100-page information packs on Friday.

 

The five business groups, which represent hundreds of thousands of UK firms,
said that because of a lack of progress, the government "is understandably
now in a place where it must step up no-deal planning".

 

But they say: "It is clear there is simply not enough time to prevent severe
dislocation and disruption in just 100 days.

 

"This is not where we should be."

 

Contingency planning

The business groups said that instead of investing money and boosting
productivity, companies were now having to divert capital for no-deal
contingency planning.

 

They also warned: "There are also hundreds of thousands who have yet to
start - and cannot be expected to be ready in such a short space of time."

 

What is the government spending on Brexit preparations?

All you need to know about the backstop

Is the NHS finding it hard to get medicines?

Some companies told BBC News that they had already taken steps to invest in
EU countries because of the uncertainty.

 

Ian McCartney, director of strategy at Wilson Tool, which has opened a
branch in Germany, said: "It's hard to believe in business how messy it is
in politics. There's absolutely zero certainty in Westminster."

 

Sports clothing exporter FreestyleXtreme has opened an office in Romania and
is planning to open a warehouse in Germany.

 

Managing director Shaun Loughlin said businesses needed to know there would
be a deal "tomorrow", not in March.

 

"This is the last chance, there is not going to be another chance. Once we
move, we've moved, we won't be coming back," he said.

 

A spokesman for the prime minister said that with just over three months
until the UK leaves the European Union, "we have now reached the point where
we need to ramp up these preparations".

 

Businesses should also be prepared, "enacting their own no-deal plans as
they judge necessary".

 

Eight areas

The European Commission is publishing the legislation needed to ensure
continuity in eight sectors on a temporary basis.

 

Those areas cover data protection, plant and animal health, customs, climate
policy, some narrow financial products and the rights of British people
living in the European Union.

 

If there is no Brexit deal, these will apply from 29 March until the end of
2019 at the latest.

 

The UK is due to leave the EU on 29 March after a referendum in 2016.

 

It and the EU have agreed a withdrawal agreement - or "divorce deal" - and a
political declaration outlining ambition for future talks - but it needs to
be agreed by Parliament for it to come into force.

 

A vote by MPs on the deal had been scheduled for 11 December, but Mrs May
postponed it until January after it was clear her deal would be rejected,
leading to widespread anger in the Commons.--bbc

 

 

UK tech firm Blippar collapses into administration

One of the great hopes of the UK tech sector, Blippar, has collapsed into
administration over a funding row.

 

The augmented reality firm was co-founded by Ambarish Mitra, and its
technology was used in a partnership with the BBC's Planet Earth II series.

 

Blippar was one of the UK's tech "Unicorns" - start-up businesses that are
worth $1bn or more.

 

Mr Mitra became a brand ambassador for the UK to promote British innovation
around the world.

 

He claimed to have founded his business from a Delhi slum, leading him to be
dubbed a "real-life Slumdog Millionaire".

 

However, the Financial Times ran a profile disputing many of Mr Mitra's
claims about his birth and his business development.

 

It seemed to be one of the brightest stars in London's tech firmament,
raising big sums from American and Malaysian backers who bought into the
message that augmented reality was the next big thing.

 

So why has the Blippar bubble burst? A few years ago it did appear to have
something groundbreaking - you could point its phone app at everyday objects
and they would animate into action, give you useful information or serve up
an advert.

 

But the business appeared to depend on a very fickle set of customers -
advertising agencies wanting to use its augmented reality tools in their
campaigns.

 

Not only are much bigger firms offering similar technology but big brands
seem to have concluded that it's a gimmick whose time may already have
passed.

 

What's more Blippar suffered from a lack of focus, trying out a range of
ideas - making an app for Google Glass, opening a Silicon Valley office,
launching a facial recognition service.

 

One comment on the Glassdoor site where staff review employers sums it up:
"Find a niche and commit to making Blippar the expert in that niche, rather
than trying to be and do everything. It's changed strategy so many times
it's hard to trust what they believe."

 

Some brilliant people worked at Blippar developing really clever technology
- but eventually investors, customers and staff lost faith in the vision of
its leaders.

 

Blippar was founded in 2011 by Ambarish Mitra and Omar Tayeb.

 

They say they came up with the idea for the company after sharing a joke
about the Queen coming to life out of a £20 note.

 

At one stage, the company said it employed more than 300 people, although
that number is believed to have sunk to about 75 at the time of its
administration.

 

Mr Mitra raised money for Blippar from major investors Qualcomm and a
Malaysian sovereign wealth fund.

 

 

However, joint administrators Paul Appleton and Paul Cooper of insolvency
firm David Rubin & Partners said Blippar had fallen into administration
"effectively as a result of an alleged dispute over continued funding".

 

"Following their appointment, the administrators are now exploring all
possible options for the future of the business for the benefit of all
stakeholders."

 

The company's Twitter feed said: "We're saddened to announce that Blippar
has gone into administration today.

 

"We're eternally grateful to all our team members, customers, partners, our
board and investors who have been with us on this incredible journey."--bbc

 

 

BA to resume flights to Pakistan

British Airways is to restart flights to Pakistan next year, more than 10
years after it halted services following a major hotel bombing.

 

The airline stopped flying to the country after the Marriott hotel in the
capital, Islamabad, was bombed in 2008, killing more than 50 people.

 

BA will be the first Western airline to resume services to the country.

 

A new airport was opened recently in Islamabad, which has eased concerns
about both security and congestion.

 

The attack on the Marriott was one of the most high-profile attacks in
Pakistan's history.

 

Thomas Drew, the British High Commissioner to Pakistan, said BA's return was
a "reflection of the great improvements" in security.

 

BA's Robert Williams said: "It's exciting to be flying between Islamabad and
Heathrow from next year, which we believe will be particularly popular with
the British Pakistani community who want to visit, or be visited by, their
relatives."

 

More than a million people of Pakistani origin live in the UK.

 

BA, which is owned by airline group IAG, aims to run three flights a week,
starting on 2 June.

 

Currently, Pakistan's PIA is the only airline to run direct flights from
Pakistan to Britain.--bbc

 

 

 

 

 

 

 


 

 


 

INVESTORS DIARY 2018

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

Unity Day

 

22/12/2018

 


 

Christmas Day

 

25/12/2018

 


 

Boxing Day

 

26/12/2018

 


 

New Years’ Day

 

01/01/2019

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
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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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