Major International Business Headlines Brief::: 20 December 2018

Thu Dec 20 07:18:00 CAT 2018

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Major International Business Headlines Brief::: 20 December 2018

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

*  Nigeria's president presents 8.83 trln naira budget for 2019

*  Nigeria unemployment rises to 23.1 pct in Q3 from 18.1 pct year earlier -stats office

*  South African rand rises as dollar falls before Fed rate decision

*  Sudan eyes stronger growth, exports, lower deficit in 2019 - budget

*  Italian judges say Saipem knew about, aided bribes in Algeria

*  Glencore’s Katanga pays $22 million to settle Canada regulator probe

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

*  Nigeria's Access Bank to buy rival Diamond Bank to create Africa's biggest bank

*  Fed raises rates despite Trump opposition

*  Facebook sued by top prosecutor over Cambridge Analytica

*  Uber loses latest legal bid over driver rights

*  Italy budget deal struck with Europe after months-long row

*  GlaxoSmithKline and Pfizer merge healthcare arms

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Nigeria's president presents 8.83 trln naira budget for 2019

ABUJA (Reuters) - Nigerian President Muhammadu Buhari presented a 8.83 trillion naira ($28.80 billion) budget for 2019 to parliament on Wednesday, and laid out a plan to drive growth two months before elections.

The spending plan for Africa’s top oil producer assumes crude production of 2.3 million barrels a day, an oil price of $60 per barrel and an exchange rate of 305 naira to the dollar.

Buhari’s handling of the economy - which emerged from its first recession in 25 years this year but remains sluggish - has become a campaign issue.

The main opposition candidate, businessman and former vice president Atiku Abubakar, has criticised Buhari’s economic policies and has promised to double the size of the economy to $900 billion by 2025 if elected.

The budget is the fourth Buhari has present to parliament since taking office in 2015 but, unlike the others, did not set record high levels of spending as the government seeks to lower debt. He also received a rowdier reception than in the past, with his statements greeted by boos and cheers.

The spending plan is smaller than the record 9.12 trillion-naira budget for 2018 that he signed into law in June. The budget must still be approved by parliament before it can be signed into law, a process that can take many months.

Nigeria’s economy grew by 1.81 percent in the third quarter of this year, the statistics office said last week. And, in a separate data release days later, it said the inflation rate rose slightly in November to 11.28 percent compared with a year ago.

($1 = 306.6000 naira)

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Nigeria unemployment rises to 23.1 pct in Q3 from 18.1 pct year earlier -stats office

LAGOS (Reuters) - Nigeria’s unemployment rate stood at 23.1 percent of the work force in the third quarter, up from 18.1 percent a year earlier, the head of the statistics office Yemi Kale said on his official Twitter feed on Wednesday.

The economy is a major theme of debate in the lead-up to elections in 2019. President Muhammadu Buhari came to power in 2015 campaigning to fix the economy, but his term has been marred by the country’s first recession in a quarter of a century and a sluggish recovery since 2017.

“As of Q3 2018, the calculated unemployment rate was 23.1 percent, the underemployment rate was 20.1 percent, and the combined unemployment and underemployment rate was 43.3 percent,” the National Bureau of Statistics (NBS) said in its report published on Wednesday.

“While the Q3, 2018 results show a rise in the rate of unemployment, it also depicts a slowing down in the rate of increase in unemployment, which is usually the first sign of improvement in reducing unemployment,” it said.

Atiku Abubakar, the main opposition candidate in the coming election, has vowed to get one of Africa’s largest economies back on track and secure jobs for the work force in a country of roughly 190 million people, saying that if elected he would aim to double the size of the economy to $900 billion by 2025.

The NBS last released employment data a year ago when it said unemployment stood at 18.8 percent in Q3 2017 but Kale said on Twitter on Wednesday that it had stood at 18.1 percent then.

Earlier this year he also said on Twitter that the stats office did not have sufficient funds to compile employment data.

South African rand rises as dollar falls before Fed rate decision

JOHANNESBURG (Reuters) - South Africa’s rand firmed on Wednesday, as expectations that the U.S. Federal Reserve will signal a slower pace of monetary tightening kept the dollar under pressure.

Stocks closed slightly higher, snapping a three-day losing streak stemming from worries over global economic growth.

At 1510 GMT, the rand traded at 14.1325 per dollar, 1.64 percent stronger than its previous close, having hit a session high of 14.1100.

With little domestic data and tepid market activity, the South African currency is expected to track global trends this week.

The dollar index was down 0.51 percent at 96.612, as it extended losses into a second day. Speculation ahead of the Fed’s meeting which ends later in the day and global growth anxiety have pushed U.S. bond yields down and added to pressure on the dollar. The rand’s gains on Tuesday were also linked to dollar weakness, as traders wagered that the Fed would hit the pause button on its tightening cycle after an expected rate hike this week. [nL8N1YN3WA] [nL3N1YO1NG]

“Sentiment and politics will continue to be the key drivers,” said Bianca Botes, corporate treasury manager at Peregrine Treasury Solutions.

Government bonds also firmed, with the yield on the benchmark instrument due in 2026 down 6.5 basis points at 9.05 percent.

On the bourse, the JSE Top-40 index ended 0.6 higher at 45,512 and the broader All-share index was up by the same amount at 51,551.

Taste Holdings slumped 6.25 percent after the domestic franchise holder of Starbucks and Domino’s Pizza said it would launch a 132 million rand ($9.34 million)rights issue to support operations.

Sudan eyes stronger growth, exports, lower deficit in 2019 - budget

KHARTOUM (Reuters) - Sudan expects stronger economic growth, a big rise in exports and a reduced budget deficit next year, according to a draft budget approved by the cabinet on Tuesday.

Prime Minister Motazz Moussa said the 2019 budget was “based on real resources (and) disciplined spending”, adding that the government would prioritise higher production of oil, wheat and sugar as well as digital economy investments.

The budget envisages economic growth of 5.1 percent in 2019, up from a projected 4 percent this year, and exports are seen jumping by 30 percent, the cabinet said in a statement, though it did not say how these goals would be achieved.

Revenues are expected to increase by 39 percent to 162.8 billion Sudanese pounds ($3.43 billion) and the budget deficit to decline to 3.3 percent from 3.7 percent this year, in 2019, it said.

In a separate statement, President Omar al-Bashir appeared to signal an end to fuel subsidies, saying there could be “no real economic reforms” while leaving them intact.

Bashir also said Sudan remained “cohesive and stable” despite a big loss of oil revenues, following the secession of South Sudan in 2011. The revenues had accounted for 90 percent of exports and 40 percent of the budget, he said.

With the secession, Sudan lost three-quarters of its oil output, a crucial source of foreign currency.

In October, Sudan sharply devalued its currency after the government tasked a body of banks and money changers with setting the exchange rate on a daily basis.

The new system was part of a package of measures aimed at tackling an economic crisis and an acute shortage of foreign currency.

($1 = 47.5002 Sudanese pounds)

Italian judges say Saipem knew about, aided bribes in Algeria

MILAN (Reuters) - Italian oil service group Saipem knew about and abetted in bribes paid to win contracts in Algeria worth 8 billion euros ($9 billion), judges at a Milan court said in a detailed ruling filed on Tuesday.

Saipem did not carry out “correct checks on intermediaries” in the bidding process to win the Algerian gas contracts, the judges said in comments contained in the written reasoning for a previous ruling.

Saipem declined to comment. It has previously denied any wrongdoing.

In September, former Saipem CEO Pietro Tali and the company were found guilty of paying middlemen about 198 million euros to secure contracts with Algeria’s state-owned energy firm Sonatrach in the period from 2007 to 2010.

Under Italian law, companies are responsible for the actions of their managers and can be fined if found guilty.

In the September ruling, the court acquitted Eni and its former CEO Paolo Scaroni. Saipem is controlled by Eni and state lender CDP.

Algeria has historically been an important market for Saipem and current CEO Stefano Cao has previously said he is keen to repair relations with the country.

In February, Sonatrach signed an agreement with Saipem to end legal disputes over four gas projects.

Saipem now has 45 days to file an appeal.

($1 = 0.8801 euros)

Glencore’s Katanga pays $22 million to settle Canada regulator probe

TORONTO (Reuters) - Glencore-controlled Katanga Mining Ltd said on Tuesday it agreed to pay more than $22 million to settle Canadian allegations of inadequate historical disclosures of its finances and activities in the Democratic Republic of Congo.

Johnny Blizzard, chief executive officer of the Toronto-listed company, will resign and leave its board, which includes three new directors, the miner said in a filing on Tuesday.

Katanga’s shares closed up 5.3 percent at 60 Canadian cents, compared with the local stock benchmark’s 0.4 percent gain. Katanga stock is down 68 percent this year.

Shares of Glencore Plc, which owns 87 percent of Katanga, closed down 1.6 percent at 288.20 pounds in London. It is the worst-performing stock among major miners in London this year, partly because of geopolitical risk.

“Glencore is disappointed by the conduct that has led to today’s settlement,” the company said in a separate statement on Tuesday, adding it was working with Katanga to improve reporting.

Katanga said it would pay the Ontario Securities Commission (OSC) C$28.5 million ($21.22 million) plus a further C$1.5 million to reimburse costs.

In a separate settlement agreement published on Tuesday, the OSC said each of the seven executives and/or directors named in its staff investigation, including Blizzard, would pay additional penalties and costs and be prohibited from serving as directors or officers of any Canadian public company for between two and four years.

The OSC had alleged misleading disclosures about Katanga’s operations from 2014 to the first quarter of 2017; unreported compensation to some executives; failures of internal controls; and risks associated with its business in Congo.

Last year, after an internal review identified weaknesses in Katanga’s financial reporting controls, three Glencore executives, who were among those named by the OSC, stepped down from Katanga’s board.

Katanga said it acknowledged it had misstated its financial position and failed to meet Ontario’s disclosure laws. It also admitted some directors and its CEO had gone along with or authorized that non-compliance. A Katanga spokesman said the CEO was not available for comment.

The company added it had failed to disclose risks in Congo, including its relationship with Israeli billionaire businessman Dan Gertler. Gertler is accused by Washington of using his friendship with Congolese President Joseph Kabila to secure sweetheart mining deals. He denies any wrongdoing.

Katanga said it would enter into a management agreement with Glencore to manage its operations more effectively.

“This ruling is a welcome first step towards holding Katanga Mining to account, but the payment made by the company is relatively small for the mega-rich Glencore group,” Peter Jones, who heads corruption investigations at nongovernmental organization Global Witness, said in an emailed statement.

He called for the UK’s Serious Fraud Office to investigate Glencore’s activities in Congo, which have faced a series of legal problems.

Congo is home to almost 60 percent of the world’s supply of cobalt, a mineral expected to be in increasing demand for batteries used in electric vehicles.

($1 = 1.3430 Canadian dollars)

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.

Nigeria's Access Bank to buy rival Diamond Bank to create Africa's biggest bank

LAGOS (Reuters) - Nigeria’s Access Bank has agreed to takeover mid-tier rival Diamond Bank, the lenders said on Monday, in a deal both said would create Africa’s largest bank by customers.

Nigerian banks have been trying to raise fresh capital after huge loan losses worsened by an economy that is recovering from its first recession in 25 years.

U.S. private equity firm Carlyle owns a 17.75 percent stake in Diamond Bank which it bought for $147 million in 2014 when the bank was trading at 0.6 times book value as against 0.15 times now.

“The board of Access Bank PLC today announces it has signed a memorandum of agreement with Diamond Bank PLC regarding a potential merger of the two banks that will create Nigeria and Africa’s biggest bank by customers,” Access Bank said in a statement to the Nigerian stock exchange.

As part of the deal, Diamond Bank said its shareholders would receive 3.13 naira per share, comprising of 1.00 naira per share in cash and the allotment of 2 New Access Bank ordinary shares for every 7 Diamond Bank ordinary shares.

Diamond and Access Bank both gained nearly 10 percent.

Diamond Bank said the board believed the move was “in the best interests of all stakeholders”. The bank also said its chief executive officer would step down after the merger.

Nigeria’s Security and Exchange Commission (SEC) late on Monday issued a statement in which it said: “It is a notice to merge, they have not merged yet. SEC is awaiting their application on the matter.”

The takeover follows weeks of speculation about Diamond Bank in the wake of the unexpected resignations of its chairman and three other directors in October.

Previous bank mergers in Nigeria have been imposed by the regulator. It was not immediately clear how this deal was agreed.

Diamond bank has been managing its capital since 2016 after huge loan losses worsened by a weak economy forced it to sell its foreign subsidiaries.

Fed raises rates despite Trump opposition

The Federal Reserve has raised interest rates again, in spite of warnings from Donald Trump against the move.

Officials at the US central bank voted to lift the Fed's key interest rate by 0.25%, to a target range of 2.25%-2.5%.

But they also said future increases could come at a slower pace amid concerns about global growth.

It comes after the US president on Tuesday warned the Fed against making "yet another mistake" in raising rates, urging it instead to "feel the market".

He also urged the bank not to wind down a multi-billion dollar stimulus programme brought in after the financial crisis.

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.

But his remarks have put pressure on the Fed, as presidents generally avoid criticising the bank publicly, for fear of politicising the institution.

At a press conference on Wednesday, Mr Powell defended the Fed's independence, saying that political pressure played "no role whatsoever" in its discussions or decisions.

He added that the Fed had no plans to change its ongoing reduction of its portfolio of Treasuries and mortgage-backed securities.

Fewer hikes next year

The bank has been gradually raising the benchmark rate since 2015, moving the US away from the ultra-low rates put in place during the financial crisis to spur economic activity.

Wednesday's decision, which was widely expected, marked the ninth increase since 2015 and the fourth this year.

However, the moves have made borrowing more expensive, contributing to slowdowns in some sectors, such as housing.

And with economic growth expected to slow, some worry that further increases risk stifling economic activity.

On Wednesday, officials did cut their forecasts for economic growth in 2019 to 2.3%, down from the 2.5% they anticipated in September.

And estimates released by the bank showed most Fed members expect two rate increases in 2019 - not three, as previously forecast.

It follows a downturn in US financial markets and concerns about slowing growth in the US and abroad.

However, Mr Powell said the strength of the US economy - which is expected to grow about 3% this year - justified another rate rise, despite recent "cross currents" that have weakened the outlook.

"We think this move was appropriate for what is a very healthy economy," he said. "Policy at this point does not need to be accommodative."

In its official statement, the Fed also said increases to its benchmark rate would help the US economy sustain its expansion, keeping the unemployment rate low and inflation near 2%.

Market reaction

Shares sank after the announcement, reversing earlier gains. The Dow and S&P 500 closed about 1.5% lower, while the Nasdaq fell than 2%.

In Asia, Japan's benchmark Nikkei 225 was down 2.5% in early afternoon trade on Thursday, following Wall Street's lead.

Hong Kong's Hang Seng index and South Korea's KOSPI index were both down more than 1%, while Australia's S&P/ASX 200 was down 0.85% in very late afternoon trade there.

Analysts said investors might have been hoping for stronger signs from the Fed that it would raise rates more slowly in the future.

"Given the stock market declines and negative international economic news - recognised in the statement - this still points to quite a bit of confidence at the Fed in the ability of the US economy to withstand a few more rate hikes," said Brian Coulton, chief economist at Fitch Ratings.--BBC

Facebook sued by top prosecutor over Cambridge Analytica

Washington DC's top prosecutor is suing Facebook in the first significant US move to punish the firm for its role in the Cambridge Analytica scandal.

District of Columbia Attorney General Karl Racine filed the lawsuit on Wednesday, said the Washington Post.

It accused Facebook of allowing the wholesale scraping of personal data on tens of millions of users.

The action adds to a number of regulatory investigations, following a year of privacy and security missteps.

A Facebook spokesperson told the BBC: "We're reviewing the complaint and look forward to continuing our discussions with attorneys general in DC and elsewhere."

Facebook's data-sharing deals exposed

As well as this lawsuit, Facebook is being probed by the Securities and Exchange Commission, the Federal Trade Commission and the Department of Justice.

In the UK, the company was fined £500,000 over the Cambridge Analytica scandal, the maximum fine the British data regulator can impose.

Bigger trouble may arise from the Irish data protection regulator, which is investigating Facebook for multiple admissions of security flaws, in what is being seen as the first major test of Europe’s new privacy rules as dictated by the General Data Protection Regulation. 

According to the Post, the DC attorney general’s action could be amended to include more recent data security admissions, including more revelations published on Wednesday by the New York Times.--BBC

Uber loses latest legal bid over driver rights

Uber has lost an appeal against a ruling that its drivers should be treated as workers rather than self-employed.

In 2016 a tribunal ruled drivers James Farrar and Yaseen Aslam were Uber staff and entitled to holiday pay, paid rest breaks and the minimum wage.

That ruling has now been upheld by the Court of Appeal.

But Uber pointed out that one of the three judges backed its case and said it would appeal to the Supreme Court.

Mr Farrar, who is chairman of the United Private Hire Drivers branch of the IWGB union, said: "I am delighted today's ruling brings us closer to the ending Uber's abuse of precarious workers made possible by tactics of contract trickery, psychological manipulation and old-fashioned bullying."

He added that he was dismayed that implementation of worker status for drivers was being further delayed while Uber seeks yet another appeal.

'A cynical ploy'

"This is nothing more than a cynical ploy to delay inevitable changes to its business model while it pursues a record breaking $120bn stock market flotation," Mr Farrar said.

"It's time for Uber to come clean with all its stakeholders and abide by the decision of the courts."

The GMB union said that Uber should "just accept the verdict", after losing three times in a row.

Prior to this, the Employment Tribunal ruled in November 2017 that it was upholding its original decision.

"This is the perfect early Christmas present for GMB's Uber members, but this case is about the wider 'gig economy' too," said the GMB's general secretary Tim Roache.

"Employers are on notice that they can't just run rough shod over working people to put more on the bottom line for shareholders."

Not unanimous

Uber has been granted permission to appeal to the Supreme Court.

The firm said it was encouraged that one of the appeal judges said that Uber's argument was "neither unrealistic nor artificial", but in accordance with a well-recognised business model in the private hire car industry.

"Almost all taxi and private hire drivers have been self-employed for decades, long before our app existed," an Uber spokesperson said.

"Drivers who use the Uber app make more than the London Living Wage and want to keep the freedom to choose if, when and where they drive.

"If drivers were classified as workers they would inevitably lose some of the freedom and flexibility that comes with being their own boss."

However, law firm Gowling WLG expects the Supreme Court to uphold the decision.

"Yet another court confirms that the more a brand seeks to control the activities of the people that deliver that brand's services to the public, the less likely those people are to be self-employed," said Jonathan Chamberlain, partner at Gowling.

"The law will probably always remain uncertain in this area, despite the governments promise of reform, but the direction of travel is clear. I expect the Supreme Court to uphold this judgement, but we shall see."--BBC

Italy budget deal struck with Europe after months-long row

After months embroiled in a high-profile diplomatic row, Italy has agreed a deal on its budget with the European Commission.

The Commission had demanded changes to Italy's budget plans because of the country's high debt.

Italy initially stood its ground, leading EU officials to threaten disciplinary action and potentially expensive fines.

But European officials said Wednesday's agreement avoided such action.

Under the deal, Italy has agreed to lower its planned budget deficit from 2.4% to 2.04% - not so much of a reduction as European officials had hoped for.

The value of Italy's concessions is understood to be a little more than €10bn (£9bn).

Italian Prime Minister Giuseppe Conte said the compromise was a win for both sides.

"We can say in conscience that we have realised in full the wishes of our citizens, demonstrating determination in the economic politics of the government," he told the country's senate.

"We have achieved by means of a complete sense of responsibility, a shared solution, that is good for Italians and satisfactory to Europe."

Acknowledging that the concessions were less than what had been asked for, European economic commissioner Pierre Moscovici said it had been a difficult year for the Italian people, citing the collapse of the Genoa bridge in August and the widespread damage caused by recurrent storms.

Villages cut off by Italy's deadly storms

Twenty face questions over bridge collapse

Italy's populists agree new budget

"The agreement reached today shows unambiguously that the European Commission is not the enemy of the Italian people," he said.

"We are not a machine made up of insensitive bureaucrats, imposing austerity and denying democracy. I hope that today we can move beyond such caricatures.

"I hope that today we can also put to rest any doubts over Italy's place in Europe."

Valdis Dombrovskis, the commission vice-president in charge of financial stability, said the agreed budget "still raises concern".

But he said the deal meant disciplinary action could be avoided - "provided that the agreed measures are fully implemented".

While Italy's spending is below the 3% deficit rule -which many countries, like France, exceed - its debt pile is the second-highest in Europe, and the main concern for European officials was that the debt not increase.

Under the deal, the budget has been balanced with a reduced growth forecast, which has been revised downwards from 1.5% to 1% for this year and next. European officials had felt the Italian government's expectation of 1.5% growth was overly optimistic.

But officials are still concerned about the long-term cost of the Italian government's two flagship policies - a universal income for poor Italians and the reversal of pension reforms which would lower the retirement age. Those plans have been postponed by a few months as part of the changes to achieve the new budget goals.

Markets responded positively to the news of the deal, with Italian bonds and stocks performing better on Wednesday.

The deal still needs to be approved by the Italian parliament. The European Commission said it would watch closely to ensure the agreement was adhered to - and potentially resume its procedures if it is not.--BBC

GlaxoSmithKline and Pfizer merge healthcare arms

Painkiller brands Panadol and Anadin will be bought under one roof under a giant deal between drug firms GlaxoSmithKline and Pfizer.

The firms are combining their consumer healthcare businesses into one firm with annual sales of £9.8bn ($12.7bn).

Other brands involved in the deal include Aquafresh toothpaste and Chapstick lip balm.

The deal still needs approval by shareholders and regulators. Shares in GSK rose 7% on the news.

GSK's consumer healthcare division used to operate as a joint venture with Swiss firm Novartis, but it acquired full control of the business nine months ago.

GSK to sell Horlicks as part of UK review

GSK, which will have 68% of the new business, said the deal was a "compelling opportunity" to build on that earlier buyout of Novartis and deliver stronger sales.

"Through the combination of GSK and Pfizer's consumer healthcare businesses, we will create substantial further value for shareholders," said GSK chief executive Emma Walmsley.

"Ultimately, our goal is to create two exceptional, UK-based global companies, with appropriate capital structures, that are each well positioned to deliver improving returns to shareholders and significant benefits to patients and consumers."

The joint venture will go by the name of GSK Consumer Healthcare. Apart from GSK's Nigerian subsidiary, which is excluded from the deal, it will operate in all countries where GSK and Pfizer have a presence.

GSK will have six directors on the board, while Pfizer will have three. The new firm will be spun off and listed separately on the London stock market within three years.--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

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