Major International Business Headlines Brief::: 01 February 2018

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Major International Business Headlines Brief::: 01 February 2018

 


 

 


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*  Zimplats quarterly profit surges 69 percent on higher sales

*  South Africa's Absa PMI rises in January to hit 9-month best

*  S&P rating of South Africa's Capitec not hurt by Viceroy report

*  South Africa's rand retreats, stocks set to open lower

*  Growing exports to help Rwanda regain higher growth rate: finance
minister

*  Glencore says copper output will rise as Katanga ramps up

*  Facebook tweaks prompt fall in user time

*  Brexit: Theresa May to fight EU transition residency plan

*  Betting firms to stop 'unfair' promotions

*  UK plans 200-mile 'country roads' driverless trial

*  Apple, Amazon, Alphabet: The race to a trillion dollars

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

Zimplats quarterly profit surges 69 percent on higher sales

HARARE (Reuters) - Zimplats on Thursday reported a 69 percent rise in profit
to $41 million for the quarter ended December, helped by the sale of
platinum group metal stockpiles from the previous quarter and higher prices.

 

Zimbabwe’s largest platinum miner, which is 87 percent owned by Impala
Platinum Holdings, sells platinum metal group concentrates to neighbouring
South Africa because it does not have a refinery of its own in the country.

 

Zimplats said revenue rose to $184 million from $102 million previously.

 

“Revenue increased by 80 percent from the previous quarter mainly due to the
sale of concentrates accumulated from the previous quarter and a 4 percent
increase in the basket price of the metals sold,” the company said in a
statement.

 

Platinum group metal sales rose 73 percent to 170,724 ounces.

 

The company said it was still in talks with the government, which last year
filed a court application to enforce a previous notice to seize more than
half of Zimplats’ mining land.

 

Zimplats said it was also negotiating with the Harare authorities over the
implementation of its plans to comply with the black economic empowerment
plan known locally as indigenisation.

 

New President Emmerson Mnangagwa says he has relaxed the indigenisation
drive but the law will still be enforced in the platinum and diamond
sectors, where the government would own at least 51 percent of the mining
operations.

 

The government has not clarified whether this would apply to both new and
existing mines.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

South Africa's Absa PMI rises in January to hit 9-month best

JOHANNESBURG (Reuters) - South Africa’s seasonally adjusted Absa Purchasing
Managers’ Index rose in January to its best reading in nine months as
business activity recovered and new sales orders increased, a survey showed
on Thursday.

 

The index, which is compiled by the Bureau for Economic Research and gauges
manufacturing activity in Africa’s most industrialised economy, rose to 49.9
in January from 44.9 in December.

 

“This is the best reading since May 2017 and the 5-point rise more than
makes up for the 3.7-point slump experienced in December,” Absa said in a
statement.

 

 

 

S&P rating of South Africa's Capitec not hurt by Viceroy report

JOHANNESBURG (Reuters) - Capitec said its credit rating by S&P Global
Ratings had not been affected by a report from Viceroy Research accusing the
South African lender of overstating its income and assets.

 

“To date, the bank has experienced only mild funding outflows and its
liquidity remains sound,” Capitec said in a statement on Thursday, quoting
the ratings firm’s bulletin.

 

S&P has rated Capitec BB/B with a stable outlook, which falls within the
speculative range.

 

The U.S. firm Viceroy published a report on Tuesday which said Capitec was a
“loan shark with massively understated defaults masquerading as a community
microfinance provider”, triggering a brief slump of 25 percent in its
shares.

 

Capitec has dismissed the allegations calling the report “flawed with
inaccurate statements”.

 

 

South Africa's rand retreats, stocks set to open lower

JOHANNESBURG (Reuters) - South Africa’s rand weakened against the dollar
early on Thursday, giving up some of the gains made in the previous session,
as the greenback received support from expectations the U.S. Federal Reserve
will raise rates several more times this year.

 

The rand however stayed below the psychological level of 12 rand per dollar
breached last week on expectations of economic and political reforms.

 

At 0643 GMT, the rand traded at 11.8975 per dollar, 0.4 percent weaker than
its New York close on Wednesday.

 

The dollar was supported after the Fed signalled its confidence about
inflation and growth in the world’s biggest economy, bolstering expectations
borrowing costs will continue to climb under incoming central bank chief
Jerome Powell. [FRX/]

 

Higher U.S. rates often drain capital away from higher-yielding, but riskier
emerging markets, weighing on their currencies.

 

Stocks were set to open lower at 0700 GMT, with the JSE securities
exchange’s Top-40 futures index down 0.2 percent.

 

 

 

Growing exports to help Rwanda regain higher growth rate: finance minister

KIGALI (Reuters) - Rising exports are expected to help Rwanda’s economy to
soon expand by its long term annual average of about 8 percent, its finance
minister said on Wednesday.

 

Claver Gatete said the economy had expanded by an average of 8 percent per
year since 2000, but it had dipped to an estimated 5.2 percent last year due
to sluggish growth in the construction sector and other challenges.

 

“We want to go back to the high growth of 8 percent,” he told Reuters,
citing last year’s third quarter growth, which was 8 percent. “We are coming
out of the woods.”

 

The International Monetary Fund said last November it expected Rwanda to
grow by around 6-7 percent this year.

 

Gatete said exports jumped 43.7 percent in the first 11 months of last year,
while imports declined 1.4 percent, leading to a 21.3 percent reduction of
the trade deficit.

 

“There is a trend ... We are seeing the economy going the right direction,”
he said.

 

Tax collection improved by 14.8 percent to 582.7 billion francs ($694.41
million) in the second half of last year, the revenue authority said on
Wednesday.

 

($1 = 839.1300 Rwandan francs)

 

 

Glencore says copper output will rise as Katanga ramps up

JOHANNESBURG (Reuters) - Glencore on Thursday said copper output in 2018
should rise to nearly 1.5 million tonnes as its Katanga mine in Democratic
Republic of Congo ramps up to add roughly 150,000 tonnes, as well as 11,600
tonnes of cobalt.

 

During the commodities crash in 2015, Glencore reduced output of commodities
including zinc and copper and shut its Katanga operation in Congo for an
upgrade.

 

Copper output in 2017 fell by 8 percent to just over 1.3 million tonnes,
while cobalt, a market Glencore dominates and which has soared in response
to expected demand for battery minerals, slipped to 27,400 tonnes.

 

Cobalt is a by-product of copper and Glencore’s output in 2018 should reach
39,000 tonnes as the Katanga mine increases output.

 

Zinc production was roughly steady for 2017 and should stay around steady at
just above 1 million tonnes in 2018, the company said.

 

The figures were broadly in line with guidance issued in December.

 

BMO Capital Markets in a note said zinc output for the last quarter of 2017
was slightly below analyst forecasts and copper higher, but on an annual
basis the shortfall versus estimates was immaterial.

 

Glencore shares were down 0.4 percent in early trade on London.

 

After recovering from a deep commodities crash in 2015, Glencore has led the
mining sector higher, outperforming its peers last year.

 

It has benefited from its exposure to minerals needed for a transition to
electric vehicles, including copper and cobalt. Glencore accounts for around
a third of the current global cobalt market.

 

The metal is one of the minerals where Glencore sees a strategic advantage
because around two-thirds of the world’s output is concentrated in
Democratic Republic of Congo, which many miners consider too risky because
of its political instability.

 

 

 

Facebook tweaks prompt fall in user time

Facebook has said users are spending less time on the site following changes
to the way it prioritises content.

 

The social network reported better than expected results despite the
changes, which come amid increasing scrutiny of its ad business, role in
political campaigns and broader social impact.

 

Chief executive Mark Zuckerberg said the tweaks would help Facebook in the
long-term.

 

He called 2017 a strong year but "also a hard one".

 

Facebook's revenue soared 47% last year to more than $40bn (£28.2bn), while
profits jumped 56% to nearly $16bn.

 

The gains came despite an unexpected $2.3bn tax payment due to the new US
tax law, which included a one-off tax on overseas profits.

 

But Mr Zuckerberg said the firm takes "very seriously" ongoing debate about
the utility of social media sites and wants to ensure time spent on the
network is "more meaningful".

 

"That's what people want," he said.

 

Mr Zuckerberg said the actions so far, which include showing fewer viral
videos, have reduced time spent on Facebook by about 5% or roughly 50
million hours a day.

 

In January, Facebook said it would change how its News Feed works, to
prioritise posts from friends and family to boost interaction between users,
while reducing the prominence of content from businesses, media and other
companies.

 

Facebook said its user growth also cooled slightly from its last quarterly
update.

 

The firm reported an average of 1.4 billion daily active users and about
2.13 billion monthly active users in December.

 

Those figures were 14% higher than in December 2016, but had increased 16%
year-on-year in September.

 

In the US and Canada - a region that brings in an outsize share of ad
revenue - the number of daily users shrank by about 700,000 to 184 million
compared with the previous quarter.

 

Analysis: Dave Lee, BBC North America technology reporter, San Francisco

There are politicians, academics and even former executives lining up to
tell Facebook what's wrong with it, but Mark Zuckerberg has only ever
trusted his own data.

 

And so these tweaks to the News Feed, above all else, are a result of what
Facebook's engineers have seen for themselves.

 

Mr Zuckerberg's (pretty convincing) argument is that by not fixing the News
Feed, the long-term health of the company could be in jeopardy - not because
of Russian propaganda or fake news, but because it just won't be fun or
useful to use.

 

The 33-year-old is again warning investors that it's going to take time to
heal the News Feed, making it a better place for you and for me - and then
eventually, he hopes, advertisers and businesses.

 

What we need to look out for is investors' patience with him. Over the past
two years Facebook has consistently beat expectations, and it did again
today, even with the caveats. Will Wall Street cut him some slack as a
result?

 

'Right medicine'

Daniel Ives, an analyst at GBH Insights, said the firm's financial results
were "robust" and described Facebook's strategy as 'the right medicine at
the right time".

 

"We believe this strategy will drive higher advertising pricing monetisation
trends in the long-term for Facebook and was a move Zuckerberg & Co needed
to make," he said.

 

The company reported fourth quarter revenue of nearly $13bn, up 47% from the
same period in 2016. Profits were $4.3bn, up 20% year-on-year, after the tax
hit.

 

Facebook said it expects to pay an effective tax rate of 23% in 2017,
slightly higher than last year.

 

Though the US tax overhaul slashed the corporate rate, it also imposed a
one-time mandatory tax on overseas profits.

 

Facebook shares initially fell by more than 4% in after-hours trade, but
rebounded quickly.

 

 

 

Brexit: Theresa May to fight EU transition residency plan

Theresa May has indicated she will fight a proposal to give residency rights
to EU citizens during the transition period after Brexit.

 

She said there had to be a difference between those arriving after the UK
leaves and those who came before.

 

She also sought to reassure Tory MPs worried about the length of transition.

 

The European Parliament's Brexit lead, Guy Verhofstadt, responded by telling
The Guardian: "Citizens' rights during the transition is not negotiable."

 

He said that "for the transition to work" there could not be "two sets of
rights for EU citizens".

 

Earlier this week, the EU set out what it was prepared to offer the UK,
saying it expected the transition to last from the day of the UK's departure
on 29 March 2019 to 31 December 2020.

 

But reports that it could be extended have dismayed some Brexit-supporting
MPs.

 

Speaking during her trade trip to China, Mrs May insisted such an
"implementation period" would last about two years.

 

"We are not talking about something that is going to go on and on... we're
leaving the European Union. There is an adjustment period for businesses -
and indeed government - for changes that need to be made," she said.

 

International Trade Secretary Liam Fox is in China and wants his restive
colleagues at home to focus on the big picture.

 

Listing the number of deals that have been done already this week during the
prime minister's visit he told me that building levels of trade with China
is a real "success story".

 

No 10 is confident that by the end of this marathon trip well over £9bn of
new contracts will have been secured - such a high profile political
investment edging deals over the line.

 

Dr Fox accepts it will take some to get trade deals done in the longer term.
The UK will be limited not just before Brexit, but also during the
transition period, in how much can get done.

 

Read more from Laura

 

In December, the two sides agreed a deal setting out the rights of EU
citizens in the UK and British expats on the continent.

 

All EU nationals who have been in the UK for more than five years will be
expected to be granted settled status, giving them indefinite leave to
remain with the same access to public services as now.

 

Those who have been resident for a shorter period but who arrive before
Brexit cut-off date, currently expected to be 29 March 2019, will also be
able to stay and get settled status once they have been in the UK for five
years.

 

At the time, Downing Street said it envisaged anyone arriving after Brexit
being able to continue to live, work and study in the UK during the
transition period but that they would need to register, and the future
immigration rules would have to be agreed as part of the wider transition
negotiations.

 

But the EU has since said it expects existing rules on freedom of movement -
including the path to permanent residency - to apply in full until the end
of the transition phase, which is currently expected to be 31 December 2020.

 

The EU has said the UK must abide by all its rules and regulations during
the transition phase

Mrs May, who is on the second day of a three-day trade trip to China, said
she would contest the issue of long-term residency rights when transition
negotiations begin in earnest next month.

 

"When we agreed the citizens' rights deal in December we did so on the basis
that people who had come to the UK when we were a member of the EU had set
up certain expectations," she said.

 

"It was right that we have made an agreement that ensured they could
continue their life in the way they had wanted to - now for those who come
after March 2019 that will be different because they will be coming to a UK
that they know will be outside the EU.

 

"I'm clear there is a difference between those people who came prior to us
leaving and those who will come when they know the UK is no longer a
member."

 

Alp Mehmet, vice chair of campaign group Migration Watch UK told BBC Radio
4's Today programme: "What shouldn't happen and what people don't expect to
happen is that those arriving during the transition period can acquire the
right to remain here indefinitely."

 

But MEP Mairead McGuinness, vice-president of the European Parliament, told
the programme there was a "total illogicality" as the EU "will insist that
the rights of UK citizens in that transition period will remain exactly as
they are today" and she said the agreement around rights would apply at the
end of the transition period.

 

'Enormous contribution'

The BBC's political editor Laura Kuenssberg, who is travelling with the
prime minister, said Mrs May was showing she was willing to push back
against the EU amid discontent on the Conservative benches.

 

Labour MP Peter Kyle said anything that caused uncertainty for EU workers in
the UK was bad for business.

 

Meanwhile, government analysis has emerged suggesting the cost of cutting EU
migration would be much greater than the benefits of a US trade deal.

 

BuzzFeed News has claimed government studies on the economic impact of
Brexit say reducing migration from the bloc into the UK would nullify the
benefits of any trade deal struck with Washington.

 

Ministers agreed on Wednesday to let MPs see another leak from the same
impact analysis which suggests the economy would be worse off as a result of
a number of possible Brexit scenarios.

 

In response to the fresh leak, the government said the UK would forge new
and ambitious trade deals but remain an "open and tolerant country" while
ensuring there is control of migrants.

 

In another development, the government's flagship EU (Withdrawal Bill)
cleared its first hurdle in the House of Lords as it passed its second
reading and former Labour minister Lord Adonis withdrew an amendment calling
for a referendum on the final deal.--BBC

 

 

 

Betting firms to stop 'unfair' promotions

Betting firms Ladbrokes, William Hill, and PT Entertainment have agreed to
change online games promotions after pressure from the regulator.

 

The Competition and Markets Authority (CMA) said punters must be able to
cash out when they want, and not have to play more to release winnings.

 

It said that "gambling firms must now stop unfair online promotions that
trap players' money".

 

The changes will apply to all promotions.

 

After a CMA investigation into whether the sector was breaking consumer
protection law, three companies - Ladbrokes, William Hill, and PT
Entertainment - will make changes to bonus promotions for online games such
as roulette and poker.

 

Players will not be required to play multiple times before they can withdraw
their own money

Gambling firms must ensure that any restrictions on gameplay are made clear
to players, and cannot rely on vague terms to take players' money

Gambling firms must not make players take part in publicity to collect
winnings

The Gambling Commission, which worked with the CMA on its investigation,
said companies across the whole sector must "promptly adopt similar
changes".

 

"Firms not doing so will face regulatory action from the Gambling
Commission," the CMA said in its statement.

 

Guidance for gambling firms will be published later this year.

 

Gambling Commission executive director, Sarah Gardner, said: "Gambling firms
must treat their customers fairly and not attach unreasonable terms and
conditions to their promotions and offers."

 

'Productive discussions'

Brian Wright, director of business for the Remote Gambling Association said:
"There are clearly lessons to be learned for some companies and we will work
with the Gambling Commission and others to raise standards wherever
necessary.

 

"We have already held productive discussions with the CMA and the Commission
to consider how best to achieve that."

 

A Ladbrokes Coral statement said the company recognised that "things had
unintentionally gone too far" and that the new rules would improve
transparency.

 

"It is never comfortable being in the spotlight on these sorts of issues but
we are pleased that a way forward has now been identified and are committed
to ensuring we meet the standards set," the company said.

 

William Hill said in a statement: "As one of the largest online betting and
gaming brands in the UK, William Hill has worked with the CMA to ensure that
its concerns have been fully met.

 

"We welcome the standards and principles that the CMA has outlined and we
look forward to their adoption across the industry."--BBC

 

 

UK plans 200-mile 'country roads' driverless trial

An autonomous car project will attempt a complex journey across the UK,
taking in country roads and high-speed roundabouts.

 

The HumanDrive initiative will first simulate a range of conditions, before
the car starts its 200-mile (320km) journey in December 2019.

 

The UK wants to get driverless cars on the road by 2021.

 

But it is facing stiff competition from the US and other countries around
the world.

 

Business and Energy Secretary Greg Clark welcomed the project: "Low-carbon
and self-driving vehicles are the future and they are going to drive forward
a global revolution in mobility.

 

"Trailblazing projects like the HumanDrive project will play a vital role
helping us deliver on that ambition."

 

The project is a collaboration between Groupe Renault, Nissan and
Mitsubishi, Cranfield University and Highways England, among others.

 

Mark Westwood, chief technology officer of the Transport Systems Catapult,
which is another partner involved in the project, said: "UK roads throw up
some particular challenges. They are different from American roads, with
roundabouts and demanding country lanes. These are really testing
environments.

 

"This project is about advancing the state of the art and trying to do
something more demanding. The control system will learn to drive like a
human."

 

To enable this, a group of competent human drivers will show off their
skills in a simulator based at Leeds University and the data will be
collated. Data is also being collected from roads around the UK.

 

This will be fed into the machine learning system and driverless cars will
begin safety testing and trials on private tracks.

 

Waymo - owned by Google's parent firm Alphabet - has already begun trials of
a taxi that has no driver to step in if things go wrong. The firm intends
the test, in Arizona, to eventually cover an area the size of Greater
London.

 

The division has already carried out 3.5 million miles of other tests on US
public roads.

 

And Uber recently struck a deal to buy 24,000 self-driving cars from Volvo
and plans to radically expand its current tests in Arizona and Pennsylvania.

 

Most car firms, including Toyota, Nissan, BMW and Ford, also have ambitious
timelines to get fully autonomous vehicles on the roads by 2020 or
2021.--BBC

 

 

 

Apple, Amazon, Alphabet: The race to a trillion dollars

When it comes to predictions for 2018, most financial analysts agree on one
thing: one tech firm is likely to become America’s first ever trillion
dollar company.

 

The question is: which one will it be?

 

On Thursday, we’ll get a big clue as to who might hit that incredible
milestone first, as the three biggest tech giants in the US release their
latest results.

 

Could it be Apple?

 

That largely depends on its latest and supposedly greatest smartphone, the
iPhone X.

 

If sales are strong - and they'll need to be very strong - Apple’s value
will hurtle towards a trillion dollars in no time at all.

 

With a higher price tag - $999 - the iPhone X wouldn't need to break sales
records in order to draw record profits, and convince investors Apple still
has the ability to bring innovation to its biggest product line by far.

 

But there have been reports lately that suggested Apple could cut its
production targets for the device by almost half. That’s not what investors
wanted to hear.

 

Still, even if iPhone X sales are modest, the company is still expected to
report revenue growth of more than 10%. That would put it nicely on track to
hit a market value of $1tn by the end of the year.

 

To increased synergies, and beyond

But Amazon might get there first.

 

Chief executive Jeff Bezos is now comfortably the world’s richest man. The
share price of his company rose by more than 50% in 2017.

 

Most of that was fuelled by big growth in its cloud business - Amazon Web
Services.

 

But the company now also has Whole Foods in its portfolio. There is talk of
"increased synergy opportunities" here - the overlap of Amazon tech and
Whole Foods physical locations could be extremely lucrative. The opening of
one concept retail store last month was enough to give shares a bounce.
Surely just the beginning.

 

What will probably hold Amazon’s value back, however, is the rate at which
it will spend money. It is expected to spend more than $4bn creating content
for its Prime TV service as it continues to tussle with Netflix.

 

There's continued investment to be made in its Alexa assistant. Last year,
Amazon told us it had more than 5,000 people working on developing the
technology, which is going toe-to-toe with Google's assistant system.

 

And in an effort to bring quicker delivery of more stuff to more people,
Amazon is also opening more fulfilment centres in markets all over the
world.

 

So that's a lot of spending - and that’s before it starts building its
second headquarters, wherever that may end up being. No wonder GBH Insight's
Daniel Ives told Amazon investors they were looking at a period of
“short-term pain” but “long-term gain”.

 

Alphabet's hardware play

OK then, so what about Alphabet?

 

The parent company of Google is expected to report overall revenues that are
up by about 20% on this time last year. But, as ever, that’s mostly from
search advertising and YouTube, its big earners.

 

If Alphabet is to get over that trillion-dollar mark, it’ll need to boost
income from areas other than advertising.

 

Keep a close eye on how well its hardware is performing - the Pixel 2 phones
came out last year, and there was a huge marketing push for its Google Home
assistant.

 

Did it work? When it comes to hardware, Alphabet isn't in the same league as
Apple. But any promising signs there would have investors jumping for joy.
So too would big gains in cloud computing - which is another thing analysts
unanimously expect. Google's market dominance in artificial intelligence
could be useful if it wants to close the gap on Amazon Web Services.

 

As I write this, it's Apple, with a value of $860bn, which is closest to
that $1tn mark. Amazon rests at just under $700bn, while Alphabet jostles at
$817bn. Which one will make it past this phenomenal, symbolic milestone?

 

You know, maybe they all will.--BBC

 

 

 

 

 

 


 

 


 

INVESTORS DIARY 2018

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 


 

 

 

 


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