Major International Business Headlines Brief::: 02 February 2018

Fri Feb 2 14:30:50 CAT 2018

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Major International Business Headlines Brief::: 02 February 2018

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

*  South African cement maker PPC says 9-mth revenue up

*  Blockchain to track Congo's cobalt from mine to mobile

*  Aveng unit says to lay off 120 workers

*  South Africa's Aveng subsidiary to retrench 2,863 workers: union

*  Sonangol resumes operations in Iraq

*  Tanzania says GDP growth rises to 6.8 pct yr/yr in Q3

*  South Africa's National Treasury asks regulator to probe Viceroy's
conduct

*  Kenyan shilling steady on horticulture export earnings

*  South Africa's rand weakens 1 percent ahead of U.S. jobs data

*  Apple sells fewer phones but profits rise

*  Sony chief executive Kazuo Hirai to step down

*  Amazon 2017 sales jump by nearly a third

*  Alibaba sales jump 56% after record Singles Day performance

*  South Africa's Capitec dismisses Benguela global fund report

 <mailto:info at bulls.co.zw> 

Blockchain to track Congo's cobalt from mine to mobile

LONDON (Reuters) - Blockchain is to be used for the first time to try to
track cobalt’s journey from artisanal mines in Democratic Republic of Congo
through to products used in smartphones and electric cars.

Sources close to a pilot scheme expected to be launched this year say the
aim is eventually to give manufacturers a way of ensuring the cobalt in
lithium-ion batteries for products such as iPhones and Teslas has not been
mined by children.

Tracking cobalt presents many challenges as scores of informal mine sites
would have to be monitored, all players in the supply chain would need to
buy into the scheme, and accurate, electronic data would need to be
transmitted from remote areas - all in a vast country plagued by
lawlessness.

But companies are under growing pressure from consumers and investors to
show the cobalt they use has come through supply chains free of rights
abuses, just as they have for minerals used in electronics such as tantalum,
tin, tungsten and gold.

Businesses in China, the main destination for Congolese cobalt from
artisanal mines, have set up a Responsible Cobalt Initiative, which has been
joined by tech giants such as Apple and Samsung, to address child labour.

The problem they face is that there are few sure-fire ways of tracing cobalt
from the informal mines that produce up to a fifth of the cobalt from Congo,
the world’s biggest producer.

“The demand to make cobalt more sustainable is going to continue growing,
meaning there is a will to find a solution and blockchain will be part of
that,” said a source with the project, who declined to be named because it
is not yet public.

OPEN QUESTION

Blockchain technology is already used in the diamond industry. Gems are
given a digital fingerprint that is then tracked by blockchain as gems are
sold, giving a forgery-proof record of where the stones have come from.

The cobalt supply chain is far more complex but the developers of the pilot
hope blockchain - a decentralised online database in the form of a
distributed ledger - can at least track some of the stages that are a major
worry for end users.

Sheila Warren, head of blockchain policy at the World Economic Forum, said
it was an open question how well it could work in Congo given the prevalence
of conflict, lawlessness and an opaque legal system.

“We are prototyping, iterating, testing, scaling,” said Warren, who is
working with experts to see how blockchain can improve mineral supply
chains. “The technology is not the hard part.”

Amnesty International, which detailed the extent of child labour in cobalt
mining in Congo in a 2016 report, said it was looking at blockchain,
especially with a view to tracing payments to middlemen.

“You have to be wary of technological solutions to problems that are also
political and economic, but blockchain may help. We’re not against it,” said
Amnesty researcher Mark Dummett.

Congo holds half the world’s cobalt reserves and demand for the main mineral
component of lithium-ion batteries is set to surge as electric cars
proliferate. In 2016, Congo mined 54 percent of the 123,000 tonnes of cobalt
produced worldwide.

Carmakers such as Volkswagen are trying to secure long-term cobalt supplies
to sustain electric car production, and they are asking suppliers to ensure
no child labour was used in the supply chain.

BAGGED AND TAGGED

The plan for the Congo pilot scheme is to give each sealed bag of cobalt
produced by a vetted artisanal miner a digital tag which is entered on
blockchain using a mobile phone, along with details of the weight, date,
time and perhaps a photo.

At the next stage, a trader buying the bag would record the details on
blockchain, and the process would be repeated until the ore gets to the
smelter - leaving an immutable record of the cobalt’s journey for downstream
buyers or third parties to view.

The pilot will involve organisations throughout the supply chain, from
on-the-ground monitors checking that sites are not using child labour,
through the refining process to end users, according to people helping to
develop the scheme.

One potential risk in the supply chain is that cobalt mined by children gets
mixed with “clean” cobalt before processing.

The industry is experimenting with options such as indelible marks that
survive the refining process, a mass balance approach as used for Fairtrade
certification of products such as cocoa, or bolting blockchain onto computer
technology already used by refiners to monitor material as it moves through
their plants.

“We are very bullish about the potential impact of blockchain in minerals
and metals supply chains,” said Harrison Mitchell, director of RCS Global,
which advises companies on responsible sourcing and audits supply chains.

“Blockchain-enabled supply chains will have the ability to deliver trust and
transparency over the production of metals such as cobalt,” he said.
“Ensuring that information from these mine sites is inputted correctly and
transparently is difficult, but it is possible.”

INPUT DATA

Some institutional investors are also pushing mining companies and
manufacturers to harness blockchain to help clean up mineral supply chains.

Christine Chow of Hermes Investment Management said tracking cobalt was far
more complex than diamonds, typically involving 12 steps as opposed to five
stages for gems.

“But the principle of recording key characteristics and then entering them
into the blockchain, which is stored on the cloud, is the same,” said Chow,
part of the Hermes EOS team that advises institutional shareholders on
responsible investing.

“To make it work, the key players in the chain must agree a set of input
data to define its features,” said Chow, whose team has $425 billion of
assets under advice.

The International Council on Mining and Metals (ICMM) said its members,
which include all major mining companies, were well-placed to draw on
blockchain’s potential to improve public trust in the industry.

“It does not solve the whole problem, but it solves a big part of the
problem,” ICMM CEO Tom Butler said.

“Quality at entry to where the blockchain starts remains a challenge, but in
that respect we’re in a privileged position as ICMM members are mining
responsibly.”

Glencore, the world’s biggest producer of cobalt, declined to comment on the
use of blockchain.

In its 2016 sustainability report, Glencore said when it sourced cobalt in
Congo from outside its own production, it only dealt with third parties that
did not use artisanal mines.

 <mailto:info at bulls.co.zw> 

Aveng unit says to lay off 120 workers

JOHANNESBURG (Reuters) - A unit of South African construction firm Aveng Ltd
said on Friday it would cut 120 jobs mostly due to projects coming to an end
and rebuffed a union’s claim that more than 2,000 workers would be affected.

The National Union of Mineworkers (NUM) said on Thursday it had received a
section 189 notice that 2,863 workers would be laid off by Aveng unit
Grinaker-LTA.

Sonangol resumes operations in Iraq

LUANDA (Reuters) - Angola’s state oil company Sonangol has resumed
operations in Iraq after an improvement in the security situation and the
handing back of its assets from Iraqi authorities, the company said in a
statement.

Sonangol said late Thursday that Iraq’s national concessionaire, North Oil
Company, had handed the fields in Najmah and Qayyarah, located south of the
city of Mosul, over to the Angolan company.

Sonangol acquired its 75 percent stake in the assets in 2010 but was forced
to suspend operations in 2012 due to outbreak of fighting in the region.

The fields have estimated oil reserves of more than 1 billion barrels,
Sonangol said.

“The resumption of its concessions ... represents one of the major successes
of the current board, if one takes into account the commercial potential of
the fields,” the company said.

Tanzania says GDP growth rises to 6.8 pct yr/yr in Q3

DAR ES SALAAM (Reuters) - Faster growth in mining, natural gas and
construction activities propelled Tanzania’s economy higher in the third
quarter of 2017, the statistics agency said on Friday.

East Africa’s third-biggest economy grew 6.8 percent year-on-year in the
third quarter compared with 6.2 percent in the same quarter in 2016, the
state-run National Bureau of Statistics (NBS) said.

“Economic activities that increased at significant rates were mining and
quarrying (20.8 percent), water supply (19.1 percent), information and
communication (13.4 percent), transport and storage (13.0 percent) and
manufacturing (12.4 percent),” it said.

The World Bank cut its forecast for Tanzania’s full-year GDP growth in
November to 6.6 percent versus the government’s revised growth target of 7.0
percent, due to slowdowns in public spending and growth of credit to the
private sector.

NBS said growth in the mining and quarrying sector was largely driven by an
increase in natural gas production, diamond and coal output.

“Gas production increased to meet the demand of gas for power generation ...
coal production increased in the quarter under review on account of the
government ban on coal imports,” the agency said.

Diamond output nearly doubled to 88,943 carats in the third quarter compared
to 47,586 carats previously due to expansion in mining activities, while
coal production rose to 129,781 tonnes from 68,302 tonnes, NBS said.

Big gas discoveries offshore - still several years away from major exports -
have drawn in more investors, both in the energy industry and other sectors
looking to find a foothold in a expanding market.

Despite reserves of over 57 trillion cubic feet (tcf) of natural gas,
Tanzania faces chronic power shortages due to its reliance on hydro-power
dams in a drought-prone region for about a third of its 1,570 MW of
installed capacity.

The government aims to add about 2,000 MW in gas-fired generation by 2018 to
industrialise the economy. Demand for power in the nation of 50 million
currently outpaces supply.

South African cement maker PPC says 9-mth revenue up

JOHANNESBURG (Reuters) - South African cement maker PPC Ltd said on Friday
group revenue improved in the nine months to December 31 despite a lag in
its home market.

“The lack of large infrastructure projects continues to hamper cement volume
growth in South Africa,” it said.

In Rwanda it grew volumes by 20 to 30 percent and in Zimbabwe by 30 to 40
percent, it said.

Group earnings before interest, tax, depreciation and amortisation (EBITDA)
were hurt by corporate action and other costs, PPC said in a statement,
without giving details.

PPC, which has operations in six countries, spent most of 2017 in merger
discussions with cement and investment suitors including local rival
AfriSam, Nigeria’s Dangote Cement and Irish building materials group CRH.

In December it concluded that it was no longer interested in selling or
buying assets, ending talks about a possible takeover by Swiss group
LafargeHolcim.

South Africa's rand weakens 1 percent ahead of U.S. jobs data

JOHANNESBURG (Reuters) - South Africa’s rand weakened 1 percent against the
dollar early on Friday, as traders remain cautious before the release of
U.S. jobs data later in the day.

“Ahead of payrolls we’re trading in ranges,” said a currency trader at Rand
Merchant Bank

By 0802 GMT the currency was down 1 percent to 11.9650 rand.

South Africa's Capitec dismisses Benguela global fund report

JOHANNESBURG (Reuters) - South African lender Capitec Bank Holdings
dismissed Benguela Global Fund Managers’ letter on Thursday, which had
raised concerns about the lender’s business practices.

Benguela wrote to Capitec last month, questioning the lender’s policy on
rescheduling problem loans, the South African fund manager said in a
statement to its clients seen by Reuters on Wednesday.

South Africa's Aveng subsidiary to retrench 2,863 workers: union

JOHANNESBURG (Reuters) - South Africa’s National Union of Mineworkers (NUM)
said on Thursday it had received a notice that 2,863 workers would be laid
off by a subsidiary of construction firm Aveng Ltd because most of its
projects were about to be completed.

Work for South Africa’s construction industry has slowed sharply as
government contracts stall and weak commodity prices hit demand from the
mining industry.

Job cuts are a thorny issue in South Africa where the unemployment rate is
at a 14-year high of 27.7 percent.

The NUM’s spokesman Livhuwani Mammburu said the union received the Section
189 notice from Aveng’s Grinaker-LTA unit, saying it planned the lay offs as
most of its projects were near completion and its pipeline of new
construction had dried up.

The NUM urged Aveng Grinaker-LTA to avoid laying off the workers.

Aveng was not immediately available for comment.

The loss-making firm announced a strategic and operational review in
September aimed at improving liquidity and returning the business to
profitability after the sudden resignation of Chief Executive Kobus Verster
that month.

Aveng, which still doesn’t have a permanent CEO, said at the time it was
looking to sell non-core assets, identify a number of products to export to
different markets in order to enhance profit, cut underperforming contracts,
reorganise its production capacity and simplify the firm’s organisational
structures.

South Africa's National Treasury asks regulator to probe Viceroy's conduct

JOHANNESBURG (Reuters) - South Africa’s treasury said on Thursday it has
asked the Financial Services Board (FSB) to consider launching a market
abuse probe into Viceroy Research after its report on Capitec sparked a
sell-off in the stock.

The National Treasury also asked the FSB to alert relevant overseas
regulators, such as the Securities and Exchanges Commission in the U.S. and
the Financial Conduct Authority in Britain, to consider whether Viceroy is
regulated appropriately, it said in a statement.

Kenyan shilling steady on horticulture export earnings

NAIROBI (Reuters) - The Kenyan shilling held steady against the dollar on
Friday supported by horticulture export earnings, traders said.

At 0800 GMT, commercial banks quoted the shilling at 101.75/95 per dollar,
compared with 101.80/102.00 at Thursday’s close.

Apple sells fewer phones but profits rise

Apple sold slightly fewer iPhones in the final three months of 2017 than it
did the year before, but higher prices compensated for the dip.

The firm reported a record $20bn (£14bn) in quarterly profits, driven by
strong growth in Japan and Europe.

The results were the first official glimpse of sales figures for Apple's
expensive iPhone X.

Chief executive Tim Cook said demand for the product, which starts at about
$1,000, had surpassed expectations.

Quarterly sales at the firm climbed by 13% year-on-year to a record $88.3bn.

After an initial fall, Apple shares climbed more than 3% in after-hours
trade.

Apple released the iPhone X in November, coinciding with the 10th
anniversary of the device.

And while the overall number of iPhones sold in the period slipped by 1%
year-on-year to 77.3 million, the iPhone X had been the top-selling Apple
handset every week since its launch, Mr Cook said.

However the tech giant also issued a weaker-than-expected sales forecast for
coming months, which appears to reinforce investor concerns that demand for
Apple products may be dimming.

Timid quarter, but not problematic

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

Last year Apple launched three new iPhones, but one was not like the others.

The iPhone X was the main event, the talk of the town. In contrast, the
iPhone 8 and 8 Plus felt obsolete before Tim Cook had even finished his
presentation. Investors were worried that the presence of the iPhone X would
put off people buying the cheaper iPhones. And, given the X started at $999,
those people may decide not to buy an iPhone at all.

And that appears to be basically what happened. Apple sold marginally fewer
iPhones compared with this time last year (though the company blamed that on
a shorter accounting period compared with the same time in 2016).

With the average selling price going up by around $100, to $796, it means
Apple may be selling fewer iPhones, but it is making more from each one.

Apple investors will be seeing it like this: selling fewer iPhones but
dramatically upping the price is certainly one way to solve that
ever-present supply chain headache.

So, a timid quarter by Apple's unparalleled standards. But by no means a
problem.

'Extremely engaged'

Mr Cook said he was not over-concerned by the dip in handset sales, adding
that the 1.3 billion active Apple devices around the world provided a strong
customer base for the firm's services businesses, which include Apple Pay.

Analyst Carolina Milanesi, of California-based Creative Strategies, tweeted
that "1.3 billion users most of whom are extremely engaged with their
devices is why the services numbers will be more and more interesting going
forward".

Apple has been under a cloud after revealing that it deliberately slowed
batteries in older phones, prompting investigations in several countries.

It has since apologised, offering customers cheaper batteries and other
modifications, though analysts have said that could reduce replacement
purchases, potentially affecting the firm's bottom line.

Future growth

Jeff Fieldhack, research director at technology consultancy Counterpoint,
said while Apple's opening quarter was "fantastic" for its new devices, it
may struggle to keep sales levels up.

"Because of the higher prices, it will be a challenge to keep those volumes
going," Mr Fieldhack said.

He added the firm's performance in China, India and other emerging markets
would also be crucial to future growth.

Apple has struggled to lure customers away from several rivals in China, the
world's largest smartphone market, as it competes against more affordable
devices.

It faces similar challenges in India, where the firm currently has just 2%
market share . Growing its Indian customer base will be important for future
sales, Mr Fieldhack said.--BBC

Sony chief executive Kazuo Hirai to step down

Sony's chief executive Kazuo Hirai is stepping down and handing the reins
over to finance chief Kenichiro Yoshida.

Mr Yoshida, Sony's chief financial officer, is to take over control of the
Japanese electronics giant from 1 April.

Mr Hirai will remain at Sony as chairman.

Mr Yoshida and Mr Hirai have been instrumental in turning Sony around to
focus on smartphone image sensors.

Under their efforts, the Japanese electronic giant sold off its struggling
television and PC businesses, and launched the successful PlayStation 4
video game console, which has sold more than 60 million units to date.

Sony said its profits quadrupled in the three months to December.

The Japanese electronics giant reported a record profit of 351 billion yen
($3.2bn, £2.5bn) for the quarter, compared with 92.4 billion yen in the same
period the year before.

"As the company approaches a crucial juncture, when we will embark on a new
mid-range plan, I consider this to be the ideal time to pass the baton of
leadership to new management, for the future of Sony and also for myself to
embark on a new chapter in my life," said Mr Hirai in a statement.

Mr Yoshida said he wanted to build on the management foundation created
under Mr Hirai's leadership to "improve Sony's competitiveness as a global
company".--BBC

Amazon 2017 sales jump by nearly a third

Online retailer Amazon saw sales jump by nearly a third last year, helped by
growth in its Prime delivery service.

Full-year revenue came in at $177.9bn (£124.6bn), a rise of 31%, while
profit hit $3bn, against $2.4bn in 2016.

The company reported record sales in the final three months of the year,
driven by a surge in online shopping over the holiday season and demand for
its cloud services.

Shares in Amazon rose by 6% in after-hours trading.

The company said more than five billion items were sent using its Prime
shipping service worldwide in 2017.

Amazon reveals plan to enter healthcare

The supermarket with no checkouts

Amazon raises monthly Prime price in US

It added that more "new paid" members joined the scheme than in any previous
year, both worldwide and in the US.

More than four million people signed up in one week alone last quarter
Amazon said.

Prime members have access to fast shipping, exclusive TV shows on Amazon
Prime Video and extra benefits when using the company's voice-controlled
Alexa digital assistant.

Amazon has focused on boosting Prime subscribers, which its chief financial
officer has previously called its "most important customer base".

Prime subscribers tend to do more shopping with the company, although Amazon
has not said how many people it has signed up so far.

The company's boss Jeff Bezos said projections for its Alexa assistant had
been very optimistic and the company had "far exceeded them".

"We don't see positive surprises of this magnitude very often - expect us to
double down."

'Eye-popping'

The company said fourth-quarter sales rose by 38% to hit a quarterly record
of $60.5bn (£42.4bn).

Fourth-quarter profits more than doubled to $1.9bn against $749m in the last
three months of 2016.

The figures were boosted by a tax benefit of about $789m related to the new
US tax law.

The results also include the contribution from the Whole Foods grocery store
chain, which Amazon bought last year.

"This was another blow-out quarter for Amazon," said analyst Daniel Ives of
GBH Insights.

"The retail strength was eye-popping as the company had a banner holiday
season and looked to capture roughly 50% of all e-commerce holiday season
sales."--BBC

Alibaba sales jump 56% after record Singles Day performance

Record spending at its Singles Day shopping event helped sales at Chinese
e-commerce giant Alibaba surge 56% in the last three months of 2017.

Revenues hit 83.03bn yuan ($13.2bn; £9.2bn), up from 53.2bn yuan a year
earlier - beating forecasts.

The firm, which was started by billionaire Jack Ma, also lifted its 2018
revenue forecast.

Alibaba is one of the world's most valuable companies, and its shares nearly
doubled in value last year.

Branching out

The final quarter of the year is typically strong for the business, as
Singles Day is held in November. Alibaba said $25.4bn was spent on its
platforms during the shopping blitz in 2017,

What Singles Day says about modern China

Alibaba's Jack Ma slips in China rich list

But as the Chinese e-commerce market shows signs of saturation, it is
looking to grow in other areas, including cloud computing and offline
retail. Along with local rivals Tencent and JD.com, Alibaba has been
investing heavily in brick-and-mortar retailers over the last year.

And on Thursday, it strengthened ties with digital payments affiliate Ant
Financial, taking a 33% stake in the firm.

Financial payments are another way Alibaba hopes to make money, and
observers say the investment was an important step ahead of the payment
firm's expected stock market flotation.

Last year the US blocked the $1.2bn sale of money transfer firm Moneygram to
Ant Financial after regulators overseeing foreign investments refused to
support the takeover.--BBC

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

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opinions expressed and recommendations made are subject to change without
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companies typically involve a higher degree of risk and more volatility than
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