Major International Business Headlines Brief::: 07 February 2018

Wed Feb 7 12:35:22 CAT 2018

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Major International Business Headlines Brief::: 07 February 2018

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

*  Bitcoin falls below $6,000

*  Congo minister declines to say whether new mining code signed into law

*  South Africa's Sappi posts 30 pct drop in Q1 profit

*  Congo's 2017 copper output up 7 pct, cobalt by 15 pct; industry

*  South Africa's Brimstone sells down stake in Life Healthcare

*  Seychelles inflation up to 4.5 percent yr/yr in January

*  South Africa's rand on the backfoot as Zuma deadlock continues

*  Tullow posts profit after 3 yrs, sees first oil from Kenya in 2021-2022

*  Sasol completes $1 billion wax plant expansion in South Africa

*  Asia markets falter after Wall Street rally

*  Uber boss takes stand at driverless trial

*  Louboutin faces setback in EU legal battle over red soles

*  German industrial workers win right to flexible hours

*  Steve Wynn: Casino mogul quits his company amid harassment claims

*   

 <mailto:info at bulls.co.zw> 

Bitcoin falls below $6,000

The value of Bitcoin has fallen to below $6,000 - its lowest price since
November 2017.

The price fell to $5,947.40 (£4,256.44) on Tuesday, according to a price
index run by news website Coindesk.

Bitcoin reached its peak in November, when it hit $19,000, and then began to
fall steadily from mid-December.

The latest fall comes a day after several major US and UK banks banned
customers from using credit cards to purchase the digital currency.

Tightening legislation in several countries appears to have shaken
confidence in crypto-currencies.

As of Tuesday:

The price of Ethereum, which at its height on 9 January was $1,255.89, fell
as low as $574.42

Bitcoin Cash, which hit a peak $4,091.70 on 20 December 2017, slipped to
$766.03

Litecoin, which reached $366.01 on 19 December 2017, dropped to $106.94

The assets later stage a partial recovery, with Bitcoin rising to about
$7,418 before falling back again.

Tightening legislation

Chinese state media is reporting that China will soon take steps to prevent
investors from accessing foreign virtual currency exchanges, although it is
not clear how the government intends to achieve this.

China and South Korea have already banned initial coin offerings, while
Japan and Australia have taken steps to tighten Bitcoin regulations.

Bitcoin price decline graph

The US is likely to follow suit - on Tuesday, the US Securities and Exchange
Commission (SEC) and the Commodity Futures Trading Commission (CFTC)
testified before the Senate regarding digital currencies.

The SEC's chairman Jay Clayton said that his agency was already able to
police initial coin offerings.

But he added: "We are open to exploring with Congress, as well as with out
federal and state colleagues, whether increased federal regulation of
crypto-currency trading platforms is necessary or appropriate."

While not banning crypto-currencies, the financial regulators in both the UK
and France have warned investors that they could lose all their money if
they buy digital currencies issued by companies, known as "initial coin
offerings".

Besides legislation, virtual currencies have been dogged by criminals
seeking to hack wallet services to steal users' funds.

A US man is currently suing T-Mobile for a security breach that enabled
hackers to access his mobile number and compromise his crypto-currency
accounts to steal 2.875 Bitcoin, according to legal news service
Law360.--BBC

 <mailto:info at bulls.co.zw> 

Congo minister declines to say whether new mining code signed into law

CAPE TOWN (Reuters) - The Minister of Mines for Democratic Republic of
Congo, Martin Kabwelulu, declined on Wednesday to say whether President
Joseph Kabila had signed a new mining code into law that the industry
opposes because it will raise royalties and taxes.

The new code, which parliament approved late last month, could see royalties
on cobalt, a vital component in electric car batteries, increase five-fold
to 10 percent. It also removes a stability clause in the current law
protecting miners from changes to the fiscal and customs regime for 10
years.

“Journalists ask me whether the president has promulgated the code. I won’t
answer that question here. The code is with the president,” Kabwelulu told
reporters and mining executives at a conference in Cape Town.

International mining companies in Congo, which include Randgold, Glencore,
China Molybdenum and Ivanhoe, have said they will challenge the new law
through international arbitration and are lobbying Kabila not to sign it.

Congo is the world’s biggest source of cobalt and Africa’s largest copper
producer. The industry-led chamber of mines said on Wednesday that copper
production rose 6.9 percent in 2017 to 1.09 million tonnes, while output of
cobalt jumped 15.5 percent to 73,940 tonnes.

Gold production rose 2.7 percent to 23,270 kg, the chamber said.

Low commodity prices in recent years hit Congo’s resource-dependent economy
hard, causing inflation to swell to more than 50 percent in 2017, and the
government is desperate to increase its revenue.

The country’s state mining company said this week that it intended to start
renegotiating contracts with its international partners to boost its share
of revenues.

Kabwelulu on Wednesday likened the new code to a “bush fire”, saying: “The
fire is not going to destroy everything. There are plants that will keep
their roots. New plants will grow.”

Speaking after him, Randgold’s Chief Executive Officer Mark Bristow urged
the government to return to the negotiating table: “We can dance around, we
can ignore the elephant in the room. Or we can find a real, proper solution
for the DRC and its people.”

Ivanhoe Executive Chairman Robert Friedland, whose company is developing one
of the world’s largest high-grade copper projects in southeastern Congo with
China’s Zijin Mining, said he believed a compromise could still be reached
if stability clauses were respected.

“I am happy to pay higher royalties. I‘m not concerned about the level of
taxation. That’s not the fundamental issue,” he said. “The issue is that
mining requires stability. We just can’t get there from here without
stability.”

Pressed by reporters on the possibility of a new compromise, Kabwelulu would
only say that the code had gone through all the necessary stages and was now
with the president.

South Africa's Sappi posts 30 pct drop in Q1 profit

JOHANNESBURG (Reuters) - South African pulp and paper maker Sappi reported
on Wednesday a 30 percent drop in first-quarter profit due to charges and an
extra week last year, while sales increased slightly.

Sappi, which sees 50 percent of its sales in Europe and 26 percent in North
America, said profit in the quarter ended December fell to $63 million from
$90 million in the same period last year.

Sales rose to $1.33 billion from $1.30 billion.

“Profit for the period decreased.. as a result of the extra week last year
and a $19 million non-cash income statement charge following the lowering of
the corporate income tax rate in the United States and its impact on the
deferred tax asset,” the firm said in a statement.

Congo's 2017 copper output up 7 pct, cobalt by 15 pct; industry

CAPE TOWN (Reuters) - Copper production in Democratic Republic of Congo,
Africa’s top producer, rose 6.9 percent in 2017 to 1.09 million tonnes,
while output of cobalt surged 15.5 percent to 73,940 tonnes, the
industry-led chamber of mines said on Wednesday.

Gold production rose 2.7 percent to 23,270 kg, the chamber said in a
presentation at a mining conference in Cape Town.

South Africa's Brimstone sells down stake in Life Healthcare

JOHANNESBURG (Reuters) - South Africa’s Brimstone Investment Corporation Ltd
said on Wednesday it had sold 362 million rand ($30.29 million) worth of
shares in Life Healthcare Group, making it the second disposal announced
this week.

Brimstone, whose businesses include fishing, insurance and clothing, said
the disposal took place in various tranches and was completed on Feb.2.

Following the sale, Brimstone will hold 51.3 million shares representing a
3.5 percent stake after selling 13.5 million shares in Life Healthcare, it
said in a statement, without giving details on the acquirer.

This is the second disposal announced by the firm this week after it said on
Tuesday its wholly-owned subsidiary Brim Tiger SPV had sold 1.8 million
shares in South Africa’s biggest consumer foods maker Tiger Brands for 387
million rand.

“The total consideration received by Brimstone for the disposal will be used
to repay certain outstanding debt funding obligations,” it said.

($1 = 11.9498 rand)

Seychelles inflation up to 4.5 percent yr/yr in January

VICTORIA (Reuters) - Seychelles inflation rose to 4.5 percent year-on-year
in January from 3.48 percent a month earlier, the National Bureau of
Statistics said on Wednesday.\

South Africa's rand on the backfoot as Zuma deadlock continues

JOHANNESBURG (Reuters) - South Africa’s rand opened weaker in local trade on
Wednesday following volatile overnight trade caused by uncertainty over
President Jacob Zuma’s future.

At 0645 GMT the rand was 0.4 percent softer at 11.9600 per dollar, having
rallied as far as 11.8900 as trading in New York approached close before
Asia trade knocked it back toward the 12.00 mark.

News that the ruling African National Congress (ANC) had postponed Zuma’s
state of the nation address scheduled for Thursday spurred bets his
resignation was imminent, but the cancellation of a party meeting where his
future would be discussed dimmed hopes of an early exit.

Short sellers took profits at the 11.95 level on technical indications the
rand will regain momentum and push towards 11.85 level and break even lower
when Zuma eventually steps down.

On Wednesday the ANC’s effort to unseat Zuma moved towards the end game with
the speaker of parliament saying party leader Cyril Ramaphosa would outline
the scandal-plagued president’s fate shortly.

Bonds were firmer with the yield on the benchmark paper due in 2026 down 6.5
basis points to 8.405 percent.

Stocks opened lower at 0700 GMT, with the JSE securities exchange’s All
Share index down 0.15 percent.

Tullow posts profit after 3 yrs, sees first oil from Kenya in 2021-2022

(Reuters) - Africa-focused oil and natural gas producer Tullow Oil reported
on Wednesday a surprise annual operating profit after three years in the
red, and said it expected first oil from Kenya in 2021 or 2022.

The company reported an operating profit of $22 million for the year ended
Dec. 31, compared with a loss of $755 million in 2016. Analysts were
expecting a loss of $103.6 million, according to company-compiled consensus.

Tullow said working interest production was 32 percent higher at an average
of 94,700 barrels of oil equivalent per day (boepd) in 2017. It forecast
2018 production in the range of 86,000 to 95,000 boepd.

The company said it planned phased development in Kenya, with final
investment decision expected in 2019.

Sasol completes $1 billion wax plant expansion in South Africa

SASOLBURG, South Africa (Reuters) - Petrochemicals group Sasol completed a
13.6 billion rand ($1 billion) expansion of a wax plant in South Africa that
will boost its annual production, the firm said on Tuesday.

Sasol, the world’s top maker of motor fuel from coal, has increasingly
diversified into chemicals, gas and clean energy projects, in part to meet a
global shift to low-carbon products.

The project to produce wax, used in adhesives and printing, is one of the
company’s largest investments in South Africa. It was funded through Sasol’s
own cash and is part of a strategy expands its chemicals businesses.

Sasol said it aimed to ramp up production to 137,000 tonnes per annum of wax
within the next two years at the Sasolburg site, 100 km (62 miles) south of
Johannesburg.

Sasol produced 63,000 tonnes of wax in the six months to the end of
December.

The wax, which will be exported, is used in hot melt adhesives to seal
cereal boxes or milk cartons and in printing ink products such as 3D
printing, adhesives, inks, paints, candles and emulsions.

The company, mostly known for pioneering the conversion of coal to fuel,
also produces gas-to-liquids and polymers used for packaging materials among
other uses.

Sasol Co-Chief Executive Officer Bongani Nqwababa said production was
running ahead of schedule.

The company began construction of the plant in 2015.

“With completion of this project, South Africa is now one of the leading
countries of wax production globally,” he said.

($1 = 12.0759 rand)

Asia markets falter after Wall Street rally

An early rally for Asia stocks faltered on Wednesday with some markets
slipping into negative territory despite a strong lead from Wall Street.

Japan's Nikkei 225 index pulled back from early highs to add 0.2%, while
Hong Kong's Hang Seng lost 0.8%.

The moves in Asia followed choppy US trading which ended with the Dow Jones
Industrial Average rising 2.3%.

Analysts said investors hunting for bargains in the wake of heavy sell-offs
on world markets helped drive gains.

Elsewhere in Asia on Wednesday, Australia's S&P/ASX 200 ended up 0.8% while
South Korea's Kospi index dropped 2.3%.

Traders started the day on a strong note following a rally on Wall Street.
The Nasdaq closed up 2.1% and the S&P 500 rose 1.7%.

US shares claw back ground to finish higher

Stock markets: Your questions answered

That brought relief to markets after a global sell-off began last week.

Investors dumped stocks after a solid US jobs report fuelled expectations
that the economy's strength would prompt the Federal Reserve to raise
interest rates faster than expected.

The report came amid other shifts, including new tax cuts, trade tensions,
and a sinking dollar, that analysts say could lead inflation to rise faster
than expected.

On Monday, the Dow plunged by nearly 1,200 points or 4.6%, triggering
follow-on losses in Asia and Europe.

The decline was the largest in percentage terms for the Dow since August
2011, when markets dropped in the aftermath of "Black Monday" - the day
Standard & Poor's downgraded its credit rating of the US.

What is the outlook for markets?

Stock markets in Asia and the US have been sitting at record levels and
analysts have said for months a correction was due.

"Many view the [recent] downturn as a necessity to the runaway equity
markets and see it as an opportunity for investors to reinvest at more
manageable levels," CMC Markets analyst Oriano Lizza said.

Analysts say that in the short term, investors should be prepared for
choppier stock markets, but doubt whether there will be a prolonged period
of selling.

"What we have to remember is stock markets have had a very smooth ride
upwards and we've not had a fall of more than 3% for 15 months. There's been
a real lack of volatility, which is very unusual," said Jane Sydenham,
investment director at the stockbrokers Rathbones.

She added that bear markets - when shares go into a long period of decline -
tend to happen ahead of a recession and at the moment growth forecasts were
being upgraded.--BBC

Uber boss takes stand at driverless trial

Ex-Uber boss Travis Kalanick has taken the stand at a trial accusing his
former firm of stealing driverless car technology from Google's Waymo.

The San Francisco trial pits two of the biggest players in self-drive
technology against each other.

Lawyers for Waymo pressed Mr Kalanick on allegations he orchestrated a theft
of trade secrets from Waymo, via former Google employee Anthony Levandowksi.

They said Mr Levandowski visited Mr Kalanick while still working at Google.

Lawyers showed the jury an Uber visitor pass and notes, supposedly from the
meeting, that contained the phrase "laser is the sauce" - a reference to the
technology that was allegedly stolen - and meaning that Uber considered this
critical to self-driving technology.

Mr Kalanick said he did not remember the meeting.

Mr Kalanick resigned as chief executive of Uber in June, following pressure
from shareholders, but he remains on Uber's board.

The trial has provided another look at his win-at-all-costs attitude, which
has been part-blamed for the troubles Uber experienced in recent years -
from sexual harassment claims to court cases about the rights of its
workers, regular clashes with city regulators and issues about how the firm
looked after users' data.

In his opening argument, Alphabet lawyer Charles Veerhoven said: "Mr
Kalanick, the chief executive officer at the time at Uber, made a decision
that winning was more important than obeying the law."

Alphabet's case hinges on the fact that Uber hired Mr Levandowski, who had
worked in the firm's self-driving car division.

It alleges that he had downloaded 14,000 files of data, including blueprints
and other technical information about Lidar - which enables cars to
understand their environment.

Mr Levandowski went on to found autonomous truck firm Otto, which was
acquired by Uber less than a year later.

Uber does not dispute that the documents were taken but argues that it
didn't gain anything from them.

The engineer at the centre of the row has pleaded the Fifth amendment -
meaning he does not have to say anything that may incriminate him.

If found guilty, Uber could have to pay more than $1bn in damages or, in a
worst case scenario, be forced to stop its self-driving programme
altogether.--BBC

Louboutin faces setback in EU legal battle over red soles

French fashion designer Christian Louboutin has been producing his famous
scarlet-soled shoes for more than a quarter of a century.

Since the defining day when he reached for an assistant's "Chinese Red" nail
polish to add a finishing flourish to his Pensée high heels, he has fought
to protect his signature style.

The latest development in that battle comes from the European Court of
Justice (ECJ).

Senior judges have been discussing whether his trademark in Belgium, the
Netherlands and Luxembourg - the Benelux countries - holds water.

The case goes back to 2012 when the Dutch shoe retailer Van Haren brought
out its Fifth Avenue by Halle Berry line. It included high-heeled shoes with
red soles.

Christian Louboutin put his foot down, saying it infringed his brand's
Benelux trademark. The District Court in The Hague agreed and granted a
temporary injunction against Van Haren.

The Dutch company - having been ordered to stop producing its black and blue
shoes with red soles - appealed against that decision and in 2014 the case
was referred to the ECJ for "clarification".

Van Haren argues the trademark is invalid because EU law does not allow
trademarks that consist solely of "the shape that gives substantial value to
the goods".

Louboutin's mark covers "the colour red (Pantone 18 1663TP) applied to the
sole of a shoe".

What has been at issue is whether or not "shape" includes colour. If it
does, the mark can be ruled invalid.

On Tuesday, ECJ's Advocate General Maciej Szpunar gave his view that it did.

He added that any decision on the trademark's validity should not take into
account the "attractiveness of the goods flowing from the reputation of the
mark or its proprietor".

It is not the end of the story, although it is a blow to Louboutin's case.
The court still has to come to a definitive decision, which may or may not
follow Mr Szpunar's opinion.

Christian Louboutin has said "the shiny red colour of the soles has no
function other than to identify to the public that they are mine".

He is not the first brand leader to cry blue murder after feeling their
signature colours were in danger of being appropriated by someone else.

What is the European Court of Justice?

Meryl Streep wants to trademark her name

Louboutin wins anti-Islam ad case

In 2016 the UK High Court upheld an earlier decision that Cadbury's
trademark for its purple packaging was invalid. It was after Nestlé appealed
against a ruling that fellow competitors to the UK chocolate maker could not
use "Pantone 2865C".

The trademark covered the use of the colour "applied to the whole visible
surface, or being the predominant colour applied to the whole visible
surface, of the packaging of the goods".

The courts were happy so far as "the whole visible surface" was concerned,
but found "the predominant colour" to be too vague. It therefore rendered
the whole trademark unusable.

The owners of EasyJet became caught up in a chromatic contretemps when they
announced plans to enter the mobile phone market in 2004. It is perhaps not
surprising that opposition to EasyMobile's marketing plans came from Orange.

The telecoms giant claimed the presence of two mobile companies on the
market both sporting tangerine would be confusing.

In 2014, BP lost a fight to trademark the use of the colour green on petrol
forecourts in Australia. It failed to convince the intellectual property
watchdog that the firm was inextricably linked in the mind of the average
motorist with a particular shade of green (Pantone 348C, if you must know).

Examples from the United States perhaps give the best impression that you
can - more or less - own a colour. The jewellery brand Tiffany and delivery
company UPS have both secured high levels of protection for their chosen
hues: robin's egg blue and Pullman brown, respectively.

It is worth noting that Christian Louboutin holds a valid trademark for
red-soled shoes in the US (provided the rest of the shoe is not also red).
Nevertheless, that has not been enough to protect him in the European
courts.

As long as there is this variation between jurisdictions, colour
trademarking is likely to remain a grey area.--BBC

German industrial workers win right to flexible hours

Industrial workers in south-western Germany have won the right to reduced
working hours as part of a deal that could benefit millions of employees
across the country.

Workers will be able to reduce their weekly hours from 35 to 28 for up to
two years to look after their families.

The deal covers almost one million workers in Baden-Württemberg state and
also gives them a pay rise.

It could be extended to the 3.9 million workers in Germany's industrial
sector.

What has been agreed?

A reduced working week to care for children, the elderly or sick relatives
was a key demand by IG Metall, the country's biggest trade union
representing metal and engineering workers.

But their demand that those workers were still paid the same even if they
reduced their hours was rejected in their negotiations with the employers'
federation, Südwestmetall.

In return, the companies will have the possibility to increase to up to 40
hours the week of those willing to work more.

The employees will also be given a 4.3% pay rise from April, against their
demand of a 6% increase. The pay deal stretches over 27 months and also sees
additional one-off payments.

The dispute explained

Work-life balance: What does it mean for men?

IG Metall leader Jörg Hofmann said: "The agreement is a milestone on the way
to a modern, self-determined world of work."

Meanwhile, Südwestmetall head Stefan Wolf called the compromise "bearable
but painful".

Is this a turning point for German workers?

By Damien McGuinness, BBC News, Berlin

After reunification, while Germany was struggling economically, flexibility
was generally demanded of employees rather than companies.

The 2003 labour market reforms, and the 2008 financial crisis, meant years
of wage restraint for many workers.

But over the past few years in Germany the power balance has shifted from
bosses to employees.

Since the financial crisis wages have been slowly rising in Germany - mainly
because record low unemployment means that in many sectors firms are
struggling to find workers.

So an agreement that increases wages was not surprising. More unusual is the
automatic right to work fewer hours, something which has been discussed in
Germany for years, as people try to combine work and family life.

If this goes down well with employees, we could see it spread to other
sectors.

As Germany's largest union IG Metall has in the past set standards across
the country. The question is: how many workers will actually want to work
less when that also means earning less?

What is the context of the dispute?

Germany's economy grew by 2.2% last year, its fastest rate in six years. And
unemployment hit a new low in January - just 5.4% of people are out of work.

After a 10-year period where wages have grown by an average of only 0.81% as
the economy has picked up, the unions sensed it was their turn to make
demands on employers.

Thousands of IG Metall members staged one-day "warning strikes" last week,
the union's first such strikes in 34 years. Among the companies affected
were Porsche and Daimler, which produces Mercedes-Benz cars.

Both sides said they would recommend the adoption of the deal across
Germany.

The agreement could be used as an example for other sectors, such as
construction, telecommunications and chemical industries, where workers have
also demanded more flexible working hours.--BBC

Steve Wynn: Casino mogul quits his company amid harassment claims

US casino mogul Steve Wynn has stepped down as chairman and CEO of his Wynn
Resorts company amid sexual misconduct allegations.

A Wall Street Journal report alleged that the 76-year-old billionaire
harassed massage therapists and forced one staff member to have sex with
him.

Mr Wynn denied any misconduct and called the story "preposterous".

Last month Mr Wynn also resigned as finance chair of the Republican National
Committee (RNC).

"In the last couple of weeks, I have found myself the focus of an avalanche
of negative publicity," Mr Wynn said in a statement on Tuesday.

"As I have reflected upon the environment this has created, one in which a
rush to judgment takes precedence over everything else, including the facts,
I have reached the conclusion I cannot continue to be effective in my
current roles," he said.

Wynn Resorts owns and operates several casino complexes including Wynn
Macau, Wynn and Encore Las Vegas, and Wynn Palace Cotai.

Wynn Macau's shares were suspended from trading in Hong Kong following the
firm's announcement on Tuesday.

Who is Steve Wynn?

He made his fortune in the construction and operation of major Las Vegas
casinos, including the Golden Nugget, The Mirage, Treasure Island and the
Bellagio, all of which he later sold to MGM Grand Inc

He has been locked in legal battles with his ex-wife, Elaine Wynn, for more
than seven years. The pair co-founded Wynn Resorts

He famously accidentally elbowed a hole in the middle of his Picasso
painting when preparing to sell it for a record $139m (£74m) in 2006--BBC

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

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