Major International Business Headlines Brief::: 12 February 2018

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Major International Business Headlines Brief::: 12 February 2018

 


 

 


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

 


 

 


*  South African rand firms ahead of ANC meeting on Zuma's fate

*  Acacia Mining scraps dividend after profit hit by Tanzania export ban

*  Kenya shilling at 19-month high against the dollar

*  Namibia GDP growth seen accelerating to 2.2 percent this year: finance
minister

*  Egypt wants more market stability before Eurobond issue - minister

*  Senegal, Mauritania agree to cooperate on giant offshore gas field

*  Nigeria central bank says injected $326 mln into currency market

*  Energy group DEA to invest $500 mln in Egypt oilfields

*  Britain to add Nigeria's naira to list of accepted trade currencies

*  South Africa's Wiese slashes stake in Steinhoff to 6.2 pct

*  Barclays Bank charged over Qatar loans

*  Australia royal commission inquiry into banking begins

*  Harvey Weinstein: New York state sues Weinstein Company

*  Stagecoach East Coast deal to be probed by MPs

*  John McDonnell: Labour public ownership plan will cost nothing

*  Uber settles with Waymo on self-driving

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

South African rand firms ahead of ANC meeting on Zuma's fate

JOHANNESBURG (Reuters) - South Africa’s rand firmed against the dollar in
early trade on Monday ahead of a meeting of the African National Congress
(ANC) to decide the fate of President Jacob Zuma, who is under mounting
pressure to step down.

 

At 0631 GMT, the rand traded at 11.9300 per dollar, 0.58 percent firmer than
Friday’s close of 12.0000.

 

The meeting of the ruling ANC’s National Executive Committee (NEC), which
has the power to demand that Zuma step down, raises the prospect of a
decisive showdown between Zuma’s allies and those who want Deputy President
Cyril Ramaphosa to take over.

 

Ramaphosa was elected ANC leader in December.

 

The rand has strengthened on signs that Zuma could be ousted even before his
second term as president ends in 2019, and might become firmer if the NEC
demands his resignation at the meeting.

 

The yield for the benchmark government bond due in 2026 was down 4 basis
points to 8.415 percent, reflecting stronger bond prices.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Acacia Mining scraps dividend after profit hit by Tanzania export ban

LONDON (Reuters) - Acacia Mining has scrapped its 2017 dividend after
full-year core earnings fell by more than a third because of a ban on
unprocessed mineral exports in Tanzania, it said on Monday.

 

The company, which is majority owned by Barrick Gold, said full-year
earnings before interest, tax, depreciation and amortisation (EBITDA) fell
38 percent to $257 million after taking a $644 million impairment charge.

 

Acacia, Tanzania’s largest gold miner, is grappling with a ban on
concentrates introduced in March 2017 that in September forced it to reduce
operations at its flagship Bulyanhulu mine

 

Tanzania is making sweeping changes to its mining industry to reap greater
rewards from the east African country’s resources. In July, Acacia was
served with a $190 billion bill for unpaid taxes, penalties and interest.

 

Acacia expects its 2018 all-in sustaining cost of producing an ounce of
gold, an industry benchmark, to rise to between $935 and $985, while
production should be broadly flat on the previous year.

 

“Whilst we were impacted by events beyond our control, we took decisive
action to stabilise our business and believe our operations are now well
placed to deliver in 2018,” interim chief executive Peter Geleta said in a
statement.

 

The company sold its 2 percent royalty asset in Burkina Faso for $45 million
and spent a combined $5.2 million hedging its gold production at $1,300 per
ounce and $1,320 per ounce.

 

The export ban resulted in about $264 million in lost revenue and a cash
burn of $237 million in 2017, Acacia said, but it expects to return to
cash-flow generation this year.

 

Negotiations between Barrick and the Tanzanian government are ongoing,
Acacia said.--newsday

 

 

 

Kenya shilling at 19-month high against the dollar

NAIROBI (Reuters) - The Kenyan shilling edged up against the dollar on
Monday, remaining close to its highest level in more than 19 months, mainly
due to portfolio flows and reduced political risk.

 

At 0606 GMT, commercial banks quoted the shilling at 100.70/90 per dollar,
compared with 100.85/101.05 at Friday’s close.

 

Investors abroad have been putting in their dollars into Kenya’s debt market
this year. Traders said the currency was also benefiting from lower
political risk after election last year. On Friday, Fitch revised Kenya’s
outlook to stable.

 

 

 

Namibia GDP growth seen accelerating to 2.2 percent this year: finance
minister

WINDHOEK (Reuters) - Namibia’s economic growth is expected to accelerate to
2.2 percent this year from an estimated 1.6 percent growth in 2016,
supported by higher commodity prices, Finance Minister Calle Schlettwein
said on Friday.

 

“We expect improvement due to rising commodity prices although some of the
revenue increases might be offset by an (unfavourable) exchange rate. There
is renewed interest in exploration projects especially Lithium,” Schlettwein
said.

 

 

 

Egypt wants more market stability before Eurobond issue - minister

DUBAI (Reuters) - Egypt is considering plans for a Eurobond issue but wants
to see more stability in global financial markets before it goes ahead,
Egyptian finance minister Amr El Garhy said on Saturday.

 

“We want to find the right time and we hope to do this in the next few
days,” Garhy told Reuters on the sidelines of a financial conference in
Dubai, when asked if this week’s swings in global markets could affect the
planned issue.

 

“We need to see more stability,” he added.

 

The issue is expected to be around $3 billion to $5 billion in size, he
said.

 

Last Sunday, before last week’s massive volatility in global equity and U.S.
Treasury markets, Garhy said Egypt expected to issue U.S. dollar-denominated
Eurobonds worth $4 billion to $5 billion within days.

 

Garhy also provided figures suggesting foreign holdings of Egyptian Treasury
bills, which soared after the late 2016 devaluation of the Egyptian pound,
were continuing to rise.

 

Those holdings most recently totalled about $20.2 billion, he told
reporters. In early December, they were a record $19 billion, according to
central bank data.

 

The figures indicated that falls in T-bill yields over recent weeks had not
caused a big exodus of foreign money out of the bills. The yield on 182-day
bills fell to 17.358 percent at an auction this week from 22.278 percent in
mid-July.

 

Inflation has also been coming down after a spike in the months after the
currency devaluation; annual urban consumer price inflation eased to 17.1
percent in January from 33.0 percent in July.

 

“Inflation is on a good path,” Garhy said when asked about the trend.

 

Asked when the government might next cut fuel subsidies in order to
strengthen its finances, Garhy declined to discuss a time frame, saying
merely that the government was addressing the issue under a long-term reform
plan.

 

 

Senegal, Mauritania agree to cooperate on giant offshore gas field

NOUAKCHOTT (Reuters) - West African neighbours Senegal and Mauritania signed
an agreement on Friday, pledging to work together and split production from
a giant new cross-border gas field being developed by Kosmos Energy and BP.

 

The Greater Tortue Complex, which straddles the two countries’ maritime
boundary, is estimated to hold more than 25 trillion cubic feet of gas. It
is due to come online in 2021 with production to be exported via a liquefied
natural gas (LNG) facility.

 

Senegal’s President Macky Sall signed the inter-governmental cooperation
accord with his counterpart Mohamed Ould Abdel Aziz during a state visit to
Mauritania.

 

“We’re doing something important here by pledging that our two states will
work in a responsible way and agree to share the resource 50-50,” Sall told
reporters just before his departure.

 

Energy companies are pushing further and further west from the waters off
established African producers such as Angola, Nigeria and Gabon.

 

However, in a region where maritime boundaries are often poorly established,
the move into new, untapped territory carries the risk of inflaming tensions
between neighbours.

 

An international tribunal ruled last year in favour of Ghana in a border
dispute with Ivory Coast that had blocked development of Ghana’s
multi-billion dollar TEN deepwater project.

 

“We’ve signed this accord, without which our resources in the seas would not
be exploited. If the two countries are not in agreement, no company can find
any bank financing,” Sall said.

 

 

 

Nigeria central bank says injected $326 mln into currency market

ABUJA (Reuters) - Nigeria’s central bank said on Friday it had injected
$325.64 million into the interbank foreign exchange market as part of
efforts to boost liquidity and reduce dollar shortages.

 

Nigeria, an OPEC member which has Africa’s largest economy, fell into
recession in 2016 largely due to low crude oil prices. Lower oil receipts
led to dollar shortages since crude sales are the country’s main source of
dollars.

 

Nigeria emerged from the recession in the second quarter of 2017 amid higher
crude prices and the cessation of militant attacks on energy facilities in
the Niger Delta oil production hub.

 

The central bank, in an emailed statement, said the $325.64 million was
earmarked for the agricultural, airline and petroleum products sectors, as
well as for raw materials and machinery.

 

The bank also said its dollar reserves were enough to maintain the
international value of the naira currency as well as “guarantee access to
forex by those requiring it to meet genuine needs”.

 

Nigeria’s foreign exchange reserves stood at $40.56 billion as of Jan. 29,
up 4.6 percent from a month earlier. Successful debt sales, including
multiple Eurobond offerings last year, have helped the government accrue
billions of dollars in foreign reserves.

 

 

Energy group DEA to invest $500 mln in Egypt oilfields

CAIRO (Reuters) - Energy group DEA plans to invest nearly $500 million in
developing its oilfields in Egypt over the next three years, its chief
executive office said.

 

“We intend to pump around $500 million over the next three years in Egypt to
develop the West Delta, Desouk and the Gulf of Suez fields,” Maria Moraeus
Hanssen told journalists in Cairo on Saturday evening.

 

The Hamburg-based company has been involved in exploration and development
for oil and gas in Egypt since 1974. It is a partner of BP in the West Nile
Delta gas fields.

 

 

Britain to add Nigeria's naira to list of accepted trade currencies

LAGOS (Reuters) - Britain’s export finance agency will add the naira to its
list of “pre-approved currencies”, allowing it to provide financing for
transactions with Nigerian businesses denominated in the local currency.

 

The naira will become one of three West African currencies that UK Export
Finance has pre-approved for its programme of funding transactions that
promote trade with Britain, it said.

 

Britain voted in 2016 to leave the European Union, which has forced London
to rethink its trade ties with the rest of the world. The United Kingdom and
the EU struck an agreement in December that opened the way for talks on
future trade ties.

 

“This is a clear indication of how much value the UK places on its
relationship with Nigeria,” Paul Arkwright, the British High Commissioner to
Nigeria, said in the UK’s credit agency statement. “It will provide a firm
foundation for a significant increase in trade and investment between both
countries.”

 

The statement said the UK will provide up to 85 percent of funding for
projects containing at least 20 percent British content.

 

The naira financing will follow the same structure as a someone buying in
sterling, except that Nigerian firms taking out a loan in the local currency
can benefit from a UK government-backed guarantee.

 

Analysts welcomed the impact of the financing option on the local currency.
But they said it might increase Nigeria’s liability as trades mature for
settlement and questioned the rate at which funds would be disbursed, since
local interest rates are in high double-digits.

 

Bismark Rewane, head of Lagos-based consultancy Financial Derivatives said
the financing deal with the UK would help local importers buy British goods.
They had struggled to get foreign exchange at the peak of Nigeria’s currency
crisis.

 

Severe dollar shortages in Nigeria in 2016 caused by lower oil prices forced
the central bank to allow the naira to float, after which it lost third of
its official value. The naira has since traded within a range supported by
the central bank on the interbank market.

 

“If I buy a Rover, the British government is now guaranteeing that I can pay
in naira, so the foreign exchange risk has been shifted from me to the
Nigerian government,” Rewane said.

 

“If the Central Bank of Nigeria is unable to remit funds to the UK, then the
liability will be on Nigeria.”

 

 

 

South Africa's Wiese slashes stake in Steinhoff to 6.2 pct

JOHANNESBURG (Reuters) - South African tycoon Christo Wiese has cut his
stake in retailer Steinhoff International, which has been embroiled in an
accounting scandal, to 6.2 percent, regulatory filings show.

 

Wiese, who stepped down as chairman of Steinhoff in December, had been the
top shareholder in the company which is fighting for survival after it
discovered what it called accounting irregularities, sparking a selling
frenzy that wiped off more than $10 billion of shareholder value.

 

Wiese has slashed his stake from around 21 percent to 6.2 percent, filings
posted on the Netherlands’ Authority for Financial Markets website showed.

 

Wiese was instrumental in transforming Steinhoff from a small furniture
outfit into a retail empire of more than 40 brands that include Conforama in
France, Poundland in Britain and Mattress Firm in United States.

 

Steinhoff, which delayed its 2017 earnings report, has said problems in its
books stretch back to at least 2015. It has asked auditing firm PwC to
investigate.

 

Separately, the company has been under investigation for suspected
accounting fraud in Germany since 2015. It has previously said that the
investigation related to whether revenues were booked properly, and whether
taxable profits were correctly declared.

 

 

Barclays Bank charged over Qatar loans

The Serious Fraud Office (SFO) has charged Barclays Bank PLC with "unlawful
financial assistance" related to billions of pounds raised from Qatar in
2008.

 

The same charges were bought against Barclays PLC in June last year.

 

The move to charge Barclays Bank as well is significant because it holds the
banking licence that allows it to operate in different countries.

 

So, if Barclays was found guilty, it could lose that crucial licence.

 

In 2008, to avoid a government bailout, Barclays took a £12bn loan from
Qatar Holdings, which is owned by the state of Qatar.

 

Under that deal Barclays loaned £2.3bn back to Qatar Holdings.

 

The SFO alleges that loan was used either directly, or indirectly, to buy
shares in Barclays, which the SFO says is "unlawful financial assistance".

 

In response, Barclays said: "Barclays PLC and Barclays Bank PLC intend to
defend the respective charges brought against them.

 

"Barclays does not expect there to be an impact on its ability to serve its
customers and clients as a consequence of the charge having been brought."

 

Graphic: Barclays & Qatar Holdings

The emergency funds from Qatar allowed Barclays to avoid a government
bailout in 2008 at a time when rivals Lloyds Banking Group and Royal Bank of
Scotland were forced to rely on a taxpayer rescue.

 

Following a five-year investigation into the deal with Qatar Holdings, the
SFO in June charged Barclays PLC and several former executives with
conspiracy to commit fraud.

 

Former chief executive John Varley, former senior investment banker Roger
Jenkins, Thomas Kalaris, a former chief executive of Barclays' wealth
division, and Richard Boath, the ex-European head of financial institutions,
were all charged in relation to that investigation.

 

The bank and its former bosses will face trial in 2019.

 

Barclays is the first British bank to face a criminal trial related to its
conduct during the financial crisis.--bbc

 

 

 

Australia royal commission inquiry into banking begins

A landmark inquiry into wrongdoing among Australia's banks and financial
services has begun.

 

The royal commission - the country's top form of public inquiry - will
investigate alleged and established misconduct in the sector.

 

Australia's banks, which are among the most profitable in the world, have
been accused of customer exploitation and corporate fraud among other
scandals.

 

The inquiry held its first hearing in Melbourne on Monday.

 

Commissioner Kenneth Hayne said the inquiry would examine misleading and
deceptive behaviour in the industry and conduct which fell "below community
standards and expectations".

 

He said while Australia had "one of the strongest and most stable" financial
service sectors in the world, there had been many established examples of
misconduct, raising questions about cultural and governance practices.

 

Along with banking, the inquiry will look at superannuation - or pension
contributions - insurance and wealth management industries.

 

However the focus is expected to be on the major lenders, which have been
accused of putting profits ahead of customers.

 

The first round of public hearings, to begin next month, will focus on
inappropriate lending practices across mortgages, credit cards and car
loans.

 

The inquiry will have the power to examine documents and compel witnesses to
appear before hearings. It also has the ability to recommend criminal
prosecutions and legislative changes.

 

Last year the Australian government said the royal commission was a
"regrettable but necessary" action to restore public trust in the system.

 

"The only way we can give all Australians a greater degree of assurance is a
royal commission into misconduct into the financial services industry,"
Prime Minister Malcolm Turnbull said.

 

The financial services sector is the largest contributor to the Australian
economy, accounting for 9% of its value.--BBC

 

 

Harvey Weinstein: New York state sues Weinstein Company

New York prosecutors have filed a lawsuit against the Weinstein Company,
alleging that the studio failed to protect staff from Harvey Weinstein.

 

The film producer is facing dozens of allegations of sexual abuse, including
rape, but denies non-consensual sex.

 

The lawsuit alleges Mr Weinstein abused female employees and made verbal
threats to kill staff members.

 

A lawyer for Mr Weinstein said a "fair investigation" would show that many
of the allegations were without merit.

 

The Weinstein Company is yet to comment.

 

New York Attorney General Eric Schneiderman said on Sunday that he had filed
the suit against the Weinstein Company, as well as Mr Weinstein and his
brother Robert, who co-founded the studio.

 

He is seeking an unspecified sum to cover damages, plus penalties, for
victims of alleged abuse by Harvey Weinstein, 65.

 

The document alleges that Mr Weinstein sexually harassed and abused women
employed by the studio for years.

 

It accuses senior executives at the company, including Robert Weinstein, of
failing to prevent the mistreatment of staff despite being presented with
evidence.

 

The lawsuit follows a four-month investigation and cites multiple examples
of alleged misconduct by Mr Weinstein, including:

 

Belittling female members of staff with insults about their periods, and
shouting at one member of staff that she should leave the company and make
babies as that was all she was good for

The company is also accused of failing employees by:

 

Not investigating complaints or treating them confidentially, with one
assistant saying she saw her email detailing Mr Weinstein's misconduct
allegations had been forwarded directly to him

Creating a contract for Mr Weinstein which allegedly contained the proviso
that mistreatment claims would result in a financial penalty, rather than be
prohibited, which "effectively monetised" sexual harassment.

In response, Mr Weinstein's lawyer Ben Brafman said while his client's
behaviour "was not without fault", there was "no criminality".

 

"At the end of the inquiry it will be clear that Harvey Weinstein promoted
more women to key executive positions than any other industry leader and
there was zero discrimination at either Miramax or [the Weinstein Company],"
he said.

 

What does this mean for Weinstein Company?

The suit casts doubt over the sale of the Weinstein Company, which has been
battling bankruptcy and is in talks with investors.

 

Mr Schneiderman said his investigation was continuing, but he had brought
the suit out of concern that a possible sale would leave alleged victims
without adequate compensation, and could benefit "perpetrators or enablers".

 

It is reported that businesswoman Maria Contreras-Sweet has led talks to buy
the studio for $500m (£362m).

 

But after news of the suit emerged, negotiations are now said to be on hold.

 

Investors baulked at the prospect of the lawsuit adding conditions to the
sale, Variety reported.

 

What is Mr Weinstein accused of?

In October last year, The New York Times published a story detailing decades
of allegations of sexual harassment against Mr Weinstein.

 

Since then more than 50 women, among them some of the biggest names in
Hollywood, have accused the film producer of sexual assault, harassment,
abuse and rape.

 

 

In the wake of the allegations, Mr Weinstein was sacked by the board of his
company.

 

He is under investigation by UK and US police but no charges have been
brought.

 

Mr Weinstein, who was once among the most powerful men in Hollywood, has
admitted that his behaviour has "caused a lot of pain" but has described
many of the allegations against him as "patently false".--BBC

 

 

 

Stagecoach East Coast deal to be probed by MPs

The decision to end the East Coast Mainline rail franchise early is to come
under scrutiny from MPs.

 

The Department for Transport has said Stagecoach and Virgin will withdraw
from running the service within months after running into difficulties.

 

Now the House of Commons transport committee has announced that it will hold
an inquiry into the matter.

 

Rail Minister Jo Johnson acknowledged the companies overbid for the right to
run the service.

 

He told the BBC's Today programme: "They overbid, it's very simple and the
department is looking very carefully into the bidding process to ensure
there aren't any incentives for bidders to overbid."

 

However, he said it was not possible to remove the element of risk entirely:
"With any private enterprise there is an element of risk. It is unrealistic
to expect government to eliminate that altogether."

 

'Wider implications'

Lilian Greenwood, who chairs the transport committee, said: "There are
serious questions to be asked of the train operator, Network Rail and
ministers and the transport committee intends to ask them.

 

"The failure of the East Coast franchise has wider implications for rail
franchising and the competitiveness of the current system. Lessons need to
be learned by all concerned.

 

"In the meantime, the Department for Transport must take the right steps to
protect passengers and taxpayers. Safeguards must be put in place to restore
public confidence in the sustainability of our railways."

 

East Coast decision investigated by watchdog

'Indefensible' deal over East Coast rail

Plan to fix 'creaking' railways unveiled by government

The East Coast Mainline franchise was taken into public ownership in 2009
after being run by National Express.

 

It was re-privatised when Stagecoach and Virgin signed a deal to run the
East Coast line from 2015 to 2023, promising to pay the government £3.3bn to
run the service.

 

Stagecoach owns 90% of the joint venture and Virgin owns the remaining 10%.

 

Last week, Transport Secretary Chris Grayling said Stagecoach had "got its
numbers wrong" and would continue running the London to Edinburgh line only
for "a small number of months and no more".

 

He said the government might step in to run the service, adding that the
day-to-day operation of the line would be unaffected.

 

The National Audit Office has already announced it will investigate the
government's handling of the franchise.

 

A Stagecoach Group spokesman said: "Virgin Trains East Coast is a well-run,
profitable railway and we are continuing to meet our contractual
commitments, as we have done throughout the past 21 years in operating train
services on behalf of the government."

 

He added that customer satisfaction with the route was high and that it was
"delivering 30% higher payments to the taxpayer than when the route was in
public ownership".

 

And Mr Johnson told the BBC that passenger journeys had doubled since the
line had been run as a franchise in the 1990s.

 

Mr Grayling has said he is considering two approaches.

 

One option is to allow Stagecoach to continue operating the franchise on a
short-term and not-for-profit basis until a new contract is awarded in 2020.

 

Alternatively, East Coast Mainline could be brought back under government
control and be run by the Department for Transport through an operator of
last resort.--BBC

 

 

 

John McDonnell: Labour public ownership plan will cost nothing

Labour's proposal to bring services such as water, energy and rail into
public ownership would be "cost free", John McDonnell has said.

 

The shadow chancellor says he wants to put public services "irreversibly in
the hands of workers" so they can "never again be taken away".

 

In a speech in London, Mr McDonnell said privatisation had failed.

 

However, the Conservatives said his plan would cost taxpayers billions of
pounds and lead to worse services.

 

Earlier, Mr McDonnell told BBC Radio 4's Today programme taking services
into public ownership would not ultimately increase the burden on taxpayers
because government bonds could be swapped for shares in a revenue-producing
company.

 

"It would be cost free. You borrow to buy an asset and when that asset is
producing profits like the water industry does, that will cover your
borrowing cost," he said.

 

A report earlier this week by the Social Market Foundation, commissioned by
a group of water companies, estimated that the up-front costs of
renationalisation would be £90bn.

 

But Mr McDonnell said utilities could be managed more efficiently under
public ownership, because they would no longer have to fund dividends for
shareholders.

 

"They've given out £18bn of dividends to their shareholders - sometimes
they've actually given out more in dividends than they've made in profits,"
he told the BBC.

 

In his speech to Labour's Alternative Models of Ownership conference, Mr
McDonnell said the best way to protect public services for the long term was
for them to be owned by the public.

 

 

He said: "The next Labour government will put democratically owned and
managed public services irreversibly in the hands of workers and of those
who rely on their work."

 

Public services could be made more responsive and effective by bringing
together the people who use them, workers and expert managers, the shadow
chancellor said.

 

He said: "We aren't going to take back control of these industries in order
to put them into the hands of a remote bureaucracy, but to put them into the
hands of all of you - so that they can never again be taken away.

 

"Public ownership is not just a political decision, it's an economic
necessity.

 

"We'll move away from the failed privatisation model of the past, developing
new democratic forms of ownership, joining other countries, regions and
cities across the world in taking control of our essential services."

 

It's not unusual for private companies in trouble to do a "debt for equity
swap". To save the business, those investors who own shares (equity) lose
everything, and those investors who own the company's less risky bonds
(debt) get those shares.

 

Swapping government debt for private company shares is unusual though. In
theory, the Treasury could issue new government bonds - known as gilts - and
hand them over to the private owners of water or electricity companies. That
would then make taxpayers shareholders in the utility in question.

 

But all the existing contracts would continue in force. So salaries and
bonuses would have to be honoured, as would contracts with all other private
sector suppliers. The new owners (taxpayers) would also need to retain
experienced staff to do often very specialised work. If those skilled staff
thought they'd earn more in the private sector, that may be an issue.

 

Treasury Chief Secretary Liz Truss said: "Labour would put politicians in
charge of running everything from the phone lines to electricity supply,
meaning people have nowhere to turn when things go wrong. That didn't work
last time and won't work this time."

 

And UK business group the CBI said Labour's calls for nationalisation would
"wind the clock back on our economy".

 

Its managing director for people and infrastructure Neil Carberry said: "If
Labour turns its back on good collaboration between the government and the
private sector, public services, infrastructure and taxpayers will
ultimately pay the price."

 

In the speech, Mr McDonnell also announced the creation of a working group
to look at how co-operatives can grow, expand and access funding, including
the possibility of giving employees a greater right to own shares in the
company they work for.--BBC

 

 

 

Uber settles with Waymo on self-driving

Uber and Waymo have reached a settlement over claims Uber stole trade
secrets from the self-driving company.

 

As part of the agreement, Uber is giving a 0.34% Uber stake to Waymo, worth
approximately $245m (£177m).

 

Uber has also agreed not to use Waymo's technology in its self-driving cars,
though it maintains it never did.

 

Uber's chief executive, Dara Khosrowshahi, expressed "regret" over the way
his company had handled the issue.

 

In a statement, he said to Waymo: "While we won't agree on everything going
forward, we agree that Uber's acquisition of Otto could and should have been
handled differently."

 

Otto was a self-driving trucking company co-founded by former Google
employee Anthony Levandowski. It was acquired by Uber for $650m in 2016.

 

The deal comes after four days in a San Francisco federal court in which
former Uber chief executive Travis Kalanick took the stand.

 

He was accused of orchestrating a plan to steal more than 14,000
confidential files from Waymo when the firm was still part of Google. It is
now owned by Google's parent company, Alphabet.

 

The jury was shown internal emails referencing demands Mr Kalanick was said
to have made. He wanted "pounds of flesh" from Google, it was claimed. Mr
Kalanick said he used the phrase "from time to time".

 

A vistors' pass for Mr Levandowski - dated at a time he was still working at
Google - was also produced as evidence.

 

Uber's defence was that there was no proof it had used any of the disputed
secrets in its technology, a position it still holds.

 

"We do not believe that any trade secrets made their way from Waymo to
Uber," said Mr Khosrowshahi.

 

"Nor do we believe that Uber has used any of Waymo's proprietary information
in its self-driving technology, we are taking steps with Waymo to ensure our
Lidar and software represents just our good work."

 

The jury was asked to consider whether Uber had used eight trade secrets -
whittled down from an original list of 121 - in its self-driving technology.
The details of the secrets were not made public - discussions about the
content of the document happened in front of the jury in closed sessions.

 

Waymo had sought damages, which could have totalled more than $1bn, and/or
an injunction - a move that could have halted Uber's work on autonomous
driving.

 

"We are committed to working with Uber to make sure that each company
develops its own technology," a Waymo spokesman said on Friday.

 

"This includes an agreement to ensure that any Waymo confidential
information is not being incorporated in Uber Advanced Technologies Group
hardware and software."

 

Former Uber CEO Travis Kalanick took to the stand in the case.

Mr Kalanick, who was removed as chief executive last year but still sits on
Uber's board, released a separate statement.

 

"Our sole objective was to hire the most talented scientists and engineers
to help lead the company and our cities to a driverless future," he said.

 

"The evidence at trial overwhelmingly proved that, and had the trial
proceeded to its conclusion, it is clear Uber would have prevailed."--BBC

 

 

 

 

 


 

 


 

INVESTORS DIARY 2018

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 


 

 

 

 


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DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
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been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

 


 

 


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