Major International Business Headlines Brief::: 14 February 2018

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Major International Business Headlines Brief::: 14 February 2018

 


 

 


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*  Central Asia Metals looks to enter Africa in search of copper project

*  Car industry: Who's the biggest of them all?

*  Lotte shares dive after chairman is jailed

*  Japan GDP slows to 0.5% in final quarter of 2017

*  South Africa's Zuma crisis: Gupta home raided by police

*  Premier League raises less from TV rights auction

*  GKN to sell off assets and return £2.5bn to shareholders

*  Ghana inflation eases to 10.3 pct in Jan- stats office

*  South African rand firms on talk Zuma will resign, Gupta arrest\

*  Gold Fields profit falls on lower South Africa output\

*  Highest price of Kenya's best coffee jumps at auction

*  Kenya's economy to expand by 5.8 pct this year: finance ministry

*  Bharti Airtel's holding company for Africa explores IPO

*  Nigerian inflation slowed for 12th month in Jan: stats office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

Central Asia Metals looks to enter Africa in search of copper project

LONDON (Reuters) - Base metals miner Central Asia Metals (CAML) is on the
hunt for a new copper project in Southern Africa for up to $400 million in
what would be its first foray into the continent, its chief executive said.

 

The London-listed company, which has two mines in Kazakhstan and Macedonia,
is prepared to spend $300 million-$400 million in countries including
Namibia, Botswana and Zambia, CAML’s Nick Clarke told Reuters.

 

Flush with cash brought on by a recovery in commodity prices, miners are
paying dividends again and slowly returning to the search for new assets.

 

“We are agnostic as a mining company where we go. We look for the right
combinations of asset quality and the right government attitude towards the
mining industry,” he said.

 

CAML, which raised its interim dividend by nearly 20 percent last year,
bought Lynx Resources, which owns the SASA zinc-lead mine in Macedonia, for
$402.5 million in September.

 

The project is expected to generate cash within its first year of
integration into CAML due to its low cash costs.

 

Clarke said he needed time to assess the company’s current assets and there
was no timeline for any new acquisition.

 

The main criteria for a new purchase would be low cash costs, a proven
resource with a long lifespan and low on political risk, but he added there
was some flexibility on that list “should the right deal come along”.

 

CAML was offered the chance to buy a few projects in Zimbabwe but they were
not appealing, he said.

 

“The geology and style of projects are not something I believe would attract
us but it’s not a political issue.”

 

Following the removal of President Robert Mugabe last year, Zimbabwe
appointed a new mining minister and in December limited its 51 percent local
ownership law in mining companies to platinum and diamond mining to attract
investment.

 

“You want to go where foreign direct investment is welcome,” Clarke said.
“That is what you look for when you go to invest somewhere. You want
security that you are safe, and that there is security over your money or
the assets you have.”

 

CAML would maintain its dividend payout next year should commodity prices
stay at current levels, Clarke said.

 

Copper gained 30 percent last year due to supply disruptions and higher
demand from China. The metal used in power and construction is expected to
be in deficit this year, a Reuters poll showed last month.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Car industry: Who's the biggest of them all?

Toyota held the top spot in global vehicle sales for four years in a row,
until 2016, when it was pipped at the post by the Volkswagen Group

 

The biggest carmakers on the planet are posting their sales numbers for 2017
- so who is officially ranked number one?

 

Is it Germany's Volkswagen Group - which knocked Toyota off the top spot in
the 2016 figures?

 

Or one of the newer conglomerates which encompasses several car companies?

 

Perhaps the US titan, General Motors, has fought back?

 

The answer: well, it depends on what carmakers include in their global sales
numbers. And, crucially, how you define a car.

 

Confusing

Claiming the honour this year is a new player: the Renault-Nissan-Mitsubishi
alliance.

 

The Japanese-French group acquired Mitsubishi in 2016 and adopted its
current name in September last year.

 

It's made up of ten brands, including Dacia, Datsun, Infiniti and Renault
Samsung Motors. Combined, the firm says that with its 10.61 million
passenger cars and light commercial vehicles sold in 2017, it has become
"the number-one automotive group worldwide".

 

But that's a bit confusing.

 

Why? Because Volkswagen says it sold 10.74 million vehicles in 2017 - and
some say those numbers should see it named the biggest of them all, for a
second year running.

 

A heavy conversation

Working out who's top dog in car sales globally really depends on what kind
of ranking you want, according to Anna-Marie Baisden, head of automobiles at
BMI Research in London.

 

Some media reports have put the Renault-Nissan-Mitsubishi alliance as "the
biggest seller of light vehicles" in 2017, and placed VW firmly in second
place.

 

But those accounts stripped out so-called heavy vehicles from VW's numbers.

 

Heavy vehicles usually mean things like big trucks and buses - which seems
reasonable. They are clearly not cars.

 

But VW includes its heavy vehicles in its global sales numbers. And so
others took those figures at face value, and reported the German firm had
maintained the number one crown, ahead of the Renault-Nissan-Mitsubishi
alliance.

 

Just to add to the confusion, carmakers and countries have varying
definitions of light and heavy vehicles.

 

Take the very popular SUV - or sports utility vehicle. Is it a light truck
or a car?

 

Well that depends on where you live and what brand you're driving.

 

"SUVs have become very popular, so many of them are basically the same as
normal cars," says Derryn Wong, editor-in-chief of CarBuyer.

 

"But in the USA some SUVs are counted as light trucks. In Singapore,
Malaysia and Thailand, the Toyota Hilux is a pickup truck, or light
commercial vehicle, while the Toyota Fortuner uses the same platform and
looks similar, but is considered an SUV-passenger car.

 

"Simply put, it's very hard to draw a line where passenger cars end and
light vehicles begin," he says.

 

But the fun doesn't end there.

 

Vans for example are nearly always counted as commercial vehicles, except if
they are a minivan - like the Toyota Sienna, which can carry eight people.

 

Also ranked as light trucks are pickups, like the Chevrolet Silverado,
regardless of whether they are used for business or private transport.

 

"To cut through this, you could extract passenger car only data as defined
by the makers themselves - but you'd have to do it for each conglomerate and
their brands," says Mr Wong.

 

"But not every brand has published their total sales breakdown for 2017, and
also not every brand clearly delineates passenger car and light vehicles."

 

So what's the answer?

Stripping out heavier trucks and buses from sales numbers would help you
compare just the light vehicle market, says BMI's Ms Baisden,

 

"This would probably be more relevant to the average consumer, and this is
where we would see the Renault-Nissan Alliance climbing the rankings," she
says.

 

"The acquisition of Mitsubishi in 2016 means they now have a lot more light
vehicles to include and so it is not unthinkable that they would be top
based on the combination of all brands.

 

"But if you included every brand in a group, and all of the types of
vehicles sold, this would start to favour a company like the VW Group, which
has everything from small hatchbacks, VW and Seat, through to premium with
Porsche, and up to big trucks under the Man brand."

 

If neither of those options tickles your fancy, however, the OICA
(Organisation Internationale des Constructeurs d'Automobiles) is one of the
best sites for global vehicle sales rankings.

 

But it includes passenger cars, light commercial vehicles, minibuses,
trucks, buses and coaches in their figures. And it hasn't released its
rankings for 2017 just yet.--BBC

 

 

 

Lotte shares dive after chairman is jailed

Shares in South Korean giant Lotte fell sharply after the surprise jailing
of the conglomerate's chairman for bribery.

 

Shin Dong-bin was sentenced to two-and-a-half years in prison for his part
in a corruption scandal that has shaken the country.

 

Investors sent Lotte Group's share price down 7% and Lotte Shopping down by
5.5%.

 

Shin had been widely expected to escape with a suspended sentence.

 

His lawyers said that he would appeal against the conviction and sentence,
but warned the process would take months.

 

Shin was found guilty of offering billions in bribes to Choi Soon-sil, a
friend and adviser to former president Park Geun-hye.

 

"His act crushed the hopes and faith of the community and the people. Giving
bribes hurts the fairness of society," said presiding judge Kim Se-yun.

 

Separately on Tuesday, Choi was sentenced to 20 years in jail for
corruption, influence-peddling and abuse of power.

 

The massive corruption scandal led to the impeachment of Ms Park, the
country's first female president.

 

'In flux'

In December, Shin had been found guilty of a breach of trust and
embezzlement in a different case, but was given a suspended sentence,
leaving him free to run the group.

 

In that hearing, a court sentenced Shin's father, the 95-year-old Lotte
Group founder Shin Kyuk-ho, to four years in jail.

 

Analysts said there was now concern over leadership at the country's
fifth-largest conglomerate.

 

"Lotte Group is currently in flux," said Park Ju-gun, head of research firm
CEO Score.

 

"Its businesses are mainly domestic. Shin has attempted to expand Lotte
overseas by growing its chemical business and retail presence in Asia, but
that is expected to grind to a halt - at least until the appeals ruling,"

 

The group generates around 30% of its sales from China, but businesses there
have been harmed by a political spat between Beijing and Seoul over South
Korea's installation of a US missile defence system. Around 80% of its
stores have been shut in China as part of the backlash.

 

At home, Lotte's duty free operations rely heavily on Chinese tourists but
it has been under pressure following a crackdown on tour groups from China
travelling to the South Korea.

 

Shin Kyuk-ho founded the Lotte group in the 1940s and built it into a
sprawling giant that today has dozens of units focused on food, retail and
hotels in South Korea and Japan.

 

Lotte is just one of the country's influential family firms, or chaebols,
caught up in the corruption scandal.

 

Samsung's vice-president Lee Jae-yong had also been jailed for making
donations to Choi for political influence, but he was freed earlier this
month.--BBC

 

 

 

Japan GDP slows to 0.5% in final quarter of 2017

Japan's economic growth slowed in the last three months of 2017 and missed
expectations, preliminary official figures show.

 

The world's third-largest economy expanded at an annualised rate of 0.5% in
the quarter, against analyst forecasts of 0.9%.

 

But it is still the country's eighth consecutive quarter of growth - the
longest streak since the late 1980s.

 

The GDP figures compare with annualised growth of 2.2% in the previous
quarter.

 

Annualised growth rates represent a value of growth if the
quarter-on-previous quarter rate of change were maintained for a full year.

 

'Positive position'

Despite the disappointing data, there were signs of confidence among
Japanese shoppers.

 

Consumer spending, which accounts for about 60% of Japan's economy, rose by
0.5% compared with the quarter before, against expectations for a rise of
0.4%.

 

Tokyo-based economist Jesper Koll told the BBC that for the first time in 30
years, the country's economy was in a positive position.

 

"You've got wages improving, and the quality of jobs is improving, so the
overall environment for consumption is now a positive one, while over the
last 30 years it was a negative one," said Mr Koll, from WisdomTree asset
management company.

 

"That's the key point that's driving the steady expansion of Japan."--bbc

 

 

 

South Africa's Zuma crisis: Gupta home raided by police

South Africa's elite police unit has raided the controversial Gupta business
family's home, as pressure increases on President Jacob Zuma to resign.

 

Three arrests have been made, including one Gupta brother, local media
report. Police say two other people are expected to hand themselves in.

 

It comes as Mr Zuma's own party gave him until the end of the day to stand
down, or face a no-confidence vote.

 

His links to the Guptas are one of the reasons he is being forced to resign.

 

The family has been accused using their close friendship with Mr Zuma to
wield enormous political influence.

 

The Guptas and Mr Zuma all deny the allegations.

 

Africa Live: Finance minister warns Zuma he could be voted out

 

How the Guptas' brand turned toxic in South Africa

 

The president was expected to respond on Thursday to a formal request from
the African National Congress (ANC) to step down.

 

However, the situation has escalated, with the governing African National
Congress (ANC) chief whip, Jackson Mthembu, saying parliament will elect
Cyril Ramaphosa as the new president tomorrow, if the chief justice is
available to swear him in.

 

Mr Ramaphosa was elected ANC president in December, replacing Mr Zuma.

 

Mr Zuma's term as national president is due to expire next year.

 

Why was the Gupta's house raided?

The chief whip of the opposition Democratic Alliance John Steenhuisen
earlier told the BBC the arrests were well timed.

 

"I think the arrests this morning were a warning shot fired across the bows
of Mr Zuma's camp to say that 'Look if you don't step down and resign, this
could well be happening to you.'" he said.

 

According to a statement released by the Hawks - the police's elite
high-priority crimes unit - the raids were carried out in connection with
the Vrede farm investigation.

 

That investigation relates to the Estina dairy farm near Vrede, in the Free
State, a project which was originally meant to help poor black farmers but
from which the Gupta family are alleged to have pocketed millions of
dollars, allegations they deny.

 

A tranche of leaked emails released last year alleged that some of the money
ended up paying for the family's lavish wedding at Sun City, South Africa's
upmarket holiday resort.

 

In January, the Hawks raided the offices of the Free State Premier, Ace
Magashule, looking for documents linked to the project. Mr Magashule was
elected secretary-general of the ruling African National Congress (ANC) in
December.

 

Early this morning, as the plush suburb of Saxonwold was waking up -
gardeners walking dogs, children being taken to school in 4x4s - armed
police arrived at the enormous, high-walled, Gupta compound opposite the
lion enclosure of Johannesburg Zoo, sealing off a section of the road, and
venturing inside.

 

Soon afterwards, two luxury vehicles were seen driving out of the gates
escorted by police in separate cars.

 

The Hawks - the elite high-priority crimes unit - confirmed that this was an
operation to arrest suspects, rather than to raid properties.

 

A blue police helicopter swung over the property, as local people voiced
satisfaction about the police action.

 

"It's very emotional for all South Africans. This is about getting South
Africa right again," said Tessa Turvey.

 

"This is real meaningful change. I certainly don't think it would have
happened if Zuma was still president of the ANC," said a man, walking his
dogs.

 

Who are the Gupta family?

The embattled Gupta family own a range of business interests in South
Africa, including computing, mining, air travel, energy, technology and
media.

 

The three brothers, Atul, Rajesh and Ajay, moved to the country in 1993 from
India, just as white-minority rule was ending.

 

They are known friends of President Zuma - and his son, daughter and one of
the president's wives worked for the family's firms.

 

The brothers have been accused of wielding enormous political influence in
South Africa, with critics alleging that they have tried to "capture the
state" to advance their own business interests.

 

Who are the Guptas?

What are the allegations against the Guptas?

Former Deputy Finance Minister Mcebisi Jonas made a public allegation in
2016 that he was offered 600m rand ($50m; £36m) by the Gupta family to be
the next finance minister - as long as he did their bidding.

 

It was followed by a damning report by a South African government ombudsman
that accused the Guptas and President Zuma of colluding to win government
contracts.

 

The public backlash worsened in 2017 when more than 100,000 emails were
leaked which appeared to show the extent of the family's influence.

 

It suggested a complex web of government contracts, as well as alleged
kickbacks and money laundering.

 

It prompted marches and public protests against the family and President
Zuma, dubbed the "Zuptas".--bbc

 

 

 

Premier League raises less from TV rights auction

The Premier League has seen a decline in the money raised from the sale of
rights to broadcast matches in the UK.

 

In total BT and Sky bid £4.4bn to screen the lion's share of 200 games for
each season between 2019-2022.

 

That amount falls short of the £5.1bn the Premier League netted in 2015.

 

Two packages to show 20 midweek matches are still to be sold, but experts
say it is unlikely they will raise enough to top the previous rights deal.

 

"I don't think that those two packages by themselves are going to bridge the
gap between what the domestic rights were sold for last time and what
they're going for this time," said Dan Jones, head of the sports business
group at the accountancy firm Deloitte.

 

In 2012, BT and Sky paid £3bn for the rights to show matches between 2013
and 2015, up from £1.77bn in the previous three-year cycle.

 

In 2015, the Premier League then took a total of £5.1bn for the next three
years.

 

Despite the fall in the overall take for the Premier League, BT Sport will
pay more to broadcast each match under its new agreement.

 

Sky, on the other hand, will pay less.

 

Sky's share price rose 3%. BT shares edged higher.

 

Kieran Maguire, a senior teacher in accountancy at the University of
Liverpool, said that Sky and BT need to think carefully about what they
charge viewers for the football packages.

 

"If you get the pricing right the subscribers will be there, but there's not
a lot of wiggle room there to go up in terms of what they are charging per
month, and that's why subscribers have been turning away," he says.

 

In December, Sky and BT signed a deal to sell their channels on each other's
platforms.

 

Under the deal, BT agreed to supply its sports channels, which show Uefa
Champions League and Europa League fixtures, to Sky.

 

BT was also able to sell Sky's Now TV service, which includes Sky Sports, to
its customers.

 

Sky's broadcasting rights include its flagship Sunday afternoon slots and
Saturday night games. BT will show Saturday lunchtime games.

 

BT said it has been "financially disciplined" during the bidding process,
and that it expects to make returns through subscription, wholesale,
commercial and advertising revenues.

 

It added that its customer base had more than doubled when it acquired EE.

 

Despite the fall in total take for the Premier League, Mr Jones said the
deal "will still leave the Premier League as the richest league in the world
by a margin".

 

He added: "The Premier League still has its overseas rights to sell and the
uplift in those will more than cover any shortfall in the domestic rights I
expect."

 

In the 2015 auction, the Premier League sold the international rights to
live football games for about£3.3bn over three years, on top of the £5.1bn
it raised from selling the UK rights.

 

George Salmon, equity analyst at Hargreaves Lansdown, said: "There's two
packages still up for grabs, but so far Sky is the big winner from the
Premier League auction.

 

"Securing more games at a lower cost is a major coup, and with BT seemingly
content to play second fiddle on the Premier League, that rivalry now looks
to have thawed."--bbc

 

 

 

GKN to sell off assets and return £2.5bn to shareholders

Engineering giant GKN says it will sell off non-core parts of its business
and return £2.5bn in cash to its shareholders over the next three years.

 

The plans are part of its defence against a £7.4bn hostile takeover bid from
Melrose Industries.

 

GKN's new strategy and transformation plan includes the sale of various
businesses over the next 12-18 months.

 

Last month, GKN rejected the bid from Melrose, saying it "fundamentally
undervalued" the firm.

 

GKN chief executive Anne Stevens said: "The new strategy brings clarity,
accountability and focus to GKN's world class businesses and will allow the
group to attain world class financial performance."

 

"Too often we pursued growth at the expense of returns, this will no longer
be the case. The new strategy brings discipline, both financial and
operational."

 

However Melrose has argued that it could "deliver significantly greater
benefits" to GKN's shareholders than the current management team.

 

GKN rejects £7.4bn hostile takeover bid

 

Engineering giant GKN rejects £7bn bid

 

GKN makes parts for the Boeing 737 jet and Black Hawk helicopter, as well as
components for Volkswagen and Ford cars.

 

Last month, it said it would split the aerospace an automotive divisions
into separate companies.

 

Outlining its transformation plan, it said "operational separation" had
already begun and the "formal" separation would take place "when it
maximises shareholder value".

 

'Significant cash'

Last year, lower profit margins and cash generation prompted GKN to conduct
a wide-ranging review of its business. The company also warned on profits
after uncovering problems at its aerospace division.

 

In January, it said a new two-year strategy called Project Boost would
significantly increase cash flow by cutting costs and expenditure, along
with tighter pricing control.

 

"This strategy is expected to generate significant cash for shareholders in
the short term and meaningful sustainable cash flows over the mid to long
term," said Ms Stevens.

 

Both GKN and Melrose saw their shares rise following publication of the
turnaround plan.---bbc

 

 

 

Ghana inflation eases to 10.3 pct in Jan- stats office

ACCRA (Reuters) - Ghana’s annual consumer price inflation eased to 10.3
percent in January from 11.8 percent the previous month, the statistics
office said on Wednesday.

 

The major commodity exporter is in its final year of a $918 million credit
programme with the International Monetary Fund to restore fiscal balance and
narrow inflation to 8 percent plus or minus 2 percentage points in 2018.

 

 

 

South African rand firms on talk Zuma will resign, Gupta arrest

JOHANNESBURG (Reuters) - South Africa’s rand firmed on Wednesday on
expectations President Jacob Zuma would offer his formal resignation after
the ruling African National Congress (ANC) party ordered the 75-year old to
step down.

 

At 0714 GMT, the rand was 0.8 percent firmer at 11.8590 to the dollar.

 

Zuma is expected to respond on Wednesday to the ANC’s order to step down as
head of state, party officials said, after the party gave him no firm
deadline to resign.

 

“After waiting for so long for such a major event, we still think that a
formal resignation/removal will trigger some sharp gains, even if only
temporarily,” Rand Merchant Bank analyst John Cairns said in a note.

 

The presidency told the media on Wednesday to “await official notification”
of a briefing by Zuma, amid expectations of his resignation.

 

Gains were supported after a police unit raided the home of the Gupta
family, wealthy friends of Zuma, with local police reporting that one member
of the family has been arrested.

 

The Guptas are accused by the public anti-graft watchdog of using their
friendship with Zuma to influence policy and amass wealth. They have denied
any wrongdoing.

 

Bonds were stronger with the yield on the benchmark 2026 government issue
down 5.5 basis points to 8.400 percent.

 

Stocks were firmer, with the Johannesburg bourse’s index of 40 blue-chip
stocks up 0.3 percent to 50,540 points, while the All-Share index lifted
0.21 percent to 57,330 points

 

 

 

Gold Fields profit falls on lower South Africa output

JOHANNESBURG (Reuters) - Gold Fields Ltd said on Wednesday its full-year
profit fell 4 percent, with production from its last South African asset
South Deep falling below guidance.

 

Diluted headline earnings per share (HEPS) from continuing operations fell
to $0.24 for 2017 from $0.25 in the previous year, but in line with what was
flagged to the market.

 

HEPS is the main profit measure used in South Africa that strips out certain
one-off items.

 

Gold Fields unveiled a new plan last year to make its mechanized South Deep
mine, which has presented operational challenges in an unforgiving geology 3
kms (2 miles) beneath the surface, profitable with a production target of
500,000 ounces in 2022.

 

The company said it had incurred a 3.5 billion rand ($293.5 million)
goodwill impairment due to the slow start of the rebase plan over the year
at South Deep and a reduction in the gold price and resource price
assumptions used in the life of mine model.

 

Production at Gold Fields’s South Deep mine for the year was 11 percent
below original guidance at 281,000 ounces, compared with 290,000 ounces in
the previous year.

 

“South Deep was unable to recover from the tough Q1 2017 which was impacted
by two fatalities and three falls of ground in the high grade corridors,”
the company said.

 

Gold Fields, which also operates in Ghana and Peru, declared a final
dividend of 0.50 rand ($0.04) per share, taking the total dividend for the
year to 0.90 rand ($0.08) per share compared with 1.10 rand per
share($0.09)in the previous period.

 

($1 = 11.9266 rand)

 

 

 

Highest price of Kenya's best coffee jumps at auction

NAIROBI (Reuters) - The maximum price of Kenya’s benchmark grade AA coffee
rose at this week’s auction compared with last week’s sale, the Nairobi
Coffee Exchange (NCE) said.

 

The East African nation produces high-quality coffee that is sought after
worldwide by roasters to blend with beans from elsewhere.

 

Following are the prices in dollars from the auction:

 

 

 

Kenya's economy to expand by 5.8 pct this year: finance ministry

NAIROBI (Reuters) - Kenya’s economy is likely to grow 5.8 percent this year,
recovering from drought and political uncertainty that pushed growth down to
an estimated 4.8 percent in 2017, the finance ministry said.

 

Economic output in the East African nation, which relies on farming and
tourism, grew 5.8 percent in 2016.

 

The Finance Ministry said in its latest budget outlook paper that risks to
growth could come from adverse weather, public spending pressure, especially
from recurrent expenditure.

 

The government plans to cut its budget deficit to 6.0 percent of gross
domestic product in the next financial year starting July, and to 3.0
percent by 2022, from 8.9 percent in the financial year to end of last June.

 

The overall budget is expected to rise to 2.49 trillion shillings ($24.63
billion)in 2018/19, or 26 percent of GDP from 2.32 trillion shillings in
2017/18, or 27 percent of GDP.

 

Kenyan officials are conducting a roadshow for a planned issue of 10-year
and 30-year Eurobonds that sources with knowledge of the issue would be
worth a minimum of $1.5 billion.

 

($1 = 101.1000 Kenyan shillings)

 

 

 

Bharti Airtel's holding company for Africa explores IPO

(Reuters) - India’s biggest mobile carrier Bharti Airtel Ltd said on
Wednesday its holding company for Africa operations is looking at a
potential initial public offering (IPO).

 

Bharti Airtel International (Netherlands) BV said the discussion on
feasibility of listing its shares on an “internationally recognized”
exchange was still in preliminary stage.

 

Bharti Airtel owns telecom assets in 14 African countries.

 

For the quarter ended Dec. 31, Airtel’s African operations reported a 5.3
percent growth in revenue over last year on constant currency basis.

 

 

 

Nigerian inflation slowed for 12th month in Jan: stats office

LAGOS (Reuters) - Annual inflation in Nigeria slowed for the 12th month in a
row in January to 15.13 percent, compared with 15.37 percent in December,
the National Bureau of Statistics (NBS) said on Wednesday.

 

A separate food price index showed inflation at 18.92 percent in January,
compared with 19.42 percent in December.

 

”The rise in the food index was caused by increases in prices of imported
food in general as well as bread and cereals, milk, cheese ... meat,
potatoes and other tubers,” the NBS said in a report.

 

Yemi Kale, head of the NBS, last month said he expected the rate of
inflation to fall faster this year compared with 2017, but activities
leading up to presidential elections next year could stoke prices.

 

Food inflation has remained in high double digits over the last year. Kale
said the country was in a harvest period and output is increasing which
would help lower food prices but household consumption remained fragile
after the 2016 recession.

 

 

 

 

 

 

 


 

 


 

INVESTORS DIARY 2018

 


Company

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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.

 


 

 


(c) 2018 Web: <http:// www.bulls.co.zw >  www.bulls.co.zw Email:
<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
344 1674

 


 

 

 

 

 

Invest Wisely!

Bulls n Bears 

 

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