Major International Business Headlines Brief::: 15 February 2018

Thu Feb 15 12:28:57 CAT 2018

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Major International Business Headlines Brief::: 15 February 2018

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

*  South African rand hovers near 3-yr highs after Zuma quits

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

*  Malawi's economy to grow as much as 5 percent in 2018: IMF

*  Angola approves 2018 state budget forecasting 4.9 pct growth

*  Tunisia central bank governor tells state TV he has officially resigned

*  Gold Fields to evaluate efficiency at loss-making South African asset

*  Hungary to invest $172 mln in Angolan economy

*  Mauritius MCB Group pretax profit up in first half

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

*  Consumer price rise signals firming inflation'

*  Airbus takes €1.3bn charge on A400M troop carrier

*  Indian bank hit by $1.8bn fraud case

*  Carillion: Canadian firm BGIS seeks facilities contracts

*  Steel pensions scheme victim to 'major mis-selling scandal'

 <mailto:info at bulls.co.zw> 

South African rand hovers near 3-yr highs after Zuma quits

JOHANNESBURG (Reuters) - South Africa’s rand was little changed in early deals on Thursday, largely holding on to gains notched up overnight after President Jacob Zuma resigned.

* At 0608 GMT, the rand was at 11.7300 against the dollar, barely changed from its overnight close 11.7200 in New York and not far from levels last seen in March 2015.

* The rand has been rising since December last year on signs that Zuma - under whose tenure Africa’s most advanced economy has hardly expanded - could be ousted even before his second term as president ends in 2019.

* The 75-year old leader resigned on Wednesday, reluctantly heeding orders by the ruling African National Congress to bring an end to his nine scandal-plagued years in power.

* “The removal of President Zuma is the end of the beginning, not the beginning of the end. Financial markets, investors and business owners are not going to be distracted by the early removal of yet another sitting president for much longer and the attention will turn to what the new order intends to do and when it will do it,” NKC African Economics said.

 <mailto:info at bulls.co.zw> 

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.

Malawi's economy to grow as much as 5 percent in 2018: IMF

LILONGWE (Reuters) - Malawi’s economy is expected to grow by 3 to 5 percent in 2018 and by as much as 7 percent in the medium term as the southern African nation recovers from drought-induced stagnation, the International Monetary Fund said on Wednesday.

“Growth will be supported by enhanced infrastructure investment and social services as well as an improved business environment,” the international lender said in a statement at the end of a country mission that included meetings to discuss the extension of a multi-million dollar loan.

Malawi has a total public debt of $3.50 billion, with about a third of that in external debt.

Angola approves 2018 state budget forecasting 4.9 pct growth

LUANDA (Reuters) - Angolan lawmakers on Wednesday approved a 9.6 trillion kwanza ($45.69 billion) state budget for this year forecasting 4.9 percent economic growth, well beyond the 1.6 percent expected by the International Monetary Fund.

Oil-rich Angola’s economy took a hit from the slump in global commodity prices from mid-2014 and has struggled to recover.

The budget predicts a fiscal deficit of 2.9 percent of gross domestic product.

Minister for Economic Development Manuel Nunes Júnior said this year’s targets could be revised if necessary. He added that Angola would need to reduce debt levels, given revenue difficulties.

($1 = 210.1150 kwanzas)

Tunisia central bank governor tells state TV he has officially resigned

TUNIS (Reuters) - Tunisia’s central bank governor, Chedli Ayari, said on state television on Wednesday that he has officially resigned.

Prime Minister Youssef Chahed had earlier asked him to step down.

Gold Fields to evaluate efficiency at loss-making South African asset

JOHANNESBURG (Reuters) - Gold Fields Ltd will continue to evaluate and focus on efficiency at its loss-making South African asset, South Deep, after production fell below guidance in 2017, the bullion miner said on Wednesday.

South Deep, which has faced operational challenges in an unforgiving geology 3 km (2 miles) beneath the surface, made a loss of 337.6 million rand in 2017 compared with a profit of 191.1 million rand the previous year.

If the mine’s production targets continue not to be met, the firm will look at alternatives, Chief Executive Nick Holland said during the company’s full-year results presentation.

“If the current model doesn’t deliver results, we will have to look at alternatives. What those alternatives are - we haven’t got a specific list, but clearly it’s not our mantra to sit here and lose money,” Holland said.

South Deep production fell 11 percent below original guidance to 281,000 ounces, versus 290,000 ounces the previous year, after two fatal accidents and three ground collapses resulted in a delay in mining higher-grade areas, the firm said.

South Deep had also incurred a 3.5 billion rand ($294 million) accounting writedown from the slow adoption of new mining methods, a reduction in the gold price and resource-price assumptions used in gauging the mine’s lifespan.

Gold Fields unveiled a plan in February 2017 to make its mechanised South Deep mine profitable and set a production target of 500,000 ounces to be reached by 2022.

“Broadly, South Deep is not about the ore body, it’s not about a technical solution, it’s actually about getting people to work in an effective way,” Holland said.

Shares in Gold Fields were down 7.32 percent at 44.67 rand by 1401 GMT after reporting a 4 percent drop in profit to $0.24 per share for 2017 from $0.25 the previous year.

“The second half of the year was an improvement on the first but it was not sufficient to satisfy the market’s demand for an enhancement of the performance of South Deep,” said the chief investment officer at Gryphon Asset Management, Reuben Beelders.

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 per share compared with 1.10 rand per share in the previous period.

($1 = 11.8953 rand)

Hungary to invest $172 mln in Angolan economy

LUANDA (Reuters) - Hungary will invest 172 million dollars in the Angolan economy through various projects including a line of credit through its export-import bank, the European nation’s trade minister said on Wednesday in Luanda.

Hungarian foreign and trade minister Péter Szjjárto said companies from Hungary operating in Angola, mainly in the agriculture and energy sectors, would make the investments resulting in a 16-fold increase in bilateral trade, according to state media agency Angop.

Szjjárto was meeting with Angolan vice-president Bornito de Sousa.

Mauritius MCB Group pretax profit up in first half

PORT LOUIS (Reuters) - Mauritian bank MCB Group Ltd said on Wednesday its first-half pretax profit rose 2.3 percent to 4.371 billion rupees ($134.70 million) from a year ago, helped by higher net interest income.

MCB, the biggest bank by market value in East Africa and the Indian Ocean region, was optimistic about prospects for the full year. ”On current trends, full year results are expected to improve compared to last year with notable support from our international activities,” it said.

“Net interest income rose by 6.9 percent (to 5.083 billion rupees), reflecting increased revenues linked to foreign activities ... and higher investment in government securities in a context of persisting excess liquidity situation in Mauritius,” it said in a statement.

The bank, which also operates in Madagascar, the Maldives, the Seychelles, Mayotte, Mozambique and Reunion, said net fee and commission income rose by 4.4 percent in the six months to December 31, supported by higher revenues from financing activities within the banking cluster and from non-banking operations.

MCB’s earnings per share rose to 15.28 rupees from 14.13 rupees.

($1 = 32.4500 Mauritius rupees)

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)

Consumer price rise signals firming inflation

US consumer prices rose faster than expected in January, a sign of firming inflation that bolstered expectations of higher interest rates.

The Consumer Price Index grew by 0.5% against forecasts of a 0.3% rise.

The report followed earlier data showing accelerating US wage growth. That raised concerns the US Federal Reserve would raise interest rates faster than previously thought.

The report on wages triggered days of volatility on the financial markets.

Bond yields climbed higher on Wednesday, but stock market reaction to the inflation report was relatively muted.

After opening lower, the Dow, S&P 500 and Nasdaq were higher by mid-afternoon.

"The fact that... losses are being trimmed, suggests that the market could be slowly starting to get to grips with the new higher inflation environment reality," said Fiona Cincotta, market analyst at City Index.

The consumer price index is a different measure of inflation from the one the Federal Reserve typically emphasises.

The Commerce Department also reported that US retail sales declined 0.3% in January, an unexpected drop that analysts said made it more difficult to draw a clear picture of the US economy.

Inflation surprise?

Economists have long said they expect higher inflation in the US due to stronger economic growth and low unemployment.

But those expectations were confounded last year, as relatively soft inflation lagged the roughly 2% target set by the Federal Reserve.

New data pointing to price and wage increases suggest the dynamics could be changing.

On Wednesday, the US Bureau of Labour Statistics said there had been price increases across a number of areas including gasoline, clothing, medical care and food.

Over the 12 months to January, inflation remained at 2.1%.

The so-called core index, which strips out volatile food and energy costs, also increased 0.3% in January - the most significant rise in a year.

Jacob Deppe, head of trading at online trading platform Infinox said Wednesday's report showed "an important, albeit slight" rise that will intensify policy questions.

The Federal Reserve uses higher rates to curb inflation and has said it expects to raise rates this year.

Investors worry that the bank could move too aggressively, triggering higher borrowing costs for companies and consumers that choke economic growth.

New policies, including tax cuts approved last year and increased government spending, further complicate the situation, adding to the inflationary pressures.

"The fear is the Fed hikes too far, too fast," Mr Deppe said. "US monetary policy will have to walk a tightrope in order not to kill off growth, while steering a path towards normal economic conditions."

Airbus takes €1.3bn charge on A400M troop carrier

Airbus has taken a €1.3bn (£1.2bn) charge on its troubled A400M military transport plane, bringing total charges on the project to more than €8bn.

The A400M has had setbacks over the years, most seriously a crash during a test flight in Spain in 2015 which led to the deaths of the four crew members.

The aerospace group reported better-than-expected 2017 profits of €4.2bn, against €3.9bn in 2016.

Revenues were "stable" at €66.8bn, up from €66.6bn.

In its statement, Airbus said higher aircraft deliveries had been "offset by a reduction in revenues of around €2bn from the perimeter changes".

Last week, Airbus reached a provisional agreement with seven European NATO buyer countries over further delays in deliveries for the A400M.

Airbus chief executive Tom Enders said: "On A400M, we made progress on the industrial and capabilities front and agreed a re-baselining with government customers which will significantly reduce the remaining programme risks. This is reflected in a substantial one-off charge."

Shares in the company rose by nearly 8% after the results were published.--bbc

Indian bank hit by $1.8bn fraud case

India's second largest state-run bank has uncovered a $1.8bn (£1.3bn) scam linked to a single Mumbai branch.

The fraud amounts to nearly a third of Punjab National Bank's (PNB) market value, and 50 times its profits for the last quarter of 2017.

The bank said the fraudulent transactions appeared to benefit a handful of customers.

But there are concerns the fraud could affect other banks, and hurt confidence in India's banking sector.

Shares hit

India's Enforcement Directorate, a government agency that fights financial crime, will probe the possibility of money laundering in the case.

In a regulatory filing, PNB said the transactions were "for the benefit of a select few account holders with their apparent connivance".

It signalled that the fraud could affect other banks, which "appear to have advanced money to these customers abroad".

Shares in the bank have fallen by more than 10%.

Separately, PNB has made a fraud complaint against prominent Mumbai jeweller, Nirav Modi.

India's Central Bureau of Investigation (CBI) is investigating the allegation that Mr Modi and five others defrauded PNB of $44m in collusion with a deputy branch manager.

Mr Modi is yet to comment, but reports suggest about a dozen of his premises across India have been raided by police.

The CBI has not yet said yet if the case is connected to the $1.8bn fraud.

Bad loans

Indian state banks have been struggling in recent years, stung by a surge in unpaid loans.

That bad debt has made it more difficult for banks to increase lending to businesses, that could accelerate the economic growth of Asia's third-largest economy.

The government recently announced a $14bn bailout for state-run banks,--bbc

China demands clampdown on popular quiz apps

China has called for a clampdown on online quiz shows which have surged in popularity in recent months.

The country's media and publication regulator said there was "vulgar and tawdry" content in some of the quizzes.

Companies should avoid promoting extravagance or sensationalism and focus on spreading "healthy, beneficial knowledge", it added.

On some occasions, up to six million people have been logged in to play an individual quiz.

At least two of the leading apps are now displaying messages saying that their quizzes are being halted temporarily.

How do these quizzes work?

The games tend to follow the same format as quizzes such as HQ Trivia, which has become very popular in the US.

Played on smartphones in real time, they are free to enter and anyone can download the many quiz apps which have popped up.

Hosted live by a real quizmaster, competitors have to answer a series of multiple-choice questions.

You typically only get ten seconds to respond (presumably to try and limit cheating). And getting an answer wrong means you're out.

Those remaining at the end of the quiz share the prize money.

winners

How much can you win?

Rival companies have tried to out-do each other to attract players, leading to an escalation in prize money.

In January, quiz app Chongding Dahui (which roughly translates as "the race to the top") started offering a prize of 100,000 yuan (£11,240; $15,750) for its nightly quiz.

That prompted others to weigh in with even bigger prizes - and so far billions of yuan have been up for grabs.

But, because so many people are playing each quiz, there are often tens or hundreds of thousands of winners, meaning the payout can be relatively small.

Winnings are usually sent directly to WeChat or Alipay accounts - the two dominant digital payments businesses in China.--bbc

Carillion: Canadian firm BGIS seeks facilities contracts

Canadian firm BGIS is in talks to take on former Carillion facilities management contracts.

BGIS said that more than 2,500 Carillion staff could be transferred to its team as part of the deal.

It wants to take on hospital, education, justice, transport and emergency services contracts from the collapsed outsourcing giant.

The BBC understands the talks are at an advanced stage, but it is unclear how much the BGIS deal is worth.

Carillion's liquidation last month left £900m debt, a £590m pension deficit, and hundreds of millions of pounds in unfinished public contracts in its wake.

BGIS chief executive Gord Hicks said: "This deal provides continuity of services for a large number of customers providing critical infrastructure within the UK market.

"Our team is looking forward to engaging both customers and employees in the days ahead to effect the transaction and ensure a smooth transition."

Gail Cartmail, assistant general secretary of the Unite union, said: "Of course the saving of 2500 jobs has to be welcomed. Workers who have lived with weeks of uncertainty will breathe a sigh of relief.

"We will look to meet immediately with BGIS to ensure that workers are not being transferred to lesser contracts and lesser pay."

However, she said there were still "serious issues" with outsourcing, especially in the public sector.

"Cut-price contracts, low wages, insecure working and boardroom behaviour more usually seen in a casino. These should have no place in our schools, hospitals and services," she said.

Carillion managed schools and prisons facilities and was involved in major public projects such as the HS2 high-speed rail line.

PwC is handling Carillion's liquidation, which has so far seen nearly 1,000 jobs lost out of the previous directly-employed workforce of 18,000.

Its problems stemmed in part from a string of risky contracts which were ultimately unprofitable.

BGIS, a subsidiary of Brookfield Business Partners, has its headquarters in Toronto.

It provides what it calls "integrated facility management services" and employs 7,000 people in North America, Europe, the Middle East, Australia, New Zealand and Asia.--bbc

Steel pensions scheme victim to 'major mis-selling scandal'

British Steel pension scheme members were targeted by "vulture" financial advisers after Tata was allowed to offload its retirement fund, MPs say.

In 2017 the Indian firm announced a restructuring of the £14bn fund to keep its UK loss-making operations afloat.

But the government, Tata and regulators failed to protect 124,000 members from a "major mis-selling scandal", the Work and Pensions Select Committee said.

The UK government has yet to issue its response to the "neglect" claim.

The Pensions Regulator said it would continue to work to protect savers.

The report from the Work and Pensions Select Committee was looking at the closure of the British Steel Pension Scheme (BSPS).

Regulators had accepted that Tata Steel UK would be insolvent if it continued to sponsor the scheme.

Map

About 8,000 people are employed by Tata across England and Wales, including 3,500 in Port Talbot, but those figures were dwarfed by number of retired steelworkers - more than 100,000 - who were members of the scheme.

Those members had to decide what to do with their pension funds after the scheme was separated from Tata last September.

Between October and December 2017, they had a choice of entering into a new Tata-backed scheme, BSPS2, or the Pension Protection Fund (PPF).

Both were less generous than the scheme that closed but BSPS2 was better for the majority of people than the PPF.

A third option was transferring out of the scheme completely - a so-called DB transfer - but the committee said this is "not usually in someone's interests".

But circumstances surrounding the BSPS "created perfect conditions for vultures to take advantage", the MPs concluded.

One Tata worker told the BBC he lost almost £200,000 by transferring out of the BSPS after seeking independent financial advice.

The committee noted that an outline plan to save Tata Steel UK, the "sponsor" of the BSPS, had been in place since May 2017.

But it said those signatories to the deal - Tata, the UK government and Pensions Regulator - had neglected the pension scheme's members.

Richard Bevan is one of the Tata workers who fears he has been targeted by "financial vultures"

Committee chairman Frank Field said: "Once again we find the pensions regulator fiddling while Rome burns, when it should have seen this rip-off coming."

He added: "All the responsible authorities must act, now, to stop more people being cheated."

The financial advisers' regulator, the Financial Conduct Authority (FCA), also faces serious criticism for how it handled concerns over mis-selling.

Other criticisms in the report were:

Despite a "surge in interest" in DB transfers in April 2017, the FCA did not act until November, by which stage BSPS members were faced with a pressing deadline, creating "perfect conditions for vultures to take advantage"

A communication plan by BSPS was "woefully inadequate", under-resourced and unable to provide basic facts for members to make a complex choice. The report said it was the responsibility of the Pensions Regulator to ensure members were well-informed, but "all this failed"

Around 25,000 scheme members did not make any choice, thought to include many very elderly or ill pensioners. These members will move into the PPF scheme. The report said the government had not implemented a system of "deemed consent" to ensure that any member who would have been obviously better off in BSPS2 would automatically be moved, and had not explained its decision. The report recommended the government should ensure deemed consent is in place for similar future deals

'Poor' British Steel pensions advice reviewed by police

Steel industry fears Brexit deflecting issues

Community union considers steel pensions advice action

The pensions deal followed a year of crisis in the steel industry in the UK, with threats to jobs and falling prices

Responses to the findings:

The FCA said it was reviewing the rules that apply to firms advising on pension transfers.

"We believe the committee's recommendations are sensible," said a spokeswoman. "We are currently looking at the register to see how we can make it easier to use."

It said it remained focused on ensuring consumers are protected.

The Pensions Regulator said it had fulfilled its primary role by evaluating and approving this complex restructuring of the scheme.

"We believe this was the best possible outcome for everyone involved in what was a very challenging situation, bringing greater certainty for thousands of scheme members," said a spokesman.

"We also helped tackle unscrupulous financial advisers who were exploiting the situation and the current high transfer values available by working closely with the scheme trustees, the FCA and The Pensions Advisory Service (TPAS)."

Tata Steel said the consultation process was a major undertaking involving "complex financial detail".

A spokesman said it was pleased so many pension scheme members made a positive choice to select the best scheme for their future.

"We were also pleased to note the trustee expects the new scheme to pass the agreed qualifying conditions to go forward," he said.

The BSPS trustee welcomed the work being done to ensure that members taking transfers from defined benefit pension schemes "do so on the basis of suitable advice".

He added that the actions of some financial advisors during the process was "something that the committee rightly highlights as a concern for all involved".

A spokesman for the steel unions, including Community, said: "There is clear evidence from this report that some steelworkers were exploited and given poor advice on hugely important choices.

"Regulators need to toughen up when it comes to shutting down irresponsible financial advisers, and warning people about which firms to avoid."

He said they would continue to support members who believe they have been ripped off "and will keep lobbying government and regulators to ensure measures are put in place so that such a scandal can never again be allowed to happen."==bbc

INVESTORS DIARY 2018

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DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has 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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