Major International Business Headlines Brief::: 22 February 2018

Thu Feb 22 11:44:51 CAT 2018

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Major International Business Headlines Brief::: 22 February 2018

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

*  In "tough but hopeful" budget, South Africa raises VAT for first time in
25 years

*  South Africa's CPI slows to 4.4 percent year/year in January

*  South Africa's NUM union marches on Gupta-owned Optimum Coal mine

*  Woolworths Holdings' H1 profit falls on Australia arm write-down

*  Zambia's inflation slows to 6.1 pct in February

*  Glencore, banks and Chad reach deal on over $1 bln oil-backed loan

*  Ford executive leaves over inappropriate behaviour

*  British Gas owner Centrica to cut 4,000 jobs after 'weak' year

*  Federal Reserve policymakers more confident about economy

*  Barclays takes £127m hit from Carillion collapse

*  Walmart shares fall 10% as online sales slow

*  Qantas Airways sees record half year profits

*  Bitcoin: MPs launch inquiry into digital currencies

 <mailto:info at bulls.co.zw> 

In "tough but hopeful" budget, South Africa raises VAT for first time in 25
years

CAPE TOWN (Reuters) - South Africa’s new leadership announced on Wednesday
it was taking the politically risky step of raising value-added tax for the
first time in 25 years, part of efforts to cut the deficit and stabilise
debt under new President Cyril Ramaphosa.

The government of Africa’s most industrialised country has to plug a revenue
hole in its budget and repair its economy after nine years of mismanagement
under the scandal-plagued Jacob Zuma.

The move to raise VAT to 15 percent from 14 starting in April is expected to
generate an additional 23 billion rand ($2 billion) of revenue in 2018/19.

But with the VAT rate unchanged since 1993 the move was likely to prove
unpopular ahead of a national election next year.

“This is a tough, but hopeful budget,” Finance Minister Malusi Gigaba said,
acknowledging the reality in his budget speech to parliament on Wednesday.

“We decided that increasing VAT was unavoidable if we are to maintain the
integrity of our public finances.”

As Gigaba read his budget speech, the rand extended gains to 0.81 percent
against the dollar, government bonds firmed and retail shares on the stock
exchange fell.

Whatever cabinet Ramaphosa finally settles on will face an uphill battle to
revitalise growth and create jobs in a nation still polarized by race and
inequality more than two decades after the end of white-minority rule in
1994.

Much of the blame for the state of the economy has been laid at the door of
Zuma and his allies. He was forced to step down as president this month by
the ruling African National Congress (ANC), following a series of scandals.
He has denied all wrongdoing.

But treasury officials sought to project a relatively optimistic outlook as
they assessed economic prospects for the immediate future.

Gigaba said poor households would be cushioned against the VAT rate rise
through a zero-rating of basic food items such as maize meal and beans, and
welfare payments increases.

And the Treasury saw GDP growth at 1.5 percent this year, up from an
estimated 1 percent last year, helped by a recovery in agriculture and
improved investor sentiment.

South African debt faces the risk of a downgrade to “junk” by Moody’s after
downgrades to sub-investment grade by S&P Global Ratings and Fitch last
year. Moody’s said it would make a ratings decision soon after the budget
announcement.

“We believe we have done enough to avoid a downgrade. We have taken the
tough decisions. You can see our debt rates stabilising, you see our budget
deficit improving,” Gigaba told a media briefing separately.

‘ASSAULT ON THE POOR’

But opposition leader and head of the Democratic Alliance party Mmusi
Maimane said the budget meant the cost of living for poor people would rise
sharply.

“This is a budget that is an assault against poor people. What we saw today
is a consequence of nine years of mismanagement of the economy by the ANC.”

The ultra-left Economic Freedom Fighters, which has six percent of the seats
in parliament, boycotted the speech. It demanded that Gigaba, a Zuma ally,
be removed.

The Treasury said South Africa faced a 48.2 billion rand revenue gap in the
current 2017/18 fiscal year ending in March, down from an earlier estimate
of 50.8 billion rand, and that the revenue shortfall was expected to
continue into the medium term.

In a sign that it was mostly middle to high income earners who were targeted
by the tax increases, the Treasury said the excise duty on luxury goods
would be raised to 9 percent from 7 percent, among other taxes.

The budget deficit is expected to narrow to 3.5 percent of gross domestic
product (GDP) by 2020 from 4.3 percent in the 2017/18 fiscal year, while
gross debt is seen narrowing to 56 percent of GDP in the 2020/21 fiscal year
from nearly 60 percent seen in the October mid-term budget statement.

($1 = 11.6359 rand)

 <mailto:info at bulls.co.zw> 

South Africa's CPI slows to 4.4 percent year/year in January

JOHANNESBURG (Reuters) - South Africa’s headline consumer inflation slowed
to 4.4 percent year-on-year in January from 4.7 percent in December, data
from Statistics South Africa showed on Wednesday.

On a month-on-month basis, inflation eased to 0.3 percent in January from
0.5 percent in December.

Core inflation, which excludes the prices of food, non-alcoholic beverages,
petrol and energy, fell to 4.1 percent year-on-year in January from 4.2
percent in December, while on a month-on-month basis it slowed to 0.2
percent from 0.3 percent previously.

South Africa's NUM union marches on Gupta-owned Optimum Coal mine

JOHANNESBURG (Reuters) - Hundreds of members of the National Union of
Mineworkers (NUM) marched on Wednesday at the Optimum Coal mine, owned by
the controversial Gupta family, to express their concerns about the
operation’s viability.

South Africa’s chief prosecutor declared Ajay Gupta, one of the three Gupta
brothers accused of corrupt links to former president Jacob Zuma, a
“fugitive from justice” last week while India’s Bank of Baroda, which counts
the family’s operations as clients, has pulled the plug on its South African
business.

“Our members are concerned that they might not get paid this Friday because
the Bank of Baroda was handling their payments,” said NUM spokesman
Livhuwani Mammburu.

South Africa’s main commercial banks have cut all ties with the Guptas,
citing reputational risk. Zuma and the Guptas have consistently denied any
wrong-doing.

Mammburu said NUM members at the coal mine east of Johannesburg, which
supplies state-run power utility Eskom, were also anxious about the future
of the mine and were wondering if it had been sold or not.

The Business Day newspaper reported this week that the mine could be shut
down over its failure to operate a community water desalination plant, which
is a requirement for its mining licence. South African mining companies are
required to meet social and labour obligations to maintain their permits.

Woolworths Holdings' H1 profit falls on Australia arm write-down

JOHANNESBURG (Reuters) - South African retailer Woolworths Holdings Ltd
posted a 15 percent fall in half-year profit on Thursday hurt by a hefty
write-down charge on the value of its David Jones business in Australia and
tough trading conditions in its home market and Australia.

Woolworths paid a big premium to bulk up in Australia via David Jones as
part of Chief Executive Ion Moir’s ambitions to turn the firm into a leading
southern hemisphere retailer, but the delayed execution of certain
initiatives aimed at transforming David Jones is threatening that ambition.

“A challenging market, along with some mistakes in the implementation of new
systems and ranges, has had an impact on our clothing businesses both in
South Africa and Australia,” Moir said in a statement.

Australia has recorded soft retail sales growth for months as cut-throat
competition, relentless price discounts and online competition sap demand
for brick-and-mortar shopping.

While in South Africa retailers have struggled to grow earnings as weak
economic growth and clothing markdowns by competitors hit sales.

Woolworths, which sells groceries, food and homeware, said headline earnings
per share (HEPS) fell to 206.3 South African cents in the six months to Dec.
24, from 242.6 cents a year earlier, while earnings per share turned into a
loss of 505.9 cents on the David Jones impairment.

Woolworths booked a non-cash impairment charge of A$712.5 million ($556.04
million) against the carrying value of David Jones as a result of the
cyclical downturn and structural changes that have hurt performance across
the Australian retail sector.

The retailer, which paid 21.4 billion rand ($1.84 billion)for David Jones in
2014, said the impact of these changes have been exacerbated by poor or
delayed execution in certain key initiatives in David Jones.

David Jones sales were 3.3 percent lower on a comparable basis, while
comparable store sales were 3.4 percent lower in Woolworths South Africa,
hurt by underperformance in Woolworths Fashion, Beauty and Home.

The group declared an interim cash dividend of 108.5 cents, an 18.4 percent
decrease on the prior period.

“Encouragingly, we are seeing signs of recovery now, with political change
in South Africa expected to lead to increased consumer confidence,” Moir
said.

South Africa’s new president, Cyril Ramaphosa, was sworn in as head of state
last Thursday after his scandal-plagued predecessor Jacob Zuma resigned on
orders of the ruling African National Congress.

($1 = 1.2814 Australian dollars)

($1 = 11.6563 rand)

Zambia's inflation slows to 6.1 pct in February

LUSAKA (Reuters) - Zambia’s annual inflation rate slowed to 6.1 percent in
February from 6.2 percent a month earlier, official data showed on Thursday.

On a month-on-month basis, the rate inched down 0.9 percent in February
compared with 1.0 percent in January, data from the Central Statistical
Office showed.

Glencore, banks and Chad reach deal on over $1 bln oil-backed loan

LONDON (Reuters) - Glencore and four bank lenders have reached a deal with
Chad on the restructuring of an over $1 billion oil-backed loan, sources
familiar with the matter said.

Glencore backed by banks lent the west African country’s state oil firm SHT
(Societe des Hydrocarbures du Tchad) about $1.45 billion in 2014 to be
repaid with crude oil cargoes.

The loan was restructured once in 2015 after the crash in global oil prices
but Chad struggled to repay the debt.

The country secured credit from the International Monetary Fund last year
but the release of most of these funds depended on a second restructuring of
this debt.

Ford executive leaves over inappropriate behaviour

The head of Ford's US operations is leaving the company immediately
following an internal investigation into inappropriate behaviour.

The carmaker said its inquiry had concluded that some of Raj Nair's conduct
had been "inconsistent with the company's code of conduct".

Ford did not specify why the investigation was started nor what it
uncovered.

Mr Nair said in a statement that "I sincerely regret" certain behaviour.

Ford President and Chief Executive Jim Hackett said in a statement: "We made
this decision after a thorough review and careful consideration. Ford is
deeply committed to providing and nurturing a safe and respectful culture
and we expect our leaders to fully uphold these values."

Mr Nair had been President of Ford North America since 1 July. He was
previously head of global product development and chief technical officer.

He apologised, without elaborating on the reasons for his going.

"I sincerely regret that there have been instances where I have not
exhibited leadership behaviours consistent with the principles that the
company and I have always espoused," Mr Nair said.

He added: "I continue to have the utmost faith in the people of Ford Motor
Company and wish them continued success in the future."

A spokesman for the US's second biggest carmaker said the company would not
be commenting on the nature of Mr Nair's departure.

'Rising star'

In August, Ford agreed a multi-million-dollar settlement after an
investigation into sex and race harassment at two factories in Chicago.

The inquiry was conducted by the US Equal Employment Opportunity Commission,
which said female and African-American employees had been subjected to
sexual and racial harassment and found the carmaker retaliated against
employees who complained about the harassment or discrimination.

In an open letter about the matter, Mr Hackett wrote "there is absolutely no
room for harassment at Ford Motor Company.... We don't want you here, and we
will move you out for engaging in any behaviour like this."

Michelle Krebs, an analyst at Autotrader, said the departure of Mr Nair, a
"rising star" who had been with the carmaker for 30 years, comes at a
"particularly bad time" for Ford.

She told the Reuters news agency: "Investors and analysts have been unhappy
with the seeming lack of a clear direction for Ford, especially in terms of
future mobility services.

"The stock price has fallen. The pressure is on Jim Hackett, anointed CEO
last spring, to lay out a clear road ahead for Ford."--bbc

British Gas owner Centrica to cut 4,000 jobs after 'weak' year

Centrica, which owns British Gas, is cutting 4,000 jobs as it continues to
lose customers.

The energy supplier, which has operations in North America and Ireland as
well as its main UK market, said group profits fell 17% to £1.25bn.

Chief executive Iain Conn said the firm had a "weak" second half of 2017,
and it was not helped by political and regulatory intervention in the UK.

The firm's British Gas business shed 9% of its UK domestic customers in
2017.

Centrica said the job losses, which are part of an extended cost-cutting
programme, would fall mainly in its UK energy supply business.

Investment in technology and the simplification of core business processes
would result in cost savings of £1.25bn per year by 2020, the firm said. It
expects to also create around 1,000 additional roles.

Mr Conn told the BBC the job losses were in part due to "intense"
competition and partly due to customers "moving to digital".

He said the probable introduction of a price cap in the UK was another
reason for the job losses.

"There is a link between our cost efficiency programme and preparing for any
price cap in the UK. We've got to be competitive and this measure means
we've got to drive more efficiency."

Government cap

Mr Conn said that the prospect of the price cap had also hit the company's
shares.

Centrica's shares have lost more than half of their value over the past year
as politicians focused on ways to limit the cost of energy to ordinary
consumers.

Around 12 million UK households are charged some form of default tariff for
their energy, which can cost hundreds of pounds more per year than the
cheapest deals on offer. The government is planning to cap the standard
variable tariffs.

Despite the fall in profits for Centrica Group as a whole, British Gas,
which supplies energy to UK homes and businesses, saw profits rise 3% to
£572m.

Since some UK customers have more than one account, Centrica said the loss
of 750,000 customers amounted to a loss of 10% of British Gas domestic
accounts. However, the company said 70% of those accounts were loss-making.

British Gas now supplies 7.8 million customers with their domestic
energy.--bbc

Federal Reserve policymakers more confident about economy

Jerome Powell arrives to be sworn-in as the new Chairman of the Federal
Reserve on February 5, 2018.

The US Federal Reserve is preparing for stronger-than-expected economic
growth this year, a view that boosts the case for higher interest rates.

But some policymakers remain doubtful that the gains will appear in the form
of rapid inflation and higher wages.

Those members urged their colleagues to be "patient" as they weigh future
rate rises.

The views were revealed in minutes published on Wednesday from the Fed's
January meeting.

The meeting, the final gathering led by former Federal Reserve chair Janet
Yellen, concluded 31 January.

It preceded turmoil in the stock market that has been pinned partly on
investor calculations that the Fed might raise interest rates more rapidly
than anticipated.

Investors were reacting to data, including wage increases, that suggested
inflation might be stronger than in recent years, prompting the Fed to raise
rates more quickly.

US stocks jumped after the minutes were released, but sank again as the
afternoon continued, reflecting continuing uncertainty about the bank's
future course.

Meeting details

The Fed has been shifting away from the policies aimed at economic stimulus
it enacted during the recession, including ultra-low interest rates.

The bank took no action to raise rates at its January meeting, but markets
expect at least three rate rises this year, and predict the Fed will take
its next action in March.

Investors are also watching carefully to see if new Fed chair Jerome Powell
takes a more aggressive stance than Ms Yellen, who was viewed as moving
relatively slowly to raise rates.

At the January meeting, "almost all" Fed members - more than previously -
said they expect inflation to hit the bank's 2% target over the medium term,
bolstering the case for future rate rises.

A number of Federal Reserve members also "marked up" forecasts for 2018
growth to reflect stronger economic data since December, according to the
minutes.

However, the record showed the participants continued to hold a wide range
of views about inflation and wage pressures.

While some see the possibility of rapid inflation, others see "little solid
evidence" of inflation or wage pressures, the minutes said.

"They judged that the committee could afford to be patient".

Ken Matheny, executive director for US economics at Macroeconomic Advisers
by IHS Markit, said the discussion was "consistent" with predictions of
several rate rises in 2018.

Mr Matheny, whose firm is predicting four rate rises this year, said he
expects inflation will finally hit the Fed's 2% target causing "dovish
sentiments to fade".--bbc

Barclays takes £127m hit from Carillion collapse

The collapse of outsourcing giant Carillion has cost Barclays £127m.

The charge was one of a number of hefty one-off costs contained in Barclays'
latest results.

Last year, the bank lost £2.5bn related to the sale of Barclays Africa Group
and a £900m charge related to changes in US tax rules.

Including those costs the bank lost £1.9bn last year. But with one-off
charges stripped out, underlying profits were £3.5bn, up 10%.

The bank was boosted by a reduction in costs over the year and the rise in
the value of the dollar and euro against the pound.

Chief executive Jes Staley said he was "pleased" with how this year had
started.

In particular he mentioned an encouraging performance for the bank's markets
unit, which sells and trades shares, debt and other financial products. Last
year, that unit saw income tumble 15% to £4.5bn.

The markets division is part of Barclays Investment Bank, which saw income
slide by 22% to £2bn.

Lloyds hails 'landmark' year

HSBC profits jump on Asia growth

Mr Staley said the bank had made "considerable strategic progress" in 2017.

Part of his strategy has been to cut costs by shutting bank branches and
cutting thousands of jobs. As a result, it saw costs fall by 5% last year.

'Spinning many plates'

While the bank's financial performance is solid, it has some serious legal
problems ahead.

Earlier this month, the Serious Fraud Office charged Barclays Bank PLC with
"unlawful financial assistance" related to billions of pounds raised from
Qatar in 2008.

The bank is also being sued by the US Justice Department, which is accusing
it of misleading investors about the quality of loans being used to back
financial products from 2005 to 2007.

Mr Staley himself is being investigated by the Financial Conduct Authority
over his handling of a whistleblower, who raised concerns about the
recruitment of a senior Barclays executive.

"Barclays is spinning many plates at the moment, and inevitably there are
some breakages," said Richard Hunter, head of markets at Interactive
Investor.

"Its exit from the African business has been costly, litigation and conduct
fines remain a financial thorn in the side, whilst the investment bank had a
difficult end to the year."

However, Mr Hunter said there were some "pockets of hope", including
strength in its traditional High Street banking business and growth in the
credit card unit.--bbc

Walmart shares fall 10% as online sales slow

Walmart shares suffered their biggest percentage fall for more than three
decades on Tuesday after reporting disappointing online sales figures for
the Christmas period.

Online sales were 23% higher in the three months to December.

However, that was less than half the growth recorded in the previous quarter
and lower than in the same period of 2016.

Shares in the world's largest retailer fell just over 10% to $94.11.

The retailer said its online revenues totalled $11.5bn last year, but it
lost money on those sales. Chief executive Doug McMillon said e-commerce
losses would be "about the same" for 2018.

He told analysts the company was making progress in its efforts to compete
with Amazon and other competitors.

"We're confident in our strategy to transform the company," Mr McMillon
said. "It's really about providing more convenience to customers."

It plans to spend more on Walmart.com and cut back on marketing for its
Jet.com site, which aimed at younger and better off shoppers. Walmart paid
$3.3bn to buy Jet.com in 2016.

While sales at Walmart's US stores rose by a better than expected 2.6% in
the fourth quarter, net profit sank 42% to $2.2bn (£1.6bn).

Asda, Walmart's UK supermarket, reported a 0.5% rise in like-for-like sales
- its third consecutive quarter of sales growth.

Mr McMillon said he was encouraged by Asda's continued recovery, but said
there was "more work to do".

Bryan Roberts, retail analyst at TCC Global, said the company "played a good
game over Christmas", adding: "We've seen a marked improvement in service
levels and sharper all-round availability."

Asda lost its place as the UK's second-biggest supermarket to Sainsbury's in
late 2015 and the likes of German discounters Aldi and Lidl have also eaten
into its market share.

Mr Roberts said the latest sales figures hinted at a return to form.

"In its heyday, Asda really appealed to younger families. Its supermarkets
were fun places to be," he said.

"It's lost some of that spirit over the years, but its recent seasonal
campaigns - such as at Christmas and Halloween - show it still has that
capability in the locker. A focus on recapturing a year-round family appeal
could catalyse its ongoing recovery."--bbc

Qantas Airways sees record half year profits

Australia's national flag carrier, Qantas Airways, has posted record profits
for the six months to December.

The firm, which has been through a major restructuring in recent years,
booked underlying profits of 976m Australian dollars (£547.m; $761.48m).

Three years ago, the flying kangaroo, as the airline is affectionately
known, posted record losses.

Its turnaround to profit is seen as one of the biggest in Australia's
corporate history.

"Today's result comes from investing in areas that provide margin growth and
a network strategy that makes sure we have the right aircraft on the right
route," chief executive Alan Joyce said.

The half-yearly result marks a 14.6% jump in underlying profit from the same
period a year earlier and comes amid higher fuel costs and stiffer
competition on the domestic front.

The airline's underlying profit is the measure most closely watched by
analysts and investors. The firm's Sydney-listed shares closed higher, up by
nearly 6%.

The firm said overall revenue and other income rose 6% to $8.66m over the
same period. It also announced a share buy-back worth $378m.

On the international front, however, Mr Joyce said the firm had faced more
seats in the market together with rising fuel costs.

But Qantas International "had largely held its own, with a 6% decline in
profit and a slight rise in unit revenue," he said.

Qantas is Australia's biggest airline and controls nearly two-thirds of the
country's domestic market.--bbc

Bitcoin: MPs launch inquiry into digital currencies

MPs have launched an inquiry into cryptocurrencies and the technology behind
them.

The Treasury Committee said it wants to understand the risks and benefits of
digital money following an explosion of interest - and investment - in them.

The MPs will cover the role of digital currencies in the UK, including the
impact on consumers and businesses.

Although currencies such as Bitcoin have drawn criticism, the technology
behind them has been praised.

Nicky Morgan, chair of the of the committee, said the MPs would look into
how consumers and Britain's financial infrastructure might be better
protected, without stifling innovation.

Last year's rapid rise, and subsequent fall, in the value of Bitcoin
focussed attention on cryptocurrencies. They were variously dismissed as
fraudulent, a "Ponzi" investment scam, and a vehicle for criminals and tax
evaders.

Bank of England governor Mark Carney said Bitcoin had failed as a currency,
but that the underlying technology which records and verifies the chain of
transactions might prove useful.

Warren Buffett, the venerated investor, said the speculative cryptocurrency
craze "will come to a bad end".

Venezuela launches oil cryptocurrency

Tesla probes 'crypto-currency hack'

Divorcing couples may clash over Bitcoin

Ms Morgan said: "People are becoming increasingly aware of cryptocurrencies
such as Bitcoin, but they may not be aware that they are currently
unregulated in the UK, and that there is no protection for individual
investors.

"The Treasury Committee will look at the potential risks that digital
currencies could generate for consumers, businesses, and governments,
including those relating to volatility, money laundering, and cyber-crime.

"We will also examine the potential benefits of cryptocurrencies and the
technology underpinning them, how they can create innovative opportunities,
and to what extent they could disrupt the economy and replace traditional
means of payment."

But she also wants to strike a balance between protection and regulation,
and not hindering the blockchain technology behind cryptocurrencies. "As
part of the inquiry, we will explore how this can be achieved," she said.

The committee, which has yet to set a date for its first evidence session,
will take evidence on key questions, including:

*         Are digital currencies ultimately capable of replacing traditional
means of payment?

*         To what extent could digital currencies disrupt the economy and
the workings of the public sector?

*         What risks and benefits could digital currencies generate for
consumers, businesses and governments?

*         Could regulation benefit digital currency start-ups by improving
consumer trust?

*         How are governments and regulators in other countries approaching
digital currencies and what lessons can the UK learn from overseas?--BBC

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

Mash 

AGM

Boardroom, 19th Floor, ZB Life Towers, 77 Jason Moyo Ave

22 Feb 2018 12PM

BAT

finals and analysts briefing

Head Office, 1 Manchester Road, Southerton

22 Feb 2018 10AM

ART

AGM

202 Seke Road, Graniteside

27 Feb 2018 14:00

Ariston

AGM

Centenary Room, Royal Harare Golf Club

27 Feb 2018 16:00

Powerspeed

AGM

Boardroom, Gate 1, Powerspeed Complex, Corner Cripps Road and Kelvin Road
North, Graniteside

01 Mar 2018 11am

Proplastics

final dividend of 0.26c record date

02 Mar 2018

Mash 

AGM

Boardroom, 19th Floor, ZB Life Towers, 77 Jason Moyo Ave

22 Feb 2018 12PM

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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
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opinions expressed and recommendations made are subject to change without
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suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
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