Major International Business Headlines Brief::: 12 January 2018

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Major International Business Headlines Brief::: 12 January 2018

 


 

 


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*  Zambia sees mining revenue rising on higher copper price

*  Moody's says not anticipating Angolan debt default

*  Kenya Airways CEO sees 10 pct revenue bump from direct U.S. flights

*  South Africa's Reserve Bank expected to keep repo rate unchanged next
week

*  Sudan inflation rises to 25.15 pct in December, statistics bureau says

*  Morocco's GDP growth to slow to 2.8 percent in 2018-officials

*  Bidvest Group acquires South African-based Cannon Asset Managers

*  Walmart's US workers gain pay rise and bonus

*  Oiling the rollercoaster

*  South Korea considers Bitcoin trading ban

*  Overseas students 'add £20bn' to UK economy

*  South African economy may grow 2 percent in 2018, finance minister says

*  South Africa's November manufacturing output up 1.7 percent yr/yr

*  Tunisia's trade deficit rises to $6.25 bln in Dec 2017, a record level

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

Zambia sees mining revenue rising on higher copper price

LUSAKA (Reuters) - Zambia expects to collect more revenue from mining
companies this year compared to 2017 after copper prices rose above $7,000
per tonne, the revenue authority (ZRA) said on Wednesday.

 

ZRA Commissioner-General Kingsley Chanda said at a media briefing the
authority was targeting a revenue-to-GDP ratio of 17 percent this year,
higher that 16.8 percent in 2017.

 

“The copper price is having a very positive impact,” Chanda said.

 

“The provisional income tax returns that have so far been submitted are
showing that they are going to make profits.”

 

Chanda said the tax authority collected net revenue amounting to 39.1
billion kwacha ($54.60 million), which was 4.1 percent above the annual
budget target of 37.6 billion kwacha.

 

The 2018 net revenue target had been set at 44.6 billion kwacha, he said.

 

($1 = 716.1300 kwacha)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Moody's says not anticipating Angolan debt default

LUANDA (Reuters) - Moody’s assumes the Angolan government does not intend to
default on its debt after ambiguous wording in official statements, the
ratings agency said in a research report.

 

Angola this month unveiled plans to restructure its foreign debt and
devalued the kwanza currency after the collapse in global oil prices from
mid-2014 had battered its economy.

 

The exchange rate changes in Africa’s second-largest oil producer garnered
most attention, with investors saying the kwanza needed to fall further
before it reached fair value.

 

Moody’s said in a report sent to media on Thursday that the new kwanza
regime and the government’s desire to renegotiate debt underscored existing
pressures on Angola’s credit ratings, which include falling economic growth
and liquidity risks.

 

It said it expected Angola’s debt-to-GDP ratio to rise and for higher
inflation to weigh on growth, although it said the country’s current account
was likely to improve over time.

 

The ratings agency said it had discussed the recent policy changes with the
Angolan government.

 

Angolan President Joao Lourenço has embarked on a series of policy and
personnel shifts since taking over from long-serving predecessor Jose
Eduardo dos Santos in September.

 

Earlier this week, Lourenço removed the son of dos Santos as head of
Angola’s sovereign wealth fund, in a move to wrest control of another key
area of the state.

 

 

 

Kenya Airways CEO sees 10 pct revenue bump from direct U.S. flights

NAIROBI (Reuters) - Kenya Airways expects its daily direct flights to the
United States that it launches for the first time in October to boost annual
revenue by 10 percent from 2019, Chief Executive Officer Sebastian Mikosz
said on Thursday.

 

The carrier, which is 7.8 percent owned by Air France KLM, has started
taking bookings for the flights to New York that will carry 234 passengers
each way on a Boeing 787 Dreamliner plane.

 

 

 

South Africa's Reserve Bank expected to keep repo rate unchanged next week

JOHANNESBURG (Reuters) - South Africa’s Reserve Bank will leave interest
rates unchanged at its Jan. 18 meeting, a Reuters poll showed on Thursday,
despite a much firmer rand suggesting further easing could come from the
bank.

 

The rand, currently around 12.43 per dollar, has gained almost 8 percent in
the last six months - with most made after South Africa’s Deputy President
Cyril Ramaphosa was voted leader of the ruling African National Congress
(ANC) in December.

 

Ramaphosa is viewed a more business-friendly than incumbent President Jacob
Zuma.

 

However, the rand moves are not enough to prompt economists to pencil in a
rate cut from the current 6.75 percent just yet, 17 of the 20 economists
polled said. The other three expected a 25 basis points cut.

 

 

“We now think that the (bank) will wait until after the February national
budget in order to assess whether the Treasury has done enough to appease
Moody‘s,” said Jeffrey Schultz, economist at BNP Paribas in Johannesburg.

 

S&P Global Ratings downgraded South Africa’s local currency debt to
sub-investment grade in November and pushed the foreign currency debt deeper
into “junk” territory, while Moody’s put the country on review for a
downgrade.

 

South Africa’s central bank unexpectedly cut its benchmark lending rate for
the first time in five years in July, citing weak growth and easing
inflation.

 

The rise in consumer prices is expected to average 5.1 percent this year and
5.4 percent next, compared to 5.2 and 5.4 percent in the previous survey.

 

Christopher Shiells at Informa Global Markets said if the new ANC leadership
helps avoid a credit rating downgrade and the rand remained steady, the bank
may try and squeeze in one more rate cut if upside inflation risks are
deemed to have fallen.

 

More ratings reviews are expected this year - starting with Moody’s later in
March - which will hinge heavily on the February budget and South Africa’s
potential to improve its growth

 

“Ramaphosa’s first decisions as ANC president will also be critical in the
Reserve Bank’s assessment of the latter risk,” said Schultz.

 

The poll medians also show no change to the repo rate before 2021, the end
of the forecast horizon.

 

Growth in Africa’s most industrialised nation is expected at 1.3 percent
this year, nudged up from last month’s 1.2 percent forecast, and an
unchanged 1.6 percent the following year.

 

Still, a separate Reuters poll last week suggested the rand is likely to
weaken over 12 percent this year, hit by doubts about how much Ramaphosa, a
promised reformer, can do for South Africa’s ailing economy. [ZAR/POLL]

 

 

 

Sudan inflation rises to 25.15 pct in December, statistics bureau says

KHARTOUM (Reuters) - Sudan’s inflation rate rose to 25.15 percent in
December from 24.76 percent in November, the country’s Central Bureau of
Statistics said on Thursday.

 

Sudan devalued its currency and cut all wheat subsidies this month, in line
with economic reforms the International Monetary Fund recommended last year.
The cost of bread and electricity have since soared, leading to protests
across the country.

 

Khartoum devalued its currency, the pound, to 18 against the U.S. dollar
under the 2018 budget that took effect this month, from 6.7 Sudanese pounds
for one dollar in 2017.

 

The black market exchange rate rose to over 30 pounds to one dollar this
week.

 

The United States lifted 20-year-old sanctions on Sudan in October, but hard
currency remains scarce in the formal banking system, forcing importers to
resort to an increasingly expensive black market.

 

($1 = 18 Sudanese pounds)

 

 

 

Morocco's GDP growth to slow to 2.8 percent in 2018-officials

CASABLANCA, Morocco (Reuters) - Morocco’s economic growth will slow to 2.8
percent this year, down from 4 percent in 2017, officials forecast on
Wednesday, blaming a decline in agricultural production.

 

A lack of rainfall will cause farming output to fall by 1.3 percent this
year after a 13.6 percent gain last year due to better weather conditions,
officials told reporters.

 

Annual inflation will rise to 1.5 percent in 2018 from 0.2 percent last
year, the government said in a statement. The budget deficit would fall to
3.5 percent in 2018 from 4 percent last year.

 

 

Bidvest Group acquires South African-based Cannon Asset Managers

JOHANNESBURG (Reuters) - A financial services subsidiary of South Africa’s
Bidvest Group said on Thursday it has acquired Cannon Asset Managers as part
of an acquisition drive to expand into investment management.

 

Bidvest Financial Services, whose parent spun off food division Bidcorp in a
$5 billion listing in 2016, said it will take a controlling stake of the
South African-based asset management firm from Citadel Holdings.

 

“Our acquisition of Cannon is a key building block in the expansion of our
financial services business,” Japie van Niekerk, Managing Director of
Bidvest Financial Services and Bidvest Bank said in a statement.

 

The acquisition of Cannon comes hot on the heels of announcements of Bidvest
Bank’s acquisition of First Data’s South African unit, and the purchase of a
majority shareholding in FinGlobal by Bidvest Financial Services.

 

The firm did not disclose how much it was paying.

 

Cannon, which was established in 1998 by Chief Executive Adrian Saville,
specialises in investments that span domestic and global asset classes.

 

 

 

Walmart's US workers gain pay rise and bonus

Walmart plans to start paying its one million US workers at least $11 an
hour and give them a one-off cash bonus.

 

The move follows last month's US tax code overhaul that cut the corporate
rate from 35% to a flat 21%.

 

Hourly-paid employees will get the higher rate from next month.

 

It is the latest in a line of US giants that have promised to pass on some
of the cash unleashed to staff. Others, including Wells Fargo and AT&T have
promised wage rises or bonuses.

 

Full and part-time workers at Walmart, the world's biggest retailer, will
receive a bonus of up to $1,000 based on their length of service. Those with
20 years of service will get the full $1,000.

 

The bonus payments will cost the company, which is worth $295bn, a total of
$400m.

 

The raise will increase the average hourly pay at Walmart for full-time
employees from $13.85 to $14.50. Hourly workers will be paid between $11 and
$24.70 an hour.

 

Trump hails America's 'largest tax cut'

AT&T to pay $1,000 bonus due to tax cuts

"We are early in the stages of assessing the opportunities tax reform
creates for us to invest in our customers and associates and to further
strengthen our business, all of which should benefit our shareholders," said
Doug McMillon, Walmart chief executive.

 

"However, some guiding themes are clear and consistent with how we've been
investing - lower prices for customers, better wages and training for
associates and investments in the future of our company, including in
technology.

 

"Tax reform gives us the opportunity to be more competitive globally and to
accelerate plans for the US."

 

Walmart raised its minimum wage to $9 an hour in 2015 and the following year
offered a $1 rise to those who completed an internal training scheme.--bbc

 

 

Oiling the rollercoaster

Opec, the oil exporters club, last year pulled back on production to put a
floor under the price. Now, their concern is that they need to put a ceiling
on it.

 

The price of that familiar benchmark barrel of Brent crude oil, from the
waters off Aberdeen, has been rising in recent days, reaching $69.30 on
Wednesday.

 

It was at $45 last July. It dipped to $30 two years ago. But in summer 2014,
it was at $115.

 

Good news for oil producers, after three very tough years. Not so much for
oil consumers. Forecourt prices are clearly on the rise.

 

So, some questions. Will the price keep pumping upwards? What impact does
this have on the industry and on tax revenue in Britain? And (an old
favourite, this) on the case for or against Scottish independence? But
first...

 

Why?

Traders are a jittery bunch - particularly, it seems after they come back
from their festive break.

 

A dose of unprecedented reforms in Riyadh. Some big protests against the
ruling clergy in Iran. A blast of very cold weather in the US.

 

A crack in the Forties Pipeline through which Brent crude itself flows
closed it down and also helped push up the December jitter factor.

 

There are also fundamentals. The global economy is doing very nicely.
Today's UK manufacturing figures from the Office for National Statistics
reflected that, with exports going especially well.

 

And while the link from economic growth to growth in demand for energy is
not as clear as it was, it's still there.

 

Will it continue?

That's where the other side of the market fundamentals come in: supply.

 

Opec pulled back output to bolster the price, and for the past year, it has
had the desired effect. The price of Brent crude bobbed happily around the
$50-$60 zone.

 

The agreement to continue that supply constraint throughout 2018, agreed
with non-Opec Russia, seems to have bolstered the price more than expected.
The Opec market modelling many not have foreseen the strength of global
demand feeding through from growth.

 

But there are market analysts who don't see the current price as being
supported by the data they're looking at.

 

And the Iranian energy minister has given verbal warning that Opec is not
happy about the price nearing $70 - the first sign that the cartel could
take action to lower it, by turning the taps on.

 

To answer the question, a key number to watch is the Baker Hughes land rig
count. That company has been counting US drilling rigs since 1944, sending
investors a signal of industry activity.

 

Across the US, the count is up by by 259 in the past year to 924 by 5
January. The last year's growth has been fastest in the south. The Texas rig
count has risen by 127 since the start of last year, to 454. In the state of
New Mexico, it is up by 39 to 76.

 

Shale fracking drillers are back at work because the price is now high
enough to justify the investment. They can quickly push up production. The
US government's energy analysts have pushed up their forecast of output by
four times in the past few months.

 

It's reckoned it could top 11 million barrels per day, or more than a ninth
of global production.

 

You might think Opec should welcome higher prices: what they don't welcome
at all is a higher US market share.

 

It gives you some sense of the turnaround in that part of the industry if
you look at the share price of Glasgow-headquartered Weir Group, which is a
leading supplier of fracking equipment. That was at 848 pence in January
2016. Today, it's trading in London at around 2300 pence.

 

So what impact on the UK offshore industry?

A higher oil price can bring in higher investment in production levels and
in exploration. That much seems obvious.

 

But unlike fracking in the Permian basin of central Texas, you can't drill
and dump in offshore production. The rewards can be huge, but the investment
is too, particularly offshore.

 

Once committed, you've got to stay there, through low prices and high. Plus,
there's a much higher risk of coming up dry when drilling conventional
exploratory wells.

 

The energy analyst Westwood this week looked ahead to 2018 upstream
prospects in "northwest Europe", concluding that UK exploratory drilling
will remain at the same low level as last year - only 15 wells.

 

In Norwegian waters, despite some disappointing results of late, the firm
foresees a sharp increase in exploration compared with the past two years.

 

Wood Mackenzie, on Wednesday, released its outlook for the upstream year
ahead, and agreed on the 15 exploratory wells, with "all eyes west of
Shetland", and small independent companies more active than the majors.

 

The Edinburgh-based energy consultancy was more upbeat about UK production,
rising to 1.9 million barrels per day as big new developments Clair Ridge
and Mariner, both near Shetland, are scheduled to come on stream.

 

That will be the last of the big projects which were sanctioned in the 2010
to 2014 boom, says WoodMac. It should take UK production this year to the
highest point since 2010, and up by 25% since 2014.

 

Development spending, to extend the lives of oil and gas fields for
instance, looks more downbeat. Estimated at $6.2bn, that would be a fifth
down on 2017 and the lowest level since 2000.

 

There could be up to 14 projects given the green light for investment, but
they won't be enough to stem the accelerating decline in production from
onstream fields.

 

So while a higher oil price may help these projects get through the final
investment gateway, they're not expected to change the trajectory of the
offshore industry, returning to a decline in production from the end of this
decade.

 

What does this mean for UK tax?

Rising production and the rising price towards the end of last year meant
that the Office for Budget Responsibility raised its estimate of tax take
from profits on UK oil and gas production. They had been close to zero or
even into negative amounts, and rose to around £1bn over the next few years.

 

If the OBR were to rework the figures now, the estimates would probably be
higher.

 

The problem for the Exchequer is that the new fields are the ones that have
been incentivised with tax breaks. And the new fields are becoming more and
more important, as old fields fall away.

 

This year, Oil and Gas UK, the group that represents the industry, believes
that 600,000 barrels per day - nearly a third of all UK production - will be
from only 10 new fields.

 

As much as a fifth will come from the new frontier west of Shetland. And the
ratio of new fields to ageing ones becomes much more important into next
decade.

 

What about the finances of an independent Scotland?

Such talk excites those who want Holyrood to take control of oil revenue,
and either to spend it in an independent Scotland or to put it into an
investment fund, as Norway has done, and very successfully so.

 

What is sometimes missed is that Norway's benefits have accrued from both
tax and from dividends on owning a large stake in its offshore industry.
None of the UK's offshore reserves or production are publicly owned. No
dividends come to the Treasury.

 

What is also often forgotten in the excitement is that a large part of the
Scottish economy is a consumer of energy, and while higher oil prices can
boost tax revenues, they can suppress profits elsewhere, and economic
growth.

 

Anyway, the best estimates are of the value of oil and gas revenue being 83%
to more than 90% from Scottish waters. So that could bring in, very roughly,
£1bn a year to a Scottish exchequer.

 

But with government in Scotland spending more than £70bn, more than £13bn
ahead of the tax notionally raised in Scotland, a billion quid doesn't come
close to closing that gap, and it cannot also be put into that trust fund.

 

The Scottish Growth Commission, set up by the Scottish National Party under
former MSP Andrew Wilson, is expected to report next month, reworking the
proposals for an independent Scotland's economy, to replace the White Paper
from 2013.

 

Under Alex Salmond, that had selected statistics from the booming start of
the decade that made revenue look very rosy, with optimistic assumptions
that it could stay that way.

 

Wiser heads within the movement said during the independence referendum
campaign, and will still tell you now, that oil revenue in future should be
treated as "nice to have" rather than being a central plank of economic
planning and essential to paying the bills for public services.

 

If Texans can frack, why not Scots?

There is some potential for fracked onshore oil and gas from under Britain,
but the Scottish government has said it will effectively block any planning
application for that to happen north of the border.

 

That led to an announcement this week from Ineos, the company that most
wants to drill underground, that it will seek a judicial review of the
ministerial decision.

 

That decision weighed up evidence on the the environmental, health and
economic impact of unconventional gas developments, as well as public
support. It was that final element that swayed the decision. Ineos argues
that it wasn't clear at the start of the consultation process that public
opinion would carry an effective veto.

 

Along with its partner, Reach, it says it has spent millions on developing
its plans so far, and buying licences form other companies.

 

So it may pursue the Scottish government for compensation.

 

 

I'll leave it to the judges to decide on the legal matters. But one
consideration in terms of public policy is the immense clout of Ineos - a
private company effectively controlled by one man, Jim Ratcliffe, and based
in Switzerland.

 

It owns Scotland's biggest industrial complex - Grangemouth refinery and
petro-chemical plant, which supplies the refined petrol and diesel that keep
Scotland moving.

 

Ineos now has ownership and control of the Forties Pipeline Network. As we
learned when it had to be closed down last month, that brings ashore about
40% of oil and gas production from the North Sea, and 85 fields depend on
it.

 

It has bought up oil and gas assets in the North Sea and around Shetland,
becoming one of the top 10 producers in UK waters, with plans to drill north
of Shetland.

 

In short, and to put it mildly, a relationship of mistrust and litigation
between Ineos and the Scottish government may not be that good for the
economy.

 

Mayor versus majors

And finally, talking of litigation, there are those who take no pleasure in
further investments to pump oil and gas from under the sea or land. They
point to the environmental damage from burning the stuff.

 

So they'll be delighted to learn that the city of New York is taking legal
action against the big oil majors to pay up for the damage their emissions
have wreaked, and will continue to wreak, to the Big Apple's health and
wellbeing. Those in its sights include BP and Royal Dutch Shell.

 

Lesser governments in California are already on the legal case.

 

In Manhattan, Mayor de Basio's intention, it seems, is to extract lots of
cash, but also to tie up the oil industry in the courts - to such an extent
that the energy firms accelerate the shift to low and no carbon energy, on
which they would wish to emphasise that most have already embarked.--BBC

 

 

 

South Korea considers Bitcoin trading ban

South Korea is considering a law to ban cryptocurrencies such as Bitcoin
being traded on local exchanges.

 

Justice Minister Park Sang-ki said virtual currencies were "great concerns"
and that the ministry was preparing a bill to ban trading.

 

However, South Korea's presidential office said later that a ban had not yet
been finalised and was one measure being considered.

 

The local Bitcoin price fell by a fifth after the justice minister's
comments.

 

In South Korea it trades at about a 30% premium compared with other
countries.

 

There is no one fixed price for Bitcoin as it is not regulated and is traded
on dozens of exchanges worldwide.

 

According to Coindesk.com, the price of Bitcoin was about 8% lower at just
under $13,800 on Thursday afternoon.

 

Is Asia driving the Bitcoin craze?

What is Bitcoin?

Bitcoin - risky bubble or the future?

Forget Bitcoin - now Dogecoin goes wild

South Korea has become a hotbed for cryptocurrency trading, accounting for
about 20% of global Bitcoin transactions.

 

It has more than a dozen cryptocurrency exchanges, according to the Korea
Blockchain Industry Association.

 

Several were raided this week in a probe into alleged tax evasion, including
the country's second-largest virtual currency operator, Bithumb.

 

The government had already said in December that it would apply more
scrutiny to the exchanges, including moves to curb anonymous trading.

 

Given the low levels of trading and relatively small number of people
holding virtual currencies, wild price swings have become the norm, leading
to an argument that paying too much attention to price rises and falls is
futile.

 

Digital currencies such as Bitcoin have surged in value over the past year -
driving a huge demand. That has led to concerns about gambling addiction as
inexperienced investors try to ride the wave.--BBC

 

 

Overseas students 'add £20bn' to UK economy

International students are worth £20bn to the UK economy, says a report from
the Higher Education Policy Institute.

 

The analysis says on top of tuition fees, their spending has become a major
factor in supporting local economies.

 

London alone gains £4.6bn - with Sheffield the biggest beneficiary in
proportion to its economy.

 

The think tank's director, Nick Hillman, says the figures support calls to
remove students from immigration targets.

 

There are about 230,000 students arriving each year for university courses
in the UK - most of them postgraduates, with China the most common country
of origin.

 

Spending power

The analysis, carried out by London Economics, calculated the financial
contribution of overseas students, such as spending on tuition and living
expenses, and balanced that against costs, including the extra pressure on
local services and non-repayment of loans.

 

Mr Hillman says the report provides comprehensive evidence that overseas
students are a significant benefit and that students from outside the
European Union, who pay higher fees, are worth £102,000 each to the UK
economy.

 

"International students bring economic benefits to the UK that are worth 10
times the costs of hosting them," says Mr Hillman.

 

"Fewer international students would mean a lot fewer jobs in all areas of
the UK, because international students spend money in their universities, in
their local economies," he says.

 

"It is literally the sandwich shops, the bike shops, the taxi firms; it is
the night clubs, it's the bookshops.

 

"Without international students, some of the local companies might go bust.
Some of the local resident population would lose their jobs," says Mr
Hillman.

 

The Higher Education Policy Institute, which carried out the study with
education company Kaplan, argues that the UK should have a more positive
approach to students from overseas - and separate them from the wider debate
about immigration.

 

Regional winners

The institute quotes a recent report from India's Hindustan Times that told
its readers that the UK had many top universities, "but they also offer the
most student-hostile government in the world".

 

While the institute argues the students should be removed from the wider
debate about reducing net migration, the Home Office said there were "no
plans" for such a change to how migration targets were measured.

 

"There is no limit to the number of genuine international students that can
come to the UK to study and we very much value the contribution that they
make," said a Home Office spokeswoman.

 

The Home Office says the Migration Advisory Committee is also carrying out
an assessment of the economic impact which will provide evidence for shaping
the "future migration system".

 

The Higher Education Policy Institute analysis also carried out a regional
breakdown of the economic impact of international students, calculating that
each constituency on average gained £31.3m.

 

London has the biggest share of overseas students - but the study shows that
in relative terms, smaller cities, with more than one university, can have a
greater impact from their spending.

 

The study breaks down the financial impact of international students by
parliamentary constituency.

 

Top 10 constituencies with biggest economic impact from international
students

 

Sheffield Central

Newcastle upon Tyne

Nottingham South

Oxford East

Manchester Central

Holborn and St Pancras (London)

Liverpool, Riverside

Cambridge

East Ham (London)

Birmingham, Ladywood--BBC

 

 

 

South African economy may grow 2 percent in 2018, finance minister says

EAST LONDON, South Africa (Reuters) - South Africa’s economy may grow 2
percent or more this year if the government takes the right policy
decisions, Finance Minister Malusi Gigaba said on Thursday.

 

“The capacity of the South African economy’s growth levels far exceeds the
targets that we have set ourselves,” Gigaba told a business gathering in
East London. “We can even grow at more than 2 percent.”

 

The country’s economy slipped into recession in the first quarter of 2017,
then recovered in the next two quarters, although it is expected to lag a
global growth recovery, mainly because of policy and political uncertainty.

 

“... There are certain decisions we need to take, and if we take them, the
economy can exceed our expectations this year,” Gigaba said.

 

S&P Global Ratings cut Pretoria’s local currency debt to “junk” status in
December, citing a deterioration in the country’s economic outlook and
public finances. Moody’s placed South Africa on review for a downgrade.

 

The downgrades followed Gigaba’s maiden budget speech in October, where he
announced a gap much larger than expected in revenues and cut the 2018
growth forecast to 1.1 percent.

 

In the budget, Gigaba also said government was considering selling its stake
in state companies to fund bailouts to ailing power utility Eskom and the
South African Airways. Government bailouts to state firms total about 500
billion rand ($40 billion).

 

“We need to ensure that Moody’s does not downgrade us in February this year.
We will outline a programme to stabilize the debt at the same time as we
outline a programme to grow the economy and create jobs,” said the finance
minister.

 

($1 = 12.4388 rand)

 

 

 

South Africa's November manufacturing output up 1.7 percent yr/yr

JOHANNESBURG (Reuters) - South Africa’s manufacturing output rose 1.7
percent year-on-year in November, after rising by a revised 2.3 percent in
October, Statistics South Africa said on Thursday.

 

Economists polled by Reuters had forecast manufacturing volumes would rise
by 0.45 percent year-on-year in November.

 

Factory production on a month-on-month basis was up 0.9 percent and rose 0.5
percent in the three months to November compared with the previous three
months.

 

 

 

Tunisia's trade deficit rises to $6.25 bln in Dec 2017, a record level

TUNIS (Reuters) - Tunisia’s trade deficit widened in December 2017 to 15.592
billion Tunisian dinars ($6.25 billion), a record level, the State
Statistics Institute said on Thursday.

 

The growing deficit is one of the main problems facing the government of
Prime Minister Youssef Chahed.

 

The deficit was 12.6 billion dinar in December 2016.

 

($1 = 2.4931 Tunisian dinars)

 

 

 

 

 

 

 

 

 

 

 

 


 

 


 

INVESTORS DIARY 2018

 


Company

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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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