Major International Business Headlines Brief::: 15 January 2018

Mon Jan 15 11:27:51 CAT 2018

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Major International Business Headlines Brief::: 15 January 2018

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*  South Africa's rand steady as markets await Zuma's fate

*  South African regulator reviewing volatile share trading

*  Volkswagen plans to double output from Kenya plant, Kenyan presidency
says

*  Mauritius' SBM Holdings to take 75 pct of Kenya's Chase deposits,
liabilities

*  Morocco looks for smooth transition to more flexible exchange-rate system

*  Egypt's budget deficit in first half FY 2017-18 down to 4.4 pct

*  South Africa's audit regulator says part of KPMG probe nearing completion

*  Sinopec moves closer to winning Chevron's South Africa assets

*  Nigerian stocks climb to 9-year high

*  Carillion collapse raises job fears

*  Softbank plans $18bn share sale of its mobile business

*  Chile complains of World Bank unfair treatment

*  Accountancy firm Price Waterhouse banned from India

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South Africa's rand steady as markets await Zuma's fate

JOHANNESBURG (Reuters) - South Africa’s rand was steady in early trade on
Monday, buoyed by uncertainty after Cyril Ramaphosa, the new leader of South
Africa’s ruling African National Congress, said queries about President
Jacob Zuma’s fate would be addressed “as time goes on”.

* At 0645 GMT, the rand traded at 12.36 per dollar, unchanged from its New
York close on Friday.

* All eyes this week are on Zuma’s fate and the central bank’s interest rate
decision on Thursday. It is expected to keep its key rate unchanged at 6.75
percent.

* There has been widespread speculation that Ramaphosa and his allies are
lobbying ANC members to oust Zuma as head of state in the coming weeks, but
he made no mention of Zuma’s future in a closely watched speech on Saturday.

* Ramaphosa’s Sunday remarks that Zuma’s fate would be decided “as time goes
on” in an interview with South Africa’s eNCA television station have been
taken in the local media as a signal that Zuma’s days as head of state are
numbered.

* The front page headline in the Business Day newspaper on Monday said
“Ramaphosa signals Zuma’s departure”.

* The departure of Zuma, whose administration has been marred by missteps,
perceptions of shoddy governance and widespread allegations of graft, is
seen as a positive by markets.

* NKC African Economics said in a morning note that the rand was expected to
trade in a range on Monday of 12.25 to 12.45 per dollar.

* Stocks were set to open higher at 0700 GMT, with the JSE securities
exchange’s Top-40 futures index up 0/26 percent.

* Government bonds firmer with the yield for the benchmark instrument due in
2026 down 1.5 basis points to 8.55 percent.

 <mailto:info at bulls.co.zw> 

South African regulator reviewing volatile share trading

JOHANNESBURG (Reuters) - A South African market regulator said on Friday it
was reviewing volatile share trading sparked by market speculation that a
research group would release a negative report on a listed firm.

The regulator confirmed in an emailed response to questions it was reviewing
unusual activity in shares of Aspen Pharmacare, which plunged 10 percent on
Tuesday, prompting the company to say there was speculation that New
York-based Viceroy Research would release damaging information about the
company.

Aspen, whose shares have since recovered, said it had never been contacted
by Viceroy.

The Financial Services Board (FSB) was working with the Johannesburg Stock
Exchange to determine whether to open a formal investigation, FSB
spokeswoman Tembisa Marele said.

“The specific mandate of the FSB in this area, according to the Financial
Markets Act is to investigate cases of insider trading; price manipulation;
and false reporting,” Marele said.

Johannesburg Stock Exchange director of market regulation Shaun Davies said
a review was underway and it was a market offence “to make false statements
about listed securities” but added it was not clear if there had been any
misconduct.

Speculation that Viceroy would publish damaging research on a company also
hit real estate investment trusts, such as Resilient Reit, Fortress Reit,
and Greenbay Properties.

The FSB said it had not decided whether to investigate movements in property
stocks.

Viceroy, which describes itself on its website as “a group of individuals
who see the world differently,” said it would not comment on the market
speculation.

“Viceroy encourages people not to speculate on the identity of any companies
we are researching and we advise caution in trading on gossip,” it said in
an emailed response to questions.

Fortress Reit Chief Executive Officer Mark Stevens said the market was
“speculating wildly on unsolicited rumours” and it was business as usual at
his firm.

Resilient CEO Desmond de Beer said recent movements in the firm’s share
price “may emanate from an attack by a hedge fund short-selling the shares
following a social media campaign.”

Resilient hasn’t been contacted by Viceroy, and welcomes the review by the
regulators, particularly into aggressive short-selling of shares, he added.

There was no immediate comment from Greenbay.

Viceroy thrust itself into the spotlight after releasing a report detailing
some of retail giant Steinhoff’s troubles in December, shortly after the
resignation of its CEO Markus Jooste and its admission of accounting
irregularities.

Volkswagen plans to double output from Kenya plant, Kenyan presidency says

NAIROBI (Reuters) - German automaker Volkswagen (VW) plans to double output
at its Kenyan assembly plant and could build a second model there, Kenya’s
presidential office said without giving a timeline.

VW set up the vehicle assembly plant in 2016, resuming production in Kenya
after a four decade break. The plant has started by assembling VW’s Vivo
model.

President Uhuru Kenyatta was told by VW’s South Africa chief Thomas Schaefer
“the firm was exploring producing a second model in Kenya, possibly a
hatchback - small SUV - while doubling production of the VW Polo Vivo to at
least 300 vehicles,” the presidential office said in a statement late on
Friday.

VW has long experience operating in emerging markets. But Kenya’s car market
is dominated by low-priced, second-hand imports from countries, such as
Japan.

Other brands assembling vehicles in Kenya include Isuzu, Toyota, Nissan,
Mitsubishi and Peugeot.

Mauritius' SBM Holdings to take 75 pct of Kenya's Chase deposits,
liabilities

NAIROBI (Reuters) - Mauritius’s SBM Holdings will acquire 75 percent of the
value of certain deposits of Kenya’s Chase bank plus matched liabilities,
the Kenyan central bank said on Friday.

The Central Bank of Kenya has been seeking a strategic investor for Chase,
which has been under receivership since April 2016 after failing to meet its
financial obligations.

The central bank said last week that SBM Holdings had made a binding offer
for some of the bank’s assets and liabilities.

“We are in the home stretch,” central bank Governor Patrick Njoroge told a
news conference about the offer.

Depositors at Chase will have access to 75 percent of their deposits in the
next few months.

Njoroge said these deposits were not blocked or contested in court cases
related to the bank’s receivership. “On the loans side, it will take a bit
more time,” Njoroge said.

He said SBM also intended to take up the maximum number of Chase staff and
branches but did not give details.

Chase was the third medium-to-small lender to be closed in Kenya over a
period of nine months, rattling investors in East Africa’s richest economy,
where the level of gross non-performing loans reported by banks rose sharply
in 2015.

The central bank has not found a solution for the remaining 25 percent of
Chase not acquired by SBM, Njoroge said.

He did not give a value for the stake purchased by SBM.

In addition to offering banking services, SBM Holdings has an asset
management and stockbroking unit. The Mauritius bank also has a presence in
Madagascar and India.

Kenya’s Chase Bank has no relation to JP Morgan Chase & Co.

Morocco looks for smooth transition to more flexible exchange-rate system

DUBAI (Reuters) - Morocco’s introduction of a more flexible exchange-rate
system from Monday could result in only a slight depreciation in the short
term, analysts and bankers said, but the dirham could become more vulnerable
if commodity prices rise.

The move is aimed at giving the economy greater protection from external
shocks, with central bank officials saying it will preserve competitiveness
and that it has sufficient foreign exchange reserves -- covering 5 months
and 24 days of imports -- to allow a smooth transition.

It is also expected to help Moroccan exports and boost tourism revenue and
remittances from Moroccans living abroad, on which the cash-strapped country
relies for sources of hard currency.

Morocco has been working for years with a technical mission from the
International Monetary Fund (IMF) to liberalise its currency, with both
saying the move would be gradual and a total float would take years
depending on how the market reacts.

On Monday the fluctuation band in which the dirham is traded against hard
currencies will be widened from 0.3 percent either side of the previous
day’s close to 2.5 percent either side, giving a 5 percent range in total.

The Moroccan dirham is pegged most closely to the euro, but as a step
towards greater flexibility, the central bank, last year reduced the euro
weighting of the exchange rate to 60 percent from 80 percent and raised the
U.S. dollar weighting to 40 percent from 20 percent.

It was the first change to Morocco’s currency basket in a decade and
followed an increase in trade with the United States, China and the rest of
Africa but a fall in trade with the euro zone.

The central bank, known as Bank al-Maghrib, will also intervene through
regular auctions for the dollar, and other currencies when it sees the need,
according to a circular published over the weekend.

The banks will also be allowed to trade hard currencies in the interbank
market and be given new hedging tools to manage interest rate and foreign
exchange risks.

“We may see the dirham fall against the euro and that will result in a
moderate depreciation,” one senior banker said.

Another banker said: “We are prepared for a little correction, but globally
the market and banks are well prepared and eventually everything will go
smoothly.”

Moroccan central bank officials could not be reached for comment on Sunday
but they have repeatedly said -- along with the IMF -- that the dirham has
been at a balanced level and will not plummet once the system becomes more
flexible.

INFLATION RISK

Unlike some other countries in the region, Morocco has managed to avoid a
big drop in foreign investments since the global financial crisis and the
Arab Spring uprisings of 2011, partly by marketing itself as an export base
for Europe, the Middle East and Africa.

Moroccan exports have been growing since the country attracted heavyweights
in the automotive and aeronautic industries, which helped to offset big
post-2011 deficits.

A stronger euro will also help the tourism sector and remittances from the
4.5 million Moroccans living abroad, mostly in the euro zone.

However, rising commodity prices could raise inflation in a country that is
one of the region’s biggest energy importers. That would put the government
in a delicate position as it is already faces strong protests over economic
hardship in remote areas.

Bank al-Maghrib will, therefore, simultaneously target inflation alongside
the liberlisation process.

The IMF has said inflation is expected to stabilise around 2 percent over
the medium term.

“It will depend on the capacity of the central bank to keep its commitments
and support the dirham by using the foreign reserves,” said Rabat-based
economist Mehdi Lahlou.

“Otherwise, inflation will go up in the medium term and the dirham will
plummet.”

Egypt's budget deficit in first half FY 2017-18 down to 4.4 pct

CAIRO (Reuters) - Egypt’s budget deficit for the first half of the 2017-2018
fiscal year starting in July dropped to 4.4 percent from 5 percent last
year, a finance ministry statement said on Sunday.

Egypt has been looking to tighten control of its finances as it pushes ahead
with ambitious economic reforms tied to a $12 billion three-year
International Monetary Fund lending programme it agreed in late 2016.

South Africa's audit regulator says part of KPMG probe nearing completion

JOHANNESBURG (Reuters) - An investigation into the South African arm of KPMG
is progressing “satisfactorily” while part of it is nearing completion, the
boss of the nation’s audit regulator said on Friday.

KPMG sacked its South African leadership in September after it found work
done for companies owned by the Gupta family, a trio of Indian-born
businessmen with close ties to President Jacob Zuma, “fell considerably
short” of its standards.

“The IRBA can confirm that one of the lines of investigation is nearing
completion and will be tabled at the upcoming investigating committee, while
others are progressing satisfactorily,” Bernard Agulhas, chief executive of
the Independent Regulatory Board for Auditors (IRBA), said in a statement.

Information requested from KPMG remains outstanding and the IRBA continues
to engage with KPMG to obtain it to complete these investigations, he said.

He said most of the information required from the South African Revenue
Service has been received.

Companies including the African arm of German insurer Munich Re and local
ones such as Sasfin and Hulisani said last year they would drop KPMG as
their auditor. The South African parliament has also said it would no longer
use the company.

KPMG is one of several high-profile international companies facing questions
about its work for the Indian-born Gupta brothers, who have been accused by
an anti-graft watchdog of unduly influencing the awarding of government
contracts.

The Guptas and Zuma deny wrongdoing and say they are victims of a
politically motivated witch-hunt. The Guptas and their companies have not
been charged with any crime.

Sinopec moves closer to winning Chevron's South Africa assets

BEIJING/LONDON (Reuters) - China’s Sinopec Corp inched closer on Thursday to
victory over Glencore in their battle for Chevron’s South Africa and
Botswana assets, saying the South African government favoured its bid.

South Africa’s Competition Commission recommended the roughly $900 million
transaction with Sinopec be approved with certain conditions, Asia’s largest
refiner said in a statement.

South Africa’s government later announced that it had reached an agreement
with Sinopec on public interest issues and that the transaction was pending
final approval.

However, Sinopec could still lose out.

“Implementation of the transaction is conditional on approval by the
competition authorities of South Africa, and will be concluded unless the
minority shareholders in Chevron South Africa successfully implement their
right of first refusal,” Sinopec’s statement said.

In October, the minority shareholders in Chevron’s South African subsidiary
exercised pre-emption rights following delays to the Sinopec deal and
brought in Glencore, which placed a $937 million bid.

At stake is a 75 percent share in Chevron’s South African subsidiary that
runs a 100,000-barrels-per-day oil refinery in Cape Town, a lubricants plant
in Durban and 820 petrol stations and other oil storage facilities.

The sale also includes 220 convenience stores across South Africa and
Botswana.

A Glencore spokesman said there was “no change to the position of Glencore
or Off The Shelf Investments Fifty Six (OTS, the minority shareholders)
relating to the proposed acquisition... Good progress is being made in
satisfying OTS’ conditions to complete the transaction.”

A final decision from South Africa’s Competition Tribunal is expected in
March or April, a Beijing-based source with direct knowledge of the matter
said.

“Sinopec was thrown into confusion after local shareholders exercised
pre-emptive rights ... but then the company was advised by the government to
proceed with regulatory procedures,” the source said.

Sinopec has given additional commitments to the government, including
investments over five years post-acquisition to upgrade the Cape Town
refinery into a world-class plant.

The Chinese firm also pledged to develop the fuel marketing business by
introducing small and black-owned businesses as fuel retailers.

Sinopec said it would establish a development fund targeted at small and
black-owned businesses, thus increasing local procurement of goods and
services.

Glencore’s bid was aimed at securing the trader its first refining asset
since it ventured into downstream investments.

The remaining 25 percent stake will stay with a consortium of black economic
empowerment shareholders and an employee trust.

Winning the deal would mark a second major refinery investment for Sinopec
as the state oil major looks to expand overseas amid a saturated domestic
market. Sinopec owns a stake in the Yanbu refinery in Saudi Arabia
controlled by Saudi Aramco.

Nigerian stocks climb to 9-year high

LAGOS (Reuters) - Nigerian stocks climbed to a nine-year high on Friday
before edging down as some investors chose to lock in their profits.

The equity market gained more than 1 percent during the day, but was down
0.33 percent at the close, below 43,000 points.

Stocks have gained strongly in January, extending 2017’s 43 percent rise.
The rally has taken the index up 12.55 percent since the start of the year.

Some see Friday’s late fall as temporary.

“I expect the market to remain net positive from now till March when
earnings seasons begin as investors position for dividend yield and capital
appreciation,” said an Africa equity sales analyst at a Nigerian
stockbroker.

Twenty-nine companies were up at the close of trade, down from 46 that were
ahead mid-session, as investor sentiment waned.

Banks led the decline. The index of Nigeria’s top 10 lenders shed 2.23
percent.

Flour Mills of Nigeria, which plans to start marketing from Jan. 15 to raise
39.86 billion naira in fresh equity, fell 5 percent, while Zenith Bank
declined the most, sliding 5.3 percent.

Carillion collapse raises job fears

Construction giant Carillion is to go into liquidation, threatening
thousands of jobs.

The move came after talks between the firm, its lenders and the government
failed to reach a deal to save the UK's second biggest construction company.

Carillion ran into trouble after losing money on big contracts and running
up huge debts.

Its failure means the government will have to provide funding to maintain
the public services run by Carillion.

"All employees should keep coming to work, you will continue to get paid.
Staff that are engaged on public sector contracts still have important work
to do," said government minister David Lidington said.

Carillion is involved in major projects such as the HS2 high-speed rail
line, as well as managing schools and prisons.

It is the second biggest supplier of maintenance services to Network Rail,
and it maintains 50,000 homes for the Ministry of Defence.

Carillion chairman Philip Green said it was a "very sad day" for the
company's workers, suppliers and customers.

The company has 43,000 staff worldwide - 20,000 in the UK. It is not clear
yet how those staff will be affected.

Some of Carillion's contracts will be taken on by other firms and some could
be renationalised, according to BBC business editor Simon Jack.

Thousands of current and former staff have money in Carillion pension funds.
Those funds will now be managed by the Pension Protection Fund (PPF).

The PPF said it was aware news of the liquidation would "raise serious
concerns for all people involved".

"We want to reassure members of Carillion's defined benefit pension schemes
that their benefits are protected by the PPF."

Carillion's government projects

HS2 Building part of the high-speed rail line between London, Birmingham,
Leeds and Manchester

MoD homes Maintains 50,000 homes for the Ministry of Defence

Schools Manages nearly 900 buildings nationwide

Network Rail Second largest supplier of maintenance services

Prisons Holds £200m in prison contracts

PA

Shadow business secretary Rebecca Long-Bailey said Labour wanted a full
investigation into the government's dealings with Carillion: "This company
issued three profit warnings in the last six months, yet despite those
profit warnings the government continued to grant contracts to this
company."

She added that she did not want the government to take on the contracts that
were loss-making, while selling the profitable ones to other private
companies.

'Disastrous news'

Bernard Jenkin, the Conservative chairman of the House of Commons Public
Administration Committee, said: "This really shakes public confidence in the
ability of the private sector to deliver public services and
infrastructure."

He said there needed to be a change of "mindset" at companies that do a lot
of work for the taxpayer.

"You've got to treat yourself much more as a branch of the public service,
not as a private company just there to enrich the shareholders and the
directors," he said.

"Ironically, Whitehall tends to do contracts with companies that it always
does contracts with, because that's the safe thing to do - that's the
perception. A great many small and medium-sized companies feel excluded."

Mick Cash, the general secretary of the Rail, Maritime and Transport (RMT)
union, said: "This is disastrous news for the workforce and disastrous news
for transport and public services in Britain.

"RMT will be demanding urgent meetings with Network Rail and the train
companies today with the objective of protecting our members jobs and
pensions."

Rehana Azam, national officer of the GMB union, said: "What's happening with
Carillion yet again shows the perils of allowing privatisation to run
rampant in our schools, our hospitals and our prisons."--BBC

Softbank plans $18bn share sale of its mobile business

Japanese giant Softbank is planning to list its mobile phone business in
Tokyo and overseas, according to the Nikkei newspaper.

The listing on the Tokyo Stock Exchange and possibly in London aims to raise
2 trillion yen ($18bn; £13.1bn).

Softbank confirmed in a statement that the share sale was an option, but
said no decision has yet been made.

If it goes ahead, the stock market listing would be one of Japan's biggest
initial public offerings.

The Softbank Group reportedly intends to sell about 30% of the outstanding
shares in its subsidiary to investors, while keeping a stake of around 70%.

The firm is considering raising funds from overseas investors, possibly via
a stock market listing in London.

"We are always studying various capital strategy options", the statement
said.

"The listing of Softbank Corp. shares is one such option, but no decision
has been made to officially proceed with this course".

According to the Nikkei, the share sale could rival that of Nippon Telegraph
and Telephone (NTT) in 1987.

Investing in growth

Softbank would use the proceeds to invest in growth, such as buying into
foreign information-technology companies, the Nikkei said.

The Japanese telecommunications giant is one of the world's biggest
technology companies and is run by its founder, Japanese entrepreneur
Masayoshi Son.

Softbank has made a series of high-profile tech investments and shown an
appetite for investments in ride-sharing, backing China's Didi Chuxing and
Southeast Asian taxi-hailing app Grab, among other companies.

The firm is also set to take a large stake in Uber, expanding its holdings
in transportation companies around the world.

It previously acquired Vodafone's Japanese operations and the US telecoms
company Sprint.

In 2016, Softbank bought UK technology firm ARM Holdings for £24bn
($32bn).--BBC

Chile complains of World Bank unfair treatment

Chilean officials have accused the World Bank of treating the country
unfairly for several years.

Foreign Minister Heraldo Muñoz, tweeted "fake news was becoming fake
statistics".

He was responding to an interview given by the bank's chief economist, Paul
Romer who said indicators for Chile may have been manipulated for political
reasons to show a decline in Chile's business conditions.

The World Bank has ordered an enquiry.

In an interview given to the Chilean newspaper El Mercurio, the World Bank
economist who had been responsible for the rankings, Augusto Lopez-Claros,
said changes in methodology "took place in a transparent and open context,"
denying any political bias.

Chile currently ranks 55th out of 190 countries on the World Bank's closely
watched annual "Doing Business" competitiveness rankings.

It had been 34th in 2014, the year the socialist President, Michele Bachelet
took office.

"What happened with the World Bank's competitiveness rankings is very
concerning, "said President Bachelet, whose four-year term ends in March.

"Rankings that international institutions conduct should be trustworthy,
since they impact on investment and a country's development." she said,
asking for a formal investigation.

Mr Muñoz called on Twitter for the bank to "calculate the possible loss in
foreign investment because of the doubts caused by a lower competitiveness
ranking during the administration of President Bachelet".

Chile's presidential elections last month were won by the conservative
business tycoon, Sebastian Piñera against Ms Bachelet's preferred candidate,
Alejandro Guillier, in part on promises to slash red tape and boost
investment.

The World Bank's "Doing Business" rankings weigh factors such as the ease of
starting a business, obtaining credit, paying taxes and getting construction
permits.--BBC

Accountancy firm Price Waterhouse banned from India

PwC's Indian unit has been banned from auditing listed companies for two
years, over one of the country's biggest corporate scandals.

Price Waterhouse was auditor for Satyam computers when company owner
Ramalinga Raju admitted to inflating earnings.

The ban by Indian market regulator the Securities and Exchange Board (Sebi)
will come into effect on 31 March.

Price Waterhouse has said that it will appeal the decision in court.

It added that "there has been no intentional wrongdoing by [PwC] firms in
the unprecedented management perpetrated fraud at Satyam".

In January 2009, Raju stunned the corporate world by admitting to accounting
malpractices to inflate earnings and assets for years.

Price Waterhouse's Indian arm, PW Bangalore, was Satyam's auditor during
this period.

The collapse of Satyam Computers in 2009 cost shareholders more than $2bn
and rocked India's IT industry.

Analysts said it was the biggest fraud at a listed company in India.

India Satyam Computers: B Ramalinga Raju jailed for fraud

Satyam 'padded employee numbers'

The group's audit functions are under the brand Price Waterhouse in India.
The broader PwC entity handles consulting, tax advisory and other
businesses.

Auditing services constitute around 40% of its overall business in India.

Analysts say the Sebi order is a big setback for the firm which never quite
recovered from the fallout of the case.

It could very well lead some of the firm's 70-plus listed clients, which
include corporate giants like Tata Steel, to shift their business.

That would mean not only a loss of revenues but it would also impact the
jobs of some 2,500 workers.

Price Waterhouse lost its leadership position in the Indian market soon
after Raju's confession and it has struggled to compete with other global
companies like Deloitte.--BBC

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

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