Major International Business Headlines Brief::: 16 January 2018

Tue Jan 16 10:46:49 CAT 2018

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Major International Business Headlines Brief::: 16 January 2018

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

*  Zimbabwe December inflation quickens to 3.46 percent y/y: Zimstats

*  South Africa white maize futures scale 11-month peak on hot, dry
conditions

*  Kenya secures $750 mln syndicated loan to pay off earlier loan

*  South African court authorizes freezing of $130 mln in McKinsey case:
source

*  South Africa's Adcock Ingram sees HY headline earnings up 27 pct

*  Samsung aims to double Africa's share of its revenues in five years

*  Eskom's bonds face suspension from South Africa exchange

*  South Africa's Woolworths sees up to 17.5 pct fall in profit

*  Kenyan shilling stable, oil and retail demand seen posing risk

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

*  Carillion: Small firms' support ends in 48 hours

*  Ford to boost investment in electric cars by 2022

*  Spain to replace US as second most popular tourism spot

*  Airbus says A380 superjumbo production could end

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Zimbabwe December inflation quickens to 3.46 percent y/y: Zimstats

HARARE (Reuters) - Zimbabwe’s consumer price inflation quickened to 3.46
percent year-on-year in December from 2.97 percent in November, data from
the national statistics agency showed on Monday.

On a month-on-month basis, prices rose by 0.53 percent in December after
rising 0.74 percent previously, Zimstats said.

 <mailto:info at bulls.co.zw> 

South Africa white maize futures scale 11-month peak on hot, dry conditions

JOHANNESBURG (Reuters) - South African white maize futures prices hit
11-month highs on Monday as a spell of hot, dry weather raised concerns
about plantings and yields over a swathe of the maize belt.

Maize is South Africa’s staple crop and policy makers such as the central
bank, which will meet later this week on interest rates, monitor its price
because of its implications for inflation, especially for lower-income
households.

The contract for delivery in March rose over 2 percent to 2,123.80 rand a
tonne, its highest level in 11 months, before easing back to be 1.35 percent
higher at 2,098 rand, according to Reuters’ data.

Industry group Grain SA said last Monday the western part of South Africa’s
maize belt had been hit by drought and farmers there had only planted 70 to
75 percent of the area they had intended to put in the ground, with the
growing season near its midpoint.

Weather conditions across a swathe of the maize belt have remained mostly
hot and dry since then.

In October, South Africa’s official Crop Estimates Committee said farmers
were expected to plant 6 percent fewer hectares of the staple grain in the
2017/2018 season, after last year’s record harvest of over 16.7 million
tonnes depressed prices.

Kenya secures $750 mln syndicated loan to pay off earlier loan

NAIROBI (Reuters) - Kenya has secured a $750 million syndicated loan for
seven years from the Trade Development Bank (TDB) to pay off creditors in
another two-year syndicated loan that was extended last year, two banking
sources told Reuters on Tuesday.

The government was also set to issue a $1.5 billion Eurobond for 10 years by
the first week of March, to take advantage of high demand for new issues,
said one of the sources.

Officials at the ministry of finance did not respond to a request for
confirmation of the information from Reuters. TDB was also not immediately
available for a comment.

Henry Rotich, the finance minister, said last November a six-month extension
of the syndicated facility had been agreed with 90 percent of investors.
Funds raised from a new Eurobond issue could be used to pay off the
outstanding amount, he said.

South African court authorizes freezing of $130 mln in McKinsey case: source

JOHANNESBURG (Reuters) - A South African court has authorized the freezing
of 1.6 billion rand ($130 million) in assets earned by global consultancy
McKinsey and a firm linked to friends of President Jacob Zuma, a source at
the state prosecutors’ office told Reuters.

The Pretoria High Court made the decision in December after a request by the
National Prosecuting Authority (NPA) to freeze the fees earned by McKinsey
and local consultancy Trillian for advising South African power utility
Eskom.

Privately-held McKinsey, one of the world’s largest management
consultancies, has already lost several clients over the contract.

This month Zuma agreed to set up a commission of enquiry into allegations of
influence peddling by the Gupta brothers, who controlled the firm McKinsey
partnered with on the 1.6 billion rand contract to advise Eskom in 2016.

Separately, parliament is investigating whether McKinsey knowingly let funds
from Eskom be diverted to Trillian as a way of securing the contract.

“On Dec. 14, 2017, the NPA obtained a preservation order from the Pretoria
High Court to preserve assets worth around 1.6 billion rand relating to
Trillian and McKinsey,” said the NPA source, who declined to be identified.

“Tomorrow parties in the case will be served with the order,” the source
said. The order allows prosecutors to freeze assets pending the outcome of
an investigation.

A spokesman for McKinsey said on Monday it had not received formal
communication about the preservation order.

“As we have said before ... we will return the fee we earned from the Eskom
turnaround programme (R1.028bn) no matter what,” the spokesman said in an
email to Reuters.

McKinsey will cooperate with South African authorities in their
investigations into the case, he added.

McKinsey launched its own investigation into its handling of the partnership
with Trillian and says it ceased work with the firm in March 2016 after due
diligence showed links to the Gupta brothers.

Trillian did not respond to a request for comment from Reuters on Monday.
When contacted in November by Reuters, Trillian denied wrongdoing relating
to the Eskom contract.

Both Zuma and the Guptas deny wrongdoing. Zuma’s spokesman did not reply to
a Reuters request for comment.

The court decision is one of the first instances in which authorities have
acted on allegations of wrongdoing by three Gupta brothers, Ajay, Atul and
Rajesh, who South Africa’s anti-corruption watchdog accuses of siphoning off
public funds.

Deputy President Cyril Ramaphosa was elected last month to replace Zuma as
leader of the ruling African National Congress, putting him in pole position
to become South Africa’s next president.

He ran on a pledge to root out cases of corruption in government and on
Saturday he said the judicial enquiry which Zuma agreed to set up should be
given top priority.

($1 = 12.3221 rand)

South Africa's Adcock Ingram sees HY headline earnings up 27 pct

(Reuters) - South African drugmaker Adcock Ingram forecast on Tuesday an at
least 27 percent rise in half-year headline earnings per share.

Adcock, which agreed in September to buy Genop Holdings, a supplier of
contact lenses and surgical and skincare products, said it expected headline
earnings per share to rise by at least 40 South African cents in the
six-month period ended Dec. 31 from 148.6 South African cents in the same
period last year.

Samsung aims to double Africa's share of its revenues in five years

NAIROBI (Reuters) - South Korea’s Samsung Electronics plans to double the
annual revenue contribution from its African markets to 20 percent of the
firm’s global total in the next five years, the head of its business on the
continent said on Monday.

Sung Yoon said the electronics giant, which accounts for over half of the
mobile handsets and televisions sold in African nations like Kenya, would
set up shops and other retail channels in more African countries and cut
product delivery times.

“We think Africa is extremely important for the future,” he told Reuters
after a news conference in Nairobi.

Demand for Samsung products was being driven by growing African demand for
bigger TV and mobile phone screens, he said.

Most customers were now buying 55-65 inch TVs, up from 32 inches about a
decade ago, while mobile users were no longer content with three-inch mobile
phone screens.

An increase in connectivity across the continent, helped by higher
investment in telecommunication infrastructure, would further boost demand
for devices in future, Yoon said.

Telecom executives say more African consumers are turning to smartphones for
more basic models, helped by faster Internet speeds, to use social media and
banking applications.

Yoon said Samsung faced competition in Africa from cheaper devices,
undercutting even Samsung’s more basic smartphones.

“Those entry products are still slightly more expensive than our low entry
competitors so it’s difficult to reduce the gap ... We cannot sacrifice the
quality,” he said.

Samsung’s rivals in Africa include China’s Huawei Technologies and Tecno,
owned by Hong Kong’s Transsion Holdings.

Eskom's bonds face suspension from South Africa exchange

JOHANNESBURG (Reuters) - South Africa’s stock exchange has not received
Eskom’s interim results on time and if they are not submitted by Jan. 31
trading of the power utility’s debt may be suspended, the Johannesburg Stock
Exchange (JSE) said on Monday.

Cash-strapped Eskom, the sole power supplier in Africa’s most industrialised
economy, has struggled after a leadership crisis and has been at the heart
of allegations of illegal contracts and undue influence in awarding tenders.

The JSE said Eskom had until the end of the month to submit its results.
Eskom did not respond to request for comment.

“Eskom’s listed debt securities and registration of their programme
memorandum may be suspended in accordance with the provisions of the JSE’s
Debt Listings Requirements,” the JSE said in a statement.

“Trading can still take place pending the JSE’s decision on whether it will
suspend or not in accordance with the Debt Listings Requirements.”

South Africa's Woolworths sees up to 17.5 pct fall in profit

JOHANNESBURG (Reuters) - Half-year profit at South African retailer
Woolworths Holdings could fall by as much as 17.5 percent, it said on
Monday, sending its shares down more than 9 percent.

A combination of a recession and political turmoil have eroded consumer
spending power in South Africa and Woolworths is facing tougher competition
in Australia from the likes of H&M, and new entrant Amazon.

Woolworths, which sells groceries, food and homeware, said headline earnings
per share - the main gauge of profit in South Africa - was likely to fall
between 12.5 percent and 17.5 percent or 200.1 cents and 212.3 cents in the
six months to December 2017.

Shares in Woolworths, similar in products and style to Britain’s Marks and
Spencer, fell as much as 9.2 percent after the announcement before paring
losses. At 0852 GMT it was down 5.5 percent at 59.85 rand ($4.85).

The retailer said group sales for the first half of the 2018 financial year
increased by 2.5 percent, slower than a 6.7 percent rise in the first half
of the 2017 financial year.

Woolworths said in August, it plans to spend 2.1 billion rand in South
Africa in 2018 and $250 million in Australia in its David Jones and Country
Road clothing brands.

($1 = 12.3329 rand)

Kenyan shilling stable, oil and retail demand seen posing risk

NAIROBI (Reuters) - The Kenyan shilling was stable against the dollar on
Monday, with increased buying activity from retail and oil importers seen
posing a depreciation risk.

At 1028 GMT, commercial banks quoted the shilling at 102.95/103.05 per
dollar, the same as Friday’s close.

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.

Carillion: Small firms' support ends in 48 hours

Firms working for failed construction giant Carillion on purely private
sector deals will only have two days of government support, Cabinet Office
Minister David Lidington has warned.

Carillion spent £952m with local suppliers in 2016 and used an extensive
network of small firms, who are now waiting to learn if they will be paid.

Employers' groups are trying to assess the exposure of small firms, but said
many faced financial hardship.

Critics want a review into the crisis.

Britain's second largest construction firm, which employs 20,000 people in
the UK, went bust on Monday with debts of about £1.5bn.

Carillion's work stretched from the HS2 rail project and military contracts
to maintaining hospitals, schools, and prisons.

On Monday, Mr Lidington said there would be government support for public
sector contracts.

Carillion has previously said it used a wide range of small companies
because "we remain wholly committed to generating regional economic growth
and development".

But the head of the Federation of Small Businesses said thousands of jobs
and livelihoods were now at risk because those firms would be at the back of
the queue for payment.

Mike Cherry said it was a situation made worse because Carillion extended
its payment schedule to suppliers last year.

"These unpaid bills may well go back several months," he continued. "I wrote
to Carillion back in July last year to express concern after hearing from
FSB members that the company was making small suppliers wait 120 days to be
paid."

A partner at one accountancy firm, who asked not to be named, said small
firms were looking at total losses stretching into hundreds of millions of
pounds.

"Asset sales won't even raise enough to cover the debts of senior bank
creditors, so many small firms won't see a bean," he said.

Infographic showing what Carillion does

Rudi Klein, head of Specialist Engineering Contractor, an umbrella group
representing suppliers to the construction industry, said Carillion
outsourced virtually all its work.

He said the government knew of Carillion's reliance on sub-contractors, but
continued to award the company lucrative work despite growing concerns about
its finances.

"It's that supply chain who is going to bear the massive loss," he said.
"There could be a large number of firms that will experience substantial
financial distress."

The boss of a Carillion sub-contractor, describing himself as Mike, in
southern England, contacted the BBC with his own story.

"We've invoiced them for £240,000, going back to September last year. I
don't think we'll get this money back.

"For us, it's a bad day, it'll impact us for the year. There are smaller
contractors who will be impacted worse."

He added: "We've always been struggling with the Carillion culture... Their
procurement people weren't good and we didn't like working for them."

Lightning seems to strike the same place remarkably often in Britain's
construction and support services sectors.

For some, Carillion's demise will seem like a bolt from the blue. But look
back 20 years and you find a surprising number of companies which struck
similar problems, although not always with fatal consequences.

Amey, Jarvis, Connaught, Rok, G4S, Balfour Beatty, Serco, Mitie - and many
others - have had to own up to accounts that were, to use a euphemism,
optimistic. Most lived to fight another day. Carillion did not.

Talk to executives in the industry and they easily find the common thread.
Companies that are built up quickly through acquisitions, as Carillion was
from the combination of Tarmac, Wimpey, Mowlem and Alfred McAlpine - have an
extra struggle first to understand then to integrate their disparate
activities.

Industry experts spoken to by the BBC also think that Carillion overpaid for
its acquisitions, leaving it with less financial fat to fall back on when
the going got tough.

All the companies above were hurt by what turned out to be aggressive
accounting.

Presentational grey line

On Monday, Mr Lidington said the government was stepping in to pay employees
and small businesses working on Carillion's public contracts and assess the
distribution of work among other companies.

However, companies working on private projects will get no such support.

Accountancy firm PwC, which is overseeing Carillion's liquidation, said in a
statement: "Unless told otherwise, all employees, agents and sub-contractors
are being asked to continue to work as normal and they will be paid for the
work they do during the liquidations."

But there were anecdotal reports that work had stopped on many projects.

A bricklayer on the new £350m Midland Metropolitan Hospital building, Philip
Ellis, told the BBC that when workers turned up on Monday they were told to
go home.

He said: "About 20 of us working for our sub-contractor were told we could
go on-site to collect equipment, but that was it.... I spent the day phoning
recruitment agencies looking for work - but was told everyone's doing that."

Executive pay

There is also mounting criticism of the pay packages enjoyed by directors in
the run-up to Carillion's crisis.

Former chief executive Richard Howson, in charge until last year when
Carillion issued the first of three shock profit warnings, will continue to
be paid until October.

Mr Lidington told the Commons on Monday that the official receiver had the
power to impose penalties if it uncovered any misconduct.--bbc

Ford to boost investment in electric cars by 2022

Ford says it will boost its investment in electric vehicles to $11bn (£8bn)
in the next five years, more than doubling a previous commitment.

Chairman Bill Ford said the car maker would have 40 hybrid and fully
electric vehicles in its range by 2022.

It comes as countries around the world put more pressure on car makers to
rein in carbon emissions.

General Motors, Toyota and Volkswagen have already outlined ambitious plans
to offer more electric vehicles.

Speaking at the Detroit Auto Show on Sunday, Mr Ford said the focus would be
on electrifying existing Ford models without naming any specific cars.

He said the firm would offer 16 fully electric vehicles by 2022 and 24
plug-in hybrids.

Mr Ford told reporters: "We're all in on this and we're taking our
mainstream vehicles, our most iconic vehicles, and we're electrifying them.

"If we want to be successful with electrification, we have to do it with
vehicles that are already popular."

Stephanie Brinley, a senior automotive analyst at IHS Markit, said it was
part of a bigger trend of car makers investing in electrification.

"Part of it is about tougher regulation but also the expectation that
electric vehicles will support autonomous driving.

"The big question is how quickly consumers will adapt, as electric is only
1% of the market right now.

"Changing that will take better infrastructure on our roads, but also having
more electric vehicles available."

Competitors investing

Last year, America's biggest carmaker GM said it would add 20 new battery
electric and fuel cell vehicles to its range by 2023.

Volkswagen said in November it would spend $40bn on electric cars,
autonomous driving and new mobility services by the end of 2022 - doubling a
previous commitment.

Ford's $11bn investment pledge is much higher than a previously announced
target of $4.5bn by 2020 and was spearheaded by new chief executive Jim
Hackett.

During the Detroit show, Ford teased the release of its first performance
electric vehicle - the Mach 1 - without giving any details about how it
would look or its spec.

The SUV will be inspired by a Mustang sports car of the same name, made in
the 1960s and 70s, and will be released in 2020.

The US firm also unveiled a more fuel-efficient version of its Ranger
pick-up truck, the Ranger 2019.

The SUV will have a 2.3-litre EcoBoost engine, 10-speed auto transmission
and automatic emergency braking.--BBC

Spain to replace US as second most popular tourism spot

Spain is set to replace the US as the world's second most popular tourism
location, with France retaining top spot, according to the UN World Tourism
Organization (UNWTO).

Overall, the number of international tourist arrivals grew 7% in 2017 to 1.3
billion, according to latest estimates.

It said this "strong momentum" was expected to continue in 2018, with a
growth rate of between 4% and 5%.

UNWTO said definitive figures would not be published until the spring.

'Key driver'

In 2016, both the US and Spain received around 76 million international
visitors, but last week Spanish PM Mariano Rajoy said the country had a
record year in 2017, with more than 82 million international visitors - a
year-on-year leap of almost 8%.

In its preliminary analysis of 2017 tourism data, UNWTO said: "Led by
Mediterranean destinations, Europe recorded extraordinary results for such a
large and rather mature region."

Europe saw an 8% increase in international arrivals during the year, as did
Africa. Asia and the Pacific recorded growth of 6%, the Middle East 5% and
the Americas 3%.

Tourism was boosted by a global economic upswing, and a rebound in spending
from Brazil and the Russian Federation after some years of decline.

"International travel continues to grow strongly, consolidating the tourism
sector as a key driver in economic development," said UNWTO chief Zurab
Pololikashvili.

"As the third export sector in the world, tourism is essential for job
creation and the prosperity of communities around the world."--BBC

Airbus says A380 superjumbo production could end

European planemaker Airbus has said it will stop making its A380
"superjumbo" if it does not get any more orders.

Sales director John Leahy said Airbus would have to halt the programme if
the plane's main customer, Dubai's Emirates airline, did not place another
order.

"But I'm hopeful that we work out a deal with Emirates," Mr Leahy added.

Sir Tim Clark. president of Emirates Airline, told the BBC: "We remain
optimistic that a deal can be concluded."

Airbus said Emirates was probably the only airline to have the ability to
take a minimum of six planes a year for a period of eight to 10 years.

Airbus's comments came as it revealed that had received more orders for
planes than Boeing last year, the fifth year in a row that it has beaten its
US rival.

The pan-European firm said it had booked 1,109 aircraft orders and a record
718 deliveries last year. US rival Boeing booked 912 orders and 763
deliveries.

Airbus chief operating officer Fabrice Bregier said overall deliveries could
rise to 800 this year, thanks to the increased pace of production of its
medium-haul A320neo aircraft.

He said deliveries of the A320neo were slowed last year because of problems
with the plane's engines, but these issues were now being resolved.

Twin decks

The A380 project was first conceived in the early 1990s as an eventual
successor to the Boeing 747, with development work beginning in earnest in
1993.

The plane has twin decks of seats, and is designed to incorporate amenities
such as bars, lounges, beauty salons and duty-free shops, according to
customer specification.

There have been a total of 317 orders for the the world's largest passenger
airliner since its launch in 2007.

The Airbus A380 made its debut commercial flight in October that year with
Singapore Airlines flying from Singapore to Sydney.

Qantas took orders of the plane in 2008, flying the route between Melbourne
and Los Angeles. Air France and Lufthansa have also flown the Airbus A380,
but its largest customer over the years has been Emirates.--BBC

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

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