Major International Business Headlines Brief::: 19 January 2018

Fri Jan 19 09:50:24 CAT 2018

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Major International Business Headlines Brief::: 19 January 2018

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*  South Africa holds rates as inflation risks offset rand strength

*  South African finmin says Treasury cannot afford Eskom bailout

*  Volkswagen to start Rwanda car assembly in May

*  South Africa's rand steady ahead of rates decision

*  Platinum miner Lonmin's lenders relax loan agreements again

*  Steinhoff board member resigns to focus on firm's Africa unit

*  President says Ghana's economy back on track

*  Steinhoff secures 60 mln euros of required 200 mln liquidity

*  De Beers diamond venture to lay off at least 130 in Namibia: union

*  Exxon Mobil signs deal for deepwater oil exploration off Ghana

*  Amazon shortlists 20 metropolitan areas for new headquarters

*  Uber co-founder Travis Kalanick a billionaire after $8bn investment deal

*  HSBC to pay $101.5m to settle currency rigging probe

*  Superjumbo jet future secured by Emirates order

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South Africa holds rates as inflation risks offset rand strength

PRETORIA (Reuters) - South Africa’s central bank kept its benchmark repo rate unchanged at 6.75 percent on Thursday, saying that risks to inflation were still on the upside despite a recent strengthening of the rand currency.

The majority of analysts polled by Reuters last week had predicted the repo rate would stay on hold, but forward markets had pencilled in the possibility of a 25 basis point rate cut.

“The risks to the (inflation) forecast are still assessed to be on the upside, though the degree of upside risk has subsided,” Reserve Bank Governor Lesetja Kganyago told a news conference.

Kganyago said five members of the bank’s monetary policy committee had voted to hold rates and one member had voted for a 25 basis point cut.

The rand strengthened against the dollar on Thursday’s decision, as some investors had bet that the central bank would cut rates.

In November, when the bank last met on rates, it also kept them on hold.

But since then inflation slowed to close to the mid-point of the bank’s target range of 3 percent to 6 percent and South Africa avoided a potentially damaging double ratings downgrade.

“Inflation is expected to reach a low point below the midpoint of the target range, but then is expected to resume an upward trajectory and measure 5.5 percent in the final quarter of next year,” he said.

The rand has gained more than 13 percent against the dollar since the Nov. 23 rates meeting, lifted largely by Cyril Ramaphosa’s election as leader of the ruling African National Congress (ANC) in December.

Kganyago said on Thursday that the rand was expected to remain sensitive to political developments and that the lingering prospect of a future ratings downgrade would weigh on the currency.

On growth, he said that South Africa’s economic prospects appeared to be improving, though from a low base. He called the outlook for the economy “challenging” and “fragile”, despite the bank raising its growth forecasts slightly to 1.4 percent for this year and 1.6 percent for 2019.

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South African finmin says Treasury cannot afford Eskom bailout

JOHANNESBURG (Reuters) - South Africa’s Treasury cannot afford to bail out ailing state-run utility Eskom but will take unspecified action soon to tackle the company’s challenges, Finance Minister Malusi Gigaba said on Thursday.

Eskom, which supplies virtually all of the power for Africa’s most advanced economy, has been embroiled in governance and graft crises and has delayed its interim results, a move that could see trading of its debt suspended on the Johannesburg bourse.

Volkswagen to start Rwanda car assembly in May

KIGALI (Reuters) - Germany’s Volkswagen AG said on Thursday it would start assembling three vehicle models at a new plant in Rwanda in May for local sale and use in its own new ride-sharing service.

The company said it planned to spend $20 million to start developing the assembly plant and ride-hailing service - part of a push into sub-Saharan Africa.

Thomas Schaefer, chief executive of Volkswagen Group South Africa, said they were trying to wean East African drivers off second-hand imports.

“We are trying to break this thought-pattern that Africa is poor; they can’t afford (new) cars,” he told a news conference.

Volkswagen will produce three models; the Hatchback Polo, the Passat and possibly the Teramont, a large sports utility vehicle, it said in a statement.

The carmaker said it had registered a local company to run its ride-sharing service and signed up a local software firm to develop a smartphone application to hail rides.

Global ride-sharing companies such as Uber have not yet moved into Rwanda.

Volkswagen said 500-1,000 jobs would be created in the first phase of the investment, including the drivers of the first batch of cars for the ride-hailing service.

Schaefer said the service will feed demand for the assembly plant, since vehicles in the scheme will be driven all the time, forcing the need for constant replacement.

There were 300,000 cars in Rwanda last year, in a country of 12 million people, the CEO of the Rwanda Development Board, Clare Akamanzi, said as she welcomed the deal. Most of the cars on the roads are second-hand imports from countries such as Japan.

South Africa's rand steady ahead of rates decision

JOHANNESBURG (Reuters) - South Africa’s rand was steady against the dollar on Thursday before an expected hold on interest rates when the central bank unveils its Monetary Policy Committee (MPC) statement at 1300 GMT.

Rand little changed, 0.08 percent weaker at 12.33 to the dollar at 0715 GMT.

Markets also watching the start of a meeting of top brass from ruling African National Congress (ANC) amid speculation there will be fresh moves to oust President Jacob Zuma.

Stocks gain in wake of record run in Asia, with benchmark Top-40 index 0.4 percent higher.

Government bonds little changed with yield on benchmark 2026 instrument half a basis point higher to 8.48 percent.

Platinum miner Lonmin's lenders relax loan agreements again

LONDON (Reuters) - Platinum miner Lonmin has received a further waiver on its debt agreements from its lenders, preventing a default, the South Africa-focused company said on Thursday.

London-listed Lonmin, which is being bought by Sibanye-Stillwater, has been battling liquidity issues caused by combination of low platinum prices, a strengthening local currency and soaring costs.

Lonmin’s lenders had granted the company a waiver of compliance with a loan agreement that required its net worth to remain at a minimum of $1.1 billion, the company said.

“(The) waiver will ensure that this shortfall is not regarded as an event of default during the waiver period.”

Lonmin’s banks waived the same debt covenants which were due to be tested in September.

The struggling miner said it would publish its 2017 full-year results on Jan. 22, along with its first quarter production report. The announcement was delayed in November pending the completion of a business review.

Steinhoff board member resigns to focus on firm's Africa unit

JOHANNESBURG (Reuters) - Steinhoff International Holdings NV said on Thursday that Jayendra Naidoo resigned as a member of its supervisory board to focus his efforts on the board of its unit, Steinhoff Africa Retail Ltd (STAR), which he chairs.

Steinhoff International said Naidoo’s post would be filled by a new independent director to be appointed in due course.

Steinhoff last month admitted “accounting irregularities” as it built a debt-fuelled empire stretching from Poundland in Britain to Mattress Firm in the United States. The admission wiped about $15 billion or 85 percent off its market value.

The firm’s chief executive also left. The chairman briefly took the reins before also stepping down. In January, the chief financial officer stepped down.

“The supervisory board continues to keep the governance of the group under review and a number of candidates are in the process of being approached to strengthen the independence of the supervisory board,” the firm said in a statement.

Steinhoff spun off its African chains last year to secure a higher rating for its developed market businesses and to give investors keen on exposure to Africa a chance to invest in STAR directly.

In December, STAR reported a 25 percent rise in full-year operating profit, thanks mainly to cost cuts and a strong showing at discount clothing chains.

“STAR will continue to be a key part of the Steinhoff group and it is important to have a focused board and management team in place to maximise the potential of the business,” Steinhoff’s acting chair, Heather Sonn, said.

By 0843 GMT, shares in STAR rose 5.3 percent to 19.06 rand, while Johannesburg-listed shares of Steinhoff climbed 6.23 percent to 6.99 rand.

President says Ghana's economy back on track

ACCRA (Reuters) - Ghana’s economy is rebounding and the major commodity exporter is poised to wean itself off bailouts through sustained fiscal discipline and a battle against corruption, President Nana Akufo-Addo said on Wednesday.

The former opposition leader, sworn into office a year ago, said his government spent the past year stabilizing the economy, including clearing huge debts while rolling out infrastructure such as schools and roads.

Ghana, which exports cocoa, gold and oil, is in the last year of a $918 million credit deal signed in 2015 with the International Monetary Fund to reduce the deficit, public debt and inflation and lift growth.

“I am glad to report that the hard work is yielding positive results - the macroeconomic fundamentals have seen improvements through improved fiscal and monetary discipline,” Akufo-Addo told reporters in Accra.

“The important aspect and the cornerstone of our government going forward is to remain committed to fiscal discipline so that never again will we go back to the IMF or any bailout of the sort.”

GDP growth in the West African state rebounded to 9.3 percent in Q3 2017 from 3.5 percent in the same period of 2016.

Akufo-Addo said the government saved about $7 billion after reviewing power sector deals signed by his predecessor covering a 13-year contract. Eleven of the contracts had been terminated.

It also saved at least $200 million through value-for-money procurement reviews, he said, without giving details.

Akufo-Addo, who last week named a special prosecutor to investigate graft, warned that his appointees would not be spared if found culpable of corruption.

He also said his government had yet to decide whether to extend the stay of two ex-Guantanamo Bay detainees transferred to Ghana under a special arrangement with the United States.

The two Yemeni nationals were sent to Ghana in January 2016 for an initial two-year period after being held for more than a decade at Guantanamo for suspected terrorism.

Steinhoff secures 60 mln euros of required 200 mln liquidity

FRANKFURT (Reuters) - South African furniture retailer Steinhoff has secured 60 million euros ($73 million) of the 200 million it is seeking to close a liquidity gap and will ask its creditors to waive some payments that are coming due, it said on Thursday.

“The company is seeking the necessary approvals and consent for further installments of the balance. It is expected that any funds so received will be available to meet business critical payments during the next phase of the group’s stabilisation plan,” it said in a statement.

($1 = 0.8169 euros)

De Beers diamond venture to lay off at least 130 in Namibia: union

WINDHOEK (Reuters) - Namdeb, a joint venture between Namibia’s government and Anglo American’s diamond unit De Beers, is expected to lay off at least 130 of its 1,700-strong workforce, a union official said on Wednesday.

Shavuka Mbidhi, from the Mineworkers Union of Namibia’s Oranjemund branch, said the diamond miner had written to staff offering voluntary redundancies and at least 130 workers were expected to accept.

A spokeswoman for the miner said Namdeb was taking steps to ensure the sustainability of its mines.

“The business optimisation process includes options for all employees to apply for early retirement and voluntary separation,” spokeswoman Pauline Thomas said. She declined to comment on the number of staff that could leave.

Diamond mining generates 20 percent of the southern African country’s export earnings.

Exxon Mobil signs deal for deepwater oil exploration off Ghana

ACCRA (Reuters) - Exxon Mobil Corp signed a deal with Ghana on Thursday to explore for oil in the Deepwater Cape Three Point offshore oilfield.

The signing followed direct negotiations between Ghana and Exxon Mobil without an open competitive tender due to the nature of the field, where the depth ranges from 2,000 to 4,000 metres, Ghanaian officials said.

Amazon shortlists 20 metropolitan areas for new headquarters

Amazon has released a shortlist of the 20 North American urban areas to be chosen to become the retailer's second North American headquarters.

The proposed site is expected to cost more than $5bn (£3.6bn) and create 50,000 jobs. Cities across the US have placed bids for the contract.

"Getting from 238 to 20 was very tough," the Seattle-based online shopping giant said in a statement.

Toronto was the only non-US city to make it to the list.

The others are Atlanta, Georgia; Austin, Texas; Boston, Massachusetts; Chicago, Illinois; Columbus, Ohio; Dallas, Texas; Denver, Colorado; Indianapolis, Indiana; Los Angeles, California; Miami, Florida; Montgomery County, Maryland; Nashville, Tennessee; Newark, New Jersey; New York City; Northern Virginia; Philadelphia, Pennsylvania; Pittsburgh, Pennsylvania; Raleigh, North Carolina; and Washington DC.

Amazon's announcement last fall that it would put roots down in a second city kicked off an unprecedented amount of jockeying among cities hoping for the nod.

The retail giant received more than 230 responses, including bids from places like Detroit, Michigan, Baltimore, Maryland and Camden, New Jersey, whose leaders hoped the promised 50,000 jobs and $5bn would remake their down-on-the-heels metropolises.

The shortlist revealed Thursday largely crushed that notion. Not so short, the 20 names read like a rundown of many of America's most successful, wealthiest areas: New York City, Boston and a cluster of three around Washington DC, among them.

Even some of the more unexpected, smaller places, such as Nashville, Tennessee, and Pittsburgh, Pennsylvania, have gained reputations in the last decade as tech hubs.

Amazon was upfront about its preference for a big city, with a deep pool of potential workers, viable public transit and an international airport. But that didn't necessarily take the sting out of the reminder that the gap between the regions of America that are thriving and those that are struggling is growing.

Amazon announced in September that they need a second headquarters, after they outgrew their Seattle hometown where the company was founded in 1994 and now employs more than 40,000 people.

In a press release, the tech giant said it had reviewed more than 200 proposals from across North America for its second headquarters.

A wave of local officials have wooed the company with tax incentives and other benefits.

Cities and counties engaged in publicity students to attract the company's interest.

A development group in Calgary, Alberta, took out an advert in Seattle offering to fight a bear for Amazon.

Chicago offered tax credits which would allow Amazon to keep over $1.3bn in income taxes that employees would normally pay to the state.

Miami Mayor Francis Suarez applauded the shortlist, writing on Twitter that "#Miami's business-friendly environment and our highly-skilled, multilingual workers are ready for #AmazonHQ2."

Washington DC Mayor Muriel Bowser called the decision proof that "Washington DC is no longer a one-company government town".

Residents of other cities that failed to make the shortlist voiced their disappointment.

In a statement, Detroit Mayor Mike Duggan said "we would love" to have been included on the shortlist, but that their proposal will continue to serve as "a clear vision for the future".

"I expect the lessons we learned in the Amazon process will help make us more successful on a number of other major potential investments that we are currently pursuing."

Others criticised the company's list of demands, which include a business-friendly tax environment.

Stacy Mitchell, from the Institute for Local Self-Reliance, a group that advocates for local businesses, slammed the mega-corporation in a statement to the New York Times.

"As these cities woo and grovel, they are basically communicating this idea that we should want Amazon to be bigger and more powerful in our economy," Ms Mitchell said of Thursday's announcement.

Conditions for any city securing #AmazonHQ2 bid should be parking maximums, universal basic income, free intracity health care, free broadband, free Prime account and transit pass too. Put all those tax incentives to good use.

The company had previously said it would only consider metropolitan areas with one million residents or more.

Founded and led by Jeff Bezos - considered to be the richest man in the world - Amazon is a dominant online retailer. The company sent shockwaves through the grocery industry this summer after striking a deal to buy Whole Foods.

Mr Bezos also independently owns the Washington Post.

A final decision is expected to come later this year.--bbc

Uber co-founder Travis Kalanick a billionaire after $8bn investment deal

Uber co-founder Travis Kalanick will officially become a billionaire, after investors agreed to take a large stake in the ride-hailing firm.

A consortium led by Japan's Softbank is buying a chunk of the company from existing shareholders as well as new Uber shares in an $8bn ($5.8bn) deal.

Mr Kalanick, who stepped down as chief executive in June, is selling $1.4bn worth of stocks, it is widely reported.

While he had long been worth billions on paper, this deal cements his wealth.

Mr Kalanick was driven out of the top job by a series of scandals, but his ties with Uber remain strong.

He remains a director at the company and is offloading less than a third of his holding - meaning he still has a stake that's currently worth another $3bn.

If you believe in karma, look away now.

Travis Kalanick is a man who presided over a rampant culture of sexism, the covering up of a major hack, spying on journalists and, allegedly, the theft of trade secrets from Google. To name but a few issues.

And now he'll officially be a billionaire.

On the other hand, the finalising of this massive deal will see Mr Kalanick's powers reduced. He's selling 29% of his shares, and Softbank, the Tokyo-based group which seems to be taking a stake in every bright idea in Silicon Valley, will gain two seats on Uber's board.

The cash injection will offer both a boost and a cushion as Uber looks to continue its loss-heavy strategy to grow in just about every city and major town in the world.

The consortium's $8bn will buy it a new 17.5% stake in Uber.

Of that $8bn, about $1.25bn is a cash investment in new shares, with the rest going to existing Uber investors.

Uber called the deal a "great outcome for our shareholders, employees and customers, strengthening Uber's governance as we double down on our technology investments and continue to bring our services to more people in more places around the world".

Softbank, which was already an Uber investor, said it was "very pleased" with the deal and looked forward to "helping Uber become an even bigger global success".

"Uber has a very bright future under its new leadership," said Softbank director Rajeev Misra.

As part of the deal, Uber's board has expanded from 11 to 17 directors, with Softbank's investor group taking two of the new seats.

San Francisco group Dragoneer is another key investor.

The shake-up comes as Uber concludes a difficult year, in which it faced a sexual harassment scandal, investigations by regulators and a lawsuit over allegedly stolen technology.

It also continues to experience steep losses.

SoftBank has been making a series of increasingly high-profile technology investments, backing China's Didi Chuxing and Southeast Asian taxi-hailing app Grab, among other companies.--BBC

HSBC to pay $101.5m to settle currency rigging probe

HSBC has agreed to pay $101.1m (£72.7m) to settle a US criminal investigation into rigged currency transactions.

The bank has admitted its traders twice misused confidential information provided to them by clients for its own profit.

HSBC, which is Europe's biggest bank, saw one of its former bankers convicted last year in connection with the probe.

A US jury found Mark Johnson guilty of defrauding client Cairn Energy in a 2011 currency trade.

Compliance promise

The HSBC settlement is made up of a $63.1m criminal penalty and $38.4m in restitution to an unnamed corporate client.

Separately it had already settled with Cairn Energy for approximately $8m.

As part of the US deal, HSBC has entered into a three-year deferred prosecution agreement (DPA) with the US Department of Justice.

The DPA, which would allow HSBC to avoid criminal charges, is pending a review by a US court.

The bank said it had agreed to boost its compliance programme and internal controls, as well as to cooperate fully with regulatory and law enforcement authorities.

Ex-HSBC banker found guilty of fraud

HSBC to pay €300m to settle tax probe

HSBC 'ignored money laundering warning'

HSBC 'helped clients dodge tax'

It is not the first time HSBC has been in trouble with US authorities.

In September, the US Federal Reserve fined HSBC $175m in over "unsound" practices in its foreign exchange business.

And in November, the banking giant agreed to pay €300m ($353m; £266m) to French authorities to settle a long-running investigation into tax evasion by French clients.

The French financial prosecutor's office claimed HSBC's Swiss private banking unit helped clients evade tax.--bbc

Superjumbo jet future secured by Emirates order

The Emirates airline has announced an order for up to 36 Airbus A380s.

The $16bn (£11.5bn) deal amounts to a reprieve for the A380 after Airbus threatened to stop making the jet if it could not come to a deal with Emirates.

Emirates is the only airline to have put the A380 at the heart of its operations and had been expected to place an order for more of the jets at the Dubai Airshow last November.

However, it then ordered 40 Boeing 787 Dreamliners instead.

Emirates said it had now made a firm order for 20 of the A380, the world's largest passenger airliner, with options to buy a further 16. Deliveries are scheduled to begin in 2020.

Emirates is already the largest customer for the plane, with 101 currently flying and 41 more firm orders previously placed.

On Monday, Airbus sales director John Leahy said the company would have to halt the A380 programme if Emirates did not place another order.

This is a vital order for Airbus, which has been struggling to get airlines to buy its troubled superjumbo. It has been forced to slow production right down, from 27 aircraft annually a couple of years ago to 12 this year. It expected to deliver just eight in 2019.

Emirates is far and away the biggest customer for the A380. Without its backing, Airbus would eventually have had to close down the production line in Toulouse altogether. Now the programme has the life support it needs.

Airbus says today's order underscores its commitment to produce the A380 for at least another 10 years. By that time, growth in the aviation market may have recreated a business case for it.

The A380 was designed to carry large numbers of people between heavily congested hub airports, where take-off and landing slots are at a premium. In recent years, it hasn't been needed, because airlines have focused on using smaller, more fuel-efficient aircraft to carry passengers, often on direct routes between secondary airports.

But if the market continues to grow rapidly, airport congestion may well become a serious issue again, particularly in Asia. At that point the A380 could come into its own.

Presentational grey line

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.

Before this latest deal, there had been a total of 317 orders for the A380 since its launch in 2007.

It made its debut commercial flight in October 2007 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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DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from sources believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and sourced from third parties.

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