Major International Business Headlines Brief::: 23 January 2018

Tue Jan 23 09:47:42 CAT 2018

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Major International Business Headlines Brief::: 23 January 2018

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

*  IMF cuts South Africa's growth forecast for next two years

*  S.Africa's Eskom looks to borrow $1.7 bln to ease financial crisis

*  Steinhoff to place shares in PSG Group worth around $620 million

*  Kenya central bank holds main lending rate at 10.0 pct - Reuters News

*  Angola central bank governor eyes move towards kwanza float

*  Kenya fiscal deficit to fall to 6.0 pct of GDP in 2018/19 fiscal year

*  S.Africa bourse may suspend trade in Steinhoff bonds over results delay

*  VTB in talks to prolong Angola's $1.5 bln loan to 10 years

*  Impairment drives Lonmin deeper into loss ahead of takeover

*  Ghana central bank keeps policy rate unchanged at 20 pct

*  Netflix tunes into subscriber surge

*  Manchester United remains football's top revenue-generator

*  US slaps 'America First' tariffs on washing machines and solar panels

*  S Korea bans anonymous cryptocurrency trades

*  Rupert Murdoch: Facebook should pay for news

 <mailto:info at bulls.co.zw> 

IMF cuts South Africa's growth forecast for next two years

JOHANNESBURG (Reuters) - The International Monetary Fund cut South Africa’s economic growth forecast for the next two years on Monday, citing rising political uncertainty that has dented investor confidence.

The IMF said in its World Economic Outlook that more subdued growth prospects were projected in South Africa, “where growth is now expected to remain below 1 percent in 2018–19, as increased political uncertainty weighs on confidence and investment.”

The fund said it expected South Africa’s economy to grow by 0.9 percent this year, down from an earlier projection of 1.1 percent given in October. Economic growth was seen at 0.9 percent in 2019 from 1.6 percent earlier.

Corruption allegations under the leadership of President Jacob Zuma have hurt investor confidence in South Africa, with economic growth slowing to a near-standstill in recent years.

But markets have rallied since Deputy President Cyril Ramaphosa’s election as the ruling African National Congress (ANC) leader in December, as investors have warmed to his promises to root out corruption and kick-start economic growth.

Ramaphosa is likely to become South Africa’s next president after elections in 2019, because of the ANC’s electoral dominance.

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S.Africa's Eskom looks to borrow $1.7 bln to ease financial crisis

JOHANNESBURG (Reuters) - South Africa’s Eskom will ask local banks to reopen lending facilities that were suspended last year, its spokesman said on Monday, as the state utility seeks to drag itself out of a crisis that poses a risk to the country’s financial stability.

National Treasury will support Eskom’s bid to persuade South African banks to lend the utility 20 billion rand ($1.66 billion), spokesman Khulu Phasiwe told Reuters.

“We are going to the market to try to see if we can raise that 20 billion rand we generally need as a company,” said Eskom spokesman Khulu Phasiwe, adding that they would approach the international market at a later stage.

Treasury could not be reached for comment.

The Johannesburg Stock Exchange (JSE) last week gave Eskom until the end of the month to submit its interim results or it would suspend trading of the power utility’s debt.

Phasiwe said Eskom would meet the JSE’s deadline. He said the delay in submitting results was partly because Eskom needed to reassure auditors about its liquidity position.

South Africa’s parliament is investigating Eskom over allegations executives at the utility were involved in unduly awarding contracts to friends of President Jacob Zuma.

Deputy President Cyril Ramaphosa named a new Eskom board on Saturday, ending a power vacuum that dates back to mid-2017 when then chairman Ben Ngubane resigned and government reversed Eskom’s decision to reinstate Brian Molefe as chief executive.

Finance Minister Malusi Gigaba said last week that Treasury cannot afford to bail out Eskom but would take action to tackle the company’s challenges.

($1 = 12.0308 rand)

Steinhoff to place shares in PSG Group worth around $620 million

FRANKFURT (Reuters) - South African retailer Steinhoff plans to sell about 7.5 billion rand ($620 million) of shares in investment firm PSG Group as it scrambles to plug a liquidity gap after it disclosed “accounting irregularities”.

The group, which owns more than 40 brands like Conforama, Mattress Firm and Poundland, said on Monday it would place around 29.5 million shares in PSG with institutional investors in an accelerated bookbuild. Steinhoff owns 16 percent of PSG, which has a total market value of around 60 billion rand.

Steinhoff last month shocked investors with the disclosure of what it said were irregularities in its accounts which helped to wipe about $15 billion, or 85 percent, off its market value.

However, it said in a statement on Monday the placement would only go ahead if it achieved acceptable pricing. “Steinhoff will not dispose of the Placing Shares at all costs, as the Placing is being undertaken in order to be pro-active and prudent,” it said.

Steinhoff’s top two executives have resigned, as well as its chairman, and the group is currently being run by an acting chief executive while its former finance chief works full-time on securing financing.

Sources familiar with the matter had told Reuters last month that Steinhoff was considering selling stakes worth a combined $1.4 billion in PSG Group and KAP Industrial to raise much-needed funds.

Steinhoff owns 39 percent of diversified industrial group KAP, which is worth around 22.4 billion rand at current market prices.

PSG Capital Proprietary Limited and The Standard Bank of South Africa Limited are acting as joint bookrunners for the placement in PSG shares.

($1 = 12.0875 rand)

Kenya central bank holds main lending rate at 10.0 pct - Reuters News

NAIROBI, Jan 22 (Reuters) - Kenya’s central bank held its benchmark lending rate at 10.0 percent on Monday, the bank’s monetary policy committee said.

Angola central bank governor eyes move towards kwanza float

LUANDA (Reuters) - Angola’s central bank may begin the process of fully floating its kwanza currency in three months’ time, the bank’s governor Jose Massano said, according to daily O Pais on Monday.

This month the bank ditched a currency peg and moved to a partial float that allows the kwanza to trade freely within a range set, but not disclosed, by the bank.

The bank will evaluate the new regime after three months, “and for the central bank governor this path should lead to the adoption of a (fully) floating exchange rate,” the newspaper said. It did not quote Massano directly.

A central bank spokeswoman said the paper’s information was correct.

Since the peg was abandoned, the kwanza has lost over 20 percent of its value to the dollar.

Massano also said that were the current rate at which the bank sells dollars maintained, Angola’s international reserves would halve by the end of the year, O Pais reported.

In 2017 the country’s international reserves fell over 30 percent to about $14 billion.

Kenya fiscal deficit to fall to 6.0 pct of GDP in 2018/19 fiscal year

NAIROBI (Reuters) - Kenya’s fiscal deficit is projected to fall to 7.2 percent of GDP in the financial year to the end of June, from 8.9 percent in the previous period, the Treasury said in a draft budget policy statement seen by Reuters on Monday.

The deficit was expected to fall further to 6.0 percent of GDP in the 2018/19 (July-June) financial year, the Treasury said.

S.Africa bourse may suspend trade in Steinhoff bonds over results delay

JOHANNESBURG (Reuters) - South Africa’s bourse said on Monday it may suspend trade in the bonds of retailer Steinhoff if the company’s delayed financial results are not published before the end of February.

“In terms of the debt listings requirements they have until 31 January to publish their year-end results. The requirement then provide issuers with an extra month grace period. Failure to publish by the end of February could result in suspension,”

said Andre Visser, the General Manager of Issuer Regulation.

Steinhoff Services Limited is the issuer of the company’s debt.

VTB in talks to prolong Angola's $1.5 bln loan to 10 years

MOSCOW (Reuters) - Russia’s VTB is in talks with Angola on changing the terms of, and extending, a $1.5 billion loan, the bank’s Chief Executive Andrey Kostin told Reuters in an interview.

“This topic is interesting for us, we have a fairly positive view on Angola and are now in talks to prolong the loan on new terms to 10 years. Otherwise, Angola would have had to redeem the loan within the next 1.5 years,” Kostin said.

He added that VTB would be interested in helping Angola to arrange a new sovereign bond issue worth “a couple of billion dollars.”

Impairment drives Lonmin deeper into loss ahead of takeover

LONDON (Reuters) - South African miner Lonmin announced a $1.1 billion impairment charge on Monday due to weaker platinum prices and a firmer rand, plunging it deeper into operating losses ahead of its planned takeover by rival Sibanye-Stillwater.

Sibanye agreed in December to buy Lonmin for about $382 million to create the world’s second-biggest platinum producer to try to ride out depressed prices for the metal. It said it planned to cut a third of Lonmin jobs.

Sibanye spokesman James Wellsted said on Monday that Lonmin’s results did not change the takeover deal, as Lonmin’s assets remained the same and its resources intact.

Platinum has tumbled in value because of bloated supply and falling demand from the automotive industry, where the metal is used in technology to cut vehicle emissions. Lonmin has also suffered because of high costs and labour unrest.

Lonmin shares lost nearly a third of their value in one session in November after it announced a delay to its annual results while it conducted an operational review.

Giving an update on that review on Monday, Lonmin kept its spending, sales and production targets for 2018, but said it was taking a $1.1 billion impairment charge due in part to changes about its assumptions for currencies and prices - with both dollar/rand and platinum prices seen weaker.

A stronger rand is negative for South African miners as most of their costs are in rand while platinum is priced in dollars.

“The main drivers of the impairment is our assumptions into the future which have to do with prices,” Lonmin Chief Executive Ben Magara said on a results call. Platinum prices are trading at less than half of their peak in 2008.

The impairment resulted in Lonmin breaching its loan agreements with its banks. However, the company said last week it had secured a second waiver from its lenders.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) fell to $40 million for the year ended Sept. 30 from $115 million a year earlier. The operating loss reached $1.1 billion from $322 million a year earlier.

Lonmin’s London-listed shares were down 0.9 percent to 85.65 pence at 1045 GMT.

“The important thing is that there is nothing in the announcements that appears to be an impediment to the proposed transaction with Sibanye going through,” said BMO Capital Markets analyst Edward Sterck.

The merger is set to close in the second half of the year, Lonmin said, pending approval from competition authorities and the two company boards.

In the first quarter of its new financial year, Lonmin said its refined production rose 17.7 percent to 161,363 platinum ounces from a year earlier, while sales also increased.

Net cash was $103 million at the end of September, down 40 percent on a year earlier, and fell further to $63 million at the end of December, Lonmin said.

($1 = 12.0808 rand)

Ghana central bank keeps policy rate unchanged at 20 pct

ACCRA (Reuters) - Ghana’s central bank kept its benchmark interest rate at 20 percent on Monday, citing the need to keep inflation within its medium-term target of 8 percent plus or minus two percentage points, governor Ernest Addison told a news conference in the capital Accra.

The major commodity exporter is in its final year of a $918 million credit deal with the International Monetary Fund to narrow deficit, debt and inflation. The Central bank has eased rates by 550 basis points in the past year to foster growth.

Addison said the central bank does not recognize bitcoin as a tradeable medium of exchange. “It is not legal tender and it is not regulated”.

But the bank will not clamp down on users, he said, adding that the bank would soon announce a policy on digital currencies.

Ghana earned $5.78 billion from gold exports last year, up from $4.91 billion in 2016 while cocoa revenue totalled $2.71 billion compared to $2.57 billion in 2016. Oil receipts amounted to $3 billion from $1.34 billion.

Net international reserves stood at $4.52 billion, or 2.5 months of imports cover, compared to two months cover of $3.4 billion at the end of 2016. Total public debt stood at $31.4 billion, representing 68.7 percent of GDP as of November 2017 , compared to 73.3 percent at the end of 2016.

Netflix tunes into subscriber surge

Netflix membership surged past 117 million last year, a rise the company showed its investment in original programming was paying off.

The streaming juggernaut added a record 8.3 million subscribers in the three months to December, with 6.36 million of those outside the US.

Viewers were attracted by new seasons of shows including The Crown.

However, it wrote off $39m for "unreleased content" understood to feature disgraced actor Kevin Spacey.

Netflix cut ties with the star of House of Cards, one of its first big hits, after he was accused of sexual misconduct last year.

The company temporarily halted production of House of Cards to write out Spacey's character and decided not to release the film Gore, which starred the actor as writer Gore Vidal.

Revenue rose almost a third to about $3.3bn in the fourth quarter, while profits were $186m - almost three times the figure for the same period in 2016.

Netflix called it a "beautiful quarter", adding: "We believe our big investments in content are paying off."

The subscriber figures were the first since it raised prices in October. Although previous increases have hurt growth, they appeared to have little effect this time.

Netflix has been pouring cash into original shows such as Glow and Black Mirror, and the action film Bright starring Will Smith.

It plans to spend as much as $8bn on content this year, with more than a quarter devoted to original programming.

Much of the new material is aimed at international subscribers, who outstripped US members for the first time last year and now account for about 53% of the total.

Netflix, which is available in more than 190 countries, said it is planning more than 30 original international programmes this year, including projects from France, Poland, India, Korea and Japan.

On Monday, it said the first episodes of Juventus, about the Italian football club, would be available in February.

Netflix, which pioneered online streaming, said the average member spent 9% more time watching Netflix last year than in 2016.

The growth is a sign of broader trends, as customers opt for online entertainment and switch away from more expensive pay-TV subscriptions.

Netflix's original programmes are meant to counteract the threat as other production companies raise the prices they charge for their shows.

Some, as in the case of Disney, are preparing to pull programming from the platform and set up their own streaming service in a bid to stay competitive.

Netflix says it thinks there is room in the market for multiple services. It has also been striking deals with internet and mobile phone companies to include Netflix as part of monthly packages.--BBC

Manchester United remains football's top revenue-generator

Manchester United have topped the table of the world's 20 richest football clubs for the second year in a row, and 10th time overall, says Deloitte.

Its Football Money League, based on season 2016-17, also shows the combined revenues of the 20 clubs has risen 6% to €7.9bn (£6.97bn), a new record.

Real Madrid, which held top spot for 11 years, were second and Barcelona third.

There were a record 10 English Premier League clubs in the top 20. The number in the top 30 was up from 12 to 14.

The list only looks at revenues accrued and does not take into account club debts.

This year's battle for first place was the closest yet, with just €1.7m separating Manchester United and Real Madrid.

Man Utd revenues grow thanks to TV and match-day income

Premier League football TV rights battle kicks off

Premier League clubs reach record revenues

Big Five leagues

Manchester United's €676m revenues were boosted by €44.5m from Uefa after winning the Europa League against Ajax.

Deloitte said this sum was "the critical factor in keeping them ahead of Real Madrid and Barcelona".

Bayern Munich and Manchester City completed the top five, retaining their positions from last year.

Arsenal, Paris St-Germain, Chelsea, Liverpool and Juventus occupied places six to 10. Tottenham were in 11th spot, Leicester City 14th, West Ham 17th, Southampton 18th and Everton 20th.

All the 20 clubs represented are from the "big five" European leagues, with Italy, Germany and Spain contributing three clubs each and France one.

Other findings include:

AC Milan fall out of the top 20 for the first time and AS Roma for only the third time

Southampton are the only debutant in the top 20 after broadcast revenues soared

AFC Bournemouth are the only debutant amongst clubs ranked 21 to 30

China and the USA may see a member club enter the list in future

"Next year, we expect the eight billion euros [revenue] barrier will be broken, but revenue growth is not expected to be as significant as seen in 2016-17," said Dan Jones, partner in Deloitte's Sport Business Group.

"Germany's new domestic broadcast deal commences and will increase revenue, but Premier League and La Liga distributions will remain relatively stable, as both enter the second year of existing TV deals.

"Looking further ahead, the long term composition of the Money League is an intriguing topic. English clubs' dominance will depend heavily on the outcome of the Premier League's ongoing tender for the next three year TV deal starting from 2019-20."

DELOITTE FOOTBALL MONEY LEAGUE

•1. Manchester United: €676.3m

•2. Real Madrid: €674.6m

•3. Barcelona: €648.3m

•4. Bayern Munich; €587.8m

•5. Manchester City: €527.7m

•6. Arsenal: €487.6m

•7. Paris Saint Germain: €486.2m

•8. Chelsea: €428m

•9. Liverpool: €424.2m

•10. Juventus: €405.7m

Source: Deloitte, revenues for 2016-17 season.

European boost

Deloitte says that participation and performance in Uefa competitions has always been a critical success factor in the Money League, "but its impact on clubs' revenue is more noticeable than ever".

The Champions League and Europa League played an important role in improving, or retaining, positions for Manchester United, Leicester City, Napoli and Southampton,

Meanwhile, FC Zenit St Petersburg and AS Roma lost their top 20 status after weakened European performances compared with 2015-16.

A return to the Europa League also buoyed Southampton's revenue.-BBC

US slaps 'America First' tariffs on washing machines and solar panels

The US has approved controversial tariffs on imported washing machines and solar panels.

The move is in line with President Trump's "America First" trade policy, which aims to protect local manufacturers from foreign competition.

Chinese solar panel makers and washing machine producers in South Korea will be most heavily affected.

Both countries have criticised the tariffs, which President Trump has talked about since coming to office.

The actions are being seen as the president's most significant trade moves since his decision to pull the US out of the Trans-Pacific Partnership deal (TPP) and renegotiate the North American Free Trade Agreement (Nafta).

Why have the tariffs been imposed?

The tougher policy was approved by President Trump after the US International Trade Commission found local manufacturers were being hurt by cheaper imports.

The tariffs set on solar panels were lower than domestic US producers had hoped for, but the duties on washing machines and parts were steeper than expected - adding as much as 50% in some cases, according to US documents.

South Korea said it would complain to the World Trade Organization (WTO), calling the tariffs "excessive" and "regrettable". Its manufacturers, including Samsung and LG, compete in the washing machine market with US firms such as Whirlpool.

Meanwhile China, the world's biggest solar panel manufacturer, said the move would further damage the global trade environment.

How will the tariffs work?

The first 1.2 million imported large residential washing machines in the first year will have a 20% tariff imposed on them, while there will be a 50% on machines above that number.

By the third year, these will drop to 16% and 40% respectively.

Meanwhile, the tariff increase on imported solar cells and modules in the first year will be 30%, falling to 15% by the fourth year, although 2.5 gigawatts (GW) of imported cells will be allowed in tariff-free annually.

What has the reaction been?

US appliance maker Whirlpool, which for years has sought protection against cheaper imports from South Korea and Mexico, welcomed the move.

"This announcement caps nearly a decade of litigation and will result in new manufacturing jobs in Ohio, Kentucky, South Carolina and Tennessee," chairman Jeff Fettig said in a statement.

Environmentalists argue that making solar panels more expensive risks holding back the development of renewable energy in the country.

China and South Korea have reacted angrily to the news.

China is the US's biggest trading partner and government spokesman Wang Hejun said that Beijing expressed "strong dissatisfaction" with the plans.

He warned that "together with other WTO members, China will resolutely defend its legitimate interests" adding that the plans "not only aroused the concern of many trading partners but was also strongly opposed by many local governments and downstream enterprises in the US".

South Korea's trade minister Kim Hyun-chong said the tariffs may constitute a "violation of WTO provisions".

Samsung called the tariffs "a tax on every consumer who wants to buy a washing machine".--BBC

S Korea bans anonymous cryptocurrency trades

South Korea is believed to be the third-biggest market in the world for Bitcoin trades, behind Japan and the US.

South Korea is banning the use of anonymous bank accounts to make cryptocurrency transactions.

The move is aimed at stopping virtual currencies being used for crimes such as money laundering.

The regulations will bring the country closer into line with financial rules in other markets.

South Korea is believed to be the world's third-biggest market for trades in Bitcoin and other cryptocurrencies, behind Japan and the US.

And its importance in the world of digital currency has meant that decisions made in Seoul can result in large, sudden price swings.

South Korea considers Bitcoin trading ban

How does South Korea sway Bitcoin prices?

Bitcoin - risky bubble or the future?

The new policy, which had been discussed for some time, will kick in on 30 January.

Holders of anonymous cryptocurrency wallets must now link them to bank accounts in their own name, and have their identities confirmed.

The requirements are similar to the Know Your Customer anti-crime regulations in the US.

Separately, underage investors and foreigners will also be banned from opening cryptocurrency accounts in South Korea.

And even stricter measures may be introduced later, with officials earlier this month saying a ban on cryptocurrency trading activities was one step being considered.

On Monday, Yonhap reported that the country's cryptocurrency exchanges would be hit with hefty tax bills in a separate attempt to reign in the sector.

Trading is popular among the country's younger population and demand has seen a 30% premium put on some virtual trades compared to other countries.

However, volatility around prices together with the lack of regulation surrounding cryptocurrency trading has led to ongoing concerns among South Korean officials that investors are leaving themselves open to potentially huge losses.--BBC

Rupert Murdoch: Facebook should pay for news

Media mogul Rupert Murdoch said Facebook should pay fees to publishers if it is committed to supporting accurate news.

His statement comes as pressure mounts on the social network to quell the spread of misinformation.

Facebook last week said it would survey its users and prioritise news sources they deemed "trustworthy".

Mr Murdoch, who controls titles including The Times and the Sun, said the proposals were "inadequate".

He said social media firms should pay publishers a fee in the same way that cable network operators pay for the channels they offer.

"The publishers are obviously enhancing the value and integrity of Facebook through their news and content, but are not being adequately rewarded for those services," Mr Murdoch said.

"Carriage payments would have a minor impact on Facebook's profits, but a major impact on the prospects for publishers and journalists."

Neither had he seen a subscription model that "truly recognises the investment in and the social value of professional journalism", added Mr Murdoch, who also controls the Fox News cable channel in the US.

Facebook to use surveys to boost 'trustworthy' news

Facebook plans major changes to news feed

Google and Facebook take the lion's share of new advertising revenue - a shift that has hurt the newspapers, which produce most original news.

Mr Murdoch is executive chairman of News Corp, which also owns the Wall Street Journal and a stable of newspapers in Australia and elswehere.

The company's revenue has declined in recent years and it reported a loss for the 2017 financial year.

His comments come as Facebook admitted that social media posed a potential threat to democracy and pledged to tackle the problem head-on.

Its civic engagement chief, Samidh Chakrabarti, said in a blog post: "In 2016, we at Facebook were far too slow to recognise how bad actors were abusing our platform. We're working diligently to neutralise these risks now."

He also elaborated on the decision to let Facebook's users rank the "trustworthiness" of news sources: "We don't want to be the arbiters of truth, nor do we imagine this is a role the world would want for us."

While acknowledging concerns over the rise of "echo chambers", Mr Chakrabarti argued that the "best deterrent will ultimately be a discerning public".

Facebook and Google did not offer a response to Mr Murdoch's comments.--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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