Major International Business Headlines Brief::: 31 January 2018

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Major International Business Headlines Brief::: 31 January 2018

 


 

 


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*  South Africa's Capitec falls 20 pct after adverse report by Viceroy
Research

*  South Africa's Eskom H1 profits down 34 pct, new board aims to stabilise
firm

*  Mozambique takes legal action over $2 billion loans

*  South Africa's rand weaker ahead of Eskom corporate results

*  Opel to export cars to Tunisia, Morocco - CEO in FAZ

*  Anglo American sells Eskom-tied coal assets for $71 million

*  South Africa's Eskom to publish financial results on Tuesday

*  Kenyan shilling weakens slightly amid political tensions in Nairobi

*  US stocks fall for second consecutive day

*  What did Trump say that matters to business in Asia?

*  Theresa May unveils education deal at start of China visit

*  Amazon joins up with US firms to enter healthcare sector

*  Facebook bans all cryptocurrency ads

*   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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South Africa's Capitec falls 20 pct after adverse report by Viceroy Research

JOHANNESBURG (Reuters) - Shares in Capitec Holdings dropped as much as 20
percent after U.S. firm Viceroy Research said the South African lender
overstates its financial assets and income, claims which the bank rejected.

 

Viceroy Research shot to the spotlight in South Africa when it published a
report questioning the finances at Steinhoff International, owner of more
than 40 retail brands globally. Steinhoff has since admitted “accounting
irregularities”, triggering an 85 percent share slide.

 

By 0908 GMT, Capitec stock had dropped 12.6 percent to 826.81 rand, paring
some losses after slumping to a low of 755.00 and lagging far behind a 1.9
percent drop in the Johannesburg blue-chip Top-40 index.

 

“Based on our research and due diligence, we believe that Capitec is a loan
shark with massively understated defaults masquerading as a community
microfinance provider,” Viceroy Research said in a report.

 

“We believe that the South African Reserve Bank & Minister of Finance should
immediately place Capitec into curatorship.”

 

Capitec said on its Twitter feed that it had taken note of Viceroy’s report
and that it would “respond appropriately”.

 

Capitec’s Chief Financial Officer Andre du Plessis told Bloomberg TV the
allegations were “totally unfounded.”

 

“It’s very surprising that someone writes a report who knows nothing about
us. There’s a total lack of understanding of what we do,” du Plessis said.

 

 

South Africa's Eskom H1 profits down 34 pct, new board aims to stabilise
firm

JOHANNESBURG (Reuters) - South African state-run power utility Eskom said on
Tuesday interim profits were down 34 percent to 6 billion rand ($504
million) on the back of declining sales and higher finance costs.

 

Eskom, which has been embroiled in a governance crisis and allegations of
undue influence in awarding tenders, said in a statement it would address
governance concerns and stabilise the firm through its new board.

 

($1 = 11.8966 rand)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

Mozambique takes legal action over $2 billion loans

MAPUTO (Reuters) - Mozambique’s Attorney General has filed a legal complaint
against officials and state-owned companies involved in securing $2 billion
in loans that were not approved by parliament or disclosed publicly, her
office said on Monday.

 

Investigations into the debt found that the deals violated Mozambique’s
constitution, the AG’s office said in a statement.

 

The alleged infringements included failure to comply with the procedures and
limits established by law in the issuance of guarantees by the state, it
said.

 

“Thus, on January 26, the (office) submitted a complaint to the
Administrative Court on the financial accountability of public managers and
state-owned companies involved in the management of financing, supply and
service contracts,” the statement read.

 

It did not name any of the managers or the companies.

 

The Administrative Court is responsible for ruling on the legality of public
expenditure.

 

An independent audit of the debt showed in June last year that questions
remained on how the $2 billion was used and roughly a quarter of the money
remained unaccounted for.

 

The Attorney General also recommended among other issues a review of
legislation related to state businesses and scrutiny and monitoring of
projects benefiting from state guarantees.

 

 

 

South Africa's rand weaker ahead of Eskom corporate results

JOHANNESBURG (Reuters) - South Africa’s rand weakened against a stronger
dollar in early trade on Tuesday, as investors waited anxiously for
cash-strapped power utility Eskom to post their financial results.

 

At 0611 GMT, the rand traded at 12.0200 per dollar, 0.59 percent weaker than
its New York close on Monday.

 

The currency breached the psychological 12 rand per dollar last week for the
first time since mid-2015 as expectations of economic reforms boosted
sentiment towards local assets.

 

The rand has been one of the best-performing currencies globally since
mid-December, buoyed by hopes that the new leader of the ruling African
National Congress (ANC), Cyril Ramaphosa, will follow through on promises to
root out corruption and kick-start economic growth.

 

“The price action in the rand would suggest that the markets would now like
to see tangible outcomes from the various suggested initiatives, the results
today from the electricity utility is likely to have the markets exercising
some caution,” Nedbank analysts wrote in a note.

 

Investors will be looking to Eskom’s interim results for clues on the
financial health of one of South Africa’s largest state companies. Ratings
agencies regularly cite Eskom as a threat to the country’s already strained
public finances.

 

In fixed income, the yield for the benchmark government bond rose 2.5 basis
points to 8.57 percent, reflecting weaker bond prices.

 

 

Opel to export cars to Tunisia, Morocco - CEO in FAZ

FRANKFURT (Reuters) - PSA Group’s Opel plans to start exporting cars to
Tunisia and Morocco from its European plants, its chief executive told
German daily Frankfurter Allgemeine Zeitung (FAZ) in an interview.

 

France’s PSA agreed in March to buy Opel from General Motors in a deal
valuing the business at 2.2 billion euros ($2.73 billion). The move was
aimed at helping the group to challenge European market leader Volkswagen.

 

PSA has given Opel until 2020 to return to profit as part of a recovery plan
aimed at shifting the brand’s model line-up onto PSA’s production platforms.

 

“We see good opportunities for us overall,” Opel CEO Michael Lohscheller was
quoted as saying of its African prospects in a summary of an FAZ article to
be published on Monday.

 

The Opel chief said he was not concerned that the sale of Opel cars in
Africa could cannibalise sales of parent PSA.

 

“There are buyers who consciously choose a French brand and there are those
who consciously pick a German brand,” he told the paper.

 

He also said that Opel was making progress with its cost-cutting efforts.

 

($1 = 0.8052 euros)

 

 

Anglo American sells Eskom-tied coal assets for $71 million

LONDON (Reuters) - Anglo American on Monday announced the sale of the New
Largo thermal coal project in South Africa for approximately $71 million to
a new majority black-owned-and-managed company, marking its exit from South
African domestic coal.

 

During the depths of the commodity crash in late 2015 and early 2016, Anglo
American sought to sell a large part of its assets, saying it would focus on
copper, diamonds and platinum.

 

As commodity markets recovered, however, the pressure to sell decreased and
at least one coal sale fell through because shareholders could not agree to
sell when the asset was making money.

 

Coal prices are again strong at close to $100 a tonne for Richards Bay coal.
Many companies are shunning the fuel because of its carbon-intensity, but
the mining industry says the developing world still needs it.

 

Mining coal in South Africa is complicated by a dispute with the government
and the industry over a new mining code and by turmoil at indebted power
utility Eskom.

 

“The sale delivers on our long-standing strategy to exit our Eskom-tied coal
assets,” Norman Mbazima, deputy chairman of Anglo American South Africa,
said in a statement.

 

New Largo’s main asset is an 585 million tonne coal resource and related
mining rights, which is positioned to supply Eskom’s new Kusile Power
Station, the statement said.

 

New Largo Coal Proprietary Limited is owned by Seriti Resources Proprietary
Limited and Coalzar Proprietary Limited, two companies majority owned and
controlled by historically disadvantaged South Africans.

 

The deal is subject to regulatory approval and expected to close in the
second half of 2018.

 

Anglo American’s share price rose around 1.5 pct by 0845 GMT, slightly above
the broader market.

 

Paul Gait, analyst at Bernstein, said he liked the deal, carried out in a
supportive coal price environment.

 

It was a “a tail asset that does not form part of the Anglo investment case
for most shareholders,” he said.

 

Another South African player South32, the company spun out of BHP, has said
it willl run its South Africa Energy Coal business as a standalone unit and
is expected to either float it on the Johannesburg Stock Exchange or to sell
it.

 

 

South Africa's Eskom to publish financial results on Tuesday

JOHANNESBURG (Reuters) - South African utility Eskom will publish interim
financial results on Tuesday, the company said, in time to meet a Jan. 31
deadline set by the Johannesburg Stock Exchange, which had threatened to
suspend trading in Eskom’s bonds.

 

Eskom is the sole power supplier in Africa’s most industrialised economy and
delayed publication of its results late last year. The firm has been
embroiled in a governance crisis and has been at the heart of allegations of
undue influence in awarding tenders during President Jacob Zuma’s time in
power.

 

International ratings agencies have regularly cited Eskom as a threat to
South Africa’s strained public finances.

 

Earlier this month the government named a new Eskom board and told the
company to remove executives facing allegations of “serious corruption and
other acts of impropriety”.

 

 

 

Kenyan shilling weakens slightly amid political tensions in Nairobi

NAIROBI (Reuters) - Kenya’s shilling weakened slightly on Tuesday, traders
said, as opposition supporters gathered in Nairobi and police fired teargas.

 

At 0915 GMT, commercial banks quoted the shilling at 102.45/55 to the
dollar, compared with Monday’s close of 102.40/50.

 

 

US stocks fall for second consecutive day

US markets have suffered a second day of steep losses, as investors dumped
health care companies and Apple.

 

The blue chip Dow Jones Industrial Average sank nearly 1.4%, marking its
biggest one-day decline in months.

 

The fall followed the news that Amazon, JPMorgan Chase and Berkshire
Hathaway would create a new healthcare company with the aim of lowering
health costs for their US employees.

 

Bond yields also rose, reflecting last year's three US interest rate hikes.

 

UnitedHealth Group and Pfizer were the two biggest losers on the Dow, while
the insurance company Anthem saw the steepest losses on the S&P 500.

 

Those are among the firms that would be threatened by the emergence of a
major new competitor - or signs of a government crackdown on drug prices
promised by US President Donald Trump.

 

Dow Jones hits 25,000 for first time

Amazon reveals plan to enter healthcare

Apple dipped 0.6% on reports of weak demand for its latest iPhone, and
energy firms also came under pressure.

 

But the losses were widespread, touching nearly every sector.

 

The Dow closed down 362.59 points at 26,076.89, while the wider S&P 500 fell
31.1 points or 1.09%.

 

The tech-heavy Nasdaq shed 64 points or 0.86% to 7,402.48.

 

Meanwhile, the closely watched Vix index, which measures volatility based on
options prices, also shot up after months of calm, in what some investors
say is a sign that more market fluctuation could be coming.

 

Cashing in?

The sell-off, volatility and rising bond yields mark a turn for US markets
that have been making gains for months, racing past one milestone after
another.

 

All three major US indexes are up more than 5% since the start of this
month.

 

Eric Wiegand, senior portfolio manager at US Bank Private Wealth Management,
said January's rise was driven by higher expectations, as global growth
strengthened and the US approved major tax cuts.

 

He said some investors were likely to be cashing in on their gains.

 

They are also reacting to new information as companies update investors on
their end of year earnings and provide forecasts for 2018.

 

Others may be worried about the prospect of higher interest rates, which
would drive bond yields higher.

 

Bond yields have been relatively low in recent years, helping to make stocks
the more attractive investment.

 

But yields have gained more recently, as the US has raised interest rates.
The yield on the 10-year Treasury closed on Tuesday at its highest level
since 2014.

 

"Investors are catching up to the fact that rates have risen," said Jonathan
Mackay, investment strategist at Schroders. "The market's finally catching
up."

 

Investors are watching to see if the US Federal Reserve, which is in the
middle of a two-day meeting in Washington, will signal when interest rates
might rise again.

 

The bank is about to undergo a change of leadership as Janet Yellen, who is
viewed as favouring low interest rates, steps down.--BBC

 

 

 

 

What did Trump say that matters to business in Asia?

On trade, President Trump used his favourite three words - fair, free and
reciprocal.

 

This would have been the part of his State of the Union speech that Beijing
will have likely paid the most attention to (oh, and the part where he
lumped the Chinese as a threat to American values along with terrorists,
rogue regimes and Russia).

 

Some representatives of the Asian business community have told me that they
were relieved he didn't use the occasion to announce a trade war with China
- which many had thought he might.

 

"He talked about American intellectual property protection, but didn't talk
about China in that context," Deborah Elms, vice-chairman of the Asian
Business Trade Association tells me.

 

"The system was sort of primed for him to announce something... but that's
not to say a trade war may not be coming in the future."

 

Tit-for-tat

You can see just how important China is to this White House from the
statement released a day before the State of the Union address.

 

It outlines some of the Trump's administration's efforts to curb the world's
second largest economy. And last week Trump also slapped tariffs on solar
panels and washing machines aimed at China and South Korea.

 

China could respond in kind (as I've written about before) but that sort of
tit-for-tat retaliation won't be good for the US, China or the global
economy.

 

"If there are more tariffs imposed on Chinese imports it will hurt American
consumers by raising prices of goods and reducing their buying power," Ira
Kalish, chief economist of Deloitte Touche Tohmatsu told me.

 

"But it will also reduce Chinese exports and hurt Chinese employment. You
could wind up with a reduction in growth of Trans-Pacific trade and slowdown
in economic growth on both sides of the pacific. "

 

Infrastructure investment was also another key focus of the president's
speech - an area Asian companies and governments could see as an
opportunity.

 

"Asian sovereign funds could allocate some of their funds to investments in
US infrastructure, because they see it as a safe market," says Tony Nash,
chief executive of data analytics firm Complete Intelligence.

 

Trump is looking to bump the value of infrastructure spending to $1.5tn
(£1.05tn) from a previously stated $1tn - but there are no specifics yet on
how that might happen.-BBC

 

 

 

 

Theresa May unveils education deal at start of China visit

Theresa May has announced new education links with China as she arrives for
a three-day visit to boost trade and investment after Brexit.

 

The initiative includes the extension of a Maths teacher exchange programme
and a campaign to promote English language learning in China.

 

The UK prime minister has claimed her visit "will intensify the golden era
in UK-China relations".

 

But she has stressed China must adhere to free and fair trade practices.

 

In an article for the Financial Times ahead of her arrival, she acknowledged
that London and Beijing did not see "eye-to-eye" on a number of issues - and
she promised to raise concerns from UK industry about the over-production of
steel and the protection of intellectual property against piracy.

 

'Two great nations'

Other issues likely to be discussed include North Korea and climate change.
It is not clear whether they will include human rights in Hong Kong.

 

Mrs May, who will hold talks with Chinese President Xi Jinping, is
travelling at the head of a 50-strong business delegation, including BP and
Jaguar Land Rover, as well as small firms and universities including
Manchester and Liverpool.

 

Her first stop, Wuhan, in central China, is home to the largest number of
students of any city in the world.

 

The education deal includes:

 

Extension of a maths teacher exchange programme for a further two years to
2020, enabling around 200 English teachers to visit China

*         Joint training of pre-school staff in the UK and China

*         Better information-sharing on vocational education

*         The launch of an "English is GREAT" campaign to promote English
language learning in China

*         Education deals worth more than £550m, which it is claimed will
create 800 jobs in the UK

*         Mrs May said new agreements signed on her trip would "enable more
children and more young people than ever to share their ideas about our two
great nations", helping to ensure that "our golden era of co-operation will
endure for generations to come".

 

Foreign adventures cannot obscure May's Brexit backdrop

Could the UK really join TPP?

During the three-day trip, Mrs May is expected to focus on extending
existing commercial partnerships rather than scoping out new post-Brexit
deals.

 

She said she expected China to play a "huge role" in the economic
development of the world, adding: "I want that future to work for Britain,
which is why, during my visit, I'll be deepening co-operation with China on
key global and economic issues that are critical to our businesses, to our
people, and to what the UK stands for."

 

She acknowledged that her agenda "will not be delivered in one visit: it
must be our shared objective over the coming years".

 

Hong Kong concerns

But she added: "I'm confident that, as China continues to open up,
co-operation and engagement will ensure its growing role on the global stage
delivers not just for China, but for the UK and the wider world."

 

In a statement ahead of the visit, a Chinese Ministry of Foreign Affairs
spokesman said Beijing saw Mrs May's trip as "an opportunity to achieve new
development of the China-UK global comprehensive strategic partnership".

 

But asked whether the UK had achieved its aim of becoming China's closest
partner in the West, he replied: "Co-operation can always be bettered. As to
whether China and Britain have become the closest partners, we may need to
wait and see how Prime Minister May's visit this time plays out."

 

Critics accuse China of abandoning its "one country, two systems" pledge on
Hong Kong

In recent years, both countries have hailed a "golden era" in UK-Sino
relations.

 

China has signalled its desire to invest in high-profile UK infrastructure
projects, including the building of a new nuclear reactor at Hinkley Point -
although its involvement has raised some national security concerns.

 

British trade with China has increased by 60% since 2010 and UK ministers
are expected to use the trip to stress that the UK will remain an "excellent
place to do business" after it leaves the EU next year.

 

The UK has said it will prioritise negotiating free trade agreements with
major trading partners such as the United States, Australia and Canada after
it leaves the EU in March 2019.

 

Earlier this year, the UK said it would not rule out becoming a member of
the Trans Pacific Partnership free-trade zone, whose members include Japan,
South Korea and Vietnam and which is considered by many as a counter-weight
to Chinese influence in the region.

 

US President Donald Trump and French counterpart Emmanuel Macron have both
visited China recently

Lord Patten, the last British governor of Hong Kong, has urged Mrs May to
use the visit to privately raise what he says has been the steady erosion of
freedoms and rights in the former British colony in recent years.

 

Hong Kong is supposed to have distinct legal autonomy under the terms of its
handover to China in 1997.

 

In a letter to the PM, Lord Patten and ex-Lib Dem leader Lord Ashdown said
its residents needed assurances that the UK's growing commercial
relationship with China would not "come at the cost of our obligations to
them".--BBC

 

 

 

Amazon joins up with US firms to enter healthcare sector

Amazon, JP Morgan and Berkshire Hathaway are joining forces to create a
healthcare firm aimed at cutting costs for their US employees.

 

The independent firm would be "free from profit-making incentives and
constraints", the firms said.

 

They said their aim was to provide care to staff at a "reasonable cost".

 

Nonetheless, the announcement sparked fears that tech giant Amazon could
disrupt the healthcare sector in the same way that it has the retail sector.

 

The firms are the three largest private employers in the US, collectively
employing over 500,000 staff.

 

The three companies said they would focus on technology to provide
"simplified, high-quality and transparent healthcare".

 

"Our people want transparency, knowledge and control when it comes to
managing their healthcare," said Jamie Dimon, chairman and chief executive
of JPMorgan Chase.

 

"The three of our companies have extraordinary resources, and our goal is to
create solutions that benefit our US employees, their families and,
potentially, all Americans."

 

Shares in US health insurers UnitedHealth, Anthem and Cigna Corp all fell
over 5% in early trading following the announcement.

 

He's the man who started with what was effectively a mail order bookshop
with an email address and ended up building a vast machine that has
transformed the world's retail industry.

 

Along the way he has sparked a revolution in enterprise computing, putting
thousands of organisations into the cloud, bought the Washington Post, and
is trying to rival Elon Musk as a space entrepreneur.

 

No wonder Jeff Bezos thinks he can do anything, including the fearsome task
of finding a middle way for American healthcare, which even Donald Trump has
described as "so complicated".

 

Just as with Mr Trump, many analysts have predicted over the years that Jeff
Bezos and his various ventures are heading for failure or bankruptcy. But
the world's richest man - well this month at least - has stuck by his own
vision and charged ahead. Don't expect him to give up on his audacious
health plan in a hurry.

 

Unexpected development

"Investors have continually asked what unexpected development might spoil
the strong investor sentiment towards managed care.

 

"Unfortunately, this seems tailor-made to fit the bill," BMO Capital Markets
analyst Matt Borsch said.

 

Initially, the company's formation will be headed by Todd Combs, an
investment officer of Berkshire Hathaway; Marvelle Sullivan Berchtold, a
managing director of JPMorgan Chase; and Beth Galetti, a senior vice
president at Amazon.

 

Plans for a longer-term management team and how the company will operate
have yet to be decided.

 

"The healthcare system is complex, and we enter into this challenge
open-eyed about the degree of difficulty," said Amazon founder and chief
executive Jeff Bezos.

 

"Hard as it might be, reducing healthcare's burden on the economy while
improving outcomes for employees and their families would be worth the
effort.

 

"Success is going to require talented experts, a beginner's mind, and a
long-term orientation."

 

The US Congressional Budget Office (CBO) has forecast that the cost of a
medical insurance policy would increase by 25% in 2018 and double by
2026.--BBC

 

 

 

Facebook bans all cryptocurrency ads

Facebook has said it will block any advertising promoting cryptocurrency
products and services.

 

The company said it was open to emerging technologies but many companies
were not acting in "good faith" when extolling the virtues buying into
virtual currencies.

 

Recently, a wave of new currencies have emerged, seeking to piggyback
Bitcoin's huge increase in value.

 

Facebook urged users to report any ads the company's security measures
missed.

 

It admitted it would not always catch every ad for a cryptocurrency.

 

“We want people to continue to discover and learn about new products and
services through Facebook ads without fear of scams or deception," wrote Rob
Leathern, product management director for Facebook Business.

 

"That said, there are many companies who are advertising binary options,
ICOs and cryptocurrencies that are not currently operating in good faith.”

 

US blocks coin offering by 'scam' bank

 

US regulator halts initial coin offering

 

Bitcoin - risky bubble or the future?

 

An ICO - initial coin offering - encourages people to buy into new
cryptocurrencies before they launch in the hope they are one day worth a lot
more money as the coin becomes more popular.

 

Some companies have used ICOs as a way to raise great sums of money, but
without the regulatory burden associated with raising cash though more
traditional investment channels.

 

Because of this, many ICOs have simply disappeared, with little recourse for
the "investor" - a loose term, since those who pay into ICOs do not
typically get a genuine stake in the new company.

 

Deception worries

 

Using Facebook ads to generate "buzz" around a new scheme could be a
particularly effective method, especially when paired with celebrity
endorsement. Retired boxer Floyd Mayweather was criticised last year for
promoting a crytocurrency that later became the target of a lawsuit alleging
deception. Mr Mayweather has not been accused personally.

 

Raising money using an ICO has been banned in South Korea and China, and
regulators in other countries are warning against getting involved.

 

The US Securities and Exchange Commission (SEC) this week said it had seized
the assets of a firm that said it had raised $600m in its ICO.

 

Facebook said its new policy was "intentionally broad" and would evolve over
time.

 

It states: "Ads must not promote financial products and services that are
frequently associated with misleading or deceptive promotional practices,
such as binary options, initial coin offerings, or cryptocurrency."

 

Under the new policy, advertising using phrases such as "New ICO! Buy tokens
at a 15% discount NOW!" or "Use your retirement funds to buy Bitcoin!" would
not be permitted, Facebook said.

 

For Facebook, the move is the latest attempt to protect the integrity of its
advertising platform, which over the past 12 months has been under fire for
enabling Russian propaganda and other inappropriate content.--BBC

 

 

 

 


 

 


 

INVESTORS DIARY 2018

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 


 

 

 

 


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