Major International Business Headlines Brief::: 06 July 2018

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Major International Business Headlines Brief::: 06 July 2018

 


 

 


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

 


 

 


 

 

*  US-China trade war begins as tariffs worth $34bn take effect

*  Elon Musk offers to help Thai cave rescue

*  Is 3D printing the future of social housing?

*  What tech giants really do with your data

*  Brexit: Cabinet has duty to agree Brexit plan, says Theresa May

*  Boeing strikes aircraft deal with Brazil's Embraer

*  South African mineworkers' union rejects Eskom's latest wage hike offer:
source

*  Mozambique airline board sacked after PM left stranded

*  Lafarge Holcim's Kenyan unit completes grinding capacity expansion

*  South Africa's rand softer in cautious trade ahead of U.S. jobs release

*  Kenyan shilling expected to appreciate against dollar

*  Amplats sells stake in Rasimone mine to RBplat for $135 mln

*  Petra Diamonds sells stake in Kimberley JV for $22 mln

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

US-China trade war begins as tariffs worth $34bn take effect

US tariffs on $34bn (£25.7bn) of Chinese goods have come into effect,
signalling the start of a trade war between the world's two largest
economies.

 

The 25% levy came into effect at midnight Washington time.

 

China has retaliated by imposing a similar 25% tariff on 545 US products,
also worth a total of $34bn.

 

Beijing accused the US of starting the "largest trade war in economic
history".

 

"After the US activated its tariff measures against China, China's measures
against the US took effect immediately," said Lu Kang, a foreign ministry
spokesman.

 

Two companies in Shanghai told the BBC that customs authorities were
delaying clearance processes for US imports on Friday.

 

The American tariffs are the result of President Donald Trump's bid to
protect US jobs and stop "unfair transfers of American technology and
intellectual property to China".

 

The White House said it would consult on tariffs on another $16bn of
products, which Mr Trump has suggested could come into effect later this
month.

 

 

The imposition of the tariffs had little impact on Asian stock markets. The
Shanghai Composite closed 0.5% higher, but ended the week 3.5% lower - its
seventh consecutive week of losses.

 

Tokyo closed 1.1% higher, but Hong Kong fell 0.5% in late trading.

 

Hikaru Sato at Daiwa Securities said markets had already factored in the
impact of the first round of tariffs.

 

Mr Trump has already imposed tariffs on imported washing machines and solar
panels, and started charging levies on the imports of steel and aluminium
from the European Union, Mexico and Canada.

 

He has also threatened a 10% levy on an additional $200bn of Chinese goods
if Beijng "refuses to change its practices".

 

The president upped the stakes on Thursday, saying the amount of goods
subject to tariffs could rise to more than $500bn.

 

"You have another 16 [billion dollars] in two weeks, and then, as you know,
we have $200bn in abeyance and then after the $200bn, we have $300bn in
abeyance. OK? So we have 50 plus 200 plus almost 300," he said.

 

The US tariffs imposed so far would affect the equivalent of 0.6% of global
trade and account for 0.1% of global GDP, according to Morgan Stanley in a
research note issued before Mr Trump's comments on Thursday.

 

Analysts are also concerned about the impact on others in the supply chain
and about an escalation of tensions between the US and China in
general.--BBC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

 

 

Elon Musk offers to help Thai cave rescue

Billionaire space adventurer and carmaker Elon Musk has offered his services
to the Thai government to rescue 12 boys and their football coach trapped in
a flooded cave.

 

In a series of tweets, Mr Musk explored how his businesses could help the
team.

 

He suggested that The Boring Company is "pretty good at digging holes".

 

He also mused about inserting a nylon tube into the cave and inflating it
"like a bouncy castle" to create an underwater tunnel.

 

A spokesman for The Boring Company, said: "We are speaking with the Thai
government to see how we can help, and we are sending SpaceX/Boring Company
people from the US to Thailand today to offer support on the ground.

 

"Once we confirm what exactly will be helpful to send or do, we will. We are
getting feedback and guidance from the people on the ground in Chiang Rai to
determine the best way for us to assist their efforts."

 

How risky is the Thai boys' rescue?

Thai cave rescuers in 'race against the rain'

Overnight it emerged that a former Thai navy diver had died while returning
from delivering oxygen to the 12 boys and their football coach trapped in
the Tham Luang cave complex in Northern Thailand.

 

He added that it could supply "fully charged Powerpacks and pumps" to aid
authorities.

 

He then considered that it was "maybe worth trying" inserting a nylon tube
into the cave network to create an air tunnel underwater.

 

James Yenbamroong, founder and chief executive of Thai satellite
communications business Mu Space Corp, said that SpaceX, Mr Musk's aerospace
and transportation business, had "reached out to us today to help connect to
Thai govt".

 

It has been a high-profile week for Mr Musk. On Sunday, his car company,
Tesla, finally produced 5,000 of its Model 3 electric cars in a week after
missing a number of deadlines to hit the target.

 

Mr Musk, who is the co-founder, chairman, product architect and chief
executive of Tesla, declared that the firm was finally "a real car company"
after reaching the goal.

 

Mr Musk has also been engaged in a Twitter spat over media coverage of
Tesla, in particular with CNBC and Business Insider.--BBC

 

 

 

Is 3D printing the future of social housing?

A family in France has become the first in the world to move into a
3D-printed house. The four-bedroom property is a prototype for bigger
projects aiming to make housebuilding quicker and cheaper. Could it cause a
shift in the building industry?

 

With curved walls designed to reduce the effects of humidity and digital
controls for disabled people, this house could be an expensive realisation
of an architect's vision.

 

But having taken 54 hours to print - with four more months for contractors
to add in things such as windows, doors and the roof - its cost of around
£176,000 to build makes it 20% cheaper than an identical construction using
more traditional solutions.

 

The team now believe they could print the same house again in only 33 hours.

 

The 95m (1022ft) square house - built for a family of five with four
bedrooms and a big central space in Nantes - is a collaboration between the
city council, a housing association and University of Nantes.

 

Francky Trichet, the council's lead on technology and innovation, says the
purpose of the project was to see whether this type of construction could
become mainstream for housing, and whether its principles could be applied
to other communal buildings, such as sports halls.

 

He believes the process will disrupt the construction industry.

 

"For 2,000 years there hasn't been a change in the paradigm of the
construction process. We wanted to sweep this whole construction process
away," he says.

 

"That's why I'm saying that we're at the start of a story. We've just
written, 'Once upon a time'."

 

Now, he says, their work will "force" private companies to "take the pen"
and continue the narrative.

 

The house has been built in a deprived neighbourhood in the north of the
town and was partly funded by the council.

 

Nordine and Nouria Ramdani, along with their three children, were the lucky
ones chosen to live there.

 

"It's a big honour to be a part of this project," says Nordine.

 

"We lived in a block of council flats from the 60s, so it's a big change for
us.

 

"It's really something amazing to be able to live in a place where there is
a garden, and to have a detached house."

 

How does it work?

The house is designed in a studio by a team of architects and scientists,
then programmed into a 3D printer.

 

The printer is then brought to the site of the home.

 

It works by printing in layers from the floor upwards. Each wall consists of
two layers of the insulator polyurethane, with a space in-between which is
filled with cement.

 

This creates a thick, insulated, fully-durable wall.

 

The windows, doors, and roof are then fitted. And, voila, you have a home.

 

The house was the brainchild of Benoit Fouret, who heads up the project at
University of Nantes.

 

He thinks that in five years they will reduce the cost of the construction
of such houses by 25% while adhering to building regulations, and by 40% in
10 to 15 years. This is partly because of the technology becoming more
refined and cheaper to develop and partly because of economies of scale as
more houses are built.

 

Printing, he adds, also allows architects to be far more creative with the
shapes of the houses they are building.

 

For example, the house in Nantes was built to curve around the 100-year-old
protected trees on the plot.

 

The curve also improves the home's air circulation, reducing potential
humidity and improving thermal resistance.

 

The building in Nantes was also designed for disabled people, with
wheelchair access and the ability for everything to be controlled from a
smartphone.

 

It is also more environmentally-friendly than traditional construction, as
there is no waste.

 

Mr Fouret's dream is now to create a suburban neighbourhood with the same
building principles.

 

He says he is currently working on a project in the north of Paris to print
18 houses.

 

He is also working on a large commercial building which will measure 700
metres square, he adds.

 

"Social housing is something that touches me personally," Mr Fouret says.

 

"I was born in a working-class town.

 

"I lived in a little house. My parents - who are very old now - still live
in the same house.

 

"The street is a row of little houses, one next to the other, all identical.

 

"And here I wanted to create a house that is social housing, but with much
more modern architecture."--BBC

 

 

What tech giants really do with your data

Tracking your phone's gyroscope, scanning your messages and giving your data
to third-party companies.

 

These are just three of the things you agree to when signing up to some tech
companies' apps and sites.

 

BBC research has found some of the language used in privacy policies and
terms requires a university education to be understood.

 

But dig down beneath the jargon, and there are some surprising realities
about how your data is used.

 

1. Your location is tracked - even if you don't allow it

Many apps ask permission to track your precise location through your phone's
Global Positioning System (GPS), which users can refuse.

 

But even if you refuse the app permission, they can still see where you are.

 

Facebook, for example, collects location-related information aside from your
phone's GPS. It still tracks where you are through IP addresses, "check-ins
or events you attend".

 

Twitter also "requires" information about your current location, "which we
get from signals such as your IP address or device settings". This is so it
can "securely and reliably set up and maintain your account".

 

Gmail messages 'read by human third parties'

Facebook reveals its data-sharing VIPs

Apple jams Facebook's web-hacking tools

 

2. Companies pass your data to affiliates...

When you agree to terms and conditions, you often don't just give your data
to that specific app - there's a lot of intra-group data sharing.

 

For example, the data that dating app Tinder collects is shared with other
members of the Match Group, which includes other dating sites OkCupid,
Plenty of Fish, and Match.com.

 

Tinder says it does so for "maintenance, customer care, marketing and
targeted advertising", and to remove users who violate their terms of use.

 

Elsewhere, LinkedIn was bought by Microsoft in 2016, and according to its
privacy policy, receives data "about you when you use some of the other
services provided by us or our affiliates, including Microsoft."

 

3. ...and you're also bound by third-party terms

If having to read the tech giant's terms itself wasn't enough, you might
also have to read those of other companies that deal with your data.

 

Amazon says they may share your information with third parties: as well as
their own terms, users should "carefully review their privacy statements and
other conditions of use".

 

Or, if you use Apple products, your personal data is shared with companies
"who provide services such as information processing, extending credit [...]
and assessing your interest in our products and services".

 

The EU's General Data Protection Regulation (GDPR), which came into force in
May, does not order companies to list these third parties in their terms.

 

However, Ailidh Callander, legal officer at Privacy International, a
charity, says this has worrying implications: "It means that companies like
data brokers are able to use your location, your interests, your contacts
and much more to profile you.

 

"Privacy policies can be overwhelming, but it is really important to take
the time to look not only at what data is being collected and why, but also
who it is being shared with (and for what purposes)", she adds.

 

Wikipedia, on the other hand, does not share your personal information with
third parties for marketing purposes. Their terms also make a point of
saying how they "don't allow tracking by third-party websites you have not
visited".

 

4. Tinder collects gyroscope data

Sometimes data collection goes beyond name, age and location.

 

Tinder says that the app collects data from your phone's accelerometers (for
measuring movement), gyroscopes (which measure the angle you're holding your
phone at), and compasses.

 

It doesn't, however, say exactly what that data is used for.

 

5. Facebook keeps your deleted searches...

 

Facebook offers the option to delete searches from their history, giving the
user the impression that records of their searches are wiped clean.

 

The problem, however, is that they aren't.

 

Their data policy states that while search history can be deleted at any
time, "the log of that search is deleted after 6 months".

 

6. ...and tracks you even if you're off the app

Facebook even tracks what you do when you're not signed in to it - or when
you don't have an account.

 

According to its data policy, it works with "advertisers, app developers and
publishers", who can send them information "about your activities off
Facebook", through something called Facebook Business Tools.

 

These partners "provide information about your activities off Facebook -
including information about your device, websites you visit, purchases you
make, [and] the ads you see".

 

This happens "whether or not you have a Facebook account or are logged into
Facebook".

 

7. LinkedIn scans your private messages

 

If you thought private messages were private, think again.

 

LinkedIn uses "automatic scanning technology on messages", according to its
privacy policy.

 

Twitter, meanwhile, stores and processes your messages.

 

It uses data about "whom you have communicated with and when (but not the
content of those communications) to better understand the use of our
services, to protect the safety and integrity of our platform."

 

8. And if you're under 18, your parents should have read this with you

Apple's terms say that "children under the age of majority should review
this Agreement with their parent or guardian to ensure that the child and
parent or legal guardian understand it."

 

Yet as BBC research found, to sit through and read their privacy policy and
terms would take the average adult more than 40 minutes - let alone the
average 13-year-old.

 

And if reading the privacy policy once wasn't enough, Amazon invites you
back to check again: "Our business changes constantly and our Privacy Notice
will change also. You should check our website frequently to see recent
changes."

 

9. Don't use your iPhone to make nuclear weapons

Finally, Apple has a line in its UK terms of use telling customers not to
use their products "for any purposes prohibited by United States law".

 

According to their definition, that includes "without limitation, the
development, design, manufacture or production of nuclear, missile or
chemical or biological weapons".--BBC

 

 

 

Brexit: Cabinet has duty to agree Brexit plan, says Theresa May

Theresa May says her cabinet has "a great opportunity - and a duty" to agree
a blueprint for the UK's future relationship with the EU.

 

Before Friday's crunch Chequers meeting she said she wanted "ambitious new
trade deals" and an agreement "in the best interests of the UK and the EU".

 

The PM must resolve splits within the cabinet over the shape of Brexit.

 

She is expected to propose keeping the UK aligned with the EU on trading
rules for goods but not services.

 

Once ministers reach an agreement on the UK's proposal, the EU can then
choose to accept or reject the plan.

 

Reality Check: Why services matter in any deal

What kind of Brexit do voters want?

Theresa May's new Brexit trade plan explained

Brexit: All you need to know

Ministers have been told they will have to hand in their phones and any
smartwatches on arrival at Chequers, a 16th Century country house in
Buckinghamshire.

 

Cabinet Office Minister David Lidington said the proposal would include a
common rulebook on some sectors - like industrial goods and agricultural
goods - for "practical" supply chain reasons.

 

He told BBC Radio 4's Today programme: "I'm pretty confident we will end up
with a concrete position which everybody is able to sign up to."

 

But Brexiteer ministers are understood to be unhappy with the plan. Seven
Brexiteer cabinet ministers met at the Foreign Office on Thursday evening.

 

And David Jones, a former minister at the Department for Exiting the EU said
Mrs May's proposal looked set to breach her "red lines" on leaving the
customs union, single market and jurisdiction of the European Court of
Justice.

 

Former Education Secretary Nicky Morgan, who campaigned to stay in the EU,
said any ministers who do not like the deal agreed on Friday should consider
resigning from cabinet, rather than "undermining" it afterwards.

 

Often the hype about a political event is in inverse proportion to the drama
of what actually comes to pass. Maybe not this time.

 

To say that Brexiteer ministers are a bit miffed with Mrs May's plan, which
they only received in its entirety on Thursday afternoon, is an
understatement.

 

There is plenty in there that they don't like, and it's easy to see why.

 

Ahmed: Treasury plays 'softest' Brexit card

The Times reported a senior government source saying anyone who resigned
during or after the meeting would have to relinquish their ministerial car
immediately and either take a taxi or walk to the nearest station, about two
miles away.

 

Ahead of the meeting, Mrs May said: "The cabinet meets at Chequers... to
agree the shape of our future relationship with the European Union.

 

"In doing so, we have a great opportunity - and a duty. To set an ambitious
course to enhance our prosperity and security outside the European Union -
and to build a country that genuinely works for everyone.

 

"We want a deal that allows us to deliver the benefits of Brexit - taking
control of our borders, laws and money and by signing ambitious new trade
deals with countries like the US, Australia and New Zealand.

 

"This is about agreeing an approach that delivers decisively on the verdict
of the British people - an approach that is in the best interests of the UK
and the EU, and crucially, one that commands the support of the public and
Parliament."

 

Why is the summit happening?

 

There have been differing views within the cabinet about how closely the UK
should stick to EU rules after Brexit, and what compromises should be made
to achieve "as frictionless as possible" trade.

 

After months of tension and disagreement, the prime minster is gathering the
entire cabinet at her country retreat, Chequers, with the aim of agreeing a
UK proposal on how future relations should work.

 

After the meeting, the government is expected to publish a White Paper
setting out its plans in detail.

 

That would then be the subject of negotiations with the EU - which might
have different ideas.

 

What does the cabinet need to agree on?

 

Ministers have yet to agree what they want to replace the UK's membership of
the EU's customs union, which allows for tariff-free trading between
members.

 

One of the key issues is the need to avoid new border checks between
Northern Ireland and the Republic of Ireland when the UK is outside the
customs union.

 

The EU and UK say there can be no return to a hard border. But Eurosceptic
MPs have warned Mrs May against tying the UK to the EU after it leaves,
saying this will prevent it from striking its own trade deals with other
countries.

 

Meanwhile 46 other Conservative MPs have written to Mrs May urging her to
listen to the voice of business and target a deal which enables
"frictionless trade to continue".

 

 

What is the proposed trade plan being discussed?

It is understood that the new customs proposal will be put forward on Friday
which would allow the UK the freedom to set its own tariffs on goods
arriving into the country.

 

Technology would be used to determine where the goods will ultimately end up
- and therefore whether UK or EU tariffs should be paid.

 

Downing Street says it is confident the arrangement would be partly in place
by the end of the proposed transition period in December 2020 - with the
system being fully operational by the next general election, due in 2022.

 

On regulations, it is understood that the UK would closely mirror the EU's
rules on some goods but not services - but Parliament would be able to
decide where to deviate.

 

Minister David Lidington said there could be a common rulebook on industrial
products, as components have to cross borders repeatedly, and agricultural
goods which would be held up by veterinary checks.

 

However, the arrangement has not been explained in full - and it is not
clear whether the cabinet will back the plan, or whether the EU will agree
to it.

 

A source close to Brexit Secretary David Davis refused to comment on a Daily
Telegraph report that he had already told Mrs May the plan was unworkable.

 

Why now?

The UK is due to leave the European Union at 23:00 GMT on 29 March 2019.

 

But to allow time for parliaments in the UK and the EU to approve whatever
deal is agreed, the aim is for the framework for future relations to be
agreed this autumn.

 

 

But the UK government has not, as yet, settled on what its post-Brexit
relationship with the EU should look like, amid the divisions over what to
do about customs.

 

EU leaders last week told Mrs May it was time to "lay the cards on the
table" if a Brexit deal was to be done on time and said the most difficult
issues were yet to be resolved.

 

Businesses have also been stepping up the pressure on the government. The
British Chambers of Commerce warned the prime minister this week that firms
were running out of patience over the lack of progress in Brexit talks.

 

A number of high-profile businesses, including Jaguar Land Rover, Airbus and
BMW, have warned that leaving the EU without a deal could see production
relocated.--BBC

 

 

Boeing strikes aircraft deal with Brazil's Embraer

Boeing has agreed a deal that will give it control of Embraer's commercial
jet business.

 

The proposed joint venture will give the US aerospace giant a significant
stake in the market for smaller passenger planes.

 

Boeing has been courting Brazil's Embraer for some time.

 

The need for a deal has recently become more pressing since its European
rival, Airbus, took control of Bombardier's C-Series regional jet programme.

 

Its deal with the Canadian company had threatened to give Airbus a
significant advantage in the global marketplace.

 

The agreement, which values Embraer's commercial aircraft operations at
$4.75bn, will restore parity between Boeing and Airbus.

 

Under the proposed deal, Embraer's commercial business will be placed in a
new joint venture, with Boeing holding an 80% stake worth $3.8bn (£2.9bn).

 

Embraer is a Brazilian industrial champion and a major manufacturer of
military systems.

 

News of the deal sent its shares down more than 10% in Sao Paulo on
Thursday. Some investors had hoped Embraer's share of the joint venture
would be higher than 20%.

 

Dennis Muilenburg, Boeing chief executive, said: "By forging this strategic
partnership, we will be ideally positioned to generate significant value for
both companies' customers, employees and shareholders - and for Brazil and
the US."

 

Boeing said the deal is expected to close by the end of 2019 pending the
necessary approvals.

 

This deal, if it goes ahead, will restore the cosy duopoly between Boeing
and Airbus.

 

In the past, they had the market for large jets to themselves. In the
segment beneath them sat Embraer and Bombardier, equally fierce rivals in
the market for smaller "regional" jets.

 

Both companies, however, showed signs of rising above their station.
Bombardier developed the C-series, a highly efficient aircraft family
capable of competing directly with smaller versions of the Boeing 737 and
the Airbus A320.

 

Embraer, meanwhile, developed the E-195 E2 - slightly smaller, but still
capable of playing in the same ballpark.

 

Boeing tried to kill off the C-series, protesting unsuccessfully about its
funding at the US International Trade Commission.

 

But that simply sent Bombardier into the arms of Airbus, which bought a
majority stake in the C-series programme, strengthening its position in the
market.

 

A Boeing-Embraer deal should restore parity - with both of the big players
having extended their reach into the market for smaller planes.--BBC

 

 

 

South African mineworkers' union rejects Eskom's latest wage hike offer:
source

JOHANNESBURG (Reuters) - South Africa’s National Union of Mineworkers (NUM)
has rejected the latest wage hike offer from state-run power firm Eskom and
is ready to declare a strike from Tuesday if Eskom does not raise its offer,
a union source told Reuters on Friday.

 

The NUM is one of three labour unions locked in a wage dispute with
cash-strapped Eskom, which initially refused to raise salaries this year.

 

The union source, who did not wish to be named, said NUM had rejected
Eskom’s offer of around 6 percent and was holding out for as much as 12
percent in wage talks set to continue on Friday.

 

 

Mozambique airline board sacked after PM left stranded

MAPUTO (Reuters) - The board of Mozambique’s national airline, LAM, has been
sacked after the carrier cancelled flights this week because of financial
difficulties that meant it could not pay for fuel, at one point marooning
Prime Minister Carlos Agostinho do Rosario.

 

State-controlled LAM said it was working to ensure flights resumed on Friday
after the government intervention.

 

The war-scarred southern African nation sits on some of the world’s largest
untapped natural gas reserves but has been cut off from multilateral and
foreign donors after the government admitted to $1.4 billion of undisclosed
borrowing in 2016.

 

Mozambique has been rocked by a spate of beheadings and kidnappings in
recent months that have prompted international energy firms operating in the
northern Cabo Delgado province to introduce added security measures.

 

 

 

Lafarge Holcim's Kenyan unit completes grinding capacity expansion

NAIROBI (Reuters) - Kenya’s Bamburi Cement, which is controlled by Lafarge
Holcim, has completed expansion work at one of its plants to raise its
overall grinding capacity to 3.2 million tonnes a year.

 

The company, one of the East African country’s biggest cement makers, began
the work that cost 4 billion shillings ($40 million) last year.

 

“The line has produced the first bag of cement three days ahead of the
scheduled time,” the company said in a statement released on Friday.

 

Grinding lines are used to mill clinker into cement and to package them into
bags ready for sale.

 

The extra capacity will enable the firm to produce two new brands of cement,
it said, adding that demand for cement in the Kenyan and regional markets
was projected to rise, mainly due to construction of new houses and
investments in the roads network.

 

($1 = 100.6500 Kenyan shillings)

 

 

 

South Africa's rand softer in cautious trade ahead of U.S. jobs release

JOHANNESBURG (Reuters) - South Africa’s rand opened weaker on Friday, giving
back some of the gains from the previous session as investors treaded
cautiously ahead of employment data in the United States.

 

At 0650 GMT the rand was 0.18 percent weaker at 13.5600 per dollar, having
rallied as far as 13.5075 overnight after minutes from the Federal Reserve’s
June meeting struck an even tone, spurring some short-buying while the
greenback remained on pause.

 

Since touching the 14.00 psychological barrier last week to its weakest in
seven months the rand has recovered, pushing below successive technical
resistance points at 13.80 and 13.60 in a broad emerging market relief
rally.

 

With a brewing trade war between the United States and China and rising
lending rates in developed markets, sentiment towards EM’s remains soft,
leading traders to limit large bets and pick up profits on short-term
strategies.

 

On Friday a Reuters poll found the median forecast for the rand in 12 months
showed it would trade around 13.50, although the range of forecasts was wide
with the most bearish forecaster saying it will weaken to 15.00 per dollar.

 

Bonds were flat, with the yield on the benchmark bond due in 2026 unchanged
at 8.72 percent.

 

The Johannesburg Stock Exchange was set to open higher at 0700 GMT, with the
Top 40 futures index up 0.74 percent.

 

 

 

Kenyan shilling expected to appreciate against dollar

NAIROBI (Reuters) - The Kenyan shilling was expected to appreciate against
the dollar on Friday supported by inflows from offshore investors and banks
cutting dollar positions amid dwindling importer demand, traders said.

 

At 0818 GMT, commercial banks quoted the shilling at 100.65/85 per dollar,
unchanged from Thursday’s close.

 

 

Amplats sells stake in Rasimone mine to RBplat for $135 mln

JOHANNESBURG (Reuters) - South Africa’s Anglo American Platinum (Amplats)
has sold its one-third stake in the Rasimone mine to its joint venture
partner for $135 million, it said on Thursday, the company’s latest disposal
as part of a strategic overhaul.

 

Amplats has been selling off labour intensive mines and joint ventures since
2015 as part of a drive to focus on its mechanised mines.

 

The 33 percent stake in Bafokeng Rasimone Platinum Mine (BRPM) would be sold
to partner Royal Bafokeng Platinum (RBPlat), a mid-tier producer of platinum
group metals.

 

“The disposal of interest in the BRPM JV will allow Anglo American Platinum
to focus its capital allocation into its own-managed mines and projects,”
Amplats said in a statement.

 

For RBPlat, the deal hands it full ownership of the mine with roughly
180,000 ounces of platinum output a year.

 

RBPlat is a unit of Royal Bafokeng Holdings, which manages commercial assets
for the Bafokeng tribe, a community of black South Africans that owns 1,200
square km in one of the world’s biggest platinum deposits.

 

The company would fund a portion of the deal with the issue of 9.8 million
shares, it said, adding it intended to pay the rest with three annual cash
instalments.

 

 

($1 = 13.7036 rand)

 

 

Petra Diamonds sells stake in Kimberley JV for $22 mln

(Reuters) - Petra Diamonds has sold its stake in the Kimberley Ekapa Mining
joint venture for about 300 million South African rand ($22 million), the
miner said on Thursday.

 

London-listed shares in the miner, which have more than halved in the last
two years, rose 2.8 percent to 55 pence by 1135 GMT.

 

Petra Diamonds said it would sell its 75.9 percent stake in the business,
which focuses on mining in the South African town of Kimberley, to its joint
venture partner Ekapa Mining.

 

The sale would allow Petra to focus on its Finsch and Cullinan diamond
mines, reduce operational risk for the group and shore up its finances.

 

The company, which operates five mines in Tanzania and South Africa, said it
expected the stake sale to be recorded as a non-cash impairment charge in
the region of $35 to $45 million in its 2018 results.

 

About 600 workers downed tools in September last year in a protest over pay
at the Kimberley Ekapa Mining joint venture and Finsch mine.

 

The labour strike contributed to Petra’s stretched financial position,
forcing it to renegotiate its loan agreements as debt soared.

 

Petra has also been hit by production delays, a confiscated consignment of
diamonds in Tanzania and a strong South African rand and has sought waivers
from its lenders three times.

 

The miner raised $178 million in a rights issue in June to help cut its
mounting debt.

 

“With the strategic priority to ensure all assets in Petra’s portfolio
generate returns and contribute positive cash flow to the business, we view
the disposal as a positive development,” RBC analysts said in a note, while
reiterating its “outperform” rating on the miner.

 

The transaction should be completed the first quarter of Petra’s financial
year 2019 and is subject to regulatory and lender approvals.

 

 

($1 = 13.6785 rand)

 

 

 

 

 

 

 

 

 

 


 

 


 

INVESTORS DIARY 2018

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


NicozDiamond

shares delist from the ZSE

 

06/07/2018

 


Zimbabwe

Heroes’ Day

Zimbabwe

13/08/2018

 


Zimbabwe

Defence Forces Day

Zimbabwe

14/08/2018

 


The Harare Agricultural Show

The Harare Agricultural Show

The Harare Agricultural Show

August 27- September 1

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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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