Major International Business Headlines Brief::: 12 July 2018

Thu Jul 12 10:04:24 CAT 2018

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Major International Business Headlines Brief::: 12 July 2018

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*  South Africa's Reserve Bank to talk tough, but hold steady - poll

*  Zambia says debt restructuring will not disrupt Chinese projects

*  Barclays Africa returns to its South African roots with Absa rebranding

*  Rio Tinto's minerals sands operation in South Africa shut by protests

*  Kenya says Nairobi-Mombasa refined products pipeline ready for use

*  OPEC sees lower 2019 demand for its oil, points to return of surplus

*  Steinhoff in talks with creditors over deal to delay debt claims

*  Libyan NOC announces reopening of key oil export terminals

*  Brazil's Petrobras nears $1.3 bln sales of African venture stake -paper

*  Sky battle escalates as Comcast raises offer to £26bn

*  Brent crude suffers biggest price drop in two years

*  ZTE inches closer to resuming business in US

*  Papa John's founder resigns as chairman over N-word controversy

*  Ryanair cancels 30 flights as pilots strike in Ireland

 <mailto:info at bulls.co.zw> 

South Africa's Reserve Bank to talk tough, but hold steady - poll

JOHANNESBURG (Reuters) - South Africa’s Reserve Bank will probably talk
tough on taming rising consumer prices but choose to leave the repo rate
unchanged next week to give the economy a chance to grow, a Reuters poll
found on Thursday.

All 25 economists surveyed in the past week said the Reserve Bank would keep
rates unchanged at 6.50 percent on July 19. The bank last cut rates in
March, by 25 basis points, when inflation was moderating.

“The monetary policy rhetoric is likely to be quite hawkish at the upcoming
committee meeting, but we don’t expect any interest rate hike yet,” said
Elna Moolman, economist at Standard Bank in Johannesburg.

Inflation quickened 0.7 percentage points to 4.5 percent in April due to a
new value added tax and fuel cost hikes, but dipped to 4.4 percent the
following month, and May could have marked the end of an easing cycle by the
South African Reserve Bank (SARB).

There is just 10 percent probability the central bank will change rates at
this meeting, the poll showed, and only two economists surveyed expect any
movement this year. Medians suggest no movement until 2020 at least.

Markets cheered Cyril Ramaphosa’s new presidency at the turn of the year,
sending the rand around 10 percent stronger, but the currency has lost all
those gains in the past six months due to global trade worries and a poor
local economic performance in the first quarter.

However, a separate survey last week said the currency was likely to cruise
through the next 12 months but the outcome of a trade war between the United
States and China could blow it off course. [ZAR/POLL]

On Friday, the United States and China exchanged the first salvos in what
could become a protracted trade war, slapping tariffs on $34 billion worth
of each others’ goods and giving no sign of willingness to start talks aimed
at reaching a truce.

Inflation is expected to average 4.9 percent this year and 5.2 percent next.

Moolman said the SARB would wait for more certainty about the trade war’s
lasting impact on currency and growth, as well as general growth strength
and inflation pass-through from higher oil prices and rand weakness, before
it responds.

“A still cool economy calls for cool heads on the committee, where we deem
it unlikely at this juncture that rate hikes will be considered anytime
soon,” said Jeffrey Schultz, economist at BNP Paribas in Johannesburg.

Economists have steadily trimmed their 2018 growth forecasts from a median
of 1.9 percent in April and this month predicted a 1.5 percent expansion,
0.2 percentage points lower than thought last month. It will accelerate to
2.0 percent next year.

 <mailto:info at bulls.co.zw> 

Zambia says debt restructuring will not disrupt Chinese projects

LUSAKA (Reuters) - Zambia will be careful to ensure its planned debt
restructuring does not disrupt Chinese-financed projects, President Edgar
Lungu said on Wednesday, after China’s ambassador to the southern African
nation sought clarification on the matter.

China is a leading financier of infrastructure projects in Zambia, Africa’s
No.2 copper producer, including roads and hydropower generation plants.

Speaking after he met Chinese ambassador Li Jie, Lungu said there would be
no disruption to financing arrangements, project implementation or
contractual obligations.

Finance Minister Margaret Mwanakatwe would in the coming days lead a Zambian
delegation to China for strategic consultations on the debt restructuring
progamme, Lungu said.

Zambia said in February it would rearrange loans from Chinese companies as
part of a debt management plan aimed at satisfying conditions set by the
International Monetary Fund to unlock a potential $1.3 billion loan.

Zambia’s debt was $9.3 billion, or roughly a third of gross domestic
product, at the end of March, up from $8.7 billion at the end of 2017.

Barclays Africa returns to its South African roots with Absa rebranding

JOHANNESBURG (Reuters) - Barclays Africa changed its name back to Absa on
Wednesday, in a rebranding aimed at underlining its South African roots as
Britain’s Barclays gradually retreats from the continent.

The name change comes almost a year after Barclays sold most of its
controlling stake in Absa, South Africa’s third-largest lender, ending more
than a century of the British bank’s involvement in Africa to focus on its
home market and the United States.

Currently Absa is the brand name for the group’s retail banks in South
Africa but in future all of the group’s operations across Africa will use
that brand name.

“Today we celebrate an important milestone in our pursuit of our vision to
create a banking group that Africa can truly be proud of,” Absa Chief
Executive Maria Ramos said at an event in Johannesburg. “Our new name and
brand are an expression of our new purpose and strategic direction, which
commits us to growing in Africa.”

Absa was originally an acronym for Amalgamated Banks of South Africa. It was
formed in 1991 through the merger of several South African banks including
Volkskas Bank, a financial services conglomerate founded in the 1930s to
mobilise the economic power of Afrikaners, white South Africans of mainly
Dutch descent who ruled under apartheid.

Barclays bought a majority stake in Absa in 2005, but reduced its holding
last year from 62 percent to 15 percent by selling shares to large
investors, including South Africa’s Public Investment Corporation.

The roll-out in South Africa of the new brand would be completed next year,
Absa said in a statement.

Alongside the rebranding, Absa CEO Ramos has drawn up an ambitious growth
strategy to regain market share in retail banking at home and double the
sales contribution from its 10 operations elsewhere in Africa.

Start-up banks and established financial services companies such as insurer
Discovery Ltd are pushing into retail banking in South Africa, pitting them
against five established banks. The market is fiercely competitive but
offers potential as more than 20 percent of South Africans have no bank
account.

For Ramos, competition won’t stop Absa from regaining its market share.

“Are we concerned about competitors like Discovery and what market share
they may be taking away? No, we’re not standing back,” Ramos said. “We’re
going to be competing to retain clients, to regain clients we have lost...
this is a game we intend to win.”

The bank also previously announced plans to expand its corporate and
investment banking unit with offices in New York and London.

Absa, which vies with Standard Bank, Nedbank and FirstRand, will rebrand its
operations elsewhere in Africa by mid-2020.

($1 = 13.4995 rand)

Rio Tinto's minerals sands operation in South Africa shut by protests

JOHANNESBURG (Reuters) - A mineral sands operation on the South African
coast run by Rio Tinto has been closed since Friday due to violent community
protests which saw a security guard killed earlier this week, the company
and a union said on Wednesday.

Community unrest is a common feature of South Africa’s social landscape,
which is marred by high jobless rates and glaring income disparities,
underscoring the social risks for investors in the country’s mining sector.

“Due to the escalation in activity around the blockades on the access roads,
staff were sent home on Friday. Our highest priority is the safety of our
people,” a Rio spokesman said. The operation, Richards Bay Minerals, is on
South Africa’s Indian Ocean coast.

Mzi Zakwe, the regional secretary for the National Union of Mineworkers
(NUM), told Reuters the union’s 900 members were on forced leave because of
the violence, which he said was rooted in grievances between the company and
contractors.

Unrest has hit the area before, which is also near South Africa’s main coal
terminal.

Elsewhere in South Africa, the eastern limb of the platinum belt was hit by
more than 400 incidents of social unrest impacting mining operations since
between the start of 2016 and April this year according to data compiled by
Anglo American Platinum and reviewed by Reuters.

Kenya says Nairobi-Mombasa refined products pipeline ready for use

NAIROBI (Reuters) - A refined products pipeline linking Kenya’s capital
Nairobi with the port city of Mombasa is complete and ready for use,
state-run Kenya Pipeline Company (KPC) said on Wednesday.

The 450 km pipeline will eliminate an estimated 700 oil tanker trucks per
day that transport fuel by road between Mombasa and Nairobi, KPC said in a
statement.

It “will also enhance and improve the reliability of fuel supply to the
export markets of Uganda, Rwanda and eastern Democratic Republic of Congo,”
said managing director Joe Sang.

Construction began in July 2014 on the pipeline which replaces one built in
1973 by Lebanon’s Zakhem International that had outlived its 30-year
lifespan and was prone to ruptures.

The pipeline would have a throughput of 1 million litres per hour once
commissioned, said John Munyes, minister for Petroleum and Mining, during a
ceremony to receive the first batch of refined products in Nairobi.

The company said at present it pumps 80 percent of all imported oil products
in Kenya, with the remaining 20 percent being transported by road. These
typically include petrol, diesel, kerosene and jet fuel.

KPC said it had also completed construction of four new storage tanks in
Nairobi to increase capacity by 133 million litres from 612.3 million litres
countrywide at present.

OPEC sees lower 2019 demand for its oil, points to return of surplus

LONDON (Reuters) - OPEC on Wednesday forecast world demand for its crude
will decline next year as growth in consumption slows and rivals pump more,
pointing to the return of an oil market surplus despite an OPEC-led pact to
restrain supplies.

Giving its first 2019 forecasts in a monthly report, the Organization of the
Petroleum Exporting Countries said the world would need 32.18 million
barrels per day (bpd) of crude from its 15 members next year, down 760,000
bpd from this year.

The drop in demand for OPEC crude means there will be less strain on
producers such as Saudi Arabia in making up for supply losses such as
falling Venezuelan and Libyan output, and an imminent drop in Iranian
exports as U.S. sanctions return.

“Following the robust growth seen this year, oil market developments are
expected to slightly moderate in 2019, with the world economy and global oil
demand forecasts to grow slightly less,” OPEC said in the report.

Oil topped $80 a barrel this year for the first time since 2014, boosted by
OPEC-led output cuts and involuntary supply losses. U.S. President Donald
Trump has been urging Saudi Arabia and OPEC to raise output to cool prices.

OPEC and a group of non-OPEC countries agreed on June 22-23 to return to 100
percent compliance with oil output cuts that began in January 2017, after
months of underproduction by Venezuela and others pushed adherence above 160
percent.

The strong pace of oil demand that helped OPEC balance the market is
expected to wane next year. OPEC expects world oil demand to grow by 1.45
million bpd, down from 1.65 million bpd in 2018, and said any upside could
be accommodated.

“If the world economy performs better than expected, leading to higher
growth in crude oil demand, OPEC will continue to have sufficient supply to
support oil market stability,” OPEC said.

Oil prices maintained an earlier decline on Wednesday after the release of
the OPEC report, trading around $77 a barrel.

OUTPUT RISING

In June, OPEC oil output rose by 173,000 bpd to 32.33 million bpd largely
due to higher Saudi production, the report said, citing figures OPEC
collects from secondary sources.

This means compliance with the original supply-cutting deal has slipped to
130 percent, according to a Reuters calculation, meaning members are still
cutting more than promised.

OPEC’s June output is 150,000 bpd more than OPEC expects the demand for its
oil to average next year, suggesting a small surplus in the market should
OPEC keep pumping the same amount and other things remain equal.

Still, a drop in Iranian exports could easily push the balance back to
deficit. Iranian news agency Mehr, citing figures from the state oil
company, said oil exports would drop by 500,000 bpd with the restart of
sanctions.

And the higher prices that have followed the OPEC-led deal have prompted
growth in rival supply and a surge of U.S. shale. OPEC expects non-OPEC
supply to expand by 2.1 million bpd next year, far more than the expansion
in world demand.

Next year’s supply growth will be led by the United States, with Brazil and
Canada also contributing. But OPEC sees U.S. shale supply additions slowing
in the second half of 2018 and into 2019 as bottlenecks persist.

“Some of the planned pipeline capacity increases have been delayed, and as a
result, the takeaway capacity issue could remain a major constraint until
next winter,” OPEC said.

Steinhoff in talks with creditors over deal to delay debt claims

JOHANNESBURG (Reuters) - Steinhoff, is in talks with creditors over an
agreement to hold off debt claims for three years while the troubled South
African retailer restructures 9 billion euros ($10.55 billion) of debt, it
said on Wednesday.

“The launch of the LUA (lock-up agreement) marks the culmination of several
weeks of discussions with the ad hoc committees of third party creditors,”
Steinhoff said in a statement.

“(It) represents an important step in the restructuring process.”

Steinhoff shares jumped following the announcement and were up more than 20
percent at 2.26 rand per share by 1517 GMT.

Creditors have until July 16 to sign the lock-up agreement, the owner of
Mattress Firm in the United States and Poundland in Britain said.

Steinhoff hopes the deal will provide period of stability while the complex
restructuring process is completed.

Steinhoff has been fighting to stay afloat since it revealed holes in its
accounts last December that wiped $15 billion off its market value.

Cut off from credit lines, Steinhoff has been surviving on cash injections
from asset sales.

In June it said it had agreed the main terms of a restructuring deal, under
which all its debt would be restated at par and be given a common maturity
date of three years from the completion of the restructuring agreement.

The lock-up agreement has been signed by the company, Steinhoff Finance
Holding, Steinhoff Europe AG (SEAG), SUSHI and Steinhoff International
Holdings Proprietary Limited.

($1 = 0.8532 euros)

Libyan NOC announces reopening of key oil export terminals

BENGHAZI, Libya/TUNIS (Reuters) - Tripoli-based National Oil Corp (NOC) said
on Wednesday four export terminals were being reopened after eastern
factions handed over the ports, ending a standoff that had shut down most of
Libya’s oil output.

Production and export operations would be restored “within the next few
hours”, an NOC statement said, although the restart at Es Sider and Ras
Lanuf, where workers were evacuated and storage tanks damaged in fighting
last month, was expected to be gradual.

A tanker at Hariga terminal started loading 1 million barrels of crude on
Wednesday afternoon, a port source said.

Eastern factions had effectively blockaded exports from the territory they
control since late June, saying too much oil revenue processed through
Tripoli was going to armed groups based in western Libya, including their
rivals.

The disruption had threatened to keep offline as much as 850,000 barrels per
day (bpd) of Libyan oil, from previous production of a little over 1 million
bpd.

It risked deepening a wedge between rival political and military alliances
based in eastern and western Libya since disputed elections four years ago,
and raised the prospect of complicating U.N.-led efforts to end years of
turmoil since the country’s 2011 uprising.

Ras Lanuf and Es Sider terminals were shut when armed opponents of
eastern-based commander Khalifa Haftar attacked them on June 14.

The assault was repelled a week later, but eastern officials aligned with
Haftar blocked the internationally recognised NOC in Tripoli from
re-entering the ports and stopped loadings at Zueitina and Hariga terminals,
saying they would take control of exports through a parallel NOC based in
the east.

NOC Tripoli said the ports were restored to its control on Wednesday,
allowing it to lift force majeure, a legal waiver on contractual
obligations, at all four terminals. It commended Haftar’s Libyan National
Army for “putting the national interest first” by handing them back.

PORT DAMAGE

Eastern oil facilities guards and the head of the parallel NOC, Faraj Said,
confirmed the ports were reopening, although Said told Reuters that Ras
Lanuf and Es Sider, which have been damaged in repeated rounds of fighting,
required repairs.

“The ports of Zueitina and Hariga are now open for any tankers carrying a
contract. Ras Lanuf and Es Sider need some maintenance,” he said.

A Reuters team that visited the ports on Tuesday found the area littered
with armed vehicles destroyed in last month’s clashes. An engineer at the
Harouge storage tanks in Ras Lanuf said four out of 13 tanks were still
functional, with about 600,000 barrels ready for export.

At Es Sider, an engineer said damage was limited to bullet holes and theft
of vehicles, and that five storage tanks holding 1.4 million barrels are in
use for exports.

Over the past two weeks eastern factions had come under intense
international pressure to end the stoppage, diplomatic sources said.

Sources in the east said conditions for reopening the ports included
ensuring an equitable distribution of resources across Libya, and welcomed
the suggestion late on Tuesday by the U.N.-backed government in Tripoli of a
committee to review central bank spending.

NOC Tripoli Chairman Mustafa Sanalla said the debate over fair distribution
of oil revenues was “at the heart of the recent crisis”.

“The real solution is transparency, so I renew my call on the responsible
authorities, the ministry of finance and central bank, to publish budgets
and detailed public expenditure,” he said in the NOC statement.

But analysts say any deal is likely to be fragile given the slow progress so
far in unifying rival central banks in east and west Libya, reforming
spending and reducing the economic power of armed groups.

Libya’s oil production has fluctuated widely since 2013, sending what was
one of the wealthiest economies in the region into crisis.

The gap between the official and black market exchange rates has fuelled
corruption and criminal activity. Bloated state salaries and subsidies
remain unreformed.

A Western diplomat described the reopening of the ports as a “step in the
right direction,” but said the actions “durability depends on how quickly a
fiscal reform package moves forward”.

Brazil's Petrobras nears $1.3 bln sales of African venture stake -paper

BRASILIA (Reuters) - Brazilian state-controlled oil company Petróleo
Brasileiro SA is close to agreeing the sale of its stake in an African
venture for around $1.3 billion, newspaper Valor Econômico said on Tuesday.

Petrobras, as the company is known, owns 50 percent of Petrobras Oil & Gas
BV, or Petrobras Africa. Grupo BTG Pactual SA holds a 40 percent stake in
the venture and Helios Investment Partners owns the remaining 10 percent.

All three shareholders would sell their stakes, valuing the venture at
around $2.6 billion, Valor said, citing an unnamed source.

Reuters reported on June 18 that a consortium led by Vitol SA had entered
exclusive talks to acquire stakes in Petrobras Africa, emerging as a winner
from a number of bidders including rival commodity trader Glencore Plc.

Representatives for Petrobras and Glencore did not immediately respond to
requests for comment. A Vitol representative declined to comment.

Petrobras Africa participates in two deepwater oil exploration blocks off
the coast of Nigeria that contain the Akpo and Agbami producing fields and
are operated by Total SA and Chevron Corp respectively.

Heavily indebted Petrobras unveiled plans to sell that stake in November as
part of a divestment program aiming to offload $21 billion in assets by
year-end.

Sky battle escalates as Comcast raises offer to £26bn

The battle for Sky intensified on Wednesday night as Comcast raised its bid
for Sky, valuing the pay TV giant at £26bn.

The move by the NBC owner came less than 24 hours after 21st Century Fox
increased its offer to £24.5bn.

That topped Comcast's previous £22bn offer and is part of an escalating war
between media giants including Disney.

Comcast said its sweetened offer has been recommended by Sky's independent
committee of directors.

It was now offering £14.75 a share for Sky compared with £14 from Fox.
Shares in Sky closed 0.5% lower at £14.94 in London on Wednesday.

Comcast said it had "long admired Sky", adding: "We believe it is an
outstanding company and a great fit. Today's announcement further
underscores Comcast's belief and its commitment to owning Sky."

Rupert Murdoch's Fox has been waiting for approval from UK authorities
before putting its offer to Sky shareholders.

Fox expects the Culture Secretary, Jeremy Wright, to give Fox the go-ahead
this week.

Fox increases Sky bid to £24.5bn

Disney increases bid for Murdoch's Fox assets

What are the issues in Fox's Sky deal?

Comcast gatecrashed Mr Murdoch's attempt to buy the 61% of Sky his company
did not already own in February while the Fox deal awaited government
approval.

Comcast's initial offer was considerably higher than the Fox bid that valued
the satellite broadcaster at £18.5bn.

The then Culture Secretary, Matt Hancock, said last month there would be no
public interest concerns with a Comcast takeover of Sky.

If the Department of Culture, Media and Sport gives regulatory go-ahead for
the bid, as is expected, then Fox has 28 days to notify shareholders that
they need to vote on the deal.

The end of the week is also be the deadline for Comcast to post an offer to
Sky shareholders, who then have 60 days to consider that offer under UK
takeover rules.

The skirmish for control of Sky is being fought in the shadow of an even
bigger battle - a struggle for control of prized entertainment assets owned
by Fox, including its stake in Sky.

Disney and Comcast are locked in a battle for those businesses, which
include movie studios, cable channels, National Geographic and a 30% stake
in video website Hulu, as well as Indian network Star.

In June, Disney raised its offer for the assets to $71.3bn (£54bn) in cash
and shares.

Under the deal, Fox would keep Fox Sports, Fox News and Fox Television
Stations and make them into a new company called "New Fox".

Established media companies like Disney are looking for deals that would
help them meet the challenge of fast-growing rivals including Netflix and
Amazon.

Hong Kong-based hedge fund Case Equity Partners, which has a stake in Sky,
said the fact Disney was in a slightly more favourable position for Fox's US
media assets meant that Comcast would fight even harder to win Sky.

"We see a final Sky deal outcome at well over £15 per share," said managing
partner Michael Wegener.--BBC

Brent crude suffers biggest price drop in two years

Oil prices suffered steep falls on Wednesday after Libya said it would boost
supply, even as investors fear that trade tensions will hit demand.

Brent crude dropped 6.9% - the biggest decline in more than two years - to
end at $73.40 a barrel for the global benchmark.

US crude fell 5% to $70.38 a barrel - its worst one-day decline in a year.

The declines followed a months-long rally that had increased prices to some
of the highest levels in recent years.

However, oil prices have been volatile in recent weeks after the US said it
would reinstate sanctions against Iran, a major producer.

Wednesday's sell-off started after the announcement by Libya's National Oil
Corp that it would reopen four export terminals that had been closed since
late June, shutting most of the country's oil output.

The falls came despite a US government report that American crude oil
stockpiles fell by more than 12 million barrels last week and are about 4%
lower than average for this time of year.

OPEC president Suhail Al-Mazrouei said volatility in oil prices was not
desirable: "Fluctuation is not good and we do not like to see lots of
fluctuation in the prices."

Economists are worried that escalating trade tensions between the US and
China will hurt the global economy, lowering demand.

On Tuesday, the US unveiled a list of $200bn worth of products to be hit
with 10% tariffs, prompting China to vow counter-measures.

The back-and-forth followed tariffs on $34bn of each country's goods that
went into effect last week

While fallout from those measures is expected to be relatively limited, that
could change if the fight continues.

China was the world's biggest oil importer last year, followed by the
US.--BBC

ZTE inches closer to resuming business in US

Chinese tech giant ZTE has signed an agreement with the US clearing the way
for it to resume business in the country.

Once ZTE makes a $400m (£303m) security deposit, an order to lift the ban
will be issued, the US Commerce Department said.

ZTE was blocked from buying US parts in April after the US found it violated
trade bans with Iran and North Korea.

The move comes as a US-China trade war is escalating.

"Once the ZTE has completed the $400 million escrow deposit, BIS will issue
a notice lifting the denial order," the US Department of Commerce said on
Twitter, referring to the Bureau of Industry and Security.

How a US-China trade war could hurt us all

US-China trade row: What has happened so far?

ZTE, China's second largest telecoms manufacturer, depends on US-made
components for the production of its handsets.

The ban forced the firm to suspend major operations, prompting China's
President Xi Jinping to ask the US to reconsider the punishment.

In June, the US reached a deal with ZTE that would allow it resume full
activities in the US if it met a range of requirements including: paying a
$1bn penalty, hiring a compliance team chosen by the US, replacing much of
its management board and paying $400m into a holding account to insure
against future violations.

The Trump administration's deal-making with Beijing has been criticised by a
group of bipartisan US senators who want to see the ban kept in place citing
national security and other concerns.

"Allowing ZTE to resume business is a direct betrayal of President Trump's
promise to be tough on China and protect American workers. The
administration's terrible ZTE deal will undermine our national and economic
security," US Senator Chuck Shumer said in a statement.

But the US Commerce Department defended the government's position, saying
the settlement "represents the toughest penalty and strictest compliance
regime the Department has ever imposed in such a case".

The ZTE saga comes at a time when US China relations are already very tense.

The US government last week fired the opening shots of an outright trade war
by placing tariffs on $34bn of Chinese goods. It escalated the dispute this
week by listing another $200bn worth of Chinese products it plans to hit
with tariffs as soon as September.

China, which has begun fighting back, said it was "shocked" by the US action
and has accused it of launching the "largest trade war in economic history."

What is Beijing's 'Made in China 2025' plan?--BBC

Papa John's founder resigns as chairman over N-word controversy

Papa John's founder John Schnatter has stepped down as chairman of the
company's board after apologising for using the N-word in a conference call.

The pizza chain founder used the racial slur in a media training session in
May.

Mr Schnatter quit as chief executive last year after criticising the NFL
over players' national anthem protests.

In a statement on Wednesday, the company said it condemned "racism and any
insensitive language".

It later said it had accepted Mr Schnatter's resignation and that a new
chairman would be appointed in the coming weeks.

The incident happened during a conference call in May between executives at
Papa John's and a marketing agency called Laundry Service.

According to Forbes, the call involved a role-playing exercise that was
supposed to give Mr Schnatter experience in dealing with difficult issues.

When discussing how he would distance himself from racist groups, Mr
Schnatter said that Colonel Sanders, the founder of KFC, had never faced
criticism for using the N-word, Forbes reported.

Trump donor Mr Schnatter stepped down as chief executive of the company in
2017 after he criticised the National Football League (NFL) for not
containing national anthem protests at American football games, which he
said were hurting his firm's sales.

Players had been protesting against the treatment of black people in the US
by kneeling during the national anthem.

President Donald Trump had also criticised the players for the protests and
pressed the NFL to ban them.--BBC

Ryanair cancels 30 flights as pilots strike in Ireland

Ryanair is facing its first day of industrial action in Ireland since the
airline bowed to pressure from staff and recognised trades unions.

The budget airline has cancelled 30 flights on Thursday after the Irish
Airline Pilots' Association voted to strike last week.

Only flights between Ireland and the UK are affected.

However, Ryanair is facing further strikes in Spain, Portugal, Italy and
Belgium later in the summer.

The airline has apologised for the "regrettable disruptions", saying it was
trying to minimise the strike's impact on people travelling to Portugal,
France, Spain, Italy and Greece.

The cancellations are all on high frequency routes between Ireland and UK
destinations including London, where passengers can easily switch to
alternative flights.

The Irish pilots' concerns relate to pay and conditions including a dispute
over seniority, as well as the procedures for allocation of base transfers,
promotions and annual leave.

Last autumn, Ryanair was forced to cancel hundreds of flights after
rostering failures left the airline with insufficient crew. At the time
staff made it clear they were unhappy about their working conditions.

Despite a history of hostility towards unions, the airline eventually agreed
to recognise them in December.

This year the airline has suffered some minor industrial action in Germany
and Portugal, but unions are gearing up for a series of strikes that could
affect routes across the continent.

Cabin crew in Italy will strike for 24 hours on 25 July, while cabin crew in
Spain, Portugal and Belgium will strike for 48 hours on 25-26 July.

Unions have said further action may follow if the airline does not make
concessions on some employment terms.

One of their requests is that they be paid into bank accounts in their own
countries, rather than in the Republic of Ireland.--BBC

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> 

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