Major International Business Headlines Brief::: 17 July 2018

Tue Jul 17 10:52:18 CAT 2018

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Major International Business Headlines Brief::: 17 July 2018

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

*  South Africa's rand weaker in cautious early trade

*  S.Africa's Solidarity union on verge of wage settlement with Eskom:
source

*  IMF team due in Zambia to discuss its debt levels

*  Namibia's economy to grow by 1 pct in 2018: finance minister

*  MTN's Dubai subsidiary sells MTN Cyprus for $304 million

*  Amplats expects first-half profit to more than quadruple

*  China willing to invest $3 bln in Nigerian oil operations -NNPC

*  UAE pledges $10 bln in investment, South Africa says

*  Telecom Egypt, Liquid Telecom sign MOU to complete fibre network from
Cape Town to Cairo

*  Police arrest ex-CEO of Kenya Power company

*  Netflix shares plunge as subscriber growth stalls

*  Amazon faces web issues around the world on Prime Day

*  Google's job hunting service comes to UKAI will create as many jobs as it
displaces - report

*  Trump tariffs will hurt global growth, IMF warns

 <mailto:info at bulls.co.zw> 

South Africa's rand weaker in cautious early trade

JOHANNESBURG (Reuters) - South Africa’s rand weakened early on Tuesday,
giving back the previous session’s gains as some investors took profits
ahead of key data releases later in the week.

At 0700 GMT the rand was trading at 13.2250 to the dollar, 0.21 percent
weaker than its close of 13.2125 overnight in New York as a breach of the
13.25 technical resistance mark triggered some technical selling.

The rand rallied to a new four-week best on Monday on the back of the
uncertain dollar trajectory, but retreated early on with investors awaiting
the next catalyst.

On Tuesday investors will look for signs of additional interest rate hikes
from the Federal Reserve when Chairman Jerome Powell testifies before
congress.

“They might struggle to continue raising rates at the pace that they were.
This will put the dollar on the back foot again and makes emerging markets
look more attractive as we have got the higher yield,” said Rand Merchant
Bank forex trader, Jan Sluis-Cremer.

South Africa’s June consumer inflation data and interest rates decisions are
due on Wednesday and Thursday this week. Rates are expected to remain
unchanged at 6.5 percent.

The yield on the benchmark government bond due in 2026 fell 0.5 basis points
to 8.715 percent.

Stocks opened flat, with the Johannesburg Stock Exchange Top 40 futures
index down 0.1 percent.

 <mailto:info at bulls.co.zw> 

S.Africa's Solidarity union on verge of wage settlement with Eskom: source

JOHANNESBURG (Reuters) - South Africa’s Solidarity trade union expects to
reach a wage settlement with state-run power utility Eskom on Tuesday, a
union source said on Monday.

Eskom is also in talks with two other unions to avert potential strike
action which would hit Africa’s most industrialised economy hard.

IMF team due in Zambia to discuss its debt levels

LUSAKA (Reuters) - An International Monetary Fund team is expected in Zambia
next week as part of consultations on the country’s debt levels, Treasury
secretary general Fredson Yamba said on Monday.

In February the IMF rejected Zambia’s borrowing plans, saying they risked
making it harder for the southern African country to sustain its debt load.

Copper-producing Zambia has since come up with a new debt plan it hopes will
clear the way for the IMF to agree a $1.3 billion loan.

Zambia’s debt was sitting at $9.3 billion, roughly a third of its gross
domestic product, at the end of March. [nL8N1TG5R1]

“We want to look at our debt figures. They submitted a number of questions,
which we have responded to. We are just verifying how the numbers are
seated,” Yamba told Reuters.

Yamba said the consultations would take place from July 23-28 and address
Zambia’s debt, fiscal deficit and related issues though not its request for
a new IMF aid programme.

Namibia's economy to grow by 1 pct in 2018: finance minister

WINDHOEK (Reuters) - Namibia’s economy will expand by at least 1 percent
this year and by double that by 2020, Finance Minister Calle Schlettwein
said on Monday, following a recession last year in a broad based
contraction.

The southern African nation’s small economy contracted in the final two
quarters of 2017, and by 0.1 percent in the first quarter, but Calle said
growth would be driven by rising commodity prices.[NnL8N1RB2FO]

MTN's Dubai subsidiary sells MTN Cyprus for $304 million

JOHANNESBURG (Reuters) - South Africa-based mobile telecommunications
company MTN Group Ltd said on Monday its Dubai subsidiary sold its Cyprus
business to Monaco Telecom S.A for 260 million euros($304 million).

Africa’s biggest mobile telecoms group said that as part of the deal to sell
MTN Cyprus it would allow the use of the MTN brand in Cyprus for up to three
years for a fee.

MTN Cyprus, which is the South African company’s only business in the
European Union, was acquired as part of the acquisition of telecoms holding
company Investcom LLC in 2006.

“It falls outside the group’s core footprint of Africa and the Middle East,”
MTN said in a statement.

Johannesburg-listed MTN, which has businesses in 24 countries in Africa and
the Middle East, is expanding in the continent and plans to launch a mobile
service in Namibia in August.

($1 = 0.8548 euros)

Amplats expects first-half profit to more than quadruple

JOHANNESBURG (Reuters) - South Africa’s Anglo American Platinum (Amplats)
flagged a more than 350 percent increase in half-year profit boosted by
improved operational performance and a more favourable rand basket price for
the metal.

Amplats said it expects headline earnings per share (HEPS) to come in
between 1,249 cents ($0.94) and 1,302 cents per share for the six months
ended June 30, compared with 285 cents per share a year earlier.

HEPS is the main profit measure used in South Africa that strips out certain
one-off items.

($1 = 13.2307 rand)

China willing to invest $3 bln in Nigerian oil operations -NNPC

ABUJA (Reuters) - China National Offshore Oil Corp (CNOOC) is willing to
invest $3 billion in its existing oil and gas operation in Nigeria, the
Nigerian National Petroleum Corporation (NNPC) said on Sunday following a
meeting with the Chinese in Abuja.

During a visit to Nigeria’s state-owned NNPC, CNOOC Chief Executive Yuan
Guangyu said the Beijing-based oil company had invested more than $14
billion in its Nigerian operations and expressed readiness to invest more.

Guangyu said Nigeria was their largest investment destination and also asked
the NNPC to seek common grounds with CNOOC for enhanced productivity.

Nigeria has been holding talks with oil majors over new finance agreements
for joint ventures since last year. The NNPC last year signed financing
agreements with Chevron and Shell worth at least $780 million to boost crude
production and reserves.

Other western oil companies, including ExxonMobil (XOM.N), operate in
Nigeria through joint ventures with NNPC.

UAE pledges $10 bln in investment, South Africa says

JOHANNESBURG (Reuters) - The United Arab Emirates (UAE) has pledged to
invest $10 billion in South Africa’s economy, including the tourism and
mining sectors, the South African presidency said on Saturday.

Saudi Arabia committed a similar sum with a focus on energy during a Middle
East visit by South African President Cyril Ramaphosa, who has set an
ambitious target of attracting $100 billion in investment to kick-start an
ailing economy.

“The UAE announced its plans to invest $10 billion in key sectors of South
Africa’s economy, such as tourism and mining among others, to support the
sustainable development of the country,” the presidency said in a statement
after Ramaphosa visited the federation of seven emirates on Friday.

Telecom Egypt, Liquid Telecom sign MOU to complete fibre network from Cape
Town to Cairo

CAIRO (Reuters) - Telecom Egypt has signed a memorandum of understanding
with Liquid Telecom to enable the pan-African group to complete Africa’s
terrestrial fibre network stretching across the African continent, the
companies said on Saturday.

Liquid Telecom, a subsidiary of Econet Wireless Global, has been building a
fibre network across southern Africa covering Botswana, Democratic Republic
of Congo, Lesotho, South Africa, Zambia and Zimbabwe. It also has a presence
in Rwanda, Kenya and Uganda.

“Liquid Telecom will link its network from Sudan into Telecom Egypt’s
network via a new cross-border interconnection – bringing together a 60,000
km network that runs from Cape Town, through all the Southern, Central and
Eastern African countries, and has now reached the border between Sudan and
Egypt,” the two companies said in a statement.

They did not provide a time frame for the completion of the network or any
estimate of the cost.

“Completing our vision of building a single network running on land, all the
way from Cape to Cairo is a historic moment for the company and for a more
connected Africa,” Strive Masiyiwa, founder and executive chairman of
Econet, said in the statement.

Police arrest ex-CEO of Kenya Power company

NAIROBI (Reuters) - Kenyan authorities said on Saturday they had arrested a
former chief executive officer of the state-run distributor Kenya Power on
suspicion of economic crimes and wanted to charge the current chief
executive.

Kenya has been hit by a new spate of scandals involving bogus tenders and
suppliers with the alleged theft of hundreds of millions of shillings by
state officials from several government bodies.

The Directorate of Criminal Investigations said on Twitter their detectives
had arrested Ben Chumo, former Kenya Power chief executive officer, Beatrice
Meso, its general manager for corporate affairs and company cecretary, and
Peter Mwicigi, its general manager regional co-ordination.

When sought for comment, Chumo asked to be called back later. Meso and
Mwicigi were not immediately available to comment.

The Directorate of Criminal Investigations said two other Kenya Power
managers it was looking for had surrendered into their custody on Saturday.

The office of the Director of Public Prosecutions said it planned to charge
eight other Kenya Power officials including Ken Tarus, the present chief
executive officer, who at the time of the alleged offences was the general
manager for finance. The charges relate to economic crime and abuse of
office.

Tarus’s phone was off and he was not immediately available to comment.

Also to be charged are four directors of a private company, Muwa Trading.

The prosecutor’s office said the charges arose from a 2012 contract between
Kenya Power and Muwa Trading which led to the loss of $3.1 million for the
supply of transformers, most of which the prosecutor said were faulty.

The office said other charges arose from the awards of labour and transport
contracts in 2017. It recommended Tarus and eight other Kenya Power
officials and four officials from another private company, Millers
Enterprises, be arraigned in court.

Netflix shares plunge as subscriber growth stalls

Netflix shares plunged by more than 14% in after-hours trade on Monday,
after the firm reported disappointing subscriber growth.

Netflix said it added 5.2 million subscribers in the three months to the end
of June, the same number it did during the period last year.

The streaming service had forecast growth of 6.2 million.

The decline in share price follows a successful run for the stock, which had
roughly doubled so far this year.

The firm's shares ended Monday's trading session at about $400, but tumbled
by 14% after the market closed as investors digested the firm's quarterly
results.

Investors are worried about Netflix's growth potential in the face of
increased competition from tech giants such as Apple, YouTube and Amazon, as
well as traditional firms, which have started to invest more in online
streaming.

Disney, for example, plans to launch its own streaming service and stop
licensing some of its material to Netflix.

Why is Disney buying Fox?

6 Things we learned from the Emmy nominations

Netflix acknowledged the challenges, but said its strategy is to "keep
improving".

"We believe that consumer appetite for great content is broad and that there
is room for multiple parties to have attractive offerings," it said.

In a letter to investors, Netflix called it a "strong but not stellar
quarter", ending with about 130 million subscribers globally.

The firm added just 670,000 subscribers in the US - far short of the more
than one million it added in the second quarter of 2017.

It added 4.5 million subscribers internationally, fewer than the two most
recent quarters but up 8% year-on-year.

However, it said its finances were strong. The company reported $3.9bn in
quarterly revenue, up 40% compared to the second quarter of 2017.

Profits totalled $384.3m, almost six times the figure during the same period
a year ago.

Analysis - Dave Lee, BBC North America technology reporter, San Francisco

In its note to investors, Netflix pointed out a landmark achievement ahead
of this year's Emmy's - it had, for the first time, earned more nominations
than rival HBO. A huge stamp of approval for the firm's original content.

But critical acclaim is worthless to Netflix unless it translates into
booming business. Growth is the only metric that really matters to the
firm's investors, and so this is a big miss - reflected in the stock price
tanking on Monday.

However, investors might be wise to not lose their heads - this
disappointing earnings report comes off the back of two extremely strong
quarters of comfortably beating expectations on adding subscribers.

Netflix said its strategy will be to "simply keep improving" as more players
start to step up their efforts to muscle in on its turf.--bbc

Amazon faces web issues around the world on Prime Day

Shoppers in the US and elsewhere are struggling to access Amazon's website
as one of its biggest annual sales, Prime Day, gets under way.

Many reported the e-commerce platform had crashed, showing them only an
error message that read: "sorry, something went wrong on our end".

The issues are centred on the US but are occurring on other continents too.

DownDetector.com, which tracks outages, said the problems began shortly
after the sale kicked off at 15:00 in the US.

In a tweet, Amazon said it was working to resolve the issues.

According to reports, users have experienced errors on both the desktop site
and the mobile app.

Some saw an error page featuring the "dogs of Amazon" and were unable to
enter the site, while others could not enter specific product pages.

Some were unable to complete purchases at checkout, while others reported
that the "deals" page and "Shop all deals" button had disappeared from the
site.

Many shoppers reacted with irritation on Twitter.

According to DownDetector, most of the outages are centred on the US.
However, it has also reported issues with Amazon's sites in Europe, Africa,
South America, Russia, Asia and Australasia.

Others have reported experiencing problems with Amazon's video streaming
services and its virtual assistant Alexa.

Amazon launched Prime Day in 2015 and by 2017 it was its second biggest
shopping day, topped only by Cyber Monday.

The 36-hour event was projected to break records again this year, with
industry analysts estimating the company could make at least $3.4bn (£2.6bn)
in sales.

However, some warned the glitches could make it hard to achieve these
numbers.

"The outage is especially problematic as many of Amazon's Prime deals are
promoted for a set window of time - something that could cause a great deal
of frustration for potential customers," GlobalData Retail Managing Director
Neil Saunders told CNBC.--bbc

Google's job hunting service comes to UK

Google has secured several of the UK's largest recruitment services for a
local version of its jobs-hunting tool.

Reed, Guardian Jobs, Haymarket and Totaljobs.com are among those providing
listings, in addition to global sites such as LinkedIn and Glassdoor.

The facility automatically shows the "freshest and most relevant" openings
based on a user's location when they type relevant terms into Google Search.

But one expert said those involved might come to regret the tie-up.

For now, the US tech giant is not charging employment sites to feature their
listings nor using the service to place any extra adverts beyond those that
normally appear within its results.

In addition, applicants must still click through to the individual
third-party jobs platforms to apply for a post.

But one industry-watcher suggested this arrangement could change.

"Google is a behemoth of search, it controls the gateway to the internet -
so I can understand why others feel they have to be part of its jobs
service," commented Robert Jeffrey, editor of People Management magazine.

"But undoubtedly it will start charging for placement and other premium
services.

"And for third-party sites that represents a risk."

Commute times

The Google For Jobs service already exists in the US, Spain and parts of
Africa, where the firm claims to have already connected millions of people
to new job opportunities.

In addition to the larger listing sites, Google has also partnered with
thousands of smaller specialist platforms.

"What job seekers get is the ability to find jobs from all over the
internet," product manager Joy Xi explained.

"What the employers get is easier discoverability."

She added that there were also other advantages over individual sites.

For example, Ms Xi said Google's "search smarts" meant applicants would not
have to carry out multiple searches to find similar posts listed under
different titles - for example: programmer, software engineer and developer.

In addition, she said, the firm's Maps data had been referenced to let users
see how long it would take to commute to each post.

Even so, one major vacancies site is refusing to share its data - Indeed.

The 14-year-old firm also acts as a listings aggregator and claims to be the
world's most popular jobs hunt service with more than 200 million unique
visitors a month.

"At this time, Indeed has decided not to partner because we feel that's the
best decision for jobseekers," its marketing chief Paul D'Arcy told the BBC.

"Moving forward, we will continue to evaluate this and other partnerships."

Indeed's recent efforts to maintain its lead include the acquisition of the
CV-building service Resume.com, and launch of new tools for employers to
help them tackle any hiring biases.

However, its decision to avoid the new service means links to Indeed pages
now appear further down Google's results pages.

"Indeed is the biggest in the market at the moment, and it may feel like
it's got the most to lose by getting into bed with Google," said Mr Jeffrey.

"But it's a brave move."--BBC

AI will create as many jobs as it displaces - report

Artificial Intelligence (AI) will create as many jobs in the UK as it will
displace over the next 20 years, a report has said.

The analysis, by accountancy giant PwC, found AI would boost economic
growth, creating new roles as others fell away.

But it warned there would be "winners and losers" by industry sector, with
many jobs likely to change.

Opinion is split over AI's potential impact, with some warning it could
leave many out of work in future.

The pessimists argue AI is different to previous forms of technological
change, because robots and algorithms will be able to do intellectual as
well as routine physical tasks.

Northern jobs 'most at risk from robots'

Automation 'puts half of NI jobs at risk'

However, John Hawksworth, chief economist at PwC, said: "Major new
technologies, from steam engines to computers, displace some existing jobs
but also generate large productivity gains.

"This reduces prices and increases real income and spending levels, which in
turn creates demand for additional workers.

"Our analysis suggests the same will be true of AI, robots and related
technologies, but the distribution of jobs across sectors will shift
considerably in the process."

PwC said about seven million existing jobs could be displaced by AI from
2017-2037, but about 7.2 million could be created, giving the UK a small net
jobs boost of around 200,000.

Some sectors would benefit disproportionately, however, with jobs in health
increasing by 22%, scientific and technical services by 16% and education by
6%.

By contrast manufacturing jobs could fall by 25%, transport and storage by
22% and public administration by 18%, PwC said.

Digital skills

"As our analysis shows, there will be winners and losers," said Euan
Cameron, PwC's AI lead in the UK.

"It's likely that the fourth industrial revolution will favour those with
strong digital skills, as well as capabilities like creativity and teamwork
which machines find it harder to replicate."

A growing body of research claims the impact of AI automation will be less
damaging than previously thought.

In April, the OECD criticised an influential 2013 forecast by Oxford
University that found about 47% of jobs in the US in 2010 and 35% in the UK
were at "high risk" of being automated over the following 20 years.

The OECD instead put the US figure at about 10% and the UK's at 12% -
although it did suggest many more workers would see their tasks changing
significantly.--BBC

Trump tariffs will hurt global growth, IMF warns

The outlook for the global economy has darkened as trade tensions rise and
growth becomes uneven, according to the International Monetary Fund (IMF).

While the IMF has maintained its global growth forecast of 3.9% for this
year and next, it has cut the outlook for the UK and the eurozone among
others.

It said rows over trade are "greatest near-term threat" to the world
economy.

It added: "The possibility for more buoyant growth than forecast has faded
somewhat.

"Downside risks, on the other hand, have become more salient."

How the US is waging its trade war with China

Donald Trump: European Union is a foe on trade

The comments in the IMF's updated World Economic Outlook forecast have
emerged against a backdrop of protectionist tariffs by the US which have led
to retaliation from Europe, China, Mexico and Canada.

The new tariffs represent just a small share of global trade for now but the
IMF warned that if the measures escalate they could shave 0.5% off global
growth by 2020.

"The risk that current trade tensions escalate further—with adverse effects
on confidence, asset prices, and investment—is the greatest near-term threat
to global growth," the IMF's economic counsellor Maury Obstfeld said.

The IMF already expects trade volumes to grow by less than expected this
year, rising 4.5%, against its 4.8% forecast.

It said the US is particularly vulnerable due to retaliation.

Despite the concerns about trade, the IMF maintained its growth forecasts
for the US and China for 2018.

In the US, the fund predicts economic expansion of 2.9% this year, as tax
cuts and increased government spending fuel a temporary surge.

China's GDP growth is forecast at 6.6%, but the IMF said measures the
country is taking to reduce debt could lead to unanticipated negative
effects.

Slowdown in Europe

Europe, by contrast, is grappling with unforeseen slowdown, as it wrestles
with political uncertainty and issues related to Brexit.

The IMF cut its 2018 forecast for the UK to 1.4% in 2018, down 0.2% from its
April projection.

It also said it expects the euro area economy to slow to 2.2%, also 0.2%
lower than predicted.

Overall, advanced economies are expected to grow by 2.4% this year, down
0.1% from the fund's April outlook.

The IMF said it continues to expect emerging markets and developing
economies to grow by 4.9% this year.

But it cautioned that the headline figure masks stress in certain economies
caused by factors like rising oil prices, a stronger dollar and increasing
interest rates.

In Brazil, the IMF expects growth of 1.8%, 0.5% less than it did in April.

In India, the IMF predicts growth of 7.3% this year, down 0.1% due to rising
oil prices.--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> 

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
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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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