Major International Business Headlines Brief::: 31 July 2018

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Major International Business Headlines Brief::: 31 July 2018

 


 

 


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*  Zambia to refinance part of Chinese debt, Eurobonds - finance minister

*  South African power stations operating normally, some protests persist

*  South African rand falls after China manufacturing growth slows

*  Kenyan central bank cuts main lending rate to 9.0 pct

*  S.Africa's economic growth faces risks from public debt, state firm
bailouts - IMF

*  Phone monopoly is big prize in Ethiopia sell-off

*  Eskom workers down tools at some S.African power stations

*  Viettel eyes Ethiopia telecoms sector as government opens market

*  The impact of trade tariffs on two US firms

*  Dixons Carphone says data breach affected 10 million

*  US fights Chinese influence with a $113m investment in Asia

*  Uber halts development of self-driving trucks

*  Would you quote Rick Astley in your out-of-office?

*  House of Fraser offered cash injection by Mike Ashley

*  Spanish taxis block roads in 'anti-Uber' protest

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Zambia to refinance part of Chinese debt, Eurobonds - finance minister

LUSAKA (Reuters) - Zambia wants to refinance portions of Africa’s No. 2
copper producer’s Chinese debt and its Eurobonds as part of a debt austerity
plan, its finance minister said on Monday.

 

Finance Minister Margaret Mwanakatwe said a high level mission from Zambia
would travel to China in August to firm up discussions in order to create
smooth cash flows. Mwanakatwe also said refinancing its Eurobonds was not in
any way a failure to repay them.

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

South African power stations operating normally, some protests persist

JOHANNESBURG (Reuters) - Power stations run by South Africa’s state-run
utility Eskom were operating normally on Tuesday after disruptions on Monday
by workers protesting over wages, the company and union sources said.

 

Eskom said on Monday that the protests raised the risk of electricity cuts
this week in Africa’s most industrialised economy. Similar protests last
month triggered a spate of rolling blackouts, known locally as “load
shedding”.

 

“The situation has improved slightly. There is a huge presence of the police
which is helping to ease movement in and out of our power stations,” Eskom
spokesman Khulu Phasiwe said.

 

“There are still pockets of picketing, but there is no direct impact on our
operations this morning,” he said.

 

A source with the Solidarity trade union, one of three involved in the wage
talks whose members have not taken part in the protests, confirmed that “all
stations are open for workers to enter now.”

 

The National Union of Mineworkers (NUM) says many of its members at Eskom
are on what amounts to a wildcat strike.

 

NUM energy sector coordinator Paris Mashego said the power stations affected
on Monday included Kendal, Hendrina, Arnot, Duvha and Matla, with workers at
the Kriel station expected to down tools on Tuesday.

 

Eskom’s Phasiwe said coal supplies remained a concern.

 

“Six power stations still have low stock levels of coal, so it’s critical
that coal supplies continue to reach those stations,” he said.

 

The threat of protests and outages had appeared to recede after Eskom
offered to raise salaries by around 7 percent annually over the next three
years, but trade unions want bonuses to be paid before they agree a wage
deal.

 

Eskom, which supplies more than 90 percent of South Africa’s power, has been
grappling with labour unrest as it cuts costs aiming to reverse a decade of
steep financial decline.

 

 

South African rand falls after China manufacturing growth slows

JOHANNESBURG (Reuters) - South Africa’s weakened on Tuesday, along with most
emerging- market currencies, as slowing growth in Chinese manufacturing
re-ignited fears about the impact of a trade dispute between China and the
United States.

 

At 0700 GMT, the rand was 0.23 percent weaker at 13.1850 per dollar compared
with a close of 13.1550 in New York.

 

Investors are also cautious before meetings of the U.S. Federal Reserve on
Wednesday and the Bank of England on Thursday, as they assess the effect of
tighter monetary policy after years of cheap money.

 

Growth in Chinese manufacturing slowed more than expected in July, data on
Tuesday showed, as the worsening trade dispute with the United States, bad
weather and weaker domestic demand weighed on factory activity.

 

China, a major source of foreign earnings for commodity exporters like South
Africa, is engaged in a tariff war with the United States, which earlier
this month imposed tariffs on $34 billion of Chinese imports.

 

Locally, South Africa publishes unemployment and June trade figures.

 

Bonds were also weaker, with yield on the benchmark debt due in 2026, adding
0.5 basis points to 8.595 percent.

 

 

Kenyan central bank cuts main lending rate to 9.0 pct

NAIROBI (Reuters) - Kenya’s central bank cut its benchmark lending rate to
9.0 percent on Monday from 9.50 percent, the monetary policy committee said,
adding inflation expectations were well anchored within the target range.

 

“Furthermore, economic output was below its potential level, and there was
some room for further accommodative monetary policy,” the bank said in a
statement.

 

“Consequently, while noting the risk of perverse outcomes, the Committee
decided to lower the Central Bank Rate to 9.00 percent.”

 

At its last meeting in May, the central bank held its key lending rate,
saying the previous rate cut was yet to be fully felt. The bank last slashed
the rate by 50 basis points in March, saying the economy needed a boost.

 

Inflation rose to 4.28 percent in June from 3.95 percent the previous month,
staying within the government’s preferred medium term band of 2.5-7.5
percent.

 

Policymakers have expressed concerns that a cap on commercial lending rates
- in place since late 2016 - had made it difficult to assess the
effectiveness of monetary policy actions.

 

The cap was set at 4 percentage points above the central bank rate.

 

 

S.Africa's economic growth faces risks from public debt, state firm bailouts
- IMF

JOHANNESBURG (Reuters) - The International Monetary Fund on Monday kept
South Africa’s economic growth forecast for 2018 unchanged at 1.5 percent
but warned that the economy faced several headwinds, mainly the rapid rise
in public debt and potential bailouts to state firms.

 

 

“The IMF’s concerns on fiscal policy relates to the rapid increase in public
debt as a share of GDP, which has doubled over the last decade, depleting
fiscal buffers and constraining fiscal policy space,” National Treasury said
in a statement quoting the IMF’s article IV statement following a two
week-long country visit by the lender’s officials.

 

“Risks related to potential SOE’s (state-owned enterprises) bailouts will
further constrain fiscal policy.”

 

 

Phone monopoly is big prize in Ethiopia sell-off

ADDIS ABABA/JOHANNESBURG (Reuters) - In the weeks since Ethiopia announced
sweeping privatisation plans after decades of state control, foreign
businessmen have been beating a path to Belachew Mekuria’s office.

 

“Everyone is here. MTN is here, Safaricom. I mean everyone is coming,” the
new head of the Ethiopian Investment Commission (EIC) said of the stiff
competition to enter the previously off-limits telecoms sector.

 

“A lot of them. Including U.S., by the way,” Belachew, an affable lawyer who
is the first port of call for foreign investors, said with a smile following
an evening meeting with an executive from Kenyan mobile operator Safaricom.

 

Of the industries facing privatisation - the government will also open up
Ethiopian Airlines, the state logistics firm and the power monopoly to
private investment - Ethiopia’s state telecommunications monopoly is the
prize because of its huge protected market.

 

But the form liberalisation takes and the speed with which it is carried out
will hinge on competition between the government’s two top priorities:
raising foreign exchange and creating jobs.

 

Since coming to power in April, Prime Minister Abiy Ahmed, 41, has turned
Ethiopia on its head with a dizzying drive towards openness.

 

On the diplomatic front, he has made peace with neighbouring Eritrea and is
pushing for reconciliation with exiles.

 

Turning to the economy, Abiy aims to loosen the government’s tight grip on
strategic sectors after decades of socialist central planning and
authoritarian rule.

 

The impact of the reform push in sub-Saharan Africa’s second most populous
nation could be huge for multinationals, which are currently restricted to a
handful of sectors. 

 

International telecommunications firms in particular are excited at the
prospect of entering one of the few African telecoms sectors - one that
serves a population of 100 million - still protected by a state monopoly.

 

“Technology companies and telecoms companies want to get in as quickly as
possible. It’s a rare thing,” Andrew Kitson, head of telecommunications
research with BMI Research, told Reuters.

 

“THEY NEED FOREX”

These companies have been eyeing Ethiopia for years.

 

Reuters reported this month that Safaricom, whose parent companies are South
Africa’s Vodacom and Britain’s Vodafone, is in advanced talks to introduce
its popular M-Pesa mobile money service there.

 

MTN, which operates in 24 countries in Africa and the Middle East, last
month said the Ethiopian market “would be a natural fit”.

 

France’s Orange, whose subsidiary Sofrecom won a two-year contract to manage
state-owned Ethio Telecom in 2011, is also interested.

 

“If the state opens a process to privatise or seek a partner for Ethio
Telecom, we would be in the running. That’s certain,” a source close to the
matter said.

 

Vietnam’s state-owned Viettel, which operates or holds licenses in
Mozambique, Burundi, Cameroon and Tanzania, is looking at opportunities in
Ethiopia, a company official said.

 

Other potential suitors include Etisalat and Zain from the Middle East,
Kitson said.

 

A Zain spokesperson was not immediately available. Etisalat did not respond
to a request for comment.  

 

Though the competition has already begun, no one yet knows what the ultimate
prize will be.

 

The government is yet to chose consultancy firms to advise on the overall
shape of privatisation, which will include valuation of Ethio Telecom.

 

Potential scenarios outlined by government officials include the sale of a
minority stake, opening up the sector to competition through the granting of
new licenses to multiple telecommunications operators or a combination of
both.

 

The first option would help address what is perhaps Ethiopia’s most
immediate challenge.

 

“They need new sources of foreign exchange now and one way is to open up to
foreign investors. I don’t think it’s a shortage of technical expertise
within the country that’s driving this,” one telecoms executive told
Reuters.

 

For the past decade, the government has focused on growing its light
manufacturing and garment sectors to create jobs and industrialise the
largely agrarian economy.

 

But despite heavy state investment in infrastructure, exports have been slow
to take off, creating an acute dollar shortage.

 

The central bank governor last week declined to give Reuters the current
level of foreign reserves but economists believe they hover between one to
two months of import cover.

 

Selling a piece of Ethio Telecom, which boasts over 60 million mobile
subscribers, could provide much-needed foreign exchange, especially if the
deal comes with a pledge to maintain the monopoly.

 

It’s a model Ethiopia has used before.

 

In two transactions in 2016 and 2017, Japan Tobacco International (JTI)
bought more than 70 percent of Ethiopia’s National Tobacco Enterprise Share
Company.

 

Though the company only had annual earnings of around $15 million, the
government included a 10-year monopoly, according to a rival bidder. JTI
paid almost $1 billion for the stake.

 

Investor interest in Ethio Telecom could be dampened, however, once it is
forced to open its books to bidders.

 

“We’ve got no idea how big this company is, what its liabilities are, what
its weaknesses are. All we know is how many subscribers,” Kitson said.

 

The government has also made clear the state will maintain a majority stake
and control of the board, which could discourage investors.

 

BETTER, CHEAPER

Abiy is working hard to ease the forex shortage, by encouraging the huge
diaspora to send dollars home, and courting the United Arab Emirates and
Saudi Arabia for deposits into the central bank.

 

Success on that front could give the authorities more options.

 

If the main goal of privatisation is to foster competition to improve
services as a boost to the economy, the government may want to take another
tack.

 

“You cannot grow the manufacturing sector without efficient telecoms and
less costly telecoms services,” the EIC’s Belachew said.

 

Though it wouldn’t generate the same amount of foreign exchange, licensing
other operators could boost government revenues through spectrum license
fees and taxes on mobile services and SIM card sales.

 

With one of the lowest mobile penetration rates in Africa - around 60 phones
per 100 inhabitants - there is plenty of scope for growth.

 

The government may balk, however, over fears Ethio Telecom, currently Addis’
main cash cow, would struggle to keep pace with international competition on
prices and service.

 

A middle way would be to stagger liberalisation, starting with the sale of a
minority stake in Ethio Telecom and, once the partnership has matured,
opening the market to new players.

 

For all the enthusiasm, both from Ethiopian authorities and interested
companies, little has been decided.

 

The government must still establish the bodies that will oversee its
privatisation scheme. It then must hire financial advisors and carry out a
valuation of assets before placing them on the auction block.

 

It could be two years or more before new investors enter the sector,
analysts say.

 

But the current momentum is encouraging, observers say. And officials like
Minister of Public Enterprises Teshome Toga are quick to play up the
government’s determination to follow through on its announcements.

 

“In the last 20 years we have divested fully or partially privatised 377
enterprises,” Teshome told Reuters. “The only difference now is we are
venturing into big enterprises.”

 

 

Eskom workers down tools at some S.African power stations

JOHANNESBURG (Reuters) - Workers at some of South African state-owned
utility Eskom’s power stations have downed tools after an impasse over wages
but supply has not been disrupted, spokesman Khulu Phasiwe said on Monday.

 

A spate of controlled blackouts was triggered last month following
worker-led protests after the cash-strapped utility, which provides
virtually all of South Africa’s power, said it could not afford pay
increases.

 

 

Viettel eyes Ethiopia telecoms sector as government opens market

JOHANNESBURG (Reuters) - Vietnam’s state-owned telecom company Viettel is
eyeing opportunities in Ethiopia, a company official said on Monday, after
the government there announced its intention to liberalise key economic
sectors including telecommunications.

 

The Ethiopian government announced last month it plans to open up Ethiopian
Airlines, the state logistics firm and the power monopoly to private
investment. But the state telecommunications monopoly is seen as the biggest
prize due to its huge protected market.

 

The plan is still in its early stages, but scenarios outlined by the
authorities include the sale of a minority stake in state-owned Ethio
Telecom, the granting of licences to new operators or a combination of both.

 

“With the experiences of Viettel over the years, the option of granting a
new operation licence will create better competition for telcos which is
also the option that we prefer,” a company representative told Reuters.

 

Viettel currently operates or holds licenses in African markets including
Mozambique, Burundi, Cameroon and Tanzania.

 

The official said even if the Ethiopia initially opts to only sell a stake
in Ethio Telecom, which boasts over 60 million mobile subscribers, Viettel
could still be interested.

 

“If Ethiopian government offers the clear and sensitive option for selling
of Ethio Telecom’s shares, Viettel will still thoroughly consider this
option if it is suitable with Viettel’s investment strategies,” the official
said.

 

Other foreign telecoms companies that have expressed their interest in one
of Africa’s last remaining monopoly markets include Johannesburg-listed MTN
and France’s Orange.

 

Reuters reported this month that Kenya’s Safaricom, whose parents are South
Africa’s Vodacom and Britain’s Vodafone, is in advanced talks to introduce
its popular M-Pesa mobile money service there.

 

 

 

The impact of trade tariffs on two US firms

New trade tariffs are raising costs for US businesses, testing their power
to pass on the expenses to consumers.

 

US equipment maker Caterpillar on Monday said strong demand had allowed it
to hike prices to offset $100m-$200m in higher steel and aluminium costs.

 

But while higher prices are shielding some firms, others are under strain.

 

On the same day, food processor Tyson Foods cut its profit forecast, saying
retaliatory duties on US pork and beef exports had lowered US meat prices.

 

It said it expects adjusted earnings per share in the range of $5.70-$6 for
its 2018 financial year due to a surplus in US supply caused by the tariffs.
That was down from its earlier $6.55-$6.70 forecast.

 

Lower prices for beef and pork have also reduced demand for chicken, the
firm added.

 

"The combination of changing global trade policies here and abroad, and the
uncertainty of any resolution, have created a challenging market environment
of increased volatility, lower prices and oversupply of protein," said Tom
Hayes, Tyson Foods president and chief executive officer.

 

The updates were the latest from businesses explaining how trade disputes
are raising costs and shifting demand for products that range from cars to
beer.

 

Passing the cost?

In March, the US announced tariffs on steel and aluminium, prompting China,
the European Union, Mexico and other places to retaliate with import taxes
on US products such as pork, wine and whiskey.

 

Separately, the US and China have also imposed tit-for-tat tariffs of $34bn
on the other country's goods, in a row over intellectual property practices
and state subsidies.

 

US carmakers hit by tariffs disputes

US to give farmers $12bn trade war bailout

While some firms, including Caterpillar, have said they will pass on higher
costs to consumers in the form of higher prices, others are more
constrained.

 

BMW, for example, has said it would raise prices in China by 4%-7% on two
SUV models, which are US-made. But the rise will not completely absorb the
cost of China's new taxes on US vehicles, the firm warned.

 

Harley Davidson told investors it plans to shoulder the cost of European
tariffs on US-made motorcycles in order to remain competitive. It is also
grappling with higher steel and aluminium prices.

 

Inflationary pressure

Overall, analysts expect the duties to have a relatively modest impact.

 

Analysts at US bank Wells Fargo estimate that the US tariffs so far will
boost inflation in the US by 0.1%, but said that the rise could be softened
by price declines for products targeted by other countries for retaliation.

 

The changes come as higher fuel and labour costs fuel stronger inflation in
the US.

 

The index for producer prices climbed 3.4% over the 12 months to July, the
strongest annual gain since November 2011, according to figures from the US
Labor Department.

 

The consumer price index increased 2.9% over the 12 months to June.

 

With wage growth still relatively slow, economists say it's not clear how
many increases households can handle before they reduce spending.--BBC

 

 

 

Dixons Carphone says data breach affected 10 million

Dixons Carphone has said a huge data breach that took place last year
involved 10 million customers, up from its original estimate of 1.2 million.

 

The Carphone Warehouse and Currys PC World owner has been investigating the
hack since it was discovered in June.

 

It said personal information, names, addresses and email addresses may have
been accessed last year.

 

However, no bank details were taken and it had found no evidence that fraud
had resulted from the breach.

 

The hackers also got access to records of 5.9 million payments cards, but
nearly all of those were protected by the chip and pin system.

 

Dixons said it was "very sorry for any distress" caused and it would be
apologising to customers, although it did not say how or over what timescale
it would be contacting them.

 

New security

Dixons said it had been working with leading cyber security experts and had
put in further security measures to safeguard customer information.

 

The National Crime Agency began investigating the breach last month when it
was first revealed. It is working with the National Cyber Security Centre,
the Financial Conduct Authority and the UK's data protection regulator, the
Information Commissioner's Office.

 

Dixons Carphone chief executive Alex Baldock, said: "Since our data security
review uncovered last year's breach, we've been working around the clock to
put it right.

 

"That's included closing off the unauthorised access, adding new security
measures and launching an immediate investigation, which has allowed us to
build a fuller understanding of the incident that we're updating on today.

 

"As a precaution, we're now also contacting all our customers to apologise
and advise on the steps they can take to protect themselves."--BBC

 

 

US fights Chinese influence with a $113m investment in Asia

The US is set to spend $113m on digital economy, energy and infrastructure
in Asia, a move seen as an attempt to counter China's growing influence.

 

US Secretary of State Mike Pompeo made the pledge while outlining the
"Indo-Pacific" economic strategy in a speech to business leaders in
Washington.

 

He said the US believed in "strategic partnerships not strategic
dependency".

 

The announcement comes at a time when the US and China are butting heads in
a tit-for-tat trade war.

 

The Trump administration strategy to build influence with a regional
grouping identified as the "Indo-Pacific", which includes the US west coast,
South East Asian nations and India, is seen as a response to China's Belt
and Road initiative.

 

But the funds will be seen as a drop in the ocean compared to the billions
Beijing has poured into the rebuilding of ports, roads and railways across
Asia and beyond.

 

'Partnership economics'

The Belt and Road initiative is widely seen as China's attempt to increase
its political and strategic influence globally.

 

Mr Pompeo made pointed reference to this in his speech to the US Chamber of
Commerce. "The United States of America does not invest for political
influence, but rather practices partnership economics," he said.

 

"These funds represent just a down payment on a new era in US economic
commitment to peace and prosperity in the Indo-Pacific region."

 

Despite the amounts involved, analysts say it is a sign that the US intends
to increase its engagement with Asian economies.

 

The US has carried out an increasingly protectionist economic agenda since
US President Donald Trump took office in 2016, setting the tone early on
when he pulled out of the Trans Pacific Partnership deal last year.

 

It also slapped tariffs on $34bn of Chinese goods earlier this month and has
accused China of intellectual copyright theft.--BBC

 

 

Uber halts development of self-driving trucks

Uber has said it will stop developing self-driving trucks to focus its
autonomous technology solely on cars.

 

Uber's self-driving truck programme started in 2016 with a team based in San
Francisco.

 

The ride-hailing firm marked the world's first commercial shipment delivered
by a self-driving truck later that year.

 

The truck drove 120 miles (193 km) along a highway in Colorado with a
trailer full of Budweiser beer.

 

The idea behind self-driving trucks was initially to improve the safety and
efficiency of the trucking industry, according to Uber's Advanced
Technologies Group (ATG) website.

 

"We believe having our entire team's energy and expertise focused on
[self-driving cars] is the best path forward," ATG head Eric Meyhofer said
in a statement.

 

The company did not immediately respond to further questioning from the BBC.

 

Are driverless pods the future for world cities?

Daimler races to keep up on driverless cars

Uber pulls self-driving cars after crash

Driverless cars on UK roads by 2021 - really?

Uber Freight, which matches mostly owner-operator truck drivers with
shippers, will be unaffected by the move.

 

Uber's self-driving car development has not been without problems.

 

In March, the firm said it was suspending self-driving car tests in all
North American cities after a fatal accident.

 

A 49-year-old woman was hit by a car and killed as she crossed the street in
Tempe, Arizona.

 

The fatal accident came a year after Uber pulled self-driving cars from the
roads after another accident which left one of the vehicles on its side.

 

A handful of Uber's self-driving vehicles have just been put back on the
roads in Pittsburgh following the March suspension.

 

Self-driving cars have been hailed as the future of the ride-hailing
industry as well as a way to reduce traffic accidents.

 

Other companies including Ford, General Motors, Mercedes-Benz owner Daimler
and car supplier Bosch are investing in the development of self-driving
vehicles.

 

However, there have been warnings that the technology is being deployed
before it is ready.--BBC

 

 

Would you quote Rick Astley in your out-of-office?

It's that time of year again. You send an email hoping to get something done
and ping - it comes straight back to you with an out-of-office response.

 

It's annoying because it means you have to email someone else, but also
because it's a reminder that you're stuck in the office working while others
are off having fun.

 

For many people setting an out-of-office (OOO) response is a last-minute
chore, the final obstacle standing between them and their holiday.

 

But for some it has become a labour of love, a way to show off their sense
of humour or tell everyone just how much fun they are having.

 

Here are some of the best examples showing the potential of the humble
out-of-office reply to become, well, something so much more.

 

Grant Thornton's chief executive Sacha Romanovitch's recent OOO read:

 

"I'm off with my family right now, back on 23 July. I'll be reading, diving
and playing with my boys while they still want to play with me!

 

"My great team will be dealing with my emails while I'm off ensuring you get
support from the right people to keep things moving."

 

Frankly it seems a bit smug. I'd like to spend time with my children too,
but I'm stuck at work.

 

But Ms Romanovitch - who is indeed out of the office so unable to speak to
me in person - says via email that the point of her unusually detailed OOO
is to let everyone know that it is ok to switch off.

 

"There is still so much that creates a sense of needing to work 24/7.

 

"My out-of-office is just one of those little things I do to signpost what I
think should be the norm," she says.

 

Of course, not everyone agrees.

 

Tyler Brûlé, the editor-in-chief of the magazine Monocle, declined to speak
to me for this article. But he has written an entire column for The
Financial Times on why everyone, particularly those at the top, should say a
big fat no to the OOO.

 

He argues they are "out of step with the ways of the modern world" and
suggests people who use them simply aren't committed enough.

 

And if you thought the classic "limited access to email" was a good OOO
excuse, Mr Brûlé says that unless you work "200ft below the streets of New
York repairing the sewers" everyone will know you're telling fibs.

 

Would you use your out-of-office to channel your inner Rick Astley?

Such concerns haven't hindered Steven Nelson, a veteran writer of elaborate
out-of-office responses.

 

One of his most memorable OOOs was written in tune to eighties pop star Rick
Astley's hit Never Gonna Give You Up.

 

It went - you can sing along if you want - like this:

 

"Never gonna give you up, Never gonna let you down, Never gonna run around
and desert you, Never gonna make you cry, Never gonna say goodbye, Never
gonna tell a lie and hurt you.

 

"I'm also never gonna reply to your message until 9th August as I'm off on
holiday."

 

Mr Nelson, from the financial services consultancy The Lang Cat, admits he's
now cringing with embarrassment about his message, but it hasn't stopped him
writing them.

 

In fact, he's now in fierce competition with a fellow out-of-office joker at
the firm to try to outwit one another.

 

"It's got to the point where I feel an inordinate amount of pressure to come
up with one," he admits.

 

His jokey response was prompted by an urge to counteract all the serious
"self-important" OOOs he received, telling people who to contact if their
enquiry was "urgent".

 

"We work in financial services. What could possibly be classed as urgent?"
he says.

 

But not everyone gets to find out how funny he is, as his most humorous
responses are set to reply to internal emails only.

 

"It's a really fine line, you don't want to make your organisation look like
a fun factory," he says.

 

Edwyn McFarlane, a business innovation director at Awin - a firm that helps
websites make money from referrals - also isn't brave enough to send his OOO
response externally.

 

But he says for junior staff members, who deal with clients they know, a
funny out-of-office can "be a good marketing tool".

 

Mr McFarlane's OOO reads:

 

"I am on annual leave until dd/mm/yyyy. I will allow each sender one email
and if you send me multiple emails, I will randomly delete your emails until
there is only one remaining. Choose wisely. Please note that you have
already sent me one email."

 

Disappointingly, he says it is definitely a joke and he never actually
deletes any unread emails.

 

Some firms, however, actively encourage it.

 

In 2014, German car firm Daimler set up an optional service for workers
going on holiday to have all new emails automatically deleted.

 

France has gone even further by giving staff the legal right to "disconnect"
and avoid work emails outside working hours.

 

Such moves aren't purely altruistic. Compulsive out-of-hours email checking
and the inability to switch off has been blamed for everything from burnout
to sleeplessness as well as relationship problems.

 

In Volkswagen's case it said research showed that staff who switched off
properly performed better in the longer term.

 

Interestingly, recipients of such emails say they don't find them offensive,
perhaps wishing they had been told to do the same.

 

BBC journalist Bill Thompson says he admires "the honesty" of such OOOs.

 

What should you say?

Barbara Pachter, the author of The Essentials of Business Etiquette, says an
out-of-office response is often the first impression someone in your
professional life gets of you.

 

Her advice is to keep it simple, warning that joking around or "giving too
much personal information" is liable to annoy many recipients.

 

The perfect out-of-office, she says must:

 

be clear and concise

provide actionable information such as an alternative person to contact

not have any mistakes such as an incorrect number or detail

be removed once you're back at work

 

 

One plus of being a bit more daring in your OOO reply is that it can soften
the miserable feeling of having to get back to work after a week or two of
fun.

 

Rob Gilroy, a copywriter, who initially wrote funny out-of-office answers to
amuse himself, says he now looks forward to his return just to read the
replies.

 

His recent OOO read:

 

"ERROR 405: Could not reach copywriter. Soz. Haha! What a brilliantly geeky
joke, that. But in all seriousness, if you're wanting something done, no can
do.

 

"I'm out of the office from now (Tues 27th June) to until then (Friday 30th
June).

 

"And if you're that Nigerian Prince, asking for more money, then no. Not
until you've paid that £12,000 back into my account.

 

"Other than that? I'll bring any and all answers on my return. Peace out."

 

Mr Gilroy admits not everyone will get it: "I imagine there's a healthy dose
of people who find them twee or annoying."

 

That of course is the risk.

 

But in terms of getting it wrong it's unlikely anything will rival the
out-of-office that ended up on a road sign because officials assumed the
auto-reply was the Welsh translation that they had requested.

 

As a result, a sign meant to bar lorries from a road near a supermarket
instead read in Welsh: "I am not in the office at the moment. Send any work
to be translated."

 

An embarrassing error, but quite fun.

 

And after all, if no-one wrote amusing OOOs then us poor people left stuck
in the office over the summer would have even less fun.--BBC

 

 

 

House of Fraser offered cash injection by Mike Ashley

Struggling House of Fraser is understood to have been approached by Sports
Direct founder Mike Ashley over a fresh investment deal.

 

The sports chain owns an 11.1% stake in House of Fraser, which last month
detailed plans to close 31 of its 59 shops as part of a rescue deal.

 

According to Sky News, House of Fraser needs £50m to prevent it collapsing.

 

But sources close to the department store chain have denied the chain's
survival is under threat.

 

House of Fraser to close 31 stores

House of Fraser store closure plan backed

Landlords challenge House of Fraser rescue

The department store chain has previously said it has no short-term funding
issues.

 

Creditors have already backed House of Fraser's restructuring, but a group
of landlords is taking them to court over the plan which has thrown it into
doubt.

 

The landlords claim the plan - which will see their rents slashed - is
unfair to them.

 

The department store chain is currently awaiting a £70m investment from
Chinese investor, C.banner, which also owns toy shop Hamley's.

 

C.banner said in May it planned to take a majority stake in House of Fraser,
but has said it will not go ahead with the deal until the store closure and
rent reduction rescue plan is agreed.

 

Mr Ashley is believed to have approached House of Fraser around four weeks
ago, before landlords challenged the retailer's rescue deal.

 

He is understood to have told House of Fraser's advisers he could "offer
something better" than C.banner.

 

Mr Ashley could not be reached for comment.

 

House of Fraser is using company voluntary arrangements (CVAs), a form of
insolvency proceedings, to overhaul its business.

 

CVAs are being increasingly used by struggling retailers as a way to close
stores, but landlords argue that they are being abused as a quick way to cut
rents.

 

House of Fraser is one of a number of retailers struggling amid falling
consumer confidence, rising overheads, the weaker pound and the growth of
online shopping.

 

Electronics chain Maplin and toy chain Toys R Us both collapsed into
administration earlier this year.

 

Other High Street chains such as Mothercare and Carpetright have been forced
to close stores in order to survive.

 

The House of Fraser Group has annual sales of £1.2bn. It employs about 5,000
people directly and also has 12,500 concession staff.-- BBC

 

 

Spanish taxis block roads in 'anti-Uber' protest

Taxi drivers across Spain have joined a strike against ride-hailing
companies like Uber, demanding the government restrict their numbers.

 

The striking taxi drivers, some of whom have been camping out for days, say
the services threaten their livelihood and are putting thousands of jobs at
risk.

 

As a result, they have blocked main roads in the capital, Madrid, and in
Barcelona with their parked cars.

 

A meeting on Monday to attempt to end the strike failed to reach a deal.

 

Taxi unions want the government to enforce a law which requires just one
ride-hailing licence for every 30 taxi licences.

 

According to Spanish newspaper El Pais, the government offered to give
licensing powers to each of the regions during a four-hour meeting. This was
rejected by taxi representatives, who say it would not fix the issue, but
just pass it along.

 

The meeting is due to resume later on Monday in the hope of finding a
resolution.

 

Union representatives said in a statement that "Uber and Cabify are putting
the viability of the taxi sector and 130,000 jobs at risk", adding it
"considers this unfair competition intolerable".

 

The strike began in Barcelona last Wednesday, after the Spanish government
appealed against a ruling by the Barcelona authorities that limited the
number of licences for taxi services booked by smartphone apps.

 

Madrid, Valencia, Bilbao and Seville are all following in Barcelona's
footsteps and are calling their own stoppages, causing widespread
disruption. --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
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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