Major International Business Headlines Brief::: 01 June 2018

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Major International Business Headlines Brief::: 01 June 2018

 


 

 


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*  Shoprite Launches New Banking Service ‘Shoprite Money’

*  Botswana’s Lerala Diamond Mine auctioned online for $8.1 million

*  Kenya proposes new corporate tax rate that would be highest in East
Africa

*  Offshore investor interest in South African equities at risk as
"Ramaphoria" wanes

*  Congo copper production in Q1 rises 8 pct; cobalt output up 34 pct

*  UK's Tullow Oil eyes new Ghana offshore assets - CEO

*  South Africa's Sibanye explores debt-cutting options

*  South Africa micro lender Finbond latest company to drop KPMG

*  Egypt's rejection of Russian wheat over ergot creates latest supply snag

*  Kenyan solar energy firm signs 40 MW power deal with state-run utility

*  South Africa's rand steady ahead of trade, PPI data

*  Trade tariffs: Chorus of condemnation intensifies

*  General Motors and Fiat Chrysler unveil self-driving deals

*  ANZ, Deutsche Bank and Citigroup face 'criminal cartel' charges

*  Barclays to tighten lending to Brexit-affected UK economy

*  Apple and Russia face off over Telegram on App Store

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Shoprite Launches New Banking Service ‘Shoprite Money’

Shoprite has announced the launch of Shoprite Money – a new mobile
transactional banking service which is available to everyone in South
Africa, even those without existing bank accounts.

 

Using their Shoprite Money mobile wallet, this new service will enable
customers to deposit, withdraw or send money as well as buy groceries at any
of the till points in all Shoprite, Checkers, Checkers Hyper or Usave stores
across South Africa. Customers can also send money, buy electricity or
airtime from the comfort of their own homes, provided they have funds in
their Shoprite Money account. All transactions are free with the exception
of a R9.95 fee that only applies to cash withdrawals.

 

Shoprite Money is available to users aged 18 years and older with a valid
South African Identity Document, irrespective of their mobile network,
device or connectivity.

 

Users can register for an account free-of-charge by dialing *134*3534# or by
visiting the Money Market counter in any Shoprite, Checkers, Checkers Hyper
or Usave store.

 

“Basic transactional banking services in South Africa are expensive and in
many cases still not accessible to a large number of South Africans. We
believe Shoprite Money will have a marked impact on economic activity in
South Africa,” said Joseph Bronn, Chief Business Officer at the Shoprite
Group

Shoprite Money is set to roll out in multiple countries in Africa over the
next 12 to 18 months, which will hold additional benefits for customers
including seamless and cost effective cross-border remittance.

 

The Shoprite Group has partnered with global fintech company Celbux, Google
and Standard Bank to launch this new service.--paymentsafrika.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

 

Botswana’s Lerala Diamond Mine auctioned online for $8.1 million

GABORONE (Reuters) - The Lerala Diamond Mine in central Botswana has been
sold via an online auction for $8.1 million, a year after it was placed
under provisional liquidation, officials said on Thursday.

 

Botswana, the world’s largest diamond producer by value, has four
privately-owned diamond mines outside of the Debswana joint venture with the
government, but only one, Karowe, is currently operational.

 

The mine, which was held by Australia’s privately-owned Kimberley Diamonds,
has five million tonnes of probable reserves at a grade of 31 carats per 100
tonnes and folded due to high operating costs set against weak sales.

 

“The highest bid was $8.12 million and it was accepted. We now have to wait
process the transaction and confirm the final sale when the money has been
paid,” said provisional liquidator of the mine, Kopanong Thekiso, without
identifying the buyer.

 

 

Lerala creditors are owed 300 million pula ($30 million), and include
shareholder companies, mining contractors and workers, Thekiso said

 

The auction included mining and water rights, five Kimberlite pipes ranging
from 0.16 hectares to 2.35 hectares in area, a 200 metric tonnes per hour
processing plant and a 4.2 megawatt diesel generator, among other assets.

 

($1 = 9.9602 pulas)

 

 

Kenya proposes new corporate tax rate that would be highest in East Africa

NAIROBI (Reuters) - Kenya’s treasury has proposed a 35 percent corporate tax
for companies on annual income of more than 500 million Kenyan shillings
($4.9 million).

 

If the draft law is approved by parliament, it would be the highest
corporate income tax rate in East Africa, where most countries have a flat
corporate tax of 30 percent.

 

Kenya has struggled with high budget deficits over the last few years.
Introducing a new corporate tax bracket may be a way to raise much needed
revenue to plug the gap.

 

According to a draft bill published on its website, the Treasury said it had
reviewed the income tax act and proposed changes to “make it productive” and
“supportive to the Big Four Agenda” and economic growth.

 

President Uhuru Kenyatta’s “Big Four Agenda” policy is aimed at boosting
economic growth through spending, improving food security and rolling out
universal healthcare, supporting manufacturing, and building affordable
housing.

 

 

“It’s rare to see corporate (tax) being graduated. Usually it’s a flat tax,”
said Titus Mukora, a Nairobi-based partner at auditing firm
PricewaterhouseCoopers.

 

He said that as he understood it, income above 500 million shillings would
be subjected to the new tax, and anything lower than that would remain at 30
percent.

 

Kenya’s budget deficit is expected to drop to 5.7 percent of GDP in the
fiscal year starting in July from 7.2 percent this fiscal year, estimates
sent to parliament by the Treasury earlier this month showed.

 

($1 = 101.3000 Kenyan shillings)

 

 

Offshore investor interest in South African equities at risk as "Ramaphoria"
wanes

JOHANNESBURG (Reuters) - South Africa needs tangible economic growth to
entice more offshore investors to invest in its bourse after a good start to
the year thanks to improved sentiment following the election on a new
president, analysts said.

 

South Africa’s economy has barely grown in the past decade with fiscal
missteps and corruption contributing to weak business and consumer
confidence.

 

Investor sentiment picked up after new President Cyril Ramaphosa pledged to
clean up poor governance that critics say beset the administration of his
predecessor Jacob Zuma, who was forced by the ruling party to resign in
February.

 

Johannesburg Stock Exchange (JSE) data show that after three years of being
net sellers of equities, foreigners have so far in the year to May 25 bought
more stocks than they have sold, resulting in net purchases of 16 billion
rand ($1 billion) versus net sales of 55 billion rand the same period last
year.

 

Most of the purchases have been in the consumer services and financials
industries, the data showed.

 

But the gains are at risk of being eroded as investors await to see evidence
the economy is growing. JSE data already shows foreigners sold 1.8 billion
rand in stocks last week after offloading nearly 11 billion rand the week
before.

 

“We still haven’t seen any real results of an improving economy. So (when)
we see solid GDP numbers then we could see more international buyers
stepping in,” Nedbank Private Wealth Portfolio Manager Grant Gilbert said.

 

First-quarter GDP numbers are due for release on June 5.

 

Gilbert said contagion from political and economic crises in other emerging
markets could also impact inflows going forward.

 

“Given the Italian crisis and the strengthening of the dollar, emerging
markets will come under significant pressure and we are already seeing that
this week,” he said.

 

Italy’s political crisis and rekindled fears of a trade war between Beijing
and Washington knocked emerging stocks to a 5-1/2 month low on Wednesday.
[nL5N1T11YM]

 

Other analysts said the so-called “Ramaphoria”, in reference to improved
sentiment on Ramaphosa’s election, was not enough on its own to lure more
investors.

 

“One gets the feeling on the ground as a broker that perhaps foreign
investors aren’t as enthusiastic about South Africa,” said Cratos Capital
equities trader Greg Davies.

 

“Ramaphoria - as the media have got - seems to have waned and people are
just reading us as another emerging market which is slightly out of favour.”

 

($1 = 12.5478 rand)

 

 

Congo copper production in Q1 rises 8 pct; cobalt output up 34 pct

DAKAR (Reuters) - Democratic Republic of Congo produced 296,717 tonnes of
copper in the first quarter of 2018, up 8.2 percent over the same period
last year, the central bank said in a report on Thursday.

 

Cobalt production in the first quarter of 2018 rose 34.4 percent to 23,921
tonnes, the bank said.

 

Gold production in the first quarter of 2018 rose 9.7 percent to 8,549
kilograms, the bank said.

 

Congo is Africa’s top copper producer and the world’s leading miner of
cobalt, a key ingredient in batteries for electric cars and other
electronics.

 

 

 

UK's Tullow Oil eyes new Ghana offshore assets - CEO

ACCRA (Reuters) - Tullow Oil is interested in new oil blocks off Ghana’s
coast as part of the British explorers plans to consolidate its operations
in the West African nation, Chief Executive Paul McDade said on Thursday.

 

Tullow is leading two operations offshore Ghana, including the country’s
flagship 100,000 barrel-per-day Jubilee field, which began commercial
production in late 2010.

 

 

South Africa's Sibanye explores debt-cutting options

JOHANNESBURG (Reuters) - South African precious metals producer
Sibanye-Stillwater is exploring ways to cut debt, it said on Thursday, but
ruled out tapping shareholders for funds.

 

Sibanye had net debt of 23.7 billion rand ($1.9 billion) at the end of
December, accumulated after an acquisition spree that saw it diversify from
gold to platinum with operations spanning two continents.

 

The company made an all-share offer for London-listed Lonmin in December in
a deal worth 285 million pounds ($386 million) that aims to create the
world’s No.2 platinum producer.

 

Sibanye’s ratio of debt to adjusted EBITDA is 2.6 times, well below levels
agreed with creditors of 3.5 times but the company has a target to get it
down to 1 times.

 

Sibanye said it was evaluating non-debt options, which would be announced
“shortly”, including raising up to $500 million via a streaming arrangement
that involves forward selling a portion of its products at a fixed price.

 

 

It said it was concerned by the drop in its share price and market value,
which accelerated in recent weeks, but was “proceeding according to plan”
with the acquisition.

 

Shares in Sibanye have tumbled 28 percent since the beginning of May to 8.05
rand, while Lonmin shares have declined 23 percent to 7.39 rand in that
time.

 

“This uncertainty is unwarranted and primarily driven by the concerns around
high balance sheet leverage, the recent safety incidents and associated
operational disruptions and concerns regarding the viability of the Lonmin
transaction,” Sibanye said in a statement.

 

Earlier this month, seven miners were killed at Sibanye’s Masakhane mine
after being trapped underground for two days after an earthquake caused a
cave-in.

 

($1 = 12.5605 rand)

 

 

South Africa micro lender Finbond latest company to drop KPMG

JOHANNESBURG (Reuters) - South African micro lender Finbond said on Thursday
it was terminating the services of KPMG, the latest company in the country
to drop the global auditor in the wake of a scandal that helped topple
former president Jacob Zuma.

 

KPMG sacked several of its top leadership at its South African unit last
year after it found work done for companies owned by the Gupta family, a
trio of businessmen with close ties to Zuma, fell short of its standards.

 

The Guptas, at the heart of influence-peddling allegations around Zuma, and
the former president have consistently denied wrong-doing.

 

Finbond said it would end KPMG’s appointment as an external auditor by the
end of June, joining more than 10 other clients, including the South African
government and Barclays Africa Group, which have cut ties with KPMG over the
unfolding scandal.

 

 

Egypt's rejection of Russian wheat over ergot creates latest supply snag

CAIRO (Reuters) - Egypt, the world’s biggest wheat importer, has rejected a
Russian wheat cargo for excessive levels of the common grain fungus ergot,
an agriculture ministry spokesman said on Thursday, the latest of several
cargoes recently held back.

 

The 63,000-tonne cargo, sold to state grain buyer GASC, contained 0.06
percent ergot, just above the 0.05 percent limit permitted according to
Egypt’s state tender rules, spokesman Hamid Abdel Dayim said.

 

A source at the company responsible for the cargo said the wheat was in line
with tender specifications.

 

Egypt has in recent years baffled traders by applying tough import
standards, most notably a zero tolerance level for ergot, which it later
scrapped for the more internationally accepted 0.05 percent content level
after major suppliers shunned state tenders.

 

Egypt’s top administrative court this week backed the international standard
favoured by suppliers, freezing a lower court order that would have
re-instated the total ergot ban.

 

Difficulties in doing business including tough inspections have prompted
traders to add hefty premiums that total hundreds of thousands of dollars to
offer prices in state tenders, premiums they say are necessary to hedge
against the risk of doing business.

 

The rejected cargo is the fourth shipment halted in recent weeks, though the
first to be rejected for ergot. The cargoes amount to about 250,000 tonnes
of grains that GASC may now have to tap world markets for.

 

Supply Minister Ali Moselhy told Reuters last week that two cargoes
contracted with Dubai-based trader AOS had never arrived.

 

Moselhy said a third AOS shipment was seized at an Egyptian port, and a port
official said the wheat was now being held amid a payment dispute, though
the company declined to comment.

 

Egypt is unlikely to face any immediate shortages, as the hold-ups come amid
a local harvest in which the government has already bought 3 million tonnes
of its 3.5 million target, and strategic reserves are sufficient to cover
the country’s need for five months, according to Moselhy.

 

Dayim said the agriculture quarantine service, a body that has strictly
enforced ergot rules in recent years, had rejected the trade company’s
request to re-test the contaminated shipment.

 

The quarantine refusal suggests the cargo will likely have to be
re-exported, but grain traders said that could prove costly and difficult as
silos in the Red Sea port of Safaga where it is being held are not equipped
with loading gear to re-load grains aboard the vessel.

 

The trade company source, who did not wish to be named, said it was still
pushing the quarantine service to re-test the cargo.

 

“Our wheat is clean and fully corresponds to tender specifications. It was
confirmed by all official entities and the inspection company at loading,”
the source said.

 

 

Kenyan solar energy firm signs 40 MW power deal with state-run utility

NAIROBI (Reuters) - A private Kenyan power firm has signed a 20-year deal to
sell 40 megawatts it will generate from a solar plant it is building to the
East African nation’s state-run distributor, its chief executive said.

 

Kenergy Renewables signed the agreement to sell the electricity to Kenya
Power at $0.08 per kilowatt hour, Khilna Dodhia said in an interview on
Thursday.

 

The company requires a letter of support from the government which will
provide clarity on when the plant will become operational, she told Reuters.

 

“Once you secure a PPA (power purchase agreement) that’s a sign you are on
your way. But lenders require a letter of support from government to green
light funding,” she said.

 

Dodhia did not say what the total cost of the project would be, but said
they typically cost $60 to $70 million.

 

Kenergy has already invested more than $2 million in the early stages of
development for the Rumuruti project in Laikipia County in northern Kenya,
Dodhia said.

 

Kenya has an installed generating capacity of 2,370 MW and peak demand of
about 1,770 MW. It relies heavily on renewables such as geothermal and hydro
power.

 

 

South Africa's rand steady ahead of trade, PPI data

JOHANNESBURG (Reuters) - South Africa’s rand held firm against the dollar
early on Thursday, building on its previous-session strength ahead of trade
and producer price inflation figures.

 

At 0646 the rand was trading at 12.5200 to the dollar.

 

The rand rallied on Wednesday as the greenback lost gains after
lower-than-expected U.S. GDP numbers and an ease in worries about Italy’s
political turmoil.

 

Producer Price Inflation figures for April and trade balance data are due at
0930 GMT and 1200 GMT respectively.

 

The yield on the benchmark government bond due in 2026 was down 3.5 basis
points to 8.505 percent.

 

The Johannesburg Stock Exchange opened firmly on the front foot, with the
Top-40 index up 1 percent soon after the bell.

 

 

Trade tariffs: Chorus of condemnation intensifies

Massive US tariffs have come into force as condemnation of the Trump
administration's move intensifies.

 

Criticism of the import tax on steel and aluminium from the EU, Canada and
Mexico was joined by top congressional Republicans.

 

Leaders from affected nations reacted furiously, setting out tit-for-tat
tariffs on the US, ranging from steel to sleeping bags and ballpoint pens.

 

France's president told Mr Trump by phone that the US move was "illegal".

 

Emmanuel Macron told him the EU would respond in a "firm and proportionate
manner", the Elysee Palace says.

 

The French president normally enjoys a good relationship with his US
counterpart.

 

Mr Trump has justified the tariffs, which came into force at midnight
Washington DC time (04:00 GMT Friday), by arguing that US steel and
aluminium producers are vital to national security and threatened by a
global supply glut.

 

That rationale was rejected by allies. Canadian Prime Minister Justin
Trudeau described that claim as an affront. "That Canada could be considered
a national security threat to the United States is inconceivable," he said.

 

UK labels US metal tariffs 'absurd'

US tariffs: Tata Steel calls for 'protection measures'

Five reasons why trade wars aren't easy to win

What are others saying?

UK International Trade Secretary Liam Fox said the 25% levy on steel was
"patently absurd".

 

"It would be a great pity if we ended up in a tit-for-tat trade dispute with
our closest allies," he said.

 

Mexican Foreign Minister Luis Videgaray said his country would also impose
duties: "We will continue to defend the interests of Mexico, just as we have
done until now."

 

Opposition to the tariffs was joined by congressional Republicans. "I
disagree with this decision," House Speaker Paul Ryan, the most influential
Republican in Congress, said in a statement.

 

"Today's action targets America's allies when we should be working with them
to address the unfair trading practices of countries like China," he said.

 

What do the US tariffs mean?

Mr Trump first announced plans for the tariffs in March, but granted some
exemptions while countries negotiated.

 

US Commerce Secretary Wilbur Ross on Thursday said talks with the EU, Canada
and Mexico had not made enough progress to warrant a further reprieve.

 

Tariffs of 25% on steel and 10% on aluminium go into effect on Friday.

 

They apply to items such as plated steel, slabs, coil, rolls of aluminium,
and tubes - raw materials which are used extensively across US
manufacturing, construction, and the oil industry.

 

Mr Ross said the president had the authority to lift the tariffs or alter
them at any time, leaving room for "flexibility".

 

"We continue to be quite willing and indeed eager to have discussions with
all those parties," he said.

 

What action are Canada, Mexico and Europe taking?

Canada said it would levy tariffs of up to 25% on about $13bn worth of US
products from 1 July. Those include certain types of American steel, as well
as consumer goods such as yoghurt, whiskey and roasted coffee.

 

Mexico's economy ministry said it was planning new duties for steel, pork
legs and shoulders, apples, grapes, blueberries and cheese.

 

The EU's 10-page list of retaliatory tariffs range from cast iron to kidney
beans and snuff.

 

It has announced it will also take action against the US at the World Trade
Organisation.

 

Allies retaliate with levies on jam, lamps and sleeping bags

Four reasons Trump is hanging tough on trade

What economic effect will all this have?

Canada, Mexico and the EU together exported $23bn (£17bn) worth of steel and
aluminium to the US in 2017 - nearly half of the $48bn of total steel and
aluminium imports last year.

 

European firms have said they fear lower US demand for foreign steel will
divert shipments to Europe.

 

Analysts at IHS Markit expected the effects to be distributed across a wide
range of markets, limiting the effect on steel prices outside the US.

 

That leaves America to bear the brunt of the economic impact, which
economists say will appear in the form of higher prices and job losses - as
many as 470,000 by one estimate.

 

Steel prices in the US have already risen due to the uncertainty and may
rise increase as the tariffs hit imports.--BBC

 

 

General Motors and Fiat Chrysler unveil self-driving deals

The race to lead America's self-driving car market moved up a gear with
General Motors and Fiat Chrysler announcing major deals.

 

Japan's SoftBank is putting $2.25bn (£1.7bn) into GM's autonomous unit
Cruise, one of the biggest single investments in self-driving technology.

 

And Google-owned Waymo is buying up to 62,000 Fiat Chrysler minivans for its
autonomous fleet.

 

Meanwhile, Uber's boss says it may work with Waymo on self-driving tech.

 

The SoftBank deal saw GM's shares jump more than 10%, the biggest one-day
gain since the company re-listed on Wall Street after its 2009 bankruptcy.

 

SoftBank will take a 19.6% stake in Cruise. The partnership values Cruise at
$11.5bn, a triumph for GM which was criticised for over-paying when it
bought the start-up two years ago for $1bn.

 

RBC Capital Markets analyst Joseph Spak said the deal confirmed that GM was
one of the top contenders to deploy self-driving vehicles. "GM has a
meaningful seat at the table," he said.

 

Uber car 'failed to identify' pedestrian

What will stop these self-driving lorries colliding?

GM chief executive Mary Barra said the company was still "on track" to begin
deploying its Cruise vehicles in commercial ride-sharing fleets in 2019.

 

She said GM planned to launch its own ride hailing and delivery services
business but could explore "other opportunities" with some of the companies
that SoftBank has funded.

 

That is a reference to the money that SoftBank's $100bn Vision Fund has
invested in Uber, Didi, Ola and Grab.

 

Fiat Chrysler, America's number three carmaker behind GM and Ford, also
stepped up its self-driving efforts.

 

The company will begin delivering the first of its 62,000 Pacifica vans
later this year.

 

Fiat Chrysler is also exploring the potential to put Waymo technology into a
self-driving car it might add to its model line-up for consumers.

 

"Strategic partnerships, such as the one we have with Waymo, will help to
drive innovative technology to the forefront," Fiat chief executive Sergio
Marchionne said.

 

That announcement came after the chief executive of Uber, Dara Khosrowshahi,
said Waymo cars could be used by the ride-hailing firm.

 

It comes only months after the two companies were at legal loggerheads over
a trade secrets dispute.

 

Uber suspended its own autonomous car testing in April after an accident
that killed a woman pushing a bicycle in a street in Arizona.

 

Waymo's chief executive, John Krafcik, has said the company's own
self-driving software is "robust" enough to avoid the sort of accident Uber
suffered in Arizona.--BBC

 

 

ANZ, Deutsche Bank and Citigroup face 'criminal cartel' charges

Financial institutions ANZ, Deutsche Bank and Citigroup will be prosecuted
on criminal cartel charges, Australia's consumer watchdog says.

 

The allegations concern arrangements for the sale of A$2.5bn (£1.4bn;
$1.9bn) worth of ANZ shares in 2015.

 

The three banks said they would fight the charges. ANZ said it would also
defend allegations against an employee.

 

Australia's scandal-plagued financial sector is at the centre of a national
inquiry into misconduct.

 

Several "other individuals" are also expected to be charged by prosecutors,
the Australian Competition and Consumer Commission (ACCC) said.

 

"The charges will involve alleged cartel arrangements relating to trading in
ANZ shares following an ANZ institutional share placement in August 2015,"
chairman Rod Sims said in a statement.

 

"It will be alleged that ANZ and the individuals were knowingly concerned in
some or all of the conduct."

 

The consumer watchdog said it would not provide further details at this
stage.

 

What is known about the allegations?

ANZ, one of Australia's so-called "big four" banks, said the charges related
to a placement of 80.8 million shares.

 

The deal was underwritten by global giants Deutsche Bank, Citigroup and JP
Morgan, as part of a bid by ANZ to raise capital to meet regulatory
requirements.

 

ANZ said regulators were now investigating whether it should have stated
that 25.5 million shares of the placement had been taken up by "joint lead
managers".

 

Why is Australia investigating its banks?

First executive ousted amid scandal

Biggest lender charged fees to dead clients

That amount constituted 0.91% of total shares on issue at the time, it said.

 

The ACCC says cartel behaviour happens when businesses act together to drive
up profit, rather than compete against each other.

 

What have the banks said?

ANZ said it believed the bank and its group treasurer, Rick Moscati, had
acted lawfully, adding that it would co-operate with authorities.

 

Citigroup and Deutsche Bank also vowed to "vigorously defend" defend the
charges.

 

The allegations were "highly technical" and involved "an area of financial
markets activity that has not been considered by any Australian court" or by
regulators, Citigroup said in a statement.

 

Australia's banking and financial services sector has been rocked by a
series of scandals over the last decade.

 

The royal commission inquiry, which began in February, has heard evidence of
rampant industry misconduct.--BBC

 

 

Barclays to tighten lending to Brexit-affected UK economy

Barclays is tightening its lending criteria to a UK economy that is lagging
behind the rest of the world.

 

Chief executive Jes Staley says Brexit uncertainty was helping to stunt
economic growth and that was something the bank could not ignore.

 

Speaking exclusively to the BBC he said "we have to be mindful of weaknesses
in the economy and we have protect the integrity of the bank".

 

That meant tightening some lending criteria, "just to be prudent".

 

"In no way do we pull back in a radical fashion - but we will look at our
credit exposures and see whether that's proper given the direction of the
economy," Mr Staley said.

 

"We can at the margin tighten some of our underwriting criteria and credit
standards just to be prudent for the stability of the bank."

 

The UK economy is still growing - but very slowly. In the last 12 months it
has grown 1.2% compared with 2.2% in the US and 2.5% in the eurozone.

 

Mr Staley said measures might include looking at how big a loan Barclays
would be prepared to provide as a percentage of the value of a residential
property - the so called loan to value ratio - particularly in London and
the South East.

 

'New development'

He arrived in north east England today with an encouraging message for local
business - announcing a new £500m fund for loans to small and medium sized
businesses.

 

But his warning on the UK economy, and Barclays' risk appetite, was the more
telling content for a bank with over a £1 trillion in UK loans.

 

The government has always accepted that businesses - particularly foreign
ones - will be cautious about investing in the UK while Brexit is under
discussion.

 

A group of European industrialists told the Prime Minister as much at a
meeting yesterday at Number 10 on Wednesday.

 

But the fact that the headwinds are making a UK bank such as Barclays say
explicitly that it is becoming concerned about its exposure to the UK
economy is a new development.--BBC

 

 

Apple and Russia face off over Telegram on App Store

Telegram is a messaging app used widely in Russia and across the world.

Apple and Russia are locked in a stand-off over the company's App Store.

 

The Russian telecoms regulator Roskomnadzor has asked the US firm to remove
the popular messenger app Telegram from the Russian version of the store.

 

Despite attempts by Russian authorities to block the app since mid-April, it
remains in widespread use.

 

Roskomnadzor has given Apple a month to reply and it is unclear what will
happen if it ignores the request.

 

Apple has previously complied with Chinese requests to remove VPN services
from its App Store.

 

Telegram was developed in Russia and is one of the world's most popular
messaging services.

 

It is available on tablets, computers and mobiles, giving users end-to-end
encryption. This means only the sender and recipient of messages can see
them. Messages remain private from third parties such as the Russian
government.

 

The company left Russia because of the country's internet regulations and is
now based in Dubai.

 

Thousands gathered in Moscow in April to protest against the ban on the app.
Telegram's founder Pavel Durov, who was born in St Petersburg, took to
Twitter to thank those who turned out.

 

Telegram claims on the FAQ section of its website that "Apple has been
blocking Telegram from updating its iOS app globally since mid-April".

 

It is possible that, as a result, the app is not GDPR compliant. On the
Android Google Play store by comparison, the app was last updated on May 26,
the day after the GDPR implementation date.

 

Apple has declined to comment.

 

Russia's Telegram block hits web users

Russia's Telegram ban 'failing'

Russia seeks to block Telegram messaging app

A privacy expert has said the move marks the "ongoing power tussle between
big technology companies and nation states".

 

"I wouldn't rule out Russia blocking access to the App Store," Dr Joss
Wright, Research Fellow at the Oxford Internet Institute, told the BBC.

 

"Of course you would have a lot of annoyed Russian iPhone owners." he
added.--BBC

 

 

 

 

 

 

 

 

 


 

 


 

INVESTORS DIARY 2018

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


FMP

AGM

Royal Harare Golf Club

29/05/2018 2.30pm

 


Unifreight

AGM

Royal Harare Golf Club

30/05/2018 10am

 


Barclays

AGM

Stewart Rooms, Meikles

30/05/2018 3pm

 


Masimba

AGM

Head Office , 44 Tilbury Road, Willowvale

31/05/2018 13.30pm

 


Edgars

AGM

Edgars Training Auditorium, 1st Floor, LAPF House, 8th Ave/Jason Moyo St,
Bulawayo

07/06/2018 9am

 


Turnall

AGM

Jacaranda Room, Rainbow Towers

07/06/2018 9am

 


FMHL

AGM

Royal Harare Golf Club

11/06/2018 2:30pm

 


 

 

 

 

 


RioZim

AGM

Head Office, 1 Kenilworth Road, Highlands

21/06/2018 10:30am

 


 

 

 

 

 


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
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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
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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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