Major International Business Headlines Brief::: 15 June 2018

Fri Jun 15 11:12:16 CAT 2018

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Major International Business Headlines Brief::: 15 June 2018

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*  Tanzania proposes tax amnesty, cuts corporate income tax to boost
investment

*  Sudan inflation above 60 percent in May: statistics agency

*  Zambia delays borrowing plans indefinitely: finance minister

*  South Africa's rand hovers near 6-month low, bonds weak

*  Kenya to repeal rate cap, introduce 'Robin Hood' tax

*  Nigeria inflation dips to lowest in more than two years in May

*  Glencore settles with Gertler over Congo royalties

*  Investor Benko strikes deal to buy Steinhoff's Austrian unit

*  South Africa's grid under pressure as electricity workers protest

*  Royal wedding and hot weather boost retail sales

*  AT&T completes its takeover of Time Warner

*  IMF: US tariffs could undermine global trade

*  China's ride-hailing giant Didi to launch in Australia

*  Tesco says growth 'on track' as sales rise again

*  Kellogg's recalls Honey Smacks cereals over salmonella fears

 <mailto:info at bulls.co.zw> 

Tanzania proposes tax amnesty, cuts corporate income tax to boost investment

(Reuters) - Tanzania aims to amend its tax bill to grant amnesty on interest
and penalties for the next six months, hoping to improve compliance and
ultimately boost revenues, Finance Minister Philip Mpango told parliament in
his budget speech on Thursday.

The change could have big implications for the East African nation’s largest
gold miner, Acacia, which has been hit hard by sweeping changes to the tax
regime for mining firms.

The new laws have slowed fresh investment in what has long been seen as one
of Africa’s brightest mining prospects as companies assess the consequences
of government efforts to claim a bigger slice of the pie.

“The proposed 100 percent amnesty on interest and penalties will exist for
six months, starting from 1st July 2018 up to 31st December 2018,” Mpango
said.

“This measure is expected to improve tax compliance by 10 percent and hence
enable the Government to collect the outstanding principal amount.”

It was not immediately clear, however, exactly how much impact the amnesty
would have on the government’s dispute with London-listed Acacia, which is
majority owned by Barrick Gold.

The government says Acacia owes $190 billion in tax, penalties and interest
for the period between 2000 and 2017. But miners say it would be impossible
for listed and independently audited companies to hide billions of dollars
in extra revenue.

Reuters could not immediately reach Acacia for comment on Friday, which is a
public holiday in Tanzania.

Revenue collection for the 2017/2018 fiscal year that ends this month is at
21.9 trillion Tanzanian shillings ($9.65 billion), just below 70 percent of
the target, Mpango said.

In another move the minister said is intended to boost investment, the
government will cut corporate income tax from 30 to 20 percent for new
investors in the pharmaceutical and leather industries for five years,
starting from the new fiscal year that begins in July.

“The measure is expected to promote investment in the manufacturing of
pharmaceutical and leather products, create employment opportunities and
increase government revenue,” he said.

Tanzania will raise spending by a slim 2.4 percent in the 2018/19 fiscal
year, most of it earmarked for infrastructure, education and water projects.

The minister forecast economic growth to increase to 7.2 percent in the year
from 7.1 percent in 2017.

Another priority for the next fiscal year, he added, was moving the main
functions of the government from Dar es Salaam to Dodoma, the country’s
official capital since 1974. ($1=2,270.0000 Tanzanian shillings)

 <mailto:info at bulls.co.zw> 

Sudan inflation above 60 percent in May: statistics agency

KHARTOUM (Reuters) - Sudan’s inflation in May reached 60.93 percent, its
highest level in years, the state statistics agency said on Thursday, as the
country faces a worsening economic crisis.

Inflation in April was 57.65 percent, it said. It said the cause of the May
rise was because of higher food prices during increased demand for the
Muslim holy month of Ramadan.

Rising food prices have kindled unrest, notably with riots in January, and a
hard currency shortage has crimped imports in recent months.

The economy took a downturn after the United States lifted 20 years of
sanctions on Khartoum. The Sudanese government rejected an IMF suggestion
that it float its pound currency at the time, but it plummeted to record
lows on the black market this year, prompting the central bank to make two
steep devaluations.

The official rate has reached about 31.5 pounds to the dollar from 6.7
pounds in late December.

The Sudanese pound hit a record low of about 40 pounds to the dollar on the
black market in April, but the devaluations and a ban on deposits of dollars
obtained from the black market have reversed this trend.

Sudan’s central bank has also introduced restrictions on withdrawals,
leaving many unable to extract their cash from banks.

The African country has tried in vain to boost foreign investment since the
lifting of sanctions, although it remains on the U.S. list of state sponsors
of terrorism, restricting any potential U.S. aid to Sudan.

Khartoum said last month it had severed all defence ties with North Korea, a
rare admission that it used to have those ties in the first place.

Zambia delays borrowing plans indefinitely: finance minister

LUSAKA (Reuters) - Zambia has decided to delay all planned borrowing
indefinitely, its finance minister said on Thursday, slowing down the
accumulation of new debt amid worries about the risk of distress.

“The debt sustainability analysis has confirmed that we need to undertake
measures to bring debt risk to moderate from the current high risk,”
Margaret Mwanakatwe told a news conference in the capital Lusaka.

The International Monetary Fund rejected Zambia’s borrowing plans in
February, saying they risked making its debt load harder to sustain. The new
debt management plan could now clear the way for Zambia to agree a $1.3
billion loan agreement with the IMF.

The southern African country’s debt pile stood at $9.3 billion, or roughly a
third of gross domestic product, at the end of March, up from $8.7 billion
at the end of 2017, Mwanakatwe said.

Because of continued spending pressures relative to expected revenue, the
fiscal deficit for 2018 is likely to be higher than the 6.1 percent
projected in the budget, she said.

South Africa's rand hovers near 6-month low, bonds weak

JOHANNESBURG (Reuters) - South Africa’s rand hovered near a six-month low
early on Friday after slipping in the previous session following poor mining
data and as power firm Eskom started controlled electricity outages because
of a wage dispute with labour unions.

Kenya to repeal rate cap, introduce 'Robin Hood' tax

NAIROBI (Reuters) - Kenya’s Finance Minister Henry Rotich on Thursday said
he would propose repealing a cap on commercial lending rates, as he
presented a budget including a new tax on financial transactions.

Private sector credit growth slowed sharply after lawmakers capped the
amount of interest commercial banks can charge their customers at four
percentage points above the central bank rate.

“I propose to amend the Banking Amendment Act 2016 by repealing section 33b
of the said act,” he said, referring to the section of the law that sets the
cap on interest rates for commercial lenders.

“This is to enable banks and lenders to provide more credit, especially to
the borrowers they consider riskier,” he said.

Rotich targeted a budget deficit of 5.7 percent of GDP for the financial
year starting next month, less than the 7.2 percent budgeted for 2017/18.

He projected tax revenues to rise by 17.5 percent to 1.9 trillion Kenyan
shillings ($18.81 billion), equivalent to 20 percent of GDP.

“I propose to introduce a Robin Hood tax of 0.05 percent of any amount of
500,000 shillings or more transferred through banks or other financial
institutions,” he said in a presentation to parliament.

The government of the East African nation has been criticized in recent
years, including by the International Monetary Fund, for ramping up
borrowing for infrastructure investments, including a new railway completed
last year.

Rotich said he was withdrawing an earlier proposal to introduce a higher tax
bracket of 35 percent for individuals earning more than 750,000 Kenyan
shillings per month, after members of the public raised concerns.

The current rate is 30 percent for the highest earners.

($1 = 101.0000 Kenyan shillings)

Nigeria inflation dips to lowest in more than two years in May

LAGOS (Reuters) - Annual inflation in Nigeria slowed to 11.61 percent in
May, its lowest level in more than two years and its 16th straight monthly
drop, the National Bureau of Statistics said on Wednesday.

It fell from 12.48 percent in April. A separate food price index showed
inflation at 13.45 percent in May, compared with 14.80 percent in April.

Food inflation has been in double digits for almost three years, but has
slowed for more than six months.

The statistics office said the highest increases were recorded in potatoes,
yam and other tubers, as well as vegetables plus fish, bread and cereals.

Last month the central bank governor held interest rates at 14 percent,
saying that inflation was still above its single-digit target. The bank said
inflation could worsen again with the influx of cash from spending related
to Nigeria’s much-delayed 2018 budget.

Nigeria emerged from its first recession in 25 years in 2017, helped by
higher oil prices, but growth remains fragile.

It passed a record 9.12 trillion naira budget last month meant boost growth,
but excessive spending could stoke inflation especially in the run-up to
February 2019 presidential election.

The central bank has kept benchmark rates tight for more than a year to curb
inflation, support the naira and attract foreign investors into its debt
market.

Glencore settles with Gertler over Congo royalties

LONDON (Reuters) - Glencore has settled a mining dispute in Democratic
Republic of Congo with two companies associated with Israeli billionaire Dan
Gertler by agreeing to pay royalties in a currency other than U.S. dollars,
the company said on Friday.

U.S. sanctions on Gertler, Glencore’s former Israeli partner in copper and
cobalt operations in Congo had triggered litigation and a legal tangle that
investors worried might affect supplies of cobalt from the world’s biggest
producer of the metal.

Glencore earlier this week reached a settlement in another dispute involving
its Kamoto copper and cobalt mine in Congo, although it remains at odds with
the Congolese government over a mining code signed off at the start of the
year.

Gertler’s Ventora Development Sasu had been seeking $695 million in unpaid
and future royalties from Glencore’s subsidiary Mutanda Mining and $2.28
billion from Glencore subsidiary Kamoto Copper Co (KCC).

Ventora accused KCC of breaching an agreement by declining to make royalty
payments because Gertler was under U.S. sanctions, Glencore said in April.

The U.S. government added Gertler and affiliated companies to its sanctions
list in December last year, accusing him of using his friendship with Congo
President Joseph Kabila to secure sweetheart mining deals. Gertler has
denied all allegations of impropriety.

Glencore said it believed payment of the royalties in a currency other than
U.S. dollars to Africa Horizons Investments Limited and Ventora without the
involvement of U.S. entities would address applicable sanctions obligations.
It added it had discussed the matter “with the appropriate U.S. and Swiss
government agencies”.

The two companies have on this basis withdrawn all pending and threatened
litigation, it said.

For this year, Gertler will receive approximately 25 million euros ($28.90
million).

Glencore shares were trading 0.2 percent higher at 0724 GMT.

Earlier this week, Glencore’s unit Katanga Mining Ltd said it agreed a
recapitalisation plan for copper and cobalt venture Kamoto, involving
writing off $5.6 billion in debt.

Glencore and other international miners still have to resolve a row with the
Congolese government over a new mining code that has raised the amount of
royalties and tax to be paid on minerals.

Glencore accounts for more than a quarter of the world’s cobalt output, most
of it from Congo, which itself is the source of around 60 percent of global
supplies. Any disruption could push up cobalt prices from already historic
highs of near $100,000 a tonne.

($1 = 0.8650 euros)

Investor Benko strikes deal to buy Steinhoff's Austrian unit

VIENNA (Reuters) - Austrian property and retail investor Rene Benko has
reached a deal to buy Steinhoff’s Kika/Leiner furniture and household goods
retail unit, saving it from bankruptcy, Kika/Leiner said on Thursday.

Steinhoff revealed holes in its accounts six months ago, shocking investors
who had backed its reinvention, sending its shares crashing and leaving it
scrambling to pay its debts.

“With great pleasure we can announce that the offer laid out by the Signa
Group has been accepted by the Steinhoff Group,” Kika/Leiner’s managing
director Gunnar George said in a statement.

All contractual details would be fixed within the next few days, he said,
without providing a purchase price.

Daily Oesterreich said Signa would pay roughly 500 million euros ($580
million) and the company would receive an injection of 100 million euros.

Kika/Leiner, which lost credit insurance cover two weeks ago, makes annual
revenue of roughly 800 million euros in Austria with around 5,400 employees
in 50 stores, George said in January.

It generates around 200 million euros with 1,600 staff in its other, mainly
eastern European markets, George said at the time. It was not clear whether
Signa agreed to also buy that business.

Targeting upmarket as well as price-conscious customers with a broad product
range, Kika/Leiner has a market share of around 20 percent in its home
market. In comparison with rivals such as Ikea, the group has catching up to
do in online sales, experts say.

It needs further funding besides a turnaround plan focusing on reducing
product range and headcount, Steinhoff said in a presentation last month.
The unit’s marketability and fair value were not currently possible to
assess, it said.

Benko controls a 12 billion euro real estate portfolio and generates annual
revenue of 4 billion euros with retail businesses via his Signa Holding,
according to his website.

Benko already bought Kika/Leiner’s flagship store in central Vienna shortly
after the Steinhoff crisis erupted in December.

Benko’s Signa runs more than 125 retail stores, including German department
store Karstadt, and several online sports goods retailers, which it plans to
list in autumn, according to sources. It has not been engaged in furniture
retail so far.

Canadian department store operator Hudson Bay said in February it rejected a
3 billion euro bid from Benko for its German Kaufhof unit.

On Tuesday, Steinhoff creditors agreed to give it more time to restructure 9
billion euros ($11 billion) in debt. Holders of 2.7 billion euros in three
convertible bonds backed a debt standstill agreement, the company said.

A spokesman for Benko was not immediately available for comment.

($1 = 0.8627 euro)

South Africa's grid under pressure as electricity workers protest

JOHANNESBURG (Reuters) - South Africa’s power grid was under pressure on
Friday, with controlled blackouts possible, due to workers protesting over
pay, a test of new President Cyril Ramaphosa’s efforts put the state
electricity provider back on a stable financial footing.

A spokesman for Eskom, which produces more than 90 percent of South Africa’s
power, said the grid was stable but controlled outages were possible in the
evening if workers were prevented from turning up for duty.

Cutting costs at troubled state entities such as Eskom is a top priority for
Ramaphosa, and the current labour unrest will test his administration’s
commitment to reforms.

Eskom implemented power outages late on Thursday after hundreds of union
members protested over wages and prevented others from showing up.

A National Union of Mineworkers spokesman said its members planned to picket
outside Eskom power stations from 12 p.m. (1000 GMT).

NUM, which claims to have 15,000 members at Eskom, about a third of the
utility’s labour force, and the National Union of Metalworkers of South
Africa (NUMSA) are demanding 15 percent pay hikes.

The utility has said it cannot afford to offer any raises this year.

The last time there were controlled power outages in Africa’s most
industrialised economy, in 2015, economic output suffered. If they became
frequent the rand could come under pressure.

The currency was stable in early Friday trade.

Known locally as “load shedding”, controlled power cuts during the southern
hemisphere winter are also likely to inflict hardship on millions.

NUM is a political ally of the ruling African National Congress (ANC) and
its members backed Ramaphosa, who founded the union in the 1980s, in his
successful election as party president last year.

Royal wedding and hot weather boost retail sales

The hot weather and royal wedding celebrations contributed to another strong
rise in retail sales last month, official figures have indicated.

Retail sales volumes rose 1.3% in May from the month before, the Office for
National Statistics said, following April's increase of 1.8%.

Sales in May were up 3.9% from the same month a year earlier, a 13-month
high.

Retailers said the royal wedding and good weather had encouraged spending in
food and household goods stores.

The ONS figures echo the findings of the latest survey from the British
Retail Consortium, which also cited the weather and the royal wedding as
factors lifting sales in May.

Tough times

The stronger-than-expected data may bring some relief for the retail sector,
which has seen a string of bad news recently from some high-profile names.

Last week, House of Fraser announced plans to close 31 stores, while earlier
this week, discount chain Poundworld went into administration.

Earlier on Thursday, the company behind the Simply Be and Jacamo clothing
brands, N Brown, said it was considering closing its 20 remaining shops and
becoming a pure online retailer.

The decision puts 270 jobs at risk.

Also, Majestic Wine warned that trading conditions were deteriorating.

Chief executive Rowan Gormley said: "We expect the UK market to remain
tough, possibly even tougher than last year.

"Certainly trading since year-end has been harder than the prior year in the
UK."

The hot weather in May and early June was not good for everyone. Revolution
Bars said the warm weather had "curtailed typical late-night weekend
trading" at its 72 bars.

It also blamed cold weather in March for a 1.7% fall in like-for-like sales
in the first half of the year.

Real pay rises

Economists are divided about the outlook for UK retail sales.

Ruth Gregory, senior UK economist at Capital Economics, said the latest data
added to evidence that spending had "picked up some pace following the
softness at the start of the year".

"With real pay rises in prospect, consumer spending should receive more
fundamental support as the year progresses," she added.

"Overall, then, today's figures support our view that annual spending growth
should pick up from 1.1% in Q1 to about 2% by early 2019, helping the
economy to regain some momentum."

However, Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said
May's sales jump had "all the hallmarks of a weather-related blip, rather
than a sustainable pick-up in spending".

"The average level of non-food sales in the first five months of 2018 is
exactly the same as in the last five months of 2017, so the underlying trend
in sales still looks pretty flat."

May's sales increase was much larger than analysts had expected, and the
news pushed up the value of the pound. Sterling was up 0.5% against the
dollar at $1.3440.--BBC

AT&T completes its takeover of Time Warner

US telecoms giant AT&T has completed its takeover of entertainment firm Time
Warner after winning a court battle earlier this week.

The more than $80bn (£60.34bn) deal, which has been two years in the making,
led to one of the largest US anti-trust lawsuits in decades.

But a US district court judge cleared the marriage of the two giants on
Tuesday without conditions.

The merger could shake up the US media scene for years to come.

The Trump administration's argument was that the marriage between the two
firms would harm consumers.

But AT&T argued it needed to acquire Time Warner to compete with online
streaming services like Amazon and Netflix.

It is expected now that more content distribution companies will try to
acquire content production companies.

*         Judge clears AT&T takeover of Time Warner

*         Comcast in 'advanced stages' of 21st Century Fox bid

*         Sky takeover battle looms after Hancock clears Fox bid

*         The landmark deal between the firms will see well-known franchises
like Game of Thrones, Wonder Woman and CNN under the roof of America's
largest pay-tv provider.

The Trump administration has 60 days to file an appeal, and says it is
currently considering its options.--BBC

IMF: US tariffs could undermine global trade

The Trump administration's trade policies are likely to hurt the US economy
and undermine the world's trade system, the IMF has warned.

IMF director Christine Lagarde said a trade war would lead to "losers on
both sides" and have a "serious" impact.

The caution comes as the US prepares to levy new tariffs on $50bn worth of
Chinese imports.

New duties on foreign steel and aluminium, announced in March, have already
gone into effect.

Those tariffs have already prompted Europe, Mexico, Canada and China to
introduce or announce plans for counter-measures in retaliation.

The move threw the G7 meeting last weekend into disarray, with US President
Donald Trump retracting his endorsement of the joint statement and lashing
out at host Canada.

*         G7 summit ends in disarray over tariffs

*         US tariffs a dangerous game, says EU

*         Is the US-China trade war back on?

While the IMF expects the trade dispute to have relatively minor economic
impact - slowing GDP by a fraction of a percentage point - Ms Lagarde said
she was concerned about how the fight would affect sentiment.

"What is more critical and more difficult to factor in at the moment ... is
the actual impact on confidence," she said at a press conference in
Washington.

The IMF said the White House, which has also threatened to withdraw from the
North American Free Trade Agreement (Nafta), is responding to rising
concerns about the side-effects of free trade.

"These measures, though, are likely to move the globe further away from an
open, fair and rules-based trade system, with adverse effects for both the
US economy and for trading partners," the IMF said.

Opposing outlooks

The IMF outlined the risks in its annual review of the US economy, which
offered a bright near-term outlook.

The organisation forecasts US growth of 2.9% this year, as the Trump
administration's $1.5tn tax cut package and $300bn increase in federal
spending temporarily boost activity.

However, it expects GDP to slow to 2.7% in 2019 and 1.9% in 2020, trending
lower as the decade continues and the effects of the tax cuts fade.

In a statement, the US Treasury Department contested those predictions,
saying White House policies, including tax reform and de-regulation, would
result in "more sustainable economic growth".

"While we appreciate the IMF's work on their report and share similar short
term forecasts on US economic growth, we differ significantly on the medium
and long term projections," the US said.

Ms Lagarde said she hopes that Treasury Secretary Steven Mnuchin proves
correct, but she is concerned about rising public debt and the risk of a
sudden bout of inflation.

"Despite good near-term prospects, a number of vulnerabilities are being
built-up," the IMF said.

New tariffs

On Friday, the US is expected to levy tariffs on about $50bn worth of
imports from China, in response to alleged theft of intellectual property.

The US wants China to stop practices that allegedly encourage transfer of
intellectual property - design and product ideas - to Chinese companies,
such as requirements that foreign firms share ownership with local partners
to access the Chinese market.

In April, the US published a list of about 1,300 Chinese products that would
potentially be subject to tariffs. The list covered products of industries
such as aerospace, information and communication technology, robotics and
machinery.

After the US raised duties on foreign steel and aluminium imports in March,
China imposed tariffs on US imports, including pork and wine.

It had previously said it did not want a trade war but would not sit by if
its economy was hurt.--BBC

China's ride-hailing giant Didi to launch in Australia

China's ride-hailing giant Didi Chuxing is set to launch in Melbourne,
Australia, from 25 June as it continues its international expansion.

The firm, which recently launched in Mexico, has just completed a month-long
trial in close-by Geelong, Victoria.

Didi is the world's largest ride-hailing app and is best known for driving
Uber off the streets in China.

Valued at about $56bn (£39.4bn), the Chinese giant is also the world's most
valuable start-up.

The Australian ride-hailing industry is currently dominated by Uber, but
recent entrants to the marketplace include India's Ola and Europe's Taxify.

Australian firm GoCatch is also a player in the market.

*         China's Uber says it's time to go global

*         India's Ola to enter Australia market

*         Uber sells its Chinese business to Didi

Didi says the service it will offer in Melbourne will be its core
ride-sharing arm, Didi Express.

It started recruiting for drivers in June but would not share exactly how
many it hoped to put on Melbourne's roads.

"What I can say is that Melbourne drivers are continuing to respond
exceptionally well to the product we are offering... in fact, nearly 100
drivers attended a driver registration day on Wednesday," a Didi
spokesperson in Australia told the BBC.

The firm's app can be downloaded in Australia from Friday 15 June, and
riders will be able to receive 50% off their trip from 25 June until the end
of July, the firm said.

But the discounts will be capped at a maximum of 10 Australian dollars
($7.45; £5.65) per trip, with a maximum of two trips a day.

Didi claims to have some 550 million users across its app-based transport
services, which include premier taxis, express cars and food delivery.--BBC

Tesco says growth 'on track' as sales rise again

Tesco says its growth plans are on track after it reported a 10th
consecutive quarter of rising sales.

UK like-for-like sales, which strip out the impact of new stores, rose 2.1%
in the 13 weeks to 26 May.

The supermarket giant said sales had recovered after being affected by bad
weather conditions in March.

Tesco chief executive Dave Lewis said he was "delighted with initial
progress on Booker", the food wholesaler that Tesco bought at the end of
last year.

Like-for-like sales at the wholesaler - which owns the Premier, Budgens and
Londis store brands - rose 14.3% in its first quarter under Tesco's
ownership.

Mr Lewis said he was "pleased with the momentum in the business".

Tesco's first quarter sales were a slight slowdown from the 2.3% rise in the
fourth quarter, but the group said they were held back by March's heavy snow
which put people off going shopping.

Mr Lewis said the supermarket was continuing to focus on re-launching its
own brand range and was now more than a quarter of the way through this.

The own-brand re-launch is part of Tesco's plan to take on discounters Lidl
and Aldi, which continue to win market share from the bigger supermarkets.

Despite the competition, Tesco is still by far the UK's biggest supermarket
with a 27.7% market share, according to the latest figures.

Tesco's performance has gradually improved since 2014, when it reported the
worst results in its history with a record pre-tax loss of £6.4bn.

Mr Lewis is credited with turning around the group, and his total pay packet
was almost £5m last year, a sum some have called excessive.

But Derya Yildiz of Kantar Consulting says there is a case to say he is
worth it.

She told the BBC's Today programme: "If you are looking at it on the basis
of one year's performance, that might be a discussion [to have].

"But as a CEO he promised to turnaround the business, and he would argue
that he did this and signed off one of [the sector's] biggest deals with
Booker, although this is yet to be proved."

Neil Wilson, chief markets analyst at Markets.com, said Tesco's performance
was better than expected.

"[It] is a healthy performance given the pressures it faces in terms of
discounters.

"It does represent a slight softening from the last two quarters but it
would be churlish to punish such a performance," he added.--BBC

Kellogg's recalls Honey Smacks cereals over salmonella fears

Kellogg Company is voluntarily recalling 1.1 million Honey Smacks packets
across more than 30 US states over concerns about potential salmonella
contamination.

The company launched an investigation after being alerted by US authorities.

Salmonella can cause serious illness or even death in rare cases.

Media reports quoted US authorities as saying preliminary evidence had
linked the product to more than 60 cases of salmonella.

The voluntary recalls involves the 15.3 ounce and 23 ounce boxes of Honey
Smacks cereal with best before dates of between 14 June 2018 and 14 June
2019, Kellogg's said in a statement.

The company told the BBC the product also had a limited distribution in
Costa Rica, Guatemala, Mexico, the Caribbean, Guam, Tahiti and Saipan in the
Northern Mariana Islands.

No other Kellogg products are affected by the recall.

The company began its investigation with the third-party manufacturer that
produces Honey Smacks immediately after being contacted by the US Food &
Drug Administration (FDA) and Centers for Disease Control (CDC), Kellogg's
said.

According to the CDC, the consumption of products contaminated with
salmonella can produce serious and potentially fatal infections in people
with weakened immune systems and can last up to seven days.--BBC

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

ZHL

AGM

Ophir Room, Monomotapa Hotel

20/06/2018 2:30pm

ZPI

AGM

206 Samora Machel Avenue

21/06/2018 12pm

RioZim

AGM

Head Office, 1 Kenilworth Road, Highlands

21/06/2018 10:30am

SeedCo

final dividend of 2.95c and special dividend of 1.48c and sets record date

22/06/2018

GB Holdings

AGM

Cernol Chemicals Boardroom, 11 Dagenham Road, Willowvale

26/06/2018 11:30am

MedTech

AGM

Head Office, Boardroom, Stand 619, Corner Shumba/Hacha Roads, Ruwa

27/06/2018 3pm

Dawn Properties

AGM

Ophir Room, Monomotapa Hotel

28/06/2018 10am

NicozDiamond

Scheme meeting

7th Floor, 30 Samora Machel Ave

28/06/2018 10am

ZBFH

AGM

Boardroom, Ground Floor, 21 Natal Road, Avondale

28/06/2018 10:30am

African Sun

AGM

Kariba Room, Holiday Inn Harare

28/06/2018 12pm

FBC

AGM

Royal Harare Golf Club

28/06/2018 3pm

Hwange

AGM

Royal Harare Golf Club

29/06/2018 10:30am

Fidelity Life

AGM

Great Indaba Room, Monomotapa Hotel

29/06/2018 11am

Barclays

EGM to consider the change of registered statutory name to First Capital
Bank Limited

Meikles Hotel

03/07/2018 3pm

NicozDiamond

shares delist from the ZSE

06/07/2018

Zimbabwe

Heroes’ Day

Zimbabwe

13/08/2018

Zimbabwe

Defence Forces Day

Zimbabwe

14/08/2018

The Harare Agricultural Show

The Harare Agricultural Show

The Harare Agricultural Show

August 27- September 1

 <mailto:info at bulls.co.zw> 

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