Major International Business Headlines Brief::: 20 June 2018

Wed Jun 20 15:29:03 CAT 2018

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Major International Business Headlines Brief::: 20 June 2018

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

*  South Africa's rand pares early gains, technicals offer support

*  Rusal starts shipping bauxite from Guinea's Dian-Dian mine

*  South Africa's 2018 GDP growth expected to hit 1.7 pct in 2018

*  Egypt says to receive $2 bln IMF payment by end-July: newspaper

*  IBM’s machine argues, pretty convincingly, with humans

*  Ford and VW in talks about developing range of vans

*  Beer could fall flat for World Cup as CO2 runs short

*  General Electric drops out of Dow index

*  Australia's Telstra to slash 8,000 jobs in cost-cutting drive

*  Akon To Launch His Own Cryptocurrency, Aims To Build Real-Life Wakanda

 <mailto:info at bulls.co.zw> 

South Africa's rand pares early gains, technicals offer support

JOHANNESBURG (Reuters) - South Africa’s rand was firmer in early trade on
Wednesday in a technical rebound after slumping as much as 2 percent in the
previous session to seven-month lows on jitters triggered by the escalating
tit-for-tat U.S.-China trade war.

At 0650 GMT, the rand was up 0.11 percent to 13.7275/dlr, paring earlier
gains that had seen it reach 13.65/dlr.

Technicals point to a rebound or at least support after the currency swung
deeply into oversold levels, according to momentum indicators tracked by
analysts.

But dollar strength or a return of rolling power cuts could cap gains and
the market will also be looking out for May CPI data due at 0800 GMT.

In a market note, NKC African Economics pegs the rand’s range at 13.55 to
13.85/dlr.

In fixed income, the yield for the benchmark government bond due in 2026 was
down 1.5 basis points to 9.155 percent.

Stocks also seen rebounding, partly on technical factors, with the JSE
Top-40 futures index up almost 1.2 percent.

 <mailto:info at bulls.co.zw> 

Rusal starts shipping bauxite from Guinea's Dian-Dian mine

MOSCOW (Reuters) - Sanctions-hit Russian aluminium producer Rusal said on
Tuesday it had started shipping bauxite from its Dian-Dian bauxite project
in Guinea to its alumina refineries in other countries.

Rusal, the world’s largest aluminium producer outside China, has been hit by
U.S. sanctions imposed on it and co-owner Oleg Deripaska in early April, a
move that damaged the company’s exports and internal supply chain.

The company said it had completed the first stage of development of the
Dian-Dian bauxite deposit in Guinea, the world’s largest, and started
exporting the ore.

“The commissioning of the bauxite mine means not only the creation of new
jobs and increased employment for the local population, but also new
opportunities for the development of the economy of Guinea,” Yakov Itskov,
the head of Rusal alumina division, said in a statement.

Guinea is vital for Rusal as the West African country accounts for 27
percent of the company’s production of bauxite, the ore that is refined into
alumina and ultimately smelted into aluminium.

Rusal has started exports from Dian-Dian despite the U.S. sanctions because
its agreement with Guinea required it to do so and also because all
investments into the project were made before the sanctions were imposed, a
source, familiar with the situation, said.

The mine at Dian Dian has an annual capacity of 3 million tonnes of bauxite.
Rusal produced 3.1 million tonnes of bauxite in Guinea in 2017. The cost of
the Dian Dian project was estimated at around $220 million when Rusal
launched it in 2014.

The aluminium producer also owns the Friguia alumina refinery in Guinea
which has been shut since 2012 and Rusal has been planning to reopen it.

South Africa's 2018 GDP growth expected to hit 1.7 pct in 2018

JOHANNESBURG (Reuters) - South Africa’s economy is expected to recover from
a poor start this year, rescued by stronger growth in the rest of the world,
a Reuters poll found on Wednesday.

South African gross domestic product shrank 2.2 percent in the first
quarter, led by a slowdown in agriculture and mining, after expanding 3.1
percent in the final three months of last year.

However, the survey of 24 economists taken in the past week forecast the
economy would grow 1.7 percent this year. That was only 0.1 percentage point
lower than predicted last month and up from a 1.3 percent forecast at the
start of the year.

“The rest of the world is doing very, very well, so on the export side of
things we will actually start doing better,” said Busisiwe Radebe, an
economist at Nedbank. “That is why you see that lift that we are expecting.”

Last Friday, Fitch affirmed South Africa’s sub-investment- grade credit
rating but noted signs of improvement in governance and prospects of a mild
cyclical upturn.

However, it doubts new President Cyril Ramaphosa’s efforts will make a
significant difference to the 1.7 percent growth it expects for this year.

South Africa needs growth levels multiple times faster than the forecast to
make any meaningful reduction in unemployment. About a quarter of the labour
force is currently out of work.

Employment prospects were made worse by a poor showing from South Africa’s
mines in April. Output fell 4.3 percent year-on-year in the industry, which
employs large swathes of the country’s largely unskilled labour force.

A United States-China trade conflict has escalated further and economists
are wary of its effect on emerging market currencies.

Still, Miyelani Maluleke, an economist at Absa Capital,said domestic demand
still had enough momentum to deliver GDP growth of 1.7 percent this year.

“There were some one-off factors that contributed to the first-quarter GDP
contraction and the effect of those will likely wear off,” Maluleke said.

The South African Reserve Bank is expected to keep its repo rate unchanged
at 6.5 percent until 2020. It cut its main interest rate by 50 basis points
to 6.50 percent in March.

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

Egypt says to receive $2 bln IMF payment by end-July: newspaper

CAIRO (Reuters) - Egypt says it will receive the next $2 billion instalment
of a $12 billion loan from the International Monetary Fund (IMF) in the
second half of July, newspaper Al-Masry Al-Youm reported on Tuesday.

The paper quoted Finance Minister Mohamed Maait as saying this would be the
fourth instalment of the loan, agreed in late 2016, and would bring the
total Cairo has received so far to $8 billion.

The IMF loan requires Egypt to enact tough economic austerity measures. The
latest fiscal reforms have included sharp cuts to electricity and fuel
subsidies.

The finance ministry previously said the latest payment was expected in June
or July.

IBM’s machine argues, pretty convincingly, with humans

On a stage in San Francisco, IBM’s Project Debater spoke, listened and
rebutted a human’s arguments in what was described as a groundbreaking
display of artificial intelligence.

The machine drew from a library of “hundreds of millions” of documents -
mostly newspaper articles and academic journals - to form its responses to a
topic it was not prepared for beforehand.

Its performance was not without slip-ups, but those in attendance made clear
their thoughts when voting on who did best.

While the humans had better delivery, the group agreed, the machine offered
greater substance in its arguments.

That, IBM said, spoke to the heart of its goal: augmenting human beings to
make decisions quickly and with more data than ever before.

“I think it says actually very optimistic things about how humans respond to
facts and figures,” said Noa Ovadia, one of the human debaters at the event.

“I think they are important, but they’re not everything when we make up our
argumentation.”

Can we trust AI if we don't know how it works?

AI gives journalist his voice back

Ms Ovadia was Israel’s national debating champion in 2016, and began working
with IBM a few months ago as an opponent to its machine.

She told the BBC: “I think eventually when it can do what we do but better,
that’ll be great thing for the human race - for informed decision-making,
for informed voting, for informed everything.”

Offline thinking

Project Debater was not hooked up to the internet. Instead, it drew its
information from a data bank of carefully curated sources chosen by IBM’s
researchers.

The machine took part in two debates. The first was on whether there should
be more publicly funded space exploration. The second was on whether more
should be invested in telemedicine technologies.

Each participant had four minutes to make an opening statement, then a
four-minute rebuttal, and then a two minute-conclusion.

When Ms Ovadia argued money should be spent on more pressing needs than
space travel, the machine offered this reply: “It is very easy to say that
there are more important things to spend money on, and I do not dispute
this. No one is claiming that this is the only item on our expense list. But
that is beside the point.

“As subsidising space exploration would clearly benefit society, I maintain
that this is something the government should pursue.”

The machine, like the human, was not given prior knowledge of what the
debate topic would be. However, IBM had a list of topics - around 100 or so
- it felt would draw a meaningful debate based on the data that was in
Project Debater’s memory.

“Over time, and in relevant business applications, we will naturally move
toward using the system for issues that haven’t been screened,” said Arvind
Krishna, IBM’s director of research, in a blog post.

In an interview with the BBC, Mr Krishna said this experiment pushes the
boundaries of AI in a way the likes of Google were yet to demonstrate with
its game-playing AI.

“Project Debater is about mastering language, and language is nuanced,” he
said. “In this case also, there is no particular right or wrong.”

Where the machine fell by the wayside in these debates was in often
repeating itself - making the same argument, just in different words - or by
adding curious turns of phrase that were likely a result of messy data being
fed into the system.

Practical uses

Prof Chris Reed, from the University of Dundee, described the demonstration
as an “impressive piece of technology”.

“This is really quite a significant step forward,” said the academic, who is
not affiliated with IBM.

“I think what impressed me was the combination of AI techniques. Tackling
something like debating is not a one-shot deal.

“You need to be able to solve many problems and then bring all those
problems together in an engineered solution.”

IBM is of course no stranger to public displays of artificial intelligence.
Its Watson supercomputer was able to win US gameshow Jeopardy in 2011, and
before that, Deep Blue famously beat world chess champion Garry Kasparov.

But bringing practical applications to the technology behind these publicity
stunts has proven more difficult. The company recently laid off employees -
it would not say how many - working on healthcare applications for Watson.

IBM’s Mr Krishna said he felt advanced decision-making had clear commercial
value.

“When in business you have to make a decision, sometimes on the seat of your
pants, sometimes from the biases of those who give advice,” he said.

“If you can lead Project Debater to come up with its pros and cons on a
topic, you can look at both equally and that can mean a much more useful
decision.”

Prof Reed, for the most part, agreed.

“I think this is very much about building teams... where you’ve got some
human parties taking part in the debate and some computational

“Obviously they’ve got different strengths and weaknesses, and the idea is
to architect these teams in such a way that they can work better than just
humans on their own.”

A future bone of contention, Prof Reed suggested, might not be the AI system
itself - but the data it is fed, and what biases may be contained
within.--BBC

Ford and VW in talks about developing range of vans

Ford and Volkswagen are in early talks about jointly developing a range of
commercial vehicles.

The two car giants said they were "exploring a strategic alliance" aimed at
strengthening both companies' competitiveness without giving details.

However, the cooperation would not involve any share swaps or
cross-ownership deals.

Ford's biggest-selling commercial vehicles are the Transit van and the
F-series pick-up truck.

VW also owns the Scania and Man truck brands.

Car companies are increasingly collaborating to cut the costs of developing
new technology amid a growing demand for more environmentally friendly
vehicles.

Earlier this year VW struck a commercial vehicle alliance with Toyota's
truck division, Hino.

At the time the firms said areas of cooperation could include hybrid and
electric engines, as well as connectivity and autonomous driving systems.

At the Detroit car show in January Ford unveiled a more fuel-efficient
version of its Ranger pick-up truck.

'Big plans'

Meanwhile, Ford plans to renovate the famous Michigan Central Station in
Detroit - a historic and eye-catching railway station that opened in 1914
before closing in 1988 and having its interior subsequently vandalised.

The company will turn the building into offices for up to 5,000 technology
workers and software engineers working on self-driving cars.

"We have big plans for this building," the carmaker's executive chairman
Bill Ford told an audience outside the 18 storey landmark, built in the
Beaux-Arts Classical style.

Ford has not revealed the cost of the renovation, but said it would be
completed using some of the cash previously put aside for a revamp of its
headquarters in the Detroit suburb of Dearborn. That project has a budget of
$1.2bn (£900m).

The carmaker will receive unspecified tax breaks from Detroit and the state
of Michigan towards the project.--BBC

Beer could fall flat for World Cup as CO2 runs short

A shortage of CO2 could take the fizz out of beer and other sparkling drinks
this summer, just as the World Cup and barbecue season get under way.

The UK has only two plants producing carbon dioxide and one is closed for
maintenance, threatening to leave drinks makers high and dry.

"It's already stopping production," said Brigid Simmonds, head of the
British Beer and Pub Association.

She has written to CO2 producers asking them to rectify the situation.

Demand for beer and fizzy drinks is peaking as fans gather to watch the
football, thanks to the recent run of hot weather.

Carbon dioxide doesn't just put the fizz into soft drinks, canned and
bottled beers. It also delivers beer at the pub pumps and is additionally
used to pack fresh meat and salads.

It comes from ammonia plants that manufacture fertiliser. But as demand for
fertiliser peaks in winter, manufacturers often shut down during the summer
for maintenance work.

Currently at least five CO2 producers across northern Europe are offline for
maintenance, according to Gasworld, which first reported the issue.

Gasworld said carbonated drinks producers were now "desperate" amid the
worst CO2 supply crisis for decades.

Beer stoppages

The British Beer and Pub Association (BBPA), which represents brewers and
20,000 UK pubs, said the CO2 shortage was beginning to cause stoppages in
beer production, although it did not name specific companies.

As much as 82% of beer consumed in the UK is produced here, requiring carbon
dioxide. Ms Simmonds said.

She said she had written to CO2 suppliers and one producer had said it would
be able to get limited production back on stream at the beginning of July.

"You could have foreseen this. We've got the World Cup, which is as exciting
in Germany as it is here," said Ms Simmonds

"Quite why they didn't anticipate this, I don't know."

The BBPA has also issued some guidance to its members reminding them that
CO2 used in drinks, including for dispensing beer at the pumps, must be food
grade CO2.

"We'd be concerned this is not the time to go looking for a white van man
who says they can supply you with CO2," she said.

Gavin Partington, director general at the British Soft Drinks Association,
said soft drinks producers were "taking active steps to maintain their
service to customers".

He said that also included working with their suppliers and looking at
alternative sources of CO2.--BBC

General Electric drops out of Dow index

General Electric is losing its place on the Dow Jones Industrial Average
after more than a century in a move that reflects its declining fortunes and
a changing US economy.

Walgreens Boots Alliance will take its spot on the financial index, which
tracks shares of 30 companies deemed representative of the US economy.

The change takes effect on 26 June.

The firm that runs the index said the change was intended to reflect the
growth of the healthcare sector.

David Blitzer of S&P Dow Jones Indices said the change would make the Dow a
"better measure of the economy and the stock market".

The move follows a difficult period for General Electric, whose shares have
more than halved in the past year. GE has replaced its chief executive and
announced a series of cuts in an effort to reposition itself.

'Stronger, simpler'

GE said falling out of the Dow would not alter its commitment to creating a
"stronger, simpler" company.

One of the original companies included on the Dow, GE traces its roots to
Thomas Edison's light bulb business founded in the 1890s.

It became one of America's biggest companies - an industrial conglomerate
that also owned the NBC Universal media company and operated a major finance
division.

Over the last decade, the firm has sold businesses including NBC, GE Capital
and its appliances division, responding to losses triggered by the financial
crisis and poor performance against competitors.

GE, which employs about 300,000 people globally, is seeking to offload its
lightbulb business and last month sold its railroad division.

The committee that oversees the Dow, which is run by a division of S&P
Global, reviews the composition of the index regularly.

It replaced AT&T with Apple in 2015.

Walgreens, founded as a neighbourhood pharmacy in 1901, has been rapidly
expanding in recent years.

In 2012 it bought a stake in Alliance Boots and took full control two years
later. The Illinois-based firm also acquired more than 1,900 stores from
Rite-Aid last year.--BBC

Australia's Telstra to slash 8,000 jobs in cost-cutting drive

Telstra, Australia's biggest telecoms company, plans to cut 8,000 jobs - a
quarter of its workforce - in a bid to slash costs.

The struggling firm plans to axe one in four executive and management
positions over the next three to four years.

It is the latest in a string of job cuts made by Telstra in recent years.

The company, which also plans to sell assets worth A$2bn (£1.1bn, $1.5bn) by
2020, warned that profits would fall for the year to June 2019.

Shares in Telstra closed 4.8% lower at $2.77 in Sydney on Wednesday.

As competition in Australia's telecoms sector intensifies, Telstra has been
under increasing pressure to improve its mobile and broadband offerings and
arrest declines in its shares.

The 10-year row over Australia's internet

'More than half' face broadband problems

'Left in the lurch' over broadband

The company also said it would separate its infrastructure business and
could spin it off in the future.

Telstra plans a further A$1bn of cost cuts, bringing the total to $2.5bn by
2022.

Chief executive Andy Penn defended the job cuts and other announcements,
arguing that competition from the likes of Optus and Vodafone demanded a
"bolder stance".

"We have to do this ... as an industry we're at a tipping point," he said.

"We understand the impact this will have on our employees and once we make
decisions on specific changes, we are committed to talking to impacted staff
first and ensuring we support them through this period."

Michael McCarthy at CMC Markets said the restructuring plan may not be
enough to please investors in Telstra, whose share price has almost halved
in the past year.

"Some investors think the Telstra patient needs radical surgery, and could
view today's measures as Band-Aids," he said.--BBC

Akon To Launch His Own Cryptocurrency, Aims To Build Real-Life Wakanda

Yes. You read that right. The ‘Lonely’ hitmaker now has his own
cryptocurrency and it’s called AKoin. Whether that’s pronounced A-coin or
Ay-coin is another thing but what we do know is the coin will be used to
propel Akon’s philanthropy work.

What will the coin be used for

The crypto will have two particular uses. Firstly it will be used to ramp up
the efforts of Lighting Africa Initiative. This organisation aims to improve
Senegal’s –Akon’s home country- living conditions through the use of
renewable energy.

The cryptocurrency will also be the centrepiece of what is being termed a
100% crypto-based city. According to AKoin’s website:

Parallel to AKoin being established as stable currency alternative
throughout Africa – and fueling entrepreneurship – Akon Crypto City is in
development and has opportunities for crypto experiences to be painted
throughout this one of kind city; a never before opportunity for brands,
businesses and high-profile individuals to do amazing things in this closed
environment, welcoming anyone looking to step into the future!

Wakanda city is this?

When I first read about Akon’s crypto-city the first thing that came to mind
was Wakanda – the tech-driven mythical kingdom from Black Panther. It seems
Akon has a similar thing in mind. The website also states:

A Real-life Wakanda

2000 sq Acres gifted from Senegalise President Macky Sall. Already in
development. Within 5 Minutes to new international airport, short drive to
Dakar and close to the coast. Mixed use, master-planned city, containing
everything from residential, retail, parks, stadium, light manufacturing,
universities and schools!

Pipedreams? Well Akon didn’t delve into the technicalities of this project.
All he had to say was:

I come with the concepts and let the geeks figure it out

Obviously comparing any project to Wakanda is a bit far-fetched considering
that Wakanda is a city from a movie about superheroes, so it will be
interesting to see how the city shapes up since it’s already in development.

Looking at Akon’s track record it’s fair to assume that this project will be
completed. The Lighting Africa Initiative Akon has already installed street
lights and small household solar systems in 14 countries.--techzim

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> 

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
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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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