Major International Business Headlines Brief::: 21 June 2018

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Major International Business Headlines Brief::: 21 June 2018

 


 

 


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*  Nigeria's President Buhari signs off on record 2018 budget

*  S&P doesn't see downside risks to South Africa's sovereign rating

*  South Africa's CPI slows to 4.4 pct y/y in May

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

*  EU to launch counter-tariffs against US on Friday

*  Daimler expects lower 2018 earnings due to new tariffs

*  Australia's Toys R Us stores to close down

*  Dixons Carphone sees big profits fall

*  Hammond: Taxes will rise to pay for NHS boost

*  Disney increases bid for Murdoch's Fox assets

*  'Disastrous' copyright bill vote approved

*  Instagram longer videos: How new IGTV feature will work

*  Panama Papers: Mossack Fonseca was unable to identify company owners

*  Tesla sues former worker for hacking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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Nigeria's President Buhari signs off on record 2018 budget

ABUJA (Reuters) - Nigeria’s president signed a record 9.12 trillion-naira ($29 billion) budget for 2018 into law on Wednesday but said he would use a supplementary spending plan to seek changes, creating uncertainty about the final details of his growth strategy.

 

Muhammadu Buhari is pushing to foster growth in Nigeria, which has west Africa’s biggest economy, before an election next February in which he will seek a second term. His economic policies, and their impact on Nigerians, could sway voters.

 

Nigeria’s parliament, the National Assembly, passed the budget last month. The total sum is higher than the 8.6 trillion naira spending plan presented to parliament by Buhari in November, which lawmakers said was due to an increase in the assumed oil price to $51 per barrel from $45.

 

Buhari was critical of changes made by the National Assembly, which he said cut a total of 347 billion naira for 4,700 projects submitted to them for consideration and introduced 6,403 projects of their own amounting to 578 billion naira.

 

He cited examples of funds being cut, including 8.7 billion taken from a housing programme, and said lawmakers added projects that were not properly assessed. Buhari also said parliament increased its own budget from 125 billion naira to 139.5 billion naira.

 

“I have decided to sign the 2018 budget in order not to further slowdown the pace of recovery of our economy, which has doubtlessly been affected by the delay in passing the budget,” said Buhari in a speech after the signing.

 

Nigeria, Africa’s top oil producer, emerged from its first recession in 25 years in 2017, helped by higher crude prices, but growth remains fragile.

 

“It is my intention to seek to remedy some of the most critical of these issues through a supplementary and/or amendment budget, which I hope the National Assembly will be able to expeditiously consider,” Buhari said .

 

A spokesmen for the upper house of parliament could not immediately be reached. A spokesman for the lower house declined to comment.

 

Budgets under Buhari, who took office in May 2015, have been Nigeria’s largest ever - the latest is up from last year’s 7.44 trillion-naira spending plan. But economists say implementation has been poor and failed to provide the type of capital spending needed to improve infrastructure.

 

“Despite the approach of elections in early 2019, there is no reason to assume this time around that all of the spending plans will necessarily be executed,” said Razia Khan, chief Africa economist at Standard Chartered Bank.

 

She added that the plan for a supplementary budget was “likely to be because of some degree of uncertainty as to the value of all the spending projects that were proposed by the Senate and approved”.

 

John Ashbourne, senior emerging markets economist at Capital Economics, said next year’s vote, in which some legislators will seek election, may have led to the insertion of some projects by lawmakers.

 

The International Monetary Fund in February said Nigerians were getting poorer despite the recovery from recession. Inflation has fallen for 16 straight months, slowing to a more than two year low of 11.6 percent in May.

 

($1 = 314.5000 naira)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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S&P doesn't see downside risks to South Africa's sovereign rating

JOHANNESBURG (Reuters) - S&P Global Ratings does not see downside risks to South Africa’s sovereign credit rating, its Africa regional manager said on Wednesday.

 

“A stable outlook at this point signals to you the risks are not stacked on the downside (or) medium term ... unless obviously the situation would worsen again,” S&P Global’s Konrad Reuss said at an economic conference in Johannesburg.

 

 

South Africa's CPI slows to 4.4 pct y/y in May

JOHANNESBURG (Reuters) - South Africa’s headline consumer inflation slowed to 4.4 percent year-on-year in May from 4.5 percent in April, data from Statistics South Africa showed on Wednesday.

 

On a month-on-month basis, inflation slowed to 0.2 percent in May from 0.8 percent in April.

 

Core inflation, which excludes the prices of food, non-alcoholic beverages, petrol and energy, fell to 4.4 percent year-on-year from 4.5 percent, while on a month-on-month basis it slowed to 0.0 percent from 0.6 percent previously.

 

 

 

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.

 

 

EU to launch counter-tariffs against US on Friday

The European Union will launch a raft of retaliatory tariffs against US exports on Friday, a top official has said.

 

The move comes after US President Donald Trump imposed steep duties on steel and aluminium earlier this month.

 

American exports such as blue jeans, motorbikes and bourbon whiskey will be targeted, trade commissioner Cecilia Malmstrom confirmed.

 

However, she said the bloc "did not want to be in this position".

 

"The unilateral and unjustified decision of the US to impose steel and aluminium tariffs on the EU means that we are left with no other choice," she said.

 

Trump threatens more tariffs on China

US imposes metal tariffs on key allies

Brussels drew up the list of products in March when Mr Trump initially proposed the 25% tariffs on steel imports and 10% on aluminium, which also target Canada, Mexico and other close US allies.

 

Cranberries, orange juice, sweetcorn and peanut butter are among the other goods targeted.

 

It comes amid an intensifying row over trade between the US and its partners.

 

On Tuesday, Mr Trump threatened to impose duties on an additional $200bn (£151bn) of Chinese goods after hitting $50bn of products with tariffs.

 

He said the 10% duties would come into effect if China "refuses to change its practices".

 

However, China accused the US of "blackmail" and said it would "fight back firmly", raising fears of a full-blown trade war.

 

How did this start?

Mr Trump announced plans for tariffs on foreign steel and aluminium in March, justifying them on national security grounds.

 

He has argued that global oversupply of steel and aluminium, driven by China, threatens American steel and aluminium producers, which are vital to the US.

 

What is a trade war and why should I worry?

IMF sounds alarm on US trade tariffs

Since the announcement, South Korea, Argentina, Australia and Brazil have agreed to put limits on the volume of metals they can ship to the US in lieu of tariffs.

 

However, Canada has announced it will impose retaliatory tariffs on C$16.6bn (£9.5bn) worth of US exports from 1 July.

 

And Mexico put tariffs on $3bn worth of American products ranging from steel to pork and bourbon two weeks ago.

 

The measures have also prompted complaints at the World Trade Organisation, including from India and Norway.

 

What does the EU say?

Ms Malmstrom called the EU response proportionate and in line with World Trade Organization rules.

 

She said that counter-measures - which affect €2.8bn worth of US goods - would be removed if Washington removed its metal tariffs.

 

EU steel and aluminium exports now facing US tariffs are worth a total of €6.4bn (£5.6bn).

 

What could the impact be?

Many of the products the EU has in its sights are specifically chosen to have maximum political effect. Bourbon whiskey is produced in Kentucky, the state of Senate majority leader Mitch McConnell.

 

Orange juice is a key export for Florida, a swing state in the US elections.

 

Meanwhile, economists have warned the US metal tariffs could lead to higher metal costs, disrupt supply chains and even get passed on to US households.

 

Last week, the International Monetary Fund warned that the Trump administration's protectionist policies are likely to hurt the US economy and undermine the world's trade system.

 

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

 

US Commerce Secretary Wilbur Ross has dismissed the concerns about higher costs, arguing that the effects would be minimal.

 

At a hearing in Washington on Wednesday, he blamed a spike in the price of steel on speculative activity and said his department would conduct an investigation into "illegitimate profiteering".

 

And in March, Mr Trump signalled he could impose yet more retaliation if the EU raised trade barriers on US companies.

 

What is the reaction in the US?

US politicians criticised the measures at a hearing in Washington on Wednesday, saying they were hurting American businesses and alienating allies.

 

US Senator Pat Toomey, a Republican from Pennsylvania, said the use of national security to justify the metals tariffs was "wholly inappropriate".

 

He is co-sponsor of a bill that would limit the administration's authority on trade.

 

Lawmakers also said the administration's process for granting companies exemptions from the tariffs is in disarray.

 

Companies have submitted more than 20,000 requests for exemptions from the measures, Mr Ross said.

 

He said the department has granted 42 exemptions from the steel tariffs and denied 56.

 

Senator Claire McCaskill, a Democrat from Missouri, said the US should have published a list of exempted products when the tariffs were announced.

 

She said the administration was handling the issue in a "chaotic and frankly incompetent manner".--BBC

 

 

 

Daimler expects lower 2018 earnings due to new tariffs

German carmaker Daimler says it expects lower earnings this year amid a growing trade spat between the US and China.

 

It foresees lower-than-expected sales of Mercedes-Benz due to a tax on the import of US vehicles into China.

 

The US plans to tax at least $50bn (£38bn) of Chinese imports in response to China's alleged intellectual copyright theft.

 

China said it would collect levies on billions of dollars worth of US goods, including cars, from 6 July in return.

 

The Trump administration has threatened further tariffs on up to $400bn worth of Chinese goods if China continues to retaliate.

 

What is a trade war and why should I worry?

EU to launch tariffs against US on Friday

Mercedes-Benz had record sales in the first three months of this year, led by China, where sales increased by 17%.

 

But Daimler, the owner of Mercedes-Benz, said this year's earnings from car sales were expected to be "slightly below the previous year".

 

"From today's perspective, the decisive factor is that, at Mercedes-Benz Cars, fewer than expected SUV sales and higher than expected costs - not completely passed on to the customers - must be assumed because of increased import tariffs for US vehicles into the Chinese market," the company said.

 

"This effect cannot be fully compensated by the reallocation of vehicles to other markets."

 

Earlier this month, Daimler was forced to recall vehicles in Germany found to be fitted with illegal software that masks diesel emissions.

 

Daimler said the recall of diesel vehicles and declining demand in Latin America was also affecting overall earnings.--BBC

 

 

 

Australia's Toys R Us stores to close down

Toys R Us and Babies R Us stores across Australia will be shut down after the company's local administrators said they were unable to find a buyer for the embattled brand.

 

The Australian arm of the US chain has 44 stores across the country and employs about 700 people.

 

The closures will follow the collapse of the Toys R Us brand in the US and in the UK.

 

The first Toys R Us store was opened in Australia in 1993.

 

Bricks and mortar speciality stores such as Toys R Us have been struggling to compete with online retail sites in Australia.

 

Five reasons Toys R Us failed

All Toys R Us stores to close their doors

Toys 'R' Us files for bankruptcy in US

But they have also also been fighting an uphill battle against larger domestic supermarket-style retailers - including K-Mart and Big W - that sell a mixed range of products for children and adults.

 

Much the same has been happening to High Street retailers in the UK, where Toys R Us went into administration in February. The last Toys R Us stores there were closed on 24 April.

 

In the US, where Toys R Us was founded in 1948, the situation has been the same for several years as bricks and mortar stores struggle to compete against the likes of Amazon, among other online retailers.

 

Why we no longer love department stores

House of Fraser to close 31 stores

Toys R Us in the US first sought bankruptcy protection in September last year, but by May it announced it would close or sell its 885 stores after failing to find a buyer for the business.

 

The firm's chief executive, Dave Brandon, said at the time it was a "profoundly sad day" for the retailer.

 

Some stores are still operating in the US, but are holding closing down sales. The US website has been shut down.

 

In Australia, stores "will close progressively in the coming weeks", the firm said in a statement sent to the BBC.

 

Gift cards and vouchers will be honoured until 5 July, with some caveats.--BBC

 

 

 

Dixons Carphone sees big profits fall

Dixons Carphone has reported a big fall in annual profits as the retailer admitted that it had "plenty of work to do" in revamping its business.

 

Pre-tax profits for the year to 28 April fell to £382m, from £500m a year earlier.

 

The retailer is set to close 92 of its more than 700 stores this year amid slowing sales of mobile phones.

 

Last week, it admitted a big data breach involving millions of credit cards and data records.

 

It is investigating the hacking attempt, which began in July last year.

 

Dixons Carphone said it had no evidence that any of the cards had been used fraudulently following the breach.

 

'Many strengths'

The mobile phone and electrical goods retailer, which employs more than 42,000 people in eight countries, issued two profit warnings last year and a further one earlier this year amid a slowdown in sales of new mobile handsets.

 

In its latest results, the firm also reiterated that it expected profits to fall again in the current financial year, maintaining its profit guidance for 2018-19 at about £300m.

 

The firm's shares were up more than 1.8% in early trading.

 

Chief executive Alex Baldock, who took over earlier this year, said Dixons Carphone was "a business with so many strengths, and with so much more to go for".

 

"Recent events have underlined that we have plenty of work to do, and it will take time, but I'm even more confident than the day I took the job in our long-term prospects."

 

He added that the retailer could make more of those strengths by "bringing clear long-term direction that sharpens our focus on our core".

 

On a statutory basis, Dixons Carphone's pre-tax profits for the past financial year fell to £289m, from £404m the year before.

 

"Dixons Carphone results, at first glance, look a touch better than feared, given the kitchen sink job done by new CEO Alex Baldock three weeks ago," said Neil Wilson, chief market analyst for Markets.com.

 

"In UK mobile, the company delivered flat like-for-like sales in a contracting post-pay market. But it remains the market leader, though at the cost of margins."--BBC

 

 

Hammond: Taxes will rise to pay for NHS boost

The chancellor is to admit for the first time that taxes will have to rise to cover the costs of increased spending on the NHS.

 

In a speech on Thursday, Philip Hammond will say that any increases will be done in a "fair and balanced way".

 

He will also make it clear the government will stick to its promise to reduce the nation's debts.

 

Meaning there will be little room for extra borrowing to pay for the prime minister's promised spending boost.

 

"We are getting debt down, while investing in Britain's infrastructure, supporting our vital public services, and helping hard working families across the United Kingdom," the chancellor will say at the Mansion House in the City.

 

"And this week, the prime minister announced a five year NHS funding package that will boost spending on health by over £20bn a year in real terms in England alone.

 

"So, as the prime minister said, across the nation taxpayers will have to contribute a bit more in a fair and balanced way to support the NHS we all use.

 

"We also confirmed we would stick to our fiscal rule and continue to reduce debt."

 

The NHS, taxes and that 'Brexit dividend'

 

Tax rise to pay for NHS boost - PM

 

Brexit could cost £1k per household

 

The admission that tax rises are ahead puts at risk a Conservative manifesto pledge in 2017 that the party had a "firm intention to reduce taxes".

 

In the words from the speech released overnight by the Treasury there was no mention of the "Brexit dividend" which the prime minister claimed at the weekend could be used to pay for part of the extra spending on the NHS.

 

Economists have dismissed the idea that there is a "dividend" from leaving the European Union (EU), arguing that the costs to the economy outweigh any reduction in payments to the EU.

 

Mr Hammond's speech will make it clear the Treasury is still committed to reducing the deficit - the amount of money the government spends above the amount it gains in revenues from taxes and investment - to 2% of the value of the economy (gross domestic product) by 2021.

 

The Treasury has also promised as part of its "fiscal rules" that the country's overall debts - the total amount it has borrowed - will be falling as a proportion of the overall economy by the same time.

 

My sources tell me that reducing the nation's debts - which has yet to happen - is seen in Conservative circles as the "big dividing line" with Labour which the party must stick to.

 

That means increased taxes will be needed to cover the costs of the NHS pledge.--BBC

 

 

Disney increases bid for Murdoch's Fox assets

Disney has increased its offer for 21st Century Fox to $71.3bn in cash and shares, up from an earlier $52bn offer.

 

The move values Fox at $38 a share, some $10 higher than Disney's first offer in December.

 

Disney is locked in a battle with US media conglomerate Comcast, which has offered $65bn in cash for Fox.

 

"The acquisition of 21st Century Fox will bring significant financial value to the shareholders of both companies," said Disney boss Robert Iger.

 

Who wants what?

Both Disney and Comcast are vying for Fox's entertainment assets, including movie studio, cable channels, National Geographic, a 30% stake in video website Hulu, and Indian network Star.

 

The pair are also separately battling over European news broadcaster Sky News.

 

Fox would retain some successful outlets, including Fox Sports, Fox News, Fox Television Stations and other assets, and mould them into a new company called "New Fox".

 

Why do they want Fox?

The fight for 21st Century Fox comes as traditional media groups scramble to consolidate in the face of mounting competition from online challengers like Netflix and Amazon.

 

It has driven broadcast giant CBS to try to merge with Viacom, which owns the MTV and Nickelodeon television stations.

 

It also spurred AT&T's takeover of Time Warner, whose assets include pay TV channel HBO.

 

What happens now?

The improved offer from Disney came as 21st Century Fox's board was set to decide whether to back Comcast's bid for assets that include Fox's film and television studios and international businesses.

 

Fox said it would now allow shareholders to evaluate Disney's amended offer.

 

Disney's latest offer is "superior" to the proposal made by Comcast, Fox added in a statement.

 

What might US regulators say?

Any takeover by either Disney or Comcast would be likely to face regulatory scrutiny.

 

The US Department of Justice may have recently lost in its battle to block a merger between Time Warner and telecoms giant AT&Tm, but that does not mean there may not be antitrust concerns in this case.

 

Is there anything else to the Sky News angle?

As mentioned, running alongside the main battle for Fox, there is jousting over Sky. 21st Century Fox wants to buy the remaining proportion of Sky that it does not already own.

 

Meanwhile, Comcast has bid $31bn for Sky.

 

And Disney has also agreed to a deal in principle to acquire the Sky News network from Fox, should the latter be successful in obtaining full ownership of Sky.

 

What does the UK government say about Sky?

Culture Secretary Matt Hancock recently cleared Fox's bid for full ownership of Sky - with the condition that the news channel is then sold to Walt Disney or another party.

 

On Tuesday, Mr Hancock announced that should Disney be successful in acquiring Sky News, then the news network would continue to operate and be guaranteed funding for at least 15 years.

 

That is up from the previous 10 year period.

 

In addition, he said Disney would have to get permission from the government if it wanted to sell the channel during that period.--BBC

 

 

'Disastrous' copyright bill vote approved

A committee of MEPs has voted to accept major changes to European copyright law, which experts say could change the nature of the internet.

 

They voted to approve the controversial Article 13, which critics warn could put an end to memes, remixes and other user-generated content.

 

Article 11, requiring online platforms to pay publishers a fee if they link to their news content, was also approved.

 

One organisation opposed to the changes called it a "dark day".

 

The European Parliament's Committee on Legal Affairs voted by 15 votes to 10 to adopt Article 13 and by 13 votes to 12 to adopt Article 11.

 

It will now go to the wider European Parliament to vote on in July.

 

'Censorship'

Last week, 70 influential tech leaders, including Vint Cerf and Tim Berners-Lee, signed a letter opposing Article 13, which they called "an imminent threat to the future" of the internet.

 

Article 13 puts more onus on websites to enforce copyright and could mean that every online platform that allows users to post text, sounds, code or images will need some form of content-recognition system to review all material that users upload.

 

Activist Cory Doctorow has called it a "foolish, terrible idea".

 

Writing on online news website BoingBoing, he said: "No filter exists that can even approximate this. And the closest equivalents are mostly run by American companies, meaning that US big tech is going to get to spy on everything Europeans post and decide what gets censored and what doesn't."

 

Article 11 has been called the "link tax" by opponents.

 

Designed to limit the power over news publishers that tech giants such as Facebook and Google have, it requires online platforms to pay publishers a fee if they link to their news content.

 

The theory is that this would help support smaller news publishers and drive users to their homepages rather than directly to their news stories.

 

But critics say it fails to clearly define what constitutes a link and could be manipulated by governments to curb freedom of speech.

 

After the vote, US not-for-profit organisation Creative Commons, which aims to make more content free for others to share, called it a "dark day for the open web".

 

Open Rights executive director Jim Killock told the BBC: "Article 13 must go. The EU parliament will have another chance to remove this dreadful law.

 

"The EU parliament's duty is to defend citizens from unfair and unjust laws.

 

"MEPs must reject this law, which would create a robo-copyright regime intended to zap any image, text, meme or video that appears to include copyright material, even when it is entirely legal material."

 

But publishers, including the Independent Music Companies Association (Impala) welcomed the vote.

 

"This is a strong and unambiguous message sent by the European Parliament," said executive chair Helen Smith.

 

"It clarifies what the music sector has been saying for years: if you are in the business of distributing music or other creative works, you need a licence, clear and simple. It's time for the digital market to catch up with progress."--BBC

 

 

 

Instagram longer videos: How new IGTV feature will work

Instagram has released a long-form video feature which allows users to post hour-long clips.

 

IGTV lets users create content exceeding the current maximum 60-second clip limit for the first time.

 

It's not clear if the longer videos would include adverts or if users would be paid for their content as they are on platforms like YouTube.

 

Speaking exclusively to Newsbeat, Instagram founder Kevin Systrom said it's in "no rush to figure that out".

 

Five things we learnt from Instagram boss

Instagram pins hopes on vertical video

IGTV will show videos in portrait mode, which Instagram says is the "natural way" people use their phones.

 

Kevin said: "Video deserves a better home on mobile".

 

Tech expert Alex Brinnand, from TenEighty magazine, says IGTV could make Instagram a more dominant player in the social media industry.

 

He said: "We're still yet to see exactly what power Instagram does have. I'm sure there are lots of discussions happening at other platforms about how much of a threat this could be and those are valid".

 

 

The longest video you can currently post is 60 seconds long - that's in "feed" mode - the main bit of Instagram you see when you open the app.

 

Instagram Stories - which normally expire after 24 hours - have a 15-second video limit per clip.

 

The new platform will be a standalone app as well as existing on users' homepages.

 

Kevin told Newsbeat Instagram wants to change how people make and watch video - taking it away from traditional media like desktop computers and TVs.

 

"All the data we have shows that people are spending less and less time in front of TVs, but spending more and more time on their phones," he said.

 

He said he feels a "responsibility" to make these changes to Instagram.

 

How will it work?

Until now, you've only been able to post to Instagram on a mobile device.

 

That's another big change with IGTV - where you'll be able to upload on desktop and clips will get a unique link.

 

Each user will have a channel, similar to YouTube, where the videos will be stored.

 

If you've got an Instagram account, you'll get a channel once you update the app.

 

We asked Kevin about the inevitable comparisons with YouTube and he said videos on IGTV would be "more engaging and perhaps more emotional".

 

Will it have restrictions?

Like all content on Instagram - IGTV will follow its rules and regulations.

 

Those guidelines explain the user must not post violent, nude, discriminatory or hateful content but Kevin admitted to Newsbeat that not every video will be approved by the company before it's uploaded.

 

"We want to make sure Instagram is a safe, welcoming and kind platform for all," he said.

 

Earlier this year YouTube had to apologise for not reacting quickly enough when one of its stars, Logan Paul, uploaded a vlog showing the body of a man who had killed himself in a forest in Japan.

 

At the time YouTube's chief business officer told Newsbeat it didn't think the platform should be regulated in the way that traditional broadcasters are by Ofcom.

 

Kevin Systrom says it's hard to speculate how IGTV will be monitored: "We're going to look at how the product engages consumers and to make sure that it's safe and fair."--BBC

 

 

Panama Papers: Mossack Fonseca was unable to identify company owners

A new leak of documents from the offshore service provider at the centre of the Panama Papers scandal reveals the company could not identify the owners of up to three quarters of companies it administered.

 

Two months after becoming aware of the data breach, Mossack Fonseca was unable to identify the beneficial owners of more than 70% of 28,500 active companies in the British Virgin Islands (BVI) as well as 75% of companies in Panama, according to new documents seen by BBC Panorama.

 

At the time, BVI law permitted corporate service providers to rely upon intermediaries, banks, legal firms and other offshore service providers overseas to check the identities of the owners, although they were required to provide information if requested by the authorities.

 

The firm was fined $440,000 (£333,000) by the BVI Financial Services Commission in November 2016 for regulatory and legal infringements of anti-money laundering and other laws.

 

The new leak contains 1.2 million documents dating from before the Panama Papers went public in April 2016 to December 2017. The data was obtained by Suddeutsche Zeitung which shared it with the International Consortium of Investigative Journalists (ICIJ).

 

Email correspondence from clients and intermediaries reveal the reaction to the leak, Mossack Fonseca's desperate attempts to close gaps in their record keeping, and their difficulties doing so. Responding to questions from the firm, one Swiss wealth manager said: "THE CLIENT HAS DISAPPEARED! I CANT FIND HIM ANYMORE!!!!!!"

 

Q&A: Panama Papers

Iceland PM resigns over tax leaks

Panama Papers: Full coverage

How tax evasion works

Other correspondence points to the primary reasons many clients were using offshore structures.

 

One Uruguayan financial planner commented: "…the main purpose of this type of structure has been broken: confidentiality".

 

Another intermediary wrote: "… the names of our customers have been known by the authorities of their countries. Thanks to Mossack, customers have to pay incomes taxes."

 

According to Margaret Hodge MP, former chair of the UK parliament's public accounts committee: "This is simply further proof, if any were needed, why we absolutely must have public registers of beneficial owners if we are to stamp out money laundering, tax avoidance, tax evasion and other crimes."

 

In the wake of the Panama Papers and under pressure from the UK government, the BVI and other British Overseas Territories have established registers of beneficial ownership for companies in their jurisdictions. But the register relies upon offshore service providers, like Mossack Fonseca, to provide the information. And it is only directly accessible to authorities in the BVI - the public cannot see it.

 

The BVI denies the register is secret and says it is accessible to the authorities and relevant UK authorities on request within one hour. They say they have been at the forefront of global transparency initiatives.

 

A spokesman said: "A public register is not a silver bullet. It is not about who can see the information, it's about the information being verified, accurate, and therefore useful to law enforcement. A verified register is a far more robust and effective approach to ensure transparency than an unverified public register."

 

Eleven million documents were leaked from Panamanian law firm Mossack Fonseca

The BVI has resisted pressure for a public register open to scrutiny.

 

Last month the UK government adopted an amendment to its Sanctions and Anti-Money Laundering Bill to force overseas territories to establish public registers by 2020. The BVI government is considering a legal challenge.

 

Margaret Hodge, who tabled the amendment with former Conservative minister Andrew Mitchell says: "I would be astounded if the BVI government chooses to waste their own taxpayers' money litigating against the British parliament - now supported by the British government."

 

A spokesman for BVI Finance said that legal advice was "that the imposition of a public register raises serious constitutional and human rights issues. As we have consistently stated, our position is that we will not introduce public registers until they become a global standard".

 

The Panama Papers investigation went public in April 2016 when the BBC and more than 100 other media organisations started publishing stories emanating from 11.5 million documents leaked from Mossack Fonseca.

 

The investigation was organised by the ICIJ and involved journalists from 76 countries scrutinising internal emails and corporate documents passed to the ICIJ by Suddeutsche Zeitung.

 

The German newspaper obtained the data from an anonymous source called "Jon Doe".

 

The UK investigation was led by BBC Panorama and the Guardian newspaper.

 

Revelations included documents linking Russian President Vladimir Putin's close friend, the cellist Sergi Roldugin, to suspected money laundering, Fifa corruption, sanctions busting and systemic tax dodging.

 

Then Prime Minister David Cameron faced a barrage of questioning over his late father's offshore investment fund and the prime minister of Iceland was forced to resign following demonstrations about his failure to declare an offshore interest.

 

 

Pakistani Prime Minister Nawaz Sharif resigned last year as a result of an investigation prompted by revelations about his family's offshore financial affairs.

 

Panamanian police raided Mossack Fonseca's offices and by the end of 2016 governments and companies in 79 countries had launched 150 inquiries, audits or investigations into the firm, companies it worked with, or its clients.

 

The new documents show how authorities from around the world, including the UK's Serious Fraud Office, contacted Mossack Fonseca demanding information about individuals and companies identified in the leak.

 

Mossack Fonseca's documents have since been obtained by a number of tax authorities including HM Revenue and Customs which paid an undisclosed sum for the leaked data.

 

In November 2017, the UK tax authority revealed there were 66 ongoing investigations related to the Panama Papers and that they expected to recover £100m in tax.

 

Three months ago Mossack Fonseca announced it was closing down citing reputational damage and the actions of the Panamanian authorities. In a statement this month, the company's founders said that neither they, the firm, nor its employees, were "involved in unlawful acts".--BBC

 

 

 

Tesla sues former worker for hacking

Tesla has filed a lawsuit accusing a disgruntled former employee of hacking into the electric car-maker's systems and passing confidential information to third parties.

 

The information included photographs and video of the firm's manufacturing systems, according to the lawsuit.

 

Tesla said it has suffered "significant and continuing damages" as a result of the misconduct.

 

The lawsuit follows an email to staff accusing an employee of sabotage.

 

In the lawsuit, filed in federal court in Nevada, Tesla alleges that the worker, a former process technician, was angry after getting reassigned to a new role.

 

It said the employee admitted to some of the activities after being confronted by the firm with evidence.

 

'Continuing damages'

In addition to the theft allegations, the firm says the worker made false statements to the press about delays and other aspects of factory operations.

 

Tesla said: "Although Tesla's investigation is ongoing, it has already suffered significant and continuing damages as a result of Tripp's misconduct, which it seeks to recover through this action."

 

The firm is seeking $1m (£757,000) in damages to be determined at trial, among other forms of relief.

 

Tesla is under pressure to boost its manufacturing and profitability.

 

Last week, chief executive Elon Musk said 9% of the firm's workforce would be cut as part of a restructuring of the carmaker, which has not made an annual profit since it was created nearly 15 years ago.--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> 

 


 

 


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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