Major International Business Headlines Brief::: 06 March 2018

Tue Mar 6 13:26:26 CAT 2018

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Major International Business Headlines Brief::: 06 March 2018

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

*  South Africa to reform state firms after graft scandals: Gordhan

*  Rwanda's economy to grow 6.5 percent in 2018: central bank

*  IMF says confident Ghana will meet April review requirements

*  South African lender FirstRand reports slower H1 profit rise

*  Tunisia raises benchmark rate to 5.75 pct to fight inflation hitting 7.1 percent

*  South Africa's Clover H1 profit up 19 pct on retail sales growth

*  Kobe Steel chief Hiroya Kawasaki quits after data scandal

*  Republicans 'extremely worried' by Trump's metal tariffs plan

*  South Africa's rand flat ahead of economic growth numbers

*  Broadcom Qualcomm bid in US security probe

*  GKN takeover bid by Melrose should be blocked, MPs say

*  South Africa's Royal Bafokeng Platinum FY profit dives 35 pct

*   

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South Africa to reform state firms after graft scandals: Gordhan

PRETORIA (Reuters) - South Africa will announce details of wide-ranging reforms at state-owned firms within four weeks, the public enterprises minister said on Tuesday, as government seeks to return credibility to companies hobbled by graft and mismanagement.

The control board members have over procurement at state companies, one of the main processes alleged to have been abused by officials in the past, will be changed within two to three months, Pravin Gordhan told a union meeting.

He said new board members will be appointed to state firms in need of reform within two to three months, without naming the companies.

Gordhan, a popular figure with investors, was appointed by President Cyril Ramaphosa in a cabinet reshuffle last week with the mandate to clean up state firms that have become a burden on government finances and a focus of ratings agencies.

Gordhan served as finance minister from 2009 until 2014 and again from 2015 until 2017 but was fired by scandal-plagued former president Jacob Zuma after openly criticising the corruption in his government.

“We’re on a good wave of change in South Africa,” Gordhan told union members and reporters in Pretoria.

“Hopefully in the next 4 or so weeks one will be able to say these are the ten steps that we’re taking.”

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Rwanda's economy to grow 6.5 percent in 2018: central bank

KIGALI (Reuters) - Good climate conditions are expected to help Rwanda’s economy grow 6.5 percent this year, up from a projected 5.2 percent last year, the central bank governor said on Tuesday.

“This year we expect to perform much better than last year. For Rwanda, we project growth of 6.5 percent,” said John Rwangombwa as he presented a monetary policy and financial stability statement.

“In Rwanda we all see better climate conditions this year that will impact positively on our economic performance,” he said.

At least 70 percent of Rwandans are farmers, the national statistics body says, growing crops like maize and vegetables for local use and tea and coffee for export.

The central bank said inflation is expected to be around 5.0 percent in 2018, slightly up from 4.9 percent last year.

Rwangombwa said that the east African nation was still collating figures, but would most likely hit or surpass predicted 5.2 percent growth for 2017.

IMF says confident Ghana will meet April review requirements

ACCRA (Reuters) - The International Monetary Fund is confident Ghana will implement outstanding measures needed for a successful review of its $918 million aid programme next month, the Fund’s Ghana chief said on Monday.

International Monetary Fund (IMF) logo is seen at the IMF headquarters building during the IMF/World Bank annual meetings in Washington, U.S., October 14, 2017. REUTERS/Yuri Gripas

The major commodities exporter is in the final year of the programme, signed in April 2015 to restore stability to an economy dogged by deficits, public debt and low growth with inflation consistently above target.

A confidential document seen by Reuters on Friday said the IMF wants Ghana to adopt new measures to boost revenues, slow the pace of borrowing and outline plans to clean up the financial sector.

“The ongoing macroeconomic stabilization is an opportunity to reduce the cost of debt, by reducing risk premia and refinancing it on more favourable terms, including by issuing a Eurobond,” Natalia Koliadina told reporters on Monday.

Finance Minister Ken Ofori-Atta said last week the government planned to issue up to $2 billion of sovereign issuance by June to pay down debt that hit 68.7 percent of GDP last November and help finance the 2018 budget.

Koliadina said an IMF staff mission which left Accra on Thursday discussed options for revenue mobilization with the authorities, including by broadening the tax base and rationalising tax incentives.

The Fund expects the central bank to continue its disinflation policy to support exchange rate stability, she said. “This requires the Bank of Ghana to maintain focus on price stability.”

Koliadina said IMF staff expect to finalise discussions on the remaining issues to allow Ghana proceed with the proposed IMF board review in April.

South African lender FirstRand reports slower H1 profit rise

JOHANNESBURG (Reuters) - South Africa’s No.1 lender by value, FirstRand, reported a 6 percent increase in half-year profit on Tuesday, a substantial slowdown from a year ago as a weak economy hit investment and consumption spending.

Basic diluted headline EPS came in at 224.2 cents in the six months ended December compared with 211.5 cents a year earlier. This six percent profit increase was less than half the 14 percent rise posted in 2017.

Headline EPS is primary measure of profit in South African that strips out certain one-off items.

South Africa's Royal Bafokeng Platinum FY profit dives 35 pct

JOHANNESBURG (Reuters) - South African platinum producer Royal Bafokeng Platinum said on Tuesday its full-year profit plunged 35 percent, weighed down by weak platinum prices and higher restructuring costs.

Headline earnings per share (HEPS) for the year ended Dec. 2017 dropped to 56.4 cents ($0.047) compared with 86.7 cents a year ago.

HEPS is the main profit gauge in South Africa, which strips out certain one-off items.

The platinum producer said despite a recovery in the second half of the financial year, the first half to June. 30, 2017 was hit by a constrained metal prices and higher costs.

Capital expenditure for the year rose 91.8 percent to 2.160 billion rand on the back of a ramp-up at its Styldrift I operations.

“Given the persistent PGM (Platinum Group Metals) market volatility, our approach remained one of prudently aligning capital spend and its timing with project progress requirements,” the firm said.

($1 = 11.8366 rand)

South Africa's rand flat ahead of economic growth numbers

JOHANNESBURG (Reuters) - South Africa’s rand was largely unchanged on Tuesday ahead of domestic growth figures set to show the economy expanded more than one percent in the final quarter of 2017.

At 0640 GMT the rand was 0.04 percent firmer at 11.8250 per dollar, a session after rising further from the crucial 12.00/$ mark eyed by traders as a technical turning point.

The unit tumbled more than three percent last week to a two-week trough with demand for emerging market currencies dimmed by increasing signs of interest rate hikes by the Federal Reserve and President Donald Trump’s tariff plan on steel.

But on Monday the EM currencies found relief after senior members of Trump’s party advised him against imposing tariffs on steel and aluminium.

Locally, gross domestic product figures for the final quarter of 2017 are due at 0930 GMT. A Reuters poll of economists sees quarter-on-quarter growth at 1.8 percent after contracting in the first quarter of that year.

Newly reappointed Finance Minister Nhlanhla Nene said on Monday he expected to revise upwards Treasury’s 2018 growth forecast of 1.5 percent by October due to significantly improved business confidence.

Stocks were set to open higher at 0700 GMT, with the JSE securities exchange’s Top-40 futures index up 1 percent.

Focus will be on Tiger Brands after its shares fell sharply on Monday when its products were linked to a listeria outbreak.

Tunisia raises benchmark rate to 5.75 pct to fight inflation hitting 7.1 percent

TUNIS (Reuters) - Tunisia’s central bank raised its key interest rate to 5.75 percent from 5.00 percent on Monday to tackle inflation that has hit the highest level since 1990.

The hike is the first under new central bank governor Marwan El Abbasi, who pledged last month after his appointment was approved by parliament to take “extraordinary measures” to end an economic crisis and bring down inflation.

The central bank said in a statement that it had taken its decision after analysing “the evolution of monetary aggregates and macroeconomic data, as well as leading indicators of the national situation”.

Tunisia’s annual inflation rate rose to 7.1 percent in February from 6.9 percent in January, its highest reading for nearly 28 years, official data showed.

The central bank had last raised its key interest rate from 4.75 percent to 5.00 percent last May, the second of two hikes that month as it tried to halt a slide in the dinar currency, which has hit historic lows against the euro and the dollar.

The dinar has slumped as a worsening trade deficit has eroded Tunisia’s foreign currency reserves to cover only 80 days of imports for the first time in 16 years.

Tunisia’s trade deficit widened in December to $6.25 billion, a record level.

The country has been praised as the only democratic success among the nations where “Arab Spring” revolts took place in 2011. But successive governments have failed to trim deficits and create economic growth.

Tunisia’s parliament approved last month a plan by the central bank to sell bonds worth $1 billion in the second half of March to help finance the 2018 budget.

The government forecasts the budget deficit to fall to 4.9 percent of gross domestic product in 2018, from about 6 percent expected in 2017. It aims to raise GDP growth to about 3 percent next year from 2.3 percent this year

Protests against tax and price increases erupted this year and social tensions over the economy are still simmering.

Protesters calling for jobs have brought Tunisia’s entire phosphate output to a halt by staging sit-ins at installations of sole Tunisian phosphates producer, the state-run Gafsa Phosphate (CPG).

South Africa's Clover H1 profit up 19 pct on retail sales growth

JOHANNESBURG (Reuters) - South African dairy company Clover Industries said on Tuesday its first-half profit rose 19 percent, boosted by retail sales growth.

Diluted headline earnings per share, the main profit measure in South Africa which strips out certain one-off items, rose to 116.9 cents ($0.098) for the six months ended Dec. 31, 2017, compared with 98.3 cents for the same period last year.

Clover, which also processes yoghurt, beverages, custard and cheese, said launching other products such as olive oil and soya propelled its revenue growth.

“The higher-than-expected retail sales growth was derived from consumers taking advantage of Black Friday promotions,’ the firm said.

The company expects a recovery in milk and fruit production despite the after-effects of a prolonged drought exacerbated by the severe Western Cape drought.

South Africa has declared a national disaster in its southern and western regions including Cape Town, freeing extra funds to tackle the crisis. Cape Town faces “Day Zero” on July 9 when its taps could run dry.

The firm declared an interim dividend of 26.56 cents per share, compared with 24.21 cents per share a year ago.

($1 = 11.8309 rand)

Kobe Steel chief Hiroya Kawasaki quits after data scandal

The chief executive of Japan's Kobe Steel has resigned in the aftermath of a data falsification scandal.

Hiroya Kawasaki said he would step down, as the firm released a long-awaited report into the wrongdoing.

It confirmed that staff had changed or made up data on the quality of some of its products before they were shipped.

Kobe Steel had "deep-seated issues" around corporate culture and compliance, the report admitted.

"For over 112 years since its founding, the Kobe Steel group has managed its business and has conducted its business by valuing the trust of its customers," it said.

"The recent loss of such trust is truly regrettable."

New leadership

Kobe said the departure of Mr Kawasaki, as well as executive vice president Akira Kaneka, reflected "the company taking to heart the troubles we have caused our customers, suppliers, shareholders and many other people in connection with the misconduct that took place".

Mr Kawasaki personally apologised in a media conference for the scandal, which first emerged in October last year.

He said he would leave his post on 1 April and allow a new leadership to make reforms.

Other details included in the report include:

There were a total of 688 cases of "misconduct" - 525 announced when the problem was first revealed in October last year and 163 fresh cases.

The firm had a management style that overemphasised profitability, and had inadequate corporate governance.

Two executives in the firm's aluminium and copper division knew of the data-falsifying but did nothing. They have been fired.

Kobe said measures being put in place to try to prevent a repeat of the scandal included:

A shake-up of the board, including one third of directors now coming from the outside.

Rotating staff around the firm to make it less "insular".

Making every October a "core value month" to remember the lessons learned.

Kobe Steel is Japan's third-largest steelmaker, and supplies manufacturers of cars, planes, trains and other products around the world.

Manufacturers such as General Motors, Boeing and Toyota have been investigating whether they have used any of the sub-standard materials - though no safety issues have yet been reported.

Kobe Steel is just one in a string of major Japanese companies to be mired in scandal.

They include cases of falsified data at Nissan Motors, Subaru and Mitsubishi Motors.--BBC

Republicans 'extremely worried' by Trump's metal tariffs plan

Republicans have raised concern about the US president's plan to impose tariffs on metals, with the party's top lawmaker calling for it to be scrapped.

US Speaker of the House Paul Ryan said he was "extremely worried" about the impact of a trade war, adding that it could undermine economic gains.

But Mr Trump pushed back during a White House meeting with Israeli Prime Minister Benjamin Netanyahu.

"We're not backing down," he told reporters on Monday.

"I don't think you're going to have a trade war," he said.

White House press secretary Sarah Huckabee Sanders said on Monday that President Trump was "very confident" the US would win any trade war.

Mr Trump's Monday comments came an hour after Mr Ryan released a statement urging the White House to reconsider its plan.

"We are extremely worried about the consequences of a trade war and are urging the White House to not advance with this plan," Mr Ryan's spokeswoman AshLee Strong said.

"The new tax reform law has boosted the economy and we certainly don't want to jeopardise those gains."

Mr Trump's announcement last week that he would tax imported steel and aluminium has prompted worldwide reaction.

Kamal Ahmed: Why Trump is playing tough on trade

The World Trade Organization (WTO) on Monday also called on member states to "stop the fall of the first dominoes" of a trade war.

"Once we start down this path it will be very difficult to reverse direction," WTO Director General Roberto Azevedo told negotiators in Geneva on Monday. "An eye for an eye will leave us all blind and the world in a deep recession."

What does Trump want to do and why?

Earlier on Monday, Mr Trump hinted that if the US achieved a better deal for itself in the North American Free Trade Agreement (Nafta) he would abandon plans for tariffs on US neighbours.

Those tariffs could be removed for Canada and Mexico if they signed a "new and fair" agreement, he suggested.

The current round of Nafta talks, which focus on updating the 24-year old treaty, are due to finish on Monday and have achieved little.

Mr Trump has decried the US trade deficit with other countries, which he has blamed on "'very stupid' trade deals and policies".

On Thursday, he said steel imports would face a 25% tariff and aluminium 10%.

He issued a threat against EU-made cars on Saturday, which he repeated during his Oval Office meeting with the Israeli prime minister on Monday.

"They have trade barriers that are worse than tariffs. They also have tariffs by the way, but they have trade barriers far worse than tariffs."

"And if they want to do something we'll just tax their cars that they send in here like water," he vowed.

Over the weekend some Republicans began to question the tariff proposal and have urged the president to reconsider.

Many argue that the impact of tax cuts that were passed earlier this year will be wiped out as countries levy new tariffs on US goods and the price of metals climbs.

Senator Orrin Hatch said American citizens would be made to pay, adding that Mr Trump's "action could very well undercut the benefits of the pro-growth tax reform we fought to get on the books".

Senator Ben Sasse agreed that "kooky 18th Century protectionism will jack up prices on American families".

Responding to the criticism on CNN, White House economic adviser Peter Navarro dismissed the number of Republicans opposed Mr Trump's tariff plan.

"Guess what: He beat them," Mr Navarro said, referring to the outcome of the 2016 election.

He added that Republicans are "dead wrong on the economics".

Industry bodies like the US Motor and Equipment Manufacturers Association have expressed deep concern.

How has the EU responded to the tariff threat?

Levi jeans and bourbon could be hit with a 25% import tax by the European Union if Mr Trump imposes tariffs on European steel and aluminium.

Cecilia Malmström, EU Commissioner for Trade, told the BBC the items were on a draft list of US goods to be taxed.

Media captionCecilia Malmström, EU Commissioner for Trade

Ms Malmström told the BBC: "We are looking at possibilities to retaliate, meaning we will also put taxes or tariffs on US imports to the European Union."

Why Trump is hanging tough on trade

What would China do in a US trade war?

Five reasons why trade wars aren't easy to win

Steel tariffs: What impact will they really have?

What do US trading partners make of this?

Canadian Prime Minister Justin Trudeau had "forcefully defended" Canadian industry in a phone call to Mr Trump on Monday, his office said.

A spokesman described the conversation as "constructive" but gave no details. Canada has warned that tariffs would cause disruption on both sides of the border.

Downing Street said that during Mrs May's call to President Trump on Sunday she raised "our deep concern at the president's forthcoming announcement on steel and aluminium tariffs, noting that multilateral action was the only way to resolve the problem of global overcapacity in all parties' interests".

Zhang Yesui, spokesperson for China's National People's Congress, said it was natural that "some friction will exist" between the US and China, given the volume of trade between them surpassed $580bn (£420bn) last year.

But he said China would take "necessary measures" if its interests were hurt.

EU trade chiefs could apply 25% tariffs on about $3.5bn of imports from the US - targeting iconic US exports including Levi's jeans, Harley-Davidson motorbikes and bourbon whiskey.

Brazil, Mexico and Japan have said they will consider retaliatory steps if the president presses ahead with his plan next week.

The move has also been strongly criticised by the International Monetary Fund and the WTO.

Where Trump stands on world trade

Is Trump right about the trade imbalance?

The US imports steel from more than 100 nations and brings in four times more steel from abroad than it exports.

Since 2000, the US steel industry has suffered, with production dropping and the number of employees in steel work falling.

The US is the largest export market for EU cars - making up 25% of the €192bn (£171bn; $237bn) worth of motor vehicles the bloc exported in 2016 (China was second with 16%).--BBC

Broadcom Qualcomm bid in US security probe

The US government has ordered a national security review into a takeover bid from Singapore-based chipmaker Broadcom to buy its embattled US rival Qualcomm.

The deal is worth about $140bn (£101bn) and would be the biggest the technology sector has ever seen.

If successful it would also create the world's third-largest chipmaker behind Intel and Samsung.

But the US government has asked for 30 days to review the potential deal.

The move by the Committee on Foreign Investment in the United States (CFIUS) is being viewed as unusual as it rarely becomes involved in deals before an agreement is reached.

But the security review comes at a time when the US is increasingly concerned about foreign firms being given access to US telecom equipment, including smartphones, and US intellectual property.

Earlier this year, Chinese teleco giant Huawei said it had not been able to strike a deal to sell its new smartphone via a US carrier, widely believed to be AT&T.

The US also recently blocked the $1.2bn sale of money transfer firm Moneygram to China's Ant Financial, the digital payments arm of Alibaba.

Latest snag

Qualcomm's shareholders were set to vote on Tuesday on whether to replace several of its directors with Broadcom candidates.

The shareholder meeting, which could have paved the way for a takeover to occur, is now set for 5 April.

Embattled Qualcomm ups bid for NXP

Qualcomm rejects Broadcom takeover bid

Huawei's US smartphone deal collapses

It is the latest snag in Broadcom's bid to takeover Qualcomm, which has faced shareholder disapproval over two large regulatory fines in South Korea and the EU, and troubling issues with its key customer, Apple.

The Singapore-based firm first initiated a hostile takeover bid in November.

Its most recent offer came on 5 February and was valued at $146bn, or $82 per share, according to international research firm IDC.

Broadcom's bid to takeover Qualcomm comes at a turbulent time in the wireless technology sector, as big international players go head-to-head rolling out their 5G technology.

Research firm IDC research said Qualcomm was highly regarded within the industry for its commitment to research and development, and innovation, and was "fighting for its soul" as it tried to appease investors and customers, and ward off Broadcom's bid.

"There is a lot of respect for Qualcomm that the technology industry as a whole has," said IDC's Mario Morales, vice president of enabling technologies and semiconductors.

"Qualcomm is an industry leader by a long shot in the 5G space and it's been able to continue to invest and innovate," he said.

"They drive the a lot of the IP necessary to compete in the space, so if they go away, it really leaves a gaping hole for other players."

By comparison, Mr Morales described Broadcom as a firm known more for its history of acquisitions, rather than for its organic growth or long term investment in innovation. And he warned a firm led by Broadcom would look very different.

"Short term investors want an exit from Qualcomm and they might get that with the Broadcom takeover, but for Broadcom to win the deal, it will have to overpay," he said.

"So I don't think this deal will happen for many reasons."

Other recent deals within the industry include Broadcom's purchase of network gear maker Brocade Communications Systems in November, while Qualcomm recently extended its $44bn tender offer for NXP Semiconductors to 9 March.--bbc

GKN takeover bid by Melrose should be blocked, MPs say

The proposed takeover of UK engineering giant GKN should be blocked, a group of 16 MPs has said in a letter to Business Secretary Greg Clark.

The letter, led by Labour MP Jack Dromey and Conservative MP Rachel Maclean, is the latest sign of worry over the deal.

Melrose Industries has offered £7.4bn for the 259 year-old firm.

The Pensions Regulator has warned that the move could affect the company's ability to fund its pension scheme.

GKN is defending itself against the approach from Melrose, a firm that specialises in buying up industrial companies it believes are undervalued and restructuring them before selling them on.

That has raised fears that GKN, one of the UK's largest industrial firms, will be broken up and sold to overseas owners.

There are also worries over the level of additional debt GKN would take on if the takeover goes ahead.

The letter from the cross-party group of MPs says: "GKN is one of the most prominent engineering firms in the UK, the third biggest in our country. It is a world class success story, the pride of British industry which supplies components to companies such as Jaguar Land Rover.

"We are writing to you because we all have a GKN plant and/or supply chain-affected firm in our constituencies. Due to this, we have shared our concerns about the proposed hostile takeover bid by Melrose and want to express to you why we believe the takeover should not succeed."

Pension worries

Bosses of both companies are due before a parliamentary committee on Tuesday as the battle over GKN intensifies.

Ahead of the hearing, the Work and Pensions Committee published a letter from the Pensions Regulator expressing concern over whether Melrose's takeover would weaken GKN's position in fulfilling its pension obligations.

The Pensions Regulator said: "From the outset we have been concerned that the increased leverage involved in the proposed takeover by Melrose is likely to have a detrimental impact on covenant".

"Covenant" refers to the company's ability to fulfil its current and future pension obligations.

The MPs' letter also expresses strong concern about the impact of any deal on the pension scheme.

It says they are worried that: "Melrose may well try to undertake a packaged administration when it sells off constituent parts of the company, and send the fund to the Pension Protection Fund, passing the responsibility to others, ensuring it no longer shoulders its responsibilities, and cutting its payroll costs".

Companies involved in takeovers can submit details of their plans to the Pensions Regulator and obtain clearance if the regulator is satisfied that they are putting sufficient mitigating measures in place.

However, applying for clearance is voluntary.

The Work and Pensions Committee's chair, Frank Field, said he thought pensioners would be surprised to hear that a pension scheme could be transferred to a new owner without the Pensions Regulator having a say.

He called for the introduction of mandatory clearance checks for such cases.

GKN's defined benefits pension scheme has 32,000 members including 17,000 who have already retired.

It has a deficit of £1.1bn, despite an additional contribution of £250m made into the scheme last October.

A brief history of GKN

Founded in 1759 as an ironworks in South Wales

Involved in aerospace, automotive, materials and manufacturing engineering

Operates in 30 countries with 59,000 employees

Employs 6,000 staff in the UK, mostly in aerospace and automotive technology

Ten UK sites, including Bristol, Cowes, Luton, Portsmouth, Birmingham and Telford.

Chief executive Anne Stephens took over in January

GKN raised the issue of its pension scheme in January, arguing the takeover would put future pension security at risk.

Melrose defended itself saying it had "a long track record of responsibly funding pension schemes" and said there was no cause for GKN pensioners to be concerned.

Melrose also said it had offered to make a voluntary cash contribution of up to £150m into GKN's pension schemes when it first made a bid for the firm.--bbc

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

Proplastics

final dividend of 0.26c record date

02 Mar 2018

Simbisa Brands Limited

EGM

SAZ Building Northend Close, Northridge Park, Borrowdale

09 Mar 2018 8:15am

CFI

AGM

Farm & City Boardroom, 1st Floor, Farm & City Complex, 1 Wayne Street

12 Mar 2018 11am

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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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