Major International Business Headlines Brief::: 21 March 2018

Wed Mar 21 11:58:02 CAT 2018

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Major International Business Headlines Brief::: 21 March 2018

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

*  Potraz Finally Finishes Drafting Mobile Virtual Network Operators Rule
Book

*  Zuma's tax chief ousted ahead of South Africa ratings decision

*  Kenya Airways says 9-mth pretax loss at 5.97 bln shillings

*  Seychelles' economy growth seen above 5.0 percent in 2017-IMF

*  Algeria's trade deficit drops in Jan-Feb 2018-customs

*  South Africa mines minister to ready black ownership rules by May

*  Mozambique gives creditors debt restructuring options

*  South Africa's Q4 current account deficit widens as strong rand boosts
imports

*  Ethiopia signs $600 million loan, grant deal with World Bank

*  Ghana to name four lead advisors for $2.5 bln Eurobond sale

*  Kenya's central banker urges firms to invest after surprise rate cut

*  Facebook shares slip as scrutiny continues

*  Google pledges $300m to support journalism and fight fake news

*  US retail giants ask Trump to reconsider China tariffs

*  Toyota suspends US driverless car tests after fatal Uber accident

*  Bumble swipes back at Tinder owner Match in patent spat

*  Inflation eases to 2.7% on falling petrol prices

 <mailto:info at bulls.co.zw> 

Potraz Finally Finishes Drafting Mobile Virtual Network Operators Rule Book

The Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ)
has just completed crafting a draft rule book for Mobile Virtual Network
Operators (MVNOs). An MVNO is a mobile telecoms company that uses the hard
infrastructure of Mobile Network Operators, like Econet and Telecel to
provide mobile phone network services to customers.

The idea behind MVNOs is to fully utilize the infrastructure set up by MNOs
through procuring bulk access to network services from MNOs at wholesale
rates and then sets retail prices independently and sell the services under
its own banner.

Potraz director general, Gift Machengete said that it is waiting for the
regulatory framework to be reviewed by Government before it is drafted into
being a statutory regulation. He went on stating that many local investors
were enquiring about the progress being made about the rules so that they
know the telecoms playground before they commit their money.

At the moment, VIVA Mobile is the only MVNO company that is publicly known
to have been at the forefront of  getting into this sector. But VIVA Mobile
seem not to be operational any longer as its website is no longer
functional.

Potraz has made great strides to draft the rules so that new entrants will
quickly increase the level of competition hence providing consumers with a
wider choice of service providers and more competitive pricing
plans.--techzim.co.zw

 <mailto:info at bulls.co.zw> 

Zuma's tax chief ousted ahead of South Africa ratings decision

JOHANNESBURG (Reuters) - Mark Kingon was appointed acting head of South
Africa’s tax office on Tuesday, hours after President Cyril Ramaphosa
suspended his predecessor and days before a Moody’s review that could see
the country lose its last investment-grade credit rating.

The move was seen as a signal of intent to ratings agencies and investors
that had lost faith in Africa’s most developed economy under former leader
Jacob Zuma. It follows a cabinet reshuffle which sacked or demoted several
allies of Zuma, who was forced to step down by the ruling ANC last month.

Ramaphosa suspended Zuma-appointed Tom Moyane late on Tuesday, saying he had
failed as head of the South African Revenue Service (SARS) and had lost the
confidence of taxpayers.

Kingon, SARS chief officer for business and individual taxes, was announced
as acting commissioner on Tuesday.

Mindful that investors who finance its big budget and current account
deficits have lost confidence in South Africa, Ramaphosa has begun to reform
the economy and state-owned companies like power utility Eskom and South
African Airways.

A test of whether his early changes have helped shift sentiment will come on
Friday when credit rating agency Moody’s completes a review that could see
it downgrade South Africa’s local and foreign debt to “junk” status.

“This (Moyane’s suspension) is a clear sign to Moody’s that strong steps are
being taken to turn financial institutions around,” said Joon Chong, partner
in Webber Wentzel’s Tax Practice. “We may avoid a downgrade by the skin of
our teeth.”

Rating agencies Fitch and S&P both demoted South Africa from
investment-grade last year as economic growth slowed and public finances
deteriorated.

Moyane, who was appointed in 2014, had been criticised by SARS employees and
members of the ruling African National Congress after the tax agency missed
revenue collection targets and faced allegations of corruption and
mismanagement.

In last month’s budget the Treasury said it faced a 48.2 billion rand ($4
billion) revenue gap in the current 2017/18 fiscal year, partly due to SARS
missing its collection target.

Moyane was not available for comment on Tuesday. He has repeatedly defended
his record and had the support of Zuma.

But Ramaphosa said he had lost faith in his leadership.

“The disrepute in which you have brought the SARS and the government as a
whole and the risk to the national Revenue Fund are enormous,” Ramaphosa
said in a March 19 letter informing Moyane of his suspension that was seen
by Reuters.

Kenya Airways says 9-mth pretax loss at 5.97 bln shillings

NAIROBI (Reuters) - Kenya Airways reported on Wednesday nine-month pretax
loss of 5.97 billion shillings ($59.03 million) and an after tax loss of 6.1
billion shillings, hurt by a prolonged election period in the country and
rising fuel prices.

Nine-month operating profit stood at 1.3 billion shillings, acting Chief
Financial Officer Hellen Mwariri said.

Kenya spent most of 2017 conducting elections, which in addition to effects
of drought, hit economic growth.

The elections contributed to a 20 percent drop in domestic traffic,
including in its East Africa markets, said Chief Executive Sebastian Mikosz.

The airline, which is changing its financial year to match the calendar
year, said passenger numbers stood at 3.4 million in the nine months to
end-December.

The airline completed a $2 billion debt restructuring in November as part of
revival plans after a drop in Kenyan travel and high financing costs on new
Boeing jets resulted in the country’s biggest ever corporate loss - 26
billion shillings - in its 2016 financial year.

Kenya Airways reported pretax loss for the full year to end March 2017 of
10.2 billion shillings, while after tax loss was 9.96 billion shillings.
Operating profit was 897 million shillings.

($1 = 101.1000 Kenyan shillings)

Seychelles' economy growth seen above 5.0 percent in 2017-IMF

KIGALI (Reuters) - The Seychelles’ economy is estimated to have grown over
5.0 percent last year, up from a 4.5 percent growth in 2016, supported by
buoyant tourism activity, strong output in the fishery industry and
expanding credit to the private sector, the International Monetary Fund
said.

“Macroeconomic performance continued to be strong in 2017. Economic growth
is estimated to have exceeded 5.0 percent,” IMF mission chief Amadou Sy said
in a statement issued on Tuesday.

It said inflation in the Indian Ocean country reached 3.5 percent by the end
of 2017.

Inflation in the Seychelles rose to 4.88 percent year-on-year in February
from 4.5 percent a month earlier.

IMF said Seychelles’ economy outlook for 2018 remained positive but added it
was still vulnerable to external factors that could affect tourism.

Algeria's trade deficit drops in Jan-Feb 2018-customs

ALGIERS (Reuters) - Algeria’s trade deficit fell to $97 million in the first
two months of 2018, versus $2.33 billion in the same period last year, data
released by customs showed on Wednesday.

The decline of more than 50 percent is mainly due to a rise in energy
earnings as oil prices have risen. Oil and gas exports were up 25 percent to
$7.1 billion in January and February, in comparison with $5.67 billion in
the same period last year, the customs data showed.

OPEC member Algeria relies heavily on oil and gas, which account for 60
percent of the budget and 95 percent of total export revenues.

The recent recovery of oil revenues has provided some relief for a
government that saw its revenues badly hit by the crash of hydrocarbon
prices after mid-2014.

Imports were down 10 percent to $7.2 billion, versus $8 billion in the same
period last year.

South Africa mines minister to ready black ownership rules by May

PRETORIA (Reuters) - South Africa aims to finalise revised plans for black
ownership in the mining industry by the end of May, Minister of Mineral
Resources Gwede Mantashe said on Tuesday, promising to deliver “policy
certainty” to an industry worried about new costs.

Mantashe acknowledged a “lack of consultation between the ministry and the
partners in the past”, a message that was well received by companies in the
sector where uncertainty about the Mining Charter has deterred investment
for months.

A draft of the charter - part of a drive to address lingering racial
disparities two decades after apartheid - would raise the target for black
ownership to 30 percent from 26 percent and make companies pay 1 percent of
turnover to an agency to help black communities.

Mantashe, chairman of the ruling African National Congress and a former head
of the National Union of Mineworkers, met companies and unions a the weekend
and said he aimed to re-establish trust.

“Uppermost in our minds is that we should ensure that there is policy
certainty,” he told reporters in a briefing about the “robust and open”
meeting.

The Chamber of Mines, which represents the companies, has suspended a court
challenge to revisions to the charter drawn up by Mantashe’s predecessor,
Mosebenzi Zwane, which it says were imposed without consultation.

The chamber says many of those rules are unaffordable for an industry that
accounts for about 8 percent of gross domestic product but is grappling with
depressed prices and rising costs.

Welcoming Mantashe’s approach, it said in a statement: “We are aligned with
the Minister’s thinking that transformation, competitiveness and growth are
and should be mutually reinforcing goals.”

Mozambique gives creditors debt restructuring options

LONDON (Reuters) - Mozambique on Tuesday presented creditors with three
options for restructuring huge debts it is unable to repay until gas
projects begin production forecast in late-2022, a finance ministry
presentation showed.

The scenarios given to creditors include extending maturities on the
outstanding defaulted debt to between 8 and 16 years and a haircut on
interest and penalties owed, the presentation said.

Shortly after restructuring a Eurobond in 2016, Mozambique’s government
admitted to $1.4 billion of previously undisclosed loans, prompting the
International Monetary Fund and foreign donors to cut off support.

South Africa's Q4 current account deficit widens as strong rand boosts
imports

PRETORIA (Reuters) - South Africa’s current account deficit widened more
than expected to 2.9 percent of GDP in the fourth quarter due to a smaller
trade surplus driven by a rally in the currency late last year, central bank
said on Tuesday.

The rand has appreciated by about 20 percent against the dollar since
mid-November, in the run-up of the election of Cyril Ramaphosa as leader of
ruling African National Congress in December.

The bank said the stronger currency was among the main reasons for the
faster increase in imports, although continued global demand for commodities
helped soften the blow.

In its Quarterly Bulletin for Q4 2017, the bank said the nominal effective
exchange rate of the rand increased 8.3 percent in the final quarter of
2017, the largest increase since early 2009.

The nominal effective exchange rate is a weighted average rate at which a
country’s currency exchanges for a basket of multiple foreign currencies.

The value of imports was up 8.9 percent in the quarter and increased 7.1
percent in volume.

“Both export and import volumes increased but the deterioration in the
current account from the third to the fourth quarter was mostly driven by
volume increases in imports,” said senior economist central bank Piet Swart.

The trade surplus shrunk, falling to 74 billion rand from a revised 92
billion rand in the prior quarter, the Reserve Bank said, while foreign
direct investment fell due the sale of a significant stake in local bank
ABSA by British based Barclays.

FDI recorded an outflow of 13.5 billion rand in the last quarter of 2017
from an inflow of more than 16 billion rand in the quarter before that.

($1 = 12.0003 rand)

Ethiopia signs $600 million loan, grant deal with World Bank

ADDIS ABABA (Reuters) - The World Bank agreed a $600 million loan and grant
to Ethiopia on Tuesday to fund roads and other infrastructure projects in
urban areas.

The Washington-based bank said the funds would “help strengthen the capacity
and performance of local urban governments, expand sustainable urban
infrastructure and services, as well as promote local economic development”.

Ethiopia’s urban population is growing by 3.8 percent annually on average,
one of the fastest rates in sub-Saharan Africa and presenting challenges to
infrastructure, services and jobs, the bank said.

“To successfully manage urbanisation ... cities are likely to require fiscal
transfers for the foreseeable future. This programme will help cities to
realise their revenue potential,” Abebaw Alemayehu, the World Bank’s team
leader for the project, said in a statement.

The programme will also support projects in 73 towns across the country and
benefit more than 6.6 million people, he said.

Under a 2015-2020 development plan, Ethiopia plans to set up less than
10,000 “rural development centres” in a bid to ease the influx of people to
its capital Addis Ababa.

Earlier this month, the World Bank also approved a $375 million loan to
Ethiopia to fund a national electrification project.

Ghana to name four lead advisors for $2.5 bln Eurobond sale

ACCRA (Reuters) - Ghana is set to name four banks as lead advisers for a
planned sale of up to $2.5 billion of Eurobonds, expected by June, sources
close to the transaction said on Tuesday.

The exporter of cocoa, gold and oil is seeking to raise $2.5 billion to pay
off debt and finance its 2018 budget.

Standard Chartered Bank, JP Morgan, Bank of America and Citibank will advise
on the bond sale, the sources said, with Fidelity Bank and IC Securities
participating as local partners.

One source told Reuters the lenders would be meeting Ministry of Finance
officials this week to finalise details of the planned transaction.

Ghana is in its final year of a $918 million credit deal with the
International Monetary Fund under which it is aiming to reduce the budget
deficit, inflation and public debt, which hit 68 percent of GDP last year.

Kenya's central banker urges firms to invest after surprise rate cut

NAIROBI (Reuters) - Kenya’s central bank hopes its surprise interest rate
cut this week will encourage firms to invest more to spur lagging economic
growth, Governor Patrick Njoroge said on Tuesday.

Growth slid to an estimated 4.8 percent last year from 5.8 percent the year
before, mainly due to a drought, a prolonged presidential election and a
sluggish private sector credit growth.

The finance ministry expects growth to rebound to 5.8 percent this year but
pressure to rein in the fiscal deficit could see the government scale back
on ambitious infrastructure projects, weighing down economic output.

“It really has to be the private sector that picks that up,” Njoroge said.
“We will have to re-balance away from public sector driven to private sector
driven economic growth.”

Kenya’s total debt has risen to about 50 percent of GDP, from 42 percent in
2013, as it borrowed locally and abroad to build infrastructure including a
new railway line from Nairobi to the port of Mombasa.

The government has pledged to cut the fiscal deficit to 7 percent of GDP at
the end of this fiscal year in June, from 8.9 percent in 2016/17, and to
less than 5 percent in three years.

Monday’s 50-basis-point cut in the benchmark lending rate to 9.5 percent
took much of the market by surprise, with seven of 11 analysts polled by
Reuters having forecast no change.

Njoroge said a cap on commercial interest rates could interfere with the aim
of the easing stance of boosting credit, as banks lock out borrowers who are
deemed too risky.

“We may have a perverse reaction, where indeed, the lowering of the CBR rate
leads to a reduction in the level of credit,” he told a news conference. “We
will stand ready to take any action to counter if it actually began to
manifest itself.”

Private sector credit increased by 2.1 percent in the year to February, well
below the central bank’s target of 12-15 percent.

Njoroge said the central bank is pushing commercial banks to be less
careless in their lending and correctly asses the risk profiles of borrowers
when writing loans.

“The point here is not just having low interest rates ... the fundamental
issue is to have risk-based pricing of loans,” Njoroge said.

Facebook shares slip as scrutiny continues

Facebook shares continued to slide on Tuesday, amid ongoing furore
concerning the use of data collected by the social network.

The firm's stock closed down 2.6%, following a steep decline a day earlier.

The concerns infected fellow social media company Twitter, which was down
more than 10%.

Investors are reacting to calls for tighter regulation of tech firms from
politicians in the US, UK and Europe.

On Tuesday, US media reported that the Federal Trade Commission, a US
regulator, is looking into Facebook's handling of personal data.

The questions follow allegations that 50 million Facebook users' private
information was misused by a political consultancy firm.

Cambridge Analytica (CA), used by the Trump campaign in the 2016 US
election, has been accused of taking personal data without users' knowledge.

The firm's chief executive Alexander Nix has been suspended by the company's
board.

For months, high-flying tech stocks have been the darlings of Wall Street,
powering ahead with ever rosier revenue predictions.

Now, in the space of just two days, Facebook's market value has plummeted by
more than $40bn - roughly the size of Jordan or Lithuania's entire economy -
and Twitter shares have taken a beating too.

All this has happened without any new legal challenges being laid at the
doors of chief executives Mark Zuckerberg and Jack Dorsey.

However, with investigations into Facebook's handling of user data looming
on both sides of the Atlantic, investors are concerned.

Increased regulation threatens the very business model on which the major
social media firms are built - namely, to gather the data you and I give
them with our likes, posts and shares, and use it to sell advertising space.

The worry is that if governments begin to restrict the way in which this
data is gathered and used, it would complicate the way Facebook and Twitter
operate, and the negative publicity might also make users more reluctant to
spend time on their networks.

That said, some analysts have been warning that tech stocks have been
overpriced, and were due a correction, regardless of the recent revelations.

Facebook has said it is expecting questions but has not been told it is
under investigation.

"We remain strongly committed to protecting people's information," Facebook
deputy chief privacy officer Rob Sherman said. "We appreciate the
opportunity to answer questions the FTC may have."

The firm in 2011 reached a settlement with the commission over charges that
it deceived consumers about what data was shared and made public. The
agreement involved monitoring the issue for 20 years, and raises the
potential for significant fines in the event of violations.

Months of pressure

The scrutiny of Facebook comes after several months of pressure, following
allegations that Russia used the social networks to influence the 2016
presidential election.

The firm earlier announced changes to its news feed after the criticism and
warned investors that the tweaks might hurt profits in the short-run.

But Mr Zuckerberg told financial analysts last month that the change was
important to the firm's long-term prospects, noting the ongoing debate about
the utility of social media sites.

Calls for users to delete Facebook have gained attention since the incident.

Tuesday's share price decline came after Facebook shares fell almost 7% on
Monday. The firm's share price is now trading around $168, similar to levels
at the end of September.--BBC

Google pledges $300m to support journalism and fight fake news

Google has said it will invest $300m in helping news organisations to fight
fake news and grow their businesses.

The search engine giant will also invest in new technological tools to
enhance online news consumption.

The firm, which some argue has taken advertising money away from newspapers,
acknowledged journalism was "under pressure" in the digital age.

However, it said it had a "shared mission" with the industry and wanted to
support its future.

The search giant said it had already tweaked its search algorithms to
recognise "misinformation", but would now go further.

In the past Google itself has been criticised for promoting fake articles,
for example, in 2017 claiming that the shooter who killed more than 50
people in Las Vegas was a Democrat who opposed Donald Trump.

It said will now launch an initiative called Disinfo Lab, which will "use
computational tools and journalistic oversight to monitor misinformation
during elections".

It has also launched a project called MediaWise - in partnership with
Stanford University among others- to help young news readers "distinguish
fact from fiction online".

A struggling industry

Philipp Schindler, Google's chief business officer, said the firm was
working "closely with the news industry to drive sustainable growth".

Many print media organisations have been hit hard as journalism has moved
online over the last 15 years and print circulation has dwindled.

According to research from OC&C last year, by 2020 Google and Facebook are
expected to take 71% of all the money spent in the UK on digital
advertising.

Mr Schindler said Google had launched a new initiative called Subscribe with
Google, which will allow readers sign up for paid subscriptions from partner
publishers with a single click.

He also promised to do more to help news portals enhance the news reading
experience online, for example, with its fast loading mobile web pages.

He flagged another example, in which Google worked with the South China
Morning Post to provide immersive VR experiences that showed the evolution
of Hong Kong throughout history.

"This is just the beginning. We want to continue working closely with
publishers to experiment on new ways they can reach audiences and produce
impactful storytelling," Mr Schindler said.--BBC

US retail giants ask Trump to reconsider China tariffs

A group of US retail giants including Walmart, Target and Costco has asked
US President Donald Trump to reconsider imposing tariffs against China,
saying they could hurt American families.

The US is preparing to slap annual tariffs worth up to $60bn (£42.7bn) on
Chinese imports, according to reports.

The potential tariffs would be against Chinese consumer products,
telecommunications and technology.

Some tariff measures could be unveiled as soon as Friday, reports have said.

The group of US retailers wrote to Mr Trump on Monday urging him to
carefully consider the impact the tariffs would have on consumer prices and
American families.

The letter was organised by the Retail Industry Leaders Association (RILA)
and is signed by 25 retail giants.

"This is not American industries crying wolf," Sandy Kennedy, president of
RILA said in a statement.

"Higher tariffs will mean higher costs to businesses and in turn higher
prices for American families," she said.

"We must do right by American families, and make sure they are not the ones
who will pay for China's harmful technology practices."

Trump orders review of China trade

Four reasons Trump is hanging tough on trade

Trump imposes controversial tariffs

What is behind the tariffs?

Mr Trump argues the massive US trade deficit with China is due, in part, to
Chinese firms copying US products and ideas, and either selling them back to
the US at a lower price or squeezing US imports out of the Chinese market.

Also, some US firms are upset about rules that require local partnerships or
disclosure of intellectual property to enter the Chinese market, which they
say facilitates transfer of their ideas.

So, in August, Mr Trump asked his country's top trade official to review
China's practices regarding intellectual property.

Any tariffs by the US would be in retaliation to what it sees as unfair
Chinese practices and is allowed under section 301 of the country's trade
act.

The tariffs could affect a list of as many as 100 products including shoes
and footwear, but would be chiefly be targeted at IT, consumer electronics
and other products that benefit from US intellectual property, according to
Reuters.

US retailers group said they support holding trading partners accountable,
but that tariffs against China would see American households pay higher
prices for goods.

They also said tariffs would "exacerbate a US tariff system that is already
stacked against working families".

"Families shopping in our stores pay higher prices because America already
levies import taxes as much as 32% and 67% on basic clothes and shoes,"
their letter to the President said.

"Applying any additional broad-based tariff as part of a Section 301 action
would worsen this inequity and punish American working families with higher
prices on household basics like clothing, shoes, electronics, and home
goods."

What could China do in a US trade war?

Reality Check: Is Trump right about US trade deficit?

How can the US do this?

Under section 301 of the trade act, the government has given itself the
power to unilaterally impose sanctions against countries which it decides
are not trading fairly.

There is some debate around whether Mr Trump will announce further tariffs,
but if he does, the action would not need approval from US Congress.

China meanwhile has said there would be no winner from any trade war.

On Tuesday, the last day of the annual sitting of the National People's
Congress, China's Premier Le Keqiang said he hoped both sides could remain
"calm".

He also said he hoped the US would ease restrictions on exports of high-tech
goods to China.

Who else is alarmed?

On Sunday, 45 US trade groups also sent a letter to Mr Trump urging him to
reconsider the potential tariffs, saying they would be particularly harmful.

"We urge the administration not to impose tariffs and to work with the
business community to find an effective, but measured, solution to China's
protectionist trade policies and practices that protects American jobs and
competitiveness," the groups said.

Earlier this month, Mr Trump imposed heavy tariffs on steel and aluminium.
He said the US was suffering from "unfair trade" and the move would boost US
industry.

>From next week, tariffs of 25% are to be placed on steel and 10% on
aluminium imported into the US, however they include exemptions for Canada
and Mexico.--BBC

Toyota suspends US driverless car tests after fatal Uber accident

Toyota has been researching driverless car technology. It said it would halt
tests in the US, but continue in other countries.

Toyota has suspended US tests of driverless cars on public roads following a
fatal accident in Arizona involving one of Uber Technologies' self-driving
vehicles.

Toyota said it was concerned about the "emotional effect" the incident might
have on its test drivers.

The carmaker said it did not have a timeline for re-starting the trials.

The Arizona accident has revived debate about whether autonomous vehicles
are being put into use prematurely.

Analysts say the technology has the potential to reduce accidents and expand
transportation options for the disabled and elderly, but some have warned
that the technology is not ready and urged regulators to introduce more
stringent safety tests.

"Hopefully Congress will take note and stop rushing to deploy this immature
technology," Missy Cummings, a professor of engineering at Duke University
wrote on Twitter after the accident in Arizona.

A survey last year by Pew Research Center found that more than half of
Americans would not want to ride in a driverless car if given the option and
expressed some level of worry about such vehicles.

The accident in Tempe, Arizona on Sunday is believed to be the first
fatality involving a fully autonomous vehicle.

Police and federal officials are investigating the details of the incident,
in which a 49-year-old woman was killed by an Uber car operating in
autonomous mode. A human monitor was also behind the wheel.

On Tuesday, Tempe police said they had reviewed video of the crash and
repeated that fault had not been determined.

Uber said after the accident that it would temporarily halt driverless car
tests.

Toyota has also been performing trials of its Chauffeur mode on public roads
in Michigan and California. The firm previously said it expected some of its
cars to be equipped with automated driving technology by 2020.

"Because we feel the incident may have an emotional effect on our test
drivers, we have decided to temporarily pause our Chauffeur mode testing on
public roads," a spokesman said.

He said the firm is continuing its tests of driverless cars in other
countries.--BBC

Bumble swipes back at Tinder owner Match in patent spat

Dating app Bumble has swiped back at rival Match Group after Match filed a
lawsuit accusing Bumble of infringing on its intellectual property.

Bumble described the lawsuit as "attempted scare tactics" in a statement on
its website and in advertisements published in US newspapers.

Match Group is the parent company of Tinder and other dating apps.

It has accused Bumble of mimicking Tinder's design and functions.

Tinder launched in 2012, gaining traction as users could swipe left or right
on people's pictures to indicate interest. If both people swipe right,
Tinder presents them with a match.

Bumble, which was founded by former Tinder executives in 2014, works
similarly, except that women must be the ones to initiate conversation after
the app produces a match.

In a lawsuit filed in federal court in Texas, Match Group says Bumble sought
to "build a business entirely on a Tinder-clone, distinguished only by
Bumble's women-talk-first marketing strategy".

It cites patents related to Tinder's designs and matching process and argues
that swiping is a term synonymous with Tinder.

Bumble, which is based in Austin and claims almost 30 million users, has not
formally responded to the lawsuit. Match reportedly tried to buy Bumble last
year.

In the ad the firm wrote: "We swipe left on your multiple attempts to buy
us, copy us, and, now, to intimidate us."

It continued: "We'll never be yours."--BBC

Inflation eases to 2.7% on falling petrol prices

Falling petrol prices and a slower rise in the cost of food contributed to a
drop in UK consumer price inflation during February.

The rate fell from 3% to 2.7%, the lowest figure since July 2017.

The fall eases pressure on the Bank of England to raise interest rates.
There had been speculation it could raise rates at its meeting in May.

The figures suggest the squeeze on households, caused by rising inflation
and stagnant wages, may be ending.

The ONS will publish the latest pay growth figures on Wednesday.

Economists expect those figures to show pay growth edged higher, to an
annual rate of 2.6% in the three months to January.

And the situation could improve further this year, according to the Bank of
England. It expects wages to grow more quickly than inflation.

Ahmed: Is the incomes squeeze coming to an end?

UK growth forecast raised by British Chambers of Commerce

Leggings in and pork pies out of latest inflation basket

Restaurants warn chancellor over 'damaging closures'

The price of petrol and food played a key part in this month's figures.

Petrol prices fell by 0.2p per litre on the month, while diesel dropped by
0.1p.

Food prices rose by 0.1% between January and February, compared with a 0.8%
rise the year before.

Last year's figure was boosted by a shortage of salad and vegetables, when
crops in southern Mediterranean countries were hit by bad weather.

The main rise in the cost of living came from clothing and footwear prices,
especially women's shoes, which went up by 1.7% on the month, compared with
1.2% in 2017.

Pound pressure eases

Consumer price inflation hit a six-year high of 3.1% in November and has
been edging lower since then.

Phil Gooding, from the Office for National Statistics, said: "Many of the
early 2017 price increases due to the previous depreciation of the pound
have started to work through the system.

"Hotel prices also fell and the cost of ferry tickets rose more slowly than
last year, when prices were collected on Valentine's Day, when many people
could have been taking mini-breaks.

Mel Stride, financial secretary to the Treasury, said: "We know families
feel the cost of living at the end of every working week.

"We are increasing the National Living Wage which is already helping the
lowest earners see their pay rise by almost 7% above inflation."

The inflation drop suggests that the pay squeeze is easing.

Incomes data do lag prices, but if the trends continue (inflation easing and
wages increasing) then it is likely that many millions of people will see
their real incomes start rising again by the end of the year.

Which is much better news than we have had recently, particularly after the
inflation spike which followed the Brexit referendum and the fall in the
value of the pound.

That increased the import prices of things like food and fuel, which pushed
up costs here.

That does not mean Britain's incomes problem is over.

As the latest Resolution Foundation report, The Living Standards Outlook,
revealed, the last decade has seen the most anaemic rates of wage growth for
200 years.

Before the financial crisis, average wage growth topped 4% but since 2009 it
has been below 3% and benefits for those in work have also been cut.

Yes, there have been increases in things like the National Living Wage, but
the government is well aware that, overall, the picture on incomes is pretty
gloomy.