Major International Business Headlines Brief::: 02 May 2018

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Major International Business Headlines Brief::: 02 May 2018

 


 

 


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*  South Africa's rand stronger before U.S. Fed meeting

*  South Africa's Paramount in talks to boost Saudi arms industry

*  IMF approves new three-year loan arrangement for Malawi

*  South African court dismisses credit regulator bid to overturn Lewis
Group ruling

*  Vedanta chairman told Anglo not to sell South African assets

*  IMF approves next disbursement under Ghana's aid deal

*  World Bank approves $180 mln loan guarantee for Kenya's energy sector

*  Sonatrach boosted gas output by 5 percent in 2017 - CEO

*  Eskom in talks over supplies from Optimum coal mine

*  Apple in $100bn share buyback as more money returned to US

*  Is Tesla heading for trouble?

*  Snapchat redesign: User growth sinks hitting Snap shares

*  Facebook F8: Zuckerberg's dating service takes on Tinder

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

South Africa's rand stronger before U.S. Fed meeting

JOHANNESBURG (Reuters) - South Africa’s rand strengthened against the dollar
in early trade, as investors waited cautiously for a U.S. Federal Reserve
interest rate decision later on Wednesday.

 

By 0649 GMT, the rand was 0.45 percent stronger at 12.5950 per dollar
compared to a close of 12.6525 on Tuesday in New York.

 

The U.S Federal Reserve is holding its policy meeting ending on Wednesday
and will decide whether to hold or hike interest rates.

 

“The markets anticipate a hawkish Fed, driving gold prices and emerging
markets lower,” Peregrine analysts said in a note.

 

As central banks in some advanced economies move away from the era of
historically low interest rates, emerging markets that have wide current
account deficits to fund are expected to be hit the hardest as the supply of
liquidity tightens globally.

 

In fixed income, the yield for the benchmark government bond was up 6 basis
points to 8.25 percent.

 

Stocks were set to open lower at 0700 GMT, with the JSE securities
exchange’s Top-40 futures index down 0.25 percent.

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

South Africa's Paramount in talks to boost Saudi arms industry

ABU DHABI (Reuters) - South African defence company Paramount Group is in
talks with the Saudi Arabia government to establish production facilities in
the kingdom, its chairman said on Monday.

 

Saudi Arabia, one of the world’s largest arms buyers, is seeking
international partners to develop its manufacturing capabilities with the
aim of producing half of its required military equipment domestically by
2030.

 

“We are in negotiations with various governments in the Middle East,
including Saudi Arabia, with a view to transferring technology and
establishing production in those countries,” Paramount Group Chairman Ivor
Ichikowitz told Reuters at a conference in Abu Dhabi.

 

Saudi Arabia has been fighting a costly war in Yemen since 2015 in support
of the internationally recognised government against the armed Houthi
movement.

 

Ichikowitz declined to disclose what the privately held defence company was
in talks to manufacture in Saudi Arabia but said the kingdom would be a
focus for the group over the next couple of years.

 

Paramount manufactures military vehicles, aircraft, ships, and weapons
systems.

 

One possible partner for Paramount could be Saudi Arabian Military
Industries (SAMI), which was established last year to lead the development
of the country’s military industry and to establish joint ventures with
international partners.

 

Paramount has set up in-country manufacturing capabilities before, including
in India and Jordan.

 

“We see the Middle East as an important growth market for us,” Ichikowitz
said, adding that Paramount was pursuing several campaigns to sell vehicles
and aircraft to Middle East countries. He did not disclose specific details.

 

Paramount is also pursuing contracts with governments in Africa to modernise
and extend the life of Soviet-built equipment such as helicopters and
fixed-wing aircraft.

 

Africa was a big market for Soviet weapons and technology during the Cold
War era.

 

“We’re seeing a fair amount of interest,” Ichikowitz said.

 

Paramount has contracts with four or five governments in Africa to modernise
Soviet-era equipment, he said, adding: “It’s substantial and has the
potential to grow even more.”

 

 

 

IMF approves new three-year loan arrangement for Malawi

BLANTYRE (Reuters) - The International Monetary Fund (IMF) has approved a
new three-year $112.3 million loan arrangement for Malawi to assist the
southern African country’s economic and financial reforms.

 

In a statement late on Monday, the IMF said the approval would enable the
immediate disbursement of about $16 million, with the remaining amount to be
phased over the duration of the programme, subject to semi-annual reviews.

 

“Malawi has shown progress in achieving macroeconomic stabilisation
following two years of drought, with a rebound in growth and inflation
reduced to single digits,” IMF Deputy Managing Director Tao Zhang said in a
statement.

 

“However, the fiscal position has deteriorated and the public debt to GDP
ratio has risen. Increased debt service pressures have reduced space for
needed infrastructure and social spending.”

 

 

Zhang added that Malawian authorities were making efforts to entrench
macroeconomic stability, raise growth and reduce poverty and that the “IMF
arrangement under the extended credit facility will support the authorities’
programme and efforts”.

 

Malawi Finance Minister Goodall Gondwe said in February the government would
aim to cut borrowing and stick to an IMF programme in order to boost the
economic growth rate to 7 percent in the medium term.

 

Malawi’s economy is estimated to have expanded 4 percent last year from
growth of 2.3 percent in 2016.

 

Malawi has a total public debt of $3.50 billion, with about a third of that
in external debt.

 

 

 

South African court dismisses credit regulator bid to overturn Lewis Group
ruling

JOHANNESBURG (Reuters) - South Africa’s High Court dismissed an appeal by
the National Credit Regulator (NCR) against a ruling that had cleared Lewis
Group of breaching credit rules with fees it charges customers, the retailer
said on Monday.

 

The credit regulator lodged an appeal last year after the tribunal cleared
the furniture retailer, which sells mostly to customers on lower incomes
using in-store credit.

 

The tribunal’s ruling meant Lewis Group effectively avoided a fine that
could have totalled up to 10 percent of annual sales.

 

“The High Court handed down judgment in Lewis’ favour with regard to the
appeal by the NCR. The matter was dismissed with costs against the NCR,”
said Lewis in a statement.

 

The credit regulator in 2016 referred Lewis to the National Consumer
Tribunal, accusing it of contravening credit rules when charging customers
for warranties and club membership fees that entitled them to special deals.

 

 

Vedanta chairman told Anglo not to sell South African assets

JOHANNESBURG (Reuters) - The chairman of Vedanta Resources Plc, who is also
Anglo American’s biggest shareholder, said on Monday he had convinced Anglo
not to sell off key assets in South Africa.

 

Indian industrialist Anil Agarwal has an almost 20 percent stake in Anglo
through his family trust Volcan Investments and has played down speculation
that he is seeking a tie-up with Anglo.

 

But in an interview with Reuters, Agarwal made it clear that he has not been
a passive shareholder.

 

“I always believed that South Africa has a lot of potential, and Anglo
management may not have always believed that ... and they wanted to sell
some assets,” he said.

 

“When I became the biggest shareholder I advised them (not to sell). And I
am very pleased that they have not sold those assets. And personally I was
right because the share price is now up 50 percent and the profits are
getting better.”

 

In the midst of the commodity slump, Anglo said it would sell 16 assets
including its South African business Kumba Iron Ore to focus on copper,
diamonds and platinum.

 

But last year the company said it would no longer be a forced seller of its
bulk businesses after metal prices rebounded.

 

Anglo’s share price has risen as much as 50 percent since Sept. 20 when
Agarwal’s Volcan Investments said it was raising its stake and is now about
a third higher, according to Thomson Reuters’ data.

 

Agarwal said he wanted Anglo to focus on the Indian market.

 

“We have 1.3 billion people in India ... India is a huge market for them,
they can sell all the coal there, they can sell platinum there, they can
sell iron ore there, they are selling 80 to 90 percent of diamonds there.”

 

Agarwal said he saw his role as a “facilitator” of Anglo’s strategy and felt
he had good “chemistry” with the management.

 

“I can only facilitate them, I am not in the management, they have very good
management,” he said.

 

With Vedanta, Agarwal said its KCM copper business would boost its cobalt
production with a possible refinery as it looks to meet soaring demand for
the metal’s for the lithium-ion batteries that power electric cars.

 

There is a global scramble on to find sources outside of the Democratic
Republic of Congo, a country racked by instability and violence, which is
currently the main cobalt source.

 

Cobalt is often a by-product of copper and Agarwal said this was the case
with Vedanta’s Zambia copper operations but the company was looking at “a
parallel project focused on cobalt.”

 

He said the company currently was looking at the feasibility of how to set
up a refinery for cobalt to produce it in “a very high tech, sustainable
manner.”

 

 

IMF approves next disbursement under Ghana's aid deal

ACCRA (Reuters) - The International Monetary Fund’s board on Monday approved
the next disbursement of about $191 million under Ghana’s aid program, while
urging the West African country to take further steps to address its high
debt.

 

The commodity exporter will begin a road show this week to market a $2.5
billion Eurobond issuance to restructure debt and support the government’s
2018 budget, a senior government official said.

 

Ghana is in its final year of the $918 million credit deal signed in April
2015 to fix its economy, dogged by high deficits, inflation and a
distressing public debt.

 

“As the debt burden remains elevated, continued prudence in debt management
is essential to reduce the risks associated with market-based borrowing,”
Tao Zhang, deputy managing director of the IMF, said in a statement.

 

 

Finance Minister Ken Ofori-Atta told Reuters last week that the government
was looking to issue the Eurobonds with a coupon in the 7 percent range,
well below previous sales.

 

“The process for the issuance is ongoing and the road show is going to start
this week,” a senior government official told Reuters on Monday.

 

The government appointed Standard Chartered Bank, JP Morgan, Bank of America
and Citibank to advise on the bond sale, with Fidelity Bank and IC
Securities participating as local partners.

 

 

 

World Bank approves $180 mln loan guarantee for Kenya's energy sector

NAIROBI (Reuters) - The World Bank approved a $180 million loan guarantee on
Monday for Kenya Electricity Generation Company to help strengthen the
financial position of the state-run company, which produces more than 70
percent of the country’s electricity.

 

The guarantee will help in long-term commercial financing of up to $300
million to refinance part of KenGen’s existing commercial loans, enhance its
credit quality and promote further development of renewable energy in Kenya,
the World Bank said.

 

Kenya has an installed generating capacity of 2,370 MW and peak demand of
about 1,770 MW. KenGen, which is 70 percent owned by the government, has an
installed capacity of 1,631 MW.

 

Demand for electricity is growing at about 8 percent a year according to the
government’s transmission and generation plan.

 

 

East Africa’s richest economy is ramping up electricity production and
investing in its grid to keep up with the growing demand for power and to
reduce frequent blackouts.

 

It relies heavily on renewables such as geothermal and hydropower.

 

The World Bank said in its statement that the project would help build on
those gains and “ultimately ... lower the cost of electricity”.

 

Kenya’s energy minister ordered the sector regulator on Friday to review
electricity tariffs after persistent complaints by consumers that
electricity distributor Kenya Power was overcharging them.

 

 

Sonatrach boosted gas output by 5 percent in 2017 - CEO

ALGIERS (Reuters) - Algeria’s state energy firm Sonatrach said on Monday it
boosted its gas output by 5 percent to 135 billion cubic metres in 2017,
marking the first time the company has used a news conference to disclose
production data.

 

Sonatrach’s CEO, appointed a year ago, has been trying to overhaul the
company, a sprawling and secretive empire not used to change, and increase
transparency as the North African country wants to attract more investment.

 

Total oil and gas output rose by 2 percent in 2017 to 196.5 tonnes of oil
equivalent, Chief Executive Abdelmoumen Ould Kaddour told reporters.

 

Oil production fell 3 percent due to OPEC quotas, he said.

 

The company’s turnover from oil and gas in 2017 was $33.2 billion, he said,
adding that the firm had invested $8.1 billion in 2017, down 8.8 percent
from the previous year.

 

Kaddour, a U.S.-trained engineer, took the reins at Sonatrach last year to
overhaul a company plagued by contract disputes with foreign firms, red
tape, stagnant production and corruption scandals.

 

He gave no details of the firm’s future strategy at the news conference,
beyond previously stated general messages.

 

 

“We need to transform Sonatrach into one of the top five national companies
in the world,” Kaddour said. “Less bureaucracy and more professionalism.”

 

Algeria, a member of the Organization of the Petroleum Exporting Countries
and a major gas supplier to Europe, has been hit by a slump in oil prices
and struggled to attract investment to help develop new fields and increase
existing production.

 

In December, Sonatrach said it planned to work more closely with France’s
Total on offshore, petrochemical, solar energy and shale exploration
projects after settling disputes over profit-sharing on oil and gas
contracts.

 

Algeria remains dependent on oil and gas earnings, which provide 60 percent
of the state budget, and Sonatrach’s performance is key to the economy.

 

The country has been working on a new energy law to provide better
incentives for foreign firms, which had been deterred by current terms.

 

But there are still divergent views within Algeria over how hard to push for
foreign investment and domestic economic reform to boost revenue and growth.

 

 

Eskom in talks over supplies from Optimum coal mine

JOHANNESBURG (Reuters) - South Africa’s state-run power utility Eskom said
on Monday that it was in talks with the business rescue practitioners
working to save the Optimum coal mine and was considering a proposal to
reduce the volumes of coal it takes from the mine.

 

“Eskom is currently considering the business rescue practitioners’ proposal
to reduce the monthly coal supply tonnage from 400,000 to 200,000 tonnes for
the remainder of the contract period given the precarious financial position
of Optimum coal mine,” Eskom said in a statement.

 

 

Apple in $100bn share buyback as more money returned to US

Apple is returning another $100bn (£73bn) to shareholders from its huge cash
pile as solid iPhone sales helped revenues rise 16% to just over $61bn.

 

The company sold 52.2 million iPhones in the three months to March - only a
touch below expectations, despite waning global demand for smart phones.

 

Revenues at Apple's services business that includes Apple Music and the App
Store jumped almost a third to $9.1bn.

 

Apple has about $145bn in the bank, but plans to return the cash to
investors.

 

After the announcement, Apple shares rose 3% in after-hours trading on Wall
Street.

 

Although the share buyback helped push the shares higher, overall the
quarter was "impressive", said Ben Stanton, an analyst at Canalys.

 

"It looks like on pretty much every front Apple has had a win," he said.

 

The company, flush with a huge cash pile on strong earnings boosted by the
US tax cut plan of 2017, also announced a 16% boost to its quarterly
dividend.

 

That came on top of $22.8bn in buybacks executed in the prior quarter,

 

Apple faces battery pledge complaints

 

Overall Apple reported a 3% rise in the number of phones sold, while revenue
from phones jumped 14%, reflecting more expensive models.

 

Some analysts had questioned whether demand for the most expensive iPhone
would hold up after the initial rush.

 

But Apple said the iPhone X was the best-selling model in every week of the
quarter - despite costing almost $1,000 or £1,000.

 

The average selling prices came in at $728, below analyst expectations of
$742, which finance chief Luca Maestri blamed on clearing stocks of older
models.

 

On a call with financial analysts, chief executive Tim Cook dismissed
concerns about soft demand for smart phones, pointing to the millions of
people who still do not own one.

 

"We still believe that over time every phone sold will be a smart phone, so
it seems to us... that's a pretty big opportunity," he said on a call with
investors.

 

The iPhone continues to account for the bulk of Apple's revenues at just
over 62% of the total. Sales of iPads rose 2% to 9.1 million units compared
with the same period last year, while Mac sales slipped 3% to 4.07 million.

 

Apple's services unit added 30 million subscriptions in the past 90 days
alone, bringing the total to 270 million.

 

Mr Stanton said that growth underlined a shift in strategy to develop
businesses outside its core products: "This is the future of Apple."

 

'Very optimistic'

Overall profits in the quarter were $13.8bn, up a quarter from the same
period in 2017.

 

The firm's revenue hit a record for the March quarter, which follows the
Christmas rush and is traditionally one of the company's weaker periods.

 

Sales growth of more than 20% in Japan and the greater China market - a
critical area for the company - helped to lift the numbers.

 

Mr Cook said Apple had the three top-selling phones in China and brushed
aside concerns about how a brewing tariff fight between the US and China,
where many of its phones are made, could hurt the company.

 

"I think there's a lot of things that bind the countries together and I'm
actually very optimistic," he said.

 

Apple bought shares worth $23.5bn in the three months to March. It has
purchased about $200bn of stock since 2012.

 

The new plan to buy back even more stock comes after the US changed its tax
laws last year, lowering its corporate rate to encourage companies to return
cash piles to America.

 

Apple also said it would increase the quarterly dividend by 16%.

 

The next generation of software for the iPhone, iPad and other product lines
will be shown off at its annual developer conference, WWDC, next month.--BBC

 

 

 

Is Tesla heading for trouble?

Tesla is facing more questions about its financial viability ahead of its
latest results on Wednesday.

 

The electric car-maker is facing a cash crunch, caused by a combination of a
major debt load and heavy spending.

 

Tesla boss Elon Musk says the firm could be profitable this year and
dismissed concerns with an April Fool's Day joke about bankruptcy.

 

However, analysts are less jovial and say Tesla's problems are serious.

 

Since September, the firm's shares have fallen by about a quarter to $296 -
and many investors think they will continue to drop.

 

As of April 25, Tesla was the most shorted company in the US, according to
S3 Partners, a financial data and analytics firm.

 

John Thompson, chief executive of Vilas Capital Management, is one of the
people who has put money on the idea that the share price will collapse,
placing pressure on the company and eventually leading to bankruptcy.

 

"Over the next three to six months, I've said I think the stock will fall
significantly, at which time the capital markets will close to Tesla
entirely," he said. "Then it's just a matter of time given their losses and
their capital expenditure needs."

 

Tesla reports record loss but says outlook is positive

Musk set for mega-pay deal

Tesla, which has not made an annual profit in its 15-year history, had more
than $10bn in debt at the end of 2017 and $3.4bn in cash.

 

The firm has been spending heavily to increase production of its newest car,
the Model 3, but continues to fall short of manufacturing forecasts despite
robust customer demand.

 

It made just 9,800 Model 3s in the first three months of the year, compared
to an earlier goal of 5,000 vehicles a week.

 

Last summer, Mr Musk said Tesla was spending about $100m a week to ramp up
production. Bloomberg recently calculated that it continues to spend more
than $6,500 per minute.

 

"I don't see how Tesla's going to survive, given their capital structure,
meaning they have a ton of debt and continued massive losses," Mr Thompson
said.

 

Tesla has previously tapped investors for more money, as well as collecting
deposits from customers lining up for its cars.

 

It raised more than $3bn on Wall Street last year, largely by issuing debt,
cashing in on the enthusiasm for the firm and Mr Musk, 46, also known for
his SpaceX rocket venture, punchy Twitter personality and tortured personal
life.

 

Elon Musk: The man who sent his sports car into space

Elon Musk: SpaceX and Tesla alive 'by skin of their teeth'

This year, Tesla has maintained that it does not need to raise money apart
from its "standard credit lines", citing improving production.

 

But in March Moody's said it expects the firm will need to raise about $2bn
in the near-term. At the same time, the credit rating agency downgraded
Tesla debt, citing the production struggles.

 

Tesla fans, who include celebrities such as Kanye West, remain legion, and
demand for both its debt and shares was strong last year.

 

Mr Thompson, for one, thinks sentiment is shifting: "I think the story of,
'the next car is profitable, the next great thing is going to save the
company', is sort of getting old and ... people are starting to realise
that."

 

In addition to the manufacturing issues, Tesla has faced negative publicity
for conflicts of interest on its board, as well as working conditions.

 

Its autopilot feature is under scrutiny after fatal accidents and the
company recently recalled more than 100,000 Model S cars for an issue with
the power steering.

 

Tesla has said its high public profile makes it a target for critics and Mr
Musk, who has dubbed short-sellers "jerks", recently told CBS he is
optimistic about the firm's "path out of hell".

 

Tesla's challenges did not stop shareholders from awarding Mr Musk a record
pay package earlier this year.

 

"It should be pretty obvious, I think, that I'm not gonna joke about
bankruptcy if I think it's remotely real," Mr Musk said.

 

"I'm feeling pretty optimistic about where Tesla is at this point. At this
point I can have a clear understanding of the path out of hell, and I did
not, until recently, have a clear understanding."--BBC

 

 

Snapchat redesign: User growth sinks hitting Snap shares

Shares in Snapchat's parent firm fell 17% after it revealed the app's
controversial redesign had made it less attractive to would-be users.

 

Only four million new users were added in the opening three months of 2018 -
just over half the number forecast.

 

And Snap has warned growth and revenue could slow substantially in the
second quarter.

 

That is because the number of daily active users on Snapchat is crucial for
generating advertising revenue.

 

The data was revealed in the firm's first results since January's overhaul
of the messaging app.

 

Revenue jumped by more than half to $230.7m (£169.4m) in the first quarter,
but also came in below analysts' expectations.

 

Snap blamed the redesign for "disrupting user behaviour" and creating some
"apprehension" among its advertisers.

 

A tweet from Kylie Jenner wiped £1bn off Snap's stock market value after she
said she wouldn't use it any longer

'Confusing'

The results mark a major reversal of fortunes for the parent company after
Snapchat added 8.9m new users late last year.

 

That quarterly jump in growth was the largest since Snap went public in
March 2017.

 

The new look design was meant to attract more new users, but many of
Snapchat's fans didn't like it.

 

Celebrities publicly criticised the redesign and a tweet from Kylie Jenner
wiped £1bn ($1.35bn) off Snap's stock market value after she said she
wouldn't use Snapchat any longer.

 

Many people complained that feeds were confusing and not chronological.

 

And one million people signed a petition calling on Snap to roll back the
redesign or return to the previous version.

 

Snap made the changes as a way for the social network to monetise its
service by mixing in more adverts.

 

 

The firm has acknowledged that the new design hurt its results, but said the
changes would drive growth in the long run.

 

"The redesign lays the foundation for the future of both our communication
products and our media platform, and we look forward to doubling down on
both," chief executive Evan Spiegel said on a conference call with analysts.

 

Snap insisted it would stick with the plan to keep content from friends
separate from other publishers.

 

And it seemed to brush aside concerns over any long term impact on its
earnings, adding that "a change this big" comes with "some disruption."--BBC

 

 

 

Facebook F8: Zuckerberg's dating service takes on Tinder

Facebook's chief has said that 2018 has been an "intense year" for his firm.

 

But Mark Zuckerberg also took the opportunity to unveil a dating service
among other new products at his firm's annual F8 developers conference in
San Jose, California.

 

He told his audience that the match-making feature would take privacy issues
in mind and would launch "soon".

 

The company can ill afford another data scandal as it continues to be
embroiled in the Cambridge Analytica affair.

 

"There are 200 million people on Facebook who list themselves as single,"
said Mr Zuckerberg.

 

"And if we are committed to building meaningful relationships, then this is
perhaps the most meaningful of all."

 

Shares in the dating business Match Group fell after the announcement and
closed more than 22% below their opening price.

 

The firm owns Tinder, a dating app that sources its profile information from
Facebook.

 

Privacy row

Facebook has faced fierce criticism ever since it emerged that it had failed
to check whether political consultancy Cambridge Analytica had deleted data
harvested about millions of its users.

 

Mr Zuckerberg said that this was a "major breach of trust" that must never
happen again.

 

How Facebook plans to disrupt dating

'Hate speech button' fazes Facebook users

Zuckerberg faces angry developers

WhatsApp boss and co-founder Jan Koum to quit

As part of efforts to restore confidence, he said the firm was building a
new Clear History tool to provide members with more control over how their
information is used.

 

The feature will:

 

*         let members see which third-party sites and apps Facebook collects
data from

*         provide the ability to delete the information

*         prevent Facebook from being able to add such details to their
profile in the future

*         However, in a related blog, Facebook has acknowledged that the
tool will take several months to develop, and that it would still need to
retain related information in "rare cases" for security reasons.

 

Online dating

Mr Zuckerberg also addressed his company's efforts to tackle fake news and
detect operations designed to disrupt elections.

 

But while he opted not to unveil a smart speaker - which the BBC understands
had once been destined to launch at F8 - he did introduce other novelties.

 

The headline feature is a new service to help singletons on the platform
meet potential dates.

 

He said the opt-in feature would focus on "real long-term relationships, not
just hook-ups", and would exclude existing friends from potential matches.

 

"We have designed this with privacy and safety in mind from the beginning,"
he added.

 

 

Notice that "this is gonna be for building real, long-term relationships"
quote.

Zuck isn't chasing Tinder or Bumble (yet) - he's after the older demo on
Match & OKCupid. Remember, 54% of FB users are 35+.

 

Mr Zuckerberg also announced that video chat and new augmented reality
filters were coming to its photo-sharing Instagram app.

 

In addition, he said that group video calling would soon launch on its
WhatsApp messaging service.

 

Big businesses will also benefit from new WhatsApp tools to help them
communicate with their customers, he declared.

 

The chief executive also paid tribute to WhatsApp's co-founder Jan Koum, who
announced he was quitting the company yesterday.

 

"One of the things I'm most proud of is we've built the largest, fully
encrypted network in the world," Mr Zuckerberg said.

 

According to an earlier report by the Washington Post, Mr Koum had decided
to leave because he was unhappy that the forthcoming business tools would
involve a weakening of WhatsApp's encryption.

 

Virtual reality

Mr Zuckerberg rounded off his list of unveils by revealing that his
company's Oculus virtual reality division had begun shipping its first
standalone headset, meaning the device does not need to be plugged into a PC
or smartphone to work.

 

He said the $199 kit - which costs £199 in the UK - was the "easiest way to
get into VR" and had the "highest quality lenses and optics that we have
ever built".

 

The firm's larger Oculus Rift headsets have proved less popular than many
industry insiders had predicted, and appear to have been outsold by Sony's
less powerful PlayStation VR gear.

 

Experts are split about the new device's prospects.

 

"The new device makes VR much more accessible to everyone," commented Adrian
Willings from the gadget review site Pocket-lint.

 

"It's a brilliant middle ground, but it's a mobile experience so not as good
as a PC one."

 

But the head of games at the IHS consultancy was less positive.

 

"I see the Oculus Go headset as quite awkwardly positioned versus existing
technology in the market," said Piers Harding-Rolls.

 

"The major thing it has going for it is its price point, but the fact it has
a similar user-experience to a premium smartphone adapter headset limits its
appeal."

 

For Mark Zuckerberg there were two audiences for his speech - the 5,000
developers in the hall, many of them anxious about their businesses, and the
two billion Facebook users who don't know whether they should trust the
social network.

 

For developers, who have seen much of their access to data frozen as the
privacy crisis deepens, he announced the reopening of app reviews. That
means an end to a logjam for new apps.

 

There was a mild cheer for this quite limited move and a huge one when he
told attendees they would all walk away with a free Oculus Go VR headset -
some people are easily pleased.

 

For the wider audience, Zuckerberg kept hammering away at what has become
his new mantra - that Facebook needs to take a broader view of its
responsibilities.

 

He admitted mistakes - the Cambridge Analytica breach of trust, failing to
spot Russian interference in elections - and outlined the various steps
being taken to combat fakery, to investigate dodgy apps and to give users
more control.

 

Apart from a new feature allowing users to clear their history - with the
warning that it might make the Facebook experience worse - there was little
that was new.

 

But there was a clear defiant message - yes, Facebook was acting to make
users safer, but it would continue to launch new services like dating that
expanded its reach.

 

Mark Zuckerberg thinks Facebook's huge global audience still believes in his
vision - no real signs here that he has been chastened by recent events.

 

Hate button

In a separate development, some US-based users have reported that a new
prompt has appeared beneath posts on their News Feed asking them if the
messages contain hate speech.

 

The service apparently extends to updates written by Mr Zuckerberg
himself.--BBC

 

 

 

 

Ministers back down on tax haven company registers

The government has agreed to calls for new measures aimed at increasing
transparency in offshore tax havens.

 

Facing a possible Commons defeat, ministers said they would not oppose an
amendment to force British overseas territories to publish details of the
true owners of companies based there.

 

Campaigners say public registers make it easier to uncover corruption, money
laundering and tax dodging.

 

The move was backed by both Labour and Tory MPs.

 

The government has also agreed to a new laws to sanction people suspected of
gross human rights abuses.

 

What are Britain's overseas territories and crown dependencies?

With no Conservative majority in the House of Commons, the government is
vulnerable to any rebellion, and 19 Tory MPs had backed the amendment on
company ownership registers.

 

As MPs debated the Sanctions and Anti-Money Laundering Bill in the Commons,
Foreign Office Minister Sir Alan Duncan said the government had not wanted
to damage the overseas territories' autonomy by legislating directly.

 

But he added: "We've listened to the strength of feeling in the House on
this issue and accept that it is without a doubt the majority view of this
House that the overseas territories should have public registers."

 

He added that the government would "respect the will of the House" and not
vote against the amendment put forward by Conservative MP Andrew Mitchell
and Labour's Dame Margaret Hodge.

 

 

The amendment would require the UK government to take steps to provide that
British Overseas Territories establish publicly accessible registers of the
beneficial ownership of companies.

 

It does not include Britain's crown dependencies, Jersey, Guernsey and the
Isle of Man.

 

Oxfam welcomed the government's concession, which it said would help
developing countries "recoup billions of lost revenue", and Transparency
International said it was "a hugely significant moment".

 

Dame Margaret said the move was "a remarkable, important and really
world-changing measure in relation to the fight against corruption".

 

Mr Mitchell added: "The overseas territories share our freedom. They travel
under our flag, and they should also share our values."

 

But speaking earlier on BBC Radio 4's Today programme, Lorna Smith, interim
executive director of British Virgin Island Finance, accused supporters of
the legislation of "colonialism".

 

Magnitsky amendment

Ms Smith said the British Virgin Islands had "done nothing wrong" and were
deemed "largely compliant" on transparency by international bodies, saying
her concern was one of "constitutional infringement".

 

"If this bill goes through, it's like Scotland feeling that Westminster is
legislating for Scotland," she said.

 

"It's simply not right."

 

As well as the beneficial ownership register, Sir Alan confirmed the bill
would impose sanctions for human rights abuses. It is known as the
"Magnitsky" amendment after a Russian lawyer who died in prison after
alleging fraud by state officials.

 

Sir Alan said that anyone sanctioned under the bill would have their names
published on a publicly-availably list.

 

Welcoming the amendment, Lib Dem Tom Brake said: "These people and their
money are not welcome in the UK and must not be given sanctuary in our
cities."--BBC

 

 


 

 


 

INVESTORS DIARY 2018

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

Workers’ Day

 

01/05/2018

 


 

Africa Day

 

25/05/2018

 


Zimbabwe

Heroes’ Day

Zimbabwe

13/08/2018

 


Zimbabwe

Defence Forces Day

Zimbabwe

14/08/2018

 


 

 

 

 

 


 

 

 

 


 

 

 

 


 <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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