Major International Business Headlines Brief::: 03 May 2018

Thu May 3 09:54:50 CAT 2018

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Major International Business Headlines Brief::: 03 May 2018

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*  S.African lawyer expects to sign gold miners' silicosis settlement
Thursday

*  South Africa's Absa PMI rises in April as new sales orders recover

*  West Africa exchange targets telecoms listings, international clearing
agreements

*  South Africa's new vehicle sales up 3.6 per cent year/year in April

*  South Africa's Harmony Gold's third quarter output steady

*  Founder and chairman of S. Africa's PSG Group diagnosed with early
dementia

*  South African Astral Foods flags five fold jump in H1 earnings

*  Vedanta considers building zinc smelter in South Africa

*  Kenya's Safaricom pilots messaging app linked to mobile money

*  South African wine-maker Distell sees lower crop amid drought

*  Eurozone growing faster than the UK

*  Cambridge Analytica: Closure "will not stop investigation"

*  Xiaomi launches $10bn Hong Kong stock market listing

*  Spotify earnings debut misses a beat

*  Australia's Commonwealth Bank lost data of 20m accounts

 <mailto:info at bulls.co.zw> 

S.African lawyer expects to sign gold miners' silicosis settlement Thursday

JOHANNESBURG (Reuters) - A lawyer acting for nearly half a million miners
who contracted fatal lung diseases silicosis and tuberculosis in mines said
an out-of-court settlement was expected to be signed on Thursday with those
gold companies implicated in the issue.

The High Court in 2016 set the stage for protracted proceedings on cases
dating back decades in the largest class action suit yet in Africa’s most
industrialized country.

“Barring unforeseen circumstances, we expect to sign the silicosis agreement
with the gold industry tomorrow (Thursday),” Richard Spoor told Reuters on
Wednesday.

The suit was launched around six years ago on behalf of miners suffering
from silicosis, contracted by inhaling silica dust in gold mines.

The settlement, which would also cover those who contracted from
tuberculosis, would still need approval by the High Court before being
implemented.

The Occupational Lung Disease (OLD), a group put together by the six
companies involved, could not be reached for comment.

South African gold producers say they have set aside 5 billion rand ($398
million) in provisions for the settlement.

The six companies involved are Harmony Gold, Gold Fields, African Rainbow
Minerals, Sibanye-Stillwater, AngloGold Ashanti and Anglo American. Anglo
American no longer has gold assets but historically was a bullion producer.

($1 = 12.5855 rand)

 <mailto:info at bulls.co.zw> 

South Africa's Absa PMI rises in April as new sales orders recover

JOHANNESBURG (Reuters) - South Africa’s seasonally adjusted Absa Purchasing
Managers’ Index (PMI) rose in April, swinging back into positive terrain as
new sales orders recover from a decline in the prior month, a survey showed
on Wednesday.

The index, which is compiled by the Bureau for Economic Research and gauges
manufacturing activity in Africa’s most industrialised economy, rose to 50.9
in April from 46.9 in March, edging back above the 50 mark that separates
expansion from contraction.

After growing for the first two months of the year as optimism around the
policy and political changes spurred business activity, the PMI fell sharply
in March after a stronger rand currency hurt exports.

Absa said the new sales order index has since recovered from a sharp decline
recorded in the prior month, coming in at 56.5 in April from 44.5 in March.

“If demand holds up in coming months, activity should follow the new sales
order index into positive terrain,” Absa said in a statement.

West Africa exchange targets telecoms listings, international clearing
agreements

LONDON (Reuters) - West Africa’s stock exchange, BRVM, targets listings by
the region’s telecoms firms and partnerships with international clearing
houses to attract more foreign investors, its chief executive said on
Wednesday.

Telecoms companies are some of the biggest companies in West Africa and the
Abidjan-based bourse, on which Burkina Faso’s Onatel and Senegal’s Sonatel
are listed, hopes they will go public as a way to keep revenues in domestic
hands.

“The only way to share revenue with the population is to list the
companies,” Edoh Kossi Amenounve told Reuters in an interview on the
sidelines of an investor conference in London.

The exchange has already announced that it would list Mali’s main mobile
operator, Societe Telecom du Mali (Sotelma), this year.

South African telecoms firm MTN is currently preparing for major initial
public offerings of MTN Ghana and MTN Nigeria on the Ghanaian and Nigerian
stock exchanges respectively, and Amenounve suggests it consider listing
West African subsidiaries such as MTN Cote d’Ivoire on BRVM at a later date.
He also suggested French telecoms group Orange should consider listing its
Ivory Coast subsidiary.

“If they succeed to list in Nigeria and Ghana this can quickly lead them to
consider their position in the Francophone zone,” he said, adding he hopes
telecoms firms will list in the next three to five years.

BRVM is also in talks with private equity funds including ECP, Tunisia’s
Africinvest, and Mauritian group AFIG Funds, to encourage them to list
companies on the exchange as part of their exit strategies for assets,
Amenounve said.

The exchange chief told Reuters in March that BRVM targets 12 new listings
between 2018 and 2020, adding to 45 companies listed at present.

Tighter regulation on bond markets has crimped appetite for bonds in the
region, he said, noting that subscriptions for three government bonds issued
at the end of last year lagged expectations.

Bonds from Burkina Faso in February, Cote d’Ivoire in April and Togo in May
have however been fully subscribed, he added.

BRVM aims to attract more institutional investors including pension funds to
increase investment in its bond market and lessen its dependence on bank
liquidity.

While offshore investors can buy bonds listed on the exchange, he said, they
are discouraged by the lack of a central depositary.

In order to solve this he said the exchange is studying how to partner with
international clearing houses such as Euroclear and Clearstream.

“We already have an MoU (memorandum of understanding) with Maroclear in
Morocco but we need to have it with international central deposits so that
offshore investors can have their bonds in the book of only one central
depositary,” he said.

Companies listed on BRVM include Bollore Transport & Logistics Cote
d’Ivoire, a subsidiary of French tycoon Vincent Bollore’s Groupe Bollore,
whose port operations in West Africa are under investigation.

Amenounve said the impact of the ongoing investigations was as yet unclear.

Bollore is under formal investigation over allegations that Groupe Bollore
undercharged for work on behalf of presidential candidates in Guinea and
Togo in return for port contracts. Bollore’s lawyer, Olivier Baratelli, has
denied any wrongdoing by Bollore.

Shares in Bollore Transport & Logistics Cote d’Ivoire fell 9.7 percent over
the week from April 24, when news of the investigation broke, BRVM said.

“At this point we do not know to what extent this can impact the activities
of the Bolloré group in our region,” Amenounve said.

“Things are already changing in terms of how French companies and others are
operating in Africa,” he added, noting that the exchange would put an
emphasis on good governance and transparency.

South Africa's new vehicle sales up 3.6 per cent year/year in April

JOHANNESBURG (Reuters) - South Africa’s new vehicle sales rose 3.6 percent
year-on-year to 36,346 units in April, data from the trade and industry
department showed on Wednesday.

Exports inched up 0.8 percent to 24,422 units compared with the same month a
year earlier, the department said.

South Africa's Harmony Gold's third quarter output steady

JOHANNESBURG (Reuters) - South Africa’s Harmony Gold Mining Company said on
Wednesday bullion production was flat for the third quarter but was expected
to rise with the addition of its newly acquired Moab Khotsong mine.

Gold production ticked up one percent to 816,663 ounces for the nine months
ended March 2018, compared with the same period a year ago.

The mining company said it still expects to meet its annual output
expectations of 1.8 million ounces.

“Harmony’s performance in the fourth quarter of FY18 will be boosted with
the inclusion of Moab Khotsong and higher production at Hidden Valley where
production is ramping up,” said chief executive officer, Peter Steenkamp.

Harmony added Moab Khotsong to its portfolio in March to boost its
operational cash flow and provide “substantial cost savings”

Founder and chairman of S. Africa's PSG Group diagnosed with early dementia

JOHANNESBURG (Reuters) - South African tycoon and chairman of PSG Group
Jannie Mouton has been diagnosed with early onset dementia, he said adding
that he was still fit to be serve on the board of the investment
heavyweight.

Founded by Mouton in 1995, PSG has enjoyed success by betting on high-growth
companies challenging entrenched actors in finance, private education and
hospitals in the post-apartheid economy.

“I have recently been diagnosed with an early form of dementia,” the 70-year
old Mouton said in an letter to shareholders on Tuesday.

“The implication of this is that my short-term memory does not always
function as it should, the result being that I sometimes forget people’s
names, repeat myself, or may appear somewhat disorientated.”

Mouton, who owns about 22 percent of PSG, said he would however stay on as
chairman of the 50 billion rand ($4 billion)company, and his team of doctors
and advisors will monitor his condition.

“After consultation with my senior colleagues, we feel that I still have a
contribution to make as PSG Group’s non-executive chairman.”

One its biggest plays is Capitec, a financial startup whose inroads and
stock market outperformance against South Africa’s big four banks have led
to Mouton being compared to U.S. investor Warren Buffet.

Shares in PSG, which have risen almost 10-fold since 2011, were down about 1
percent at 222.90 rand as of 1156 GMT, lagging a slightly higher JSE Top-40
index.

“He is a respected figure in the financial industry but this announcement is
indication that he doesn’t have many days as PSG board member,” said Wayne
McCurrie, a portfolio manager at Ashburton Investments.

($1 = 12.6042 rand)

South African Astral Foods flags five fold jump in H1 earnings

JOHANNESBURG (Reuters) - South African poultry producer Astral Foods Ltd on
Wednesday flagged a more than five fold jump in half-year earnings, sending
the firm’s shares up 6 percent.

Astral, which also manufactures animal feeds, attributed the surge to
continued favourable trading conditions and good farming performances to end
March.

Astral said in a statement it expects headline earnings per share (HEPS) for
the six-months ended March to increase to between 1,958 cents and 1,994
cents per share compared to 356 cents in the previous year.

HEPS strips out certain one-off items and is the main profit measure in
South Africa.

Astral’s shares raced 5.9 percent higher to 325.50 rand at 1322 GMT.

The firm, which detected the highly pathogenic H5N8 bird flu on some of its
farms in 2017, said it did not suffer any losses due to the Avian Influenza
or Listeriosis.

Listeria broke out in South Africa in January last year and has since
infected almost 1,000 people, 180 of whom have died, the world’s worst
recorded listeria outbreak.

Vedanta considers building zinc smelter in South Africa

(Reuters) - Vedanta Resources’ Zinc International unit said it was exploring
the feasibility of developing and constructing a smelter to process zinc
mined from its flagship Gamsberg project in South Africa.

The global mining conglomerate said in February it may accelerate expansion
of its African zinc operations to take advantage of a surge in prices of the
metal.

Zinc prices have rallied to their highest since 2007, boosting overall
profits of Vedanta, which has zinc projects in India, South Africa and
Namibia.

The company could invest between $700 million and $800 million at the
Gamsberg refinery, Vedanta Zinc International said bit.ly/2Kxxt14.

The first phase of the smelter-refinery complex is expected to have a
capacity of 250,000 tonnes per year of finished zinc metal, matching
Gamsberg’s expected annual output by early 2019.

The smelting plant will make Gamsberg, one of the world’s largest
undeveloped zinc resource, a fully integrated zinc production site.

Kenya's Safaricom pilots messaging app linked to mobile money

NAIROBI (Reuters) - Safaricom, Kenya’s biggest telecoms company, is piloting
a social messaging app that will link to its mobile money platform in an
attempt to move the company into the application business, the company said
on Tuesday.

Bonga, meaning ‘chat’ in Kiswahili, will be integrated with the company’s
popular financial services platform M-Pesa to enable the almost 28 million
of its users to communicate beyond sending money to one another,
transforming the platform into a type of social network.

The idea stems from the “hypothesis that there’s an intricate connection
between conversations and transactions, payments especially,” Kamal
Bhattacharya, chief innovation officer at Safaricom, said in a telephone
interview.

“It’s one thing to share information with somebody it’s another thing to
make a payment, to send money to somebody,” he said.

Bhattacharya said that M-Pesa users will be able to message each other on
Bonga in three ways: user-to-user, user-to-business and fundraising through
“social groups” much like the group function on WhatsApp.

The concept has similarities with China’s top social messaging app WeChat,
where users can perform a variety of tasks, from payments to ride-hailing,
without leaving the platform.

Bonga is the first product launched by Safaricom’s innovation incubator
Alpha. Bhattacharya previously set up IBM’s research lab in Africa and
joined the company in 2017.

Safaricom is piloting Bonga internally before planning to launch later this
year.

Bhattacharya said the platform will be end-to-end encrypted. “We cannot read
the messages, we cannot keep the messages,” he said.

Kenya does not have data privacy laws.

Safaricom is 35 percent owned by South African group Vodacom and 5 percent
by Vodacom’s major shareholder Vodafone.

With nearly 30 million users, the company has 70 percent of Kenya’s total
mobile phone subscribers.

The introduction of Bonga is part of Safaricom’s strategy to boost revenue
and diversify from offerings of voice calls, mobile money and text messages.
Last year it launched Masoko, an e-commerce platform.

Its first-half 2017 results showed revenue from mobile money rose 16
percent, while revenue from phone calls rose by far less - only 4 percent.

“Our future is to become a platform that enables business in Kenya as well
as our consumers to do their work in a different way,” Bhattacharya said.
“Messenger platforms are the most popular apps, the most popular approach on
the internet today to bring people together.”

($1 = 100.3000 Kenyan shillings)

South African wine-maker Distell sees lower crop amid drought

CAPE TOWN (Reuters) - South African alcohol beverages maker Distell Group’s
2018 wine grape harvest was 30 percent down on the previous year due to
drought in the Western Cape but grape quality was promising, its head
winemaker said on Wednesday.

South Africa has declared Western Cape and other regions as disaster areas
as a prolonged dry spell decimated the wheat crop and reduced apple, grape
and pear exports to Europe.

“The ongoing drought in the Cape has certainly had an impact on this year’s
harvest,” Niël Groenewald said in a statement.

“We have seen slower ripening of the grapes than usual due to smaller
canopies, limited water in the soils and that which is available for
irrigation,” he said.

Distell accounts for just under a third of total wine production in South
Africa, with nearly a quarter of all grapes procured from its own farms.
Among its premium wine portfolio are well-established brands such as
Nederburg.

Global wine output fell to its lowest level in 60 years in 2017 due to poor
weather conditions in the European Union that slashed production in the
bloc, international wine organisation OIV said.

South Africa, which is the eight largest wine producer in the world, was
seen producing 10.8 million hectolitres in 2017, up three percent from the
previous year, the OIV said in April.

“What is evident is that South African wine grape growers and producers need
to accelerate efforts to adapt to conditions of the drought. This is the new
normal,” Groenewald said.

Eurozone growing faster than the UK

The European Union economy slowed in the first quarter of the year, official
Eurostat figures have showed.

Economic growth in the eurozone slowed to 0.4% for the period from January
to March 2018, compared with 0.7% in the previous quarter.

Growth in the 19-country single currency bloc reached 2.5% year-on-year.

However, the eurozone is still doing better than the UK economy, which only
grew by 0.1% in the same quarter.

"This was the fifth out of seven consecutive quarters that the eurozone grew
faster than the UK following the EU referendum," said Barret Kupelian,
senior economist at PricewaterhouseCoopers.

"This suggests that the UK has not been able to reap the full benefits of an
upturn in global economic activity, unlike other large economies like the
eurozone and the US."

Mr Kupelian said the latest GDP figures showed that the UK had been the
slowest-growing economy relative to the US and the eurozone for four
consecutive quarters.

Construction improves

However, latest figures from HS Markit/CIPS UK Construction Purchasing
Managers' Index (PMI) showed that the UK construction industry has rebounded
from a bad start to the year.

Construction returned to a growth of 52.5 in April, compared to 47 in March,
when construction decreased to bad weather caused by the Beast from the East
in late February and March.

Any figure above 50 indicates expansion, while anything less than 50 denotes
contraction.

Despite this, analysts remain cautious about the housebuilding industry's
growth.

EY Item Club said the improvement in the April construction figures was
highly unlikely to assuage the Bank of England's increased concerns over the
economy.

It feels an interest rate hike at the Bank of England's Monetary Policy
Committee meeting in May "still looks improbable".--BBC

Cambridge Analytica: Closure "will not stop investigation"

The closure of Cambridge Analytica will not stop a probe into the firm's
handling of millions of people's data, investigators have said.

The firm has been accused of acquiring data from up to 87 million Facebook
profiles for use in political campaigns.

Cambridge Analytica closed on Wednesday citing a loss of business.

The Information Commissioner's Office (ICO) said its investigation will
still "pursue individuals and directors".

And Damian Collins, chair of the Commons select committee for Digital,
Culture, Media and Sport (DCMS) tweeted: "Cambridge Analytica and [parent
company] SCL Group cannot be allowed to delete their data history by
closing.

"The investigations into their work are vital."

He told the BBC: "We've got to make sure this isn't an attempt to run and
hide, that these companies are not closing down to try to avoid them being
rigorously investigated over the allegations that are being made against
them."

Mary Creagh, Labour MP for Wakefield, tweeted: "Outrageous. Insolvency used
to cover up illegality".

How the scandal unfolded

17 March: The Observer and the New York Times publish accounts by Cambridge
Analytica's ex-employee Christopher Wylie, saying 50 million Facebook
accounts were improperly harvested by the company

23 March: The UK's data watchdog is granted a warrant to search Cambridge
Analytica's office

27 March: Christopher Wylie appears in front of a committee of UK MPs

4 April: Facebook says it now believes up to 87 million people's data was
improperly shared with Cambridge Analytica

10 April: Facebook CEO Mark Zuckerberg is questioned by US lawmakers about
the scandal

17 April: Alexander Nix, the former boss of Cambridge Analytica, refuses to
appear before British MPs

26 April: The UK parliamentary committee threatens to issue Mark Zuckerberg
with a "formal summons for him to appear when he is next in the UK" as
questions remain unanswered

2 May: Cambridge Analytica announces its closure

In a statement, Cambridge Analytica said it had been "vilified" for legal
activities that are a "standard component" of advertising in the political
world.

The statement added that its parent company SCL Elections was also
commencing bankruptcy proceedings.

An ICO spokeswoman said its investigators will "examine closely" the details
of the closure and will "closely monitor any successor companies".

She said: "The ICO has been investigating the SCL Group and Cambridge
Analytica as part of a wider investigation into the use of personal data and
analytics by political campaigns, social media companies and others.

"The ICO will continue its civil and criminal investigations and will seek
to pursue individuals and directors as appropriate and necessary even where
companies may no longer be operating."

According to Facebook, data about up to 87 million of its members was
harvested by a quiz app and then passed on to the Cambridge Analytica.

The company is accused of mapping the behaviour of voters in the run-up to
the 2016 US election and EU referendum.

'Collaboration'

On Wednesday, a cyber-security specialist told MPs that a company he claimed
was closely linked to Cambridge Analytica had worked with various pro-Brexit
groups during the referendum campaign.

Chris Vickery told the Digital, Culture, Media and Sport Committee that
"beyond a shadow of a doubt" the Canadian firm - AggregateIQ (AIQ) - had
been involved in "some form of collaboration or co-ordination" with the
groups.

AIQ- a Canadian data analytics firm - has also been suspended from using the
Facebook platform.

The company denies ever being part of Cambridge Analytica, its parent
company SCL or accessing improperly obtained Facebook data.

Representatives from Vote Leave and Leave.EU have repeatedly denied any
wrongdoing.--BBC

Xiaomi launches $10bn Hong Kong stock market listing

Chinese smartphone maker Xiaomi has filed to list on Hong Kong stock market,
in a move that is expected to raise up to $10bn (£7.5bn).

The stock market flotation will be the world's biggest debut in 2018, and
the largest since fellow China tech giant Alibaba's raised $25bn in 2014.

Xiaomi has bounced back after admitting last year it had grown too quickly.

As well as China, it is a major player in India where it rivals Samsung to
be the most the popular handset maker.

Last year the Xiaomi moved into the Spain market and reports suggest it is
also looking to get into the US to take on Apple.

Xiaomi: A beginner's guide to 'China's Apple'

While it has not revealed how much it is hoping to raise in the initial
public offering (IPO), the analyst estimate of $10bn would value the firm at
just short of $100bn.

The decision to choose to list in Hong Kong is a boost for the territory. It
has just changed its stock market rules to try and attract more tech firms
as it competes against other markets such as New York and Shanghai.

Xiaomi announced the plans as it revealed sales of 114.62bn yuan (£13.2bn;
$18bn) in 2017, up 68% compared with the previous year.

However it made a net loss of 43.9bn yuan compared with a net profit of
491.6bn yuan in 2016.

Besides smartphones, Xiaomi makes other internet-connected home appliances
and gadgets, including air purifiers and rice cookers. Currently most of its
profits come from internet services, and it has set up apps offering music
and other entertainment, in a similar business model to that of Chinese
rival Tencent.

"We have changed how hundreds of millions of people live, and we will become
a part of the lives of billions of people globally in the future,"
co-founder Lei Jun wrote in the prospectus for the flotation.--BBC

Spotify earnings debut misses a beat

Co-founder Daniel Ek says competition from Apple and Amazon is having no
"meaningful impact" on Spotify.

Spotify shares dropped 9% after its first earnings report as a public
company disappointed investors.

The Swedish firm said losses narrowed to 41m euros (£36.1m; $49m) in the
three months to the end of March from 139m euros a year earlier.

But while the results were largely in line with estimates, investors remain
concerned Spotify is losing money.

"Investors were hoping for a little more", Atlantic Equities analyst James
Cordwell told Reuters.

He pointed to slow growth in North America - which is seen as a gauge on how
it is competing against Apple and Amazon.

But Spotify chief executive and co-founder Daniel Ek said that he did not
see any "meaningful impact" from competition.

"When we look at this, we don't really think that this is a winner-take-all
market. In fact, we think multiple services will exist in the market and we
are all in a growing market," he said.

Discount issue

Spotify's sales hit 1.14bn euros (£1bn; $1.37bn) in the three months to the
end of March.

And while the music streaming pioneer's total user base reached 170 million,
less than half were paid subscribers.

Morningstar analyst Ali Mogharabi suggested that part of the problem may be
that it was offering "too many discounts" on music subscriptions and
extending the length of free-trials as it tries to convince users to start
paying, rather than the free, advertising-funded service.

Spotify was valued at about $26bn in its market debut in New York last
month.

Since its listing, it has been reported that Sony - a key investor - had
cashed in nearly half of its shares.--BBC

Australia's Commonwealth Bank lost data of 20m accounts

Australia's Commonwealth Bank has admitted losing the bank records of almost
20 million people.

Names, addresses, account numbers and statements were stored on two magnetic
tapes which were meant to be destroyed by a subcontractor in 2016.

But despite not receiving evidence the tapes had actually been destroyed,
the bank did not tell customers there was a potential problem.

The breach is the latest scandal involving Australia's largest lender.

Commonwealth Bank 'to compensate customers'

Bank admits failures in laundering case

In a filing to the Australian Stock Exchange, the bank said it could not
confirm that the tapes containing 15 years of data had been destroyed
securely.

But it said "an independent forensic investigation" by accounting firm KPMG
had "determined the most likely scenario was the tapes had been disposed
of."

It added "the tapes did not contain passwords, PINs or other data which
could be used to enable account fraud".

And it stressed there had been no evidence that customer information had
been compromised, with monitoring mechanisms remaining in place.

Buzzfeed first reported news of the lost tapes, claiming they were supposed
to be destroyed by Fuji Xerox after the decommissioning of a data centre.

'Unacceptable'

The Commonwealth Bank's acting head of retail banking, Angus Sullivan,
described the incident as "unacceptable" and has apologised for any
"inconvenience and worry" the incident may have caused customers.

Why is Australia investigating its banks?

Australian customers take on the banks

The privacy breach comes at a time when Australian banks are under intense
scrutiny from a landmark banking inquiry.

Last month, the inquiry heard that the Commonwealth bank collected fees from
customers it knew had died. In one case, an adviser collected fees from a
former client for more than a decade.

Australia's Treasurer Scott Morrison has warned that financial executives
could face strong penalties, including jail sentences, from evidence brought
up at the inquiry.--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

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