Major International Business Headlines Brief::: 17 May 2018

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Major International Business Headlines Brief::: 17 May 2018

 


 

 


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*  South Africa's Tharisa acquires 90 percent stake in Zimbabwean chrome

*  Tunisia's central bank holds key rate unchanged at 5.75 percent

*  Nigeria's parliament passes record 9.12 trln naira 2018 budget

*  Morocco’s trade deficit rises 12 pct yr/yr in Jan-April

*  South Africa's rand surrenders brief gains to resurgent dollar

*  Uganda power distributor Umeme to spend $1.2 bln to expand grid

*  S.Africa's Reserve Bank seen keeping rates at 6.50 pct next week

*  Tanzania's central bank approves merger of two state-owned banks

*  South Africa's rand firms as Turkish bank intervention aids EM's

*  Preliminary Angola July oil export plan shows rise vs June - trading
sources

*  Betting machine stakes cut to £2

*  Total set to pull out of Iran gas deal without sanctions waiver

*  Trump financial disclosure: What did we learn?

*  WeChat's owner Tencent sees profits soar by more than 60%

*  Lachlan Murdoch to claim family empire

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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South Africa's Tharisa acquires 90 percent stake in Zimbabwean chrome

LONDON (Reuters) - South African mining firm Tharisa has bought a 90 percent
stake in Salene Chrome Zimbabwe Limited, it said on Wednesday, gaining
access to rich chrome deposits and growing its presence in Zimbabwe.

 

Tharisa previously announced an interest to move into Zimbabwe’s Great Dyke
region, which is considered to have chrome and platinum reserves comparable
to those it mines in the Bushveld region of South Africa.

 

In Wednesday’s statement, it did not disclose financial terms, saying only
they required “nominal upfront payment”.

 

“Tharisa considers this to be a highly prospective opportunity to
meaningfully expand its chrome mining interests,” it added.

 

Zimbabwe has attracted intense investor interest and has promised favourable
terms for miners as it seeks to reboot its economy after a coup that pushed
out veteran leader Robert Mugabe last year.

 

So far, much of the interest has not been matched with hard cash.

 

Cyprus-based Karo Resources, owned by the Pouroulis family that leads
Tharisa, signed a $4.2 billion outline deal in March to develop a platinum
mine and refinery in Zimbabwe, although it was not clear when the investment
would be made.

 

Tharisa has bought the new 90 percent chrome stake from the Leto Settlement
Trust, also part of the Pouroulis family holdings.

 

Leto will retain a 10 percent stake in Salene and be entitled to a 3 percent
royalty from the sale of the chrome concentrate.

 

Salene has been awarded three special grants under the Zimbabwe Mines and
Minerals Act covering an area of approximately 9,500 hectares (95 square
kilometres) on the eastern side of the Great Dyke.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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Tunisia's central bank holds key rate unchanged at 5.75 percent

(Reuters) - Tunisia’s central bank said on Wednesday it kept its key
interest rate unchanged at 5.75 percent.

 

In March, the central bank raised the rate to 5.75 percent from 5.00 percent
to tackle the inflation that had hit record levels. Annual inflation rose to
7.7 percent in April from 7.6 percent in March.

 

The international Monetary Fund said last month that anchoring inflation
expectations through additional rate increases would be crucial if price
pressures did not moderate quickly.

 

 

 

Nigeria's parliament passes record 9.12 trln naira 2018 budget

ABUJA (Reuters) - Nigeria’s parliament passed a record 9.12 trillion naira
($29.8 billion) budget for 2018 on Wednesday aimed at boosting growth in
west Africa’s biggest economy nine months before the country’s next
presidential election.

 

Growth remains fragile after Africa’s top crude oil producer last year
emerged from its first recession in 25 years. The recession was largely
caused by low crude prices and militant attacks on energy facilities since
oil sales make up two-thirds of government revenue.

 

The total sum laid out in the spending plan passed by the Senate is higher
than the 8.6 trillion naira budget presented to parliament by President
Muhammadu Buhari in November.

 

The budget was passed by the Senate, the upper chamber, and by lawmakers in
the lower House of Representatives shortly afterwards. The budget still
needs to be returned to Buhari to be signed into law.

 

“We must grow our economy away from oil. Hopefully, the current budget, when
signed into law, should help us in this regard,” said Senate President
Bukola Saraki.

 

Senate lawmakers said the increase from the plan presented by Buhari six
months ago was due to the assumed oil price rising to $51 per barrel, up
from $45 in Buhari’s earlier version.

 

The budget assumes crude oil production of 2.3 million barrels per day and
an exchange rate of 305 naira per dollar. Brent crude stood at $78.43 per
barrel by 1643 GMT.

 

 

“We still consider the oil price benchmark to be rather conservative given
this year’s oil price outlook and would have preferred to see a steeper hike
accompanied by lower borrowing,” said Olalekan Olabode, an economist at
Lagos investment firm Vetiva Capital.

 

The budget proposes the use of 2.2 trillion naira to service debts and would
operate a deficit of 1.73 percent of gross domestic product this year.

 

Delays in passing budgets, amid wrangling between the executive and
legislature, are common in Nigeria and hindered the implementation of
Buhari’s previous spending plans.

 

Buhari, who took office in 2015, plans to seek a second term in next
February’s election. His handling the economy is likely to be a major
campaign issue.

 

Budgets under Buhari, who took office in May 2015, have been Nigeria’s
largest ever. But economists say implementation has been poor and failed to
provide the type of capital expenditure needed to improve infrastructure.

 

“The implementation of fiscal policy is still weak and this year there is an
additional risk of unproductive spending in the lead up to the election,”
said Cobus de Hart, a senior economist at South Africa’s NKC African
Economics.

 

 

Morocco’s trade deficit rises 12 pct yr/yr in Jan-April

RABAT (Reuters) - Morocco’s trade deficit grew 12 percent to 66.105 billion
dirhams ($7.01 billion) in the first four months of 2018 compared with same
period a year earlier, the foreign exchange regulator said on Wednesday.

 

The gap widened from 59.010 billion dirhams in January-April last year, as
imports rose 9.2 percent to 158.817 billion. That outstripped a 7.2 percent
increase in total exports to 92.712 billion dirhams from 86.485 billion, the
data showed.

 

There was a 13.5 percent increase in equipment imports to 39.715 billion
dirhams, a 10 percent increase in finished consumer goods to 35.581 billion,
a 9.5 percent rise in energy products to 24.788 billion and a 3.8 percent
increase in food imports to 17.402 billion.

 

 

The automotive sector topped Morocco’s exports with a rise of 19.1 percent
to 23.905 billion dirhams, while exports of phosphates and derivatives fell
4.5 percent to stand at 13.552 billion.

 

Tourism receipts grew 18.1 percent to 21.095 billion dirhams from 17.858
billion last year, while remittances from Moroccans living abroad posted a
13 percent increase to 21.010 billion.

 

Foreign direct investments dropped 17.1 percent to 6.765 billion dirhams,
down from 8.162 billion in first four months of last year.

 

 

South Africa's rand surrenders brief gains to resurgent dollar

JOHANNESBURG (Reuters) - South Africa’s rand weakened early on Thursday,
giving up the previous session’s gains as investors short on the local and
other emerging currencies were squeezed out of those positions by a swift,
albeit brief turnaround in the Turkish lira.

 

At 0650 GMT the rand was 0.42 percent weaker at 12.4975 per dollar, having
rallied to 12.40 on Wednesday spurred by a broad emerging market relief
rally after Turkey’s central bank said it would act to stem a selloff in the
lira.

 

The dollar was up against the euro and other major currencies, while the
U.S. 10-year benchmark bond yield edged up past 3.11 percent.

 

The rand had weakened more than 3.5 percent by Wednesday in an emerging
market selloff that has been driven by a strong dollar and rapidly rising
U.S. Treasury yields, extending a weakening trend over the past two months.

 

 

The relief offered by the Turkish lira stoked a short squeeze as the 12.40/$
level, used as a stop-loss mark by some investors, triggered a brief wave of
selling as rand bears weary of a run to 12.20 closed positions.

 

Focus shifting to U.S. initial jobless claims with little locally on the
data front. 

 

South African bonds were weaker, with the benchmark paper due in 2026
yielding 8.51 percent, 4.5 basis points higher.

 

* Stocks opened lower, with the Johannesburg Stock Exchange’s Top-40 index
down 0.53 percent at 51,831 points.

 

 

Uganda power distributor Umeme to spend $1.2 bln to expand grid

KAMPALA (Reuters) - Ugandan power distributor Umeme Ltd plans to spend $1.2
billion in the next seven years to revamp and expand the grid and has hired
an adviser to explore options for raising the money, the company’s chief
executive said on Wednesday.

 

The investments will be used to prepare for an expected rise in power
expected to come online by 2020, CEO Selestino Babungi told Reuters in an
interview.

 

The East African country is developing two new hydropower plants on the Nile
- Karuma and Isimba - and when completed, they are expected to add a
combined 780 megawatts (MW) of power to the grid.

 

When the two China-financed and constructed plants come online, they will
roughly double the country’s existing generation capacity which currently
stands at about 700 MW.

 

“We need to invest in new infrastructure to uptake the new generation:
extending lines, building new substations, connecting more customers,”
Babungi said.

 

Uganda’s energy market is largely seen as underexploited and holding
significant potential for growth.

 

The grid reaches just 23 percent of the country’s 40 million people and
power consumption, according Umeme, stands at 85 kilowatt hours per capita
annually.

 

That’s below the average per capita consumption rate of 150 kilowatt hours
for sub-Saharan Africa, excluding South Africa, according to a 2015 report
by consultancy McKinsey.

 

 

Babungi said economic activities toward beginning crude oil production and
an industrialisation drive by the government of President Yoweri Museveni
was expected to expand consumption by 8 percent annually over the next five
years.

 

Uganda discovered crude reserves estimated at 6.5 billion barrels in 2006
and has targeted production in 2020.

 

“We see better prospects ...with all these oil activities-the pipeline, the
refinery, activities are starting to pick up. We believe this will have
spill over effects on the electricity sector,” he said.

 

Last year Uganda signed a deal with neighbouring Tanzania to develop a crude
export pipeline from oilfields in landlocked Uganda’s west to Tanzania’s
Indian Ocean port of Tanga.

 

At 1,445 km, it will be the world’s longest electrically heated pipeline.

 

Last year Umeme, Uganda’s sole electricity distributor, saw its pre-tax
profit plunge 77 percent, hammered by debt servicing costs.

 

Babungi said he was “expecting 2018 to be better” citing brighter economic
growth forecasts by the central bank.

 

Uganda’s state-controlled pensions fund NSSF is Umeme’s largest single
shareholder. South African funds including Allan Gray, Kimberlite Frontier
Africa Master Fund and Investec Asset Management Africa Fund also owning
major stakes.

 

 

 

S.Africa's Reserve Bank seen keeping rates at 6.50 pct next week

JOHANNESBURG (Reuters) - South Africa’s Reserve Bank will keep interest
rates unchanged next week as an anticipated quicker rise in consumer prices
over the coming months won’t drive inflation above target, a Reuters poll
showed Wednesday.

 

All 25 economists surveyed in the past week predicted the central bank will
hold rates at 6.50 percent at its May 24 meeting, which will follow last
month’s losses by the rand and renewed weakness on Tuesday.

 

“They will probably hold steady, with the rand showing some vulnerability,”
said Dennis Dykes, chief economist at Nedbank. “It illustrates the concerns
that they have about the global situation.” However, he expected a
reasonably neutral statement from Reserve Bank Governor Lesetja Kganyago.

 

The Bank cut its main interest rate to 6.50 percent in March, giving a boost
to the economy, and is now expected to enter a prolonged period of
inactivity, with no change forecast for the next 18 months at least.

 

“This current oil price is putting pressure on the inflation rate,
especially if you consider the value-added tax (VAT) hike, we have seen the
bottom or the best of inflation,” said Stanlib economist Kevin Lings.

 

In February the National Treasury announced a VAT increase for the first
time in two decades, which could hurt consumer demand, to cap ballooning
debt and close a large revenue shortfall.

 

“From here inflation will move higher, that obviously makes it more
difficult to justify a rate cut,” Lings added.

 

Still, the rate of increase in consumer prices is not expected to breach the
top-end of the Reserve Bank’s 3-6 percent target during the forecast
horizon.

 

Emerging market currencies, including the rand, have been under pressure in
the past month from a strong dollar bolstered by the Federal Reserve’s
decision to raise U.S. rates in March and its apparent disposition to do so
again.

 

In April a Reuters poll predicted the Fed would raise rates three more times
this year. [ECILT/US]

 

Still the rand is expected to recoup some of its April losses against the
dollar in the next 12 months - provided domestic economic growth improves.
[ZAR/POLL]

 

Growth forecasts for South Africa have improved to 1.8 percent from 1.3
percent at the start of the year, even though mining and manufacturing
shrank in March due to lingering policy uncertainty and lukewarm demand.

 

Growth for next year is expected to hit 2 percent.

 

 

 

Tanzania's central bank approves merger of two state-owned banks

DAR ES SALAAM (Reuters) - Tanzania’s central bank said on Wednesday it has
approved the merger of two small state banks, Twiga Bancorp and TPB Bank
PLC, as part of a plan to improve financial stability and reduce the number
of state-run lenders.

 

The decision is part of a drive to counteract a spike in bad loans since
2015 that has hit bank profits and stifled private sector lending, in turn
undermining economic growth.

 

“We will see more mergers of government-owned banks until we remain with one
or just a few banks owned by the government,” deputy Bank of Tanzania
governor Bernard Kibesse told a news conference. All “clients, employees,
assets and liabilities of Twiga Bancorp will now be transferred to TPB Bank
PLC.”

 

The central bank took control of Twiga Bancorp in October, saying the
majority state-owned bank was severely undercapitalised. The decision
followed a call by President John Magufuli for action against failing state
institutions.

 

Magufuli ordered the central bank in March not to bail out struggling banks
as the government tries to control rising non-performing loans.

 

Bad debts as a proportion of the total banking industry loan portfolio rose
to 11.7 percent in December 2017, more than twice the maximum target of 5
percent, up from 10.6 percent in June 2017, according to central bank data.

 

 

The International Monetary Fund said in January the growth of credit to the
private sector had stagnated, partly due to the deteriorating quality of the
loans.

 

It urged the government to tackle bad debts to reduce financial sector
vulnerabilities and revive credit growth.

 

Tanzania has about 40 banks but its financial services sector is dominated
by lenders such as CRDB Bank and NMB Bank.

 

Netherlands-based Rabobank Group is NMB’s biggest shareholder with a 34.9
percent stake, while the Tanzanian government owns 31.9 percent.

 

“We would like more mergers and acquisitions to take place between the
existing banks in Tanzania, including those that are privately owned, so
that we remain with a few efficient banks,” he said.

 

The central bank revoked the licenses of five “critically undercapitalised”
community banks in January to safeguard the sector’s stability.

 

 

South Africa's rand firms as Turkish bank intervention aids EM's

JOHANNESBURG (Reuters) - South Africa’s rand firmed more than 1 percent on
Wednesday in a broad emerging market rally, driven largely by a recovery in
the Turkish lira after the country’s central bank said it would take action
to stem a selloff in the currency.

 

The rand firmed 1.3 percent to 12.4075 per dollar, having traded as low as
12.6150 earlier in the session.

 

“It’s more of an emerging market... But with geopolitical tensions and a
stronger dollar, the rand will struggle to hold on to these gains,” said
currency trader at TreasuryOne Andre Botha.

 

 

Preliminary Angola July oil export plan shows rise vs June - trading sources

LONDON (Reuters) - Angola’s preliminary export plan for July includes at
least 48 cargoes, compared with June’s final 43 cargoes, according to a
loading programme on Wednesday.

 

Cars are seen infront of the head office of Angola's state oil company
Sonangol in the capital Luanda, Angola. June 7,2016. REUTERS/Ed Cropley

The preliminary schedule is issued to buyers to give them an indication of
what will be available, but often excludes one or two small grades, meaning
the final plan is subject to change.

 

Angola’s exports slid to their lowest in nearly 12 years in June after state
oil company Sonangol dropped two cargoes from the final loading schedule.

 

Output in Africa’s second-largest exporter has been steadily falling because
of a lack of investment in its ageing offshore oilfields due to a two-year
oil price crash that began in 2014.

 

 

 

Betting machine stakes cut to £2

The maximum stake on fixed-odds betting terminals (FOBTs) will be reduced to
£2 under new rules unveiled by the government.

 

Currently, people can bet up to £100 every 20 seconds on electronic casino
games such as roulette.

 

Sports Minister Tracey Crouch said reducing the stake to £2 "will reduce
harm for the most vulnerable".

 

But bookmakers have warned it could lead to thousands of outlets closing.

 

William Hill, which generates just over half its retail revenues from FOBTs,
described the government's decision as "unprecedented" and warned that 900
of its shops could become loss-making, potentially leading to job losses.

 

It said its full-year operating profit could fall by between £70m and £100m.

 

High stakes for fixed-odds betting machines

A good bet? The fixed-odds controversy

'I lost £5K in 48 hours on fixed-odds betting machines'

GVC Holdings, which owns Ladbrokes, said it expected profit to be cut by
about £160m in the first full year that the £2 limit is in force.

 

Ms Crouch said: "We recognise the potential impact of this change for
betting shops which depend on (FOBT) revenues, but also that this is an
industry that is innovative and able to adapt to changes."

 

Tom Watson, Labour's deputy leader and shadow secretary of state for
Digital, Culture, Media and Sport, told the BBC's Today programme: "The
great tragedy of this is [that] for five years now pretty much everyone in
Westminster, Whitehall and in the country has known that these machines have
had a very detrimental effect in communities up and down the land.

 

"The bookmakers have chosen to take a defiant approach, trying to face down
parliament, really, with a very aggressive campaign."

 

The Church of England praised ministers for "admirable moral leadership" for
reducing the maximum stake.

 

The Bishop of St Albans, the Rt Rev Alan Smith, said: "Fixed-odds betting
terminals are a scourge on High Streets that have taken advantage of the
vulnerable for too long."

 

Analysis: Amol Rajan, BBC media editor

In taking the most drastic of the options available to them on FOBTs, the
government has indicated that gambling is on a journey much like nicotine a
generation ago.

 

Many addictive behaviours chart the same course. First, they are commonly
accepted, then victims speak out and a campaign is launched. Finally, new
laws catch up with a shift in public sentiment.

 

Industry figures argue that what is at stake is not only jobs and revenues
for the Exchequer, but the principle that in a free society fully informed
adults should be free to spend their money as they choose, so long as it
doesn't harm others.

 

Campaigners have successfully argued that the harm to communities and
individuals is severe enough to warrant a major change.

 

It's vital to remember that, while FOBTs understandably grab the headlines,
this review also looks at the radical shift of the industry online.

 

There many addicts who find there is no respite, and children with
smartphones are potentially exposed.

 

Tighter regulation of online gambling is the next battle campaigners intend
to win.

 

Reducing harm

The government's consultation into gambling machines found consistently high
rates of problem gamblers among players of FOBTs "and a high proportion of
those seeking treatment for gambling addiction identify these machines as
their main form of gambling".

 

Ms Crouch said FOBTs were "an outlier in the world of high-street gambling
because of the speed with which it is possible to lose large amounts of
money".

 

She said the £2 limit would "substantially" reduce harm and protect the most
vulnerable players.

 

"Even cutting to £10 would leave problem gamblers, and those most
vulnerable, exposed to losses that would cause them and their families
significant harm."

 

The Gambling Commission's consultation on FOBTs for the government had
recommended a limit of up to £30.

 

Media captionTerry White lost up to £15,000 per day on fixed-odds betting
terminals

Anti-gambling campaigners have condemned the machines, saying they let
players lose money too quickly, leading to addiction and social, mental and
financial problems.

 

Matt Zarb-Cousin is now a spokesman for the Campaign for Fairer Gambling but
was previously addicted to FOBTs.

 

"It's no exaggeration to call FOBTs the crack cocaine of gambling," he has
told the BBC.

 

"If we had a gambling product classification, similar to that of drugs,
FOBTs would be class A."

 

'Reputational damage'

Commenting on the government's decision, William Hill's chief executive
Philip Bowcock, said: "The government has handed us a tough challenge today
and it will take some time for the full impact to be understood, for our
business, the wider High Street and key partners like horseracing."

 

GVC Holdings said it was "disappointed with the outcome, particularly given
the previous independent evidence on stake cuts published by both the
Gambling Commission and the Responsible Gambling Strategy Board".

 

However, Peter Jackson, chief executive at Paddy Power Betfair, said: "We
have previously highlighted our concern that the wider gambling industry has
suffered reputational damage as a result of the widespread unease over stake
limits on gaming machines.

 

"We welcome, therefore, the significant intervention by the government
today, and believe this is a positive development for the long-term
sustainability of the industry."--BBC

 

 

 

Total set to pull out of Iran gas deal without sanctions waiver

French energy giant Total is preparing to pull out of a billion dollar gas
project in Iran in the face of renewed US sanctions.

 

Total said it will unwind operations by November unless sanctions are
waived.

 

Washington is re-imposing strict sanctions on Iran, which were lifted under
the 2015 deal to curb the country's nuclear ambitions.

 

German insurer Allianz and Danish tanker operator Maersk are also winding
down their business in Iran.

 

Total signed a contract in 2017 to develop phase 11 of Iran's South Pars gas
field, with an initial planned investment of $1bn (£750m).

 

"Total will not continue the SP11 (South Pars 11) project and will have to
unwind all related operations before 4 November 2018, unless Total is
granted a specific project waiver by US authorities with the support of the
French and European authorities," the French oil and gas company said in a
statement.

 

Europe strives to keep Iran deal alive

 

The Iran nuclear deal explained in five key points

 

Trump pulls out of Iran deal

 

Following the international agreement three years ago to ease the embargo
against Iran, companies began exploring trade and investment with the former
isolated state.

 

Some including energy, aerospace and rail engineering firms agreed
preliminary deals, but those have now been thrown into uncertainty.

 

Earlier this month President Donald Trump withdrew the US from the
international deal with Iran. Calling it "decaying and rotten", he said the
deal was "an embarrassment" to him "as a citizen".

 

Going against advice from European allies, he said he would reimpose
economic sanctions that were waived when the deal was signed in 2015.

 

While European governments continued to support the deal with Iran, firms
which operate internationally risk falling foul of the reinstated US
embargo.

 

'Situation will pass'

Total's announcement comes after Denmark's Maersk, which operates oil
tankers globally, said it would fulfil commitments in Iran already on its
books but would not enter into any new contracts.

 

Another Danish oil tanker operator Torm has said it would stop taking new
orders in Iran.

 

German insurer Allianz said its business in Iran was "totally minimal" but
while they were waiting for guidance from the EU and the German government
they would be winding down any business there.

 

Total said it had spent less than $47m on the Iran project so far and that
pulling out would not affect the company's production growth targets.

 

Iran's oil minister Bijan Zanganeh said on Wednesday, that Tehran would
overcome pressures resulting from the United States' withdrawal from the
nuclear deal.

 

"The current situation will pass and Iran will emerge as a winner," the oil
ministry's news agency SHANA quoted Zanganeh as saying.--BBC

 

 

Trump financial disclosure: What did we learn?

The US has published President Donald Trump's annual financial disclosure
report, providing a glimpse of how the businessman's far-flung dealings
fared during his first year in office.

 

The disclosure shows millions in 2017 income from rents, licences, book and
television royalties, company shares, hotel management fees and golf
courses.

 

He also had pensions, including $64,804 (£48,000) from the Screen Actors
Guild.

 

Comparisons are difficult, since the previous report covered 16 months.

 

But some insights can be gleaned, in addition to the official disclosure of
a reimbursement to his attorney for a payment to a porn star to hush her
claims of an affair.

 

1. Stamp of approval for Post Office hotel

Mr Trump opened a new hotel in a former Post Office building in Washington
in late October 2016, and it is now an important, although controversial,
part of his business.

 

The report shows Trump Old Post Office brought in revenue of $40.4m in 2017,
its first full year in operation.

 

Comings-and-goings there have been closely monitored for signs that
businesses, foreign leaders and other interests might be trying to curry
favour by patronising the establishment.

 

What happened to worries about Trump's business?

A tracker maintained by the Washington Post noted 59 political groups, 25
business groups and seven foreign governments have paid for events or visits
there. Mr Trump himself has also visited 10 times.

 

2. The golf courses might have a presidential handicap

Image caption

Trump National Doral is the president's single biggest money-maker

Critics have also accused the president of using visits and fundraisers to
promote his Mar-a-Lago club in Florida and other properties, though they
have also been the target of protests.

 

Golf's popularity is waning and it is not known how the resorts might have
performed had he not been president, but the report does not reveal gains.

 

Mar-a-Lago earned about $25m in revenue in 2017, compared with about $37m in
the 16 months from January 2016 to April 2017, according to the disclosures.

 

Assuming the earnings occur evenly throughout the year, Mar-a-Lago would
have brought in about $28m in 2016.

 

Another Florida resort, Trump National Doral brought in $74.7m, compared
with more than $115m on the previous report.

 

Trump Turnberry, his luxury Scottish resort, earned about $20m. In the
previous report it brought in less, but it was closed for part of the time.

 

3. He has maintained a global footprint

Mr Trump's interests span the globe. The president reported income from
ventures in India, the Philippines, the United Arab Emirates, Turkey and
Panama, among other countries.

 

In Panama, where he lost a legal battle with his business partner, he
reported hotel management fees of about $460,000, compared with more than
$800,000 reported in the previous disclosure.

 

Panama hotel removes Trump branding after court battle

India's Hyderabad gets a makeover for Ivanka Trump

4. His book sales appear to be holding up

Image caption

Mr Trump earned $100,000-$1m in royalties from "Art of the Deal" in 2017

The president's deal-making style is under the microscope, as he threatens
to tear up trade deals and impose tariffs - then invites negotiation.

 

People appear to be turning to his 1987 tome, "The Art of the Deal" for
insight.

 

Sales revived during the presidential campaign and maintained that range
last year, bringing in between $100,000 and $1m. And royalties from some of
his lesser titles, like "How to Get Rich", increased.

 

5. He's dumped most of his individual stock holdings

Mr Trump once owned shares in a wide cross section of American companies,
including McDonalds, Apple, Wells Fargo and PepsiCo.

 

But he has switched many of his investments to mutual funds and indexes, a
move that could shield him from charges of favouritism.

 

Of course, Wall Street's ups-and-downs still matter to his bottom line.--BBC

 

 

 

WeChat's owner Tencent sees profits soar by more than 60%

Chinese tech giant Tencent Holdings has posted a record quarterly profit for
the three months to March, sending its shares up more than 5% on Thursday.

 

The firm, which owns the popular messaging app WeChat, posted a 61%
year-on-year jump in profit, to 23.29bn yuan ($3.7bn; £2.73bn).

 

Tencent's online games, like the hugely popular Honour of Kings, boosted
revenues by 26%.

 

WeChat, which is a bit like WhatsApp, is now China's biggest social network.

 

It is also an important source of revenue for Tencent - though the firm
continues to remain reasonably vague on those details in its earnings
reports.

 

Are you one of the WeChat billion?

'Poison': China's most vilified online game

Tencent chief 'richer than Google founders'

Where does the money come from?

Analysts have said that most of Tencent's revenue growth comes from the
gaming apps it owns and the purchases that users make within those games.

 

WeChat is integral to that revenue as Tencent uses the platform as a way of
getting those games out to users.

 

Together with its Chinese-only version Weixin, WeChat hit one billion
monthly users for the first time earlier this year, which helped advertising
revenue grow 55% to 10.69 billion yuan in the first quarter.

 

By comparison, Facebook's messaging service WhatsApp has about 1.5 billion
monthly users.

 

In addition to being a messaging service, and a window to online games,
WeChat now allows users to book a taxi, order food or pay for goods online.
Merchants then pay Tencent a fee for service.

 

WeChat is also where players of games like the hugely popular Honour of
Kings compare gaming scores with their friends - creating another layer of
social networking within the platform.

 

Tencent said that its newly launched mini games platform within WeChat had
achieved "significant success".

 

"We opened up the platform to third-party game developers in late March and
over 500 Mini Games are now available," the company said in a statement.

 

The tech giant also said on Wednesday that a new payment system was being
picked up quickly by supermarkets.

 

"For merchants, we introduced a scan-to-buy solution, as one of our smart
retail initiatives [which allows] customers to skip the check-out queue,
boosting transaction efficiency during peak hours."

 

Revenue from other businesses within Tencent, including its cloud services,
grew by 111% year-on-year in the period.

 

"The growth in our payment solution business was mainly contributed by the
rapidly increasing offline commercial transaction volumes and consumer cash
withdrawal fees," the firm said.

 

Tencent was founded in Shenzhen, China, in 1998. Its shares are listed in
Hong Kong.--BBC

 

 

 

Lachlan Murdoch to claim family empire

Elder son Lachlan Murdoch has been named as the heir to Rupert Murdoch's
business empire.

 

The media mogul's 21st Century Fox said Lachlan Murdoch would be chief
executive and chairman of the new company it plans to form after selling
some holdings to Disney.

 

His father, Rupert, is to serve as co-chairman of the new firm, expected to
focus on news and sport.

 

The announcement comes as the company awaits regulatory approval of its
plan.

 

Disney and 21st Century Fox announced the deal last year. At the time, Fox
said it expected the transaction to be completed in 12 to 18 months.

 

The new company to be led by Lachlan would include the flagship Fox News
channel, as well as the Fox Business Networks and several sports networks.

 

But Comcast, the US cable giant, could disrupt the plan to sell to Disney.
The firm is reportedly exploring making a higher offer for the Fox assets.

 

Five reasons why the Murdochs are selling Fox to Disney

Lachlan Murdoch currently serves as executive chairman of 21st Century Fox,
alongside his father. He is also co-chairman with his father of News Corp,
home of the family's newspaper holdings.

 

He returned to the family business in 2014, after an abrupt departure nearly
a decade earlier.

 

Brother James Murdoch, currently chief executive of Fox, was not mentioned
in the announcement.

 

The Wall Street Journal, which is owned by News Corp, has reported that
James Murdoch plans to strike out on his own, possibly starting a venture
capital business.--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
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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
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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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