Major International Business Headlines Brief::: 29 May 2018

Tue May 29 11:04:07 CAT 2018

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Major International Business Headlines Brief::: 29 May 2018

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

*  ArcelorMittal South Africa to sell stake in Macsteel, shares rise

*  Union may strike over black employees' share plan at S.Africa's Sasol -state mediator

*  Kenyan regulator could force Safaricom to share agents' network

*  Kenya central bank holds main lending rate at 9.5 pct

*  S&P reprieve supports resurgence in South African bonds

*  South Africa's Telkom to counter revenue fall with mobile focus

*  South African sugar maker Tongaat eyes Angola for growth

*  Algeria annual inflation drops in April to 4.3 pct

*  Dixons Carphone shares dive on profits warning

*  Pret A Manger sold to private equity firm JAB

*  EU proposes ban on straws and other single-use plastics

*  Carlo Cottarelli: Italy president names stop-gap PM

*  Busking goes cashless with 'a world first' for London

 <mailto:info at bulls.co.zw> 

ArcelorMittal South Africa to sell stake in Macsteel, shares rise

JOHANNESBURG (Reuters) - ArcelorMittal’s South Africa unit will sell its 50 percent stake in trading and shipping company MIHBV to its joint venture partner Macsteel Holdings Luxembourg (MacHold) for $220 million, the steel maker said on Monday.

“The proceeds of the sale will significantly strengthen the balance sheet of ArcelorMittal South Africa and will be used to fund working capital requirements and investments in the operating businesses,” ArcelorMittal SA Chief Executive Kobus Verster said in a statement.

The company’s share price rose more than 24 percent at one point on the news before ending 5.4 percent higher.

MacHold already holds a 50 percent stake in MIHBV, which is engaged in steel trading and shipping. The other 50 percent is held by ArcelorMittal SA.

“In the early years, most of the steel for the joint venture was sourced from ArcelorMittal South Africa. Today, while it remains an important source of steel products, ArcelorMittal SA supplies less than 20 percent of the total tonnages traded and less than 2 percent of volumes shipped by MIHBV,” Verster said.

“The investment is no longer considered to be a core asset and we have decided to dispose of our interest,” he said.

 <mailto:info at bulls.co.zw> 

Union may strike over black employees' share plan at S.Africa's Sasol -state mediator

JOHANNESBURG (Reuters) - South Africa’s Solidarity trade union can go on strike in a dispute with petrochemicals group Sasol over its plan to provide a share ownership scheme exclusively to black employees, a government mediator has ruled.

South Africa has a state-mandated drive to lift black ownership levels across an economy still riddled with apartheid-era racial disparities. The ruling opens the way for white workers to down tools over the issue - a new flashpoint in a country riven with labour conflict.

Solidarity, which represents mostly skilled and white workers, declared a dispute with the Commission for Conciliation, Mediation and Arbitration (CCMA) over Sasol’s plan to exclude white employees from its new share scheme.

The commission found in a ruling last week but only made public on Monday that “there is nothing in law” that would prevent it from providing Solidarity with a strike certificate - needed for workers to down tools - over the issue.

The two sides are still in talks being mediated by the CCMA. Solidarity represents about 5,300 employees at Sasol, about a fifth of its South African workforce.

“What we argue is that all employees should be treated the same so that all employees who contributed to the success of the company receive the same amount and treatment,” Deon Reyneke, Deputy General Secretary at Solidarity, told Reuters.

In a statement, Sasol said it was confident that the share ownership plan “incorporates what we consider to be the most appropriate and best features of Broad-Based Black Economic Empowerment structures in South Africa.”

Kenyan regulator could force Safaricom to share agents' network

NAIROBI (Reuters) - Kenya’s largest telecoms operator Safaricom could be forced to offer rivals access to its transmission sites and its vast network of mobile money outlets if a draft regulatory report on boosting competition in the sector is implemented.

The recommendations are contained in a draft report that the regulator, Communications Authority of Kenya (CA), is finalising, an official from the regulator told Reuters on Monday, declining to say when it would be published.

An earlier version of the report caused a selloff of Safaricom shares when it was leaked in February 2017. That version proposed separating its widely used mobile money business from its telecoms unit due to its dominant size.

Safaricom, which is 35 percent owned by South Africa’s Vodacom, controls 72 percent of Kenya’s mobile market, with close to 30 million subscribers.

The regulator dropped the recommendation to break up Safaricom after the company lobbied heavily against it but retained some proposals in the current draft that Safaricom has said could be damaging to its business.

The current draft of the report, seen by Reuters, says Safaricom should be required to offer access to its transmission sites to its competitors in designated areas where its rivals do not have adequate coverage.

It also calls for Safaricom to open up its mobile money agent network to its rivals, a proposal that has particularly irked the company as it would expose its lucrative M-Pesa mobile money platform to stiff competition. More than 26 million people in Kenya use M-Pesa, which allows people to send cash and make payments by phone.

Michael Joseph, a former Safaricom CEO who now sits on the company’s board, said the regulator’s proposals were “not the right way to go”.

“We do not deny that we are strong but we are strong because we have made the necessary investments to be strong and it would be unfair to criticise us or restrict us because we have made these investments,” he told Reuters, when asked about the proposals in the draft report.

Joseph said rivals had failed to invest in a network of agents, where users carry out services like cash withdrawal.

“They want this agent network to be handed to them on a plate,” he said.

The regulator would consider the views of operators, including Safaricom, before publishing and implementing its recommendations on boosting competition in the sector, said the Communications Authority’s acting head of public affairs Christopher Wambua.

Safaricom this month criticised the regulator’s mooted proposals including those to control data and call prices.

Wambua declined to comment on the specific issues raised by Safaricom.

Safaricom’s rivals, India’s Bharti Airtel and Telkom Kenya, owned by London-based investment group Helios, have long demanded that the regulator act to curb Safaricom’s dominance.

Safaricom denies any allegations of abuse of dominance.

Telkom and Airtel Kenya are reportedly considering a merger in order to take on Safaricom’s might.

Kenya central bank holds main lending rate at 9.5 pct

NAIROBI (Reuters) - Kenya’s central bank held its benchmark lending rate at 9.5 percent on Monday, saying the impact of the previous cut was yet to be fully felt.

The bank cut the rate by 50 basis points at the last sitting of its monetary policy committee in March, saying the economy needed a boost.

“The committee assessed that the policy action at its March meeting was yet to be fully transmitted to the economy, including a determination of any perverse outcomes,” it said in a statement.

Inflation, which slowed to 3.73 percent last month, was well anchored within the government’s preferred band of 2.5-7.5 percent, the bank said, adding that economic output was still below its potential level.

S&P reprieve supports resurgence in South African bonds

JOHANNESBURG (Reuters) - During the so-called “taper tantrum” in 2013, South Africa’s 10-year bond yield added 200 basis points; similar market conditions this year have seen yields move in the opposite direction, with political stability trumping shaky economic fundamentals.

Since business-friendly Cyril Ramaphosa became head of the ruling ANC in mid-November, the yield on the 2026 government bond has fallen 110 basis points, weathering a heavy emerging market sell-off and a dollar-driven liquidity crunch.

On Monday, it inched lower once more after S&P Global Ratings kept its rating unchanged at sub-investment grade “BB’/‘BB+” with a stable outlook, following a similar decision by Moody’s in March.

It was trading at 8.45 percent on Monday compared to a 18-month high of 9.5 percent in November.

“The S&P decision confirms that South Africa is moving in the right direction, that our slide down the credit ladder has been halted for now,” said analyst at ETM Analytics Halen Bothma.

“SA bonds have been one of the better performers this year and that’s down to the improving sentiment after Ramaphosa’s election.”

S&P said late on Friday Ramaphosa’s election and his reform efforts could unlock higher growth and help keep public debt in check.

South African debt now ranks in the middle of emerging market peers, with its benchmark bond yielding slightly more than India’s 7.7 percent and Russia’s 7.3 percent, but much less than Brazil’s 11 percent and Turkey’s 13.7.

Benchmark bonds in Hungary and Colombia, which have similar rating as South Africa at just below investment grade from two of the three big ratings agencies, yield 3.1 percent and 6.6 percent respectively.

Analysts see the yield trending lower as Ramaphosa’s anti-corruption drive starts to make a dent in the poorly run state firms that have been a drain on the public purse.

“There’s definitely been a huge improvement on the political front which we’re very positive about but that’s just one of the boxes that needs to be ticked,” said fund manager at Sanlam Melville du Plessis.

“International investors are weighing all of this up as well as looking at the yield on offer, which is pretty good.”

Foreign holdings of government bonds are at an all-time high of nearly 43 percent, far above the emerging market average. Year-to-date purchases are 100 billion rand ($8 billion) more than they were at the same time last year.

The central bank believes bonds are slightly over-valued but said last week it did not expect a pull-back similar to 2013 when the United States began raising its lending rates after half a decade of large-scale bond buying.

($1 = 12.4507 rand)

South Africa's Telkom to counter revenue fall with mobile focus

JOHANNESBURG (Reuters) - Telkom SA will focus on new revenue streams such as mobile and broadband, its CEO said after full-year earnings at South Africa’s biggest landline provider fell 18 percent.

Telecoms groups across Africa face high investments as demand for internet speed and data surges with growing smartphone usage, while some such as Vodacom Group and MTN Group have spent billions on services including mobile money in an effort to gain market share.

However Telkom sees upgrading its technology and adding new and expanding services as the best way to increase revenue.

“They (customers) are not just looking to buy products and devices from us. They’re looking for a lot more things like analytics,” Chief Executive Sipho Maseko said at Telkom’s results presentation on Monday.

Such services include the so-called Internet of Things (IoT), cyber security solutions and big data analytics, which targets large and medium enterprises as well as the government.

Under Maseko, Telkom has also been expanding its mobile business to offset declines in traditional voice services.

“Despite their lower margin compared to traditional revenue streams, the new-generation revenue streams (mobile and data) will ensure Telkom’s long-term sustainability,” Maseko said.

Telkom is investing on migrating customers away from copper based technology to faster technologies such as fibre, LTE and VDSL as customers seek faster internet for richer content.

High speed broadband customers increased 36.4 percent in the year to end-March while overall subscriber growth rose by 30.2 percent and mobile service revenue surged 47.2 percent.

Telkom said headline earnings per share fell to 597 cents from 731.4 cents the previous year, hit by a higher tax rate and labour costs. But it reported better than expected earnings before interest, tax, depreciation and amortisation (EBITDA), which fell by 3.6 percent, while profit after tax declined by 19.2 percent to 3.2 billion rand ($257 million).

Maseko said he was not sure whether the South African government is still going ahead with plans to sell part of its 39 percent stake in Telkom, adding it may not be top of the list as the government may have found other means of supporting struggling state-owned entities.

Telkom declared an annual dividend of 355 cents per share, down 16.3 percent.

($1 = 12.4393 rand)

South African sugar maker Tongaat eyes Angola for growth

JOHANNESBURG (Reuters) - Tongaat Hulett aims to expand its business in Angola and other African nations that rely on sugar imports, in line with a strategy to bulk up in the central and southern region of the continent, the company said on Monday.

The South African sugar producer said it had begun talks to expand its activities in Angola, an oil-producing nation which has a sugar deficit of over 300,000 tonnes a year that has mostly been met by Latin American and Asian producers.

Tongaat announced its plans for Angola eight months after Joao Lourenco secured the presidency of the oil producing nation with promises to revive the economy, attract investment and fight corruption.

“Traditional suppliers of many of the African markets have been places like Brazil, Thailand and India and we believe we will be displacing them in the future,” Chief Executive Officer Peter Staude told Reuters.

Tongaat, which already exports sugar to Angola, said it had set up teams to work with Angola’s agriculture and commerce ministries to investigate options to regulate the sugar market.

The firm, which also reported a fall in annual dividend payout, would then build a sugar packaging and distribution facility and investigate the suitability of various regions for the production of crops such as sugarcane and cassava.

Tongaat declared a final dividend of 60 cents per share, bringing the annual dividend to 160 cents, compared with 300 cents in the previous year and posted lower profits weighed down by higher-than-expected sugar imports into South Africa and low international prices, sending down shares.

Shares in Tongaat Hulett fell more than 3 percent before paring losses down 2.8 pct to 85.28 rand by 1206 GMT.

“The sugar operations were adversely affected by the dynamics of imports into the South African market, low international sugar prices and the impact of stronger local currencies on export realisations,” the company said in a statement.

Sugar production rose 10 percent to 1,171 million tonnes, reflecting a slight recovery in drought conditions of the previous two seasons.

An El Nino-induced drought in southern Africa, which led to the driest year on record in 2015, crippled production of maize, sugar and other agricultural products.

($1 = 12.4500 rand)

Algeria annual inflation drops in April to 4.3 pct

ALGIERS (Reuters) - Algeria’s annual inflation declined to 4.3 percent in April from 4.6 percent the previous month due to a slight fall in prices of some foodstuffs, official data showed on Monday.

On a monthly basis, the consumer price index rose 0.6 percent in April, according to figures released by the National Statistics Bureau.

Costs for potatoes and eggs fell 7.8 percent and 3.9 percent respectively, while meat prices went up 10 percent.

The OPEC member North African country has been trying to improve domestic output and cut its imports bill in a bid to reduce the state budget’s reliance on energy earnings.

Dixons Carphone shares dive on profits warning

Shares in Dixons Carphone have sunk by nearly 20% after it warned of a sharp fall in profits this year.

The mobile phone and electrical goods retailer also said it would close 92 of its 650 Carphone Warehouse standalone stores this year.

It expects pre-tax profits for 2017-18 to be £382m, but it predicts profits will fall to £300m in 2018-19.

Chief executive Alex Baldwin said "nobody is happy with our performance" but the problems were all "fixable".

The company blamed "challenges in UK mobile" for its problems, including "contractual constraints" such as people not renewing their handsets as frequently.

Profit margins in its electrical business were also dented in the fourth quarter because people were buying less profitable items, such as white goods like washing machines.

'We can do better'

However, total sales were 3% higher in the year to 16 April, while like-for-like sales were up 4%.

In the UK, sales grew 2% for the year as a whole, and by 1% in the fourth quarter.

The international division division did better, with like-for-like sales in the Nordics up 9% in the year and Greece up 11%.

Mr Baldock, who took over as group chief executive earlier this year, said the international business was in "good shape" so "we're focusing early action on the UK".

"We won't tolerate our current performance in mobile, or as a group. We know we can do a lot better," he added.

"Eight weeks in the business have cemented my optimism about Dixons Carphone's long-term prospects. I've found exceptional strengths, and though there's plenty to fix, it's all fixable."--BBC

Pret A Manger sold to private equity firm JAB

UK sandwich and coffee chain Pret A Manger is to be sold by its private equity owners Bridgepoint to Luxembourg-based JAB Holdings.

The two firms did not say how much JAB was paying, although one report put the value of the deal at £1.5bn.

Pret A Manger opened in London in 1986, and as well as its strong presence on the UK High Street has expanded into the US, Hong Kong, China and France.

Bridgepoint bought the chain in 2008 for about £350m.

Pret operates 530 stores worldwide, generating group revenues of £879m. Its sale is expected to be completed this summer.

William Jackson, chairman of Pret and managing partner of Bridgepoint, said: "We're proud of what we've achieved over the last 10 years with Pret and its management team."

JAB is the investment vehicle of Germany's wealthy Reimann family.

It has built up the world's second-largest coffee business during the past five years. It controls packaged brands such as Kenco and Douwe Egberts, as well as chains Peet's and Espresso House.

It is also the largest shareholder in beauty firm Coty and owns a controlling stake in luxury goods company Bally.

Last year, it was reported that Philippine fast food chain Jollibee was about to make a bid for Pret, but no offer emerged.--BBC

EU proposes ban on straws and other single-use plastics

The European Union is proposing a ban on single-use plastics to help protect marine life.

The proposals are aimed at outlawing many commonplace plastic items including straws, cotton buds, cutlery, balloon sticks and drink stirrers.

The governing body also wants almost all plastic bottles to be collected for recycling by 2025.

The plan will need to be approved by the 28 member states and the European Parliament before it can be passed.

The EU estimates that the ban will help:

Avoid 3.4 million tonnes of carbon emissions

Prevent damage to the environment that would cost the equivalent of €22bn (£19.2bn) by 2030

Save consumers €6.5bn.

"Plastic waste is undeniably a big issue and Europeans need to act together to tackle this problem," EU First Vice-President Frans Timmermans said.

"Today's proposals will reduce single-use plastics on our supermarket shelves through a range of measures.

"We will ban some of these items and substitute them with cleaner alternatives, so people can still use their favourite products."

Tougher measures

The EU's proposals are targeting disposable food containers and dining ware, from plastic plates and cups, to packaging for food products such as fast-food.

The plan does not set a deadline for a total ban on single-use plastic items such as cotton buds, plates and straws.

How your beauty regime could be harming the planet

Are seafood lovers eating plastic?

BBC to ban single-use plastics by 2020

If it is approved, member states will need to make an active effort to reduce the number of single-use plastic food containers and cups available for sale in supermarkets.

Each country will also have to embark on an education campaign in which food producers are required to label products clearly and inform consumers how plastic waste is disposed.

The fight for plastic-free periods

UK Parliament to phase out single-use plastic

Fishing nets and false teeth: Meet the debris hunters

Incentives will be given to producers to encourage them to make disposable plastic products out of sustainable materials instead.

Companies that produce plastic products might also be required to contribute to waste disposal costs - for example, getting the makers of plastic fishing gear to pay for the cost of collecting waste from a port.--BBC

Carlo Cottarelli: Italy president names stop-gap PM

Italian President Sergio Mattarella has asked an ex-IMF economist to form a government as the country faces fresh political turmoil.

Carlo Cottarelli became known as "Mr Scissors" for his cuts to public spending in Italy.

His appointment came after efforts by Italy's two populist parties to form a coalition government collapsed.

But the move is a temporary measure and the PM-in-waiting says he will hold new elections by early next year.

The prospect of elections as early as September hit European financial markets on Monday with analysts suggesting the move might simply delay a future populist government that wants to renegotiate key eurozone debt agreements.

Should Europe be scared?

What is Italy's political crisis all about?

How did we get here?

Italy, the EU's fourth-biggest economy, has been without a government since elections in March because no political group can form a majority.

Two of the big winners from the vote - Five Star and the League - attempted to join forces but abandoned efforts after the president vetoed their choice of finance minister.

Mr Mattarella said he could not appoint the Eurosceptic Paolo Savona to the post, citing concern from investors at home and abroad.

The rare move by the president sparked fury from both parties, who say they will reject Mr Cottarelli's nomination in parliament.

How do the populists see it?

After the president blocked Mr Savona's appointment, Five Star leader Luigi Di Maio called on parliament to impeach the president.

"Why don't we just say that in this country it's pointless that we vote, as the ratings agencies, financial lobbies decide the governments?" he asked in a video on Facebook.

Mr Di Maio later called for peaceful protests and urged his supporters to unite and "make some noise". "It is important that we do so all together," he said.

Italy populists: What you should know

Italy's economy in charts

He said walks and rallies would be organised in Italian cities, including an event in Rome on 2 June - a national holiday celebrating when the country became a republic in 1946.

Meanwhile the League's chief Matteo Salvini also criticised the president's decision, calling for mass protests and accusing Brussels and Germany of meddling.

Although the president's role is largely ceremonial, he enjoys powers such as appointing heads of government and the ability to dissolve parliament that have proven key with Italy seeing frequent political instability and numerous changes of government.

So what comes next?

After meeting the president, Mr Cottarelli said he would present a programme to parliament, including a budget, to take Italy into new elections "at the beginning of 2019".

If he was unable to pass a programme, which appears likely at this stage, "the government would resign immediately... until elections are held after the month of August", he added.

The BBC's James Reynolds in Rome says early elections are exactly what the two populist parties want, giving them a chance to rally support behind their claim that the Italian and the wider European establishments are getting in the way of the will of the people.

A source from Five Star told Reuters the party could campaign with the League in a fresh vote.--BBC

Busking goes cashless with 'a world first' for London

London has introduced a contactless payment scheme for buskers in what the organisers claim is a world first.

In addition to tossing loose change into a box, passers-by can use card readers to make contactless payments.

It has been launched in partnership with Swedish tech firm iZettle, bought this month by US payments giant PayPal.

"Now, more Londoners will be able to show their support to the capital's brilliant, talented street performers," said London mayor Sadiq Khan.

He announced on Sunday that the scheme will be be rolled out across the city after successful trials.

Charlotte Campbell, a full-time busker, was part of the trial and says that after two weeks it "had a significant impact on contributions".

The card readers, which plug into smartphones and other devices, allow tap-to-donate fixed payments. "More people than ever tap-to-donate whilst I sing, and often, when one person does, another follows," Ms Campbell said.

The organisation Busk in London, which is working with iZettle on the scheme, said it would be made available to buskers in all the capital's boroughs over the coming months.

Using card readers for online payments is becoming increasingly popular among small traders and charities who cannot afford the infrastructure traditionally used for credit card payments.

Earlier this month PayPal announced it was buying iZettle for $2.2bn (£1.6bn).

Founded in Stockholm in 2010, iZettle started out selling credit and debit card readers, but has more recently expanded with an e-commerce platform which tracks items such as sales and inventory for its customers.--BBC

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

FMP

AGM

Royal Harare Golf Club

29/05/2018 2.30pm

Unifreight

AGM

Royal Harare Golf Club

30/05/2018 10am

Barclays

AGM

Stewart Rooms, Meikles

30/05/2018 3pm

Masimba

AGM

Head Office , 44 Tilbury Road, Willowvale

31/05/2018 13.30pm

Edgars

AGM

Edgars Training Auditorium, 1st Floor, LAPF House, 8th Ave/Jason Moyo St, Bulawayo

07/06/2018 9am

Turnall

AGM

Jacaranda Room, Rainbow Towers

07/06/2018 9am

FMHL

AGM

Royal Harare Golf Club

11/06/2018 2:30pm

RioZim

AGM

Head Office, 1 Kenilworth Road, Highlands

21/06/2018 10:30am

Zimbabwe

Heroes’ Day

Zimbabwe

13/08/2018

Zimbabwe

Defence Forces Day

Zimbabwe

14/08/2018

The Harare Agricultural Show

The Harare Agricultural Show

The Harare Agricultural Show

August 27- September 1

 <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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