Major International Business Headlines Brief::: 02 November 2018

Fri Nov 2 08:58:43 CAT 2018

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Major International Business Headlines Brief::: 02 November 2018

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*  Zimbabwe's Mangudya to get second term as central bank governor -report

*  South Africa's finmin Mboweni says state airline should be closed down

*  IMF reaches staff agreement for $2 bln disbursement to Egypt

*  South Africa's rand firmer on improved risk appetite, Naspers gains

*  Egypt signs $2.3 billion power plant deal with Saudi ACWA Power: minister

*  Petrobras to sell stake in Africa unit to Vitol-led group for $1.5 bln

*  Botswana suspends trading in Choppies shares, awaiting accounts

*  Nigeria's NNPC signs crude-for-product swap deal with BP

*  Apple falls below $1tn despite revenue and profit rise

*  US indictment accuses Chinese firm of stealing trade secrets

*  1MDB: Ex-Goldman bankers and Jho Low face US charges\

*  Ikea looks set to open more small stores in the UK

 <mailto:info at bulls.co.zw> 

Zimbabwe's Mangudya to get second term as central bank governor -report

HARARE (Reuters) - President Emmerson Mnangagwa will retain John Mangudya
for a second term as governor of the Reserve Bank of Zimbabwe, a state-owned
newspaper reported on Thursday.

The announcement follows speculation this week that the bank chief, who was
first appointed for a five-year term in May 2014, would lose his job in the
face of a worsening dollar crunch.

But the president’s spokesman George Charamba told the Herald newspaper that
Mnangagwa would keep Mangudya in his job.

“The President is very clear on the Reserve Bank Governor’s tenure and his
performance. Not only is he there to stay but the President is about to
renew his contract for a second tenure,” Charamba was quoted as saying.

Charamba declined to comment further when contacted on Thursday.

Two years ago, after the country was rocked by hyperinflation during the
rule of former president Robert Mugabe, Mangudya introduced the surrogate
“bond note” currency, supposedly pegged to the U.S. dollar.

Dollar shortages have caused prices of basic goods, taxis and medicines to
rise in recent weeks.

The central bank chief has defended the use of bond notes, which have lost
value against the dollar on the black market. He says a government budget
deficit of 11.1 percent of GDP and a high import bill are the main causes of
the U.S. dollar shortages.

 <mailto:info at bulls.co.zw> 

South Africa's finmin Mboweni says state airline should be closed down

JOHANNESBURG (Reuters) - South Africa’s new Finance Minister Tito Mboweni
said on Thursday that struggling state-run South African Airways (SAA)
should be closed down, adding that decisions over the future of the state
carrier were not under his remit.

SAA, which has not generated a profit since 2011, survives on state
guarantees and is regularly cited by credit ratings agencies as a drain on
the government purse.

“It’s loss-making, we are unlikely to sort out the situation, so my view
would be close it down,” Mboweni told an investor conference in New York
televised live on South African public broadcaster SABC.

“Why I say close it down is because it’s unlikely that you are going to find
any private sector equity partner who will come join this asset,” Mboweni
added.

In August, President Cyril Ramaphosa transferred oversight of SAA to the
public enterprises ministry which is led by Pravin Gordhan from the finance
ministry. Ramaphosa has pledged to revive struggling state firms, including
SAA.

SAA CEO Vuyani Jarana has said he is mapping out a punishing austerity plan
to turn the flag carrier around. He has said layoffs and other cuts were
unavoidable.

In a dramatic fall from grace over the past decade, SAA has lost its place
as Africa’s biggest airline and a symbol of patriotic pride to become a
source of frustration for taxpayers who have forked out more than 30 billion
rand ($2 billion) since 2012 to keep it in the air.

($1 = 14.4700 rand)

IMF reaches staff agreement for $2 bln disbursement to Egypt

WASHINGTON (Reuters) - The International Monetary Fund has reached a
staff-level agreement with Egypt to disburse another $2 billion from the
country’s $12 billion extended fund facility, it said on Tuesday.

The funds will be available upon IMF executive board approval of a fourth
review of the three-year program, the organization said in a statement.

At the conclusion of a staff visit to Cairo, IMF Middle East and Central
Asia Assistant Director Subir Lall said that Egypt’s implementation of an
economic reform program helped the economy to perform well, with 5.3 percent
growth in fiscal 2017/2018 and lower unemployment.

For fiscal 2018/2019 and beyond, Lall said Egypt’s goal remains to cut
general government debt and achieve a primary surplus of 2 percent of GDP.

He said the government also remains committed to continuing energy subsidy
reforms and raising revenues to invest in well targeted social safety net,
health, education and infrastructure.

South Africa's rand firmer on improved risk appetite, Naspers gains

JOHANNESBURG (Reuters) - South Africa’s rand firmed on Thursday, recovering
from a three-week low hit in the previous session, as investors dumped the
dollar and jumped back into riskier assets.

Stocks began the new month on a high note after a brutal October as market
heavy-weight Naspers extended gains.

At 1520 GMT the rand was 2.06 percent firmer at 14.4700 per dollar compared
to Wednesday’s close of 14.7750.

The rand caught a bloody nose on Wednesday after the trade balance swung to
a deficit in September, pushing the currency to its weakest since Oct. 9.

The currency lost around 5 percent of its value against the greenback over
October as emerging markets were battered by rising interest rates in the
U.S. and global growth concerns.

In the absence of local market-moving data, investors are waiting for U.S.
employment data on Friday which could reinforce the view that the U.S.
economy is outperforming rivals, sending money back into the buck.

A Reuters poll found on Thursday that the rand is expected to trade just 2
percent higher in a year as local economic reforms kick in and support the
currency, but it may be held back by a potentially more hawkish U.S. Federal
Reserve.

Bonds also firmed, with the yield on the benchmark paper due in 2026 falling
9 basis points to 9.285 percent.

On the bourse, Naspers maintained gains from the previous session after
index provider MSCI Inc said it would allow companies like Naspers, that
give shareholders unequal voting rights, to remain on its current equity
indexes.

“Staying in the MSCI indexes is a big deal, it increases the demand for
Naspers’ shares, which helps improve the share price,” Vestact Asset
Management said in a note.

Shares in Naspers ended the day 8.56 percent stronger at 2,814.72 rand.

The All-share index climbed 2.27 percent to 53,578 points, while the Top-40
index rose 2.42 percent to 47,256 points.

Other gainers included ArcelorMittal South Africa which rose 1.31 percent to
3.86 rand after it reported a 5 percent rise in quarterly liquid steel
production.

Egypt signs $2.3 billion power plant deal with Saudi ACWA Power: minister

CAIRO (Reuters) - Egypt signed a deal with Saudi Arabian utility developer
ACWA Power on Thursday to build a $2.3 billion power plant in the country’s
south, the Egyptian electricity minister said.

The plant, which will have a capacity of 2,250 megawatts (MW), will be built
in Luxor province, the minister, Mohamed Shaker, told a news conference.

He said the facility is expected to be operational by 2023 at the latest.

Egyptian President Abdel Fattah al-Sisi opened three new power stations in
July built at a total cost of 6 billion euros ($7 billion) as part of the
country’s plans to plug a gap in power generation and fuel its development
drive.

Acute power shortages in the years immediately following Egypt’s 2011
uprising led to frequent summer blackouts and cuts to industrial output.

The new projects initiated in 2015 are part of an 8 billion euro deal to
boost electricity generation by 50 percent through new gas and wind power
plants.

Petrobras to sell stake in Africa unit to Vitol-led group for $1.5 bln

SAO PAULO (Reuters) - Brazil’s Petroleo Brasileiro SA will sell its 50
percent stake in a Nigerian oil and gas exploration venture to a consortium
led by top oil trader Vitol for $1.53 billion, the latest step in the
state-controlled oil company’s debt reduction drive, according to a
securities filing on Wednesday.

The other 50 percent stake in Petrobras Oil and Gas BV, also known as
Petrobras Africa, is owned by Brazilian investment bank BTG Pactual, which
in a Wednesday filing confirmed a Reuters report that it would likely hang
on to its portion after previously mulling a sale.

Petrobras, one of the world’s most indebted oil majors, had targeted $21
billion in asset sales for 2017 and 2018, but only succeeded in unloading
$9.5 billion worth by the end of the first half.

The deal involves a stake in some of two deepwater exploration blocks that
are among Nigeria’s largest and lowest-cost fields. Swiss-based Vitol is
expected to shoulder the largest part of the investment, spending an
estimated $1 billion, according to a Reuters report in June about the oil
trader’s interest..

Vancouver-based Africa Oil Corp and Delonex Energy, an Africa-focused oil
company, are members of the consortium.

Petrobras earlier this year sold a 25 percent stake in Roncador, one of
Brazil’s largest oil fields, to Norway’s Equinor ASA for about $2 billion.

It is also in talks to sell its TAG gas pipeline unit, probably to a group
led by France´s Engie SA, for more than $7 billion, although the process has
been halted by a Brazilian Supreme Court injunction.

A source with direct knowledge of Petrobras’ operations told Reuters on
Tuesday that the oil company wished to obtain an additional $20 billion
through asset sales through the end of next year.

Botswana suspends trading in Choppies shares, awaiting accounts

GABORONE (Reuters) - Botswana’s stock exchange has suspended trading in the
shares of food retailer Choppies Enterprises because the company missed a
deadline to publish its financial results, the bourse operator said on
Thursday.

Choppies operates in eight African countries and has a secondary listing in
Johannesburg, where its shares were also suspended. It failed to release its
annual results within three months of its financial year-end, breaking the
stock exchange’s rules.

“The trading of the Choppies securities will remain suspended until the
company complies with the Stock Exchange listings rules or until further
notice,” the Botswana Stock Exchange Limited (BSEL) said in a statement.

Choppies has 1.3 billion shares listed in Botswana and on the Johannesburg
stock exchange.

In September, Choppies said the delay in publishing its results was due to
its new auditors’ reassessment of the company’s balance sheet.

New external auditors appointed in January 2018 are reassessing the
company’s past accounting practices and policies including valuation of
inventory, impairments on property, plant equipment and the value of
acquisitions by its South African subsidiary.

In a separate statement on Thursday, Choppies said it was still not able to
determine when it would be in position to issue financial statements for the
year ended June.

Shares in Choppies have dropped more than 70 percent so far this year
compared with a 10 percent decline for the Botswana stock exchange.

Choppies runs around 200 stores mainly at home and in north-western parts of
South Africa. It has a market value of around 50 million rand ($3.44
million).

($1 = 14.5386 rand)

Nigeria's NNPC signs crude-for-product swap deal with BP

LONDON (Reuters) - Nigeria’s state oil firm NNPC said it had signed a
crude-for-product swap deal with oil major BP.

In its brief statement on Twitter late on Wednesday, NNPC said more details
would be provided later. BP and NNPC did not immediately respond to requests
for comment on Thursday.

NNPC imports about 70 percent of Nigeria’s fuel needs, mainly gasoline, via
swap contracts. NNPC has contracts, known as Direct Sale Direct Purchase,
with 10 consortiums that include trading houses Vitol, Trafigura, Mercuria
and oil major Total.

NNPC extended the existing contracts to June 2019 but several trading
sources in the consortiums said they had requested new price terms.

Apple falls below $1tn despite revenue and profit rise

Apple briefly lost its $1tn valuation on Thursday when its shares fell 7% in
after-hours trading despite posting record results.

The tech giant's strategy of charging more for its phones has paid off, with
revenues jumping in the last three months despite relatively flat sales.

Revenues rose 20% to $62.9bn year-on-year, and profits rose 31% to $14.1bn.

But a warning of possible weaker sales in coming months sparked a share
price slide after official trading ended.

The sell-off accelerated after Apple said it would stop disclosing the
number of units sold.

Apple executives defended their decision, arguing that the figures are no
longer good indicators of the firm's financial health.

Analysts, however, warned that outsiders may view it as a move that masks
less sunny performance.

The total number of smartphones sold by all makers globally declined for the
first time in 2017.

But Apple's strategy of charging higher prices for its phones has helped it
to shrug off flagging demand.

The firm sold 46.9 million iPhones in the quarter to end-September, a modest
rise on the 46.7 million sold for the same period last year.

The California-based company is also making more money from "services" such
as the App store, Apple Music and Apple Pay. Services revenue hit a record
$10bn in the quarter.

For the firm's full 2018 financial year, profits increased 23% to $59.5bn,
as revenue rose 16% to $265.5bn.

"I can reassure that it is our objective to grow unit sales for every
product category that we have," Apple's chief financial officer Luca Maestri
told financial analysts.

"A unit of sale is less relevant today than it was in the past."

'Weakness'

Despite the record figures, shares in the firm sunk in after-hours trading,
falling by 4% and then by more than 7%, before starting to rebound.

The decline was blamed in part on a disappointing forecast for the important
Christmas season.

Apple said it expects sales of $89bn to $93bn for the quarter that ends 31
December, against Wall Street's $93bn forecast.

It posted sales of $88.3bn in the quarter last year.

Chief executive Tim Cook said that Apple is "seeing some macroeconomic
weakness in some of the emerging markets" such as Turkey, India, Brazil and
Russia.

He said some of that is due to currency fluctuation.

Chief financial officer Luca Maestri said Apple also faces some supply
uncertainty related to the roll-out of its latest products.

The firm, which relies on China for manufacturing, is at risk as trade
tensions between US and China rise, though its products have so far been
spared from tariffs.

Mr Cook said he remains optimistic that the two countries will resolve their
issues.

So far, Apple's business has not been affected he added, pointing to a 16%
revenue rise in the most recent quarter.

Apple's App store has felt the impact of a "moratorium" on Chinese approvals
for new games, but that is a domestic issue, he added.--BBC

US indictment accuses Chinese firm of stealing trade secrets

The US justice department has indicted three individuals and two companies
based in China and Taiwan for allegedly stealing a US company's trade
secrets.

This is the fourth economic espionage case the department has brought
against Chinese-based companies and individuals since September.

The department has filed a civil suit against the two companies as well.

China-US trade tensions have erupted in tit-for-tat tariffs between the
world's two biggest economies this year.

Beijing did not immediately respond to the latest move from Washington on
Thursday.

"Chinese economic espionage against the United States has been increasing,"
Attorney General Jeff Sessions said. "And it has been increasing rapidly."

Grappling with China's growing power

Trump accuses China of election 'meddling'

China fights a 'war on two fronts'

The indictment alleges that the companies and the three individuals
conspired to steal trade secrets from Micron, a US semiconductor company
worth $100bn (£76bn).

Those secrets were said to involve Idaho-based Micron's work with dynamic
random access memory storage devices.

Mr Sessions noted during Thursday's news conference that this was technology
that Chinese firms did not have until recently.

The attorney general described it as a "brazen scheme" to steal and clone
technology in order to compete with the US.

"We are here today to say enough is enough," Mr Sessions said. "It's time
for China to join the community of lawful nations."

One of the companies involved, Fujian Jinhua Integrated Circuit Co, Ltd, is
a Chinese state-owned company.

Last year, Micron sued both Fujian Jinhua and the Taiwanese company United
Microelectrics Corp for stealing trade secrets.

Both companies are also embroiled in a civil lawsuit from the justice
department, which seeks to block them from exporting any goods created from
these stolen secrets.

The justice department is currently prosecuting five additional cases of
economic theft and attempted theft that was meant "for the benefit of the
Chinese government", Mr Sessions said.

This week, 10 Chinese agents, including two intelligence officers, were
indicted for allegedly stealing US data on jetliner turbo fan engines.

The Trump administration slapped tariffs on $200bn of Chinese imports in
September, causing China to retaliate with tariffs on $60bn of US goods.

Mr Trump has also accused China of meddling in US elections because of his
efforts to challenge them on trade.--BBC

1MDB: Ex-Goldman bankers and Jho Low face US charges

Two former Goldman Sachs bankers and Malaysian financier Jho Low have been
hit with US criminal charges in connection with one of the world's biggest
financial scandals.

The Department of Justice alleges the men participated in a scheme that
stole billions of dollars from Malaysia's development fund, 1MDB.

One former Goldman banker pleaded guilty, the department said.

The other banker has been arrested, while Mr Low remains at large.

Mr Low, who prosecutors say had ties to government officials and acted as an
informal advisor to the 1MDB fund, maintains his innocence, according to a
statement issued by his legal team.

He has previously denied charges filed in Malaysia, adding that it would be
"impossible" for him to receive a fair trial there.

"Mr. Low simply asks that the public keep an open mind regarding this case
until all of the evidence comes to light, which he believes will vindicate
him," the statement said.

Goldman, which worked to raise money for the 1MDB fund, said on Thursday
that it "continues to co-operate with all authorities investigating this
matter".

How did we get here?

These are the first US criminal charges to surface in the 1MDB scandal.
Authorities say billions of dollars were embezzled from the state fund to
buy art, property, a private jet - and even to help finance the Wolf of Wall
Street film starring Leonardo DiCaprio.

The scandal has prompted investigations around the world and played a role
in the election defeat earlier this year of Malaysia's former prime
minister, Najib Razak, who is accused of pocketing $700m (£517m) from the
fund he set up.

He has since been charged with corruption, abuse of power and criminal
breach of trust in Malaysia. His wife, Rosmah Mansor, has been charged with
money laundering. Both deny any wrongdoing.

The US v The Wolf of Wall Street

1MDB: Malaysia's global corruption scandal

Malaysia seizes handbags stuffed with cash

US authorities have previously filed civil suits aimed at recovering luxury
goods, cash and other items allegedly purchased with money from the fund.

What are the new charges?

In this case, prosecutors say former Goldman bankers Tim Leissner and Roger
Ng worked with Mr Low to bribe government officials to win 1MDB business for
Goldman Sachs.

Goldman had previously rejected Mr Low as a client, after compliance
officials raised concerns about the source of his money.

But in this case, the bankers, along with others at Goldman, worked to
conceal Mr Low's involvement, prosecutors say.

Ultimately, the bankers worked on three bond offerings in 2012 and 2013 that
raised about $6.5bn for the fund and earned Goldman $600m, the indictment
says.

The money was supposed to support development projects, but prosecutors say
the three men "conspired to launder" more than $2.7bn through the US
financial system.

They allegedly used this money to pay bribes and "for the personal benefit
of themselves and their relatives".

Raids on properties linked to Mr Najib uncovered luxury goods worth millions
of dollars

How have the men responded?

Mr Low, who was charged earlier in Malaysia, has repeatedly declared his
innocence. He has called the Malaysian charges political.

Mr Leissner, who served as Goldman's South East Asia chairman and a
participating managing director, has pleaded guilty to conspiring to launder
money and violate US anti-bribery laws.

Mr Leissner, who left Goldman in February 2016, has been ordered to forfeit
$43.7m.

Mr Ng was a managing director at Goldman until his departure in May 2014. He
was arrested in Malaysia on Thursday. The BBC has not yet been able to
contact a lawyer representing him.--BBC

Ikea looks set to open more small stores in the UK

Swedish furniture retailer Ikea looks set to roll out its smaller city
centre store format after seeing a positive response to its first outlet in
London.

UK boss Javier Quinones said the London shop was a "learning experiment" but
its success meant the format was likely to expand to other UK cities.

The concept allows people to browse items and discuss home decor plans
without visiting out-of-town stores.

It is part of Ikea's wider UK expansion after another year of sales growth.

The company announced on Friday that UK revenue in the year to 31 August
rose by 5.9% to £1.96bn.

Ikea opened two new large-format stores during the period, in Sheffield and
Exeter, taking its UK tally to 21.

Online was the standout performer, with 199.3 million visits to Ikea's
website, an increase of 13.4%. Website sales grew by 14.4% and now represent
15.5% of total sales.

Global trend

Ikea has been investing heavily in online, logistics and distribution in
move to cut its home delivery times from one-to-two weeks to three-to-four
days.

Mr Quinones said this investment was not a reaction to Amazon or any
particular retailer but a response to changing consumer demands.

He said the small format experiment was part of that change.

"More people are living in cities. In London, fewer people have a car," Mr
Quinones said.

It's part of a global trend, he added, hence Ikea will also trial its small
outlets - called Planning Studios - in New York, Shanghai and Riyadh.

He could not give details of the small-format expansion in the UK. But he
said the existing outlet, in Tottenham Court Road, "will hopefully be the
first of many".

"Our stores will always be an important part of the Ikea brand when it comes
to inspiration," Mr Quinones said.

"However, we know that the role of the store is changing. People want to
shop in a number of different ways and count on brands to offer them
services that reflect the way they live."

Although a large store is due to open at Greenwich, south east London, in
spring 2019, plans for another outlet, at Cuerden, Lancashire, were scrapped
in May. Ikea said at the time that the site was "no longer viable".

Brexit

Despite Ikea's rise in sales, Mr Quinones said UK retailing was "a tough
economic environment".

"Consumer confidence has gone down in the last couple of years," he said,
but pointed out that people still wanted to improve their homes.

Ikea posted a 9% increase in home decoration sales, during the year, while
sales of living room seating jumped 8%.

He said Ikea was working on contingency plans ahead of Brexit, but did not
disclose details. "There is a working group in the UK looking at scenarios,"
he said.

Ikea imports the vast bulk of its products, and the fall in the value of the
pound over the last couple of year had hit margins. "We didn't pass on all
of the costs," he said.--BBC

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

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