Major International Business Headlines Brief::: 05 November 2018

Mon Nov 5 08:30:08 CAT 2018

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Major International Business Headlines Brief::: 05 November 2018

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*  Australia's Invictus says it has not found oil and gas deposits in
Zimbabwe

*  Kenya's Safaricom first-half revenue jumps

*  Zambia power system glitch cuts electricity supply to some mines

*  Global banks HSBC, UBS close Nigeria offices, foreign investment falls

*  Egypt's Sarwa Capital exposed to IPO "irregularities" -regulator

*  Phase two development of Libya's Bahr Essalam gas field to finish by end
2018 - NOC

*  Sudan hikes flour subsidies by 40 percent to lower bread prices

*  Barrick shareholders set to approve Randgold acquisition: sources

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

*  South African rand, bonds firmer as risk appetite improves

*  US unleashes "toughest ever" sanctions on Iran

*  US wage growth hits nine-year high

*  Xi Jinping pledges to cut Chinese import tariffs

*  Uber launches US subscription service in five cities

 <mailto:info at bulls.co.zw> 

Australia's Invictus says it has not found oil and gas deposits in Zimbabwe

HARARE (Reuters) - Australian-listed Invictus Energy said on Friday it had
not found oil and gas deposits in northern Zimbabwe but there were
indications of a “working petroleum system” which could only be confirmed by
a planned exploration well.

President Emmerson Mnangagwa told reporters on Thursday that Invictus had
found oil and gas deposits in the Muzarabani area and had agreed to enter a
production sharing arrangement with Zimbabwe once the project reached
commercial production.

But in a statement to the Australian Stock Exchange, Invictus tampered
Zimbabwe’s expectations of an oil bonanza saying “an oil or gas discovery
has not been made.”

“The prospective resource estimate for the Muzarabani prospect relates to
undiscovered accumulations which have both a risk of discovery and a risk of
development,” said Invictus.

“Although the Cabora Bassa Basin possess all the elements for a working
petroleum system, a discovery can only be confirmed through drilling of an
exploration well.”

Zimbabwean-born Invictus Managing Director Scott MacMillan attended
Mnangagwa’s news conference on Thursday.

Mines Minister Winston Chitando said the well would be sunk in 2020 at a
cost of $20 million and said the Muzarabani project was the largest
undrilled onshore resource in Africa.

Invictus, which is an independent oil and gas exploration firm whose only
asset is in Zimbabwe, is using data first generated by Mobil Oil during its
studies in the 1990s.

Chitando said Invictus had made more progress than Mobil because it had a
better knowledge of the Muzarabani basin which had a similar geological
structure to Uganda and Kenya, where oil has been discovered.

The southern African nation is suffering from a dollar crunch that has seen
shortages of fuel and a spike in prices of basic goods in recent weeks.

 <mailto:info at bulls.co.zw> 

Kenya's Safaricom first-half revenue jumps

NAIROBI (Reuters) - Kenya’s Safaricom Plc posted a rise of 7.7 percent in
first-half service revenue, driven by growth in its mobile financial
services and data, the telecom firm said on Friday.

The company, part-owned by South Africa’s Vodacom and Britain’s Vodafone,
said its earnings before interest and taxation (EBIT) in the first half,
ended September, jumped 18.7 percent, resulting in a 22-percent increase in
its earnings per share.

Total revenue, which includes sales of mobile handsets and other one-off
items, came in at 122.84 billion shillings ($1.21 billion) compared with
114.43 billion shillings in the same period last year.

The telecom operator’s service revenue, which includes earnings from core
business such as voice calls, was 118.21 billion shillings, compared with
109.73 billion shillings last year.

The operator said it posted a rapid growth in its popular M-Pesa mobile
money service, mobile data and fixed data businesses. M-Pesa allows people
to send each other money and make payments at the touch of a button.

Revenue from that service jumped 18.2 percent to 35.52 billion shillings.

The company is concerned by the impact of higher mobile telephony and data
taxes on the business, Chief Executive Bob Collymore said.

The government hiked the tax rate to 15 percent from 10 percent in September
as it sought to boost revenue. Following which, Safaricom and other
operators also raised the retail prices of their services.

“We hope that the government will reconsider its position on those taxes,”
Collymore said at an investor briefing.

($1 = 101.6000 Kenyan shillings)

Zambia power system glitch cuts electricity supply to some mines

LUSAKA (Reuters) - Power supply to some mines in Africa’s second-biggest
copper producer was cut due to a technical fault, Zambian state power firm
Zesco said on Friday.

“We had a system disturbance which led to loss of power on the Copperbelt,
including the mines,” the utility’s spokesman Henry Kapata said.

“We are investigating the cause of the disturbance. Power restoration has
started but it will be gradual.”

A spokesman for Luanshya Copper Mine owned by China Nonferrous Metals Mining
Corporation (CNMC) said the company expected to lose about four hours of
production.

“Even though the power restoration has started we have to launch the
equipment gradually to avoid damage,” Luanshya Copper Mine spokesman Sydney
Chileya said.

Industry sources said Konkola Copper Mines(KCM) owned by Vedanta Resources
shut down all its operations except its smelter and the Konkola Deep Mine
during the blackout. KCM could not immediately be reached for comment.

Global banks HSBC, UBS close Nigeria offices, foreign investment falls

LAGOS (Reuters) - HSBC and UBS have closed their offices in Nigeria, the
country’s central bank said in a report on Friday as it revealed foreign
investment had fallen sharply from a year ago.

The bank said foreign direct investment in Nigeria fell to 379.84 billion
naira ($1.2 billion) in the first half of the year from 532.63 billion naira
($1.7 billion) a year earlier.

It did not given reasons for the bank closures.

HSBC was not available to comment and UBS declined to comment.

The central bank said the outlook for the Nigerian economy in the second
half was “optimistic” given higher oil prices and production but rising
foreign debt and uncertainty surrounding the 2019 presidential election was
a drawback.

Investor confidence in the West African country has been shaken since the
central bank in August ordered MTN to bring back $8.1 billion to the
country, part of profits which the South African telecoms firm sent abroad.

An HSBC research note dated July 18 said a second Buhari term “raises the
risk of limited economic progress and further fiscal deterioration,
prolonging the stagnation of his first term, particularly if there is no
move towards completing reform of the exchange rate system or fiscal
adjustments that diversify government revenues away from oil.”

LOAN LOSSES

The central bank also said three lenders failed to meet its minimum
liquidity ratio of 30 percent, without naming them.

It added that non-performing loans (NPLs) have dropped to 12.4 percent as at
June 2018 from 15 percent a year ago, still a long way above its 5 percent
threshold.

“To further consolidate on the improvement, the Central Bank of Nigeria
directed banks to intensify efforts at debt recovery, realisation of
collateral for lost facilities and strengthening their risk management
processes,” it said in the report.

In September, the regulator withdrew the license of Skye Bank for failing to
recapitalise. It then transferred Skye’s assets to a “bridge bank” Polaris
wholly-owned by the state-backed asset management company AMCON.

Nigerian banks have been trying to raise fresh capital after huge loan
losses worsened by an economy that has just emerged from a recession.

Diamond Bank last week denied it was in talks with investors to raise cash
but said it was managing its capital, which borders on the regulatory
minimum, to grow.

Another lender Unity Bank has been seeking to raise fresh funds to
recapitalise.

($1 = 305.5500 naira)

Egypt's Sarwa Capital exposed to IPO "irregularities" -regulator

CAIRO (Reuters) - Egypt’s financial regulator suspended the IPO unit of
Egypt’s Beltone Financial Holdings after finding that Sarwa Capital had been
exposed to irregularities in IPO procedures, the regulator’s deputy head
said on Sunday.

Beltone managed the IPO of Sarwa Capital, which began trading on the
Egyptian stock exchange last month. Its IPO unit was suspended on Thursday
from carrying out any activity for six months.

Shares in Beltone, which is controlled by billionaire businessman Naguib
Sawiris through his company Orascom Investment Holding, fell 10 percent in
early trading on Sunday.

The decision to suspend Beltone “came after investigations”, financial
regulator deputy head Khaled al-Nashar told Reuters.

“The implementation of procedures for the offer (of Sarwa Capital) was
marred by some financial market irregularities,” Nashar said.

After Thursday’s suspension was announced, Beltone said it had not violated
any regulations or executive orders and planned to take legal measures to
protect its interests and those of its shareholders and customers.

Sawiris’s Orascom Investment Holding said on Wednesday it had sought
regulatory approval to acquire up to 30 percent of Sarwa Capital’s shares in
a voluntary offer in November. [L8N1XB6LE]

Phase two development of Libya's Bahr Essalam gas field to finish by end
2018 - NOC

CAIRO (Reuters) - Seven remaining wells are expected to be online at Libya’s
Bahr Essalam offshore gas field by the end of the year, the Libyan National
Oil Corporation (NOC) said in a statement on Sunday.

The statement came after a meeting between NOC Chairman Mustafa Sanalla and
Eni CEO Claudio Descalzi. The field is operated by Mellitah Oil and Gas, a
joint venture between the NOC and Eni.

The first wells in phase two of the development of Bahr Essalam came online
in July.

At a meeting in the Libyan capital, Tripoli, Sanalla and Descalzi discussed
plans for seven remaining wells, which the statement said were “expected to
complete by the end of 2018”.

“The parties discussed opportunities to increase production, investment and
exploration, and the importance of sustainability in all activities,” the
statement added.

“The compression capacity upgrade project at the Wafa plant was also
reviewed, with the first gas expected to come on stream in the next few
days; a successful joint project in challenging conditions in Libya’s remote
interior.”

Sudan hikes flour subsidies by 40 percent to lower bread prices

CAIRO (Reuters) - Sudan increased flour subsidies by 40 percent, the Finance
Ministry said on Saturday, after the reduction of subsidies this year sent
bread prices higher and triggered protests.

The government would spend 35 million Sudanese pounds ($737,000) daily
instead of 25 million, the statement added.

A decision to reduce bread subsidies this year sparked rare nationwide
protests after bread prices doubled. Inflation climbed to a record 66
percent in August, one of the highest rates globally.

Sudan’s economy has been struggling since the south seceded in 2011, taking
with it three quarters of oil output and depriving Khartoum of a crucial
source of foreign currency.

Sudan sharply devalued its currency in October after a group of banks and
money changers was tasked with setting the country’s exchange rate under a
new system established by the government to tackle an acute shortage of
foreign exchange.

($1 = 47.5002 Sudanese pounds)

Barrick shareholders set to approve Randgold acquisition: sources

TORONTO (Reuters) - Barrick Gold shareholders have voted overwhelmingly in
favor of the Canadian miner’s $6.1 billion acquisition of Africa-focused
Randgold Resources, three people familiar with the preliminary vote count
told Reuters on Friday.

Around 99 percent of the votes tendered so far by Barrick investors are in
support of the all-stock, no premium deal announced in September, two of the
people said, surpassing the simple majority required to seal the deal.

The vast majority of institutional investors have cast their votes ahead of
the remainder of Barrick shareholders who are set to vote on the transaction
on Monday, the people said, declining to be identified as the information is
not public.

Randgold has also got adequate shareholder support ahead of its Nov. 7
meeting, one of the sources said, though the level of approval was unclear.

London-listed Randgold requires the support of 75 percent of the shares
voted by a majority of its shareholders.

Barrick declined to comment. Randgold did not immediately respond to a
request for comment.

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)

South African rand, bonds firmer as risk appetite improves

JOHANNESBURG (Reuters) - The South African rand extended its gains against
the dollar in early trade on Friday and government bonds firmed as investors
moved back into riskier assets, ahead of the closely watched U.S. jobs
report.

At 0630 GMT, the rand traded at 14.3050 per dollar, 0.66 percent stronger
than its close on Thursday, when it firmed more than 2 percent.

“The dollar has endured a significant correction over the course of the most
recent sessions. The rand, after having traded to a high of 14.8525 on
Wednesday, is trading sub-14.40 this morning. This is significant, as the
14.50 technical level has held firm so far,” Nedbank analysts said in a
note.

“Key now would be price action after the U.S. data release this afternoon,”
the note added.

Investors are waiting for U.S. employment data on Friday which could
reinforce the view that the U.S. economy is outperforming rivals, driving
investors back to the dollar.

The yield on the benchmark government bond due in 2026 dropped 11.5 basis
points to 9.17 percent.

US unleashes "toughest ever" sanctions on Iran

The US unleashed its "toughest ever" sanctions against Iran on Monday
following a wave of protests across the oil-rich country.

The Trump administration reinstated all sanctions removed under the 2015
nuclear deal, targeting both Iran and states that trade with it.

They will hit oil exports, shipping and banks - all core parts of the
economy.

Thousands of Iranians chanting "Death to America" rallied on Sunday,
rejecting calls for talks.

Iran's military was also quoted as saying it would hold air defence drills
on Monday and Tuesday to prove the country's capabilities.

What next for Iran?

Can Iran survive sanctions?

Iran nuclear deal: Key details

The demonstrations took place on the 39th anniversary of the occupation of
the US embassy in Tehran, which led to four decades of mutual hostility.

Before travelling to a campaign rally for the US mid-term elections,
President Donald Trump said Iran was already struggling under his
administration's policies.

"The Iran sanctions are very strong. They are the strongest sanctions we've
ever imposed. And we'll see what happens with Iran, but they're not doing
very well, I can tell you."

What started this?

Washington re-imposed the sanctions after Mr Trump in May pulled out of a
2015 accord aimed at curbing Iran's nuclear ambitions.

Washington also says it wants to stop what it calls Tehran's "malign"
activities including cyber attacks, ballistic missile tests, and support for
terror groups and militias in the Middle East.

"We are working diligently to make sure we support the Iranian people and
that we direct our activity towards ensuring that the Islamic Republic of
Iran's malign behaviour is changed," US Secretary of State, Mike Pompeo,
told Fox News Sunday.

"That's the goal, that's the mission, and that's what we will achieve on
behalf of the president."

What could the impact be?

The US has been gradually re-imposing sanctions, but analysts say this
latest round is by far the most significant.

More than 700 individuals, entities, vessels and aircraft are now on the
sanctions list, including major banks, oil exporters and shipping companies.

Mr Pompeo has said that more than 100 big international companies had
withdrawn from Iran because of the looming sanctions.

He also said Iranian oil exports had dropped by nearly one million barrels a
day, choking the main source of funding for the country.

In addition, the Brussels-based Swift network for making international
payments is expected to cut off links with targeted Iranian institutions,
isolating Iran from the international financial system.

How have EU states reacted?

The UK, Germany and France - which are among the five countries still
committed to the nuclear pact - have all objected to the sanctions.

They have promised to support European firms that do "legitimate business"
with Iran and have set up an alternative payment mechanism - or Special
Purpose Vehicle (SPV) - that will help companies trade without facing US
penalties.

The impact of Iran sanctions - in charts

What nappies tell us about Iran's economic woes

However, analysts doubt this will materially lessen the impact of sanctions
on Iran.

And in recent days US Treasury Secretary Steven Mnuchin said the US would
"aggressively" target any firm or organisation "evading our sanctions".

Who is exempt?

The Trump administration has granted exemptions to eight countries to
continue importing Iranian oil, without naming them.

They are reported to include US allies Italy, India, Japan and South Korea,
along with Turkey, China and India.

Mr Pompeo said the countries had already made "significant reductions in
their crude oil exports" but needed "a little bit more time to get to zero".

He said two would eventually stop imports and the other six greatly reduce
them.

What has the reaction been in Iran?

The US sanctions are timed to coincide with the siege of the US embassy on 4
November 1979 , which took place soon after the fall of the US-backed shah.

Some 52 Americans were held hostage in the embassy for 444 days and the two
countries have been enemies ever since.

Hardliners hold protests to commemorate the siege every year but on Sunday,
protesters also vented their fury about the sanctions.

Iranian state media said millions turned out in towns and cities, swearing
allegiance to the Supreme Leader Ayatollah Ali Khamenei, although the BBC
was unable to independently verify this figure.

It followed a fiery speech from Ayatollah Khamenei on Saturday, in which he
warned the US would not "re-establish the domination" it had over Iran
before 1979.

However, some Iranians have taken to Twitter to vent their frustration with
the regime, with the hashtag #Sorry_US_Embassy_Siege attracting more than
19,000 tweets.

One user tweeted in English: "Over the past 40 years, the Islamic regime of
Iran tried to present the US and Israel as Iran's enemies. But Iranian
people do not think like mullahs. We love all nations and all people of the
world."

Another said: "America is not our enemy, our enemies have taken us as
hostages in our own home [country]."--BBC

Brexit: Business leaders call for second EU vote

More than 70 business leaders have signed a letter to the Sunday Times
calling for a public vote on the UK's Brexit deal.

The chief executive of Waterstones and former Sainsbury's boss Justin King
are among those saying a "destructive hard Brexit" will damage the UK
economy.

A group called Business for a People's Vote will launch on Thursday.

A Downing Street source told the BBC the Prime Minister was clear that there
would be no new referendum.

The letter was coordinated by The People's Vote campaign, which wants a
ballot on whether to accept the terms of the UK's departure from the
European Union.

Richard Reed, co-founder of Innocent Drinks and Martha Lane Fox, the founder
of Lastminute.com - who both campaigned for Remain - signed the letter, as
did Lord Myners, the former chairman of Marks and Spencer.

How will Parliament vote on a final deal?

All you need to know about Brexit

It reads: "The business community was promised that, if the country voted to
leave, there would continue to be frictionless trade with the EU and the
certainty about future relations that we need to invest for the long term.

"Despite the Prime Minister's best efforts, the proposals being discussed by
the government and the European Commission fall far short of this.

"The uncertainty over the past two years has already led to a slump in
investment."

'Multiple uncertainties'

The letter concludes: "We are now facing either a blindfold or a destructive
hard Brexit.

"Given that neither was on the ballot in 2016, we believe the ultimate
choice should be handed back to the public with a People's Vote."

Waterstones chief executive James Daunt told the BBC: "All the paper we use
is imported. We rely on just-in-time methods and now there are multiple
uncertainties."

Prime Minister Theresa May has said asking the public to vote again would be
a betrayal of the public's trust.

The Downing Street source told the BBC: "The Prime Minister has been clear -
no second referendum.

"We had a people's vote, it was in June 2016."--BBC

US wage growth hits nine-year high

Wages in the US grew at their fastest pace for nine years last month, the
latest official figures show.

The US Labor Department said wages grew at an annual rate of 3.1% in
October, accelerating from a rate of 2.8% the month before.

The economy also added 250,000 jobs last month, beating expectations, while
the jobless rate remained at 3.7%.

The report quickly became fodder for political debate ahead of next week's
high stakes congressional election.

President Donald Trump celebrated the figures on Twitter as "incredible" and
urged his followers to "Vote Republican".

In an unusual move, the White House also organised a briefing call for
reporters to promote the gains.

The top Senate Democrat, Chuck Schumer of New York, issued a statement of
his own, aiming to redirect voter attention.

The latest numbers "may look good" but should be considered alongside other
economic policies, he said.

"When the average family sees their health care costs go up because of
Republican actions, these numbers will mean little," he said.

'Landmark' report

Among economists, there was wider agreement that the jobs report pointed to
strength in the US economy, despite recent worries that weakness may be
emerging in some sectors such as housing and trade.

They said a rise in the number of people entering the workforce indicated
confidence in the labour market, while wage gains suggested the robust
hiring climate is starting to benefit the average worker.

Average hourly earnings for all private workers hit $27.30 in October, up 83
cents from a year earlier. That marked the strongest annual rise since April
2009.

"Today's jobs report is a landmark in the long recovery since the Great
Recession, showing the power of a tight labour market to raise pay for
American workers if allowed to run hot for a sufficiently long time," said
Andrew Chamberlain, chief economist at the job website Glassdoor.com.

On average, the US economy has added 218,000 jobs a month over the last
three months - well above the rate needed to keep up with population growth.

The gains in October occurred in most industries, with the healthcare sector
adding 36,000 jobs, manufacturing 32,000 and construction 30,000.

Employment in the leisure and hospitality sector rose by 42,000 last month.
That followed no change in September, which the Labor Department said was
probably due to the impact of Hurricane Florence.

Rate rise

Economists said the figures all but guarantee another US interest rate rise
before the end of the year.

Ian Shepherdson, chief economist at Pantheon Macroeconomics, said: "In
short, the labour market continues to tighten. Nothing in this report will
make the Fed think that skipping the December [interest rate] hike is a good
idea."

The Federal Reserve last raised interest rates in September, bringing the
target for the bank's benchmark rate to a range of 2%-2.25%.

The move was the bank's eighth rate rise since 2015, continuing its policy
of gradual increases.

The Fed has said the US economy is strong enough to absorb the rises, which
are intended to head off uncontrolled inflation.

However, Mr Trump has criticised the Fed's actions, blaming them for recent
turbulence in the stock market.

When asked last month by the Wall Street Journal about what he saw as the
biggest risks to the US economy, Mr Trump said: "To me the Fed is the
biggest risk, because I think interest rates are being raised too
quickly."--BBC

Xi Jinping pledges to cut Chinese import tariffs

China has promised to further cut import tariffs and open its economy as it
tries to address criticisms that its trade practices are "unfair".

In a speech at a Shanghai trade expo, President Xi Jinping also made a
robust defence of the global free trade system which he said was "under
attack".

The comments are being seen as a reference to the US, with which China is
fighting a bitter trade war.

The US and China have hit each other with huge import tariffs this year.

Neither are showing any sign of backing down, and the US has threatened to
escalate it further still.

What has happened so far in the trade war?

US-China trade war in 300 words

Grappling with China's growing power

Speaking at the opening of the expo, Mr Xi said that "in a world of
deepening economic globalisation, practices of the law of the jungle and
winner takes all only represent a dead end".

"An inclusive growth for all is surely the right way forward."

The Shanghai International Import Expo is China's big attempt to show the
world - and especially the US - that its economy is opening up more. The
week-long event aims to give a multi-billion dollar boost to imports.
Thousands of foreign firms are here.

In his opening speech, Mr Xi pledged lower import tariffs and moves to make
it easier for foreign firms to access the economy. But as is often the case
it lacked specific timings.

He also didn't address the core US complaints about Chinese trade, including
the alleged theft of intellectual property from US firms and the special
terms China gives to its state run companies.

There was definitely no sign that China is about to cave in the escalating
trade war. Mr said the Chinese economy was "a sea". Storms can overturn a
pond, he said, but never a sea.

The US has imposed taxes on about half of Chinese imports into the US so far
this year - making it more expensive for American consumers to buy them -
and has threatened to target all imports.

The White House says the tariffs are a response to China's "unfair" trade
policies, which Mr Trump blames for helping to create a huge trade deficit,
and its alleged intellectual property theft.

It also wants China to give American companies better access to its markets.

Mr Xi promised to take steps to boost imports, by cutting tariffs,
facilitating customs clearance and reducing "institutional costs".

He did not make clear which countries' imports would benefit from the lower
tariffs, and whether the US was on this list.

China would also "continue to broaden market access", Mr Xi said, adding
that openness had become a "trademark of China".

"China's door will never be closed, it will only open still wider."

Mr Xi also said China would speed up negotiations on both a China-EU
investment agreement and a regional China-Japan-South Korea free trade deal.

Among the high-level delegates at the expo is UK Trade Secretary Liam Fox.
The UK is courting various Asian countries for trade deals as it prepares to
leave the EU next year.--BBC

Uber launches US subscription service in five cities

Taxi-hailing firm Uber has launched a membership scheme dubbed Ride Pass,
for passengers in five US cities.

The deal allows passengers to avoid price surging, when costs rise at rush
hour and other in-demand times.

The fixed-fare plan costs $24.99 (£19) a month in Los Angeles and $14.99 in
Austin, Denver, Miami, and Orlando.

Uber plans to expand the scheme to other US cities in 2019, but says it has
no plans at present to introduce it in London or other UK cities.

'Reliable alternative'

The firm is also hoping the initiative will convince passengers that it is
more economical to use Uber, and to give up their own cars,

"One thing we hear a lot from riders is that changes in price - however
small - can make it tough to plan their day with Uber," said product manager
Dan Bilen.

"The daily commute is a classic example, and it goes something like this:
you pay one low price for the ride to work, only to find the ride back home
is a different story."

He added: "We want to make Uber a reliable alternative to driving yourself -
an affordable option people can use for their everyday transportation
needs."

He said Ride Pass was a way to lock in consistent prices, on any ride,
anywhere in a city, any time of day, for a monthly fee.

Uber estimates users can save up to 15% a month on their current spending.

Ride Pass offers discounted, fixed, rates on all their UberX, Uber Pool and
Uber Express Pool rides in a given month.

The Los Angeles fare package will eventually include e-bike and scooter
access.--BBC

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

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<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
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Invest Wisely!

Bulls n Bears 

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