Major International Business Headlines Brief::: 08 November 2018

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Major International Business Headlines Brief::: 08 November 2018

 


 

 


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*  African Development Bank plans $720 mln loans to South Africa’s Eskom

*  South Africa's Vodacom and Telkom agree to share networks

*  Credit Suisse pulls out of South Africa in global shift -sources

*  Burundi to set up capital market for firms this year

*  South African rand extends gains after U.S. midterms dent dollar

*  Zara launches online sales in 106 new countries

*  Gabon to scrap corporate tax, launches offshore oil exploration round

*  Kenyan shilling steady as remittance flows meet thin importer demand

*  Japan's Toshiba to withdraw from UK nuclear power project

*  Wall Street gains after US mid-terms

*  5G will let users ditch fixed-line home broadband, says Three

*  Michael Kors and Coty shares hit by weak European sales

*  Samsung folding smartphone revealed to developers

*  Gary Cohn says Trump tariffs are a 'tax on Americans'

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

                                      

African Development Bank plans $720 mln loans to South Africa’s Eskom

JOHANNESBURG (Reuters) - The African Development Bank plans to lend South
African power utility Eskom around $720 million (10 billion rand) in 2019
and 2020, the bank’s president Akinwumi Adesina said.

 

“We plan to lend around $620 million for the Medupi power plant, and around
$100 million for Eskom’s transmission network, but that still needs to be
approved by the board,” said Adesina, whose bank is holding an investment
forum in Johannesburg.

 

Earlier this year the African Development Bank approved a separate loan of
2.9 billion rand to upgrade and expand Eskom’s transmission network.

 

(1 South African rand = $0.0716)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

South Africa's Vodacom and Telkom agree to share networks

JOHANNESBURG (Reuters) - South African telecoms firm Vodacom said on
Wednesday it had entered into a roaming and facilities leasing agreement
with Telkom, South Africa’s biggest fixed-line operator.

 

Vodacom said the multi-billion rand agreement would allow Telkom customers
to roam on Vodacom’s 2G, 3G and 4G networks with full effect from June 2019.

 

It did not specific the value of the deal.

 

“This partnership between the country’s fastest growing networks will also
result in reduced network deployment costs for Telkom and cost savings for
Vodacom,” said Vodacom Group CEO, Shameel Joosub.

 

 

Telkom, which also operates data services, said the agreement would allow it
to use Vodacom’s towers, antennas and shelters to build out its own network.

 

Telkom is looking to grow, having completed a turnaround in 2016 aimed at
lowering costs and allowing it to better compete with wireless operators MTN
Group and Vodacom, with a focus on mobile and broadband.

 

The company said it will phase out its current roaming agreement with MTN,
which expires in June next year.

 

 

 

Credit Suisse pulls out of South Africa in global shift -sources

JOHANNESBURG (Reuters) - Credit Suisse has pulled out of South Africa after
more than a decade as part of chief executive Tidjane Thiam’s bank-wide
revamp, three sources with knowledge of the matter said.

 

Switzerland’s second largest bank is in the final stages of a three-year
drive to focus on managing the money of wealthy investors and scale back
investment banking.

 

“They are gone. It’s a total withdrawal wrapped up some weeks back,” one of
the sources said.

 

In 2013 Credit Suisse, which declined to comment, told customers in nearly
50 markets, including Congo and Angola, that it would end cross-border
wealth management business with them.

 

Credit Suisse’s website says it has offices in approximately 50 countries
and lists Johannesburg as its only sub-Saharan African location.

 

Thiam, who in September ruled himself out as a candidate for political
office in his native Ivory Coast, has been the driving force behind the
changes at the Swiss bank. Like other European players, Credit Suisse has
been struggling to compete with the U.S. investment banks which dominate
Wall Street.

 

Credit Suisse, which had around 30 staff at its Johannesburg office,
re-entered South Africa in 2006 after leaving in the 1980s under pressure
from anti-apartheid campaigners.

 

QUIET WITHDRAWAL

The Swiss bank’s quiet withdrawal comes months after its rival Deutsche Bank
said it would wind up its advisory, corporate broking and sponsor-services
to refocus on Europe and its home market after three years of losses.

 

Credit Suisse is quitting a country whose economy has slipped into a
recession for the first time since 2009, and where activity in mergers and
acquisitions halved in the first six months of the year to its lowest level
in a decade.

 

Unlike Credit Suisse, Deutsche Bank plans to maintain a physical presence
offering debt capital markets, fixed income and treasury services.

 

“We announced earlier this year that we were reviewing our operations in
Johannesburg, and subsequently took the decision to close the office,”
Credit Suisse spokesman James Quinn said in an email.

 

“South Africa remains a focus for Credit Suisse, and we continue to serve
clients across our wealth management and investment banking franchises.”

 

Credit Suisse will offer private banking services for well-heeled South
Africans from London, Zurich and Dubai, another source said. Its research
teams in these cities would continue to cover selected blue chip South
African companies, they added.

 

The Swiss bank initially teamed up with Standard Bank, South Africa’s
biggest lender by assets, to create a joint venture focusing on equity
research, sales, trading and equity capital markets deals.

 

But it ended this four years later, saying it would develop its offering of
trading, private trading and investment bank.

 

 

 

Burundi to set up capital market for firms this year

BUJUMBURA (Reuters) - Burundi plans to establish a securities exchange
before the end of this year for companies to raise funds after a slowdown in
commercial bank lending, a senior central bank official said.

 

Economic growth output in the East African nation has slowed down since a
political crisis in 2015 sparked by President Pierre Nkurunziza’s decision
to seek a third term.

 

The aid-dependent central African nation has lost direct financial support
from key donors, such as the European Union, over accusations of human
rights violations and a crackdown on opponents, which Burundi rejects.

 

Arsène Mutoni, the head of the central bank’s Capital Market Regulatory
Department told Reuters, there were several pension funds and insurance
firms that were ready to back companies which will seek capital on the
market.

 

“We have many companies which want to widen their shareholder base in order
to buy new materials and increase production,” Mutoni said late on Tuesday.

 

He did not give details of the companies which will offer their shares or
details of the slowdown in private lending.

 

“What is needed now is to set up a capital market which will boost economic
growth and create jobs,” Mutoni said.

 

Mutoni said the central bank had set up a team in 2009 to try to establish
the financial market and that they expected it to start late in November or
early December.

 

Local social security firms such as the state-owned National Social Security
Institute and the National Pension and Professional Risks Office, are
interested, he said.

 

The central bank had initiated talks with U.S-based funds interested in
investing in developing countries, he said, without providing any names.

 

 

The rift with donors was sparked by Nkurunziza’s decision to ignore the
constitution’s provisions on term limits and run for a third term in April
2015.

 

In June, he promised to step down when his term ends in 2020, easing fears
of fresh violence in the impoverished country.

 

 

 

South African rand extends gains after U.S. midterms dent dollar

JOHANNESBURG (Reuters) - South Africa’s rand extended gains against a weaker
dollar on Wednesday after U.S. midterm elections split Congress, lowering
the chance of any major U.S. fiscal policy boost soon.

 

At 1140 GMT, the rand traded 1.4 percent stronger at 13.9200 per dollar,
having earlier hit a session best of 13.8850, the firmest since August 10.

 

The dollar index was down 0.57 percent.

 

“The rand is leading the charge of the emerging market rally, as the dollar
is on back foot since the midterm election results started coming in,” said
ETM economist Halen Bothma.

 

Domestic data also helped the rand.

 

Business confidence rose for a second consecutive month in October,
bolstered by higher import volumes, vehicle sales and retail sales, a survey
by the South African Chamber of Commerce and Industry (SACCI) showed.

 

“After the release of the SACCI survey, which was at a six-month high, it
provided the rand with fresh tail wind,” Bothma said.

 

The rand has been on the back foot since it was announced in September that
the economy had entered a recession.

 

On Thursday, investors will be watching for mining (0930 GMT) and
manufacturing (1100 GMT) data.

 

Bonds also firmed, with the yield on government’s 10-year paper down 7 basis
points to 9.070 percent.

 

On the bourse, the all share index rose 0.91 percent to 54,947 points while
the blue chip top 40 index was 0.85 percent higher at 48,548 points.

 

Clothing retailer Mr Price was up 4.22 percent to 247.33 rand, while
Woolworths Holdings rose 3.23 percent to 54.91 rand.

 

“The market is doing much better after a cautious sell-off yesterday,” said
analyst Ryan Woods.

 

“After the results of the U.S. midterm elections, we’re starting to see more
market certainty.”

 

 

 

Zara launches online sales in 106 new countries

MADRID (Reuters) - Clothing retailer Zara will expand online sales to an
additional 106 countries through a dedicated online platform, mostly in
Africa, parent firm Inditex announced on Wednesday.

 

The launch means Zara apparel will be available online in 202 countries.

 

“From tomorrow, Zara’s global women’s, men’s and kids collections will be
available in a total of 202 markets, underpinned by the integrated store and
online platform,” the company said in a statement.

 

Inditex has said it aims by 2020 to have all its brands, including Massimo
Dutti and teen brand Bershka, available online worldwide.

 

Zara customers in countries including Angola, Ivory Coast and Indonesia will
be able to place orders in euros including shipping costs and custom
charges, the company said. Orders will be filled from the online platform in
Spain.

 

Online sales at Inditex jumped 41 percent in 2017 to reach 10 percent of
group net sales, although this left it behind some rivals.

 

Inditex is seeking to integrate online sales with store network by focusing
on large, attractive stores where customers might try on items to buy later
online.

 

 

 

Gabon to scrap corporate tax, launches offshore oil exploration round

CAPE TOWN (Reuters) - Gabon plans to scrap corporate tax as part of a
revised hydrocarbons law, and has launched a new offshore oil and gas
exploration licensing round, oil minister Pascal Ambouroue said on
Wednesday.

 

In March, Gabon, a member of the Organization of the Petroleum Exporting
Countries, said it planned to revise its hydrocarbons code, under which the
state holds a minimum 20 percent stake in oil projects, in a bid to attract
new investment.

 

It will also end the 35-percent corporate tax rate, he said.

 

“The purpose is to attract more and more investors,” Ambouroue told a media
briefing at the Africa Oil Week conference in South Africa’s Cape Town.

 

He said the new code would become law before the end of December.

 

Gabon, a tropical nation famed for its rain forests and wildlife, is a
mid-tier African oil producer, churning out about 200,000 barrels of oil per
day.

 

 

Kenyan shilling steady as remittance flows meet thin importer demand

NAIROBI (Reuters) - The Kenyan shilling was stable against the dollar on
Wednesday supported by inflows from Diaspora remittances amid thin demand
from oil and merchant importers, traders said.

 

At 0903 GMT, commercial banks quoted the shilling at 101.86/95 per dollar,
the same as Tuesday’s close.

 

 

 

Japan's Toshiba to withdraw from UK nuclear power project

Japan's Toshiba is set to wind up NuGen, its UK-based nuclear arm, after
efforts to offload the business failed.

 

NuGen was behind the development of the Moorside nuclear power station
project in Cumbria, in north-west England.

 

Toshiba's move will put a dent in the UK's plans to develop new nuclear
power stations as it continues efforts to move to a low carbon economy.

 

The Japanese firm said in a statement that it would start the wind-up
process in January 2019.

 

"After considering the additional costs entailed in continuing to operate
NuGen, Toshiba recognises that the economically rational decision is to
withdraw from the UK nuclear power plant construction project, and has
resolved to take steps to wind-up NuGen," the Toshiba statement said.

 

Korea Electric Power Corporation (Kepco) had been a preferred bidder to take
over the nuclear power plant project - but those talks fell through after
more than a year of negotiations.

 

Nuclear archive wins best building award

Government must 'get a grip' on Sellafield

Job cuts at firm behind new nuclear plant

Toshiba said it expected to record a consolidated loss before taxes of about
15bn Japanese yen ($131.8m; £100.5m) over the move.

 

GMB, a UK trade union with more than 631,000 members, said the "looming
collapse" of Moorside had been "depressingly predictable".

 

In September NuGen announced it was reducing its team at the Moorside plant
from more than 100 to fewer than 40 - leading to speculation the plant's
development was in jeopardy.

 

NuGen was initially co-owned by Toshiba and the French firm Engie. Toshiba
was subsequently forced to buy the remaining 40% of NuGen it did not already
own via a bankruptcy condition related to Engie.--bbc

 

 

Wall Street gains after US mid-terms

Wall Street saw broad gains on Wednesday, as uncertainty about the outcome
of the 2018 US congressional elections cleared.

 

Republicans expanded their majority in the Senate, while Democrats gained
control of the House of Representatives.

 

The divided outcome, which dims chances of major new laws, offered a boon to
investors wary of uncertainty.

 

The Dow and S&P 500 jumped 2.1%, while the Nasdaq climbed 2.6%.

 

Health care and technology companies led the gains, which occurred across
most industries.

 

On the S&P 500, shares in dialysis company DaVita jumped more than 10%,
after California voters turned back a measure that would have limited fees
for dialysis treatment.

 

Shares in marijuana firms also climbed, boosted by measures that expanded
legalisation in several states as well as the firing of Attorney General
Jeff Sessions, who had taken a hard line against the drug.

 

In Asia on Thursday, markets followed Wall Street's lead.

 

Japan's benchmark Nikkei 225 gained almost 2% in the morning session, Hong
Kong's Hang Seng was up 0.9%, while South Korea's Kospi was up 1.6%.

 

'Relief rally'

The gains follow several weeks of market turbulence, with falls fuelled by
concerns about profit outlooks, political uncertainty, rising interest rates
and trade tensions.

 

Shares tend to decline ahead of mid-term elections and rally after them,
which had led many analysts to predict a temporary surge in prices.

 

But they said they expected the outcome to have little long-term effect on
the trajectory for stocks, which would be shaped by the bigger concerns.

 

As the reality of gridlock sets in, it may limit the "relief rally", added
Nigel Green, founder and chief executive of the financial consultancy deVere
Group.

 

He said: "This will halt deregulation legislation, which in turn will hurt
sectors such as banking, energy, industrials, and smaller companies that
stood to gain most from looser controls."-bbc

 

 

5G will let users ditch fixed-line home broadband, says Three

5G mobile data will be so reliable and fast most homes will no longer need a
separate home broadband connection, according to one of the companies
planning to launch a UK service.

 

Three UK's chief executive told BBC News there would be enough capacity on
5G to cope with demand, meaning households would be able to save money by
ending their fixed-line contracts.

 

He predicts consumers will use 13 times as much mobile data in 2025 as
today.

 

But one expert warned against "hype".

 

Three has said it intends to launch its first 5G services in the UK as soon
as the middle of next year.

 

Its announcement coincides with news from BT's mobile division, EE, that it
has switched on nine 5G trial sites in London.

 

Vodafone and Telefonica-owned O2 have also bought spectrum to launch 5G
services of their own in the country.

 

Higher capacity

In theory, 5G could offer download speeds of up to 10 gigabits per second or
even 20Gbps - although these are unlikely to be attained for many years if
at all.

 

Most handsets are not yet capable of pushing 4G speeds to their limits, so
UK networks are under pressure to convince the public of the need to upgrade
having spent more than had been predicted on the spectrum auctioned to date.

 

When can I buy a 5G phone and how much will it be?

Will 5G be necessary for self-driving cars?

Hologram phone calls - sci-fi or serious possibility?

As part of its pitch, Three is making the case that 5G will offer a "genuine
alternative" to fixed-line copper and fibre services.

 

"Maybe not for the whole country, but certainly a significant majority of
the country, I strongly believe 5G can offer a good enough home broadband
experience for people to effectively ditch their copper [or fibre]
connection," said David Dyson, Three UK's chief executive.

 

"The challenge in terms of why we can't do that today is that the mobile
networks don't have the capacity with 3G or 4G. 5G changes all of that."

 

Capacity refers to the amount of data that can be handled at any one time
rather than the speed.

 

Three already provides a 4G-based "unlimited data" home broadband service in
London, called Relish, which it acquired last year.

 

But Mr Dyson said the business had to be careful how many people it signed
up, to prevent its service degrading.

 

This, he said, would not be a problem with 5G.

 

But one industry-watcher said it was still unclear how reliable the
technology would be.

 

"Stability is important for video streaming at HD and Ultra HD quality
levels, and paramount for the gaming community," said Andrew Ferguson, from
the news site Thinkbroadband.

 

"Full-fibre services are going to beat 5G as you have a connection as stable
as the one that will be feeding the mobile masts and thus the variables of
signal strength dropping due to a bus passing the home are avoided."

 

The government is currently pursuing a target of "full-fibre" broadband
coverage to the whole UK by 2033, in which high-speed optical cables are
used to bring data right up to buildings without having to rely on slower
copper for part of the journey.

 

At present, only 5% of all properties have access to the full-fibre
connections, according to the regulator Ofcom.

 

But Three's chief executive suggested the cost involved could help make 5G a
more attractive option.

 

"Fibre-to-the-home for the small number of customers who value it and need
it will probably provide a faster speed," Mr Dyson said.

 

"But I think for the majority of people, 5G will be a genuine alternative.

 

"It's still quite unclear to me, as I'm sure it is to many people, what is
going to be the price of all these fibre-to-the-home deployments when it
actually arrives

 

"It's expensive to dig up roads. It takes a lot of time and money.

 

"It's much cheaper and quicker to provide that connectivity via a wireless
connection."--bbc

 

 

 

Michael Kors and Coty shares hit by weak European sales

Shares in Michael Kors plunged on Wednesday following weaker-than-expected
sales at its namesake brand.

 

Sales at Michael Kors stores open for at least 12 months fell 2.1%, while
licensing revenue was down almost 7%.

 

The US fashion firm has responded to the struggles at its core brand by
taking over luxury European labels Versace and Jimmy Choo.

 

However, the benefits of those multi-billion dollar acquisitions are yet to
be seen.

 

Profits for Michael Kors sank 37% to $137.6m for the three months to 29
September compared with the same period last year.

 

Total revenue was up 9% to $1.3bn, boosted by last year's takeover of Jimmy
Choo, the British luxury footwear maker made famous by Sex and the City, for
almost £900m.

 

But at Michael Kors - which accounts for the bulk of the firm's business -
total revenue from retail, licensing and wholesale was roughly flat, while
sales at stores in Europe fell by 10%.

 

The firm blamed the declines partly on overly aggressive efforts to limit
stock, as it tries to cultivate a more exclusive, luxury image.

 

"The consumer is absolutely responding to the brand," chief executive John
Idol said. "We've got to get more inventory into the stores to be able to
really build consumer demand."

 

Shares were down 14% at $49.42 in afternoon trading in New York.

 

The firm's acquisition of Versace - announced in September and expected to
be completed in the next six months - will position the company for growth
over the long term, he added.

 

The company, to be renamed Capri Holdings, plans to boost spending on
marketing and open new Versace stores, with the goal of more than doubling
the brand's annual revenue to $2bn over the next few years.

 

Coty struggles

Weakness in Europe also hurt US cosmetics company Coty, whose many brands
include Covergirl, Max Factor, Bourjois and Rimmel.

 

The firm posted a loss of $12.1m in the quarter, as revenues shrank by more
than 9% year-on-year to $2bn.

 

The poor results sent shares tumbling 18% in New York to $9.14. The stock
has almost halved in value this year.

 

Coty said demand for its more expensive products, such as perfumes and skin
care associated with brands like Calvin Klein and Hugo Boss, remained
strong.

 

However, its consumer beauty segment was struggling, especially in Europe as
well as the US.

 

Supply chain issues, including a hit to a North Carolina factory from
Hurricane Florence in September, also contributed to the problems.

 

Chief executive Camillo Pane said the quarter was a "disappointing setback
in achieving our financial targets and strategic goals, and we are working
hard to solve the issues".

 

Shares were down almost 20% at $8.99 in mid-day trade in New York.--bbc

 

 

 

Samsung folding smartphone revealed to developers

Samsung has unveiled a folding handset at an event in San Francisco.

 

It described its Infinity Flex Display as "the foundation of the smartphone
of tomorrow" and said it intended to start production within months.

 

When unfolded, the device resembles a 7.3in (18.5cm) tablet. When closed, a
separate smaller "cover display" on the handset's other side comes into use.

 

Samsung has teased the concept for more than five years and had been vying
with Huawei to show off a device first.

 

However, both were upstaged a week ago when little-known start-up Royole
unveiled a foldable phone of its own.

 

Royole's bendy-screen FlexPai phone unveiled

Huawei promises foldable phone within a year

Samsung: Time for folding smartphones

Unlike Royole's FlexPai, Samsung obscured the final look of its device. It
placed it in a case to hold off revealing the design until a later event.

 

It also did not disclose how it will brand the phone.

 

However, it did reveal that the forthcoming handset would be able to run
three apps at once.

 

Justin Denison, the executive who unveiled the handset, noted that when
folded up the device fitted "neatly inside" a jacket pocket thanks to the
displays involved being thinner than those on earlier phones.

 

Unlike the FlexPai, the two sides of Samsung's device lie flat when closed.
But this comes at the cost of there being noticeable breaks in its bezel, at
least on the prototype demoed.

 

Shipments of Samsung's smartphones were 13.4% lower in the July-to-September
quarter than for the same period the previous year, according to market
research firm IDC.

 

Although the sector as a whole shrank over the 12 months, the South Korean
firm still underperformed, with its market share slipping from 22.1% to
20.3%.

 

But analysts say a flexible phone has the potential to strengthen Samsung's
brand and boost interest in its wider family of devices.

 

"We've already had squeezable, swivel, clamshell and even foldable phones,"
commented IDC's Marta Pinto.

 

"Differentiation is super important. Samsung's smartphone sales are
declining as it faces serious competition from Huawei and other Chinese
brands.

 

"If it can bring a new and really interesting device to the market it could
be a chance to regain momentum and return to growth."

 

Google is also holding a developer event of its own for Android programmers.

 

One of its engineering chiefs announced that it would soon add support to
the operating system to allow other manufactures to create foldable phones
of their own.

 

It also tweeted an animation of the concept in action.

 

Finally, some interesting innovation in the smartphone space. Or smartphone
and tablet space, I guess you could say.

 

A new form factor can be a huge boost to device-makers, but only if it makes
sense.

 

A flip phone made previously big devices pocket-sized, and then smartphones
brought button-less interaction to our palms.

 

But what will foldable screens bring?

 

One of the reasons why Samsung teased this device at its developers
conference was to give software-makers a chance to think about how to make
the most of the new possibilities a foldable screen might bring.

 

There's a reason why just about every new smartphone up until today looked
the same: it worked.

 

To go foldable, there's likely to be big trade-offs on price, screen quality
and perhaps weight - the device Samsung teased today did look chunky.

 

I'll hold back on a verdict until I get a chance to hold one for myself.

 

IBM Simon: The first mobile phone to offer a touchscreen user-interface -
but its battery only lasted an hour.

 

Siemens S10: The first handset with a colour display - although only red,
green, blue and white could be shown.

 

LG Prada: The handset debuted a capacitive touchscreen - detecting finger
taps by changes in the display's electrical field rather than pressure.

 

iPhone: Apple made use of "multi-touch", detecting several points of contact
- allowing pinch-to-zoom and other interactions.

 

Nokia N85: First phone with an OLED (organic light-emitting diode) display,
letting it show deeper blacks and better contrast.

 

Samsung Galaxy Note: Although not the first "phablet", the handset proved
there was demand for a 5+ inch display, despite claims it was "comically
huge".

 

LG G Flex: The curved design was derided as being a gimmick, but points the
way to the true "bendy" phones of the future.

 

Sharp Aquos Crystal: The phone's "edgeless" look foreshadowed today's trend
to keep bezels to a minimum.

 

Samsung Galaxy Note Edge: Samsung's first handset to wrap its screen over
one its sides used the extra space for notifications and app shortcuts.

 

Sony Xperia Z5 Premium: The smartphone premiered a 4K display before it was
easy to obtain such ultra-high definition mobile content.

 

Essential Phone: The start-up beat Apple to featuring a camera notch in its
display, which allowed the rest of the screen to extend upwards.

 

Royole FlexPai: The California-based start-up surprised the industry when it
revealed the "world's first foldable phone" last month.--bbc

 

 

Gary Cohn says Trump tariffs are a 'tax on Americans'

Gary Cohn, Donald Trump's former chief economic adviser, warned that the
trade war between Beijing and Washington will impose unwanted taxes on
Americans.

 

He told the BBC he agreed with the US President's move to lower the US
corporate tax rate, but said American tariffs on Chinese goods were akin to
a consumption tax.

 

The US and China have been engaged in a tit-for-tat trade battle for months.

 

Mr Cohn was speaking in Singapore with the BBC's Karishma Vaswani.

 

Both countries have imposed several rounds of tariffs on each other's goods
- and Mr Trump has warned that even more tariffs could be on the way.

 

Four reasons Trump is hanging tough on trade

US-China trade row: What has happened so far?

Key Trump economy adviser Cohn resigns

However, Mr Cohn has warned that the trade battle war between the two giants
will simply hurt the back pocket of many American consumers - which will in
turn hurt the US economy.

 

"We are not a manufacturing economy," he said. "So if US citizens can buy
products cheaply, they have more money to spend on goods, and once they
spend on goods they can take the additional money they have and they can
save it - and we do need a higher savings rate in the US.

 

"I look at tariffs as a bit of a consumption tax [and] we do not want to tax
our consumers when they're going to spend their disposable income on what we
produce, which is services."

 

Mr Cohn said Mr Trump had a clear idea of what he wanted to achieve in any
further trade negotiations with China.

 

"The president has his style, he has his tactics," the former advisor said.

 

"People have questioned him all the way ... [but he] is moving forward on
trade, moving forward on protecting US companies, moving forward on
protecting US jobs - he understands that's what he ultimately has to do."

 

Mr Cohn and Mr Trump were never believed to be close, but the 57-year-old
former Goldman Sachs executive helped the President push through his
sweeping tax reforms late last year.

 

Mr Cohn's departure from the White House was announced in March, adding to a
string of high-profile departures.--bbc

 

 

 

 

 

 


 

 


 

INVESTORS DIARY 2018

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 


 

 

 

 


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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
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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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