Major International Business Headlines Brief::: 09 November 2018

Fri Nov 9 08:02:58 CAT 2018

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Major International Business Headlines Brief::: 09 November 2018

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*  Zimbabwe sees 2019 budget deficit at 4 percent of GDP

*  Nigerian central bank to meet MTN lenders over $8 bln fund transfer
-source

*  Nigeria plans London roadshow ahead of $2.8 bln Eurobond sale -sources

*  South Africa's financial stability threatened by MTN's $10 billion
Nigeria bill - cenbank

*  Tunisia trade deficit widens to record $5.5 billion

*  Saudi makes $1 bln bid for partnership with S.Africa defence group Denel

*  Zambia sees fiscal deficit at 7 percent in 2018: finance minister

*  Nigerian court adjourns case between MTN and attorney general to Dec. 3

*  Standard Bank to launch secondary listing on A2X bourse

*  South Africa's September manufacturing output up 0.1 percent

*  Disney reports record results as it flags up new Star Wars

*  Tesla names Robyn Denholm as chair to replace Elon Musk

*  Aerospace giant Bombardier to cut 5,000 jobs worldwide

*  Mid-term elections 2018: What they mean for business

 <mailto:info at bulls.co.zw> 

Zimbabwe sees 2019 budget deficit at 4 percent of GDP

HARARE (Reuters) - Zimbabwe wants to reduce its budget deficit to 4 percent
of gross domestic product in 2019, down from an 11.1 percent forecast this
year through various expenditure cuts, Finance Minister Mthuli Ncube said on
Thursday.

The deficit widened after President Emmerson Mnangagwa’s government cranked
up spending by increasing public sector salaries and purchasing farming
inputs for rural farmers ahead of a disputed July 31 presidential election.

Ncube told members of parliament during a pre-budget briefing that the
government would stop the central bank’s quasi-fiscal operations such as
providing direct funding for projects, review annual bonuses to the public
service, cut foreign travel and perks for senior officials.

Ncube said the government would also partially sell or list its shares in
telecoms, banking and mining companies it owns in a period of six to nine
months from now.

Past efforts by former finance minister Patrick Chinamasa to rein-in
spending under Robert Mugabe’s rule failed, partly due to lack of political
support, analysts say.

Ncube is under pressure to push through the reforms needed to lift
Zimbabwe’s stricken economy and attract foreign lenders.

Zimbabwe, which dumped its currency for the U.S. dollar in 2009, is facing
acute dollar shortages, which has seen prices of imported goods, including
medicines spiral in recent weeks.

 <mailto:info at bulls.co.zw> 

Nigerian central bank to meet MTN lenders over $8 bln fund transfer -source

LAGOS/ABUJA (Reuters) - Nigeria’s central bank plans to meet four lenders of
telecoms company MTN to discuss a dispute over a $8.1 billion fund transfer,
after a court adjourned the case, a banking source said.

The central bank emailed invitations on Thursday to the Nigeria heads of
Standard Chartered, Citibank, Stanbic IBTC Bank and Diamond Bank to attend a
meeting on Friday, the source said.

Nigeria’s central bank has accused South Africa-based MTN of violating
currency regulations by sending $8.1 billion abroad, and in August ordered
the company and its banks to repatriate the funds. MTN and the banks
involved have denied any wrongdoing and the banks want the central bank to
refund them money charged to their accounts in the form of fines.

The central bank and the banks declined to comment on a potential meeting on
Friday. A spokeswoman for MTN said she did not know of a meeting.

The source said the meeting would start at 1600 (1500 GMT) on Friday and
focus on MTN’s fund transfer.

Last week, a Lagos court adjourned a hearing on the $8.1 billion dispute
between MTN and the central bank until Dec. 4.

Central bank Governor Godwin Emefiele has said he was optimistic the MTN
issue could be resolved.

FINANCIAL STABILITY RISK

Nigeria is MTN’s biggest market, accounting for a third of the lender’s
annual core profit, but has proved to be problematic in recent years.

In a separate case, MTN faces a $2 billion tax demand from Nigeria’s
attorney general, a claim which the firm has said is without merit. The
Lagos court on Thursday adjourned the case against the attorney general
until Dec. 3.

Africa’s biggest telecoms firm has a market valuation of roughly $12 billion
and the two disputes total $10.1 billion.

South Africa’s central bank said on Wednesday that the country’s financial
stability was threatened by the demands made on MTN by Nigerian authorities.

Nigeria’s central bank fined Standard Chartered 2.4 billion naira ($7.8
million) over the fund transfer; Stanbic IBTC Bank 1.8 billion naira,
Citibank 1.2 billion naira and Diamond Bank 250 million naira.

($1 = 306.65 naira)

Nigeria plans London roadshow ahead of $2.8 bln Eurobond sale -sources

ABUJA/LAGOS (Reuters) - Nigerian officials will go on a roadshow to London
next week ahead of a planned $2.8 billion Eurobond sale this month, two
banking sources told Reuters on Thursday.

The roadshow, which is being organised by Citi and Standard Chartered, will
run from Nov. 12 for three days and be attended by Nigerian Finance Minister
Zainab Ahmed.

Nigeria’s upper house of parliament last month approved the Eurobond issue
but advised the government to limit foreign borrowing and boost revenue.

Last year Nigeria sold $3 billion in Eurobonds, part of which it used to
fund its 2017 budget. It then followed with a $2.5 billion Eurobond sale in
February to refinance local currency bonds at lower cost.

Lawmakers said the new bond issue will raise foreign borrowing to 32 percent
of Nigeria’s total debt, up from 30 percent at June 2018.

Nigeria, which emerged from recession last year, approved a three-year plan
in 2016 to borrow more from abroad. It wants 40 percent of its loans to come
from offshore sources to lower borrowing costs and help to fund record-high
budgets.

President Muhammadu Buhari, who plans to seek a second term in next year’s
election, signed 2018’s record 9.12 trillion naira ($29.8 billion) budget
into law in June as part of efforts to foster economic growth.

Nigerian officials met fund managers in September on a non-deal roadshow in
New York to update bondholders on the country’s growth plans.

($1 = 305.6500 naira)

South Africa's financial stability threatened by MTN's $10 billion Nigeria
bill - cenbank

JOHANNESBURG (Reuters) - Billions of dollars in fines owed by South African
companies MTN and Standard Bank to Nigerian regulators could increase the
risk to South Africa’s financial system, the central bank said on Wednesday.

The Nigerian central bank in August accused telecoms firm MTN and its lender
Stanbic, a Standard Bank subsidiary, of illegally sending $8.1 billion
abroad.[nL8N1WZ5PH]

The Nigerian government has also demanded $2 billion in related taxes from
MTN. The South African mobile operator makes about a third of its annual
core profit in the West African country.

Tunisia trade deficit widens to record $5.5 billion

TUNIS (Reuters) - Tunisia’s trade deficit widened by 21 percent year-on-year
in the first 10 months of 2018 to a record 15.9 billion dinars ($5.52
billion), state news agency TAP said on Thursday.

The deficit is one of the main problems facing the government of Prime
Minister Youssef Chahed as it grapples with an economic crisis.

It has contributed to a slide in Tunisia’s foreign currency reserves, which
are now enough to pay for only 82 days of imports.

Praised for its successful democratic transition after a 2011 uprising,
Tunisia has struggled with tough economic reforms to reduce public spending
agreed with its international lenders.

($1 = 2.8811 Tunisian dinars)

Saudi makes $1 bln bid for partnership with S.Africa defence group Denel

JOHANNESBURG (Reuters) - Saudi Arabia has made a $1 billion bid for a broad
partnership with South African state-owned defence group Denel that would
include acquisition of a minority stake in a joint venture with Germany’s
Rheinmetall, a source familiar with the offer said.

Currently heavily dependent on imports, Saudi Arabia, the world’s
third-largest defence spender, is seeking partnerships to develop its own
domestic defence industry with the goal of localising half of its military
spending by 2030.

Saudi Arabian Military Industries (SAMI), the kingdom’s state defence
company, told Reuters last month that it was in discussions with all major
South African firms and aimed to conclude the first deals by the end of this
year.

According to the source, who asked not to be named due to the sensitivity of
the talks, Saudi Arabia was targeting Denel’s 49 percent stake in
Rheinmetall Denel Munition (RDM).

RDM is a South African-based joint venture formed in 2008 between Denel and
Rheinmetall Waffe Munition GmbH, which holds the remaining 51 percent stake.
It specialises in the development, design and manufacture of medium and
large-calibre ammunition including artillery shells.

A Rheinmetall spokesman declined to comment. The German government is
currently reviewing all arms sales to Saudi Arabia after the killing of
journalist Jamal Khashoggi in the Saudi consulate in Istanbul.

Industry sources said RDM operates independently and is subject to South
African law, which means exports from the unit are not subject to German
government oversight. The sources said they did not expect that a change in
the ownership of the venture would require a German government review.

Under the Saudi offer, SAMI would also finance research and development in
other Denel divisions including Denel Dynamics, which develops and produces
tactical missiles and precision guided weapons.

Denel and SAMI would share intellectual property and under a new joint
venture would target defence export markets in the Middle East and North
Africa.

Finally, Saudi Arabia - already a top Denel customer for military vehicles,
artillery munitions and radar equipment - would purchase a certain amount of
the group’s production. The Saudis expect an answer from the South African
authorities by the end of December.

“Saudi Arabia has made a unique business proposition to the South African
government. As our discussions are not finalised yet we cannot provide any
comment,” SAMI CEO Andreas Schwer wrote in response to Reuters’ questions.

“RIPE FOR PARTNERSHIPS”

South African President Cyril Ramaphosa last week said Denel was “ripe for
joint-venture partnerships”. But he added that the government had not yet
weighed the Saudi bid or proposals from what he said were a number of other
suitors looking to partner with Denel.

A Denel spokesperson would not comment on any specific bid, saying that such
negotiations take place on a state-to-state basis.

Ramaphosa’s spokeswoman Khusela Diko said the president would only make a
decision on the Saudi offer to partner with Denel once it was discussed by
cabinet.

“No decision has been made yet,” Diko told Reuters.

The source with knowledge of the Saudi bid told Reuters that Rheinmetall
informally approached Denel’s board last year aiming to deepen its
collaboration with the company.

The source said Rheinmetall had, like Saudi Arabia, expressed interest in
acquiring Denel’s minority stake in RDM and other Denel divisions but was
rebuffed.

Rheinmetall declined to comment.

Denel is grappling with an acute liquidity crunch and is struggling to pay
salaries and deliver on roughly 18 billion rand ($1.29 billion) of
outstanding orders.

Following seven years of modest profits, the company said last week it had
made an operating loss of 1.7 billion rand in the 2017/18 financial year.

Sector observers say finding an equity partner is essential to Denel’s
survival.

However, the interest in the company from Saudi Arabia, which is accused of
committing abuses in the war in Yemen and has admitted responsibility for
Khashoggi’s death, has spawned public debate in South Africa.

South African Foreign Minister Lindiwe Sisulu said last month human rights
would be considered in any deliberations over a potential Saudi deal.

($1 = 13.9020 rand)

Zambia sees fiscal deficit at 7 percent in 2018: finance minister

LUSAKA (Reuters) - Zambian Finance Minister Margaret Mwanakatwe expects the
country’s fiscal deficit to be around 7 percent of gross domestic product in
2018, she said on Thursday.

Mwanakatwe also told a news briefing that Zambia’s external debt at the
close of third quarter was $9.51 billion from $9.37 billion at end of second
quarter of 2018.

The International Monetary Fund (IMF) has raised concerns over high
borrowing by Africa’s second largest copper producer. Mwanakatwe said Zambia
was committed to implementation of austerity measures to limit debt risk
distress.

Nigerian court adjourns case between MTN and attorney general to Dec. 3

LAGOS (Reuters) - A Lagos judge on Thursday adjourned a hearing in a $2
billion dispute between South African telecoms firm MTN Group and Nigeria’s
attorney general until Dec. 3.

MTN faces a $2 billion tax demand from the country’s attorney general, a
claim which the company has said is without merit. The central bank has also
accused the firm of illegally sending $8.1 billion abroad, which MTN has
denied as well.

Africa’s biggest telecoms firm, which makes about a third of its annual core
profit in Nigeria, currently has a market valuation of roughly $12 billion.
The two disputes total $10.1 billion.

The South African Reserve Bank (SARB) on Wednesday said the country’s
financial stability was threatened by the demands made of the telecoms firm
by Nigerian authorities.

At the hearing next month, MTN will make its case that Nigeria’s attorney
general exceeded his powers in demanding $2 billion in taxes and charges.

In a separate hearing on Dec. 4, MTN will make its case in court against the
central bank’s demand for the return to Nigeria of $8.1 billion it said was
illegally taken out of the country.

Standard Bank to launch secondary listing on A2X bourse

JOHANNESBURG (Reuters) - South African lender Standard Bank will be floating
its shares in a secondary listing on the A2X markets stock exchange in
Johannesburg next week, the lender said on Thursday.

The A2X bourse will have thirteen listed companies so far since launching in
October 2017 after the bank and consumer goods firm AVI float next week.

The exchange provides free secondary-listing for companies, offering them
more exposure in addition to their primary listing.

“We have listened to our institutional investors, who have called for this
secondary listing, which will offer enhanced choice to investors to trade
through A2X’s platform,” the bank’s Financial Director, Arno Daehnke, said
in a statement.

Standard Bank — South Africa’s largest lender by assets — will be the
biggest company by market capitalisation when its listing commences on
November 15, based on Reuters data.

The lender will join South Africa’s biggest insurer Sanlam and other firms
listed on the A2X bourse.

“It gives them more exposure. Investors also would have more than one way of
investing in the stock and as brokers sign up, the exchange should gain more
traction as well,” Ryan Woods, trader at Independent Securities.

South Africa's September manufacturing output up 0.1 percent

JOHANNESBURG (Reuters) - South Africa’s manufacturing output rose by 0.1
percent year-on-year in September, following a revised 1.5 percent expansion
in August, the statistics agency said on Thursday.

Statistics South Africa said factory production on a month-on-month basis
fell 1.0 percent in September, and increased by 1.7 percent in the three
months to September versus the previous three months.

Disney reports record results as it flags up new Star Wars

Disney is preparing another live-action Star Wars spinoff as it looks to
lure viewers to a new video streaming site.

The media giant announced the plans as it reported a record financial year,
boosted by box office hits such as the Incredibles 2 and Ant-Man and the
Wasp.

Executives cited the Star Wars series as an example of the new investments
they are making in content as the firm shifts its focus to online streaming.

The move follows increased competition from giants such as Netflix.

"We're looking at the marketplace, we're seeing disruption and we're
reacting to it, hopefully on a timely basis so we can take advantage of the
trends," chief executive Robert Iger said.

Use of online pay-to-watch TV surges ahead

Why young Indians are choosing streaming over TV

Disney earned record annual results this year, making profits of nearly
$12.6bn on $59.4bn in revenue.

In the three months to 29 September, Disney earned $14.3bn in revenue, up
12% year-on-year, while profits rose 33% to $2.3bn.

Its performance was boosted by the studio division, whose revenues jumped
50% in the quarter to $2.15bn (£1.6bn).

As well as its film studios, Disney's holdings include cruise ships and
theme parks, a TV division that includes ESPN and broadcast networks such as
ABC.

It is now intent on expanding its digital reach.

The company already owns a stake in the general television streaming site
Hulu.

This year, it added ESPN Plus, a sports-focused online streaming site.

The company also plans to launch Disney Plus, a family oriented site that
will feature a mix of new shows and films from the firm's rich back
catalogue, in late 2019.

The online investments have yet to be profitable, but Mr Iger said he was
pleased with results so far, especially at ESPN Plus, which now has more
than 1 million subscribers.

"The early growth trajectory of ESPN Plus is very encouraging and we believe
it bodes well for our global... strategy," he said.

Fox-Disney deal

The company's purchase of 21st Century Fox's film, television and
international assets, which was announced last year, was aimed in part at
expanding Disney's catalogue of film and TV shows for its digital sites.

Mr Iger said Disney expected to complete that deal, which will give it a
controlling stake in Hulu, before June 2019.

Shareholders approve Fox Disney deal

Five reasons why the Murdochs are selling Fox to Disney

Mr Iger said he hoped the purchase would help Disney create a powerhouse
television studio to supply programmes for its digital, "direct-to-consumer"
products.

For example, the firm is planning to offer shows from Fox's National
Geographic on Disney Plus, in addition to offerings like the planned Star
Wars live action series, planned as a prequel to Rogue One.

Mr Iger said he also hoped to make Hulu and Disney Plus available
internationally.--bbc

Tesla names Robyn Denholm as chair to replace Elon Musk

Tesla has named an Australian executive as its new chairman after Elon Musk
was forced to give up the role.

Robyn Denholm, the finance chief of Australian telecoms firm Telstra, takes
over from the electric car maker's founder, who remains chief executive.

Mr Musk agreed to step down as chair last month to resolve claims of fraud
brought by US financial regulators.

The settlement requires Tesla to install an independent chairman, among
other penalties.

The announcement scotches reports that James Murdoch was the frontrunner for
the job.

Tesla has endured a difficult few months, following comments Mr Musk made on
social media in early August suggesting he had "funding secured" for a deal
to take Tesla private.

Its shares soared following his comments but weeks later Mr Musk backed away
from the plan, blaming feedback from shareholders.

Elon Musk will no longer take Tesla private

The weird and wonderful life of Elon Musk

Tesla delivers 'historic' $311m profit

US authorities sued the entrepreneur for misleading investors and he and
Tesla were each fined $20m. Mr Musk was also obliged to relinquish his role
as chairman for three years.

Investors had also called for stronger oversight of Mr Musk after his
erratic behaviour attracted attention. In media interviews he said he often
slept on a sofa in the Tesla office and more recently in an online video he
briefly smoked marijuana.

Tesla, which has never reported an annual profit, also came under strain
over production schedules for its Model 3 electric car, its newest car aimed
at a wider market. However, the carmaker made what Mr Musk called an
"historic" profit in the most recent quarter.

Ms Denholm, who has been on Tesla's board since August 2014, became Telstra
CFO in July.

She will take on the full-time role at Tesla after serving a six-month
notice period at the Australian firm.

"I believe in this company, I believe in its mission and I look forward to
helping Elon and the Tesla team achieve sustainable profitability and drive
long-term shareholder value," Ms Denholm said.

Before moving to Telstra, she worked for Silicon Valley firms Sun
Microsystems and Juniper Networks as well as consultants Arthur Anderson and
Toyota.

"Robyn has extensive experience in both the tech and auto industries, and
she has made significant contributions as a Tesla board member over the past
four years in helping us become a profitable company," said Mr Musk.--bbc

Aerospace giant Bombardier to cut 5,000 jobs worldwide

Bombardier workers face uncertainty after the Canadian aerospace giant
announced 5,000 job cuts around the world.

The struggling plane and train manufacturer said more than half of the cuts,
to be made over the next 12-18 months, would be made in Canada.

The company said the job cuts would be made to "streamline" operations as
part of a broader restructuring plan.

Bombardier employs 70,000 people worldwide.

The Montreal-based company has production and engineering sites in 28
countries. The company estimates the job cuts - about 7% of the global
workforce - will save $250m (£190m).

The cuts will come mostly from its aerospace division with some from the
firm's rail division.

Bombardier says that 2,500 workers will be cut in the Canadian province of
Quebec and 500 workers from the province of Ontario.

A spokesman said the firm does not yet have details on the remaining
expected job losses.

Profits up

The announcement came as Bombardier unveiled its third-quarter results, in
which pre-tax profits doubled to $267m for the three months to September
compared with the same period last year.

Sales were down 5% to $3.6bn, but revenue is expected to jump 10% to at
least $18bn next year.

The firm will also sell two of its "non-core" businesses, its Q Series
aircraft for $900m and the de Havilland trademark, for $300m.

"We continue to make solid progress executing our turnaround plan," said
chief executive Alain Bellemare in a statement.

"We have set in motion the next round of actions necessary to unleash the
full potential of the Bombardier portfolio."

US finds against Bombardier in Boeing fight

Bombardier-Boeing dispute explained

Earlier this year, Bombardier sold a majority stake in its loss-making
C-Series aircraft to Europe's Airbus, with the plane being renamed the A220.

Mr Bellemare was brought in three years ago to shore up Bombardier, which
was facing serious financial trouble with the C Series programme and had to
be rescued by the Quebec government with a $1bn bailout.--bbc

Mid-term elections 2018: What they mean for business

Big business thrived in the first two years of the Trump administration, as
President Donald Trump is fond of noting.

That was due in part to new policies, including a major corporate tax cut
and looser regulation.

The 2018 mid-term elections left Washington divided, as Democrats gained a
majority in the House of Representatives, while Republicans expanded their
dominance in the Senate.

So what do the results mean for the business world?

Mid-term election results: What it all means for Trump

US mid-terms latest: Five key things we learned

US mid-term election results 2018: Maps, charts and analysis

More tax cuts are unlikely

This autumn, the House of Representatives approved a new round of tax cuts,
building on the overhaul passed in 2017.

The plan stood little chance in the Senate, but President Trump embraced the
idea on the mid-term campaign trail.

Now, with Democrats in control of the House, most analysts say those plans
look even more unlikely.

However, that's a bit of a relief for Wall Street.

Though the business world cheered the 2017 tax cut - which slashed business
taxes from 35% to 21% - they were worried about what further tax cuts might
do to the US debt load.

Wall Street has been hoping for a big infrastructure spending bill since
2016, when President Trump emphasised the issue during the campaign.

New funds haven't really materialised, but analysts are hoping a divided
Congress provides an opportunity to refocus on the issue, one where
Republicans and Democrats could potentially agree.

Business leaders tend to like infrastructure spending, which spurs economic
growth and fits conservative principles about the proper role of government.

However, despite talk this week from leaders in both parties about the
opportunities for compromise, we're still a long way from a deal.

After all, President Trump warned that bipartisanship will be doomed if
Democrats aggressively investigate his tax returns, ties to Russia and the
like.

President Donald Trump's trade tariffs are unpopular on Wall Street, where
they're viewed as a drag on global growth, a disruption to supply chains and
an added cost to business and consumers.

But the issue was not a high priority for voters.

Republicans even picked up seats in some states, such as Missouri and North
Dakota, where farmers face losses as a result of other countries'
retaliation against their exports.

US trade wars: The farmers who trust Trump, mostly

The manufacturers fighting Trump's tariffs

Mr Trump might yet opt for deals with the European Union, Japan - even China
- that remove the tariffs.

But the hope in some quarters that the retaliation might increase the
pressure on him to do so has probably dimmed.

So what was a priority for voters? Health care.

That could push politicians to craft legislation that would reduce drug
prices, an issue that has been a popular talking point for both President
Trump and the Democrats.

Change would face fierce industry resistance, even assuming the two parties
could reconcile their fairly different approaches to the issue.

For now, shareholders don't seem too worried. Shares in health care firms
were up more than 2% on Wednesday.

The tech battles continue to rage

In San Francisco, voters backed a special tax on companies with more than
$50m in revenue to fund initiatives against homelessness.

Salesforce boss Marc Benioff had championed the measure, which was opposed
by leaders at Twitter and other tech companies.

But a similar proposal in Seattle was defeated earlier this year, after
opposition from Amazon.

Business issues appeared on state ballots around the country.

In some cases, the results confirmed pre-existing trends.

Voters in Missouri and Arkansas moved to increase the minimum wage, joining
dozens of other states that have approved increases in recent years.

Missouri and Utah legalised medicinal marijuana, while Michigan approved
broader legalisation, bringing the number of states with some degree of
legalisation to 33.

Legal marijuana: Colorado's 'Green Rush'

Canada cannabis legalisation: ‘We know the world is watching’

On other subjects - such as the environment - the US remains divided.

In Nevada, voters backed measures requiring more energy to be derived from
renewable sources. Florida also banned offshore drilling, while California
left in place a petrol tax.

But Colorado voters rejected a measure that would have limited sites open to
fracking, while a Washington state proposal to tax carbon emissions was
defeated.

Arizona also voted against requirements for utility companies to get more of
their energy from renewable sources.--bbc

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

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