Major International Business Headlines Brief::: 13 November 2018

Tue Nov 13 08:20:53 CAT 2018

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Major International Business Headlines Brief::: 13 November 2018

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

*  Zimbabwe invites bids for struggling national airline

*  South Africa's Eskom warns of power cuts due to low coal stockpiles

*  Mubadala to buy 20 pct interest in Egypt's Nour offshore concession from Eni

*  South Africa's rand retreats as dollar surge rattles risk demand

*  Nigeria's Diamond Bank says not in merger or acquisition talks

*  Vodacom H1 profit down 13.5 pct

*  Tsogo Sun calls off casino and hotel sale

*  Apple iPhone sales fears rock Wall Street

*  Tobacco shares hit by US menthol ban fear

*  Xiaomi criticised for UK smartphone £1 flash sale

*  Pound's rollercoaster ride continues

*  Diageo sells Seagram's and sambuca brands

*  Chinese headmaster fired over secret coin mining at school

 <mailto:info at bulls.co.zw> 

Zimbabwe invites bids for struggling national airline

HARARE (Reuters) - Zimbabwe has invited bids for the state-owned airline as President Emmerson Mnangagwa’s government pushes ahead with a drive to privatise and end state funding to loss-making firms, Air Zimbabwe’s administrator said on Monday.

Air Zimbabwe, which owes foreign and domestic creditors more than $300 million, was in October placed into administration to try and revive its fortunes.

The troubled airline is among dozens of state-owned firms, known locally as parastatals, that are set to be partially or fully privatised in the next 9 months as the government seeks to cut its fiscal deficit seen at 11 percent of GDP this year.

Air Zimbabwe administrator Reggie Saruchera said in a notice published in newspapers on Monday that potential investors should make their bids before Nov. 23 after paying a non-refundable deposit of $20,000.

Saruchera did not indicate whether investors would be allowed to tender for partial or total shareholding in Air Zimbabwe. He was not immediately reachable for comment.

Only three of Air Zimbabwe’s planes are operational, with another three grounded, which has forced it to abandon international routes.

 <mailto:info at bulls.co.zw> 

South Africa's Eskom warns of power cuts due to low coal stockpiles

JOHANNESBURG (Reuters) - South Africa’s cash-strapped power utility Eskom said on Monday the risk of nation-wide electricity outages had increased significantly due to a sharp fall in coal stockpiles at five of its power stations.

“The risk of load-shedding is there and its rising,” said Eskom spokesman Khulu Phasiwe.

“In total, we have 11 coal-fired power stations that have less than the required minimum amount of 20 days stockpile. Out of the 11, five of them have less than 10 days of coal stock and that is the challenge.”

Mubadala to buy 20 pct interest in Egypt's Nour offshore concession from Eni

DUBAI (Reuters) - Abu Dhabi state fund Mubadala Investment Company’s oil business has agreed to buy a 20 percent participating interest in Egypt’s Nour North Sinai Offshore Area concession from Italy’s Eni, it said on Monday.

Eni, which operates the concession through a subsidiary, holds an 85 percent interest in partnership with Tharwa Petroleum Company, which holds a 15 percent interest.

Mubadala Petroleum said the deal was subject to conditions, including approval from Egyptian government authorities.

South Africa's rand retreats as dollar surge rattles risk demand

JOHANNESBURG (Reuters) - South Africa’s rand was weaker on Monday, with yield-seeking investors continuing to back the dollar and move out of riskier emerging-market and equity assets dampened by signs of softening demand in China and rate tightening by the Federal Reserve.

At 0650 GMT, the rand was 0.56 percent weaker at 14.4000 per dollar, buckling from a two-month best of 13.8700 last week, as the greenback accelerated towards a 16-month high.

The momentum that saw the rand pierce the crucial 14.00 technical resistance level was short-lived despite local data suggesting the economy was slowly recovering from recession and bets that the mid-term U.S. election results would tame demand for the dollar.

“From a technical perspective, we recommend keeping an eye on the USDZAR resistance level of 14.40 and the support level of 14.00,” Nedbank analysts said in a note.

An index tracking consumer staples firms in China showed demand fell, while e-commerce giant Alibaba’s 24-hour online retail frenzy “Singles’ Day showed the event’s annual growth dropped to its slowest rate.

Concerns about slowing growth in China, which is among South Africa’s largest trade destination, and the impact of the tariff spat between Beijing and Washington have also kept demand for the rand and other EM currency brittle. Bonds weakened, with the yield on the benchmark paper due in 2026 rising 5 basis points to 9.25 percent.

Stocks were set to open flat at 0700 GMT, with the JSE securities exchange’s Top-40 futures index down 0.06 percent.

Nigeria's Diamond Bank says not in merger or acquisition talks

ABUJA (Reuters) - Nigeria’s Diamond Bank is not in merger or acquisition talks with any institution after saying it was aware of speculation that rival Access Bank plans to acquire it, the mid-tier lender said on Monday.

Vodacom H1 profit down 13.5 pct

(Reuters) - South African mobile phone group Vodacom reported a 13.5 percent fall in half-year profit on Monday, weighed down by the issuance of new shares to meet the black ownership target under domestic affirmative action rules.

Headline EPS, the main profit measure in South Africa, came in at 385 cents in the six months through the end of September, compared with 445 cents a year earlier.

Vodacom, a unit of Britain’s Vodafone, issued more than 114 million shares to black investors in July in a 16.4 billion rand deal to meet the ownership target under South African black economic empowerment rules.

The company, which competes with MTN Group, added 373,000 new users during the period, taking its subscriber base to 109 million, it said in results filing.

Vodacom raised dividend payout by 1.3 percent to 395 per share.

Tsogo Sun calls off casino and hotel sale

JOHANNESBURG (Reuters) - Tsogo Sun has called off its planned sale of seven casino and hotel businesses to Hospitality Property Fund due to a lack of support from shareholders, the South African company said on Monday.

“The sale of shares and subscription agreement has been terminated by agreement between Tsogo, Hospitality and the remaining parties to that agreement,” Tsogo said in a statement.

Hospitality said in July it would acquire the businesses in a shares and subscription agreement worth 23 billion rand ($1.72 billion).

Tsogo said at the time the sale was part of plans to split into three separately listed divisions focused on property, gaming and hotel management.

Apple iPhone sales fears rock Wall Street

Apple shares sank by 5% on Monday, dragging down US markets and wiping more than $40bn (£31bn; €35bn) off the tech giant's market value.

The fall followed a profit warning from some of the firm's suppliers, which exacerbated concerns that demand for iPhones is slowing.

The declines made the company one of the biggest losers on the Dow, which closed down 2.3%.

The wider S&P 500 ended about 2% lower, while the Nasdaq fell more than 2.75%.

Technology stocks led the Wall Street sell-off which saw shares in most sectors tumble.

Tech firms helped drive many of the stock market gains earlier in the year but now face rising calls for regulatory and tax changes that could hurt their growth.

Amazon shares lost more than 4%, Alphabet dropped over 2.5% while Facebook fell 2.3%.

Apple falls below $1tn despite revenue and profit rise

Five big things that have made Apple

Smartphone use falls among young for first time

Apple's share price fall came after Lumentum, a US manufacturer of facial recognition technology and Apple supplier, said one of its major customers had reduced its shipments.

As a result, Lumentum downgraded its sales and profit outlook, sending its shares down over 30%.

Lumentum's warning came shortly after another Apple supplier, Japan Display, also cut its full-year guidance blaming "volatile customer demand".

The warnings from Apple suppliers extended a slide in Apple shares that started earlier this month after the firm's sales forecast disappointed investors.

The shares closed at about $194, down 5% for the day and more than 15% below their peak in October.

Apple has insisted that it is optimistic about its Christmas season outlook, attributing the weaker than expected forecast to one-off changes, such as the timing of the release of new phones, and temporary supply chain issues.

It continues to make record profits, thanks to higher prices and growing income from its services business, which includes services such as the App Store, Apple Pay, Apple Music.

But analysts have remained sceptical, especially after the firm said it would stop sharing the number of iPhones, iPads and Macs it sells with investors.

They have warned that Apple's reliance on higher prices could also make it especially vulnerable if there is a broader pullback in consumer spending.

Goldman hit

Meanwhile, Goldman Sachs, which has been embroiled in a corruption scandal at Malaysia's state-backed development fund, also dragged Wall Street indexes lower.

Shares in the investment bank ended down about 7.5%, after a Malaysian official said the country wanted a refund of the fees Goldman earned for work on bond sales for the 1MDB fund.

A former Goldman executive this month pleaded guilty to US charges that he had participated in a scheme to use some of the money raised in those offerings for bribes.

The US market declines come amid an extended period of volatility on Wall Street, with investors wary due to warnings of a slowdown in global growth, trade tensions, falling oil prices and rising interest rates.

US companies are also facing a rising dollar, which hurts sales overseas.

The combination of factors has helped fuel speculation that corporate profits may be at their peak, especially after several companies, including Apple and Amazon, issued weaker than expected sales forecasts for the months ahead.--BBC

Tobacco shares hit by US menthol ban fear

Shares in two tobacco giants have been hit by reports that US regulators are planning to ban menthol cigarettes.

British American Tobacco closed 10.6% down to their lowest in almost five years, while Imperial Brands recovered from earlier big falls to end 2.2% off.

A report in the Wall Street Journal claimed the US Food and Drugs Administration would impose the ban.

Analysts said menthol cigarettes sales account for a quarter of BAT's earnings and a tenth of Imperial Brands'.

'Next generation'

The newspaper report suggested the US authorities are planning a ban just days after cracking down on flavoured e-cigarettes.

BAT owns one of the most popular menthol brands, Newport, after it splashed out $49bn (£38bn) on rival RJ Reynolds last year.

Analysts at Barclays estimated US sales of menthol cigarettes account for around 25% of BAT's annual underlying earnings and around 11% of Imperial Brands's earnings.

But the menthol ban could take up to two years to come into force, with a year for the rules to be finalised and a further year for the ban to be enforced in the marketplace.

In 2013, the Food and Drugs Administration concluded that menthol cigarettes are harder to quit and pose a greater health risk than regular cigarettes.

"Along with cigarette volumes shrinking, regulation is the other inevitable fact of the tobacco industry," said Nicholas Hyett, equity analyst at Hargreaves Lansdown.

"An ever more hostile regulatory environment might explain why BAT has decided to spend big on next generation products like e-vapour and heated tobacco.

"These products are believed to cause less harm to users, but even here the regulator is creating waves - potentially banning flavoured capsules popular with younger customers."

'Rule-making process'

BAT said it did not that believe that menthol encouraged people to smoke, made smoking harder to give up, or increased the risks to health compared to cigarettes without menthol.

"In the event that the FDA does make an announcement this week indicating that it wishes to regulate menthol cigarettes, any such proposal will have to go through the multi-year rule-making process, including public comment, a potential review by the Tobacco Products Scientific Advisory Committee (TPSAC), and will be subject to judicial review," said Simon Cleverly, corporate affairs head at BAT.

"In any event, we look forward to continuing to participate in a thorough science-based review to address the use of flavours in tobacco products."--BBC

Xiaomi criticised for UK smartphone £1 flash sale

"Flash sales" publicising a Chinese smartphone company's UK launch have sparked a backlash on social media.

Xiaomi advertised two of its new handsets for £1 each last week as part of a "crazy deals" promotion.

But it has emerged that each flash sale involved only two or three phones and Xiaomi had set its website to say: "Sold out," as soon as the sale opened.

The UK's ads watchdog said it had received a complaint and was now deciding whether to investigate.

Xiaomi said it hoped customers would not be discouraged from taking part in future campaigns.

"We've held flash sales all over the world since our first one back in 2013 as a way to give a lucky few customers a chance to get their hands on our smartphones at incredibly low prices," said a spokeswoman.

"[This] was our first in the UK and attracted enormous levels of demand, far beyond what we were expecting.

"We're sorry so many Xiaomi fans missed out this time round but we hope they'll take part in future flash sales as and when we announce them."

'Big deal'

Xiaomi's business model is based on selling its hardware at low profit margins and it has regularly held flash sales in other markets as a relatively cheap way to attract attention and gauge demand.

It typically offers thousands of devices at a more realistic prices when doing so. But even when it held a similar €1 (88p) event in Spain last year, it provided 50 units.

By contrast, the first two UK flash sales involved only three phones apiece, while two follow-ups were limited to two units.

This fact was not mentioned on the main sales page. Instead, users had to click on a link to its terms and conditions, found at the foot of the site, and then scroll halfway through them.

Xiaomi enters UK with phones and scooter

Vodafone's break-up advert banned

HTC's swimming pool selfie ad attacked

Dozens of users complained on Xiaomi's Facebook page after failing to obtain a phone.

"For a company worth around $50bn launching in a brand new country and making a big deal about it they could have done 50 easily. They didn't. They'll lose potential customers over this," wrote Simon Hodge.

Another user, James Bowen, said: "What a joke, as soon as the timer hit zero, it was out of stock - just clickbait to get people to visit the website."

One user subsequently analysed the webpage's code and pointed out it had been set to say: "Sold out," as soon as the sale had opened - without even checking to see if the allocated stock had indeed been purchased.

However, Xiaomi denied accusations this indicated no phones had been sold at the promised price.

Instead, its UK sales manager Wilkin Lee said, a lottery had taken place made up of those who had pressed the button closest to the set time.

"Of the thousands who clicked 'buy' simultaneously, the tie-breaker is done by selecting the winners randomly," he tweeted.

But users have complained the terms and conditions made no mention of a lottery, stating only that the phones would be "given away on [a] first-come, first-serve basis".

Moreover, one user pointed out at one point the text had not stated how many phones would be offered.

A spokeswoman for Xiaomi has confirmed that this was the case but added that this "mistake" had been fixed the day before the first sale.

This could still have consequences as the Advertising Standards Authority's rules state that consumers must be informed "clearly and in a timely fashion" about the limited availability of a product.

"If the ad didn't include significant conditions and the terms and conditions were changed part way through the promotion, then that could potentially be a problem," said a spokesman for the ASA.

One marketing expert said there were lessons to be learned.

"Viral campaigns exude novelty but there are growing concerns about whether a PR [public relations] stunt like this comes at the cost of consumer trust," said Dr Mariann Hardey, from Durham University.

"Xiaomi's promotion sought to create faith in what is a little-known brand.

"But it has put its reputation in a precarious position by pursuing a marketing campaign that is viral both in terms of spreading widely and having had a damaging effect."--BBC

Pound's rollercoaster ride continues

The pound has sunk in volatile trading after reports that a Brexit deal was near were downplayed by UK officials.

Downing Street said "substantial issues" still need to be resolved as negotiators try to secure an agreement over the UK's exit from the EU.

The pound fell almost 1% against the dollar to $1.286, whilst against the euro it was 0.2% lower at €1.142.

Analysts said the pound's movements over the next week would depend on how the Brexit talks developed.

The pound initially sagged in morning trading amid increasing disarray in the cabinet over the UK's exit from the EU, before briefly recovering on hopes of a deal and then later sinking again as those hopes were downplayed.

"While some European officials are still sounding optimistic that an EC-UK deal can be struck in the coming weeks, the market has grown more sceptical," said Marc Chandler, chief market strategist at Bannockburn Global Forex.

Mrs May is trying to rally support among cabinet ministers for her Brexit proposal in time for a hoped-for summit in Brussels later this month.

British Pound against US Dollar

On Friday, Transport Minister Jo Johnson became the latest government figure to quit his post over Brexit, arguing that UK was "on the brink of the greatest crisis" since World War Two.

Ministers 'voiced Brexit plan doubts in July'

Why May's Brexit deal may be impossible

Brexit: All you need to know

Simon Derrick, head of currency research at Bank of New York Mellon, told the BBC that the pound's weakness against the dollar was "obviously related to the uncertainty over the weekend", but added: "At least half of it is actually about dollar strength and the expectation that the Federal Reserve will hike interest rates in December."

The resurgent dollar also hit the euro, down 0.7% against the greenback on Monday to $1.1251, having earlier touched a 17-month low.

Monex Europe analyst Bart Hordijk blamed the euro's weakness on "the four apocalyptic horsemen" of "Brexit, Italy, slower growth and a cautious European Central Bank".

He forecast that the euro could fall further against the dollar.

"Signs are certainly dire for the euro and a drastic change of monetary policy signalling, the Italian budget stance, macroeconomic prospects, or Brexit is what the currency needs now to turn this momentum around," he said.--BBC

Diageo sells Seagram's and sambuca brands

Drinks giant Diageo has announced that it is selling a portfolio of 19 brands to US privately owned firm Sazerac for $550m (£427m).

The list includes three varieties of Seagram's whisky, plus Romana Sambuca and the now-defunct Booth's gin brand.

Diageo said the sale would allow it to have "greater focus" on its premium brands in the US.

The proceeds, expected to be about £340m, will be returned to shareholders through a share buyback, Diageo said.

Booth's Gin used to be a well-known brand in the UK, but production ceased in 2017. Vintage bottles from the 1960s and 1970s are available for up to £250 from specialist retailers.

Sazerac is one of the US's oldest family-owned distillers, with operations in 10 states, as well as international activities in the UK, Ireland, France, India, Australia and Canada.

Diageo, which owns Guinness, Smirnoff vodka and Johnnie Walker whisky, also said it had agreed to enter into 10-year supply contracts with Sazerac for five of the drinks being sold.

Diageo chief executive Ivan Menezes said Diageo had "a clear strategy to deliver consistent efficient growth and value creation for our shareholders".

He added: "The disposal of these brands enables us to have even greater focus on the faster-growing premium and above brands in the US spirits portfolio."

The deal is subject to approval by regulators and is expected to complete in early 2019.

The full list of brands sold is:

*         Seagram's VO, 83 and Five Star

*         Myers's

*         Parrot Bay

*         Romana Sambuca

*         Popov

*         Yukon Jack

*         Goldschlager

*         Stirrings

*         The Club

*         Scoresby

*         Black Haus

*         Peligroso

*         Relska

*         Grind

*         Piehole

*         Booth's

*         Jon Begg--BBC

Chinese headmaster fired over secret coin mining at school

A Chinese headmaster has been fired after a secret stack of crypto-currency mining machines was found connected to his school's electricity supply.

Teachers at the school in Hunan became suspicious of a whirring noise that continued day and night, local media report.

This led to the discovery of the machines, which were mining the crypto-currency Ethereum.

They racked up an electricity bill of 14,700 yuan (£1,600).

The excessive electricity consumption had previously been reported to the headmaster, Lei Hua, but he reportedly dismissed it as being caused by air conditioners and heating devices.

Bitcoin energy use in Iceland set to overtake homes

Russian nuclear scientists arrested for 'Bitcoin mining plot'

Mining crypto-currencies such as Bitcoin and Ethereum involves connecting computers, usually specialised "mining machines", to the currency network.

By providing computing power for validating transactions on that network, mining-machine owners are rewarded with newly generated coins, making it a potentially lucrative exercise - especially when done at scale.

In this case, a total of eight mining machines were installed in the Hunan school's computer room between summer 2017 and summer 2018.

The headmaster had originally spent 10,000 yuan on a single machine for use at home, but allegedly decided to move it to the school after he saw how much electricity it consumed.

The deputy headmaster also became involved in the scheme and allegedly acquired a ninth machine for himself in January, which was also installed at the school.

The computer network in the building became overloaded as a result of the mining activity, according to reports, and this "interfered" with teaching.

The headmaster was fired in October and his deputy received an official warning.

A local authority responsible for "discipline inspection" has claimed the money that was made through the mining activities.

"The noise and heat of nine actively running mining machines would have been very noticeable," said Matthew Hickey, a cyber-security expert at Hacker House.

"Sadly, stealing electricity is one way that people have tried to maximize their revenue - by avoiding those costs it can drastically improve returns on a mining operation."

Surreptitious crypto-currency mining has been discovered elsewhere. In February, several scientists at a top-secret Russian nuclear warhead facility were arrested for allegedly mining Bitcoin with the facility's supercomputers.---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 Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from sources believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and sourced from third parties.

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