Major International Business Headlines Brief::: 20 November 2018

Tue Nov 20 08:41:08 CAT 2018

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Major International Business Headlines Brief::: 20 November 2018

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

*  Zimbabwe to let gold, platinum mines retain higher dollar earnings

*  IMF says optimism in South Africa's economic recovery fading

*  Steinhoff promotes commercial director to CEO, shares leap

*  Naspers sees higher first-half core headline profit

*  Union to strike at Sibanye-Stillwater's South African gold operations

*  Rwanda's Bralirwa to start brewing Heineken beer locally

*  Netcare to pay special dividend, FY earnings inch up

*  Nigeria in talks with S.Africa's Transnet for railway concession

*  Pioneer Foods FY profit rises, sees muted growth

*  South Africa's Eskom to cut 1,000 MW of power from grid on Sunday

*  Carlos Ghosn: Nissan and Mitsubishi shares slump after chairman's arrest

*  'Tulip' tower planned for London's skyline

*  Airbnb removes Israeli West Bank settlement listings

*  UK's richest man eyes North Sea oil and gas fields

*  Climate change: Report raises new optimism over industry

 <mailto:info at bulls.co.zw> 

Zimbabwe to let gold, platinum mines retain higher dollar earnings

HARARE (Reuters) - Zimbabwe will allow gold and platinum mining companies to
retain up to 55 percent of their earnings in dollars, government and central
bank officials said on Monday, as authorities in the southern African nation
move to ensure operators remain viable.

Mining accounts for more than two-thirds of Zimbabwe’s export earnings but
the sector has seen some companies close due to a dollar crunch that has
hobbled imports of spare parts and other consumables.

Deputy mines minister Polite Kambamura said gold producers that sell their
output to a central bank refining subsidiary would now keep 55 percent of
their sales in dollars, up from 30 percent previously.

The threshold should gradually increase to 70 percent, he said.

Central bank governor John Mangudya said the U.S. dollar retention levels
for platinum and chrome miners had been increased to 50 percent from 35
percent.

“We have made a decision that there is viability in mining by making sure we
don’t kill the goose that lays the golden egg,” Mangudya said during the
publication of the results of a survey on the state of mining.

Mangudya, without giving details, said the central bank would create a
special fund to help mining companies with extra U.S. dollar requirements.

The survey results showed that although mining executives were positive
about the industry’s prospects in 2019, they were pessimistic about the
government’s ability to maintain predictable and consistent mining policies.

 <mailto:info at bulls.co.zw> 

IMF says optimism in South Africa's economic recovery fading

JOHANNESBURG (Reuters) - South Africa’s economic recovery plans face serious
constraints with growing debt of state firms domestically and capital
outflows as a result of global trade tensions, the International Monetary
Fund (IMF) said on Monday.

In October the global lender said it saw Africa’s most industrialised
economy expanding by 0.8 percent in 2018, down from a prior forecast of 1.5
percent. South Africa’s Treasury predicts growth of 0.7 percent.

The recession-bound economy and a bleak budget in October have piled
pressure on President Cyril’s Ramaphosa.

“Some of the initial optimism has dissipated as growth remains stuck in low
gear and reform implementation has faced constraints,” the IMF said, naming
the state power firm Eskom as a key risk.

The president’s work is made harder by cash-strapped state-owned firms,
including debt-ridden Eskom, which is struggling to supply the nation’s
power.

The IMF said the proposal to amend property laws to allow for expropriation
without compensation should be carefully considered and be guided by lessons
of international experience.

“Land reform should focus on enhancing agricultural productivity and
strengthening tenure security,” said the IMF.

A parliamentary team has recommended a constitutional amendment to make it
possible for the state to expropriate land without compensation. The
recommendation will now go to the national assembly for a vote.

Steinhoff promotes commercial director to CEO, shares leap

JOHANNESBURG (Reuters) - Steinhoff has appointed commercial director Louis
du Preez, a key figure in its attempts to recover from a financial crisis,
as its permanent chief executive, sending shares in the South African
retailer as much as 15 percent higher on Monday.

Du Preez will replace acting CEO Danie van der Merwe, who will step down at
the end of December, a year after the retailer revealed a
multibillion-dollar hole in its finances.

“It is not too surprising who they have gone for given his role in driving
the restructuring and this would be seen as a positive,” said Mark Hodgson,
equities trader at Avoir Capital Markets.

At 1355 GMT, Steinhoff’s shares were up 8.7 percent at 1.99 rand, after
earlier trading a higher as 2.14 rand.

Du Preez joined the Steinhoff group in mid-2017 and was nominated as
commercial director and member of the management board on Dec. 19. He has
jointly led negotiations in the restructuring of the group, the retailer
said.

Steinhoff’s former permanent CEO Markus Jooste, who resigned after the
scandal broke, is being investigated by South African authorities over the
crisis that wiped more than 90 percent off the company’s market value and
forced it to sell assets.

Creditors agreed in July to hold off on their debt claims for three years,
throwing the company a lifeline and giving it three months to start
restructuring its debt.

Steinhoff in October asked creditors for a one-month extension while it
negotiates documents required for the restructuring.

“He is the ideal candidate to lead the company through the final stages of
the restructuring and into the next phase of its development,” Chairperson
Heather Sonn said of du Preez.

Steinhoff also said it planned to launch a so-called company voluntary
arrangement (CVA) in relation to its Steinhoff Europe AG (SEAG) business.

CVAs allow retailers to avoid insolvency or administration by offloading
unwanted stores and securing reduced rents on others. They have been adopted
by British groups including fashion chain New Look.

The SEAG business includes home furnishings chain Conforama, Pepco and
variety store chain Poundland among others.

Naspers sees higher first-half core headline profit

(Reuters) - South African media and e-commerce giant Naspers Ltd said on
Monday it expects first-half core headline earnings per share to be between
35 percent and 43 percent higher than a year earlier.

Cape Town-based Naspers, which owns the largest stake in China’s Tencent
Holdings, said core headline earnings per share are expected to be between
98 cents to $1.18 higher for the six months ended Sept. 30, from $2.77 a
year earlier.

Core headline earnings per share is Naspers’ main profit measure that strips
out non-operational and one-off items.

Naspers said first-half earnings per share were significantly boosted by the
once-off gain after it sold here its entire 11.18 percent stake in Indian
e-commerce firm Flipkart to Walmart Inc for $2.2 billion.

Union to strike at Sibanye-Stillwater's South African gold operations

JOHANNESBURG (Reuters) - Sibanye-Stillwater said on Monday that the
Association of Mineworkers and Construction Union (AMCU) planned to strike
on Wednesday at its South African gold operations after wage agreement talks
broke down.

Sibanye-Stillwater, which had signed a three-year wage agreement with three
other labour unions, said AMCU represents 43 percent of its workforce of
32,200 at its South African gold operations.

Gold producers in Africa’s most industrialised economy have argued that
above-inflation wage hikes have added to the cost burden in the bullion
industry, which has been hit by depressed prices and labour unrest. South
Africa’s inflation stood at 4.9 percent in September.

Sibanye agreed to a three-year wage agreement with the National Union of
Mineworkers (NUM), Solidarity and UASA last week ending months of
negotiations.

Sibanye said it would not be increasing its offer to AMCU and would not pay
striking workers. It also said it could not yet predict the impact of any
strike on its output.

AMCU officials were not immediately able to comment.

Rwanda's Bralirwa to start brewing Heineken beer locally

KIGALI (Reuters) - Rwanda’s biggest brewer, Bralirwa Ltd, will start making
Heineken beer locally next month in a move that will allow it to cut retail
prices by a fifth, it said on Monday.

Bralirwa, which produces local beers like Primus, has been importing
Heineken made in the Netherlands. The company said the switch to brewing
Heineken locally was made possible by investments in its plant.

The beer will also be exported to neighbouring countries. These include
Burundi and Democratic Republic of Congo.

The price per bottle of Heineken will drop to 800 francs ($0.9231) from
1,000 francs, once local production kicks in.

Rwanda will join Nigeria, Namibia, South Africa, Algeria, Morocco, Egypt,
Tunisia and Ethiopia as local producers of Heineken in Africa.

($1 = 866.6300 Rwandan francs)

Netcare to pay special dividend, FY earnings inch up

JOHANNESBURG (Reuters) - South Africa’s second-largest private hospital firm
Netcare Ltd announced on Monday a special dividend payout of 40 cents per
share after reporting a marginal rise in full-year earnings.

Adjusted headline earnings per share inched up to 171.6 cents for the year
to end-September, compared with 170.6 cents the previous year.

Headline EPS is the main profit measure in South Africa and strips out
certain one-off items.

Nigeria in talks with S.Africa's Transnet for railway concession

ABUJA (Reuters) - Nigeria is in talks with Transnet for the concession to
run its railways after General Electric, which has spun off its transport
business, handed the leadership of the consortium to the South African firm,
the transport minister said on Sunday.

“We are in talks with Transnet. When we conclude we will sign the concession
agreement and they will rehabilitate the entire 3,500 kilometers of
railways,” Transport Minister Rotimi Amaechi told a government delegation in
Abuja.

Transnet was not immediately available for comment.

A procurement process adviser told Reuters last week that General Electric
(GE) had pulled out of the $2 billion concession deal with the Nigerian
government for two rail lines connecting northern cities to others in the
south.

GE on Thursday said it had handed over the leadership of a consortium chosen
to run the Nigerian rail concession to Transnet.

The concession aims to cover about 3,500 km (2,200 miles) of existing
narrow-gauge lines from the southwestern commercial capital Lagos to Kano in
the north and from southeastern oil hub Port Harcourt to Maiduguri in the
northeast.

Economic growth in Nigeria has been hampered for decades by its dilapidated
rail network, built mainly by British colonial rulers before independence in
1960.

Nigeria, which has one of Africa’s biggest economies and is the continent’s
top oil producer, is seeing slow growth after emerging last year from its
first recession in a quarter of a century which was largely brought on by
low crude prices from late 2014.

Pioneer Foods FY profit rises, sees muted growth

JOHANNESBURG (Reuters) - South Africa’s Pioneer Foods Group posted a 27
percent jump in full-year profit boosted by higher volumes and growth in
revenue.

The food and beverage company, which uses maize in many of its food
products, said the milling and baking segments of Essential Foods business
were under pressure in the second half of the year due to increased
competition, consumer down-trading and increased cost pressure due to a
weakening currency.

“Pioneer Foods delivered positive volume and revenue growth at supportive
price points whilst maintaining cost discipline and efficiency gains to
improve margin and earnings delivery over the weak corresponding period,”
Pioneer said in a statement.

The food producer said it expects muted consumption growth in the short to
medium future on the back of inflationary pressure, driven by continuing
rand weakness and higher international oil prices.

Diluted adjusted headline earnings per share (HEPS) for the year ended Sept.
30 rose to 525.7 cents from 414.6 cents a year earlier, when the firm was
hit by high maize prices following a severe drought, it said.

HEPS is the main profit measure used in South Africa which strips out
certain one-off items.

Revenue for the period increased by 3 percent to 20.2 billion rand ($1.44
billion).

The firm declared a gross final dividend of 260 cents per share compared
with 260 cents in the year-ago period. ($1 = 14.0613 rand)

South Africa's Eskom to cut 1,000 MW of power from grid on Sunday

JOHANNESBURG (Reuters) - South African power utility Eskom will cut 1,000
megawatts of electricity from the strained national power grid on Sunday
after high unplanned outages, a company spokesman said.

The power cuts - locally known as load-shedding - will be implemented from
1015 GMT to 2000 GMT, Khulu Phasiwe said on Twitter.

“Eskom has had to implement stage 1 load-shedding. Apologies for the
inconvenience that this will cause,” Phasiwe said.

Eskom implements controlled power cuts to prevent the grid from being
overwhelmed. Stage 1 power cuts shed up to 1,000 MW from the grid.

Eskom, which supplies more than 90 percent of South Africa’s power, last
week warned of potential outages amid low coal inventories after a major
supplier cut supplies and sought insolvency protection.

Carlos Ghosn: Nissan and Mitsubishi shares slump after chairman's arrest

Nissan and Mitsubishi shares have slumped in early Tokyo trade, after the
arrest of chairman Carlos Ghosn.

He is accused of under-reporting his income by 5bn yen ($44.4m; £34.5m) over
five years, prosecutors said. He is also said to have used company assets
for personal purposes.

Mr Ghosn heads up the Japanese-French alliance Renault-Nissan-Mitsubishi.

Both Nissan and Mitsubishi have said they are preparing to remove him from
his posts.

The board of Renault is also due to meet to decide Mr Ghosn's future.

Shares in Nissan were down about 4% by midday, Mitsubishi was also down more
than 7%.

Carlos Ghosn: The driven 'cost killer'

The corporate scandals that rocked Japan

What has happened so far?

In a late night press conference on Monday, Nissan said an internal
investigation prompted by a whistleblower had revealed "significant acts of
misconduct".

The announcement sent shockwaves through the automotive industry where Mr
Ghosn, 64, is seen as titan, responsible for a dramatic turnaround at Nissan
in the early 2000s.

Nissan Chief Executive Hiroto Saikawa said "too much authority was given to
one person in terms of governance," speaking at the Yokohama headquarters of
the firm.

"I have to say that this is a dark side of the Ghosn era which lasted for a
long time," Mr Hiroto said adding he was still thinking through whether Mr
Ghosn was "a charismatic figure or a tyrant".

What are the accusations?

Prosecutors later said in a statement that Mr Ghosn and Representative
Director Greg Kelly conspired to understate Mr Ghosn's compensation starting
in 2010.

Mr Ghosn is accused of filing annual securities reports containing fake
statements, which could mean up to 10 years in prison, or a fine of 10m yen,
or both.

>From 2010, Japanese firms have been required to disclose the salaries of
executives who earn more than 100m yen.

Japanese prosecutors also said they had already raided Nissan's Yokohama
headquarters, near Tokyo, as part of their investigation.

No further details of his alleged misconduct were provided. But some
specifics were being reported by Japanese media.

Broadcaster NHK reported, citing unnamed sources, that Nissan provided Mr
Ghosn with houses in four countries without legitimate business
justifications.

There has been no comment from Mr Ghosn or Mr Kelly.

How will this impact the Alliance?

As misconduct revelations emerged, the future of the car alliance led by Mr
Ghosn remained unclear.

He has been credited with turning around both Nissan and Renault before
becoming the linchpin of the alliance the firm's later formed.

The Renault-Nissan-Mitsubishi Alliance sold 10.61 million passenger cars and
light commercial vehicles, making it the number-one automotive group
worldwide.

Nissan chief executive Mr Saikawa insisted the partnership "will not be
affected by this event".--bbc

'Tulip' tower planned for London's skyline

London's had the Gherkin, the Cheese Grater and the Walkie Talkie and now,
if the plans are approved, a new tower called the Tulip will join the
skyline.

At 1,000ft (305m) high, it will be the City of London's tallest skyscraper
and about 3ft shorter than the Shard, the UK's highest building.

It will feature internal slides and moving transparent pods running outside
the building for visitors to ride in.

The tower will be just a visitor attraction without any office space.

Around 20,000 free visits for state school children will be offered each
year.

The viewing tower would be competing against similar paying attractions in
the area offered by The Shard and the London Eye.

Foster + Partners, the architects which have designed the flower-like
building, say they want it to complement the Gherkin next door which the
firm also designed. The 590ft (180m) tower is officially known as 30 St Mary
Axe, its street address.

The company's founder and executive chair Norman Foster claimed the Tulip
would be a "cultural and social landmark". 

Jacob J Safra, whose Bury Street Properties company is funding the project,
added: "The Tulip's elegance and soft strength complements the iconic
Gherkin."

If planning permission for the unusually-shaped building is permitted, the
companies say construction would begin in 2020 with the project completed by
2025.--bbc

Airbnb removes Israeli West Bank settlement listings

Airbnb says it will remove from its listings all homes in Israeli
settlements in the occupied West Bank.

The US firm said it had made the decision because settlements were at the
"core of the dispute between Israelis and Palestinians".

The move has been welcomed by Palestinians but Israel has called it
"shameful" and threatened legal action.

The West Bank settlements are considered illegal under international law,
though Israel disputes this.

ICan settlement issue be solved?

Israel advances plans for 1,000 new West Bank settler homes

Airbnb has previously been criticised by Palestinian officials and human
rights campaigners for allowing listings of homes to rent in Israeli
settlements on the occupied West Bank.

A statement from the company said: "US law permits companies like Airbnb to
engage in business in these territories.

"At the same time, many in the global community have stated that companies
should not do business here because they believe companies should not profit
on lands where people have been displaced."

Following an evaluation, it said: "We concluded that we should remove
listings in Israeli settlements in the occupied West Bank that are at the
core of the dispute between Israelis and Palestinians."

Saeb Erekat, secretary-general of the Palestine Liberation Organisation,
said it was "crucial for Airbnb to follow the position of international law
that Israel is the occupying power and that Israeli settlements in the West
Bank, including occupied east Jerusalem, are illegal and constitute war
crimes".

But Israeli Tourism Minister Yariv Levin said Airbnb's decision was "the
most wretched of wretched capitulations to the boycott efforts".

He said Israel would respond by backing lawsuits by settlement listers
against Airbnb in US courts.

The Yesha Council, which represents Israeli settlers, accused Airbnb of
becoming "a political site" and said the decision was "the result of either
anti-Semitism or capitulation to terrorism, or both".

The decision was announced the day before Human Rights Watch was set to
publish a report examining Airbnb's business in the settlements.

The organisation praised Airbnb's decision on Twitter, hailing it as "a
breakthrough".--bbc

UK's richest man eyes North Sea oil and gas fields

Britain's richest man Jim Ratcliffe is hoping to extend his grip on the
North Sea by buying oil and gas fields from US giant ConocoPhillips.

Mr Ratcliffe's company Ineos and ConocoPhillips have both confirmed that
they are in exclusive talks.

Among the assets up for grabs is Conoco's 6.5% stake in the Clair field,
west of Shetland.

The field potentially has 7 billion barrels of oil in place, according to
BP's chief executive Bob Dudley.

BP recently bought a 16.5% stake in the Clair field from ConocoPhillips,
giving the UK oil giant a total holding of 45.1%.

Rich List 2018: Jim Ratcliffe is UK's richest man

Jim Ratcliffe: Turning cast-offs into gold

Reports suggest that the assets ConocoPhillips is selling could be worth as
much as $3bn (£2.3bn).

They do not include the company's oil terminal in Teesside or its commercial
trading group based in London.

The North Sea is still a relatively new area for Mr Ratcliffe and Ineos.

The billionaire, whose £21bn fortune makes him the UK's richest man
according to the Sunday Times rich list, has traditionally invested in
speciality chemicals businesses.

Ineos owns the Grangemouth oil refinery site in Scotland which manufactures
a range of petrochemicals that are used in a wide range of products
including bottles, food packaging and in the pharmaceuticals industry. 

Ineos first acquired a number of North Sea gas fields in 2015 before it
buying up the oil and gas business owned by Denmark's Dong Energy for £1bn
two years later.

The Sunday Times reported that Ineos had put down a deposit in exchange for
three months of exclusive talks with ConocoPhillips.

Ineos declined to comment.--BBC

Climate change: Report raises new optimism over industry

A new report on the potential of heavy industry to combat climate change
offers a rare slice of optimism.

Sectors like steel, chemicals, cement, aviation and aluminium face a huge
challenge in cutting carbon emissions.

But a group including representatives from business concludes it is both
practical and affordable to get their emissions down to virtually zero by
the middle of the next century.

The report's been described as wishful thinking by some environmentalists.

Can we afford it?

The group, the Energy Transitions Commission (ETC), says we can. It
calculates that industrial emissions can be eradicated a cost of less than
1% of global GDP, with a marginal impact on living standards.

The ETC - a coalition of business, finance and civil society leaders from
energy producers and users - supports the aim of the 2015 Paris climate deal
of limiting global warming to 1.5C, or at the very least, well below 2C.

It sees benefits to society of cutting industrial emissions because this
would save the costs associated with pollution and climate change impact.

It would also generate economic growth through technological innovation and
increased productivity of resources.

The commission says this will require rapid improvements in energy
efficiency across the whole economy.

This should be combined with vastly increased wind and solar electricity to
power cars, vans, manufacturing, and a significant part of domestic cooking,
heating and cooling.

Where are the biggest problems?

Steel is one of the industrial sectors targeted by the Energy Transitions
Commission report

The focus of the report is on the tough nuts of climate change: cement,
steel, chemicals, trucking and aviation.

These sectors account for close to a third of total global carbon dioxide
emissions, but on current trends that is likely to increase just as the rest
of the economy is cleaning up.

The report says it is technically possible to decarbonise all of them by the
middle of the next century.

It recommends:

Much greater energy efficiency to boost progress in the 2020s, while more
innovative technologies are still being developed

Demand management to reduce demand for carbon-intensive products through
smarter design and recycling

Carbon capture and storage for the emissions that cannot be avoided from,
say, the steel industry

The authors say we can decarbonise the difficult sectors at costs per tonne
of carbon dioxide saved of $60 or less for steel, $120 or less in cement,
and $270 or less in the case of plastics.

Is there enough urgency?

The chair of the ETC, Adair Turner, said there was an "incredible
disconnect" between the urgency of the climate problem and the "glacial"
pace of technologies such as carbon capture and storage, where emissions are
captured then pumped underground.

"Making the transition involves a step change in the way we do things," said
the former CBI chief. "It can be done and it won't break the bank ... but it
will require real urgency from policy-makers, from business leaders and from
investors and financiers."

Lord Turner admitted that having the climate change sceptic Donald Trump as
US President was unhelpful.

Environmentalists have applauded the ETC for laying out a possible pathway
for emissions cuts, but are highly sceptical that the required level of
urgency can be generated.

They note that the UK government, for instance, says it leads the world in
climate policy, yet has just agreed a £30bn road-building programme and a
new runway for Heathrow, which will increase emissions.

What do environmentalists say?

Workers install photovoltaic panels at a farm in Zhangjiakou in China's
Hebei province.

Kevin Anderson, a professor of economics at Manchester University, points
out that the UK's proud record of carbon emission cuts does not count
statistics on key polluting sectors.

"If we include CO2 from international aviation; shipping; imports and
exports - then UK plc has made no real dent in CO2 since 1990, nor have the
other climate-progressive EU nations.

"Until we dispense with our rose-tinted specs we'll not even recognise the
problem - let alone the solutions. No nation is even approaching doing what
'they feasibly can' - and we will continue to fail whilst we worship the god
of Mammon and ephemeral economics," he tweeted.

John Sauven, head of Greenpeace UK, applauded the ETC's initiative - but
warned that better thinking about solutions was urgently needed.

"To rise to the climate challenge, we'll need a much deeper rethink of the
way we move around, build houses, power our economy, and grow our food," he
said.

Richard Black from the Energy and Climate Intelligence Unit said the report
"provides a key piece of evidence for governments who pledged at the Paris
summit to keep global warming well below 2C, because it shows them what that
entails for some crucial industries.

"However, the Commission is very clear that these transitions won't happen
by themselves - it's going to need governments to step forwards with
policies, and to do so quickly."--BBC

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

Natfoods

AGM

Gloria House, 10 Stirling Road, Workington

19/11/2018  ( 8:45am )

Meikles

AGM

Parklands, 26 Greenhithe Lane, Borrowdale

20/11/2018 ( 9am )

Finance minister Mthuli Ncube presents 2019 National Budget

Parliament

22/11/2018

Simbisa Brands

AGM

Standards Association of Zimbabwe, Northend Close, Borrowdale

23/11/2018 (8:15am)

Axia

AGM

Chapman Golf Club, Eastlea

27/11/2018 (8:15am )

Econet

AGM

Econet Park, Msasa

29/11/2018  (9am )

Econet

EGM

Econet Park, Msasa

29/11/2018  (10am )

GetBucks

AGM

Conference Room 1, Monomotapa Hotel

04/12/2018 (10am )

Innscor

AGM

Royal Harare Golf Club

05/12/2018 (8:15am)

Truworths

AGM

Boardroom, Prospect Park, 808 Seke Road

06/12/2018 (9am)

TSL

EGM

Head Office, 28 Simon Mazorodze Road, Southerton

07/11/2018 (10am )

Cassava shares list on the ZSE

11/12/2018

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