Major International Business Headlines Brief::: 28 November 2018

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Major International Business Headlines Brief::: 28 November 2018

 


 

 


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*  Zimbabwe sees no radical change for platinum, diamond ownership

*  Kenyan central bank holds main lending rate at 9.0 pct

*  South Africa business confidence falls for third straight quarter: survey

*  South Africa Airways needs $540 million in working capital from next
month

*  Omnia to cut chemical unit jobs after half-year loss

*  Taste halts Domino's and Starbucks store expansion

*  Rio Tinto sells stake in Namibia uranium mine to China for $107 mln

*  Algeria signs $6 billion deal with China to build phosphate plant

*  Nampak FY profit rises 15 pct

*  Didi executives fined following deaths of two women

*  Lion Air crash: Airline should improve safety culture, a report says

*  Trump ramps up GM threats

*  Restaurant and cafe chains giving out 'dangerous' allergy advice

*  Google urged to drop Chinese 'Dragonfly' project

*  UK ports face 'major disruption' in case of no-deal Brexit, MPs warn

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

                                      

Zimbabwe sees no radical change for platinum, diamond ownership

LONDON (Reuters) - Zimbabwe does not plan to change its ownership rules for
diamonds and platinum, its mining minister said on Monday, denting hopes
among some miners the country will open up ownership as it announces mineral
frameworks in coming weeks.

 

Zimbabwe in March changed its empowerment law limiting the rules that
mandate majority state ownership to diamond and platinum mines, rather than
to the mining sector as a whole.

 

Speaking on the sidelines of an investment conference in London, Minister of
Mines and Mining Development Winston Chitando told Reuters there would be
“no change” for diamonds and platinum when asked about industry speculation
the indigenisation rules could be relaxed further.

 

An official from a junior miner developing a project in Zimbabwe said on
condition of anonymity, he still believed there could be flexibility if
miners were, for instance, investing heavily in the local community.

 

Zimbabwe has held a series of conferences in Africa, as well as in London
since the overturning of long-term leader Robert Mugabe in late 2017,
raising expectations the mineral-rich southern African country would become
more investor friendly.

 

Progress has been slow but Chitando said the country was determined to bring
about change and over the coming weeks would roll out policies for various
minerals, including diamonds and gold.

 

While the indigenisation rules - insisting the state holds 51 percent of
platinum or diamond mines - remain in place, Chitando said the diamond
policy would focus on developing greater value from the industry.

 

For instance, the government is trying to ensure the cutting and polishing
of stones takes place in Zimbabwe rather than in other countries.

 

Most of the diamond fields are in Marange in eastern Zimbabwe, where
production is dominated by the state-owned Zimbabwe Consolidated Diamond
Company. It is expected to produce 3.5 million carats this year, up from 2.5
million in 2017.

 

In early 2016, Mugabe’s government evicted all diamond mining firms,
including two Chinese joint venture companies from Marange, saying their
licences had expired after they declined to merge under a newly created
state-owned mining firm.

 

The Chinese have been lobbying the new government of Emmerson Mnangagwa to
be let back in, but so far without success.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Kenyan central bank holds main lending rate at 9.0 pct

NAIROBI (Reuters) - Kenya’s central bank held its benchmark lending rate at
9.0 percent on Tuesday, saying inflation remained within a band favoured by
the government.

 

Inflation fell to 5.5 percent in October from 5.7 percent the previous
month, the bank’s monetary policy committee (MPC) said, after declines in
food prices that offset the effects of an 8 percent value added tax imposed
in September on all petroleum products.

 

The government has a band of 2.5 to 7.5 percent in which it prefers
inflation to stay over the medium term.

 

Private sector credit grew by 4.4 percent in the 12 months to October 2018,
compared to 3.9 percent in September.

 

The MPC said the economy was operating close to its potential and that
first-half 2018 GDP growth averaged 6.0 percent compared with 4.7 percent in
the same period last year.

 

The East African economy’s current account deficit is expected to narrow
further to 5.2 percent of GDP in 2018 from 6.3 percent in 2017, according to
the MPC.

 

The MPC said a cap on commercial lending rates, imposed in September 2016 at
four percentage points above the bank’s policy rate, had weakened the
effectiveness of monetary policy transmission, “with further evidence of
perverse outcomes”.

 

“The transmission of changes in the CBR to growth and inflation takes longer
compared to the period before caps.”

 

 

South Africa business confidence falls for third straight quarter: survey

(Reuters) - South African business confidence fell for the third straight
quarter, a survey showed on Tuesday, as country struggles to grow in a
recession-bound economy.

 

The Rand Merchant Bank (RMB) business confidence index compiled by the
Bureau for Economic Research fell to 31 points in the fourth quarter from 34
points in the third, dropping further below the 50-mark that separates net
positive and negative readings.

 

The index had lost six points in the third quarter and four in the second
quarter.

 

“While President (Cyril) Ramaphosa’s refreshing new focus on
public-private-sector partnerships is welcome, the reality is, a multitude
of political and policy issues, continue to weigh down on confidence,” RMB
chief economist Ettienne Le Roux said.

 

South Africa’s central bank this month increased its benchmark lending rate
for the first time in nearly three years, saying the risk of higher
inflation in the longer-term remained elevated and that it could not risk
waiting until later to take action.

 

The government predicted wider budget deficits and cut growth forecasts in a
bleak budget in October that focused spending on infrastructure,
manufacturing and agriculture to boost the economy.

 

Inflation rose to 5.1 percent year-on-year in October, bang in line with a
Reuters poll forecast with food prices edging lower while the impact of
higher global oil prices was subdued.

 

 

South Africa Airways needs $540 million in working capital from next month

CAPE TOWN (Reuters) - South Africa’s cash-strapped state airline will need a
total of 7.5 billion rand ($540 million) from next month to fund day-to-day
operations into 2019, a presentation to a parliamentary committee by the
airline showed on Tuesday.

 

SAA, which has not generated a profit since 2011, survives on state
guarantees and is regularly cited by credit ratings agencies as a drain on
the government purse.

 

It has drawn up an austere turnaround plan that includes cutting jobs and
routes in effort to turn a profit by 2021 and convince lenders to restore
credit lines.

 

The airline said lenders have refused to lend the company 3.5 billion rand
to plug a liquidity hole from December unless they received additional
commitments from the government, the presentation showed.

 

In addition, the national carrier will need 4 billion rand ($288 million)
from March next year, the presentation showed.

 

“Currently we don’t have an optimal capital structure and as a result of
that we are dependent on debt which is not good... the banks are pushing now
for much more better support from the shareholder to put in place for us,”
said Deon Fredericks, SAA’s interim chief financial officer.

 

SAA is expected to make a 5.2 billion rand loss in the 2019 financial year
and another 1.9 billion in 2020 before swinging into profit a year later,
the presentation showed.

 

($1 = 13.8763 rand)

 

 

Omnia to cut chemical unit jobs after half-year loss

JOHANNESBURG (Reuters) - Omnia Holdings, a South African chemicals and
fertiliser maker, said on Tuesday it would cut about 125 jobs and reduce
costs at its struggling chemical producing unit.

 

A slowdown in the manufacturing and mining sectors has weighed on Omnia’s
chemical business whose products are used in various industries including
engineering, paints and inks, textiles, chemical manufacturing and food and
beverages.

 

“Protea Chemicals’ strategy and business model are being reviewed and
realigned to create a more focused business for the future,” the firm said
in a statement referring to the unit under its chemicals division.

 

Omnia, whose chemical division employs about 850 people, with the majority
of them at Protea Chemicals, said it would complete the restructuring and
implement the turnaround strategy at the unit before the end of the
financial year.

 

“Unfortunately we are not going to get away without taking some employees
out,” Omnia group Managing Director Adriaan de Lange told Reuters.

 

Omnia said its strategy over the last two years to grow its chemical
business was no longer appropriate in the current economic environment.

 

Omnia acquired oil products and lubricants supplier, Umongo Petroleum, last
year as part of a strategy to expand its chemical business.

 

Half-year operating profit for the chemical division was flat at 65 million
rand ($4.7 million) compared with the same period a year ago.

 

Omnia reported a half-year loss on Tuesday after lacklustre performance in
its agricultural division and the volatility of the rand dented profit.

 

The firm, which also produces explosives, reported diluted headline loss per
share for the six months ended Sept. 30 of 132 cents per share compared with
a headline earnings per share (HEPS) of 397 cents a year earlier.

 

Omnia’s agricultural business, which generates about half the group’s
revenue, reported an interim operating loss of 37 million rand compared with
an operating profit of 111 million rand during the same period a year ago.

 

“The total operating loss of 37 million rand reflects the highly cyclical
nature of the business linked to the agriculture cycle, the delayed start of
certain planting seasons and the volatility in the SA rand-U.S. dollar
exchange rate,” the firm said in a statement.

 

The firm declared an interim dividend of 75 cents per share compared with
200 cents in the previous year.

 

($1 = 13.8581 rand)

 

 

 

Taste halts Domino's and Starbucks store expansion

JOHANNESBURG (Reuters) - South Africa’s Taste Holdings said on Tuesday it
had halted the roll out of new Domino’s Pizza and Starbucks stores after
reporting a loss in the first half of its financial year.

 

South African retailers have struggled to lift earnings this year in the
recession-bound economy as elevated household debts. Taste said higher fuel
prices, an increase in value-added tax and income taxes have squeezed
consumers’ pockets.

 

Taste, which has 48 Domino’s stores and 12 Starbucks outlets, said Domino’s
was the biggest underperformer during the period.

 

Taste also said Starbucks, which opened its first South African store in
2016, was not making enough money to justify further expansion.

 

“At present, Domino’s existing corporate store network is producing
operating losses and whilst the Starbucks’ store network is profitable at an
EBITDA level, it is not producing the required return on the store
investments,” it said in a statement.

 

EBITDA stands for earnings before interest, tax, depreciation and
amortization, a measure of operating profitability excluding most expenses.

 

($1 = 13.8113 rand)

 

 

Rio Tinto sells stake in Namibia uranium mine to China for $107 mln

LONDON (Reuters) - Rio Tinto will sell its 69 percent stake in a Namibian
uranium mine to China National Uranium Corp (CNUC) for up to $106.5 million,
it said on Monday, as China seeks to bolster supplies and Rio offloads
less-profitable assets.

 

Analysts said that China, which is targeting nuclear power as an alternative
to fossil fuels and already owns stakes in Namibian uranium production, was
an obvious buyer of the shares in the Rossing mine.

 

Rossing is the world’s longest-running open pit uranium mine, operating
since 1976, and has produced more uranium than any other mine.

 

The Iranian Foreign Investment Company holds a legacy 15 percent stake that
goes back to the original funding of the mine, which could have been a
problem for some potential buyers.

 

An industry source close to the deal, speaking on condition of anonymity,
said there had been interest from private equity and from China.

 

The other shareholders are the Namibian government (3 percent), the
Development Corporation of South Africa (10 percent) and individual
shareholders (3 percent).

 

Rio Tinto Chief Executive Jean-Sebastien Jacques said the company would work
closely with CNUC “to ensure a smooth transition and ongoing sustainable
operation at Rossing”.

 

No one from CNUC was immediately available for comment, though an executive
at China National Nuclear Corp said in October it was looking to secure
supply for an expected ramp-up in China’s nuclear power generation.

 

The sale is also in line with global miner Rio Tinto’s disposal strategy,
following on from its exit from thermal coal this year. It is also trying to
sell some of its aluminium assets.

 

Monday’s binding agreement comprises an initial cash payment of $6.5
million, payable at completion, and a contingent payment of up to $100
million following completion.

 

The contingent payment is linked to uranium spot prices and Rossing’s net
income during the next seven years.

 

The transaction is subject to merger approval from the Namibian Competition
Commission, with expected completion in the first half of 2019.

 

Rio Tinto’s London share price eased 0.3 pecent on Monday, against a 0.5
percent gain for the sector index.

 

The mining sector as a whole has weakened this year as the recovery of
2016-17 has faltered and doubts have surfaced about Chinese demand in the
face of trade tensions with the United States.

 

 

 

Algeria signs $6 billion deal with China to build phosphate plant

ALGIERS (Reuters) - Algeria signed a $6 billion deal with China on Monday to
build a phosphate plant in the region of Tebessa.

 

“The plant will come online in 2022, and it will create 3,000 jobs,”
Abdelmoumen Ould Kaddour, CEO of state energy firm Sonatrach, told reporters
in televised comments during the signing ceremony which was attended by
Prime Minister Ahmed Ouyahia.

 

Sonatrach will hold 51 percent of the project - which will cost $6 billion
to build - and Chinese state-owned conglomerate CITIC 49 percent, an
Algerian source said.

 

The project, in the region of Tebessa, 700 km (430 miles) east of the
capital Algiers, will generate $1.9 billion per year, according to
Sonatrach’s CEO.

 

Algeria is trying to diversify its economy away from energy which represents
95 percent of its external revenues.

 

 

Nampak FY profit rises 15 pct

JOHANNESBURG (Reuters) - Nampak, Africa’s biggest packaging firm, posted a
15 percent rise in full-year profit on Tuesday, boosted by a reduction in
its minority shareholders’ share of profit and lower abnormal costs.

 

Headline earnings per share (HEPS) for continuing operations for the year
ended Sept. 30, 2018 stood at 168.7 cents per share, compared with 146.3
cents per share in the previous year.

 

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

 

 

Didi executives fined following deaths of two women

Executives at China's ride-hailing firm Didi Chuxing are being fined over
the deaths of two female passengers earlier this year.

 

A 21-year-old woman was killed in Zhengzhou in May after using Didi's Hitch
service, which pairs up commuters heading in the same direction.

 

Then in August, a 20-year-old woman was raped and murdered in Wenzhou while
using the ride-hailing service.

 

Both cases caused a public outcry with calls for a boycott of the service.

 

In September, China ordered the indefinite suspension Hitch over safety
concerns.

 

China hitch service suspended indefinitely

Didi suspends Hitch after passenger death

China's Uber plans to take on the world

As well as the fine, the size of which has not been made public, the
transport ministry said the Hitch service should remain suspended.

 

Didi Chuxing claims to be the world's top transportation platform, with 21
million drivers and more than 450 million users.

 

The firm's investors include Japan's SoftBank and Apple.

 

Following a tough battle for customers, Uber sold its operations in China in
2016 in return for a stake in Didi's business.--BBC

 

 

Lion Air crash: Airline should improve safety culture, a report says

Indonesian authorities have recommended that budget airline Lion Air improve
its safety culture, in a preliminary report into last month's deadly crash.

 

On 29 October flight JT 610 crashed into the Java Sea shortly after
departing Jakarta, killing all 189 people on board.

 

The report details what is known by authorities about the short time the
plane was in the air.

 

However, it does not give a definitive cause for the accident.

 

What's in the report?

The preliminary report by the Indonesian Transport Safety Committee (KNKT)
suggests that Lion Air kept putting the plane back into service despite
repeatedly failing to fix a problem with the airspeed indicator in the days
leading up the flight.

 

It also indicated that pilots struggled with the aircraft's anti-stall
automated system, which was a new feature in the 737 Max family of aircraft
by Boeing.

 

In its report the Indonesian Transport Safety Committee said the airline
should ensure the operations manual is followed "in order to improve the
safety culture and to enable the pilot to make proper decision to continue
the flight".

 

It also said the carrier must ensure "all operations documents are properly
filled and documented".

 

Aviation head at the committee Nurcahyo Utomo, told reporters that because
of the technical issues on a previous flight, "in our opinion, the plane was
no longer airworthy and it should not have continued," news agency AFP says.

 

The committee report itself though does not spell out that conclusion.

 

Victim's fiancée takes wedding photos alone

Lion Air crash: Images of the unfolding tragedy

Social media identifies crash couple

How did the crash unfold?

The plane was making a one-hour journey to the western city of Pangkal
Pinang when it went down.

 

The jet crashed into the Java Sea following a request from the pilot for
permission to turn back to the airport minutes after taking off from
Jakarta.

 

Investigators had previously revealed that the plane had on multiple
previous flights experienced technical problems related to airspeed and
altitude readings.

 

Therefore the "angle-of-attack" sensor, which contributes to those readings,
had been changed the day before the crash.

 

However, media reports have suggested the sensor malfunctioned on the
ill-fated flight as well, causing the anti-stall system to pitch the nose of
the aircraft downwards.

 

It is unclear why the pilots did not employ procedures to disable the
automated system.

 

One of the black box recorders from the flight - the flight data recorder-
has been retrieved but authorities are yet to locate the cockpit voice
recorder which could provide more information about how the pilots reacted.

 

Victims' families are suing aircraft maker Boeing over alleged faults with
the jet's design, focussing on the automated safety feature.

 

Indonesia's air safety record

Budget airline Lion Air has over the past years risen to become a major
player in South East Asia's low cost aviation sector.

 

The airline which also operates Batik Air and Wings Air has a dubious safety
record though and has had more accidents than other airlines in the country.

 

Overall, Indonesia's aviation safety record has improved a lot since the
days when even its national carrier Garuda was blacklisted from European and
US airports over safety concerns.--BBC

 

 

Trump ramps up GM threats

US President Donald Trump has escalated his attack on General Motors (GM) a
day after the carmaker announced major job cuts.

 

Mr Trump wrote on Twitter that he was "very disappointed" and "looking at
cutting all GM subsidies, including ... for electric cars".

 

It was not immediately clear what specific subsidies he had in mind.

 

GM's decision to halt production at factories in the US and Canada has
angered many politicians.

 

For Mr Trump in particular, the cuts are a blow, as he has made rebuilding
the US auto industry one of his administration's priorities.

 

"I am not happy about it," he said yesterday.

 

GM did not respond directly to questions about assistance it has received.

 

But the firm defended its restructuring plan, which it said supports "our
ability to invest for future growth and position the company for long-term
success and maintain and grow American jobs".

 

It added: "We appreciate the actions this administration has taken on behalf
of industry to improve the overall competitiveness of US manufacturing."

 

Government assistance

General Motors benefits from a federal tax credit for electric vehicles, but
the programme phases out after a manufacturer sells 200,000 cars.

 

GM is expected to hit that cap in the next few months and has urged Congress
to extend the credit.

 

The firm also received taxpayer assistance during the financial crisis and
has been awarded federal grants worth hundreds of millions of dollars in
recent years, according to a database maintained by Good Jobs First, a
non-profit that tracks corporate subsidies.

 

That bailout has been cited by Mr Trump and leaders of labour unions, who
have criticised GM's planned cuts.

 

The firm on Monday said it would reduce its salaried workforce by 15% and
shut eight factories around the world.

 

The restructuring follows a decline in auto sales and comes as the firm
prepares for the next economic slump.

 

As part of the plans, GM said it planned to phase out certain models of
slower-selling cars, halting production at four factories in the US and one
in Canada.

 

The moves are likely to lead to the loss of more than 14,000 jobs in North
America, including over 6,100 shift workers at the plants.

 

GM said many of the workers will have the opportunity to move to other GM
factories. The company also continues to hire for technical and engineering
roles related to electric and self-driving cars.--BBC

 

 

 

Restaurant and cafe chains giving out 'dangerous' allergy advice

Leading restaurant and coffee shop chains are giving out incorrect allergy
advice, BBC Watchdog Live has found.

 

Posing as customers with food allergies, journalists secretly filmed staff
at Frankie & Benny's, Pizza Hut, Nandos, Pizza Express, Starbucks and Costa.

 

The journalists asked staff whether dishes contained any of the 14 major
allergens.

 

Five out of the 30 outlets visited gave the reporters incorrect information.

 

The unclear and incorrect advice could have caused anyone with a genuine
allergy to have a potentially life-threatening reaction.

 

By law, cafes, restaurants and takeaways should be able to give customers
clear information about which dishes contain allergens.

 

None of the outlets visited had allergens listed on menus or labels, so
customers must rely on staff being able to give accurate information.

 

Watchdog Live's journalists asked staff if specific dishes contained one of
the 14 major allergens, including nuts, mustard and celery - which is often
used as flavouring in stocks and sauces.

 

Out of the six chains, only Pizza Express gave accurate advice in each of
the five branches visited.

 

Starbucks, Costa, Frankie & Benny's and Nando's said that the incidents
Watchdog's undercover team experienced fell short of their usual standards.

 

They told the programme they've addressed the issues with staff at both a
regional and national level.

 

Pizza Hut told the BBC that while the information provided to Watchdog's
undercover journalist was ultimately correct, it is now taking steps to make
allergy information clearer.

 

The pizza chain is introducing QR codes on menu cards this week, and will be
making the font size of text in its nutritional guide bigger in the new
year.

 

"Five is a significant number and if you scale it up nationally, it becomes
a very, very large number indeed," said Tony Lewis, the Chartered Institute
of Environmental Health's head of policy.

 

"And that's worrying, that there's businesses out there that will be asked
by people with allergies, for information, and they're not being given the
right information or they're being misled in some instances. That's really
scary and that's what bothers me a lot."

 

Unclear allergy information

At a Costa Coffee branch, the reporter asked for a mince pie they knew
contained milk, however even after thoroughly consulting the allergy book
they were told by staff that it contained soya milk. Mr Lewis said this
result worried him the most.

 

In one Frankie & Benny's restaurant the undercover journalist told staff she
had a celery allergy and enquired about eggs royale, which contains celery,
according to the company's website. The server did not at any point consult
a product information guide or check with the kitchen, but assured the
journalist that the dish didn't contain any celery.

 

In a branch of Pizza Hut, a reporter asked if the mac n' cheese contained
mustard, which is listed as an ingredient on the company's website.

 

A member of staff showed the reporter a book containing allergy advice, but
neither the reporter or the staff member could understand the information in
the book.

 

When the reporter asked if the pepperoni pizza contained mustard, he was
told that the member of staff couldn't give him any more information than
that listed in the allergy book, which was unclear.

 

At a Nando's restaurant, the reporter asked if a burger contained mustard.

 

The server guessed that it didn't, but on checking the allergen book,
discovered that the burger did in fact contain the ingredient.

 

While in one branch of Starbucks the advice was ambiguous, with a staff
member initially telling the reporter the item he'd chosen - a lemon loaf
cake with almonds in the ingredients - did not contain nuts, but ultimately
advising there was still a risk of nut contamination.

 

Signing a form

At one Frankie and Benny's restaurant, a reporter was asked to agree to
terms and conditions that state Frankie and Benny's can never guarantee that
a dish is completely free of any allergen - except for gluten.

 

The server told the reporter the form "saves our back".

 

Matilda Ryley-Hicks and her partner Frank Halton, who both have a nut
allergy, had a similar experience.

 

When Ms Ryley-Hicks mentioned the allergies to staff in a branch of the
chain Coast to Coast - which is owned by the same company as Frankie and
Benny's - she was shocked to be given an agreement to sign.

 

She was handed an iPad and asked to sign terms and conditions acknowledging
that the restaurant couldn't guarantee any dish was free from allergens.

 

Feeling the restaurant was passing the buck for anything that might happen,
she got up and walked out.

 

Ms Ryley-Hicks said she felt embarrassed telling people in a restaurant
about her allergy, especially when with a big group, as it made the whole
meal awkward.

 

"We deserve to live our lives as much as everybody else does - and we
deserve to go out and enjoy eating in a restaurant as much as the next man,"
added Mr Halton.

 

"We're also reliant on people having the right attitude and, you know,
taking us seriously."

 

Coast To Coast and Frankie & Benny's owner The Restaurant Group told
Watchdog Live that the allergy advice presented to customers to read and
tick is not a disclaimer.

 

The firm added that it does not ask its customers to waive their rights.

 

The findings come three weeks after Watchdog Live found supermarket bakery
counters giving dangerous allergy information, prompting Sainsbury's and
Asda to pledge to introduce allergy labels on all in-store bakery
products.--BBC

 

 

 

Google urged to drop Chinese 'Dragonfly' project

Staff at Google have called on the search giant to end work on a
controversial search engine project for China.

 

Called Dragonfly, the search engine would be a censored version developed
with the aid of the Chinese government.

 

In a letter published online, 60 employees said the project would only help
state surveillance.

 

Their call to cancel was backed by Amnesty International which said it was
at odds with the company's values.

 

'Exploratory'

Once completed, Dragonfly would "enable censorship" and help the Chinese
government's disinformation campaigns, claimed the letter.

 

China made significant use of technology to stifle freedom of expression and
repress dissent, said the group.

 

"Dragonfly in China would establish a dangerous precedent at a volatile
political moment, one that would make it harder for Google to deny other
countries similar concessions," wrote the employees.

 

The group said the Chinese government would benefit from Dragonfly going
live.

 

"We object to technologies that aid the powerful in oppressing the
vulnerable, wherever they may be," said the open letter.

 

So far, they said, Google's response to protests and complaints by thousands
of workers, rights groups and journalists had been "unsatisfactory".

 

"Google staff don't want to be part of the great firewall of China," said
Anna Bacciarelli, Amnesty International's researcher on technology and human
rights.

 

Ms Bacciarelli said thousands of employees did not support work on the
project. In August, more than 1,400 Google staff called on it to do a better
job of policing ethically troubling development jobs.

 

Amnesty organised protests outside Google offices to collect signatures for
a petition calling on the firm to drop Dragonfly.

 

Google declined to comment directly on the letter and said its work with
China on a search engine was "exploratory".--BBC

 

 

UK ports face 'major disruption' in case of no-deal Brexit, MPs warn

There is a "real prospect" of "major disruption" at UK ports in the case of
a no-deal Brexit, according to MPs.

 

The Public Accounts Committee (PAC) said government preparations for
avoiding disruption around major ports were "worryingly under-developed".

 

Committee members also said there was a "real risk" the Department for
Transport (DfT) would not be ready for a hard Brexit.

 

The DfT said the committee's conclusions were not "accurate".

 

In a statement it said it was "both disappointed and surprised" that the PAC
had "failed to reflect" the evidence in the National Audit Office's report
"which found that the department has made a determined effort in its
preparations and achieved a great deal".

 

The UK is set to leave the EU on 29 March 2019.

 

The PAC is responsible for scrutinising the value for money of public
spending, and holding the government to account for the delivery of public
services.

 

It has published a series of reports looking at different government
departments' preparations for Brexit.

 

As with these previous reports, it was "concerned about how well government
is prepared".

 

Brexit: Exports 'could be stuck at border'

Defra 'in dark' over Brexit preparations

No urgency in Brexit planning MPs warn

Committee chairwoman Meg Hillier said: "The future of road, rail, maritime
and air access to Europe after Brexit remains unclear and the Department for
Transport has a critical role in ensuring the UK is prepared.

 

"With so little time remaining, there is still much to do. The risks
associated with no-deal are severe, yet plans for avoiding disruption around
major ports in particular are worryingly under-developed."

 

The DfT intends to introduce "Project Brock", to deal with lorry queues on
roads to Dover for cross-Channel journeys.

 

The plan involves holding coast-bound lorries on the M20 so traffic not
heading for the port can carry on moving.

 

Much of the criticism in this report from MPs is centred on the notion that
the Department for Transport (DfT)'s preparations for a "no deal" scenario
have been too secretive. They argue that it makes it harder for the wider
business community to plan.

 

We have known for some time now that the government has been using
non-disclosure agreements when it has been discussing no-deal plans with
transport companies.

 

Some details have leaked out. For example, I've been told that officials
have been asking ferry companies about their capacity to carry vital
supplies in the event of EU customs checks causing disruption at the border.

 

The DfT says preparations need to be kept secret to avoid them damaging the
commercial interests of the firms involved.

 

And details of Operation Brock, the department's £35m plan to keep traffic
flowing freely on the M20 near Dover, have been published, as well as other
preparatory schemes, like the one to ensure that holiday-makers travelling
to the EU can access international driving permits.

 

However, the Public Accounts Committee feels it hasn't been able to properly
scrutinise many aspects of the department's no-deal planning and it argues
that has contributed to its perception, outlined in this report, that the
DfT is being "complacent" and that there is a risk that our transport
systems and infrastructure won't be sufficiently prepared for "no deal" come
29 March.

 

Ms Hillier said the DfT planned to spend £30-£35m on Project Brock, but had
not yet carried out proposed "desk-based" testing.

 

Engagement with businesses had been "poor", she added.

 

"The secrecy around the department's preparations and the shortcomings in
assurance on its progress are a potentially toxic combination."

 

'Too little, too late'

The PAC recommended that the DfT should write to it before Christmas
"setting out the results of any testing of Project Brock, and how wider
plans to keep ports across the UK open for business have progressed".

 

The Road Haulage Association's chief executive Richard Burnett said the
report had confirmed what many members had told the body.

 

"Information has been patchy, often unhelpful, confusing and generally too
little, too late," he said.

 

"This has left hauliers at the sharp end of a bad Brexit outcome, struggling
to keep the supply chain operating and their firms in business."

 

The PAC said it acknowledged the "difficult situation" for the DfT in having
to prepared for all Brexit scenarios.

 

However, it felt the department must be "open about the challenges it faces
and work with business and stakeholders to help them get ready for what the
future brings".--BBC

 

 

 


 

 


 

INVESTORS DIARY 2018

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


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

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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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Bulls n Bears 

 

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