Major International Business Headlines Brief::: 03 October 2018

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Major International Business Headlines Brief::: 03 October 2018

 


 

 


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*  Regulator says South Africa's Eskom can recover $2.25 bln over four years

*  Hilton to double hotels in Africa in next five years: CEO

*  Radisson joins rivals with hotel expansion in Africa

*  Northam Platinum, South Africa's NUM union sign 3-year wage deal

*  Randgold's hook-up with Barrick to leave large void in London market

*  South Africa's Group Five to cut more jobs as losses swell

*  Egypt's current account deficit narrows sharply to $6 bln in 2017-18

*  Zambia's finance minister to meet IMF officials next week

*  South Africa's rand remains under pressure

*  Zimbabwe's economic reform plan to push GDP growth to 5 pct - cenbank

*  Fan Bingbing: Top Chinese actress fined for tax evasion

*  'Tampon tax' scrapped in Australia after 18-year controversy

*  China's Tencent Music applies to list in the US

*  Amazon raises wages amid criticism

*  Partners announce $31bn Canada LNG project gets go ahead

 


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Regulator says South Africa's Eskom can recover $2.25 bln over four years

JOHANNESBURG (Reuters) - South African energy regulator NERSA on Tuesday
gave power utility Eskom the go-head to recover 32.69 billion rand ($2.25
billion) of costs incurred over the past three years through higher tariffs
over a four-year period from 2019 to 2023.

 

Eskom had been hoping to recover the costs in three years.

 

Cash-strapped Eskom, which is battling to emerge from governance and
financial difficulties, had applied for 66.6 billion rand to compensate for
costs that were not factored in previous tariff increases granted by the
regulator.

 

NERSA said in June that Eskom could recover the 32.69 billion rand but did
not provide the time frame at that time. [nJ8N1T000A]

 

($1 = 14.3800 rand)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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Hilton to double hotels in Africa in next five years: CEO

NAIROBI (Reuters) - Hilton Worldwide Holdings plans to more than double its
hotels in Africa in the next five years by mainly striking deals with
existing hotels for conversion into its brand, its chief executive said.

 

International chains, including Marriott International and Hyatt Hotels,
have been increasing their investments in Africa, which has some of the
world’s fastest growing economies and a rising middle class.

 

Hilton plans to introduce its Curio Collection, an upscale hotel brand, on
the continent, starting with a hotel at Lagos airport in Nigeria, Chris
Nassetta, the company’s president and CEO, said.

 

“This hotel is a part of our strategy to connect guests to key cities and
airport locations across the region,” he said in a statement issued on the
sidelines of a hotel industry meeting in the Kenyan capital.

 

The continent continues to undergo rapid urbanization, with the United
Nations forecasting that the world’s 10 fastest-growing cities will all be
in Africa by 2035, he said.

 

“Hilton is seeing strong demand for its brands across the continent and
expects to open eight hotels in total across Africa this year,” the company
said.

 

The Mclean, Virginia-based firm has operated in Africa, where it has 41 open
hotels and 53 in development, since 1959.

 

The pipeline of new facilities is part of its Africa growth initiative,
launched last year, which involves the investment of $50 million over five
years.

 

It will result in Hilton starting operations in countries where it does not
have a presence such as Botswana and Rwanda.

 

Other big international hotel groups, including Radisson and Kempinski, are
estimated to have about a third of the available room capacity on the
continent.

 

The rest are independently-run hotels, offering opportunities to global
operators to strike deals with their local counterparts, industry executives
say.

 

 

 

Radisson joins rivals with hotel expansion in Africa

CAPE TOWN (Reuters) - Radisson Hospitality will invest in ten new hotels
across Africa, the company said on Tuesday, the latest hotel group eyeing
expansion on an underdeveloped continent.

 

Global hotel chains, including Marriott International and Hyatt Hotels, have
been increasing their investments in Africa, which has some of the world’s
fastest growing economies and a rising middle class.

 

“We are thrilled to be announcing 10 new hotel deals in just nine months,
which equates to a new signing every month,” said Andrew McLachlan, senior
vice president for development in sub-Saharan Africa at Radisson.

 

The deals will include a luxury hotel in Nigeria, Ivory Coast’s first
upscale lifestyle hotel and a Radisson Blu in Morocco’s Casablanca, he said.

 

“So far this year, we will be adding 1,300 plus rooms to our portfolio in
Africa and plan to continue this accelerated growth through further
expansion in key markets across this flourishing continent,” McLachlan said
in a statement.

 

 

Northam Platinum, South Africa's NUM union sign 3-year wage deal

JOHANNESBURG (Reuters) - South Africa’s National Union of Mineworkers (NUM)
has signed a three-year wage deal with platinum producer Northam Platinum
that secures wage hikes of more than double the inflation rate for its
members, the union said on Tuesday.

 

Depressed prices and rising costs mean South African mining companies have
scant room for big wage hikes but unions maintain the increases come off a
low base rooted in the country’s apartheid past when the black labour force
was exploited and underpaid.

 

NUM said in a statement that the increases for the lowest-paid underground
workers would be 1,000 rand ($69.00) per month in 2018, with raises of 1,100
rand and 1,200 rand a month over the next two years.

 

According to Reuters’ calculations this works out to increases of just under
11 percent annually, compared with an inflation rate of 4.9 percent.

 

Northam is in better shape than most of its peers, boosted by high grades
and a swing to mechanisation.

 

Its annual operating profit rose by more than 34 percent to 823 million rand
for the year to June 30 although preference share dividend arrangement meant
it posted a loss.

 

($1 = 14.4100 rand)

 

 

Randgold's hook-up with Barrick to leave large void in London market

LONDON (Reuters) - A tie-up between Randgold Resources and Barrick Gold will
leave a void in the London market for investors seeking exposure to gold via
companies that produce the precious metal.

 

Canada’s Barrick Gold has agreed to buy Africa-focused Randgold for $6.5
billion to create the world’s largest gold producer. It intends to list its
shares in the new, enlarged company in New York and Toronto.

 

Randgold, listed in London for 21 years, is the second mining company to
announce its departure from the British capital’s stock exchange in three
months following Vedanta Resources.

 

“For a London investor in the gold sector, Randgold would be the only real
option of a company with a good track record and enough liquidity,” a fund
manager at Old Mutual said.

 

“Randgold is going from one-of-a-kind investment in London to the biggest of
a group of investments in Canada and New York,” the fund manager added. “It
is the most liquid, so that will potentially give it a premium in those
markets.”

 

Gold companies in recent years have come under fire for poor performance and
use of capital from investors who have preferred management to focus on
costs rather than acquisitions.

 

Randgold has been a beacon for equity investors looking for a liquid
exposure to gold, often used as a safe haven during times of financial,
political and economic uncertainty.

 

It was among the best-performing stocks in London immediately after Britain
voted in 2016 to leave the European Union, partly because the firm is seen
as well managed with good relationships with governments, one UK fund
manager said.

 

Mark Williams of London gold fund Charteris said the Randgold delisting
would be a “sad day” for investors in the UK capital, noting that
London-listed Fresnillo, also a precious metal producer, was not a pure gold
play. The Mexican miner also produces silver, lead and zinc.

 

So far this year, five new companies have listed on the London Stock
Exchange, raising just 167.58 million pounds ($217.27 million), compared to
four in the same 2017 period that raised around 440 million pounds.

 

None of the new firms listed this year were gold companies, compared with
two last year, stock exchange data showed.

 

Overall, new listings in North America have been strong compared to Europe,
Asia and emerging markets, said Roger Jones, head of equities at fund
manager London & Capital.

 

“This has undoubtedly encouraged corporates to focus on North America, where
valuations are higher and investor sentiment more positive,” he said.

 

On a wider scale, the uncertainty over divorce negotiations between Britain
and the EU is seen as a temporary dampener to the British financial sector.

 

“The London stock market could do with all the help it can get and Randgold
delisting is not helping,” said Alastair Winter at Daniel Stewart, economic
adviser to the Dynamic Opportunities Fund, which invests in Randgold.

 

London hosts the world’s biggest mining companies, including Rio Tinto and
BHP Billiton.

 

The FTSE 350 mining index has fallen 5.4 percent this year compared to a
drop of 2 percent in the wider FTSE 350 index

 

Gold companies are struggling more than their diversified peers and have
seen their stocks shorted as the gold price sank to 1-1/2-year lows and
short positions on the yellow metal climbed to records.

 

($1 = 0.7690 pounds)

 

 

South Africa's Group Five to cut more jobs as losses swell

JOHANNESBURG (Reuters) - South African construction firm Group Five will cut
more jobs as it seeks to trim loss-making divisions, it said on Tuesday,
highlighting an industry-wide slump in its home market that has left many
companies fighting for survival.

 

South African construction companies have been hit hard in recent years as
stagnant economic growth has hobbled public infrastructure spending,
prompting some of them to file business rescues, similar to chapter 11
bankruptcy in the United States.

 

Group Five is going through a restructuring in which it has closed multiple
non-profitable businesses in its local construction unit and cut 602
permanent staff in the 2018 financial year.

 

It is cutting more jobs in its money-losing Engineer, Procure and
Construction (EPC) division, which already lost 175 employees last year.

 

The EPC business suffered an 82.3 percent slump in revenue to 386.9 million
rand ($26.91 million) in the 2018 fiscal year, which also widened the
operating loss at group level.

 

“Numbers of workers to be retrenched are still a work in progress right now
but the main areas affected will be our EPC business as we continue to
resize for the current market,” said Chief Executive Themba Mosai.

 

Group Five posted a full-year operating loss of 1.4 billion rand compared
with 718 million rand loss the prior year, due to higher costs from the
delayed Kpone power project in Ghana.

 

Mosai was cautiously optimistic about President Cyril Ramaphosa’s plan to
launch a 400 billion rand fund aimed at re-igniting infrastructure spending
even as the sector has suffered delayed payments of some government
contracts.

 

The fund is part of a long-awaited stimulus package seeking to revitalise an
economy that recently slipped into recession.

 

“The partnership between private sector and the government is important to
bring infrastructure development into the country,” said Mosai. “The fact
that the government is focused on that means that we can deliver quite a lot
of infrastructure in a short space of time.”

 

Mosai also said that the downsized local construction business was on the
right path to return to profit in the 2019 financial year.

 

($1 = 14.4100 rand)

 

 

 

Egypt's current account deficit narrows sharply to $6 bln in 2017-18

CAIRO (Reuters) - Egypt’s current account deficit for the 2017-18 financial
year that ended in June narrowed by 58.6 percent to $6 billion, the central
bank said on Monday.

 

The central bank attributed the drop in the deficit to the impact of
currency liberalisation. Egypt let its pound float in late 2016 as part of
an IMF-backed economic reform programme.

 

Since then the pound has more than halved in value, helping to cut the trade
deficit and attract foreign investment that had dried up after an uprising
in 2011.

 

Net foreign direct investment (FDI) for the 2017-18 financial year was $7.7
billion, of which $4.5 billion was in the oil sector, the bank said. The net
FDI figure was down from $7.9 billion in 2016-17.

 

The trade deficit stood at $37.3 billion, compared with $35.4 billion for
the 2016-17 financial year.

 

Portfolio investment slowed to a net inflow of $12.1 billion, down from $16
billion, mostly due to lower foreign investment in treasury bills.

 

Remittances from Egyptians working abroad rose sharply, to $26.4 billion
from $21.8 billion year earlier.

 

Egypt has borrowed heavily from abroad since 2016, and is looking to tap the
international financial market at a time when emerging market turbulence has
pushed up rates.

 

Egypt’s current account deficit for the fourth quarter of 2017-18 was $642.2
million, 73 percent less than for the same period the previous year, a
Reuters calculation showed.

 

The overall balance of payments registered a surplus of $12.8 billion
compared with a surplus of $13.7 billion a year earlier, the statement said.

 

 

Zambia's finance minister to meet IMF officials next week

LUSAKA (Reuters) - Zambia’s Finance Minister Margaret Mwanakatwe said on
Tuesday she will meet with top International Monetary Fund (IMF) officials
next week in Indonesia as Africa’s no.2 copper producer tries to address
mounting public debt.

 

Mwanakatwe, who announced mining tax increases in a 2019 budget last week,
said she was hopeful that an IMF mission traveling to Zambia in November
would come out with a positive outlook on the economy.

 

 

South Africa's rand remains under pressure

JOHANNESBURG (Reuters) - South Africa’s rand retreated early on Tuesday, and
local bonds fell amid subdued risk appetite.

 

The rand was 0.49 percent weaker at 14.2950 per dollar at 0645 GMT, having
closed in New York at 14.2250.

 

The currency is expected to trade between 14.2000 and 14.4000 to the dollar
on Tuesday, NKC African Economics wrote in a note.

 

The rand remained under pressure as new vehicle sales data for September
showed a 1.9 percent decline on Monday, reflecting weak demand in the
economy.

 

Investors are cautious following second-quarter gross domestic product data
on Sept. 4 which showed the economy had entered a recession.

 

In fixed income, the yield on the benchmark government bond due in 2026 rose
4 basis points to 9.080 percent, reflecting weaker bond prices.

 

Stocks are due open weaker at 0700 GMT, with the JSE securities exchange’s
Top-40 futures index down 0.80 percent.

 

 

Zimbabwe's economic reform plan to push GDP growth to 5 pct - cenbank

HARARE (Reuters) - Zimbabwe’s economy will grow faster than expected in
2018, from an estimate of 4.5 percent to 5 percent, the central bank said on
Monday as the new government implements reforms to kick-start growth that
has languished for more than two decades.

 

Reserve Bank Governor John Mangudya, in his first post-election monetary
policy statement, said rebalancing the economy would require “painful
measures”.

 

He announced a plan to separate local and foreign currency bank accounts and
a new tax on goods trucks as part of measures to ease the shortage of U.S.
dollars since the country dumped its own currency in 2009.

 

 

Fan Bingbing: Top Chinese actress fined for tax evasion

Chinese actress Fan Bingbing has been fined hundreds of millions of yuan for
tax evasion and other offences, authorities said Wednesday.

 

It comes nearly three months after the star disappeared from the public eye.

 

Ms Fan, who is one of China's highest paid actors, will escape criminal
charges if the fines are paid on time, said state news agency Xinhua.

 

The actress had been linked to a government probe into how celebrities
reported earnings in their contracts.

 

Some film stars were alleged to have used so-called "yin-yang contracts" - a
practice where one contract sets out an actor's real earnings, and another
details a lower figure, with the latter submitted to the tax authorities.

 

Chinese authorities have now ordered Ms Fan and the companies she controls
to pay around 883 million yuan ($129m) in taxes, fines and penalties.

 

Fan's 'disappearance' worries fans

Vanished star 'not socially responsible'

China to cap film star pay

On Wednesday, the star posted an open apology on her Weibo account saying:
"I've been suffering unprecedented pain recently
 I'm so ashamed of what
I've done. Here, I sincerely apologize to everyone."

 

Ms Fan's agent has been detained by the police for further investigation.
Her studio had previously said the star never signed "yin-yang" contracts.

 

The 37-year-old actress, who appeared in the X-Men and Iron Man film
franchises, sparked concern among her millions of fans when she disappeared
from public view in June.

 

Social media was awash with speculation over her whereabouts and whether she
had been detained.

 

She is one of China's most influential celebrities and last year topped
Forbes magazine's list of top Chinese celebrities with income of around 300
million yuan ($43m).--BBC

 

 

'Tampon tax' scrapped in Australia after 18-year controversy

Australia will remove a controversial tax on female sanitary products
following years of campaigning by women's groups.

 

Currently, tampons and sanitary pads are sold with a 10% goods and services
tax (GST) because they are categorised as non-essential items.

 

Women have argued it is an unfair classification, noting items such as
condoms and sunscreen are exempt.

 

Federal and state governments agreed on Wednesday to remove the levy.

 

"We're really delighted that everyone's come on board to scrap what is an
unfair tax," Minister for Women Kelly O'Dwyer told Sky News Australia.

 

"Millions of women right across the nation will be very thankful for it."

 

Widely known as the "tampon tax", the levy on sanitary products has drawn
protests since the GST was introduced in 2000.

 

Many women, including long-time campaigners, celebrated the change on
Wednesday.

 

The decision was brought on by the federal government, which had previously
faced opposition from state and territory counterparts over estimated falls
in tax revenue.

 

In 2015, a petition against the tax was signed by more than 90,000 people.
Campaigners even produced a rap video.

 

Why I started Australia's 'tampon tax' campaign

 

UK tampon tax: How much have you spent?

 

Australia's states and territories stand to lose about A$30m (£16m; $21m) in
revenue because of the change.

 

Prime Minister Scott Morrison has previously said that sanitary products
should not have been included when the GST was introduced.

 

In July, India scrapped its 12% tax on sanitary products following similar
campaigns. The UK retains a 5% tax, although activists have called for it to
be removed.--BC

 

 

 

China's Tencent Music applies to list in the US

China's Tencent Music has filed a much-anticipated request to list its
shares in the US, in what could be one of the biggest US initial public
offerings by a Chinese company.

 

Tencent Music's parent firm is China's tech giant Tencent Holdings. Other
shareholders include Spotify.

 

It includes digital streaming apps QQ Music, Kugou and karaoke app WeSing.

 

The request to list comes amid growth in the online music industry, despite
some ongoing problems with piracy.

 

More listeners, particularly those without access to a personal computer,
are streaming music through smartphone apps like Spotify and Tencent Music.

 

Tencent Music is seeking a valuation of about $25bn (£19.2bn), according to
reports.

 

It has requested to trade under the symbol TME.

 

Is Spotify really worth $23bn?

Spotify shares dip on first day of trading

State data to limit China child gamers

Luxembourg-based Spotify, which is the current market leader, listed in the
US on 3 April, with its shares priced at $165.90. Its shares closed in the
US on Tuesday at $178.88.

 

Tencent Holdings, which is China's biggest social media company, also
operates the Chinese social network WeChat.--BBC

 

 

Amazon raises wages amid criticism

Online retailing giant Amazon is raising pay for hundreds of thousands of
workers in the US and the UK.

 

Amazon's lowest paid US workers will receive $15 an hour. In the UK, pay
will rise from £8.20 an hour in London to £10.50, while outside London the
rate rises from £8 an hour to £9.50.

 

The move comes after criticism of its employment practices, with complaints
over its warehouse working conditions.

 

Amazon has also been attacked by campaigners for how much tax it pays.

 

The company is one of the biggest companies in the world, worth about $1
trillion.

 

The Bezos backlash

Amazon and Starbucks blast Seattle homeless tax

How Jeff Bezos took Amazon to the top

Amazon UK tax bill falls despite profits leap

Its founder, Jeff Bezos, is the world's richest man, with a fortune
estimated at some $150bn.

 

'It's a start'

The new pay rates start on 1 November, and will apply to all staff, full and
part-time, as well as temporary and seasonal workers.

 

The move will benefit 250,000 workers in the US, 17,000 in the UK and tens
of thousands of seasonal workers.

 

Tim Roache, the general secretary of the UK's GMB union, welcomed the
announcement but said more needed to be done: "Given their owner is the
richest man in the world you'd think he could see fit to dig a little
deeper, but it's a start.

 

Mr Roache said that 90% of the GMB Amazon members had said they experienced
"constant pain at work".

 

The union said Amazon did not allow it to operate under its roof.

 

TUC general secretary, Frances O'Grady, said: "If Amazon is really serious
about looking after its workforce it must recognise trade unions.

 

"Today's announcement is... only a start and shouldn't be spun as a huge act
of generosity."

 

Amazon's move comes after widespread strikes by workers across Europe.

 

This summer, workers took action to coincide with the internet retail
giant's Prime promotion event. Staff at warehouses in Germany Spain and
Poland were trying to force the firm to offer better working conditions.

 

Political move

In the US, Amazon is also facing pressure from workers.

 

The increase in Amazon workers' wages coincides with a cross-US movement by
retail unions to raise wages to a minimum of $15 an hour, the so-called
"Fight for Fifteen" movement.

 

Already rival retailers such as Target and Walmart have had to raise their
wages.

 

Major US companies are finding recruitment a growing challenge with US
unemployment so low and are having to raise wages to attract staff.

 

The Democrat Senator and prominent Amazon critic, Bernie Sanders, told
Reuters it was a good move that others should emulate: "I want to give
credit where credit is due. There is no reason why other profitable
corporations in the fast food industry, the airlines and retail should not
be following."

 

Neil Saunders, managing director of GlobalData Retail, said politics had
played a part in Amazon's decision: "The narrative that Amazon is an
ungenerous employer at a time when the company's sales, profits, and
valuation are soaring does not play well among many customer segments."

 

One way to understand Amazon's pay decision is politics.

 

By one calculation, Amazon founder Jeff Bezos earns the median US Amazon
employee annual salary every ten seconds.

 

That disparity has led to political pressure to raise wages from those like
Senator Bernie Sanders, who introduced a bill in the US, subtly named the
Stop Bad Employers by Zeroing Out Subsidies (BEZOS) Act, to tax the company,
who he claims pays such low wages that its workers still rely on government
programmes like food stamps.

 

But the other, perhaps more salient way to put Amazon's decision in context,
is economics.

 

The US economy is booming right now, with record low unemployment and wage
growth not seen in nearly a decade.

 

Although the US federal minimum wage is $7.25, according to the Bureau of
Labor Statistics, the current average hourly earnings for someone employed
in the retail sector is $13.20.

 

That's put pressure not just on Amazon, but on rivals like Costco, Target
and Walmart, all of whom have announced pay raises for their lowest paid
workers.

 

In this context, Amazon is simply trying to catch up with a cannily timed
move meant to lure workers in the crucial lead up to the holiday shopping
season.

 

Share scheme

Amazon said it would press for a change to the US Federal minimum wage
level, which is currently $7.25. However, 29 US states as well as Washington
DC have set their minimum wage levels higher than this.

 

Amazon spokesman Jay Carney said: "We will be working to gain Congressional
support for an increase in the federal minimum wage. The current rate of
$7.25 was set nearly a decade ago."

 

In the UK, the legal minimum wage is £7.83 an hour for over-25s and £7.38
for those aged 21 to 24.

 

The retailer also said it would phase out one of its share incentive
schemes, adding that the "net effect of this change and the new higher cash
compensation is significantly more total compensation for employees... and
with more predictability".

 

Mr Bezos said: "We listened to our critics, thought hard about what we
wanted to do, and decided we want to lead."--BBC

 

 

Partners announce $31bn Canada LNG project gets go ahead

A major C$40bn ($31.9bn; £24.6bn) liquefied natural gas (LNG) project in
Canada has received the go-ahead from its partners.

 

The project is a joint venture between Royal Dutch Shell, Malaysia's
Petronas, PetroChina, Korea Gas Corporation, and Japan's Mitsubishi
Corporation.

 

It is the single largest private sector investment project in Canada's
history.

 

The project is expected to supply 26m tons of LNG exported annually to
emerging Asian markets.

 

Canada is committing C$275m in federal support to the LNG Canada project for
infrastructure and marine and environmental protection.

 

LNG Canada is the joint venture company representing the five partners. LNG
Canada partners announced their positive final investment decision late on
Monday.

 

The project "is a vote of confidence in a country that recognises the need
to develop our energy in way that takes the environment into account, and
that works in meaningful partnership with Indigenous communities", said
Canadian Prime Minister Justin Trudeau on Tuesday.

 

The project is expected to have the lowest carbon intensity of any large LNG
facility in the world, he said.

 

The LNG facility will be built in Kitimat, a town in north-western British
Columbia (BC).

 

Construction on the project is expected to begin this year, with a
large-scale LNG export terminal in service by 2024.

 

With a terminal on Canada's pacific coast, BC LNG will be able to be shipped
to energy hungry markets in Tokyo or Shanghai within 10 days.

 

Getting the LNG project off the ground could be considered a win for the
Trudeau government, which has struggled to get major energy projects built
in Canada.

 

Canada to buy Kinder Morgan pipeline assets

Royal Dutch Shell, which has a 40% working interest in the project, is
banking on global demand for LNG to double by 2035, much of it driven by
Asian markets where natural gas is expected to replace coal use.

 

The project had been in the works for years but faced a significant delay in
2016 amid weak LNG prices.--BBC

 

 

 

 

 


 

 


 

INVESTORS DIARY 2018

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 


 

 

 

 


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