Major International Business Headlines Brief::: 04 October 2018

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Major International Business Headlines Brief::: 04 October 2018

 


 

 


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*  Kenya's Safaricom loses head of Alpha innovation lab

*  KPMG South Africa to hire external CEO after corruption scandal

*  S.Africa's NUM, UASA and Solidarity unions agree 3-year Harmony Gold wage
deal

*  Congo copper output seen up 12 pct to 1.2 mln T: chamber of mines

*  Liberty begins consultations on possible job cuts

*  Goldman forecasts South African economic rebound in 2019

*  Brexit recession warning from RBS boss

*  UberEats workers join fast food strike

*  Honda to invest $2.8bn in GM's self-driving car unit

*  How India avoided its 'Lehman Brothers moment'

*  Facebook data breach probe launched by Irish watchdog

*  Aston Martin shares fall on stock market debut

*  Priyanka Chopra invests in dating app Bumble

 


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Kenya's Safaricom loses head of Alpha innovation lab

NAIROBI (Reuters) - Kamal Bhattacharya, the head of Safaricom’s innovation
lab has left Kenya’s biggest telecoms company less than a year and a half
after he joined.

 

The former long-serving IBM executive left last month after leading
Safaricom’s Alpha innovation unit since April 2017. Bhattacharya told
Reuters he had left to focus on a technology start-up which involves the
education sector.

 

“(Bhattacharya) elected to leave the company to pursue other interests
effective 7th September”, said an e-mail sent to Safaricom staff and seen by
Reuters on Wednesday. The message did not give any details about plans for
the innovation lab.

 

Bhattacharya presided over the piloting of a social messaging app that will
link to its widely used mobile money platform Mpesa in an attempt to move
the company into the application business.

 

Alpha, which was set up in 2017, has not announced any other pilot products
apart from the app, which is called Bonga, meaning ‘chat’ in Kiswahili.

 

Safaricom is 35 percent owned by South African group Vodacom and 5 percent
by Vodacom’s major shareholder, Britain’s Vodafone.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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KPMG South Africa to hire external CEO after corruption scandal

JOHANNESBURG (Reuters) - KPMG South Africa said on Wednesday it was looking
for a new chief executive from outside the company to restore the auditor’s
reputation after a corruption scandal that saw it lose several major
clients.

 

Current Chief Executive Nhlamulo Dlomu, was promoted from within the company
after a clear out of management last year due to work done for a company
owned by the Gupta family - friends of former president Jacob Zuma who were
accused of influencing the award of government contracts..

 

During Dlomu’s tenure KPMG South Africa has cut hundreds of jobs and shut
regional offices to cope with the loss of business after South Africa’s
auditor general, in April, said it would terminate all government contracts
with the firm.

 

The Guptas and Zuma have denied any wrongdoing and KPMG has said it found no
evidence it had acted illegally.

 

“Given the scale of the reputational challenges facing both KPMG and the
industry, the board has decided that a new chief executive from outside the
firm, with strong industry experience, will optimise prospects of rebuilding
trust,” KPMG said in a statement.

 

Dlomu will remain at the company, taking on a newly created global role
focusing on ethical leadership and organisational culture change.

 

The new CEO will be recruited externally, KPMG said, adding that in the
interim, its South Africa Chairman Wiseman Nkuhlu will serve as an executive
chair.

 

More than a dozen private companies, including Barclays Africa, one of
KPMG’s biggest clients, have dropped the auditor after a public backlash in
South Africa over the role of the auditor in the high-profile Gupta saga.

 

 

 

S.Africa's NUM, UASA and Solidarity unions agree 3-year Harmony Gold wage
deal

JOHANNESBURG (Reuters) - Harmony Gold signed a three-year wage agreement
with South Africa’s National Union of Mineworkers (NUM) and two other unions
on Wednesday, the company and unions said on Wednesday.

 

Harmony said in a statement that the deal would see a 700 rand ($48.00) a
month pay hike in the first year for the lowest-paid underground workers, an
increase of about 9 percent according to Reuters’ calculations, almost
double the inflation rate. Similar percentage increases follow in the next
two years.

 

NUM last month inked a three-year wage deal with AngloGold Ashanti that saw
a 12 percent pay hike for entry-level underground workers.

 

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 apartheid past when the black labour force was
exploited and underpaid.

 

($1 = 14.3823 rand)

 

($1 = 14.3700 rand)

 

 

 

Congo copper output seen up 12 pct to 1.2 mln T: chamber of mines

KAMPALA (Reuters) - Copper production in Democratic Republic of Congo,
Africa’s top producer, is expected to rise 11.6 percent to 1.2 million
tonnes by end-2018, the Chamber of Mines said in a presentation on
Wednesday.

 

Gold production is seen rising 22.6 percent to 28,539 kg while cobalt output
is expected to increase 33 percent to 98,449 tonnes it said.

 

 

 

Liberty begins consultations on possible job cuts

JOHANNESBURG (Reuters) - South African Insurer Liberty Holdings is
considering job cuts as part of a wider restructuring of its business, the
company said on Wednesday.

 

Liberty began consultations on Sept. 27 about possible jobs cuts that would
affect its South African business and expects to complete them this year.

 

“We are unable to provide details around job implications at this stage as
we are currently engaged in a consultation process,” the lender said in an
email.

 

Local online news website Moneyweb, said 800 jobs could be at risk, citing
staff at the organisation.

 

The company, whose rivals local include Discovery and Sanlam, said last year
it would slow its expansion and focus on higher margin products, as part of
a process of implementing a turnaround strategy.

 

The insurer said the new strategy would allow resources to be directed into
its competitive South African business.

 

Shares were up 0.42 percent at 1407 GMT to 111.17 rand ($7.76).

 

($1 = 14.3309 rand)

 

 

Goldman forecasts South African economic rebound in 2019

JOHANNESBURG (Reuters) - Goldman Sachs expects South Africa’s economy to
grow almost 3 percent next year, helped by President Cyril Ramaphosa’s
reforms and strong global growth, the bank’s sub-Saharan Africa head told
Reuters.

 

Colin Coleman’s prediction is more optimistic than the view held by
economists polled by Reuters last month, who saw Africa’s most
industrialised economy growing 1.7 percent in 2019 after sluggish growth of
0.8 percent this year.

 

Ramaphosa’s reform drive suffered a setback last month when data showed the
economy entered recession in the second quarter, but he has since unveiled a
“stimulus and recovery plan” to try to get it back on track.

 

Coleman said in an interview that this was a “shot in the arm” which had
encouraged investors by giving certainty on mining and visa rules and by
emphasising skills development and education, areas where South Africa lags
other African states.

 

“Part of the reason why Goldman Sachs is quite bullish on our ability to get
back to 2.8 percent growth next year and 3.2 percent in 2020 is that the
global backdrop is constructive. The two largest economies, USA and China,
are doing well,” added Coleman, who heads Goldman’s Johannesburg office.

 

Since the upbeat mood that accompanied Ramaphosa’s replacement of Jacob Zuma
in February, business confidence has fallen as the scale of the challenges
facing him became clear.

 

LIQUIDITY CHALLENGE

One area of particular concern has been struggling state-owned firms,
several of which were embroiled in corruption scandals during Zuma’s nine
years in power and which have been grappling with severe liquidity
challenges.

 

Coleman said power firm Eskom remained a major headache for the government,
as it accounts for around three-quarters of its contingent liabilities, an
area of concern for ratings agencies like Moody’s, which is due to review
South Africa’s last investment-grade credit rating this month.

 

“You’ve got to get a very significant equity injection (into Eskom), and
practically it’s unlikely to come from government.”

 

And for struggling South African Airways (SAA), Coleman said the list of
potential equity investors would not be long.

 

“Whoever would want to buy it (SAA) would want a balance sheet that is not
broken, a restructuring plan that is credible and control to effect the
turnaround,” he said. “You need to have terms which are sufficiently
attractive to buyers.”

 

Eskom and SAA have been working on turnaround plans to shore up their
financial position.

 

 

Brexit recession warning from RBS boss

RBS chief executive Ross McEwan has warned a no-deal Brexit could tip the UK
economy into recession.

 

He told the BBC a "bad Brexit" could result in "zero or negative" economic
growth which would hit RBS's share price.

 

He also said the bank was becoming careful about lending to certain sectors
of the economy - particularly retail and construction.

 

RBS is still 64% owned by the taxpayer following its bailout 10 years ago.

 

Mr McEwan said: "We are assuming 1-1.5% growth for next year but if we get a
bad Brexit then that could be zero or negative and that would affect our
profitability and our share price."

 

The news that RBS is withdrawing credit will heap further woes on the retail
sector which has already seen nearly 2000 stores close so far this year.

 

"There are some retailers we are having to be a bit more cautious about
because they haven't made the necessary transition from bricks and mortar to
digital," said Mr McEwan.

 

Brexit: All you need to know

'Very cautious'

He also reported jitters in construction.

 

"The big construction companies are getting very cautious about where they
are putting their capital - particularly around London."

 

Although its appetite for lending across the economy was unchanged overall,
he said lending to large businesses was down about 2% this year as they
delayed investment decisions.

 

"Big businesses are pausing, they are saying that in six months time I'll
have another look at the UK and I might come back, but if it's really bad
I'll invest elsewhere - that's the reality of where we are today."

 

On a brighter note, he said small and medium sized companies seemed
relatively unaffected and were continuing to borrow, invest and grow their
businesses.

 

The government has repeatedly said that a "no deal" Brexit is not its
preferred outcome and this week reinforced its commitment to securing a deal
before the end of the year.

 

However, the Governor of the Bank of England, Mark Carney, has said the
chances of failing to secure a deal are "uncomfortably high" and many at the
Conservative Party conference were clear that leaving without a deal is
better than signing up to the government's current plan.

 

We should care what Ross McEwan says for two reasons.

 

First, as a bank that does almost all its lending in the UK, its fortunes
are dependent on those of the economy as a whole. Second, taxpayers still
own two-thirds of this bank.

 

When Ross McEwan sounds notes of caution about the future - he's talking to
all of us.--BBC

 

 

UberEats workers join fast food strike

UberEats riders and a small number of workers from JD Wetherspoon,
McDonald's and TGI Fridays are striking over pay on Thursday.

 

Walkouts will be held in several UK cities, along with a rally in London.

 

The industrial action is being taken in tandem with strikes by fast food
workers on four continents.

 

UberEats, JD Wetherspoon and McDonald's have defended their record on pay,
while TGI Fridays had no immediate comment.

 

What are workers striking about?

UberEats workers want to be paid £5 per delivery, and a further £1 per mile
for each delivery.

 

These latest strikes follow a series of walkouts by UberEats drivers last
month sparked by the company reducing its minimum payment per delivery from
£4.26 to £3.50.

 

UberEats defended its pay scheme, arguing that the majority of its couriers
used delivery work to supplement existing incomes.

 

"Last week couriers using our app in cities across the UK took home an
average of £9-10 per hour during mealtimes, with many also using other
delivery apps," the firm said in a statement.

 

"The fact that UberEats drivers have decided to strike on the same day as us
shows that low pay is an issue that affects people across the industry,"
said a spokesman from the Bakers, Food and Allied Workers Union (BFAWU).

 

Workers at JD Wetherspoon, McDonald's and TGI Fridays want to be paid £10 an
hour.

 

McDonald's said support for the union among its staff was "diminishing" and
"any suggestion that this activity is widespread and growing is not
accurate".

 

JD Wetherspoon has previously said it had announced pay rises worth £20m
last year and £27m for this year.

 

TGI Fridays had no immediate comment.

 

Where will strikes take place?

Strikes by UberEats drivers will be held between 5pm and 6pm in London,
Bristol, Brighton, Newcastle, Plymouth, Southampton, Glasgow and Cardiff,
according to the Industrial Workers of the World (IWW) union.

 

Workers at two Wetherspoon pubs in Brighton are expected to strike, BFAWU
said.

 

They will be joined by workers from McDonald's outlets in London, Cambridge
and Watford, and TGI Fridays staff in Milton Keynes and two London branches.

 

A rally will also be held in London later.

 

The strikes are being held to coincide with industrial action over pay by
fast food workers in Chile, Colombia, the US, Belgium, Italy, Germany, the
Philippines and Japan on Thursday.--BBC

 

 

 

Honda to invest $2.8bn in GM's self-driving car unit

Honda will invest $2.75bn (£2.1bn) and take a stake in General Motors
self-driving unit, GM Cruise, as firms continue to team up in the race to
develop autonomous vehicles.

 

The Japanese carmaker said it wants develop a self-driving car that could be
manufactured at high volume.

 

Earlier this year, Japan's Softbank invested $2.25bn in GM Cruise.

 

Honda's shares were up 1.2% in early Tokyo trade following the announcement
and GM's shares rose 2.1% in the US.

 

Honda will contribute approximately $2bn over 12 years to self-driving
vehicle initiatives, which together with a $750m equity investment in
Cruise, brings its total commitment to the project to $2.75bn, the two firms
said in a statement.

 

Analysts have said that GM is among the leaders in the development of
self-driving vehicles.

 

Honda's investment in GM Cruise, together with Softbank's recent investment,
values the firm at $14.6bn.

 

GM was criticised for overpaying for it when it bought a majority stake in
the start-up two years ago for $1bn.

 

America's self-driving car race speeds up

Will 5G be necessary for self-driving cars?

Apple self-driving car in minor crash

Founded by engineer Kyle Vogt in 2013, San Francisco-based Cruise developed
Chevy's first driverless cars, some of which are still on the roads in the
US.

 

Amid the many concerns over the safety of autonomous vehicle technologies,
GM Cruise argues the technology they are working on allows self-driving cars
to see more than a human driver would.

 

In each car, 10 cameras are installed that take pictures at a frequency of
10 shots per second, the firm says.

 

"We see more of what is going on around the car at any given time than a
driver can," GM Cruise said.--BBC

 

 

 

How India avoided its 'Lehman Brothers moment'

India's government has taken over a major private infrastructure financing
and construction group after it began to default on its $13bn (£10bn) debt
repayment - and the news sparked panic in the financial market. Devina Gupta
and Pooja Agarwal explain the reasons behind this crisis.

 

Many are calling it India's "too big to fail" moment, referring to big
financial firms so large that their collapse could spark economic chaos.

 

On Monday, India took over the beleaguered IL&FS, an acronym for
Infrastructure Leasing and Financial Services - a major non-banking
financial institution, or a shadow bank. The firm's six directors have been
dismissed and the new board is now led by a top banker, Uday Kotak.

 

The default spooked the markets and raised fears of a Lehman-like crisis,
referring to the collapse of the US investment bank Lehman Brothers 10 years
ago. The event rocked global stock markets and led to the biggest financial
crash since the Great Depression.

 

Indian bank hit by $1.8bn fraud case

Why India's government is pumping money into banks

IL&FS was set up in 1987 when a clutch of banks came together to fund the
infrastructure boom which began in India in the 1990s.

 

The idea was to have an institution that could not only provide financial
assistance but also give technical solutions for infrastructure projects.

 

The non-banking firm raised money through short and long-term bonds, that
could be traded in financial markets. (If a government wants to borrow
money, they usually do it by selling bonds to investors. The investor then
gets to receive a stream of future payments.)

 

Major shareholders of IL&FS include India's largest life insurance company
Life Insurance Corporation, Japan's Orix Corporation and Abu Dhabi
Investment Authority.

 

The money is invested in different infrastructure projects undertaken by
private and government-run companies. Over the next three decades, the
company formed 169 subsidiaries which managed a long list of investments.

 

However, slower-than-expected growth in the Indian economy in recent years
led to stalled projects and delays in payments to the firm.

 

The group's venture into buying real estate in India's slowing market also
backfired. As the money drained out, IL&FS defaulted on a series of its loan
repayment commitments. This has shaken investor confidence in the
non-banking financial institutions.

 

These institutions have been lending money to corporate borrowers as banks
have struggled to do so due to their mounting debts. According to Reuters,
there are about 11,400 shadow banking companies in India with a combined
balance sheet worth $304bn and their loan portfolios have grown nearly twice
the pace of banks.

 

But now the IL&FS default has shaken investor confidence over the stability
of the non-banking financial sector.

 

"There are definitely some uncomfortable questions about the liquidity,
assets quality and credit ratings of many non-banking finance companies. We
had a lot of such firms and they have proliferated," Ananth Narayan, a
former banker, said.

 

That makes all the more worrying the risk of a domino effect on the savings
of tens of thousands of investors who have parked their money in the mutual
funds which have high exposure to these institutions.

 

According to one study, in the last four years, fixed investment by mutual
funds in non-banking finance companies has jumped by more than 2.5 times to
about $33bn. Experts say the IL&FS crisis is a wake-up call.

 

The equity markets, too, are feeling the jitters - last week share prices of
listed non-banking financial companies like Dewan Housing Finance
Corporation and Indiabulls Housing Finance were under tremendous pressure.

 

But the storm has been brewing for a while.

 

Just three months ago, the first warning sign about the financial status of
IL&FS was flashed when its chairman Ravi Parthasarathy stepped down after
three decades, citing health reasons.

 

Then came the ratings downgrade.

 

In August, IL&FS found itself down from AAA to AA+ for loans and debentures.
By the end of September, this rating was revised multiple times to junk
status. Experts say the government could have moved in earlier.

 

"The government, regulators, board and auditors allowed this crisis to grow
into this mess. There were warning signs but now deeper investigation will
reveal why they were ignored. Hopefully, the lessons from this crisis will
improve the level of regulation and governance," says analyst Pranjal
Sharma.

 

This is the second time in nine years the Indian government has taken
control of a beleaguered firm.

 

In 2009 a corporate scandal in a leading Indian IT firm, Satyam, forced the
ruling Congress party-led government at the time to step in.

 

This time, the ruling Bharatiya Janata Party (BJP) government is following
in their footsteps: it has appointed a six-member board, which now includes
banking and corporate governance veterans.

 

The board will restructure the firm and arrange fresh funds so that existing
projects don't stop.

 

Also, a fraud investigation has been initiated to look into financial
mismanagement.

 

"The main thing is to figure out what are the requirements for liquidity,"
said Mr Narayan, the former banker. "It is a complicated set-up. But the
biggest challenge for the new board will be to come clean and be honest
about the entire situation."--BBC

 

 

 

Facebook data breach probe launched by Irish watchdog

The Irish Data Commission will decide whether the EU should penalise
Facebook rather than there being country-by-country reviews

The Irish Data Protection Commission has formally begun an investigation
into Facebook's recent data breach.

 

It will now decide whether the firm should be fined for failing to prevent
hackers from being able to access up to 50 million users' accounts.

 

Earlier this year, the social network picked the regulator to be its
"one-stop shop" for oversight of its compliance with EU privacy rules.

 

In theory, the watchdog can fine the US firm up to 4% of its global
turnover.

 

Earlier, Facebook had declared that third-party apps and services which let
users log in using their accounts had not appeared to have been compromised
in the security attack.

 

Tinder and Airbnb are among those which accept Facebook log-ins as an
alternative to creating an account.

 

Initially Facebook had suggested it was possible platforms such as these
could also have been compromised.

 

The firm's former security chief said this was a consequence of having to
report a breach at an early stage of the investigation.

 

The breach was announced on Friday 28 September, one day after Facebook
notified the Irish data regulator, but with many unanswered questions .

 

Alex Stamos, who left his post as the firm's chief security officer in
August, tweeted that new European privacy laws mean that firms must report
data breaches before they know full details themselves.

 

The General Data Protection Regulation (GDPR) legislation, introduced in May
2018, states that a firm must report any security breach within 72 hours.

 

"You can do incident response quickly or not correctly, but not both!" he
wrote.

 

However, some people responding argued that the public had a right to know
sooner rather than later.

 

"The 72-hour notification brings the customer needs to the forefront, rather
than shareholder value," tweeted James.

 

The background

Up to 50 million Facebook accounts are believed to have been left exposed in
the breach, announced last week.

 

An additional 40 million users were also logged out as a precautionary
measure.

 

The issue, which was based on a weakness in a feature allowing Facebook
members to view how their profile appeared to others, has now been fixed.

 

In a blog publicising the latest information on the attack, Guy Rosen,
vice-president of product management, wrote that there was no evidence "so
far" that attackers had accessed any apps using Facebook log-ins.

 

The breach was a result of a change made by Facebook in July 2017.

 

It is not yet known whether the hack affected its corporate chat app,
Workplace.

 

The firm has no evidence yet to suggest that it has, reports Reuters.--BBC

 

 

 

Aston Martin shares fall on stock market debut

Shares in sports carmaker Aston Martin closed almost £1 below their float
price on their first day of trading in London.

 

They had been priced at £19, valuing the firm at £4.3bn, but fell as low as
£17.75 before ending at £18.10.

 

Despite its glamorous association with James Bond films, the company has
gone bust seven times in 105 years.

 

However, the float was highly anticipated as Aston Martin was the first UK
carmaker in years to list.

 

The shares are trading on a conditional basis, an introductory and more
limited period of trading applied to newly listed shares, this week ahead of
full trading on Monday.

 

Ferrari to launch 15 models by 2022

Dyson prepares for electric car testing

The share sale will raise at least £1bn for the firm. Aston has a further
number of shares it will release if demand is strong enough, which would
mean 27% of the company would be publicly traded.

 

Andy Palmer, chief executive, said the move was an historic moment: "We are
delighted by the positive response we have received from investors across
the world and are very pleased to welcome our new shareholders to the
register."

 

In August, Aston Martin reported half-year profits of £42m.

 

Despite an illustrious history and a brand name synonymous with 007 films,
Aston Martin had struggled for decades to make a profit.

 

But under Mr Palmer, a former Nissan executive, the company has been
broadening its product range and has moved into new areas.

 

Aston's projects include building an electric flying car, luxury homes in
the US, and even a personal submarine.

 

It expects full-year sales for 2018 to rise to between 6,200 and 6,400
units, and in the medium-term it aims to build nearly 10,000 in the 2020
calendar year.

 

Part of its turnaround strategy strategy involved targeting female buyers -
no easy task given the company has sold fewer than 4,000 cars to women in
its 105-year history.--BBC

 

 

 

Priyanka Chopra invests in dating app Bumble

Indian actress Priyanka Chopra will invest in dating app Bumble as the
service prepares to expand into her native country later this year.

 

She will also act as an adviser to the app - which requires women to make
the first move - for its Indian launch.

 

Bumble's expansion comes as firms push to make women feel safe using dating
apps in India.

 

The actress becomes the latest in a string of celebrities to take a stake in
a tech venture.

 

Bumble said Chopra will become "partner, advisor, and investor" to the tech
firm.

 

"I've always believed that investing in women is key to social
transformation and economic growth," Chopra said in a statement from Bumble.

 

"Women want love, they want friendship and they want to find a career, and
that's the uniqueness of what Bumble delivers," she added. Her manager,
Anjula Acharia, is also an advisor to Bumble.

 

After becoming one of India's biggest film stars, the actress broke into
Hollywood with the TV show Quantico and the film Baywatch.

 

Chopra also recently invested in a US coding school.

 

Safety fears

Bumble's plan to expand into India comes amid growing safety concerns over
the use of dating apps.

 

With high-profile cases of sexual violence against women in certain parts of
the country, fears about safety have risen.

 

Rival Tinder is testing a new feature in India that allows female users to
send the first message to a match. The company said it wanted women to feel
safe and comfortable.

 

Bumble said in the coming weeks it will roll out specific features to
enhance safety protections, which already include photo verification and
photo and profile moderation by a team of more than 4,000 people.

 

Chopra joins a list of celebrities pushing into tech. Ashton Kutcher has
invested in various companies including AirBnb and Spotify, while Leonardo
DiCaprio, Beyonce and Tyra Banks are among others who have reportedly backed
tech ventures.--BBC

 

 

 

 

 

 

 

 


 

 


 

INVESTORS DIARY 2018

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 


 

 

 

 


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for guideline purposes only and sourced from third parties.

 


 

 


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www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 



 

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