Major International Business Headlines Brief::: 17 October 2018
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Major International Business Headlines Brief::: 17 October 2018
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* Zambian power firm CEC divests from telecoms business
* Saudi-based IDB plans infrastructure funds for Africa and Asia
* Audi fined £700m over diesel emissions scandal
* Botswana's bourse threatens to delist Choppies over results delay
* US moves to negotiate trade deals with Japan, UK, EU
* Zambian mining group says tax changes will hit mineral exploration
* Zambian mining group says tax changes will hit mineral exploration
* Christine Lagarde: IMF chief won't attend Saudi event
* South Africa's Treasury says recession, falling revenue hurt public finances
* Trump calls Federal Reserve 'my biggest threat'
* New South African finance minister to keep policy direction intact - Moody's
* BAE Systems will go to the Saudi ball
* Netflix adds more subscribers than expected
* Walmart rises despite lower profit forecast
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Zambian power firm CEC divests from telecoms business
LUSAKA (Reuters) - Copperbelt Energy Corp (CEC) has sold its 50 percent stake in CEC Liquid Telecom to pan-African telecoms group Liquid Telecommunication Holdings Ltd., the power firm said on Tuesday.
CEC, Zambia’s main supplier of power for its mines, and Liquid Telecom were equal partners in the joint telecoms firm since 2011, which is a market leader and has been rolling out a fibre optic network across Zambia.
The power firm did not disclose the amount it sold its stake for or why it had decided to dispose of its investment.
However, CEC said it would continue to be involved with the telecoms firm as an infrastructure provider.
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Saudi-based IDB plans infrastructure funds for Africa and Asia
NUSA DUA, Indonesia (Reuters) - The Saudi-based Islamic Development Bank (IDB) plans to launch two funds focused on Africa and Asia next year, aiming to raise a combined $1 billion to help fill a gap in infrastructure investment among its member countries.
The plans from the IDB, the largest development organisation in the Muslim world, follow the launch of a $500 million technology-focused fund in April of this year.
The new funds would help close a deficit in investments for projects such as transportation, energy and sanitation across the two regions, said Mohamed Nouri Jouini, vice president of partnership development.
“This is a new policy of the IDB in terms of putting a focus on thematic areas, whether its infrastructure, science and technology or other areas.”
The IDB estimates that in Africa, where more than half of its member countries are located, there is an annual public gap in infrastructure investments that exceeds $87 billion.
The bank is currently in discussions to attract financial contributions to the new funds and also for selecting external managers, Jouini said on the sidelines of the annual meetings of the International Monetary Fund and World Bank Group.
Most of the IDB’s funds have been managed internally, including its two flagship infrastructure funds, but the bank is aiming to attract external managers to help improve governance.
Audi fined £700m over diesel emissions scandal
Audi has been fined €800m (£700m) to settle an investigation by German prosecutors into breaches of diesel emissions rules.
The premium car brand, owned by Volkswagen, said it "accepts the fine and ... admits its responsibility".
In June, VW agreed a €1bn settlement in Germany over the emissions scandal, which came to light in 2015.
Audi, whose ex-boss Rupert Stadler is being investigated over "dieselgate", said affected cars spanned 2004-18.
Audi said in a statement that some V6 and V8 diesel engines were "placed on the market with an impermissible software function". Other engines implicated include the widely-used EA 288 and EA 189.
In 2015, US investigators discovered that some VW diesel cars were fitted with what became known as "defeat devices" to flatter emissions readings during engine tests so that the true output of nitrogen oxides was reduced.
The scandal spread throughout the motor industry, engulfing not just VW and its other car brands, but to other motor manufacturers.
VW admitted in 2015 to putting defeat device software into 11 million cars worldwide. The company's total costs in fines, buybacks and refits has now reached €27bn.
While the probe against Audi is now closed, other cases against executives from the VW group - including former chief executive Martin Winterkorn - remain open, with charges including fraud, false advertising and failure to keep investors informed.
Earlier this month, VW ousted Audi chief executive Rupert Stadler. In June, he was put under investigation by German prosecutors over alleged fraud and false advertising involving the sale of cars with defeat devices, and remains in police custody.
Audi's fine of €800m consists of €5m for regulatory rule-breaking, with the rest being payment for the economic benefits resulting from the sale of cars with defeat devices.
Audi, VW group's most profitable brand, said the fine would hit its financial performance this year.
VW share price initially fell on the news, but later rose more than 2% in Frankfurt.
Just as its parent company did earlier this year, Audi has "accepted responsibility" for regulatory breaches. It's a reasonably large fine, but the chances are executives and shareholders will be quietly pleased as it removes one more avenue of legal jeopardy facing the VW Group.
Essentially, Audi has been sanctioned for failing to detect the "defeat device" software installed in its own vehicles and allowing them to go on sale.
That suggests the main area of wrongdoing - actually commissioning and devising the software to beat emissions tests - is seen as a matter for individuals, rather than the company itself.
The affair isn't over. Volkswagen Group is still fighting a major lawsuit brought by investors who believe they were kept in the dark about the developing crisis at the company, and lost money as a result.
There are also group actions brought by aggrieved car buyers around Europe - including in the UK.
And Audi's former chief executive Rupert Stadler is languishing in jail, awaiting trial over his alleged involvement in the scandal.-BBC
Botswana's bourse threatens to delist Choppies over results delay
GABORONE (Reuters) - Botswana’s stock exchange said on Tuesday it could terminate Choppies Enterprises’ listing over the failure by the budget retailer to publish financial results on time.
Choppies, which operates in eight African countries, had failed to release its annual results for the year to the end of June within three months of a period stipulated by the bourse.
“Shareholders are therefore cautioned that Choppies shares are under threat of suspension and possible termination,” the Botswana Stock Exchange Limited (BSEL) said in a statement.
Choppies could not be reached for comment on Tuesday.
In September, Choppies said the delay was due to its new auditors’ reassessment of the company’s balance sheet.
The firm said it appointed new external auditors in January 2018 who have since raised questions with a number of the company’s past accounting practices and policies including valuation of inventory, impairments on property, plant equipment and value of acquisitions by its South African subsidiary.
($1 = 14.2329 rand)
US moves to negotiate trade deals with Japan, UK, EU
The US has said it intends to negotiate three separate trade agreements with Japan, the UK and the EU.
It could take several months before the negotiations begin, it said.
The move is part of US President Donald Trump's efforts to reshape trade policies to support his "America First" agenda.
It comes as the US has been fighting a trade war with China, the world's second largest economy.
"We will continue to expand U.S. trade and investment by negotiating trade agreements with Japan, the EU and the United Kingdom," US trade representative Robert Lighthizer said.
"We are committed to concluding these negotiations with timely and substantive results for American workers, farmers, ranchers, and businesses."
'America First' tariffs: What will Trump's policy do?
US and Canada agree new trade deal
'Dangerous undercurrents' in global economy
The US plans to start negotiations with Japan, the world's third largest economy, "as soon as practicable, but no earlier than 90 days from the date of this notice," Mr Lighthizer wrote in a letter to Congress.
Negotiations with the United Kingdom will start "as soon as it is ready" after it leaves the European Union in March 2019, he said.
The aim is "to address both tariff and non-tariff barriers" and to achieve free, fair and reciprocal trade" Mr Lighthizer said.
Mr Trump's preference for bilateral deals over multilateral ones is part of a more protectionist trade policy he has carried out since taking office in 2016.
He pulled the US out of the Trans-Pacific Partnership deal early in his administration and has renegotiated a trade deal between the US, Canada and Mexico.
Mr Trump's trade war with China continues to escalate, with companies already feeling the pinch and experts warning it will harm global growth.
US-China trade war: What has happened so far?
How China is fighting back in the trade war
The UK, which is seeking to broaden its trading partners as it heads towards Brexit, welcomed the news.
"The UK welcomes the US Administration's confirmation that it intends to begin negotiations for a Free Trade Agreement with the UK once we have left the EU," a government spokesperson said.
While the UK is not able to negotiate trade agreements until it formally leaves the EU, a US-UK working group launched in 2017 has been preparing the ground for a potential future trade agreement.--BBC
Zambian mining group says tax changes will hit mineral exploration
LUSAKA (Reuters) - Zambia’s proposed mining tax increases will hit mineral exploration and production in Africa’s second biggest copper producer, companies involved in exploration said on Tuesday.
Zambia plans to introduce new mining duties, replace Value Added Tax with sales tax and increase royalties to help bring down mounting debt, its finance minister said while delivering the 2019 budget speech last month.
The Association of Zambian Mineral Exploration Companies (AZMEC) said in a statement the measures proposed in the budget would not help the growth of the nation’s mining sector.
Mineral exploration is an inherently high cost and high risk activity, AZMEC President Geoffrey Mulenga said.
He added that no new viable copper discoveries had been made in Zambia over the past decade.
“Dramatically increased exploration activities are now required, more than ever, if Zambia is to remain a leading copper producing nation,” he said.
Without new mineral discoveries, Zambia’s mining industry would continue to stagnate and ultimately contract, hitting tax collection, employment and export revenue, he said.
Mining firms represented by Zambia’s chamber of Mines have opposed the proposed tax. The chamber has said that some companies had scrapped expansion plans because of the higher mining taxes, but did not name them.
Zambian mining group says tax changes will hit mineral exploration
LUSAKA (Reuters) - Zambia’s proposed mining tax increases will hit mineral exploration and production in Africa’s second biggest copper producer, companies involved in exploration said on Tuesday.
Zambia plans to introduce new mining duties, replace Value Added Tax with sales tax and increase royalties to help bring down mounting debt, its finance minister said while delivering the 2019 budget speech last month.
The Association of Zambian Mineral Exploration Companies (AZMEC) said in a statement the measures proposed in the budget would not help the growth of the nation’s mining sector.
Mineral exploration is an inherently high cost and high risk activity, AZMEC President Geoffrey Mulenga said.
He added that no new viable copper discoveries had been made in Zambia over the past decade.
“Dramatically increased exploration activities are now required, more than ever, if Zambia is to remain a leading copper producing nation,” he said.
Without new mineral discoveries, Zambia’s mining industry would continue to stagnate and ultimately contract, hitting tax collection, employment and export revenue, he said.
Mining firms represented by Zambia’s chamber of Mines have opposed the proposed tax. The chamber has said that some companies had scrapped expansion plans because of the higher mining taxes, but did not name them.
Christine Lagarde: IMF chief won't attend Saudi event
IMF managing director Christine Lagarde will not attend an investment conference in Riyadh, as global concern over the disappearance of a Saudi journalist grows.
A spokesperson said Ms Lagarde's planned trip to the Middle East "is being deferred".
She becomes the latest high-profile name to pull out of the event dubbed "Davos of the Desert".
The moves have come amid outcry over missing journalist Jamal Khashoggi.
Mr Khashoggi, a critic of the government and a columnist for the Washington Post, vanished on 2 October after visiting the Saudi consulate in Istanbul.
Authorities there believe he was killed in the building by Saudi agents, an accusation that the Saudi authorities have dismissed as "lies".
"The Managing Director's previously scheduled trip to the Middle East region is being deferred," an IMF spokesperson said in a statement, without providing further details.
The decision marks a turnaround for Ms Lagarde, who had previously said she was "horrified" by reports coming out of Turkey but would still attend the Saudi conference.
HSBC's John Flint, Tidjane Thiam of Credit Suisse and JP Morgan's Jamie Dimon are among others who have withdrawn from the event.
More bank chiefs pull out of Saudi event
An introduction to the conference on its official website says it "will immerse thousands of delegates from all over the world in a rich agenda".
A page with a list of confirmed speakers has been deleted from the website for the conference, which runs from 23 to 25 October.--BBC
South Africa's Treasury says recession, falling revenue hurt public finances
CAPE TOWN (Reuters) - Falling revenues and a recession mean South Africa will struggle to finance the public services that form the largest part of its budget, the National Treasury said on Tuesday.
Africa’s most industrialised economy slipped into recession in the second quarter for the first time in nearly a decade and faced political uncertainty that caused turmoil in its currency and financial markets over its finance minister.
Next week’s medium term budget, to be delivered by the new finance minister, Tito Mboweni, will be closely watched for details of President Cyril Ramaphosa’s stimulus plan to pull the economy out of recession and avoid further ratings downgrades.
“The contraction of our public finances is placing tremendous stress on us and our ability to finance public services and this threatens the affordability of planned expenditure,” Treasury’s Director-General Dondo Mogajane told a parliamentary committee.
National debt is approaching 2.5 trillion rand ($175 billion), with debt seen at 60 percent of gross domestic product in 2020, as debts of state firms, particularly Eskom, increase rapidly while tax revenues plummet.
The Treasury has also warned of a shortfall in revenue collection in the current fiscal year after a 50.8 million gap in 2017/18, the financial year ended in March [nL5N1VW1DW].
President Ramaphosa announced a multi-billion-dollar stimulus programme on Friday, earmarking funds for job creation and infrastructure development as he seeks to make good on a pledge to revive the country’s ailing economy.
And while his appointment of Mboweni as the country’s fourth finance minister in two years, replacing Nhlanhla Nene, was well received by investors, there are still doubts over his ability to deliver growth.
“The MTBPS will be calm on the surface but hide some furious ‘kicking’ below the surface to hold the line against revenue underperformance and the political pressures for a ‘real’ stimulus,” said analyst Peter Attard Montalto of Intellidex.
Moody’s, the last of the top three agencies to still rate the country investment grade, said in September that while it did not expect to downgrade the country to junk status, the size of the plan announced by Ramaphosa would have little impact.
Mogajane said the expects Moody’s to release its ratings review after next week’s medium term budget policy statement. The agency did not publish the review on Friday as was widely expected.
($1 = 14.2951 rand)
Trump calls Federal Reserve 'my biggest threat'
US President Donald Trump has escalated his war of words against America's central bank, calling the Federal Reserve his "biggest threat".
The remarks, made in an interview with US media outlet Fox Business, follow the president's repeated criticism of the Fed for its decision to raise interest rates.
Mr Trump is worried the moves will hurt economic growth.
The Fed maintains the economy is strong enough to handle the increases.
It has been gradually raising its benchmark rate since 2015, aiming to shift rates away from the ultra-low levels puts in place during the financial crisis and recession to spur economic activity.
Before becoming president, Mr Trump said the Fed should be moving faster, accusing it of keeping rates artificially low to help then President Barack Obama.
But his position has changed since he assumed office.
In the Fox interview, he said: "My biggest threat is the Fed, because the Fed is raising rates too fast."
"It's independent, so I don't speak to [Federal Reserve chair Jerome Powell] but I'm not happy with what he's doing," he added.
The comments follow Mr Trump's attacks on the bank last week, after US share prices dropped suddenly. At the time, he said the bank had "gone crazy" and was "out of control".
The perils of a political Federal Reserve
The Fed's rate increases are intended to prevent uncontrolled inflation, which has shown signs of picking up.
But they have that effect by making borrowing more expensive for businesses and families - and for the US government, which is borrowing to fund a growing budget deficit.
In the most recent financial year, the US spent nearly $800bn more than it brought in in revenue - an increase of $113bn.
Recent presidents have avoided commenting on Fed policy, in a sign of respect for the bank's independence.--BBC
New South African finance minister to keep policy direction intact - Moody's
JOHANNESBURG (Reuters) - Ratings agency Moody’s said on Tuesday that it expected new South African Finance Minister Tito Mboweni to keep the government’s broad policies intact in the medium-term budget speech due next week.
Lucie Villa, Moody’s lead analyst for South Africa said in a research report that while the change in ministers “may lead to last moment changes in policy implementation, we would not expect the broad direction of policy to be dependent on individuals.”
BAE Systems will go to the Saudi ball
BAE Systems is one UK firm that will definitely not pull out of next week's business conclave in Saudi Arabia.
The Kingdom bought a sixth of everything the UK defence contractor sold last year and BAE employs 6,000 people on the ground there.
The rock stars of the business world are shunning the spotlight on Riyadh after Jamal Khashoggi's disappearance at the Saudi embassy at Istanbul.
But the BBC has been told that BAE officials will make the trip.
To be fair to BAE, selling military hardware is not a normal business. It is conducted with the express approval of the UK government.
The UK wants to have a national aerospace contractor like BAE - both for national security reasons and for the nearly 40,000 high-skilled, high-paying UK jobs it creates.
But a company that size cannot live by the bread the UK government gives it alone. Since the mid-1980s, defence spending as a proportion of UK national income has fallen 60%.
To keep a British flag flying in the world of defence contracting, you need other customers. Over that same 30-year period, Saudi Arabia has been one of the UK and BAE's most loyal - and most controversial - customers.
The infamous 1980s al-Yamamah series of arms sales to the Kingdom was described at the time by the Financial Times as the "biggest sale of anything by the UK to anyone".
It also became the subject of a Serious Fraud Office investigation into allegations of corruption and bribery that was eventually abandoned in 2007, thanks to pressure from the UK and Saudi governments, who cited national and international security interests.
It was also well known that the French defence industry was sniffing around a new mega-contract at that time.
Oil dependency
Therein lies the basis of much of the developed world's arms industry approach to the vexed question of selling weapons to other countries.
If we don't sell them, someone else will.
Donald Trump underlined that point this week when he said that he was "against" cancelling a $110bn order for US hardware, not only because it would affect US jobs, but because he knows that China and Russia would happily step into the breach.
I will leave it to my colleagues in foreign news to provide analysis on the role UK weapons and training are having on the ground in Yemen. For businesses involved - such as BAE Systems - the decision on whom they sell arms to is one that has been outsourced for decades to the UK government.
Saudi Arabia has a very big problem of a very different nature.
The stuff it makes, it may one day be unable to sell. More than 200 billion barrels of oil still lie beneath the desert. The growing international clamour to turn away from fossil fuels and their plastic by-products mean they need to learn to do something else - fast.
The Kingdom hired top advisers McKinsey to come up with an answer and it was cut and pasted into Saudi's "Vision 2030" - a bold plan to move away from its 90% oil dependency.
Saudi offered the world a quid pro quo. We will sell you some of the family silver in the form of 5% of the world's biggest oil producer, Saudi Aramco, as well as invest in cutting-edge foreign companies such as Uber, WeWork and UK tech darling ARM Holdings.
In return, the rest of the world will help us develop other industries, such as chemicals, tourism and finance.
The plan has already hit problems, as the sale of the Saudi Aramco stake has been delayed amid concerns around transparency and the threat of legal action from future US shareholders over climate change and 9/11.
This latest episode has made Saudi Arabia's new-found investors run for cover, making its Vision for 2030 further out of sight.--BBC
Netflix adds more subscribers than expected
Netflix added nearly seven million new customers in the three months to September, bringing its total to more than 137 million members worldwide.
The growth was stronger than expected, prompting the firm's shares to jump more than 10% in after-hours trade.
It came as the firm premiered a record amount of original programming, including new seasons of Orange Is The New Black and BoJack Horseman.
Netflix is among the first of the major US tech firms to report earnings.
Investors were looking for signs of a rebound at the company after an unusually weak second quarter, which had fanned worries about the online streaming firm's future.
Netflix faces increased competition from traditional media companies and giants such as Amazon and its costs have been growing as it invests in its own material.
The firm has said it plans to spend as much as $8bn on content this year, with more than a quarter devoted to original programming.
Analysts estimate that it added about 676 hours of original programming in the US in the most recent quarter, 135% more than in the same period a year earlier.
Netflix said the investments were critical to the firm's growth.
"We recognise we are making huge cash investments in content, and we want to assure our investors that we have the same high confidence in the underlying economics as our cash investments in the past," it said in a letter to investors.
Subscriber growth is key to keeping up with the investments.
Netflix had told investors it expected to add about five million members in the quarter.
The actual total - which included about one million new subscribers in the US and almost 5.9 million abroad - set a record for the third quarter, Netflix said.
Netflix revenue in the quarter increased 34% year-on-year to nearly $4bn, while profits more than tripled to $403m.
The firm's shares are have risen than 65% so far this year.--BBC
Walmart rises despite lower profit forecast
Walmart is asking Wall Street to wait for profit growth as it battles to retain its place as the world's largest retailer.
The US discount chain has been buying up smaller companies, investing in India and spending on new technology.
But the investments come at a cost.
On Tuesday, the firm warned that profits per share would decline slightly next year, largely because of losses at its Indian e-commerce unit Flipkart.
Despite the caution, the firm's shares rose by nearly 2%, offering a vote of confidence in Walmart's efforts to remake its business.
Executives outlined plans to investors at an annual meeting on Tuesday.
They said they were looking at everything from introducing more robots to cut costs to expanding revenue by monetising customer data.
In its stores, Walmart is expanding offerings in categories with strong sales, such as wine and toys.
Online, executives said they wanted to improve services such as same-day delivery and increase the number of products available.
"I like the direction we're heading, but it's not going to happen overnight," said Marc Lore, chief executive of Walmart's US e-commerce unit.
Leaning long-term
Walmart has already been on a shopping spree, purchasing online shopping site Jet.com, as well as brands such as Bonobos and Bare Necessities to strengthen its digital muscle.
It spent $16bn (£12.1bn) this year to acquire a majority stake in Flipkart, an Indian e-commerce company.
Executives said they believed that Flipkart will turn profitable eventually, but conceded that the investment, as well as others it is making, would be costly in the short-term.
"We want to be positioned to have a business that's large and growing for the long term," said chief executive Doug McMillon.
"I'm trying to balance short-term and long-term but if you force me to choose, I'd lean long-term."
Sales forecast
The firm expects sales to increase by at least 3% in its next financial year, excluding fluctuations due to currency changes.
In the US, the firm expects sales growth of 2.5% to 3%, helped by a 35% surge in online shopping.
However, profits are expected to decline in the low single digits. The firm's estimate includes Flipkart, but not other changes, such as tax rates.
Executives said a healthy US economy had helped power sales, but they were preparing for the possibility that consumers will pull back.
The firm is also facing rising labour and delivery costs, as well as new US tariffs on Chinese imports.
Executives said the firm was committed to remaining the "low price leader" and had been in intense talks with suppliers in an effort to avoid raising prices.--BBC
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