Major International Business Headlines Brief::: 19 October 2018

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Major International Business Headlines Brief::: 19 October 2018

 


 

 


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

 


 

 


 

 

*  South Africa's Old Mutual sells all 5.5 mln shares in Nedbank

*  South Africa's rand softer after U.S. Fed's minutes; stocks fall

*  S.Africa poised to adopt plan to boost local car industry suppliers

*  Investec asset management buys stake in South African school firm

*  Egypt cuts fees for ships arriving at East Port Said

*  Mauritius bourse looks to entice African issuers with new index

*  Creditor seeks to wind up Kenya's Uchumi Supermarkets over debt

*  Steinhoff says investors to suspend legal battle as firm recovers

*  China's third quarter growth misses expectations at 6.5%

*  Oil output from Saudi, Kuwait shared zone on hold as ties sour

*  Gold retreats as U.S. dollar rises

*  Fed Hike or Fed Halt: Which Team Are You On?

*  Cramer: The Fed's attempt to preemptively curb inflation is 'a mistake'

*  Bitcoin Cash Price Analysis: BCH/USD Turned Sell on Rallies Near $440

*  China's Huawei plans to set up manufacturing unit in India

 

 


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South Africa's Old Mutual sells all 5.5 mln shares in Nedbank

JOHANNESBURG (Reuters) - South Africa’s Old Mutual Ltd said on Thursday it
sold all 5.5 million shares in Nedbank Group Ltd to select institutional
investors, marking the final step in the spinning-off of the unit.

 

The Nedbank shares were sold at a price of 230 rand each, it said in a
statement, without giving any further details.

 

Old Mutual, which holds a majority stake in Nedbank, has been dismantling
its conglomerate structure, created after a series of acquisitions, since it
moved its headquarters and primary listing to London in 1999.

 

As part of the plan, it spun off a majority stake in Nedbank on Monday and
now holds around 19.9 percent.

 

The spin-off terms stipulated that if qualifying U.S. Old Mutual
shareholders did not submit an investor letter to Old Mutual’s registrar by
October 12, they would be restricted from receiving Nedbank shares and Old
Mutual would then sell those in the market.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

South Africa's rand softer after U.S. Fed's minutes; stocks fall

JOHANNESBURG (Reuters) - South Africa’s rand retreated on Thursday as
minutes from the U.S. Federal Reserve’s September meeting striking a hawkish
tone bolstered the dollar and dampened some of the enthusiasm for emerging
currencies.

 

Stocks weakened for a third session, in line with emerging markets, which
were hampered by Chinese stocks tumbling to four-year lows.

 

At 1546 GMT the rand was 0.93 percent weaker at 14.3850 per dollar after
rising to 14.1050 on Wednesday, its best since Oct. 1.

 

The minutes from the meeting showed every Fed policymaker backed raising
interest rates, pushing the dollar index to its firmest in a week and
knocking emerging currencies that had befitted from a return of carry trade
action.

 

“The rand has looked past local data of late and is just tracking the other
emerging market currencies. You would have thought that the weaker mining
numbers would have had a bigger effect,” said Jan Sluis-Cremer, forex trader
at Rand Merchant Bank.

 

Mining production figures released on Thursday morning showed that total
mining output had fallen 9.1 percent year-on-year in August, worse than
consensus expectations of a 4.0 percent contraction.

 

The yield on the benchmark 2026 paper was flat at 9.165 percent.

 

In equities, the all share index and the blue chip top 40 index were both
down 0.49 percent at 52,133 points and 45,936 points respectively.

 

Banks fell 0.46 percent and bourse heavyweight Naspers was 1.17 percent
lower at 2,725 rand.

 

The emerging-market shares fell as Chinese stocks tumbled to four-year lows.
The U.S. is leaning on import tariffs to try to cut a trade deficit with
China.

 

“With talk of raising rates with the Fed and trade wars still hanging over
everyone’s head, emerging markets are still not exactly the flavour of the
month. The risk off sentiment and volatility persists,” said Ryan Woods,
equities trader at Independent securities.

 

Private hospital group Mediclinic extended its previous day’s losses,
dropping by a further 7.80 percent to 68.19 rand after it flagged an 8
percent drop in core profit for the first six months of the year. On
Wednesday, Mediclinic’s shares fell 19 percent.

 

 

 

S.Africa poised to adopt plan to boost local car industry suppliers

CAPE TOWN (Reuters) - South Africa is likely to adopt new plans for the
country’s car industry in December which aim to increase the local content
of assembled cars to 60 percent by 2035 from around 38 percent now, a
cabinet minister said on Thursday.

 

The new plan, which will come into effect in 2021, seeks to provide
stability for one of South Africa’s main manufacturing sectors, where
carmakers have invested billions of dollars to upgrade factories to supply
the export market from Africa’s biggest car making hub.

 

The so-called auto masterplan aims to bolster competitiveness and expand
vehicle production in South Africa to 1 percent of global output. It marks
the latest incentive package the government is offering to component and
carmakers including Ford, Toyota, BMW and Volkswagen.

 

Trade and Industry Minister Rob Davies said the new plan would try to get
more local companies involved in the making of vehicle parts.

 

“So that we are not just a footloose place where assembly can take place for
the short term, but where there is an ecosystem that is grown in and around
the auto sector,” he told Reuters in an interview.

 

Davies did not want to divulge details of the new plan before it went before
cabinet, but said it would be anchored on the existing auto sector incentive
package that ends in 2020.

 

The current incentive package, named the Automotive Production and
Development Programme, rewards increased motor vehicle output and refunds
import duties based on the amount of local modifications carried out on
vehicles.

 

B&M Analysts, a research consultancy which worked on the new incentive plan,
said increasing local content in South African-built cars to 60 percent
could add around 135 billion rand ($10 billion) in the domestic auto sector.

 

Renai Moothilal, executive director of the National Association of
Automotive Component and Allied Manufacturers (NAACAM), said “a lot of work
has been done in trying to find an incentive package that assists the value
chain to get to the 60 percent localisation level.”

 

Hayley Eagle, who owns one of the first South African companies to supply
parts to a car company, known as an original equipment manufacturer (OEM),
said companies such as Ford appeared willing to include more local
suppliers.

 

“There is no compromise for their quality standards, the risk is just so
high. If you want to supply an OEM, you have to comply to their standards,”
Eagle told Reuters.

 

Her company, Jamsco, supplies a pressed component bracket that fits on the
dash panel of the Ford T6 Ranger.

 

($1 = 14.1793 rand)

 

 

Investec asset management buys stake in South African school firm

JOHANNESBURG (Reuters) - Investec Asset Management, a subsidiary of
Investec, has bought in a firm that runs private colleges in South Africa,
it said on Thursday, tapping into a fast-paced expansion in education
businesses.

 

Rising incomes among the continent’s vast population have created a pool of
customers willing to pay for better schooling for their children. That in
turn is driving a fast-paced expansion in education businesses.

 

Investec Asset Management said it had bought shares in Richfield Holdings,
but did not disclose the size of the stake or cost of the deal.

 

Richfield founder and Chief Executive Officer, Jay Ramnundlall said the
tie-up with Investec Asset Management would enable the firm to expand
further. Founded 28 years ago, Richfield has more than 40 campuses in South
Africa.

 

Investec Asset Management has $143 billion in assets.

 

Its parent company is planning to spin-off and float the asset management
unit on the London Stock Exchange with a secondary listing in Johannesburg.

 

Curro Holdings is South Africa’s largest private education group, with
schools across the country and Namibia. It is followed by Advtech, which has
been expanding in Africa, where rising incomes have created a pool of
customers willing to pay for private education.

 

 

 

Egypt cuts fees for ships arriving at East Port Said

CAIRO (Reuters) - Egypt will reduce the tariffs on container ships and
ferries coming from foreign ports to East Port Said for a period of one
year, the Suez Canal Authority said in a statement on Thursday.

 

A 30 percent discount on port, docking and guiding fees will apply for
vessels carrying less than 80,000 tonnes while those carrying more than that
will receive a 40 percent discount, the statement said.

 

Vessels carrying more than 50 containers will be eligible for a discount of
up to 60 percent, but both rates cannot be applied at the same time, it
said.

 

The Suez Canal is the fastest shipping route between Europe and Asia and one
of the Egyptian government’s main sources of foreign currency.

 

 

 

Mauritius bourse looks to entice African issuers with new index

PORT LOUIS (Reuters) - The Stock Exchange of Mauritius will launch a new
index next month dedicated to African firms to attract more issuers from the
continent, its chief executive said.

 

The government of Mauritius, already an established offshore financial
centre, is also seeking to broaden its appeal to foreign investors by
introducing a derivatives trading platform, with commodities and currency
contracts.

 

The bourse has a market capitalisation of $12 billion, but only 29 of the
156 new listings since 2009, 87 of them international, are from
Africa-focused firms, Chief Executive Sunil Benimadhu told a news
conference.

 

Known as the Africa Board, the new market category will require prospective
issuers of securities to have half of their assets on the African continent
or show they generate half of their annual revenue from operations on the
continent.

 

“It aims at enticing potential African issuers, global companies having an
Africa focus, exchange-traded funds holding African (underlying assets),
issuers of African depositary receipts and of African debt products to raise
capital and list,” he said.

 

The 29 past Africa-focused issuers on the bourse were attracted by its
multi-currency listing, trading and settlement platform. They raised 45
billion Mauritius rupees ($1.31 billion) to fund their activities, Benimadhu
said.

 

Twenty-two of those issuers, with a market value of 54.3 billion rupees,
have been earmarked for inclusion on the Africa Board at its launch, he
said.

 

He said the target is to have 60 securities qualifying for listing on the
Africa Board within the next five years.

 

Issuers on the Mauritius bourse can choose to raise funds in Mauritian
rupees, U.S. dollars, euros or British pounds.

 

The bourse plans to launch the SEM Africa Index (SEMAFRIDEX) on Nov. 1 to
track the performance of all equity products listed on the Africa Board.

 

The index will consist of rupee and foreign currency denominated securities
that will be traded on the new Africa-focused segment. It will be market-cap
weighted.

 

African capital markets are seeking to introduce new products to cut
dependence on local equities, which are susceptible to outflows and
volatility driven by factors like a drop in commodity prices.

 

($1 = 34.2900 Mauritius rupees)

 

 

 

Creditor seeks to wind up Kenya's Uchumi Supermarkets over debt

NAIROBI (Reuters) - A Kenyan company is seeking the dissolution of retailer
Uchumi Supermarkets over a 44.8 million shilling ($444,000) debt, according
to court documents seen by Reuters on Thursday.

 

Documents dated Aug. 31 and filed by Githunguri Dairies, a local milk
producer and processor, at the High Court in Nairobi also seek an order from
the court to have Uchumi placed under receivership.

 

The private Business Daily newspaper reported on Thursday that five other
companies had also joined the suit, seeking to recover a total of 471
million shillings.

 

Officials at Uchumi were not immediately available to comment.

 

Uchumi, Kenya’s only listed retailer, was thrown into turmoil in June 2015
when it sacked its chief executive for alleged gross misconduct and an audit
uncovered the loss of funds raised through a rights issue.

 

A subsequent exodus of suppliers, unhappy over unpaid bills, left empty
shelves in the chain’s stores, as losses mounted.

 

A subsequent attempt to turn the supermarket around then stalled, and in
late last year the CEO hired to revive the chain resigned.

 

The troubles at Uchumi, and the implosion of privately held retailer
Nakumatt, have opened the door to foreign chains such as France’s Carrefour
to operate franchises in the East African nation.

 

Uchumi had another period on receivership starting in mid-2006.

 

($1 = 100.8500 Kenyan shillings)

 

 

 

Steinhoff says investors to suspend legal battle as firm recovers

JOHANNESBURG (Reuters) - Steinhoff said on Wednesday investors who are suing
the crisis-hit firm had agreed to suspend litigation until next year,
allowing the retailer time to focus on its recovery.

 

The lawsuit brought in the Netherlands was aimed at compensating investors
for the more than 14 billion euros ($16 billion) wiped off Steinhoff’s
market value since the retailer uncovered accounting irregularities last
year.

 

 

China's third quarter growth misses expectations at 6.5%

China has reported its slowest quarterly growth rate since the global
financial crisis.

 

The growth figure for the July to September quarter was 6.5% from a year
earlier, the National Bureau of Statistics said. The result fell short of
Reuters analyst forecasts of 6.6%.

 

Policymakers have moved to support the cooling economy in recent months.

 

China faces rising economic challenges including high debt levels and an
intensifying trade battle with the US.

 

The impact of the trade dispute with the US is expected to weigh on growth
figures in the coming months.

 

Friday's growth figure was the slowest quarterly expansion since the first
quarter of 2009 - the height of the global financial crisis.

 

The result was also a drop from the 6.7% rate in the prior quarter, but
remains in line with the government's full-year target of about 6.5%.

 

While China watchers advise caution with Beijing's official GDP numbers, the
data is seen as a useful indicator on the country's growth trajectory.

 

As one China observer told me during a recent trip to Beijing, the country
was not expecting to fight a trade war at a time that it was also trying to
manage systemic risks in the economy.

 

They don't have a lot of options on the table. The country is saddled with
extraordinary levels of debt so policymakers are reluctant to take measures
to stimulate the economy the way they did after 2008.

 

It means that Beijing is fighting a war on two fronts, without all of the
cavalry at its disposal. And it's fighting an increasingly unpredictable and
volatile enemy, in the form of an aggressive US administration.

 

None of which bodes well for China's economic outlook.

 

Read more from Karishma.

 

Economic risks

For years China has pushed to wean off exports and rely more on domestic
consumption for growth.

 

At the same time, the government has been fighting to contain ballooning
debt - driven by a wave of infrastructure development - and a housing bubble
without hurting growth.

 

In recent months Beijing has taken steps to support its economy, including
cutting capital requirements to boost liquidity, and ease the slowdown.

 

Capital Economics China economist Julian Evans-Pritchard said in a research
note the latest data showed "some early signs...that policy support is
starting to gain traction" but added "more easing will still be needed in
order to stabilise growth".

 

Alongside its domestic challenges, China is also expected to feel the pinch
from a trade dispute with the US in the months ahead.

 

The third-quarter figures are the first to be released by Beijing since US
President Donald Trump hit China with two sets of tariffs, targeting $250bn
(£192bn) worth of Chinese goods.--BBC

 

 

 

Oil output from Saudi, Kuwait shared zone on hold as ties sour

Saudi Arabia and Kuwait will struggle to resume oil production from jointly
operated fields any time soon due to operational differences and souring
political ties between the previously close Gulf OPEC allies, sources
familiar with the matter said.

 

The two countries halted output from the jointly run oilfields - Khafji and
Wafra - in the so-called Neutral Zone more than three years ago, cutting
some 500,000 barrels per day, or 0.5 percent of global oil supply.

 

As oil prices rose to a four-year high above $85 per barrel this year,
Washington has been pressing its top Gulf ally Riyadh to reduce crude prices
by increasing production.

 

Saudi Crown Prince Mohammed bin Salman visited Kuwait last month to discuss
a resumption of oil output from the zone.

 

But the sources, who asked not to be identified as they are prohibited from
discussing the issue publicly, said the talks failed to move the two
countries closer to a deal as Kuwait resisted Riyadh's push for greater
control of the fields.

 

"It did not go well because Kuwaiti sovereignty is non-negotiable," one
source told Reuters news agency.

 

Riyadh does not want Kuwaiti laws to apply to US oil major Chevron, which
operates the Wafra onshore field on behalf of the Saudi government, the
source added.

 

Another source said Saudi Arabia wanted a bigger say and more control in
running oil operations in the zone.

 

Bin Salman met Kuwaiti Emir Sheikh Sabah al-Ahmad al-Jaber al-Sabah and
Crown Prince Nawaf al-Ahmad al-Jaber al-Sabah but the visit was cut short
from the originally planned two days to just a few hours on the night of
September 30, the sources said.

 

Political tensions

In a move that may complicate relations with Riyadh, Kuwait this month
signed a defence cooperation plan with Turkey a  move it said was meant to
strengthen bilateral ties.

 

Signed in Kuwait City by top military officials from both countries, the
arrangement calls for the exchange of experience and know-how aimed at
enhancing military coordination.

 

 

Kuwaiti and Turkish army officials signed an agreement in Kuwait City on
October 10  [Courtesy: KUNA] 

Turkey and Saudi Arabia are currently locked in major diplomatic crisis over
the disappearance of Saudi journalist Jamal Khashoggi in Istanbul. 

 

Adding to the friction were tensions between Saudi Arabia and Kuwait over
the embargo against neighbouring Qatar and diverging views on relations with
Saudi Arabia's regional rival Iran.

 

Kuwait is trying to mediate the embargo, which is being led by Saudi Arabia
and the United Arab Emirates.

 

Saudi Arabia, Bahrain, the UAE and Egypt cut diplomatic, transport and trade
ties with Doha last year, accusing it of financing terrorism. Qatar rejects
the charges.

 

Kuwait has sought to maintain neutrality, although the Emir's efforts to
mediate the rift have had little success so far.

 

Kuwait, which has a sizeable Shia Muslim minority, has also maintained
dialogue with Shia Iran. Saudi Arabia and Iran back opposing sides in civil
wars in Syria and Yemen.

 

"The (regional) situation is not stable, so every country should think how
to protect itself," Saleh Ashour, a member of the Kuwaiti parliament, said.

 

Costly idle wells

Oil output in the Neutral Zone, which dates back to 1920s treaties
establishing regional borders, is divided equally between Saudi Arabia and
Kuwait.

 

The Wafra field is operated by state-run Kuwait Gulf Oil Co and Chevron on
behalf of Saudi Arabia. The Khafji field is operated by state oil giant
Saudi Aramco and Kuwait Gulf Oil.

 

Tensions have been simmering since the last decade when Kuwait was angered
by a Saudi decision to prolong Chevron's Wafra concession until 2039 without
consulting Kuwait.

 

In 2014, Saudi Arabia closed Khafji, citing environmental issues. In 2015,
Chevron shut Wafra, citing difficulties in securing work permits and
materials.

 

"Saudi Arabian Chevron is focused on supporting operational activities to
maintain readiness for production restart when that time comes," a Chevron
spokeswoman said.

 

"Obviously a restart depends on the discussions between the two countries.
But we’re ready. We are maintaining the equipment, we have put a lot of
effort into keeping the pipelines in shape and keeping the key wells in
shape."

 

Shutting off output is expensive because it requires investments of tens of
millions of dollars a year for maintenance, sources familiar with field
operations said.

 

The Neutral Zone "is the single biggest asset in the world, which was
deliberately stopped and hasn't been producing for three years", one of the
sources said.

 

"The more the restart is postponed the more it will cost to maintain it. And
the more problematic it might be to restart the fields quickly and fully,"
he added.

 

Industry sources from both countries say that though Khafji and Wafra are
not linked geographically, an agreement to bring one field back online would
be tied to the other.--www.aljazeera.com

 

 

 

Gold retreats as U.S. dollar rises

(Xinhua) -- Gold futures on the COMEX division of the New York Mercantile
Exchange settled lower on Wednesday as the U.S. dollar index climbed
sharply.

 

The most active gold contract for December delivery went down 3.6 dollars,
or 0.29 percent, to close at 1227.40 dollars per ounce.

 

The U.S. dollar index, a gauge of the greenback against a basket of other
major currencies, rose 0.41 percent to 95.48 as of 1723 GMT.

 

Gold and the dollar usually move in opposite directions. When the dollar
goes up, gold futures will fall as gold, measured by the dollar, becomes
more expensive for investors using other currencies.

 

Gold futures had been supported in the past two sessions by geopolitical
tensions surrounding the disappearance of a Saudi journalist in Saudi
Arabia's consulate in Istanbul.

 

Trade disputes between major economic powers and Italy's rising budget
deficit, also gave additional support to the precious metal, viewed as
safe-haven asset by investors especially during market turbulence.

 

But a rising U.S. dollar, which was further strengthened after the release
of minutes from the Federal Reserve's September monetary policy meeting,
pressured the gold futures.

 

The minutes reaffirmed the Federal Reserve's commitment to more gradual rate
hikes, which boosted the dollar. As a result, gold futures extended their
decline into electronic trading in the afternoon.

 

As for other precious metals, silver for December delivery went down 3.8
cents, or 0.26 percent, to close at 14.663 dollars per ounce. Platinum for
January 2019 delivery was down 6.1 dollars, or 0.72 percent, to settle at
840.60 dollars per ounce.--http://www.xinhuanet.com

 

 

 

Fed Hike or Fed Halt: Which Team Are You On?

Fed officials are coming out for and against future rate hikes. Fed governor
Randal Quarles supports, St. Louis chief James Bullard doesn't. Critics of
more hikes say Donald Trump has a point: inflation hasn't run away. So is
the Fed trying to give itself ammunition for a future recession? Bloomberg
modeling forecasts the next downturn is 12 to 24 months away. Ramy Inocencio
reports on "Bloomberg Daybreak: Asia." (Source: Bloomberg)

 

 

 

Cramer: The Fed's attempt to preemptively curb inflation is 'a mistake'

Stocks tanked on Thursday because people are finally realizing that the
Federal Reserve has the power to hurt stocks and slow the economy, CNBC's
Jim Cramer said after the Dow Jones Industrial Average fell more than 300
points.

 

"This is one of those moments where it's dawning on people that maybe all
the assurances that we don't need to be afraid of the Fed are being proven
to be totally bogus," the "Mad Money" host said.

 

Behind those assurances are two "lousy" theories, Cramer said: the idea that
more rate hikes are necessary because the U.S. economy is close to full
employment, and the idea that the rate hikes won't hurt the market because
they're already "baked in."

 

Doubling down on his earlier comments, Cramer argued that full employment
"is a great thing as long as inflation's not out of control, and right now
the statistics indicate it's not, so what's the big deal?"

 

If hourly wages were skyrocketing, Cramer said he would understand the need
to raise interest rates four more times, as the Fed has said it plans to do.
But with millions of workers at risk of losing their jobs from bankruptcies
— see Sears' recent turmoil — or new technological applications that make
certain jobs redundant, he didn't see the incentive.

 

"There's no cause for the Fed to tighten four more times. None," Cramer
said. "This is what all this turmoil's about in the market. They're taking
preemptive action because they're afraid of potential inflation. I think
that's a mistake. The labor market's taken a decade to recover from the
financial crisis. Why not give it some more time?"

 

The "Mad Money" host understood Fed Chair Jerome Powell's concerns about the
economy. Between the Trump administration's immigration crackdown and a
strong job market, some small businesses are seeing their labor costs surge.

 

"If you run a restaurant in a place like New York, it's crushing your
margins," Cramer, who owns a small restaurant in Brooklyn, explained.

 

"Is that a real reason to cause a slowdown, though?" he asked. "Does the Fed
exist to protect the bourgeoisie from the scourge of paying people a decent
living? Sorry, something about Jerome Powell wakes up my long-dormant inner
Marxist."

 

And with regional bank and homebuilding stocks only just starting to unravel
as loan growth slows and the cost to build creeps up, Cramer had a hard time
believing the theory that the rate hikes were already priced into the
broader market.

 

"Stop kidding yourself if you think all the bad news is baked in. You don't
get these kinds of declines if it is — and I'm not even including the
Italian budget crisis, which I'm sure the bears will call out tomorrow," he
said. "And you've got to accept that we could be buying a stock of the Fed's
next victim if we're not careful. That's a frightening place to be, and
until people accept that fear, the market will not find its long-term
footing."

 

 

 

Bitcoin Cash Price Analysis: BCH/USD Turned Sell on Rallies Near $440

Bitcoin cash price declined further and traded close to the $420 support
level against the US Dollar.

There is a new bearish trend line in place with resistance near $435 on the
hourly chart of the BCH/USD pair (data feed from Kraken).

The pair is likely to face a lot of selling interest if it trades towards
$440 or $450.

Bitcoin cash price is back in a bearish zone below $450 against the US
Dollar. BCH/USD could continue to face a lot of selling interest near the
$440-450 zone.

 

Bitcoin Cash Price Analysis

Yesterday, there was a minor upside move above the $440 level in bitcoin
cash price against the US Dollar. The BCH/USD pair traded close to the $450
level, but it failed to gain momentum. A high was formed around $449 and
later the price moved south. It fell below the $440 level and broke the 100
hourly simple moving average. The price extended declines and traded close
to the $420 support area.

 

A new weekly low was formed at $423 and later the price recovered. It
corrected above the 23.6% Fib retracement level of the recent decline from
the $449 high to $423 low. However, there are many resistances near the $435
and $440 levels. There is also a new bearish trend line in place with
resistance near $435 on the hourly chart of the BCH/USD pair. Above the
trend line, the next major resistance is near $440. It also coincides with
the 61.8% Fib retracement level of the recent decline from the $449 high to
$423 low.

 

Bitcoin Cash Price Analysis BCH Chart

 

Looking at the chart, BCH price is currently in a bearish zone below $450.
As long as there is no close above $440 and $450, sellers remain in charge.

 

Looking at the technical indicators:

 

Hourly MACD – The MACD for BCH/USD may slowly move into the bullish zone.

 

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently
around the 40 level.

 

Major Support Level – $420

 

Major Resistance Level – $440

 

 

 

China's Huawei plans to set up manufacturing unit in India

(Xinhua) -- Chinese telecom giant Huawei plans to begin manufacturing mobile
phones in India by next year, Indian media quoted the company's Global
Vice-President Jim Xu as saying on Friday.

 

Huawei already has a presence in India through its sub-brand "Honor" which
is sold through online channels.

 

The company's plans for local manufacturing is mainly driven by the fact
that India levies 20 percent duty on imported devices.

 

Xu also reportedly said that his company is also working on plans to open
1,000 company-branded stores across India in the next 2-3 years, in a bid to
have a share in India's lucrative market.

 

"We look at India strategically and now intend to grow our presence through
launch of devices in the mid-and-premium-end of the market. Yes, definitely
we plan to go for local manufacturing. We plan to do this in partnership
with our manufacturing partner Flex that has a factor in Chennai," said Xu,
as reported by the Times of India.

 

Revealing his plans of launching an aggressive marketing and retail campaign
in India, he added, "We intend to spend around 100 million U.S. dollars as
part of our outreach investment. Apart from this, we intend to have
company-operated as well as partner-owned exclusive stores with plans to
open 1,000 such outlets in the next 2-3 years."

 

Xu also stated that his company was planning to launch other products such
as personal computers and smart-watches.

 

"We initially plan to import these, but will not hesitate to look at local
manufacturing once we start gaining in scale."

 

Chinese mobile brands like Xiaomi, Vivo, Oppo, and OnePlus are already
having a considerable market share in India, manufacturing them in order to
have an edge in the price-competitive Indian market, according to the
daily.--http://www.xinhuanet.com

 

 

 

 

 

 

 


 

 


 

INVESTORS DIARY 2018

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 


 

 

 

 


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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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