Major International Business Headlines Brief::: 25 October 2018

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Major International Business Headlines Brief::: 25 October 2018

 


 

 


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*  Barclays profits up 'despite Brexit uncertainty'

*  Famous Brands' GBK burger business initiates company voluntary
arrangement

*  Recession-bound South Africa sees wider budget deficits, low growth; rand
dips

*  South Africa's rand, bonds slump after budget disappoints

*  Namibia says economy to shrink 0.2 percent this year

*  Airtel Africa raises $1.25 bln from SoftBank, five other investors

*  IMF bumps Kenya's debt distress risk to moderate from low

*  Malawi inflation to average between 9.3 pct and 9.5 pct in 2018 - cbank

*  Stocks plunge in Asia after Wall Street sell-off

*  Cathay Pacific data hack hits 9.4 million passengers

*  Tesla delivers $311m quarterly profit

*  Exxon accused of climate change 'fraud'

*  Superdry founder Julian Dunkerton seeks return to the fold

*  Google drops plans for Berlin campus after protests

*   Single-use plastics ban approved by European Parliament

*  Apple and Samsung fined by Italian authorities over slow phones

 

 


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Barclays profits up 'despite Brexit uncertainty'

Profits at Barclays surged in the third quarter as the lender's investment
banking and retail divisions picked up speed.

 

The lender posted £1.5bn in profit before tax for the three months to 30
September, up from £1.1bn a year ago.

 

Boss Jes Staley said the bank was doing well, despite Brexit uncertainty
"weighing heavily on market sentiment".

 

Income at Barclays' markets trading business grew by 19% to £1.2bn, during
the quarter.

 

The strong quarterly results will be welcome after a bumpy first half of the
year, which saw Barclays' profits hit by litigation costs and settlements.

 

Also, in March, it emerged that Edward Bramson, an investor know for shaking
up companies, had taken a 5% stake in the bank. He has been pushing for
higher returns from the investment bank and bigger payouts for shareholders.

 

Barclays on the radar of activist investor

US matters more than Europe, says Barclays boss

Barclays group profits for the first nine months of the year fell compared
with the same period last year, after it paid a £1.4bn penalty in the US
over mis-selling financial products before 2008.

 

Richard Hunter, head of markets at Interactive Investor, said: "Although the
bank is striving to consign these charges to history, investors will be
relieved when they cease to become an important part of the narrative."

 

However, he said Barclays' fortunes were improving and its latest update was
"one of promise".

 

Laith Khalaf, a senior analyst at Hargreaves Lansdown, said the lender still
faced challenges.

 

"These latest results don't really change the big picture at Barclays.
Progress has been made, though it's come in fits and starts, and we'd like
to see greater consistency in its performance."--bbc

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Famous Brands' GBK burger business initiates company voluntary arrangement

JOHANNESBURG (Reuters) - UK Gourmet Burger Kitchen (GBK), owned by South
African fast-food chain owner Famous Brands, has decided to initiate a
company voluntary arrangement (CVA), Famous Brands said on Wednesday.

 

“The CVA process has the objective to ensure financial viability and the
sustainability of the business into the future,” it said in a statement.

 

 

 

 

Recession-bound South Africa sees wider budget deficits, low growth; rand
dips

CAPE TOWN (Reuters) - South Africa predicted wider budget deficits and cut
growth forecasts in a bleak budget on Wednesday that focused spending on
infrastructure, manufacturing and agriculture to boost the recession-bound
economy.

 

Finance Minister Tito Mboweni acknowledged the challenge he faces at a time
revenue shortfalls as he presented his medium term budget policy statement
after just two weeks in the job.

 

“We are trying to make the best out of a difficult situation,” he told
reporters before making his maiden budget speech in parliament.

 

Africa’s most industrialised economy is struggling with ballooning debt that
risks pushing its sovereign credit ratings deeper into “junk” territory.
Cash-strapped state firms and high public wages have also strained
government finances, putting in jeopardy plans to reduce a stubbornly high
unemployment rate before national elections next year.

 

The Treasury estimated the budget deficit would widen to 4 percent of South
African gross domestic product in the 2018/19 fiscal year from 3.6 percent
forecast previously, and then rise to a 4.2 percent in the next two years.
It also halved the growth forecast for this calendar year to 0.7 percent.

 

In the three years to 2020/21, the tax revenue is expected to underperform
significantly, it added. South Africa’s fiscal year runs from April to
March.

 

The rand which was half a percent stronger before Mboweni’s budget speech,
turned weaker, falling nearly 2 percent. Government debt prices also fell.

 

Mboweni said the markets would recover.

 

“Once the markets look overall at what is contained in the statement, I
think they will get a sense of the balance,” he told a media conference
after his speech.

 

“They might also been unhappy about the consolidated deficit number...I
suspect they will come down (recover) a bit.”

 

‘TOUGH MESSAGE’

The government’s gross loan debt is expected to stabilise at 59.6 percent of
GDP by 2023/24 from an estimated 55.8 percent in the current year, the
Treasury said. These estimates are likely to be viewed as negative for South
Africa’s credit ratings before a possible Moody’s review.

 

Moody’s is the only one of the “big three” agencies to rate South Africa at
investment grade. South Africa is rated “junk” by S&P Global Ratings and
Fitch.

 

“Without meaningful structural economic reform to get this economy growing
again the Treasury is going to find itself in a very difficult spot come the
February budget,” Jeffrey Schultz, economist at BNP Paribas, said. “I think
the risk of ratings downgrades next year is still a very real possibility.”

 

Sanlam Private Wealth director Greg Katzenellenbogen said: “(Mboweni) had a
tougher message for people than we thought and the situation is worse than
we thought, especially on revenue collection.”

 

President Cyril Ramaphosa announced a stimulus plan last month that included
50 billion rand ($3.5 billion) of expenditure, a portion of which will be
funds shifted from low performance areas, and some new funding.

 

The Treasury said it would move 32.4 billion rand in expenditure over the
next three years, with nearly half the amount directed to agriculture,
infrastructure, clothing and textile incentives and job creation programmes.

 

Funding of under-performing areas has been reallocated, provisional
allocations adjusted and the contingency reserve drawn down to make up for
the stimulus cash, the Treasury said.

 

($1 = 14.3918 rand)

 

 

South Africa's rand, bonds slump after budget disappoints

JOHANNESBURG (Reuters) - South Africa’s rand weakened more than 1 percent on
Wednesday after new Finance Minister Tito Mboweni forecast wider deficits
and slower growth in his maiden budget speech.

 

At 1247 GMT, the rand traded at 14.4200 versus the dollar, 1.1 percent
weaker on the day.

 

Mboweni delivered the medium term budget as Africa’s most industrialised
economy struggles with ballooning debt that risks pushing its sovereign
credit ratings deeper into “junk” territory.

 

He said the budget deficit estimate for the 2018/19 fiscal year had widened
to 4 percent of GDP from 3.6 percent previously, while his ministry also
halved its growth forecast for this year to 0.7 percent.

 

The rand has been on the back foot since second-quarter gross domestic
product data on Sept. 4 showed the economy had entered a recession.

 

Government bonds also fell after Mboweni’s speech, with the yield on the
benchmark instrument due in 2026 up 6.5 basis points at 9.230 percent.

 

Stocks gained mainly due to rand hedges which tend to strengthen when the
rand falls.

 

Companies seen as “rand hedges” earn a significant portion of their revenue
overseas, hence a weaker rand will translate into higher earnings in rand
terms.

 

 

Namibia says economy to shrink 0.2 percent this year

WINDHOEK (Reuters) - Namibia’s economy will contract 0.2 percent this year,
down from a forecast of 1 percent growth in July, due to a weak performance
in the manufacturing and construction sectors, Finance Minister Calle
Schlettwein said on Tuesday.

 

Namibia’s economy should grow 0.9 percent next year, Schlettwein said in a
medium-term budget review.

 

The southern African country’s budget deficit will be maintained at no more
than 4.4 percent of GDP in the 2019/20 financial year, he said.

 

 

 

Airtel Africa raises $1.25 bln from SoftBank, five other investors

MUMBAI (Reuters) - Airtel Africa Ltd, a subsidiary of India’s Bharti Airtel
Ltd, said on Wednesday it raised $1.25 billion from six global investors
including SoftBank Group Corp, Warburg Pincus LLC and Temasek Holdings
(Private) Ltd.

 

It also said it was looking to go public on an international stock exchange.

 

The fundraising, through a primary equity issuance, now values the company
at $4.4 billion and will be used to reduce existing debt of about $5 billion
and grow its Africa operations, Airtel Africa said.

 

The subsequent market debut will also be used to reduce debt further, it
said.

 

 

IMF bumps Kenya's debt distress risk to moderate from low

NAIROBI (Reuters) - Kenya’s risk of defaulting on debt repayments has
increased to moderate from low, the International Monetary Fund (IMF) has
said, citing the government’s public investment drive and revenue shortfalls
in recent years.

 

The Washington-based lender forecast Kenya’s total public debt will reach
63.2 percent of economic output or GDP this year then begin declining.
Public debt was 58 percent last year and 53.2 percent in 2016.

 

“The higher level of debt, together with rising reliance on non-concessional
borrowing, have raised fiscal vulnerabilities and increased interest
payments on public debt to nearly one fifth of revenue, placing Kenya in the
top quartile among its peers”, the IMF said in a report released late on
Tuesday.

 

The government led by President Uhuru Kenyatta, who was re-elected last
year, began in 2016 to pour billions into infrastructure projects, including
a Chinese-built railway. In his second and final term, Kenyatta has said his
government will focus on manufacturing and public housing.

 

The IMF recommended Kenya’s Treasury refinance loans at longer maturities to
limit refinancing risks.

 

 

Malawi inflation to average between 9.3 pct and 9.5 pct in 2018 - cbank

LILONGWE (Reuters) - Malawi’s inflation is expected to remain in single
digits this year and average between 9.3 percent and 9.5 percent, central
bank governor Dalitso Kabambe said on Wednesday.

 

“Inflation has come under pressure in recent months from a 20 percent tariff
electricity base increase, 5 percent fuel increase in October, (but) it will
still average between 9.3 percent and 9.5 percent this year,” Kabambe said.

 

 

Stocks plunge in Asia after Wall Street sell-off

Asia stocks have joined a global sell-off after a bruising session on Wall
Street which saw two of the three main indexes erase their gains for the
year.

 

Tokyo stocks slumped more than 3%, while losses pushed the Dow Jones
Industrial Average and the S&P 500 into negative territory for the year.

 

Technology stocks were also hit, with the Nasdaq index suffering its worst
day since 2011.

 

Concerns over corporate profits and slowing growth has rattled investors.

 

In the US, the Dow Jones Industrial Average sank 2.4% to 24,583.4 points,
while the S&P 500 plunged 3.1% to 2,656.1 points on Wednesday.

 

The technology-focused Nasdaq dropped more than 4.4% to 7,108.4 points amid
concerns about weak corporate profits and global trade tensions.

 

It was the worst day since 2011 for the index, which is now 10% lower than
its September peak and in "correction" territory.

 

Even technology firms, which have driven much of the market gains this year,
did not escape the sell-off, with Amazon falling 5.9%, Facebook down 5.4%,
Google owner Alphabet off 4.8% and Netflix sinking 9.4%.

 

Stephen Innes, Asia-Pacific head of trading at Oanda, said in a research
note the tech sector had previously been seen as "impervious to weaker
global growth sentiment, but escalating US-China trade tension remains that
sectors undoing".

 

Investor anxiety rises

Wednesday's losses marked a sixth straight day of declines on the S&P and
followed turbulence earlier in October.

 

The Dow is now on track for its worst month since May 2010.

 

Kiernan Shipka stars in the Chilling Adventures of Sabrina on Netflix, whose
shares fell almost 10% on Wednesday

Investors were also spooked by figures on Wednesday showing new home sales
fell last month to their slowest pace in nearly two years.

 

They underlined other reports suggesting the US housing market is weakening
- a worry given the sector is seen as a bellwether of economic health by
many.

 

Investors have also grown nervous as growth in China slows and companies
report increased costs due to labour shortages and tariffs.

 

Those forecasts hit companies such as Caterpillar, down 5.6%, and 3M, off
4.2%. The falls compounded declines on Tuesday in the wake of disappointing
results.

 

Nate Thooft at Manulife Mutual Funds said: "Costs are increasing and it's
often tariff-related. We also reached a potential peak for earnings -
companies that show marginal weakness take a beating."

 

Adding to the sense of unease were a series of crude mail bombs and
suspicious packages sent to prominent Democrats and critics of President
Donald Trump, including Barack Obama and Hillary Clinton, less than a
fortnight before the midterm elections.

 

Jack Ablin at Cresset Wealth Advisors said the selling appeared to be
"emotionally" driven, adding: "Perhaps it's just a ratcheting up of
chaos."--bbc

 

 

Cathay Pacific data hack hits 9.4 million passengers

Cathay Pacific says the personal data of up to 9.4 million passengers have
been accessed in the latest security breach to hit the aviation industry.

 

Passport numbers, email addresses and expired credit card details were among
the data leaked.

 

Chief executive Rupert Hogg apologised and said there was "no evidence" the
information had been misused.

 

It comes weeks after British Airways revealed a major data leak had hit its
customers.

 

The Hong Kong carrier said a wide range of personal information was accessed
including passport details, identity card numbers, travel history and email
addresses.

 

No passwords were compromised.

 

"We are very sorry for any concern this data security event may cause our
passengers," the airline's chief executive Rupert Hogg said in a statement.

 

He said there was "no evidence that any personal data has been misused" and
that the airline was in the process of contacting affected passengers.

 

Cathay Pacific lets female crew wear trousers

Airline spells own name wrong on plane

"We acted immediately to contain the event, commence a thorough
investigation with the assistance of a leading cybersecurity firm, and to
further strengthen our IT security measures," Mr Hogg said.

 

British Airways apologies for 'malicious' data breach

Air Canada app data breach exposes passport numbers

Last month, British Airways said hackers managed to breach its website and
app, stealing data from many thousands of customers in the process.

 

Air Canada app has suffered a data breach in August, resulting in the
suspected loss of thousands of its customers' personal details.

 

In April, Delta Airlines said credit card details of thousands of customers
were exposed following a cyber attack on a vendor.

 

Shares of Cathay Pacific tumbled nearly 6% in Hong Kong trading on
Thursday.--bbc

 

 

Tesla delivers $311m quarterly profit

Tesla has reported a quarterly profit for just the third time in its 15-year
history.

 

The electric car-maker made a record $311.5m (£241m) in the three months to
30 September, as the pace of car deliveries accelerated.

 

The result is a victory for chief executive Elon Musk, who had promised a
profit to investors earlier this year.

 

Tesla's last profitable quarter came in 2016 and it had faced mounting
questions about its finances.

 

In a letter to investors, Mr Musk called the quarter "historic" and said it
was a credit to the firm's "ingenuity and incredible hard work".

 

He also said Tesla was on track to be profitable again in the fourth
quarter.

 

Shares jumped more than 10% in after-hours trading in New York.

 

The results are a sign that the firm has turned a corner, said Nicholas
Hyett at Hargreaves Lansdown.

 

"Normally we'd tell investors to avoid reading too deeply into a single
quarter's numbers, but this quarter really counted at Tesla," he said.

 

Tesla, which has never reported an annual profit, had been under particular
strain after it ramped up spending for its launch of the Model 3, its newest
car aimed at a wider market.

 

Following a surge of orders last year, it struggled to meet manufacturing
targets and deliver cars to customers.

 

That prompted worries about Tesla's finances and fanned concerns that
customers would get impatient and cancel their bookings.

 

However, less than a fifth of the roughly 455,000 reservations the firm
reported in 2017 have been cancelled, it said.

 

Musk mocks US regulator

Tesla production hits record high

Production has also picked up, driving sales. Tesla made more than 80,000
vehicles in the period, of which more than 60% were Model 3s.

 

The increase lifted revenue to $6.8bn in the quarter, more than double a
year ago.

 

Job cuts and other reductions in spending also helped the bottom line.

 

Akshay Anand, executive analyst at Kelley Blue Book, called it a "very
strong" quarterly performance.

 

"Kudos to Elon Musk and team for surprising nearly everyone," he said. "Now,
the question remains - can Tesla make this a habit, or [is] this a blip on
the radar?"

 

On a call with financial analysts, Mr Musk said Tesla aimed to be profitable
every quarter going forward.

 

He is counting on strong demand in Europe and China, where Tesla plans to
start selling Model 3s next year. The aim is to shift up to a million cars a
year outside the US.

 

Tesla hopes to start production of its next model in 2020 and is also making
plans for a Tesla ride-hailing service, Mr Musk added.

 

The quarterly profit milestone was a boost to the Tesla chief, who has been
criticised for not delivering on previous promises and other recent
behaviour, such as Twitter attacks on a British diver.

 

Last month the US financial regulator, the Securities and Exchange
Commission, accused him of defrauding investors when he claimed he had
secured funding to take Tesla private.

 

The two sides later announced a settlement, in which Mr Musk would step
aside as chairman and pay a fine, among other penalties, but could remain
Tesla chief executive.

 

Tesla declined to take questions on the search for a new board chair.--bbc

 

 

 

Exxon accused of climate change 'fraud'

The state of New York has taken legal action against ExxonMobil, accusing
the oil giant of misleading investors about the risks of climate change to
its business.

 

Exxon allegedly ignored the potential costs of new greenhouse gas
regulations, despite assuring investors it had accounted for the risks.

 

The company called the claims "baseless" and politically motivated.

 

It pledged to fight the allegations in court.

 

Exxon "looks forward to refuting these claims as soon as possible and
getting this meritless civil lawsuit dismissed", spokesman Scott Silvestri
said.

 

The complaint, filed in New York Supreme Court by Attorney General Barbara
Underwood, follows years of investigation by state authorities.

 

It accuses Exxon of evaluating new projects based on forecasts for costs
associated with climate change that were lower than those it told investors
it was using.

 

Those calculations allowed the firm to lower cost by billions of dollars.

 

"As a result of Exxon's fraud, the company was exposed to far greater risk
from climate change regulations than investors were led to believe," the
complaint said.

 

Exxon profts rise

Top management, including former chief executive Rex Tillerson - who later
served as US Secretary of State - were aware of the decision to downplay the
costs, it added.

 

Exxon, which had tried to block the investigation, has faced similar
concerns in the past.

 

In 2016, shareholders filed a lawsuit suit that said Exxon had misled
investors by failing to disclose its own research on climate change and
associated risks.

 

Shareholders later voted to require the firm to assess the risks of climate
change.

 

The US Securities and Exchange Commission, a federal financial regulator,
has also reportedly investigated the firm's climate change disclosures.

 

However, the agency closed that probe this summer without bringing charges,
the Wall Street Journal reported.

 

New York City had earlier sued Exxon and other oil companies over their
responsibility for climate change, but a judge dismissed that suit in
July.--bbc

 

 

 

Superdry founder Julian Dunkerton seeks return to the fold

The co-founder of Superdry is talking to shareholders about returning to the
fashion retailer in the hope of reviving its fortunes.

 

Julian Dunkerton, who stepped down as chief executive in 2014 and left its
board in March, remains its biggest shareholder with an 18.5% stake.

 

He has gone public with criticism of Superdry's strategy after its latest
profit warning last week.

 

The firm's shares have fallen from almost £20 in January to £7.29p apiece.

 

Mr Dunkerton told the BBC he was offering to return to Superdry "in any
capacity" to correct what he described as a failing strategy.

 

He argued that the policy of putting new products in its stores more
frequently was misguided.

 

It should focus on its core jackets and hoodies and offer a far wider range
of variations online, he said: "Superdry is a series of core products -
stick with them and tweak them."

 

'The ship needs to turn'

The decision to start discounting jackets two days before Christmas meant
there was not enough stock for the rest of the winter, Mr Dunkerton added.

 

"This is just about the strategy - it's not about ego," he said. "The ship
needs to turn and it needs to turn quickly."

 

Mr Dunkerton founded Superdry in Cheltenham 15 years ago with designer James
Holder, who left two years ago and still owns a 9.7% stake in the company.

 

He said his co-founder backed his plan to return to the company as both
believed they could no longer stand back and watch as the shares continue to
sink.

 

Mr Dunkerton said any retail shareholders he spoke to also wanted him to go
back. He has hired the broker Cenkos to help persuade institutional
investors to support his campaign.

 

However, Aberdeen Standard Investments, which is the second-largest
shareholder in Superdry with a 10.6% stake, has criticised Mr Dunkerton for
failing to make contact before going public with his campaign.

 

Frederik Nassauer, a fund manager at Aberdeen Standard, has gone on record
to support the company's management and strategy.

 

"Euan Sutherland was appointed chief executive in 2014, as Julian decided to
step aside as chief executive after several profit warnings," he told The
Times.

 

The other major shareholders, Old Mutual, Artemis and Blackrock, which have
stakes of 7%, 5% and 4.7% respectively, are yet to reveal their stance on Mr
Dunkerton's campaign.

 

Peter Bamford, chairman of Superdry, said the former chief executive had
raised several issues about strategy since he left the business.

 

"We have reviewed and discussed these issues and, while we have sympathy
with some of his points, we have a different view on the best strategy or
approach to addressing them," he said.

 

"The board believes that Julian's view of strategy has not evolved with the
needs of the business. We remain fully committed to our successful global
digital brand strategy and the board is confident that Superdry has in place
the right leadership."

 

The company makes up to three quarters of its profits in the second half of
the year and has embarked on an 18-month plan to broaden its range in order
to be less dependent on sales of winter jackets, jumpers and hoodies.

 

Superdry last week blamed poor sales over the summer on unseasonably hot
weather in the UK, continental Europe and on the US east coast. That
situation continued into October.

 

The profit warning sent shares down by a fifth and the company is now worth
just under £600m.

 

In July Mr Dunkerton raised £71m by selling 5.5 million shares to
institutional investors at £12.85 a share, reducing his stake from 25.2% to
18.5%.--bbc

 

 

 

Google drops plans for Berlin campus after protests

Google has dropped plans to open a large campus in a trendy district of
Berlin that were strongly opposed by local campaigners.

 

The US tech giant planned to set up an incubator for start-ups in Kreuzberg,
but on Wednesday said the site would go to two local charities.

 

A spokesman did not say if local opposition had played a role in the
decision.

 

Anti-gentrification activists said the move showed that "protest works".

 

The Berlin campus would have been the firm's seventh after London, Tel Aviv,
Seoul, Madrid, São Paulo and Warsaw.

 

Berlin tech flexes its muscles

'My daring granddad grabbed a bit of East Berlin'

Fighting the far-right with techno

In September activists occupied the building it was to be located in for
several hours.

 

They also put up stickers in the area with slogans such as "Goodbye Google"
and "Google is not a good neighbour".

 

Some were against what they said were Google's "evil" practices, such as tax
evasion and the unethical use of personal data.

 

Others were fighting gentrification in the area, which they say is pricing
local people out. The Knight Fox property consultancy said home prices in
Berlin rose 20% between 2016 and 2017. In Kreuzberg prices rose 71% in the
same period.

 

The district has long been known for radical and underground culture.

 

Google spokesman Ralf Bremer told the Berliner Zeitung newspaper that the
company "does not allow protests to dictate our actions".

 

He said discussions with local humanitarian groups had instead led the firm
to conclude that giving them the space would be the best solution for the
area.

 

Google 'exploring' censored China search app

Leak chips away at Google's secrecy on China

Rowan Bennett, who works with start-ups for Google, said the firm was
pleased that the site would become a "house for social engagement".

 

The groups benefiting from the decision are Betterplace, an online donation
platform, and Karuna, which supports children in need.--bbc

 

 

 

Single-use plastics ban approved by European Parliament

The European Parliament has voted for a complete ban on a range of
single-use plastics across the union in a bid to stop pollution of the
oceans.

 

MEPs backed a ban on plastic cutlery and plates, cotton buds, straws,
drink-stirrers and balloon sticks.

 

The proposal also calls for a reduction in single-use plastic for food and
drink containers like plastic cups.

 

One MEP said, if no action was taken, "by 2050 there will be more plastic
than fish in the oceans".

 

The European Commission proposed a ban in May, following a surge in public
support attributed to documentaries such as David Attenborough's BBC Blue
Planet series.

 

The measure still has to clear some procedural hurdles, but is expected to
go through. The EU hopes it will go into effect across the bloc by 2021.

 

The UK will also have to incorporate the rules into national law if the ban
becomes a fully-fledged directive before the end of a Brexit transition
period.

 

After the Parliament vote was backed by 571-53, the MEP responsible for the
bill, Frédérique Ries, said it was "a victory for our oceans, for the
environment and for future generations."

 

Several countries are already considering proposals to target disposable
plastic products - including the UK.

 

Dead whale had eaten 80 plastic bags

Companies pledge to cut plastic pollution

'Decades' of deep-sea plastic pollution

What's being banned?

The directive targets some of the most common ocean-polluting plastics.

 

The list of banned items such as cutlery and cotton buds was chosen because
there are readily available alternatives, such as paper straws and cardboard
containers.

 

Other items, "where no alternative exists" will still have to be reduced by
25% in each country by 2025. Examples given include burger boxes and
sandwich wrappers.

 

MEPs also tacked on amendments to the plans for cigarette filters, a plastic
pollutant that is common litter on beaches. Cigarette makers will have to
reduce the plastic by 50% by 2025 and 80% by 2030.

 

Another ambitious target is to ensure 90% of all plastic drinks bottles are
collected for recycling by 2025. Currently, bottles and their lids account
for about 20% of all the sea plastic, the European Parliament report said.

 

Manufacturers will also have to take more responsibility for what happens to
their plastic products and packaging.

 

How big is the problem?

The EU's research on the topic says about 150,000 tonnes of plastic are
tossed into European waters every year.

 

That is only a small contributor to the global problem, with an estimated
eight million tonnes of plastic entering the world's oceans annually. And
once there, plastic can travel great distances on ocean currents.

 

Those plastics have a huge effect on marine life.

 

Fish and large aquatic mammals can be killed by the pollution. Whales can
eat plastic bags, making it impossible for them to eat real food which can
eventually lead to death.

 

When plastic debris breaks down from wear and tear, it does not decompose
the way other products like wood do - but instead breaks down into smaller
and smaller pieces, becoming "microplastic".

 

These tiny fragments often end up in fish and can then be passed on to
humans.

 

Large volumes of plastic waste wash up on beaches, where they can be eaten
by sea birds and other animals and kill them.--bbc

 

 

Apple and Samsung fined by Italian authorities over slow phones

Apple and Samsung have been fined millions of euros each by Italian
authorities over "planned obsolescence" in smartphones.

 

Apple was hit with a 10 million euro (£8.8m) fine while Samsung received a
smaller bill of five million euros.

 

"Apple and Samsung implemented unfair commercial practices", the Italian
competition authority said in a statement.

 

Software updates were said to have slowed the performance of older phones.

 

This "caused serious malfunctions and significantly reduced performance",
which provoked users into upgrading their devices, the authority said.

 

The companies encouraged users to upgrade operating system software but did
not make clear the increased demands that new software would make on
smartphones, according to the authority.

 

Plan to appeal

Samsung said it was "disappointed" with the decision and said it would
appeal.

 

"Samsung did not issue any software update that reduced the Galaxy Note 4's
performance," a spokesman said.

 

"In contrast, Samsung has always released software updates enabling our
customers to have the best experience possible."

 

The BBC has contacted Apple for comment.

 

Apple chief blasts 'weaponisation' of personal data

Samsung sees record third quarter profit on chip demand

The problem with forced tech obsolescence

Apple was fined more than Samsung because the tech giant also failed to tell
customers important details about iPhone batteries - including how to
prolong their lifespan.

 

Both firms must publish a declaration on their Italian websites telling
consumers of the authority's decision.

 

Last year, Apple confirmed that it deliberately slowed down some older
iPhone models because their battery performance diminished over time.

 

It argued the move would "prolong the life" of devices.

 

The following month, French prosecutors launched a probe over accusations of
"planned obsolescence" in iPhones.

 

A judgement in that case is yet to be delivered.--bbc

 

 

 

 

 


 

 


 

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
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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
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any companies referred to in this report. Other  Indices quoted herein are
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