Major International Business Headlines Brief::: 03 September 2018

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Major International Business Headlines Brief::: 03 September 2018

 


 

 


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*  Ghana is considering $50 bln century bond to finance infrastructure
development

*  South Africa's Bidvest reports 12.5 pct rise in annual profit

*  Tunisia govt raises fuel prices, fourth hike this year

*  Algeria's energy earnings in first seven months of year halve trade
deficit -customs data

*  Zimplats FY profit tumbles after higher deferred tax charge

*  China's TBEA to invest in 180 mln euro Gabon hydropower project - Gabon
official

*  Tunisia govt raises fuel prices, fourth hike this year

*  Crisis-hit Steinhoff says nine-month sales rise 2 percent

*  Treasury in talks on keeping Mark Carney at Bank of England

*  JD.com head Liu briefly held in US for sexual misconduct

*  Footasylum shares plunge on profit warning

*  'Crazy Rich Asians' puts spotlight on region's inequalities

*  Brexit deal: Fox refuses to back Hammond's warning

*  US Open 2018: Is Amazon's first serve strong enough?

*  Water companies to cut bills in England and Wales

*  Argentina to outline cuts aimed at stabilising peso

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Ghana is considering $50 bln century bond to finance infrastructure
development

ACCRA (Reuters) - Ghana is considering a century bond worth $50 billion as
part of the West African nation’s plan to secure long-term funding to build
critical infrastructure for industrial development, its leader said.

 

“The Ministry of Finance and economists in Ghana are looking at floating a
$50 billion century bond. This will provide us with the resources to finance
our infrastructural and industrial development,” President Nana Akufo-Addo
said during a meeting with Chinese President Xi Jinping in Beijing.

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


                                      

South Africa's Bidvest reports 12.5 pct rise in annual profit

JOHANNESBURG (Reuters) - South African trading, distribution and services
firm Bidvest Group reported a 12.5 percent rise in annual earnings on Monday
supported by cost-saving measures.

 

Normalised headline earnings per share (HEPS) for the year to June 30 rose
to 1,254.9 cents from 1,115.4 cents a year earlier. The figure excludes
acquisition costs and amortisation of acquired customer contracts.

 

Bidvest, which also operates in financial services and freight management,
made a number of acquisitions last year, including that of management
services group Noonan in an attempt to grow internationally.

 

“Given the difficult economic and operating environment this past year, it
is very pleasing that Bidvest has grown normalised HEPS. The continued
profit growth proves the Bidvest’s operating model remains relevant to our
customers,” group Chief Executive Lindsay Ralphs said in a statement.

 

Group revenue increased by 8.4 percent to 77 billion rand ($5.24 billion),
with 5.2 billion rand of the increase attributable to the acquired
international services businesses. Trading profit rose 8.2 percent to 6.5
billion rand.

 

Bidvest, which traces its roots back to 1988 when it entered the food
services industry, said it remains committed to the disposal of assets but
only at fair value.

 

Over the last year, Bidvest’s divisional management evaluated all businesses
and discontinued some smaller operations.

 

These included fishing and related operations in Namibia, security
businesses in West-Africa and the Middle East and some industrial service
businesses.

 

($1 = 14.7029 rand)

 

 

 

Tunisia govt raises fuel prices, fourth hike this year

TUNIS (Reuters) - Tunisia’s government raised fuel prices on Saturday by
about 4 percent, the fourth hike this year, in an effort to rein in its
budget deficit and meet reforms requested by the country’s international
lenders.

 

The price of a litre of petrol will rise to 1.985 Tunisian dinars from 1.925
dinars, starting Sunday, the industry ministry said in a statement. The
three previous increases this year were in March, January and June.

 

Fuel subsidies this year will rise from an expected 1.5 billion dinars to
4.3 billion dinars with the rise of world oil prices, officials said.

 

The IMF has been pressing Tunisia to trim its budget deficit and increase
fuel and electricity bills to offset a rise in oil prices that is pressuring
already-strained public finances.

 

“Staying the course on reducing the fiscal deficit this year and next is
critical to stabilise debt and reduce excessive demand for imports given the
recent increase in global oil prices,” the IMF said on Friday after a
mission visited the country.

 

The two sides reached an initial, or “staff level”, agreement on the next
reforms, the IMF statement added.

 

Tunisia has forecast that the budget deficit will fall to 3.9 percent in
2019 versus 4.9 percent of gross domestic product expected in 2018.

 

The country has dropped into a deep economic slump following the overthrow
in 2011 of autocratic leader Zine El-Abidine Ben Ali.

 

 

 

Algeria's energy earnings in first seven months of year halve trade deficit
-customs data

ALGIERS (Reuters) - Algeria’s energy earnings rose 15.23 percent in the
first seven months of this year from the same period in 2017, reducing the
trade deficit by 53.5 percent, official data seen by Reuters showed on
Sunday.

 

Oil and gas exports, which accounted for 93.09 percent of total sales
abroad, reached $22.021 billion, up from $19.111 billion in January-July
last year, according to customs figures.

 

The overall value of exports reached $23.656 billion against $20.205 billion
in the first seven months of 2017, while imports fell 1.06 percent to
$26.908 billion.

 

The government has approved import restrictions for some goods in a bid to
cut spending after a fall in oil prices since 2014.

 

 

 

Zimplats FY profit tumbles after higher deferred tax charge

HARARE (Reuters) - Zimbabwe’s largest platinum miner Zimplats on Friday
reported a 94 percent drop in after-tax profit to $2.6 million after
incurring a higher deferred tax charge.

 

Zimplats, majority owned by Impala Platinum, said revenue rose to $583
million from $513 million in the year to June. Cash from operations was up
nearly four-fold at $195 million.

 

But the company had to pay $98 million in deferred tax, negatively impacting
its profitability.

 

“The deferred tax charge for the current year was significantly higher than
the prior year because of the change of the operating subsidiary’s status
from being a special mining lease holder to a mining lease holder,” Zimplats
said.

 

The tax rate increased to 25.75 percent from 15.45 percent in the past.

 

Zimplats said in June it had been issued two separate mining leases to
replace a special mining lease it was granted earlier and which was due for
renewal in August 2019.

 

Platinum production declined to 266,720 ounces from 281,069 ounces due to a
45-day smelter shutdown for planned maintenance.

 

 

 

China's TBEA to invest in 180 mln euro Gabon hydropower project - Gabon
official

BEIJING (Reuters) - Chinese energy firm TBEA will invest in a 180 million
euro ($209 million) hydropower project in Gabon alongside the West African
country’s sovereign wealth fund, a Gabonese official said on Saturday.

 

Construction will begin “pretty soon” on the project, which will have a
power generation capacity of 70 megawatts in the first phase, Liban Soleman,
general coordinator of the Bureau of Coordination and Planning for an
Emerging Gabon, told Reuters in an interview in Beijing.

 

“There are going to be multiple phases,” said Soleman, who is in the Chinese
capital for the Forum on China-Africa Cooperation, adding that the project,
known as FE2, was located in the north of Gabon near the border with
Cameroon and Equatorial Guinea.

 

Gabon, a member of Opec pumping just under 200,000 barrels of crude oil per
day and one of the world’s biggest producers of manganese, is working to
diversify its economy, which is projected to grow by around 2.2 percent this
year, said U.S.-educated Soleman, who also chairs Gabon’s National Agency
for Investment Promotion.

 

The investment by TBEA, a private company involved in wind power in China
and solar power in Pakistan, according to its website, will be “direct ..
not with debt”.

 

The website said TBEA saw the deal as a public-private partnership with the
Gabonese Strategic Investment Fund. TBEA could not immediately be reached
for comment outside of normal working hours.

 

“There is a lot of foreign direct investment happening in Gabon from Chinese
companies,” often in special industrial zones, Soleman added.

 

Another example was a $50 million-$100 million progressive investment by
Jiangsu Wanlin Modern Logistics Co., which has started building a factory to
make high-quality furniture in Gabon’s capital, Libreville, he said.

 

Gabonese President Ali Bongo was due to hold a bilateral meeting with
Chinese counterpart Xi Jinping on Saturday afternoon, Soleman added.

 

($1 = 0.8621 euros)

 

 

 

Tunisia govt raises fuel prices, fourth hike this year

TUNIS (Reuters) - Tunisia’s government raised fuel prices on Saturday by
about 4 percent, the fourth hike this year, in an effort to rein in its
budget deficit and meet reforms requested by the country’s international
lenders.

 

The price of a litre of petrol will rise to 1.985 Tunisian dinars from 1.925
dinars, starting Sunday, the industry ministry said in a statement. The
three previous increases this year were in March, January and June.

 

Fuel subsidies this year will rise from an expected 1.5 billion dinars to
4.3 billion dinars with the rise of world oil prices, officials said.

 

The IMF has been pressing Tunisia to trim its budget deficit and increase
fuel and electricity bills to offset a rise in oil prices that is pressuring
already-strained public finances.

 

“Staying the course on reducing the fiscal deficit this year and next is
critical to stabilise debt and reduce excessive demand for imports given the
recent increase in global oil prices,” the IMF said on Friday after a
mission visited the country.

 

The two sides reached an initial, or “staff level”, agreement on the next
reforms, the IMF statement added.

 

Tunisia has forecast that the budget deficit will fall to 3.9 percent in
2019 versus 4.9 percent of gross domestic product expected in 2018.

 

 

The country has dropped into a deep economic slump following the overthrow
in 2011 of autocratic leader Zine El-Abidine Ben Ali.

 

 

 

Crisis-hit Steinhoff says nine-month sales rise 2 percent

JOHANNESBURG (Reuters) - Steinhoff reported a slight increase in nine-month
sales on Friday as its managers remained preoccupied with cleaning up after
an accounting fraud that nearly tipped the South African retailer into
bankruptcy.

 

Steinhoff was thrown a lifeline last month when its creditors agreed to
delay debt claims for three years after the multinational retailer uncovered
accounting irregularities that sent its shares crashing and left it
scrambling for working capital.

 

The company, which is registered in the Netherlands, said sales rose 2
percent to 12.9 billion euros ($15 billion) in the nine months through June
as a strong showing at its separately listed African unit, Pepkor, offset
weak results from Europe, the United States and Europe. The group’s brands
include Mattress Firm in the United States and Poundland in Britain.

 

“As a management team we are focused on maintaining stability within the
operations; finalising the implementation of the restructuring plan with the
group’s financial creditors; improving governance at all levels,” the
company said in a statement.

 

Shares in Steinhoff rose 1.7 percent to 2.89 rand as of 1130 GMT, valuing
the company at around 12 billion rand, far from the more than 200 billion
rand valuation the stock fetched just nine months ago.

 

Steinhoff has already written down the value of its assets by more than $12
billion following the initial findings of an investigation into the
company’s past bookkeeping practices.

 

The probe, being carried out by auditing firm PwC, has uncovered accounting
irregularities that date back to at least 2015, and is expected to be
completed by the end of the year.

 

DEBT DEAL

Sealing a debt deal has allowed the company to boost cash flow, mainly
through the sale of assets, and address multiple lawsuits filed against it.
Those include a 59 billion rand ($4 billion) claim by former chairman and
top shareholder Christo Wiese and a class action from Dutch shareholder
rights group VEB.

 

“The Supervisory and Management Board, assisted by a newly constituted
litigation committee, and in consultation with its attorneys, continues to
assess the merits of and responses to all of these claims and have filed a
number of initial defences,” Steinhoff said.

 

The debt deal, which removed the imminent threat of default on the company’s
near 10 billion euros of debt, also gives creditors a say on who should be
on the board and what assets Steinhoff should sell.

 

Steinhoff said it sold European property unit, Atterbury Europe, for 223.5
million in June and its Puris and Impuls bathroom and kitchen unit brands in
Germany for an undisclosed sum.

 

($1 = 0.8570 euros)

 

 

($1 = 14.6997 rand)

 

 

 

Treasury in talks on keeping Mark Carney at Bank of England

The Treasury and the Bank of England are in discussions about Mark Carney
staying on as governor beyond his present departure date of June 2019.

 

I understand the Treasury is concerned that trying to find a new governor
now, amid Brexit negotiations, would be difficult.

 

It wants to be able to give any new candidate a clear view of what the
relationship with the EU will be like.

 

The Treasury also wants as long an appointment process as possible.

 

There is a belief in Whitehall that Mr Carney is open to staying on for as
long as another 12 months, until 2020.

 

The Financial Times reported on Monday that those "close to the governor"
believed he was positive about an extension.

 

My sources say the possible extension is is more to do with the next
governor and who the Treasury think they can attract to the post given the
present state of the Brexit negotiations, rather than whether Mark Carney
staying will reassure the markets.

 

However, regulators and financial market participants on both sides of the
Channel also believe that Mr Carney is a reassuring figure during a period
of Brexit uncertainty.

 

It has been made clear to me that no deal has been agreed and the extension
might be much less than a year, if it happens.

 

Mr Carney is due to appear before MPs on the Treasury committee on Tuesday
and will be asked about his intentions.

 

In October 2016 he said he would step down in June 2019 - one year more than
the five he had committed to, but still two years short of the usual
eight-year term that governors serve.--BBC

 

 

JD.com head Liu briefly held in US for sexual misconduct

The chief executive of Chinese online retailer JD.com, Liu Qiangdong, was
briefly arrested in the US on accusations of criminal sexual conduct.

 

Mr Liu, one of China's richest people, was arrested in Minneapolis shortly
before midnight on Friday and released on Saturday afternoon.

 

JD.com said Mr Liu, also known as Richard Liu, was falsely accused. Police
say the investigation is open.

 

JD.com, also known as Jingdong, has alliances with Tencent and Walmart.

 

JD.com said in a statement on the Chinese social media platform Weibo that
Mr Liu arrest in Minnesota was based on an "unsubstantiated accusation".

 

"The local police quickly determined there was no substance to the claim
against Mr Liu and he was subsequently able to resume his business
activities as originally planned," it said.

 

Minneapolis police said they were releasing no further information on the
case as it remained active.

 

"We made the decision to release him, that is not indicative of the strength
of the evidence," John Elder, police public information officer, told the
BBC.

 

"There is absolutely no restriction on his travel. The understanding is that
if we need to get in touch with him, we will be able to do so."

 

Mr Liu has a net worth of $7.9bn currently (£6.1bn) , according to Forbes.
He shared spot 140 with two others on Forbes' 2018 billionaires list, where
his net worth was put at $10.8bn.--BBC

 

 

 

Footasylum shares plunge on profit warning

Shares in Footasylum plunged on Monday after the "athleisure" retailer
warned on profits following difficult trading in July and August.

 

Despite reporting a 18.5% rise in sales to £98.6m for the six months to 25
August, Footasylum said sales since then had been "more challenging".

 

There was "no sign of a recovery" on the high street, the retailer said.

 

As a result, adjusted annual profits will be "significantly lower" than
previous guidance".

 

Footasylum expected to post less than half the £12.5m it made in the last
financial year, according to an unscheduled trading update.

 

Barry Bown, executive chairman, said: "These are undoubtedly challenging
times in the retail industry and, in common with many other businesses,
Footasylum's trading has continued to be impacted by weak consumer
sentiment."

 

It also blamed "some unforeseen delays" in opening new stores and a hit to
margins from more clearance activity.

 

Shares more than halved to 40p, leaving the company valued at about £42m.

 

 

'Sold a pup'

It was the second time this year that shares in Footasylum, which listed on
the junior AIM market in November, have collapsed.

 

In June the firm said profits would be hit by higher investment in its
stores this year.

 

Retail analyst Nick Bubb said the second warning confirmed his fears that
"investors were sold a pup" when the company floated last year.

 

Analysts at Liberum said downgrading its outlook for the second time this
year was "highly disappointing" and the rest of the current financial year
was "likely to be difficult".

 

"The group should hopefully start to see the benefits from some of the
initiatives laid out by the executive chairman, but these take time to
deliver," they added.

 

Footasylum aims to more than double the number of UK stores to about 150 as
well as expand outlets in prime locations and boost its online offering.

 

The woes affecting the high street have resulted in the closure of hundreds
of shops and restaurants run by a handful of major chains this year.--BBC

 

 

 

'Crazy Rich Asians' puts spotlight on region's inequalities

The film Crazy Rich Asians hit the box office last month, and the glossy
rom-com has put a spotlight on the region's growing number of super-rich.

 

In plenty of shopping malls in Singapore - where the movie is based - you'll
see designer shops with customers carrying bags from Prada, Gucci and Louis
Vuitton.

 

It's much like that in other cities.

 

But the region, which was once considered a model of equitable growth, has
also seen increased inequality.

 

According to Oxfam the number of super-rich in the Asia-Pacific has
surpassed that of North America and Europe.

 

It is also home to the greatest number of millionaires and billionaires in
the world, but also hosts nearly two-thirds of the world's working poor.

 

"Wealth inequality has reached alarming levels in a number of countries in
the region," said Mustafa Talpur, who heads the inequality campaign in Asia
for Oxfam.

 

Why Crazy Rich Asians could never please all

 

What does it take to be a billionaire?

 

'World's richest 1% get 82% of the wealth'

 

With 585 billionaires, the US still tops the table of the mega-rich,
according to Forbes. Mainland China is not far behind with 373.

 

But if you look at the Asia-Pacific region as a whole, then it has overtaken
the US with 600 billionaires, according to Oxfam's analysis of data from
Credit Suisse Global Wealth Databook 2017.

 

Also, the Asia-Pacific region has the greatest number of high net worth
individuals in the world, or people who have more than $1m on top of the
value of their main residence. The region accounts for 34.1% of high net
worth individuals globally versus 31.3% for North America, according a
Capgemini report from 2018.

 

Asia-Pacific also accounts for 30.8% of their total wealth versus 28.2% for
North America.

 

As China enjoyed annual growth of between around 8% and 11% between 2008 and
2012, the US and the eurozone licked their wounds after devastating
financial crises.

 

"This strong growth through the years has been aided by robust GDP and
equity markets growth especially in the emerging markets of China and India.
Consistent growth in the key mature markets of Japan, Hong Kong, and
Singapore also has been a contributing factor," said Chriag Thakral, deputy
head of market intelligence at Capgemini in New York.

 

Who are the richest people in Asia?

Ma Huateng, also known as Pony Ma, is Asia's wealthiest person and number 17
in the world, according to the 2018 Forbes list.

 

He is the chief executive of China's tech giant Tencent Holdings, which owns
WeChat, an enormously popular messaging app in China. He has a net worth of
$45.3bn.

 

Also among Forbes' top 20 billionaires is Jack Ma, chairman of Alibaba, the
Chinese e-commerce giant. Alibaba is one of the world's most valuable
companies, and its shares nearly doubled in value last year. His net worth
was $39bn.

 

Also in the top 30 are Hong Kong's Li Ka-shing and China's Wang Jianlin,
whose net worth was $34.9bn and $30bn respectively on the Forbes list.

 

Li Ka-shing retired from leading his business empire earlier this year and
is handing the reins to his eldest son. Li Ka-shing's CK Hutchison Holdings
and CK Asset Holdings are involved in sectors including retail, telecoms and
power.

 

Wang Jianlin chairs Chinese conglomerate Dalian Wanda Group. The group is
one of the world's biggest commercial real estate developers and owns US
movie theatre chain AMC and film studio Legendary Entertainment. Last year,
the heavily indebted firm sold a series of assets.

 

How bad is inequality in Asia?

Last year, 79% of the wealth created in China went to the richest 1% of the
population, while 73% of the wealth created in India went to the top 1%,
according to Oxfam's analysis.

 

As a result, the top 1% of China's population owned 47% of its national
wealth in 2017, while in India they owned 45% of the country's wealth.

 

In Thailand - a highly unequal country in South East Asia - 96% of the
wealth created last year went to the top 1% of the population.

 

In another sign of rising inequality, Asia-Pacific's income Gini coefficient
- a gauge of economic inequality - increased from 0.37 to 0.48 between 1990
and 2014.

 

A coefficient of 0 denotes perfect equality and at 1 represents total
inequality

 

Wealth inequality in Asia is even wider. The Gini coefficient was at a lofty
0.82 for China, 0.88 for India and 0.90 for the rest of the Asia-Pacific
region in 2015, according to reports by Oxfam and UNESCAP, a United Nations
social commission.--BBC

 

 

 

Brexit deal: Fox refuses to back Hammond's warning

International Trade Secretary Liam Fox has refused to back Chancellor Philip
Hammond's warning that a "no-deal" Brexit could damage the economy.

 

Speaking on the BBC's Andrew Marr show, he said: "This idea that we can
predict what our borrowing would be 15 years in advance is just a bit hard
to swallow."

 

Treasury analysis estimates that by 2033 borrowing would be around £80bn a
year higher under a "no-deal" scenario.

 

It also forecasts no deal could mean a 7.7% hit to GDP over the next 15
years.

 

Asked by Andrew Marr whether he accepted the figures, Mr Fox said: "Can you
think back in all your time in politics where the Treasury have made
predictions that were correct 15 years out. I can't.

 

"They didn't predict the financial crisis. No-one could."

 

Pressed on whether he agreed with the chancellor, Mr Fox said: "I don't
believe that it's possible to have a 15-year time horizon on predictions of
GDP."

 

"So the answer's no," said Marr.

 

Brexit: All you need to know

The UK's four Brexit options

Key dates and potential hurdles

Divisions have deepened within the party in recent months as Brexiteers
accuse Mr Hammond - who is seen to be pushing for a softer version of Brexit
- of embarking on "another instalment of dodgy project fear".

 

Meanwhile, there is growing pressure on the prime minister to win support
for her Brexit plan, known as the Chequers agreement.

 

The plan would see the UK agreeing a "common rulebook" with the EU for
trading in goods, in an attempt to maintain friction-less trade at the
border.

 

But critics say it will leave the UK tied to EU rules and prevent Britain
from striking its own trade deals in years to come.

 

In his interview, Mr Fox said he was behind the Chequers plan and and could
not imagine many things worse than remaining in the EU.

 

The prime minister may be promising to stand firm on no second referendum
but that is not stopping opponents in her own party from gearing up to take
down her Chequers plan for Brexit.

 

International Trade Secretary Liam Fox - who's stayed inside the PM's camp -
has warned that there's no point in trying to unseat Theresa May because
"changing the leader doesn't change the party arithmetic".

 

While David Davis, who resigned over Chequers, has suggested that the prime
minister limited his influence over the negotiation process. He said while
he was the Brexit secretary, whether he "controlled events" was "another
matter".

 

Mr Davis has never been one to shy away from making his views known and now
that he is on the outside of the tent - he will join the chorus of
Brexiteers doing exactly that, as Mrs May heads into the final stretch
before she does or does not get a deal on Brexit.

 

In an article for the Sunday Telegraph, Theresa May has insisted she would
not be forced into watering down her Brexit plan during negotiations with
the EU.

 

The PM wrote that she would "not be pushed" into compromises that were not
in the "national interest".

 

But David Davis, the former Brexit secretary who resigned over the Chequers
agreement, said the caveat - "except in the national interest" - was an
"incredible open sesame to all".

 

Also interviewed on the Marr show, he admitted he would vote against Mrs
May's plan in any Commons vote, saying it would be "almost worse" than
staying in the EU.

 

Have voters changed their minds?

Among the blue flags: Views from the pro-EU march

What kind of Brexit do voters want?

Another Conservative MP, Nick Boles - a former minister who backed Remain -
said the Chequers policy had "failed" and he could no longer support it.

 

Also writing in the Sunday Telegraph, he said the EU was treating the plan
as "an opening bid", and the UK was facing "the humiliation of a deal
dictated by Brussels".

 

In his interview, David Davis said concerns over maintaining a soft border
between Northern Ireland border and the Republic had been "heavily
overemphasised" in the past.

 

"This is a much more straightforward issue to deal with if we choose to, if
we put the political will behind it, we and the Irish Republic, the two
together," he said.

 

However he said he did agree with Mrs May that a second referendum should
not take place.

 

In her article, she said it would be a "gross betrayal of our democracy
and... trust" to "give in" to those calling for another vote.

 

Her objection to it comes as a movement pressing for another referendum -
the People's Vote - continues to gather high profile backers, including Sir
Patrick Stewart and BBC football anchor Gary Lineker - as well as donations.

 

One supporter, Labour MP Chuka Umunna, said the impetus had shifted toward a
public vote over the summer and it would be a "betrayal of democracy" for
Mrs May "to force a bad deal - or no deal - on Britain without giving the
public the chance to have a final say".--BBC

 

 

US Open 2018: Is Amazon's first serve strong enough?

There have been grumbles from UK-based tennis fans this week about the
quality and ease of watching Amazon's groundbreaking coverage of the US
Open.

 

As the final Grand Slam of the year approaches its climax next week there
have been a plethora of complaints about the live action on Prime Video,
covering everything from picture and sound quality, to camera angles, ease
of navigation around the service, restricted match choice, and the short
duration of highlights.

 

User feedback on Amazon's own website has been critical, giving its coverage
from Flushing Meadows, New York, just one-and-a-half stars out of five.

 

Amazon to show US Open online from 2018

Amazon to show men's ATP tennis from 2019

Amazon to show 20 Premier League games

Remarks such as "At the moment the move to Prime Video for tennis fans in
the UK is a backward step and very disappointing to put it mildly" and "this
is just terrible - tennis fans in the UK are in shock about this 'service'"
give a flavour of the disgruntlement.

 

After spending a reported $40m (£31m) to secure the tournament rights, the
US online retail giant will need to sell a lot of Prime subscriptions -
which cost £79-a-time in the UK - to recoup its outlay.

 

Hence its pledge to tennis fans that it is "working with customers to
address specific issues" and listening "to all customer feedback".

 

Over-the-top

Despite those viewer criticisms, within the sports rights industry the
coverage is seen as a landmark moment because it is the first time Amazon
has shown live action from a major global sporting event.

 

In doing so, it is moving into territory that has been the preserve of
traditional broadcasters such as the BBC and ITV, or cable firms such as Sky
and BT.

 

The move sees tennis move away from traditional TV to an "over-the-top"
(OTT) offering, selling directly to consumers via the internet - and
bypassing traditional telecommunications, cable or broadcast television
service providers.

 

Premier League football

Over the past few years online platforms have invested heavily in content as
they battle with those more-established formats for supremacy and customer
viewing. Amazon has been among the most aggressive as it seeks to grow its
subscriber base but has until now mainly focused on comedy, drama and film.

 

The firm made its UK sporting debut this summer, when it provided live
coverage of the pre-Wimbledon Queen's tennis tournament in London.

 

And its gatecrashing of the tennis world has seen it also go for year-round
content, after it secured ATP men's global tour rights for four years at a
reported cost of £50m.

 

It means Amazon Prime members in the UK and Republic of Ireland will have
access to 37 ATP World Tour events.

 

But it has not stopped there. After months of speculation Amazon announced
it would bid for top flight Premier League football rights in England. In
June, a deal was announced that Amazon was to livestream exclusive coverage
of 20 matches a season online.

 

The online giant will show 10 matches over one Bank Holiday and the same
number during one midweek fixture programme, for three seasons from 2019.

 

It should be available to UK Prime Video members at no extra cost to their
existing subscription.

 

'Teething problems'

Someone who has been taking a close look at what Amazon has been doing in
both the worlds of tennis and football is Robin Jellis, editor of specialist
broadcasting publication TV Sports Markets.

 

"People have been saying the US Open coverage has not been without its
glitches," he says. "But generally, with any streaming service, it will have
some problems at launch."

 

He says that Eleven Sports, a firm that streams matches from Italy's Serie A
and Spain's La Liga in the UK, has also had problems setting up its
coverage.

 

"Any over-the-top provider has teething problems when they launch, and I
don't think everyone expects it to go totally smoothly," he says.

 

"I don't think Amazon went into this thinking everything would be 100%
perfect. It is practically impossible to launch something like this and have
everyone happy with it."

 

'Better service'

Amazon's coverage of the ATP men's tennis circuit begins in January next
year and runs until the end of 2023.

 

"The US Open is almost a test event for them to see what they can and cannot
do," says Mr Jellis.

 

"Maybe this came a bit too early for them, they will want to add new
features down the line. By next January they will hope to have smoothed out
any problems and have a better service for customers.

 

"And they will certainly want to have everything right by the time they
start their Premier League coverage in the 2019-20 season."

 

Meanwhile, tennis fans will be hoping for a more smooth Amazon Prime viewing
experience from the Big Apple this coming week as the Open heads towards its
climax.--BBC

 

 

 

Water companies to cut bills in England and Wales

Water companies have set out plans to cut bills for millions of consumers in
England and Wales.

 

Severn Trent and United Utilities said they would cut the average bill by 5%
and 10.5% respectively. Thames Water said bills would be unchanged.

 

South West Water said it would offer customers a stake in the business.

 

The plans are being submitted by water companies in England and Wales to the
regulator Ofwat for the five years between 2020-2025.

 

Ofwat will publish an assessment of each company's plan in January 2019.

 

The regulator said in December that the results of its price review would
result in a cut in bills between £15 and £25 a year from 2020 to 2025.

 

Water bills set to fall by up to £25 from 2020

Labour's plan for state control of water, power and rail

Since privatisation in 1989, water bills have risen above inflation by about
40% and the regulator has faced criticism for overestimating the costs
incurred by water companies, which have been taken into account by Ofwat
during its price reviews.

 

The latest price review was announced at a time when the Labour party had
been discussing taking companies into public ownership.

 

John Russell, Ofwat senior director for strategy and planning, said: "We've
reached a milestone in our price review process. From now and until January
2019 we'll pore over each and every business plan and we'll be looking for
evidence that they are robust, ambitious and, crucially, that they have been
shaped by customers."

 

Share ownership

Thames Water, the UK's largest water company, said that while bills would be
flat over the five-year period being reviewed it intended to invest some
£2.1bn to "boost resilience and reduce leakage" after it was fined £120
million in June over leakage failures.

 

In the North West of England, customers of United Utilities are being
promised a 10.5% reduction on average bills in real terms and 250,000 fewer
households in water poverty by 2025.

 

Severn Trent said the 5% fall in real terms it was promising its 8.1 million
customers was the largest in two decades. Its 200,000 customers at its Welsh
operation Hafren Dyfrdwy Cyfyngedig, though, will incur bill rises of 2.2%,
although it said these would still be the lowest in the Wales.

 

At South West Water, average customer bills are being forecast to fall by
11% and for 9% at its Bournemouth Water arm by 2025.

 

Anglian bills rise

South West Water also sets out a "first of a kind" plan to offer customers a
stake in the business from 2020 and the prospect of meetings where customers
can cast votes.

 

Customers could be given an option, alongside bill reductions, rebates and
reinvestment, to have shares in parent company Pennon or a stake in South
West Water itself.

 

Anglian Water said its bills would rise - but by less than 1%. The region
receives only two thirds of the national average rainfall.

 

Ofwat has required companies to set out how much they intend to invest, what
they will charge customers, how they will support vulnerable customers and
how they will ensure their infrastructure is resilient for the
long-term.--BBC

 

 

Argentina to outline cuts aimed at stabilising peso

Argentina is expected to announce a raft of spending cuts on Monday, in an
attempt to contain the country's acute currency crisis.

 

The peso has lost roughly half its value this year, despite the central
bank's effort to stabilise it by raising a key interest rate to 60%.

 

President Mauricio Macri has pledged to tackle the country's ballooning
debt.

 

Around 10 government ministries are likely to be axed as a result, according
to media reports.

 

The measures come as Argentina's finance minister, Nicolas Dujovne, prepares
to travel to Washington on Tuesday to meet with the head of the
International Monetary Fund (IMF), Christine Lagarde.

 

In June, Argentina was forced to secure a $50bn loan from the IMF - an
organisation still widely loathed in the country, for its perceived role in
the country's 2001 economic crisis.

 

The government said the move was necessary to reassure international
investors, after a decrease in farm exports, higher energy prices and a
stronger dollar had prompted many to pull funds from the country.

 

A sudden weakening of the the peso followed.

 

Mr Dujovne's goal is to finalise a deal that would quicken IMF payments to
Argentina.

 

The IMF has asked the country to tackle its large fiscal deficit - a goal
usually achieved by reducing government spending.

 

Argentina has been plagued by economic issues for years, and Mr Macri, who
was elected three years ago, pledged to reverse years of protectionism under
his predecessor, Cristina Fernandez de Kirchner.

 

Her government, which was in power from 2007 until 2015, nationalised
companies and heavily subsidised many everyday goods and services, ranging
from utilities to football transmissions on television.

 

Despite rampant inflation, the IMF said last month it expects Argentina's
economy to stabilise by the end of the year and a gradual recovery to begin
in 2019.--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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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
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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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