Major International Business Headlines Brief::: 11 September 2018

Tue Sep 11 10:25:56 CAT 2018

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Major International Business Headlines Brief::: 11 September 2018

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*  New Zimbabwe finance minister wants to clear World Bank arrears

*  MTN CEO confident about Nigeria dispute as firm applies for injunction

*  South Africa may miss tax take target, says finance minister

*  Kenyan shilling steady; horticulture export inflows meet dollar demand

*  Zimbabwe's new finance minister mulls scrapping bond notes -paper

*  Bain changes S.Africa management after conceding lapses in tax agency work

*  South Africa's rand recovering, stocks falter on local economic pressure

*  Djibouti nationalises shares held by Port of Djibouti in Doraleh Container terminal

*  Congo mining revenues triple in H1; oil revenues fall by a third

*  California governor signs law for clean energy by 2045

*  Volkswagen investors start €9bn emissions court case

*  Snap's chief strategy officer Imran Khan is leaving

*  Nike sales defy Kaepernick ad campaign backlash

*  Pound rises on Barnier's Brexit comments

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New Zimbabwe finance minister wants to clear World Bank arrears

HARARE (Reuters) - Zimbabwe’s new finance minister said on Monday he would accelerate plans to pay arrears to the World Bank and the African Development Bank and would work on a three-year programme to cut government spending.

Mthuli Ncube did not spell out how he would speed the clearance of $1.8 billion in arrears - but said it would be a vital step in rebuilding investors’ confidence.

“It’s one building block,” he told reporters after being sworn in as finance minister to watch over an economy struggling with a severe shortages of dollars, and with unemployment above 80 percent.

Economist have said the repayments would be a vital step towards Zimbabwe qualifying for an International Monetary Fund (IMF) programme.

But such a programme could come with politically painful conditions, including a reduction of the huge civil service and a cut in the budget deficit from 16 percent to single-digit levels, say analysts.

Ncube said he would discuss the size of the civil service wage bill with new President Emmerson Mnangagwa, but did not go into further detail.

Previous efforts to cut public sector wages - responsible for 93 percent of the national budget - and civil service jobs were blocked by former president Robert Mugabe.

“Internally we need fiscal consolidation and making sure that on the expenditure side, we live within our means or move towards that. That is always a process, always need a kind of three year process, fiscal consolidation is not a big bang approach,” the minister said.

Ncube confirmed media reports he would look into removing the quasi currency bond note in a package of currency reforms due to be announced at the end of September, and said he eventually wanted to bring back Zimbabwe’s own currency.

The southern African nation dumped its currency in favour of the U.S. dollar in 2009 following years of hyperinflation, and introduced bond notes in November 2016 in a bid to ease acute shortages of cash.

The shortages have however worsened while a black market continues to thrive.

“Ultimately we would like to have a Zimbabwe dollar that is stable, that we have confidence in and we will start working towards that and you will hear in the monetary policy statement the first steps towards that,” Ncube said.

The 55-year-old Cambridge University graduate is a former chief economist and vice president at the African Development Bank and is a visiting professor at Oxford University.

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MTN CEO confident about Nigeria dispute as firm applies for injunction

DURBAN, South Africa (Reuters) - South African telecoms firm MTN Group said on Monday it was confident a multi-billion dollar dispute with the Nigerian government would be resolved even as it applied for a court injunction to protect its Nigerian assets.

Nigeria’s central bank last month ordered MTN’s Lagos-based unit to hand over $8.1 billion that it said was illegally sent abroad, and the government earlier this month handed MTN with a $2 billion tax bill.

Some industry analysts see Nigerian politics as a factor in the pressure on MTN. President Muhammadu Buhari, who swept to power in 2015 on promises to fight corruption and push through tougher regulation, is seeking re-election in next year’s polls.

“Nigeria, it’s our largest market. We’ve been operating there since 2001,” MTN Chief Executive Rob Shuter told reporters at the ITU Telecom World conference in Durban. “We do have some challenges these past few weeks, but we believe we will be able to make our case and I’m sure we will move past that as soon as we can.”

Nigeria’s main allegation against MTN is that it used improperly issued certificates to convert shareholder loans in its Nigerian unit to preference shares in 2007. As a result, $8.1 billion in dividends paid by MTN Nigeria to its parent between 2007 and 2015 should be returned, the central bank said.

Separately, Nigeria’s Attorney General says MTN Nigeria should have paid approximately $2 billion in taxes relating to imports of foreign equipment and payments to foreign suppliers.

MTN’s latest troubles come about two years after it agreed to pay more than $1 billion to settle a dispute over SIM cards in Nigeria, whose finances have been hit by a weak economy and volatile global oil prices.

MTN, which has expanded in more than 20 frontier markets including war-ravaged Syria and Afghanistan, denies wrongdoing in Nigeria, which accounts for a third of its annual core profit.

On Monday, it said in a statement that it had applied in Nigeria’s Federal High Court for an injunction to restrain the central bank and Attorney General from taking further action while it engages Nigerian authorities.

“We remain resolute that MTN Nigeria has not committed any offences and will continue to vigorously defend its position,” the statement read.

Shuter, who has led MTN since last year, said on Monday that regulatory environments elsewhere in Africa and the Middle East were largely aligned with what MTN wanted to achieve.

MTN’s shares were slightly firm on Monday, trading up 0.4 percent at 1310 GMT.

South Africa may miss tax take target, says finance minister

JOHANNESBURG (Reuters) - South Africa’s tax take could well be lower than forecast this year, with a downturn in the economy exacerbating problems at the tax revenue service, Finance Minister Nhlanhla Nene said on Monday.

The country entered recession in the second quarter for the first time since 2009.

Nene said tax avoidance and evasion would rise in any economy that was growing slowly and where taxes have been increased, and the recession would only worsen matters.

“There is now additional downside risk to the tax revenue projected at the beginning of the year because of the contraction in the economy,” Nene told a tax conference.

“Fixing our economy to ensure that it grows faster and in a more sustainable manner is therefore critical.”

Nene also cited problems experienced by the South African revenue service (SARS).

President Cyril Ramaphosa suspended its commissioner Tom Moyane in March over alleged misconduct during the previous administration of Jacob Zuma, establishing an inquiry into the allegations two months later. Moyane has denied wrongdoing.

Kenyan shilling steady; horticulture export inflows meet dollar demand

NAIROBI (Reuters) - The Kenyan shilling was stable against the dollar on Monday due to inflows from remittances and horticulture exports balancing demand from merchandise importers, traders said. 

At 0639 GMT, commercial banks quoted the shilling at 100.65/85 per dollar, same as Friday’s close.

Zimbabwe's new finance minister mulls scrapping bond notes -paper

HARARE (Reuters) - Zimbabwe’s new Finance Minister Mthuli Ncube may scrap the quasi currency bond note and liberalise exchange controls as part of reforms he plans to implement by end of this year, a state-owned weekly newspaper reported on Sunday.

The southern African nation, which dumped its currency in favour of the U.S. dollar in 2009 following years of hyperinflation, introduced bond notes in November 2016 in a bid to ease acute shortages of cash. The shortages have, however worsened while a black market continues to thrive.

The notes are backed by U.S. dollars loaned to the government by the African Export and Import Bank, and can be used like cash.

Officially, they are pegged to the dollar at a rate of 1:1, but on the street $1 fetches up to 1.50 in bond notes.

“I am very clear that there have to be currency reforms and the current currency approach is not working,” Ncube told the government-owned Sunday Mail.

He said he would explore three options: either Zimbabwe joins the South African rand union; uses only the U.S. dollar while removing bond notes from circulation, or reintroduces the Zimbabwean dollar.

Ncube however said a local currency would only be introduced when the country has enough foreign reserves and achieves macro-economic stability. Zimbabwe currently has two weeks import cover, according to central bank data.

Ncube, a former senior executive with the African Development Bank, was appointed by President Emmerson Mnangagwa on Friday and is expected to lead Zimbabwe’s economic recovery programme.

He was not immediately available to comment when Reuters tried to contact him.

A dwindling supply of cash dollars has led to banks limiting daily withdrawals to as little as $30 in bond notes. Companies are struggling to pay for imports and foreign investors cannot repatriate dividends or profits.

There are $350 million worth of bond notes in circulation, according to latest central bank figures.

Bain changes S.Africa management after conceding lapses in tax agency work

JOHANNESBURG (Reuters) - Consultancy Bain & Company said on Monday that its managing partner in its Johannesburg office would step back from day-to-day operations after admitting that its work for South Africa’s tax agency fell short of its standards.

Vittorio Massone, Bain’s managing partner in Johannesburg, appeared before an inquiry into the South African Revenue Service (SARS) last month and called his firm’s work on a restructuring plan for SARS a “massive failure”.

SARS had built up a reputation as a world-class tax agency, but it was dogged by revenue shortfalls and corruption scandals under the tenure of suspended boss Tom Moyane, who hired Bain for the restructuring plan in 2015.

Moyane, a close ally of former South African president Jacob Zuma, is facing disciplinary charges relating to alleged misconduct at SARS. He denies wrongdoing.

Bain is one of several major foreign firms to have become embroiled in governance scandals involving Zuma, who was ousted by the ruling African National Congress in February.

New President Cyril Ramaphosa has launched several investigations into corruption and maladministration during Zuma’s nine-year presidency. Zuma says the corruption allegations levelled against him are part of a witch-hunt designed to discredit him.

Bain said in a statement on Monday that its partner Tiaan Moolman would oversee its day-to-day work in South Africa so that Massone could focus on cooperating with the SARS inquiry. Massone will remain a Bain partner.

The U.S.-headquartered consultancy added that it would set aside the 164 million rand ($11 million), plus interest, that it had earned from its work for SARS. That money could be used as prescribed by the SARS inquiry, or for projects to benefit South Africa, it said.

($1 = 15.1300 rand)

South Africa's rand recovering, stocks falter on local economic pressure

JOHANNESBURG (Reuters) - South Africa’s rand stretched its recovery to a third straight session on Monday, climbing further off two-year lows hit last week as investors saw an opportunity to buy the currency cheaply while the dollar’s rally paused.

At 1410 GMT the rand was 0.2 percent firmer at 15.2100 per dollar, having opened slightly lower but firming throughout the session as a short-squeeze continued in the wake of last week’s large drop on data showing the economy contracting.

Technical indicators also suggested the rand, along with other emerging currencies, was oversold and due a small correction with much of last week’s panic over contagion from Argentina and Turkey easing.

“In the absence of clear-cut signals or direction, the USD-ZAR will likely remain largely range bound, although given the oversold nature of emerging market currencies, the potential to regain some resilience should not be underestimated,” said analysts at Investec.

The currency will however remain vulnerable to offshore events such as higher interest rates in the United States and the simmering trade spat between Washington and Beijing, which was stoked by President Donald Trump saying on Friday he was ready to slap tariffs on virtually all Chinese imports. [nL2N1VT0U5]

“The rand is the most sensitive emerging-market (EM) currency in the world and is used as a proxy trade in a risk-on or risk-off environment,” strategist at Nedbank Mehul Daya wrote in a note, adding that 15.02 could provide the next pivot point.

Bonds remained pressured by the overall weaker currency and elevated credit downgrade risk, with the yield on the benchmark 2026 paper up 10 basis points to 9.24 percent.

Stocks were weaker, with the Johannesburg Stock Exchange’s Top-40 index sliding 0.52 percent to 50,570 points, and the broader All-Share index down 0.6 percent to 56,734 points.

Health group Netcare and fashion retailer Foschini led the decliners on the Top-40, both down around 3.5 percent.

General retailers, banks and grocers - the so-called SA Inc. stocks for their exposure to local economic conditions - were on the ropes.

South Africa’s economy has slipped into recession for the first time in nearly a decade, with data last Tuesday showing gross domestic product contracted for two quarters in a row, due mainly to a sharp fall in agriculture.[nL8N1VQ25G]

The general retailers index was down 1.56 percent, while the banking index was fell 0.64 percent on the day.

Djibouti nationalises shares held by Port of Djibouti in Doraleh Container terminal

NAIROBI (Reuters) - Djibouti’s government has decided to nationalise shares held by the Port of Djibouti (PDSA) in the Doraleh Container Terminal (DCT), it said in a statement, in the latest twist in a dispute dating back to at least 2012.

“The Republic of Djibouti, has decided to nationalise with immediate effect all the shares and social rights of PDSA in the DCT company to protect the fundamental interests of the Nation and the legitimate interests of its partners,” the presidency said in a statement.

The government of Djibouti seized the Doraleh Container Terminal from DP World in February over this dispute.

DP World did not immediately respond to a request for comment on Monday.

Congo mining revenues triple in H1; oil revenues fall by a third

DAKAR (Reuters) - Democratic Republic of Congo’s revenues from its mining sector nearly tripled in the first half of 2018 over the same period last year to $864.61 million, the finance ministry said.

Revenues from the hydrocarbons sector, however, declined by a third to $67.75 million, the ministry said in a quarterly report seen by Reuters on Monday.

The two sectors together account for roughly 95 percent of Congo’s export revenues. Congo is Africa’s leading copper producer and the world’s top miner of cobalt, which is prized for its use in electric batteries.

California governor signs law for clean energy by 2045

California has passed a law committing to exclusively carbon-free electricity sources by 2045, setting it against US President Donald Trump's energy policy.

"There is no understating the importance of this measure," Governor Jerry Brown said, and vowed to honour the 2015 Paris climate deal.

Last year Mr Trump said he would pull the US out of the deal and negotiate a new "fair" deal for US businesses.

California is the second US state after Hawaii to commit to carbon-free energy.

Were it to be an independent country, California would have the fifth largest economy in the world, trailing only Germany, Japan, China and the US.

At a signing ceremony in the state capital Sacramento, Mr Brown vowed to meet the terms of the Paris agreement and to "continue down that path to transition our economy to zero carbon emissions".

What is in the Paris climate agreement?

What could disappear on 'Hothouse Earth'

Under the terms of the legislation, all utility companies must get 60% of their energy from renewable sources by 2030.

By 2045, all Californian electricity must come from carbon-free or renewable energy.

A report released by the state's energy commission estimated that in 2017 around one third of retail electricity sales in California came from renewable sources.

Environmental activists enthusiastically backed the measure, but there was opposition from some of the state's largest utility companies.

A statement from Pacific Gas & Electric spokesperson Lynsey Paulo reportedly said prices could rise for customers thanks to the new law.

"If it's not affordable, it's not sustainable," it read.

'Climate change moving faster than we are'

What is climate change?

The new law comes days before Mr Brown hosts the Global Climate Action Summit in San Francisco.

Politicians, business leaders and celebrities will attend, and sponsors include the UN, Facebook and Google.

The legislation also marks the latest conflict between California and President Trump, with the state repeatedly defying the administration's policies on everything from energy to civil rights to immigration.--BBC

Volkswagen investors start €9bn emissions court case

Volkswagen has gone on trial in Germany in what is the first court case against the carmaker over the diesel scandal.

Investors are pursuing VW for about €9.2bn (£8.2bn) in damages, claiming the company should have come clean sooner about falsifying emissions data.

VW shares crashed after disclosure in 2015 that its diesel technology emitted illegal levels of pollution.

"VW should have told the market that they cheated," Andreas Tilp, a lawyer for the plaintiffs, told the court.

"We believe that VW should have told the market no later than June 2008 that they could not make the technology that they needed in the United States," he told the Braunschweig higher regional court.

Shareholders representing 1,670 claims are seeking compensation for the near 40% slide in Volkswagen's share price triggered by the scandal, which broke in September 2015 and has cost the firm €27.4bn in penalties and fines so far.

Criminal probe

The legal action has been brought by the Deka investment fund, which is being used a template for a further 1,600 lawsuits.

The case involves about 50 lawyers, and interest in the hearing is so great that it had to be moved from the court house to a nearby conference centre.

In a short statement to the BBC, VW pointed out that the "lawsuit is solely and exclusively about whether Volkswagen complied with its disclosure obligations toward shareholders and the capital markets".

The company said it was "confident" it had carried out its obligations correctly.

The court case is expected to take at least until next year to be fully decided.

Former executives from VW, Porsche and their sister company Audi are under criminal investigation in Germany.

The company itself has already been fined €1bn by German prosecutors over its diesel emissions scandal. It has also paid a fine of $4.3bn in the US to resolve criminal and civil penalties.

VW has admitted its responsibility for the diesel crisis.-BBC

Snap's chief strategy officer Imran Khan is leaving

Snap's chief strategy officer, Imran Khan, has become the latest executive to leave the company.

His departure comes as the firm, which owns Snapchat, struggles to keep users following the controversial redesign of its app.

Last month, Snap posted its first drop in daily users and it has not made a profit since its Wall Street debut.

Snap shares have fallen about 40% from their public share offering last year, and closed down nearly 2% on Monday.

Snapchat: Does drop in users spell trouble?

The company said Mr Khan's departure was not linked to any accounting, management, policy or similar issues and that he was leaving to "pursue other opportunities".

The 41-year-old plans to help with the transition and has not yet agreed on the date of his last day.

The former Credit Suisse investment banker played a key part in taking Snap public after taking on the role of chief strategy officer in 2015.

But without a head of business operations, plans to reach profitability by the year end now seem unlikely as the falling number of users could make it difficult for the firm to increase advertising spending on its app.

Mr Khan's exit follows the departure of several executives in finance and sales in recent months.

Finance head Andrew Vollero and vice-president of monetization engineering Stuart Bowers left the firm in May.--BBC

Nike sales defy Kaepernick ad campaign backlash

Nike sales appear to have increased in the wake of its controversial advertising campaign, using Colin Kaepernick as the face of the brand.

Online sales grew by 31% in the bank holiday weekend after the ad launched, according to researcher Edison Trends.

The rise will confound critics, who encouraged people to destroy Nike goods in protest at the use of Mr Kaepernick.

In 2016, the football star refused to stand for the US national anthem in protest at police brutality and racism.

Other players followed suit, in a protest which divided the country and sparked Donald Trump's anger.

The US president called players who "disrespect" the US flag "sons of bitches" and called for them to be sacked.

Kaepernick thanks protesting Dolphins duo

US NFL protest player appears in Nike ad

When the company announced the ad campaign featuring the former San Francisco 49ers quarterback, pictures emerged on social media of people burning their Nike products in protest.

On Twitter, they hit out at the deal using the hashtag #JustBurnIt - a play on Nike's slogan "Just Do It" - which trended on Twitter alongside #BoycottNike.

Media captionAre trainers the new political battleground?

But Edison Trends said speculation that the advertising campaign would lead to a drop in sales had proved unfounded.

"The research confirms that, at least for now, the company is suffering no negative repercussions in sales," the firm said.

Edison said the performance from Sunday 2 September to 4 September - which included the Labor Day bank holiday Monday - was better than the same period last year when online sales grew 17%.

Nike experiences Kaepernick backlash

Trump weighs in over Kaepernick advert

Nike and other ads with a social message

The research firm's figures are based on analysing email receipts.

In announcing the deal, Nike said Kaepernick was "one of the most inspirational athletes of this generation".

But he has not played in the National Football League since last year, and is suing the organisation, arguing team owners deliberately froze him out because of his activism.--BBC

Pound rises on Barnier's Brexit comments

The pound rose more than 1% against the dollar on Monday, after the EU's chief negotiator said a Brexit deal was possible within eight weeks "if we are realistic".

Sterling later fell back slightly to $1.3042 by the end of the afternoon.

It is the second time in less than a week, Michel Barnier has made comments interpreted as suggesting the EU may be softening its negotiating stance.

The euro also rose against the dollar by around 0.5%.

The possibility that the UK might crash out of the EU without a negotiated settlement has weighed on sterling in recent weeks.

On Monday, Mr Barnier told a business forum in Slovenia : "I think that if we are realistic we are able to reach an agreement on the first stage of this negotiation which is the Brexit treaty within six or eight weeks."

He has previously identified the end of October as the latest point at which some agreement must be found in order to avoid a disorderly no-deal Brexit.

At the end of last week, Mr Barnier was quoted as saying that the EU was open to discussing the key Brexit stumbling blocks, especially the Irish border issue, which might help pave the way to an overall agreement.

But at the weekend political divisions within the Conservative Party were in the spotlight again, following Boris Johnson's controversially worded criticism of Prime Minister May's "Chequers" proposals.

"It just shows that's the key thing that people want to see: Brexit progress," said Viraj Patel, a currency strategist at ING in London.

"You have a market that's heavily short on sterling due to Brexit. It needs that tail risk to be taken off before sterling can rally."

Connor Campbell, analyst at Spreadex said: "Though, of course, the content of any deal is the thing that really matters, at the moment the pound will take what it can get".

Figures that showed the British economy growing at its fastest rate for almost a year also boosted sterling's value.--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 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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