Major International Business Headlines Brief::: 12 September 2018

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Major International Business Headlines Brief::: 12 September 2018

 


 

 


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

 


 

 


 

 

*  Workers are £800 a year poorer post crisis

*  Brexit: Jaguar boss issues stark warning for jobs and profits

*  MTN says Nigeria's attorney general exceeded powers in $2 bln tax bill

*  South Africa's July manufacturing output up 2.9 percent

*  South African business confidence slips in Q3: survey

*  Manufacturing data lifts S.Africa rand, stocks track metal prices lower

*  South Africa's Aspen mulls sale of infant formula unit

*  Africa is not ready for super fast 5G network - MTN's CEO

*  Trafigura loses last big Angolan oil deal as new president shakes up
sector

*  S.Africa's Transnet to deepen Durban port berths to accommodate larger
ships

*  DP World says to pursue all legal means in Djibouti dispute

*  Kenyan shilling stable, to gain ground due to remittances

*  Mark Carney to stay on at Bank of England until 2020

*  Marshall Islands warned against adopting digital currency

*  Google fights plan to extend 'right to be forgotten'

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

                                      

Workers are £800 a year poorer post crisis

The substantial impact of the financial crisis has left people's wages 3%
below what they were a decade ago, new research reveals.

 

The analysis done for the BBC by the Institute for Fiscal Studies shows that
on average people's real annual wages are £800 lower.

 

And that people who are aged between 30 and 39 now are earning £2,100 a year
less than people of the same age group in 2008.

 

That's a drop of 7.2%.

 

For those in their 20s, the decline is 5%, compared with the drop for the
over-60s in work of 0.7%, or £130.

 

At the time of the financial crisis in 2008, the average wage was £24,100.

 

Media captionA decade on from the global financial crisis, families are
still feeling the effects.

In 2017, it was £23,300.

 

Paul Johnson, director of the IFS, said: "The average earnings of those in
their 20s and 30s fell especially sharply in the immediate aftermath of the
recession, perhaps as employers were able to cut starting wages more than
wages of those already in work."

 

While this age group has seen earnings grow in recent years, it has not been
"enough to make up for initial losses," he said.

 

Mr Johnson added: "Pensioners have done much better than younger people on
average. In part this is because they are less reliant on earnings and so
haven't suffered from falls in earnings."

 

In addition, however, "government has chosen to protect the state pensions
and other benefits received by pensioners," Mr Johnson said.

 

Even more stark is the analysis from the IFS that, if wage growth trends
between 1998 and 2008 had continued, people would on average be earning
£3,500 more.

 

That's 15% higher than today's average figure.

 

How did the crisis affect your finances?

Homes: House prices in London and the south east may have risen sharply in
the decade since the crisis. But in large swathes of the UK prices have
still not recovered to the levels seen in 2008.

 

Savings: The last decade has been a disaster for Britain's savers,
especially many elderly people who rely on their savings income. Savers who
once enjoyed rates of 5%-plus now get a fraction of that.

 

Borrowing: Average household debt has climbed from less than £3,000 to
£4,000 in the last decade. There are lots of reasons for this, not least the
easy credit available through plastic cards.

 

Banking: The way we bank has completely changed. Challenger banks have
emerged, and mobile technology means we increasingly sort our finances using
phones. But online banking has brought branch closures - and cyber-attacks.

 

Read our report on a decade of changes

 

"We should never stop reminding ourselves just what an astonishing decade we
have just lived through, and continue to live through," said Mr Johnson.

 

"The UK economy has broken record after record, and not generally in a good
way.

 

"Record low earnings growth, record low interest rates, record public
borrowing followed by record cuts in public spending.

 

"On the upside employment levels are remarkably high and, in spite of how it
may feel, the gap between rich and poor has actually narrowed somewhat, but
the gap between old and young has grown and grown."

 

Low growth

A regional breakdown of the effect of the financial crisis on wages shows
that London, the East Midlands and the south-west of England have been worst
hit.

 

The IFS said that the financial crisis of a decade ago sparked the deepest
recession since the Second World War and had been remarkable for the
"persistence of its effects".

 

Economic growth is still low by historic standards and the total debts of
the government have grown by £1tn.

 

The public spending cuts pushed through by the governments of 2010 and 2015
were "historically unprecedented" the IFS said.

 

The government has said that there are now record levels of employment and
that the introduction of the National Living Wage and tax cuts had helped
support many millions of working people.

 

The deficit - that is the difference between what the government spends on
services and receives in tax revenues - has also been substantially
reduced.--BBC

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Brexit: Jaguar boss issues stark warning for jobs and profits

The boss of the UK's biggest carmaker has warned the government to get "the
right Brexit" or it could wipe out his firm's profits and end in big job
cuts.

 

Jaguar Land Rover's Ralf Speth called the prospect of a cliff-edge break
with the European Union as "horrifying".

 

He was speaking at a conference in Birmingham, where Theresa May unveiled a
£106m "green" vehicle initiative.

 

A spokesman for the prime minister said her Chequers Brexit proposals
included protections for the car industry.

 

Mr Speth, who has previously warned of Brexit's impact on JLR, said that if
the "wrong decisions" were taken in the negotiations with Brussels, it could
result in the "worst of times" for the UK and cost the company more than
£1.2bn a year.

 

"Any friction at the border puts business at jeopardy," he said at the UK's
first Zero Emission Vehicle Summit.

 

"We are absolutely firmly committed to the UK, it's our home. But a hard
Brexit will cost Jaguar Land Rover more than £1.2bn a year - it's
horrifying, wiping our profit, destroying investment in the autonomous,
zero-emissions, we want to share."

 

He said that if poor UK productivity worsened after Brexit, he would be
forced to move manufacturing to somewhere such as Poland, where it was
cheaper to make cars.

 

About a quarter of a million people in the UK rely directly, or indirectly,
on the success of his company, Mr Speth said.

 

'Good deal'

He also criticised policymakers for putting in place more regulations and
higher taxes on all diesel vehicles, when he said that newer diesel cars
produced by JLR were as green as petrol vehicles.

 

Mrs May's official spokesman said the government's Brexit plan would protect
industries that depend on swift import and export of products.

 

"The Chequers plan includes specific proposals to protect jobs within
industries like the car industry that depend on just-in-time supply chains.

 

"The common rule book would help ensure frictionless trade with the EU and
would see our car sector continue to flourish," he added.

 

The spokesman said the government had been "engaged with the automotive
industry throughout this process... We're working to secure a good deal and
the PM is confident that we will succeed in this."--BBC

 

 

 

MTN says Nigeria's attorney general exceeded powers in $2 bln tax bill

LAGOS (Reuters) - Nigeria’s attorney general exceeded his powers in
demanding $2 billion in taxes and charges from MTN Group, the telecoms firm
said in papers filed with Nigeria’s High Court and reviewed by Reuters.

 

The papers, filed on Monday in a move by the Nigerian arm of the South
African firm aimed at potecting its assets, also showed MTN was seeking 3
billion naira ($10 million) from the West African country in court and legal
expenses.

 

Earlier this month, the Nigerian government handed Africa’s biggest telecoms
company a $2 billion tax bill days after the central bank, in a separate
move, ordered MTN’s Lagos unit to hand over $8.1 billion that it said was
illegally sent abroad.

 

Nigeria, which accounts for a third of MTN’s annual core profit, is MTN’s
biggest market. Some analysts see politics as a factor in the pressure on
MTN as Nigerian President Muhammadu Buhari, who took office in 2015 on
promises to push through tougher regulation, is seeking re-election in 2019.

 

“The attorney-general of the federation (of Nigeria) acted illegally,
unconstitutionally, and in excess of his powers” by implementing charges in
a “self-assessment exercise” that related to customs, the inland revenue and
import duties, the court documents state.

 

The attorney general’s spokesman did not immediately respond to phone calls
and a text message requesting a comment.

 

($1 = 304.2500 naira)

 

 

 

South Africa's July manufacturing output up 2.9 percent

JOHANNESBURG (Reuters) - South Africa’s industrial output expanded in July
as food and motor vehicle output rose, easing pressure on an economy that
recently slipped into recession and is struggling for investment amidst
policy uncertainty and possible credit downgrades.

 

The statistics agency in Africa’s most industrialised economy said on
Tuesday manufacturing output rose by 2.9 percent year-on-year in July,
following a revised 0.6 percent expansion in June.

 

Analysts polled by Reuters had expected a 1.1 percent year-year-on-year
increase in July.

 

The rand responded positively to the data, strengthening to 15.0850 from
15.1200 before the release.

 

Analysts said manufacturing, which contributes 13 percent of gross domestic
product and 11 percent of employment, is set to rebound for the rest of 2018
as inventories are replenished.

 

“This could be early signs of stabilisation in the sector, but we cannot
rule out shocks especially as trade conditions are affected by the
U.S.-China trade war,” said Isaac Matshego, senior economist at Nedbank.

 

The country slumped to a surprise recession, data showed last week, as
manufacturing along with agriculture and retail shrank. Finance Minister
Nhlanhla Nene on Monday said revenue collection could fall below target due
to the recession.

 

 

 

South African business confidence slips in Q3: survey

(Reuters) - South African business confidence fell marginally in the third
quarter, a survey showed on Tuesday, after the economy slipped into
recession and hopes faded for a revival under President Cyril Ramaphosa.

 

The Rand Merchant Bank (RMB) business confidence index compiled by the
Bureau for Economic Research fell to 38 points in the third quarter from 39
points in the second, dropping further below the 50-mark that separates net
positive and negative readings.

 

“The underlying South African business landscape continues to weaken, with
more sectors showing signs of strain,” said RMB’s chief economist Ettienne
Le Roux. “While confidence hasn’t (yet) fallen to the levels observed during
the previous (and severe) recession of 2009, we remain deeply concerned
about the prospects.”

 

The index also lost 6 points in the second quarter.

 

Business confidence raced to a 2-1/2 year high in January after Ramaphosa’s
election as leader of the ruling African National Congress in December. The
private sector anticipated business-friendly policies under Ramaphosa, who
became president in February, following years of uncertainty under his
predecessor Jacob Zuma.

 

This enthusiasm has since waned as South Africa entered recession in the
second quarter for the first time since 2009. Data earlier this month showed
the economy contracted 0.7 percent quarter-on-quarter, led by declines in
the agricultural, transport and retail sectors.

 

The South African Chamber of Commerce and Industry reported its monthly
business confidence index rose to 94.7 in July from 93.7 in June, with
activity mainly supported by an increase in merchandise export volumes and
retail sales as well as lower inflation, a survey showed in August.

 

 

 

Manufacturing data lifts S.Africa rand, stocks track metal prices lower

JOHANNESBURG (Reuters) - South Africa’s rand firmed on Tuesday as emerging
market currencies broadly staged a rally against the dollar following a deep
selloff, with investors seeing an opportunity to buy the currency cheap.

 

Stocks were weaker on continued worries about the domestic growth outlook
and lower gold prices globally.

 

At 1400 GMT, the rand was 0.6 percent firmer at 15.1250 per dollar, a touch
softer than the session-best 15.0100 it reached as London traders came
online.

 

The rand was also boosted by better-than-expected manufacturing output data
which showed a 2.9 percent year-on-year expansion in July. Analysts polled
by Reuters had expected a 1.1 percent year-year-on-year increase.

 

Manufacturing contributes 13 percent of gross domestic product and 11
percent of employment and is seen as key to achieving the economic growth
that will help the country reverse record-high unemployment and avoid deeper
credit downgrades.

 

Government bonds were flat, with the yield on the benchmark paper due in
2026 rising 0.5 basis points to 9.215 percent.

 

On the stock market, the Top-40 index closed 0.99 percent to 50,042 points
while the broader all-share fell 0.95 percent to 56,174 points.

 

Gold and platinum producer Sibanye-Stillwater fell 4.23 percent to 8.84
rand, Gold Fields weakened 4 percent to 33.09 rand while Impala Platinum
fell 5.30 percent to 16.81 rand.

 

Gold and platinum prices came under pressure as risk-off sentiment hit
equities globally, in what some analysts say is a rotation after the sharp
risk-currency selloff.

 

The gold index fell 3.05 percent while the platinum index dropped 2.61
percent.

 

Further losses were curbed by Aspen Pharmacare which closed up 2.20 percent
to 271.55 rand after the drug maker said it was in discussions to sell its
global infant formula business.

 

 

 

South Africa's Aspen mulls sale of infant formula unit

JOHANNESBURG (Reuters) - South African drug maker Aspen Pharmacare said on
Tuesday it was in discussions to sell its global infant formula business,
but did not give any further details.

 

Aspen’s infant milk formula business sells infant milk formula in the
Asia-Pacific, Sub-Saharan Africa and Latin America, and has a growing
presence in the Middle East and China.

 

“Aspen is currently engaged in discussions regarding a possible divestment
of its global infant nutritionals business,” the firm said in a statement.

 

Shares in Aspen, with operations in 50 countries, traded up after the
announcement, rising 2.34 percent to 271.94 rand by 1419 GMT.

 

“It’s going to inject some cash into the balance sheet,” said Independent
Securities trader Ryan Woods.

 

In January, Aspen said it would review the infant milk formula business with
options including a sale to a strategic partner. The unit has factories in
New Zealand, South Africa and Mexico.

 

 

 

Africa is not ready for super fast 5G network - MTN's CEO

DURBAN, South Africa (Reuters) - Africa is not ready for next-generation 5G
network but would likely be ready to embrace the super-fast technology in
about five years from now, MTN’s chief executive of said on Tuesday.

 

5G networks, now in the final testing stage, will rely on denser arrays of
small antennas and the cloud to offer data speeds up to 50 or 100 times
faster than current 4G networks and serve as critical infrastructure for a
range of industries.

 

“This is the technology that would be used for very specific cases. It would
not be a technology for everybody because most people don’t need it, your
phone works fine on just 3G,” Rob Shuter told Reuters at a telecoms
conference in Durban.

 

“You also need the equipment itself. So right now there’s no 5G handsets and
even the routers that can receive 5G network are very few and very
expensive.”

 

Many of MTN’s users in emerging markets across Africa and the Middle East
are still awaiting 4G and are likely to have to get by with 3G connections
for years more.

 

“What we are doing now is to learn from the technology and get our network
ready for it but I think 3G is much more relevant in most of our markets,”
he said.

 

Shuter declined to comment on his company’s multibillion dollar dispute with
Nigeria authorities because the matter is before a court in the west African
country. [nL5N1VW3NC]

 

MTN operates in more than 20 frontier markets including war-ravaged Syria
and Afghanistan, which account for a third of its annual core profit.

 

 

 

 

Trafigura loses last big Angolan oil deal as new president shakes up sector

LONDON (Reuters) - Trafigura has lost its last big contract in Angola, once
a core market and revenue generator for the trading house, as the country’s
new president Joao Lourenco part ways with oil firms that worked with his
predecessor Jose Eduardo Dos Santos.

 

Trafigura, which declined to comment, lost the rights to sell Angolan fuel
oil this year, with the contract going to French oil major Total, two
trading sources said.

 

Fuel oil was the last major Angolan contract Trafigura had, with volumes of
1.1 million tonnes in 18 cargoes over 2017 worth some $450 million. Total is
now expected to market a similar amount for Angolan state oil company
Sonangol in 2019.

 

“It is part of broader oil industry reforms that were ordered by Lorenco.
The fuel oil contract change effectively completes this process on the
trading side,” a source familiar with how Sonangol sells its oil and
products told Reuters.

 

Sonangol declined to comment on the changes.

 

Lourenco said shortly after taking office in September 2017 that he was
committed to economic reforms and ordered a review of Angola’s oil industry.

 

He has since pushed out prominent figures from key state roles, including
the former president’s daughter Isabel dos Santos, who was head of Sonangol.

 

Trafigura has long been the main player in Angolan oil, helping Sonangol
sell large volumes of crude and fuel oil and also importing gasoline, gasoil
and other refined products.

 

The trading house was also a large lender to Sonangol - with debt guaranteed
by future fuel sales, although the sources said the African country had now
repaid all loans.

 

Sonangol also changed the way it imported refined products with Trafigura
losing out in March on the right to supply 2 million tonnes a year of gasoil
in 21 cargoes to rival Glencore.

 

In addition it lost the rights to import some 300,000-400,000 tonnes of
bunker fuel to Total, which has also won the right to supply 1.2 million
tonnes of gasoline to Angola, a contract previously held by Vitol.

 

Total, one of the biggest foreign operators in Angola, has been steadily
expanding production with the launch this summer the offshore Kaombo project
and reaching a framework agreement with Sonangol to develop a retail station
network.

 

 

S.Africa's Transnet to deepen Durban port berths to accommodate larger ships

JOHANNESBURG (Reuters) - South Africa’s Transnet said on Tuesday it will
spend 7 billion rand ($464 million) to deepen berths at Africa’s biggest
container terminal in the port city of Durban to accommodate larger vessels.

 

Transnet, which operates nearly three-quarters of the African rail network,
the bulk of which is in South Africa, aims to complete the work by 2023, it
said in a statement.

 

Transnet said the project at the Durban port, which handles around 65
percent of South Africa’s container cargo, will include the reconstruction,
deepening and lengthening of berths 203 to 205 for the larger ships.

 

The state-owned logistics firm has been embroiled in allegations of
corruption involving procurement contracts worth around 54 billion rand.

 

It placed its chief executive and two other senior officials on suspension
in August pending investigations.

 

($1 = 15.1125 rand)

 

 

 

DP World says to pursue all legal means in Djibouti dispute

DUBAI (Reuters) - DP World said on Tuesday it would continue to pursue all
legal means in its dispute with the government of Djibouti which seized a
port terminal operated by the company earlier this year.

 

Djibouti this week nationalised shares held by the Port of Djibouti in the
Doreleh Container Terminal, a joint venture operated by DP World until
February when the government seized the terminal.

 

 

 

Kenyan shilling stable, to gain ground due to remittances

NAIROBI (Reuters) - The Kenyan shilling held steady against the dollar and
was expected to strengthen due to inflows from remittances and offshore
investors buying government debt, traders said. 

 

At 0629 GMT, commercial banks quoted the shilling at 100.65/85 per dollar,
same as Monday’s close.

 

 

 

Mark Carney to stay on at Bank of England until 2020

Mark Carney will remain Bank of England governor until the end of January
2020, Chancellor Philip Hammond has told MPs.

 

Mr Hammond said the seven-month extension would "support a smooth exit" from
the European Union.

 

The extension was agreed in an exchange of letters between the governor and
the chancellor published on Wednesday.

 

Mr Carney said he was "willing to do whatever I can in order to promote both
a successful Brexit and an effective transition at the Bank of England".

 

It is the second extension of his tenure as governor. When Mr Carney took
over from Mervyn King in 2013, he agreed a five-year term with the option of
a further three.

 

The typical term for the position has been eight years.

 

In October 2016, Mr Carney said he would staying on for an extra year, until
June 2019, after his initial five-year term ended in 2018.

 

The 'rock star' central banker

Carney's 'toughest day' as Bank governor

'Much-needed stability'

Mr Hammond told the Commons that the early part of summer 2019 "could be
quite a turbulent period for our economy" following the UK's scheduled
departure from the EU on 29 March.

 

Mr Carney had agreed "despite various personal pressures" to stay on until
January 2020 to "help support continuity in our economy during this period",
the chancellor said.

 

The extension will give the government more time to recruit his successor,
amid concern that few candidates would want to take on the role during an
unpredictable stage in the Brexit process.

 

Sir Jon Cunliffe, Bank of England deputy governor with responsibility for
financial stability, has also been re-appointed for a second five-year term
that will last until October 2023.

 

Bradley Fried, chair of the Bank's Court of Directors, welcomed their
decisions to stay on: "Continuity in the outstanding leadership they provide
will help the Bank succeed in our crucial work."

 

Nicky Morgan, chair of the Commons Treasury Committee, said the announcement
provided "much-needed stability and clarity".

 

"The government should now use the extra seven months to continue its
succession planning. It should identify a candidate in good time for the
Treasury Committee to scrutinise the appointment," she added.

 

Shadow chancellor John McDonnell welcomed the move. "I have a good working
relationship with Mark Carney. We meet on a regular basis and I have a lot
of confidence in him, so I'm pleased this will give us a bit of stability."

 

The Canadian was the first non-Briton to be appointed governor in the Bank's
300-year history and had previously run the Bank of Canada for five and a
half years from February 2008.

 

In March 2008, just a month after his appointment, Mr Carney cut Canadian
interest rates amid the financial crisis. That move, along with other
measures, was considered to have boosted investor confidence, enabling
Canada to recover more quickly than some other countries.

 

He had a commercial banking background, as well as experience in the public
sector - unlike his two most recent predecessors who had spent their careers
within the Bank of England and academia.

 

Mr Carney worked for investment banking giant Goldman Sachs in New York
before returning home to work for Canada's Department of Finance.

 

Born in March 1965 in Fort Smith in Canada's Northwest Territories, he
graduated from Harvard University in 1988 and then earned a doctorate in
economics at Oxford University in 1995.

 

That year he married economist Diana Fox, whom he met at Oxford, and the
couple now have four children.--BBC

 

 

 

Marshall Islands warned against adopting digital currency

The Republic of the Marshall Islands has been warned against adopting a
digital currency as a second form of legal tender.

 

The International Monetary Fund (IMF) said the country, which consists of
hundreds of islands in the Pacific Ocean, should "seriously reconsider".

 

Currently, only the US dollar counts as legal tender in the islands.

 

A law to adopt a digital currency named "Sovereign" alongside the dollar was
passed in February.

 

The first virtual coins are due to be issued to members of the public via an
initial coin offering (ICO) later this year.

 

However, IMF directors said the potential benefits of the move were much
smaller than the potential costs of "economic, reputational and governance
risks".

 

"[Marshall Island] authorities should seriously reconsider the issuance of
the digital currency as legal tender," wrote the directors in their report,
which was first spotted by cryptocurrency news site Coindesk.

 

There is just one domestic commercial bank in the country and it is at risk
of losing its only correspondent banking relationship with another bank in
the US.

 

That relationship allows the Islands to transfer dollars in and out of the
country.

 

It highlighted the Marshall Islands' dependence on foreign aid, and the fact
that the country is vulnerable to natural disasters as well as sea level
rise linked to climate change.

 

Adopting a digital currency as an official form of legal tender would
threaten both financial integrity and the nation's key relationship with the
US bank. The result could be disruption to foreign aid, according to the
IMF.

 

 

The global financial organisation was expressing concern because it was
aware of traditional banks' wariness around digital currencies, said David
Gerard, author of Attack of the 50 foot Blockchain.

 

Those banks may, for example, associate crypto or digital currencies with
criminal activity, including money-laundering, because the digital currency
networks have been designed to move coins or tokens around at great speed.

 

"You just can't control the stuff," Mr Gerard told the BBC. "Tokens are
really, really liquid, that's the whole point."

 

This could give the US correspondent bank cause to rethink its relationship
with the Marshall Islands, he explained.

 

"The IMF is not strong-arming the Marshalls, what they're doing is
describing what will obviously happen if they proceed - the large
correspondent bank will be quite worried," he added.--BBC

 

 

 

Google fights plan to extend 'right to be forgotten'

European rules that allow individuals the "right to be forgotten" online
could be extended worldwide.

 

The European Court of Justice is hearing evidence on the matter and will
rule in 2019.

 

Google argues that extending the law could turn it into a tool for
censorship, in "less democratic" regimes.

 

France's regulator said that Google is currently not respecting the rights
of citizens to have information erased.

 

A panel of 15 judges will hear evidence from 70 or more stakeholders in
Luxembourg on Tuesday.

 

The right to be forgotten became law in 2014, following the case of Spaniard
Mario Costeja who successfully argued that out-of-date details about his
financial circumstances should be removed from Google.

 

At the time, the ECJ ruled that information deemed "inaccurate, inadequate,
irrelevant or excessive" should be delisted.

 

While the content remains online, it cannot be found via online searches of
an individual's name.

 

Google, which was not happy with the judgement, complied but only by
delisting requests on local country domains, something which angered
regulators.

 

Since 2014, the search engine has received more than 700,000 requests to
delist information amounting to 2.7 million web addresses.

 

It has complied with less than half (44%).

 

France's Commission Nationale de l'Informatique et des Libertes wants the
court to clarify whether the delisting should extend beyond the French
version of Google's search engine to all versions across the world.

 

As well as affecting other search engines, such as Bing and Yahoo, the
judgement could also affect social networks.

 

Google loses 'right to be forgotten' case

What is the 'right to be forgotten'

Google in historic 'right to be forgotten' challenge

Google's position remains unchanged from 2015 when lawyer Kent Walk said in
a blogpost: "No one country should be able to impose its rules on the
citizens of another country, especially when it comes to linking to lawful
content.

 

"Adopting such a rule would encourage other countries, including less
democratic regimes, to try to impose their values on citizens in the rest of
the world."

 

The search giant has the backing of a wide range of human rights and media
organisations, including Article 19, a British-led human rights
organisation.

 

It will urge the Luxembourg court to "limit the scope of the right to be
forgotten".

 

"European data regulators should not be allowed to decide what internet
users around the world find when they use a search engine," Thomas Hughes,
Article 19 executive director said.

 

"If European regulators can tell Google to remove all references to a
website, then it will be only a matter of time before countries like China,
Russia and Saudi Arabia start to do the same."

 

In a separate case being heard by the ECJ on the same day, four individuals
will argue for another extension of the right to be forgotten rules,
claiming that sensitive personal data, including information about political
views and criminal records, should automatically be purged from search
results.

 

Previously Google has said this would give "carte blanche" to people who
might wish to use privacy laws to hide information of public interest, such
as a politician's political views or a public figure's criminal record.

 

"This would effectively erase the public's right to know important
information about people who represent them in society or provide them
services," the firm said in a blogpost.

 

In terms of what the cases could mean for British citizens, the UK is
currently still subject to rulings from the ECJ but its legal relationship
could change once it leaves the EU in March 2019.--BBC

 

 

 

 

 

 

 

 


 

 


 

INVESTORS DIARY 2018

 


Company

Event

Venue

Date & Time

 


Masimba Holdings

interims and analysts briefing

Boardroom, 44 Tilbury Road, Willowvale

12/09/2018 12PM

 


First Mutual Properties

interims and analysts briefing

Royal Harare Golf Club

12/09/2018 1400hrs

 


First Mutual Holdings

interims and analysts briefing

Royal Harare Golf Club

12/09/2018 1500hrs

 


Hippo

AGM

Meikles

26/09/2018 12PM

 


Bindura

AGM

Chapman Golf Club, Eastlea

27/09/2018 9AM

 


CBZH

interim dividend of 0.5c per share record date

 

28/09/2018

 


Hippo

final dividend of 2c per share record date

 

28/09/2018

 


Star Africa

AGM

45 Douglas Road, Workington

28/09/2018 11AM

 


 

 

 

 

 


 

 

 

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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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