Major International Business Headlines Brief::: 01 April 2019

Mon Apr 1 07:32:52 CAT 2019

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Major International Business Headlines Brief::: 01 April 2019

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*  South African fuel prices to jump almost 9 percent in April

*  Tunisia increases fuel prices again

*  Zambia delays replacing VAT with sales tax until July -finance minister

*  South African central bank keeps repo rate at 6.75 percent

*  Kenya in no rush over new IMF standby facility -central bank chief

*  Kenya's inflation rises to 4.35 pct yr/yr in March

*  South Africa records 4 bln rand trade balance surplus in February

*  Steinhoff to provide South African capital markets watchdog with
documents

*  China economy: Manufacturing sector returns to growth in March

*  Minimum wage rates rise, but bills go up too

*  Small firms face a series of new costs from Monday

*  Saudi Arabia 'hacked Amazon boss's phone', says investigator

*  Automatic compensation for broadband users goes live

*  Mark Zuckerberg asks governments to help control internet content

 <mailto:info at bulls.co.zw> 

South African fuel prices to jump almost 9 percent in April

JOHANNESBURG (Reuters) - The retail price of petrol in South Africa will
rise by nearly 9 percent from April 3, while the price of wholesale diesel
will increase by close to 6 percent, the energy department said on Sunday.

The price of petrol will rise by 131 cents to 16.13 rand ($1.11) per litre
in the commercial hub of Gauteng province, while diesel will also go up by
81 cents to 14.87 rand per litre.

In a statement, Minister of Energy Jeff Radabe said the sharp increase in
prices was due to higher fuel and road taxes announced in February’s budget.

($1 = 14.4825 rand)

 <mailto:info at bulls.co.zw> 

Tunisia increases fuel prices again

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

The price of a litre of petrol will rise by 0.080 Tunisian dinars to 2.065
dinars ($0.6825), the industry ministry said in a statement late on
Saturday.

The North African country raised petrol prices four times last year.

The International Monetary Fund 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.

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

($1 = 3.0255 Tunisian dinars)

Zambia delays replacing VAT with sales tax until July -finance minister

LUSAKA (Reuters) - Zambia will delay replacing Value Added Tax (VAT) with a
non-refundable sales tax for three months until July, Finance Minister
Margaret Mwanakatwe said on Friday.

Mwanakatwe said in a statement in parliament that the delay was intended to
allow for further consultations on the new tax with stakeholders. The new
levy was originally scheduled to take effect in April.

Moving from VAT to sales tax is a major reform and the government has since
October last year been engaging key stakeholders from both the public and
private sectors, she said.

“It has been imperative to ensure that all suggestions and concerns that
have been raised by stakeholders are taken into consideration,” Mwanakatwe
said.

The change is meant to address the problem of taxpayers claiming back VAT,
forcing the government into issuing refunds and thereby diminishing revenue
from the levy, as opposed to sales tax which is non-refundable, she said.

South African central bank keeps repo rate at 6.75 percent

PRETORIA (Reuters) - South Africa’s central bank kept its benchmark repo
rate unchanged at 6.75 percent on Thursday in a unanimous decision, saying
it assessed the risks to the inflation outlook to be more or less balanced.

All economists surveyed by Reuters predicted the repo rate would remain on
hold. [nL8N2163DZ]

Kenya in no rush over new IMF standby facility -central bank chief

NAIROBI (Reuters) - Kenya is in no rush to secure a new standby credit
facility with the International Monetary Fund as its economy continues to
show strength, central bank governor Patrick Njoroge said on Thursday.

The previous $989.8 million arrangement expired in September after the
government failed to meet the IMF’s conditions for an extension, including
the repeal of a cap on commercial lending.

Njoroge told reporters Kenya was talking the IMF about a new standby
facility, but was not desperate for a deal.

“It’s not that we are on the ropes, (that) the economy is on the ropes and
we need the IMF to come and sort us out,” he added.

Njoroge offered no timeline for when an agreement might be reached but said
conversations would continue during the IMF’s Spring meetings in April.

The government is preparing to issue a $2.5 billion Eurobond and analysts
have said it could secure a better interest rate if the standby arrangement
with the IMF was in place.

But Njoroge said the two things were different.

“Some of us are so fixated about these two, that they are aligned, that’s
maybe why we at times feel that we are under pressure... We will do it when
we need to,” he said.

“There is no rush.”

He was speaking a day after the central bank kept its benchmark lending rate
at 9.0 percent, saying inflation expectations remain within the target
range.

Njoroge said the Kenyan economy was still on course for 6.3 percent economic
growth this year, driven by agriculture, services and a further recovery in
industry, even though the external outlook is weakening.

The central bank estimates 2018 growth at 6.1 percent.

China’s slowdown and trade dispute with the United States, and continued
uncertainty over Britain’s exit from the European Union, are all dragging on
the global economy.

While Kenya will see a continuation of existing trade arrangements with
Britain, Brexit may affect foreign direct investment into the UK.

“So which way forward, well, go figure,” Njoroge said on Brexit. “Those
external elements will continue to push down the expectations and outcomes
in the global economy and that obviously has implications for us.”

On Wednesday, the central bank restated its view that the cap on commercial
lending rates — set at 4 percentage points above the benchmark by lawmakers
in late 2016 — constrains its ability to conduct monetary policy
effectively.

A Kenyan court ruled in March that the cap was unconstitutional, but judges
suspended the decision for 12 months to allow parliament to re-examine the
law.

Private sector credit grew by 3.4 percent in the 12 months to February,
compared to 3.0 percent in January, the central bank said on Wednesday.

It forecast the current account deficit would narrow to 4.8 percent of GDP
in 2019 from an estimated 4.9 percent in 2018.

“We expect our current account deficit to remain around 5 percent in the
medium term,” Njoroge said.

Kenya's inflation rises to 4.35 pct yr/yr in March

NAIROBI (Reuters) - Kenya’s inflation rose to 4.35 percent year-on-year in
March from to 4.14 percent a month earlier, due to rising food prices, the
statistics office said on Friday.

On a month-on-month basis, inflation was 1.60 percent. The food and
non-alcoholic index rose 3.30 percent month-on-month, the Kenya National
Bureau of Statistics said in a statement.

South Africa records 4 bln rand trade balance surplus in February

JOHANNESBURG (Reuters) - South Africa’s trade balance swung to surplus of
3.99 billion rand in February from a revised 13.06 billion rand deficit in
January, data from the revenue service showed on Friday.

Exports jumped 10.7 percent on a month-on-month basis to 98.14 billion rand
in February, while imports fell 7.4 percent to 94.15 billion rand, the South
African Revenue Service said.

Steinhoff to provide South African capital markets watchdog with documents

JOHANNESBURG (Reuters) - Retailer Steinhoff will provide the necessary
documents to South Africa’s capital markets watchdog to enable it to
investigate alleged market transgressions, the Financial Sector Conduct
Authority (FSCA) said on Thursday.

Steinhoff admitted “accounting irregularities” in December 2017, shocking
investors who had backed its reinvention from a small South African business
to a multinational retailer at the vanguard of the European discount
furniture retail industry.

Findings from an independent report by PwC said earlier this month that
Steinhoff had overstated profits over several years in a $7.4 billion
accounting fraud involving a small group of top executives and outsiders.

The FSCA said it had met with representatives of Steinhoff who agreed to
provide them with all relevant documents, without waiving confidentiality
agreements from the PwC report, which Steinhoff has repeatedly refused to
share in full with regulators.

The FSCA added that Steinhoff had confirmed the disclosure will enable it to
act against all persons implicated in the transgressions.

Steinhoff said it could not comment on the FSCA’s investigations or beyond
what was released in the PwC report.

Former Steinhoff Chief Executive Markus Jooste and seven others were named
by the new CEO as being involved in a 6.5 billion euro ($7.4 billion)
accounting fraud, during a session in parliament.

News of the irregularities in 2017 wiped about 85 percent off its market
value and threw the company into a liquidity crisis.

China economy: Manufacturing sector returns to growth in March

China's manufacturing sector unexpectedly returned to growth in March, a
private survey showed.

The Caixin/Markit survey rose to 50.8 in March from 49.9 in February. A
reading above 50 indicates expansion.

Official manufacturing figures released on Sunday also pointed to a jump in
activity, and the data sent Asia stocks higher.

China has moved to boost growth in recent months as it struggles with a
slowing economy.

The Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) rose to an
eight-month high of 50.8 in March, beating the 49.9 forecast in a Reuters
poll of economists.

The result echoed China's official PMI data released on Sunday.

The official gauge showed manufacturing activity rose to 50.5 in March,
bouncing off a three-year low of 49.2 in February.

The official PMI data looks at activity amid larger manufacturers, while the
private survey from Caixin and Markit focuses on smaller to medium-sized
companies in the sector.

The stronger-than-expected manufacturing figures pushed Asia stocks higher
on Monday.

Hong Kong's Hang Seng index jumped 1.7% while the Shanghai Composite shot
above 2.3%.

Chinese stimulus

The upbeat factory data indicated that efforts to boost the world's second
largest economy may be starting to bear fruit.

China reported its weakest economic expansion in 28 years in 2018, and
growth is expected to slow further.

Beijing has unveiled a series of measures - including cutting taxes - to
help support the economy.--BBC

Minimum wage rates rise, but bills go up too

Two million UK workers on minimum wages are now receiving a pay rise - but a
string of household bills have also increased.

Workers aged 25 and over on the National Living Wage will receive £8.21 an
hour from Monday, up from £7.83 - a 4.9% rise.

Pay rises also take effect for younger workers on minimum wages.

However, the pay rise comes as bills ranging from council tax to the TV
licence fee become more expensive.

Women represent an estimated 60% of those who are benefitting from the rise
in minimum wage rates. Workers in the hospitality and retail sectors are the
most likely to be on the lowest pay, and nearly 200,000 of them will receive
the pay rise.

New minimum wage rates

National Living Wage - for 25-year-olds and over: £8.21 an hour (up from
£7.83 - a 4.9% rise)

Minimum wage - 21 to 24-year-olds: £7.70 an hour (up from £7.38 - a 4.3%
rise)

Minimum wage - 18 to 20-year-olds: £6.15 an hour (up from £5.90 - a 4.2%
rise)

Minimum wage - 16 to 17-year-olds: £4.35 an hour (up from £4.20 - a 3.6%
rise)

Apprentice rate: £3.90 an hour (up from £3.70 - a 5.4% rise)

The charity the Living Wage Foundation says the wage level needed to "meet
the costs of living" is £9 an hour across the UK and £10.55 an hour in
London

"We are pleased that million of workers across the country will see an
above-inflation pay rise," said Bryan Sanderson, who chairs the Low Pay
Commission, which recommends the appropriate level of pay.

He pointed out that 20 years since the introduction of the minimum wage,
there had been no significant effect on jobs, despite the extra cost to
businesses.

In that time, the minimum wage has risen much faster than average pay.

Workers in general have seen wage growth beat inflation in recent months,
after a period when price rises were greater than pay rises.

However, all households are seeing increases in a variety of regular bills.

They include:

Council tax or its equivalent, set by local authorities, which is going up
by more than inflation for millions of people

Gas or electricity prices for more than half of British households who are
on variable or default tariffs, typically going up by £117 a year, now the
cap on the cost has been raised

The TV licence fee, which has gone up from £150.50 to £154.50 a year

The standard NHS prescription charge in England, which has risen from £8.90
to £9, although Scotland, Wales, and Northern Ireland have abolished these
fees.

Other changes include a small rise in water bills, various increases on
vehicle tax rates, and a rise in some companies' phone and broadband prices.

However, price caps are now in effect for household rent-to-own items,
limiting the interest that customers pay to no more than the product's cost,
and phone calls to directory enquiries.

Call for more pay

Minimum wages in the UK are among the highest compared to typical pay in
advanced economies of the world.

The government said that it was "determined" for low pay to end.

However, the TUC has argued that minimum wage levels remain too low. It
wants all workers aged between 21 and 24 to receive the same as those aged
25 and over, and for them all to receive £10 a hour.

"Young workers are still getting a raw deal on pay. Their bills are not any
cheaper, but they have to make ends meet with less. That is just not fair,"
said TUC general secretary Frances O'Grady.

How long would it take you to earn a star player's salary?

Automation could replace 1.5 million jobs, says ONS

Firms drag their feet on gender pay gap reporting

There has been a long-running campaign encouraging businesses to pay their
workers a higher amount.

Katherine Chapman, director of the Living Wage Foundation, said: "Over 5,000
responsible employers have gone beyond the government minimum and committed
to pay a real living wage. We now need to see more businesses step up and
provide a wage that truly covers the cost of living."

National Living Wage v real living wage

The National Living Wage is the legally binding hourly rate for workers aged
25 and over

The real living wage was devised by charity the Living Wage Foundation. It
argues the government's National Living Wage is not high enough to meet
workers' needs and encourages employers to adopt its more generous,
independently-calculated rate--BBC

Small firms face a series of new costs from Monday

Small firms have been hit with "blue Monday" as new costs and tax reporting
requirements kick in.

While some firms in England will benefit from cuts in business rates, other
changes mean additional costs.

These include new rules on accounting under the Make Tax Digital programme
and auto-enrolment pension costs.

"This truly is blue Monday for small business owners" and it comes at a time
when confidence is already low, said the FSB small firms' trade body.

>From 1 April, there is some relief for small retailers, pubs and restaurants
who will share cuts in their business rate bills worth about £500m.

In last year's Autumn Budget, the government announced a business rates
discount scheme for small-sized high street properties in England which have
a rateable value below £51,000.

Small firms will receive a one-third discount on their rates bills from
Monday for the next two years.

According to the property services and software company Altus Group, the
average shop will see savings of £3,292 in their business rates bills for
2019/20, while the average pub will save £6,052.

The average restaurant will receive a discount of £7,212, as a result of the
new retail discount with councils in England setting aside £502m this
financial year to cover the cost.

VAT change

But it is not all good news, with local authorities in England still
expected to rake in £25bn in business rates overall during 2019-20 - an
increase of £206m.

Mike Cherry, FSB national chairman, said: "Business rates is an unfair,
regressive tax that hits small firms before they've made their first pound
in turnover, let alone profit.

"The help won from government to support those hurt most by the 2017
revaluation is now falling away, leaving many small businesses with a 20%
hike to their bills, plus an inflation-linked increase."

The FSB also pointed to the fact that two million small businesses are to be
hit with new reporting requirements due to HMRC's Making Tax Digital (MTD)
programme.

HMRC is forcing VAT-registered businesses to comply with the initiative,
with the software required to meet MTD obligations set to cost small firms
£564 each on average.

Contraction

More than a million small employers are also grappling with a further
increase in auto-enrolment pension contributions to 3% from Saturday.

Mr Cherry said the MTD was a "burden" that costs hundreds of pounds even
"before you get to the time and resource needed to negotiate new software".

And on the pension changes, he said: "Though small business owners are
absolutely committed to helping employees save, auto-enrolment has already
cost them significant amounts of time and money. When the 3% rate hits, the
costs will be greater still."

The government should rule out any further increases to the minimum
auto-enrolment contribution rate for employers, he added.

Mr Cherry said: "For the first time since 2010, we saw a contraction in the
size of the UK business community last year.

"All ministers and policymakers need to take note, and avoid bringing in new
measures that would exacerbate this loss in 2019."---BBC

Saudi Arabia 'hacked Amazon boss's phone', says investigator

An investigator for Amazon boss Jeff Bezos says that Saudi Arabia hacked Mr
Bezos's phone and accessed his data.

Gavin de Becker was hired by Mr Bezos to find out how his private messages
had been leaked to the National Enquirer tabloid.

Mr de Becker linked the hack to the Washington Post's coverage of the murder
of Saudi writer Jamal Khashoggi at the Saudi consulate in Istanbul.

Saudi Arabia has not yet commented on the allegation.

Mr Bezos owns the Washington Post.

Mr de Becker said he had handed his findings over to US federal officials.

"Our investigators and several experts concluded with high confidence that
the Saudis had access to Bezos' phone, and gained private information," he
wrote on the Daily Beast website.

Tabloid's owner defends Jeff Bezos report

The Jamal Khashoggi story so far

What is the National Enquirer?

Mr de Becker's findings come after Mr Bezos in February accused the National
Enquirer's parent company American Media Inc (AMI) of blackmail, saying it
had threatened to publish his intimate photos unless he said that the
tabloid's reporting was not politically motivated.

The National Enquirer had published claims in January that the Amazon boss
had been having an affair. The coverage included photos and text messages. 

Mr de Becker said that AMI had also demanded that he say his investigation
had concluded that AMI had not relied upon "any form of electronic
eavesdropping or hacking in their newsgathering process".

He alleged that the Saudi government had targeted the Washington Post - for
which Mr Khashoggi had been writing.

"Some Americans will be surprised to learn that the Saudi government has
been very intent on harming Jeff Bezos since last October, when the Post
began its relentless coverage of Khashoggi's murder," Mr de Becker said.

"It's clear that MBS considers the Washington Post to be a major enemy," he
added, referring to Saudi Crown Prince Mohammed bin Salman.

US officials have said that Mr Khashoggi's murder would have needed Prince
Mohammed's approval, but Saudi Arabia has denied that he was involved.

The Saudi embassy in Washington has not responded to a request for comment
on Mr de Becker's allegation, Reuters reported.

In February, the Saudi minister of state for foreign affairs said Saudi
Arabia had "absolutely nothing to do" with the National Enquirer's reporting
on Mr Bezos' affair.

AMI has not yet commented on Mr de Becker's allegations. The company has
previously said that it acted lawfully in its reporting of Mr Bezos'
personal life.--BBC

Automatic compensation for broadband users goes live

Five UK broadband and landline providers will now automatically compensate
customers when services do not work.

>From Monday, customers who experience delayed repairs, installations or
missed engineer appointments will be compensated, without having to ask.

BT, Sky, TalkTalk, Virgin Media and Zen Internet have joined Ofcom's scheme,
which is not compulsory.

Hyperoptic, Vodafone, EE and Plusnet have also committed to the plans.

According to industry watchdog Ofcom, there are 7.2 million cases each year
where broadband or landline customers suffer delayed repairs, installations
or missed appointments.

Previously, only about one in seven broadband or landline customers received
compensation from providers for these delays.

Ofcom consulted on enforcing formal regulations regarding compensation of
broadband and landline services in 2017.

However, some service providers then approached the regulator independently
and offered to pay compensation to customers.

This led to Ofcom releasing details of its voluntary automatic compensation
code of practice in November 2017.

"We think it's unacceptable that people should be kept waiting for a new
line, or a fault to be fixed," said Ofcom's chief executive Sharon White.

She added that the new rules would provide an incentive for service
providers to want to avoid problems occurring in the first place.

"But if they fall short, customers must be treated fairly and given money
back, without having to ask for it," she said.

Money back

TalkTalk, Sky, Zen Internet and BT all use BT's Openreach network to provide
broadband and landline services.

In December, the providers agreed a deal with Openreach that if any delays
to repairs or installations occurred, Openreach would compensate the
providers.

The providers would then use that money to automatically compensate their
customers.

Under the terms of the agreement, if an engineer does not arrive on
schedule, or cancels within 24 hours, the compensation will be £25.

If a service stops working and is not fully fixed after two working days,
customers will be entitled to £8 a day in compensation.

There will also be £5-per-day offered for new services not starting on time.

Hyperoptic and Vodafone will begin automatic compensation later this year,
while EE plans to start paying compensation automatically in 2020.

Plusnet has committed to the scheme, but has not provided a timescale for
when it will begin providing automatic compensation.

Asked why Ofcom had chosen not to implement formal regulations for automatic
compensation, an Ofcom spokesman told the BBC: "This is the quickest way of
putting money back in people's pockets. All the largest firms have
committed, with more than 95% of households covered."

He said that customers with providers not in the scheme from Monday could
choose to switch to a new provider if they were unhappy with their current
service.

However, Ofcom added that it was keeping "a close eye" on the firms in the
scheme.

"If they don't comply, we'll step in and take action," the spokesman
said.--BBC

Mark Zuckerberg asks governments to help control internet content

Mark Zuckerberg says regulators and governments should play a more active
role in controlling internet content.

In an op-ed published in the Washington Post, Facebook's chief says the
responsibility for monitoring harmful content is too great for firms alone.

He calls for new laws in four areas: "Harmful content, election integrity,
privacy and data portability."

It comes two weeks after a gunman used the site to livestream his attack on
a mosque in Christchurch, New Zealand.

"Lawmakers often tell me we have too much power over speech, and frankly I
agree," Mr Zuckerberg writes, adding that Facebook was "creating an
independent body so people can appeal our decisions" about what is posted
and what is taken down.

Facebook charged with discrimination over housing ads

Can you stop your parents sharing photos of you online?

Amol Rajan: The constant influence of dark ads

He also describes a new set of rules he would like to see enforced on tech
companies.

These new regulations should be the same for all websites, he says, so that
it's easier to stop "harmful content" from spreading quickly across
platforms.

What does Mark Zuckerberg want?

In brief, Mr Zuckerberg calls for the following things:

*  Common rules that all social media sites need to adhere to, enforced by
third-party bodies, to control the spread of harmful content

*  All major tech companies to release a transparency report every three
months, to put it on a par with financial reporting

*  Stronger laws around the world to protect the integrity of elections,
with common standards for all websites to identify political actors

*  Laws that not only apply to candidates and elections, but also other
"divisive political issues", and for laws to apply outside of official
campaign periods

*  New industry-wide standards to control how political campaigns use data
to target voters online

*  More countries to adopt privacy laws like the European Union's General
Data Protection Regulation (GDPR), which came into force last year

*  A "common global framework" that means these laws are all standardised
globally, rather than being substantially different from country to country

*  Clear rules about who's responsible for protecting people's data when
they move it from one service to another

*  The open letter, which will also be published in some European
newspapers, comes as the social network faces questions over its role in the
Cambridge Analytica scandal around data misuse during election campaigns.

The site has also been criticised for failing to stop the spread of footage
of the Christchurch killings, in which 50 Muslims died as they prayed.

The video was livestreamed to the attacker's Facebook page on 15 March,
before being copied 1.5 million times.

Mr Zuckerberg's letter did not specifically name these incidents.

However, the site earlier announced that it was considering introducing
restrictions on live-streaming in the wake of the Christchurch attacks. On
Thursday, it also said that it would ban white nationalism and separatism
from the site.

On Friday it also started labelling political ads appearing on Facebook in
EU countries, showing who the advertiser is, how much they paid and who
they've targeted.

"I believe Facebook has a responsibility to help address these issues, and
I'm looking forward to discussing them with lawmakers around the world," Mr
Zuckerberg says.--BBC

INVESTORS DIARY 2019

Company

Event

Venue

Date & Time

Zimbabwe 

Independence Day

Zimbabwe

18 Apr 2019 

Good Friday

19 Apr 2019

Easter Saturday

20 Apr 2019

Easter Sunday

21 Apr 2019

Easter Monday

22 Apr 2019

Workers Day

01 May  2019

Africa Day

25 May 2019

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