Major International Business Headlines Brief::: 02 April 2019

Tue Apr 2 07:07:38 CAT 2019

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Major International Business Headlines Brief::: 02 April 2019

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*  South Africa tax revenues fell 15 bln rand short of 2018/19 target

*  South Africa to get around $790 million in loans from BRICS bank

*  Nairobi Securities Exchange extends trading hours after outage

*  Ecobank injects $64 mln into Nigerian unit

*  South Sudan targets 70,000 bpd oil production boost by June -minister

*  Morocco's BMCE Bank reports 10 pct drop in 2018 profit, plans capital
increase

*  Uganda central bank holds its key lending rate at 10 pct

*  UK accountancy giants 'should be broken up'

*  Former Barclays traders jailed over Euribor rate-rigging

*  EasyJet warns of 'weak' summer sales amid Brexit uncertainty

*  BBC and Discovery sign £300m natural history streaming deal

*  Facebook to reveal News Feed algorithm secrets

 <mailto:info at bulls.co.zw> 

South Africa tax revenues fell 15 bln rand short of 2018/19 target

PRETORIA (Reuters) - South African collected an estimated 1.287 trillion
rand ($91 billion) in tax in the 2018/19 fiscal year, about 15 billion rand
short of the government’s target, the revenue service SARS said on Monday.

South Africa has seen revenue collections fall consistently since 2015 due
to weak economic growth and administrative weakness. The latter issue led
President Cyril Ramaphosa to fire Tom Moyane as revenue service boss in
November.

“SARS is concerned that the levels of compliance have declined in the last
few years and we are seeing the results of that in these figures,” acting
tax commissioner Mark Kingon said. Fiscal year 2018/19 ended in March.

South Africa aims to collect about 10 percent more in tax — 1.4 trillion
rand — in 2019/20, the revenue service said.

Corporate income tax was down 3.2 percent compared to the estimates made in
February’s budget, while personal tax collections were down 1.2 percent
compared to target.

“The slow improvement in production and employment following poor investment
growth in 2018 as well the moderation in global trade and investment,
presented a weaker outlook for the economy,” Kingon said.

In the February budget Finance Minister Tito Mboweni avoided raising income
taxes after the treasury hiked value-added tax in 2018 for the first time in
25 years, choosing instead to push up fuel levies and taxes on alcohol and
tobacco products.

The moves are expected to raise tax revenue by 15 billion rand in 2019/20
financial year.

($1 = 14.1728 rand)

 <mailto:info at bulls.co.zw> 

South Africa to get around $790 million in loans from BRICS bank

CAPE TOWN (Reuters) - A development bank set up by the BRICS group of
emerging economies has approved around $790 million of loans for three
projects in South Africa, the bank’s president said on Monday, with over
half that amount going to power company Eskom.

The New Development Bank president Kundapur Vaman Kamath attends a session
of the New Development Bank third annual meeting in Shanghai, China May 28,
2018. REUTERS/Aly Song

Eskom is battling for its survival after a decade of steep financial decline
during which its costs soared and electricity sales stagnated.

South African President Cyril Ramaphosa has promised a 69 billion rand
($4.86 billion) bailout for Eskom over the next three years and says the
company will be split into three to make it more efficient. But the
cash-strapped utility is still hunting for more money to shore up its
finances.

A source at the New Development Bank - set up in 2014 by Brazil, Russia,
India, China and South Africa - said that around $480 million of the new
funding was for Eskom’s Medupi power plant project in the north of the
country.

The rest of the money would be split between the Lesotho Highlands water
project and a renewable energy venture, the source said.

Problems at Medupi, which will be one of the largest coal-fired power
stations in the world when complete, are partly responsible for the latest
round of power cuts which Eskom implemented this year.

“We plan to end the year with total loan approvals of about $2.3 billion in
South Africa,” NDB president K.V. Kamath told the bank’s annual meeting in
Cape Town.

Dondo Mogajane, director general of South Africa’s finance ministry,
confirmed part of the approved funding was for desulphurisation equipment at
Medupi.

Separately, the NDB and Eskom on Monday signed an agreement for a $180
million loan for a project to integrate renewable energy capacity into South
Africa’s electricity grid.

($1 = 14.1897 rand)

Nairobi Securities Exchange extends trading hours after outage

NAIROBI (Reuters) - Kenya’s Nairobi Securities Exchange said on Monday it
would extend trading to 5 p.m. (1400 GMT), from the usual 3 p.m. close,
after it managed to resolve a technical hitch which stopped trading for most
of the day.

The stock market, which is the largest in East Africa, had earlier said a
link to the central depository system, a back office which processes trades,
had failed, leading to halting of all trading activities.

One market participant told Reuters that trading had been unavailable for
several hours during the day. The bourse said the services were restored
just before 4 p.m.

Ecobank injects $64 mln into Nigerian unit

LAGOS (Reuters) - Africa’s Ecobank has injected $64 million into its
Nigerian unit after its decision to adopt a different exchange rate for the
naira to the one supported by the central bank affected its capital ratio,
it said on Monday.

Ecobank said its board decided in November to adopt a market exchange rate
of 364 naira to the dollar, a move away from Nigeria’s official exchange
rate of 306 naira.

The weaker rate is more commonly used in trading and has more liquidity than
the official exchange rate.

South Sudan targets 70,000 bpd oil production boost by June -minister

JUBA (Reuters) - South Sudan is hoping to boost oil production by 70,000
barrels per day (bpd) by June, the minister for petroleum said on Monday, a
month before the government and rebels are due to form a government of
national unity.

South Sudan's Minister of Petroleum, Ezekiel Lol Gatkuoth listens to a
speech during Petrotech conference in Greater Noida, India, February 10,
2019. REUTERS/Anushree Fadnavis

Production in the landlocked East African nation is currently between
350,000 and 400,000 bpd.

  “With 3.5 billion (barrels of) proven reserves and only 30 percent
explored, there is more to offer to serious investors,” minister Ezekiel Lol
Gatkuoth said in a statement.

Gatkuoth, who was attending a conference in Equatorial Guinea, said
production would restart in the Al-Nar, Al-Toor and Manga oilfields by April
27.

Much of the country’s oil infrastructure was damaged during a five-year
civil war.   

About 400,000 people were killed and more than a third of the country’s 12
million people uprooted by the conflict, which was punctuated by multiple
rounds of failed mediation followed by renewed bloodshed.

The government signed a peace deal with most of the rebels in September,
under which they were to gather, disarm, retrain and integrate their forces
ahead of the formation of a unity government in May.

But that has not yet happened and, with one group led by former deputy army
chief Thomas Cirillo having refused to sign and continuing to launch
attacks, the International Crisis Group - an independent research body -
said last month the deal was at risk of collapse.

The United States has imposed sanctions on many individuals and businesses
over what it says are widespread corruption and human rights abuses under
President Salva Kiir.

Kiir, who is also due to head the new government, denies any wrongdoing.

Morocco's BMCE Bank reports 10 pct drop in 2018 profit, plans capital
increase

RABAT (Reuters) - BMCE Bank, one of Morocco’s largest lenders, reported on
Monday a 10 percent fall in its 2018 net profit attributable to shareholders
due to a drop in activities in its African branches.

Profit stood at 1.83 billion dirhams ($190 mln) in 2018, down from 2.03
billion dirhams in 2017.

African branches accounted for 46 percent of profits, while Morocco and
Europe represented 48 percent and 6 percent, respectively.

Net banking income dropped 1 percent to 13.23 billion dirhams, while the
cost of risk rose 2 percent to 1,83 billion dirhams.

BMCE said it will distribute 900 million dirhams in annual dividends of 5
dirhams per share that can be optionally converted into shares.

It plans a capital increase this year through a public offering of 1 billion
dirhams, adding that it expects 2 billion dirhams to be injected by a
foreign investor soon.

Uganda central bank holds its key lending rate at 10 pct

KAMPALA (Reuters) - Uganda’s central bank on Monday held its benchmark
lending rate at 10 percent for the third time in a row, the bank’s governor
said, citing economic activity which is close to potential.

UK accountancy giants 'should be broken up'

The UK's Big Four accountancy firms should be separated into audit and
non-audit businesses, says an influential committee of MPs.

Deloitte, EY, KPMG and PwC conduct 97% of big companies' audits while also
providing them with other services.

They are under review by the Competition and Markets Authority (CMA), which
has proposed an internal split between the two functions.

But now MPs are calling for a full structural break-up of the firms.

The CMA's review, released on 2 April, follows high-profile company
collapses such as construction firm Carillion, which was audited by KPMG.

It comes on the same day that the Financial Reporting Council (FRC)
announced it had opened an investigation into KPMG's audit of Carillion.

In December last year, the CMA put forward three main recommendations:

A split between audit and advisory businesses, with separate management and
accounts

More accountability for those appointing auditors, with the aim of
strengthening their independence

A "joint audit" system, with a Big Four and a non-Big Four firm working
together on an audit

In a report, the Business, Energy and Industrial Strategy (BEIS) Committee
endorsed the CMA's proposals, but said a full break-up of the Big Four would
"prove more effective in tackling conflicts of interest".

Rachel Reeves, who chairs the committee, said: "For the big firms, audits
seem too often to be the route to milking the cash-cow of consultancy
business.

"The client relationship, and the conflicts of interest which abound,
undermine the professional scepticism needed to deliver reliable,
high-quality audits."

Ms Reeves said vested interests should not be allowed to get in the way of
positive change, adding: "We must not wait for the next corporate collapse."

Focus on fraud

Among its other recommendations, the committee said there should be a pilot
scheme of joint audits for the most complex cases, "to enable the challenger
firms to step up".

It also called for more effort by auditors to tackle fraud at companies.

"In light of the failings at Patisserie Valerie, audits must state how they
have investigated potential fraud, including by directors," the committee
said.

Cafe chain Patisserie Valerie fell into administration in January. Its
accounts were found to have been overstated by £94m, according to its
administrators KPMG.

The former finance director of the chain, Chris Marsh, is under
investigation by the Serious Fraud Office.

Michael Izza, chief executive of the Institute of Chartered Accountants in
England and Wales (ICAEW),welcomed the report, saying that it made "many
sensible suggestions" that would help achieve better choice in the market
for audits.

However, he did not agree with MPs that the Big Four accountancy firms
should be broken up.

"We are concerned that some of its ideas for reducing conflicts of interest,
such as the break-up of the largest multi-disciplinary firms, might prove
counter-productive," said Mr Izza.

"This could both drive out incumbents and discourage new entrants and it
would be unfortunate if an attempt to guarantee the independence of audit
firms ended up undermining the resilience of the audit market."

'Need for change'

KPMG said it was co-operating fully with the various inquiries under way
into the audit system.

The FRC said it decided to open an enquiry into KPMG following matters the
firm had self-reported.

The enquiry involves an assessment of the governance, controls and culture
within KPMG's audit practice, the FRC said.

A KPMG spokesperson said the BEIS Committee's report showed that "trust in
audit is in urgent need of repair", adding: "We have been open about the
need for change and we want to play a leading role in building a strong,
sustainable and trusted audit sector for the future."

Deloitte's UK managing partner for audit, Stephen Griggs, said: "We welcome
many of the [BEIS Committee] recommendations, including extending the scope
of the audit and better regulation of audit, but we have concerns about a
potential structural split.

"This will be detrimental to audit quality and could materially damage the
UK's competitive position as a leading capital market."--BBC

Former Barclays traders jailed over Euribor rate-rigging

Two traders have been jailed after being convicted of conspiring to rig the
Euribor global interest rate.

Colin Bermingham, 62, and Carlo Palombo, 40, both former Barclays traders,
were convicted of conspiracy to defraud.

Mr Bermingham received a five year jail term, while Mr Palombo was jailed
for four years.

Another trader, Sisse Bohart, has been acquitted.

The sentences bring to an end the biggest trial so far for rigging interest
rates - in this case the Euribor benchmark used to fix the interest rates of
millions of euro-denominated loans.

Lisa Osofsky, director of the Serious Fraud Office, said: "These men
deliberately undermined the integrity of the financial system to line their
pockets and advance the interests of their employers.

"We are committed to tracking down and bringing to justice those who defraud
others and abuse the system."

Former Barclays trader guilty of Euribor rate-rigging

Former traders jailed for Euribor rigging

UBS Libor 'chats were company policy'

Euribor is a key euro benchmark borrowing rate, underpinning about $180tn of
financial products, and the accuracy of the rate is important to maintaining
trust in the financial system.

Every day, one trader at each bank would estimate the interest rate he or
she thought the bank would have to pay to borrow cash from other banks,
based on the rates banks were paying that morning.

The estimates would be submitted to the European Banking Federation (EBF),
based on current market transactions. Those submissions would then be
averaged and a rate would be published.

In the 1990s and 2000s, traders routinely requested that the submissions be
tweaked up or down by tiny amounts to suit their banks' commercial
interests. Banks typically had trading positions or investments that would
benefit from higher or lower submissions.

The traders' defence has been that this was normal commercial practice. The
Serious Fraud Office (SFO) says it is corrupt.

During the sentencing hearing, Judge Michael Gledhill echoed controversial
remarks by Mr Justice Cooke, who presided over the first interest rate
rigging trial in 2015 of former UBS trader Tom Hayes, saying he wanted "a
message sent out to the world of banking".

"Those convicted of manipulating interest rates will face substantial
custodial sentences," he said.

Mr Hayes was sentenced to 14 years in prison, which was reduced on appeal to
11 and a half years.

Judge Gledhill said it was difficult to understand why Mr Bermingham had
become involved in conspiracy, because there was no personal gain to him
from accepting requests from traders to put in higher or lower submissions.

But, he added: "Part of the answer lies in a desire to help Barclays
prosper, and perhaps it is something to do with the desire to be respected
by others. Whatever the reasons, you have been convicted of being knowingly
and dishonestly involved in this conspiracy."

A second trial

Mr Bermingham, Mr Palombo and Ms Bohart were tried a second time by the SFO,
after a jury failed to reach a majority verdict in an earlier trial in 2017.

Ahead of that trial, Christian Bittar, a former Deutsche Bank trader,
pleaded guilty to conspiracy to defraud.

Another former Barclays trader, Philippe Moryoussef, attended earlier
hearings but decided not to attend the trial, with his lawyer saying he
could not be confident of a fair trial.

He was convicted in his absence and is now a fugitive from British justice.

Both Mr Palombo and Mr Bermingham were convicted by majority verdicts, with
two jurors against a guilty verdict in both cases.

Carlo Palombo's lawyer John Hartley said Mr Palombo and his family were
devastated by the outcome.

"Mr Palombo started at Barclays as a junior trader and was taught by his
management from an early stage about making requests of the submission
desk," said Mr Hartley in a statement.

"He gave evidence during the trial that this was an ordinary course of
business at the bank and there was never an issue of any of his actions
being dishonest at that time and that he had received no training on Euribor
submissions. No senior members of management were on trial."

In a BBC Panorama programme "The Big Bank Fix" in 2017, the BBC revealed a
secret recording which implicated the Bank of England in a practice called
"lowballing".

Lowballing occurred during the 2008 financial crisis, when banks
artificially lowered their estimates for Libor (the London Interbank Offered
Rate) - the dollar and sterling equivalent of Euribor.

In a statement to the BBC, the Bank of England said Libor was unregulated at
the time.

At the 2016 trials, the SFO said it was investigating lowballing. However,
after years of investigation, no prosecution has been mounted.

Libor submissions defence

Mr Hayes's case is now with the Criminal Cases Review Commission (CCRC) amid
growing doubts about the safety of his conviction. The evidence against him
also consisted of "trader requests" to put in higher or lower libor
submissions.

His defence in 2015 was that there were a range of potential submissions,
based on the slightly differing interest rates banks were paying to borrow
money on any given morning.

Requests to raise or lower it within that range were legitimate, his lawyers
argued. Prosecutors dismissed the notion of a range.

However, in 2017, at the trial of Barclays traders for rigging rates, John
Ewan, the former Libor manager at the British Bankers Association, agreed
requests for higher or lower submissions within a range could be acceptable.
The two defendants in that trial, Ryan Reich and Stelios Contogoulas, were
acquitted.

The trial of Palombo and Bermingham heard similar evidence from Helmut
Konrad, a retired banker who helped set up Euribor in 1999, who told the
court in 2018 it was "okay" for banks to submit a rate from a number of
options that were equally good, even if one rate would be more profitable
for the bank.

At this year's trial, he told the court "as long as we're talking about the
range of permissible rates, it's fine".

Mr Hartley said Mr Palombo was considering an appeal.--BBC

EasyJet warns of 'weak' summer sales amid Brexit uncertainty

EasyJet has warned that customer demand for ticket sales for the next six
months - which includes the peak summer season - is unexpectedly weak.

The airline blamed uncertainty over the global economy and Brexit for the
slowdown in forward bookings.

As a result, EasyJet said it was now more cautious over its outlook for the
second half of its financial year.

The airline has already said it expects to make a loss of around £275m for
the first half of the year.

EasyJet's shares fell almost 8% in early trading following the release of
its trading update, which had originally been due for release on Friday.

"We are seeing softness in both the UK and Europe, which we believe comes
from macroeconomic uncertainty and many unanswered questions surrounding
Brexit which are together driving weaker customer demand," said chief
executive Johan Lundgren.

Despite its caution, EasyJet said revenue per seat - a key measure for
airlines - would be slightly higher in the second half of the year, while
cost per seat would remain flat.

Mr Lundgren said the airline was "operationally well prepared for Brexit",
adding that "whatever happens, we'll be flying as usual".

It has established EasyJet Europe, with headquarters in Vienna, which will
enable EasyJet to continue to operate flights both across the EU and
domestically within EU countries regardless of the Brexit outcome.

Hargreaves Lansdown analyst George Salmon said the airline was being
affected by issues out of its control.

"Higher fuel costs are hitting profits and with Brexit potentially impacting
travel regulations and currency markets, customers are understandably
waiting for more certainty before booking trips away.

"The group reckons demand will pick up later in the year, but a more
pragmatic observer would say it's difficult to put a timeframe on when
Westminster and the EU 27 will solve the Brexit puzzle."

Struggling sector

EasyJet's warning comes amid a tough time for the airline industry, with a
combination of factors such as higher fuel bills and excess capacity in the
sector contributing to its problems.

Last week, Iceland's Wow Air collapsed.

Earlier this year, Germany's Germania filed for bankruptcy, and UK regional
airline Flybmi stopped flying in February.

The UK's struggling Flybe was taken over earlier this month for just one
penny a share.

Even giant budget airline Ryanair reported its first quarterly loss since
March 2014 last month.--BBC

BBC and Discovery sign £300m natural history streaming deal

The BBC has signed the biggest ever deal to sell its programmes, agreeing to
provide its landmark natural history shows to a new global streaming service
run by the Discovery Channel for £300m.

It is the "largest content deal the BBC has ever done" and will last for 10
years, director general Tony Hall said.

BBC natural history shows will be on the new Discovery platform everywhere
except the UK, Ireland and China.

The Discovery service is expected to launch by the end of 2019.

The BBC and Discovery will also work together to film new natural history
programmes, which will be screened by the BBC in the UK.

Lord Hall said: "The licence fee payer will really benefit from this because
whatever money we can make from being part of this streaming service
globally, of course we will put that back into more programmes which people
here can watch.

"Equally, because we've got this partnership for developing new programmes
jointly with Discovery, they'll also see those programmes."

UKTV channels split up

The deal also gives Discovery the streaming rights to hundreds of hours of
existing BBC documentaries. In total, the BBC will receive around £30m per
year.

Asked whether he was sure that would still be good value in a decade's time,
Lord Hall said: "We think we've got a good deal here and think it's
appropriate over the 10 years."

The Discovery streaming service is expected to cost US viewers no more than
$5 (£3.80) per month.

The BBC and Discovery also announced plans to split up the 10 channels run
by UKTV, which they jointly own.

BBC Studios, the corporation's commercial arm, will take full ownership of
seven entertainment channels - Alibi, Dave, Drama, Eden, Gold, Yesterday and
W - while Discovery will get Good Food, Home and Really.

The BBC is paying Discovery £173m for that deal, which is coming from BBC
Studios and is not licence fee money, Lord Hall said.

--BBC

Facebook to reveal News Feed algorithm secrets

Facebook is launching a new feature that explains how its algorithms decide
what to display in your News Feed.

A new "Why am I seeing this post?" button will indicate what activity
influenced Facebook's algorithms.

It is the first time the company has given people access to this insight
directly in its app and on the website.

Facebook, Twitter, YouTube and others have been criticised for using
algorithms to recommend content without explaining to users how they work.

Facebook told the BBC the new feature was available for some users in the UK
today. It will roll out fully by 2 May.

The "Why am I seeing this post?" button will be found in the drop-down menu
that appears at the top right of every post in the News Feed.

The tool will offer insights such as: "You've commented on posts with photos
more than other media types."

Facebook to consider live video restrictions after NZ attacks

Facebook begins new EU political ads rules

Facebook said it was also adding more information to the "Why am I seeing
this ad?" button that has appeared on advertisements since 2014.

It will now let people know if details on their Facebook profile matched
those on an advertiser's database.

It already revealed whether some of your online activity, such as the
location where you connected to the internet, was being used to target ads
at you.

"Both of these updates are part of our ongoing investment in giving people
more context and control across Facebook," the company said in a blog.

Facebook has faced intense scrutiny after a series of data breaches, privacy
scandals and allegations that the platform was used to interfere in
elections.

Last week, chief executive Mark Zuckerberg called for government regulation,
saying the responsibility for monitoring harmful content was too great for
companies to tackle alone.--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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been compiled from sources believed to be reliable, but no representation or
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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
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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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