Major International Business Headlines Brief::: 03 April 2019

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Major International Business Headlines Brief::: 03 April 2019

 


 

 


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*  Exxon weighs sale of Nigerian oil and gas fields for up to $3 bln

*  Moody's says South Africa still rated investment grade

*  Workers at South African tax agency end strike

*  Kenya's Safaricom loses market share for fifth straight quarter

*  Steinhoff investors to extend suspension of legal battle

*  Nigeria's FCMB eyes debt sale to boost capital

*  French oil major Total launches full-field production on Angola's Kaombo

*  Brexit: UK risks 'trashing relationship' with Europe, says Siemens boss

*  WhatsApp launches fake news 'tipline' ahead of India polls

*  Brexit: Government did not speak to French ports in no-deal plan

*  US to investigate car firms Hyundai and Kia over vehicle fires

*  UK gaming market worth record £5.7bn

*  Superdry chiefs resign after founder wins comeback fight

*  PewDiePie concedes defeat to YouTube rival T-Series

 

 

 

 

 


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Exxon weighs sale of Nigerian oil and gas fields for up to $3 bln

LONDON (Reuters) - Exxon Mobil recently held talks on the sale of a suite of
oil and gas fields in Nigeria as the company focuses on new developments in
U.S. shale and Guyana, industry and banking sources told Reuters.

 

The potential disposals are expected to include stakes in onshore and
offshore fields and could raise up to $3 billion, two sources said.

 

“Exxon is actively divesting in Nigeria,” one source who was briefed on the
divestment plans said.

 

Exxon declined to comment.

 

The Irving, Texas-based company is one of the largest oil and gas producers
in Nigeria, with 106 operated platforms. Its oil output in the West African
country reached 225,000 barrels per day (bpd) in 2017, its website says.

 

Exxon officials have held talks in recent weeks with several Nigerian
companies to gauge their interest in the fields.

 

One source said Exxon was soon due to open a “data room” - which would
provide technical information on the fields, such as seismic and production
details - in Nigeria.

 

The discussions focused on a number of onshore fields Exxon shares in joint
ventures with Nigerian state oil firm NNPC, including oil mining leases 66,
68, 70 and 104, one source said. Exxon’s share of oil production in those
fields reached 120,000 bpd in 2017, the last year for which data was
available.

 

Exxon is also weighing the possible sale of stakes in offshore fields in
Nigeria, two sources said.

 

It is looking into offering for sale assets in Equatorial Guinea and Chad,
according to two sources.

 

The Nigerian government has in the last decade supported a drive by domestic
firms such as Oando, Seplat and privately held Aiteo to expand their
operations in the country as international companies including Royal Dutch
Shell sought to lower their presence due to oil spills resulting from
pipeline sabotage.

 

Exxon recently launched the sale of its stake in Azerbaijan’s largest
oilfield, which would mark its retreat from the former Soviet state after 25
years.

 

Exxon announced earlier this year plans to boost its capital spending from
$26 billion in 2018 to $30 billion in 2019 and up to $35 billion next year
as it seeks to develop oilfields in Guyana and the U.S. Permian basin as
well as gas projects in Mozambique and the U.S. Gulf Coast.

 

In an analyst presentation last month, Exxon said it would accelerate its
divestments to around $15 billion by 2021.

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 



Moody's says South Africa still rated investment grade

JOHANNESBURG (Reuters) - Moody’s said on Tuesday that South Africa’s
sovereign credit rating was still investment grade, further boosting the
rand several days after the ratings agency delayed a review of the country’s
creditworthiness.

 

Moody’s is the last of the big three ratings agencies to give South Africa
an investment-grade rating, so markets are sensitive to any pronouncement it
makes on the fiscal and economic strength of Africa’s most industrialised
economy.

 

Its credit opinion report, which does not constitute a rating action,
Moody’s said that South Africa’s credit rating was still Baa3, the lowest
rung of investment grade, with a stable outlook.

 

“While economic growth will remain slow and fiscal strength will continue
eroding, we expect South Africa’s credit profile to remain in line with
those of Baa3-rated sovereigns,” the report said.

 

“South Africa’s credit profile is supported by a diversified economy, a
sound macroeconomic policy framework and a deep pool of domestic investors
thanks to well-developed financial sector and markets,” it said.

 

The rand rallied on Monday after Moody’s said late on Friday that it would
not publish a review of South Africa’s debt rating as planned.

 

In accordance with European Union regulations, Moody’s provides dates for
the potential release of both solicited and unsolicited sovereign
credit-rating actions, but it can alter those dates at its discretion.

 

Some South Africa-focused investors had worried that wider deficit
projections in this year’s budget and a spate of national power cuts could
prompt Moody’s to downgrade the outlook, or even the rating, on Friday.

 

The rand added to Monday’s gains after Moody’s published its report on
Tuesday.

 

 

 

Workers at South African tax agency end strike

JOHANNESBURG (Reuters) - A four-day strike at South Africa’s tax collection
agency ended on Tuesday when a union representing about half its employees
agreed to a 8 percent wage increase in 2019 and a CPI-plus-2-percent rise
for 2020-21.

 

The wage hike negotiated by the National Education, Health and Allied
Workers Union (NEHAWU) is double the local inflation rate and it is also
what a second union representing the agency’s workers accepted on Monday.

 

Workers embarked on the strike last Thursday, demanding a 15 percent wage
increase before lowering it to 11.4 percent on Sunday.

 

“After extensive consultations, the majority of our provinces have given us
a mandate to sign (this) settlement agreement,” NEHAWU spokesperson Khaya
Xaba said.

 

The strike occurred at a time when the government wants to boost revenue
collection, which has lagged in recent years partly due to poor
administration at the tax collection agency, which employs around 13,000
people.

 

 

 

Kenya's Safaricom loses market share for fifth straight quarter

NAIROBI (Reuters) - Kenya’s biggest telecoms operator Safaricom lost a
further percentage point of subscriber market share in the three months to
the end of December, its fifth straight quarterly fall, data from the sector
regulator showed on Tuesday.

 

Robert Collymore Chief Executive of Kenya's telecom operator Safaricom poses
during a Reuters interview at their headquarters in Nairobi, Kenya, May 10,
2017. REUTERS/Baz Ratner/File Photo

The firm, part-owned by South Africa’s Vodacom and Britain’s Vodafone, lost
0.9 percentage points of market share to 63.3 percent. That compared with a
share of 71.9 percent in September 2017 when the losing streak started.

 

Safaricom did not comment on the figures ahead of full-year results on May
2.

 

The company began losing share after opposition leader Raila Odinga called
for consumers to boycott Safaricom here, accusing it of playing a role in an
August 2017 presidential vote whose outcome he successfully challenged in
court. Safaricom rejected the allegations, describing them as "callous and
unnecessary." .

 

The losses have been sustained by aggressive competition from the local unit
of India’s Bharti Airtel, the second biggest operator in the country.

 

Airtel Kenya’s subscriber market share jumped to 23.4 percent at the end of
December, from 14.9 percent in September 2017.

 

Airtel said in February it had agreed to merge with number three operator
Telkom Kenya, adding to pressure on Safaricom. [nL3N20324Z]

 

Investors have shrugged off the developments, however, with Safaricom’s
shares rising 22 percent this year to trade at 28.25 shillings ($0.2804).

 

“Revenue share rather than subscribers is key,” said Eric Musau, a research
analyst at Standard Investment Bank.

 

The drop in share of users could also cut regulatory pressure on Safaricom,
Musau added.

 

Kenya has one of the most advanced telecoms sectors on the continent, but
Safaricom’s high market share has curbed competition and prompted the
regulator to mull intervention. [nL5N1SZ2O2]

 

According to regulator data in 2015, Safaricom enjoyed the lion’s share of
revenue, with more than 90 percent in key categories such as voice calls.
The latest revenue data was not available.

 

Both Safaricom and Airtel have been increasing their quarterly user numbers,
but Airtel has reported faster growth in subscribers.

 

($1 = 100.7500 Kenyan shillings)

 

 

 

Steinhoff investors to extend suspension of legal battle

JOHANNESBURG (Reuters) - Steinhoff said on Tuesday investors who were suing
the company have agreed to extend the suspension of litigation by six weeks,
allowing the crisis-hit retailer time to proceed with its investigations and
restructuring.

 

Steinhoff said the legal proceedings, which were suspended in October last
year, would be further suspended until May 15, 2019.

 

The lawsuit, brought in the Netherlands, was aimed at compensating investors
for the more than 14 billion euros ($16 billion) wiped off Steinhoff’s
market value ever since the retailer uncovered accounting irregularities
last year.

 

The lawsuit was brought by a collective group known as VEB/European
Investors, Steinhoff. It claimed that certain financial statements,
prospectus and press releases issued by the company were incorrect and
misleading, the company said.

 

 

 

Nigeria's FCMB eyes debt sale to boost capital

LAGOS (Reuters) - Nigerian banking group FCMB plans to raise tier II debt
and retain profits this year to boost its balance sheet after the adoption
of stricter accounting standards impacted its capital ratios, it said on
Tuesday.

 

The banking group said the capital adequacy ratio for the mid-tier lender
FCMB Bank, stood at 15.9 percent in 2018, down from 16.9 percent a year
earlier. It added that it expected its capital to grow throughout 2019.

 

FCMB was targeting a 5-10 percent loan growth in 2019.

 

 

French oil major Total launches full-field production on Angola's Kaombo

PARIS (Reuters) - French oil major Total said it had started up production
on the Kaombo Sul project located off the coast of Angola, in a deal that
should lift Total’s general production capacities.

 

Kaombo Sul will add 115,000 barrels of oil per day (bopd) and bring the
overall production capacity to 230,000 bopd, equivalent to 15 percent of the
country’s production, Total said in a statement on Tuesday.

 

“Its start-up will contribute to the Group’s cash flow and production growth
in 2019 and beyond,” said Arnaud Breuillac, President of Exploration &
Production at Total, as he commented on the Kaombo Sul project.

 

 

 

Brexit: UK risks 'trashing relationship' with Europe, says Siemens boss

Britain is at risk of "trashing its fabulous relationship" with the rest of
Europe because of its failure to secure a Brexit deal, a top businessman
says.

 

Jurgen Maier, the UK chief executive of Siemens, told the BBC's Today
programme: "We are at a point of crisis right at this moment in time.

 

"We need to find a way forward so we can re-establish that trust to give us
the confidence to invest here again."

 

Confidence in Britain would return once the situation was resolved, he
added.

 

Mr Maier said: "If I was going to go to my board today and say here is
another factory that I want to open for a major infrastructure project in
the UK, I can tell you that with this turmoil right now, we would not be
putting that over the line.

 

"I'm saying to our parliament, 'enough is enough' and this is the week where
a decision needs to be made.

 

"I remember this country being the sick man of Europe in 1974 and it has
taken us 45 years to create a Britain which is a trusting, reliable trading
partner.

 

"My company, like many others, has invested hundreds of millions in this
country over that period."

 

Mr Maier said, however, that once Britain knew its future, he was "100%
sure" that investment in the country would follow.

 

Brexit: What happens now?

Brexit 'risks German-Scots investment'

Goole factory to go ahead as Siemens signs £1.5bn Tube deal

Siemens UK boss says no-deal Brexit 'does not look good'

On Monday, Mr Maier sent an open letter to MPs, urging them to make a quick
decision on the UK's future regarding Brexit.

 

In it, he said: "Brexit is exhausting our business and wrecking the
country's tremendous reputation as an economic powerhouse."

 

He added that people's livelihoods were at stake and that "sound business
investments could be in tatters by the end of the week if you fail".

 

Mr Maier finished his letter by saying: "This is your last chance to come
together to build a new consensus for Britain and then allow us to move on
from Brexit, to the many other issues that need so desperately sorting in
our country like our industrial strategy and skills agenda."--BBC

 

 

 

 

WhatsApp launches fake news 'tipline' ahead of India polls

India has entered full election mode: voting is due to begin on 11 April,
with the final ballot cast more than five weeks later on 19 May. Every day,
the BBC will be bringing you all the latest updates on the twists and turns
of the world's largest democracy.

 

WhatsApp unveils helpline to fight fake news

What is happening?

 

WhatsApp has launched a fact-checking service, where users can send in
messages, photos and videos that they want verified. They will then be told
if it's true, false, disputed or misleading.

 

The "checkpoint tipline" (9643-000-888), as it is known, is meant to counter
fake news and misinformation ahead of India's general election.

 

The feature will be available in English and four Indian languages - Hindi,
Telugu, Bengali and Malayalam.

 

Why is this important?

 

WhatsApp has been under scrutiny in India, where misinformation spread via
the app has fuelled mob violence.

 

Facing pressure from the Indian government, the platform was forced last
year to implement several features to curb fake news. It limited the number
of times a message could be forwarded and marked such messages with a label
so users were aware.

 

With an estimated 200 million users, India is WhatsApp's biggest market. It
is also the most popular internet-based service in the country. This means
it has tremendous reach, allowing messages to spread quickly and
exponentially.

 

Who can stop India WhatsApp lynchings?

On the frontline of India's WhatsApp fake news war

In recent years, WhatsApp in India has become notorious for viral and often
unverified political messaging - text, photos and, most of all, videos that
sometimes promote conspiracy theories and outright false information.

 

"This tipline will help create a database of rumours to study misinformation
during elections," WhatsApp said in a statement.

 

With WhatsApp and Facebook being increasingly used for campaigning, India's
Election Commission has said it will hold politicians accountable for what
they say on social media platforms.

 

Other social media platforms have also been under scrutiny in India ahead of
the election. Most recently, Facebook removed more than 600 pages linked to
India's main opposition Congress party.

 

On Tuesday, Congress promised to review a controversial anti-insurgent law

What is happening?

 

India's main opposition party Congress has promised to review the Armed
Forces Special Powers Acts (AFSPA) if elected, according to its election
manifesto.

 

The law allows troops to shoot to kill suspected militants or arrest them
without a warrant.

 

It also protects soldiers who may kill a civilian by mistake or in
unavoidable circumstances during an operation.

 

AFSPA has been blamed for "fake killings" in Indian-administered Kashmir and
the north-eastern state of Manipur and campaigners say it is often misused.

 

The party has also promised to scrap a contentious colonial-era law on
sedition if it comes to power.

 

Why does this matter?

 

Critics, including human rights campaigners, have argued that AFSPA is
undemocratic and has given the armed forces carte blanche power.

 

The law has always been seen as controversial, but it hasn't really been an
election issue in years. In 2011, P Chidambaram, who was the home minister
at the time, said he would review the law, sparking outrage from the
opposition.

 

To some extent, it is a risky strategic move from the Congress - the
governing Bharatiya Janata Party (BJP) has already criticised them, calling
the idea "positively dangerous".

 

The announcement to amend the law comes as analysts say that the BJP has
begun to treat national security as an election issue after a suicide attack
in Indian-administered Kashmir in which 40 Indian paramilitary were killed.

 

The manifesto also gives more details on the party's most ambitious welfare
proposal - a basic income scheme that promises 72,000 rupees ($1050) yearly
to India's poorest households.

 

India job data spells trouble for Narendra Modi

Economists have told the BBC that funding the scheme will require scrapping
existing government subsidies on food and fertilisers, and removing certain
tax incentives.

 

'Narendra Modi's army'

What is happening?

 

The chief minister of India's most populous state, Uttar Pradesh, has drawn
fire from the opposition for referring to India's army as "Narendra Modi's
army".

 

Yogi Adityanath - known for his fiery and controversial rhetoric - repeated
a common accusation from the governing BJP party that the opposition
Congress "used to serve terrorists biryani [a rice dish]" - an allegation
stemming from rumours that 2008 Mumbai attacks gunman Mohammad Qasab was
served biryani on Ramadan while he was in Indian custody.

 

He continued: "Modi ji's sena [army] gives them only 'golis' [bullets] and
'golas' [bombs]."

 

Why does it matter?

 

Mr Modi and the BJP are making national security their number one campaign
issue ahead of the vote, continuously accusing the Congress of being weak on
terrorism.

 

Various opposition leaders from across party lines called this comment from
Mr Adityanath "an insult to our armed forces" and called on him to
apologise.

 

A former Army Chief General, Shankar Roychowdhury, told NDTV that the Indian
military serves "the government of the day, not a political party".

 

The comments from Mr Adityanath came a day after he was embroiled in another
controversy. He travelled to a village where a Muslim man was lynched for
allegedly eating beef, and addressed a rally where one of those accused of
the murder was seated in the front row of the audience.

 

Mr Adityanath also indirectly referred to the incident, accusing the
previous state government of "curbing the passion of Hindus" and adding that
he had taken immediate steps to shut down slaughterhouses.

 

Hindus consider cows sacred and killing them is illegal in several states
including Uttar Pradesh.

 

 

On Monday, Facebook removed hundreds of pages linked to the Congress party

What is happening?

 

Facebook announced that it had removed more than 600 pages linked to India's
main opposition Congress party.

 

"While the people behind this activity attempted to conceal their
identities, our review found that it was connected to individuals associated
with an INC (Indian National Congress) IT Cell," Nathaniel Gleicher, Head of
Cybersecurity Policy at Facebook, said in a statement, quoted by the Reuters
news agency.

 

A statement from the company also said it had removed 15 pages linked to
Silver Touch, an Indian IT firm that has in the past been connected to the
governing Bharatiya Janata Party (BJP).

 

Why is this important?

 

Coming a day after Facebook CEO Mark Zuckerberg asked governments to do more
to stop the spread of fake news, this move is intended to show that the
social media platform is taking the problem seriously.

 

The fact that it has targeted so many pages belonging to the Congress is
also significant from a political point of view. For one, the announcement
has come days before the country begins voting in general elections on 11
April.

 

Secondly, the BJP is considered more social media savvy, and its supporters
have often been linked to vicious trolling and slander against the party's
critics and opponents.

 

Being called out so publicly is not only humiliating for the Congress, but
also gives the BJP the moral high ground.

 

Prime Minister Narendra Modi has often said that he is being targeted in a
campaign of hate by his political opponents and this is likely to help him
buttress his claim.

 

And Rahul Gandhi took a gamble in the South

What is happening?

 

India's main opposition Congress party announced that its president Rahul
Gandhi would contest the general election from two seats.

 

Apart from his traditional constituency of Amethi in the northern state of
Uttar Pradesh, Mr Gandhi will also now compete from Wayanad in the southern
state of Kerala.

 

Congress leader AK Antony made the announcement on Sunday.

 

Why is this important?

 

"This is a message to the southern states that they are deeply valued and
respected," Congress chief spokesperson Randeep told PTI news agency.

 

In what appeared to be a dig at governing BJP party, he added that this was
"a fight" against "forces" that attacked and sought to divide "cultures,
ways of life and the deep connect between north and south India".

 

Some analysts say this could also be part of a wider strategy to rejuvenate
the party's base in the south, which has been dominated by regional parties
for decades. Mr Gandhi has made several trips to the south in recent months
and is seen as more popular in Tamil Nadu and Kerala than Prime Minister
Narendra Modi and the BJP.

 

"Rahul Gandhi is actually trying to demonstrate that he - as a candidate
poised to be the next prime minister of India - enjoys electability in both
north and south India," Shashi Tharoor, Congress leader and MP from Kerala,
said on Sunday. "It's a swipe at Narendra Modi, who we all know has
absolutely no chance of winning in the south."

 

Modi's struggle to connect with the south

Wayanad is considered a "safe seat" for Congress.

 

BBC Hindi's Imran Qureshi says that the Congress already has a strong
presence in the Wayanad constituency, adding that this was partly due to the
high percentage of Muslims and Christians in the region.

 

"The Congress stand on women entering the Sabarimala temple, where they
advocated for 'tradition' but still did not indulge in violence is also
expected to help him here," he says.

 

Mr Gandhi's opponents speculate if this bid means he is unsure of actually
winning his family stronghold, Amethi. In the 2014 general election, he won
the seat despite a spirited campaign by BJP candidate Smriti Irani. But his
margin of victory - which was a little over 100,000 votes - was seen as too
close.

 

Ms Irani is set to contest from Amethi again.

 

In the Uttar Pradesh state assembly elections in 2017, the BJP won four out
of five seats which fell under the Amethi constituency.

 

What happened last week?

You can read a full recap of everything that happened here.

 

But here are the highlights:

 

*  Much of the week was dominated by Prime Minister Narendra Modi's address
to the nation on Wednesday when he announced that India had become an
"established space power" after successfully destroying a low-orbit
satellite in a missile test. The election commission said it would look into
whether the speech violated its guidelines after opposition parties
complained.

*  It started off on an ugly note. Uttar Pradesh chief minister Yogi
Adityanath referred to an opposition Congress party candidate - a Muslim
named Imran Masood - as the "son-in-law" of militant Masood Azhar. His
comments were seen as a sign of the communal tone the campaigning is likely
to take in UP, which sends the most number of MPs to parliament.

*  The week ended with the disqualification of Hardik Patel, a fiery social
activist from Gujarat who rose to fame challenging Narendra Modi. Mr Patel
was convicted of rioting in 2015 when he led mass caste protests in the
state. He had joined the Congress party for this election, but needed a
court to stay his conviction in order to contest. On Friday, the court
refused.

*  The Congress promised "the world's largest minimum income scheme" if
elected - a guaranteed basic income for 50 million of India's poorest
families. But the BJP called it a "bluff" and accused the party of having "a
terrible track record of poverty alleviation".

*  In other news, 236 farmers in the southern state of Telangana decided to
contest from a single constituency to draw attention to India's deepening
agrarian crisis; and police seized nearly 540 million rupees ($80m; £60m)
worth of cash, alcohol, narcotics, gold and other valuables across India in
poll-related inspections

*  Mr Modi kicked off his campaigning with a rally in Meerut and Priyanka
Gandhi sparked a national conversation with a throwaway comment that she
would contest the upcoming election if her party wanted her to. She was not
named in the first list of candidates.

*  And finally, the producers of a film titled PM Narendra Modi denied that
their movie was propaganda for the BJP and defended their decision to make
it as "freedom of expression"--BBC

 

 

 

Brexit: Government did not speak to French ports in no-deal plan

The government has not spoken to French ports and has used satellite imagery
to make "untested" assumptions for its no-deal Brexit plans for Portsmouth.

 

A Department for Transport document from January, seen by BBC Newsnight,
said: "We have not engaged with French port operators or the ferry
companies".

 

Earlier this year, the government was forced to axe its no-deal contract
with a ferry-less shipping company.

 

The Department for Transport said it does not comment on leaked documents.

 

The document, called "EU Exit No Deal Planning: Portsmouth Port Analysis",
makes an official assumption that French ports would have capacity to hold
vehicles - that have sailed from the Hampshire port - while they are waiting
to be checked by customs.

 

"Our assessment is based on satellite imagery and conversations with Border
Force South of the port layouts," it states.

 

"We have not engaged with French port operators or the ferry companies
sailing to these ports so these assumptions are untested."

 

'Worst case scenario'

The 12-page report was obtained by officials involved in running the ferry
terminal at Portsmouth - a key alternative to Dover for cross-Channel
freight transport and ferries.

 

A DfT spokesman said: "As a responsible government it is only right that we
push on with contingency planning, and we continue to work closely with
ports to help them prepare for any potential impacts of the UK's exit from
the EU."

 

Government sources added that since the January document was put together,
DfT had been in contact with Brittany Ferries and discussed the capacity
issues at French ports.

 

But Hampshire's Local Resilience Forum (LRF) which represents local agencies
- including the emergency services, Portsmouth City Council and Portsmouth
International Port - said they have to plan for a "reasonable worst case
scenario".

 

"That scenario, for us, includes lorries queuing on a busy entry point to
Portsmouth, and the potential for the resulting disruption," LRF chairman
Neil Odin said.

 

"Portsmouth International Port is important to the Channel Islands and is
proximal to a critical Naval asset; disruption at the Port could have a wide
ranging impact."

 

Government 'never met' Seaborne backers

Ferry case adds to list of Grayling mishaps

No-deal-Brexit port funding axed

In February, the government scrapped its £13.8m no-deal Brexit contract with
a ferry company which had no ships, after the Irish company backing the deal
pulled out.

 

Transport Secretary Chris Grayling had faced criticism for the £13.8m deal
with Seaborne Freight, which the BBC found had never run a ferry service.

 

The government had hoped the ferry company would move lorries between
Ramsgate and Ostend, Belgium, in the event of a no-deal Brexit.

 

In March, the government was forced to pay Eurotunnel £33m in an
out-of-court settlement over breaching public procurement rules over its
contract with Seaborne.

 

Those same contingency plans also outlined plans to allow 4,000 additional
lorries a week to come and go from other UK ports, including Portsmouth.

 

The government awarded a £46.6m contract to Brittany Ferries, including new
services between Portsmouth and Le Havre, which began on 29 March.

 

Portsmouth's Local Resilience Forum has asked the Department for Transport
for funding for its no-deal planning, in particular to cope with what it
expects will be a surge in traffic.

 

But the Department for Transport has refused the request.

 

In a letter seen by Newsnight, DfT director of regions Benjamin Smith wrote
to Portsmouth's LRF chairman Neil Odin on 25 March stating that congestion
"is only likely in a worst-case scenario".

 

In another letter dated 8 February, Mr Smith said that Portsmouth accounts
for 3% of the UK's roll-on roll-off traffic between the UK and the EU,
compared to 80% on the Dover strait.--BBC

 

 

 

US to investigate car firms Hyundai and Kia over vehicle fires

US safety authorities will investigate nearly three million Hyundai and Kia
vehicles over fires, in a move which could prompt mass recalls.

 

The inquiry by the National Highway Traffic Safety Administration (NHTSA)
follows thousands of complaints about the "non-crash fires".

 

Incidents involving fires are linked to one death and more than 100
injuries.

 

It raises fresh safety concerns with the South Korean automakers, which have
already been subject to US scrutiny.

 

The NHTSA said fire issues and engine problems have affected around six
million Hyundai and Kia vehicles since 2015. So far, only about 2.4 million
have been recalled for repair.

 

The latest investigation relates to Hyundai Sonatas and Hyundai Santa Fes,
as well as Kia Optimas, Kia Sorentos and Kia Souls.

 

The US safety regulator said that while previous recalls of Kia and Hyundai
vehicles primarily related to engine fires, the fresh investigation "is not
limited to engine components and may cover additional vehicle systems or
components."

 

Both automakers said they were co-operating with the investigation.

 

It was launched by the NHTSA after a petition from consumer advocacy group
the Centre for Auto Safety.

 

Jason Levine, executive director of the group, said in a statement it was
"long past time" for answers on "why so many thousands of Kia and Hyundai
vehicles have been involved in non-crash fires."

 

"Hopefully, this step will quickly lead to a recall being issued as soon as
possible.

 

"The reality is that extended investigations do not protect Kia and Hyundai
owners - that requires recalls which result in effective repairs."

 

South Korean prosecutors are conducting separate investigations into the
carmakers over the recalls.--BBC

 

 

 

UK gaming market worth record £5.7bn

The UK gaming market is now worth a record £5.7bn - in part thanks to titles
like PlayerUnknown's Battlegrounds and Fortnite.

 

The two online-only games, released in 2018, helped push revenues for gaming
software to a record £2bn - according to Ukie, the trade body for UK gaming
which compiles the figures.

 

Consoles continue to sell well despite no new systems being released in
2018.

 

But virtual reality has had a tougher time - with sales down 20% since 2017.

 

It's due to early adopters of virtual reality awaiting the next generation
of VR headsets, says Ukie (short for the Association of Interactive
Entertainment).

 

Game pie: Scroll down to see how the biggest slice - software - breaks down

A bad year for VR didn't affect the gaming hardware market too much though -
it still saw growth of more than 10%.

 

The success of gaming isn't that surprising, given gaming is now worth more
than movies and music combined.

 

A report in January said gaming was worth £3.86bn ($4.85bn) - but those
figures didn't include mobile and free games.

 

'Record growth'

Movies like Tomb Raider and Rampage, that were both released in 2018, lifted
revenues for game-related films to more than £23m - up by 34%.

 

Money made from areas including toys, merchandise and books - a wider
category which Ukie calls "game culture" - was down.

 

The closure of Toys-R-Us is said to have had a "significant" impact on
sales.

 

Fortnite might be an online-only game, but you can still get real-life
Fortnite toys

But the big picture is "another year of record growth" for the gaming
industry, according to Ukie CEO Dr Jo Twist.

 

"The UK games industry is a cornerstone of the country's cultural landscape
and continues to work hard to create new, innovative and exciting content
that consumers want to experience, and that helps to drive the industry
forward year-on-year," she said.

 

How the UK became a major player in the gaming world

'Anyone can do it': How to make a game

Is Apex Legends a threat to Fortnite?

What's gone wrong with VR?

Analysis by Steffan Powell, Radio 1 Newsbeat gaming reporter

 

VR was thought of by many as the next big thing in gaming - and some still
think it is.

 

There are a few really fun experiences to have with VR games (Tetris Effect
and Start Trek Bridge Crew for example) but a lack of truly "must-have"
games is holding the medium back.

 

Mario, Tomb Raider and Halo made players buy certain consoles - VR is still
waiting for the experience that's going to drive people to buy a headset.

 

The next iteration of the devices will make them cheaper and more accessible
- but without the right software, the VR gaming revolution is still on the
starting blocks.--BBC

 

 

 

Superdry chiefs resign after founder wins comeback fight

Superdry executives, including the chairman and chief executive, have
resigned after founder Julian Dunkerton won his bid to be reinstated to the
board of the company he founded.

 

In a narrow victory on Tuesday, Mr Dunkerton won the support of 51.15% of
shareholders who voted.

 

After an emergency board meeting eight directors resigned en masse.

 

Mr Dunkerton, who left the chain a year ago, has been appointed interim
chief executive.

 

He has blamed management for flagging sales and profits and has promised to
revive the firm's performance.

 

Superdry's board had threatened to resign if Mr Dunkerton won the vote.

 

The chain's chairman, Peter Bamford, chief executive Euan Sutherland, chief
financial officer Ed Barker, and remuneration committee chair Penny Hughes,
resigned from the board "and will stand down with immediate effect" the firm
said in a statement to the markets.

 

Dennis Millard, Minnow Powell, Sarah Wood and John Smith have given
three-months notice and will stand down as directors on 1 July.

 

Two board members remain: company secretary Simon Callander, and
non-executive director John Smith.

 

UBS and Investec also resigned as Superdry financial advisers on Tuesday.

 

Peter Williams has been appointed as board chairman.

 

Mr Bamford had earlier said the board would hold an emergency meeting this
afternoon.

 

"Whilst the board was unanimous in its view that the resolutions should be
rejected and 74% of shareholders other than Julian and James have voted
against, there was a narrow overall majority in favour and we accept that
outcome," he added.

 

Mr Dunkerton had said he was "delighted" by the outcome of the vote.

 

"We have a wonderful opportunity to take this brand and this business to the
next, exciting phase of its growth and development.

 

"I can't wait to get started and to work with the directors, the talented
staff and our partners to deliver the future of Superdry. The hard work
starts now."

 

'Extremely damaging'

The fashion chain had urged investors to reject Mr Dunkerton's return,
saying it would be "extremely damaging".

 

In a separate motion proposed by Mr Dunkerton, votes ahead of the meeting
suggested a majority of shareholders (51.15%) were also in favour of the
appointment of Peter Williams, chairman of online retailer Boohoo, as a
non-executive director.

 

The vote comes amid a long-running dispute over the clothing brand's
strategy.

 

Supercharge Superdry? No thanks, says firm

What went wrong at Superdry?

Don't come back, Superdry tells founder

Mr Dunkerton - who owns 18% of the company - was chief executive until 2014,
when former Co-op chief executive Euan Sutherland took over the role.
However, Mr Dunkerton remained at the company as creative director until he
left a year ago.

 

Since Mr Dunkerton's departure Superdry's shares have plunged by 65%, and he
and Mr Sutherland argued over who is responsible for the brand's decline.

 

The management had planned to branch out into childrenswear and was also
trying to broaden its range away from the firm's roots of branded hoodies,
jackets and T-shirts.

 

In contrast, Mr Dunkerton had argued the brand should continue to focus on
products that made it famous. He said venturing into childrenswear was a
mistake, saying a 16-year-old "quite categorically", will not want to wear
the same brand as their five-year-old kid brother.

 

"Next steps will likely see the kidswear launch scrapped and a step up in
new product innovation. We sense there will be some upfront costs and
disruption before Julian's recovery plan starts to take shape," analysts at
Peel Hunt said.

 

Two big institutional shareholders - Investec and Schroders, which together
control about 10% of the shares - backed Mr Dunkerton's return.

 

But the company's second largest shareholder, Aberdeen Asset Management,
sided with Superdry management, and influential investor advisory firms PIRC
and Institutional Shareholder Services (ISS) had both recommended that
shareholders should reject Mr Dunkerton's re-election.--BBC

 

 

PewDiePie concedes defeat to YouTube rival T-Series

Swedish gamer and video-maker PewDiePie lost his crown as the YouTube star
with the most subscribers.

 

For a day he was in second place, behind Indian channel T-Series.

 

T-Series shares Bollywood film trailers and music videos, while PewDiePie
posts video game commentaries and sketches.

 

PewDiePie, real name Felix Kjellberg, had been battling T-Series to retain
the top spot for several months. On Sunday, he posted a video congratulating
his rival.

 

He also threw some shade at the Bollywood-themed channel.

 

"All it took was a massive corporate entity with every song in Bollywood,"
he sings in the video, referring to his defeat.

 

On Monday morning, T-Series was about 15,500 subscribers ahead of PewDiePie,
who has more than 92 million subscribers.

 

However by the afternoon PewDiePie was back in the lead, with 34,400 more
subscribers than T Series.

 

In recent months, PewDiePie's supporters had carried out a number of
promotional efforts on his behalf.

 

These included:

 

*         fellow YouTuber Jimmy "MrBeast" Donaldson and friends wearing
PewDiePie T-shirts at the US Super Bowl.

*         A pair of fans hacked thousands of printers that then printed out
messages telling people to subscribe to PewDiePie's channel.

*         PewDiePie's subscriber count was boosted when Tesla chief Elon
Musk co-hosted an edition of his Meme Review show alongside Justin Roiland,
the co-creator of cartoon series Rick and Morty.

*         T-Series owner Bhushan Kumar recently told BBC News that he did
not view his channel as being in competition with Mr Kjellberg's .

 

"I am really not bothered about this race. I don't even know why PewDiePie
is taking this so seriously," he told India correspondent Soutik Biswas.

 

"I have not told my artists to put up supportive messages to boost our
followers on our channel. We are not in that game."

 

T-Series was started by Mr Kumar's father as a production company in 1983.
The company recorded devotional music and sold the tracks on cassette. It
put its first video on YouTube in 2011.

 

Mr Kjellberg launched PewDiePie eight years ago and went on to become the
world's highest-paid YouTuber.

 

Despite his success, the most subscribed-to channel on YouTube remains one
of the platform's own. Its music videos channel has more than 105 million
followers.--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

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
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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
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