Major International Business Headlines Brief::: 12 April 2019

Fri Apr 12 07:38:01 CAT 2019

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Major International Business Headlines Brief::: 12 April 2019

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*  South Africa's manufacturing output up 0.6 pct y/y in February

*  Nigeria plans special economic zones to double manufacturing by 2025

*  Vodacom Tanzania, authorities settle charges against CEO, employees

*  South Africa clears 3 more accounts of Steinhoff insider trading

*  South Africa's mining output contracts 7.5 pct year/year in February

*  South Africa's rand holds firm amidst grim global outlook

*  Kenyan shilling weakens due to importer demand, excess liquidity

*  South African business confidence drops to seven-month low in March

*  Jet Airways cancels international flights as crisis deepens

*  It's Disney's turn to launch a streaming service

*  Uber warns it may not make a profit in IPO documents

*  IMF's Lagarde says further Brexit delay will 'hinder' UK growth

*  Businesses plead for Brexit clarity

*  Online grocery shopping growth slowing, says Mintel

 <mailto:info at bulls.co.zw> 

South Africa's manufacturing output up 0.6 pct y/y in February

JOHANNESBURG (Reuters) - South Africa’s manufacturing output rose 0.6
percent year-on-year in February after increasing by a revised 0.9 percent
in January, the statistics agency said on Thursday.

Economist polled by Reuters had forecast a rise of 0.5 percent year-on-year
in February.

On a month-on-month basis factory production fell by 1.8 percent in
February, Statistics South Africa.

 <mailto:info at bulls.co.zw> 

Nigeria plans special economic zones to double manufacturing by 2025

LAGOS (Reuters) - Nigeria announced on Wednesday a target to double its
manufacturing output to 20 percent of GDP within six years and will set up
production hubs across the country in partnership with regional aid banks.

Nigeria is Africa’s biggest economy but it lacks a strong manufacturing
base, which contributes less than 10 percent to its total gross domestic
product (GDP). The country has maintained a strong currency to ensure it can
keep imports pouring in, with a growing proportion coming from China.

“Project MINE’s (Made in Nigeria for Export) strategic objectives are to
increase (the) manufacturing sector’s contribution to GDP to 20 percent ...
and generate over $30 billion annually by 2025,” the ministry of industry,
trade and investment said in a statement.

The government has set up Nigeria SEZ Investment Company, which will finance
industrial parks in special economic zones in the commercial capital of
Lagos, southeastern state of Abia and northern state of Katsina.

The government is currently raising capital of $250 million for Nigeria SEZ
Investment Company. It plans to double its equity to $500 million over four
years, the ministry said.

Lenders such as African Development Bank, Afreximbank, African Finance
Corporation and Nigerian Sovereign Investment Authority have shown interest
in co-investing with the Nigerian government, which would own a 25 percent
stake. Two Chinese groups have also shown interest, the ministry said.

The West African country’s manufacturing and agricultural sectors have been
neglected since the 1970s oil boom, when Nigeria began making easy money
from crude oil sales.

Nigeria, where the vast majority of the population lives on less than $2 a
day, recently emerged from a recession but growth is fragile and the
government is trying to diversify its revenue away from its reliance on oil.

President Muhammadu Buhari, who is due to start a second four-year term next
month, has pledged to revive the economy and is focused on building roads
and expanding the railway network to lower production costs.

The ministry said that the new investment company would facilitate
investment into the special economic zones. However, some lawmakers have
questioned government’s investment in the company, which is meant to be
private-sector led.

Critics point to lacklustre interest in some other free trade zones around
Nigeria, such as the $300 million Tinapa resort in the southeastern state of
Cross Rivers, which was set up in 2007 and envisaged as a tourist resort and
duty-free shopping area.

In 2010, Lagos state, touted plans to set up a free trade zone with Chinese
investors to develop local manufacturing but little production has been set
up there.

Vodacom Tanzania, authorities settle charges against CEO, employees

DAR ES SALAAM (Reuters) - Vodacom Tanzania has agreed terms for the release
of its chief executive and four other employees following their arrests last
week, it said on Thursday, including a 5.28 billion shilling ($2.29 million)
payment to the government.

Last week, Tanzanian authorities charged the managing director of Vodacom
Tanzania Hisham Hendi and other telecom executives with economic crimes.

($1 = 2,310.0000 Tanzanian shillings)

South Africa clears 3 more accounts of Steinhoff insider trading

JOHANNESBURG (Reuters) - South Africa’s financial watchdog has cleared of
wrongdoing three holders of accounts that traded Steinhoff shares ahead of a
collapse in the retailer’s share price.

The accounts were among scores suspected of insider trading after
Steinhoff’s stock turned volatile before it disclosed massive accounting
irregularities in December 2017.

“We found no reason to believe that any of these shares were traded in
contravention of the Financial Markets Act,” said Brandon Topham, divisional
executive for investigation and enforcement at the Financial Sector Conduct
Authority (FSCA).

In all, around 1.7 billion rand ($122 million) was traded ahead of
Steinhoff’s announcement, the start of a downward spiral which has seen the
firm lose 216 billion rand in market value.

The FSCA has now investigated and cleared 56 accounts over suspected insider
trading of Steinhoff shares. The latest three cleared traded over 418
million rand in shares, it said.

Investigations into accounts where another 46 million rand worth of shares
were traded are ongoing, the FSCA said, and updates on those would be issued
at their conclusion.

A summary of a PwC investigation into the scandal released by the company
last month shows at least $7.4 bln in fraudulent transactions, and it has
yet to release financial statements for 2018 or 2017.

($1 = 13.9449 rand)

South Africa's mining output contracts 7.5 pct year/year in February

JOHANNESBURG (Reuters) - South Africa’s total mining output fell 7.5 percent
year-on-year in February compared to a contraction of 3.3 in January,
Statistics South Africa said on Thursday.

Below is the breakdown of the main minerals.

Year-on-year output percentage changes:

February January

Gold -20.6 -22.8 (revised)

PGM 17.8 28.1

Total Mining -7.5 -3.3

South Africa's rand holds firm amidst grim global outlook

JOHANNESBURG (Reuters) - South Africa’s rand held on to its gains in early
trade on Thursday amid grim forecasts for the global economy as both the
U.S. and Eurozone Central Banks kept a firm dovish stance, pushing the
dollar near two-week lows.

At 0732 GMT the rand had strengthened by 0.32 percent to 13.8775 to the
dollar compared to its close in New York on Wednesday of 13.9225.

“The Rand finally broke below the R14.00 level on the back of international
yield-seeking behaviour as both the U.S. and Eurozone Central Banks kept a
firm dovish stance,” Andre Botha, Senior Dealer at TreasuryONE said in a
note.

The last time the rand had traded below the 14.00 threshold was on Feb 27.

The U.S. dollar lacked momentum, with its index against six other currencies
hovering near a two-week low, as the minutes from the Federal Reserve’s last
meeting cemented its recent dovish policy stance with no change to rates
expected this year.

While the European Central Bank left its ultra-easy stance unchanged as
expected and the bank’s President Mario Draghi noted that economic data was
weak.

“For now, at least, the sentiment is in the Rand’s favour and we could see
the Rand breaking a little lower but gains could be a little bit harder to
achieve,” Botha added.

Mining and manufacturing production figures due at 0930 GMT and 1100 GMT
respectively, are the main data points to watch locally.

In fixed income, the yield on the benchmark government bond due in 2026 was
down 1 basis points to 8.445 percent in early trade.

In the equities market, the Top-40 index weakened 0.67 percent to 51,811
points at 0751 GMT.

Kenyan shilling weakens due to importer demand, excess liquidity

NAIROBI (Reuters) - The Kenyan shilling weakened against the dollar on
Thursday due to dollar demand from importers and excess liquidity in the
money markets, traders said.

At 0700 GMT, commercial banks quoted the shilling at 100.95/101.15 per
dollar, compared with 100.75/95 at Wednesday’s close.

South African business confidence drops to seven-month low in March

JOHANNESBURG (Reuters) - South Africa’s business confidence fell to a
seven-month low in March, hurt by power cuts, higher electricity tariffs and
slowing manufacturing production, a survey showed on Wednesday.

The South African Chamber of Commerce and Industry’s monthly business
confidence index (BCI) fell to 91.8 in March from 93.4 in February, the
business body said. The reading was the lowest since August 2018, when it
was at 90.5.

Confidence in the South African economy has been hurt by policy and
political uncertainty. Investors doubt President Cyril Ramaphosa can deliver
reform before May’s elections.

“The rand exchange rate against the major trading and investment currencies,
interrupted electricity supply and electricity tariff increase, as well as
slowing manufacturing output were the largest contributors to the negative
trend of the BCI in March,” the Chamber of Commerce said in a statement.

“The BCI reflects a depressed business climate that is dominated by concerns
over continued difficult and uncertain domestic economic circumstances. The
upcoming 8 May 2019 general elections add to this uncertainty.”

This year, South Africa has seen its worst power cuts in several years, as
the cash-strapped utility Eskom struggles with capacity constraints. Eskom
has not imposed rolling blackouts this month, but it has warned the power
system remains vulnerable.

Jet Airways cancels international flights as crisis deepens

Jet Airways appears to have suspended all its international flights, raising
fresh fears about the Indian airline's survival.

This comes after the carrier on Thursday grounded 10 more planes over unpaid
fees to leasing firms.

Carriers in India must maintain a fleet of least 20 aircraft to continue to
fly abroad.

The airline, saddled with more than $1bn (£765m) in debt, is seeking a
financial lifeline to avoid collapse.

Various India media reported on Friday that Jet Airways had cancelled all
international flights, which include services to Europe and Asia.

In a statement on Thursday, Singapore's Changi Airport said Jet Airways had
"suspended its services to and from Singapore until further notice".

According to the official website for London's Heathrow Airport, Jet
Airways' Friday flights to Mumbai and Delhi have both been cancelled.

Jet Airways is India's largest private carrier and owes money to employees
and suppliers.

In recent weeks it has grounded aircraft and cancelled thousands of flights
- disrupting passengers locally and around the world - as its financial
strains grew.

The airline has more than 100 aircraft in its fleet, and flies on 600
domestic and 380 international routes.

In a statement to the Mumbai Stock Exchange late Thursday, Jet Airways said
an "additional 10 aircraft have been grounded due to non-payment of amounts
outstanding to lessors".

The airline did not respond to BBC requests for comment on the size of its
current fleet or operations.

Several local media reported the airline is now operating 14 planes.

They also reported that India's aviation ministry may review the regulations
setting the fleet cap that could allow the airline to resume international
services.

Jet Airways founder steps down amid crisis

The riches to rags story of Jet Airways

Financial lifeline

The cash-strapped airline is chasing fresh investors to keep flying.

A consortium of investors led by the State Bank of India (SBI) took control
of the airline in March.

The group is searching a new investor to acquire a stake of up to 75% in Jet
Airways. The deadline for bids had been extended to Friday, according to
reports.--BBC

It's Disney's turn to launch a streaming service

Can an almost century-old company learn from its glorious past and create
itself a brave new future? Coming to a small screen near you
 eventually.

Disney has finally announced its long-anticipated streaming service, but it
won’t be available until November in North America - and in some markets, it
will take much longer.

That’s due to several factors, but mostly because Disney is still in the
process of clawing back the rights to its content, sold to other streaming
platforms before it had platform aspirations of its own.

It will take as long as four years before all of the deals have expired, the
firm said. The delay could hobble Disney’s chances to succeed in the
streaming market, described by chief executive Bob Iger as his “biggest
priority”.

When it does eventually launch, however, Disney+ will be a streaming
juggernaut. The service will bundle together some of the firm’s major
franchises, including the work of Pixar, Marvel, National Geographic and
Star Wars, for a monthly subscription price of $6.99, or $69.99 a year.

And because the firm has had its chequebook out lately - spending $70bn on
20th Century Fox - Disney+ will also incorporate content from recently
acquired companies, such as the first 30 seasons of The Simpsons.

More widely, Disney also owns sports network ESPN, which now has more than 2
million paid digital subscribers, and India’s Hotstar - which enjoys 300m
subscribers in a market predicted to continue to grow extremely quickly.
Disney is also a majority owner in Hulu, the US streaming service that has
plans to expand globally soon, the firm said.

Straight to Disney+

These are all big moves that place Disney right at the heart of a crowded
but increasingly lucrative streaming market - one where being distinct is
vital. Netflix expects to spend $15bn on new content this year to achieve
this aim. Apple, last month, launched its Apple TV+ service, with help of
Oprah and friends who will be creating exclusive content.

Disney’s strategy to reassure its investors, it seems, is to state that
obvious: its been doing this for a very long time indeed.

The launch of Disney+ took place in a fitting location that has seen plenty
of transformation over the past few decades: Sound Stage 2, on the firm’s
iconic, sprawling Los Angeles campus. Built in 1949, the studio was the
space where the original Mary Poppins was filmed, as well as, decades later,
Pirates of the Caribbean. Both heralded new technologies in filmmaking.

But, Disney’s illustrious past could end up being a hindrance. It sold 900m
movie tickets last year, bringing in more than $7bn in box office revenue.
It can’t afford to lose the core of its business, and so it will keep its
big name content off Disney+ until well after its traditional run-out in the
cinema and home entertainment sales (as in, buying it on Blu-Ray, or
downloading it).

Disney+ subscribers will instead get additional content, mini-series based
on characters in the new films, or behind the scenes footage.

There will be straight-to-Disney+ films available when the service goes
live, such as Christmas film Noelle, starring Anna Kendrick, and a remake of
Lady and the Tramp. These films will be made with “all the care” of typical
Disney movies, the company promised, but as with straight-to-video in years
gone by, consumers will surely not see them as being in the same league.

Over-subscribed?

Higher hopes will be pinned on exclusive series made for Disney+, such as
The Mandalorian, a the first live-action Star Wars TV series - which will be
on the service from launch.

This is an expensive endeavour for Disney. It doesn’t expect Disney+ to turn
a profit until 2023 at the earliest, and in the meantime it is losing out on
revenue it was getting by selling on its content to other streaming
providers - it was getting $150m from Netflix alone, according to reports.

At $6.99 a month, Disney is laying down a huge challenge to Apple, which
hasn't yet told customers how much its service will cost when it too
launches later this year.

Above all, though, the unanswered question remains: just how many
subscription services can the public take? A generation of delighted “cord
cutters”, who cancelled traditional TV subscriptions in favour of streaming,
might soon start to wonder how much it might cost just to, you know, plug
the cord back in.--BBC

Uber warns it may not make a profit in IPO documents

Uber, the ride-sharing app and delivery business, has warned it "may not
achieve profitability" as it finally released details of its plan to float.

It will list its shares on the New York Stock Exchange, in a deal likely to
value the US firm at about $100bn (£76.5bn).

Uber said that its most recent annual sales rose to $11.2bn and losses
narrowed to $3bn.

But it also expects operating expenses to "increase significantly".

The company did not disclose how it will price its shares when it begins
selling them to public investors on the stock exchange.

However, it has been reported that they may be valued at between $48 and $55
each, potentially giving the 10-year old firm a value of up to $100bn,
making it the biggest initial public offering this year.

Uber is also expected to raise about $10bn through the flotation.

'Stronger team'

Chief executive Dara Khosrowshahi, who replaced Uber co-founder Travis
Kalanick, said in a letter: "Over the past 18 months, we have improved our
governance and board oversight; built a stronger and more cohesive
management team; and made the changes necessary to ensure our company
culture rewards teamwork and encourages employees to commit for the long
term."

When Mr Khosrowshahi took over as chief executive in 2017, the company was
struggling to recover from a number of scandals, including a toxic work
environment that was exposed by former Uber engineer Susan Fowler.

It has also faced numerous legal issues, including whether the people who
work for the company are classed as staff and are therefore entitled to
holiday pay, paid rest breaks and the minimum wage.

Uber is one of a number of so-called unicorns - private investor-backed
companies worth $1bn or more - that are planning initial public offerings
this year.

Uber's smaller rival Lyft has seen its share price sink 15.2% since its
flotation at the end of March.

However, there are questions about investor appetite for these companies,
which have attracted high valuations in the private market, but are yet to
make a profit.

Uber's smaller rival, Lyft, was the first of the group to float, but since
listing at the end of March, its share price has fallen by 15.2% to $61.

Meanwhile, Pinterest, the virtual scrapbook, has priced its shares at
between $15 and $17 each, valuing the firm at as much as $11.3bn which is
below its $12bn valuation in its most recent private funding round in 2017.

Pinterest's listing, which is expected next week, could raise up to $1.2bn
in funding for the firm.--BBC

IMF's Lagarde says further Brexit delay will 'hinder' UK growth

Further uncertainty over Brexit will hinder growth in the UK economy, the
head of IMF has told the BBC.

Speaking ahead of the agreement of an extension to Article 50, Christine
Lagarde warned that businesses and investors will remain hesitant in the
coming months.

She said any prolonged uncertainty would have a "negative impact".

Ms Lagarde, a former French finance minister, said she hoped a deal could be
struck quickly.

Speaking at the World Bank and IMF Spring Meetings in Washington, Ms Lagarde
said: "If there was a prolonged uncertainty, we can suspect that the impact
on confidence would continue because, you know, whether you're talking about
investors, whether you're talking about decisions as to where to expand
where to set up how to organize a supply chain, people are going to wonder,
you know, what comes next and and how will it settle?

"So it would have a negative impact, no question about it. "

Brexit: What happens now?

CBI boss: Settle Brexit or hold referendum

Ms Lagarde also expressed sympathy with the plight of British businesses.

She highlighted that even with the contingency plans in place, they would
face disruption in the event of a no-deal Brexit and may have to be resigned
to taking a hit to their balance sheets and possibly market share.

'Very sad'

Earlier in the week, the IMF warned that no deal would cause the UK economy
to shrink, echoing the scenarios published by the Government and the Bank of
England.

Revealing her personal insight, the IMF managing director said the Brexit
process was "very, very concerning on the one hand and very sad".

"I grew up across the Channel and in the city of Le Havre, and to me being
able to go across to Southampton, in an easy and unhampered way, was
wonderful."

Ms Lagarde told journalists that "Having my positive hat on it removes the
risk of the no-deal Brexit on April 12, so at least the UK is not leaving on
April 12 without a deal.

"We believe that the no deal Brexit would have been a terrible outcome."

Brexit is among risks the IMF has flagged at what it termed a delicate time
for the global economy in its World Economic Outlook, with others including
trade tensions between the US and China and high corporate debt levels in
many countries.

It said it hoped to see a rebound in global growth later this year but
admitted that was "precarious".--BBC

Businesses plead for Brexit clarity

It was an early-hour announcement that allowed many of the UK's business
owners to finally get a few hours of restful sleep.

In Brussels on Thursday, the EU granted the UK a six-month extension, thus
eliminating the immediate threat of a no-deal Brexit.

But for companies that have been preparing for a sudden exit, it was no more
than a temporary reprieve.

"It's a bit of uncertainty that isn't helpful," says Andrew Graham. His
70-year-old company, Graham and Brown Wallpaper, has been stockpiling raw
materials for months at its factory in Blackburn.

"Quite frankly, we could do with knowing where we're going," he told the
BBC.

"An extension is better than a no deal, but actually we could do with
getting the withdrawal deal through so that business can then plan for what
it needs to do."

'Not insurmountable'

Joy Parkinson, who runs a Bury-based company selling natural beauty
products, is more sanguine.

The Faith in Nature boss says Brexit is a hurdle, "but not insurmountable".

"We've been buying additional stock of the lovely fragrances we buy in from
Europe, to make sure we were covered if there were issues around ports and
blockages," she says.

"We were anticipating that some of our partners in European markets might
have wanted to buy extra stock," Ms Parkinson explains, but that scenario
never materialised.

"We've not overbought, so we've been fairly sensible and fairly pragmatic,
we've not bought six months, 12 months of additional material, so we've
managed the cash flow fairly pragmatically."

Nottingham florist and former Apprentice contestant Elizabeth McKenna has
felt the impact of Brexit uncertainty much more strongly.

Her business, and her industry, are part of a finely tuned supply chain.

"We order and buy our flowers from Holland online," she explains. Orders
need to be confirmed by 10:00 so as to meet auction deadlines in the
Netherlands.

The flowers are then transported overnight via rail and ferries, and any
delay could mean they arrive wilted or dead.

The initial Brexit date of 29 March, Ms McKenna explains, was just two days
before her company's busiest day of the year - Mother's Day.

"That actually created an increase in commodity prices, because of the
uncertainty with the exchange rate during that week which has directly
affected profits within my industry.

"As far as trying to plan for what is going to happen with Brexit, we are a
small industry... and we haven't had enough information to plan."

"Literally all that florists and people working at my level can do, as small
independent businesses with 10 people, is wait and see what the government
tells us."

Ms McKenna says small business have only received one or two Brexit-related
letters from the likes of HMRC,

"We're essentially just saving money, cutting our costs where we can and are
waiting to weather whatever is to come."

Other business have already had to absorb large additional costs.

Sloane's Hot Chocolate is made in a studio in Surrey - but sold in Waitrose,
Harrods, and overseas to the US, Canada, Singapore, Dubai and Ireland.

It's one of many small businesses for which a further Brexit extension isn't
merely a waiting period, but comes at a significant price.

Founder Brian Watt says the company's suffering began the day after the
referendum in 2016, when the pound dropped sharply against the dollar.

This led to a 20% increase in the cost of its main ingredient - chocolate.
The company chose not to pass that on to customers, instead eating into its
profit margins.

Then, with a no-deal looming, Sloane's was told by one supplier that the
price of their product would go up by 20% or 30%, forcing Mr Watt to
stockpile.

"Whereas we would normally hold maybe one to two weeks supply of those
items, we are now holding one to two months," he told the BBC, "because we
would find it very difficult to pass on 20 to 30% price increases to our
customers."

To help with the upfront costs of buying up supplies such as packaging,
Sloane's had to secure a large overdraft from a bank.

But Mr Watt is stoic in the face of many more months of uncertainty.

"We basically made the decision that we are just going to get on with
running our business," he says.--BBC

Online grocery shopping growth slowing, says Mintel

Online grocery shopping in the UK is set to grow more slowly, with customers
worried about order problems and delivery charges, research indicates.

Last year, 45% of consumers said they shopped for groceries online, down
from 49% in 2016, said analysts Mintel.

Mintel also found 42% of older people said they had never bought groceries
online and had no interest in doing so.

The survey of 2,000 internet users found that 63% said they had had an issue
with an order in the past year.

Mintel's associate director of retail research, Nick Carroll, said: "Online
grocery is, alongside the food discounters, one of the fastest-growing
segments within the wider grocery sector.

"However, growth is slowing and the number of users is plateauing as
retailers struggle to encourage new customers to try their services."

Last year, online grocery deliveries made up 7% of the whole sector, with a
value of £12.3bn. Mintel said this was forecast to hit 10% by 2023, with
sales rising to £19.8m.

Fresh produce

The survey found evidence of a disparity between enthusiastic younger people
and sceptical older shoppers who were suspicious of online grocery shopping.

Only 35% of those aged 45 and over had used such services.

Of those who refused to shop online, 73% said they preferred to choose fresh
products themselves.

Nearly a quarter - 24% - of reluctant online shoppers thought delivery
charges were too high, while 18% did not like being subject to minimum
spending levels.

'Big basket'

Among those who had used online grocery services, complaints included
missing products, late deliveries, incorrect substitutions and receiving
goods that were damaged or close to their expiry dates.

Online grocery shopping is an increasingly important factor in the
strategies of big food retailers, notably with Marks & Spencer spending
£750m to acquire a 50% share of online firm Ocado's retail business.

However, Mintel's Mr Carroll also pointed out that not all shopping trends
were working in favour of the internet.

He said: "Most importantly, online services are still best suited to the
traditional big-basket weekly shop, at a time when consumers are
increasingly shopping on a top-up or when-needed basis."--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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