Major International Business Headlines Brief::: 16 April 2019

Tue Apr 16 08:09:08 CAT 2019

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Major International Business Headlines Brief::: 16 April 2019

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*  South Africa's Steinhoff set to give Conforama financiers enhanced rights

*  Egypt imposes temporary duties of 15 pct on iron billets, 25 pct on steel rebar

*  Petra Diamonds' new CEO to work on strategy, seeks stability first

*  Tanzania agrees $1.7 bln financing deal with World Bank

*  Egypt accepts French wheat cargo after re-testing

*  Auto giants battle used car dealers for Africa's huge market

*  Jet Airways fails to secure emergency funding

*  Amazon 'flooded by fake five-star reviews' - Which? report

*  Jack Ma defends the 'blessing' of a 12-hour working day

*  France does not want farm tariffs to be included in trade talks

*  Apple and Qualcomm square off in US court

 <mailto:info at bulls.co.zw> 

South Africa's Steinhoff set to give Conforama financiers enhanced rights

(Reuters) - South African retailer Steinhoff on Monday announced key terms for its French unit Conforama’s plan to raise 316 million euros ($357.4 million) to shore up its finances after sales fell and costs rose.

Steinhoff said the financing included the issue of warrants in an amount equal to 49.9 percent of Conforama’s shares to the providers of cash, giving the financiers enhanced governance rights and allowing them to appoint two independent directors to Conforama’s board.

The financing also includes call protections - a security measure which imposes penalties if a loan is repaid earlier than its maturity date.

Steinhoff in December 2017 admitted accounting irregularities, erasing about 85 percent of its market value and throwing it into a liquidity crisis.

The company had said in a presentation to lenders posted on its website last week that Conforama would get the money on Monday.

Steinhoff Deputy Chief Executive Alexandre Nodale had stepped down last week, but promised to stay on as the CEO of Conforama until the company finalises its long-term financing

($1 = 0.8841 euros)

 <mailto:info at bulls.co.zw> 

Egypt imposes temporary duties of 15 pct on iron billets, 25 pct on steel rebar

CAIRO (Reuters) - Egypt has imposed temporary import fees of 15 percent on iron billets and 25 percent on steel rebar for 180 days from Monday, the finance ministry said.

The ministry said the import fees aim to protect national industry against unfair competition.

Egypt said in 2017 that it would maintain tariffs on steel rebar from China, Turkey and Ukraine for a five-year period in order to protect local manufacturers.

Local newspapers said manufacturers had urged the trade ministry to implement the latest anti-dumping measures because of a global oversupply of billets as a result of U.S. import restrictions.

Petra Diamonds' new CEO to work on strategy, seeks stability first

LONDON (Reuters) - African miner Petra Diamonds’, which has high debt levels, aims to be cash flow positive in the second half of the year and will then be able to consider future developments, its new chief executive said on Monday.

The company’s share price has fallen 55 percent since the start of the year as weak diamond prices weighed and Petra grapples with debt following years of capital expenditure to upgrade its mines.

On Monday the company reported lower output in the quarter ended on March 31, as an upgrade of operations at one of its mines fell behind schedule, but also said it sees signs that diamond prices are recovering.

CEO Richard Duffy, who took office at the start of the month, said his short-term focus was “on stabilising the operations as we transition from a stage of high capital investment”.

The company would be on track to consider future developments, he said, once it has delivered free cash flow and cut net debt, which was about 3.3. times EBITDA (earnings before interest, tax, depreciation and amortisation) at the end of last year versus a goal of 2 times.

“I’m two weeks into the job,” Duffy said in a maiden round of media interviews, when asked about strategy. “We expect to announce strategy towards the end of the calendar year.”

On Monday, Petra’s share price was 0.2 percent lower by 1013 GMT.

A new section at Petra’s flagship Cullinan mine in South Africa has the potential to be rich in high-quality stones, the company says. In March it said it had found a 425-carat diamond, which it plans to sell later this year.

Edward Sterck, analyst at BMO Capital Markets, which rates Petra “outperform”, said a pickup in special diamond recoveries was “the significant catalyst that investors have been waiting for”.

The company meanwhile is in talks with its South African lenders on new terms, which it expects to finalise by the end of the month.

It is also negotiating with the Tanzanian authorities over a parcel of diamonds seized in September 2017, in a crackdown on foreign mining companies as the government seeks more revenue from its minerals.

Petra’s Williamson mine in Tanzania delivered a 21 percent increase in year-on-year output, helping to offset the impact of delay in an upgrade at South African mine Finsch.

“We’re continuing to engage with the authorities. It’s difficult to talk about time, but we are having constructive conversations,” Duffy said.

Tanzania agrees $1.7 bln financing deal with World Bank

DAR ES SALAAM (Reuters) - Tanzania has agreed a new $1.7 billion financing deal with the World Bank to fund various projects during fiscal year 2019/20, its finance ministry said on Saturday.

The agreement, which is comprised of low-interest loans and grants, includes a $400m loan for education and $300m for a poverty reduction programme.

“Part of the financing will also be used to fund various infrastructure projects, such as roads, water, information and communication technology...and energy,” the ministry said in the statement.

Tanzania plans to raise its total spending in 2019-20 (July-June) slightly to 33.11 trillion shillings ($14.16 billion), with the funds going towards improving roads, railways and rural electricity supplies.

The financing deal was reached during talks between Tanzania’s finance and planning minister Philip Mpango and the World Bank Vice President for Africa Hafez Ghalem in Washington.

The spending is up from 32.48 trillion shillings in the fiscal year that will end in June.

Loans and grants are a big source of foreign currency for Tanzania.

Egypt accepts French wheat cargo after re-testing

CAIRO (Reuters) - A French wheat cargo Egypt had rejected by Egypt due to high levels of the grain fungus ergot has been re-tested and found to have acceptable levels, a ministry document showed and an Egyptian official said.

The cargo at the Red Sea port of Safaga will be offloaded and distributed to mills after the test showed a 0.01 percent ergot level, Othman Mohammad Younes, general manager of the Safaga silo, told Reuters. A ministry of agriculture document, obtained by Reuters, also showed a test result of 0.01 percent.

Egypt’s ministry of agriculture was not immediately available for comment.

On Tuesday, sources told Reuters that the cargo of 63,000 tonnes of French wheat had been rejected and negotiations were underway to resolve the issue.

At the time, one source said a 0.1 percent ergot level had been found and that the acceptable level was 0.05.

An official source at Safaga later confirmed the rejection because of the 0.1 percent ergot content and said unloading of the wheat had been refused. A request was then made to re-test the cargo, he said.

Egypt, the world’s largest wheat importer, rattled the global market in 2016 when it reinstated a ban on even trace levels of ergot, which can cause hallucinations but is considered harmless at minor levels.

After several wheat cargoes were rejected, the government later readopted an internationally recognised standard allowing up to 0.05 percent ergot in wheat.

Auto giants battle used car dealers for Africa's huge market

JOHANNESBURG/NAIROBI (Reuters) - At the edge of Nairobi’s Ngong Forest, thousands of used cars glitter in the hot sun on a dusty field, waiting for buyers.

Imported from Japan or the Middle East, they offer an affordable route to vehicle ownership in Kenya and have dominated the market for decades.

That is an obstacle big carmakers must overcome if they are to crack Africa, a market promising rapid growth as trade tensions threaten sales elsewhere. African consumers also still need conventional engines just as demand in more traditional markets is curbed by restrictions on carbon emissions.

Volkswagen, BMW, Toyota, Nissan and others have joined forces to lobby governments for steps that would reduce the imports that have made sub-Saharan Africa notoriously difficult terrain and allow local production to flourish.

“The question on Africa isn’t, ‘Is it a market of the future?’” Mike Whitfield, Nissan’s top executive for Africa, told Reuters. “It’s a case of when.”

Four years after forming the Association of African Automotive Manufacturers (AAAM) their efforts are starting to bear fruit. Carmakers that set up local assembly plants could get tax holidays of up to 10 years and duty exemptions in Nigeria, Kenya and Ghana, according to government plans seen by Reuters.

Thomas Schaefer, who heads Volkswagen’s Africa business, said there is a potential market in sub-Saharan Africa for 3 to 4 million new cars, up from just 420,000 in 2017.

But that will require addressing the well-entrenched interests of second-hand car dealers, smugglers and lowering the price of new cars.

“It will largely depend on how successful the African governments are in limiting the amounts of second-hand imports and how price-competitive new vehicles can be with their tariffs,” said Craig Parker, Africa research director at Frost & Sullivan, a U.S.-based market research firm.

MULTIPLYING EFFECTS

Africa’s population and household incomes are rising rapidly. But its 1 billion inhabitants account for only 1 percent of the world’s new passenger car sales, industry data shows. South Africans bought over 85 percent of those vehicles.

The AAAM identified Kenya, Nigeria and Ghana as potential manufacturing hubs and helped draft legislation setting up standards and incentives.

Details of governments’ plans provided to Reuters demonstrate that African nations are keen to secure a spot as a beachhead for the industry. Nigeria and Ghana are preparing to offer automakers tax holidays of up to 10 years and duty-free imports of parts and components used in local assembly. Nigeria also plans to double the levy on new, fully-built imported vehicles to 70 percent to boost demand for locally produced cars, though the policy’s approval has been delayed. In Kenya, automakers will pay no import or excise duties and get a 50-percent corporate tax break. For African nations facing massive demographic pressures, such concessions make sense if they create jobs, said Jelani Aliyu, of Nigeria’s National Automotive Design and Development Council. “The multiplying effects are exponential,” said Aliyu, who foresees supporting industries developing around the plants.

Legislative and fiscal frameworks are being finalised, but companies are already investing millions of dollars in new plants.

VW and Nissan have set up operations in Nigeria, Kenya and Ghana or have pledged to do so. Honda and Peugeot have launched assembly plants in Nigeria, and Peugeot has done the same in Kenya. Carmakers sorely need the business. Their South African divisions, which typically direct operations elsewhere on the continent, face stagnating domestic sales and scant growth prospects in their main export market, Europe. A chaotic Brexit or U.S. tariff hikes could further dampen sales.

Toyota South Africa’s chief executive Andrew Kirby said the strategy is: “Focus on Africa because Africa is going to grow significantly.”

A pivot to Africa could also help insulate automakers from the immediate effects of the electric vehicle revolution. The continent is ill-placed to join it at the moment due to the higher prices of EVs and unreliable power grids.

Just 66 electric cars were sold last year in South Africa - the continent’s most developed economy.

“Africa will most likely remain as the last bastion of internal combustion engines,” Parker said.

DISTORTED MARKET

Nevertheless, industry officials say the biggest hurdle to developing the market for new cars is dumping from countries such as Japan, where strict vehicle inspections force cars out of circulation after just a few years.

They say this distorts the market by allowing dealers to buy the cars at scrap prices and export them to Africa.

They blame the cheap imports for killing off assembly sectors in a number of African countries including Nigeria, which built around 150,000 cars per year until the 1980s.

Political will is needed to change that, and without it there is little point in considering a country for local production, according to VW’s Schaefer.

“The markets ... are literally not functioning right now due to importation of used vehicles,” he said.

In Kenya, the government plans to wind down imports of cars more than three years old by 2021. Exceptions will be made for passenger vehicles with 1.5 litre or smaller engines.

The policy could see mid-range imported models double in price, according to the 300-member Kenya Auto Bazaar Association (KABA). The lobby group has taken out ads in local newspapers denouncing the policy and is demanding a meeting with Kenya’s president.

Mark Oburu, KABA’s vice-chairman, said the move would hit an industry that delivers 85 percent of Kenyan car purchases.

“The middle class will not be able to own a vehicle of their choice,” he said.

In the Nairobi bazaar, Grace was shopping for her eldest son’s first car. She said she could not afford to buy a new one.

“If they don’t rescind that decision, we will be on boda bodas (motor-bikes).”

Both Ghana and Nigeria have also pledged to tackle the issue. Nigeria hiked taxes on imported used cars in 2014, but smuggling has undermined that effort to boost demand for local production, according to manufacturers and government officials.

Used cars are also among the leading imports in many African countries, and governments will have to wean themselves off the associated tax revenues.

There are other stumbling blocks: access to financing is limited, and countries that don’t host assembly plants must also be persuaded to limit used imports and reduce tariffs on African-made vehicles. That will be hard to do if the only outcome they see is higher sticker prices.

“The purpose is not to take the most lucrative slice of the industry,” said Ghana’s minister of trade and industry, Alan Kyerematen, suggesting that neighbours could produce components for his country’s assembly plants.

Auto executives acknowledge the challenges but point to a famous precedent. When VW and GM entered China in the 1980s and 90s, vehicle ownership rates were lower than in many African markets. Today, those two companies alone sell over 3.5 million vehicles annually in China. “Everybody was laughing, saying China doesn’t need cars, they only need bicycles,” Schaefer said.

Jet Airways fails to secure emergency funding

The troubled Indian airline Jet Airways has failed to secure emergency funding from its lenders.

The company, which last week suspended all international flights, has extended the cancellation period until Thursday.

It was India's second-largest airline by market share, until recently. But dozens of its planes have been seized by creditors, leaving the firm with only seven operational aircraft.

Chief executive Vinay Dube said Jet's board would meet on Tuesday.

Thousands of passengers have been stranded due to the firm's lack of funds. Jet now has debts of more than $1.2bn (£900m).

In a letter to staff, Mr Dube said that interim funding had "not been forthcoming thus far".

He added: "We will keep you updated on all critical developments."

The airline was flying 600 domestic and 380 international routes.

Pilots, engineers, and ground staff, who have not been paid since December, have said they will strike if the banks do not inject emergency funds.

They had planned to strike from Monday, but postponed the action until after the bankers' meeting.

Jet Airways founder steps down amid crisis

The riches to rags story of Jet Airways

Jet Airways owes money to employees and suppliers and in recent weeks it has grounded aircraft and cancelled thousands of flights as its financial strains worsened.

Last month, in an unusual move, the government stepped in and asked public sector banks to rescue the private carrier.

India is in the midst of a national election, and the government did not want the airline to be grounded as that would have affected 23,000 jobs.

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

The airline was founded by Naresh Goyal more than 25 years ago and he and his family currently own 52%, although that majority stake is expected to be lost as lenders' restructure the debt.

Jet is 24% owned by Etihad Airways, which has expressed an interest in taking more control.

Mr Goyal, who stepped down as chairman last month, is also thought to have lodged a bid, as have several private equity groups.

The outcome of the marathon meeting, which lasted more than six hours - is a huge setback for Jet Airways. The management was confident of securing interim funding that would keep the airline afloat.

According to analysts, the airline needs around $3m every day to sustain its operations. Currently, the airline is operating only six aircraft and is flying on very few routes within India.

Given the outcome of this meeting, many fear that the airline might not be able to continue for long and may be forced to shut down over the next couple of days. The only ray of hope for Jet Airways is if the lenders can find an investor who will inject money into the company, which will help revive the airline.

According to media reports, the lenders have received initial bids from multiple entities including Etihad Airways, which is a minority shareholder in Jet Airways. But the process of finding a strategic investor is expected to take a few weeks. And many worry that without any interim funding it might become very difficult for any potential investor to resurrect the flagging carrier.--BBC

Amazon 'flooded by fake five-star reviews' - Which? report

Online retail giant Amazon's website is flooded with fake five-star reviews for products from brands it has never heard of, consumer group Which? has claimed.

Top-rated reviews on popular items such as headphones, smart watches and fitness trackers were dominated by unknown brands, its probe concluded.

Thousands of these were unverified, meaning there was no evidence the reviewer bought the product, it said.

Amazon said it was using automated technology to weed out false reviews.

It said it invested "significant resources" to protect its review system "because we know customers value the insights and experiences shared by fellow shoppers".

"Even one inauthentic review is one too many," it added.

But Which?'s probe suggested fake reviews were commonplace..

When it searched for headphones, it found all the products on the first page of results were from unknown brands - which it defines as ones its experts have never heard of - rather than known brands, which it defines as household names.

Of 12,000 reviews for these, the majority (87%) were from unverified purchases.

One example, a set of headphones by an unknown brand called Celebrat, had 439 reviews, all of which were five-star, unverified and were posted on the same day, suggesting they had been automated.

Celebrat could not be reached for comment.

How to spot a fake review

Do not rely on ratings - delve deeper and read the reviews

Check the dates - look at when the reviews were posted. If many of them were posted in a short time period, it's likely they have been computer generated and are fake

Filter reviews to remove unverified reviews. Only reviews marked as verified are those that Amazon can confirm were purchased on its website

If products have hundreds or thousands of largely positive reviews be wary

Source: Which?

ReviewMeta, a US-based website that analyses online reviews, said it was shocked at the scale of the unverified reviews, saying they were "obvious and easy to prevent".

The popularity of online review sites mean they are increasingly relied on by both businesses and their customers, with the government's Competition and Markets Authority estimating such reviews potentially influence £23bn of UK customer spending every year.

Which? says its findings mean that customers should take reviews with "a pinch of salt".

"Look to independent and trustworthy sources when researching a purchase," says Which? head of home products Natalie Hitchins.--BBC

Jack Ma defends the 'blessing' of a 12-hour working day

The Chinese billionaire and co-founder of the online shopping giant Alibaba has continued to argue for a 9am to 9pm working day, and a six-day week.

Jack Ma's backing for the so-called "996 system" is being hotly debated in the Chinese media.

Last week, Mr Ma wrote that without the system, China's economy was "very likely to lose vitality and impetus".

His stance was backed by fellow tech entrepreneur Richard Liu, the boss of ecommerce giant JD.com.

On Friday, Mr Ma called the opportunity to work 996 hours a "blessing".

Jack Ma to step down

Five things about Jack Ma

Mr Liu said years of rapid economic growth in China had boosted the number of "slackers".

The country has enjoyed economic growth averaging 10% for more than 25 years - from the late 1970s to the mid 2000s - but in subsequent years that has slowed to nearer 6%.

The entrepreneurs' comments come amid reports this week that JD.com is cutting jobs.

Mr Liu, who started the company that would become JD.com in 1998, recently wrote about his attitude to work, saying he used to set his alarm to wake him up every two hours to make sure he could offer his customers a full, 24-hour, service.

He wrote: "JD in the last four, five years has not made any eliminations, so the number of staff has expanded rapidly, the number of people giving orders has grown and grown, while the those who are working have fallen.

"Instead, the number of slackers has rapidly grown! If this carries on, JD will have no hope! And the company will only be heartlessly kicked out of the market! Slackers are not my brothers!"

Mr Ma co-founded Alibaba, sometimes called China's eBay, in 1999 and has seen it become one of the world's biggest internet companies.

The company's market value is now approximately $490bn (£374bn), and Mr Ma's personal wealth is estimated at around $40bn.

Last year, he announced that he would step down as executive chairman in the near future.--BBC

France does not want farm tariffs to be included in trade talks

European Union countries have approved plans for trade talks with the United States.

President Donald Trump and the head of the European Commission, Jean-Claude Juncker, agreed last year that they wanted to reduce trade barriers.

The decision by EU ministers gives the Commission authorisation to conduct formal talks.

But there is already a disagreement over whether farm goods should be covered by the talks.

If the talks do get going, it would not be the first attempt by the two sides to make a bilateral trade agreement.

Under President Barack Obama, the US and the EU had a programme of negotiations known as the Transatlantic Trade and Investment Partnership, or TTIP.

US proposes tariffs on EU cheese and wine

It was very controversial, especially in Europe. Among the many criticisms from campaigners was the view that it would have given too much scope for international businesses to challenge the decisions of elected governments.

In any event, TTIP was abandoned.

The proposals now coming out of Brussels are much less wide-ranging than TTIP was.

Breaking barriers

EU ministers have given the Commission - which conducts trade talks on the group's behalf - a mandate to negotiate on two tracks.

One is to seek the elimination of tariffs (taxes on imports) on industrial goods on a "reciprocal basis".

The second is intended to reduce regulatory barriers to trade, specifically in an area known as conformity assessment. That is the procedure by which regulators ensure that goods comply with, for example, safety rules before they are made available for sale.

The idea is to develop arrangements that would enable an agency in the EU (or the US) to certify that a product complies with all the relevant rules in the US (or the EU).

Getting goods assessed by an agency in a firm's home country can be cheaper and less difficult. The Commission says this is especially an issue for smaller businesses.

Analysis by the Commission said that eliminating tariffs could boost EU exports to the US by 7% and slightly more for goods shipped in the opposite direction.

French opposition

The EU's decision was not unanimous. France voted against and Belgium abstained.

French officials in particular are reported to be opposed to trade negotiations with the US because of the Trump administration's decision to withdraw from the Paris Agreement on tackling climate change.

France has, however, been outvoted. But the negotiating guidelines given to the Commission do respect French concerns in that they do not allow for talks on cutting tariffs on agricultural goods.

This could be a major obstacle to negotiations , because the US does want farm goods included.

Germany was particularly keen to make progress with the talks.

President Trump is considering new tariffs on car imports. The US is an important market for German carmakers and getting the talks going could reduce the risk that the US might act.

The bilateral tension was increased further last week, when the US announced a list of European goods for extra tariffs in retaliation for subsidies to the aircraft maker Airbus. The US has won a World Trade Organization dispute in which it claimed the subsidies were prohibited under WTO rules.

The US is waiting for a WTO arbitrator to rule on how much retaliation it can apply. The EU has also won a case against the US over aviation subsidies to Boeing.--BBC

Apple and Qualcomm square off in US court

Apple and Qualcomm will face off in court as a billion-dollar legal battle over smartphone chips gets under way.

The trial is the culmination of a long-running battle between the two over the cost of the processors that phones use to connect to mobile networks.

Apple claims Qualcomm is charging too much and that its control of the technology stifles innovation.

Qualcomm disagrees, saying that because it invented the chips it should be rewarded appropriately.

Courting costs

The row between the pair began in 2017 when Apple first filed a legal complaint. It believes that Qualcomm's dominance in phone technology lets it get away with charging high fees.

Foxconn and Pegatron, which assemble phones for Apple, have signed up to back the legal action.

Qualcomm has an extensive patent portfolio covering many of the technologies used in smartphones and derives a significant amount of its annual revenue through licence payments from phone makers.

It argues that its technology covers more than just these basic chips, called modems, and that is why it asks electronics firms to pay the fees.

Qualcomm has also accused Apple of using the legal system as a way to pay less for its technologies.

The trial is expected to last five weeks. Its opening sessions will select the jury to oversee the trial and let lawyers representing each side give opening arguments. Apple boss Tim Cook and senior Qualcomm staff are expected to testify.

Billions of dollars are at stake in the trial. Apple wants to claw back billions it claims it has overpaid. Qualcomm wants damages to punish Apple for breaching the contract it signed with the chip inventor.

If Qualcomm loses, the decision could have a significant impact on the way it operates, because other phone makers are likely to challenge the fees they pay.

The legal action between the two has kicked off investigations in many other regions and nations.

This has led to Qualcomm paying fines in China ($975m, £744m), South Korea ($853m) and Taiwan ($93m).

In early 2018. the European Commission levied a fine of €997m (£860m) against Qualcomm for allegedly breaking anti-trust laws. Qualcomm has appealed against the fine saying the case against it was "flawed".

Apple has also been hit by the fall out from the legal battle. Temporary injunctions halting the sale of iPhone 7 and 8 models were granted in Germany and China.

In March this year, a US court ruled that Apple had infringed on three Qualcomm patents covering ways to improve battery life.--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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DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from sources believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and sourced from third parties.

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