Major International Business Headlines Brief::: 17 April 2019

Wed Apr 17 07:47:29 CAT 2019

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Major International Business Headlines Brief::: 17 April 2019

 <http://www.nedbank.co.zw/> 

*  South Africa's growing debt a concern: Moody's

*  S.Africa's Northam Platinum raises $118 million with medium term note
placement

*  Steinhoff seeks claimants to reveal identities to negotiate settlements

*  Nigeria consumer inflation falls slightly to 11.25 pct in March – stats
office

*  South Africa's rand inches higher as bulls reappear

*  Zambian miner Lumwana says higher taxes will have severe impact on
business

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

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

*  Tanzania agrees $1.7 bln financing deal with World Bank

*  China economy: First quarter growth beats expectations at 6.4%

*  Apple and Qualcomm settle billion-dollar lawsuit

*  Netflix warns price rises to hit subscriber growth

*  EU law fixes minimum rights for 'gig economy' workers

*  US Speaker Nancy Pelosi warns against weakening peace deal

*  Unemployment across UK shows slight fall

 <mailto:info at bulls.co.zw> 

South Africa's growing debt a concern: Moody's

JOHANNESBURG (Reuters) - Ratings agency Moody’s warned South Africa again on
Tuesday that growing government debt linked to bailouts of state firms would
continue to pressure the country’s investment grade status.

Moody’s was 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.

“The credit profile would face downward pressure if Moody’s expects that
government debt and contingent liabilities risk from SOEs (state-owned
enterprises) will continue to rise to levels no longer consistent with a
Baa3,” said Moody’s senior credit officer Lucie Villa in a research report.

Moody’s last month postponed a review of South Africa’s creditworthiness, a
reprieve that boosted the rand and local bonds.

In the research report, Moody’s said that while South Africa’s public debt
was similar to other countries ranked at the same level, the upward
trajectory, along with weak economic growth, was worrying.

In February, South Africa’s National Treasury granted power utility Eskom a
69 billion rand ($4.9 billion) bailout over the next three years to help it
service its 420 billion rand debt.

But the firm said this month it needed more cash to survive and avoid
implementing countrywide blackouts it unleashed in February and March that
are expected to have dampened first-quarter growth.

The rand hardly moved following the research report, trading steady at
14.0800 at 1015 GMT.

Peter Attard Montalto, head of capital markets research at Intellidex, said:
“Today’s report and its contradictory statements will do nothing to assuage
increasing disquiet amongst investors about Moody’s rating of South
Africa.”($1 = 14.0731 rand)

 <mailto:info at bulls.co.zw> 

S.Africa's Northam Platinum raises $118 million with medium term note
placement

JOHANNESBURG (Reuters) - South Africa’s Northam Platinum said on Tuesday it
had placed a 1.65 billion rand ($118 million) domestic medium term note and
would use initial proceeds to repay other notes in issue.

The miner said the private placement of the notes fell under its 2 billion
rand domestic medium term note programme and the paper has one- two- and
three-year maturities.

($1 = 14.0200 rand)

Steinhoff seeks claimants to reveal identities to negotiate settlements

(Reuters) - South African retailer Steinhoff, which has been involved in
litigations and claims solutions since revealing accounting irregularities
in 2017, requested the identities of its claimants be disclosed in order to
conclude claims.

The company said on Tuesday it had requested representatives of claimants to
disclose the identity and their current or former shareholdings for
“alternative approaches” to conclude claims which could include negotiated
settlements.

Former chairman and top shareholder Christo Wiese had said last month he is
open to negotiations over a $4 billion claim against the company, days after
it revealed the scale of a devastating accounting fraud.

He had said that an independent report had found it overstated profits —
which were signed off by Deloitte — over several years in a $7.4 billion
fraud involving a small group of top executives and outsiders.

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

Nigeria consumer inflation falls slightly to 11.25 pct in March – stats
office

LAGOS (Reuters) - Nigeria’s consumer inflation stood at 11.25 percent in
March, compared with 11.31 percent in February, the National Bureau of
Statistics said on Tuesday.

A separate food price index showed inflation at 13.45 percent in March,
compared with 13.47 percent in February.

South Africa's rand inches higher as bulls reappear

JOHANNESBURG (Reuters) - South Africa’s rand edged higher on Tuesday,
recovering from a slide the session before as traders bet on a favourable
environment for emerging markets.

At 0730 GMT, the rand was up 0.2 percent at 14.0150 per dollar, after
falling as much as 1.5 percent overnight to 14.0825 as investors took
profits from a recent rally.

The rand breached 14.00 last week, reaching a six-week best of 13.8725, as
weak economic data from the United States spurred buying of riskier assets.

“After a relatively good performance last week, there was a lot of relief
already priced in and just three weeks ahead of the elections there will
always be some event risk that would need to be accounted for,” private bank
Investec said in a note.

“Add to that a modest correction in global risk appetite and the USD-ZAR has
encountered some support.”

South Africa holds national elections on May 8. Business-friendly President
Cyril Ramaphosa’s ruling African National Congress is expected to keep its
majority, albeit by a slimmer margin than the 62 percent it won in 2016,
potentially weakening his push for economic reforms.

Bonds also gained before National Treasury’s auction of 3.3 billion rand
($235 million) of long-term debt. The yield on the benchmark 10-year bond
was 1 basis point lower at 8.46 percent in early trade.

In stocks, the Johannesburg Stock Exchange’s (JSE) Top-40 Index opened 0.7
percent higher at 52,325 points, tracking Asian equities higher.

($1 = 14.0400 rand)

Zambian miner Lumwana says higher taxes will have severe impact on business

LUMWANA (Reuters) - Higher mineral taxes in Zambia will have a severe effect
on Lumwana Mining Company’s operations, driving its costs up, the copper
miner’s country manager, Nathan Chishimba, told journalists on Tuesday.

Earlier this year, Africa’s second largest copper producing country
increased royalties and introduced a new 10 percent tax on miners when the
price of copper exceeds $7,500 per tonne, prompting warnings it could tip
many producers into the red.

Lumwana, a unit of Barrick Gold, also said on Tuesday it expected its copper
output to rise to 107,000 tonnes in 2019, up from 101,000 tonnes last year,
and that it planned to ramp up output even further in 2020.

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.

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.

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.

China economy: First quarter growth beats expectations at 6.4%

China's economy grew slightly faster than expected in the three months to
March, official figures released Wednesday showed.

The economy expanded at 6.4% in the first quarter from a year earlier, ahead
of a Reuters forecast of 6.3%.

Beijing has taken steps to boost its slowing economy, including tax cuts,
while trying not to inflate debt.

The world's second-largest economy also faces softer global demand for its
products and a trade war with the US.

China's rate of growth is closely-watched for the potential knock-on effect
on the global economy.

The latest growth figures were in line with the 6.4% rate posted in the last
three months of 2018.

The result follow a sharp pick-up in factory output, with industrial
production jumping to 8.5% in March.

Other data out Wednesday also showed improvement. Retail sales for March
rose 8.7% on a year earlier, and fixed asset investment expanded to 6.3%
from a year earlier.

While China watchers advise caution with Beijing's official GDP numbers, the
data is seen as a useful indicator of the country's growth trajectory.

"There is no denying that China's economy ended the first quarter on a
stronger note," Capital Economics China economist Julian Evans-Pritchard
said.

Beijing is forecasting slower growth of between 6% and 6.5% this year, down
from a target of around 6.5% in 2018.

China's government has been pushing to shift away from export-led growth to
depend more on domestic consumption.

Policymakers in China have stepped up efforts in recent months to support
the economy including cutting some taxes, speeding up construction projects
and cutting the level of reserves banks are required to hold.

Mr Evans-Pritchard said there are still "some reasons for caution" in the
short-term.

"But with credit growth now accelerating and sentiment improving, China's
economy will bottom out before long if it hasn't already."--BBC

Apple and Qualcomm settle billion-dollar lawsuit

Tech giants Apple and Qualcomm have agreed to settle all ongoing lawsuits,
putting an end to a long-running battle with billions of dollars at stake.

"All litigation between the two companies worldwide" has been dropped, the
firms said in a joint statement.

The surprise settlement brings an end to a long-running battle over the cost
of the processors that phones use to connect to mobile networks.

Apple accused chip-maker Qualcomm of overcharging, a claim the firm denied.

The settlement includes a payment from Apple to Qualcomm, but the firms did
not disclose its size.

The two firms have also agreed a six-year global patent licensing agreement
and also agreed for Qualcomm to supply parts to Apple for multiple years.

This means that Qualcomm's modem chips are likely to be used again in
Apple's newest iPhone models. The iPhone used to rely entirely on Qualcomm's
chips, but from 2016 Apple started using rival Intel's modem chips in some
models.

After news of the settlement became public, Intel announced it would be
withdrawing from the business of making 5G modems for smartphones.

Shares in Qualcomm surged 23% after the announcement, while Apple's remained
flat.

Ben Wood, chief of research at CCS Insight said the settlement was "a huge
vindication for Qualcomm".

"[It is] likely an acknowledgement by Apple that it had run out of options,
particularly when it comes to 5G.

"There was a growing body of evidence that Intel, its current chipset
provider, was struggling to deliver a 5G solution in a timely manner," he
added.

Well, that de-escalated quickly. Several multi-billion dollar legal battles,
spanning three continents, brought to a sudden halt.

What looked like becoming an incredibly messy corporate divorce has been
peacefully resolved for one principle reason: these companies really need
each other.

Qualcomm simply must retain its relationship with the world's most valuable
smartphone maker.

And Apple, if it wants to hold onto that prized position, needs to make sure
it has the best components for the job. Analysts said not using Qualcomm
would hinder Apple's ability to create a market-leading 5G iPhone.

The big loser of the day, then, might end up being Intel. With the
Apple-Qualcomm row in full swing, Apple had started using Intel's components
instead - but with Qualcomm apparently now back on good terms, that could
well change.

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

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

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

Netflix warns price rises to hit subscriber growth

Netflix expects subscriber growth to slow in the second quarter as the film
and TV streaming firm continues to roll out price rises.

The company reported strong sales and profits for the first quarter,
including 9.6 million new subscribers

However, Netflix expects that number to slow between April and June.

The company is lifting its prices across the US, Brazil, Mexico and some
parts of Europe to help fund the production of its own content.

Eric Haggstrom, forecasting analyst at eMarketer, said the revenues
generated by the price increases will help Netflix differentiate itself in
an increasingly crowded industry.

Streaming TV: 'Not everyone will survive'

Netflix responds to Oscars and Steven Spielberg backlash

The company has produced a number of critically films and series including
The Crown and the Oscar nominated Roma.

Most recently, Disney and Apple separately announced that they will be
launching their own rival streaming services.

Netflix said it is "excited to compete" with its new rivals, adding: "We
don't anticipate that these new entrants will materially affect our growth."

But in the meantime, it expects to see some "modest short-term churn" in
subscribers which will fall 8% to five million compared to 5.4 million in
the second quarter last year.

Netflix said that for the first three months of the year, profits rose to
$344m compared to the same period last year, with sales up 22% to $4.5bn.

While total revenue is expected to increase to $4.9bn in the second quarter,
income growth is forecast to slow to $249m.

Netflix said it is looking forward to a "strong slate of global content" in
the second half of the year including the third series of The Crown, this
time starring Oscar-winner Olivia Coleman as Queen Elizabeth II and Stranger
Things.--BBC

EU law fixes minimum rights for 'gig economy' workers

The European Parliament has approved new EU rules to protect workers in the
so-called "gig economy".

The law sets minimum rights and demands increased transparency for those in
"on-demand" jobs, such as at Uber or Deliveroo.

It proposes more predictable hours and compensation for cancelled work, and
an end to "abusive practices" around casual contracts.

Member states will now have at most three years to enforce the new rules.

The European Parliament says the new legislation will apply to "the most
vulnerable employees on atypical contracts and in non-standard jobs" -
including those on zero-hour contracts.

Employees in EU member states already enjoy a wide range of protections to
working hours, minimum breaks and holiday entitlement.

But casual employees in the "gig economy" - who may work multiple jobs on a
flexible basis, or on erratic hours - have fallen into a grey area.

The UK will only be obliged to implement the law if it is still a member
state of the EU three years after the new regulation enters into force. But
it has already introduced similar legislation at a national level.

The EU law will require employers to inform all workers about "essential
aspects" of their employment on their first day, including:

The new rules should apply to all those who work at least three hours a
week, averaged over four weeks - at least three million people, though it is
a growing category of workers.

The rules will also apply to trainees and apprentices in similar
circumstances.

Enrique Calvet Chambon, the MEP responsible for seeing the law through, said
it was the first EU legislation setting minimum workers' rights in 20 years.

"All workers who have been in limbo will now be granted minimum rights
thanks to this directive... from now on no employer will be able to abuse
the flexibility in the labour market," he said.

EU officials say the new rules will not apply to "genuinely self-employed"
people who work for themselves.--BBC

US Speaker Nancy Pelosi warns against weakening peace deal

US Speaker of the House Nancy Pelosi has begun an official visit to the
Republic of Ireland.

Speaking on the eve of her visit, she said there would be "no chance
whatsoever" of a post-Brexit trade deal between the US and UK if there were
any weakening of the Good Friday Agreement.

Ms Pelosi is expected to meet Taoiseach (Irish Prime Minister) Leo Varadkar
on Tuesday evening.

It is understood Brexit will be one of the main topics of discussion.

She will be accompanied by a delegation of Democrat and Republican
congressmen and women.

The delegation is expected to visit Northern Ireland later this week.

The remarkable comeback of America's most powerful woman

What is the Good Friday Agreement?

Speaking at the London School of Economics on Monday evening, Mrs Pelosi
said the 1998 Good Friday Agreement was a model that could not be "bargained
away in another agreement".

"First of all it is very hard to pass a trade bill in the Congress of the
United States, so it's no given any way," she told her audience.

"But if there were any weakening of the Good Friday accords, there would be
no chance whatsoever, a non-starter for a US-UK trade agreement.

"The Good Friday accords ended 700 years of conflict.

"This is not a treaty only, it's an ideal, it's a value, it's something
that's a model to the world, something that we all take pride in.

"It was a model and other people have used it as a model and we don't want
that model to be something that can be bargained away in another agreement."

The ability for the UK to strike separate trade deals with countries around
the world was one of the main arguments put forward for leaving the EU
during the 2016 referendum campaign.

'Enduring commitment'

In a separate statement, ahead of her visit to the Republic of Ireland, Mrs
Pelosi said her aim was to learn more about the future of the UK and Ireland
amid Brexit.

Mrs Pelosi said she wanted "to express America's enduring commitment to a
peaceful and prosperous future for all who live there".

She added that the UK and Ireland "each have a deep and special bond with
the United States".

After arriving in Ireland she met Tánaiste (Irish Deputy Prime Minister)
Simon Coveney and will meet Mr Varadkar on Tuesday evening.

On Wednesday she will meet Irish government and opposition politicians
before addressing both houses of the Oireachtas (Irish parliament).

Wednesday marks the 100th anniversary of the Dáil (lower house of the Irish
parliament).

Ms Pelosi and the delegation are also due to meet Irish President Michael D
Higgins at his official residence, Áras an Uachtaráin, in Dublin's Phoenix
Park.

Later on Wednesday evening, there will be a state dinner in Dublin Castle to
honour Mrs Pelosi and the delegation, which includes chairman of the house
ways and means committee Richard Neal and Congressman Brendan Boyle.

Details of the delegation's visit to Northern Ireland have yet to finalised.
The European trip also includes visits to Stuttgart and London.

US President Donald Trump has indicated that he will visit Ireland later
this year.--BBC

Unemployment across UK shows slight fall

Unemployment fell by 27,000 in the three months to February to 1.34 million,
official Office for National Statistics (ONS) figures show.

The number of people in work was also virtually unchanged at a record high
of 32.7 million, with a jump of 179,000.

The figure has increased by 457,000 over the past year, all among full-time
employees and the self-employed.

Average weekly earnings, excluding bonuses, had an estimated rise of 3.4%,
before adjusting for inflation.

When adjusted for inflation, pay, including bonuses, increased by 1.5% on
the year, the highest figure since the summer of 2016.

The UK's unemployment rate of 3.9% is now lower than at any time since the
end of 1975.

ONS deputy head of labour market statistics Matt Hughes said: "The jobs
market remains robust, with the number of people in work continuing to grow.

"The increase over the past year is all coming from full-timers, both
employees and the self-employed.

"Earnings have now been growing ahead of inflation for over a year, but in
real terms, wage levels have not yet returned to their pre-downturn peak."

Employment Minister Alok Sharma said: "The UK jobs market continues to go
from strength to strength, proving the underlying resilience of the British
economy.

"But we must not take this for granted. We need to work urgently to get
behind a Brexit deal that protects this jobs record and gives employers the
certainty to continue to invest in their workforce and boost wages."

Mike Amesbury, Labour's shadow employment minister, said: "Behind today's
headline figures, average wages are still less than they were 10 years ago
and in-work poverty is rising faster than employment.

"Too many people are trapped in low-paid, insecure work and 70% of children
in poverty now live in working families."

Food price inflation highest in almost six years, says retail group

Unemployment rises again in Wales

The number of economically inactive people fell by 114,000 in the latest
quarter to 8.53 million, a rate of just under 21%, the joint lowest on
record.

The number of vacancies was almost unchanged at 852,000.

Anxiety over Brexit has deterred some businesses from investing - but not,
it would appear, hiring more workers as yet.

Hiring plans tend to lag behind changes in economic activity, as employers
wait to assess changes in demand, so the resilience of the labour market is
perhaps unsurprising - particularly as consumer spending remains solid for
now.

But economists say employment could yet falter later in the year if the
uncertainty is drawn out.

Wages growth continues to comfortably outpace inflation compared with a year
ago (although in real terms, the level of average wages remains below the
pre-crisis levels).

The level of vacancies is down on the record of 864,000 seen at the start of
the year, in another sign of strong demand.

A note of caution when quoting these: the ONS recently overhauled the way
the numbers are counted - because as they are based on a sample of firms,
they stress this is an estimate and perhaps "not precise".

TUC general secretary Frances O'Grady said: "This modest pay growth is doing
little for workers still feeling the effects of the longest pay squeeze for
200 years.

"And with over half of those in poverty living in working households, we
need a more ambitious plan to support jobs and wages."

Federation of Small Businesses national chairman Mike Cherry said: "At a
time when political uncertainty is making it impossible to plan and
operating costs are spiralling, a tight labour market represents yet another
headache for small business owners.

"One in five small UK employers rely on staff from the EU. The sharp drop in
European arrivals is a real concern for many smaller firms, particularly
those in sectors such as construction, care and engineering, where the
contribution of EU team members is so vital. One in three small firms now
say lack of access to the right personnel is a major barrier to growth."

Thomas Pugh, UK economist at Capital Economics, said: "We suspect that this
could mark the peak of employment growth, as the Brexit uncertainty reached
its crescendo and the surveys turned down sharply in March."

He added that employment growing more slowly than output could ease some
pressure on labour costs and said that he did not expect any interest rate
rise until the second half of 2020.--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
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
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for guideline purposes only and sourced from third parties.

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