Major International Business Headlines Brief::: 05 August 2019

Mon Aug 5 03:40:39 CAT 2019

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Major International Business Headlines Brief::: 05 August 2019

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*  South Africa hikes petrol prices - minister

*  MTN Nigeria asks tribunal to rule on tax treatment of $1 bln fine

*  South African defence firm Denel expects state aid in third quarter

*  Zambian will delay sales tax until January, finance minister says

*  Tongaat to delist from LSE

*  Nigerian union suspends industrial action planned over Chevron dispute

*  Gold Fields flags lower H1 earnings

*  Kenyan tea glut pushes prices to multi-year lows, trade body says

*  South African stocks dragged to near 2-month low by trade war woes

*  HSBC chief executive out in top level reshuffle

*  Stock markets drop on new Trump China tariffs

*  Weak pound boosting UK tourism industry

*  Mark Carney warns of instant shock from no-deal Brexit

*  Google to let rival search firms bid to be Android's default in EEA

*  Heathrow strike action suspended on Monday - BA reinstates flights

 <mailto:info at bulls.co.zw> 

South Africa hikes petrol prices - minister

JOHANNESBURG (Reuters) - South Africa’s Minister of Mineral Resources and Energy Gwede Mantashe said on Friday the Slate Levy on petrol and diesel would fall to 0 cents per litre.

The statement also said the price of petrol would rise by 11 cents per litre, while diesel would decrease by 13.29 cents per litre or 14.29 cents per litre depending on the sulphur content.

 <mailto:info at bulls.co.zw> 

MTN Nigeria asks tribunal to rule on tax treatment of $1 bln fine

LAGOS (Reuters) - MTN Nigeria has asked a Nigerian tax tribunal to rule on whether the company should pay corporate tax on a 330 billion naira ($1.1 billion) fine, a spokesman for the telecoms company said.

MTN Nigeria, part of South Africa’s MTN Group, was originally fined 1.04 trillion naira for failing to deactivate more than 5 million unregistered SIM cards, but it negotiated a reduced fine to clear its path to list on the Nigerian Stock Exchange earlier this year.

MTN Nigeria said it had requested the judicial review after the Nigerian tax authority, the Federal Inland Revenue Service (FIRS), disagreed with the company’s accounting treatment of the fine as an operating cost.

“We believe that the fine should be treated as part of cost of running the business but the FIRS thinks otherwise,” MTN Nigeria’s spokesman said.

“We’ve paid everything to the FIRS then we went to the tribunal and because the case is with the tax tribunal the government can’t access the money.”

Nigeria’s tax service was not immediately available for comment.

The MTN spokesman said the group was waiting for the tribunal’s decision, which could set a precedent for how penalties are treated by companies registered in Nigeria.

The telecoms company listed its shares on the Nigerian stock market in May in a floatation that valued it at $6.5 billion, turning it into the second biggest company on the exchange.

Nigeria is MTN’s biggest market, with 58 million users in 2018 and it accounts for a third of the South African group’s core profit.

($1 = 305.85 naira)

South African defence firm Denel expects state aid in third quarter

JOHANNESBURG (Reuters) - South African defence company Denel expects to receive government support in the third quarter as ministers are satisfied with progress in its turnaround plan, the state-owned group said on Friday, adding it saw potential to cut more costs.

Denel, a cornerstone of the country’s once-mighty defence industry, last month asked for a 2.8 billion rand ($190 million) cash injection to help it emerge from a financial crisis. [nL8N24612G]

The company, known for its missiles and howitzers, is one of several state firms whose finances were damaged by years of mismanagement during the tenure of former President Jacob Zuma.

Denel said it was talking to the Department of Public Enterprises (DPE) and the National Treasury (NT) about the turnaround process and was in discussions about details of the state support and its conditions.

“The DPE and the NT have indicated that they are satisfied with the progress Denel has made on the recapitalisation conditions and the recapitalisation is expected during the third quarter of the year,” Denel said in a statement.

The statement contained no details on the size of any cash injection.

Under current President Cyril Ramaphosa, South Africa’s public finances are being stretched by the need to rescue other ailing state firms, such as loss-making power company Eskom and South African Airways, which have both already received support.

“The Ministry of Public Enterprises has full confidence in the ability of the Denel board, its CEO and its management team to return the company to operational and financial sustainability and ultimately, profitability,” Adrian Lackay, spokesman for the department, said.

“Continued fiscal support for state-owned entities like Denel will depend on their ability to show how this will be effected.”

Under its turnaround plan, Denel will exit some loss-making businesses and forge partnerships to bolster others.

It has rebuffed an approach by Saudi Arabia’s SAMI to take a stake in the firm, but has said it could work with SAMI on other partnerships without giving up equity or intellectual property rights.

Denel said it could generate 2 billion rand from joint venture partnerships, and said it had received about 40 expressions of interest to enter into partnerships or acquire parts of its business.

It added it saw potential to cut costs by a further 500 million rand.

“Denel’s liquidity issues are short-term and the company is expected to generate positive cash flows within the next 12 months,” the company said.

($1 = 14.7010 rand)

Zambian will delay sales tax until January, finance minister says

LUSAKA (Reuters) - Zambia will delay implementing a new sales tax until January 2020 to allow for further refinement of the law, Finance Minister Bwalya Ng’andu said on Friday.

Zambia, Africa’s second-largest copper producer, plans to replace an existing value-added tax with a non-refundable sales tax, but the move has met substantial opposition from businesses.

Addressing parliament, Ng’andu said he was withdrawing the draft law and would re-introduce it in the next session in September, the ministry of finance said in a statement.

“This will allow for sufficient time to address the concerns in the Sales Tax Bill that stakeholders raised,” Ng’andu said.

Zambia’s mining industry fiercely opposes the tax - just one sore point between the government and the economy’s most important sector.

Since being appointed last month, Ng’andu has sought to mend fences with the miners, with relations deteriorating following tax changes and an ownership dispute over Konkola Copper Mines.

The across-the-board 9% tax on sales of goods and services, originally due to be introduced in April, was intended to help rebalance Zambia’s debt-laden economy.

Tongaat to delist from LSE

JOHANNESBURG (Reuters) - South African sugar producer Tongaat Hulett will delist its shares from the London Stock Exchange to cut costs and streamline its shareholding structure amid low trading volumes in the London-listed stock, the company said on Friday.

Tongaat, which said in April it would restate financial information after a formal review revealed certain accounting practices that needed to be re-examined, voluntarily suspended trading in its shares in Johannesburg and London in June.

“It has determined that the volume of trade over the past few years, together with the cost of maintaining the secondary listing, does not sufficiently warrant a presence on the LSE,” the company said in a statement.

Tongaat said it would maintain its primary listing on the Johannesburg Stock Exchange. Shareholders as of Sept. 4 on the UK share register, a fraction of the total, will be transferred onto the South African share register, it added.

Nigerian union suspends industrial action planned over Chevron dispute

ABUJA (Reuters) - One of Nigeria’s main oil and gas trade unions on Friday said it had suspended planned industrial action related to a staffing dispute with U.S. oil major Chevron.

In a statement, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) said the suspension of the plans, which were announced on Thursday in connection with a reduction of the company’s workforce, followed talks brokered by the state oil company.

Gold Fields flags lower H1 earnings

JOHANNESBURG (Reuters) - South Africa’s Gold Fields Ltd expects interim earnings to have fallen by as much as 15% despite an increase in metal output after the inclusion of its joint venture with Asanko Gold, it said on Friday.

Headline earnings per share (HEPS) for the six months ending June 30 are expected to be between 10% and 15% lower, in a range of U.S. 6.8 cents to U.S. 7.2 cents per share compared with U.S. 8 cents per share during the same period a year ago.

HEPS, which strips out certain one-off items, is the main profit measure used in South Africa.

Attributable gold output rose 9% to 1.083 million ounces in the period from 994,000 ounces a year before, after including the contribution from the Asanko operation in Ghana.

Gold Fields is expected to release its interim results on Aug. 15.

Kenyan tea glut pushes prices to multi-year lows, trade body says

NAIROBI (Reuters) - Kenyan tea prices have slumped to their lowest level in at least five years due to excess supplies and weak demand in the main export markets, the East African Tea Trade Association (EATTA) said on Friday.

Kenya is the leading exporter of black tea in the world and the crop is also one of its top foreign exchange earners, along with tourism, flower exports and cash sent home by the diaspora.

The average price of Kenyan tea at the weekly auction in the port city of Mombasa has fallen to $1.80 per kilogram, said EATTA, which represents growers, buyers, brokers and tea packers in 10 countries in the region.

That compares with last year’s average price of $2.58, and the industry’s cost of production of around $2, EATTA said.

The last time average weekly prices dipped below $2 was in 2014, EATTA managing director Edward Mudibo said.

The Kenyan shilling sank to a near five year low earlier this week, partly due to concerns about export earnings in the wake of the slump in the price of tea.

Mudibo blamed the oversupply on stocks that were held over from last year, when Kenya had a bumper tea crop.

At the same time, global output last year was 5.85 billion kg against consumption of 5.61 billion kg, leaving a surplus of 240 million kg.

Economic challenges in the top three importers of Kenyan tea - Pakistan, Egypt and Britain - had also led to a reduction in demand, Mudibo said.

“The farmers should face the reality that they will not get a good bonus this year, it will be lower than last year,” Mudibo said, calling on action to be taken to stem the glut.

“The focus should now be on quality of the tea rather than volumes. We shouldn’t be proud of the quantities. We are calling for a go slow in terms of increasing the acreage under tea.”

He also called on farmers to switch to speciality teas, like purple tea, which attract higher prices from health-conscious consumers.

Officials in the government’s Tea Directorate, which regulates the industry, were not immediately available for comment.

Kenya’s tea industry relies on exports, with only 5% of the more than 400 million kg of annual production consumed locally.

South African stocks dragged to near 2-month low by trade war woes

JOHANNESBURG (Reuters) - South African stocks slipped to a near two-month low on Friday as a wave of risk aversion swept across financial markets on resurgent U.S.-China trade tensions, while the rand also weakened.

Both major stock indexes weakened more than 2% at market open after U.S. President Donald Trump hit China with a 10% tariff on the remaining $300 billion of Chinese imports on Thursday, a day after negotiators from both countries concluded a meeting in Shanghai without significant signs of progress.

“The negative mood across markets suggests that investors are jittery over sizzling trade tensions between the world’s two largest economies sabotaging the already fragile global growth outlook,” Lukman Otunuga, a senior research analyst at FXTM said in a note.

“With China already pledging countermeasures if the U.S. implements the additional tariffs, things could get really messy - something that will ultimately cripple risk sentiment even further.”

At 1058 GMT, the Johannesburg All-Share index fell 1.8% to 56,195 points, while the Top-40 index shed 2.11% to 50,248 points, both weakening to levels last seen on June 4.

Bucking the trend, the Gold index strengthened 3.1% to 2,150 points as investors sought safe-haven assets. Harmony Gold rose 4.99% to 38.51 rand, AngloGold Ashanti gained 3.92% to 273.45 rand, while Sibanye-Stillwater climbed 3.41% to 18.82 rand.

“On the Gold/rand side these are the best levels that the market has ever seen. The gold reaction only confirms the risk-off environment that is in the market at the moment,” Andre Botha, senior dealer at TreasuryONE, said in a note.

On the forex market, at 1058 GMT the rand weakened 0.17% against the dollar to 14.6850 from its overnight close of 14.6600 per dollar.

In early trade it had firmed to 14.5750 as the dollar weakened against most currencies.

Botha said: “The rand is the weakest performing emerging market currency as it is being used as a proxy due to the ease of getting in and out of the market.”

Bonds were slightly firmer, with the yield on the benchmark 10-year government issue down 2 basis points to 8.355%.

HSBC chief executive out in top level reshuffle

The chief executive of HSBC has stepped down after the bank said it needed a change in leadership to address a "challenging global environment".

John Flint is giving up the role he has held for a year and a half "by mutual agreement with the board".

He will immediately cease his day-to-day responsibilities at HSBC but will help with the transition as Noel Quinn takes over as interim chief executive.

Chairman Mark Tucker thanked Mr Flint for his "commitment" and "dedication".

However, he said: "In the increasingly complex and challenging global environment in which the bank operates, the board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us."--BBC

Stock markets drop on new Trump China tariffs

US stock markets have fallen for a second day following a decision by Donald Trump to impose new tariffs on a further $300bn of Chinese imports.

The three main US indexes all closed the week down, following sharp falls in Europe and Asia.

The US President's move came after the latest round of bilateral talks showed little sign of a breakthrough.

The 10% tariffs, due to take effect on 1 September, effectively tax all Chinese imports to the US.

US-China trade war in 300 words

The US-China trade war in charts

US-China trade war: Caught in the crossfire

The tariffs are likely to target a wide range of goods, from smartphones to clothing.

A spokeswoman for China's foreign ministry warned the country would retaliate against the US for imposing duties.

"If the US implements the tariff measures, China will have to take necessary counter-measures to resolutely defend the core interests of the country and its people."

She declined to say what this might involve, but earlier this year it China signalled that it may curb exports of rare earth minerals to the US.

China is the largest producer of rare earths which are vital to a number of US industries such as electric car manufacturing and wind turbine production.

Mr Trump announced the tariff plan on Twitter on Thursday, while taking aim at China for not honouring promises to buy more US agricultural products at this week's negotiations in Shanghai.

He also attacked Chinese President Xi Jinping for failing to do more to stem sales of the synthetic opioid fentanyl.

In later remarks, the US president told reporters the 10% tariffs were a short-term measure and could be lifted in stages to more than 25%.

This would be on top of the $250bn of Chinese goods that are already being taxed at 25% by the Trump administration.

Research firm Oxford Economics said: "We expect this step to make China less keen to achieve a deal and more determined to prepare itself for long-term economic tension with the US."

What has the response been so far?

The move surprised markets because Washington and Beijing had described this week's trade negotiations as constructive and scheduled another round of talks for September.

The US Chamber of Commerce, which represents more than three million US companies, said the latest tariffs on China "will only inflict greater pain on American businesses, farmers, workers and consumers, and undermine an otherwise strong US economy".

It urged the two sides to remove all tariffs.

The latest round of duties comes amid growing concern that Mr Trump's strategy may be backfiring.

On Thursday, his former chief economic adviser, Gary Cohn, told the BBC that the tariff battle was having a "dramatic impact" on US manufacturing and capital investment.

The resulting tensions have also influenced the US central bank, the Federal Reserve, which cut interest rates on Wednesday for the first time in a decade.

Fed chair Jerome Powell said it was not the central bank's job to criticise US trade policy, but added that trade tensions had "nearly boiled over" during May and June.

How have markets reacted?

In the US, the Nasdaq index was the biggest faller on Friday, down 1.3%. The technology companies listed on the index are seen as particularly vulnerable to tariffs on Chinese goods because many source components from China or produce their goods there.

The US indexes had already fallen sharply on Thursday when Mr Trump made the surprise announcement, but the Dow Jones Industrial Average and the S&P 500 closed 0.37% and 0.73% lower respectively on Friday.

In Europe, the UK's FTSE 100 index ended 2.3% lower, Germany's Dax index dropped 2.9% and the Cac 40 in France fell 3.3% by the close of trading. Earlier in Asia, Japan's Nikkei index had fallen more than 2%.

Mr Trump says his trade tactics are working, and that Beijing is feeling the pain. But China isn't the only country that is hurting. The International Monetary Fund has warned that the US-China trade war is the biggest risk to the global economy.

There's mounting evidence to show it's also hitting the American economy. Data released last week showed that the US economy grew less than previously thought last year.

The figures showed foreign trade and business investment shrank as the trade war wore on.

US firms are holding off on expansion plans and investments, meaning new factories aren't being built and new jobs aren't being created.

All of this is making investors increasingly nervous, and there are now concerns that trade wars are being fought on multiple fronts, with a fresh one brewing between Japan and South Korea.

How did we get here?

China and the US have been engaged in a fractious dispute over trade since the early days of Mr Trump's presidency.

While campaigning for the presidential election in 2016, Mr Trump repeatedly accused China of unfair trading practices and intellectual property theft.

He also wants to cut America's trade deficit with China, which he says is hurting US manufacturing.

Over the past year, both sides have imposed tariffs on billions of dollars of one another's goods.

Despite several rounds of talks, the world's two largest economies have failed to reach an agreement to end the trade war which has rattled investors and cast a shadow over the global economy.--BBC

Weak pound boosting UK tourism industry

The number of tourists visiting the UK from China has risen by almost a fifth this summer, the latest figures show.

Travel data firm ForwardKeys said that summer flight bookings from long-haul markets were also 6% higher than in the same period last year.

It credited the weakness of the pound for boosting tourists' spending power.

This week sterling hit a 31-month low against the dollar amid increasing speculation the UK could leave the EU without a deal.

"This summer is likely to see the highest number of Chinese tourists to the UK ever," said ForwardKeys spokesman David Tarsh.

Why the pound is getting weaker

Five holiday destinations where a weak pound still goes far

He added that the number of Indian tourists was ahead by 20%, with Japan at 10% and the USA at 5%.

Sarah Hewin, chief economist for Europe and the Americas at Standard Chartered, said the low pound meant visitors would be feeling wealthier.

"The fall in the value of the pound against China's currency [the renminbi] means that Chinese tourists coming to the UK have seen their spending power increase by around 5% in the past three months."

This tallies with what Patricia Yates, a director at the UK's tourism promotion agency Visit Britain, is seeing on the ground.

"The UK is offering great value for inbound visitors right now which gives us a valuable opportunity including in Europe, where we are already running a campaign to promote travel to the UK during the summer."

Staycations are also boosting the industry.

The regional tourist office Welcome to Yorkshire finds that tourism is thriving in the area. Commercial director Peter Dodd said: "We're hearing from lots of our accommodation members, especially cottages, lodges and other self-catering properties, that business is booming with some already fully booked until October."

One of those is Diane Howarth who runs the holiday letting company Cottage in the Dales and is having a record year.

"We're at 87% occupancy for the year already, which is much earlier than in previous years. Brexit uncertainty is causing people to choose holidays in Britain this year, which is good news for us."

Falling demand in Europe?

But when it comes to European visitors, Visit Britain says there is some concern about the impact that the uncertainty of Brexit is having.

The latest ONS tourism stats showed that visits from Europe to the UK were relatively flat from January to March this year - up just 2% compared to the same period last year.

They are running a campaign in Europe to persuade people that the UK will still be a good place to visit after it leaves the European Union.

However anecdotally, some businesses like Mrs Howarth's Cottage in the Dales are seeing seeing a rise in EU visitors.

"We're getting repeat bookings from fans of the Tour de Yorkshire race, but also seeing new interest from people in the Netherlands and Germany for example, who are taking advantage of the weaker pound to come and visit this beautiful part of the world in person"--BBC

Mark Carney warns of instant shock from no-deal Brexit

A no-deal Brexit would result in an instant shock to the UK economy, the governor of the Bank of England, Mark Carney, has warned.

Items such as petrol and food would become more expensive if the UK leaves the EU without an agreement, he said.

He predicted the value of the pound would fall in response to what he described as a "real economic shock".

"The change in trading relationship means that real incomes will be lower," he told the BBC's Today programme.

But he rejected claims that the Bank's decision to cut growth forecasts was gloomy, after former Tory leader Iain Duncan Smith accused him of reviving "project fear".

Mr Carney said "you're hard pressed" to describe the Bank's forecasts in that way.

Faisal Islam: Bank struggling to see through the Brexit fog

Why the pound is getting weaker

Fundamental change

On Thursday, the Bank said the economy was expected to grow by 1.3% this year, lower than its earlier projection of 1.5%, if the UK leaves the EU with a deal.

It did not say what it expected to happen in the case of a no-deal Brexit.

But Mr Carney told the BBC there was a "significant possibility" that a deal would not be struck.

"The economics of no deal are that the rules of the game for exporting to Europe or importing from Europe fundamentally change," he said.

As a result, he said, "very big" and "highly profitable" industries in the UK would become "uneconomic".

Carmakers are among the firms that could be hardest hit, Mr Carney says.

"Very difficult decisions will need to be taken," he said, explaining that those would have a "knock-on" effect on the economy.

He pointed to carmakers, food manufacturers and chemical firms as some of those that would be hardest hit.

"These are the sectors that have not been investing," he said.

"One of the reasons why the economy has slowed is that business investment has been very, very weak."

Providing support

But Mr Carney said the Bank's response to a no-deal Brexit would not be automatic.

He explained the Bank would look at the effect on the economy of things such as car plant closures as well as a weakening pound before it decided how to respond.

"We will do everything we can in order to provide support to the economy," he said.

But he warned that a no-deal Brexit would be inflationary.

"Instantly, you have supply disruptions but you actually have businesses that are no longer economic."

Last month, the Office for Budget Responsibility warned that a no-deal Brexit would deal a £29.3bn blow to the UK economy.

'Project fear'

In comments on the front page of Friday's Daily Telegraph, Brexit-backing Mr Duncan Smith renewed his criticism of Mr Carney.

Ahead of the referendum in 2016, Mr Carney warned that the UK could fall into a recession if it voted to leave the EU - something that did not happen.

At the time, Mr Duncan Smith said the Bank of England governor needed to be "very careful" about making such comments.

On Friday, Mr Duncan Smith called Mr Carney "one of the architects and promoters of 'project fear'".

But speaking on the Today programme, Mr Carney said it was "not helpful" to deny that leaving "the most integrated economic relationship in the world" would have an impact on the economy.--BBC

Google to let rival search firms bid to be Android's default in EEA

Android phone and tablet users in the European Union are to be given a chance to install one of Google's rivals as default search provider.

But to be offered as an option, search firms will have to compete over what to pay Google if users select them.

The decision to offer a choice when setting up devices comes after Google was fined heavily by the European Commission for abusing its position.

But one competitor has warned that users might lose out as a result.

"If the highest bidder wins the contract and not the best search engine, then the user is the biggest loser," said Dr Marc Al-Hames, chief executive at Cliqz, a search firm based in Munich, Germany.

"The choice should be about selecting the most private or innovative provider."

Search auction

Google was fined €4.3bn ($4.8bn; £3.72bn) for abusing its market position in July 2018.

It has now said that, beginning in 2020, Android users in the European Economic Area (EEA) - a broader market than the EU - will be shown a screen giving them a choice of four possible search providers to use as default on their devices.

A range of search provider options will be shown in random order on the new choice screen

One of these options will always be Google but the other three will be chosen from the highest-bidding rival search firms.

A separate bidding process will exist for each country.

"It's correct that the new screen will be based on an auction," a Google spokeswoman told the BBC.

Google will still allocate a total of three search providers for users to choose from, even if they don't all meet the minimum criteria.

"The auction winners, and Google, will be ordered randomly in the choice screen," the tech giant said on a web page about the change.

The new search provider choice screen will appear only on Android phones where Google's own search app is pre-installed.

Earlier this year, Google announced it would make changes to how its search results within the EU were displayed.

This involved directing users to rival price-comparison websites and merchants selling products.--BBC

Heathrow strike action suspended on Monday - BA reinstates flights

A strike planned by Heathrow Airport workers on Monday has been called off, as talks continue to stop a further walkout on Tuesday.

Some 2,500 workers had planned to strike on both days in a row over pay.

Britain's busiest airport cancelled 177 flights - roughly one in seven departures - after the Unite union rejected a pay offer.

But British Airways said it will now reinstate flights from Heathrow on Monday.

Air Canada said it is planning to operate its full flight schedule on Monday. Aer Lingus confirmed that it will reinstate flights, as will Etihad Airways.

The company added: "Industrial action planned for Tuesday 6 August is still in force but Etihad is committed to operating all services until a final decision is made by unions."

Virgin Atlantic has not cancelled flights but will continue with its plan to move them from Heathrow to Gatwick.

A spokeswoman for Virgin Atlantic said: "These services will not revert back to the original London Heathrow schedule and will remain in place."

A Heathrow spokesman advised passengers to check with their airlines to see if there were any changes to cancelled fights.

He said: "We regret that passengers have been inconvenienced by this and urge them to contact their airline for up to date information on the status of their service."

Flybe, Swiss, Lufthansa, Qatar Airways and TAP Air Portugal were among those to have confirmed cancellations, but it is not yet known if they will now reinstate flights.

Prior to the suspension of Monday's strike action, airlines had begun to contact affected passengers, after some complained they had been left in the dark about whether their flights were affected.

Heathrow cancels 177 flights after strike vote

Heathrow warned that security queues at the airport would be longer than normal, with passengers advised to arrive at least three hours before long-haul departures and two hours before short-haul.

Airlines also said they would impose restrictions on hand luggage to speed up boarding.

Paul Icklow from London, who is meant to fly to Spain with his family on Tuesday, told the BBC earlier that British Airways had been unable to give any information on Sunday morning, leaving him "frustrated".

Meanwhile, Sarah McFadyen from Eastbourne said her flight to Abu Dhabi had initially been cancelled, then Etihad told her it "might still go".

"So I have to turn up at Heathrow four hours before my flight to find out if it's going... I am confused, frustrated."

Heathrow says passengers will be able to rebook their flights for a different day, although choices may be limited given that August is peak holiday season.

How did we get here?

Around 4,000 Unite members voted on the airport's revised pay deal on Friday, with 88% opting to strike.

Unite regional co-ordinating officer Wayne King said: "This latest vote for strike action points to growing anger among the airport's workers in a whole range of vital jobs which are essential to the smooth and safe running of Heathrow.

"Airport bosses need to heed this latest strike vote and the overwhelming rejection by our members of the revised pay offer which offers little over and above the original offer of £3.75 extra a day for many workers."

Meanwhile, talks aimed at averting a separate strike by British Airways pilots are to continue next week.

Leaders of the British Airline Pilots Association (Balpa) met the company last week to try to resolve the dispute over pay.

The union would have to give two weeks' notice of any industrial action.

Can I claim compensation if my flight has been cancelled?

If your flight out of Heathrow has been cancelled, you should contact your airline to see what you are entitled to in terms of a refund or compensation.

However, if your flight has been cancelled due to airport (rather than airline) staff striking, it is unlikely you will get compensation as this would be considered "extraordinary circumstances" outside of the airline's control, the Civil Aviation Authority said.

In these circumstances, the airport would not have to pay compensation directly to passengers, and whether the airport gives its customers (the airlines) compensation is a commercial issue between the two parties.

If your flight has been cancelled because airline staff are striking, then this would be considered within the airline's control, and therefore you have a legal right to either:

A full refund, including for flights in the same journey that might be from a different airline (for example, an onward or return flight)

A replacement flight to get to your destination

Or - if you are part way through your journey and don't want a replacement flight - a flight back to the airport you originally departed from

If the cancellation delays you by two hours or more, you are also legally entitled to compensation and help with any costs you may incur as a result of the delay.--BBC

INVESTORS DIARY 2019

Company

Event

Venue

Date & Time

Companies under Cautionary

Bindura Nickel Corporation

Padenga Holdings

Delta Corporation

Meikles Limited

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Cellphone:      <tel:%2B263%2077%20344%201674> +263 719 441 674

Alt. Email:              <mailto:info at bulls.co.zw> info at bulls.co.zw 

Website:                <http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw&sa=D&sntz=1&usg=AFQjCNH8LYgdY55h-XKseuM8Kpr-JKdfhQ> www.bulls.co.zw

Blog:                      <http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw%2Fblog&sa=D&sntz=1&usg=AFQjCNFoIy6F9IXAiYnSoPSgWDYsr8Sqtw> www.bulls.co.zw/blog

Twitter:                 @bullsbears2010

LinkedIn:              Bulls n Bears Zimbabwe

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Skype:                  Bulls.Bears 

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