Major International Business Headlines Brief::: 30 August 2019

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Major International Business Headlines Brief::: 30 August 2019

 


 

 


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*  Sibanye-Stillwater in talks over AngloGold Ashanti's Mponeng mine

*  MTN Nigeria launches money transfer service

*  Tereos Commodities to shut sugar operations in Kenya, South Africa

*  Steinhoff reports 4% sales growth for nine months to end-June

*  Woolworths fashion business returns to sales growth, shares rise

*  South Africa's July PPI at 4.9% year-on-year

*  Ivory Coast, Toyota sign assembly plant deal

*  Tanzania's National Bank of Commerce hit with fine over data rules breach

*  Huawei's next phone will not have Google apps

*  S Korea ex-leader Park and Samsung heir Lee face bribery retrials

*  Micro Focus shares drop 30% on profit warning

*  Climate change: Big lifestyle changes 'needed to cut emissions'

*  Sibanye-Stillwater hints at interest in AngloGold's Mponeng mine

 

 

 

 


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Sibanye-Stillwater in talks over AngloGold Ashanti's Mponeng mine

JOHANNESBURG (Reuters) - Sibanye-Stillwater is in talks over a potential
acquisition of the world’s deepest gold mine, Mponeng, as current owner
AngloGold Ashanti plans its South African exit, Sibanye said on Thursday.

 

A spokesman for the diversified miner confirmed the talks, after AngloGold
said in May that it would review divestment options for Mponeng and other
South African assets to focus on higher returns elsewhere.

 

“We have said we are open minded to the opportunity,” Sibanye chief
executive Neal Froneman said.

 

“We are not panting after more deep-level gold mines but there are
significant synergies and opportunities between Driefontein and Mponeng.”

 

He declined to comment further due to a non-disclosure agreement.

 

Sibanye swung into the red in the first half as a five-month strike at its
South African gold operations weighed on profits despite improved financial
results from the South African and U.S. platinum group metals (PGMs)
operations.

 

Sibanye on Thursday reported a headline loss for the six months to end June
of 54 cents per share, compared with a profit of 4 cents per share a year
before.

 

“We have successfully navigated our way through this challenging period and
I am confident that we have emerged in a stronger position,” Froneman said
in a statement.

 

A five-month strike at the firm’s gold operations over pay and job cuts,
which ended in April and cost Sibanye more than $100 million in lost
revenue, also hit gold output.

 

Bullion production for the period fell to 344,752 ounces from 598,517 ounces
a year earlier.

 

The miner, which is currently engaged in wage negotiations in the platinum
sector, said it would be able to sustain a strike in the sector but that it
was an unlikely scenario as negotiations were ongoing.

 

The sector’s majority union the Association of Mineworkers and Construction
Union (AMCU), which originally demanded a hike of around 48%, said earlier
this month that the offer by Sibanye for the Lonmin operations was a “slap
in the face”.

 

Sibanye, which concluded the Lonmin acquisition in June to become the
world’s second-largest platinum producer, said the assets were currently
under a review which would be concluded during the third quarter.

 

“Whilst the improved PGM price environment may justify extending the
operating lives of some of these operations, thereby mitigating the impact
on job losses, a number of shafts have finite reserves and derive limited
benefit from higher PGM basket prices,” Sibanye said.

 

Platinum prices are up 15% this year, while those of sister metal palladium
are nearly 17% higher.

 

Froneman said a supportive precious metals price and a positive operational
outlook would benefit earnings and cash flow in the second half, enabling it
to pay down debt and possibly resume cash dividends payments in 2020.

 

 

Sibanye last paid a dividend in February 2016.

 

The firm said debt reduction will continue to be a priority after it was
delayed by the impact of this year’s strike on its South African gold
business.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

MTN Nigeria launches money transfer service

LAGOS (Reuters) - Nigeria’s biggest telecoms firm MTN has launched a mobile
money transfer service, targeting those without bank accounts, and said on
Thursday it plans to become a payment services bank once it obtains approval
from the central bank.

 

The success in east Africa of M-Pesa, the mobile money unit of Kenya’s
Safaricom, has convinced investors and the industry that financial services
are the next growth area for the telecoms sector, where prices for basic
services are falling.

 

Nigeria said last year it would allow telecom companies to provide banking
services, aiming to give millions of Nigerians without bank accounts access
to mobile money services.

 

MTN Nigeria was awarded a licence by Nigeria’s central bank in July to
provide financial services.

 

Majority owned by South Africa’s MTN Group, the company runs Nigeria’s
biggest mobile phone network serving around 56 million people.

 

MTN Nigeria’s CEO Ferdi Moolman said its Yello Digital Financial Services
Limited (YDFS) unit would extend access to simple money transfer services
and other financial services.

 

More than half of Nigeria’s population of 180 million do not have a bank
account.

 

Shares in MTN Nigeria, which was listed on the local bourse in May, fell
1.49% to 144.50 naira on Thursday, valuing the telecoms firm at 2.95
trillion naira ($9.64 billion).

 

 

MTN Group appointed Rob Shuter as chief executive in 2016 to oversee the
formulation of a new strategic growth plan and look for new revenue streams
as competition and regulation hit profit margins.

 

Shuter, who has previous banking experience, has been revamping Africa’s
biggest telecoms group, seeking returns in everything from financial
services to music and video games.

 

($1 = 305.9000 naira)

 

 

 

Tereos Commodities to shut sugar operations in Kenya, South Africa

PARIS (Reuters) - French sugar maker Tereos said on Thursday Tereos
Commodities would close its offices and halt sugar trading in Kenya and
South Africa by the end of March 2020 as part of a global review of its
strategy.

 

Tereos, which has reported a sharp drop in profits in the last fiscal year
due mainly to a slump in global prices for sugar, has been overhauling its
trading branch in recent months.

 

“Tereos Commodities is planning to develop its organisation in certain
geographies,” it said in an emailed statement to Reuters.

 

“This would be achieved by closing its offices in South Africa and Kenya,
and ending its sugar trading and distribution activities in these countries
on March 31, 2020, at the latest.”

 

Tereos had said when it opened its trading desk in Nairobi in 2016 that the
aim was to meet growing African sugar demand.

 

Tereos also said that Patrick Dean, head of Tereos Commodities’ white sugar
unit, was leaving the company on Thursday.

 

Dean led Tereos Commodities at its launch in 2014 and was Global Head of
Sugar Merchandising and Distribution before being asked to head the white
sugar unit this year.

 

His teams would report to Alexandre Leite, executive director of Tereos
Commodities Sugar.

 

Tereos Commodities also has offices in France, Switzerland, Singapore,
Brazil and India.

 

 

 

Steinhoff reports 4% sales growth for nine months to end-June

JOHANNESBURG (Reuters) - South African retailer Steinhoff, trying to recover
from a $7 billion accounting fraud, on Thursday said its sales increased by
4% in the nine months to June 30 thanks to a strong showing from its Pepkor
Europe and Pepkor Africa businesses.

 

The company has been restructuring after it revealed the accounting problems
in December 2017, which shocked investors and wiped out more than 200
billion rand ($13.13 billion) of shareholder equity.

 

Earlier this month, Steinhoff, in its first presentation to investors since
the scandal broke, said the group’s best hope for survival was to slim down
into a retail-focused holding company.

 

On Thursday, the company said this would give it a well-diversified exposure
to a number of strong local brands.

 

Steinhoff’s net sales from continuing operations for the nine-month period
stood at 10.1 billion euros ($11.26 billion)- a 4% increase driven by 13%
sales growth at Pepkor Europe and 3% growth at Pepkor Africa.

 

“Encouragingly, customer confidence in our offering has continued to
stabilise,” Steinhoff said, adding that its operational performance
continued to reflect difficult trading conditions and the impact of the
accounting scandal.

 

Established more than 50 years ago, the company transformed itself from a
small South African business to a furniture and household goods retailer
straddling four continents before its dramatic fall from grace.

 

Revenues were flat at two of the company’s businesses - Mattress Firm in the
United States and French furniture retail division Conforama.

 

The company’s debt stood at 9.09 billion euros during the period and a
number of lawsuits against the company continue to pose a challenge,
Steinhoff said.

 

Steinhoff said all options would be considered as part of its debt reduction
strategy, adding it would continue to keep the ownership of its
well-performing businesses under review.

 

The company’s shares were up 1.68% at 0838 GMT.

 

($1 = 0.8973 euros)

 

($1 = 15.2369 rand)

 

 

 

Woolworths fashion business returns to sales growth, shares rise

JOHANNESBURG (Reuters) - South African retailer Woolworths Holdings Ltd
reported a 2.1% drop in annual earnings on Thursday but cheered investors
with a turnaround in its fashion, beauty and home business after fixing poor
product choices which had weighed on its sales.

 

Group Chief Executive Ian Moir has admitted previously to mistakes when it
came to its local fashion business, where poor product choices in clothing,
especially in womenswear, had hurt sales in the previous year.

 

The firm has been fixing those mistakes by providing what it describes as
“beautiful basic” items to appeal to its base of customers who do not want
too fashionable or too young items.

 

Sales in the Woolworths Fashion, Beauty and Home business rose by 1.5% and
comparable sales by 1.0% in the 52-weeks ended June, following a 1.5% drop
in the prior year.

 

“The second-half is really worth calling out within fashion, beauty and
home. We got it back to where it should be, We’ve refocused the business and
made the changes we talked about,” Moir said during the result presentation.

 

“We’re getting back to what Woolworths is all about. Its core basics are
there, which are the building blocks of your wardrobe. We’ve reminded
ourselves just who our customers are and we’re delivering to them.”

 

Sales in the second-half rose 5.5% with comparable sales up 4.7%. Group
sales rose by 3.9% to 78.2 billion rand ($5.13 billion), with adjusted
profit before tax down 3.7% to 4.6 billion rand.

 

Woolworths South Africa, which also includes the food business and trades in
10 countries in sub-Saharan Africa, accounts for more than 70% of group
operating profit.

 

Shares in the company were up 5.4% at 54.87 rand by 0830 GMT as investors
welcomed the unit’s turnaround and looked beyond a fall in the group’s
adjusted headline earnings per share to 356.3 cents from 364.1 cents in the
prior year.

 

In Australia, where retail trading conditions remained challenging, David
Jones, which was also significantly impacted by sales disruption from its
Elizabeth Street store refurbishment, saw sales fall by 0.8%, with
comparable sales dipping 0.1%.

 

The firm announced earlier in August that it had written down the value of
its Australian upmarket department store chain David Jones on structural
changes in the retail market and subdued consumer spending in a slowing
economy.

 

It booked an impairment charge of A$437.4 million ($295.42 million) against
David Jones, reducing the unit’s valuation to about A$965 million.

 

The impairment had no effect on HEPS, the main profit gauge in South Africa
which strips out certain one-off items.

 

($1 = 1.4806 Australian dollars)

 

($1 = 15.2369 rand)

 

 

 

South Africa's July PPI at 4.9% year-on-year

JOHANNESBURG (Reuters) - South Africa’s producer price inflation was at 4.9%
year-on-year in July from a 5.8% increase in June, the statistics agency
said on Thursday.

 

On a month-on-month basis, the PPI decelerated by 0.2% in July after
increasing by 0.4% in the previous month, Statistics South Africa said.

 

Percentage changes:

 

July July June June

 

y/y m/m y/y m/m

 

Final manufactured goods 4.9 -0.2 5.8 0.4

 

Intermediate manufactured goods 1.7 -1.3 4.5 0.4

 

Electricity and water 14.5 13.5 9.3 32.6

 

Mining and quarrying 15.7 2.8 14.6 1.3

 

Agriculture, forestry and fishing -1.1 1.1 -1.9 0.7

 

 

 

Ivory Coast, Toyota sign assembly plant deal

(Reuters) - Ivory Coast’s government signed an agreement on Thursday with
Toyota to build a vehicle assembly plant in the West African nation, the
office of Ivorian Prime Minister Amadou Gon Coulibaly said in a statement.

 

Faced with stagnant sales in developed economies, automakers including
Toyota, Volkswagen, BMW, and Nissan are seeking to break into Africa,
considered one of the world’s last untapped markets for new cars.

 

Thursday’s agreement was signed at a Japan-Africa development conference in
Yokohama, Japan, by Gon Coulibaly and Ichiro Kashitani, CEO of Toyota
Tsusho, a unit of the automotive and industrial group.

 

The statement did not give details on the number or type of vehicles Toyota
will produce in Ivory Coast, but it said the process for establishing the
plant would be launched before the end of the year.

 

As part of its push into the continent, Toyota Tsusho acquired French
automobile retailer CFAO, which operates in 35 countries in Africa, in 2016.
Toyota already produces cars in South Africa, which has a well-developed
auto industry.

 

VW and Nissan have also 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.

 

 

 

Tanzania's National Bank of Commerce hit with fine over data rules breach

DAR ES SALAAM (Reuters) - Tanzania’s National Bank of Commerce Ltd has been
fined 1 billion Tanzanian shillings ($435,000) for failure to establish a
data centre in the East African nation, the second bank in two months to be
penalised for such a breach by the central bank.

 

The central bank directed banks and financial institutions in 2014 to
establish primary or secondary data centres in the East African nation,
warning of hefty fines for non-compliance as it tightened regulatory
oversight of the sector.

 

The country’s financial services sector has been hit by a spike in bad
loans, which have stifled the growth of credit to the private sector.

 

The central bank fined Diamond Trust Bank Tanzania Limited 1 billion
shillings last month for breaching the regulatory rules on data and service
availability. [nL8N24E09U]

 

It issued a new directive last week that all banks and financial
institutions must now establish a primary data centre within three months or
face an increased fine of 5 billion shillings. [nL5N25L06R]

 

“The Bank of Tanzania (BoT) has imposed a penalty charge of one billion
shillings to National Bank of Commerce Limited (NBC) for failure to
implement directives to establish either a primary or secondary data centre
in the country,” the central bank said in a statement sent to Reuters on
Thursday.

 

It said the rules were aimed at ensuring banks’ operations when they are cut
off from accessing data centres of parent companies located outside
Tanzania.

 

“The Bank of Tanzania has noted with serious concern that NBC did not
implement the directive for establishing a secondary data centre in the
country, despite confirming in writing that it has implemented the
directive,” it said.

 

“In addition to the penalty explained above, additional charge of 10 percent
of the penalty amount will be imposed to 

 

NBC for every month in which the non-compliance continues.”

 

NBC, majority owned by South African lender Absa, was not immediately
available for comment.

 

The central bank said it has issued three previous circulars to banks and
financial institutions since 2014 on the requirement for primary or
secondary data centres to be located in Tanzania instead of on servers
abroad, but some lenders were yet to comply.

 

 

 

Huawei's next phone will not have Google apps

Huawei's next flagship smartphone will not come with Google's popular apps
including Maps and YouTube.

 

Google confirmed that due to a US government ban on sales to Huawei, it
could not license its apps to the Chinese smartphone giant.

 

It also means the next Huawei phone will not have access to the Google Play
app store, which could leave customers without access to other popular apps.

 

Analysts suggest Huawei will struggle to sell a phone without Google's apps.

 

The US government restricted American companies from selling products and
services to Huawei in May, citing national security concerns, which Huawei
rejects.

 

President Donald Trump said last month that some exemptions would be
allowed.

 

But US officials have not granted any licences to trade with Huawei, despite
receiving more than 130 requests.

 

Huawei: UK to make 5G decision 'by the autumn'

Huawei announces its new Harmony operating system

The Android operating system is open-source software, so any manufacturer
can offer it on their smartphone or tablet.

 

But companies need an agreement with Google to include its popular apps such
as Maps, Pay, Search, Photos, Play Store and YouTube.

 

Google has not said whether it has applied for permission to offer its apps
to Huawei.

 

Huawei said in a statement: "Huawei will continue to use the Android OS and
ecosystem if the US government allows us to do so. Otherwise, we will
continue to develop our own operating system and ecosystem."

 

It has set up a website named Huawei Answers to address consumer concerns
about the company's relationship with Android.

 

"Anyone who has already bought, or is about to buy a Huawei smartphone, can
continue to access the world of apps as they have always done.

 

"All devices continue to be covered by our manufacturer's warranty and will
receive full service support accordingly," the company said.

 

Huawei is just weeks away from launching its next flagship phone, the Mate
30 Pro.

 

It will be Huawei's first major phone launch since the US restrictions were
applied in May.

 

But analysts say launching without Google's apps in Europe will be a major
blow.

 

Consumers expect to have access to all the major apps they are used to -
including Maps and YouTube. Without them, Huawei's phones will seem a lot
less appealing.

 

And losing the Play Store means Huawei will need to provide another way for
customers to access other popular apps such as Facebook, Twitter and BBC
News.

 

It is possible to create Android-powered devices without involving Google.
Amazon does this with its Fire tablets, which do not come with Google's
apps.

 

But will customers want a premium, high-end mobile phone that does not have
access to some of the world's most-used apps?

 

Huawei has said it will continue using Android for as long as the US
government allows it.

 

But it is also working on its own operating system - Harmony OS - as a
back-up plan.--bbc

 

 

 

 

S Korea ex-leader Park and Samsung heir Lee face bribery retrials

South Korea's top court has set aside part of jailed former President Park
Geun-hye's conviction and ordered a retrial.

 

The court said separate verdicts should have been reached on the bribery
allegations against her and sent the case back to a lower court.

 

Park was convicted in 2018 of bribery and abuse of power and given 25 years.

 

The Supreme Court also ordered a retrial for Samsung heir Lee Jae-yong on
bribery charges in the same scandal.

 

It said three horses worth $2.8m (£2.3m) given by Samsung to then-president
Park's friend's daughter should also have been considered as bribes.

 

Lee was jailed for five years in 2017 but freed the following year after an
appeals court suspended the sentence.

 

South Korea's first female president

South Korea's presidential scandal

Country profile

What does the ruling mean for Park?

South Korean media said she could ultimately face an even longer jail
sentence if she is convicted again in two separate verdicts, AFP reported.

 

In April 2018 she was convicted of receiving or asking for more than $20m
(£16m) from conglomerates.

 

Park, the daughter of former military ruler Park Chung-hee and the country's
first female president, boycotted court hearings, maintained her innocence
and said the trials were politically motivated.

 

Her trial brought to light the longstanding close ties between South Korea's
political elite and the chaebols, or family-run conglomerates, which
dominate its economy.

 

How does the ruling affect Samsung's Lee?

The Supreme Court said the Seoul High Court's interpretation of what
constituted a bribe had been too narrow and the three horses should also
have been taken into consideration.

 

They were donated for Park's confidante Choi Soon-sil's daughter to use in
equestrian training. Samsung also paid Choi millions of dollars, allegedly
for government favours.

 

Choi was jailed for 20 years for corruption, influence-peddling and abuse of
power.

 

In 2018 the Seoul High Court cut Lee's sentence by half and suspended it for
four years.

 

Who is Samsung's Lee Jae-yong?

Is real reform possible at South Korea's business empires?

Supreme Court Chief Justice Kim Myeong-su said that decision "misunderstood
the law on bribery... which is at fault for influencing the ruling".

 

Lee, the de facto head of the world's biggest smartphone and memory chip
maker, denies wrongdoing.

 

In a statement, Samsung said that it "deeply regrets that this case has
created concerns across the society".

 

"We will renew our commitment to carrying out the role of a responsible
corporate citizen and will avoid a recurrence of past mistakes," it
said.--BBC

 

 

 

Micro Focus shares drop 30% on profit warning

Shares in software giant Micro Focus International fell as much as 30% after
it said sales would be worse this year than expected.

 

The FTSE 100-listed firm had already warned in March revenue would be 4% to
6% lower for the year to 31 October.

 

It now says sales will be 6% to 8% below last year's because of the
"deteriorating macro-environment".

 

The company, which bought Hewlett Packard's software business in 2017, is
the largest UK-based tech firm.

 

The economic climate had resulted in "more conservatism and longer
decision-making cycles" within the firm's customer base, Micro Focus said.

 

Are markets signalling that a recession is due?

The Newbury firm, which sells software and consultancy services globally,
has struggled to integrate the much larger US-based Hewlett Packard
Enterprise, which it bought for £6.8bn ($8.8bn) two years ago.

 

Micro Focus will accelerate a strategic review of the group's operations as
a result of the worsening expectations, chief executive Stephen Murdoch
said.

 

The aim now would be to determine "where performance can be improved and how
the business can be better positioned to optimise shareholder value", he
said.

 

Mr Murdoch took over as chief executive in March last year. The firm's
previous chief executive departed after acknowledging the merger was proving
more difficult than anticipated.

 

"The words 'strategic review' rarely spell good news for investors, so it
wasn't surprising to see the shares respond with a drop of 30% in early
trading," commented Ian Forrest, investment research analyst at The Share
Centre.

 

"[Hewlett Packard Enterprise] was not directly mentioned today, but it may
well be part of the issue, as the company said in July the integration
process was proving 'complex and significant'."--BBC

 

 

 

Climate change: Big lifestyle changes 'needed to cut emissions'

People must use less transport, eat less red meat and buy fewer clothes if
the UK is to virtually halt greenhouse gas emissions by 2050, the
government's chief environment scientist has warned.

 

Prof Sir Ian Boyd said the public had little idea of the scale of the
challenge from the so-called Net Zero emissions target.

 

However, he said technology would help.

 

The conundrum facing the UK - and elsewhere - was how we shift ourselves
away from consuming, he added.

 

In an interview with BBC News, Sir Ian warned that persuasive political
leadership was needed to carry the public through the challenge.

 

Asked whether Boris Johnson would deliver that leadership, he declined to
comment.

 

Mr Johnson has already been accused by environmentalists of talking up
electric cars whilst reputedly planning a cut in driving taxes that would
increase emissions and undermine the electric car market.

 

UK commits to 'net zero' emissions by 2050

Government 'like Dad's Army' on climate change

Climate change: Where we are in seven charts

Sir Ian said polluting activities should incur more tax. He believes the
Treasury should reform taxation policy to reward people with low-carbon
lifestyles and nudge heavy consumers into more frugal patterns of behaviour.

 

It was vital, he said, for the changes to be fair to all parts of society.

 

He also believes Net Zero won't happen unless the government creates a Net
Zero ministry to vet the policies of all government departments in the way
the Brexit ministry vets Brexit-related decisions.

 

Emissions won't be reduced to Net Zero while ministers are fixed on economic
growth measured by GDP, instead of other measures such as environmental
security and a relatively stable climate, he argued.

 

Asked why the UK should take the lead when China's emissions are so high, he
answered that the Chinese government was very worried about the climate and
was taking it very seriously.

 

Sir Ian, a polar expert with a chair in biology at St Andrews University,
suggested that the UK was in a good position to show the world how to
achieve Net Zero. But he agreed that similar radical action was ultimately
needed by all nations.

 

He said that on broader issues the government had produced (or was in the
process of producing) impressive strategies on the environment, waste, air
pollution, marine and food.

 

Some ministers were enthusiastic to translate these into firm strategies,
but they needed support from the public, he said. He confessed that he was
not optimistic about the future of the planet because so many systems of
government needed to change in a short time.

 

Sir Ian, who leaves Defra on Thursday after seven years in post, said: "The
way we live our lives is generally not good for the environment.

 

"We like to consume things, but the more we consume the more we absorb the
resources of the planet.

 

"That means we have to grow those resources or we have to mine them - and in
doing that we generate waste. And consumption is going up all the time.

 

"(There's) a conundrum - how do we shift ourselves from consuming? We need
to do more about learning to live sustainably. We talk about sustainability
but we don't really know what it means.

 

"We need to make major technological advances in the way we use and reuse
materials but we (also) need to reduce demand overall - and that means we
need to change our behaviours and change our lifestyles.

 

"We certainly won't be able to travel so much as we have in the past, so we
have to get used to using modern communications methods.

 

"Moving material round the planet will be more difficult so we'll have to do
more with 3D printing; that sort of thing.

 

"We've got to reduce demand to a much greater extent than we have in the
past, and if we don't reduce demand we're not going to reduce emissions.

 

"Emissions are a symptom of consumption and unless we reduce consumption
we'll not reduce emissions.

 

"It will very rarely come down to a direct message like 'sorry, you can't
buy that but you can buy this'. But there will be stronger messages within
the (tax) system that make one thing more attractive than the other."

 

He said UK government strategies were in place on air, environment,
resources, waste, marine, and food. "[Ministers] need to be persuasive."

 

Asked if he was optimistic about the future of the planet, he said: “We have
the intelligence to do it; we have the potential to develop the technologies
to do it
 I’m doubtful that we have the governance structures to make it
happen at the speed it needs to happen at."

 

Richard Black, from the think tank Energy and Climate Intelligence Unit
(ECIU), said Sir Ian's words were "somewhat surprising".

 

He added: "They appear to contradict the mass of evidence assembled on
getting to Net Zero, including the major report from the government's
statutory adviser the Committee on Climate Change."

 

I understand that the Confederation of British Industry, the CBI, accept
there will have to be behavioural change to meet Net Zero.

 

A source in the organisation said they were frustrated that government
climate policies were currently too weak.

 

Given the very broad nature of Sir Ian's comments, we approached Downing
Street for a comment.

 

They declined and passed us back to Sir Ian's department, Defra. But their
statement didn't address any of his key questions about governance,
leadership and consumption.

 

It said: "The impact of climate change is clear and demands urgent action
from countries around the world. The UK has already shown global leadership
by becoming the first major economy to legislate for net zero emissions by
2050 - but we know there is more to do.

 

"That's why we're reforming farming policy to reward environmental actions,
reviewing our food system to ensure it is more sustainable, taking steps to
accelerate tree-planting and peatland restoration, and introducing a
flagship Environment Bill to address the biggest environmental priorities of
our age."--BBC

 

 

 

Sibanye-Stillwater hints at interest in AngloGold's Mponeng mine

JOHANNESBURG (Reuters) - The chief executive of South African mining company
Sibanye-Stillwater said on Thursday that the firm has a non-disclosure
agreement with AngloGold Ashanti regarding AngloGold’s Mponeng mine,
suggesting Sibanye may be interested in the asset.

 

AngloGold said in May that it would review divestment options for its
Mponeng mine and other South African assets to focus on higher returns
elsewhere.

 

“Yes we are under confidentiality because we are part of that process,” Neal
Froneman said when asked by a reporter whether Sibanye-Stillwater is
interested in acquiring the mine and whether it has a non-disclosure
agreement.

 

He declined to comment further.

 

 

 


 

 


 

INVESTORS DIARY 2019

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


Bindura Nickel Corporation

 

 

 


Padenga Holdings

 

 

 


Delta Corporation

 

 

 


Meikles Limited

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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opinions expressed and recommendations made are subject to change without
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for guideline purposes only and sourced from third parties.

 


 

 


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