Major International Business Headlines Brief::: 17 December 2019

Tue Dec 17 01:13:19 CAT 2019

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Major International Business Headlines Brief::: 17 December 2019

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

*  Madagascar mining chamber criticises plan to raise minerals taxes

*  Ivory Coast's cocoa belt welcomes rain ahead of Harmattan winds

*  Kenyan shilling firm on diaspora remittances

*  Ethiopia to get $3 bln loan from World Bank

*  Botswana loss-making retailer Choppies to exit 3 more African countries

*  South Africa asks industry for options to end power crisis

*  Four ways South Africa can get more power generation capacity

*  First Quantum launches arbitration against Zambian state miner

*  South Africa's rand hands back early gains to end flat

*  South Africa records smaller FDI inflows in third quarter

*  Boeing to temporarily halt 737 Max production in January

*  Top tech firms sued over DR Congo cobalt mining deaths

*  Pre-Christmas shopping discounts 'could hit 50%'

*  Workers secure fresh victory over Post Office

*  Apple shareholders set to vote on human-rights policies

*  BA strike threat removed after pilot pay deal

*  Twitch sued for £2.1bn over Premier League by Russian firm

*  More House of Fraser stores to close, warns Mike Ashley

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Madagascar mining chamber criticises plan to raise minerals taxes

ANTANANARIVO (Reuters) - Madagascar’s mining chamber on Monday sharply criticised a draft mining law that proposes greater government revenue from mining activities, saying the changes will halt new investment and endanger existing mining operations in the country.

The bill, seen by Reuters last week, shows that Madagascar plans to increase its royalties on nickel, cobalt, precious metals, and gemstones to 4% from 2% at present. It also proposes a government stake of at least 20% in any marketable mining production.

The mining chamber said in an emailed statement in response to questions from Reuters that the government did not consult the chamber, the private sector or civil society on the draft bill.

“The measures envisaged clearly run counter to the attractiveness of Madagascar as a destination for responsible and sustainable national and international mining investments,” the statement read.

The chamber added that the measures will “endanger” mining companies already operating in the country and “bring a sharp and immediate halt to the potential arrival of new investors”.

Mining royalties would rise to 8% from 2% for raw precious stones. Rough industrial stones would attract a 6% royalty rate while cut industrial stones would be taxed at 3%.

Mines Minister Fidiniavo Ravokatra told reporters last week that Madagascar has compared its royalty rates with other countries and categorised different minerals.

Democratic Republic of Congo introduced a new mining code last year increasing the royalty rate for precious metals from 2.5% to 3.5%, causing an outcry from miners operating there.

Madagascar has one of the world’s largest nickel mines, operated by Ambatovy Minerals, which also produces cobalt.

Chromium is also industrially exploited in Madagascar, along with ilmenite which is mined by Rio Tinto’s QIT Madagascar Minerals.

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Ivory Coast's cocoa belt welcomes rain ahead of Harmattan winds

ABIDJAN (Reuters) - Farmers in Ivory Coast’s cocoa-growing regions welcomed heavier-than-usual rainfall after weeks of hot and dry weather had threatened the main crop, they told Reuters on Monday.

Ivory Coast, the world’s top cocoa producer, is in its dry season, which runs from November to March when rain tends to be scarce or light.

“This humidity is going to help the trees and get them ready for a good output in February and March,” said Joseph Kan, who farms near Daloa.

While farmers were optimistic for next year’s harvest, plantations would need regular rain and mild seasonal winds to continue developing, they said.

Harmattan winds sweep in sand from the Sahara and can ravage cocoa pods and sap soil moisture, damaging bean size.

Data collected by Reuters showed rainfall in Daloa, which includes the region of Bouafle, was 15.6 millimetres (mm) last week, 11.7 mm above the five-year average.

More plentiful rain also fell in the southern regions of Divo and Agboville, in the eastern region of Abengourou and in the western region of Man.

But in the dry central regions of Bongouanou and Yamoussoukro, farmers said they would need more moisture before the arrival of the Harmattan.

In the western region of Soubre, at the heart of the cocoa belt, farmers said the moisture would help them harvest significant volumes from February.

“We will have good harvests going forward because the Harmattan is not here yet and the rains are good,” said Koffi Kouame, who farms in the outskirts of Soubre.

In Soubre, which includes the regions of San Pedro and Sassandra, data showed rainfall last week was 11.5 mm, 1.1 mm above the five-year average.

Temperatures on average ranged from 26.4 to 28.5 Celsius.

Kenyan shilling firm on diaspora remittances

NAIROBI (Reuters) - The Kenyan shilling was firm on Monday with inflows from diaspora remittances meeting dollar demand from merchant importers and the energy sector, traders said.

At 0740 GMT, commercial banks quoted the shilling at 101.50/70 per dollar, compared with 101.60/80 at Friday’s close.

Ethiopia to get $3 bln loan from World Bank

ADDIS ABABA (Reuters) - Prime Minister Abiy Ahmed said on Friday that Ethiopia will receive $3 billion from the World Bank to help strengthen reforms in its traditionally state-controlled economy.

Two days ago the International Monetary Fund said it had reached a preliminary agreement for a three-year, $2.9 billion financing package to support Ethiopia’s economic reforms.

Abiy did not give more details on the World Bank funding. He said on his Twitter account that unnamed development partners have pledged more than $3 billion in addition to the World Bank and IMF funding.

The money will go toward macroeconomic, structural and sectoral reforms, he said.

“This reaffirms both Governments’ and donors’ partnership to transition Ethiopia to a prosperous and peaceful nation,” Abiy wrote.

Ethiopia’s State Minister of Finance Eyob Tekalign Tolina, did not say when World Bank funds will be released, but told Reuters that once approved, the World Bank loan would also be disbursed over a three-year period.

The World Bank Ethiopia office did not respond to messages seeking comment.

Abiy promised to open the economy to private investment when he took office in 2018, aiming to modernise banking and telecoms and help provide jobs for more of Ethiopia’s 105 million people.

Botswana loss-making retailer Choppies to exit 3 more African countries

GABERONE (Reuters) - Botswana budget retailer Choppies will exit three more African markets, the company announced late on Friday, less than a fortnight after it said it would sell its loss-making South African operations for only 1 rand ($0.0680).

The company added that it posted a 445 million pula ($40.8 million) loss after tax in delayed results for the financial year ending June 2018.

Choppies will dispose of its operations in Mozambique, Tanzania and Kenya, halving its footprint to just four countries, it said in an announcement through the Botswana Stock Exchange late on Friday.

The group will continue operating in Botswana, Zimbabwe, Zambia and Namibia.

“Negotiations to sell the Tanzanian subsidiary are at an advanced stage, while the boards have also taken a decision to downscale its operations in Kenya and dispose of the stores to the local operators,” it said in the statement accompanying delayed financial results for the year ending June 2018.

It added that Choppies’ only store in Mozambique would be closed. It ceased trading on September 2019.

Choppies saw its shares plunge by more than 60% last September after announcing a delay to the publication of its financial statements.

The results were delayed after auditors raised concerns with the board about accounting practices for the year ended June 30, 2018 and prior years.

Botswana Stock Exchange CEO Thapelo Tsheole told Reuters on Saturday that Choppies would remain suspended from the bourse until the company releases its results for the half-year period to December 2018 as well as for the full-year to June 2019.

($1 = 10.9170 pulas)

($1 = 14.7075 rand)

South Africa asks industry for options to end power crisis

JOHANNESBURG (Reuters) - South Africa’s government on Friday asked industry for the cheapest and quickest options to ease a power crunch, as cabinet held an emergency meeting to try and resolve a crisis threatening growth in Africa’s most industrialised economy.

President Cyril Ramaphosa called the meeting after struggling state utility Eskom implemented the most extensive power cuts in more than a decade earlier this week, disrupting supply to businesses and households.

Eskom, which cut power for a ninth straight day on Friday, is choking under a massive 450 billion rand ($30.6 billion) debt burden and struggles to meet demand because its creaking coal-fired power stations haven’t been maintained properly.

It says the country desperately needs an additional 5,000 megawatts (MW) of generating capacity.

The energy ministry published a document on Friday requesting information from the power industry on options for between 2,000 MW and 3,000 MW of new capacity at least cost.

Firms are to reply by the end of January and present options that could be connected to the grid within three to six months or six to 12 months, if they are selected in a procurement process, the document showed.

For a factbox on potential power generation options:

Ramaphosa had said on Wednesday that Energy Minister Gwede Mantashe and Public Enterprises Minister Pravin Gordhan would present proposals on solving the crisis to the cabinet meeting, after the outages forced some miners to temporarily cut output early this week.

The power crisis is one of the biggest challenges for the former trade union leader turned millionaire businessman who has promised to fix ailing state firms and reverse years of mismanagement and stagnation.

But he has found it hard to overhaul Eskom and lift the country’s growth rate due to entrenched opposition to his reforms. Another struggling state firm, South African Airways, entered a form of bankruptcy protection last week.

EASE REGULATIONS

Some of the proposals being considered by cabinet on Friday include fast-tracking applications of businesses seeking to generate their own electricity, bringing in temporary generators and connecting renewable energy projects to the grid sooner than initially planned.

Private firms have been clamouring for years for the government to ease regulations to allow them to generate more of their own electricity.

Roger Baxter, chief executive of industry group the Minerals Council, told Reuters that miners could bring online between 500 MW and 1,500 MW of their own generating capacity over the next few years, if regulations were eased.

“All our eggs are in one basket with Eskom, which is not delivering. Government and business need to work together to solve this problem,” Baxter said.

Eskom, which cut 2,000 MW of power from the national grid on Friday morning but later scaled it back to 1,000 MW, wants a larger safety margin to do more maintenance on its plants.

As of Friday morning, Eskom had almost 12,000 MW of unplanned breakdowns, versus its nominal capacity of around 44,000 MW.

Power cuts are expected to ease from the middle of next week, as many local businesses shut down before the Christmas and New Year public holidays.

($1 = 14.7075 rand)

Four ways South Africa can get more power generation capacity

JOHANNESBURG (Reuters) - Plagued by power cuts and with its infrastructure in desperate need of revamping, South Africa’s struggling state power utility Eskom says the country desperately needs an additional 5,000 megawatts (MW) of generating capacity.

Here are some options:

HARNESSING POWER FROM INDEPENDENTS

Eskom’s nominal generating capacity is around 44,000 MW. But it also procures electricity from independent power producers.

Those projects - mainly renewables like wind and solar farms - have installed capacity of around 4,000 MW of power. However, a cap on how much electricity they are allowed to sell onto the national grid means they currently have unused capacity.

Lifting the restriction would allow an additional 500 MW to immediately enter the grid from wind farms alone, according to wind industry officials. Harnessing unused capacity from solar projects could contribute around 300 MW more.

MORE INDEPENDENT PRODUCERS

Under former President Jacob Zuma, approval for new producers was delayed for years. Those projects finally got a green light in 2018. Some under construction could be fast-tracked and brought online before their agreed commercial operation dates.

The government could also accelerate a new round of planned approvals that has been held up by administrative delays. However, those projects would likely not be on-stream for more than two years.

SELF-GENERATION

Private businesses have been clamouring for regulations to be eased to allow them to generate more of their own power. They are currently required to seek a license to generate more than 1 MW of electricity. Even below that threshold they must register their facilities with the energy regulator, a cumbersome process that has discouraged investment.

President Cyril Ramaphosa says the government will consider how to get more self-generation online with excess production directed back onto the grid.

“FLOATING GENERATORS”

Ramaphosa has said South Africa will look at the possibility of procuring more power via “floating generators”. While he did not go into detail, barge or ship-based power plants provide quickly deployable capacity.

New York City, for example, has used barge-based power stations for decades.

In Africa, Ghana signed a 10-year deal with Turkey’s Karadeniz Holding in 2014 for 450 MW of floating generating capacity for its national grid.

Russian nuclear energy giant Rosatom is, meanwhile, developing floating nuclear power stations, though they will likely not be available for commercial use for several years.

First Quantum launches arbitration against Zambian state miner

LUSAKA (Reuters) - First Quantum Minerals has begun arbitration proceedings against Zambian state miner ZCCM-IH to try to resolve a dispute over a money transfer to the parent company of Kansanshi Mining, which is majority-owned by the Toronto-listed group.

The arbitration proceedings follow a criminal complaint made by state-owned ZCCM-IH against the alleged unauthorised transfer of money by Kansanshi Mining to First Quantum’s local subsidiary.

ZCCM-IH in a separate case, launched action in October 2016 to sue First Quantum for $1.4 billion over claims that the Canadian company borrowed $2.3 billion from its Zambian copper mining subsidiary Kansanshi Mining Plc without informing ZCCM-IH, a minority shareholder.

The transfer in the latest case was made between Kansanshi Mining, which is 80% owned by First Quantum and 20% owned by ZCCM-IH, to Kansanshi Holdings — the Zambian-registered vehicle through which Toronto-listed First Quantum owns its majority stake.A ZCCM-IH official, who declined to be named, said the company had received information on Friday that Kansanshi Holdings intended to appeal for arbitration over the dispute. The statement said arbitration would take place in London.

She declined to give further details of the money transfer or when it was alleged to have occurred. She declined to comment further. First Quantum could not be immediately contacted for comment.

The Canadian miner has been embroiled in a dispute with the Zambian government after being handed a $5.8 billion bill for unpaid import duties last year.

South Africa's rand hands back early gains to end flat

JOHANNESBURG (Reuters) - South Africa’s rand was flat against the dollar on Friday, struggling for direction after surprise gains in the face of a darkening growth outlook following a week of nationwide power cuts and ongoing uncertainty over U.S.-China trade talks.

At 1530 GMT, the rand was 0.07% firmer at 14.4790 per dollar, hardly budged from the morning’s open as investors awaited details of a cabinet decision on how to deal with a crisis at power utility Eskom.

South Africa’s government on Friday asked industry for the cheapest and quickest options to ease a power crunch, as cabinet held an emergency meeting to try to resolve a crisis threatening growth in Africa’s most industrialised economy.

Eskom, which cut power for a ninth straight day on Friday, is choking under a massive 450 billion rand ($30.6 billion) debt burden and struggling to meet demand because its creaking coal-fired power stations haven’t been maintained properly.

The rand surprised market watchers by racing to a 5-month high in the session, hitting 14.3700 before pulling back, in what some analysts said was a move backed by the high yield on offer, more so after local inflation fell again and the U.S. Federal Reserve held rates.

“The rand rallied sharply overnight in response to a more confident tone on U.S.-China trade negotiations and the UK elections which reduce uncertainty,” analysts at ETM said in a note.

“Domestically, it is likely that a return to an almost functioning power grid will support sentiment following the return to stage 1 load shedding last night.”

On the bourse, stocks soared alongside emerging market shares as reports of a Sino-U.S. trade deal, as well as the prospect of a smooth Brexit, fired risk appetite across the globe.

The benchmark JSE Top-40 Index climbed 1.81% to 50,499.02 points while the broader All-Share Index rose 1.78% to 56,815.08 rand.

Financials were the biggest winners on the blue-chip index on the back of a firmer rand. Insurance and specialised finances company Discovery topped the bourse, up 6.13% at 122 rand.

Banks followed, with Absa Group up 5.14% to 152.88 rand, and Standard Bank Group rising 4.36% to 169.50 rand.

Materials shares acted as a drag as gold prices fell and investors switched to riskier stocks. AngloGold Ashanti was down 5.37%, while Goldfields fell 3.27%.

In the fixed income market, the yield on the benchmark government bond due in 2026 was down 1.5 basis points to 8.32%.

South Africa records smaller FDI inflows in third quarter

PRETORIA (Reuters) - South Africa recorded smaller foreign direct investment (FDI) inflows in the third quarter compared with the second quarter, but portfolio investment inflows jumped after the government issued international bonds, central bank data showed on Friday.

Africa’s most industrialised economy had FDI inflows of 17 billion rand ($1.16 billion) in the third quarter from inflows of 26.3 billion rand in the second quarter, the South African Reserve Bank (SARB) said in its Quarterly Bulletin.

The portfolio investment inflows were at 40.2 billion rand from July to the end of September from inflows of 10 billion rand in the prior quarter, mainly reflecting the government’s issuance of international bonds of $5 billion, the SARB said.

($1 = 14.7075 rand)

Boeing to temporarily halt 737 Max production in January

Boeing will temporarily halt production of its troubled 737 Max airliner in January, the manufacturer said.

Production of the jet had continued despite the model being grounded for nine months after two deadly crashes.

More than 300 people died when two 737 Max aircraft crashed in Indonesia and Ethiopia after reported problems with a new feature.

Boeing had been hoping to have the aircraft back in the air by the end of this year.

But US regulators made it clear that the planes would not be certified to return to the skies that quickly.

Boeing, based in Seattle, Washington is one of the US's largest exporters. The company said in a statement that it would not lay off workers associated with the 737 Max, but the stoppage is likely to affect suppliers and the wider economy.

"Safely returning the 737 Max to service is our top priority," the aircraft manufacturer said. "We know that the process of approving the 737 Max's return to service, and of determining appropriate training requirements, must be extraordinarily thorough and robust, to ensure that our regulators, customers, and the flying public have confidence in the 737 Max updates."

What went wrong in Boeing's cockpit?

US regulator knew of Boeing 737 crash risks

The suspension of the 737 Max has already cost Boeing around $9bn (£6.75bn; €8.07bn). Boeing shares fell more than 4% on Monday amid speculation the airline would announce a production suspension.

The manufacturer said that it had 400 of the 737 Max aircraft in storage and would focus on delivering those to customers.--BBC

Top tech firms sued over DR Congo cobalt mining deaths

Apple, Google, Tesla and Microsoft are among firms named in a lawsuit seeking damages over deaths and injuries of child miners in the Democratic Republic of Congo.

The case has been filed by the International Rights Advocates on behalf of 14 Congolese families.

They accuse the companies of knowing that cobalt used in their products could be linked to child labour.

DR Congo produces 60% of the world's supply of cobalt.

The mineral is used to produce lithium-ion batteries used to power electric cars, laptops and smartphones.

However, the extraction process has been beset with concerns of illegal mining, human rights abuses and corruption.

Congo student: 'I skip meals to buy online data'

The precious metal sparking a new gold rush

Could you cope with smartphone rationing?

The lawsuit filed in the US argues that the tech companies had "specific knowledge" that the cobalt sourced for their products could be linked to child labour.

They say the companies failed to regulate their supply chains and instead profited from exploitation.

Other companies listed in the lawsuit are computer manufacturer Dell and mining companies, Zhejiang Huayou Cobalt and Glencore, who own the minefields where the Congolese families allege their children worked.

Device makers face child labour claims

DR Congo: Cursed by its natural wealth

Glencore said in a statement to the UK's Telegraph newspaper that it "does not purchase, process or trade any artisanally mined ore" adding that it also "does not tolerate any form of child, forced, or compulsory labour."

The BBC has sought comment from Zhejiang Huayou Cobalt.

Media captionWhy are people in mineral-rich DR Congo among the world's poorest?

The court papers, seen by the UK's Guardian newspaper, give several examples of child miners buried alive or suffering from injuries after tunnel collapse.

The 14 Congolese families want the companies to compensate them for forced labour, emotional distress and negligent supervision.

In a response to the Telegraph, Microsoft said it was committed to responsible sourcing of minerals and that it investigates any violations by its suppliers and takes action.

The BBC has also sought comment from Google, Apple, Dell and Tesla.--BBC

Pre-Christmas shopping discounts 'could hit 50%'

Sales discounts on clothing and products in the lead up to Christmas could be the biggest in almost ten years, according to one consultancy.

Deloitte, which has monitored the prices of 800,000 products online and in shops since 2011, expects average discounts to hit 50% by Christmas Eve.

Its forecast came as data provider Springboard said shopper numbers were lower than the same time last year.

The firm said shoppers were waiting for deeper discounts before buying.

"Consumers clearly took advantage of early discounts to purchase Christmas presents, and are now waiting for discounts to deepen once again in the days immediately before Christmas as retailers do their best to shift unsold stock," said Diane Wehrle, insights director at Springboard.

Black Friday brings UK retailers 'welcome' boost

'We will sit in Black Friday shopper queue for you'

Deloitte said current discounts ranged from 8% to 78% with the biggest discounts on clothing, but said the coming weekend - the last before Christmas - could see "a tipping point in promotions".

The consultancy said the price cuts had been driven by UK shops discounting earlier in the season due to Black Friday - the day after the American holiday of Thanksgiving, when retailers drop their prices for 24 hours. The tradition has increasingly been adopted by UK retailers too.

Deloitte said this had created a long run-up for pre-Christmas discounting, with prices falling steadily in the lead up to Christmas Day.

"Consumers have come to expect an increasing amount of pre-Christmas discounting. The result is a blending of promotions, one seeping into the next, and a steady price decline rather than a steep Boxing Day drop, reminiscent of Christmases past," said Jason Gordon, consumer analytics partner at Deloitte.

Post Christmas, Deloitte is expecting deeper discounts, with average reductions of up to 54% on Boxing Day.

Retail expert Natalie Berg said the current retail environment is worrying: "This is the most important time of the year for retailers, and this is a sign of distress."

She added that retailers have become worried and started discounting earlier due to consumers buying less, and once a few big brands start discounting, it is difficult for the rest of the High Street not to join in.

"It's a combination of pent-up demand and the late timing of Black Friday being on 29 November, not 23 November," she told the BBC.

"Generally, there's been a lot of political and economic uncertainty this year so consumers have been quite cautious about spending. That pent-up demand has been released at Christmas, when you spend, but consumers have cottoned on to the fact that there will be pre-Christmas discounts now."

But consumers might not even have to wait for the Boxing Day sales. Deloitte predicts that many Boxing Day discounts could go live online on Christmas Day itself, and on Christmas Eve in bricks and mortar shops.

"The operational challenges that sales present in-store mean some retailers could be offering Boxing Day sale prices on Christmas Eve, for those willing to hit the shops early," says Mr Gordon.-BC

Workers secure fresh victory over Post Office

Hundreds of post office workers have won a key victory against the Post Office and the controversial accounting software they were forced to use

It is the first step towards overturning the convictions of postmasters accused of fraud or theft after using the Horizon IT system.

Their lawyer said they could "now walk with their heads held high" after the ruling which ends years of campaigning.

It comes after the Post Office had said it would pay £58m to settle claims.

Last week the Post Office had acknowledged problems with the IT system but Monday's judgment has been made as part of a court case launched before that settlement was reached.

In the case, brought by six lead claimants, the judge looked at allegation that the system contained a large number of software defects, which caused shortfalls with sub-postmasters and postmistresses' accounts.

In Monday's High Court judgment, Mr Justice Fraser said the Horizon IT system was not "remotely robust" and even when improved it had a significant number of bugs.

'Victory against Post Office one of the best days of my life'

Jailed Post Office worker: I wanted to kill myself

He said there was a "material risk" that shortfalls in Post Office branch accounts were caused by the system.

The Post Office workers blame the system for creating big shortfalls in their accounts, discrepancies which led to some being made bankrupt and others prosecuted and sent to prison.

Homes, businesses and reputations have been lost, as well as years spent in prison.

"These claimants can now walk with their heads held high," said James Hartley, partner at Freeths law firm

Among those involved in the case is Seema Misra, who was pregnant with her second child when she was convicted of theft and sent to jail in 2010.

She was accused of theft after using the Post Office Horizon IT system, which is provided by Fujitsu.

Seema became a sub-postmistress in West Byfleet in Surrey in June 2005 and was suspended in January 2008 after an audit found a discrepancy of £74,000 in her accounts.

She had been feeding at least £100 per day from her shop into the Post Office tills, because of discrepancies in balancing the accounts. One day there was a £10,000 hole.

This went on for two years, she said, with very little support from the Post Office.

"If I hadn't had been pregnant, I definitely would have killed myself," she said. "It was the worst thing. It was so shameful."

She is now focused on trying to get her conviction overturned.

Another worker, Rubbina Shaheen is also among those fighting to clear her name. She ran the Greenfields post office in Shrewsbury and was convicted and jailed in 2010 and while she is not one of the 557 Post Office claimants, but is now hoping her conviction will be overturned.

Long-running dispute

The 400-page judgment comes after the Post Office had agreed a payout with 557 claimants after a long-running dispute over the system.

The Criminal Cases Review Commission, which investigates miscarriages for justice, is looking into more than 30 criminal convictions of former sub-postmasters.

James Hartley, partner at Freeths law firm which represented the claimants, said: "This judgment is vindication for the claimant group of postmasters - they have finally been proved to have been right all along when they have said that the Horizon system was a possible cause of shortfalls in their branch accounts.

"These claimants can now walk with their heads held high after all these years.

"This judgment, together with the settlement reached last week, are important stepping stones to achieving much-needed closure for these postmasters.

"They can now start to move on with their lives."

Mr Justice Fraser said he would refer the case to the Director of Public Prosecutions after evidence given by employees of Fujitsu, which developed and maintained the Horizon system, in previous court cases.

He said: "Based on the knowledge that I have gained, I have very grave concerns regarding veracity of evidence given by Fujitsu employees to other courts in previous proceedings about the known existence of bugs, errors and defects in the Horizon system."

'Re-set relationship'

Post Office Chairman, Tim Parker, said the judgment acknowledged that the current Horizon system was robust and related to previous version of the systems.

"In reaching last week's settlement with the claimants, we accepted our past shortcomings and I, both personally and on behalf of the Post Office, sincerely apologised to those affected when we got things wrong.

We have given a commitment to learning lessons from these events, and today's judgment underlines the need to do so."

"Importantly, our new chief executive [Nick Read] has made clear the need to reset our relationship with postmasters and started the process to build a much better relationship with them."--BBC

Apple shareholders set to vote on human-rights policies

Apple shareholders are set to vote on whether Apple should change its human-rights policies.

They will be asked whether they want Apple to make a commitment to respect freedom of expression.

Apple removed a mapping app during the Hong Kong protests, leading to criticism that it pandered to Beijing.

Campaign group SumofUs called on Apple to disclose certain human-rights policies in a resolution filed on 9 September.

The US Securities and Exchange Commission rejected Apple's appeal to block the resolution this month.

If shareholders vote in favour of the motion, Apple may have to explain its responses to future demands from governments that limit free expression.

Apple will also have to disclose how it forms policies on these issues.

"The motion will mean that Apple has to have policies around free expression, and that these will be available to shareholders," Sondhya Gupta, a campaign manager at SumOfUs, told the BBC.

"The company will need to report on the policies and the decisions that it has made that fall under them.

"In practice, it means that Apple will need to move to a position of considering whether a decision or action it takes could limit free expression and explain those decisions, rather than taking a decision and observing its impacts after the fact."

Apple has not commented.

Apple's HKmap headache

Hong Kong has been problematic for Apple, with the iPhone-maker struggling to appease Beijing and the special administrative region within China.

In October, Apple withdrew from the App Store a crowd-sourced app called HKmap Live that tracked the location of pro-democracy protesters and police.

Some viewed the location app as a way for protesters to stay safe, while others saw it as a way to avoid the police.

Apple said the app "facilitated, enabled or encouraged" activity that was not legal. However, the app is still available on Google's app store.

Apple never disclosed whether the ban came after a request from Chinese authorities.

SumofUs argues that Apple's actions have resulted in the persecution of certain ethnicities.

"By complying with the government of China's regime, Apple is aiding the brutal repression of Uighurs, Tibetans and other rights activists," said Ms Gupta.

"Our motion would force Apple to stand accountable for the impact of its decisions on the lives of innocent people."

Analysts from online stockbroker AJ Bell said: "Shareholders tend not to vote in favour of motions like this, mainly because the majority of votes are from institutional investors who have greater access to management and hence are more likely to deal with such questions behind closed doors."

In May, Amazon shareholders voted down proposals intended to cut sales of the company's controversial facial-recognition tool and to reduce its carbon output.--BBC

BA strike threat removed after pilot pay deal

British Airways pilots have struck a deal with the airline over a dispute over pay and conditions that led to a mass walkout in September.

Members of the British Airline Pilots' Association (Balpa) and BA reached a tentative deal last month, which reportedly promised an 11.5% pay rise over three years.

On Monday, pilots voted by nearly nine to one to accept the new deal.

But neither Balpa nor BA would confirm the terms of the pay agreement.

A total of 2,325 flights were cancelled when pilots walked out on 9 and 10 September.

BA later revealed it had shouldered a €137m (£121m) bill for the industrial action.

Another September strike was called off just over a week before pilots were set to walk out, but BA had already started cancelling flights, causing more disruption for passengers.

In a statement, BA said: "We welcome this news, which is a good result for our customers, our people, and our business."--BBC

Twitch sued for £2.1bn over Premier League by Russian firm

Russia's third-largest internet company is suing streaming service Twitch for 180bn roubles (£2.1bn) over pirate broadcasts of English Premier League games.

Rambler Group alleges its exclusive broadcasting rights were breached by the service more than 36,000 times between August and November.

It is seeking to permanently ban the Amazon-owned platform in Russia.

Twitch's lawyer has called Rambler's case "unfounded".

Russia is the third-largest user of Twitch, which has more than 15 million daily active users worldwide.

Its terms and conditions state users cannot share content without permission from the copyright owners, including films, television programmes and sports matches.

The streaming giant's lawyer, Julianna Tabastaeva, told Russian-language news website Kommersant Twitch "only provides users with access to the platform and is unable to change the content posted by users, or track possible violations".

She added the company took "all necessary measures to eliminate the violations, despite not receiving any official notification from Rambler".

The Moscow City Court will hear the case on 20 December.

It has ordered a temporary suspension of English Premier League streams on Twitch pending the outcome.

Premier League streaming on Amazon Prime - was broadcaster's debut a success?

"Our suit against Twitch is to defend our exclusive rights to broadcast English Premier League matches and we will continue to actively combat pirate broadcasts," said Mikhail Gershkovich, head of Rambler Group's sports project, in a statement.

BBC News has contacted Amazon for comment.

Rambler bought exclusive digital distribution rights for the English Premier League in 2019, for three seasons.

It is holding talks with Twitch in the hope of reaching a settlement agreement.

Amazon holds the exclusive rights to a number of Premier League matches in the UK over the next three years.

The company bought Twitch for $970m (£585m) in 2014.--BBC

More House of Fraser stores to close, warns Mike Ashley

More House of Fraser department stores will be closing in 2020, Sports Direct boss Mike Ashley has warned.

Mr Ashley - whose business bought the department stores a year ago - said that while some stores were not paying rent they were still "unsustainable".

"We are doing as much as we can to realistically save as many jobs and stores as possible," said Mr Ashley.

Shares in Sports Direct ended the day 30% higher after it reported a rise pre-tax half year profits to £193.4m.

Sports Direct shareholders met on Monday and voted to change the retailer's corporate name to Frasers Group, as part of plans to move upmarket and away from sports.

Animal rights activists gathered outside the meeting, campaigning for House of Fraser to renew its ban on animal fur products.

Apart from the sportswear retailer and House of Fraser, the group also owns designer fashion brand Flannels, video game shop chain Game Digital, clothing retailer Jack Wills, cycle retailer Evans Cycles and online furniture shop Sofa.com.

The move comes after House of Fraser customers discovered that the retailer was back to selling fur products in November, after pledging not to use it in 2017.

In its latest results, the retailer also reiterated that a €674m (£605m) bill from Belgium's tax authority would not lead to "material liabilities" and said it would find a resolution soon.

Mr Ashley used the results statement for the six months to 27 September to set out a number of reasons for the problems at House of Fraser, including "serious under-investment" in stores and appropriate support services.

Mr Ashley said: "We are continuing to review the longer-term portfolio and would expect the number of retained stores to continue to reduce in the next 12 months".

When House of Fraser went into administration, it had 59 stores, two warehouses and employed almost 16,000 staff. It has been reported that seven of those stores have been closed.--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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