Major International Business Headlines Brief::: 18 December 2019

Wed Dec 18 02:07:09 CAT 2019

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Major International Business Headlines Brief::: 18 December 2019

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*  Russia hopes to sign Congo oil pipeline deal soon -dep energy minister

*  Rand flat after overnight rally on Sino-U.S. trade cheer

*  IMF approves $368 mln loan to Congo to meet 'urgent' balance of payment needs

*  Zambia approves cannabis exports to boost economy

*  Nigerian inflation climbs for third month as prices rise across the board

*  Egyptian pound trades below 16 to dollar, first time since Feb 2017

*  France's Total buys stakes in two Angola offshore oil blocks

*  Morocco keeps benchmark interest rate unchanged at 2.25% - central bank

*  Kenyan shilling stable on tourism, remittances, thin demand

*  Mozambique GDP to rise to 4% in 2020 - central bank governor

*  Sacklers withdrew $10bn from Purdue, audit shows

*  Is a no-deal Brexit back on the table?

*  Boeing suppliers' shares hit by production pause

*  Samsung chairman Lee Sang-hoon jailed for union sabotage

*  Pound erases election gains amid no-deal Brexit concern

*  UK unemployment falls to lowest level since 1975

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Russia hopes to sign Congo oil pipeline deal soon -dep energy minister

MOSCOW (Reuters) - Russia is hopeful of Russia’s TMK and the Republic of the Congo’s national oil company, SNPC, signing a deal soon to build an oil pipeline in the West African nation, Russian deputy energy minister Pavel Sorokin said on Tuesday.

Sorokin also said state-owned arms company Almaz Antey is ready to supply weapons to Congo and that plans were in place over a nuclear centre.

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Rand flat after overnight rally on Sino-U.S. trade cheer

(Reuters) - South African rand was trading flat against the dollar on Tuesday after an overnight rally fuelled by optimism over an interim trade deal between Washington and Beijing.

Rand was trading at 14.3560 versus the greenback, as of 0545 GMT, 0.07% stronger from the previous close.

“Overnight trade saw the rand briefly break below the R14.35/$ mark,” Peregrine Treasury Solutions said in a note, as markets around the world thrived on improved sentiment after a thaw in the 17-month-old trade dispute.

Markets are awaiting a raft of data releases from the UK, Europe and the United States due on Tuesday, covering jobs, trade balance and industrial and manufacturing production.

“Should the euphoria continue we can even look for a break below the R14.30 mark,” Peregrine said.

Government bonds also strengthened, with the yield on benchmark 2026 instrument falling 2.5 basis points to 8.265%.

IMF approves $368 mln loan to Congo to meet 'urgent' balance of payment needs

KINSHASA (Reuters) - The International Monetary Fund (IMF) board has approved the disbursement of around $368 million to Democratic Republic of Congo, the Fund said on Monday - a resumption of lending to the Central African country for the first time since 2012.

The IMF agreed the financial assistance package with Congo in mid-November. It had previously suspended a loan programme after the government failed to provide sufficient details on the sale of state mining assets to an offshore company.

The IMF board approved the disbursement “to enable the authorities to meet their urgent balance of payment needs,” it said in a statement.

Congo’s foreign reserves have fallen to critical levels, due to a “recent fall in commodity prices, new spending initiatives, and looser spending oversight during the political transition period,” it said.

President Felix Tshisekedi took office in January and has sought to repair relations with foreign donors that had frayed during his predecessor Joseph Kabila’s 18 years in power.

Congo is a leading miner of cobalt, copper, gold, tin and diamonds but remains one of the world’s least developed countries, largely due to corruption and poor governance.

Zambia approves cannabis exports to boost economy

LUSAKA (Reuters) - Zambia has legalised the production and export of cannabis for economic and medicinal purposes, the government’s chief spokeswoman said on Monday, becoming the latest country to shift its position on the drug to give its finances a boost.

The approval for the export of cannabis was granted at a special cabinet meeting on Dec. 4, spokeswoman Dora Siliya said in a statement. It was not clear from the statement if the use of cannabis for medicinal purposes in Zambia had been legalised.

The southern African country joins a host of nations that have legalised, or are considering legalising cannabis to some degree, as attitudes towards the drug slowly change and investments in its medical benefits grow.

Zambia’s motivation is rooted in a hefty fiscal deficit and growing debt burden. Growth in external debt to $10.5 billion at the end of 2018 from $8.74 billion a year earlier has raised fears the country is headed for a debt crisis.

Zambia cut its 2019 growth forecast in September because bad weather had hit crop production and electricity generation while the International Monetary Fund has said growth is likely to remain subdued over the medium term.

Zambian opposition Green Party President Peter Sinkamba, who has been advocating the export of cannabis since 2013, said the move could earn Zambia up to $36 billion annually.

“Depending on how properly this is done, this could just change the face of Zambia’s economy,” Sinkamba told Reuters. “This could be a blessing or a curse, like diamonds and gold, depending on the policy direction.”

Siliya said the government had directed the ministry of health to coordinate the issuance of the necessary licences while a technical committee made up of ministers from a range of departments would come up with guidelines.

Nigerian inflation climbs for third month as prices rise across the board

ABUJA (Reuters) - Annual inflation in Nigeria rose for the third straight month in November, marking the longest run of increases in almost two years as prices climbed across all categories measured by the statistics bureau.

In August, Nigeria closed parts of its borders to fight smuggling of rice and other goods, a move which has exacerbated inflation according to customers and economists. The head of customs confirmed in October that all trade in goods via land borders had been halted indefinitely.

Annual inflation was 11.85% in November, up from 11.61% in October, the National Bureau of Statistics said on Tuesday, citing broad price increases.

That makes the three-month inflationary run the longest since January 2017, and the highest rate since April 2018. Consumer inflation had dropped to it lowest in almost four years in August.

A separate food price index showed annual inflation at 14.48% in November, compared with 14.09% a month earlier.

Egyptian pound trades below 16 to dollar, first time since Feb 2017

CAIRO (Reuters) - The Egyptian pound extended the strong gains it has made against the dollar in 2019, trading below 16.00 pounds to the greenback for the first time since February 2017.

The Egyptian pound closed at 15.99 against the dollar on Monday and strengthened marginally to 15.98 on Tuesday. It has appreciated around 10.5% against the dollar since Jan. 1.

The pound last traded below 16.00 to the dollar, at 15.79, on Feb. 28, 2017.

France's Total buys stakes in two Angola offshore oil blocks

PARIS (Reuters) - Total said on Monday it had acquired interests in two new offshore licenses in Angola with a view to developing a new production hub alongside the French oil major’s partners.

Wells drilled so far in the two blocks have produced four discoveries, Total said. It will pay Angolan state oil firm Sonangol $400 million when the deal closes, to which $100 million will be added when a final investment decision is made, along with additional payments during the life of the project.

Total said it will be the operator of the two licenses before putting in place an operating company together with Sonangol three years after the production start-up.

It will have a 50% working interest, alongside Sonangol’s 20% and BP’s 30% in Block 20/11, in the central Kwanza Basin offshore Luanda. It will hold an 80% stake, while Sonangol will hold 20% in Block 21/09 in the south-central Kwanza Basin.

Total also said it had extended all block 17 production licenses in Angola until 2045.

Morocco keeps benchmark interest rate unchanged at 2.25% - central bank

Rabat (Reuters) - Morocco’s central bank maintained its key interest rate unchanged at 2.25%, saying current borrowing costs were in line with inflation, growth and the public finances medium-term forecasts.

The Bank said however that it will implement measures to support entrepreneurs after King Mohammed VI called in a speech in October on banks to ease access to loans for small medium-sized businesses.

The Bank has kept a freeze on its benchmark interest rate since March 2016.

Inflation, affected mainly by food prices, would drop to 0.3% in 2019 after 1.9% in 2018 before picking up to 1.1% in 2020 and 1.4% in 2021, the bank said in a statement after its quarterly board meeting.

Economic growth would slow to 2.6% in 2019 after 3% in 2018 because of lower farm output caused by a lack of rainfall, the bank said.

However, economic growth should increase again to 3.8% in 2020 and to 3.7% in 2021 assuming a crop of 8 million tonnes of cereals and an improvement of non-agricultural production, the bank said.

Services continue to offset jobs shed by the agricultural sector helping keep unemployment rate at 9.4% in 2019, it said.

The current account deficit will ease to 4.6% of gross domestic product in 2019 from 5.5% in 2018 and will continue to shrink to 3.7% in 2020 and 2.9 in 2021 notably on the back of a drop in the energy import bill.

Taking into account donations from Gulf countries estimated at 2 billion dirhams ($208 million) in 2020, the 1 billion euro bond sale by Morocco last November and another international bond that Morocco is expected to sell in 2020, foreign exchange reserves would stand at 240.7 billion dirhams in 2019, 242.7 billion in 2020 and 248.2 billion in 2021, enough to cover five months of imports.

Fiscal deficit, without counting priivatization revenue, would rise to 4.1% in 2019 after 3.7% in 2019 before falling to 3.8% in 2020 and 3.5% in 2021.

Kenyan shilling stable on tourism, remittances, thin demand

NAIROBI (Reuters) - The Kenyan shilling was stable against the dollar on Tuesday supported by inflows from tourism and diaspora remittances amid thin dollar demand from the energy sector, traders said. At 0918 GMT, commercial banks quoted the shilling at 101.50/70 per dollar, the same as Monday’s close.

Mozambique GDP to rise to 4% in 2020 - central bank governor

MAPUTO (Reuters) - Mozambique’s central bank expects its gross domestic product to rise to 4% in 2020 thanks in part to rebuilding efforts after two devastating cyclones this year, its governor Rogerio Zandamela said on Monday.

“This forecast is based on post-cyclone reconstruction actions, debt settlement to state goods and services providers, increased credit to the private sector and investment in the oil and gas sector,” he said during a year-end speech.

He added that inflation was expected to remain in the single digits although slightly above the level seen this year.

Sacklers withdrew $10bn from Purdue, audit shows

The billionaire Sackler family started to take far more money out of Oxycontin-producer Purdue Pharma after the firm pleaded guilty to misleading marketing in 2007.

The family transferred about $10.7bn (£8bn) out of Purdue Pharma from 2008 to 2017, court documents reveal.

This dwarfs the $1.3bn taken between 1995 and 2007.

The Sacklers own Purdue Pharma, which is accused of fuelling the US opioid crisis through drugs like OxyContin.

Purdue and three executives pleaded guilty in 2007 to misleading the public about the risks of addition to powerful opioid painkiller OxyContin.

As scrutiny intensified over the US opioid crisis over the following decade, Sackler family members took billions from the company and distributed among trusts and holding companies, the New York Times reported.

The drugmaker filed for bankruptcy protection in September to put thousands of lawsuits on hold while it tries to build support for a proposed settlement it estimates is worth $10bn.

A lawyer for one branch of the Sackler family told the LA Times that more than half of the money outlined in the audit was "paid in taxes and reinvested in businesses that will be sold as part of the proposed settlement."

"The Sackler family hopes to reach a productive resolution where they contribute Purdue for the public benefit and provide at least $3bn of additional money to help communities and people who need help now," lawyer Daniel Connolly told the LA Times.

Lawsuits filed by state and local governments allege Purdue and the Sacklers contributed to a health crisis in the US that has claimed the lives of nearly 400,000 people since 1999 by aggressively marketing opioids while downplaying their addiction and overdose risks.

The firm is facing legal action brought by more than 2,800 plaintiffs, including two dozen US states.

What are opioids and what are the risks?

Why opioids are such an American problem

Are the Sacklers the most hated family in America?

In the early 1950s brothers and New York doctors Arthur, Mortimer, and Raymond Sackler bought a medicine company called Purdue Frederick which would become Purdue Pharma.

The Sackler family members have argued they were passive board members of Purdue Pharma, who approved routine management requests and were not involved with the marketing of OxyContin.--BBC

Is a no-deal Brexit back on the table?

The government intends to bring down a Brexit process guillotine at the end of December 2020.

If we haven't agreed a trade deal by then, we are out anyway. The ghost of no-deal, it seems, will be haunting business in Christmas future.

The financial markets took fright and we saw the pound immediately give up all the gains it enjoyed since the Conservatives won a thumping majority last Friday.

Suddenly pundits and investors who thought an 80-seat majority would neutralise the party's hard Brexit elements prepared - or even wanting - to leave without a deal were seemingly proved wrong.

What is a 'no-deal Brexit'?

Brexit bill to rule out extension to transition period

Businesses urge Johnson to secure trade deals

Many businesses who wanted to press the "invest now" button may have wavered this morning.

The previous parliamentary brake cables preventing the UK driving off a Brexit cliff have been cut and Thelma Johnson and Louise Cummings are driving merrily towards the edge.

That's the movie.

In real life, Boris Johnson, Dominic Cummings (and Michael Gove) really don't want to drive over the edge.

They all privately acknowledge that a no-deal Brexit would be a very bad outcome for the UK economy and the Prime Minister knows that would jeopardise his ambition to win multiple terms in Number 10.

Post-election chest beating?

Business leaders in the UK have also been slow to sound the alarm over a new potential cliff edge in December.

They know that the government found the threat of no-deal very politically useful in renegotiating the Withdrawal Agreement (even if they also think Theresa May's deal was better for business).

Many also think that this is a bit of post-election chest beating - a sentiment shared in Brussels.

According to my colleague Katya Adler, there is also a growing consensus that it is possible to do a "bare bones" trade deal by next year which can then be added to over time.

In other words, you can extend without extending.

It also adds to the Johnsonian narrative of possessing super powers when it comes to negotiating things no-one thought possible.

There is another camp which believes that enacting a law limiting the negotiating period could actually provide political cover for Mr Johnson to concede some ground to the EU if that becomes necessary towards crunch time next year.

Rupert Harrison, George Osborne's former Chief of Staff and now portfolio manager at the world's biggest money manager Blackrock summed up in a tweet what many in financial markets are thinking.

"Anyone who thinks either side will contemplate a damaging cliff edge has learned nothing from the revealed preferences of the last year".

In other words - when push comes to shove, both sides will find a way to avoid the edge of the cliff.

One thing we learned this morning the political shadow boxing of the last three years is not over. Indeed, it is arguably just starting.--BBC

Boeing suppliers' shares hit by production pause

The price of shares in suppliers to Boeing tumbled on Tuesday after the planemaker revealed it would pause production of its 737 Max aircraft.

Shares in Senior, which counts Boeing as one of its biggest customers, fell by as much as much as 9%.

Meanwhile, shares in Meggitt and Melrose dropped by more than 1%.

On Monday night, Boeing confirmed it would halt production of the plane, which was grounded after two crashes that killed 346 people.

Around 400 of the 737 Max jets have been delivered to airlines around the world since the first one rolled off the production line in 2017. But Boeing had orders for more than 4,000 of the planes, which cannot be delivered because of the global grounding.

Boeing employs more than 2,500 people across 65 sites in the UK.

US regulator knew of Boeing 737 crash risks

What went wrong inside Boeing's cockpit

Just last year, the planemaker opened a £40m factory employing 75 people making parts for planes including the 737 Max.

Boeing has said it will temporarily assign other roles to its own employees who are affected by the shutdown in production of the 737 Max.

But that may not be as easy for Boeing's direct suppliers who employ 21,000 people in the UK, where the planemaker spent £7.6bn between 2015 and 2018.

One of those suppliers is Aeromet International, which makes parts for planes including the 737 Max.

The firm's chief executive, Howard Kimberley, told the BBC that the firm has had "ample time" to slow down production after the 737 Max was grounded by regulators.

"We're in a wait-and-see mode at the moment," he said.

But he said Aeromet's workforce had not been impacted by the slow down in production and he expected that other firms would redeploy workers into other areas of their businesses.

"Whilst we're clearly waiting for further news and updates from the Boeing Company I think in the short term I don't expect there to be any significant change in manning and the supply chain."

Peter Bruch, a director of the Midlands Aerospace Alliance, which represents the region where a lot of plane parts are made, said Boeing's decision would send a "shock wave" through the UK aerospace sector.

He said the decision to suspend production of the plane in January would see demand for parts fall to nothing with very little notice for suppliers.

That will have a "very dramatic" impact on cash flow for those firms he said and he noted that it could lead to job losses.

However, he said workers who had been laid off would not struggle to find other work in the sector, which is struggling with too much demand - rather than too little.

In a statement, Senior said it "continues to work closely with Boeing and its other customers".--BBC

Samsung chairman Lee Sang-hoon jailed for union sabotage

A South Korean court has sentenced Samsung Electronics board chairman Lee Sang-hoon to 18 months in prison for sabotaging labour union activities.

Lee and about 25 other defendants were convicted of violating labour union-related laws.

Prosecutors said Samsung executives had used several tactics to target union activities, including closing sub-contracted firms with active unions.

Samsung has not yet commented on the ruling.

Seoul Central District Court said plans to stop union activities had been masterminded by executives in the firm's now-defunct elite strategy group.

The case on Tuesday focused largely on efforts by officials to undermine union activities at the customer service unit when Lee was serving as chief financial officer.

Other tactics used by the defendants to target unions included finding out sensitive information about union members to convince them to leave, and delaying negotiations between labour unions and management, prosecutors said.

You might also be interested in:

'Thanksgiving Four' say Google is punishing them

Kickstarter denies firing employees over union

RBS pulls Samsung Galaxy S10 app over security flaw

The jury said there were "countless documents" detailing tactics to undermine union activities that were distributed to affiliates by the elite unit.

"While Lee claims there were many areas he did not know much about, [we] cannot give him immunity only due to the fact that [he] was not aware of the peripheral areas," the judge said, according to Yonhap news agency.

The extent and details of the charges against the defendants found guilty on Tuesday varied.

The verdict followed a ruling last week that saw Samsung Electronics Vice-President Kang Kyung-hoon sentenced to 16 months in prison on charges of union-busting.

Park Sang-in, a professor at Seoul National University, told Reuters news agency that Tuesday's ruling marked "a further signal of change for the South Korean judicial system, which previously gave lenient sentences to convicted businessmen."--BBC

Pound erases election gains amid no-deal Brexit concern

The pound has fallen back to where it was before the UK general election amid fresh concerns over a no-deal Brexit.

The government has said it wants to rule out any extension to the Brexit transition period beyond the end of next year.

Sterling fell 1% against the dollar, to below $1.32, and dropped 1.2% against the euro to €1.18.

The FTSE 250 share index, which features firms with more exposure to the UK economy, fell 1.4%.

Sterling and UK share indexes surged after the Conservatives won a clear majority in the UK general election.

Sterling climbed above $1.35 at one point - its highest level since May last year - and jumped to a three-and-a-half-year high against the euro, on hopes that the big majority would remove uncertainty over Brexit.

But the pound dropped back down on Tuesday morning after the government said it would add a new clause to the Brexit bill to rule out any extension to the transition period beyond the end of next year.

Businesses urge Johnson to secure trade deals

Critics say this raises the chance of leaving the EU without a trade deal.

But senior Cabinet Minister Michael Gove said that both the UK and the EU had "committed themselves to making sure that we have a deal" by the end of 2020.

Deutsche Bank macro-strategist Oliver Harvey wrote in a research note: "Overnight news that Prime Minister [Boris] Johnson will seek to amend the EU Withdrawal Bill to prevent an extension of the Brexit transition period beyond the end of 2020 is a material negative, and is likely to see growing economic risks for the UK crystallise next year."

Andy Scott, associate director at financial risk advisor JCRA, said: "Sterling was slammed into reverse this morning, sliding around 1% versus both the US dollar and the euro after Boris Johnson announced the transition period will not be extended beyond 2020.

"By outlawing an extension, it leaves very little time in which to agree a comprehensive free trade agreement with the EU and means the clock is now ticking down to a firm cliff edge next December.

"Sterling's impressive gains following the exit poll and election result have now been completely wiped out as markets are reminded that Boris Johnson's promise to leave the EU is something he intends to fulfil, possibly without negotiating an amicable future relationship."

Michael Brown, senior analyst at payments firm Caxton, said: "Markets are now more fearful of a no-deal exit at end of next year."

Dean Turner, economist at UBS Wealth Management, said: "The pound's latest slide is symptomatic of the fact that Brexit is a way off being 'done', and will remain important for sterling over the coming months.

"Despite the Prime Minister's new-found majority spurring a relief rally, gains were always likely to be capped as investors turned their attention to phase two of the talks."

Mr Turner added that the risk of the UK reverting to trading with the EU on World Trade Organization terms "could still drive larger sterling moves, particularly given the latest noises coming out of Downing Street."

But David Cheetham, chief market analyst at XTB, said the move was "more symbolic than legally binding" as the bill could be superseded by future legislation.

However. Mr Cheetham added that the government stance "seems to suggest that for now the sizable majority held by the Conservatives means that the government will use this to play hard-ball with the EU, rather than to move back to the centre and alienate the more eurosceptic wing of the party."—BBC

UK unemployment falls to lowest level since 1975

UK unemployment fell to its lowest level since January 1975 in the three months to October this year.

The number of people out of work fell by 13,000 to 1.281 million, Office for National Statistics (ONS) figures show.

The employment rate rose to an all-time high of 76.2%, with an increase of 24,000 taking the number of people in work up to a total of 32.8 million.

However, annual wage growth, excluding bonuses, slowed to 3.5% from 3.6% from July to September.

ONS head of labour market David Freeman said: "While the estimate of the employment rate nudged up in the most recent quarter, the longer-term picture has seen it broadly flat over the last few quarters. However, unemployment among women has reached a new record low.

"Vacancies have fallen for 10 months in a row and are now below 800,000 for the first time in over two years.

"Pay is still increasing in real terms, but its growth rate has slowed in the last few months."

There were an estimated 794,000 vacancies in the UK for September to November 2019. That is 20,000 fewer than in the last quarter and 59,000 fewer than a year earlier.

The estimated employment rate for men was 80.4% and for women was 72%.

The increase in women's employment in recent years is partly a result of changes to their State Pension age, which has meant fewer retiring between the ages of 60 and 65.

The growing importance of the night-time economy

The jobs eight out of 10 Britons do

The slight slowdown in wage growth is party caused by the fact that in October 2018, some unusually high bonuses were paid to some workers. Bonuses given this October returned to more expected levels.

For October 2019, average regular pay, before tax and other deductions, was estimated at £509.68 per week.

Chancellor Sajid Javid said: "There's talent up and down this country - three-quarters of employment growth in the last year has been outside London and the South East.

"I'm looking forward to getting Brexit done and unleashing Britain's potential, levelling up opportunity across the country."

Tej Parikh, chief economist at the Institute of Directors, said: "The UK's jobs boom continues to be a big plus point for the economy, but it is slowly losing momentum.

"Businesses have shown a strong appetite to take on staff in recent years, and climbing employment levels have boosted household incomes, adding buoyancy to the economy. However, firms are now cutting back on new hires as it becomes harder to find the skills they need.

"Uncertainty and slowing global growth have also made businesses a bit more cautious in their recruitment plans, and vacancies are expected to continue falling into 2020."

Employment is at a record high and unemployment at a record low in October's figures, but the Office for National Statistics says that both are broadly flat.

How can that be true?

These records involve the kind of tiny changes we're used to seeing with new records in the 100-metre sprint.

Employment's previous record high was January's figure of 76.13%.

October's estimate is 76.15%: an improvement of 0.02 percentage points.

For unemployment, the record has gone down from 3.797% in May to 3.757% in October's figures - a change of 0.04 percentage points.

So the estimates haven't been better in a long time, but the improvements are tiny and certainly smaller than the margin of error in any figures like these.

Coupled with the substantial fall in job vacancies and a hint of slowing wage growth, the emerging picture is less of rampaging record highs and more of decelerating demand for new workers.-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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