Major International Business Headlines Brief::: 30 December 2019

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Major International Business Headlines Brief::: 30 December 2019

 


 

 


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ü  Egypt and Sudan to operate joint electricity grid from Jan. 12 - agency

ü  Egypt competition watchdog approves Uber acquisition of Careem with
conditions

ü  Sudan to postpone lifting of fuel subsidies - minister

ü  Libya's NOC may evacuate Zawiya refinery due to fighting nearby

ü  South Africa's rand powers to new five-month high

ü  Sudan to lift fuel subsidies gradually in 2020 - minister

ü  Tunisia central bank keeps benchmark rate stable at 7.75% - state news
agency

ü  Loadings at western Libya oil port undisrupted by nearby missile strike

ü  Mali lowers 2019/20 cotton crop forecast to 691,300 tonnes

ü  Zambia's energy regulator allows state power utility to hike prices

ü  Amazon probed over plan to buy Deliveroo stake

ü  Hydrogen-powered drones could point way to future travel

ü  Boxing Day sales: Footfall slumps as experts blame Black Friday and bad
weather

ü  Bruce Lee's daughter sues fast food chain over image use

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Egypt and Sudan to operate joint electricity grid from Jan. 12 - agency

CAIRO (Reuters) - Egypt and Sudan will begin operating a joint electricity
grid from Jan. 12 with a capacity of 50 megawatts, Egypt’s state news agency
MENA said on Sunday.

 

The project’s cost has reached 509 million Egyptian pounds ($31.74 million)
and spans 1,000 km (621 miles), MENA said, citing Egypt’s energy minister.

 

($1 = 16.0375 Egyptian pounds)

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Egypt competition watchdog approves Uber acquisition of Careem with
conditions

CAIRO (Reuters) - Egyptian regulators have approved Uber’s $3.1 billion
acquisition of regional rival Careem after agreeing to a set of commitments
proposed by the U.S.-based ride-hailing service meant to reduce harm to
competitors.

 

The Careem acquisition was announced in March after more than nine months of
stop-start talks between the two companies, handing Uber a much-needed
victory after a series of overseas divestments.

 

The deal is expected to close in January, depending on regulatory approval
in various territories of which Egypt is among the most significant. Egypt,
with a booming population seen swelling to 100 million, is the biggest in
the Middle East for ridehailing services.

 

Careem will become a wholly owned subsidiary of Uber but will continue to
operate as an independent brand with independent management.

 

“We welcome the decision by the Egyptian Competition Authority (ECA) to
approve Uber’s pending acquisition of Careem,” a spokesman for Uber said.
“Uber and Careem joining forces will deliver exceptional outcomes for
riders, drivers, and cities across Egypt.”

 

Under a series of commitments Uber has made to the ECA, the San
Francisco-headquartered company has agreed to abandon exclusivity provisions
with partners and intermediaries and reduce barriers to entry into the
market.

 

An independent monitoring trustee will be nominated by Uber and approved by
the ECA to ensure adherence to the commitments. Uber will share random
samples of trip data with the trustee monthly to ensure compliance.

 

The commitments must be adhered to for five years from the date the
transaction closes, or when one or more ride-hailing providers achieves 20%
of weekly rides individually or 30% collectively in overlapping areas
excluding Cairo and Alexandria, Egypt’s biggest cities.

 

Excluding surge pricing and promotions, Uber will cap its yearly fare
increases beyond inflationary costs at 10% for Uber X and Careem GO, the
most popular services in Egypt.

 

Surge pricing, a mechanism that raises prices when demand far exceeds
supply, will also be capped on Uber X and Careem GO at 2.5 times. Surge
prices will be applied to a maximum of 30% of annual trips on the two
services.

 

 

 

Sudan to postpone lifting of fuel subsidies - minister

KHARTOUM (Reuters) - Sudan’s transitional government is to postpone lifting
fuel subsidies, initially planned as part of the 2020 budget, the
information minister said on Saturday.

 

Finance minister Ibrahim Elbadawi had said on Friday the fuel subsidies will
be gradually removed.

 

But the government met on Saturday with the former opposition which helped
bring down veteran ruler Omar al-Bashir in April and agreed to not implement
the decision until a conference in March where economic reforms will be
discussed, information minister Faisal Saleh told Reuters.

 

The removal of fuel subsidies is sensitive as it would hit a population
suffering for years from economic crisis and high inflation.

 

Sudan’s transitional authorities face the tough task of turning around an
economy wrecked by three decades of mismanagement under the rule of Bashir,
who the military ousted in April after months of street protests.

 

Complicating Sudan’s recovery is its inclusion on the United States’ list of
state sponsors of terrorism. That designation has so far blocked Sudan from
tapping the International Monetary Fund and World Bank for support.

 

Sudan’s transitional cabinet of technocrats was formed by Prime Minister
Abdalla Hamdok in September after a power-sharing deal was reached between
the Transitional Military Council that took over after Bashir’s overthrow
and the Forces of Freedom and Change (FFC), a coalition of former opposition
and protest groups.

 

Finance Minister Ibrahim Elbadawi said on Friday the transitional government
plans to remove fuel subsidies gradually in 2020. He also said public sector
salaries would be doubled to ease the impact of galloping inflation.

 

The decision to suspend the lifting of subsidies was made after Hamdok,
Elbadawi and other ministers met with FFC representatives, Saleh told
Reuters on Saturday.

 

Elbadawi, a former World Bank economist, told Reuters in November that
public salaries would need to be increased and a social support network
established to prepare for the painful removal of fuel and food subsidies.
He said Sudan would need up to $5 billion in budget support to avert
economic collapse and launch reforms.

 

Hamdok, an economist, told Reuters in November cash transfers were one
scenario discussed to offset a cut in food and other subsidies.

 

 

 

Libya's NOC may evacuate Zawiya refinery due to fighting nearby

TRIPOLI (Reuters) - Libyan state oil firm NOC is considering the closure of
its western Zawiya port and evacuating staff from the refinery located there
due to clashes nearby, a statement said on Saturday.

 

NOC might also shut down the El Sharara oilfield, whose crude is exported
via Zawiya port, the statement said.

 

Clashes between armed groups have broken out in recent days around Zawiya,
during which a missile almost hit the oil complex. Forces allied to Libya’s
internationally recognised government on Friday accused eastern forces loyal
to Khalifa Haftar of having tried to strike the oil port complex.

 

Haftar’s forces have been trying to take the capital Tripoli, 40 kms east of
Zawiya, in a campaign since April.

 

Zawiya is Libya’s biggest functioning refinery, serving the capital Tripoli
located some 40km east as well as regions in the west and south of the
country. Two workers at Zawiya port said the refinery was working on
Saturday.

 

On Thursday an air strike blamed by local officials on Haftar’s forces hit a
pharmacy in Zawiya town, killing two people.

 

Turkish President Tayyip Erdogan said on Thursday he would send troops to
Libya at the request of Tripoli as soon as next month, putting the North
African country’s conflict at the centre of wider regional frictions.

 

 

 

South Africa's rand powers to new five-month high

JOHANNESBURG (Reuters) - South Africa’s rand rose to a new five-month high
on Friday as investors globally looked to take on risk, targetting emerging
markets for their higher yields.

 

At 1515 GMT, the rand was 0.69% firmer at 14.0440 per dollar, pulling back
slightly after breaching 14.00 for the first time since July earlier in the
session.

 

The rand has gained about 5% since mid December, despite a raft of data
releases showing a weak economy and nationwide blackouts by state power firm
Eskom, with investors willing to overlook the negatives and pocket the high
yield.

 

A global backdrop of low-to-zero central bank rates in developed markets,
paired with the spectre of recession as the United States and China continue
to tussle over tariffs, has prompted investors to hunt for yield.

 

Analysts see a further pick up in risk appetite in early 2020, especially
with the U.S. central bank set to keep lending rates flat or lower them
further.

 

In local data, South Africa’s trade surplus widened to 6.1 billion rand
($435 million) in November from 2.75 billion rand surplus in October.

 

Bonds were firmer, with the yield on the benchmark government paper due in
2026 down 6 basis points to 8.165%.

 

Stocks ended higher, with the JSE Top-40 Index up 0.24% at 51,147 points,
while the All-Share Index rose 0.41% to 57,480 points.

 

 

Sudan to lift fuel subsidies gradually in 2020 - minister

KHARTOUM (Reuters) - Sudan’s transitional government plans to remove fuel
subsidies gradually in 2020 and double public sector salaries to ease the
impact of galloping inflation, the finance minister said on Friday.

 

The new civilian government is trying, with the help of donors, to launch a
series of economic and political reforms after veteran ruler Omar al-Bashir
was ousted in April.

 

Sudan has been in crisis since losing two-thirds of oil production with the
secession of South Sudan in 2011.

 

Finance Minster Ibrahim Elbadawi did not say how the budget for next year
would be funded or what the government forecast was for revenue and
expenditure.

 

He told reporters subsidies for petrol and gasoline would be gradually
lifted next year while subsides for wheat and cooking gas would be kept in
place to help the poor. Subsidies are a major burden on government finances.

 

To alleviate the impact of inflation and poverty, the government wants to
double civil service pay and raise the minimum wage to 1,000 Sudanese pounds
($22), up from 425 pounds, he said.

 

In October, the official rate of inflation was 58%, but anecdotal accounts
suggest prices are rising more quickly.

 

Shortages of bread, fuel and medicine coupled with hefty price rises
triggered the protests that led to Bashir’s toppling.

 

The economy has remained in turmoil since then as politicians negotiated a
power-sharing deal between the military and civilians.

 

The government was appointed in September and has taken over for three years
under the power-sharing deal.

 

It is negotiating with the United States to get Sudan removed from a list of
countries deemed sponsors of terrorism.

 

The designation, which dates from allegations in 1993 that Bashir’s Islamist
government supported terrorism, makes it technically ineligible for debt
relief and financing from the IMF and World Bank - further jeopardising
economic development. The U.S. Congress needs to approve the removal.

 

Elbadawi did not say what Sudan expected in terms of any donor support. In
November he had told Reuters the country needed up to $5 billion for 2020.

 

He said the 2020 budget would increase spending for education and social
spending, and there would be also aid for needy families and that provinces
hit by fighting and insurgencies would be allocated an extra 9.3 billion
pounds.

 

Information Minister Faisal Saleh said the budget would be finalised in two
days’ time at a meeting between the transitional government and the
sovereign council, the top transitional body made up of military and
civilians.

 

 

 

Tunisia central bank keeps benchmark rate stable at 7.75% - state news
agency

CAIRO (Reuters) - The Tunisian central bank’s executive board decided on
Friday after its periodic meeting to keep its key interest rate unchanged at
7.75%, according to the state news agency.

 

The board pointed to “gradual improvement in main monetary and financial
indicators, noting that it remains fragile and should be supported by higher
growth”.

 

The bank raised the rate in February to 7.75% from 6.75% in an effort to
combat record high inflation.

 

 

 

Loadings at western Libya oil port undisrupted by nearby missile strike

TRIPOLI (Reuters) - Loadings at Libya’s western Zawiya oil port, home also
to a refinery, are continuing normally despite a missile landing nearby,
state energy firm NOC said on Friday.

 

The missile strike, which happened on Thursday, caused no casualties or
damage, NOC said in a statement.

 

Zawiya refinery is Libya’s biggest functioning refinery supplying western
and southern Libya with fuel products. Oil is also exported and imported via
the port.

 

Forces allied to Libya’s internationally recognised government earlier
accused eastern forces loyal to Khalifa Haftar of having hit the oil port
complex.

 

Haftar’s forces have been trying to take the capital Tripoli, 40 kms east of
Zawiya, in a campaign since April.

 

On Thursday, an air strike blamed by local officials on Haftar’s forces hit
a pharmacy in Zawiya town, killing two people.

 

 

 

Mali lowers 2019/20 cotton crop forecast to 691,300 tonnes

BAMAKO (Reuters) - Mali’s cotton harvest for 2019/2020 will likely amount to
around 691,300 tonnes, around 14% less than earlier forecast, state-owned
Malian Company for Textile Development (CMDT) said on Friday, citing
preliminary figures.

 

Mali’s cotton season runs from April to March in two phases: production
between May/June and September/October, and a harvesting and marketing phase
that runs from October/November to the end of March.

 

Last season Mali produced 656,564 tonnes of cotton.

 

 

 

Zambia's energy regulator allows state power utility to hike prices

LUSAKA (Reuters) - Zambia’s state power firm Zesco will increase the price
of electricity by an average 113% for all customers from next month as the
African nation seeks to attract investment into power generation, the energy
regulator said on Friday.

 

Zambia’s Energy Regulation Board said it had allowed Zesco to increase
electricity tariffs by more than 200% for residential customers consuming
the least amount of power.

 

On Thursday, the energy regulator also increased the price of fuel, citing
the depreciation of the kwacha and higher crude oil prices, sparking a
public outcry against the decisions.

 

State House spokesman Isaac Chipampe said in a statement on Friday that
President Edgar Lungu had ordered a reduction in his salary and that of his
cabinet by between 15% and 20% from next month.

 

Lungu has also ordered a reduction in salaries for all non-unionised
government officers, including those working in state-owned companies,
Chipampe said.

 

“The money realised from this decision will go towards ameliorating the
impact that the increase would have brought on the masses,” the statement
said, citing Lungu.

 

Zambia’s electricity supply shortage increased to 810 megawatts (MW) in
November from around 750 MW in September, state power firm Zesco said on
Dec. 12, adding it would quickly commission new power plants to plug the
gap.

 

The new measure will not affect global mining firms including First Quantum
Minerals, Glencore, Barrick Gold Corp and Vedanta Resources which pay a flat
tariff of 9.30 U.S. cents/kilowatt hour (kWh).

 

The price of electricity for many categories of commercial customers would
nearly double, the energy regulator said, adding that Zesco needed revenue
to cover its operating costs.

 

“Zesco is facing serious financial problems with regard to its
profitability, liquidity, solvency and efficiency,” it said.

 

Africa’s second biggest copper producer has seen electricity supply dwindle
due to low water levels at hydropower dams as a severe drought sweeps
through southern Africa due to climate change.

 

In September, Zambia said it would import 300 MW of power from South
Africa’s Eskom, which itself is struggling with generation problems and has
been implementing power cuts.

 

 

 

Amazon probed over plan to buy Deliveroo stake

The UK's competition watchdog is investigating Amazon's bid to buy a stake
in food delivery firm Deliveroo.

 

Earlier this month, the Competition and Markets Authority (CMA) gave the two
firms a week to address worries that the deal could affect competition.

 

But, on Friday, the regulator said Amazon had failed to deal with "initial
concerns that their investment in Deliveroo could be bad for customers,
restaurants and grocers".

 

The review could last up to six months.

 

The CMA has been looking at the £440m deal since it was announced in May.

 

However, the regulator said Amazon and Deliveroo had failed to offer any
undertakings to address its concerns by a December 18 deadline.

 

Why is the takeaway war hotting up?

The in-depth investigation threatens to jeopardise Amazon's attempt to break
into the UK food delivery space.

 

The CMA is worried that Amazon's plans to invest in Deliveroo could stop it
from launching a rival company, which would increase competition and
potentially lower prices for consumers.

 

'Real risk'

Announcing that it was considering a thorough probe into the deal, the CMA's
executive director, Andrea Gomes da Silva, said: "Millions of people in the
UK use online food platforms for takeaways, and more than ever are making
use of similar services for the same-day delivery of groceries.

 

"There are relatively few players in these markets, so we're concerned that
Amazon having this kind of influence over Deliveroo could dampen the
emerging competition between the two businesses."

 

She said that if the deal were to go ahead in its current form then there
was a "real risk" that customers, restaurants and grocers would face higher
prices and lower quality services.

 

In a statement, Amazon said the deal would lead to more innovation and allow
Deliveroo to remain competitive.

 

Meanwhile, Deliveroo said: "We are confident that we will persuade the CMA
of the facts that this minority investment will add to competition, helping
restaurants to grow their businesses, creating more work for riders, and
increasing choice for customers."

 

It is not the first time Amazon has tried to enter the food delivery market
in the UK.

 

The online retailer briefly ran its own delivery venture, Amazon Restaurants
UK, which it started in 2016 but closed just two years later.

 

It was previously reported to have made approaches to buy Deliveroo
outright. Uber also reportedly had talks with Deliveroo regarding an
interest in buying it.--BBC

 

 

Hydrogen-powered drones could point way to future travel

Hydrogen-powered drones have several advantages to conventionally powered
lithium ions ones, says Dr Enass Abo-Hamed of H2GoPower, and could point way
for future air travel developments.--BBC

 

 

Boxing Day sales: Footfall slumps as experts blame Black Friday and bad
weather

Black Friday discounts and bad weather have been blamed for a decline in
Boxing Day shoppers, with retail analysts reporting a fall in the number of
people heading for the sales.

 

Springboard, which analyses customer activity in stores, said footfall had
seen the largest decline since 2011, dropping by 8.6%.

 

It said Boxing Day was becoming less important as a trading day.

 

But there were still queues for some shops from as early as 04:30 GMT.

 

However, the retail data analyst, which examines information from UK High
Street and shopping centre cameras, said more people were waiting until
later in the day to head to the shops in search of a bargain.

 

Diane Wehrle, insights director at Springboard, said: "It is clear that
consumers visited high streets more in the early evening than during the
day."

 

By lunchtime on Boxing Day, footfall was 10.6% lower than last year, its
biggest annual decline since 2010, when Springboard first published its
data.

 

Commenting on the disappointing morning for retailers, Ms Wehrle said many
consumers were still celebrating Christmas with their family on Boxing Day,
while the rainy weather, online shopping and increased Black Friday spending
were also possible factors for the drop in footfall.

 

"Boxing Day is indisputably a less important trading day than it once was,"
Ms Wehrle said.

 

Customers queue outside Selfridges in London ahead of the Boxing Day sale.

Some bargain-hunters did brave the rain, with some shoppers on London's
Oxford Street waiting for stores to open at 9am.

 

Others queued outside Selfridges in Greater Manchester's Trafford Centre at
4.30am.

 

As the doors to Next opened in Liverpool at 06:00 GMT, more than 150 people
were waiting outside the store.

 

A total of £3.7 billion was expected to be spent in the Boxing Day sales,
according to Barclaycard, with four in 10 UK adults predicted to spend an
average of £186 each.

 

But environmental concerns were also expected to drive down buying, with
shoppers also predicted to spend £200 million less in post-Christmas sales
this year compared to last year.

 

Opinium Research surveyed 2,002 UK adults online for Barclaycard between 29
November and 3 December.--BBC

 

 

Bruce Lee's daughter sues fast food chain over image use

A company run by Bruce Lee's daughter is suing a popular Chinese fast food
chain over its use of an image of the late martial arts star.

 

Shannon Lee's Bruce Lee Enterprises alleges Real Kungfu has used the image
in its logo without permission.

 

The firm wants the fast food chain to immediately remove the image, and is
reportedly seeking $30m (£23.1m) in compensation.

 

The restaurant argues local authorities approved its use of the logo.

 

The image depicts a dark-haired man in a martial arts pose.

 

"The Real Kungfu chain's logo is one that the company had applied for and
obtained after a rigorous screening by the national trademark agency, we
have already been using this for 15 years", the company said in a statement
posted on China's Weibo platform.

 

"We are baffled that after so many years we are now being sued, and we are
currently energetically studying the case and preparing our response."

 

The Guangzhou-based fast food chain, which is known as Zhen Gongfu in
Mandarin, was founded in 1990 and has around 600 outlets across China.

 

Bruce Lee Enterprises handles the merchandising and licensing of the kung fu
star's image.

 

In a statement on its website, the company said it is "dedicated to sharing
the art and philosophy of Bruce Lee to inspire personal growth, positive
energy, and global harmony and aims to keep the martial artist's energy
alive".

 

Bruce Lee Enterprises did not immediately respond to a request for comment.

 

The case is likely to be watched closely as the Chinese government has in
recent years promised to increase protections for intellectual property
rights.--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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