Major International Business Headlines Brief::: 13 February 2019

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Major International Business Headlines Brief::: 13 February 2019

 


 

 


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*  Nigerian economy grows at fastest pace in two years as election nears

*  South Africa's Eskom extends power cuts as crisis persists

*  South African rand recovers after power cuts fallout, stocks rise

*  Kenya central bank says to hold rate-setting meeting on March 27

*  Uganda calls on mobile money to cultivate new debt investors

*  Sibanye-Stillwater may restructure loss-making gold shafts

*  South Africa's unemployment rate falls to 27.1 pct in Q4

*  Trade war: Trump 'could extend' deadline for deal with China

*  Brexit doubts leave firms 'hung out to dry'

*  Nissan takes $83m charge related to Carlos Ghosn

*  Trump says second government shutdown unlikely after deal reached

*  Brexit: No-deal plan for Channel Tunnel operations

*  Belgium flights cancelled for a day amid strike

 

 


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Nigerian economy grows at fastest pace in two years as election nears

LAGOS (Reuters) - Nigeria’s economy grew in 2018 at its fastest pace since a
recession two years earlier, data showed, just days before a presidential
election in which boosting growth has been a major campaign issue.

 

Gross domestic product grew by 1.93 percent last year, up from 0.82 percent
in 2017 and just short of the government’s 2 percent projection, the
National Bureau of Statistics said on Tuesday. It grew 2.4 percent in the
fourth quarter.

 

A Reuters poll of analysts had forecast growth of 2.1 percent, saying growth
was expected to slow as investors held off before the elections.

 

Nigerian stocks rose 2.14 percent to a three month high after the statistics
office released the GDP data.

 

Economic growth has been recovering since the third quarter of 2016, when
the recession bottomed out. Higher oil prices helped Nigeria exit that
contraction.

 

“Nigeria’s economy accelerated to 2.4 percent in Q4, but momentum in the
non-oil sector remained very weak,” John Ashbourne, senior emerging markets
economist at Capital Economics in London, said in a note.

 

“Low oil prices will weigh on growth in 2019, but the longer-term outlook
depends heavily on the result of Saturday’s presidential election.”

 

The election is expected to be a tight contest between President Muhammadu
Buhari and Atiku Abubakar, a former vice president. More than 60 other
candidates are running but are given little chance of winning.

 

Buhari has made rejuvenating the economy a key issue, hoping his record can
secure him a second four-year term in office. Abubakar has touted
pro-business policies, including floating Nigeria’s currency, the naira.

 

Budget Minister Udoma Udo Udoma, said GDP data showed that he economy was
recovering, although growth is not where the government wants it to be. He
said the result was in line with improvements in inflation, data that is due
to be published this week.

 

The World Bank had expected growth to be slightly less than 2 percent this
year as the elections kept foreign investors away.

 

The non-oil sector grew 2 percent in 2018, more than the oil sector, which
rose 1.14 percent from January to December, the NBS said. Oil production
stood at 1.91 million barrels per day in the fourth quarter.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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South Africa's Eskom extends power cuts as crisis persists

JOHANNESBURG (Reuters) - South African power utility Eskom implemented major
electricity cuts for a third straight day on Tuesday, as a shortage of
generating capacity exposed the frailty of the struggling state-owned firm
despite government promises to revive it.

 

President Cyril Ramaphosa is trying to reform Eskom, which supplies more
than 90 percent of the power in Africa’s most industrialised economy but is
drowning in more than $30 billion of debt, to lift the economy before an
election in May.

 

The cash-strapped utility said it would cut 3,000 megawatts (MW) of power
from the national grid from 0600 GMT on Tuesday, likely until 2100 GMT, a
day after cutting 4,000 MW in the worst power cuts seen in several years.

 

Around a third of Eskom’s 45,000 MW capacity is offline.

 

A senior generation official, Andrew Etzinger, told Reuters that around
11,000 MW was offline because of plant-related problems, while approximately
5,000 MW was out of service because of planned maintenance. A further 2,000
MW was unavailable because of a shortage of diesel.

 

State-owned oil company PetroSA said it was in talks with Eskom over
emergency diesel supplies.

 

The power crisis prompted an urgent meeting of Eskom’s board of directors
and executives with Public Enterprises Minister Pravin Gordhan on Monday,
when it also pummelled the rand currency. On Tuesday the rand was little
changed against the U.S. dollar. [ZAR/]

 

Etzinger said Eskom was aiming to end the power cuts by the end of the week
by bringing some generating units back online.

 

“NO SABOTAGE”

The cuts are prompting frustration among ordinary South Africans and shop
workers, many of whom do not have access to backup power sources like diesel
generators.

 

“We’re struggling,” said Eunice Mashaba, a manager of a textile shop north
of Johannesburg.

 

“Yesterday the power went off at half past four so we had to close the shop
early. Today we came in and there was no power. Most of my customers don’t
carry cash, they have to swipe and the (card) machine doesn’t work.”

 

Some firms in the mining sector, the backbone of the country’s economy, are
looking at alternatives to reduce their dependence on Eskom.

 

Miner Harmony Gold said on Tuesday that it was in talks to build a 30 MW
solar plant to supply power to some of its assets, in an effort to cut its
electricity costs and dependence on Eskom.

 

“Our Eskom bill is massive. To replace Eskom would be a fallacy, we won’t be
able to do that. However, where we have long-term projects we can start
building solar plants,” Harmony Chief Executive Peter Steenkamp said at a
presentation of the company’s results.

 

Ramaphosa, who announced a plan last week to split Eskom into three separate
entities in an effort to make it more efficient, has said the latest power
cuts are “most worrying”.

 

The president’s plan to split Eskom faces opposition from powerful labour
unions and from within his ruling African National Congress party, while
some analysts have said a bolder approach is needed to address the financial
rot at the utility.

 

Etzinger said Eskom was for now treating unplanned outages at some of its
power stations as technical breakdowns, despite speculation from analysts
that disgruntled union members could have sabotaged some units.

 

“There’s no reason to believe it’s sabotage,” he said.

 

 

 

South African rand recovers after power cuts fallout, stocks rise

JOHANNESBURG (Reuters) - The rand firmed on Tuesday, supported by rising
risk appetite globally and recovering from a sharp selloff in the previous
session when it was hit by a sudden escalation of controlled power cuts in
South Africa.

 

At 1657 GMT, the rand was 0.36 percent firmer at 13.7550 per dollar,
compared to its close of 13.8050 the previous day.

 

The rand tumbled nearly 2.5 percent on Monday to its weakest in nearly three
weeks as ailing power company Eskom cut 4,000 megawatts from the national
grid after seven generating units unexpectedly went offline.[nL5N20631R]

 

The power crisis persisted on Tuesday, exposing the frailty of state-owned
Eskom despite government promises to revive the utility.

 

“The reality of developments this week regarding Eskom and its ability to
keep the lights on is that it matters not whether the first, but not last,
failure of this magnitude was deliberate or the consequence of cumulative
neglect, incompetence and lack of expertise,” said Gary van Staden, an
analyst at NKC African Economics.

 

“The consequence either way for the economy is severe and the best laid
plans of politicians and policymakers will fail if the power grid does too,”
he said.

 

The yield on the benchmark 10-year South African government bond rose by one
basis point to 8.79 percent.

 

In the equities market retailer and wholesaler SPAR Group Ltd topped the
Top-40 blue chip index after reporting a 8.2 percent increase in 17-week
sales. [nL5N20748Q]

 

The grocery and building materials retailer closed 5 percent higher at
199.78 rand.

 

SPAR lifted sentiment in other retailers as well, such as grocery retailer
Pick n Pay and supermarket chain owner Shoprite, which gained 4.09 percent
and 2.69 percent respectively.

 

Recent sales updates from retailers have been a mix bag, with the majority
of them on the downside as financially strained consumers spent less on food
and clothes.

 

Gold stocks were also on the rise after bullion rose, supported by a slight
pause in the dollar’s rally as the United States and China continue talks
aimed at ending their trade conflict. [GOL/]

 

The gold index jumped 1.9 percent.

 

Harmony Gold was also supported by a robust first-half operating
performance. It rose 2.08 percent to 29.88 rand. [nL5N2070L3]

 

Bucking the upward trend, EOH Holdings plunged 25.87 percent to 19.80 rand,
a level last seen in April 2011 after it said Microsoft has given notice to
terminate its channel partner agreement with its subsidiary. [nJseL0032a]

 

The Johannesburg all-share index closed 1.03 percent higher at 53,960
points, while the top-40 index rose 1.23 percent to 47,807 points.

 

($1 = 13.7498 rand)

 

 

Kenya central bank says to hold rate-setting meeting on March 27

NAIROBI (Reuters) - The Central Bank of Kenya’s Monetary Policy Committee
will hold its next rate-setting meeting on March 27, the bank said on
Tuesday.

 

At its last meeting in January, the bank held its benchmark lending rate at
9.0 percent, saying inflation was anchored within the target range.

 

 

Uganda calls on mobile money to cultivate new debt investors

KAMPALA (Reuters) - Ugandans will be able to buy government securities
through a mobile money platform in a move by the east African country to
become less dependent on commercial banks and institutional investors for
its funding.

 

The government said in a statement on Tuesday that the measure, which was
approved at a cabinet meeting on Monday, would boost savings and investment
among ordinary Ugandans as well as driving economic growth.

 

Ugandans with mobile money accounts, many of whom had limited access to
banks, will now be able to directly buy government debt. The move follows a
similar move by Kenya in 2017 and will also open the market up to Uganda’s
Diaspora.

 

Mobile money allows subscribers to transfer money and make payments for
services and products via their mobile phones and has developed rapidly in
Africa, where it is now widely used.

 

Of Uganda’s population of 41 million, about 23.6 million are mobile phone
subscribers.

 

MTN Uganda, a unit of South Africa’s MTN Group is likely to be the main
beneficiary of the change among telecoms operators as it has the largest
mobile money customer base, followed by Airtel, a unit of India’s Bharti
Airtel.

 

Uganda has traditionally auctioned its debt - mainly Treasury bills and
bonds - via bids submitted through commercial banks who act as primary
dealers and the government expects the mobile money plan to cut its cost of
borrowing.

 

“Widening the scope of investors reduces the dependence on a few players
such as commercial banks, offshore players and institutional investors which
tend to bid highly in the auctions given that Government has limited
choice,” it said.

 

Critics are concerned about Uganda’s appetite for credit, which has seen its
public debt reach 41.5 percent of gross domestic product (GDP) as of June.

 

They fear that escalating borrowing could spark a crisis like those in the
1990s and early 2000s before debt forgiveness by the World Bank on Uganda’s
loans.

 

The Bank of Uganda, the country’s central bank, said last year that its debt
stock including credit agreed but not yet disbursed had reached 50 percent
of GDP.

 

 

Sibanye-Stillwater may restructure loss-making gold shafts

JOHANNESBURG (Reuters) - South Africa’s Sibanye-Stillwater said on Tuesday
it was considering measures, including restructuring if alternative
solutions could not be found to bring loss-making gold shafts back to
profitability.

 

Gold producers in Africa’s most industrialised economy, which have some of
the world’s deepest mines, have seen profits squeezed by rising costs,
labour unrest and declining grades.

 

Sibanye said it was in regular talks with key stakeholders, including the
unions, through forums where it highlighted the challenges facing its
bullion operations to solicit cooperation to address these challenges.

 

“We continue to engage through these forums. If we are unable to find viable
solutions, restructuring may be required in order to secure the future of
other, profitable operations,” Sibanye spokesperson James Wellsted said.

 

Wellsted declined to comment on which shafts faced possible restructuring
across its operations but added that no final decision had been made.

 

“That’s one of the possibilities in the future that there may be a
restructure if we don’t find a solution. There’s loss making shafts across
our gold operations,” said Wellsted.

 

Sibanye has signalled to unions that it may cut up to 5,000 jobs at its
struggling Driefontein operation, according to digital publication Miningmx,
which cited three unnamed sources with knowledge of the matter on Monday.

 

Sibanye flagged last month that its 2018 bullion production would miss
guidance and come in at 1.1 million ounces, despite plans being implemented
to curb losses after workers downed tools in mid-November.

 

Sibanye, which has operations in South Africa and the United States also
said it expected local platinum operations to be higher than its annual
forecast and production at its U.S unit to be in line with previous
guidance.

 

 

South Africa's unemployment rate falls to 27.1 pct in Q4

PRETORIA (Reuters) - South Africa’s unemployment rate fell to 27.1 percent
in the fourth quarter from 27.5 percent in the third quarter, official data
showed on Tuesday.

 

There were 6.1 million people without jobs in the three months to the end of
December, compared with 6.2 million people in the prior quarter, Statistics
South Africa said its quarterly labour force survey.

 

The statistics office said employment rose in the finance, private
households, manufacturing and mining sectors.

 

The expanded definition of unemployment, which includes people who have
stopped looking for work, fell to 37.0 percent in the fourth quarter from
37.3 percent in the previous quarter.

 

 

 

Trade war: Trump 'could extend' deadline for deal with China

US President Donald Trump has said he could extend the 1 March deadline to
reach a trade deal with China if they are making good progress.

 

Chinese and US officials will hold high-level talks this week aimed at
halting their damaging trade war.

 

US officials previously said 1 March was a hard deadline for achieving a
deal to avert further tariffs.

 

Both countries have imposed duties on billions of dollars worth of one
another's goods.

 

Deputy-level talks began this week in Beijing. High-level discussions, led
by US Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He, are
due to begin on Thursday as both sides rush to make progress before the 1
March deadline.

 

"If we're close to a deal where we think we can make a real deal and it's
going to get done, I could see myself letting that slide for a little
while," Mr Trump said referring to the March 1 deadline.

 

"But generally speaking, I'm not inclined to do that."

 

Three things the US and China will never agree on

Firms look to new factories as tariffs bite

A quick guide to the US-China trade war

The US has imposed tariffs on $250bn (£193bn) worth of Chinese goods, and
China has retaliated by imposing duties on $110bn of US products.

 

In December, both countries agreed to halt new tariffs for 90 days to allow
for talks.

 

The US has said it will increase tariff rates on $200bn worth of Chinese
imports from 10% to 25% if the two sides don't strike a deal by 1 March.

 

Mr Trump has also threatened further tariffs on an additional $267bn worth
of Chinese products.

 

Washington is pressing Beijing to make changes to its economic policies,
which it says unfairly favour domestic companies through subsidies and other
support.

 

It has also accused the government of supporting technology theft as part of
its broader development strategy, while in China there is a sense that the
US is using the trade war to contain the country's rise.--BBC

 

 

 

Brexit doubts leave firms 'hung out to dry'

UK firms have accused the government of leaving them "hung out to dry" in
the event of a no-deal Brexit.

 

With less than 50 days until 29 March when the UK is due to leave the EU,
the British Chambers of Commerce (BCC) says 20 key questions remain
unresolved.

 

How to move skilled staff between the UK and EU, which rules to follow and
what trade deals will be in place are all still unknown, the BCC says.

 

The government said it was focused on getting approval for its Brexit deal.

 

"The best way to support our economy, protect jobs and provide certainty for
businesses and individuals as we leave is to back the deal we have agreed
with the EU.

 

"We are focused on securing the necessary changes to ensure the deal passes
through Parliament," a government spokesman said.

 

Brexit: What could happen next?

Brexit: A really simple guide

Theresa May is currently seeking changes to her Brexit deal with the EU
after it was emphatically rejected last month, in the largest defeat ever
for a sitting government.

 

The prime minister needs to get a deal approved by Parliament by 29 March to
avoid a no-deal Brexit, in which case the UK defaults to World Trade
Organization rules.

 

Labour has accused her of "cynically" running down the clock. It claims Mrs
May is planning to delay the final, binding vote on the withdrawal deal she
has agreed with the EU until the last possible moment, so that MPs will be
faced with a stark choice between her deal and no deal.

 

'Stifling investment'

The BCC - which represents thousands of firms - says its members are "hugely
concerned" that the UK is not prepared for all eventualities.

 

The business lobby group also warned that the lack of clarity over what will
happen had already "stifled investment and growth".

 

"There is a very real risk that a lack of clear, actionable information from
government will leave firms, their people and their communities hung out to
dry," said BCC director general Adam Marshall.

 

Mr Marshall said firms remained "in the dark" over crucial issues including
contracts and customs tariffs.

 

"Businesses need answers they can base decisions on, no matter the outcome,"
he added.

 

The BCC has published the list of 20 questions firms want answered. They
include whether firms will be able to fly people and goods between the UK
and EU after the end of March and whether there will be any import tariffs.

 

The business group's warning comes after Bank of England governor Mark
Carney earlier urged MPs to solve the current Brexit impasse.

 

Mr Carney warned a no-deal Brexit would create an "economic shock" at a time
when China's economy is slowing and trade tensions are rising.

 

"It is in the interests of everyone, arguably everywhere" that a Brexit
solution is found, he said.

 

Earlier this week, official figures showed that the UK economy had expanded
at its lowest annual rate in six years last year, with many economists
blaming Brexit for the slowdown.--BBC

 

 

Nissan takes $83m charge related to Carlos Ghosn

Nissan has taken a 9.2bn yen ($83m; £64.5m) charge tied to compensation for
former chairman Carlos Ghosn.

 

The charge was reported in the firm's first results since Mr Ghosn's arrest
for financial misconduct, and Nissan said it reflected additional expenses
related to payments to its former boss.

 

The carmaker also cut its full-year profit forecast as sales weakened.

 

It comes as the Nissan-Renault alliance is being tested by the scandal
surrounding Mr Ghosn.

 

The 64-year-old has been in prison since November after Nissan accused him
of understating his pay.

 

Nissan said it now expected full-year operating profit to be 450bn yen, down
from a previous estimate of 540bn yen.

 

The cut to its full-year outlook came despite a rise in operating profit to
103.3bn yen for the three months to December, up from 82.4bn yen a year
earlier.

 

However, the Japanese carmaker revised its full-year forecasts "given the
performance in the first nine months of the year".

 

Over that period, it said global sales fell 2.1% "with growth in Japan,
China and other markets offset by decreases in North America and Europe".

 

Renault and Nissan usher in new era

Carlos Ghosn: The driven 'cost killer'

Five charts on the Carlos Ghosn scandal

Analysis: Theo Leggett, business correspondent

Mild mannered, bespectacled and grey-suited, Nissan's chief executive Hiroto
Saikawa looks every inch the corporate functionary. But he's now widely seen
as a ruthless corporate assassin, who seized on the allegations of
wrongdoing against Carlos Ghosn to oust his former boss.

 

At the time, Nissan's Japanese executives were becoming increasingly wary
about Mr Ghosn's plans to forge an ever closer union between the Alliance
members of Renault, Nissan and Mitsubishi - with Renault firmly in the
driving seat.

 

Today, he set out his own vision of the future. The Alliance should
continue, yes - but he said its members should "respect the autonomy and
independence of each other". It was time to restore trust, he said. And he
questioned once again whether it was right to concentrate power on one
single person.

 

It was a pointed warning ahead of his planned meeting this week with the new
chairman of Renault, Jean Dominique Senard. Despite Renault's 43%
shareholding, Nissan is no longer prepared to play a subservient role to its
French partner; and any attempt to engineer a merger will be fiercely
resisted.

 

The results are the first to be published since the arrest of its former
chairman.

 

Mr Ghosn, the architect of the Renault-Nissan alliance, has been charged
with financial misconduct and breach of trust.

 

He was sacked by Nissan after his arrest last year and resigned from
Renault.

 

Renault and Nissan have pledged to continue their alliance. The new boss of
Renault Jean-Dominique Senard will meet Nissan's boss Hiroto Saikawa in
Japan this week.

 

The BBC's Tokyo correspondent Rupert Wingfield-Hayes said all indications
are that the Mr Senard and Mr Saikawa have very different views of what
direction their post-Ghosn alliance should take.--BBC

 

 

 

Trump says second government shutdown unlikely after deal reached

US President Donald Trump has said that a second government shutdown is
unlikely after lawmakers agreed to a deal to fund the federal government.

 

"I don't think you're going to see a shutdown. If you did have it, it's the
Democrats fault," he said on Tuesday.

 

Mr Trump's remarks come after a political row over border security funding
which shuttered a quarter of the US government for 35 days.

 

The deal still needs to be approved by Congress and signed by the president.

 

What did Mr Trump say about the deal?

"I'm not happy about it. It's not doing the trick," he said a day after
Democrat and Republican negotiators struck a deal to avert a shutdown ahead
of Friday, when funding for some federal agencies is due to run out.

 

He told reporters he would have a meeting about the agreement later on
Tuesday.

 

"I am extremely unhappy with what the Democrats have given us," he told
reporters and White House officials during a meeting with his cabinet.

 

What is a government shutdown?

How the last US shutdown hurt

Mr Trump said he had "accepted" responsibility for the first shutdown, but
that a new impasse would be "totally on the Democrats".

 

"I've always accepted it. But this one, I would never accept it if it
happens, but I don't think it's going to happen," he said.

 

What is known about the deal?

Details have yet to be released but aides familiar with the negotiations say
it includes $1.375bn in funding for 55 miles (88km) of new fencing at the
border, a small part of the more than 2,000 miles promised by the president.

 

The barrier would be built in the Rio Grande Valley, in Texas, using
existing designs, such as metal slats, instead of the concrete wall that Mr
Trump had demanded.

 

There was also an agreement to reduce the number of beds in detention
centres to 40,250 from the current 49,057, reports say.

 

Lawmakers expressed optimism that a bill would be approved by Friday when
funding runs out for some federal agencies.

 

 

Trump's border wall in seven charts

Is there a crisis on the US-Mexico border?

Let the spin begin

If there was one thing Democratic and Republican congressional negotiators
could agree on, it's that another government shutdown would be very bad
news.

 

Republicans feared the public would again blame them for the impasse.
Democrats were concerned that federal workers, a key constituency, would
face further financial strain.

 

All that was left was to reach a compromise that allowed both sides to claim
a bit of victory. They finally did - and the contours of the agreement look
a lot like what was on the table last December, before the president, at the
behest of his conservative base, instigated the current crisis.

 

According to reports, there's some new wall money, but no more than had been
agreed to last summer. There's also funding for "border security", including
better technology and increased screening at ports of entry, which is the
real source of most drug smuggling.

 

Donald Trump may grouse, but since he's already claiming his wall is being
built - "finish the wall" is his new slogan - he probably will find a way to
tout the deal as a success. Democrats bent during negotiations, but didn't
break.

 

Both sides will lick their wounds and prepare for the next fight.

 

Why is there the risk of another shutdown?

On 25 January, President Trump agreed to a three-week spending deal to end
the shutdown and allow Congress to reach an agreement.

 

The shutdown was triggered by Mr Trumps' refusal to sign a funding agreement
that did not include funds for his promised border wall with Mexico.

 

Democrats have steadfastly refused to approve the funding.

 

 

During the last shutdown, hundreds of thousands of workers were furloughed
(put on unpaid leave) in December and January while others in essential
services, such as hospital care, air traffic control and law enforcement,
worked without pay.--BBC

 

 

Brexit: No-deal plan for Channel Tunnel operations

The Channel Tunnel - or Eurotunnel - connects Calais in France with
Folkestone in the UK

Trains will be permitted to use the Channel Tunnel for three months if the
UK leaves the EU without a deal, under a proposed European Commission law.

 

The planned legislation, published on Tuesday, will give the UK and France
time to renegotiate the terms under which the railway service operates.

 

The law must be agreed by the European Parliament and EU member states.

 

Britain leaving the EU with no deal is the default position on 29 March
unless a withdrawal agreement can be approved.

 

Tuesday's proposal is aimed at mitigating the "significant impact" that a
no-deal Brexit - the UK leaving the EU without any formal Withdrawal
Agreement and no transition period - would have on rail transport and
connectivity between the EU and the UK, the commission said.

 

UK government sued over no-deal ferry contracts

Could Channel Ports cope with no deal?

Brexit: Are we running out of time?

The proposals "are intended to ensure the continuity limited to cross-border
operations and services," it said, warning that "an interruption in these
activities would cause significant social and economic problems."

 

The legislation states that, given the "exceptional" urgency of the
situation, the proposal will not be subject to the normal eight-week
consultation period.

 

The commission also emphasised that the period for renegotiation was
"strictly limited" and that the UK must maintain safety standards "identical
to EU requirements".

 

It will now work to ensure that the legislative measure is agreed and
adopted by the European Parliament so that it is ready to come into force by
30 March 2019 if necessary.

 

In October, the UK said it was seeking bilateral arrangements with France,
Belgium, the Netherlands and Ireland to "facilitate the continued smooth
functioning of cross-border rail services".

 

What could happen next?

Brexit: All you need to know

In recent months the European Council has called for member states to
"intensify" preparations for a no-deal outcome.

 

If this happens, there are a number of laws that need to be passed to ensure
continuity in crucial areas.

 

 

Media captionHow does the European Union work?

UK Prime Minister Theresa May says she is currently working to get an
improved deal from the EU.

 

She wants to secure changes to the legal text of the Withdrawal Agreement
she had previously agreed with the 27 other member states, after it was
rejected by the UK parliament.

 

The UK government has said that leaving the EU with a deal remains its "top
priority".--BBC

 

 

 

Belgium flights cancelled for a day amid strike

All flights in and out of Belgium have been cancelled for a day due to
strike action, the country's air traffic control has announced.

 

The period of cancellation will run for 24 hours, from 22:00 (21:00 GMT) on
Tuesday.

 

A national strike has been called by three major trade union federations.

 

Air traffic agency Skeyes said that there was "no certainty about the number
of staff in a limited number of key posts".

 

"Six hours before the start of the national strike, the company does not
have sufficient insight into the staffing levels during the industrial
action that will start tonight," it said in a statement on Tuesday.

 

"Skeyes' employees do not have to declare their intentions to work or not
during trade union actions in advance," it added, explaining the
uncertainty.

 

The agency said its responsibility was to guarantee safety, and it could not
do so "in view of the great uncertainty about the occupation of some crucial
posts".

 

The only option left was to not allow air traffic, it said.

 

Wage growth dispute

Many airlines had already cancelled or rescheduled flights head of some
expected disruption during the strike.

 

The strike action will also have a limited effect on flights through Belgian
airspace, as Skeyes is responsible for all traffic up to an altitude of
about 7,500m (24,600 ft).

 

Above that, flights are co-ordinated with the aid of Europe-wide air traffic
control organisation Eurocontrol, which said it would publish "some advisory
routings to avoid Belgian airspace."

 

Government and military flights will not be affected.

 

The day of national strikes, called by Belgium's three major trade union
federations, follows a disagreement over wage growth, which is limited to
0.8% for the next two years.

 

Unions are calling for an increase in wages, benefits and pensions to what
they believe is a reasonable living level, as well as improvements to
work-life balance.--BBC

 

 

 


 

 


 

INVESTORS DIARY 2019

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Ariston

AGM

Royal Harare Golf Club

19 Feb 2019 - 2:30pm

 


Zimbabwe

Robert Mugabe National Youth Day

Zimbabwe

21 Feb 2019

 


Powerspeed

AGM

Boardroom, Gate 1, Powerspeed Complex, Graniteside

28 Feb 2019 - 11am

 


Zimbabwe 

Independence Day

Zimbabwe

18 Apr 2019 

 


 

Good Friday

 

19 Apr 2019

 


 

Easter Saturday

 

20 Apr 2019

 


 

Easter Sunday

 

21 Apr 2019

 


 

Easter Monday

 

22 Apr 2019

 


 

Workers Day

 

01 May  2019

 


 

Africa Day

 

25 May 2019

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
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subscribe for any securities. The information contained in this report has
been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
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investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

 


 

 


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