Major International Business Headlines Brief::: 18 February 2019

Mon Feb 18 07:32:14 CAT 2019

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Major International Business Headlines Brief::: 18 February 2019

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*  S.Africa seeks to reopen costly renewables deals to help Eskom

*  Ethiopia and Djibouti sign deal to build gas pipeline

*  South African Airways to pay Comair $78 mln to settle competition case

*  Eskom suspends power cuts but warns system vulnerable

*  Gold Fields FY profit slumps as production drops

*  Uganda's economy seen expanding at 6.3 pct in 2018/19 - IMF

*  Morocco’s competition council advises against fuel price cap

*  Grand Parade to close Dunkin', Baskin Robbins in South Africa

*  Kenyan shilling in firm position amid offshore investor flows

*  Saudi Arabia signs $20bn in deals with Pakistan

*  Huawei risk can be managed, say UK cyber-security chiefs

*  Porsche warns UK customers of Brexit price rise

*  The community that rejected Amazon

*  US-China trade talks break up without deal

 <mailto:info at bulls.co.zw> 

S.Africa seeks to reopen costly renewables deals to help Eskom

JOHANNESBURG (Reuters) - South Africa wants to talk to independent power
producers (IPPs) about lowering the price Eskom pays for electricity from
older renewable energy projects, a senior minister told Reuters, as the
state utility struggles to emerge from a financial crisis.

Eskom supplies more than 90 percent of South Africa’s power but is drowning
in debt after a decade of decline. It implemented power cuts for five
consecutive days last week because of breakdowns at its creaking fleet of
mainly coal-fired power stations.

Labour unions and some conservative sections of the ruling African National
Congress blame Eskom’s financial woes on 20-year agreements it signed to
purchase power from renewable energy projects launched in 2011 and 2012.

The power prices Eskom pays for later renewables projects are considerably
lower because technology and finance costs in the renewable energy sector
fell by the time they were agreed.

“The simple assurance is that this is not about scrapping a contract. This
is about exploring possibilities that are created by the rapid fall in costs
in the renewable sector, whether that’s solar or wind,” Public Enterprises
Minister Pravin Gordhan said in an interview.

“There are players in the renewables industry who are saying let’s talk.”

Gordhan said he wanted to reassure IPPs that the South African government
would be careful about how it handled any negotiations over power prices.

“We are a law-abiding country. ... We need to look after the interests of
everyone concerned,” he said.

Gordhan, an important ally of President Cyril Ramaphosa, said the government
wanted to “balance out” prices agreed during bid windows one and two of the
country’s renewable energy programme - launched in 2011 and 2012 - with
lower prices in later bid windows.

Ramaphosa - who is trying to appease critics before a parliamentary election
in May - has promised to support Eskom’s balance sheet and split the utility
to make it more efficient.

But some analysts say bolder steps are needed to rescue the power firm, the
largest on the African continent.

Eskom expects to make annual losses of around 20 billion rand ($1.4 billion)
this year and next and does not earn enough to service its 419 billion rand
debt mountain.

($1 = 14.0700 rand)

 <mailto:info at bulls.co.zw> 

Ethiopia and Djibouti sign deal to build gas pipeline

ADDIS ABABA (Reuters) - Ethiopia and Djibouti have signed a deal to build a
pipeline to transport Ethiopian gas to an export terminal in the Red Sea
state, officials said.

Ethiopia found extensive gas deposits in its eastern Ogaden Basin in the
1970s. China’s POLY-GCL Petroleum Investments has been developing the Calub
and Hilala fields there since signing a production sharing deal with
Ethiopia in 2013.

The agreement between Djibouti and Ethiopia comes more than a year after
POLY-GCL signed a memorandum of understanding with Djibouti to invest $4
billion to build the natural gas pipeline, a liquefaction plant and an
export terminal to be located in Damerjog, near the country’s border with
Somalia.

It was envisaged that production would start last year, but the Ethiopian
government said that was now likely to happen in 2020.

Djibouti’s Energy Minister Yonis Ali Guedi told Reuters late on Saturday the
deal hammered out “key terms that will serve as a basis” for related
concession contracts. 

“It is the most expensive project ever built in the Horn of Africa region,”
he said. “The two parties have reached an agreement in principle to allow
them to benefit from the project in an equitable manner.”

POLY-GCL is a joint venture between state-owned China POLY Group Corporation
and privately owned Hong Kong-based Golden Concord Group.

Africa’s eastern seaboard could soon become a major global producer of
liquefied natural gas, with other planned projects based on big gas finds
made in Tanzania and Mozambique.

South African Airways to pay Comair $78 mln to settle competition case

JOHANNESBURG (Reuters) - State-run South African Airways (SAA) will pay its
rival Comair 1.1 billion rand ($78 million) to settle an anti-competition
case, sending shares in the local aviation company soaring.

Struggling SAA has not made a profit since 2011 and was given a 5 billion
rand bailout by government last year to shore up its balance sheet.

It is one of a handful of state firms cited by credit ratings agencies as a
major risk to the sovereign rating of Africa’s most industrialised economy.

The dispute between Comair and SAA dates back more than a decade. SAA’s
travel agent incentive schemes were deemed anti-competitive by a competition
body, paving the way for a damages claim by Comair.

Comair said in a statement on Friday that SAA would start making payments to
it from this month until July 2022, unless SAA decides to pay the full
amount earlier.

Comair operates flights in southern Africa under a licence from British
Airways and launched low-cost airline kulula.com.

Its shares closed up more than 20 percent at 5.55 rand on the Johannesburg
Stock Exchange.

SAA’s spokesman did not immediately respond to a request for comment.

($1 = 14.1261 rand)

Eskom suspends power cuts but warns system vulnerable

JOHANNESBURG (Reuters) - South Africa’s struggling state power firm Eskom
suspended electricity cuts on Friday but said the power system remained
vulnerable, after five days of rolling outages which weakened the rand and
hurt businesses across the country.

Eskom supplies over 90 percent of the power in Africa’s most industrialised
economy but has been grappling with power station breakdowns and diesel
shortages which have curbed its ability to run backup power sources.

President Cyril Ramaphosa, who faces a parliamentary election in May, has
pledged to reform the utility by splitting it up and providing financial
support but has ruled out privatisation.

The rand was on course for a loss of more than 3 percent against the dollar
this week, largely because of Eskom’s woes, which risk derailing a sluggish
economic recovery.

“Due to further improvement in generation performance and the notable
strides made in replenishing water and diesel reserves, Eskom is not likely
to implement load-shedding on Friday,” Eskom said in a statement, using a
local term for power cuts.

Eskom started the power cuts on Sunday and intensified them to 4,000
megawatts (MW) of cuts on Monday in the worst outages South Africa has seen
since 2014/15. The power cuts had been reduced to 2,000 MW by Thursday.

The power crisis has caused traffic gridlock in major cities as traffic
lights stop working and frustration for ordinary South Africans.

Businesses like miner Harmony Gold are exploring strategies to reduce their
dependence on Eskom.

The government has promised more details about how it will support Eskom’s
balance sheet on Feb. 20, when the finance minister will deliver a budget
speech in parliament. One of Eskom’s major issues is its unsustainable debt
mountain of around 419 billion rand ($30 billion).

($1 = 14.1358 rand)

Gold Fields FY profit slumps as production drops

JOHANNESBURG (Reuters) - South Africa’s Gold Fields Ltd said on Friday its
full-year profit slumped 73 percent, dented by a decline in bullion
production led by its South Deep operations.

Headline earnings per share (HEPS) fell to $0.07 per share, for the full
year ended Dec. 31, 2018, from $0.26 in the previous year.

HEPS is the main profit measure used in South Africa that strips out certain
one-off items.

Revenue dropped 7 percent to $2.58 billion in 2018 from $2.76 billion in
2017 due to the lower ounces sold, the firm said.

Bullion production slipped 6 percent to 2.036 million ounces in 2018 from
2.160 million ounces in 2017 due to a decline in production at South Deep,
Gold Fields said.

South Deep, the company’s last South African asset, has lost money over the
past five years and Goldfields has been working to mechanise operations in
the face of challenging geology 3 kms (2 miles) below the surface.

Production at the South Deep in 2018 was affected by a slow build-up after
the seasonal holidays in the first quarter, labour restructuring, safety
stoppages and a six-week strike, the gold miner said.

“While South Deep had a difficult year, the large-scale restructuring
completed at the end of 2018, places the mine on an improved footing from
which to gradually build up production,” said Chief Executive Officer Nick
Holland in a statement.

Gold Fields, which employs about 3,600 people in South Africa, said last
year it would restructure its South Deep operations and cut about 1,100
jobs, nearly a third of the workforce, to save money. In response, the
National Union of Mineworkers (NUM) went on strike at the mine on Nov. 2.

The firm has declared a dividend of 20 cents per share, making the total
dividend for the year at 40 cents ($0.0283) per share, compared with 90
cents a year ago.

Uganda's economy seen expanding at 6.3 pct in 2018/19 - IMF

KAMPALA (Reuters) - Uganda’s economy is expected to grow 6.3 percent in the
2018/19 (Jul-Jun) fiscal year, slightly higher than the 2018 rate, helped by
robust activity in sectors including manufacturing and construction, the IMF
said on Thursday.

Growth in the 2017/18 fiscal year was 6.1 percent. Inflation is expected to
climb but flatten out around the central bank’s target of 5 percent over the
next 12 months, according to the International Monetary Fund.

“Credit to the private sector has improved, helped by a supportive monetary
policy stance. Growth is projected at 6.3 percent in FY18/19, as
manufacturing, construction, and services continue to expand,” an IMF
statement said.

The East African country badly needs a high and sustained economic growth
rate to help generate healthy revenues to defray its ballooning public debt
load.

The Finance Ministry says Uganda’s debt stands at 41.5 percent of GDP but
the central bank has said it believes public indebtedness has already topped
50 percent of the nation’s economic output.

The IMF said growth could hit 7 percent over the next five years “if
infrastructure and oil sector investments proceed as planned, and private
sector credit remains supportive”.

Uganda expects to start pumping crude oil by 2022 at the latest from fields
in western areas near the border with Democratic Republic of Congo.

Morocco’s competition council advises against fuel price cap

RABAT (Reuters) - Capping fuel prices would not be in the best interests of
consumers or the economy, the head of Morocco’s competition regulator said
on Friday, opposing a government plan to restore price controls.

Calls to limit the profit margins of fuel distribution companies were
triggered during a consumer boycott campaign last year, which took aim at
big business including Morocco’s largest fuel company owned by agriculture
minister Aziz Akhannouch.

The government requested an opinion from the competition regulator before
taking any action, although the governance minister said two weeks ago that
caps would be imposed by mid-march.

“Setting the price of fuel will be inappropriate and inefficient to preserve
the interest of the Moroccan consumer and the economy,” Driss Guerraoui,
head of the competition regulator, told reporters.

He said that temporary measures such as price capping would only have a
limit impact and called instead for “structural dysfunctions” in the sector
to be addressed.

Backtracking on the liberalisation of fuel prices, in force since 2015,
“risks sending a bad signal to the market and investors,” he said.

Morocco lifted subsidies on fuel under pressure from international lenders
but maintains them on cooking gas, sugar and wheat.

Guerraoui said that a price cap would not take into consideration wider
factors affecting prices, including volatility in international markets.

He recommended boosting local storage capacity and competition in the sector
to put downward pressure on prices.

Twenty fuel distribution companies operate in Morocco of which 7 control 70
percent of the market with only 3 companies controlling 53 percent, he said.

Morocco imports 93 percent of its refined oil needs after the shutdown of
its sole refinery Samir over unpaid taxes.

Grand Parade to close Dunkin', Baskin Robbins in South Africa

(Reuters) - South Africa’s Grand Parade Investments Ltd said on Friday it
had filed to close its Dunkin Donuts and Baskin Robbins franchises in the
country due to poor performance and would instead channel capital into its
chain of Burger King outlets.

“The decision to exit Dunkin Donuts and Baskin Robbins was made following
sustained losses in these businesses and an unsuccessful process to dispose
of these businesses,” the company said in a statement.

Kenyan shilling in firm position amid offshore investor flows

KAMPALA (Reuters) - The Kenyan shilling was stable against the dollar on
Friday supported by inflows from offshore investors buying government debt
amid thin importer demand, traders said.

At 0909 GMT, commercial banks quoted the shilling at 100.10/30 per dollar,
the same level as Thursday’s close.

Saudi Arabia signs $20bn in deals with Pakistan

Saudi Arabia has pledged investment deals worth $20bn (£15.5bn) with
Pakistan which is seeking to bolster its fragile economy.

It comes as part of a high-profile Asian tour by the kingdom's Crown Prince
Mohammed bin Salman.

Pakistan urgently needs to address a balance of payments crisis and is
looking to international backers for support.

The deals include an $8bn oil refinery in the key port city of Gwadar.

The two sides signed several other provisional agreements and memorandums of
understanding in the energy, petrochemicals and mining sectors, according to
reports.

"It's big for phase one, and definitely it will grow every month and every
year, and it will be beneficial to both countries," the crown prince said.

Pakistan rolls out red carpet for Saudi prince

Who is Saudi's Crown Prince Mohammed bin Salman?

Pakistan is desperate for cash. The south Asian country's central bank has
only $8bn left in foreign reserves and faces a balance of payments crisis.

Prime Minister Imran Khan has been seeking help from friendly countries in
order to cut the size of the bailout package his country is likely to need
from the International Monetary Fund, under very strict conditions.

The country is seeking its 13th bailout since the late 1980s and Saudi
Arabia has already provided a $6bn loan.

Charm offensive

Pakistan is the first stop on an Asian tour by the crown prince, known as
MBS. He is scheduled to be in India by Tuesday and will visit China on
Thursday and Friday.

The prince is seeking to recast his international image in the wake of the
Jamal Khashoggi affair. The journalist was murdered at the Saudi consulate
in Istanbul in October.

Pakistan needs Saudi money to stave off a huge IMF bail-out - but this is
not a one-way relationship

Against this backdrop, the current tour can be seen as a charm offensive by
MBS, who is seeking to bolster relationships with dependable allies as he
doles out cash, says the BBC's Abid Hussain.

While Pakistan stands to benefit from Saudi Arabia's largesse, the south
Asian country is also important to the kingdom.

The two countries have a long-standing military relationship and the MBS
visit comes at a time when geopolitics in the region are shifting -
including concerns over the influence of Iran.--BBC

Huawei risk can be managed, say UK cyber-security chiefs

Any risk posed by involving the Chinese technology giant Huawei in UK
telecoms projects can be managed, cyber-security chiefs have reportedly
said.

The UK's National Cyber Security Centre's decision undermines US efforts to
persuade its allies to ban the firm from 5G communications networks.

The Chinese government is accused of using Huawei as a proxy so it can spy
on rival nations.

But Huawei has said it gives nothing to Beijing, aside from taxes.

Timeline: What's going on with Huawei?

Should we worry about Huawei?

Huawei and 5G: Decision time

Australia, New Zealand, and the US have already banned Huawei from supplying
equipment for their future fifth generation mobile broadband networks, while
Canada is reviewing whether the company's products present a serious
security threat.

Most of the UK's mobile companies - Vodafone, EE and Three - have been
working with Huawei on developing their 5G networks.

They are awaiting on a government review, due in March or April, that will
decide whether they can use Huawei technology.

According to the Financial Times, the conclusion by the National Cyber
Security Centre - part of the intelligence agency GCHQ - will feed into the
review.

The decision has not yet been made public, but the security agency said in a
statement it had "a unique oversight and understanding of Huawei engineering
and cyber security".

BBC business correspondent Rob Young said the National Cyber Security
Centre's conclusion "will carry weight", but said the review could still
rule against Huawei.

A spokesperson for the Department of Culture, Media and Sport, which is
leading the review into the future of the telecoms industry, said its
analysis was "ongoing".

"No decisions have been taken and any suggestion to the contrary is
inaccurate," they said in a statement.

UK service provider BT has already said it is in the process of removing
Huawei's equipment from central parts of its existing 3G and 4G mobile
operations and it will not use the company's components in the core of its
next 5G network.

Fifth-generation mobile broadband is coming to the UK over the next year or
so, promising download and browsing speeds 10 to 20 times faster than those
4G networks can offer.

The US argues Huawei could use malign software updates to spy on those using
5G.

It points to China's National Intelligence Law passed in 2017 that says
organisations must "support, co-operate with and collaborate in national
intelligence work".

Critics of Huawei also highlight that its founder Ren Zhengfei was a former
engineer in the country's army and joined the Communist Party in 1978.

Huawei recently attracted attention when its chief financial officer, Meng
Wanzhou, was arrested and accused of breaking American sanctions on
Iran.--BBC

Porsche warns UK customers of Brexit price rise

Porsche is warning UK customers they might have to pay 10% extra for cars
delivered after Britain leaves the EU.

The German firm wants buyers to sign a clause agreeing to a potential
tariff, a move Porsche said is "precautionary".

Porsche's owner Volkswagen declined to discuss if some of its other brands,
including Audi, Lamborghini, Skoda, Bugatti, Seat, and Ducati might follow.

A 10% surcharge would see the cost of an entry-level Porsche 911 rising from
£93,110 to £102,421.

The company's Macan sports utility and Boxster models start at about
£46,000.

Stuttgart-based Porsche said in an emailed statement to the BBC: "As one
potential outcome of the Brexit negotiations, there is a possibility that a
duty of up to 10% may be applied to cars imported into the UK by us after
March 29.

"In light of this, we have chosen to inform customers whose cars are likely
to arrive after Brexit occurs to warn them that they may be affected by this
tariff - allowing them to be fully informed at the point of sale and, if
they wish, to adjust their order accordingly.

"This is a precautionary step in the interests of allowing our customers to
plan ahead."

Bloomberg quoted Porsche as saying that it needed "comprehensive clarity" on
future UK relations with "the EU very quickly".

Jaguar Land Rover confirms 4,500 job cuts

Ford warns of 'catastrophic' no-deal Brexit

Toyota urges support for PM's Brexit deal

Customers who have placed deposits on or before 17 January will not be
affected by the change, Porsche said. The company has no UK manufacturing,
so all its cars are imported.

Rebecca Chaplin, editor of Car Dealer magazine, which first reported
Porsche's move said it was bad news for industry because it would make
buyers want to delay purchases until the picture was clearer after Brexit.

''Car dealers and manufacturers need to be able to communicate the prices of
cars clearly to customers - it's a fundamental of this business and the
government isn't helping them," she said.

AA president Edmund King said: "Import tariffs alone could push up the list
price of cars imported to the UK from the continent by an average of £1,500
if brands and their retail networks were unable to absorb these additional
costs."

Fears dismissed

Executives at several carmakers have expressed fears about the risk of
tariffs, which they say could disrupt production and exports when the UK
leaves the EU next month.

Last week, Ford warned that a no-deal Brexit would be "catastrophic".

On Sunday, a spokesman for Volkswagen declined to discuss a possible
surcharge on its other car brands.

But he told the BBC: "We are keeping a very close eye on developments and
reviewing the entire spectrum of possible effects.

"We are noting with regret that there is currently a stand-still regarding
the decision on the negotiated deal. For us, this means a further period of
insecurity and planning uncertainty. We continue to prepare for all
eventualities.

"Irrespective of this, the United Kingdom will remain an important market
for the Volkswagen Group, the second largest in Europe."

However, Leave supporters have dismissed fears over tariffs on imported
cars, arguing that German manufacturers would oppose such an obstacle to one
of their biggest markets.

The UK is one of Porsche's biggest markets. The company sold 256,000 cars
worldwide last year, with more than 12,500 in Britain.--BBC

The community that rejected Amazon

A day after Amazon announced it would abandon controversial plans to build a
new campus in New York City, the neighbourhood selected for the expansion
was still in shock.

At Manducatis Rustica, an Italian restaurant on the local high street that
was established in 1977, people were in mourning.

At the closest subway stop, there was a sense of relief.

The divided opinions reflected the fierce debate stirred by Amazon's plan,
which would have added 25,000 jobs over 10 years to a waterfront district in
Queens already grappling with fallout from years of rapid change.

"From a local standpoint, I'm happy," said Chad Pierce, 35, who has lived in
the neighbourhood for nine years.

"It gives me the feeling I'll be able to live here for another three to five
years."

Once an industrial hub in slow decline, Long Island City now ranks as one of
the fastest growing places in the United States.

More than 8,000 apartments have opened in the neighbourhood since 2015. It
is expected to add almost 10,000 more by 2020.

The transformation of the neighbourhood, which sits on the East River just
one subway stop away from midtown Manhattan, has not always been easy.

Rents are rising and older residents are being crowded by an influx of
wealthier, more educated inhabitants.

Meanwhile, despite the growth, some local restaurants and shops have
struggled, as weekend visits from new residents fail to make up for the
weekday, working customers lost as commercial and manufacturing firms move
away.

At the Manducatis Rustica cafe, owner Gianna Cerbone said she had been
forced to cut breakfast and lunch offerings.

But in Amazon's campus, she saw the opportunity for fortunes to reverse.

On Friday, Ms Cerbone held court as a a steady stream of visitors dropped by
her restaurant to share their disappointment about Amazon's decision.

"I am devastated," Ms Cerbone said. "We need something that's going to
sustain the community."

Backlash

The spot that Amazon had selected for its campus is a mix of old
manufacturing buildings, home to taxi yards, government offices and tool
supply shops that appear ripe for redevelopment when contrasted against the
gleaming glass apartments nearby.

Recent polls found majority support for the project.

But the plan also triggered backlash, in part due to the roughly $3bn
(£2.3bn) in state and city tax incentives promised to Amazon if it delivered
on its hiring and investment pledges.

Activists and local politicians questioned the necessity of the incentives,
which amounted to more than $48,000 per job - far more generous than the
deal Amazon accepted in northern Virginia, near Washington DC, where it has
plans for a similar campus.

Opponents also charged that an influx of Amazon workers would strain the
neighbourhood, leading to even higher rents and more crowded streets.

"Long Island City is bursting at the seams. We're building buildings on top
of each other," said Mr Pierce.

Governor Andrew Cuomo and Mayor Bill de Blasio, who championed the deal,
argued the cost of the tax breaks would be more than offset by the new
growth spurred by Amazon's hiring and investment.

They said the state could reap as much as $27bn in new tax revenue that
could be used to upgrade the neighbourhood's parks, transit and schools.

Supporter Ronny Beyer, 38, who moved to Long Island City about 14 years ago,
said the project was a "once-in-a-lifetime opportunity".

"Now we have nothing," he said.

'Who'll come here now?'

Andrew McGowan, 27, who moved to Long Island City about two years ago, said
he was not worried about the consequences of rebuffing Amazon.

"The area is going to be fine," he said. "It's just going to be more
sustainable growth."

Others were more concerned.

"Who's going to come here now?" asked Ms Cerbone. "Who's going to go to the
place that fights Amazon?"--BBC

US-China trade talks break up without deal

Trade talks between the US and China have broken up without a deal, with the
US warning that "very difficult issues" remain unresolved.

The talks in China this week were aimed at securing a new deal before
further US tariffs are imposed on 1 March.

China said negotiations would now continue in the US next week.

"We feel that we have to make headway on some very, very important and very
difficult issues," said top US trade negotiator Robert Lighthizer.

However, he said he was "hopeful" of progress.

President Xi Jinping said he hoped talks next week would "continue to work
hard to promote a mutually beneficial and win-win agreement."

The two countries have been locked in an escalating trade war, imposing
duties on billions of dollars worth of one another's goods.

Trump could let China trade deadline 'slide'

Three things the US and China will never agree on

Firms look to new factories as tariffs bite

US-China trade war in 300 words

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 do not strike a deal by 1 March.

But President Trump recently hinted that this deadline could be extended if
they are making good progress in negotiations with China.

Could a trade deal be imminent?

By Andrew Walker, BBC World Service economics correspondent

It's a relatively optimistic tone from officials on both sides and at very
senior levels too: President Xi himself for China and two US Cabinet level
figures, in the shape of the Treasury Secretary and the US Trade
Representative.

Talks to continue in Washington next week. So is (trade) peace imminent?

That would be a rash assumption to make. We have had warm words before and
the big ask from the US side is difficult for China.

The next stage in China's economic development really does need technology
and they will not easily agree to give up the practice of expecting foreign
investors to share theirs.

That said, a willingness to continue talking as soon as next week, does
suggest some reason for hope.

What has caused the fallout between the US and China?

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

The US has also accused the government of supporting technology theft as
part of its broader development strategy. It wants to bring down its large
trade deficit with the Asian powerhouse and wants China to buy more US
goods.

China has proposed to increase purchases of US goods, such as semiconductors
and soybeans, but is unlikely to let up on its economic development model,
according to media reports.

There is also a sense among some in China that the US is using the trade war
to contain its rise, as the two superpowers jostle for global leadership.

Countries elsewhere have also become wary of China's rise. Several
governments have blocked telecoms companies from using equipment made by
Huawei, the Chinese telecoms giant, in next-generation 5G mobile networks
due to security concerns.

What has happened in the trade war so far?

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

Mr Trump has also threatened further tariffs on an additional $267bn worth
of Chinese products - which would see virtually all of Chinese imports into
the US become subject to these tariffs.--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> 

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<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
344 1674

Invest Wisely!

Bulls n Bears 

Telephone:      <tel:%2B263%204%202927658> +263 4 2927658

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:       <mailto:info at bulls.co.zw> info at bulls.co.zw  

Website:
<http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw&sa=D&sntz=1&usg=AF
QjCNH8LYgdY55h-XKseuM8Kpr-JKdfhQ> www.bulls.co.zw 

Blog:
<http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw%2Fblog&sa=D&sntz=1
&usg=AFQjCNFoIy6F9IXAiYnSoPSgWDYsr8Sqtw> www.bulls.co.zw/blog

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

Facebook:
<http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimba
bwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA>
www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 

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