Major International Business Headlines Brief::: 08 January 2019
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Major International Business Headlines Brief::: 08 January 2019
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* Tunisia tourism revenues jump by 45 pct with record number of visitors in
2018
* Kenya's earnings from tourism surge 31.2 pct in 2018
* South African rand extends gains versus sliding dollar
* South African rand extends gains versus sliding dollar
* Zambia Vedanta unit halts operations at underground mine on tax concerns
* Zambia says audit shows mining firms in arrears to government
* Ex-Credit Suisse bankers arrested on U.S. charges over Mozambique loans
* Decline in South Africa's private sector eases, fanning recovery hopes
-PMI
* Congo slashes cobalt output estimate for Jan-Sept 2018
* Carlos Ghosn says he is innocent in first court appearance
* US companies plan upstart stock exchange
* Samsung warns of profit drop as chip demand slows
* Jim Yong Kim steps down as President of World Bank
* Elon Musk breaks ground on first Tesla factory outside US
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Tunisia tourism revenues jump by 45 pct with record number of visitors in
2018
TUNIS (Reuters) - Tunisia’s tourism revenues jumped in 2018 to $1.36 billion
as the country saw the arrival of a record 8.3 million visitors, a strong
recovery for a vital sector from two militant attacks on holidaymakers in
2015, official figures showed on Monday.
The tourism industry accounts for 8 percent of Tunisia’s gross domestic
product. A return of Europeans visitors would give a strong boost to the
struggling economy and raise the country’s weak foreign currency reserves.
Major European tour operators started to return to Tunisia last year, after
three years of shunning the country following the attack on a beach in
Sousse that killed 39 tourists and a separate attack at the Bardo National
Museum in Tunis that killed 21.
Tourism revenues rose in 2018 by about 45 percent compared to 2017 to reach
4.09 billion dinars ($1.36 billion), the central bank figures showed.
The number of tourists jumped to 8.3 million from 7 million in 2017, as
hotels were filled with visitors from Algeria, Russia and oter parts of
Europe.
Tunisia expects tourist arrivals to reach 9 million for the first time in
2019.
($1 = 3.0087 Tunisian dinars)
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Kenya's earnings from tourism surge 31.2 pct in 2018
NAIROBI (Reuters) - Kenya’s earnings from tourism jumped by almost a third
in 2018 from the previous year to 157.4 billion shillings ($1.55 billion),
after the number of visitors rose by 37 percent, the tourism ministry said
on Monday.
($1 = 101.7500 Kenyan shillings)
South African rand extends gains versus sliding dollar
JOHANNESBURG (Reuters) - The South African rand strengthened against the
dollar on Monday, adding to strong gains last week as dovish comments by the
Federal Reserve chair hurt the U.S. currency.
At 1445 GMT the rand was more than 0.6 percent firmer at 13.8650 to the
dollar after earlier striking a session best of 13.8325.
The rand fell more than 14 percent in 2018, partly weakened by U.S. interest
rate hikes which boosted the dollar, but it is up 3.5 percent since the
start of 2019.
“The rand’s gains are mostly a weaker dollar story,” said Gerrit van Rooyen,
economist at NKC African Economics.
Fed chair Jerome Powell said late last week that the U.S. central bank would
be sensitive to the downside risks that markets are pricing in, bolstering
expectations of a slowdown in the pace of U.S. interest rate increases.
Money markets have priced out a U.S. rate hike this year and are even
pricing in a small probability of a rate cut in 2020. The Fed raised rates
four times in 2018, detracting from the appeal of emerging market currencies
like the rand and Russian rouble.
South Africa-focused investors will scrutinise manufacturing data due later
in the week for clues about the health of Africa’s most industrialised
economy.
Economists polled by Reuters are betting that the South African economy will
stage a gradual recovery, growing by 1.5 percent in 2019, after a 0.7
percent expansion last year. The economy expanded 2.2 percent in the third
quarter, pulling out of recession.
On the stock market, shares ended lower, led by cigarette giant British
American Tobacco (BATS) following a broker downgrade of the stock.
BATS lost 5.6 percent to 437.56 rand, topping the decliner’s list on the
benchmark index. Cowen analysts downgraded a clutch of tobacco stocks,
including BATS, to ‘market perform’, citing falling volumes.
Overall, the blue-chip Top-40 index ended 0.7 percent lower at 45,815 and
the broader All-share index lost 0.6 percent to 51,891.
South African rand extends gains versus sliding dollar
JOHANNESBURG (Reuters) - The South African rand strengthened against the
dollar on Monday, adding to strong gains last week as dovish comments by the
Federal Reserve chair hurt the U.S. currency.
At 1445 GMT the rand was more than 0.6 percent firmer at 13.8650 to the
dollar after earlier striking a session best of 13.8325.
The rand fell more than 14 percent in 2018, partly weakened by U.S. interest
rate hikes which boosted the dollar, but it is up 3.5 percent since the
start of 2019.
“The rand’s gains are mostly a weaker dollar story,” said Gerrit van Rooyen,
economist at NKC African Economics.
Fed chair Jerome Powell said late last week that the U.S. central bank would
be sensitive to the downside risks that markets are pricing in, bolstering
expectations of a slowdown in the pace of U.S. interest rate increases.
Money markets have priced out a U.S. rate hike this year and are even
pricing in a small probability of a rate cut in 2020. The Fed raised rates
four times in 2018, detracting from the appeal of emerging market currencies
like the rand and Russian rouble.
South Africa-focused investors will scrutinise manufacturing data due later
in the week for clues about the health of Africa’s most industrialised
economy.
Economists polled by Reuters are betting that the South African economy will
stage a gradual recovery, growing by 1.5 percent in 2019, after a 0.7
percent expansion last year. The economy expanded 2.2 percent in the third
quarter, pulling out of recession.
On the stock market, shares ended lower, led by cigarette giant British
American Tobacco (BATS) following a broker downgrade of the stock.
BATS lost 5.6 percent to 437.56 rand, topping the decliner’s list on the
benchmark index. Cowen analysts downgraded a clutch of tobacco stocks,
including BATS, to ‘market perform’, citing falling volumes.
Overall, the blue-chip Top-40 index ended 0.7 percent lower at 45,815 and
the broader All-share index lost 0.6 percent to 51,891.
Zambia Vedanta unit halts operations at underground mine on tax concerns
LUSAKA (Reuters) - Zambia’s Konkola Copper Mines (KCM), majority owned by
Vedanta Resources, suspended operations at its Nchanga mine following the
introduction of an import duty on copper concentrates, the company said.
Zambia, Africa’s No.2 copper producer, introduced new mining duties,
increased royalties and plans to replace Value Added Tax (VAT) with a sales
tax by April to help bring down mounting debt.
KCM said in a note to employees, seen by Reuters, that operations at the
mine would be suspended from Jan. 4 due to low availability of acid as a
result of rationalised operations at its Nchanga smelter.
Operations at the smelter were downsized due to low availability of
concentrates after the government introduced an import duty on concentrates,
KCM said.
“The introduction of 5 percent import duty on concentrates has made the
smelting of imported concentrates commercially unviable,” the company said.
KCM said it needed to import concentrates in order to meet smelter capacity
and blending requirements.
The Chamber of Mines said last month mining companies may lay off over
21,000 workers due to reduced capital expenditure over the next three years
due to the changes.
Zambia says audit shows mining firms in arrears to government
LUSAKA (Reuters) - The Zambia Revenue Authority (ZRA) said on Friday an
audit shows mining companies owe the government more than the state is due
to pay them in tax refunds.
Mining companies have been demanding Zambia pay the $550-$600 million due to
them in Value Added Tax (VAT) refunds.
“When we put together what we owe the mining companies compared with what
they are owing, you find that on the balance of numbers they are actually
owing more,” ZRA Commissioner-General Kingsley Chanda said at a media
briefing.
Chanda did not say how much mining companies owed the state but said it
included penalties and interest. Mining companies pay government royalties
and tax.
Ex-Credit Suisse bankers arrested on U.S. charges over Mozambique loans
NEW YORK (Reuters) - Three former Credit Suisse Group AG bankers were
arrested in London on Thursday on U.S. charges of involvement in a fraud
involving $2 billion in loans to state-owned companies in Mozambique, U.S.
prosecutors said.
Andrew Pearse, 49, Surjan Singh, 44, and Detelina Subeva, 37, were charged
in a federal court in Brooklyn, New York, with conspiring to violate U.S.
anti-bribery law and to commit money laundering and securities fraud. They
have been released on bail in London while the United States seeks
extradition.
Former Mozambique finance minister Manuel Chang, 63, was arrested in South
Africa this week as part of the same case.
A fifth man, Jean Boustani, was arrested on Wednesday at New York’s John F.
Kennedy Airport. Boustani is a Lebanese citizen who worked for an Abu
Dhabi-based contractor to the Mozambican companies, according to the
indictment.
Lawyers for the defendants could not be reached for comment.
“The indictment alleges that the former employees worked to defeat the
bank’s internal controls, acted out of a motive of personal profit, and
sought to hide these activities from the bank,” Credit Suisse said in a
statement, adding that the bank would continue to cooperate with
authorities.
$2 BILLION IN LOANS
According to the indictment, between 2013 and 2016 three Mozambican
state-owned companies borrowed more than $2 billion through loans guaranteed
by the government and arranged by Credit Suisse and another investment bank,
which was not named in the document.
Apart from Credit Suisse, the Russian lender VTB also arranged financing for
Mozambique’s state-owned companies. Both Credit Suisse and VTB also arranged
a eurobond for Mozambique’s government, which is earmarked for
restructuring.
VTB and the Mozambican government did not immediately respond to a request
for comment.
Mozambique - one of the most indebted countries in the world - admitted in
2016 to undisclosed lending, prompting the International Monetary Fund and
foreign donors to cut off support, triggering a currency collapse and a
default on its sovereign debt. It is still struggling to overcome the
resulting debt crisis.
According to the indictment, the three state-owned companies were created to
undertake maritime projects, but were really “fronts” for Chang, Boustani
and the three bankers to enrich themselves.
Prosecutors said at least $200 million was diverted to the defendants and
other Mozambican government officials. They said the defendants concealed
the misuse of the funds and misled investors in the United States and
elsewhere about Mozambique’s creditworthiness.
U.S. TAKES THE LEAD
The companies missed more than $700 million in loan payments after
defaulting in 2016 and 2017, the indictment said.
Debt cancellation activists welcomed the arrests, but criticised British
authorities for not taking a leading role.
“It is scandalous that it has required action from the U.S. authorities for
this investigation and arrests to be made in London,” said Tim Jones, a
policy officer at the British-based Jubilee Debt Campaign.
“It was the London branches of Credit Suisse and VTB which lent the $2
billion, yet there has been a shocking lack of action taken by UK
authorities in holding them to account.”
Britain’s finance industry watchdog, the Financial Conduct Authority (FCA),
started looking at Credit Suisse’s involvement in Mozambique in 2016. The
FCA declined to comment on the latest events.
Jones also urged Credit Suisse to face up to its own responsibility.
According to the indictment, Pearse was the head of Credit Suisse’s Global
Financing Group until around September 2013, but had started working for the
shipbuilding firm Privinvest Group around April that year. Subsidiaries of
Privinvest have been named as primary suppliers to the Mozambican firms.
Singh worked for Credit Suisse as a managing director in the Global
Financing Group until February 2017, while Subeva was a vice president in
the same department until August 2013.
Decline in South Africa's private sector eases, fanning recovery hopes -PMI
JOHANNESBURG, Jan 4 (Reuters) - South Africa’s private sector activity
contracted for the sixth month in a row in December as both output and new
orders fell further while purchases also dropped, though the overall rate of
decline eased, a survey showed on Friday.
The Purchasing Managers’ Index (PMI), compiled by IHS Markit, rose to 49.0
from 48.2 in November, still below the 50 mark separating expansion from
contraction that was last reached in June.
Three of the five sub-indices were contracted, but all showed slower rates
of decline, signalling a recovery from October’s four-year low.
“Reports of a turnaround in the economy helped ease the decline,” said IHS
Markit economist David Owen.
“The headline PMI was at its highest since July when conditions first
deteriorated. Firms reported movement in a number of sectors, with the jobs
market also elevated into expansionary territory,” Owen said.
Africa’s most industrialised economy went into recession in the first half
of 2018 but grew by an unexpected 2.2 percent in the third as manufacturing
and agricultural production accelerated.
South Africa’s growth outlook however remains uncertain, with a widening
budget deficit and ballooning debt as well as trade wrangles between China
and the United States posing big risks to an already modest growth forecast
of 1.7 percent for 2019.
Detailed PMI data are only available under licence from
IHS Markit and customers need to apply for a licence.
Congo slashes cobalt output estimate for Jan-Sept 2018
DAKAR (Reuters) - Democratic Republic of Congo revised down its estimate of
cobalt production for the first nine months of 2018, to 81,292 tonnes from
an earlier estimate of 115,116 tonnes, central bank data showed on Friday.
The revision means that output of cobalt, an important component of electric
car batteries, rose 35.9 percent compared to the same period in 2017, rather
than 92.5 percent as the bank said previously.
The bank also revised up its estimate for copper output in the first nine
months of 2018 to 911,505 tonnes from a previous estimate of 908,695 tonnes.
Congo is the world’s leading miner of cobalt and Africa’s top copper
producer.
Carlos Ghosn says he is innocent in first court appearance
Former Nissan chairman Carlos Ghosn has maintained his innocence in his
first court appearance since his arrest in Japan last year.
He has been in custody since November and faces allegations of financial
misconduct.
In a prepared statement, Mr Ghosn said he had been "wrongly accused and
unfairly detained".
His lawyers requested the court hearing to address the reasons for his
lengthy detention.
Japanese prosecutors have charged Mr Ghosn with financial misconduct and
accuse him of under-reporting his pay package.
Mr Ghosn, a towering figure of the auto industry, appeared at the Tokyo
District court wearing a dark suit and appearing thinner.
"I have been wrongly accused and unfairly detained based on meritless and
unsubstantiated accusations," his prepared statement read.
Carlos Ghosn: The driven 'cost killer'
Five charts on the Carlos Ghosn scandal
Ghosn charged over pay accusations
The 64-year-old was expected to tell the court he never received any
compensation from Nissan that was not disclosed.
Mr Ghosn said he had "never been accused of any wrongdoing," and had
dedicated two decades to "reviving Nissan".
His initial arrest nearly two months ago shocked the industry and his
lengthy detention has drawn some criticism.
But a judge in the Tokyo District Court on Tuesday said Mr Ghosn's detention
was justified as he posed a flight risk and the risk of evidence tampering,
according to reports.
What are the accusations?
The architect of the Renault-Nissan alliance has been accused of
"significant acts of misconduct", including under-reporting his pay package
and personal use of company assets.
His defence team say the accusations against him are invalid because they do
not relate to his salary, but to future payments that he was expected to
receive after retirement.
Experts do not expect much to come out of Tuesday's hearing.
"After the hearing, his lawyers will likely request to cancel his detention.
But there's no chance it'll get approved," Yoji Ochiai, a lawyer and former
prosecutor in Tokyo said.
"With this kind of case, there's no way a court would approve to cancel his
detention."
Who is Carlos Ghosn?
* His hero status was so big that his life was serialised in one of
Japan's famous cartoon comic books
* The Brazilian-born boss of Lebanese descent and a French citizen
says his background left him with a feeling of being different, which helped
him adapt to new cultures
* In France he was known as Le Cost Killer, a comment on the deep
cuts he made to revive Renault
* He was once tipped as a potential president of Lebanon, a move he
eventually dismissed because he already had "too many jobs"
* In a 2011 poll of people the Japanese would like to run their
country Mr Ghosn came seventh, in front of Barack Obama (ninth)--BBC
US companies plan upstart stock exchange
The leading stock exchanges in the US are about to face new competition.
A group of nine financial companies has announced plans to launch their own
trading market, dubbed the Members Exchange, aiming to bypass the New York
Stock Exchange and the Nasdaq.
They said their goal is to reduce costs and simplify trading.
The plan is backed by firms that include Morgan Stanley, Fidelity
Investment, UBS and Bank of America Merrill Lynch.
The firms, which will own the new exchange collectively, said they would
file papers for the new exchange with the US market regulator, the
Securities and Exchange Commission, early this year.
Approval is not expected until at least 2020.
Douglas Cifu, chief executive of another firm involved in the Members
Exchange, Virtu Financial, said: "The launching of MEMX is a testament to
the market-wide demand for competition, innovation, and transparency."
Data has gained industry importance as analysis gets easier and algorithms
are increasingly used to guide investor activity.
Some information is public. But traders and brokers have complained for
years about the fees they are charged to access additional data. In some
instances they have asked regulators to intervene.
In a statement on Monday, the World Federation of Exchanges (WFE), which
represents companies that operate exchanges, defended the current system,
saying exchanges create the data and set fees based on its value to the
customer.
Earlier efforts
It's not the first time investors have sought to shake up the industry.
In 2008, investment banks in Europe set up an exchange called Turquoise, in
a similar effort to increase competition.
Although loss-making, it gained a 7% share of the market before being
getting taken over by the London Stock Exchange.
In the US, the IEX Group launched a new national stock exchange in 2016.
That exchange, known as the Investors Exchange, currently claims about 2.6%
of the market.
Three big companies dominate the rest of the market: the Nasdaq; the
Intercontinental Exchange, which runs the New York Stock Exchange; and the
CBOE, which focuses more on options contracts and currency exchanges.
Shares in Intercontinental Exchange fell more than 2% after the Members
Exchange announcement on Monday.
Shares in Nasdaq sank 2.6% while the CBOE dropped 1.9%.--BBC
Samsung warns of profit drop as chip demand slows
Samsung Electronics expects to post a 29% drop in quarterly operating profit
as demand for smartphones and memory chips slows.
The firm forecasts operating earnings of 10.8 trillion Korean won ($9.7bn;
£7.6bn) for the last three months of 2018.
It marks the first quarterly profit drop in two years as strong demand for
chips had boosted earnings at the firm.
Samsung also faces fierce competition from Apple and Chinese rivals.
In a statement on Tuesday, the firm cited lacklustre demand and rising
competition for its darkening outlook.
"We expect earnings to remain subdued in the first quarter of 2019 due to
difficult conditions for the memory business," the South Korean tech giant
said in a statement.
Samsung's folding smartphone revealed
It forecasts revenue will decline 11% to 59 trillion won.
Samsung will provide detailed earnings later this month.
The firm had seen earnings surge in recent years largely due to strong
appetite for memory chips in mobile devices.
Slowing demand, including from China, is weighing on the wider sector.
Last week, Apple warned that its sales have been slowing, blaming economic
weakness in China.--BBC
Jim Yong Kim steps down as President of World Bank
World Bank President, Jim Yong Kim has made the surprise announcement that
he is stepping down after six years in the post.
His resignation will take effect from 1 February.
Mr Kim, 59, was not due to leave until 2022, after he was re-elected for a
second five-year term in 2017.
He will "join a firm and focus on increasing infrastructure investments in
developing countries", the World Bank said.
In a statement, Mr Kim said: "It has been a great honour to serve as
President of this remarkable institution, full of passionate individuals
dedicated to the mission of ending extreme poverty in our lifetime".
No reason was given for his unexpected resignation.
Kristalina Georgieva, the World Bank's chief executive officer, will assume
the role of interim president.
So he hasn't actually gone yet, but we can still start thinking about who
will take over. I am not going to speculate about particular candidates so
much as about one big international political sore that will probably flare
up again. Will it once again be a United States nominee that gets the job as
it always has been?
It goes back to an understanding when the Bank was created in the 1940s,
after the Second World War: an American would run the World Bank; a European
would be in charge of the International Monetary Fund. That's the way it has
always been. It's an arrangement that many regard as anachronistic. The two
institutions now have more formalised selection procedures, and the recent
preferred European and US candidates have faced challenges. Jim Yong Kim - a
Korean American nominated by the Obama Administration - was up against a
Colombian and a Nigerian when he was first appointed.
So far, the post-war understanding has prevailed. Will the US under
President Trump be open to the idea of ending that arrangement? It would be
quite a surprise.
Climate stance
Mr Kim has avoided public clashes with President Trump, but his policy
approach was sometimes at odds with the president's approach to climate
change.
Under Mr Kim, the World Bank has ended its support of coal power projects -
in contrast to Mr Trump's promise to revive the US coal industry.
US-China officials begin trade war talks in Beijing
Clouds gathering over global economy
Global markets in worst year since 2008
What's the UN global compact on migration?
In April, Mr Kim bowed to pressure from the Trump administration over loan
payments to China. The World Bank agreed to change its lending structure in
order to secure a $13bn capital increase.
The World Bank has a remit to finance international development projects.
Formed in 1947 to help rebuild European countries devastated by World War
II, it supports infrastructure projects with traditional loans,
interest-free credits, and grants.
Succession
Mr Kim, who was born in Seoul, South Korea, trained as a medical doctor.
He was nominated by former president Barack Obama for both his first and
second term at the head of the World Bank.
The World Bank said it would "immediately start the process" of appointing a
replacement.
Traditionally, the president of the World Bank has been nominated by the US,
while the head of its sister institution, the International Monetary Fund
has been picked by European countries. However, when Mr Kim was first
appointed in 2012, there was growing pressure from countries in the southern
hemisphere for a candidate from an emerging market country to be chosen.
Positioned at 41 in Forbes' Power People 2018 list, Mr Kim has presided over
the dispersal of billions of dollars of World Bank funding. In 2018, the
multilateral institution made financial commitments worth $67bn.--BBC
Elon Musk breaks ground on first Tesla factory outside US
Elon Musk and Shanghai's Mayor Ying Yong attend the Tesla Gigafactory
ceremony in the city.
Tesla boss Elon Musk has broken ground at a new factory in Shanghai, the
electric carmaker's first manufacturing plant outside the US.
The facility will produce Model 3 and Model Y cars as it pushes to grow its
presence in the world's largest car market.
The American automaker faces rising competition from local rivals in China.
But the new factory would help Tesla avoid US tariffs on car imports into
the country.
In a series of tweets on Monday, Mr Musk said the plant would build
"affordable versions" of the Tesla Model 3 - the carmaker's mass market
vehicle - and its proposed Model Y for the Greater China region.
He said the so-called Gigafactory - which could cost as much as $5bn (£4bn)
according to reports - would start Model 3 production at the end of year.
"Aiming to finish initial construction this summer, start Model 3 production
end of year [and] reach high volume production next year" the entrepreneur
tweeted.
The weird and wonderful life of Elon Musk
Tesla production hits record high
Tariffs hit
The push into China comes amid simmering trade tensions between Beijing and
Washington.
US carmakers have been vocal critics of President Donald Trump's tariffs,
which have targeted the car sector among others.
In October, Tesla warned that tariffs in China were creating challenges.
China has raised import duties on US-made cars as part of the broader trade
fight with the US.
At the time, Tesla said the costs that go into its cars are roughly 55% to
60% higher than for local firms, when tariffs and sea transport costs are
take into account.
Negotiations aimed at resolving the bitter trade dispute between US and
China taking place in Beijing this week.--BBC
INVESTORS DIARY 2019
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