Major International Business Headlines Brief::: 09 January 2019

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Major International Business Headlines Brief::: 09 January 2019

 


 

 


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*  Uganda govt says not concerned by heavy debt load, to borrow cautiously

*  South African rand loses ground as dollar recovers

*  Tanzania names latest mining minister in ongoing industry clash

*  Kenya's NSE halts equities trading due to technical hitch

*  South Africa's net reserves rise to $43.09 bln in December

*  AB Inbev brewing partner in Zimbabwe hikes beer prices by 25 percent

*  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

*  Congolese mining company leaves ITSCI certification scheme over cost

*  World Bank warns of 'darkening skies' for global economy

*  US retail giant Sears may get reprieve from liquidation

*  'Impossible' for Seaborne's Brexit port to be ready for March

*  Heathrow airport: Drone sighting halts departures

*  Amazon becomes world's most valuable public company

 

 


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Uganda govt says not concerned by heavy debt load, to borrow cautiously

KAMPALA (Reuters) - Uganda said on Tuesday its ballooning public debt was
sustainable and it would borrow with care in the future, dismissing concerns
from the central bank and the government’s auditor that growing indebtedness
posed risks to the economy.

 

The East African nation’s appetite for credit has accelerated over the last
decade, fuelled by leader Yoweri Museveni’s plans to expand transport and
energy infrastructure.

 

But critics say the escalating borrowing could spark a crisis along the
lines of those the country experienced in the 1990s and early 2000s before
the World Bank forgave loans.

 

“The risk for government defaulting on debt repayment is non-existent,”
Finance Minister Matia Kasaija told a news conference in the capital
Kampala. However, future borrowing would be done “cautiously and
selectively” to avoid potential risks.

 

As of June, Uganda’s total public debt stood at 41.5 percent of GDP, Kasaija
said. The central Bank of Uganda (BoU), however, said last year the debt
stock including credit agreed but not yet disbursed topped 50 percent of
GDP.

 

A senior BoU official has said that unless economic growth reached 7
percent, debt servicing would become a problem. The bank expects the economy
is to grow 6 pct in the year to June 2019.

 

Auditor general, John Muwanga, said in a report last month that Uganda’s
public debt sustainability “fares poorly” because its tax-to-GDP ratio was
low.

 

Much of the credit acquired in recent years was sourced from China, stoking
criticism from the opposition which accuses Beijing of front-loading Uganda
with unsustainable debt on the expectation of tapping oil revenues.

 

Uganda expects to start pumping crude by 2021 from fields in the western
part of the country, near the border with Democratic Republic of Congo.
China’s China National Offshore Oil Corporation CNOOC co-owns the fields
alongside France’s Total and UK’s Tullow Oil.

 

China is also expected to offer landlocked Uganda another credit line worth
about $3.5 billion to fund construction of a railway from Kampala to the
border with Kenya, its neighbour and gateway to the sea.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

South African rand loses ground as dollar recovers

JOHANNESBURG (Reuters) - The South African rand weakened on Tuesday, eating
into strong gains since the start of the year as the dollar recovered
following a recent slump.

 

At 1518 GMT, the rand traded at 13.9300 versus the U.S. currency, 0.3
percent weaker than its previous close.

 

Similar falls were seen in other emerging market currencies like the Russian
rouble and Turkish lira as the dollar index was more than 0.2 percent
stronger.

 

“Appetite for the rand and many other emerging markets has been impacted by
a stabilizing dollar,” said Hussein Sayed, chief market strategist at forex
broker FXTM.

 

After a torrid 2018 the rand enjoyed a strong start to this year, helped by
dovish comments by U.S. Federal Reserve policymakers which hurt the dollar.

 

Despite Tuesday’s decline, it is still up more than 2 percent against the
dollar in 2019.

 

On the bourse, the benchmark JSE Top-40 index ended 0.5 percent higher at
46,116 while the broader All-share index gained 0.6 percent to 52,165.

 

In fixed income, government bonds also fell, with the yield on the 2026 bond
up 4 basis points to 8.810 percent.

 

The government sold 2.85 billion rand ($204 million) of bonds on Tuesday at
lower yields than previously.

 

($1 = 14.0023 rand)

 

 

Tanzania names latest mining minister in ongoing industry clash

DAR ES SALAAM (Reuters) - Tanzania named a new mining minister on Tuesday
amid a prolonged spat between the government and gold producer Acacia over a
$190 billion tax bill, which has severely limited the London-listed
company’s operations in the East African nation.

 

Dotto Biteko, whose appointment was announced by presidential official John
Kijazi on state television, is the third mining minister President John
Magufuli has appointed since he was elected in 2015.

 

Biteko comes from Magufuli’s home region and has been deputy mining minister
since January 2018. He previously lead a parliamentary investigation that
concluded there was widespread tax evasion and smuggling in the gemstone
business, allegations that companies working in the sector have denied.

 

“He knows the mining sector well, so we expect continuity of policy,”
Tanzania Chamber of Minerals and Energy (TCME) executive secretary Gerald
Mturi said.

 

In 2017, the government passed laws that the industry complained would be
costly and onerous. Among other things, the laws hike taxes on mineral
exports, mandate a higher government stake in some mining operations and
force the construction of local smelters, a move some companies said was
uneconomic.

 

The laws aim to end what Magufuli, nicknamed “the Bulldozer” for both his
time as public works minister and his pugnacious management style, has
called years of corrupt practices and tax evasion. The mining sector
contributes around 4.8 percent to GDP, the government says.

 

The reforms are part of a wider push by African governments to claw back
revenues from mining and the share prices of many listed foreign firms
working in Tanzania have tumbled in the last two years.

 

The populist government has said that it wants mining companies to list on
the local stock exchange to give Tanzanians a chance to share their profits.

 

 

Kenya's NSE halts equities trading due to technical hitch

NAIROBI (Reuters) - Kenya’s Nairobi Securities Exchange said on Tuesday it
had stopped trading of shares just before noon due to an unspecified
technical hitch, adding it expected the issue to be resolved in time for
Wednesday’s session.

 

The bourse is an important gateway for foreign investors looking for
exposure to fast-growing economies in the East African region.

 

 

South Africa's net reserves rise to $43.09 bln in December

JOHANNESBURG (Reuters) - South Africa’s net foreign reserves rose to $43.091
billion by the end of December from $42.577 billion a month earlier, the
country’s central bank said on Tuesday.

 

Gross reserves rose to $51.641 billion from $50.672 billion over the same
period.

 

The forward position, which represents the central bank’s unsettled or swap
transactions, shrunk to $145 million by the end of last month from $1.073
billion at the end of November.

 

 

AB Inbev brewing partner in Zimbabwe hikes beer prices by 25 percent

HARARE (Reuters) - Zimbabwe’s largest brewer Delta Corporation hiked beer
prices by 25 percent on Monday citing high local costs, announcing the move
days after it was forced to abandon another plan to accept only hard
currency payments for its products.

 

Like many companies in Zimbabwe, Delta, which is 40 percent-owned by
Anheuser-Busch Inbev, has been hit by an acute shortage of U.S. dollars,
affecting its capacity to import inputs like concentrates and remit
dividends to foreign shareholders.

 

Delta said it was still to make a decision on prices of soft drinks and
other products.

 

“The adjustment to the wholesale price is meant to cushion against the
significant increases in local costs, confirmed by the official inflation
statistics,” Delta said in a statement.

 

Annual inflation soared to a 10-year high of 31.01 percent in November after
prices of basic goods spiked.

 

Zimbabwe has experienced a shortage of soft drinks and beer since November
with shops limiting quantities, while some businesses tripled prices to take
advantage of the shortages.

 

Delta said last week it had abandoned a plan to accept only hard currency
payments to cope with a crippling shortage of U.S. dollars, after the
government intervened.

 

 

 

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)

 

 

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.

 

 

 

Congolese mining company leaves ITSCI certification scheme over cost

LONDON (Reuters) - Congo’s biggest miner of coltan, an ore that is the
source of metals used in mobile phones, says it is leaving the ITSCI
certification scheme, relied on by major companies as a guarantee that
minerals are free from human rights abuses.

 

Societe Miniere de Bisunzu (SMB), has given 30 days notice to end its
contract with ITSCI, a responsible supply chain initiative, Philippe Stuyck,
communications director at SMB told Reuters, citing the scheme’s rising
costs.

 

Many other companies in the industry have complained about the initiative
for reasons including cost, but have been reluctant to pull out because of
concerns they will not be able to sell their minerals without ITSCI
certification.

 

SMB, in a letter to Democratic Republic of Congo’s mine’s minister dated
Dec. 13 and seen by Reuters, said “the Societe Miniere de Bisunzu had no
choice but to end its relations with ITSCI,” because it could no longer pay
“higher and higher costs”.

 

ITSCI did not immediately respond to requests for comment.

 

Coltan is an ore that contains niobium and tantalum, used in technology such
as mobile phones and laptops.

 

ITSCI was introduced after the 2010 Dodd Frank legislation was drawn up in
response to the global financial crisis and required U.S. companies to vet
their supply chains.

 

The scheme has provided a way for companies to continue to use minerals from
Democratic Republic of Congo and neighbouring countries Burundi, Rwanda and
Uganda.

 

The system of bagging and tagging metals is designed as a guarantee that the
minerals in question are unconnected with conflict, child labour or other
human rights abuses.

 

However, many mining companies say the costs of the scheme are increasingly
a burden.

 

“The fact that ITSCI does not review the traceability cost is a huge burden
to all of us,” Jean Malic Kalima, the chairman of the Rwanda Mining
Association, told Reuters.

 

“The only challenge that stops some of the Rwandan miners from joining other
traceability programmes is whether the end buyers are comfortable with
them,” he said.

 

The pressure on ITSCI to lower costs has increased as others working in
responsible minerals seek to use blockchain, the technology behind
cryptocurrency bitcoin, to help track minerals and guarantee they are clean.
[nL8N1WW4K6]

 

Kalima said costs ranged between $130 and $180 per tonne, depending on the
mineral.

 

 

 

World Bank warns of 'darkening skies' for global economy

The World Bank is warning of increasing risks, or what it calls "darkening
skies", for the world economy.

 

In its annual assessment of global prospects the Bank predicts continued,
though somewhat slower, growth this year and next.

 

The Bank's forecast for the global economy is expansion this year of 2.9%
and 2.8% in 2020.

 

But overhanging the broadly favourable outlook are rising concerns that
could mean economic performance falls short.

 

There is certainly some good news in this report. While the global economy
is slowing down it's likely to be what the Bank's economists call a "soft
landing". The slowdown started in the middle of last year and it has so far
been "orderly".

 

The predicted slowdown is focused on the rich countries, particularly the
US, although it will continue to expand more rapidly than either the
Eurozone or Japan according to the Bank's forecasts.

 

The US slowdown is the result of the fading impact of President Trump's tax
cuts and by 2021 its growth will have almost halved - to 1.6% compared with
2.9% last year.

 

Change of gear

On the other hand, growth in emerging markets and developing economies is
likely to gather pace somewhat despite the continued cooling down in China -
a process which began at the start of the decade.

 

By 2021 growth in China is expected to be 6%, which is still pretty strong,
but it is a marked change of gear for an economy that expanded by an average
of 10% annually between 1980 and 2010.

 

Franziska Ohnsorge, a World Bank economist and lead author of the report
said in a BBC interview: "In China it's policy engineered, a very deliberate
slowdown towards more stable long term growth."

 

That is what the Bank thinks is the likely performance of the world economy
over the next few years. But there are risks that could mean that it doesn't
work out so well.

 

That is reflected in the title of this year's report: "Darkening Skies".

 

Some of the clouds are familiar ones.

 

International commerce is already weakening, and conflict over trade
especially between the US and China is one of the major risks.

 

These are the two largest national economies on the planet. The Bank has
calculated that 2.5% of global trade is affected by the new tariffs - trade
taxes - that were imposed last year, and it would be double that if the
further tariffs that have been discussed were implemented.

 

The risk of rising protection remains high, the report says. It could
depress economic activity in these two giant economies. Slower growth in
China is particularly an issue for developing countries that export
industrial commodities, energy and metals, as China is such a big buyer of
these products.

 

Franziska Ohnsorge says between them the US and China account for 20% of
global trade and 40% of global GDP. If their economies are both hit she
says, "it's something that's felt all around [the world]".

 

The Bank does not expect a recession in either of these economies, though
some commentators are now suggesting the US could be heading for one next
year. But if it were to happen the risk of a global recession would increase
sharply. In the past, the report says, the risk of a global recession in any
one year was 7%. But if the US has a downturn, the probability goes up to
50%.

 

Brexit risk

Financial markets are also a risk. The chances of disorderly developments
have increased. If interest rates are increased again in the US, or if the
dollar gains sharply, it could have an impact on emerging and developing
economies.

 

Brexit appears in the Bank's assessment as a possible risk for countries
that are especially reliant on selling to Europe. If the UK's exit takes
place with no agreement there is a chance of significant economic damage to
both the UK and the EU which could then affect countries in Eastern Europe
and North Africa which are closely integrated with Europe.

 

And even in the Bank's central, relatively optimistic, picture there are
some depressing prospects for parts of the developing world - which is the
group the World Bank exists to help.

 

For about a third of countries concerned growth in per capita terms won't be
enough to restart what the report calls "the catch-up" with the developed
world, the narrowing of the gap between living standards.

 

And in Sub-Saharan Africa per capita growth is likely to be less than 1%,
insufficient to drive significant progress in alleviating poverty.--BBC

 

 

 

 

US retail giant Sears may get reprieve from liquidation

Sears, the US department store chain that once dominated US shopping malls,
may be getting a reprieve.

 

The firm had been expected to ask a bankruptcy judge for permission to
liquidate after failing to reach a deal with chairman Edward Lampert over a
$4.4bn (£3.5bn) takeover.

 

But after last minute negotiations, the firm said on Tuesday it would
consider a revised offer from Mr Lampert, which would keep about 425 stores
open.

 

The court must still approve the deal.

 

Sears did not disclose details of Mr Lampert's new bid, which it will decide
whether or not to accept at an auction planned for 14 January.

 

To proceed, Mr Lampert must submit a deposit of about $120m tomorrow.

 

Sears Holdings - which also owns Kmart - first filed for Chapter 11
bankruptcy in October, seeking court protection to reorganise its debts or
sell parts of the business.

 

The 126-year-old firm had almost 690 stores and 68,000 employees when it
filed for bankruptcy.

 

Should liquidation go ahead, many of those would lose their jobs.

 

However, retail analysts say some parts of the business could be salvaged
from any liquidation, such as its home services unit.

 

In a tweet on Monday, the firm's social media team said: "We may be slowing
down, but we are not out of the race just yet. Don't count us completely
out. Happy Shopping!"

 

Sears traces its origins to a firm founded by Richard Warren Sears and Alvah
Curtis Roebuck in 1886 as a mail order catalogue company.

 

It opened its first retail locations in 1925 and eventually became a fixture
in shopping malls across the US.

 

It was America's largest retailer by revenue until 1989, when Walmart
overtook it,

 

In recent years, the company has suffered, along with many other traditional
retailers, from rising online competition from firms such as Amazon.

 

Mr Lampert is the company's former chief executive, its landlord, and
biggest investor and creditor. His hedge fund, ESL Investments, took a stake
in Sears in 2004, later combining it with Kmart.

 

Critics say the firm, under his leadership, failed to invest in its stores,
while taking on rising debt.

 

Neil Saunders, managing director of GlobalData Retail, said: "Reports of
Sears headed to liquidation suggest that the much-storied retailer is now at
the end of its long road to collapse.

 

"Its recent journey to this point has been characterised by incredibly poor
strategic decisions, chronic underinvestment and continuous financial
machinations designed to keep the company afloat.

 

"All of this impacted trading, which has remained dire, making Sears more
like a patient in a coma than a fully functioning retailer."

 

Many stores have come and gone but the demise of a former titan like Sears,
signals the end of an era in retail.

 

When my family needed a new appliance, we would head to Sears. I remember
running through the huge store with my brother as my parents looked at new
refrigerators or washing machines or vacuum cleaners.

 

When I got older, I would head to Sears to buy presents from my mum. (The
toaster went down badly but the bottle of Chanel No 5 was a hit).

 

But ask me now when was the last time I walked into a Sears store, and I
really couldn't say. Part of the problem is the storied retailer did not
keep up with the competition - and not just online competitors such as
Amazon, but even bricks and mortar stores such as Walmart and Target.

 

After 126 years, it's sad to see the once-mighty Sears become irrelevant.
But that's capitalism.

 

The rise and fall of Sears

1893: Richard Sears and Alvah Roebuck start a new mail order business named
Sears, Roebuck and Co.

 

1925: Sears opens its first retail store in Chicago.

 

1973: Sears' new headquarters tower - the world's tallest building at the
time - opens in Chicago.

 

1989: Walmart surpasses Sears in monthly sales.

 

2004: Eddie Lampert's hedge fund, ESL Investments, takes a stake in Sears,
later combining it with Kmart.

 

2006: The firm starts an uninterrupted streak of annual sales declines.

 

2018: The firm starts bankruptcy proceedings.--BBC

 

 

 

'Impossible' for Seaborne's Brexit port to be ready for March

The mayor of Ostend has told the BBC the Belgian port will not be ready for
a new ferry line in time for Brexit.

 

Bart Tommelein was asked about the UK government's award of a £13.8m
contract to Seaborne Freight for a service between Ramsgate and Ostend.

 

He said it was "impossible" that Ostend would be ready and that he was going
to Ramsgate next week to discuss the situation with "all the stakeholders".

 

His remarks came as Transport Secretary Chris Grayling again defended the
deal.

 

Mr Grayling, appearing in the Commons to answer an urgent question tabled by
Labour, said no money would be spent unless the service operated correctly.

 

Mr Grayling said there were "no reasons to believe any of those involved in
this business are not fit to do business with government".

 

The controversy erupted after the BBC discovered that Seaborne had never run
a ferry service before and did not have any ships. Later, it was discovered
to have used terms and conditions on its website apparently intended for a
takeaway food firm.

 

Seaborne Freight 'will get no money upfront'

Brexit ferry firm terms and conditions gaffe

Local Conservative councillor Beverly Martin has already said Ramsgate
harbour cannot be ready in time for the UK's scheduled departure from the EU
on 29 March.

 

Video has also emerged of Thanet District Council's deputy chief executive,
Tim Willis, saying it is "rather late" for the government to be spending for
Brexit contingency, "just a few short months away".

 

Guarantees needed

The Ostend mayor said he had doubts about Seaborne Freight and wanted bank
guarantees to ensure that the city would not be left with the bill if the
project ran into difficulty.

 

Asked if Ostend would be ready to run regular services by 29 March, he told
the BBC: "No, that's impossible. We are interested in a ferry line...
because we have a harbour and a harbour needs traffic. But there are some
inconveniences, also some investments to do in our harbour [and] in the
harbour of Ramsgate.

 

"We need some guarantees [from] the ferry line themselves because I'm
worried about a few things... I want guarantees about the profitability of
this ferry line and the solvency of this company."

 

Among his concerns were migrants using the port and the costs that Ostend
could face for getting ready for the new ferry line. "If the ferry line is
getting millions of pounds [from] the government, I think they have to do
some investments in the harbour," he said.

 

*         UK to spend £103m on no-deal ferries

*         Ramsgate 'can not be ready' for Brexit ferries

*         Grayling defends no-deal Brexit ferry contract

Ramsgate has not had a regular ferry service since 2013. The contract to
Seaborne was one of three awarded to ease potentially severe congestion at
Dover in the case of a no-deal Brexit.

 

Mr Grayling told MPs that Seaborne would not get any money from the
government if the service did not run and the contact award was "done
properly in a way that conforms with government rules".

 

When asked if the company had told the government which vessel would be
used, he replied that the government had been told "in great detail" about
the plans.

 

Shadow Transport Secretary Andy McDonald said Seaborne Freight had "no
money, no ships, no track record, no employees, no ports, one telephone line
and no working website or sailing schedule".

 

'Unlawful'

One of the firm's directors, Ben Sharp, is already under investigation by a
government department, he said.

 

"This is a shoddy and tawdry affair, and the secretary of state is making a
complete mess of it," Mr McDonald said.

 

He added that it "violates every current best practice guidance issued by
Whitehall". It was very likely to be "unlawful".

 

Mr Grayling said that £103m of contracts had been awarded to French company
Brittany Ferries and Danish shipping firm DFDS, with the smaller contract
awarded to Seaborne, a new British company.

 

The government found "nothing that would prevent them [Seaborne] from
contracting with government" after vetting of Seaborne Freight by lawyers
Slaughter & May, accountants Deloitte and consultants Mott MacDonald.--BBC

 

 

Heathrow airport: Drone sighting halts departures

Departures at Heathrow were temporarily stopped after a drone was reported
to have been sighted.

 

Flights from the west London airport resumed about an hour after police said
a drone had been seen.

 

A Heathrow spokeswoman had said it was a "precautionary measure" to "prevent
any threat to operational safety".

 

It comes after last month's disruption at Gatwick Airport which saw
thousands of people stranded when drones were sighted.

 

How can a drone cause so much chaos?

New powers to tackle illegal drone use

The spokeswoman said Heathrow was working with Air Traffic Control and the
Metropolitan Police following the incident.

 

"We continue to monitor this situation and apologise to any passengers that
were affected by this disruption," she said.

 

The Metropolitan Police said they received reports of a drone sighting near
Heathrow at about 17:05 GMT.

 

Before the confirmation that flights had resumed, Transport Secretary Chris
Grayling said he was in contact with the airport about the drone sighting,
and had spoken to the home secretary and defence secretary.

 

BBC cameraman Martin Roberts said he was driving on the M25 past Heathrow
airport at about 17:45 GMT when he saw what he believes was a drone.

 

"I could see, I'd say around 300 feet up, very bright, stationary flashing
red and green lights, over the Harmondsworth area," he said.

 

"I could tell it was a drone - these things have got quite distinctive
lights - not a helicopter.

 

"The lights were very close together. It was a very clear night and the
object was stationary, it was turning very, very slightly. I could see it
very clearly, I'd say for about four to five minutes."

 

A couple of hours after the first reports of a drone in the skies above
Heathrow, it was business as usual in the Terminal 5 departure lounge - in a
low blow to Gatwick, one member of staff told me it's because "we're a good
airport".

 

Although flights were up and running again pretty quickly, there are still
plenty of passengers who have faced disruption tonight.

 

One of those is Catriona Walsh, who was on a flight from Basel.

 

Ms Walsh, who was doing a couple of days of work despite being on maternity
leave, said she won't get to her final stop in Wales for another couple of
hours now that she has missed her train.

 

Her flight was held on the runway for about 50 minutes as staff told
passengers about the drone.

 

"It was all calm - frustrating rather than worrying," she said.

 

Michael, a fellow passenger on the flight who did not want to provide his
surname, was less optimistic.

 

"I was worried I might have to camp here," he said.

 

He said the problems here and at Gatwick have shown "exactly how to shut a
country - this country - down", adding that police need to "just shoot
drones down" as soon as they are sighted.

 

Passengers stuck at Heathrow expressed their frustration at having to wait
to depart while the airport responded to the sighting.

 

Jack Whittle, whose flight to Manchester was grounded, said the aircraft was
"freezing" and "babies were screaming everywhere".

 

"Elderly people are getting blankets, but nobody else," he told BBC News at
the time.

 

Travel expert Simon Calder said the temporary halting of departures would
have a knock-on effect.

 

"They will now be able to start getting away, but all that time you have had
arrivals coming in and gates not being available because departing planes
haven't gone. It's going to be messy for the rest of the evening," he told
the BBC.

 

Mr Calder said Heathrow had measures in place intended to prevent this kind
of incident.

 

"Heathrow told me that they had actually provided equipment and personnel to
help their big rival Gatwick out during the drone event," he said.

 

'Heightened awareness'

More than 140,000 passengers at Gatwick were affected during 36 hours of
chaos between 19 and 21 December.

 

About 1,000 flights were cancelled there over three days due to the drone
sightings.

 

Gatwick said last week that it had spent £5m to prevent future attacks.
Heathrow also confirmed it would be buying systems to guard against drones.

 

And it was announced this week that police would be given new powers to
tackle the illegal use of drones.

 

John Grant, industry advisor to air travel data specialists OAG, told the
BBC it was "almost inevitable" after what happened at Gatwick that there
would be "a heightened state of awareness and these types of incidents could
possibly reoccur".--BBC

 

 

 

Amazon becomes world's most valuable public company

Amazon, formed 25 years ago, has eclipsed Microsoft to become the world's
most valuable listed company.

 

The online giant was worth $797bn (£634bn) when the US stock market closed
on Monday after rising 3.4% and moved past Microsoft, valued at $789bn.

 

Jeff Bezos, the founder of Amazon, is the world's wealthiest man, with
riches of $135bn, according to Bloomberg's billionaire index.

 

He overtook Microsoft founder Bill Gates last year.

 

It is the first time Amazon has held the top position. The share prices of
US tech giants have been on a rollercoaster in recent months on worries
about sales and trade tensions.

 

First book

Founded by Mr Bezos in 1994, Amazon started life as a niche second-hand book
seller and has become an online retailer of items ranging from fresh food to
clothes.

 

The firm was created in a garage in a suburb of Seattle, Washington.

 

It was originally called "Cadabra," (as in "abracadabra") and in 1995 sold
its first book - Fluid Concepts and Creative Analogies: Computer Models of
the Fundamental Mechanisms of Thought, by Douglas Hofstadter.

 

By early 1996, Amazon was selling books online throughout the US.

 

The business was floated on the stock exchange in 1997, raising $54m. As a
result, Mr Bezos joined the ranks of the world's richest business people
before he turned 35 years of age.

 

Sports rights

For more than a decade, the company put growth ahead of profit, investing in
warehouses, distribution networks and data systems.

 

In 2017, it paid $13.7bn for Whole Foods Market, which brought it a large
network of physical stores for the first time.

 

It has also emerged as a major creator of original entertainment content,
producing original drama series.

 

In addition, it has won the rights to broadcast live sporting action, such
as football from England's Premier League and ATP tennis.

 

The firm has developed a raft of other products and services, including the
Kindle e-reader and Alexa virtual assistant, among others.

 

How Jeff Bezos took Amazon to the top

Major technology stocks have been volatile in recent months. In August,
Apple became the world's first public company to be worth $1tn (£767bn),
while Amazon achieved that valuation in September.

 

Since then, Apple's fortunes on the stock market have waned after it warned
about a slowdown in China. The tech giant is now valued at $702bn.--BBC

 

 

 

 

 

 


 

 


 

INVESTORS DIARY 2019

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
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
report shall be solely responsible for making their own independent
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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