Major International Business Headlines Brief::: 22 January 2019

Tue Jan 22 10:14:00 CAT 2019

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Major International Business Headlines Brief::: 22 January 2019

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*  S.Africa's Shoprite to appeal $1.4 million competition fine

*  Egypt to invest $9 bln refineries' upgrade over four years- minister

*  South Sudan starts pumping more crude oil from Unity fields

*  Energy group Total to approve Nigeria's Ikike project in coming months

*  Kenyan lawmaker proposes raising cap on commercial lending rates

*  Sudan inflation quickens to 72.9 pct in Dec -state news agency

*  SocGen and Absa join forces on wholesale banking in Africa

*  Saudi Arabia plans oil refinery, petrochemicals plant in S.Africa

*  Ex-Nissan boss faces more time in custody as bail denied

*  IMF warns trade tensions could hit growth

*  Google hit with £44m GDPR fine over ads

*  Amazon, Apple and Google face data complaints

*  Facebook to create 1,000 jobs in Ireland in 2019

 <mailto:info at bulls.co.zw> 

S.Africa's Shoprite to appeal $1.4 million competition fine

JOHANNESBURG (Reuters) - South Africa’s Shoprite said on Monday it would appeal against a 20 million rand ($1.4 million) fine handed to its ticket-selling subsidiary by the country’s Competition Tribunal, which found agreements signed by the firm had hit competition.

The judgment was announced ahead of a similar case that is currently before the tribunal, which relates to a later time period and is more serious because the company is included as a respondent and it carries a recommended fine of 10 percent of the turnover of Shoprite’s retail unit.

The initial case, covering 1999-2012, was referred to the tribunal in 2010 after five rivals of ticket seller Computicket, owned by Shoprite since 2005, complained the business abused its dominance by signing exclusive agreements with clients.

“There is sufficient ... evidence to suggest that the exclusive agreements had resulted in anti-competitive effects,” the tribunal’s judgement said.

“Computicket will appeal the Competition Tribunal’s finding,” Shoprite, South Africa’s biggest retailer, said in response.

In December, Shoprite was named as a respondent to another case brought to the tribunal by South Africa’s Competition Commission, which recommended fining both Computicket and Shoprite’s retail division as much as 10 percent of their annual turnover.

Shoprite doesn’t disclose the turnover of its retail unit, but the division makes up the bulk of the group’s revenue, which stood at 145.3 billion rand in 2018. It is up to the tribunal to decide whether the commission’s charges and proposed fine stand.

In the earlier case, the commission recommended a fine of just under 22 million rand, whereas Computicket thought it should be closer to 10 million rand.

Shoprite’s shares were down 0.23 percent at 1134 GMT.

($1 = 13.8751 rand)

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Egypt to invest $9 bln refineries' upgrade over four years- minister

CAIRO (Reuters) - Egypt plans to upgrade six oil refineries at a cost of about $9 billion over four years to increase domestic production to 41 million tonnes a year, the petroleum minister said.

“We are trying to secure crude oil supplies for Egyptian refineries to increase local production of refined products,” the minister, Tarek El Molla, said during a conference in Cairo late on Sunday night, without giving further details.

Egypt currently has eight refineries with a capacity of 38 million tonnes, of which only 25 million tonnes are utilised.

South Sudan starts pumping more crude oil from Unity fields

UNITY OILFIELD, South Sudan (Reuters) - South Sudan started pumping on Monday an additional 15,000 barrels per day (bpd) of crude oil from its Unity oilfields, its oil minister said.

Oil minister Ezekiel Lul Gatkuoth told Reuters on Sunday the country had begun to repair wells damaged in the civil war and that wells reopening on Monday would add 12,000 bpd to output, rising to 70,000 bpd by the end of 2019.

Prior to the increase, production was at 160,000 bpd.

“Today, officially, Unity Oil production is opened,” Gatkuoth said during a ceremony at the field, hailing cooperation with neighbouring Sudan which he said was “unbreakable” and would lead to the opening of new blocks.

    South Sudan’s oil infrastructure was badly damaged in its civil war, which broke out in 2013, two years after it had become independent from Sudan. 

    Production plunged to less than half of pre-war levels, but wells are being repaired with the help of the Sudanese, said Gatkuoth. Malaysia’s Petronas, India’s Oil and Natural Gas Corporation (ONGC Videsh) and China National Petroleum Corporation (CNPC) all have stakes in South Sudanese fields. 

“We promise that this is going to be on stream and we can expect the production to increase,” Sudan’s oil minister, Azhari Abdel Qader, said.

    Cargoes have been booked until the end of March, Gatkuoth said, but now there would be additional oil for sale. South Sudan’s Dar blend is currently being sold for $61 per barrel. 

    Sudan receives between about $9-11 per barrel of oil that landlocked South Sudan pumps through its pipeline to the port, the minister said. 

Energy group Total to approve Nigeria's Ikike project in coming months

PARIS (Reuters) - French oil and energy group Total will formally approve a decision to proceed with the Ikike project in Nigeria in the coming months, said chief executive Patrick Pouyanne.

“There is a huge potential in Nigeria, it is probably the most prolific country in west Africa in terms of oil and gas and it is time to launch new projects and we are working on many of them,” Pouyanne told journalists on Monday.

Pouyanne was speaking on the sidelines of a meeting of Nigerian and French businesses in Paris.

Total is one of the strongest players in the African oil sector, holding the largest proven reserves on the continent among the world’s top oil companies.

Earlier this month, Total started production at the Egina oilfield off the coast of Nigeria.

Kenyan lawmaker proposes raising cap on commercial lending rates

NAIROBI (Reuters) - A Kenyan lawmaker has proposed raising a cap on bank interest rates to six percentage points above the central bank’s policy rate, to increase lending to small and medium-size enterprises, a parliamentary document showed on Monday.

The cap, now at four percentage points above the police rate, was imposed in September 2016 after lawmakers accused banks of overcharging borrowers.

Moses Kuria, a ruling party MP, said his amendment to banking laws would keep the cap at 4 points above the policy rate for “low-risk clients”, but introduce “a risk negotiation window” of up to 6 points for individuals and small and medium-size companies perceived as risky.

Amendments usually take time. A lawmaker proposing them must draft a bill and submit it to parliament for referral to the relevant committee, legislative experts said.

An attempt by Finance Minister Henry Rotich to repeal the cap, after it was partly blamed for a drop in private-sector credit growth, in June last year was blocked by lawmakers.

Banking executives did not immediately respond when Reuters asked for comment.

Sudan inflation quickens to 72.9 pct in Dec -state news agency

KHARTOUM (Reuters) - Sudan’s inflation rate increased to 72.94 percent in December from 68.93 percent in November, state news agency SUNA said on Thursday.

Since Dec. 19, Sudan has seen widespread anti-government protests, triggered by price increases and limits on cash withdrawals.

SocGen and Absa join forces on wholesale banking in Africa

JOHANNESBURG/PARIS (Reuters) - French bank Societe Generale and South Africa’s Absa joined forces in Africa on Friday, partnering on corporate and investment banking to broaden their reach across the continent.

The agreement will lead to a closer relationship between the two after Absa, one of South Africa’s biggest lenders, split from its former parent, Britain’s Barclays, in 2017.

It will see them leverage one another’s complementary geographic footprints and product sets, with Absa strong across southern and eastern Africa and SocGen well established in western and North Africa.

“We mirror each other very well,” Nothando Ndebele, head of financial institutions group at Absa’s corporate and investment bank, told Reuters by phone, adding it would be hard to find another bank with that footprint.

Absa has set itself a series of targets as it tries to make a name for itself as a pan-African, standalone bank.

It said the arrangement would give it a bigger share of its clients’ wallets, and help meet its target of doubling its share of banking revenues in Africa from 6 to 12 percent.

SocGen Chief Executive Officer Frederic Oudea said in a statement it made sense to join forces as firms on the continent developed increasingly sophisticated banking needs.

The banks will also work together to serve Chinese firms on the continent - a lucrative market. Absa will also purchase SocGen’s South African business offering custody, trustee and clearing services, for an undisclosed price.

Oudea is trying to boost profitability at SocGen by exiting countries and businesses where it lacks critical size and capacity for synergies.

That has seen SocGen sell banks in Albania, Belgium, Bulgaria and Serbia. The bank seeks to offload banks holding as much as 5 percent of its weighted assets, or close to 17.5 billion euros ($19.96 billion).

Richard Southbey, head of wholesale cash management at Absa’s corporate and investment bank, told Reuters the price of the South African purchase was not material for Absa, but filled a hole in its offering.

Cooperating with SocGen also allayed concerns Absa would not be able to serve its multinational clients well, or would struggle to compete with larger players, after its separation from Barclays, said Patrice Rassou, head of equities at Sanlam Investments, a top ten investor in Absa.

But Jan Meintjes, portfolio manager at Denker capital and another Absa investor, said the benefits might not materialise, and Absa had “bigger problems” impacting its bottom line.

“The turnaround in the retail and business banking business, just from a relative size point of view, is obviously where the bulk of the value unlock could be,” he said.

Absa’s shares were down 0.14 percent at 1330 GMT, while SocGen’s shares were up 0.4 percent.

($1 = 13.8205 rand)

($1 = 0.8769 euros)

Saudi Arabia plans oil refinery, petrochemicals plant in S.Africa

PRETORIA (Reuters) - Saudi Arabia plans to build an oil refinery and a petrochemicals plant in South Africa as part of $10 billion of investments in the country, Saudi Energy Minister Khalid Al-Falih said on Friday.

Saudi oil would be used in the planned refinery whose construction would be led by state energy company Saudi Aramco, Al-Falih said in comments following a meeting with South African Energy Minister Jeff Radebe in Pretoria.

“There have been exchanges of talks by Saudi Aramco teams and they have been supported by the South African energy ministry,” Al-Falih said.

The exact location of the refinery and petrochemicals plant will be finalised in the coming weeks, Radebe said.

Saudi Arabia was also interested in using South Africa’s major oil storage facilities, Al-Falih said, adding that Saudi utility developer Acwa Power was looking at investing in South Africa’s revamped renewable energy programme.

He also confirmed that there were discussions about the kingdom investing in South Africa’s state defence company Denel, which was exclusively reported by Reuters in November.

South African President Cyril Ramaphosa is trying to woo foreign investors to help revive a struggling economy as he prepares for a parliamentary election this year.

Saudi Prince Mohammed Bin Salman met with Ramaphosa on the sidelines of the Group of 20 summit in Argentina in November.

Ex-Nissan boss faces more time in custody as bail denied

A Tokyo court has rejected Carlos Ghosn's latest request for bail, despite his promise to wear an electronic tag to secure his release.

The former Nissan boss has been in detention since 19 November on allegations of financial misconduct.

Lawyers for Mr Ghosn, who denies any wrongdoing, have said he could remain in custody for months.

Though bail is rarely granted in Japan without a confession, the length of his detention has drawn some criticism.

Mr Ghosn's lawyers had offered a series of conditions in a bid to secure bail, including a promise to stay in Japan.

He offered to hand over his three passports, wear an electronic tagging device and hire guards to monitor him.

No decision for the denial was provided, but the court had previously rejected bail on grounds that Mr Ghosn was a flight risk and may conceal evidence.

His detention, which is likely to continue for months, has drawn criticism of Japan's justice system.

In Japan, interrogations can be done without a lawyer present. Suspects can be detained for up to 23 days before being formally charged.

Bail is not easily granted unless a suspect admits to the charges, according to the Japanese Federation of Bar Associations.

What are the allegations?

Mr Ghosn, a towering figure of the car industry, faces three charges of financial misconduct including understating his income and aggravated breach of trust.

The 64-year-old was the architect of the Renault-Nissan alliance and brought Mitsubishi on board in 2016.

Both Nissan and Mitsubishi sacked him as chairman after his arrest, but Renault has so far kept him on as he awaits trial. The French carmaker is reportedly pushing forward with plans to remove him.

In a statement issued on Monday, Mr Ghosn restated his innocence.

"I am not guilty of the charges against me and I look forward to defending my reputation in the courtroom," he said.--BBC

IMF warns trade tensions could hit growth

The International Monetary Fund has warned that escalating trade tensions could undermine global economic growth.

In a new report on the world economic outlook, the IMF also warns of risks from a no-deal Brexit.

For the world economy, the IMF is now predicting growth of 3.5% in 2019. In October, it forecast 3.7%.

For the UK, the report predicts growth of about 1.5% this year and next, but it also says there is substantial uncertainty around that figure.

The global figure represents weaker growth than last year.

Tariff increases imposed by the Trump administration in the US and its counterpart in Beijing have already contributed to a previous downgrade.

The IMF also expects China's slowdown to continue. The forecast for this year and next is 6.2%.

In this new assessment, there are revisions for the developed economies, particularly the eurozone.

That reflects disruptions to the motor industry in Germany from new fuel emissions standards.

There are also concerns about Italy, where financial markets have been unsettled by government plans to expand spending. There are continued weaknesses in the country's banking system as well.

Brexit uncertainty

The outlook for the UK is especially uncertain, although there is a small upward revision to the forecast for next year. The 2019 figure is unchanged.

The predictions are based on the assumption that a Brexit deal is reached this year and that there is a gradual transition to the new relationship with the European Union. The IMF has warned before that a no-deal Brexit would involve substantial costs for the British economy.

Why China's slowdown should worry us all

Clouds gathering over the global economy

There are also a range of factors that weigh on the outlook for some emerging and developing economies. Iran is affected by sanctions, Saudi Arabia by weaker oil production.

The economies of both Turkey and Argentina are predicted to contract, as is Venezuela's, but it is likely to be even more severe in that case than previously expected.

All that said, the main global forecast of 3.5% does, nonetheless, still constitute a respectable increase in economic activity.

But the concern that it might not turn out so well is unmistakable.

Trade tensions appear to be the biggest worry and they have been a recurrent theme in recent IMF assessments of the economic outlook. That is reflected in the IMF's call for action from its member countries' governments.

"The main shared policy priority is for countries to resolve co-operatively and quickly their trade disagreements and the resulting policy uncertainty, rather than raising harmful barriers further and destabilising an already slowing global economy," the IMF said.

The report recalls that in its October forecast, there had already been a downgrade, partly due to the impact of the tariff increases enacted by the US and China.

'Escalating risks'

The IMF also says there are risks from financial markets.

The IMF's chief economist, Gita Gopinath, said: "While financial markets in advanced economies appeared to be decoupled from trade tensions for much of 2018, the two have become intertwined more recently, tightening financial conditions and escalating the risks to global growth."

In addition to global trade tensions, the report mentions a more substantial slowdown in China and a no-deal Brexit as possible triggers for a future deterioration in financial markets.

The general thrust of this report is that the IMF expects the recovery from the great recession of 2008-09 to continue. But the clouds, though, are gathering.--BBC

Google hit with £44m GDPR fine over ads

Google has been fined 50 million euros (£44m) by the French data regulator CNIL, for a breach of the EU's data protection rules.

CNIL said it had levied the record fine for "lack of transparency, inadequate information and lack of valid consent regarding ads personalisation".

The regulator said it judged that people were "not sufficiently informed" about how Google collected data to personalise advertising.

In a statement, Google said it was "studying the decision" to determine its next steps.

Amazon, Apple, Google, Netflix and Spotify face GDPR complaint

Complaints against Google were filed in May 2018 by two privacy rights groups: noyb and La Quadrature du Net (LQDN).

The first complaint under the EU's new General Data Protection Regulation (GDPR) was filed on 25 May 2018, the day the legislation took effect.

The groups claimed Google did not have a valid legal basis to process user data for ad personalisation, as mandated by the GDPR.

Although Google's European headquarters is in Ireland, it was decided among the authorities that the case would be handled by the French data regulator, since the Irish watchdog did not have "decision-making power" over its Android operating system and its services.

A lack of transparency

The regulator said Google had not obtained clear consent to process data because "essential information" was "disseminated across several documents".

"The relevant information is accessible after several steps only, implying sometimes up to five or six actions," the regulator said.

"Users are not able to fully understand the extent of the processing operations carried out by Google."

No valid consent

Additionally, the regulator said Google had failed to obtain a valid legal basis to process user data.

"The information on processing operations for the ads personalisation is diluted in several documents and does not enable the user to be aware of their extent," it said.

It said the option to personalise ads was "pre-ticked" when creating an account, which did not respect the GDPR rules.

"The user gives his or her consent in full, for all the processing operations purposes carried out by Google based on this consent (ads personalisation, speech recognition, etc).

"However, the GDPR provides that the consent is 'specific' only if it is given distinctly for each purpose."

The regulator said it was Google's "utmost responsibility to comply with the obligations on the matter".

In a statement, Google said: "People expect high standards of transparency and control from us. We're deeply committed to meeting those expectations and the consent requirements of the GDPR."--BBC

Amazon, Apple and Google face data complaints

Entertainment streaming giants including Amazon, Apple, Google, Netflix and Spotify have been accused of breaking the EU's data regulations.

General Data Protection Regulation (GDPR) rules say EU customers have the right to access a copy of the personal data companies hold about them.

However, privacy group noyb said it found that most of the big streaming companies did not fully comply.

It has filed formal complaints, which if upheld could result in large fines.

What's the problem?

GDPR took effect in May 2018 and gives EU customers the right to demand a copy of their personal data from companies. That data must be easy to understand and should also be presented in a machine-readable format, so that a customer could transfer all their data to a competitor, for example.

When GDPR took effect, many of the biggest names in tech including Amazon, Apple, Google and Spotify made changes, to let customers download a copy of their data.

But the privacy campaign group noyb, whose slogan is "My Privacy is none of your Business", said it found many of the biggest services did not do enough to comply with the law.

What did they find?

Individuals working with noyb requested a copy of their data from several movie and music streaming services.

They found Amazon, Apple, Spotify and Google's YouTube all let people download a copy of their personal information quickly. But noyb said that only some of the data was "intelligible", with some parts supplied in a format that could not be understood by people.

The GDPR requires the data to be both machine-readable and easily understood by customers.

All four streaming giants also failed to supply additional information to which people are entitled, such as a list of other companies with whom their data was shared.

Netflix supplied the requested data in a format that was easy to understand, but did not supply all the additional information and took about 30 days to reply.

Soundcloud and UK-based streaming service Dazn did not reply to the information requests at all.

Privacy activist Max Schrems, diector of noyb, said: "In most cases, users only got the raw data, but, for example, no information about who this data was shared with.

"This leads to structural violations of users' rights, as these systems are built to withhold the relevant information."

Complaints filed

Noyb said it had filed 10 complaints with Austria's data protection regulator.

The maximum penalty for a breach of the GDPR is 20 million euros (£17.7m) or 4% of a company's global turnover.

In theory, Apple could be fined £7bn if the regulatory authority rules that it has broken the law.

The BBC has contacted the named companies for comment.

Spotify said in a statement: "Spotify takes data privacy and our obligations to users extremely seriously. We are committed to complying with all relevant national and international laws and regulations, including GDPR, with which we believe we are fully compliant."--BBC

Facebook to create 1,000 jobs in Ireland in 2019

Facebook is to create 1,000 new jobs in Ireland this year, the company's chief operating officer has said.

Sheryl Sandberg made the announcement during a speech at a conference in Dublin on Monday.

The new roles will be across 60 teams at Facebook's sites in Dublin, County Meath and County Cork.

The jobs will increase the company's Irish workforce from 4,000 people to 5,000.

In November, Facebook announced it had taken out a long-term lease on a new site at the Bank Centre campus - previously home to Allied Irish Bank - in Ballsbridge, south Dublin.

All of the company's 2,000 employees in Dublin are set to move there by 2022 and the building has space for 7,000 people.

Ms Sandberg made the announcement during Gather, a Facebook-run event for small and medium-sized businesses from across Ireland and Europe.

Facebook employs UK fact-checkers

How the star of Sheryl Sandberg dimmed

Who's policing Facebook?

During her speech, Ms Sandberg outlined measures being taken to tackle fake news and election interference and said the social media giant needs to earn public trust amidst concerns over the use of its members data.

Facebook has also announced that it will increase the money it gives to two online safety programmes in Ireland to €1m (£882,000).--BBC

INVESTORS DIARY 2019

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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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