Major International Business Headlines Brief::: 23 January 2019

Wed Jan 23 08:06:09 CAT 2019

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Major International Business Headlines Brief::: 23 January 2019

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*  MTN has paid $53 mln to settle Nigeria dispute -central bank

*  Nigeria's central bank providing 75 bln naira financing to Dangote's oil refinery

*  South Africa's economy to grow to 1.3 percent in 2019 -World Bank

*  Steinhoff says firm linked to former partner claims it is owed $330 mln

*  Nigeria's central bank holds benchmark lending rate at 14 pct

*  Huawei chairman warns of end to global 'partnerships'

*  Sony to move Europe headquarters to avoid Brexit disruption

*  Dyson to move head office to Singapore

*  Brexit: George Osborne warns of economic Russian Roulette

*  Trial of former Barclays bosses to start

*  Mastercard fined £504m by Europe for competition breach

*  EasyJet says drone chaos was 'wake-up call' for airports

*  UK employment total hits record high

 <mailto:info at bulls.co.zw> 

MTN has paid $53 mln to settle Nigeria dispute -central bank

ABUJA (Reuters) - South Africa’s MTN has paid $53 million to settle a money transfer dispute with Nigeria’s central bank and the matter has been withdrawn from court, Governor Godwin Emefiele said on Tuesday.

The central bank had ordered MTN and its lenders to bring back a total of $8.1 billion it alleged the company had illegally repatriated using improperly issued paperwork between 2007 and 2008.

Emefiele said the money paid by MTN was a notional sum and that the company has been absolved from any wrongdoing, he said duing a monetary policy meeting at which the bank left interest rates on hold at 14 percent.

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Nigeria's central bank providing 75 bln naira financing to Dangote's oil refinery

LAGOS (Reuters) - Nigeria’s central bank will provide 75 billion naira in financing to an oil refinery project being built by Africa’s richest man Aliko Dangote in the West African country, its Governor Godwin Emefiele said on Tuesday.

Emefiele said Dangote has invested around 50 percent of the $9 billion required for the refinery project as equity while the balance would come as loans from local and foreign lenders.

On completion by 2020, the 650,000 barrels a day oil refinery will meet Nigeria’s demand for petroleum products and for exports, which will generate foreign exchange for the West African country, Emefiele said.

South Africa's economy to grow to 1.3 percent in 2019 -World Bank

JOHANNESBURG (Reuters) - The World bank forecast higher South African economic growth this year compared with the previous year, but warned of risks such as global trade tensions and poor balance sheets of state-owned companies.

The World Bank sees South Africa’s gross domestic product growing by 1.3 percent this year, an improvement from a forecast of 0.9 percent for 2018.

Economic growth would be supported by the implementation of structural reforms under President Cyril Ramaphosa such as relaxed visa regulations, the establishment of an infrastructure fund and progress on the Mining Charter, the bank said.

In its latest economic update report, the bank projected South Africa’s economic growth at 1.7 pct in 2020.

“We believe the reforms are going into the right direction but first they have to be implemented. Implementation is key,” Sebastien Dessus, the World Bank’s programme leader for South Africa told a news conference in Johannesburg.

The Bank, however, said South Africa faced risks such as El Nino weather conditions that could impact crop production, global trade tensions and the impact of cash-strapped state-owned enterprises like power utility Eskom on the national budget.

“An economy like the one in South Africa cannot afford to have Eskom as a failed entity. What government has to do is to work with the management and leadership of Eskom to figure out the way forward,” said Paul Noumba Um, the World Bank’s country director for South Africa.

“The way forward entails different kind of interventions. There is a debt restructuring dimension and at the same time the company itself has to become more efficient.”

Eskom is facing a severe financial crisis and Ramaphosa has appointed a team to, among other things, look into Eskom’s business and funding model and how the power utility should be structured.

Steinhoff says firm linked to former partner claims it is owed $330 mln

JOHANNESBURG (Reuters) - South African retailer International Holdings N.V. said on Tuesday a former partner firm of its European operations claims it is owed about 291 million euros ($331 million) by the company.

Steinhoff is in the middle of a clean-up of its balance sheet after discovering multi-billion euro holes in its balance sheet more than a year ago.

LWS GmbH, a company linked to Austrian businessman Andreas Seifert, claims to be a creditor of Steinhoff Europe AG (SEAG), the parent company said.

Steinhoff was notified earlier this year that LWS planned to challenge a company voluntary arrangement for SEAG proposed on Dec. 14.

Seifert has an ongoing dispute in the Austrian courts against SEAG, Steinhoff Investor Relations Officer Reina de Waal confirmed in an emailed response to questions.

Steinhoff and Seifert, a former business partner, were in dispute over the ownership of discount furniture store chain POCO.

Under the so-called company voluntary arrangement, Steinhoff wants to restructure SEAG’s debt by way of a new term loan facility to be issued by a newly incorporated Luxembourg company which shall sit as an indirect subsidiary of SEAG.

“The company continues to work towards the implementation of the financial restructuring of the group and management continues to support and focus on the ongoing operations,” Steinhoff said in a statement.

Steinhoff anticipates publishing its group audited financial statements for 2017 and 2018 by April 18, “subject to any delay caused by the challenge to the SEAG CVA.”

At 0738 GMT, the Johannesburg-listed shares of Steinhoff were down 1.06 percent versus a 0.56 percent decline in the broader index.

($1 = 0.8806 euros)

Nigeria's central bank holds benchmark lending rate at 14 pct

ABUJA (Reuters) - Nigeria’s central bank held its benchmark interest rate at 14 percent, its governor said on Tuesday, following the first meeting of its monetary policy committee this year.

Most analysts polled by Reuters expect rates to be kept on hold until at least the middle of the year.

Huawei chairman warns of end to global 'partnerships'

The chairman of Chinese tech giant Huawei has warned that his company could shift away from Western countries if it continues to face restrictions.

Huawei has been under scrutiny by Western governments, which fear its products could be used for spying.

Speaking at the World Economic Forum, in Davos, Mr Liang Hua said his firm might transfer technology to countries "where we are welcomed".

He also stressed that Huawei follows regulations wherever it operates.

US to 'seek Huawei executive extradition'

Full coverage of Davos 2019

Huawei makes smartphones but is also a world leader in telecoms infrastructure, in particular the next generation of mobile phone networks, known as 5G.

But concern about the security of its technology has been growing, particularly in the US, UK, Canada, Australia and Germany.

Security concerns

The company is banned from bidding for government contracts in the US, where intelligence services have raised questions about Huawei founder Ren Zhengfei's links to China's ruling Communist Party.

Last month, BT confirmed that Huawei equipment was being removed from a communication system being developed for the UK's emergency services.

Meanwhile, Germany is considering blocking the firm from its next generation mobile phone network.

Huawei has always maintained that it is a private company, owned by its employees, with no ties to the Chinese government.

The company says it remains committed to its £3bn investment in Britain.

The company's top executives rarely give interviews, but a number of journalists were invited to ask questions of Mr Liang on the sidelines of the World Economic Forum in Davos.

BT bars Huawei kit from 5G network

Germany might block Huawei from 5G

Mr Liang told them that if the company faced further hurdles to doing business in some countries, "we would transfer the technology partnership to countries where we are welcomed and where we can have collaboration with".

While he would not be drawn on whether Huawei could leave the UK, Mr Liang stressed that it would be up to British consumers to decide if they wanted to use the company's technology, before adding, that the "UK is the market that advocates openness and also free trade".

Mr Liang said anyone concerned would be "welcome" to inspect the firm's laboratories in China.

Even as the the storm surrounding Huawei continues to rage, Mr Liang's message was simple - the company's products would speak for themselves.

"We will focus on providing value by offering the high bandwidth ultra low latency and high connectivity [products] to out customers," he said.

In December, Meng Wanzhou, the daughter of the founder of Huawei, was arrested in Canada and faces extradition to the United States over accusations the company flouted US sanctions against Iran.

Mr Liang called for a "quick conclusion" to the case, so that Ms Meng could regain "her personal freedom".

He also reiterated the company's claim that the detention of two Canadian nationals in China, seen by many as retaliation for the arrest of Ms Meng, "has no relation with Huawei".--BBC

Sony to move Europe headquarters to avoid Brexit disruption

Sony will move its European headquarters from the UK to the Netherlands to avoid disruptions caused by Brexit.

The company said the move would help it avoid customs issues tied to Britain's exit from the EU, according to AFP.

Despite the move, Sony won't shift personnel and operations from the existing UK operations.

It is the latest Japanese company to flag a move to the continent in response to Brexit.

The UK is on course to leave the European Union in March, but the two sides have yet to strike a deal.

MPs put forward rival Brexit plans

Brexit: A really simple guide

On a recent trip to the UK, Japan's Prime Minister Shinzo Abe expressed concern over a no-deal Brexit.

He said it could hurt Japanese companies, which employ up to 150,000 people in the UK.

Electronics firms switch off

Sony spokesperson Takashi Iida told AFP the move would make Sony a "company based in the EU" so the common customs procedures will apply to Sony's European operations after Britain leaves the bloc.

Sony's rival Panasonic has already moved its headquarters to Amsterdam, mostly because of tax issues potentially created by Brexit.

Both companies say the decision is unlikely to have a major impact on jobs in the UK.

When Panasonic announced its move, it said "fewer than approximately 10" people would be affected out of a staff of 30.

Bank withdrawal

Several Japanese firms, including MUFG, Nomura Holdings, Daiwa Securities and Sumitomo Mitsui Financial Group, have said they plan to move their main EU bases out of London.

Japanese bank Norinchukin announced earlier this month that it would set up a wholly-owned subsidiary in the Netherlands in response to Brexit and other economic changes in Europe.

Hitting the brakes

A number of Japanese carmakers have also expressed concern over the impact of a hard Brexit.

Toyota has warned that a no-deal Brexit would affect investment and would temporarily halt output at its plant in Burnaston.

Honda has already planned a six day halt in April to plan for "all possible outcomes caused by logistics and border issues".--BBC

Dyson to move head office to Singapore

Dyson has announced that it is moving its headquarters to Singapore, from Malmesbury in Wiltshire.

The move by the appliance maker means two executives will relocate - chief financial officer Jorn Jensen and chief legal officer Martin Bowen.

Other work at Malmesbury will not be affected and no jobs will be lost.

Chief executive Jim Rowan said it was not to do with Brexit or tax but added: "It's to make us future-proof for where we see the biggest opportunities."

He added: "We have seen an acceleration of opportunities to grow the company from a revenue perspective in Asia. We have always had a revenue stream there and will be putting up our best efforts as well as keeping an eye on investments.

"We would describe ourselves as a global technology company and in fact we have been a global company for some time. Most successful companies these days are global."

British bases

Dyson already has a presence in Singapore and in October announced plans to build its new electric car in its new factory there.

Most of its products are designed in the UK, but manufactured in Asia.

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Dyson gears up for electric car testing

The company was keen to stress that it will still be investing money in its British bases.

Mr Rowan said it would be spending £200m in new buildings and testing facilities in Hullavington, and £44m in refreshing office space and adding new laboratories in Malmesbury as well as investing £31m for the young undergraduates at its university on the same site.

"Malmesbury has been the epicentre for us and we will continue to invest all over the UK," he added.

"The tax difference is negligible for us," added Mr Rowan, who confirmed that the company would be registered in Singapore, rather than in the UK.

"We are taxed all over the world and we will continue to pay tax in the UK."

Dyson's chief executive Jim Rowan said today he would describe the business as a global technology company.

However, because its roots are in Britain and its founder Sir James Dyson has been a vocal supporter of Brexit, the decision to move its headquarters to Singapore is likely to make political waves.

In practical terms, the change is a minor one. Two senior executives will be transferred to the Singapore office, where the company itself will now be registered.

There will be no impact on its 4,000 workers in Britain, and according to Mr Rowan, little impact on its tax affairs either. In 2017, it paid £95 million to the Exchequer.

It will continue to invest in its UK research and engineering sites in Malmesbury, London and Bristol, as well as a new centre in Hullavington, where it plans to develop a groundbreaking electric car.

But the change is still highly symbolic.

Dyson has made it clear its centre of gravity now lies in Asia, where it sees the biggest opportunities for growth.

There may be business logic in the move - but as the UK struggles to define a coherent vision for its own future, it is unlikely to be applauded here.

Company founder Sir James Dyson has been in favour of Brexit, but Mr Rowan confirmed that Britain's departure from the EU would have little impact on the firm and that they had not made any contingency plans.

"Only 2-3% of our supply chain is in Europe and that goes east and not west. We do look for disruptions in the supply chain, but at this point in time, we don't foresee any issues with the movement of goods."

Dyson also revealed its full-year results for 2018, announcing that its profits had topped £1bn for the first time, up by 33%, while turnover jumped 28% to £4.4bn.--BBC

Brexit: George Osborne warns of economic Russian Roulette

The UK will still be in the European Union after 29 March. That's the most likely outcome, according to former UK Chancellor George Osborne.

Speaking to the BBC at the World Economic Forum, in Davos, he said that his successor Philip Hammond had "sensibly" told British business leaders that leaving with no deal at the end of March was not a possibility.

That would require the government requesting an extension of Article 50 - the process through which the UK leaves the European Union.

He acknowledged, however, that the prime minister had not - and will not - send the same message.

In normal times, a straight shoot out between the PM and the chancellor would very rarely happen - and if it did, the PM would usually win.

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Brexit: What could happen next?

MPs put forward rival Brexit plans

But these are not normal times.

Mr Osborne is convinced that after a devastating parliamentary defeat for her own Brexit deal, Prime Minister Theresa May has lost control of a Parliament that will step in to prevent the UK leaving the EU without a deal.

But that is not straightforward.

Russian Roulette

Mr Osborne acknowledged that if MPs do nothing, a no-deal Brexit - which the majority of MPs don't want - would happen.

"It's not enough for there to be a parliamentary majority against no deal - the law of the land says that unless we come up with an alternative, MPs can coalesce around, no deal happens."

Since there is no consensus in the country, the House of Commons, nor the cabinet, about what that looks like, no deal is still a possibility. It's a situation Mr Osborne likens to Russian Roulette.

"Russian Roulette is a game you should never play because there is a one-in-six chance of shooting yourself in the head - and the gun is held to the head of the UK economy," he says.

Mr Osborne is now the editor of the London daily newspaper the Evening Standard.

In recent editorials he has been highly critical of what he sees as Mrs May's instincts to put Conservative Party unity before the national interest.

"When confronted with the fork in the road between no deal and no Brexit, Mrs May knows in her heart which path she will take. She will put party before country."

Different story

Many would argue that Mr Osborne did precisely the same thing as a minister in a government that felt compelled to call a referendum to fend off a UKIP that was attracting increasing numbers of grass roots Tory voters.

In the minds of the foreign political and business leaders in Davos there is still a significant doubt that Brexit will ever happen.

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Trade Secretary Liam Fox will arrive in Davos on Wednesday, and he will be telling a very different story.

He will tell global business leaders that the UK is champing at the bit to leave the EU and pursue ambitious and independent free trade deals with the rest of the world.

Mr Osborne insists that leaving the EU is precisely the opposite of free trade.

"There is a very large poster here in Davos - paid for by the British taxpayer - which says that Britain is the home of free trade.

"But we are about to engage in the biggest act of protectionism and anti-free trade in our history by erecting trade barriers with countries like Germany, France and Italy."

Mr Osborne speaks the same language as some members of the cabinet, but not the approved language of the government which insists we leave at the end of March come what may.

He is pretty convinced that won't happen, and he points to the financial markets as evidence he might be right.

According to Mr Osborne, the value of the pound has proved a reasonable barometer of Brexit sentiment.

Perceptions of an increased chance of soft, delayed or even cancelled Brexit usually sees sterling rise. A greater likelihood of leaving without a deal, and it goes down.

Markets have read the politics of the last two-and-a half-years poorly, but lately the pound has been going up.--BBC

Trial of former Barclays bosses to start

The first criminal trial of senior UK banking executives in the wake of the financial crisis is due to begin on Wednesday.

The case against four former executives has been filed by the Serious Fraud Office over Barclays' £11.8bn rescue.

The bank avoided a UK bailout in 2008 by raising funds from Middle Eastern investors.

The executives are charged with conspiracy to commit fraud. All four have pleaded not guilty.

The defendants are John Varley, the bank's former boss; investment banking executive Roger Jenkins; Thomas Kalaris, head of the bank's wealth management business; and Richard Boath, former European Head of Financial Institutions Group at the lender's investment bank.

The trial is expected to last from four to six months. The four accused were all granted bail.

SFO test

While other, more junior bankers have been tried and even jailed in unrelated cases for their parts in the financial crisis of 2007-8, this is the first time criminal proceedings against senior executives have been brought.

This case, like many before it, will be seen as a test for the office, which often brings the most complex cases of alleged white-collar crime.

The trial of four former Barclays executives starting in January 2019 is a unique legal landmark.

Bank chief executives have been prosecuted before, in Iceland and Ireland, but never in the United States or the United Kingdom. This is the only time in living memory that a chief executive of a global, UK-based bank has been criminally prosecuted. More importantly, it is the only time in the UK that any senior bank executive has been criminally prosecuted as a result of what happened during the 2008 financial crisis.

Why are four former Barclays executives on trial?

In December, a fraud case brought against former Tesco bosses was dismissed as the case was thought to be too weak.

In 2014, the SFO agreed to pay £6m of settlement and costs to property investor Vincent Tchenguiz after he was wrongfully arrested and his home was searched in 2011. The High Court was highly critical of the SFO's conduct and quashed the search warrants.

The SFO has brought in money for its efforts as well. In 2017, Rolls-Royce said it would pay £671m to settle corruption cases with UK and US authorities including £497m plus costs to the SFO, which conducted its biggest ever investigation into the firm.

The firm apologised "unreservedly" for the cases spanning nearly 25 years.--BBC

Mastercard fined £504m by Europe for competition breach

The European Commission has fined Mastercard €573m ($650m, £504m) for anti-competitive behaviour.

It said Mastercard had prevented retailers using cheaper banking services outside their home country.

Prior to 2015, Mastercard obliged banks receiving card payments to use a fee set in their home country, even if cheaper rates were available elsewhere in the European Union.

Mastercard said the closure of the case was an important milestone.

Commissioner Margrethe Vestager said: "European consumers use payment cards every day, when they buy food or clothes or make purchases online.

"By preventing merchants from shopping around for better conditions offered by banks in other member states, Mastercard's rules artificially raised the costs of card payments, harming consumers and retailers in the EU."

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Mastercard is the second biggest supplier of credit card services in the European market.

The fine was reduced by 10% to reflect Mastercard's co-operation with the investigation.

"This decision relates to historic practices only, covers a limited period of time of less than two years and will not require any modification of Mastercard's current business practices," the company said in a statement.--BBC

EasyJet says drone chaos was 'wake-up call' for airports

EasyJet has said last month's drone disruption at Gatwick was a "wake-up call" for airports.

The drones caused blanket cancellations over a number of days in December and mass passenger disruption as a result.

The airline said the drones cost it £15m in passenger compensation and lost revenues, and hit 82,000 customers.

EasyJet's chief executive, Johan Lundgren, said he was "disappointed" the airport took so long to resolve the situation and reopen the runways.

He acknowledged it was a "criminal act" and difficult to guard against.

More than 400 EasyJet flights were cancelled due to the drone sightings.

Altogether, more than 1,000 flights were grounded and around 140,000 passengers affected.

EasyJet paid out £10m in "customer welfare costs" and said it had lost £5m of revenue due to flight cancellations.

However, the carrier said it had made a good start to the financial year and was "well prepared" for Brexit.

Passenger numbers rose by 15% to 21.6 million for the last three months of 2018.

'Encouraging'

Last week, rival carrier Ryanair cut its profit forecast blaming lower-than-expected air fares.

In contrast, Easyjet said that it had seen "robust" demand from customers.

EasyJet chief executive Johan Lundgren said: "For the first half of 2019, booking levels currently remain encouraging despite the lack of certainty around Brexit for our customers.

"Second half bookings continue to be ahead of last year and our expectations for the full year headline profit before tax are broadly in line with current market expectations."

He also said he was "proud" of the way staff worked around the clock to look after customers affected by the drone incident.

Easyjet's Brexit planning includes registering 130 aircraft in Austria and building up a pool of spare parts in the EU.

It added that both the EU and the UK have committed to ensure that flights between the UK and EU will continue in the event of a no-deal Brexit.

Nicholas Hyett, equity analyst at stockbrokers Hargreaves Lansdown, said: "The drone disruption at Gatwick in December means these results aren't quite what EasyJet was hoping for at the start of the year, but it hasn't blown things too far off course.

"New planes have driven substantial increases in passengers and revenues, and the group's also getting better at selling passengers additional services - think extra leg room, priority boarding and microwaved paninis."--BBC

UK employment total hits record high

The number of people in work in the UK has reached a record high of 32.54 million, latest figures from the Office for National Statistics show.

Unemployment was flat, with a small increase of 8,000 between September and November for a total of 1.37 million.

Average earnings excluding bonuses increased by 3.3% in the year to November, as wage rises continued to outpace inflation.

The number of job vacancies rose by 10,000 to a record high of 853,000.

ONS head of labour market David Freeman said: "The number of people working grew again, with the share of the population in work now the highest on record.

"Meanwhile, the share of the workforce looking for work and unable to find it remains at its lowest for over 40 years, helped by a record number of job vacancies.

"Wage growth continues to outpace inflation, which fell back slightly in the latest month."

The unemployment total is 68,000 lower than a year ago, with the jobless rate 0.2% down on this time in 2018. The number of job vacancies rose by 10,000 to a record high of 853,000.

The increase in both unemployment and employment is explained by the UK's rising population and fewer people being classed as economically inactive, which includes those on long-term sick leave, students, and people who have given up looking for a job.

The number of economically inactive people fell by 100,000 to 8.6 million, a rate of 21%, which is the lowest on record.

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Employment Minister Alok Sharma said: "Our pro-business policies have helped boost private sector employment by 3.8 million since 2010, and as the Resolution Foundation's latest report shows, the 'jobs-boom has helped some of the most disadvantaged groups find employment', providing opportunities across society."

Andrew Wishart, UK economist at Capital Economics, said the figures were "reassuring, showing no sign of any hit to firms' hiring ambitions due to Brexit".

However, Samuel Tombs, chief UK economist at Pantheon Macroeconomics, warned that the pace of wage increases may begin to ease.

"We doubt that wage growth will be sustained over the next six months at November's strong rate," he said, "Pay settlements likely will weaken this year, as the previous year's inflation rate usually is the starting point for negotiations.

"Nonetheless, the labour market now looks tight enough to ensure that wage growth does not slip below the 3% mark."

At first blush the most surprising thing about the jobs market as portrayed by the latest figures from the Office for National Statistics is how robust it is.

All this talk of Brexit uncertainty and yet employers continued to take people on. The number in work and the proportion in work continued to hit a new record - as it has done now, more or less continuously, for years. And the bulk of the new jobs were full-time; there are now a record 24 million full-time jobs in the UK.

Is the jobs market simply ignoring all the Brexit-induced political chaos?

Does this confirm suspicions that warnings of slower growth owing to the prospect of a no-deal Brexit was merely Project Fear?

The answer to the latter question is "no", and to the former "we don't know yet".

The key is that jobs figures trail the rest of the economy.

Firms that took people on in the September to November period will have decided to do so in the summer, when confidence was higher and the politics less fraught.

So we will still have to wait a few months to know if Brexit uncertainty has hit the jobs market or not.

Tej Parikh, senior economist at the Institute of Directors, said the employment figures may not be a marker for any possible interest rate rises.

"The Bank of England will be little moved by today's data. While the momentum behind wage growth may build support for interest rate hikes, Brexit remains the spanner in the works for the monetary policy committee," he said.

Borrowing rises

Separate figures from the ONS showed that government borrowing rose last month.

Public sector net borrowing, excluding state-owned banks, was £3bn in December, which was higher than expected and up £300m from the same month a year earlier.

Borrowing in the current financial year-to-date was has now reached £35.9bn, £13.1bn less than in the same period in 2017 and the lowest year-to-date figure for 16 years.

However, analysts said that on current trends, borrowing was set to exceed the £25.5bn forecast by the Office for Budget Responsibility for the 2018-19 financial year as a whole.

"Much will depend on whether an expected marked pick-up in corporation tax receipts materialises and how well the economy holds up over the first quarter of 2019, particularly given the current heightened Brexit uncertainties," said Howard Archer, chief economic adviser to the EY Item Club--BBC

INVESTORS DIARY 2019

Company

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