Major International Business Headlines Brief::: 01 July 2019

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Major International Business Headlines Brief::: 01 July 2019

 


 

 


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*  Glencore's Congo tragedy highlights security conundrum for miners

*  West African states adopt flexible FX regime for regional trade

*  S.African rand lifted by improved economic data, dollar dip

*  Shell, Exxon eye return to Somalia ahead of oil block round

*  Zambian court lifts order blocking disposal of Vedanta unit assets

*  Kenya's Q1 economic growth slows, hurt by agriculture

*  Absa concludes $500 million loan

*  Nigerian steady on Indian demand, European margins

*  South Africa's PPC bows to environmental regulations

*  South Africa posts $123 mln trade surplus in May

*  Young, mega-rich - and demanding to pay more tax

*  Electric cars: New vehicles to emit noise to aid safety

*  UK seeks new no-deal Brexit freight plan

*  EU and Mercosur agree huge trade deal after 20-year talks

*  Nokia distances itself from boss's warning over Huawei 5G kit

*  Legoland owner Merlin Entertainments agrees £4.8bn offer

*  iPhone designer Jony Ive to leave Apple

*  Brexit 'could leave UK short of energy'

 

 


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Glencore's Congo tragedy highlights security conundrum for miners

DAKAR/LIMA (Reuters) - The deaths of 43 illegal miners at a Glencore
facility in Congo last week highlighted a growing challenge for mining
companies struggling to secure sites from small-scale prospectors digging
for cobalt, copper and other minerals.

 

Many mines span hundreds of square kilometers across rural terrains, a
tantalizing prospect for illegal miners, also known as artisanal miners, who
break into sites in search of metals, some of which end up in electric cars
and other products.

 

But even as last Thursday’s tragedy ratcheted up pressure on companies to
make changes to security and community outreach, industry consultants and
analysts say the task will be difficult given the geographic constraints and
economic challenges faced by the world’s estimated 40 million artisanal
miners.

 

“If people do not have work or an industry, they rely on this activity,”
said Patrick Hickey, a mining industry consultant who has worked at mines
across Africa.

 

“Where you can fence off the mine site, you do. Where you can’t, you try to
use security. But it is difficult.”

 

Thursday’s tragedy occurred in Democratic Republic of Congo’s Kamoto Copper
Company (KCC) concession, which spans kilometers of flat terrain on the
outskirts of Kolwezi in the southern part of the country. The mine is
operated by Kamoto Copper Company (KCC), a joint venture between
Glencore-controlled Katanga Mining Ltd and the state-owned Gecamines.

 

Only part of the perimeter, which abuts densely-populated residential areas,
is protected by fencing, giving the local population easy access. Young men
can often be seen just outside the mine carrying shovels and sacks brimming
with freshly-mined ore to nearby trading depots dominated by Chinese buyers.

 

    Private contractors provide most of the security, but activists say they
are often ineffective and easily bought off by the miners in exchange for
ignoring trespassers.

 

About 2,000 illegal miners regularly access the site, Glencore said.

 

Congo’s military plans to deploy troops to the KCC site, as it did in late
June when it sent hundreds of soldiers to protect the Tenke copper and
cobalt mine, which is owned by China Molybdenum Co Ltd.

 

“Security is not a highly-paid profession, so if you can get kickbacks from
turning a blind eye, it can make you money,” said Nicholas Garrett of RCS
Global, a consultancy which audits mining supply chains.

 

In South Africa, there are an estimated 30,000 illegal miners providing one
of the biggest sources of illicit gold on the continent, with an output of
around 14 billion rand ($994.4 million) per year, according to ENACT, which
conducts research into transnational organized crime.

 

    The illegal miners are known in Zulu as “zama-zamas,” which loosely
translates as “those who try to get something from nothing.”

 

Sibanye-Stillwater, which spent millions upgrading its security
infrastructure, found almost 1,400 zama-zamas in its Cooke gold mine during
a 2017 security sweep.

 

    “We have been continually arresting and trying to control access to the
mines, but it’s been difficult,” said Sibanye-Stillwater spokesman James
Wellsted.

 

CONCESSIONS

    Governments and industry have been setting aside concessions for
artisanal mining, but there are not nearly enough of those concessions to
employ all the artisanal miners, many of whom continue to target larger
deposits.

 

Miners operating in risky jurisdictions, as a result, employ a variety of
measures - ranging from antagonistic to collaborative - to safeguard
operations.

 

Such steps include the use of private security with military or police
backgrounds; fences or other physical structures; regular border patrols;
and even allowing artisanal miners access to certain areas of their
operations, according to presentations from Barrick Gold Corp,
Freeport-McMoRan Inc, Kinross Gold Corp and Newmont Goldcorp Corp.

 

Even still, artisanal miners slip through surveillance. In 2013, two were
killed at Barrick’s Porgera mine in Papua New Guinea in a confrontation with
police after a large crowd of illegal miners gathered at the mine, Barrick
said at the time.

 

A spokeswoman for Barrick, the world’s largest gold miner by market value,
declined to comment on the company’s latest security measures.

 

‘SHORT-TERM SOLUTION’

 

Delphin Monga, provincial secretary of the UCDT union, which represents KCC
employees, said police fired teargas a few months ago to try to chase off
the diggers, but it was only a temporary deterrence.

 

    Asked whether deploying the army would be an effective deterrent, Monga
said: “Maybe as a short-term solution. But the dissuasive measures taken by
the police and army do not intimidate the diggers.”

 

Some human rights activists say that armed responses to artisanal miners
only exacerbate tensions with locals and ignore the underlying problems,
which include the failure of large-scale mines to meaningfully contribute to
development gains for the impoverished communities.

 

Artisanal miners “are the world’s hidden suppliers, and they’re working in
horrible conditions,” said Karen Hayes of Pact, an NGO working across Africa
to bolster supply chain transparency. “We already buy their minerals,
whether we recognize it or not.”

 

In South America, Fura Gems Inc says securing all of its rural land in
Colombia would be virtually impossible, so the emerald miner allows access
in some areas, though it has promised to close a network of illegal tunnels.

 

“A mining company can’t do the job police do,” said Luis Rivera, an
executive with Gold Fields Ltd and president of the Institute of Mining
Engineers of Peru.

 

($1 = 14.0787 rand)

 

 

 

 

 

 

 


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West African states adopt flexible FX regime for regional trade

ABUJA (Reuters) - West African nations have adopted a flexible currency
regime after making considerable progress on plans for a single currency but
the bloc would first need to set up a monetary union as it strives for
regional integration.

 

Heads of State of the 15-member West African Community of African States
(ECOWAS) met on Saturday in the Nigerian capital Abuja to review progress on
integration, the body said.

 

The body said in a statement the bloc had made considerable progress on the
single currency and has adopted “ECO” as the currency’s name. A Nigerian
official at the meeting said the body aimed to launch the “ECO” next year.

 

Regional integration has been a subject for discussion for the bloc over the
past decade which has encountered hurdles including questions around the
currency of trade and the strengthening of individual economies within the
region.

 

Several West African economies rely on commodities whose prices are
regulated on international markets. Nigeria faced a recession in 2016 after
the price of oil plunged two years earlier. It has since recovered but
growth is still fragile.

 

Nigeria, the largest economy on the bloc, operates a multiple exchange
regime and a managed float currency, while several other states have their
currencies pegged to the euro.

 

ECOWAS has asked members to boost the identification of people to facilitate
free movement and remove barriers to trade across the bloc.

 

Like ECOWAS, Nigeria has refused to join an African-wide trade deal, which
came into force last month and is meant to eliminate most tariffs to create
a single market with the free movement of goods and services.

 

The body acknowledged the worsening macroeconomic convergence among member
states but urged members to improve performance especially as the deadline
for setting up a monetary union nears.

 

 

 

S.African rand lifted by improved economic data, dollar dip

JOHANNESBURG (Reuters) - South Africa’s rand gained on Friday, helped by
improved economic data and a dip in the U.S. dollar, ahead of an eagerly
awaited meeting between the United States and China at the G20 summit in
Japan.

 

At 1643 GMT the rand was 0.4% firmer against the dollar at 14.1100 after
earlier in the day touching its strongest level since April 22.

 

The currency was on course for gains of more than 3% this month.

 

Better budget and trade data released on Friday helped underpin sentiment
for South African assets, as did U.S. economic data confirming the
likelihood of a July interest rate cut.

 

Hopes that the United States and China will agree a truce in their tariff
war at the G20 summit this weekend have helped demand for emerging market
currencies like the rand in the last few days.

 

On the Johannesburg Stock Exchange, the benchmark Top 40 Index ended up
0.27% at 52,198 points, while the broader All-Share Index closed up 0.24% at
58,203.

 

But some investors were cautious about the anticipated G20 meeting between
U.S. President Donald Trump and China’s Xi Jinping.

 

“We know Trump is a volatile character, and absolutely anything can come out
of that (meeting). I think it will be a market-moving event and that will
only reflect on Monday,” said Mark Loubser, a fund manager at Independent
Securities.

 

Johannesburg-listed mining stocks gained as gold prices rose on uncertainty
over the U.S.-China trade dispute.

 

South African government bonds were a touch stronger, with the yield on the
benchmark 2026 bond dropping 2 basis points to 8.095%.

 

 

 

Shell, Exxon eye return to Somalia ahead of oil block round

LONDON (Reuters) - Royal Dutch Shell and Exxon Mobil are looking to return
to Somalia ahead of an oil block bid round later this year, the East African
country’s oil ministry said.

 

Shell and Exxon Mobil had a joint venture on five offshore blocks in Somalia
prior to the toppling of dictator Mohamed Siad Barre in the early 1990s.

 

The country has experienced instability since Barre left and is battling al
Shabaab, an Islamist group that frequently carries out bombings in the
capital, Mogadishu, and elsewhere in the country.

 

The exploration and development of the five offshore blocks was suspended in
1990 under what is known as a “force majeure”, but Shell and Exxon have
accrued rentals to the government since then, Shell said in a statement.

 

Exxon declined to comment and referred inquiries to Shell.

 

The country currently does not produce any oil but production could
transform the economy as early stage seismic data has shown there could be
significant oil reserves offshore.

 

“(An) agreement was signed in Amsterdam on June 21st 2019 and settles issues
relating to surface rentals and other incurred obligations on offshore
blocks,” the ministry said.

 

The force majeure remains in place, regardless of the recent development,
Shell added.

 

The parties have also agreed to hold talks to convert their old contracts in
line with a new petroleum bill that was passed earlier this year.

 

Somalia hopes to allocate 15 offshore blocks with a potential bid date
schedule for November. A road show is being organised in Houston, Texas in
late September or early October.

 

Somalia has also passed a revenue sharing agreement, splitting revenue with
oil producing states but has not yet decided on the share the government
will keep in the blocks it awards.

 

 

 

Zambian court lifts order blocking disposal of Vedanta unit assets

LUSAKA (Reuters) - A Zambian court on Friday lifted an order blocking a
provisional liquidator at Vedanta’s Konkola Copper Mines (KCM) business from
disposing of assets or making arrangements with creditor until a July 4
hearing.

 

The decision by the High Court is the latest twist in a dispute between
Vedanta and the Zambian government, which says KCM breached the terms of its
operating licence.

 

Vedanta has denied that claim, and has said it will protect its assets in
Zambia, Africa’s second-biggest copper producer.

 

The case has intensified concerns among international miners about resource
nationalism in Africa.

 

Vedanta confirmed that the order to stay the powers of the liquidator had
been lifted until the July 4 hearing.

 

“Vedanta remains committed to resolving the current situation in the best
interests of all parties involved. The company reiterates its appeal to the
government of Zambia to discuss the matter face-to-face,” the company said.

 

State-owned Zambian radio reported that lawyers for Zambia’s mining
investment arm, which owns a minority stake in KCM, had argued in court that
the earlier order was irregular.

 

Zambia has also locked horns with international miners over tax changes
which the miners say will deter investment.

 

The tax changes are part of a plan for Zambia to keep a greater share of
mineral resource profits and tackle a mounting debt burden.

 

Zambian Finance Minister Margaret Mwanakatwe said on Friday that she was
delaying the implementation of a new sales tax - one of the tax changes that
will affect miners - from July 1 to Sept. 1.

 

 

 

Kenya's Q1 economic growth slows, hurt by agriculture

NAIROBI (Reuters) - Kenya’s economic growth slowed in the first quarter of
this year compared with the same period last year due to dry weather which
curbed the farming sector, the statistics office said on Friday.

 

The Kenya National Bureau of Statistics said the economy grew 5.6%
year-on-year from 6.5% in the same quarter last year.

 

It said the agriculture, forestry and fishing sector, which contributes
about a third of output, grew 5.3% compared with 7.5% in the first quarter
of 2018.

 

“The quarter was characterised by slowdown in agricultural activities
following delay in the onset of long rains,” KNBS said in a statement.

 

“The slowdown in agricultural growth somewhat affected agro-processing and
consequently led to slowed manufacturing activities during the review
period.”

 

Manufacturing grew by 3.2% from 3.8% expansion in first quarter 2018, the
statistics office said.

 

Growth in the transportation and storage sector slowed to 6.7% from 8.5% in
first quarter 2018, while construction expanded 5.6% from 6.6%.

 

It said accommodation and food service activities expanded 10.1% from 13.1%
in first quarter 2018. The sector includes the tourism industry, which is
among Kenya’s top foreign exchange earners.

 

The government forecasts the economy will expand by 6.3% in 2019, the same
rate as a year earlier.

 

Kenya is one of the fastest-growing regions in Africa, but its performance
is often hit by drought. Violence after a December 2007 presidential
election and disputes over the following two polls led some investors to
scale back investment, hurting growth.

 

Missed revenue targets, rising public debt and uncontrolled expenditure have
also emerged as concerns for investors in recent years.

 

 

 

 

Absa concludes $500 million loan

JOHANNESBURG (Reuters) - South African lender Absa Bank, along with U.S
based Bank of America Merrill Lynch and Britain’s Standard Chartered Bank,
have signed a $500 million syndicated loan, a statement from Absa Group said
on Friday.

 

The loan is the first syndicated loan in which Absa has participated in over
a decade. The proceeds will be used for general corporate purposes including
trade related finance.

 

The loan was launched on May 29 to select institutions at a launch amount of
$300 million which was subsequently increased to $500 million by ABSA in
light of commitments received.

 

The bank in March reported a 1% dip in full-year headline earnings,
including 3.2 billion rand ($221.77 million) costs related to its split from
Britain’s Barclays..

 

Absa also reported potential retrenchments at its retail and business
banking unit as part of a planned restructuring.

 

“The need for this syndicated loan is to fund the growth in our U.S. dollar
lending both in South Africa and our Regional Operations, in support of our
group strategy,” said Jason Quinn, Absa Group’s financial director.

 

The repayment period is two years at a 1.05% interest 1.05% per annum. Absa
has a one-year extension option available at the borrower’s discretion.

 

The final group of lenders consists of 19 banks from South Africa, the
United States, Britain, Germany, Japan, and the UAE.

 

 

 

 

Nigerian steady on Indian demand, European margins

LONDON (Reuters) - Differentials for Nigerian oil were supported by steady
Asian demand and rising European gasoline margins.

 

NIGERIA

* Nigerian exports to India finished June at about 500,000 bpd, according to
Refinitiv data, the highest since December.

 

* The high levels compensate for Iranian and Venezuelan crude kept off the
market by U.S. sanctions, though the uptick of U.S. crude into India has
outpaced WAF and other grades.

 

* Gasoline stocks in independent storage in the Amsterdam-Rotterdam-Antwerp
(ARA) refining and storage hub rose by 6% in the week, Dutch consultancy
Insights Global said, as traders anticipate greater U.S. demand amid the PES
refinery shutdown.

 

* An unexpected fall in U.S. gasoline stocks reported this week is also
putting Nigerian in higher demand in Europe even as Nigerian exports to the
U.S. hit a five-week low.

 

* The positive signs have put price offerings for major grades Bonny Light
and Qua Iboe well above a premium of $2.50 above dated Brent.

 

ANGOLA

* Angolan exports to China finished the month at around 1.1 million bpd, the
highest since January, before sagging margins and freight costs led to
July’s more modest flows.

 

* Prices are steady and low for August loading cargoes after mid-July price
offerings were deemed to high by Chinese buyers, leading to the first
overhang of 2019.

 

* Around 1-2 cargoes of Angola’s planned 45 cargoes for August were selling
per day, as interest in heavier crude remains generally high despite
lacklustre Asian demand.

 

 

 

South Africa's PPC bows to environmental regulations

JOHANNESBURG (Reuters) - South African cement company PPC said on Friday it
expects to pay as much as 120 million rand ($8.5 million) per year due to
the new carbon tax and will shut down a kiln at its Port Elizabeth plant to
adhere to new emission standards.

 

The carbon tax, which seeks to lower emissions in order to meet agreements
on global climate change, comes at a time when local construction companies
have struggled to make money in an industry squeezed by South Africa’s weak
economy and a pullback in infrastructure spending by the government and
private sector.

 

PPC, which reported Thursday that revenue rose 1% to 10.4 billion rand, that
it expected to pay between 100 million and 120 million rand per year due to
the tax, which came into effect on June 1.

 

“I think it’s something that we as a country need to debate as to whether
this is the right time for carbon tax, be that as a company we support
cleaner environment,” said PPC managing director Njombo Lekula.

 

PPC, which operates across six African countries, will also shut down the
kiln at their Port Elizabeth (PE) plant to keep in line with new minimum
emission standards for nitroxides and dust emissions.

 

The company stated that about 30 jobs would be impacted by the shutdown and
that they did not expect any further retrenchments.

 

“All our other kilns are compliant in terms of the nitroxide and dust
emissions but the PE kiln, [which] because of its technology, was impossible
to take it down,” he said.

 

PPC plans to introduce mixed-cement products with lower levels of clinker, a
stony residue from burned coal ground into cement, in order to reduce the
level of dust emissions from their products.

 

Minimum emission standards were first introduced by the South African
government in 2010 to limit the amount of air pollution allowed by
industries in order to limit negative impacts on human health. All existing
industries were required to comply with the first round of requirements by 1
April 2015 and stricter requirements by 1 April 2020.

 

($1 = 14.1087 rand)

 

 

 

 

South Africa posts $123 mln trade surplus in May

JOHANNESBURG (Reuters) - South Africa recorded a 1.74 billion rand ($123
million) trade surplus in May after a revised 3.53 billion rand deficit in
April, data from the revenue service showed on Friday.

 

Exports rose 8.1% on a month-on-month basis to 112.1 billion rand in May,
while imports climbed 3% to 110.3 billion rand, the South African Revenue
Service said.

 

($1 = 14.1581 rand)

 

 

 

Young, mega-rich - and demanding to pay more tax

Liesel Pritzker Simmons is fabulously wealthy. But this member of one of
America's richest families is also uneasy about it.

 

"It's time for us who are blessed with unusual financial success or luck to
contribute more to our common good and common future," she told the BBC.
"The best way that we in this fortunate bubble can contribute is that we
want to be taxed more."

 

Ms Pritzker Simmons accepts it's a rather unorthodox view. But this week
she, and 17 other super-rich individuals, set out their reasons in an open
letter..

 

America's economic and social ills have created a crisis for the young, the
poor, and the environment, they said. We don't have all the answers, but we
can help: Impose a wealth tax on us - it's our moral and patriotic duty to
hand over a bigger slice of our fortunes.

 

With her husband Ian, an heir to a family fortune himself, they discussed
going public with people they knew held similar concerns.

 

Investor George Soros, Facebook's co-founder Chris Hughes, and Disney
heiress Abigail Disney, were among those signing up. "There could have been
more", Mr Simmons said. "We just wanted to pull in enough names to get the
conversation going."

 

They are not wedded to a particular proposal, but one suggestion was this:
Add a tax of two cents per dollar on assets after a $50m exemption, and one
cent per dollar tax on assets above $1bn. It would generate nearly $3tn in
revenue over ten years, they said.

 

Newspaper columnists and Twitter's angry brigade came out in force to
criticise and mock this "billionaires club with a conscience" and bunch of
privileged misguided do-gooders.

 

'Don't be afraid of us'

"This is an uncomfortable conversation. We recognise that," said Ms Pritzker
Simmons, whose family built their fortune on the Hyatt hotel group. She's no
desire to become a campaigning figurehead. Nor are any of them after a "pat
on the back".

 

Anyway, she's had her share of headlines already, starting as a celebrated
child actor in the Oscar-nominated A Little Princess and then as the
daughter to Harrison Ford's US President in Air Force One. (A young Jodie
Foster, he called her).

 

There was then a bitter court battle in which she successfully sued the
family estate over her inheritance, reportedly securing $500m. Now 35 years
old, she describes herself as "quite a private person", running an
investment firm with her husband that focuses on social and environmental
enterprises.

 

So why go public now? The idea of a wealth tax is gaining credence in the
Democratic Party, and with the presidential debates underway it was felt now
was the time to intervene.

 

Ms Pritzker Simmons said: "We just wanted to go on the record and say:
please don't be timid about tax reform because you're afraid that this class
of people is going to get upset.

 

"There's a healthy group of us who absolutely are in favour of it [a wealth
tax], and we wanted to make that really clear to politicians and future
politicians, as well as the American people."

 

US super-rich call for wealth tax

US economy under Trump: Is it the greatest in history?

In recent years, members of the mega-rich class have individually voiced
worries about the wealth imbalance, including Warren Buffett. But the
signatories hope their letter will prompt a group momentum.

 

Already the Swiss-born US-based billionaire Hansjoerg Wyss has added his
name to the letter, and the property and insurance magnate Eli Broad has
written of his support.

 

Fixing the system

But they are not going unchallenged. Conservative US television talk show
host Laura Ingraham was among the first out the blocks with a tweet that
summed up the counter-view of many.

 

"If these billionaires think they pay too little in taxes, why not just send
more money to the IRS? Or are they not smart enough to figure that out?" she
tweeted her near-three million followers.

 

That misses the point, says Mr Simmons, 44. Writing a cheque to the Treasury
is just philanthropy, and you can't address the challenges facing society
based on the whim of rich people giving money away.

 

"I don't think philanthropy is going to fix systemic wealth inequality, and
nor do most economists who study inequality," he said. He's not dismissing
philanthropy. He and his wife do their bit.

 

"But the good intentions of the few are not a substitute for good rules for
everyone. Having a few of us write a few more cheques to the Treasury is not
going to create universal childcare or take a revolutionary approach to the
climate crisis or retire student debt."

 

Nor do they want the extra money ring-fenced for specific projects. "It's up
to our government - that's what tax is for," Ms Pritzker Simmons said.
"There are things that I personally care about, but [ring-fencing] betrays
the purpose of a tax that benefits everybody."

 

She's convinced they're tapping into a new mood among voters: "We've watched
a couple of generations of trickle-down economics, and it's not working.
There is a change in mood, but it's based on solid data that shows things
are not working."

 

Donald Trump - who once proposed a one-off wealth tax to tackle America's
debt - points to Wall Street's record-breaking stock markets as evidence
things are, in fact, working. "It's not a very compelling argument to the
half of Americans who have absolutely no exposure to the stock market," she
said.

 

She says voters - Republican and Democrat - are increasingly demanding
action, which is why people who say Congress would never pass a wealth tax
are wrong.

 

And while the rich can hide or undervalue assets, that's not an argument for
doing nothing. As she puts it: "Are you really going to leave 50 cents on
the table because you can't get the dollar."

 

America's top tier is not going to suffer after paying a bit more into the
system, she said. "We will continue to have an incredibly fortunate life. If
this [a wealth tax] is considered a hardship, then I think we're pretty
lucky."--BBC

 

 

 

Electric cars: New vehicles to emit noise to aid safety

New electric vehicles will have to feature a noise-emitting device, under an
EU rule coming into force on Monday.

 

It follows concerns that low-emission cars and vans are too quiet, putting
pedestrians at risk because they cannot be heard as they approach.

 

All new types of four-wheel electric vehicle must be fitted with the device,
which sounds like a traditional engine.

 

A car's acoustic vehicle alert system (Avas) must sound when reversing or
travelling below 12mph (19km/h).

 

Should you buy an electric car?

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Why most people won't buy an electric car

The EU says the cars are most likely to be near pedestrians when they are
backing up or driving slowly, although drivers will have the power to
deactivate the devices if they think it is necessary.

 

The charity Guide Dogs - which had complained it was difficult to hear
low-emission cars approaching - welcomed the change, but said electric
vehicles should make a sound at all speeds.

 

Roads minister Michael Ellis said the government wanted "the benefits of
green transport to be felt by everyone" and understood the concerns of the
visually impaired.

 

"This new requirement will give pedestrians added confidence when crossing
the road," he added.

 

The long wait facing guide dog users

‘I can’t take your guide dog, I’ve got an allergy’

>From 2021 all new electric cars must have an Avas, not just new models.

 

The government has announced plans to ban new petrol and diesel cars and
vans being sold by 2040.

 

Alternatively-fuelled vehicles made up 6.6% of the new car market in May,
compared with 5.6% during the same month in 2018.--BBC

 

 

 

UK seeks new no-deal Brexit freight plan

Transport companies are being asked to bid to provide extra freight capacity
to be used in the event of a no-deal Brexit on 31 October.

 

The hurried ferry procurement process as the UK prepared to leave the EU on
29 March cost taxpayers more than £85m.

 

That included £34m in a settlement and legal fees with Eurotunnel - which
said it was not considered for the contract.

 

The government said it would not be committing to buying extra capacity but
would have options to do so if needed.

 

"The Department for Transport is putting in place a freight capacity
framework agreement that will provide government departments with the
ability to secure freight capacity for our critical supply chains as and
when required," a spokesman said.

 

"This framework does not commit the government to purchasing or reserving
any freight capacity, but it does provide a flexible list of operators and
options for the provision of the capacity that can be drawn upon if needed."

 

The government had previously awarded Seaborne Freight, DFDS and Brittany
Ferries contracts worth more than £100m - all of which were eventually
cancelled.

 

Transport Secretary Chris Grayling faced calls to resign after he was forced
to axe a £13.8m contract with Seaborne Freight, a company with no ships or
trading history.

 

All three previous contracts - intended to offer extra capacity and relieve
potential congestion at ports like Dover - had been awarded without a full
public tender process and prompted legal action from Eurotunnel.

 

The government also had to pay more than £51m to cancel agreements with DFDS
and Brittany Ferries when the UK asked the EU for an extension to the
withdrawal process meaning it did not leave as planned on 29 March.

 

This time, the Department for Transport is pursuing an open process,
inviting bids from all "suitably qualified freight operators".

 

Andrew Dean, a former government lawyer who is now director of public law at
Clifford Chance, said: "The department has played a straight bat, having
opted to follow a relatively low-risk procurement approach that is open to
suppliers from across the EU and beyond."

 

BBC business correspondent Joe Miller said that Eurotunnel would be able to
bid this time around, as the notice invites applications "regardless of
transport mode", as long as they offer "roll-on, roll-off capacity" for
lorries.

 

Seaborne Freight confirmed it would not be bidding again, while Britanny
Ferries said it would "carefully consider" what capacity it could offer the
government.--BBC

 

 

 

EU and Mercosur agree huge trade deal after 20-year talks

The EU and South American economic bloc Mercosur have clinched a huge trade
deal after 20 years of negotiations.

 

EU Commission chief Jean-Claude Juncker said it was the EU's biggest deal to
date and, at a time of trade tensions between the US and China, showed that
"we stand for rules-based trade".

 

Brazil's President Jair Bolsonaro said it was "historic" and "one of the
most important trade deals of all time".

 

Mercosur consists of Argentina, Brazil, Uruguay and Paraguay.

 

Venezuela is also a member but it was suspended in 2016 for failing to meet
the group's basic standards.

 

The deal aims to cut or remove trade tariffs, making imported products
cheaper for consumers while also boosting exports for companies on both
sides.

 

It is set to create a market for goods and services covering nearly 800
million consumers, making it the largest in the world in terms of
population.

 

Five things about the EU-Japan trade deal

What is Mercosur?

The two parties began negotiating in 1999 but talks accelerated after US
President Donald Trump's election in 2016. As a result EU-US talks were
frozen.

 

The EU has also concluded trade agreements with Canada, Mexico and Japan
since Mr Trump's election.

 

However, the EU deal with Mercosur could see savings on tariffs that are
four times as big as those made in the Japan deal, EU trade commissioner
Cecilia Malmstrom said.

 

Narrow window to close the deal

Analysis by Daniel Gallas, South America business correspondent

 

It is no small feat to close such a complicated deal at a time when free
trade is under attack globally. Protectionism is clearly on the rise - with
Brexit and the trade war between China and the US.

 

The deal could significantly change the way Europeans do business in
countries like Brazil - which has one of the world's most closed economies.
High tariffs have historically kept European competitors at a disadvantage
against national industries.

 

Similarly, South American farmers will finally gain access to European food
markets.

 

Europeans and South Americans had a narrow window to close this deal, as
elections in Argentina later this year could potentially shift the mood
against free trade, as is happening in other parts of the world.

 

What is the reaction?

Ms Malmstrom said negotiations had begun 20 years ago to the day.

 

"They have been long negotiations - tough, difficult, and at least I have
said many times 'we are almost there'. Now we are. This is a landmark
agreement," Ms Malmstrom said.

 

She said it sent a strong message that both the EU and Mercosur were in
favour of "open, sustainable and rules-based trade".

 

Speaking to reporters, Argentine Foreign Minister Jorge Faurie said Mercosur
had hitherto been a "very closed commercial space" but that the deal with
the EU sent a "very clear message about where we are going".

 

Argentina's Secretary of International Relations Horacio Reyser said it
would boost GDP, create jobs and attract investment.

 

He tweeted a video of the moment the deal was confirmed.

 

However, the environmental group Greenpeace said the deal - and the likely
growth in demand for Latin American agricultural products - amounted to a
"disaster for the environment on both sides of the Atlantic".

 

Ahead of the deal's announcement, it said the agreement would lead to more
destruction of the Amazon rainforest and attacks on indigenous peoples.

 

Cattle farming is already the biggest driver of deforestation, Greenpeace
says.

 

Critics say Mr Bolsonaro's plans to weaken environmental protections also
threaten the Amazon.

 

What's in the deal?

The EU is already Mercosur's biggest trade and investment partner and its
second largest for trade in goods, Reuters reports.

 

The EU wants to increase access for firms that make industrial products and
cars - which are currently subject to tariffs of up to 35% - and also enable
them to compete for public contracts in Mercosur countries.

 

 

Mercosur wants to increase exports of beef, sugar, poultry and other farm
products.

 

In a statement, Brazil said the deal included eliminating tariffs on
products such as orange juice, instant coffee and fruit.

 

Meanwhile, producers of other products such as meat, sugar and ethanol would
have greater access to the EU market through quotas, the statement said.

 

How other complex deals compare

*         China joining the WTO: Shortly behind the lengthy Mercosur
negotiations is the agreement for China to join the World Trade
Organisation. After 15 years of diplomatic struggle, China became a
fully-fledged member in 2001 amid commitments to overhaul its economy

*         The Louisiana Purchase: In April 1803, the US agreed to buy
830,000 square miles of land from French control - a deal that would double
the country's size. Negotiations took only a few weeks and US
representatives even managed to haggle Napoleon's $22m price-tag down to
$15m

*         Brexit: While nowhere near the 20-year mark yet, the complex
negotiations surrounding how the UK will untangle itself from the European
Union are more than three years down the line (and counting...)

*         Greece v Macedonia: One deal that took longer to sort was a naming
dispute between these two neighbours. Greece has a region called Macedonia
and objected to their neighbours name since it was announced. After 27
years, a compromise involving a name-change to the Republic of North
Macedonia ended the row earlier this year--BBC

 

 

 

Nokia distances itself from boss's warning over Huawei 5G kit

Telecoms giant Nokia has disowned the comments one of its senior executives
made about rival Huawei.

 

Nokia's chief technology officer Marcus Weldon told the BBC that the UK
should be wary of using the Chinese hardware.

 

He said Huawei's telecoms kit had vulnerabilities that meant it posed a risk
to 5G networks.

 

In a statement issued after the BBC story was published, the Finnish firm
said his comments do "not reflect the official position of Nokia".

 

It added: "Nokia is focused on the integrity of its own products and
services and does not have its own assessment of any potential
vulnerabilities associated with its competitors."

 

The statement undermines assertions made by Mr Weldon in which he said
Huawei's failings were serious.

 

He pointed to a new report from US security firm Finite State, which
detailed vulnerabilities in Huawei enterprise networking equipment.

 

"In virtually all categories we studied," the report said, "we found Huawei
devices to be less secure than comparable devices from other vendors."

 

Mr Weldon added: "Some of it seems to be just sloppiness, honestly, that
they haven't patched things, they haven't upgraded. But some of it is real
obfuscation, where they make it look like they have the secure version when
they don't."

 

In the UK, Huawei equipment has been subject to close scrutiny by a unit
staffed by GCHQ. It has produced reports severely critical of the security
of some software, although it has not found backdoors in the firm's
products.

 

"We read those reports and we think OK, we're doing a much better job than
they are," said Mr Weldon. He conceded that Nokia's equipment was not
subject to the same checks in the UK as Huawei, but said it did face
scrutiny around the world.

 

He said Nokia's equipment was "a safer bet" for mobile operators.

 

Huawei has denied that its equipment poses a security risk, with a spokesman
calling Mr Weldon's comments "misleading".

 

In a separate statement given after Nokia disowned the tech boss's comments,
Huawei said Nokia's had recognised that "ill-informed loose talk does not
help our customers or the industry more widely".

 

It added: "We win new business by fair competition and on the basis of our
technology and customer focus, not by denigrating our competitors.

 

"The best way to improve cyber security and ensure network resilience is for
all vendors to agree to independent testing of their equipment and source
code - just as we have done in the UK," it said.

 

Tough competition

Nokia and Sweden's Ericsson are competing with Huawei to sell
next-generation telecoms equipment.

 

Huawei is seen as leading the race in many markets, but the US is putting
pressure on allies, including the UK, to bar the firm over security fears.

 

Mr Weldon said the pressure from the US was serving as a counterbalance to
unfair financial advantages that Huawei had enjoyed in the past.

 

"It's fairness returning to the market," he told the BBC.

 

"We were disadvantaged in the past relative to the practices that the
Chinese were allowed to have in terms of funding mechanisms."

 

A Huawei spokesman said: "We believe secure, resilient networks can only be
delivered by collaboration across the whole industry, working to common
standards on privacy protection and cyber-security, so that all participants
can be judged equally.

 

"We have a proven track record of delivering secure, trustworthy and
high-quality products to every major telecoms operator in Europe.
Cyber-security remains Huawei's top priority and here, in the UK, we are
subject to the most rigorous oversight compared to any competitors in our
sector."

 

 

The UK government has been conducting a review into the security of Huawei's
telecoms supply chain and Mr Weldon said: "That means being wary of adding
Chinese vendors into network infrastructure, as long as these security
vulnerabilities are either provably there or likely to be there based on
past practices."

 

He said Huawei represented a risk relative to Nokia and Ericsson.

 

 

Huawei has invested heavily in 5G technologies in the expectation of them
driving future profits

It was reported in April that the prime minister had decided that, while the
Chinese firm should not be allowed into the heart of 5G networks, it would
not be banned completely. Downing Street has insisted that a final decision
has yet to be made

 

UK mobile operators are beginning to roll out 5G networks and are all using
some Huawei equipment. They have warned that a ban on the Chinese firm would
mean a lengthy delay in the 5G roll-out and added costs because of a lack of
competition.--BBC

 

 

 

Legoland owner Merlin Entertainments agrees £4.8bn offer

In the words of the film, everything appears to be "awesome" in the world of
Lego as it expands its empire by snapping up Legoland and Madame Tussauds
owner Merlin Entertainments

 

The Danish billionaire family that controls the Lego toy firm, with other
investors, is paying £4.8bn for Merlin.

 

Kirkbi Invest says it has the money and experience to "realise the company's
potential to grow".

 

Merlin also owns the London Eye, Alton Towers and Chessington Adventures.

 

Kirkbi already owns almost a third of the shares in Merlin Entertainments,
and says it does not expect the deal to lead to any significant changes.

 

All existing Merlin attractions in the UK will remain open and it has no
plans to sell any part of the business, it said.

 

Kirkbi chief executive Søren Thorup Sørensen said the group wanted to help
the firm reach its "full potential, which we believe is best pursued under
private ownership".

 

"With a shared understanding of the business and its culture, we believe
that this group of investors has the unique collective resources necessary
to equip Merlin, for their next phase of growth," he added.

 

Private equity firm Blackstone - part of the investment group - said it had
the "substantial resources" required to support Merlin's long-term plans
"which will require significant investment to ensure its long-term success".

 

Merlin is the second-largest operator of visitor attractions globally with
more than 130 attractions in 25 countries. It said it had already rejected
several approaches.

 

The move comes just weeks after activist shareholder ValueAct Capital, which
holds a 9.3% stake in Merlin, called on the company to find a private buyer.

 

The sale means that Merlin's shares will be delisted from the London Stock
Exchange, which it floated on six years ago.

 

The offer price of 455p a share values Merlin's share capital at £4.77bn,
but the deal also includes £1.2bn of debt giving the group an enterprise
value of just under £6bn.

 

Merlin chairman Sir John Sunderland said its board unanimously recommended
the deal to the company's shareholders.

 

"The company has generated meaningful value since its IPO (Initial Public
Offering), with significant growth in revenue, earnings and cash flow.

 

"The Merlin independent directors believe this offer represents an
opportunity for Merlin shareholders to realise value for their investment in
cash at an attractive valuation."

 

Merlin has faced some high-profile struggles, including a crash in 2015 at
one of its Alton Towers rollercoaster which injured 16 people. Visitor
numbers to its attractions were also hit by the terror attacks in London and
poor weather which led to a profits warning in 2017.

 

Hargreaves Lansdown analyst George Salmon said the firm's recent troubles
meant the price agreed for the deal was lower than it would have been two
years ago.

 

"For the new owners, the move is motivated by a desire to remove the company
from the daily scrutiny of the public markets, and focus on longer-term
investments," he said.--BBC

 

 

 

iPhone designer Jony Ive to leave Apple

Sir Jony Ive, the Briton who over two decades helped turn Apple into the
world's most valuable company, is leaving to set up his own venture.

 

Sir Jonathan, designer of the iMac, iPod and iPhone, leaves later this year
to start a creative firm, LoveFrom, with Apple as its first client.

 

"This just seems like a natural and gentle time to make this change," he
said.

 

Apple boss Tim Cook said his "role in Apple's revival cannot be overstated".

 

But the departure comes at a time of wider change at the tech giant. Retail
chief Angela Ahrendts left in April and investors have been worried about
falling iPhone sales.

 

Sir Jonathan said in a statement: "After nearly 30 years and countless
projects, I am most proud of the lasting work we have done to create a
design team, process and culture at Apple that is without peer."

 

Little is known about LoveFrom, but it will be based in California and there
are reports one area of focus will be wearable technology. News of his
departure broke in an exclusive interview in the Financial Times.

 

In the article, Sir Jonathan said Marc Newson, a friend and collaborator at
Apple, would also join the new firm. There would also be "a collection of
creatives" spanning several different disciplines beyond design, he said.

 

He became head of Apple's design studio in 1996, when the company was in
poor financial health and cutting jobs. The turnaround began with Sir
Jonathan's iMac in 1998, and the iPod in 2001.

 

Apple's founder, the late Steve Jobs, once said of Sir Jonathan: "If I had a
spiritual partner at Apple, it's Jony."

 

One of Sir Jonathan's most recent projects was finishing Apple's new
corporate headquarters, Apple Park, an ultra-modern complex designed in
partnership with British architects Foster + Partners.

 

 

Ben Bajarin, analyst with Creative Strategies, said: "It's the most
significant departure of somebody who was a core part of the growth story"
under Mr Jobs.

 

Sir Jonathan, knighted by the Queen in 2012, will not have an immediate
successor. Since 2012, he has overseen design for both hardware and software
at Apple, roles that had previously been separate.

 

End of an era

The departure of the "thoughtful" Sir Jonathan for his own company will be a
loss for Apple, which is already facing challenges.

 

>From the "ground-breaking" iMac to Apple's ambitious new Apple Park campus,
he has helped to shape one of the world's most successful companies.

 

"Jony is a singular figure in the design world and his role in Apple's
revival cannot be overstated," said Tim Cook, Apple's chief executive.

 

Who is Apple's top designer?

Apple said on Thursday the roles would again be split, with design team
leaders Evans Hankey taking over as vice-president of industrial design and
Alan Dye becoming vice-president of human interface design.

 

Ms Hankey is the first woman to lead Apple's industrial design team.

 

Steve Jobs and Jony Ive, the Lennon and McCartney of Apple - it's impossible
to see the company becoming what it is today without the most creative
partnership in recent business history.

 

Ive was a relatively junior figure when Jobs returned from exile to revive
Apple. He picked out the British designer as a kindred spirit who shared his
obsession with the idea that the look and feel of a product was as important
as the technology inside it.

 

Their first hit was the iMac, breaking away from the beige boxes that
dominated the PC market to show that computers could be beautiful design
objects.

 

The iPod, the iPhone and the iPad followed, each setting new standards in
product design which rivals rushed to imitate.

 

After the death of Steve Jobs, there was speculation that Jony Ive might one
day move into the chief executive's office. That always seemed unlikely.
Instead he remained the firm's design guru, the often parodied voice of
those iconic Apple product videos, while Tim Cook drove the mighty profit
machine ever onwards.

 

In recent years, it has been harder to detect the Ive magic - while the
Airpods look set to become another classic, the $999 stand for a Mac Pro
monitor stand seemed to symbolise a company taking its fans for granted.

 

But the man who started his career by designing toilets and toothbrushes and
ended up giving us the most profitable product in history, the iPhone, is
assured of his place in history.--BBC

 

 

 

Brexit 'could leave UK short of energy'

The UK would be vulnerable to gas supply shortages and price hikes after
Brexit, an industry leader has warned.

 

Marco Alvera, head of European industry body GasNaturally, told the BBC that
EU nations could restrict gas exports to the UK during winter cold snaps in
order to prioritise their own citizens.

 

"We've spoken to several ministers and civil servants over the last two
years. Energy has not been discussed enough."

 

The UK imports almost half the gas it consumes via pipelines from Europe.

 

Some 39% of the UK's electricity supply was generated from natural gas last
year, according to official government statistics.

 

"I would make [energy security] a high priority point in the discussions,
and I haven't seen it be like that," said Mr Alvera, who is also the chief
executive of Italian gas pipeline company Snam, which owns a minority stake
in one of the two main UK-Europe gas pipelines.

 

He added that EU nations would also theoretically have the ability to impose
tariffs on their gas and electricity exports to the UK post-Brexit.

 

Russian gas

The UK has become overly dependent on imported natural gas to meet its
winter fuel needs, Mr Alvera warned.

 

He said this was because the UK's own North Sea gas supplies had wound down,
while at the same time the country had shut down much of its gas storage
infrastructural capacity.

 

"We see one of the consequences of global warming is more extreme
temperatures in the summer and in the winter," he told the Business Daily
programme on BBC World Service radio.

 

"In the week when we had the 'Beast from the East' very cold spell coming,
the system was already under a lot of strain, and the UK was taking a lot of
gas from Europe that was stored in Europe."

 

Where does the UK's gas come from?

UK domestic production: 44%

Liquefied natural gas (LNG) imports: 9%

European pipelines: 47% (of which 36% comes from Russia and 21% from Norway)

Data as of 2017. Source: British Gas

 

The UK could remedy the situation relatively easily, he said, by converting
old exhausted North Sea gas fields into gas storage facilities.

 

Mr Alvera also claimed that much of the UK's gas imports originated from
Russia, having been piped across the rest of Europe.

 

The extent of UK reliance on Russian gas has been a source of controversy
since the Novichok poisonings in Salisbury in March last year.

 

Less that 1% of UK gas consumption last year came directly from Russia as
liquefied natural gas imports.

 

However the ultimate source is of the UK's piped gas imports is harder to
determine, with one estimate putting it at 36% in 2017.

 

Lords report

The warning echoes the findings of a 2017 House of Lords report, which said
that the UK could be "more vulnerable to supply shortages in the event of
extreme weather or unplanned generation outages".

 

The risk would arise upon the UK's exit from the EU's Internal Energy
Market, which would potentially take place at the end of the transition
period on 31 December 2020 under the terms of the Withdrawal Agreement
negotiated with the EU.

 

In the case of a no-deal Brexit, the UK would be at risk immediately upon
leaving the EU.

 

The bulk of the UK's natural gas imports come via Norway, which is part of
the Internal Energy Market, although it is not an EU member.

 

The Lords report also concluded that it was possible, but "unlikely that
tariffs will be applied to UK-EU trade in gas and electricity post-Brexit,
even in the event of a no-deal scenario.

 

"However, the energy industry could be affected by tariffs on products used
in the construction and maintenance of the energy system."--BBC

 

 

 

 

 

 

 

 

 

 


 

 


 

INVESTORS DIARY 2019

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


Edg Edgars

AGM

Edgars Training Auditorium, 1st Floor LAPF House, 8th Avenue/Jason Moyo St,
Bulawayo

11 July 2019, 9am

 


Companies under Cautionary

 

 

 


 

 

 

 


Bindura Nickel Corporation

 

 

 


Padenga Holdings

 

 

 


Delta Corporation

 

 

 


Meikles Limited

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
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been compiled from sources believed to be reliable, but no representation or
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opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
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