Major International Business Headlines Brief::: 12 July 2019

Fri Jul 12 04:15:55 CAT 2019

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Major International Business Headlines Brief::: 12 July 2019

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*  South African finance minister aims for Eskom funding bill on July 23

*  South Africa needs to plan for new nuclear after 2045 - minister

*  South African Airways chairman has quit - minister Gordhan

*  Egypt central bank keeps key rates unchanged

*  Airtel Africa falls for second day after Nigeria listing

*  Nigeria to force lending by capping deposits at central bank

*  Kenya's NSE kicks off futures trading with most liquid stocks

*  France passes tax on tech giants despite US threats

*  UK banks 'prepared for Brexit and trade war fall-out'

*  Marks & Spencer ousts fashion boss Jill McDonald

*  Branson warns pound to plummet in no-deal Brexit

*  Brazil pension reform passes first hurdle in Congress

*  Applications open for new North Sea oil and gas exploration

*  Airports make 'significant' progress helping disabled

 <mailto:info at bulls.co.zw> 

South African finance minister aims for Eskom funding bill on July 23

CAPE TOWN (Reuters) - South African Finance Minister Tito Mboweni said on Thursday he was considering introducing a special appropriation bill on July 23 to provide struggling state power firm Eskom with additional financial support for this year and next year.

Mboweni added that government would also provide financial support from the contingency reserve to ailing state firms South African Airways, weapons manufacturer Denel and the state broadcaster SABC.

“This additional financial support cannot be a blank cheque to these state-owned enterprises,” Mboweni told parliament on Thursday. “We really and truly cannot go on like this.”

 <mailto:info at bulls.co.zw> 

South Africa needs to plan for new nuclear after 2045 - minister

CAPE TOWN (Reuters) - South Africa needs to start planning now for new nuclear power capacity to come online after 2045, Energy Minister Gwede Mantashe said on Thursday, reopening a heated debate about whether the country should build more nuclear reactors.

President Cyril Ramaphosa put nuclear expansion on the back burner after taking office in February 2018, saying a project championed by his predecessor Jacob Zuma was unaffordable.

But senior officials in Ramaphosa’s governing African National Congress party have said South Africa could be open to building more nuclear capacity when the economy improves.

South Africa currently operates one nuclear power plant, Koeberg, with an installed capacity of around 1,900 megawatts (MW).

“Given the long-term planning horizon for nuclear power plants, it is imperative that the planning work for the new nuclear power plants should commence now,” Mantashe, who has headed a merged mining and energy ministry since May, said in a speech to parliament.

“It is crucial for South Africa to plan for additional nuclear capacity beyond 2045,” Mantashe said, adding that a project was under way to extend the life of Koeberg by 20 years from the end of its designed life in 2024.

Mantashe’s comments will be welcomed by major nuclear reactor vendors like Russian state firm Rosatom, which was one of the frontrunners for Zuma’s nuclear project.

Russian President Vladimir Putin raised the subject of a nuclear deal at a meeting with Ramaphosa last year, a sign that Russia was still interested in the project.

“Koeberg demonstrates the benefits of nuclear power and gives reason to South Africa continuing with the nuclear expansion programme,” Mantashe said.

Zuma’s nuclear expansion project envisaged adding an additional 9,600 MW of capacity, but ratings agencies cited it as a cause for concern given recurring budget deficits and rising debt levels.

Opposition parties also argued the project would be a conduit for corruption, despite denials from Zuma and his allies.

South African Airways chairman has quit - minister Gordhan

CAPE TOWN (Reuters) - South African Airways’ chairman Johannes Bhekumuzi Magwaza has resigned, the country’s Public Enterprises Minister Pravin Gordhan said on Thursday, the second senior figure at the struggling airline to leave this year.

Gordhan told Parliament that Magwaza tendered his resignation for personal reasons, without giving any details.

A ministry official said Magwaza, who was appointed in 2017, will leave SAA at the end of July.

Magwaza’s resignation follows that of CEO Vuyani Jarana who quit in June, saying his turnaround strategy for the loss-making airline was being undermined by a lack of state funding and too much bureaucracy.

The departures highlight the challenges facing South African President Cyril Ramaphosa as he seeks to speed up reforms at South African Airways (SAA) and other state-owned entities. They are dependent on government bailouts and are regularly cited by ratings agencies as one of the main threats to the country’s economic growth.

SAA, which has not made a profit since 2011, has drawn up a five-year turnaround plan that includes slashing costs and cancelling unprofitable routes as it grapples with cost increases that far outstrip revenue growth.

Egypt central bank keeps key rates unchanged

CAIRO (Reuters) - Egypt’s central bank on Thursday kept its key interest rates steady, in line with a Reuters poll of economists.

Of 15 economists surveyed by Reuters, 14 said the bank’s monetary policy committee was unlikely to change its overnight rates.

The overnight deposit rate was held at 15.75% and the overnight lending rate at 16.75%, the central bank said in a statement.

Egypt’s annual urban consumer price inflation plunged to 9.4% in June from 14.1% in May, official statistics agency CAPMAS said on Wednesday, a significantly bigger drop than analysts had expected.

However, last week, Egypt introduced its latest round of fuel subsidy cuts, raising domestic prices by between 16% and 30%, as it nears the end of an International Monetary Fund economic reform programme.

Analysts have said inflation in July and August was likely to return to double digits, especially as the effects of the fuel price hikes are felt.

“The inflation outlook incorporated the recently implemented fiscal consolidation measures, that include reaching cost recovery for most fuel products as well as fuel price indexation to underlying costs,” the central bank said in a statement.

“Since these measures were anticipated, the MPC decided that keeping key policy rates unchanged at this juncture remains consistent with achieving the inflation target of 9 percent (±3 percentage points) in 2020 Q4 and price stability over the medium term.”

The central bank kept interest rates steady at its last two meetings, in May and March, after a surprise cut in February.

On Thursday, the discount rate was also kept unchanged at 16.25 percent.

Airtel Africa falls for second day after Nigeria listing

LAGOS (Reuters) - Airtel Africa shares dropped 10% on Thursday, losing ground for a second day after their listing on the Nigerian stock market, according to Refinitiv Eikon data.

Airtel Africa is majority owned by India’s Bharti Airtel.

Nigeria to force lending by capping deposits at central bank

LAGOS (Reuters) - Nigeria plans to encourage lending by capping banks’ interest-bearing deposits at the central bank, the latest in a series of measures aimed at reviving an economy stuck with low growth.

The central bank said in a circular dated July 10 that daily placements with it by lenders above 2 billion naira ($6.5 million) would not earn interest.

Previously, lenders could earn interest with the central bank on deposits up to 7.5 billion naira.

The latest rule, which takes effect from Thursday, is the second in a week targeted at increasing credit to businesses and consumers. The central bank is seeking to boost loans by trying to force banks to lend after a recent recession.

Nigeria’s economy, Africa’s biggest, has recovered from that contraction, but lending has failed to flourish as growth is slow and banks prefer to invest in risk-free government securities or pack cash with the central bank for a fee.

Last week the central bank asked banks to lend more or face higher cash reserve requirements.[nL8N2462GL]

Lenders have pointed to a weak economy after an oil price crash triggered recession and a currency crisis made loans go sour.

The central bank has said it would recapitalise the banking sector to tackle weak capital bases over the next five years after a series of currency devaluations. [nL8N23V27W]

PRICE WAR ON LOANS

The central bank had been issuing open market securities at high yields to mop up naira, a policy it maintained for more than two years to lure foreign inflows into bonds and support the currency. However, no new issues have been floated in a week.

In March, the bank cut benchmark interest rates in a surprise move, saying it wanted to signal a new direction in helping to stimulate growth.

Analysts said the raft of policies by the central bank could hurt bond yields but would do little to boost lending unless credit risk was addressed through government reforms.

The benchmark one-year treasury bill traded at around 11% on Thursday from a high of 12.4% three months ago. Bond buyers had hoped the central bank would start to increase naira liquidity to improve funding conditions.

Nigerian President Muhammadu Buhari won re-election in February and has pledged to get the economy growing again. But he has failed to set up a cabinet four months after gaining a second term.

“Yields are definitely heading lower and this will drag the bonds along too. I expect to see a pricing war on loans,” a Stanbic analyst wrote in a note.

($1 = 306.50 naira)

Kenya's NSE kicks off futures trading with most liquid stocks

NAIROBI (Reuters) - Kenya’s Nairobi Securities Exchange launched the trading of futures contracts on Thursday, offering investors index futures and single stock futures of the most heavily traded companies on the bourse.

The NSE, the main entry point for foreigners seeking to invest in East Africa, becomes Sub-Saharan Africa’s second bourse to offer exchange-traded derivatives after South Africa’s JSE.

Known as the Next Derivatives Market, it will offer investors index futures contracts on the NSE-25 share index and single stock futures on Safaricom, KCB Group, Equity Group, EABL and BAT.

Telecoms operator Safaricom, lenders KCB and Equity, brewer EABL and tobacco firm BAT are the most heavily traded and well capitalised stocks on the NSE.

Geoffrey Odundo, the chief executive of the NSE, said the NEXT Derivatives Market will offer investors risk management tools “in the wake of increasing asset price volatility in both domestic and international markets.”

Listed futures will have quarterly expiry dates and will all be initially settled in cash, the NSE said.

Market participants said the futures contracts will allow investors to diversify their portfolios and deploy capital more efficiently.

They are also expected to deepen liquidity on the exchange, which has 65 listed companies.

France passes tax on tech giants despite US threats

France has approved a digital services tax despite threats of retaliation by the US, which argues that it unfairly targets American tech giants.

The 3% tax will be levied on sales generated in France by multinational firms like Google and Facebook.

The French government has argued that such firms headquartered outside the country pay little or no tax.

The US administration has ordered an inquiry into the move - which could result in retaliatory tariffs.

The new tax was approved by the French senate on Thursday, a week after it was passed by the lower house, the National Assembly.

Any digital company with revenue of more than €750m ($850m; £670m) - of which at least €25m is generated in France - would be subject to the levy.

It will be retroactively applied from early 2019, and is expected to raise about €400m this year.

Why target tech giants?

At present, they are able to pay little or no corporate tax in countries where they do not have a large physical presence. They declare most of their profits where they are headquartered.

The European Commission estimates that on average traditional businesses face a 23% tax rate on their profits within the EU, while internet companies typically pay 8% or 9%.

France has long argued that taxes should be based on digital, not just physical presence. It announced its own tax on big technology firms last year after EU-wide efforts stalled.

An EU levy would require consensus among members, but Ireland, the Czech Republic, Sweden and Finland raised objections.

France's new 3% tax will be based on sales made in the country, rather than on profits.

About 30 companies will pay it - mostly US groups such as Alphabet, Apple, Facebook, Amazon and Microsoft. Chinese, German, Spanish and British firms are also affected, as well as the French online advertising firm Criteo.

The French government says the tax will end if a similar measure is agreed internationally.

The big tech companies have argued they are complying with national and international tax laws.

What has the US said?

The Trump administration denounced the move a day before the vote.

On Wednesday trade representative Robert Lighthizer said an investigation would "determine whether it is discriminatory or unreasonable and burdens or restricts United States commerce".

The US inquiry could pave the way for punitive tariffs, which Mr Trump has imposed on several occasions since taking office.

Previous investigations launched by Washington have covered European Union and Chinese trade practices.

Defending the new tax on Thursday, French Finance Minister Bruno Le Maire said France was "sovereign and decided its own tax rules".

"I want to tell our American friends that this should be an incentive for them to accelerate even more our work to find an agreement on the international taxation of digital services," he added.

France isolated

Analysis by Dave Lee, BBC North America technology reporter

This "Section 301" investigation, as it is known, has been used before as a way of eventually implementing new tariffs on countries the Trump administration feels is taking the US for a ride.

If France is going to take hundreds of millions of euros from the pockets of American tech giants, the US argument might be, then why shouldn't the US earn more money from what the French do in the US? It took the same view with China and has buried itself in a trade war that has destabilised relations and has the potential to escalate even further.

The digital tax is a risk for France, for it is now isolated. There had been talk of a Europe-wide tech tax, but talks fell down thanks in part to opposition from countries such as Ireland, which has benefited from being able to attract tech firms to set up their European base in the country. Other countries - such as the UK, Spain and Austria - are considering similar moves, but France is furthest along.

One thing all sides agree on, however, is that in our modern, digital economy, the overhaul of how companies are taxed is long overdue.

France will be hoping for one of two outcomes. Either countries follow their lead and implement their own, independent laws, limiting France's exposure. Or the move gives added energy to calls for a multilateral agreement on how digital firms should be taxed globally, putting an end to the squirreling-away of vast sums of money made by internet giants.--BBC

UK banks 'prepared for Brexit and trade war fall-out'

The Bank of England says the UK banking system is still resilient to the financial impact of a worst-case disorderly Brexit.

The comment came in its regular health check on the banks, the Financial Stability Report.

The Bank said "the perceived likelihood of no-deal Brexit has increased since the start of the year".

It said that "material risks" of economic disruption from such a scenario remain.

However, there had been "some improvement in the preparedness of the UK economy for no-deal Brexit".

Since last year, UK banks have been forced to hold back more capital, and demonstrate easy access to £1 trillion in funding (liquidity).

The Bank says that such a buffer would allow the banking system to continue to lend into the economy, even if the UK were shut out of international markets for three months.

This worst-case scenario stress test involves the economy shrinking by 4.7%, unemployment more than doubling to 9.5% and property prices falling by 33%.

Shocks absorbed

The Bank's key Financial Policy Committee went further than it has before by saying that the banking system would also be resilient to a disorderly Brexit occurring at the same time as a global trade war involving 25% tariffs on US-China trade, all global inputs and a 30% drop in the US stock market.

"Even if a protectionist-drive global slowdown were to spill over to the UK at the same time as a worst-case disorderly Brexit, the core UK banking system would be strong enough to absorb, rather than amplify, the resulting economic shocks and continue to serve UK households and businesses," it said.

The Bank did say, though, that the impact of rising expectations of no-deal was already being seen in "much weaker" levels of investment in markets dependent on foreign investors - for example, commercial property.

In the first quarter of this year, investment in commercial property was less than two-fifths (38%) of average levels in the past two years.

For high-risk corporate borrowing (leveraged loans), it was a less than a fifth of the levels seen in 2017 and 2018. Commercial real estate prices are falling again now.

The Bank also said it would be reviewing the macro-economic vulnerabilities of the economy on funding from "open-ended" funds, recently in the news after the problems with redemptions in Neil Woodford's fund.

The Bank is also beginning work to assess the impact on financial sector of climate change risks.--BBC

Marks & Spencer ousts fashion boss Jill McDonald

Marks & Spencer has ousted its clothing and home boss, Jill McDonald, who spent two years attempting to turn around the struggling division.

Chief executive Steve Rowe will take over from Ms McDonald in the short term.

He said the firm needed to "address long-standing issues in our clothing and home supply chain around availability and flow of product".

Ms McDonald had previous senior roles at Halfords and McDonald's.

"Her lack of skill in clothes buying and supply chain appears to be the problem. But then the problem existed before she joined, didn't it?" Global Data retail analyst Maureen Hinton tweeted.

Ms McDonald joined Marks & Spencer in autumn 2017 as it began a major turnaround plan, which has seen it shut stores and revamp its management.

Jill McDonald's appointment came as a surprise.

The former boss of Halfords had been parachuted into one of the trickiest jobs in retail with no fashion experience.

We were told she'd been hired for her "first-class customer knowledge" and experience in running high-achieving teams. In the end, that wasn't enough.

Marks & Spencer still hasn't fixed the basics when it comes to its all-important clothing business.

Availability, for instance, is still a big issue. It's clear she hasn't been able to move quickly enough to tackle its long-running problems.

Now chief executive Steve Rowe has taken direct control of this division again until a successor can be found.

Despite the turnaround plan, profits have continued to fall, and Mr Rowe said this week that it had been a "troubled year" for the company's vital clothing and home division.

At the firm's annual general meeting on Tuesday he listed major failures, including not buying enough jeans for a February promotion.

"That led to us having some of the worst availability in casual trousers I've seen in my life," he said.

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However, he also said clothing ranges had improved in terms of fit, style and value.

"Further work [is needed] on getting size ratios correct, making sure we reduce the number of lines we're running [and] concentrating on the big lines that we're famous for across the UK," he added.

Notable omission

Mr Rowe said Marks & Spencer had developed a strong team in clothing, praising Jill Stanton, women's and children's director, and Wes Taylor, the menswear director, who were both hired in 2018.

However, he did not mention Ms McDonald's name.

After several failed re-launches over the past decade, the 135-year-old M&S is facing challenges to its clothing business from fast-fashion chains such as Zara and H&M.

In May M&S reported its third drop in annual profit in a row, and a 1.6% fall in clothing and home like-for-like sales. Its shares are down 30% from a year ago.

Announcing Ms McDonald's departure from the business, Mr Rowe said she had "recruited a talented team, improved the quality and style of product and set a clear direction for the business to attract a younger family age customer".

Uphill struggle

Ms Hinton told the BBC that Marks & Spencer clothing had been losing market share for years, so whoever takes the division on next "faces a real challenge".

"Even those before [Ms McDonald] with a strong clothing background could not attract back shoppers who have deserted it for other retailers and brands that have far more enticing ranges and stores," she said.

Marks & Spencer's management knew Ms McDonald had no fashion experience when they hired her, Ms Hinton said.

"You would have thought there would be the experience and support in the business to make up for her lack in this area," Ms Hinton said.

"But it seems not - which is even more worrying as these are described by Marks & Spencer as longstanding issues," she added.--BBC

Branson warns pound to plummet in no-deal Brexit

A no-deal Brexit would cause the pound to plummet and be worth the same as the dollar, Virgin boss Sir Richard Branson has said.

This would be "devastating" for Virgin, and force the group to shift investment out of the UK, he said.

Sir Richard also criticised the rail franchising system, saying it stifled entrepreneurs.

The Department for Transport said rail firms "clearly see an ability to be entrepreneurial".

Pound hit

Boris Johnson, the frontrunner in the Tory leadership race, has refused to rule out suspending parliament to force through a no-deal Brexit.

But Sir Richard told the BBC that the UK crashing out of the EU without a deal would cause the pound to slump.

"The pound was at $1.53 when the referendum took place. The pound today it is at $1.22, $1.23, and the pound will collapse to parity [one for one] with the dollar if there is a hard Brexit," he said.

Pound heads for two-year low as holidays begin

UK economy returns to growth but slowdown fears persist

How does Brexit affect the pound?

The businessman, whose portfolio includes airlines, financial services and media companies, expects big losses for all his UK interests, saying it would be "devastating for many Virgin companies".

"It obviously is going to result in us spending a lot less money in Britain, and just putting all our energies into other countries" he added.

Sterling pressures

Sir Richard warned in December that the UK would be left "near bankrupt" if there was a hard Brexit.

He told the BBC at the time that he was "absolutely certain" that leaving the EU without a deal would lead to the closure of "quite a few British businesses".

Virgin Atlantic, the group's major airline, has, according to Sir Richard, already suffered substantial loses since the UK voted to leave the EU in 2016, due to the drop in the pound against the dollar.

"All our costs are in dollars. Maintenance, plane costs, pretty well every cost is in dollars. And therefore, the bottom line hit of that was £100m a year, say," he said.

A hard Brexit would mean airfreight from Europe to the US would just disappear, he says, "so that would be another £100m just down the drain".

"And I can carry on. There's an enormous list when you look at each Virgin company."

Sterling has had a tough week, falling to its lowest point in two years.

It dropped below $1.25 after succumbing to political and economic pressures.

Sir Richard also criticised the UK's rail franchising system.

Virgin Trains, the franchise that has run on the West Coast Mainline for 22 years, will end in March next year.

After a dispute with the Department for Transport over who should bear pension risk, in April, Virgin and its operating partner Stagecoach were disqualified from rebidding to operate on the line.

Sir Richard said train companies should contribute to the pension deficit, but shouldn't have an open-ended risk.

He added: "I'm very disappointed for everybody who works for Virgin Trains. They've done an extraordinary job over 22 years. Sad that a great company may be coming to an end."

He said he was working on "open access" for Virgin Trains on the West Coast Mainline, which would let the firm operate a pared-down service.

Sir Richard also said the railway franchising system was "a real mess", adding that it was too constrictive.

"The Department for Transport, in their wisdom, give you massive long lists of dos and don'ts, and it's very difficult to be entrepreneurial, and that's sad," he said.

But an official from the Department for Transport said: "We are sorry to see Virgin leave the UK rail industry having failed to put forward a compliant bid.

"Other companies have done so and the remaining bidders in current competitions clearly see an ability to be entrepreneurial on the railways.

"The recent winning bid on the East Midlands franchise accepted the pensions terms and will deliver significant benefits for passengers, transforming their journeys."--BBC

Brazil pension reform passes first hurdle in Congress

Brazil's lower house of Congress has voted by a large majority to overhaul the country's generous pension system.

The vote, with 379 in favour and 131 against, is seen as an important victory for President Jair Bolsonaro.

His government says the reforms are critical to boosting the growth of South America's biggest economy.

But the controversial bill requires a second vote in the lower house before moving to the Senate where it faces weeks - or months - of more debate.

The next vote is due to take place before Congress breaks for recess next week.

Proposed reforms include raising the retirement age and increasing workers' contributions. Trade unions and opposition politicians argue that such moves would penalise the poorest, forcing them to work longer.

Brazil contracts for first time since 2016

What's gone wrong with Brazil's economy?

Bolsonaro: Brazil's unlikely president

As lawmakers voted, demonstrations led by trade unions took place across Brazil. In Sao Paulo protesters closed down one of the city's main avenues.

President Bolsonaro took to Twitter after the vote, congratulating lower house Speaker Rodrigo Maia.

"Brazil is ever closer to getting on the path to jobs and prosperity," he said.

What would change?

The government's plan includes raising the minimum retirement age to 65 for men and 62 for women.

Many Brazilians currently retire in their mid-50s.

They are currently required to have contributed to the pension system for 35 years (men) or 30 years (women).

The new proposal would delay a full payout of pensions until 40 years of contributions had been paid in, but partial pensions could be accessed earlier.

The government estimates the plan would result in savings of $266bn (£212bn) over the next decade, and would be phased in over 12 to 14 years.

Wednesday's vote approved only the basic text of the bill. The lower house is due to begin voting on any amendments on Thursday and the bill must then clear a second vote to reach the Senate.

Why is the government pushing this?

Many previous governments in Brazil have tried but failed to reform the country's pensions.

The current system is proving extremely costly, as people are living longer.

Brazil's federal government spends 45% of its budget on pensions, and only 2.8% to build and maintain public schools and hospitals, roads, police, sanitation and other infrastructure, according to the Wall Street Journal, citing the economy ministry.

The country is still struggling to recover from the 2015-2016 recession, which was the worst in more than a century.

If the bill passes, it is expected to have a positive effect on investors' perceptions.

Why is it controversial?

Generous pensions have been enshrined in Brazil constitution since 1988, when a social safety net was developed after decades of military rule.

Opponents say the poor would be the most affected by the proposed changes, as they are more likely to start working at a young age and would be required to work longer before being able to collect pension benefits.

Unions have mobilised mass protests against the reform efforts.

There have also been some smaller counter-protests from people insisting that the reform is necessary.

Why is it key to Bolsonaro?

President Bolsonaro, a far-right politician who was elected last year, has made the issue a priority.

He has been seeking to show he has the negotiation skills to pass the bill - which looked increasingly harder as opposition parties vowed to block it.

Brazilian lawmakers are known to strike hard bargains, often demanding changes in other policies in exchange for their support, says BBC South America correspondent Daniel Gallas.--BBC

Applications open for new North Sea oil and gas exploration

The Oil and Gas Authority has opened up applications to explore in large areas of the North Sea and West of Shetland.

There are 768 blocks or part-blocks on offer across the main producing areas of the UK Continental Shelf (UKCS).

It is the 32nd round of licensing for exploratory drilling over more than 50 years, but the first since the UK committed to cutting greenhouse gas emissions to net zero by 2050.

WWF Scotland described the move as "totally irresponsible".

But the OGA said oil and gas were still seen as part of Britain's future energy mix.

"Maximising economic recovery from the UKCS is vital to meet our energy demands and reduce reliance on imports," it said.

WWF Scotland director Lang Banks said that opening up more areas for oil and gas exploration "undermines other efforts to tackle the climate emergency".

He added: "We instead need to see a just transition that enables us to harness the engineering skills currently deployed in the oil and gas industry and apply them to supporting a range of cleaner forms of energy production."

A new aspect of the latest licensing round includes co-operation on license timing with the Faroe Islands government.

The authority has also provided access to a huge data bank of information from past drilling of thousands of wells, seismic surveys of the seabed and pipelines.

Such information is valuable in increasing the chances of finding oil and gas, and reducing financial risk.

An industry report in November 2018 estimated the UK has enough oil reserves to sustain production for the next 20 years and beyond.

The closing date for applications is 12 November, 2019, with decisions expected to be made in the second quarter of 2020.--BBC

Airports make 'significant' progress helping disabled

UK airports have made "significant improvements" in providing assistance for passengers with mobility problems, the industry regulator has said.

The Civil Aviation Authority (CAA) said that for the first time, no airports had been given a "poor" rating.

Manchester, which was the only airport to receive "a poor" rating last year, was moved out of the lowest category.

However, it was told to take immediate action to reverse a recent decline in performance.

The CAA said that in April, when Manchester switched to a new provider of special assistance, "the transition did not go as well as planned".

"We have told senior management we expect immediate and effective action to be taken to reverse this recent decline in performance," the CAA said in its report.

In response, Manchester Airport said: "We acknowledge that there is further to go and we are investing significant additional resources to improve services for passengers in this area, regardless of their accessibility or other requirements."

In March, a woman with chronic fatigue syndrome accused Manchester Airport of treating her like "cargo" and "cattle" following a long-haul flight.

Jessica Stafford, 29, booked a special assistance service as she needed help to move through the airport.

But she found the experience "distressing" and "humiliating" after being asked to walk to collect her own wheelchair.

She said she was told understaffing was to blame.

The report from the CAA is its fourth annual assessment of mobility assistance.

It found that a record 3.7 million passengers were assisted at 31 airports between 1 April 2018 and 31 March this year.

The CAA rated the service of 14 airports as "very good", and 16 as "good". Only Manchester was classified as "needs improvement".

"These results show significant improvements to the experience many disabled passengers faced before our reporting began," said Paul Smith, consumers and markets director at the CAA.

"While it is good to see the general improvements, airports will need to continue to work hard to improve," it added.

In a statement the disability equality charity Scope said: "There are problems in airports, and problems on planes. Often problems happen when one company 'hands off' to another and it's unclear to the disabled passenger who is responsible.

"So while it's good to see progress from the airports, and impressive no airport is ranked failing this year, there are problems that don't fall under the CAA remit that need to be addressed."--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

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Bulls n Bears

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Cellphone:      <tel:%2B263%2077%20344%201674> +263 719 441 674

Alt. Email:              <mailto:info at bulls.co.zw> info at bulls.co.zw 

Website:                <http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw&sa=D&sntz=1&usg=AFQjCNH8LYgdY55h-XKseuM8Kpr-JKdfhQ> www.bulls.co.zw

Blog:                      <http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw%2Fblog&sa=D&sntz=1&usg=AFQjCNFoIy6F9IXAiYnSoPSgWDYsr8Sqtw> www.bulls.co.zw/blog

Twitter:                 @bullsbears2010

LinkedIn:              Bulls n Bears Zimbabwe

Facebook:              <http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimbabwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA> www.facebook.com/BullsBearsZimbabwe

Skype:                  Bulls.Bears 

Whatsapp Group:   <https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> Click Here to Join

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