Major International Business Headlines Brief::: 17 July 2019

Wed Jul 17 04:10:54 CAT 2019

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Major International Business Headlines Brief::: 17 July 2019

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*  Christine Lagarde resigns as head of IMF

*  Trump: Google should be probed over China treason claim

*  Facebook's Libra cryptocurrency attacked at Senate hearing

*  Education publisher Pearson to phase out print textbooks

*  S Korea employers could face jail under harassment law

*  Wage growth at highest rate since 2008

*  Zambia finance minister urges quick implementation of austerity

*  South Africa's Amplats expects half-year earnings to double

*  Nigeria's state oil firm awards oil-for-fuel swap deals - sources

*  Kenyan shilling weakens amid excess liquidity

*  South Africa's rand steady in early trade

*  Saudi SAMI continues partnership talks with S.Africa's Denel after rebuff

*  Treasurer of South Africa's Eskom quits in latest high-profile departure

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Christine Lagarde resigns as head of IMF

Christine Lagarde has said she will step down as managing director of the
International Monetary Fund (IMF).

It comes ahead of a decision on her nomination to become head of the
European Central Bank (ECB).

Ms Lagarde said she would leave the IMF on 12 September.

"With greater clarity now on the process for my nomination as ECB president
and the time it will take, I have made this decision in the best interest of
the fund," she said.

"The executive board will now be taking the necessary steps to move forward
with the process for selecting a new managing director."

EU nominee pledges 'green deal' in bid for top job

Another first for finance 'rock star' Christine Lagarde

The former French cabinet minister has been head of the IMF since 2011.

If the European Council approves her ECB nomination, she will become the
central bank's first ever female leader, responsible for the euro and the
monetary policy of the eurozone.

Known as the "rock star" of international finance, Ms Lagarde, 63, began her
career as a lawyer before moving into politics.

She served in various ministerial posts under Nicolas Sarközy before being
elected as the first female boss of the IMF - replacing Dominique Strauss
Khan.

Who will take over at the IMF? The nominations will start coming in soon
enough. But the selection raises once again an old sore in arrangements for
the leadership of the IMF and the World Bank.

There was a post-Second World War understanding - or carve-up if you prefer
- that the top job at the IMF would go to a European, while an American
would run the World Bank. Christine Lagarde continued that tradition.

She was the IMF's fifth French managing director. The issue was last
reopened earlier this year, when a vacancy suddenly arose at the top of the
World Bank. President Trump's nominee, David Malpass got the job. There have
been challenges to the established practice.

When Ms Lagarde was selected, the Mexican central banker Agustin Carstens
ran against her, and there were non-European nominations before that. It
would not be a surprising if there were more this time. So far, however the
post war deal has held up.

Consistently ranked among the top 10 most powerful women globally, Ms
Lagarde has helped to rebuild the IMF's credibility following Greece's 2010
bailout, which bent the fund's rules.

She also presided over the IMF's biggest bailout, a $57bn deal for Argentina
last year that many credited with arresting emerging market turbulence.

Last year, she was reported to have said "no, no, no no, no no" when asked
if she was interested in running the European Central Bank (ECB).

However, she later described receiving the nomination as "an honour".

The role is likely to test the silver-haired 63-year-old, who has admitted
before that she lacks economic experience. Dark clouds are hovering over
Italy's banking sector and the bloc is in the midst of a slowdown.

However, one former IMF official said her leadership of the fund meant she
was "exceptionally qualified" to run the ECB.

Christine Lagarde's career

*         1956: Born in Paris

*         1973: Wins scholarship to exclusive US school for a year, where
she perfects her English

*         1981: After law school in Paris, joins international law firm
Baker & McKenzie as an associate, becoming chair 18 years later

*         2005: Becomes France's trade minister in 2005

*         2007: Becomes France's finance minister, the first woman to hold
this post not just in France but in any of the G8 major industrial countries

*         2011: Becomes head of the IMF

*         2019: Nominated to become president of the European Central
Bank--BBC

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Trump: Google should be probed over China treason claim

President Trump has said his administration will look into alleged links
between Google and China.

It follows a speech given by Peter Thiel in which the billionaire tech
investor asked whether Google's senior management considered itself to have
been infiltrated by Chinese spies.

Mr Thiel also questioned why Google had made "the seemingly treasonous
decision to work with the Chinese military" but not that of the US.

Google has denied such ties.

But the tech firm has yet to respond to the President's intervention.

In a tweet, Donald Trump described Mr Thiel as a "great and brilliant guy
who knows this subject better than anyone".

So far the tweet has garnered 7,000 retweets and more than 24,000 likes.

The comments from Mr Thiel, who has been one of Mr Trump's main supporters
in Silicon Valley, were made in a speech at the National Conservatism
conference in Washington DC this weekend.

According to the Bloomberg news agency, Mr Thiel also asked if the kind of
artificial intelligence systems being developed by Google's sister company
DeepMind should be considered to be a potential "military weapon".

Mr Thiel was an early investor in the London-based AI start-up before it was
acquired by Google's parent company Alphabet.

DeepMind said that it did not wish to comment on the story.--BBC

Facebook's Libra cryptocurrency attacked at Senate hearing

Facebook's plan for a cryptocurrency has come under further attack at a US
hearing, with politicians calling the company "delusional" and not trusted.

The Senate Banking Committee is quizzing Facebook executive David Marcus
over the tech giant's intention to launch its Libra digital currency.

The company had showed "through scandal after scandal that it doesn't
deserve our trust", said senator Sherrod Brown.

Facebook was told to clean up its house before launching a new business
model.

The company announced last month plans to launch a digital currency,
possibly next year, but first needs to get Washington lawmakers on its side.

But since it unveiled the plan, critics have lined up to voice scepticism,
including US president Donald Trump.

Mr Brown, a Democrat, told the hearing: "We'd be crazy to give them a chance
to let them experiment with people's bank accounts." He thought it was
"delusional" to think individuals would trust the social media company with
their "hard-earned" money.

Other senators shared her concerns. "I don't trust you guys," said
Republican senator Martha McSally. "Instead of cleaning up your house you
are launching into a new business model."

US treasury head warning over Facebook Libra

Carney gives Facebook currency cautious welcome

Mr Marcus, who was president of PayPal from 2012 to 2014, tried to assuage
concerns in his opening remarks by promising that Facebook will not begin
offering Libra until regulatory issues are addressed.

"We know we need to take the time to get this right," said Mr Marcus, who is
also due to testify before the House Financial Services Committee on
Wednesday.

On Monday, US Treasury Secretary Steven Mnuchin said he was "uncomfortable"
with Libra, while last week the head of the US Federal Reserve, Jerome
Powell, also voiced concerns.

The senators at Tuesday's hearing raised issues such as how Facebook planned
to prevent money laundering through the new payment system and how
consumers' data and funds will be protected.

"I know we have to earn people's trust for a very long period of time," Mr
Marcus said.

The social media company has pledged that the Libra Association - the
supposedly independent body tasked with managing the currency - will only
share customer data with Facebook and external third parties if it has
consent, or in "limited cases", where it is necessary.

Mr Marcus told the hearing: "The way we've built this is to separate social
and financial data because we've heard loud and clear that they don't want
those two types of data streams connected, so this is the way the system is
designed.

"Facebook will only have one vote and will not be in a position to control
the association, nor will Facebook or the Libra Association position
themselves to compete with sovereign currencies or interfere with monetary
policy," he said.

One of the complex issues at hand here is the difference between Libra - the
cryptocurrency platform, which is open source - and Calibra, Facebook's
specific service, known as a wallet, that it is building onto the Libra
infrastructure. David Marcus can honestly tell Senators that Libra is a
democratic, open system over which Facebook does not have control.

But that's not the full picture: Calibra very much is Facebook's product,
and by virtue of the fact it will be backed by the world's biggest and most
powerful social network, it will become the dominant force in global
cryptocurrency. As one Senator put it, "you're not doing this for fun".
Expect more scrutiny on how Facebook will leverage its power to push Calibra
to come soon.

All of the hearings this week are broadly focusing on whether the tech
giants have too much power over competitors, freedom of speech and, maybe in
future, the global banking system.

One warning put forth by Facebook's Mr Marcus, and one we will likely hear
repeated often in the other hearings, is that if these Silicon Valley giants
aren't allowed to innovate, others will. By that, he of course means China,
where tech companies are said to be eyeing their own cryptocurrency
projects.

It may prove to be a good one - Facebook and its Silicon Valley peers may
not be held in particularly high esteem by Washington right now, but it
could be the lesser of two evils.--BBC

Education publisher Pearson to phase out print textbooks

The world's largest education publisher has taken the first step towards
phasing out print books by making all its learning resources "digital
first".

Pearson said students would only be able to rent physical textbooks from now
on, and they would be updated much less frequently.

The British firm hopes the move will make more students buy its e-textbooks
which are updated continually.

"We are now over the digital tipping point," boss John Fallon told the BBC.

"Over half our annual revenues come from digital sales, so we've decided a
little bit like in other industries like newspapers or music or in broadcast
that it is time to flick the switch in how we primarily make and create our
products."

How digital publishers are shaking up the book industry

The firm currently makes 20% of its revenues from US courseware, but has
been struggling as students increasingly opt to rent second-hand print
textbooks to save money.

To counter this Mr Fallon said Pearson would stop revising print books every
three years, a model that has dominated the industry for 40 years.

It means that next year the firm will only update 100 of its 1,500 titles in
print - down from 500 in 2019.

"There will still be [print] textbooks in use for many years to come but I
think they will become a progressively smaller part of the learning
experience," Mr Fallon said.

"We learn by engaging and sharing with others, and a digital environment
enables you to do that in a much more effective way."

Digital textbooks can be updated responsively and also incorporate videos
and assessments that provide students with feedback.

However, many of Pearson's digital products are sold on a subscription
basis, raising fears that authors will lose out in the way musicians have to
music streaming services.

Mr Fallon denied this, saying the firm's plans would provide authors with "a
more sustainable income over time".

He added: "For the Netflix and Spotify generation, they expect to rent not
own."

Pearson has been going through a painful turnaround after years of falling
sales and profits, but appeared to have turned a corner in 2018.

Its underlying sales rose 2% in the first quarter of 2019, although the firm
admitted revenue in its US business could fall by as much as 5% this year.

Mr Fallon said its plans for textbooks would begin in the US, but in time be
extended to other markets including the UK.--BBC

S Korea employers could face jail under harassment law

South Korea has introduced tough new workplace anti-bullying laws with
penalties that include jail for employers in some cases.

It marks the first time the country has required employers take action
against harassment.

Workers will be able to report behaviour such as gossiping or being forced
to attend company functions.

Harassment in the workplace is widespread in South Korea with about 70% of
employees reportedly affected.

Under the laws, employers are prohibited from taking any measures -
including dismissal - against a victim or employee who has reported
workplace bullying.

They face up to three years in prison or a fine of up to 30 million won
($25,470; £20,355).

Victims will also be able to apply for compensation if they develop health
problems after being harassed at work.

A report by the National Human Rights Commission of Korea found that about
70% of employees in the country have been bullied by their work superiors
and colleagues.

It found 60% of victims took no action, while 12% of workers faced
harassment every day.

S Korea to sell 'bullying insurance'

South Korea's Gangnam rocked by rape scandals

To help companies understand what constitutes bullying, the government
published guidelines on the type of behaviour that counts as harassment.

Examples included gossiping about colleagues or spreading personal
information, as well as forcing someone to drink, smoke or attend a company
dinner.

Verbal abuse or embarrassing colleagues in front of others were also listed.

Stamping out 'gapjil'

In the past, South Koreans found it difficult to report abuse, with the lack
of a legal framework to protect workers viewed as the main reason why many
hesitated to speak out.

The legislation is aimed at wiping out so-called workplace "gapjil", which
refers to abusive conduct by people in positions of power.

The "nut rage" incident involving Korean Airlines executive was one
high-profile example.

'Nut rage' family's Korean Air HQ raided

Korean Air 'nut rage' sisters step down

Cho Hyun-ah, daughter of the airline's then chairman Cho Yang-ho, made
headlines around the world when she flew into a rage after nuts arrived in a
packet and not on a plate on board a Seoul-bound flight from New York.

The case attracted intense attention in South Korea, re-opening a national
debate about the Korean business system, which is dominated by family firms
known as chaebols.--BBC

Wage growth at highest rate since 2008

Wage growth in the UK accelerated to 3.6% in the year to May 2019, the
highest rate since 2008, according to Office for National Statistics
figures.

Wages have been outpacing inflation since March 2018.

A record high of 32.75 million people were in employment up to the end of
May, while 1.29 million were out of work, the lowest since at least 1992.

"The labour market continues to be strong," said ONS deputy head of labour
market statistics Matt Hughes.

"The number of self-employed part-timers has passed one and a half million
for the first time, well over double what it was 25 years ago," he added.

"Regular pay is growing at its fastest for nearly 11 years in cash terms,
and its quickest for over three years after taking account of inflation."

Why has wage growth picked up?

Two factors which started in April have helped contribute to the
acceleration in wage growth.

Some NHS staff have had pay increases, while the new National Living Wage
and National Minimum Wage rates have both been introduced.

The new rates benefit the lowest-paid workers in industries such as
wholesaling, retailing, hotels and restaurants.

Average regular pay, before tax and other deductions, was estimated at £503
a week.

However, when adjusted for the impact of rising prices, pay is still below
levels seen before the 2008 financial crisis. Average pay was £468 a week
when adjusted for inflation. This is still £5 less than the pre-recession
peak of £473 a week recorded for April 2008.

The unemployment rate remained at 3.8% as expected, its joint-lowest since
the three months to January 1975.

But the growth in employment slowed to 28,000, the weakest increase since
the three months to August last year.

The employment rate for men was 80.2%, slightly higher than a year earlier,
while the rate for women was 72%, the joint highest since records began in
1971.

Vacancies fell to their lowest level in more than a year of 827,000 across
the UK - 9,000 fewer than a year earlier and 19,000 fewer than the previous
quarter.

Some recent surveys of companies have suggested employers are becoming more
cautious about hiring in the lead-up to the new Brexit deadline of 31
October.

How have the experts reacted?

"Despite signs that employment growth is tailing off, the labour market
remains tight, with the unemployment rate at a multi-decade low," said
Alpesh Paleja, principal economist of lobby group the CBI.

"It's encouraging that pay growth has picked up further, putting more money
in people's pockets, but as recent data shows productivity remains in the
doldrums."

Ian Stewart, chief economist at Deloitte, said: "The jobs market seems to
have defied gravity, with wages rising and unemployment falling even as
growth has slowed.

"The big question is how long can that last. With job vacancies edging lower
and firms more cautious on hiring, the pace of job creation could slow from
here."--BBC

Zambia finance minister urges quick implementation of austerity

LUSAKA (Reuters) - Zambia should step up its implementation of austerity
measures to rein in soaring debt and stabilise the economy, newly appointed
finance minister Bwalya Ng’andu said on Tuesday.

Zambian President Edgar Lungu abruptly fired Margaret Mwanakatwe, his former
finance minister, on Monday, appointing in her place the respected deputy
head of the central bank, who said he might further delay a sales tax
designed to rebalance its economy.

The International Monetary Fund has repeatedly warned that Zambia’s high
debt and shrinking foreign exchange reserves leave its economy vulnerable.

Ng’andu said in a statement issued by the ministry of finance that Zambia
needed to narrow the gap between commitments made in implementing austerity
measures and action taken.

External debt rose to $10.05 billion at the end of 2018, compared with $8.74
billion a year earlier. Zambia is trying to shrink a fiscal deficit that
amounted to 7.5% of gross domestic product last year.

“The current challenge is that we have agreed on (austerity) measures over
the last few years, but we need to step up on our action,” Ng’andu said.

Ng’andu said the government needs to take specific steps toward sustained
economic stabilisation and growth.

Zambia has delayed the receipt of loans totalling $2.6 billion contracted
last year in order to rein in its soaring debt, his predecessor, Mwanakatwe,
said in May.

The 25 loans had been in the pipeline from 2016 to 2017 but only reached
financial closure in the first and second quarters of last year, she said.

The government also plans to delay some projects and cancel others in order
to cut down on expenditure and debt.

Ng’andu said effective expenditure control, debt management and enhanced
domestic revenue collection were critical to boost Zambia’s economy.

South Africa's Amplats expects half-year earnings to double

JOHANNESBURG (Reuters) - Anglo American Platinum (Amplats) on Tuesday said
it expects half-year earnings to double, raising its outlook on higher
metals prices and a stockpile gain of 1.0 billion rand ($72 million).

Amplats, which previously flagged an 80% increase, said it now expects
headline earnings per share (HEPS) for the six months to June 30 of 2,671 to
2,924 cents per share, an increase of 108% to 128%, compared with 1,282
cents A year earlier.

HEPS strips out certain one off items and is the main profit measure used in
South Africa.

Amplats will release its results on July 22.

($1 = 13.8822 rand)

Nigeria's state oil firm awards oil-for-fuel swap deals - sources

LAGOS/LONDON (Reuters) - Nigerian state oil firm NNPC issued award letters
on Monday for highly sought-after contracts to exchange crude oil for
imported fuel, oil industry sources told Reuters.

A total of 15 groupings, with at least 34 companies in total, received award
letters, four sources with knowledge of the deals said.

The award letters were circulated on Monday. While the contracts have not
yet been signed, that is largely a formality as the terms have been
negotiated, the sources said, and the list of companies is unlikely to
change.

NNPC spokesman Ndu Ughamadu, when reached for comment, said he would seek
verification of the news.

The number of winners is an expansion on the previous list, which had 10
pairings with a total of 22 companies. Oil companies work hard to get on the
list, which gives them coveted, and potentially lucrative, access to
Nigeria's crude oil cargoes reut.rs/2GbOxcs.

NNPC extended the previous contracts at least twice as the nation focused on
elections in February this year.

The swap deals have supplied virtually all of Nigeria’s gasoline for the
past two years, as capped prices mean that other would-be importers cannot
make money bringing the fuel into the country.

Nigeria, with a population of some 190 million, consumes close to 40 million
litres per day of gasoline and is easily the largest fuel market in West
Africa.

While NNPC has refineries with a combined nameplate capacity of 445,000
barrels per day, decades without regular maintenance or investment leaves
the nation almost wholly reliant on imports.

The following is a list of the winning groups:

1: BP/Aym Shafa

2: Vitol/Varo

3: Trafigura/AA Rano

4: MRS

5: Oando/Cepsa

6: Bono/Akleen/Amazon/Eterna

7: Eyrie/Masters/Cassiva/Asean Group

8: Mercuria/Barbedos/Petrogas/Rainoil

9: UTM/Levene/Matrix/Petra Atlantic

10: TOTSA

11: Duke Oil

12: Sahara

13: Gunvor/Maikifi

14: Litasco /Brittania-U

15: Mocoh/Mocoh Nigeria

Kenyan shilling weakens amid excess liquidity

NAIROBI (Reuters) - The Kenyan shilling weakened against the dollar on
Tuesday amid excess liquidity in the local money markets, traders said.

At 0843 GMT, commercial banks quoted the shilling at 103.00/20 per dollar,
compared with 102.90/103.00 at Monday’s close.

The weighted average, daily interbank lending rate dropped to 2.1855 percent
on Monday, compared with 2.4400 percent during the previous session,
Refinitiv data showed.

South Africa's rand steady in early trade

JOHANNESBURG (Reuters) - South Africa’s rand treaded water in early trade on
Tuesday in the absence of local economic drivers as investors await the
monetary policy committee meeting later this week and ex-president Jacob
Zuma’s testimony at a graft inquiry.

At 0647 GMT, the rand ticked up 0.09% at 13.8900 per dollar from its close
of 13.9025 in New York.

“With this commission that is going on, it is a welcome distraction in terms
of a very lethargic market,” said Oliver Alwar, senior trader at Standard
Bank.

Riskier assets continue to benefit from expectations of a U.S Federal
Reserve rate cut, he added.

The rand is expected to trade in a range of 13.80 to 14.05 to the dollar on
Tuesday, NKC African Economics said in a note.

The yield on South Africa’s benchmark 2026 government bond dipped 2 basis
points to 8.020%.

By 0733 GMT, stocks were higher with the benchmark JSE Top-40 Index up 0.2%
to 51,553 points while the broader All-Share Index ticked up 0.13% to 57,612
points.

Saudi SAMI continues partnership talks with S.Africa's Denel after rebuff

DUBAI (Reuters) - Saudi Arabia’s state defence company is continuing to hold
commercial partnership talks with South Africa’s Denel which said this month
it would not sell a stake to the Saudi firm.

Denel Chief Executive Danie du Toit told Reuters the state-owned company was
open to partnerships but would not sell equity or relinquish intellectual
property rights to SAMI, which last year made a $1 billion bid for a broad
partnership.

“We have ongoing talks,” Saudi Arabian Military Industries (SAMI) Chief
Executive Andreas Schwer told Reuters on Monday.

“Acquiring a stake is just one option but various options are still there.”

He said that included partnering on programmes or working on greenfield
projects.

SAMI, established in 2017, is mandated to develop a commercially sustainable
defence industry in Saudi Arabia.

It has signed over two dozen agreements with international companies to
develop the domestic industry, and this month it was announced SAMI would
collaborate with South African private defence firm Paramount Group.

Saudi Arabia and its allies account for almost half of South Africa’s recent
arms exports and a significant portion of future orders.

Treasurer of South Africa's Eskom quits in latest high-profile departure

JOHANNESBURG (Reuters) - The group treasurer of South Africa’s Eskom, Andre
Pillay, will leave the power utility at the end of August, it said on
Monday, the latest high-profile exit after its chief executive quit earlier
this year.

Eskom supplies more than 90% of South Africa’s electricity, but has
implemented severe power cuts this year and is failing to generate
sufficient profit.

It is hinging its recovery hopes on a 230 billion rand ($16 billion) bailout
pledged by government in February.

INVESTORS DIARY 2019

Company

Event

Venue

Date & Time

Companies under Cautionary

Bindura Nickel Corporation

Padenga Holdings

Delta Corporation

Meikles Limited

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