Major International Business Headlines Brief::: 19 July 2019

Fri Jul 19 04:25:33 CAT 2019

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Major International Business Headlines Brief::: 19 July 2019

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*  South Africa cuts rates as economy weak, inflation steady

*  Tanzania may review 2018 GDP figure after lower World Bank estimate

*  IMF programme "positive" for Congo Republic's lowly credit rating:
Moody's

*  Renault and Nigeria's Coscharis Group form partnership

*  Zambia first-half copper output down 4% –mines ministry

*  Liberty sees H1 earnings to rise

*  Rand edges up in early trade

*  South Africa's retail sales jump in May ahead of expected rate cuts

*  South African subsidiary of carmaker Ford to add 1,200 jobs

*  Boeing takes $5bn hit over grounding of 737 Max

*  No-fault eviction ban will hurt tenants, landlords say

*  Electric car models to triple in Europe by 2021

*  No-deal Brexit could cause £30bn economic hit, watchdog says

*  'My $19 Uber ride cost 100 times that'

*  Instagram hides likes count in international test 'to remove pressure'

*  Water bills set to be cut by £50 over five years

 <mailto:info at bulls.co.zw> 

South Africa cuts rates as economy weak, inflation steady

PRETORIA (Reuters) - The South African central bank cut its main lending
rate by 25 basis points to 6.50%, as expected, citing weak economic growth
and inflation which has stayed around the midpoint of its target range.

The last time the South African Reserve Bank (SARB) cut its repo rate was in
March 2018.

The SARB is one of many central banks under pressure to ease monetary policy
as fears over domestic and global growth have intensified.

“The MPC welcomes the continued downward trend in recent inflation outcomes
and the moderation in inflation expectations of about one percentage point
since 2016,” SARB Governor Lesetja Kganyago told a news conference.

Kganyago said the overall risks to the inflation outlook were assessed to be
largely balanced and that economic growth was expected to rebound in the
second quarter after a sharp 3.2% contraction in the first quarter.

Thursday’s rate decision was unanimous.

Twenty-four of 30 economists polled by Reuters expected the rate to be
lowered to 6.50%. Two expected a cut of 50 basis points and the other four
said rates would be left unchanged.

Earlier this year a faction in the governing African National Congress (ANC)
pushed for the SARB’s mandate to be broadened to explicitly include boosting
economic growth and job creation, as well as price stability.

Another faction aligned with President Cyril Ramaphosa said no such plans
were being considered, but it was enough to rattle markets.

Kganyago, recently re-appointed to a second five year-term, is a staunch
defender of the bank’s independence.

 <mailto:info at bulls.co.zw> 

Tanzania may review 2018 GDP figure after lower World Bank estimate

NAIROBI/DAR ES SALAAM (Reuters) - Tanzania’s statistics agency said on
Thursday it may review its economic growth figure for 2018 after the World
Bank came up with a significantly lower one.

In the second major report this year from a multilateral financial
institution contradicting rosier government figures, the Washington-based
Bank said gross domestic product expanded 5.2% last year as investment,
exports and private lending declined.

Tanzania’s finance minister told parliament last month that growth was 7%
last year

The World Bank, which makes its calculations based on state data, forecast
2019 growth at 5.4% - again markedly lower than the government’s estimate of
7.1%.

Albina Chuwa, head of the state-run National Bureau of Statistics (NBS),
defended its methodology and conclusions.

“We have gone across the country to do actual data collection in the field,
unlike someone sitting in Washington doing GDP modelling on your behalf,”
she said.

“For national planning purposes, we will continue to use the official data
of 7.0 percent.”

But local authorities would meet World Bank representatives in August to
look at the bank’s assumptions. “So we may also come up with something else
and review the GDP figures,” she said.

President John Magufuli embarked on an ambitious programme of
industrialisation after coming to power in 2015, investing billions of
dollars in infrastructure, including a new rail line, reviving the national
airline and a hydropower plant.

But government interventions in mining and agriculture have led to declining
investment. Foreign direct investment has more than halved since 2013 and
private sector lending growth dropped below 4% in 2018, from a 20% average
between 2013-16.

The World Bank report follows an unpublished International Monetary Fund
(IMF) paper in April that also raised questions over Magufuli’s handling of
the economy.

A leaked version of the report seen by Reuters says “unpredictable and
interventionist” policies are undermining the economy and forecasts
medium-term growth around 4-5 percent - again below official forecasts.

In its report, the World Bank said investment growth was subdued partly
because of government struggles to meet spending targets in development
projects.

The economy could grow to 6% by 2021 “with a modest improvement of the
business climate and a pick-up in (foreign direct investment) and other
private investment,” the bank said.

Imports rose 7.8% last year, but exports dropped nearly 4% and, the year to
January 2019, the current account deficit widened to 5.2% percent of GDP.

The government should minimise economic risk by improving the business
environment and fiscal management, it said.

IMF programme "positive" for Congo Republic's lowly credit rating: Moody's

LONDON (Reuters) - Congo Republic’s recently-agreed $450 million IMF support
programme is a positive step for the country’s lowly credit rating, agency
Moody’s said on Thursday.

Moody’s currently rates Congo at Caa2, which is at the lower end of the
‘junk’ grade bracket and just above the level where a default is seen as
imminent.

The International Monetary Fund finalised a three-year programme with the
central African country last week following an agreement struck by the
government in April to restructure some $2 billion in debt to China.

“Combined with the restructuring of debt owed to China, the IMF programme
will be positive for private creditors,” Moody’s said in a report, as it
should help ease its funding squeeze.

The oil producer has been hard hit by the fall in crude prices that had been
going on until early this year. Government debt rose to as high as 130% of
GDP in 2017 from 48% in 2014, and foreign exchange reserves dropped to as
low as $300 million in March.

Despite the lift of the IMF support, the implementation of the required
structural reforms would be difficult, Moody’s cautioned, given Congo’s very
weak institutional framework.

It also stressed that its restructuring deal with China only pushed out the
time it has to pay the debt rather than writing any of it off.

“Given our forecast for Brent prices to decline from $72 per barrel in 2018
to $65 in 2019, external liquidity pressures will likely remain,” Moody’s
said.

Renault and Nigeria's Coscharis Group form partnership

PARIS (Reuters) - French carmaker Renault and Nigerian conglomerate
Coscharis Group have formed a partnership to assemble and distribute Renault
vehicles in Nigeria, the companies said on Thursday.

The Coscharis Group plant will start assembling Renault Logan and Renault
Duster vehicles and will distribute the cars through their sales network
throughout Nigeria from October.

“With a population of over 200 million, Nigeria is a strategic African
country where Groupe Renault will extend its footprint,” said Fabrice
Cambolive, senior vice president and chairman of the Africa, Middle East and
India Pacific region of Renault.

Zambia first-half copper output down 4% –mines ministry

LUSAKA (Reuters) - Zambia’s copper production dropped 4% to 393,419 tonnes
in the first six months of the year, ministry of mines data showed on
Thursday.

Mines Permanent Secretary Paul Chanda attributed the decline to challenges
such as declining ore grades but said full-year output is likely to exceed
2018 figures.

“Our estimates still indicate that we are likely to exceed last year’s
production of slightly over 861,000 tonnes and reach close to 900,000 tonnes
this year,” Chanda told Reuters.

Production for the first six months of 2019 fell to 393,419 tonnes from
410,919 tonnes in the same period last year.

Zambia’s Chamber of Mines said in May that 2019 output in Africa’s
second-largest copper producer could be as much as 100,000 tonnes lower than
last year because of changes to mining taxes.

The country’s new finance minister on Wednesday said he would soon give a
clear position on replacement of Zambia’s value-added tax with a
non-refundable sales tax. 

S.Africa's Liberty sees H1 earnings to rise

JOHANNESBURG (Reuters) - South African insurer Liberty Holdings Ltd said on
Thursday half-year earnings are expected to jump at least 45% as the firm
proceeds with its turnaround plan.

Normalised headline earnings per share, a key profit measure that excludes
certain one-off items, is expected to be between 698.9 cents and 747.1 cents
per share for the six months ended June 30, up from 482 cents a year
earlier.

“Progress is being made towards rebuilding a competitive and sustainable
business, resulting in improved operating earnings whilst the focus on new
business volumes continues,” the firm said in a statement.

Liberty Holdings’ interim results will be released on August 1.

South Africa's rand edges up in early trade

JOHANNESBURG (Reuters) - South Africa’s rand edged up in early trade on
Thursday as the market awaits a local interest rate decision later in the
day.

At 0644 GMT, the rand rose 0.23% at 13.9800 per dollar from its close of
14.0125 in New York.

South Africa’s central bank meets on Thursday, with a Reuters poll last week
expecting it to cut interest rates by 25 basis points.

“All eyes are on the interest rate decision,” said Oliver Alwar, senior
trader at Standard Bank adding that the market is expecting a 25 basis point
cut.

The yield on South Africa’s benchmark 2026 government bond dipped 0.5 basis
points to 8.020%.

South Africa's retail sales jump in May ahead of expected rate cuts

JOHANNESBURG (Reuters) - South Africa’s retail sales rose more than expected
in May as sales of household goods, furniture and appliances expanded
quickly, a hint that pressure on consumers was easing ahead of an expected
lending rate cut that may further support spending.

On Wednesday, Statistics South Africa said retail sales rose 2.2%
year-on-year, better than a Reuters forecast for a 1.6% expansion. On a
quarterly basis, sales rose 1.7%.

Sales by general dealers were up 4% followed by a 3.2% expansion in the
furniture and appliances category, and a 2.9% increase in pharmaceutical
goods, a sign consumers were more willing than before to spend on
semi-durable goods.

Consumers’ finances have been under stain due to a prolonged period of weak
economic activity, climbing unemployment, higher taxes and fuel price
increases, stoking calls for the Reserve Bank (SARB) to reduce lending rates
to stimulate spending.

The bank is set to cut interest rates by 25 basis points at Thursday’s
meeting, a Reuters poll showed last week, while forward rate markets on
Wednesday showed investors pricing in a close to 40% probability of a cut by
that margin.

The bank’s policymakers as well as some analysts, however, doubt whether
rate cuts will have an impact on long-term growth even if they do boost
consumer spending.

“A rate cut will assist at the margins but it will not drive an economic
recovery. The nature of South Africa’s economic problems are fiscal in
nature, not monetary,” said George Glynos, managing director at ETM
Analytics.

The rand inched firmer following the data, trading at 13.9450 per dollar at
1130 GMT from an open of 13.9600.

South African subsidiary of carmaker Ford to add 1,200 jobs

JOHANNESBURG (Reuters) - The South African unit of Ford Motor Co said on
Wednesday it would hire an additional 1,200 staff at one of its local
assembly plants, an increase of over 25 percent, to add an extra shift and
raise production.

The additional shift, which will increase production to 720 vehicles per
day, is the result of a 3 billion rand ($215 million) investment in South
Africa that was announced in 2017, aimed at increasing annual production to
168,000 units.

The U.S.-owned company currently employs around 4,300 people in South
Africa, at the plant in the Silverton suburb of South Africa’s
administrative capital Pretoria, which will add the extra shift, and at
another site in the coastal city of Port Elizabeth.

“The third shift will allow us to ramp up our production from the current
506 vehicles assembled per day to a peak of 720 units to satisfy the strong
demand from customers in South Africa, as well as for our crucial exports to
148 markets around the world,” Ockert Berry, vice president of operations
for Ford Middle East and Africa said in a statement.

Ford joins a number of other global carmakers in ramping up production on
the continent, which promises rapid growth at the same time as trade
tensions and upsets like the United Kingdom’s departure from the European
Union threaten their operations elsewhere.

The South African arm of Japanese carmaker Nissan also announced a similarly
sized investment earlier this year, increasing production at its local plant
by 30,000 units, while BMW production chief Oliver Zipse said earlier this
month that it had moved some production from the UK as a result of Brexit,
and that British plants no longer built South African components.

Around a third of Ford’s local production is sold in South Africa and other
sub-Saharan African countries, with the rest exported elsewhere.

The additional shift will start in August and will be focused on the New
Ranger, Ranger Raptor and Everest models. The locally-built Ranger is ranked
as the top-selling pick-up in Europe and leads light commercial vehicle
exports.

The plant in Port Elizabeth produces 120,000 diesel engines per year for the
Silverton plant, as well as 130,000 units per year for export to North
America, China and Europe and 280,000 component sets per year.

($1 = 13.9720 rand)

Boeing takes $5bn hit over grounding of 737 Max

Boeing is taking a $4.9bn hit to cover the costs of the grounding of its 737
Max aircraft after two deadly crashes.

The charge is set to wipe out profits when the world's biggest planemaker
posts quarterly results next week.

In a statement, Boeing also said its "best estimate at this time" is that
737 Max will return to service in the last three months of this year.

A crash in Indonesia in October, followed by another in Ethiopia in March,
killed 346 people in total.

Boeing is facing one of the worst crises in its history after its
best-selling aircraft was grounded worldwide after the disasters.

Crash investigators have concentrated their efforts on the aircraft's
control system and Boeing has been working with regulators to roll out a
software upgrade.

The manufacturer, facing intense scrutiny over the regulatory clearance for
the aircraft to fly, has cut the monthly production rate from 52 to 42 as
airlines hold off purchases.

Most of the $4.9bn charge will be used to compensate Boeing's customers for
schedule disruptions and delays in aircraft deliveries.

"We are taking appropriate steps to manage our liquidity and increase our
balance sheet flexibility the best way possible as we are working through
these challenges," Boeing chief financial officer Greg Smith said in a
statement.

Also in the same statement, Boeing chairman and chief executive Dennis
Muilenburg, said: "This is a defining moment for Boeing. Nothing is more
important to us than the safety of the flight crews and passengers who fly
on our airplanes.

"The Max grounding presents significant headwinds and the financial impact
recognised this quarter reflects the current challenges and helps to address
future financial risks."

Cancelled flights

Boeing said it continues to work with aviation authorities to get the 737
Max back into the air, which it hopes will be in the fourth quarter of 2019.

But the statement added: "This assumption reflects the company's best
estimate at this time, but actual timing of return to service could differ
from this estimate."

Boeing also warned that if this timetable slips, and its anticipated
resumption of deliveries to customers is delayed, that this "could result in
additional financial impact".

However, in a speech on Thursday, the US transportation secretary appeared
less certain that the aircraft would be cleared to fly again this year.

Elaine L Chao said the Federal Aviation Administration, "is following a
thorough process, rather than a prescribed timeline... the FAA will lift the
aircraft's prohibition order when it is deemed safe to do so." She was not
referring directly to Boeing's statement.

Analysts knew that Boeing faced a heavy financial cost following the
disasters and had been awaiting clarity. Boeing's share price rose 2% in
after-hours trading on Wall Street after the announcement, a sign that
investors are comfortable with the charge.

In April, Boeing halted share buybacks. The planemaker said that lowered
production due to the grounding of the 737 Max fleet globally had cost it an
additional charge of at least $1bn so far.

On Thursday, Southwest Airlines, the biggest user of the 737 Max, joined its
US rivals in cancelling more flights until early November.

The move also prompted the low-cost carrier to freeze new pilot hiring.--BBC

No-fault eviction ban will hurt tenants, landlords say

A government plan to ban no-fault evictions in England will backfire,
landlords say, as lower-income tenants will find it harder to rent homes.

Proposals to scrap section 21 notices would mean landlords could no longer
evict tenants without a reason after their fixed-term tenancy period ended.

The plan aims to give tenants security and halt "revenge evictions" when
tenants are thrown out for complaining.

But a landlords' trade group says its members will be more choosy over lets.

The Residential Landlords Association (RLA) said its survey of 6,400
landlords suggested that 84% of its members would be more selective, picking
tenants on higher incomes and leaving those earning less to fight over fewer
properties.

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'No water and rodents' among student housing gripes

Landlords could even decide to let fewer homes to tenants with pets, as they
would be considered as carrying a higher risk of causing damage.

Housing charity Shelter dismissed the fears, arguing that there had been no
such consequences in Scotland since it banned section 21.

There are two options for a landlord to ensure tenants leave a property -
section 21 when they must give two months' notice but no specific reason at
the end of a tenancy, or section eight when they take cases of rent arrears
and anti-social behaviour to court.

The RLA said the section eight process was lengthy, costly and needed reform
before any decision was taken to scrap section 21.

'I want to let a local house to a local person'

Una Walsh, based in Leeds, has 20 properties and had served three section 21
notices in the last five years.

All were for rent arrears, and the notices were served after she received
professional and legal advice. She they were used as a "desperate last
resort".

Her properties are mostly three-bedroom family homes and she said the
evictions allowed her to re-let the properties swiftly to families who
needed them.

"My ethos was local houses for a local person. If they grow up in the
neighbourhood, they are settled here," the 57-year-old said.

However, she feared that slow evictions, during which tenants failed to pay
the rent, would mean she would only be able to let to households with two
wage earners after 30 years of operating in different way.

The RLA claimed that vulnerable tenants would be most at risk from the
tougher selection criteria that landlords would be forced to adopt.

The survey suggested that 45% of RLA members would consider selling some of
their properties as a result of any section 21 ban, although a survey of
intentions does not always happen in reality.

Section 21 notices are already banned in Scotland, but the RLA said the
Scottish government put far more preparation in place, whereas the
authorities in England were "twisting in the wind" on policy.

It called for wholesale changes to the eviction system, including the
introduction of a dedicated housing court.

David Smith, policy director at the RLA, said: "While no landlords should
ever abuse the system, it is only right and fair that they can repossess
properties swiftly and with certainty in legitimate circumstances."

Some tenants say the system is actually being abused by landlords who kick
out tenants following complaints, so-called revenge evictions.

Earlier this year, 24-year-old Alicia Powell told the BBC how she was
renting a flat in north London with her boyfriend when she noticed a wet
patch on the ceiling.

The couple complained to their property manager but nothing was done so they
said they were going to report it to their local council.

Shortly afterwards, they were served with a section 21 notice.

Polly Neate, chief executive of Shelter, said: "The government's plan to
scrap no-fault evictions is vital to tackle the turmoil experienced by
people up and down the country, especially children and the elderly who are
worst affected by sudden evictions.

"Being turfed out of your home for no reason, with no evidence, and with
just eight weeks of warning can have devastating consequences. This practice
must be consigned to the history books."

Where can you afford to live? Try our housing calculator to see where you
could rent or buy

This interactive content requires an internet connection and a modern
browser.--BBC

Electric car models to triple in Europe by 2021

The number of electric car models available to consumers in Europe is
expected to triple by 2021, says a European environmental lobby group.

The uptake of electric cars has been stalling, blamed on a lack of charging
infrastructure and higher prices.

Latest data shows carmakers will offer 214 electric car models in 2021, up
from 60 models at the end of 2018.

More affordable options could see consumers switch from petrol and diesel
cars sooner than anticipated.

Analysis by the European Federation for Transport and Environment (T&E),
based on data by research firm IHS Markit, suggests that car manufacturers
are now ready to embrace car electrification.

In 2021, carmakers are forecast to bring 92 fully electric models and 118
plug-in hybrid models to market.

If they stick to these plans, 22% of vehicles produced could have a plug by
2025, which would enable manufacturers to easily meet the EU's car CO2
emissions target of 95g/km by 2025.

The biggest electric car production plants will be in Germany, France, Spain
and Italy, the data shows. Some 16 large-scale lithium-ion battery cell
plants are confirmed or due to begin operations in Europe by 2023. 

"Thanks to the EU car CO2 standards, Europe is about to see a wave of new,
longer range, and more affordable electric cars hit the market," said Lucien
Mathieu, a transport and e-mobility analyst at T&E.

"That is good news, but the job is not yet done. We need governments to help
roll out electric vehicle charging at home and at work, and we need changes
to car taxation to make electric cars even more attractive than polluting
diesel, petrol or poor plug-in hybrid vehicles."

Even luxury sports carmakers are jumping on to the electric bandwagon.

This week, Lotus, owned by Chinese firm Geely, unveiled a £2m all-electric
"hypercar" - the Evija - capable of more than 200mph (322km/h).

And in March, Automobili Pininfarina launched a similarly-priced electric
hypercar - the Battista.

The message from these manufacturers is that electric can be glamorous and
exciting, not just environmentally necessary, says our technology of
business editor, Matthew Wall.--BBC

No-deal Brexit could cause £30bn economic hit, watchdog says

Public borrowing could double next year if there is a no-deal Brexit, the
country's spending watchdog says.

The Office for Budget Responsibility (OBR) said borrowing would be almost
£60bn if the UK leaves without a deal - up from £29.3bn if it does get a
deal.

The watchdog said this scenario was based on assumptions that a no-deal
Brexit would cause a UK recession.

The UK is set to leave the European Union on 31 October.

Chances of a no-deal outcome appear to have risen recently, after both Tory
leadership contenders said they would be willing to leave the EU without a
deal.

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The OBR was created in 2010 to give independent analysis of the UK's public
finances.

In its first assessment of the economic impact of a no-deal scenario, the
OBR used IMF analysis that shows the UK economy would contract by 2% in 2020
before recovering in 2021.

This would come as tariffs of 4% were imposed on goods traded with the EU -
up from zero currently - although the IMF does not expect there to be
disruption at the border. 

In this scenario, the OBR said that "heightened uncertainty and declining
confidence" would deter investment, while higher trade barriers with the EU
would "weigh on exports".

"Together, these push the economy into recession, with asset prices and the
pound falling sharply," it said.

It said this could raise inflation and squeeze real incomes. It would also
hit tax receipts, causing public sector borrowing to rise and leaving debt
12% higher by 2024.

The OBR added this was "not necessarily the most likely outcome" but also
"by no means the worst case scenario".

It also warned that both Conservative leadership contenders had made "a
series of uncosted proposals for tax cuts and spending increases that would
be likely to increase government borrowing by tens of billions of pounds if
implemented".

The government's official independent budgetary watchdog has for the first
time put a price on the impact to the public finances of leaving the
European Union without a deal.

The numbers come at a sensitive time politically when both likely future
prime ministers suggest that a no-deal Brexit is possible this year.

The OBR is legally obliged to consider all threats to the public finances,
and today's new numbers come as part of its bi-annual Fiscal Risks report.

The fall in tax revenue is forecast to significantly outweigh any benefit
from no longer paying the UK's subscription fee as a member of the EU.

The numbers show a deep crisis-like impact on the public finances, and are
based on the IMF's projections for the economy.

But they go further, showing a long-run hit to the economy.

The forecast used by the OBR is less severe than those of the Bank of
England and the Treasury.

In November, the Bank said a no-deal outcome could send the pound plunging
and trigger a worse recession than the 2008 financial crisis.

The economy could shrink by 8% in the immediate aftermath if there was no
transition period, the Bank said.

The Treasury meanwhile has predicted a £90bn hit to the economy by 2035 -
although prominent eurosceptics dispute this view.

In a comment piece for the Telegraph newspaper earlier this week,
Conservative backbencher Jacob Rees-Mogg called the forecast "silliness",
adding that a no-deal scenario could instead boost the economy by £80bn.

On Thursday, Mr Hammond said: "The report that the OBR has published shows
that even in the most benign version of a no-deal exit, there would be a
very significant hit to the UK economy.

"But that most benign version is not the version that is being talked about
by prominent Brexiteers. They are talking about a much harder version that
would cause much more disruption."

John McDonnell, Labour's shadow chancellor, said: "We know that a no-deal
Brexit would devastate the UK economy and the public finances, and it comes
on top of the failed economic approach for the last nine years.

"This warning makes it even more imperative MPs from across Parliament back
today's amendments to try and block the next prime minister from shutting
down Parliament to force through a no-deal Brexit."

Chuka Umunna, the Liberal Democrat business and treasury spokesman, said:
"It would be unforgiveable to heap further stress and anxiety on families
who are already struggling by deliberately pursuing a policy that the
government's own independent economic watchdog now says will result in a
recession."

The chances of a no-deal appear to have risen in recent weeks after both
candidates in the race to replace Theresa May hardened their positions on
the controversial Irish backstop - an insurance policy to prevent a hard
border on the island of Ireland after Brexit.

Jeremy Hunt and Boris Johnson both said the backstop was "dead", but the EU
said it would not support any deal that excludes it.

In an interview with the BBC's Panorama programme - conducted in May before
the start of the Conservative leadership contest - the EU's chief Brexit
negotiator, Michel Barnier, said the UK would have to "face the
consequences" if it opted to leave without a deal.

Mr Barnier said the thrice-rejected withdrawal agreement negotiated by
Theresa May was the "only way to leave the EU in an orderly manner".--BBC

'My $19 Uber ride cost 100 times that'

Uber passengers in the US have complained on Twitter after a "glitch" meant
they were charged 100 times more than advertised fares.

One journey that should have cost $96.72 (£77.60) was reportedly charged at
$9,672, while some charges were so high they triggered fraud alerts.

The payment problem reportedly hit riders in San Diego and Washington.

Uber said the issue had been fixed quickly but declined to say how many of
its passengers had been overcharged.

Repay delay

One Uber user said the high cost of a short journey, $1,905 instead of
$19.05, had led to her husband's card hitting its balance limit on his
birthday.

Many others reported the same issue with their fares and complained there
was no direct way to report the problem to Uber.

Uber said it understood how "frustrating" the glitch had been for
passengers. And fares would be corrected so passengers paid only the
advertised charge without having to contact their banks.

Mark Smith, social and operations director at the Washington Post, who was
affected by the glitch, said one lesson to take from the experience was not
to link a debit card to an Uber account.

With debit cards, money was immediately removed from a bank account and
could take a day to be restored, he said.--BBC

Instagram hides likes count in international test 'to remove pressure'

Instagram is hiding the number of likes on posts in several countries,
including Australia and Japan, in order to "remove pressure" on users.

At the moment, Instagram users see a running total of people who have liked
a post. In the trial, users will see a user name "and others" below posts.

Instagrammers can still view the number of likes their own posts receive.

There is concern social media platforms can contribute to low self-esteem
and feelings of inadequacy in young people.

Instagram launched a similar trial in Canada in May and the new test is
rolling out in Australia, New Zealand, Ireland, Italy, Japan and Brazil, the
company told the BBC.

"We hope this test will remove the pressure of how many likes a post will
receive, so you can focus on sharing the things you love," Mia Garlick,
Facebook Australia and New Zealand director of policy, said in a statement.

The goal, she adds, is that users feel less judged and to see "whether this
change can help people focus less on likes and more on telling their story".

Instagram said the test would not affect measurement tools for businesses.
And users can still see the list of people who liked other people's content
by clicking into it.

When the test was first run in Canada, Instagram chief Adam Mosseri said the
aim was to minimise the stress of posting online with users competing over
the number of likes their posts receive.

"We want people to worry a little bit less about how many likes they're
getting on Instagram and spend a bit more time connecting with the people
that they care about," he explained at the time.

The number of likes a post gets is a measure of success or popularity on
Instagram.

Studies suggest this kind of instant feedback on content can boost people's
self-esteem but bring others down if they do not get as many likes.

Studies have linked social media platforms to affecting mental health,
especially of young people.

The number of likes is also the way to put value on a post for the business
side of Instagram.

Influencers who get paid for the content they showcase in their posts are
measured by the number of likes their social media activity draws.

Earlier this month, Instagram also revealed a new feature to tackle online
bullying.--BBC

Water bills set to be cut by £50 over five years

Water bills in England and Wales are set to fall by an average of £50
between 2020 and 2025, under plans published by the industry regulator.

Ofwat said firms would also have to invest an additional £6m each day in
improving services for customers.

It comes amid widespread dissatisfaction with the performance of many water
companies.

Ofwat said the measures would mean "better services, a healthier natural
environment and lower bills".

"[Water companies] will be accountable not just for reporting against their
performance but they'll face tough penalties if they don't achieve those
targets," Ofwat boss Rachel Fletcher told the BBC's Today programme.

Most water firms fail to meet challenges

Thames Water fined £120m over leaks

Ofwat said the bill reductions would vary widely - falling by £7 at Hafren
Dyfrdwy to £110 at Northumbrian Water compared with 2017-18 prices.

It comes after only three out of 17 water firms in England and Wales passed
the last review by Ofwat, published in January.

All firms submitted plans to cut bills over the 2020-25 period, while
reducing leaks and helping vulnerable customers. But only plans from Severn
Trent, United Utilities and South West Water were approved.

There have also been continued problems with leaks - particularly after
extreme weather events such as last year's Beast from the East icy spell.

While leaks in England and Wales are much lower than they were in the
mid-1990s, progress in tackling them has slowed to a crawl since 2001.

Firms will now have to invest more in tackling leaks between 2020 and 2025,
saving an amount of water equivalent to the needs of the population of
Manchester, Leeds, Leicester and Cardiff.

They will also have to:

Reduce supply interruptions by almost two-thirds,

Cut pollution incidents

Reduce the number of customers with low water pressure

Help some 1.5 million customers who are struggling to pay.

Ofwat said this would add up to £12bn of new investment - over and above
business-as-usual costs - or £6m per day over the period.

Water companies will be able to make representations about the proposals and
the final deals will be confirmed in December.

Tony Smith, chief executive of the Consumer Council for Water, called the
plans "good news", but added: "Not everyone will see their bills fall when
you add inflation and customers need to be told how much Ofwat's financial
rewards for companies could hit them in the pocket.

"Only about half of the three million households who struggle to afford
their water bills will receive financial assistance under these plans," he
added.--BBC

INVESTORS DIARY 2019

Company

Event

Venue

Date & Time

Companies under Cautionary

Bindura Nickel Corporation

Padenga Holdings

Delta Corporation

Meikles Limited

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