Major International Business Headlines Brief::: 25 July 2019

Thu Jul 25 04:14:10 CAT 2019

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Major International Business Headlines Brief::: 25 July 2019

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*  South Africa's Kganyago calls central bank debate 'damaging'

*  Kenya central bank holds main lending rate at 9.0 pct

*  Nigeria's state oil firm has not paid Eni's cash call payments for 3
months

*  South African consumer inflation flat 4.5% in June

*  Egypt's GDP growth seen slowing to 5.5% in current fiscal year

*  Ethio Telecom revenues rise 7% to $1.26 bln in 2018/9

*  South Africa 2019 maize output expected to shrink by 13%

*  Facebook to pay record $5bn to settle privacy concerns

*  Will the US break up the tech giants?

*  Aston Martin: Shares dive as firm slashes sales forecasts

*  Metro Bank to replace Vernon Hill as profits dive

*  Alibaba opens door to US sellers on its oldest platform

*  Manchester City and Nissan extend sponsorship deal

 <mailto:info at bulls.co.zw> 

South Africa's Kganyago calls central bank debate 'damaging'

PRETORIA (Reuters) - A debate over ownership of the South African central
bank is increasing investor uncertainty and fuelling the risk premium
attached to the country’s debt, Governor Lesetja Kganyago said on Wednesday.

Earlier this year, a faction in the governing African National Congress
party pushed to broaden the South African Reserve Bank’s mandate to include
boosting economic growth and job creation alongside price stability. The
party also called for the bank to be nationalised.

That followed a decline in first-quarter economic growth of 3.2%, the worst
in a decade, as power outages by state utility Eskom hit mining,
manufacturing and retailers.

President Cyril Ramaphosa and Finance Minister Tito Mboweni defended the
bank’s independence and its inflation-targeting mandate, and this month
Kganyago was appointed for another five-year term as its governor.

“This shareholding debate is more damaging to our economy than it should be.
It sends the signal to both investors here and abroad that our macroeconomic
framework is at risk, making the cost of debt higher than it would otherwise
be,” Kganyago said in a speech at a university in Pretoria.

DEBT RISKS RISING

In its February budget, the National Treasury forecast net loan debt as a
ratio of gross domestic product would rise from 49.9% now to 55.5% by 2022.
Analysts expect a figure closer to 60% because of bailouts to state
companies, a level seen as a red line by ratings agencies.

On Tuesday, Mboweni announced Eskom would get an extra 59 billion rand
($4.24 billion) to keep operating and pay down its more than 400 billion
rand of debt.

But he warned that 2019/20 tax revenues might be “significantly lower” and
that the government may need to borrow more than planned, putting markets on
edge as the risk of a credit downgrade by Moody’s to a sub-investment rating
resurfaced.

Moody’s is the last of the top three ratings firms to rate Pretoria’s debt
at investment grade. It is due to deliver a ratings review in November.

“Government’s debt-to-GDP ratio is moving steadily higher, and with bailouts
for state-owned enterprises, there are real risks we will soon have one of
the highest debt levels amongst our emerging-market peers,” Kganyago said.

Kganyago added that the bank sought to keep real neutral rates — lending
rates minus inflation — at a level that would compensate investors for the
country’s rising risk premium.

“Our risk premium has increased by about three-quarters of a percentage
point over the past five years. If risk subsides again, perhaps because we
borrow less or invest more to grow faster, we will have more monetary space
and might cut rates responsibly,” Kganyago said.

Last Thursday, the bank cut lending rates by 25 basis points to 6.5%,
resisting calls for a 50-bps cut, to boost growth and take advantage of an
easing cycle in developed markets.

POINT TARGET?

On the bank’s mandate of currency stability and inflation targeting,
Kganyago hinted at a permanent move to a definite inflation target of 4.5%,
away from the current target, a range of 3% to 6%.

Headline consumer inflation was 4.5% year-on-year in June, unchanged from
May and in the middle of the central bank’s target range, Statistics South
Africa reported on Wednesday.

“If we reformed the target now, in consultation with National Treasury, we
would likely go to either 3% or 4%, with a tolerance band of maybe 1
percentage point on either side,” Kganyago said.

 <mailto:info at bulls.co.zw> 

Kenya central bank holds main lending rate at 9.0 pct

NAIROBI (Reuters) - Kenya’s central bank held its benchmark lending rate at
9.0% on Wednesday, with the monetary policy committee saying inflation
expectations were within the target range and the economy was operating
close to its potential.

It is the sixth time in a row the bank has held the rate.

A poll of 15 analysts and economists taken last week showed the rate was
expected to be left unchanged.

“However, there is need to be vigilant on the possible effects of the recent
increases in fuel prices, the ongoing demonetisation, and the increased
uncertainties in the external environment,” the bank said in a statement.

It is the first monetary policy committee meeting since Governor Patrick
Njoroge was given a second four-year term in office.

Inflation rose slightly to 5.70% year-on-year in June from 5.49% a month
earlier, data from the statistics office showed, staying within the
government’s preferred band of 2.5%-7.5% in the medium term.

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

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

The bank said the current account deficit was expected to narrow to 4.5% of
GDP in 2019 from 5.0% last year. In May, the bank had forecast current
account deficit would narrow to 4.8% of GDP in 2019.

Nigeria's state oil firm has not paid Eni's cash call payments for 3 months

ABUJA (Reuters) - Nigeria’s state oil firm said on Wednesday it had
suspended cash call repayments to Eni for three months, and did not plan to
renew some of the Italian firm’s asset licences.

The Nigerian National Petroleum Corporation (NNPC) owes billions of dollars
to international oil companies, including Eni, its share of operating costs
for their joint ventures. Of the original $5 billion owed two years ago,
repaid through a system known as cash calls, about $3 billion is now
outstanding.

But NNPC has withheld 3 months’ payment to Eni over a set of disputes.
Delayed payments for the cash calls have hindered development of some of the
country’s oil assets.

Among the issues raised by NNPC are that Eni’s licences for some oil assets
have expired, but Nigeria’s government does not plan to renew them as it
wants the state oil firm to take over.

The Nigerian firm did not specify which of Eni’s licences it would not
renew.

“The failure to pay cash call arrears in the last three months was
deliberate and meant to ensure that the issues surrounding the agreement
(are) settled,” the NNPC said in a statement, adding it has the money to pay
and expects a resolution by the end of the week.

Eni did not immediately respond to a request for comment.

In its statement, NNPC also urged Eni to complete the first phase of
rehabilitating Nigeria’s Port Harcourt refinery by the scheduled date of
October, the statement said.

The statement added that Eni’s executive vice chair for sub-Saharan Africa,
Brusco Guido, said the Italian firm had various challenges and asked for
NNPC’s help to resolve them and meet its 30% annual growth target for its
joint ventures’ oil production.

South African consumer inflation flat 4.5% in June

JOHANNESBURG (Reuters) - South Africa’s headline consumer inflation remained
steady at 4.5% year-on-year in June, unchanged from the May figure, data
from Statistics South Africa showed on Wednesday.

On a month-on-month basis prices inched up 0.4% from a 0.3% increase
previously.

Core inflation - which excludes the prices of food, non-alcoholic beverages,
petrol and energy - was at 4.3% year on year versus a 4.1% increase in May,
and was at 0.4% month on month compared to a rate of 0.0% last month.

Egypt's GDP growth seen slowing to 5.5% in current fiscal year

CAIRO (Reuters) - Egypt’s economic growth is expected to slow to 5.5% in the
fiscal year that began this month, below the government’s target, and 5.8%
the following year, a Reuters poll showed, as Cairo nears the end of an
IMF-backed economic reform programme.

The forecasts were similar to a Reuters survey of economists released three
months ago but fiscal 2019/20 growth was seen lower than the government’s
target of 6%.

Prime Minister Mostafa Madbouly said last week Egypt’s gross domestic
product (GDP) grew 5.6% in the 2018/19 fiscal year, a bit higher than the
5.5% expected in the April Reuters poll.

Barring the oil industry, Egypt’s economy has struggled to attract foreign
investors since the 2011 uprising that ended Hosni Mubarak’s 30-year rule.

Egypt’s non-oil private-sector activity contracted for the second
consecutive month in June, according to the Emirates NBD Egypt Purchasing
Managers’ Index (PMI). Private-sector activity has expanded in only five
months over the last three years.

“Even as leading economic indicators point towards weak consumer spending
and stress on local firms, rising investment and government spending are
supporting higher economic growth,” said Nadene Johnson, an economist at NKC
African Economics.

“Medium-term growth prospects remain promising thanks to the natural gas
sector and higher investment, while consumption is expected to recover
following the completion of inflationary reforms.”

FUEL SUBSIDY CUTS

Earlier this month, Egypt introduced its latest round of fuel subsidy cuts,
raising prices by 16-30%, as it nears the end of the IMF programme.

Scaling back fuel subsidies that have been a strain on the budget for
decades was a key plank of the three-year, $12 billion reform package signed
with the International Monetary Fund in 2016, as Egypt’s economy struggled
to recover from the turmoil that followed the 2011 uprising.

Other reforms included a sharp devluation of the Egyptian pound and the
introduction of a value-added tax.

“Rising fuel and electricity prices in association with energy subsidy
reforms will keep inflation elevated in the coming months,” Johnson said.
She expects the Central Bank of Egypt (CBE) to cut rates by 100 basis points
in the fourth quarter of 2019.

Median forecasts from the poll showed predicted 5.8% GDP growth in the
fiscal year ending in June 2021 and 5.5% in the 2021/2022 fiscal year.

To fuel growth, “interest rates need to be cut by at least 300 basis
points,” said Allen Sandeep, head of research at Naeem Brokerage.

“And hopefully, that would increase spending and investments, and also ease
the tightness in liquidity which we are currently witnessing,” he said.

INFLATION

The new consensus sees Egypt’s urban consumer inflation at 13.0% in the
2019/20 fiscal year, down from the 14.2% predicted three months ago for the
prior fiscal year.

Annual urban consumer price inflation plunged unexpectedly to 9.4% in June
from 14.1% in May, before fuel prices were raised.

Analysts expect headline inflation to decelerate to 10.9% in the 2020/21
fiscal year and 9.0% in the 2021/2022 fiscal year.

Core inflation, which strips out volatile items such as food, fell to 6.4%
in June from 7.8% in May.

Millions of Egyptians live below the poverty line and struggle to meet basic
needs. They have faced rising costs since the pound was devalued in November
2016.

Angus Blair, chairman of business and economic forecasting think-tank
Signet, said Egypt’s inflation has long been higher than global averages.

“There has been some success in bringing the inflation rate down,” he said.

“But concerns will remain around food price inflation pressures,
particularly due to potential temperature changes affecting agricultural
supplies within Egypt and globally.”

Ethio Telecom revenues rise 7% to $1.26 bln in 2018/9

ADDIS ABABA (Reuters) - State-owned Ethio Telecom, a potential candidate for
privatisation, generated 36.3 billion Ethiopian birr ($1.26 billion) in
revenue during the last financial year, a company report said on Tuesday, a
7% rise on the previous year.

Multinational firms are eyeing a slice of the telecom provider after
Ethiopia’s parliament passed a law last month to liberalise the
telecommunications sector, opening up one of Africa’s last remaining
state-controlled telecoms markets.

France’s Orange, MTN of South Africa, Britain’s Vodafone Group, the UAE’s
Etisalat and Zain of Kuwait are among the companies that have expressed an
interest in the firm.

Earnings before interest, taxation, depreciation and amortization (EBITDA)
were 24.5 billion birr, the report said. No figure was given for the
previous year.

“Drastic tariff discounts ranging from 40-50% have been made in all products
and services with the aim of ensuring affordability, enhancing service usage
and customer satisfaction,” the report said.

The cuts increased data usage by 130% and voice calls by 19%, the report
said.

Ethiopia’s financial year runs from July-June.

($1 = 28.7800 birr)

South Africa 2019 maize output expected to shrink by 13%

JOHANNESBURG (Reuters) - South Africa’s 2019 maize harvest forecast is
expected to be reduced from previous estimates after harvests in the North
West province pointed to lower yields, a Reuters poll showed on Wednesday.

The government’s Crop Estimates Committee (CEC), which will provide its
sixth production forecast for the 2018/19 season on Thursday, is expected to
peg the harvest at 10.913 million tonnes, down slightly from its June
estimate of 10.933 million tonnes, a poll of eight traders and market
analysts showed. [nL8N23X35E]

“Our recent interaction with farmers in areas that have recently harvested
within the province points to lower than expected yields,” said Wandile
Sihlobo, chief economist for Agricultural Business Chamber.

“Farmers in areas around Lichtenburg report maize yields of about 2.2 tonnes
per hectare, compared with expectations of an average yield of 3.4 tonnes
per hectare across the province.”

The 2019 harvest is expected to consist of 5.45 million tonnes of the food
staple white maize and 5.47 million tonnes of yellow maize, which is used
mainly in animal feed.

The poll forecast the 2018/19 harvest to be 13% lower than the 12.510
million tonnes harvested in the 2017/18 season after dry conditions delayed
plantings in key maize-growing areas. [nL8N1ZI3D0]

The crop is expected to be slightly higher than the country’s annual
consumption of about 10 million tonnes.

Facebook to pay record $5bn to settle privacy concerns

Facebook will pay a record $5bn fine to settle privacy concerns, the US
Federal Trade Commission (FTC) has said.

The social network must also establish an independent privacy committee that
Facebook's chief executive Mark Zuckerberg will not have control over.

The FTC had been probing allegations political consultancy Cambridge
Analytica improperly obtained the data of up to 87 million Facebook users.

The probe then widened to include other issues such as facial recognition.

The $5bn fine is believed to be the biggest ever imposed on any company for
violating consumers' privacy.

"Despite repeated promises to its billions of users worldwide that they
could control how their personal information is shared, Facebook undermined
consumers' choices," said FTC chairman Joe Simons.

Will the US break up the tech giants?

Technology giants' power to be probed in US

He added that the heavy fine was designed "to change Facebook's entire
privacy culture to decrease the likelihood of continued violations".

Facebook's financial results reported on Wednesday did not reflect any move
by customers to shun the network over privacy concerns. It said monthly
active users had risen 8% in the second quarter. Revenues, mainly
advertising sales, rose by 28%, beating analysts' forecasts.

What did Facebook do wrong?

The FTC's Bureau of Consumer Protection began investigating Facebook in
March 2018 after it was revealed that personal data was illegally harvested
from an online personality quiz and sold to Cambridge Analytica, a data
analytics firm.

There were subsequent claims the data may have been used to try and
influence the outcome of the 2016 US presidential election and the UK Brexit
referendum.

Although only 270,000 people took the quiz, whistleblower Christopher Wylie
alleges that the data of some 50 million users, mainly in the US, was
harvested without their explicit consent via their friend networks.

But Cambridge Analytica was not the only firm to have access to users'
personal data - the data was gathered using Facebook's infrastructure at
that time, and many other developers had taken advantage of it without
authorisation.

Facebook was fined £500,000 by the UK's data protection watchdog for its
role in the Cambridge Analytica data scandal in October.

What did the US government say about the violations?

Confirming previous reports, the FTC found that certain Facebook policies
violated rules against deceptive practices. For instance, it said Facebook's
data policy was deceptive to people who used its facial recognition tool.

The social network also fell foul of the regulator by not revealing that
phone numbers collected for two-factor authentication would be used for
advertising.

FTC representatives from both the Democrat and Republican parties voted the
settlement deal through, although some dissented, arguing it did not go far
enough.

Democrat Rohit Chopra tweeted the fine would not stop Facebook from
"engaging in surveillance" and that Mark Zuckerberg and other executives had
got "blanket immunity for their role in the violations".

Does the fine matter?

Analysis: Chris Baraniuk, BBC technology reporter

Facebook has deep pockets - the firm's annual revenue last year was $55bn.
However, the FTC's fine will still irritate the tech giant. In a press
release, the company acknowledged unequivocally that its involvement in the
Cambridge Analytica scandal was "a breach of trust" with its users.

The regulatory action will be taken by some as a general sign that
mishandling user data can incur real consequences from US authorities. For
years, apps and websites have casually harvested personal information for
murky ends. While this will undoubtedly continue in many quarters, with
every crackdown, such activity only becomes more contentious.

But there are those who think the FTC could have gone further. And one, Alex
Stamos, Facebook's former chief security officer, thinks the settlement
actually benefits the company. By restricting the flow of data, Facebook may
get to effectively hoard its 2.4 billion users, he argues, rather than allow
them to access third party apps or competing social networks.

What happened to Cambridge Analytica?

In May 2018, Cambridge Analytica filed for bankruptcy in the US, blaming a
"siege of media coverage" for driving away customers and forcing its
closure.

As part of a separate settlement with the FTC, two of the defendants -
former Cambridge Analytica chief executive Alexander Nix and app developer
Aleksandr Kogan - have agreed to administrative orders restricting how they
conduct any business in the future.

The pair are also required to delete or destroy any personal information
they collected.

The FTC also launched a lawsuit against the bankrupt company, which is yet
to settle the agency's allegations.

What changes has Facebook promised to make?

In a post on Facebook, Mr Zuckerberg said the firm had "a responsibility to
protect people's privacy" and would be changing how its products were
developed and how the company is run.

He said that Facebook was reviewing its technical systems to identify
possible privacy risks, and going forward, whenever the social network built
a new product that used data, or a feature changed the way it used data,
possible privacy risks would need to be addressed.

"Overall, these changes go beyond anything required under US law today," he
said.

"We expect it will take hundreds of engineers and more than a thousand
people across our company to do this important work. And we expect it will
take longer to build new products following this process going forward," he
added.

Is Facebook facing other investigations?

At the same time that the FTC made its announcement, the US Securities and
Exchange Commission (SEC) announced charges against Facebook for making
misleading disclosures regarding its handling of user data.

As a result, Facebook has agreed to pay $100m to settle the claims.

The SEC found that although Facebook discovered the misuse of its users'
information in 2015, it did not clarify this for two years, instead telling
investors that user data "may" have been improperly accessed.

The US Department of Justice (DoJ) is also investigating leading online
platforms to see whether they are unfairly restricting competition.

The DoJ did not name any firms, but giants such as Facebook, Google, Amazon
and Apple are likely to be scrutinised in the wide-ranging probe.--BBC

Will the US break up the tech giants?

The US Department of Justice has announced what many consider to be a
long-overdue investigation into the tech giants. But should the likes of
Google, Amazon and Facebook be worried?

The decision to probe whether tech firms are competing properly follows
heightened scrutiny of the companies in Washington. And it comes as Facebook
is expected to be fined $5bn (£4bn) by the Federal Trade Commission (FTC)
for privacy violations.

Meanwhile, in Europe, Google has been fined more than £7bn in three
different antitrust investigations by the European Commission.

Technology giants' power to be probed in US

Should Google, Amazon and Facebook fear this woman?

Now, the DoJ, which is seen as more easily politically influenced than the
FTC, has become the latest to ratchet up pressure on the companies -
although it did not name which "digital platforms" it was looking into.

It has only said that it was seeking to address "widespread concerns" around
social media, search engines and online retail services and whether their
actions had harmed consumers.

What are the DoJ's concerns?

Firstly, it may be worried about being seen as falling behind European
regulators and lawmakers, as well at the FTC, according to Ioannis Kokkoris,
professor of law and economics at Queen Mary University in London.

The body's counterparts in Europe have pursued the firms, while the DoJ had
"done nothing", he said.

The academic expects the DoJ to look at whether the firms have too much
data.

But rather than focusing on privacy concerns, he expects the DoJ to look at
whether the tech giants are using that customer information to stifle
competition.

He thinks the DoJ will also look for things like anti-competitive language
in Amazon's contracts with its suppliers, and notes that the scope of the
investigation could extend beyond an overall look at the market to become a
probe into an individual firm.

Is this because of Trump?

The US president has certainly given tech executives cause for concern. Just
last week he promised to take a look into suggestions from tech entrepreneur
Peter Thiel, that Google should be investigated for treason over its
dealings in China.

And he has repeatedly sparred with Amazon boss Jeff Bezos, who owns the
Washington Post, a paper that has been critical of the Trump administration

Professor Kokkoris described it as a "very nice coincidence" that this
investigation had been launched as the administration appeared to be souring
on the tech firms.

He said the DoJ was unlikely to have launched the probe if it was going to
be seen unfavourably by the administration.

What could the DoJ do?

Ultimately, it could break the firms up. And it has some support, not least
from Facebook's co-founder Chris Hughes who has said Whatsapp and Instagram,
which are both owned by Facebook, should be made into separate companies.

And the call has also gained support from US lawmakers. Most notably, US
Democratic presidential hopeful Elizabeth Warren has said she'd consider
dismantling the tech giants should she ever get the top job.

However Prof Kokkoris thinks that is highly unlikely.

US competition law makes it very hard for courts to find a legal basis on
which to justify splitting up a large company. If there is evidence of bad
behaviour then a judge could conceivably make such a demand. But companies
can promise to fix the bad behaviour and move on.

And that is what Professor Kokkoris expects to happen. He thinks the DoJ may
look to change the way the sector works to make it more competitive.

At this stage, he would not be too worried if he was at the helm of one of
the firms - but he said that could change if the DoJ decides to probe a
specific company.--BBC

Aston Martin: Shares dive as firm slashes sales forecasts

Shares in Aston Martin have dived more than 20% after the luxury carmaker
cut its sales forecasts for 2019.

The British firm blamed weaker demand across Europe after sales to dealers
in the region fell by almost a fifth in the first half of the year.

It now expects to sell 6,300-6,500 cars to dealers this year - down from an
earlier forecast of 7,100 to 7,300.

A "challenging external environment" had worsened, it said, as had
"macro-economic uncertainties".

"We anticipate that this softness will continue for the remainder of the
year and are planning prudently for 2020," it said.

Aston Martin is the latest car company to take a hit to its business from a
slowdown in consumer confidence in Europe.

Car companies in the region are also struggling with concerns over the
potential fallout from Brexit and tougher regulations on emissions.

Aston Martin said sales of its cars to dealerships had fallen 17% in the UK
in the first half, year on year, and by 19% in Europe, the Middle East and
Africa.

It also said it had reined it its investment plans by £40m, despite a
continued strong performance in the US and Asia.

The firm - which is famous for its association with the James Bond films -
said it would now take "decisive action to manage inventory", with reports
suggesting it was likely to scale back production.

Shares in the company are down by around 45% since it listed on the London
Stock Exchange last October.--BBC

CEO Secrets: The boss who set up the 'black LinkedIn'

Kike Oniwinde has set up a business called the Black Young Professional
(BYP) Network that is designed to help black professionals advance their
careers - it is sometimes referred to as "the LinkedIn for black
professionals".

Oniwinde explains the obstacles she has had to face setting up the business,
for the CEO Secrets series.--BBC

Metro Bank to replace Vernon Hill as profits dive

The founder of Metro Bank, Vernon Hill, who posed with his dog to publicise
the bank when it first opened, will be replaced as chairman, the bank says.

The bank had "reached a size and scale where it is appropriate to appoint an
independent chair", Mr Hill said.

The bank also reported a sharp drop in first half profits, following a major
accounting error earlier this year which shook confidence in the bank.

Customers withdrew £2bn of deposits over the six months to June.

Half year pre-tax profits fell to £3.4m from £20.8m a year earlier, the bank
said.

Mr Hill, an American, set up Metro Bank to challenge the UK's traditional
banks.

The American taking on British banks

The lender, which presents a less stuffy image than traditional banks, grew
rapidly in the first few years after its launch, but in January it revealed
it had miscalculated the risk level of some of its commercial loans and
required additional shock-absorbing capital to support them. In May it
turned to investors to raise £375m of new capital.

Mr Hill, who will continue as chairman until his successor is appointed,
became the face of the new bank when it was launched in 2010 shortly after
the financial crisis.

Its branches were branded with bold red, white and blue colours and there
were posters of Mr Hill's Yorkshire Terrier Sir Duffield - officially the
bank's "chief canine officer" - advertising its policy of welcoming dog
owners.

Metro Bank chose an unusual strategy, building a network of more than 60
physical branches, which open earlier and longer than its rivals', at a time
when most banks were scaling back their High Street presence.

The bank said Mr Hill would remain as a non-executive director and president
after he steps down as chairman.

While the chairman "leads the board and is responsible for its effectiveness
and governance", Metro Bank said, as president, Mr Hill "will continue to
instil, challenge and drive the Metro Bank model".

"Vernon is the inspiration behind Metro Bank, the first High Street bank to
open in the UK in over 100 years," said Sir Michael Snyder, a senior
independent director at Metro.

But he said the board shared Mr Hill's view that it was time to appoint an
independent chairman to "oversee the next stage of our journey".

Metro Bank opened its first branch in London's Holborn in 2010 in the wake
of the financial crisis

It was the first High Street bank to open in the UK in more than 100 years

It is one of so-called challenger banks to the big High Street names, and
opens seven days a week

Founder Vernon Hill shook up the US banking scene in 1973 when, aged 26, he
founded Commerce Bank with one branch

When he sold Commerce Bank in 2007 for $8.5bn, it had 440 branches--BBC

Alibaba opens door to US sellers on its oldest platform

Chinese e-commerce giant Alibaba has opened its doors to US sellers on its
oldest platform, Alibaba.com.

It now offers tools to allow US firms to sell on the business-to-business
platform in the US and globally.

The move will allow Alibaba, traditionally China-focused, to compete with
global e-commerce giants like Amazon.

Alibaba.com says it has 10 million active business buyers in more than 190
countries and regions.

As part of the announcement on Tuesday, Alibaba.com said US produce firm
Robinson Fresh would be joining the platform on 23 July.

That follows a "strategic collaboration" between Alibaba.com and US offices
supply firm Office Depot announced in March, it said.

Previously, US businesses mainly bought from Chinese sellers on the
Alibaba.com platform, which caters to small and medium-sized firms.

The new tools, which include an online payments system, will give American
firms access to new customers in China and around the world.

US-China relations

The move comes at a time of tense relations between the US and China, which
have been fighting a trade war for the past year.

Two years ago, Alibaba founder Jack Ma met with US President Donald Trump
and outlined a plan to increase the firm's presence in America, as well as
strengthen relations between the two countries.

At the time, Alibaba said access to Chinese customers through its online
marketplace would support US businesses and help create as many as one
million new jobs.

But in September last year Mr Ma rowed back on those plans, citing the
ongoing trade war between the US and China.

Tensions between the two countries have continued to simmer this year, but
both sides recently agreed to hold a fresh round of trade talks.--bbc

Manchester City and Nissan extend sponsorship deal

Manchester City, currently on an East Asian tour, has extended its global
sponsorship by Japanese carmaker Nissan in a "multi-year deal".

Nissan will be the official automotive partner to City Football Group teams
in the UK, US and Australia.

The City Football Group includes Man City, New York City FC and Melbourne
City FC, plus women's football teams.

The group and Nissan have been partners since 2014. The carmaker was the
group's first multi-club partner.

City Football Group's other club investments comprise Yokohama F Marinos of
Japan's J-League, Club Atletico Torque in the Primera Division of the
Uruguayan league, and FC Girona of Spain's La Liga.

The most recent addition is Sichuan Jiuniu FC from China's League Two.

Man City, who won the domestic treble in season 2018-19, would not reveal
the length of the deal or its value.

As well as Man City, Nissan also sponsors the Uefa Champions League and the
Cricket World Cup and is a partner of the NBA in China.--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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