Major International Business Headlines Brief::: 31 July 2019

Wed Jul 31 02:56:26 CAT 2019

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Major International Business Headlines Brief::: 31 July 2019

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*  South African court rules Old Mutual CEO dismissal unlawful

*  South Africa's Eskom annual loss widens to $1.5 billion

*  South Africa resumes beef exports to China after foot and mouth outbreak

*  KenGen's latest geothermal plant adds 79 MW to grid

*  Shoprite shares surge on improved H2 sales

*  Nigeria's central bank awards financial services licence to MTN subsidiary

*  Kenyan shilling weakens to near 5-year low - traders, Refinitiv data

*  Canal Sugar to build grains terminal in Egypt's Damietta

*  South Africa's rand treads water, focus on Eskom results

*  Apple sales rise while iPhone revenues dip

*  Capital One data breach: Arrest after details of 106m people stolen

*  Huawei sees trouble ahead despite revenue rise

*  Pound falls lower on no-deal Brexit prospect

*  Mini toiletries to be removed from Holiday Inn owner's hotels

 <mailto:info at bulls.co.zw> 

South African court rules Old Mutual CEO dismissal unlawful

JOHANNESBURG (Reuters) - Shares in South Africa’s Old Mutual fell on Tuesday after a High Court judge ruled that the company’s suspension and subsequent dismissal of CEO Peter Moyo earlier this year was unlawful and that he must be temporarily reinstated.

The judge also blocked South Africa’s No.2 insurer, which suspended Moyo in May and fired him in June following a disagreement over an alleged conflict of interest, from taking any steps to replace the CEO while a fuller case against his dismissal was heard.

Old Mutual shares were down 5.45% at 1440 GMT.

“The… suspension and subsequent dismissal were unlawful,” Judge Brian Mashile’s judgement, which was read out by another judge, said.

Moyo punched the air in celebration on hearing the ruling, which is a blow to Old Mutual after a dispute that has already hit the reputation of one of South Africa’s oldest companies.

As well as leaving a question mark over who will lead the insurer less than two years into its existence as a stand-alone African financial services group, it could prove costly if a broader case brought by Moyo is successful.

An Old Mutual spokeswoman said the company, which had hoped the case would thrown out, was studying the judgement and will decide on a course of action.

Judge Mashile also ordered Old Mutual pay Moyo’s court costs.

BACK IN THE OFFICE

Moyo wants to be permanently reinstated or receive unspecified damages from the insurer, as well as see its board members declared delinquent.

“I’ll be back in the office tomorrow at 8 o’clock,” a jubilant Moyo told reporters outside the court room, adding he was pleased the judge had recognised Old Mutual did not follow proper process in his dismissal.

In court papers, he has accused Old Mutual Chairman Trevor Manuel, a prominent businessman and former finance minister, and other members of the board of their own governance breaches, worrying some investors.

He argues his effort to raise concerns about this were the real reason for his suspension and dismissal, with Manuel on a campaign to turn other board members against him.

An answering affidavit filed on behalf of Old Mutual said Moyo’s account of events had no factual basis, it had not breached any part of its contract with the former CEO and that there were no grounds for his reinstatement.

The affidavit said the insurer was also considering whether to claw back any part of the 35.5 million rand ($2.50 million)already paid to Moyo as part of his remuneration.

He is currently set to be paid another 4 million rand in fixed pay for his six-month notice period.

($1 = 14.1883 rand)

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South Africa's Eskom annual loss widens to $1.5 billion

JOHANNESBURG (Reuters) - South Africa’s power utility Eskom said on Tuesday its annual loss widened to 20.7 billion rand ($1.46 billion) in the 2018/19 financial year, from 2.3 billion rand in the previous year.

Eskom is Africa’s largest public utility and South Africa’s most indebted state firm. The higher loss was partly driven by a steep increase in debt-servicing costs and fuel costs.

($1 = 14.1537 rand)

South Africa resumes beef exports to China after foot and mouth outbreak

PRETORIA (Reuters) - South Africa has resumed beef exports to China after an outbreak of the highly contagious foot and mouth disease (FMD) in January halted trade, officials said on Tuesday.

The ban on exports of products from cloven hoofed animals to China was officially lifted on July 23, Chinese ambassador Lin Songtian said during a briefing.

The viral disease, which causes lesions and lameness in cattle and sheep, was detected in a northern district of Limpopo province, resulting in the World Organization for Animal Health (OIE) temporarily suspending South Africa’s FMD-free status.

“We went to the abattoirs and sent a message back home that it was safe to resume export,” said the ambassador.

In March, countries including Mozambique, Lesotho, Egypt and the United Arab Emirates lifted the ban on exports from South Africa.

FMD does not affect people but poses a threat to cloven-hoofed animals - such as cattle, goats and sheep.

KenGen's latest geothermal plant adds 79 MW to grid

NAIROBI (Reuters) - Kenya Electricity Generating Co (KenGen) has added 79 megawatts to the national grid from a new geothermal plant, and the remainder of a total 158 MW to be produced by the plant is expected to be connected at the end of August, the company said on Tuesday.

The Olkaria V plant in Kenya’s Rift Valley, under construction since 2017, was first synchronized to the grid on June 28 this year and its first unit has reached its full design output, with a second unit next to come on line.

The plant underscores Kenya’s reliance on geothermal power, in which turbines are driven by steam pumped from hot underground rock formations and ranks as the second-biggest source of Kenya’s installed power generation totalling 2,712 MW as of 2018.

KenGen said the extra output from the first unit of Olkaria V will bring its total installed capacity from geothermal sources to 612MW.

KenGen, 70 percent owned by the government, has a total installed capacity of 1,693 MW and said last year it planned to add another 1,745 megawatts (MW) of electricity from geothermal sources by 2025.

Kenya is ramping up electricity production and investing in its grid to keep up with growing demand for power and reduce frequent blackouts.

The country is ranked 37th worldwide in EY’s renewable energy country attractiveness index, issued in April.

Shoprite shares surge on improved H2 sales

JOHANNESBURG (Reuters) - Shares in Shoprite Holdings surged 15% on Tuesday after Africa’s largest supermarket chain forecast an improved second half on solid sales in its South African home market though it warned annual earnings were set to drop as much as 20%.

The supermarket and furniture retailer is recovering from a poor first half when sales were hit by a strike at its largest distribution centre in South Africa and installation of a new warehousing system which disrupted supply chains.

Elevated household debts, higher fuel and electricity prices and an increase in value-added tax also squeezed consumer income at home, while sharp currency devaluations elsewhere in Africa weighed on profit.

Sales in the six months to June 2019 rose 6.5%, driven by the South African supermarkets, which saw revenue grow by 7.4% in the second half and 9.4% in the final quarter, the Cape Town-based group said in a statement.

“The market share gain in the most recent quarter is testament to our core South African business being back to full operational strength,” Chief Executive Pieter Engelbrecht said.

Shares in Shoprite jumped 15% in early trade before paring gains to trade 7.35% firmer at 156.30 rand at 1026 GMT.

“The really good news is the second-half of the year was significantly better and the best bit of information there was South Africa supermarkets which showed really nice turnover growth,” FNB Wealth and Investments Portfolio Manager Wayne McCurrie said.

Annual sales in Supermarkets South Africa are seen rising 4.9% on better customer and volume growth, as well as an improvement in “on-shelf availability and promotional effectiveness”, the company said.

Shoprite, with more than 2,800 stores in 15 countries, said it expected basic headline earnings per share (HEPS) for the 52-weeks ended June to be between 774.2 cents and 832.5 cents per share, a drop of 14.3% to 20.3%, compared with the restated figure of 971.4 cents during the same period a year ago.

“The rout of the first half was so deep that for the full-year their earnings are still going to be down, but the market is looking ahead to the momentum that was seen in the last quarter of their year,” Sasfin Wealth Equity analyst Alec Abraham said.

The retailer blamed the earnings warning on currency devaluation in markets such as Angola - its biggest operation outside South Africa - a trading loss outside its home market, higher minimum wages and rent and electricity costs at home.

As a result of the currency depreciation in Angola and other large countries such as Zamiba and Nigeria, sales for the rest of its Africa operations declined 7.7% in the full-year and posted a trading loss for the period.

“Trading conditions in the rest of Africa remain relentless as the results attest,” Engelbrecht said.

($1 = 14.2004 rand)

Nigeria's central bank awards financial services licence to MTN subsidiary

JOHANNESBURG (Reuters) - A subsidiary of MTN Nigeria has been awarded a licence by the country’s central bank that would allow it to provide financial services, the telecoms firm said on Monday.

Nigeria announced last year that it would allow telecom companies to provide banking services, aiming to give millions of Nigerians without bank accounts access to so-called mobile money services, a policy that has been successful in Kenya.

South Africa’s MTN Group, which owns a majority stake in MTN Nigeria, said at the time it would apply for a mobile banking licence in Nigeria and planned to launch the service in 2019. Since then, MTN Nigeria listed in Lagos in May in a 2 trillion naira ($6.54 billion) debut that turned it into the exchange’s second-largest stock by market value.

MTN Nigeria’s CEO Ferdi Moolman said on Monday its Yello Digital Financial Services Limited (YDFS) unit had been granted a “full super agent” licence by the Central Bank of Nigeria.

“Through the network established by YDFS, MTN is in a position to broaden the availability of financial services for the under-served across the country. This marks a very important first step in leveraging our infrastructure to scale our Fintech initiatives,” said Moolman.

“We have also applied for a Payment Service Bank Licence, which will enable us in time to offer a broader and deeper range of financial services to those communities and we remain hopeful we will receive approval shortly,” he said. He did not give specifics.

MTN runs Nigeria’s biggest mobile phone network serving around 56 million people.

($1 = 305.9000 naira)

Kenyan shilling weakens to near 5-year low - traders, Refinitiv data

NAIROBI (Reuters) - The Kenyan shilling weakened against the dollar to a near five-year low on Tuesday due to importer demand and excess liquidity in the money markets, traders said.

At 0747 GMT, commercial banks quoted the shilling at 104.25/35 per dollar, compared with 104.05/15 at Monday’s close. The last time the shilling traded at these levels was on Oct.2 2015, when it touched 104.40/50, Refinitiv data showed.

“The reason for the weakening is liquidity-driven, though we are now at the end of the month and increased end month dollar demand could also come into play,” said a senior trader from a commercial bank.

Last week, central bank governor Patrick Njoroge dismissed the market’s concerns about the impact of graft charges against the finance minister and attributed the week’s fall in the currency to seasonal demand for dollars and to excess liquidity in the money markets.

Canal Sugar to build grains terminal in Egypt's Damietta

CAIRO (Reuters) - Canal Sugar, owned by Dubai-based Al Khaleej Sugar Refinery, plans to build a pier and grains terminal in Egypt’s port city of Damietta with $200 million in investments, its CEO said on Tuesday.

The new terminal will have a discharge capacity of 3,000 tonnes of grains per hour, the CEO, Islam Salem, told a news conference.

The company expects to finalise a contract with the government for the pier and terminal by the end of the year, Salem said in response to a Reuters question.

The project will be partially self-financed, while the remaining funds will come from infrastructure financing institutions, he said.

He declined to give the facility’s storage capacity.

The UAE’s Al Khaleej Sugar Refinery is the world’s largest port-based sugar refinery.

Canal Sugar, an Egyptian joint stock company, aims to establish the world’s largest beet sugar plant in western Minya, Egypt, producing 900,000 tonnes a year, at an estimated cost of $1 billion.

In March, Canal Sugar signed a $169 million financing agreement to purchase, construct and operate the west Minya project until a $700 million long-term loan is finalised.

The west Minya project also aims to reclaim about 187,850 acres of desert to produce 2 million tonnes of beet sugar annually, as well as other strategic crops like wheat and corn.

South Africa's rand treads water, focus on Eskom results

JOHANNESBURG (Reuters) - South Africa’s rand weakened against the dollar in early trade on Tuesday as investors looked ahead to state-owned Eskom’s financial results and unemployment data out later in the day.

At 0705 GMT, the rand fell 0.34% to 14.2125 per dollar.

State power firm Eskom financial results for the 2018/19 financial year are expected to show a large loss and steep increase in debt.

Rating agencies Fitch and Moody’s last week both warned about fiscal pressure on South Africa and highlighted Eskom as a risk, piling pressure on the currency.

Statistics South Africa will also release second-quarter unemployment figures on Tuesday.

In fixed income, the yield on the benchmark government bond due in 2026 was up 3 basis points to 8.345%.

Stocks opened slightly weaker with the All-share index down 0.14% to 57,954 points, while the Top-40 indexI dipped 0.05% to 51,950 points.

Apple sales rise while iPhone revenues dip

Apple posted a small gain in sales for the third quarter of the year.

While iPhone sales dipped, the company made up the difference in higher revenues in services such as its software store and music service.

Sales rose 1% to $53.8bn (£44.3bn), while net profit dropped 13% to $10bn. The company stemmed some of its drop in sales to China.

The results beat Wall Street estimates and shares gained 3.5% to $216.10 in after-hours trading.

For first time since 2012, iPhone sales represent less than half of company's overall sales. Sales of the device are down by $741m on this period last year.

In China, sales fell 4% to $9.16bn, after a drop of 22% in the second quarter. Exchange rates have made the iPhone expensive for Chinese customers.

Apple forecast sales of between $61bn and $64bn for the final three months of its financial year.

You'll hear critics often say that Apple has failed too come up with anything interesting since the iPhone. And that Tim Cook, the man who took over from Steve jobs, is yet to come up with anything interesting at all. But that criticism is increasingly untrue, at least when it comes to Apple inventing new areas of business.

This quarter underlines that: despite iPhone sales continuing to shrink, the firm's revenues are up, thanks to booming success with its Wearables, Home and Accessories category (so: Apple Watch, mostly, and AirPods) and continued growth of it Services (App Store, Apple Pay, Apple TV, Apple Music etc).

The number of people paying Apple for some kind of subscription has risen by 55% in the past year to 420m. Apple expects that number to go up fairly dramatically over the next year thanks to the launch of its big-budget subscription TV service, Apple TV+.

Even China brought somewhat good news for Apple this quarter. Sales were down 4% in the country, which the company is seeing as being much better as it could have been given the extreme turbulence created by the US-China trade war. If you remove the iPhone from the China figures, Apple's revenues there grew by 17%. That suggests a slowing upgrade cycle, but users still keen to use the iPhones they have and access Apple services.

In short, Apple is in good health. The iPhone is a product in decline, and as a result, the company's profits have taken a hit. Investors understand that this is a firm in a transition, and so far it is going well.--BBC

Capital One data breach: Arrest after details of 106m people stolen

The personal details of about 106 million individuals across the US and Canada were stolen in a hack targeting financial services firm Capital One, the company has revealed.

The alleged hacker, Paige Thompson, was arrested on Monday after reportedly boasting about the breach online.

Capital One said the data included names, addresses and phone numbers of people who applied for its products.

But the hacker did not gain access to credit card account numbers, it said.

The data breach is believed to be one of the largest in banking history.

How many people have been affected?

Capital One is a major credit card issuer in the US and also operates retail banks.

The firm said in a statement released on Monday that the breach affected approximately 100 million individuals in the US and six million people in Canada.

The statement added that about 140,000 social security numbers and 80,000 linked bank account numbers were compromised in the US.

In Canada, about one million social insurance numbers belonging to Capital One credit card customers were also compromised.

The hack was identified on 19 July.

Capital One said the hacker was able to "exploit" a "configuration vulnerability" in the company's infrastructure.

Aside from names and dates of birth, the hacker also managed to obtain credit scores, limits, balances, payment history and contact information.

A selection of the biggest data breaches worldwide

How has Capital One reacted?

Capital One said it was unlikely the information was used for fraud but it would continue to investigate the breach.

The company will notify those affected and will provide them with free credit monitoring and identity protection.

Chairman Richard Fairbank said in a statement: "While I am grateful that the perpetrator has been caught, I am deeply sorry for what has happened.

"I sincerely apologise for the understandable worry this incident must be causing those affected and I am committed to making it right. "

What do we know about the alleged hacker?

The US justice department has confirmed it has arrested a former Seattle technology company software engineer in connection with the breach.

Ms Thompson, 33, was arrested on Monday on charges of computer fraud and abuse. She made an initial appearance in federal court in Seattle.

A hearing has been scheduled for 1 August.

Court documents claim she boasted about the data breach on an online forum.

A statement by the US attorney's office in Washington said: "On July 17 2019, a GitHub user who saw the post alerted Capital One to the possibility it had suffered a data theft."

Ms Thompson faces a maximum sentence of five years in prison and a $250,000 (£204,713) fine.--BBC

Huawei sees trouble ahead despite revenue rise

Chinese telecoms firm Huawei saw a sharp jump in revenue in the first half of the year but warned of "difficulties ahead".

The US blacklisted the firm in May, restricting its ability to trade with US companies.

Company revenue jumped 23% in the first half of the year versus a year ago, while smartphone shipments surged 24%.

Huawei has been under global scrutiny for allegedly posing a security risk - a claim it rejects.

Several countries have raised concerns that Huawei equipment could be used by China for surveillance, although the company has vehemently denied the allegations.

Sustained growth

The US raised the stakes in its tensions with China in May, when the US Commerce Department added Huawei to its "entity list".

The move bans the company from acquiring technology from US firms without government approval.

Since that took place towards the end of the financial reporting period, the results showed a muted impact so far.

"Given the foundation we laid in the first half of the year, we continue to see growth even after we were added to the entity list," said Liang Hua, Huawei's chairman, in a statement.

"That's not to say we don't have difficulties ahead. We do, and they may affect the pace of our growth in the short term."

The results showed Huawei's 5G ambitions remained intact, even as the US has urged allies to shun the firm in their next-generation networks.

Huawei said it had secured 50 commercial 5G contracts and shipped more than 150,000 base stations to markets around the world.

Huawei: The world's most controversial company

How damaging is the Huawei row for the US and China?

Huawei smartphone sales hit amid US curbs

While Huawei has remained largely sanguine in the face of US pressure, it has already issued some warnings.

In June, Huawei founder Ren Zhengfei said international sales of the firm's handsets had sunk 40% in the past month and said the firm expected this to have an impact on annual revenue of up to $30bn (£24.9bn).--BBC

Pound falls lower on no-deal Brexit prospect

The pound has continued to fall on currency markets as the government insists that the UK is prepared to leave the EU without a deal.

Sterling hit a fresh two-year low of $1.2120 against the dollar on Tuesday, before recovering some ground.

The currency also slid against the euro, falling to €1.0881 at one point.

The fall in the value of the pound means UK tourists heading abroad could face a "horrendous summer", according to one currency expert.

Pound v Dollar

Five holiday destinations where a weak pound still goes far

Tourists facing travel money 'shock' this summer

The pound's fall: A tale of two cities

How does Brexit affect the pound?

Under new Prime Minister Boris Johnson, the government has toughened its stance on a no-deal Brexit, which it has said is "now a very real prospect".

The pound - which was trading at about $1.50 against the dollar before the EU referendum in June 2016 - has dropped by 2.4% since Monday, when a spokeswoman for Downing Street said that the UK would not enter talks with Europe unless the so-called Irish backstop is scrapped.

She said that because the EU has said it is not willing to renegotiate on this point, "we must assume there will be a no-deal Brexit on 31 October."

It follows comments at the weekend by Michael Gove, who wrote in the Sunday Times that the government was now "working on the assumption" of a no-deal Brexit,

Mr Johnson appeared to strike a slightly softer tone on Monday afternoon, when he said he would "hold out the hand" and "go the extra thousand miles" to strike a new Brexit deal.

However, it was not enough to stop the slide in sterling.

Pound v Euro

Seema Shah, senior global investment strategist at Principal Global Investors, said: "If it looks like this juggernaut cannot be stopped, we do expect sterling to keep falling."

She said that the pound could drop as low as $1.18 against the dollar, but added: "There is a widespread view that a no-deal Brexit will be stopped."

The former chairman of Goldman Sachs Asset Management, Lord Jim O'Neill, told the BBC's World at One programme that in addition to the risks of a no-deal Brexit, the markets were also "looking at a government that might be leaning on an independent central bank, possibly including the choice of its new governor" and the policy plans that suggest the government is going to increase spending.

The combination of these factors is "essentially pointing one way for the pound", Lord O'Neill said.

However, he added that he thought the pound looked "very cheap", and if there was a Brexit deal, then sterling could recover "very sharply".

'Expensive time'

Tourist rates are based on trading levels on the international currency markets, which is bad news for UK holiday makers heading abroad.

"Unfortunately holiday makers are going to experience a pretty horrendous summer," James Hickman, commercial manager at FairFX, told the BBC.

"If they are visiting Europe they could be getting less than parity for their pounds when buying euros, and they will be getting a poor dollar rate if going to the USA."

"It is going to get worse," he adds. "The market is digesting the news that it is almost inevitably going to be a hard Brexit.

"For anyone going abroad in August, it is going to be a very expensive time."

Those that buy euros at the airport can currently expect to receive as little as 97 euro cents for their pound.

Better rates can be found by buying in advance, with the Post Office offering a sliding scale from €1.0663 to €1.0712 to the pound, depending on how much cash is ordered. In its branches it is offering €1.0630.

That's still a long way from the summer of 2015, when tourists were getting at least €1.32 for their pound. The big fall came in 2016 after the UK voted to leave the European Union.--BBC

Mini toiletries to be removed from Holiday Inn owner's hotels

Miniature toiletries are to be removed from all hotels run by InterContinental Hotels Group (IHG) for environmental reasons - making it the first global hotel brand to undertake such a move.

The UK-based owner of Holiday Inn and Crowne Plaza hotels has pledged to take the small plastic bottles out of its 843,000 rooms by 2021.

The move has already happened in about a third of its estate.

The change means that bulk items are replacing the individual toiletries.

IHG chief executive Keith Barr said: "We collectively as an industry have to lead where governments are not necessarily giving the leadership to make a difference.

"Five years ago it was a tick-the-box exercise. Today it's follow-up meetings going through in detail what we are doing about our carbon footprint."

How the plastic in your beauty regime could be harming the environment

Last year, IHG said it would stop using plastic straws by the end of 2019. Mr Barr added that "the next big thing to tackle" would be the plastic plates and cutlery used for its breakfast service.

In addition, the company has teamed up with artificial intelligence firm Winnow on a pilot to monitor waste across breakfast buffets in some of its hotels.

IHG has committed to reducing its carbon footprint per occupied room by 6% by next year. Its high-end resort brand Six Senses has said it will go plastic-free across its whole supply chain by 2022.

The move was welcomed by Greenpeace, with the environmental group's Fiona Nicholls saying: "Just as shoppers have shown they're happy to bring their own bags to supermarkets, hotel guests are absolutely able to adapt and start bringing their own toiletries."

Richard Clarke, an analyst at research company Bernstein, said: "Rather than reacting to customer outcry over straws, IHG are trying to be proactive and say that they can use this as a differentiator if they can get ahead on it."--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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