Major International Business Headlines Brief::: 04 June 2019
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Major International Business Headlines Brief::: 04 June 2019
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* IMF urges South Africa to speed up reforms to boost growth
* S.Africa's Shoprite halts deal that would cut chairman's voting influence
* ArcelorMittal's South Africa unit to face emissions charges
* Kenya's central banker warns about impact of illicit flows
* South Africa's Absa PMI drops in May
* Nigeria financial watchdog sets up interim management team at oil firm
Oando -statement
* South African rand starts week flat amid trade tumult
* Cameroon's only oil refinery halted, four units damaged after fire
* South Africa's Sasol says 2nd unit at LCCP starts production
* Jay-Z named world's first billionaire rapper
* Apple dissolves iTunes into new apps
* Boeing warns of potential wing faults in some 737 jets
* Kenya's new banknotes and the battle against corruption
* Sephora to shut US stores for diversity training
* Manufacturing shrinks as Brexit stockpiling halts
* Ineos billionaire Jim Ratcliffe in $2bn Saudi investment
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IMF urges South Africa to speed up reforms to boost growth
JOHANNESBURG (Reuters) - South Africa’s subdued economic growth could be
reignited if the implementation of structural reforms, including at troubled
state power utility Eskom, is accelerated, the International Monetary Fund
said on Monday.
The fund said following President Cyril Ramaphosa’s re-election last month,
a focus on policy actions to remove long-standing constraints to growth and
accelerate job creation was a must.
“Eskom will require bold action to redefine its business model so that it
becomes self-sustained and ensures affordable and reliable electricity
supply,” the fund said in a statement. “...Postponing the needed adjustment
of the entity will only force greater difficulties down the road.”
<mailto:info at bulls.co.zw>
S.Africa's Shoprite halts deal that would cut chairman's voting influence
JOHANNESBURG (Reuters) - South African grocer Shoprite said on Monday it had
terminated an agreement to buy back deferred shares held by its chairman
Christo Wiese after failing to secure enough support from shareholders to
back the move.
The deal, which would have significantly curbed Wiese’s influence in the
company he helped turn into an African powerhouse, had aimed to simplify the
firm’s voting structure.
“Shoprite Holdings received written notifications from more than 15% of
other shareholders indicating that they will not vote in favour of the
special resolutions,” the company said in a statement.
Shoprite’s capital structure includes ordinary shares and deferred shares,
which carry about 32.3 percent of its voting rights. The deferred shares are
held by Weise’s investment vehicle, Thibault Square Financial Services
Proprietary Ltd.
ArcelorMittal's South Africa unit to face emissions charges
JOHANNESBURG (Reuters) - ArcelorMittal’s South African unit said on Monday
it had received a summons instituting criminal proceedings for three charges
relating to transgressions of its atmospheric emissions licence at its
Vanderbijlpark operations.
The charges relate to allegedly conducting certain activities without the
emissions licence and failure to adhere to the licence.
If found guilty the company, majority-owned by ArcelorMittal, said it could
face a fine of up to 15 million rand ($1.04 million).
The company said that it had obtained legal advice and would adhere to the
relevant legal processes.
“The company remains committed to focusing on and improving its social,
economic, financial and environmental performance to ensure a sustainable
organisation,” it said in a statement.
Vanderbijlpark Works, in the country’s Gauteng province, is one of the
world’s largest inland steel mills.
($1 = 14.4914 rand)
Kenya's central banker warns about impact of illicit flows
NAIROBI (Reuters) - Kenya needs to urgently stamp out an upsurge of
suspicious transactions in its financial sector that imperil future
commercial activities and economic growth, Patrick Njoroge, the central bank
governor, said on Monday.
The East African nation is favoured by foreign investors mainly due to its
diverse, fast-growing economy, but its reputation has long been tainted by
widespread graft and weak application of anti-money laundering laws.
The government had decided to deal with the problem “quickly and
conclusively”, with the first step being the planned invalidation of the
older version of its 1,000 shillings note, the governor said.
The central bank has not quantified the volume of illicit flows but there
had been enough evidence to force the authorities to act, he said.
“You don’t wait until the house is really burning before you use the fire
extinguisher. When you begin to smell smoke, grab that fire extinguisher and
begin to deal with it,” he said.
Domestic media outlets are routinely filled with lurid tales of financial
scams and the discovery of billions of shillings in counterfeit notes in
private residences and even in the safe deposit boxes of leading commercial
banks.
Back in 2013, the government imposed strict banking rules that are aimed at
preventing money laundering and the financing of terrorism. The rules
require all banks to record and transaction above 1 million shillings
($10,000).
Some parliamentarians have called for the amendment of laws to relax those
rigorous reporting requirements, to facilitate faster flows of funds in the
financial system.
Njoroge said there would be no turning back on the efforts to stem the flows
from money laundering, financing of terrorism and proceeds from crime.
“Will this country become a country of thieves, (people who) transact
illicit flows, that sort of get rich (quick) stuff? I would submit that it
is not,” he said.
“We are taking this step to clean all those illicit flows... let them go
elsewhere.”
Kenya had considered the lessons from India’s 2016 move to scrap high-value
currency notes, known as demonetization, hence the four months window given
to allow people to exchange the old notes with new ones, Njoroge said.
The central bank would defend itself in a suit filed by a private citizen at
the High Court challenging its decision to demonetize the old 1,000 shilling
banknote in October, Njoroge added.
Given Kenya’s status as the most advanced economy in the region, the central
bank will co-ordinate the move to scrap the banknote with its counterparts
in the region, where the Kenyan currency is widely accepted and used for
payments.
“The illicit flows are spread around neighbouring countries. The Kenyan
currency is the regional U.S. dollar,” Njoroge said.
South Africa's Absa PMI drops in May
JOHANNESBURG (Reuters) - South Africa’s seasonally adjusted Absa Purchasing
Managers’ Index (PMI) for May fell as business activity and new sales orders
declined, the survey showed on Monday.
The index, which gauges manufacturing activity in Africa’s most
industrialised economy, slipped to 45.4 in May from 47.2 in April, below the
50 mark that separates contraction from expansion.
Nigeria financial watchdog sets up interim management team at oil firm Oando
-statement
ABUJA (Reuters) - Nigeria’s Securities and Exchange Commission (SEC) has set
up an interim management team to oversee local oil company Oando, the
financial watchdog said on Sunday.
It said in a statement the team would conduct an extraordinary general
meeting on or before July 1 to appoint new directors.
Nigeria’s SEC said on Friday it ordered a number of Oando board members to
resign following an investigation.
It added that it found “certain infractions of securities and other relevant
laws” during the investigation.
Oando’s chief executive said the allegations were unsubstantiated.
South African rand starts week flat amid trade tumult
JOHANNESBURG (Reuters) - South Africa’s rand was flat on Monday, shaking off
worries about intensifying Sino-U.S. tensions and Washington’s new tariff
threats on Mexico that have pulled stocks and commodities in Asia and the
United States lower.
* At 0700 GMT, the rand traded at 14.5800 versus the dollar, 0.03% stronger
than its New York close on Friday.
* Government bonds were also little changed, with the yield on the benchmark
instrument maturing in 2026 down 0.02 basis points to 8.46%.
* Stocks rose slightly, with the broad All-Share index up 0.31% to 55,832
points. The blue-chip top-40 index rose 0.37% to 49,763 points
Cameroon's only oil refinery halted, four units damaged after fire
DOUALA (Reuters) - Four units are down at Cameroon’s only refinery, but the
shortage will be covered by imports starting on Tuesday, the energy minister
said late on Sunday.
The 42,000 barrel-per-day Sonara refinery in Limbe declared a force majeure
on Saturday after a tank exploded, causing a fire that halted output.
“Flames consumed four of the 13 production units, stopping all the Sonara
refining process,” Minister of Water Resources and Energy Gaston Eloundou
Essomba said. “The market will remain supplied by imports.”
Sonara, which is almost entirely state owned apart from a 4% stake held by
Total, has a capacity of 2.1 million tonnes of crude a year. It serves the
whole country, so any delay in getting it back up and running has the
potential to cause severe fuel shortages.
South Africa's Sasol says 2nd unit at LCCP starts production
(Reuters) - South African petrochemicals firm Sasol Ltd said on Monday that
a second unit at its U.S. ethane cracker project came online last week.
The company’s Lake Charles Chemicals Project (LCCP), which will convert
natural gas into plastics ingredient ethylene, said the plant started
producing ethylene oxide on May 31.
Jay-Z named world's first billionaire rapper
Jay-Z is officially hip hop's first billionaire, Forbes has declared, after
building an empire based on music, property, fashion and investments.
The US magazine has estimated that the rapper's wealth now "conservatively
totals" $1bn (£800m).
Forbes says the husband of singer Beyonce has succeeded because he built
brands rather than just endorsed them.
In its rankings, Forbes rejected claims that rapper and producer Dr Dre had
reached billionaire status.
Jay-Z, born Shawn Carter, grew in one of New York City's most notorious
areas.
He hit fame in 1996 with his debut album Reasonable Doubt. His 2001 album
The Blueprint was in March added to the Library of Congress' National
Recording Registry because it was deemed "culturally, historically, or
aesthetically significant".
Forbes said it had estimated Jay-Z's wealth by adding various assets and
then "subtracting a healthy amount to account for a superstar lifestyle".
Among the 49-year-old's assets are:
* A $75m music catalogue
* Stakes in Armand de Brignac champagne and D'Usse cognac, worth
$410m in total
* A stake in Uber worth about $70m
* Property in fashionable parts of New York and Los Angeles
* A $100m stake in the music streaming service Tidal
* An art collection valued about $50m
His superstar wife is reportedly worth about $335m, made mostly from music
and endorsements, and the couple have had a joint net worth over $1bn for
several years.
Jay-Z, who once rapped "I'm not a businessman, I'm a business, man", is one
of only a handful of entertainers to become billionaires, according to
Forbes.
It was often assumed that Dr Dre reached billionaire status in 2014 after
selling his Beats headphone business to Apple. But last year Forbes put his
personal wealth at about $770m.
Kasseem "Swizz Beatz" Dean, the producer behind some of Jay-Z's biggest
hits, told Forbes that the rapper's success is "bigger than hip-hop".
He said: "It's the blueprint for our culture. A guy that looks like us,
sounds like us, loves us, made it to something that we always felt that was
above us."
Jay-Z appears on the the front cover of the latest Forbes magazine alongside
another - wealthier - billionaire, Warren Buffet.
It appears that the legendary investor, 40 years his senior, spotted
something special in the rapper a few years ago, telling Forbes in 2010:
"Jay is teaching in a lot bigger classroom than I'll ever teach in. For a
young person growing up, he's the guy to learn from."--BBC
Apple dissolves iTunes into new apps
Apple has announced that iTunes is to be replaced by Apple Music, Apple
Podcasts and Apple TV.
There had been speculation that the tech giant was planning to shutter the
music service it launched in 2001.
The firm also revealed a number of new privacy measures at its annual
developer conference in San Jose.
A new sign-in will be an alternative to logging into apps using social media
accounts, hiding the user's email address and data.
iTunes will remain unchanged on Windows platforms.
The announcements were made at the WWDC conference, where the tech giant
outlines its software plans for the months ahead.
Apple announced several new privacy measures, building on last year's event
where it pledged to jam Facebook's tracking tools.
"Privacy is a fundamental human right," said Apple's software chief Craig
Federighi.
He said that there will be an option for apps which request location
information to have to ask every time they require it, and they will be
blocked from using other markers, such as identifying Wi-Fi or Bluetooth
signals.
Apple is also launching a sign-in-with-Apple login, as an alternative to
logging in to a service using a social media account.
Using this login, users can choose to hide their email address, with Apple
creating a random alternative address which will forward to the real
mailbox.
"The unveiling of 'Sign-in With Apple' will concern rivals, particularly the
web giants," commented Ben Wood from CCS Insight.
"Existing sign-in services provide a simple means for single sign-in across
the web. Privacy is the differentiator that will be heavily emphasised
versus Facebook and Google, and represents a great marketing tool for
Apple's broader privacy stance."
The next iteration of the iPhone's operating system - iOS 13 - includes a
range of changes to its interface, as well as new functions.
The new Dark Mode enables iPhone apps to be viewed with a black background,
while the Apple Maps app will come with a virtual tour experience similar to
Google's Street View.
Other key features include the option to silence unknown callers and block
senders within the Mail app, improved search in messages, and optimised
battery charging.
Apple has also made improvements to its language keyboards, including the
introduction of new bilingual keyboards and typing predictions for Arabic,
Hindi, Thai, Cantonese, Vietnamese and the 22 official Indian languages.
The Apple Watch is to become more independent from the iPhone with its own
app store.
New apps for the Watch include a menstrual cycle tracker, with an optional
fertility window predictor, and a noise level tool to alert Watch wearers
when they are around noise levels that can damage hearing.
Apple said it would not record or store the noise data.
The tech giant also unveiled a redesigned Mac Pro complete with a 28-core
Intel processor and 6k retina display screen, which is 40% larger than the
current iMac display screen.
It will launch in the autumn with prices starting at $5,999 (£4,700) - this
does not include the screen or stand.
And instead of buying additional monitors, existing Mac users will now be
able to use the iPad as a second screen.
Tuong Nguyen, senior principal analyst at Gartner, said this year's event
had a different feel to its predecessors, following on from Apple's last
announcements which saw it reposition itself as a provider of services,
rather than hardware.
"Typically at WWDC you might see it begin with something interesting, in
terms of how devices are used or how apps interact, but this time it kicked
off with a video that looked more like a movie trailer," he said.
"Is this the new way we should see Apple events, more rooted in the media
content side of things, rather than the strong emphasis on technology and
hardware innovation?
"Remember, the last event was all about services and content - this may be
the new way that Apple differentiates itself."--BBC
Boeing warns of potential wing faults in some 737 jets
Boeing has warned airlines about potential flaws on the wings of some 737
aircraft, including on the new-generation 737 Max that was grounded after
two crashes.
The company has identified possible faulty parts on more than 300 aircraft
worldwide.
The parts, called wing slats, help reduce drag on take-off and landing.
Affected parts may be susceptible to premature failure or cracks, the US
aviation regulator said.
The Federal Aviation Administration Authority (FAA) added that the issue
arose due to an "improper manufacturing process".
The president and chief executive of Boeing Commercial Airplanes, Kevin
McAllister, said in a statement: "We are committed to supporting our
customers in every way possible as they identify and replace these
potentially non-conforming tracks."
Boeing chairman and chief executive Dennis Muilenburg told CNBC the company
was dealing with the issue "expeditiously", adding: "Certainly it is
something we regret, the impact it has had to our customers.
"Any time there is news on the 737, it is something that goes to the top of
our list, we're paying close attention to it."
News of the potentially faulty wing parts prompted a 1.6% fall in Boeing's
share price at the start of trading, but the stock partially recovered to
finish 0.8% down.
The latest issue comes as the planemaker grapples with the consequences of
the 737 Max grounding.
The planes were grounded worldwide after a combined 346 people died in two
crashes, the first in Indonesia in October followed by one in Ethiopia in
March.
That also knocked the reputation of the FAA amid questions over its
oversight during the flight certification process of the Max.
Boeing is working on a software fix that will allow the Max to begin flying
again, but differences have arisen between the US and Canada on how to train
pilots on the software after the update.
Washington believes training on computers or tablets is sufficient for
seasoned pilots, but Ottawa wants to require training on flight simulators.
Other regulators around the world are trying to work on a coordinated plan
to get the Max back into the skies.--BBC
Kenya's new banknotes and the battle against corruption
Kenya's President Uhuru Kenyatta has announced that the country's currency
is to be replaced with a new generation of banknotes.
Kenyans must return their 1,000 shilling ($10; £8) notes to banks by 1
October, in a bid to fight money laundering, counterfeits and corruption.
New banknotes are to be brought in over the coming months with other
denominations being phased out gradually.
Some Kenyans have expressed anger over the new banknote design, which
features an image of a statue of Kenya's first President, Jomo Kenyatta -
the current president's father.
The decision on the design, as well as the clampdown on the 1,000 shilling
notes, has been challenged in court.
Why is Kenya replacing its banknotes?
Kenya is withdrawing the note to crack down on embezzlement and tackle a
wave of counterfeit 1,000 shilling notes.
The governor of Kenya's central bank, Patrick Njoroge, also expressed "grave
concern" over larger banknotes being used for "illicit financial flows in
Kenya and also other countries in the region".
The 1,000 shilling note is the highest value note in Kenya and according to
Mr Njoroge, the Kenyan shilling is the equivalent to the US dollar in east
Africa, in terms of its recognition.
President Kenyatta promised to stamp out corruption when he was elected in
2013.
But his critics say there have been few convictions since then, especially
of high-profile people.
BBC Africa business reporter Georgie Ndirangu says the demonetisation - the
withdrawal of a coin, note, or precious metal from use as legal tender - is
seen as a direct response to this criticism.
Officials and well connected businessmen in corrupt cartels are believed to
hold hundreds of millions of illegally obtained shillings in cash, and
withdrawing the 1,000 shilling note is expected to close many
money-laundering avenues, as they have to be exchanged for the new currency,
he said.
Kenya coins replace leaders with animals
How will the changeover happen?
Mr Njoroge said the four-month transition period should allow enough time
for Kenyans to exchange their old 1,000 shilling notes.
Those exchanging less than 5m shillings would be able to do so at their
local bank but any higher amounts will need approval from Kenya's central
bank.
Mr Njoroge said he would be holding talks with managers of foreign-exchange
bureaux and money-remittance providers to put in place controls to prevent
illicit financial flows.
He said he would communicate with banks across the region so that illegal
money did not get exchanged in their countries.
Why are Kenyans angry about the new currency?
As well as showcasing Kenya's wildlife, the new banknote design features the
Kenyatta International Convention Centre (KICC) with a statue of Jomo
Kenyatta in the middle.
He played a major role in leading Kenya to independence and went on to
become the country's first president.
The Constitution of Kenya 2010 says that money - both coins and banknotes -
should not feature a portrait of an individual.
Human Rights Activist Okiya Omtatah is challenging the decision in court,
arguing that there has been a lack of public participation in designing the
notes, as well as the demonetisation of the current 1,000 shilling note.
But some Kenyans back the decision to put Kenyatta on the note. One man said
it was a "sign of respect" for the "founding father" of Kenya.
What other countries have demonetised?
In 2016, India changed almost all of its cash overnight, which some critics
claim caused long-term financial problems. The Indian government said it was
a necessary move to tackle tax evasion and terrorism funding, and in a
country where 90% of transactions are in cash, to move towards a cashless
society.
Nigeria introduced a similar ban on old notes in 1984 in an attempt to
crackdown on corruption, as did Ghana in 1982 to help with tax evasion.--BBC
Sephora to shut US stores for diversity training
Beauty chain Sephora will close its US stores on Wednesday for diversity
training, a month after a racial incident involving singer SZA.
The R&B artist said she had been racially profiled while shopping at a
Sephora store in California.
The firm told Reuters it was aware of the incident but said the training was
not "a response to any one event".
Last year Starbucks held inclusion training amid racial profiling
allegations.
In a tweet on 1 May, SZA said while shopping at a Sephora store outside of
Los Angeles, an employee she identified as "Sandy" had "called security to
make sure I wasn't stealing".
The company responded at the time on Twitter: "You are a part of the Sephora
family, and we are committed to ensuring every member of our community feels
welcome and included at our stores."
Last year US website Refinery29 reported the singer had previously worked at
Sephora.
SZA has been nominated for numerous Grammy awards, and recently collaborated
with Kendrick Lamar on the track "All the Stars" which featured on the
soundtrack of the film Black Panther.
In a Facebook post, Sephora said it would hold "inclusion workshops" on the
morning on 5 June at its US stores as well as its distribution centres and
corporate offices.
Sephora did not immediately respond to BBC requests for comment about the
training.
Emily Shapiro, a spokesperson for Sephora, told Reuters the store closures
were not "a response to any one event," saying that planning for the
"inclusivity workshops" had been in progress for months.
Last year Starbucks shut all 8,000 company-owned branches in the US for an
afternoon to carry out "racial bias" training.
Starbucks US stores hold race training
The move came after the firm had to apologise over the arrest of two black
men who were waiting to meet someone in a Starbucks in Philadelphia in May
2018.
The incident sparked calls for a boycott of the coffee chain.--BBC
Manufacturing shrinks as Brexit stockpiling halts
The UK manufacturing sector contracted in May for the first time since July
2016 as stockpiling eased ahead of Brexit, an influential survey shows.
The research, by IHS Markit/CIPS, said firms found difficulty convincing
clients to commit to new contracts.
The manufacturing Purchasing Managers' Index (PMI) was 49.4, down from 53.1
in April when it was lifted by stockpiling ahead of the UK's expected EU
exit.
Any reading below 50 indicates contraction.
The last time there was a reading below 50 was the month after the EU
referendum.
Brexit: UK and EU agree delay to 31 October
Factories rush to stockpile for Brexit
The UK had been due to leave the EU on 30 March and the survey had
previously shown stockpiling ahead of this departure date.
In April, the UK and EU subsequently agreed a delay to Brexit until 31
October.
May's survey found that stockpiling meant that it was difficult for
manufacturers to win new orders.
The volume of new business fell for the first time in seven months and at
one of the fastest rates recorded by the survey in the past six-and-a-half
years.
Rob Dobson, director at IHS Markit, which compiles the survey, said new
order inflows declined from both domestic and overseas markets.
"Demand was also impacted by ongoing global trade tensions, as well as by
companies starting to unwind inventories built up in advance of the original
Brexit date. Some EU-based clients were also reported to have shifted supply
chains away from the UK," he said.
'Brexit hangover'
Manufacturing jobs fell for the second consecutive month and Mr Dobson said
the sector's downturn "may have further to run and will have negative
ramifications for growth in the months ahead."
Duncan Brock, group director at the Chartered Institute of Procurement and
Supply (CIPS) which also conducts the survey, said: "A slowdown in the
global economy, and trade wars hotting up could tip the scales even further
next month and increase the likelihood that the UK manufacturing sector will
remain in contraction territory".
The reading of 49.4 on the index was was well below the figure expected by
economists polled by Reuters who had forecast a reading of 52, which would
have meant the sector was still expanding.
Thomas Pugh, UK economist at Capital Economics, said manufacturing was
likely to remain subdued and that the "hangover from Brexit preparations in
the sector will weigh on GDP" in the second quarter.
Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said he had
factored in a reversal in manufacturing into his estimate for GDP in the
second quarter.
He expects growth to slow to 0.2% from 0.5% in the first three months of the
year.--BBC
Ineos billionaire Jim Ratcliffe in $2bn Saudi investment
UK energy firm Ineos is to invest $2bn (£1.6bn) in building its first ever
manufacturing plants in Saudi Arabia.
It follows an agreement with the Kingdom's state oil company Saudi Aramco
and French energy firm Total.
Ineos said the facilities would produce chemicals for sectors such as
automotive, aerospace and electronics.
Chairman Sir Jim Ratcliffe, who is Britain's third richest man, called it "a
major milestone that marks our first investment in the Middle East".
"We are bringing advanced downstream technology which will add value and
create further jobs in The Kingdom."
Fracking boss calls government 'pathetic'
UK fracking firm urges rise in quake level
Under the deal, Ineos will develop three chemical plants at Jubail 2, a $5bn
petrochemicals complex run by Saudi Aramco and Total.
It said the plants, which will begin production in 2025, would give it
better access to markets in the Middle East and Asia.
It follows its recent investments by the company in Belgium, China and the
US.
Ineos has also been holding exploratory fracking tests in Britain, but
recently complained that tough regulations were making it unviable for
firms.
Sir Jim argued ministers had given in to a "vocal" minority of environmental
campaigners, despite fracking being "extremely safe and well proven".
In May, the pro-Brexit businessman also rejected reports about him allegedly
leaving the UK to live in Monaco for tax purposes.
The billionaire said Ineos had invested £2.5bn in the UK over the last 20
years, and that he had "never made a penny of profit in the UK".
"I have made lots of money in the US, Germany and Belgium, but am I supposed
to go and live there? It's my private affair," he told the BBC.
Correction 3 June 2019: A previous version of this article was headlined
Ineos director: TV chef attack on plastic 'pretty pathetic' and reported
comments made by Tom Crotty, a director of Ineos, in an interview on the
Today programme.
Hugh Fearnley-Whittingstall has since tweeted that Ineos "have been misled
by some inaccurate reporting".--BBC
INVESTORS DIARY 2019
Company
Event
Venue
Date & Time
Dairibord
AGM
Steward Room, Meikles
31 May 2019, 12pm
Lafarge
AGM
Manresa Club, Arcturus
05 June 2019 , 12pm
CBZ
AGM
Stewart Room, Meikles
05 June 2019 , 3pm
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