Major International Business Headlines Brief::: 05 June 2019

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Major International Business Headlines Brief::: 05 June 2019

 


 

 


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*  South Africa's ANC says agreed to expand central bank mandate

*  Departures at South African state firms could drag out Ramaphosa's
reforms

*  Vedanta's Zambia court hearing adjourned for a week

*  Kenya central bank to hold its rate-setting meeting on July 24

*  Airtel Africa to file for London IPO

*  IMF urges South Africa to speed up reforms to boost growth

*  Shoprite halts deal that would cut chairman's voting influence

*  US says China playing 'blame game' in trade battle

*  Oil and gas industry 'listening' to climate activist Greta Thunberg

*  Craigavon-based company Almac makes record turnover

*  Mexico-US tariffs will harm both countries, warn officials

*  Tamagotchi returns in wave of 1990s nostalgia toy joy

 


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South Africa's ANC says agreed to expand central bank mandate

JOHANNESBURG (Reuters) - South Africa’s governing African National Congress
Secretary General, Ace Magashule, said on Tuesday that a meeting of the
party’s executive had agreed to expand the mandate of the central bank.

 

The rand extended losses after Magashule’s comments, as investors are
nervous about any changes that could harm the independence of the South
African Reserve Bank.

 

“The National Executive Committee lekgotla (meeting) agreed to expand the
mandate of the South African Reserve Bank just beyond price stability, to
include growth and employment,” Magashule told a news conference in
Johannesburg.

 

Magashule added that the ANC’s executive wanted the government to constitute
a task team to explore quantitative easing measures for developmental
purposes.

 

 

 

 


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Departures at South African state firms could drag out Ramaphosa's reforms

JOHANNESBURG (Reuters) - President Cyril Ramaphosa’s mission to fix two of
South Africa’s most troubled state companies, power firm Eskom and South
African Airways (SAA), could take longer than planned after their chief
executives quit within a week of each other.

 

Investors say the CEOs’ resignations could slow the implementation of
turnaround plans seen as critical to shoring up confidence in Africa’s most
industrialised economy, which has for years struggled to grow and whose last
investment-grade credit rating is hanging by a thread.

 

Since becoming president in February 2018, Ramaphosa has pledged to woo
investment, create jobs and tackle deep-rooted corruption.

 

The roles at Eskom and SAA are some of the most challenging in corporate
South Africa, with fierce disagreements over how the companies should
operate, meaning it will be difficult to find replacement leaders quickly.

 

Both have received government bailouts in recent years but executives say
that financial support was insufficient.

 

Eskom is choking under 440 billion rand ($30.3 billion) of debt — equivalent
to around 9 percent of South Africa’s 2018 gross domestic product — and this
year implemented some of the worst power cuts in several years. It said last
month that CEO Phakamani Hadebe would step down in July for health reasons.
[nL5N2304NG] [nL8N21626I]

 

But two sources close to Hadebe told Reuters that another reason for his
departure was that he felt frustrated at being excluded from important
decisions affecting the utility.

 

Ramaphosa has appointed a raft of advisors to come up with solutions to
Eskom’s woes and has preferred to listen to their views rather than consult
Hadebe, the sources said.

 

“The government needs to understand that if it wants these companies to be
run properly, then it needs to create an environment where the new CEOs can
function,” said Pavel Mamai, partner at fund manager ProMeritum.

 

“The CEO changes make the task of fixing Eskom and SAA more urgent.”

 

SAA CEO Vuyani Jarana wrote in his resignation letter last week that his
plans to revive the loss-making airline were being undermined by a lack of
state funding and too much bureaucracy. [nL8N23906G]

 

Jarana, who will leave SAA at the end of August, told Reuters in a May 2018
interview that government funding was critical to fixing the airline.

 

Hadebe and Jarana had both been in their roles for less than two years when
they resigned — a common trend at South African state firms.

 

“The revolving-door policy at key state-owned enterprises does little to
instil investor confidence,” said analyst Shaun Murison at IG Markets.

 

Hadebe’s phone was switched off when a Reuters reporter called on Monday. An
SAA spokesman said Jarana was not available for comment.

 

MONUMENTAL CHALLENGE

The search for replacements for Hadebe and Jarana has only just got under
way.

 

But the new Eskom and SAA executives will face monumental challenges, which
include navigating the competing interests of different sections of
government and society.

 

Eskom and SAA report to South African Public Enterprises Minister Pravin
Gordhan, a close Ramaphosa ally respected by investors for running a tight
ship while finance minister but whose management style opponents call
interventionist.

 

Gordhan’s aides told Reuters on Monday that the financial and operational
crises at Eskom and SAA necessitated close attention from the minister.

 

They said the scale of the problems facing Eskom, which range from liquidity
issues to coal quality, meant it was unrealistic to expect the CEO alone to
solve them. Fiscal constraints meant the government had to opt for a “phased
recapitalisation” rather than giving SAA all the money it wanted in one go,
they added.

 

The new executives will also have to establish a close working relationship
with Finance Minister Tito Mboweni, who this year likened giving state funds
to Eskom to pouring water into a sieve and last year said SAA should be
closed down. The airline has not made a profit since 2011.
[nL5N20F3C1][nL8N1XC6UF]

 

A further complication comes from labour unions and sections of Ramaphosa’s
governing African National Congress party that vehemently oppose efforts to
trim the two firms’ bloated workforces.

 

Analysts say job cuts should be a key component of the companies’ recovery
plans and that the stakes are high if those plans fail. Eskom employs
roughly 48,000 people, after hiring about 12,000 additional employees in the
past decade. A World Bank research report published in 2016 said it was
significantly overstaffed.

 

“If Ramaphosa does not come up with a solution to this crisis soon, there is
a good chance Moody’s will remove South Africa’s last investment-grade
credit rating,” said Nigel Rendell, a director at Medley Global Advisors.

 

“Eskom is the biggest issue hanging over financial markets, and there won’t
be a happy ending unless there is a significant capital injection from
somewhere.”

 

($1 = 14.5283 rand)

 

 

 

Vedanta's Zambia court hearing adjourned for a week

LUSAKA (Reuters) - A court hearing following Zambia’s decision to name a
provisional liquidator to run Vedanta Resources’ Konkola Copper Mines (KCM)
business was adjourned for a week on Tuesday without tackling Vedanta’s
demands to be involved, the company said.

 

Vedanta Resources, part-owner of the Mumbai-listed Vedanta group of
companies, is KCM’s majority shareholder, while Zambian state mining company
ZCCM-IH holds a roughly 20 percent stake.

 

In a statement, Vedanta said the judge had considered preliminary issues
brought by ZCCM and reserved judgment until June 11.

 

The judge did not address Vedanta’s request for it to be involved in the
liquidation proceedings, which it says have so far been one-sided.

 

“Vedanta does not consider that there are just and equitable grounds to
wind-up KCM and will defend all attempts to do so,” it said.

 

Zambia’s decision to name a provisional liquidator to run Vedanta Resources’
KCM business, one of the country’s biggest employers, has unnerved
international miners concerned about rising resource nationalism in Zambia
and neighbouring countries.

 

The Zambian government says KCM has breached the terms of its licence.

 

 

 

Kenya central bank to hold its rate-setting meeting on July 24

NAIROBI (Reuters) - Kenya’s Monetary Policy Committee will hold its next
rate-setting meeting on July 24, the central bank said on its website on
Tuesday.

 

At its last meeting in May, the central bank left its benchmark lending rate
unchanged at 9.0% and said it would keep an eye on recent food and fuel
price rises that could fuel inflation.

 

 

 

Airtel Africa to file for London IPO

(Reuters) - Airtel Africa Ltd, a subsidiary of India’s Bharti Airtel Ltd, on
Tuesday said it will proceed with its plan to list shares on the main market
of the London Stock Exchange through an initial public offering (IPO).

 

The company said the offer is targeted to raise $750 million and proceeds
will be used to reduce debt.

 

 

 

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.”

 

 

 

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.

 

 

 

US says China playing 'blame game' in trade battle

The US has said China is playing a "blame game," misrepresenting trade talks
between the two countries.

 

In a statement, the Trump administration also accused China of
"backpedalling" on trade agreements.

 

The comments come in response to Beijing's release of a paper blaming
Washington for the setback in talks.

 

The US reignited the trade war last month by raising tariffs on billions of
dollars worth of Chinese goods, prompting Beijing to retaliate.

 

The two countries have been in an escalating conflict over trade for the
past year. The scope of the battle has expanded in recent months as
Washington has tightened trade restrictions on Chinese telecoms giant
Huawei.

 

Hopes for an imminent trade deal were shattered in May after the Trump
administration more than doubled tariffs on $200bn (£157.9bn) of Chinese
imports and threatened additional duties.

 

"Our negotiating positions have been consistent throughout these talks, and
China backpedalled on important elements of what the parties had agreed to,"
a statement from the Office of the United States Trade Representative (USTR)
said.

 

The statement said the US was "disappointed" the Chinese had chosen in
recent public statements "to pursue a blame game misrepresenting the nature
and history of trade negotiations between the two countries".

 

Beijing released a "White Paper" on Sunday, which set out China's position
in trade talks including some of its prerequisites for a deal.

 

In the paper, China said in order to reach a deal "the US should remove all
additional tariffs imposed on Chinese exports".

 

While China was willing to work together with the US to reach a "mutually
beneficial and win-win agreement", the paper said "mutual respect" was key.

 

"One side should not cross the other's 'red lines'. The right to development
cannot be sacrificed, still the less can sovereignty be undermined," it
said.

 

Sticking points throughout US-China trade talks have included whether and
how fast to roll back tariffs, as well as how to enforce any trade deal.

 

The US has wanted to keep tariffs in place as part of the enforcement
mechanism and to be the sole arbiter of whether China had broken the terms
of the deal, analysts say.

 

"Our insistence on detailed and enforceable commitments from the Chinese in
no way constitutes a threat to Chinese sovereignty," the USTR said.

 

Trade war fallout

The trade war is already weighing on the global economy and China's "White
Paper" laid out some of its impact so far.

 

China's export volumes to the US fell by 9.7% year-on-year in the first four
months of 2019 due to the US tariff measures.

 

According to Chinese statistics, direct investment by Chinese companies into
the US dropped 10% year-on-year in 2018, the paper said.

 

No official trade talks have been scheduled since the last round ended in
May.

 

Chinese President Xi Jinping and US President Donald Trump are expected to
meet at the G20 meeting of leaders in Japan later this month.--BBC

 

 

 

Oil and gas industry 'listening' to climate activist Greta Thunberg

The UK's offshore oil and gas sector "is listening" to teenage climate
activist Greta Thunberg, according to a leading industry figure.

 

Oil and Gas UK chief executive Deirdre Michie has told a conference climate
change "is a real and present danger that we must deal with together".

 

She claimed the sector "can find and deliver" solutions to tackle the issue.

 

Miss Thunberg sparked an international youth movement after she staged a
"School Strike for Climate" last year.

 

Since then school students around the world have gone on strike to demand
action on climate change.

 

In a recent speech to MPs, the 16-year-old Swede criticised the UK for
supporting new exploitation of fossil fuels and exaggerating cuts to carbon
emissions.

 

UK is 'irresponsible' on climate, says Greta

Greta Thunberg: 'Climate fight will never stop'

Who is Greta Thunberg?

In her speech at an industry conference in Aberdeen, Ms Michie said: "I
would like to reassure Greta Thunberg - we are listening, because we want
the world to be a better place too.

 

"And while we believe that our industry's global contribution has improved
the lives of billions of people, we are clear that climate change is a real
and present danger that we must deal with together."

 

She described the climate activist as an "impressive young woman we can all
take inspiration from".

 

Ms Michie also responded to Ms Thunberg's contention, made at the UN climate
conference in Poland in December, that "if solutions within the system are
so impossible to find, maybe we should change the system itself".

 

Ms Michie said: "I would like to suggest that as the UK's offshore oil and
gas industry has so many talented people...we can find and deliver the
solutions needed while at the same time positioning ourselves to be at the
heart of an energy system that also needs to change - whether it is by the
sector working to reduce its operational emissions as well as supporting the
advancement of low carbon and abatement technologies.

 

"Indeed, along with our sector delivering from exploration through to
decommissioning, it's already unlocking the energy transition with some
operators extending their portfolios into other energies - Equinor, Total,
Shell and BP.

 

"And of course, the downstream and utilities sectors are doing a lot of work
in this too."

 

'Greatest failures'

In her speech to MPs in April, Miss Thunberg said the UK was supporting
shale gas fracking, greater exploitation of North Sea oil and gas fields and
expanding airports.

 

"This ongoing irresponsible behaviour will no doubt be remembered in history
as one of the greatest failures of humankind," she said.

 

She also described the UK's carbon emissions reduction as the result of
"very creative" accounting.--BBC

 

 

 

Craigavon-based company Almac makes record turnover

Pharmaceutical company Almac made a pre-tax profit of £27m on a record
turnover of £548m in 2018.

 

The company, which has its headquarters in Craigavon, County Armagh, said it
had been "another strong year."

 

Profits are down from the £33m achieved in 2017, reflecting a higher level
of investment spending.

 

The firm has been developing its facilities in Dundalk and Athlone in the
Republic of Ireland.

 

Almac buys second facility in Republic

NI firm creating 100 jobs in Dundalk

In 2017, Almac bought the Dundalk factory as a direct result of Brexit.

 

A major part of the Almac business is making products and conducting tests
for big drugs firms.

 

It told a House of Commons committee its customers needed it to have a
guaranteed presence in the EU for regulatory reasons.

 

Staff numbers rose by 8% during 2018 to just under 4,800.

 

Almac is considered to be one of Northern Ireland's most successful firms
and is one of the region's major exporters.

 

Aside from its operations in Northern Ireland and the Republic, it also has
major facilities in England and the US.

 

Group chief executive Alan Armstrong said: "We have made significant
progress on our ambitious growth strategy with the acquisition of BioClin
Laboratories and the continued investment in our existing global
facilities."

 

'Waiting for Brexit'

Meanwhile, an economist has said the Northern Ireland economy is "in
permanent state of anticipation".

 

Gareth Hetherington, director of Ulster University's economic policy centre,
expects the Northern Ireland economy to grow by 1.2% next year, down from
1.3% this year.

 

"We are in this permanent state of anticipation. We are waiting for Brexit
to be resolved, we are waiting for ministers to return to Stormont," he
said.

 

"Certainly there's nothing in the short term that would suggest Brexit is
going to be resolved quickly, or what's going to happen with talks on the
hill. But expectations are that it could be the end of the year at least,
before we see a return to devolution."

 

Image caption

Ulster University has published its economic outlook for the year ahead

"We have been going through these consecutive short term periods of
uncertainty, that's starting to turn into a long term period of uncertainty.
That makes it very difficult for businesses to make investment decisions,"
he added.

 

He was speaking as Ulster University published its outlook for the year
ahead.

 

It said that while much of the current economic data is positive, the
outlook remains cautious.

 

Employment is at a record high, with 71% of the working age population in
work.

 

But this report says broader global tensions are creating uncertainty and it
says that is likely to result in lower economic growth.--BBC

 

 

 

 

Mexico-US tariffs will harm both countries, warn officials

Mexico has warned US President Donald Trump that tariffs on Mexican goods
could worsen illegal immigration to the US and end up hurting both
countries.

 

The warning came as Mr Trump tweeted that Mexico could "stop the flow of
people and drugs" across the border "if they want".

 

Mexican and US officials are in talks while Mr Trump is in the UK.

 

The president has said he plans to impose a 5% duty on all Mexican goods
from next week.

 

The butterflies that could stop Trump’s wall

Trump's border wall - in seven charts

The tariff would then rise by 5% every month until it reached 25% in October
if Mexico did not act to halt migrants coming across the southern border.

 

It comes as the US fights a trade war on several fronts, including with
China. Mr Trump has unusually used tariffs in diplomatic disputes since
taking office.

 

 

What is Mexico's position on this?

Speaking in Washington DC on Monday, Mexican officials insisted they were
acting to stem the flow of people, many of whom are trying to reach the US
so they can claim asylum.

 

Mexico's Foreign Minister Marcelo Ebrard told reporters they remained
committed to tackling the issue, and warned that if they did "nothing", a
quarter of a million migrants would reach the US this year, according to
Reuters news agency.

 

 

He also rejected a suggestion Mexico could become a "safe third country" as
"unacceptable". Some US officials want Central American migrants seeking
asylum in the US to apply for it in Mexico instead, according to Reuters.

 

Meanwhile, the country's agriculture minister said they estimated the cost
of the tariffs on the agricultural sector alone to be some $117m (£92m) a
month in both countries, Reuters said.

 

Why is the US doing this?

US Commerce Secretary Wilbur Ross, who met with Mexico's Economy Secretary
Graciela Marquez, said he had told her that Mexico needed to step up its
efforts to address illegal immigration.

 

Mexico was the second largest supplier of goods to the US last year, with
imports totalling $352bn (£275bn), according to Goldman Sachs.

 

However, relations have been strained, with President Trump saying Mexico is
not doing enough to stop people reaching the southern border.

 

As a result, Mr Trump declared a national emergency at the US-Mexico border
in February.

 

He said it was necessary in order to tackle what he claimed was a crisis
with thousands of undocumented migrants crossing the US southern frontier.

 

Mr Trump's tariff threat came as US officials have also been pushing for
passage of the United States-Mexico-Canada Agreement, an update to the North
American Free Trade Agreement - and US lawmakers have warned the latest
moves could hinder its progress.--BBC

 

 

 

Tamagotchi returns in wave of 1990s nostalgia toy joy

Back when he was at school in the 1990s, Josiah Chua says "everyone" had a
Tamagotchi. The 31-year-old remembers how the playground buzzed with kids
addicted to their digital pets.

 

"I don't think we were allowed to take it to school. We tried to sneak them
in our school bags," the Singapore-based fashion stylist says.

 

Mr Chua's is probably a fairly typical millennial memory.

 

The toy - an egg-shaped, plastic pet that its owner had to keep "alive" with
constant care and attention - was the must-have item not long after its
launch in 1996.

 

It's about to make a comeback. Japanese manufacturer Bandai will release an
all-colour, new and improved version of the classic toy in North America in
July.

 

This time round, it can do more than eat, sleep, beep and die.

 

It's evolved from a pet into more of a character, Bandai says, that can
inhabit different lands, as well as get married and breed.

 

"Our fanbase is already very excited and has done pre-orders," Bandai
America's Director of Marketing Tara Badie says about the Tamagotchi On.

 

How practical joke toys became a million dollar idea

Can old toys make you rich?

It turns out the gadget never really went away - Bandai frequently releases
new Tamagotchis in Japan and other markets - but the latest model is part of
a wave of 1980s and 1990s symbols reinvented for new generations.

 

Take Sonic the Hedgehog: the Sega character will hit movie screens next
year.

 

The Spice Girls are touring and The Face is back. You can buy scrunchies on
luxury fashion site Net-a-Porter.

 

Retro revival

Mintel Retail Analyst Chana Baram says there's been a spike in the number of
retro goods making a comeback as people search for comfort in the "good old
days".

 

"We're used to it in clothing and fashion but it's become more talked about
in terms of old products."

 

It's a trend also observed by Italy-based toy seller Alessio Di Marco, whose
company Tons-of-Toys sells vintage items and collectibles.

 

Over the past year he's seen a "strong rise in interest in toys from the
1990s" like Teenage Mutant Ninja Turtles, Power Rangers and Polly Pocket.

 

Mr Di Marco says there's also plenty of appetite for the "fabulous decade of
Disney movies" starting from 1989's The Little Mermaid, to Beauty and the
Beast, Aladdin and The Lion King amongst others.

 

"The children of the 1990s have grown up and are increasingly nostalgic for
the toys of their childhood," he says.

 

Those adults can now afford to buy things they want. But the nostalgia
opportunity for brands runs deeper than that.

 

A recent Mintel survey found 57% of toy buyers in the UK said they like to
purchase toys for their child that they also played with.

 

"Everyone thinks of their childhood as great and thinks 'Oh, things weren't
as bad then'," Mintel's Ms Baram says.

 

Why nostalgia works

For brands and advertisers, playing on feelings of nostalgia isn't new.

 

It's one element of a wider marketing strategy that looks to entice
consumers through escapism.

 

"In particular, going back to the very idealised associations of your
childhood," says Ogilvy's Chief Strategy Officer for Asia Benoit Wiesser.

 

He says memories of our formative years - the music, fashion, toys and games
- are encoded in our brains for life as a store of happy feelings.

 

So playing with a Nintendo Gameboy or a Transformer triggers these fond
associations and gets "the chemistry flowing again".

 

"The moment you pick it up, it comes loaded with all this richness and
association and this feel-good factor," Mr Wiesser says.

 

 

He says nostalgia may be "something that's more salient" right now, in part
driven by a questioning attitude adopted by many millennials and those in
generation Z.

 

"There isn't necessarily one belief system about how we move forward from
here."

 

That uncertainty can help create an environment for nostalgic themes to
resonate, as it is a particularly effective strategy when people feel
uncertain and need reassurance.

 

"There's definitely a correlation between the popularity of nostalgia
marketing versus how confident, optimistic and secure a particular
population feels," Mr Wiesser adds.

 

New fans

Still, brands can't just stay still. Mr Wiesser says companies have to keep
reinventing themselves with fresh products as trading on past glories won't
be enough.

 

 

Bandai is hoping its Tamagotchi On, which is aimed at girls aged 6 to 12
years, is stacked with enough new features to hook a group of tech-savvy
young fans.

 

Tamagotchi loyalist Mr Chua is also excited to find out what feelings the
new gadget - decades on from the original - can draw out.

 

"Having the new version could help you remember the child in you."--BBC

 

 

 

 


 

 


 

INVESTORS DIARY 2019

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Lafarge

AGM

Manresa Club, Arcturus

05 June 2019 , 12pm

 


CBZ

AGM

Stewart Room, Meikles

05 June 2019 , 3pm

 


 

 

 

 

 


 

 

 

 


 

 

 

 


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