Major International Business Headlines Brief::: 10 June 2019

Mon Jun 10 03:49:53 CAT 2019

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Major International Business Headlines Brief::: 10 June 2019

 <http://www.nedbank.co.zw/> 

*  South African Airways requests urgent state funding as it appoints
interim CEO

*  Activists urge banks not to finance Ugandan oil pipeline

*  South Africa's rand continues to tumble on central bank worries

*  Ethiopia's parliament to approve law on liberalising telecoms sector

*  South Africa's net foreign reserves slip to $43.18 bln in May

*  Ethiopia 2019/20 coffee exports to rise to record high -USDA

*  Nigerian petroleum regulator revokes six oil block licences

*  IMF warns of giant tech firms' dominance

*  US jobs growth in shock May slowdown

*  Waterstones boss takes helm at Barnes & Noble

*  Economic clouds gather over Germany

*  Sir Philip Green in final bid to save retail empire

*  Zambian leader says BRI to facilitate Africa trade

*  Sub-Saharan Africa 2019 growth to rise to 2.9%: World Bank

 <mailto:info at bulls.co.zw> 

South African Airways requests urgent state funding as it appoints interim
CEO

JOHANNESBURG (Reuters) - South African Airways (SAA) appointed its head of
operations as acting chief executive on Friday and said it needs 4 billion
rand ($265 million) from the government to survive the current financial
year.

Zukisa Ramasia becomes interim CEO after Vuyani Jarana unexpectedly resigned
last week after less than two years in the job, saying his turnaround
strategy was being undermined by a lack of state funding and too much
bureaucracy.

The revolving door at state-owned enterprises highlights the mammoth task
South African President Cyril Ramaphosa faces to fulfil his promise of
reforming state firms and weaning them off government support. They are
regularly cited by ratings agencies as one of the main threats to the
country’s economic growth.

It also does little to instil investor confidence in Africa’s most
industrialised economy, which has for years struggled to grow.

Ramasia, who has more than 25-years experience in aviation, will start her
new role on Monday after Jarana indicated that he will no longer serve a
notice period.

SAA has started searching locally and globally for a permanent CEO to
stabilise the airline and oversee the implementation of the long-term
turnaround strategy, board member Thandeka Mgoduso told a news briefing at
the airline’s headquarters.

SAA has not made a profit since 2011 and Jarana launched a revised five-year
turnaround plan that includes slashing costs and cancelling unprofitable
routes, requiring around 21.7 billion rand ($1.5 billion) in cash injections
from the government.

Board member Martin Kingston said the new cash injection it seeks will
enable the airline to finalise outstanding financial statements and enable
it to continue operating until the 2021/22 financial year, when it expects
to make a profit.

“We are currently operating at a loss.. and that is the background to the
request we’ve made for 4 billion rand of support for the current financial
year,” board member Martin Kingston said.

The airline is in advanced talks with lenders about repaying the 3.5 billion
rand bridge loan due in July and extending the 9.2 billion rand long-term
loan over a protracted period of time, on condition of the government’s
ongoing financial support, Kingston said.

“They (government) are fully aware of the need to put in place not only
short-term financing but in addition to that to ensure that we have a
sustainable balance sheet to be able to support and underpin the turnaround
strategy,” Kingston said.

“Repaying the 3.5 billion rand opens the door for us to access additional
liquidity for the current financial year.”

Interim Chief Financial Officer Deon Fredericks added that the airline had
also approached three additional lenders, which include international
lenders, for short-term funding.

Jarana’s departure from SAA followed the resignation of power utility
Eskom’s chief executive Phakamani Hadebe last month, who had also been
trying to stabilise his highly indebted company.

EQUITY PARTNER?

Asked about the board’s views on equity partnership, Kingston said the board
does not have an “ideological” view on whether it should or should not have
a partner, be it an equity partner or not, as that is for the government to
decide.

The Ministry of Public Enterprises has said before that the airline should
prepare for a strategic equity partner.

“We need to understand that there is nobody who is going to invest in any of
these assets unless they are perceived to be profitable or capable of being
turned to profitability,” Kingston said.

“The current challenges facing the board need to be addressed by the board.
They will not be addressed by an incoming shareholder. The view will be, if
the board and the current shareholder are not capable of dealing with them,
then no incoming equity partner with a minority stake will be able to do
so.”

($1 = 15.0805 rand)

 <mailto:info at bulls.co.zw> 

Activists urge banks not to finance Ugandan oil pipeline

KAMPALA (Reuters) - A group of 30 international and local campaign groups
have petitioned two banks to abandon plans to raise funds to build an oil
pipeline to export Ugandan oil, saying the project would damage local
livelihoods, water resources and wildlife.

The 1,445 km (900 mile) pipeline, which will run from fields in the west of
Uganda to Tanzania’s Indian Ocean port of Tanga, is vital to developing the
East African nation’s oil reserves.

South Africa’s Standard Bank Group and Japan’s Sumito Mitsui Banking
Corporation are helping to raise the debt needed to finance the $3.5 billion
pipeline.

“We consider this project to present unacceptable risks to local people
through physical displacement and threats to incomes and livelihoods,”
Global Witness and 29 other groups from Britain, the United States and
elsewhere told the banks.

In a letter urging the banks not to arrange financing, the groups said the
project posed “unacceptable risks to water, biodiversity and natural
habitats, as well as representing a new source of carbon emissions the
planet can ill afford.”

Standard Bank said in an email it had received the letter and was reviewing
it. Sumito Mitsui Banking Corporation declined to comment when asked by
Reuters.

Uganda found oil reserves estimated to hold 6 billion barrels in western
fields in 2006. But progress on development has been slow, partly due to
disagreements between the government and oil firms about strategy. Uganda
also took several years to decide on a pipeline route.

France’s Total, China’s CNOOC and Britan’s Tullow Oil control the Ugandan
fields.

The pipeline, which will cross rivers and swampland that act as a catchment
for Lake Victoria and areas rich in wildlife, is expected to transport about
200,000 barrels per day (bpd) when oil production peaks.

South Africa's rand continues to tumble on central bank worries

JOHANNESBURG (Reuters) - South Africa’s rand fell again early on Friday,
reaching a new 2019 low as assurances by the ruling African National
Congress about the independence of the central bank did little to ease
nerves about economic policy.

At 0640 GMT, the rand was 0.63% weaker at 15.0900 per dollar, bring losses
since Monday to nearly 5% as a public spat among senior ANC officials over
the Reserve Bank’s mandate added to the bad news of a contraction to the
economy.

The row has exposed deep divisions within the ANC. A group loyal to
President Cyril Ramaphosa opposes calls from a rival faction for the bank to
do more to boost employment and kick-start growth in the country’s ailing
economy.

Data on Tuesday showed first-quarter growth contracted 3.2%, the most in a
decade, almost immediately followed by the ANC’s announcement that it wanted
the bank to consider quantitative easing to lower government debts, sending
the rand crashing.

A U.S. jobs report due later is expected to support the case for an interest
rate cut by the Federal Reserve. Emerging- market currencies would benefit
as yield-hunting investors looked for higher returns.

Bonds were also weaker, with the yield on the 10-year government bond at
8.535%.

Ethiopia's parliament to approve law on liberalising telecoms sector

ADDIS ABABA (Reuters) - Ethiopia’s parliament will on Monday approve a law
covering the liberalisation of the state-controlled telecoms sector, a
parliament spokesman said.

The move is the first concrete sign of progress on economic reforms pledged
by Prime Minister Abiy Ahmed shortly after he took office in April 2018.

“(On Monday) the Parliament will discuss comments made on the draft telecom
law by standing committees of Human Resource and Technology, as well as
Trade and Industry, after the that the MPs will approve the proclamation,”
parliament’s communications director, Qusquam Mamo, told Reuters.

South Africa's net foreign reserves slip to $43.18 bln in May

JOHANNESBURG (Reuters) - South Africa’s net foreign reserves dipped to
$43.178 billion in May from $43.245 billion in April, the Reserve Bank said
on Friday.

Gross reserves fell to $48.329 billion at the end of May from $49.538
billion in the prior month, central bank data showed.

The forward position, which represents the central bank’s unsettled or swap
transactions, was $1.152 billion in May from $1.874 billion in April.

Ethiopia 2019/20 coffee exports to rise to record high -USDA

NEW YORK (Reuters) - Ethiopia, Africa’s top coffee producer, is expected to
export a record-high 4 million 60-kg bags of coffee in 2019/20, the U.S.
Department of Agriculture attache in Addis Ababa said, as yields improve and
the area dedicated to coffee farming increase.

Production of coffee is expected to rise to 7.35 million tonnes in 2019/20,
an 1.4% increase from the 2018/19 season. Exports account for just over half
of overall production, and are forecast to grow 0.5% in 2019/20 from the
previous year to reach 4 million bags. Coffee is Ethiopia’s most important
export.

Exporters in the country are facing increased regulation, the USDA said,
with the government banning several exporters in recent months for
defaulting on their contracts and hoarding beans.

While supplies are greater this year thanks to higher yields due to better
rains and the reduced prevalence of disease, the USDA’s forecasted yield of
0.82 tonnes per hectare comes in well below the government’s target of 1.1
tonnes per hectare, the report noted.

And production continues to face the broader threat of farmers switching to
other crops.

“One of the major challenges the Ethiopian coffee sector is facing is that
many coffee producers, mostly from the eastern part of the country are
tearing out the coffee bushes and replacing them with khat, a plant with
stimulant properties,” the USDA said.

Meanwhile, domestic demand in Africa’s top coffee consumer is expected to
remain robust, with the USDA expecting Ethiopian consumption to rise by 2.4%
in 2019/20 compared to 2018/19.

Nigerian petroleum regulator revokes six oil block licences

LAGOS (Reuters) - Nigeria’s petroleum regulator has revoked six oil block
licences due to “legacy debts”, it said in a public notice on Thursday.

The notice, carried in some Nigerian newspapers, said the move by the
Department of Petroleum Resources was “in furtherance of the presidential
directive”.

The action comes as Nigeria takes a more aggressive approach to collecting
taxes and royalties that the country says it is owed. Oil industry sources
said Nigeria has also been increasingly vocal about rescinding licences that
are not being actively developed.

The notice said oil mining lease (OML) 98 was revoked from Pan Ocean Oil
Corporation, OML 120 and 121 from Allied Energy Resources Nigeria Limited,
OML 108 from Express Petroleum & Gas Company Limited and OML 110 from
Cavendish Petroleum Nigeria Limited.

The notice also said oil prospecting licence (OPL) 206 was revoked from
Summit Oil International.

Details of the size or value of the blocks were not immediately available.

A spokesman for the president declined to comment. A petroleum ministry
spokeswoman did not immediately respond to a request for comment.

IMF warns of giant tech firms' dominance

Giant technology companies might cause significant disruption to the world's
financial system, the head of the International Monetary Fund has warned.

Christine Lagarde said just a few firms with big data access and artificial
intelligence could run the global payment and settlement arrangements.

Her warning came as the G20 finance ministers met in Japan.

The summit is also discussing the need to close tax loopholes for internet
giants like Facebook and Google.

One of the options being considered is to tax such companies where they make
their profits - rather than where they base their headquarters.

The rise of the global mega-firms - why the IMF is worried

Will AI kill developing world growth?

"A significant disruption to the financial landscape is likely to come from
the big tech firms," Ms Lagarde said in Japan's south-western city of
Fukuoka.

She said such firms "will use their enormous customer bases and deep pockets
to offer financial products based on big data and artificial intelligence".

"This presents a unique systemic challenge to financial stability and
efficiency," she added.

She cited China as a most recent example.

"Over the last five years, technology growth in China has been extremely
successful and allowed millions of new entrants to benefit from access to
financial products and the creation of high-quality jobs," Ms Lagarde said.

"But it has also led to two firms controlling more than 90% of the mobile
payments market."--BBC

US jobs growth in shock May slowdown

The US economy created far fewer jobs than expected last month and wages
also rose less than forecast.

Some 75,000 jobs were created in May rather than the 185,000 expected by
analysts, the Bureau of Labor Statistics said.

The dollar dropped as markets assumed that the slower-than-expected job
growth meant a rate cut by the US Federal Reserve was more likely.

But the US unemployment rate remained at 3.6%, its lowest level for 50
years.

The US dollar fell more than 0.4% against the pound, the euro and the yen
after the jobs figures were published.

"While the US jobless rate remains at its historic low of 3.6%, far fewer
jobs are being created and wage rises are modest," said David Lamb, head of
dealing at Fexco Corporate Payments.

"Add a weakening economy to the absence of inflation and the conventional
answer is an interest rate cut," he added.

"While few expect the Fed to cut rates this month, the likelihood of a July
cut has risen sharply - and as a result the greenback has swooned."

Monthly wage growth remained moderate, with average hourly earnings
increasing by six cents, or 0.2%, in May following a similar gain in April.
That lowered the annual increase in wages to 3.1% from 3.2%.

The number of people unemployed was "little changed" at 5.9 million, the
Bureau of Labor Statistics said.

The US economy has been largely resilient to the country's trade war with
China so far.

In early May, US President Donald Trump raised tariffs to 25% on $200bn of
Chinese goods, prompting retaliation from China.

But analysts have warned that the trade fights could undermine the economy.

Economic clouds gather over Germany

World Bank warns of weaker global growth

Last week, President Trump said he would impose a tariff on all goods from
Mexico to try to force Mexican authorities to stop Central American
immigrants from crossing the US border.

Tariffs are due to be imposed from 10 June, starting at 5%, and rising each
month until reaching 25% in October.

Fed chairman Jerome Powell said on Tuesday that the central bank was closely
monitoring the implications of the trade tensions on the economy and would
"act as appropriate to sustain [economic] expansion".

Curt Long, chief economist with the National Association of
Federally-Insured Credit Unions, said: "This [jobs] report, combined with
nerves around tariffs, will be enough to force a rate cut from the Fed in
either June or July."--BBC

Waterstones boss takes helm at Barnes & Noble

The boss of UK book retailer Waterstones is being parachuted in to help the
turnaround of giant US chain Barnes & Noble.

James Daunt's appointment was announced as part of a takeover of Barnes &
Noble by hedge fund Elliott Management, which already owns Waterstones.

The deal values the largest US book chain, hit by the rise of online sites
such as Amazon, at close to $700m.

Elliott hopes Mr Daunt can repeat his turnaround of Waterstones.

Mr Daunt said: "Physical bookstores the world over face fearsome challenges
from online and digital. We meet these with investment and with all the more
confidence for being able to draw on the unrivalled bookselling skills of
these two great companies."

He will be based in New York, but remain at the helm of Waterstones. Elliott
bought a majority stake in Waterstones last year from Russian billionaire
Alexander Mamut, who rescued the chain from near-collapse in 2011.

Michelle Obama signs copies of her bestselling book at Barnes & Noble in New
York City.

Barnes & Noble has been listed on the New York Stock Exchange since 1993.
Its rapid growth and big-store format helped to sideline many independent
booksellers.

But the chain suffered after Amazon turned the market upside down, and
Barnes & Noble's efforts to pull in a more tech-savvy audience with its Nook
e-book reader failed to compete with the Kindle and other tablets.

In 2014, Barnes & Noble closed its New York Fifth Avenue store - once the
world's largest bookstore - and has faced declining sales for at least the
past three years. It has about 627 outlets.

Last year it made a loss of $137.7m before tax on sales of $3.6bn.

Leonardo Riggio, founder and chairman of Barnes & Noble, said: "We are
pleased to have reached this agreement with Elliott, the owner of
Waterstones, a bookseller I have admired over the years.

"In view of the success they have had in the bookselling marketplace, I
believe they are uniquely suited to improve and grow our company for many
years ahead."

Waterstones has faced its own challenge from Amazon, but it returned to
profit in 2016 after six years of losses. Mr Daunt oversaw a big investment
in the stores, concentrating on turning them into places to browse and
organising more in-store events.

He said Elliott's financial backing would allow him to invest in Barnes &
Noble's store estate and "make them look a bit nicer".--BBC

Economic clouds gather over Germany

Concerns are growing over the strength of Germany's economy - the largest in
the eurozone - following the release of more gloomy official figures.

Industrial production in April fell by 1.9% compared with the previous month
and exports were 0.5% lower than a year earlier.

Meanwhile new forecasts from the national central bank, the Bundesbank,
reflect the more downbeat prospects.

The bank is now predicting growth of just 0.6% for this year, compared with
a forecast of 1.6% it made in December.

The Bundesbank actually predicts a small decline in economic activity in the
current quarter, though it expects growth to bounce back somewhat next year
to 1.2%.

Trade disputes

Germany is especially exposed to the uncertainty that is affecting
international trade.

It is a manufacturing powerhouse and sells a large share of what it produces
abroad. Only the much larger economies of the United States and China export
more goods.

China's economic slowdown has made its mark on Germany. It is an important
market for German industry.

There is also what the Bundesbank calls a "muted outlook" for trade more
generally.

The bank says disputes are weighing on global commerce.

That is a reference to the policies pursued by the Trump administration.
Europe has been affected by the tariffs on steel and aluminium which the US
imposed because, the US administration argued, imports of the metals were
undermining national security.

Germany especially will be exposed if the US decides to impose additional
tariffs on car imports, something President Trump is considering.

There is also a wider impact on confidence about international trade
resulting from the tariff increases that the US and China have imposed on
one another.

Rate cuts on the horizon?

These clouds over Germany were to some extent reflected in moves made on
Thursday by the European Central Bank (ECB).

The ECB indicated that its ultra-low interest rates are likely to remain in
place until at least mid-2020, six months longer than the guidance it had
given previously.

Some members of the ECB's policymaking committee also raised the possibility
of further cuts in interest rates or a resumption of the bank's quantitative
easing programme, buying financial assets with newly created money.

The Bank's president, Mario Draghi, said that the probability of a recession
was very low. His explanation for the moves focused more on the eurozone's
persistently low inflation, which is currently below the Bank's target of
below, but close to, 2%.

It is worth remembering that Germany has very low unemployment - almost the
lowest of the developed economies.

That said, it doesn't bode well for the eurozone more widely that its
largest economy is having a weak patch.--BBC

Sir Philip Green in final bid to save retail empire

Sir Philip Green has made a last-ditch attempt to save his retail empire
from collapse by seeking a less severe rent reduction from landlords of his
stores.

Earlier this week, a vote on Sir Philip's rescue deal for Arcadia, which
includes Topshop, was postponed after some landlords refused to back it.

Sir Philip is now asking landlords to agree to rent cuts of between 25% and
50%, instead of 30% to 70%.

This shortfall in rent will be plugged by £9.5m provided by the Green
family.

However, that commitment could rise to up to £29m during the three-year
period of the deal.

Landlords of the troubled group's stores, which also include Miss Selfridge
and Dorothy Perkins, were due to vote on the rescue deal, known as a Company
Voluntary Arrangement (CVA), on Wednesday, but it was postponed "to conduct
further dialogue with a few landlords".

As well as rent cuts, the deal would have meant the closure of 48 stores and
the loss of around 1,000 jobs.

Arcadia chief executive Ian Grabiner said: "Having already secured the
support of our pensions trustees, trade creditors and a significant number
of landlords, we hope these final revised terms will ensure the majority of
landlords support the CVA at next week's vote.

"Their support is vital for the long term sustainability of the group, our
18,000 employees and our extensive network of loyal suppliers."

It's understood improved terms on break clauses for leases are also being
offered.

Landlords will be voting again on 12 June.

If the deal doesn't pass then Arcadia says the group is very likely to enter
administration.--BBC

Zambian leader says BRI to facilitate Africa trade

Zambia says that cooperation on the Chinese-proposed Belt and Road
Initiative (BRI) will help African countries to strengthen trade with China
and beyond.

Zambian President Edgar Lungu said on Wednesday that China has demonstrated
its commitment to build infrastructure that will link and create synergies
for trade across the world.

The Zambian leader was speaking in an interview with journalists after he
toured exhibition stands at an enterprises expo featuring multiple economic
sectors which is being held in Kitwe city on the Copperbelt Province under
the theme: “Innovative Partnerships for Empowerment and Growth.”

Lungu said Zambia will continue to strengthen bilateral relations with China
in various economic sectors that include infrastructure development that
will be of benefit to the Zambian people.

According to Lungu, the African Union (AU) is in support of the BRI, adding
that Zambia as a member of the AU has also taken a similar
route.--africa.cgtn.com

Sub-Saharan Africa 2019 growth to rise to 2.9%: World Bank

The World Bank says it expects the economic growth of Sub-Saharan Africa to
pick up to 2.9% in 2019 in its latest report.

The Bank further expects the region’s economic growth to accelerate to 3.3%
in 2020 on the back of an improvement in investor sentiment toward some of
the large economies of the region improves.

The Bank also says that a recovery in oil production by large exporters and
robust growth in non-resource-intensive economies underpinned by continued
strong agricultural production and sustained public investment will
contribute to this acceleration.

The Bank expects per capita GDP in the region to rise but adds that it will
not be sufficient to significantly reduce poverty.

Growth in South Africa is expected to rise to 1.5% while in Angola it is
expected to rise to 2.9% and Nigeria is anticipated to rise to 2.2% in 2020.

South Africa’s economy was set for a first quarter contraction after mining
and manufacturing weakened, prompting the central bank to cut its 2019
growth forecast to 1%, well below the rate of at least 3% needed to bring
down debt, budget deficits and joblessness.

President Cyril Ramaphosa, who was sworn in last month, promised to create
jobs and tackle deep-rooted corruption that has strangled economic growth.

Nigeria, Africa’s largest economy, recently announced a reduction in all
government shareholding in the Joint Venture Oil Assets to a minimum of 40
percent in the 2019 fiscal year.

The move is an attempt to push up revenue to stabilise the economy still
emerging from recession.

Nigerian president Muhammadu Buhari, meanwhile, pledged to restructure the
economy and also fight corruption.

Angola’s President João Lourenço, who succeeded José Eduardo dos Santos in
2017, is attempting to restart an economy hit hard by low oil
prices.--africa.cgtn.com

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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