Major International Business Headlines Brief::: 17 June 2019

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Major International Business Headlines Brief::: 17 June 2019

 


 

 


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*  Nigeria to shut bank accounts of firms which import FX restricted goods

*  South Africa's rand steady as investors mull developments ahead of long
weekend

*  South Africa's Omnia flags full-year loss

*  Kenyan shilling weakens against the dollar

*  South African central bank says it is committed to price stability
mandate

*  Zambian president threatens to fine miners who break law

*  Rand slips on investigation into Ramaphosa campaign donation

*  IMF approves disbursement of $248.15 mln under Angola's credit facility

*  South Africa's Q2 business confidence is unchanged from Q1

*  India announces retaliatory trade tariffs against the US

*  Argentina and Uruguay scramble to restore power after massive outage

*  Tory leadership race: EU will renegotiate Brexit package, says Hunt

*  Hong Kong extradition row: Will it damage its star status?

*  Huawei delays launch of folding smartphone

 


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Nigeria to shut bank accounts of firms which import FX restricted goods

LAGOS (Reuters) - Nigeria’s central bank said on Friday it will close the
bank accounts of firms caught smuggling into the country any goods for which
access to foreign exchange has been restricted.

 

The central bank curbed access to dollars in 2015 for firms importing 43
items ranging from rice and soap to private jets and Indian incense in a bid
to conserve foreign reserves and diversify the economy of Africa’s biggest
crude oil producer.

 

But the currency restrictions accelerated the descent of Africa’s biggest
economy into recession and fuelled inflation.

 

While Nigeria’s economy emerged from recession in early 2017, growth remains
fragile and inflation has stuck above the central bank’s single-digit target
for more than three years.

 

“Once we discover that people are using illicit foreign exchange to import
those items into Nigeria and smuggle them through the borders ... we have
every right to close their accounts,” a central bank spokesman told Reuters.

 

President Muhammadu Buhari has made boosting the agricultural sector a key
priority to cutting Nigeria’s import bill and in April the government
announced plans to double manufacturing output to 20% of GDP within six
years.

 

Buhari began his second term as president this month, weeks after
re-appointing Central Bank Governor Godwin Emefiele for a second term. He
has yet to set up his cabinet.

 

Emefiele’s reappointment signalled policy stability and broke a trend of
Nigerian central bankers serving a single term.

 

After imposing currency restrictions in 2015, the central bank introduced a
multiple exchange rate regime which has masked pressure on the currency and
helped to keep it stable.

 

The price of oil has gradually risen since the lows of 2015 which hit
Nigeria particularly hard since it relies on crude oil sales for 90% of its
foreign exchange.

 

Currency traders expect renewed pressure if oil prices fall below the
country’s budget benchmark of $60 a barrel and foreign inflows into the debt
market slow.

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

South Africa's rand steady as investors mull developments ahead of long
weekend

JOHANNESBURG (Reuters) - South Africa’s rand held steady on Friday as
investors assessed local and international political developments ahead of a
long weekend and a U.S. Federal Reserve meeting next week.

 

At 0618 GMT, the rand traded at 14.8625 versus the dollar, 0.05 percent up
from its previous close.

 

Government bonds also gained, with the yield on the benchmark 2026 bond
falling 0.5 basis points to 8.385 percent.

 

Political uncertainty has fed investor jitters.

 

The main opposition party is calling for South Africa’s graft watchdog to
release a report into allegations President Cyril Ramaphosa misled
parliament over a donation to his 2017 campaign to lead the ruling African
National Congress party.

 

Senior ANC officials meanwhile contradicted each other over whether the
party had decided to expand the central bank’s mandate in the wake of data
showing the worst economic contraction in a decade.

 

“Over the course of the past week, the rand has traded skittishly as both
local and international headlines have caused some consternation in the
markets,” Nedbank CIB analysts said in a morning note.

 

Markets also remain on alert after two oil tankers were attacked in the Gulf
of Oman, with the United States blaming Iran for the assaults.

 

Investors are also looking towards the U.S. Federal Open Market Committee
(FOMC) meeting next week to see whether the first of two anticipated
interest rate cuts will happen, said Andre Botha, Senior Dealer at
TreasuryONE in a morning note.

 

Nedbank CIB analysts expect the rand to trade in the range of 14.7000 to
15.0500 on Friday.

 

South African markets will be closed on Monday for a public holiday.

 

 

 

 

South Africa's Omnia flags full-year loss

JOHANNESBURG (Reuters) - South African chemicals and fertiliser maker Omnia
Holdings said on Friday it expected to report a full-year loss as drought, a
volatile currency, changes in the mining industry and difficult global
trading conditions weighed on earnings.

 

The firm said the headline loss per share, the main profit measure used in
South Africa, was expected to fall to between 139 cents and 59 cents for the
year ended 31 March 2019 compared with headline earnings per share of 991
cents a year earlier.

 

Omnia, which raised funds for two acquisitions and the construction of a new
fertiliser plant, said last month it had agreed to restructuring talks with
creditors.

 

The firm, which also produces explosives, has also said it would undertake a
rights offer of 2 billion rand ($137 million) to cut debt.

 

Omnia’s results are expected to be released on June 21, 2019.

 

 

 

 

Kenyan shilling weakens against the dollar

NAIROBI (Reuters) - The Kenyan shilling weakened against the dollar on
Friday under pressure from surplus liquidity in the local money market and
increased oil importer dollar demand as market players eyed the effects of
Kenya’s 2019/20 budget presented yesterday by the finance minister, traders
said.

 

At 0910 GMT, commercial banks quoted the shilling at 101.65/85 per dollar,
compared with 101.55/75 at Thursday’s close.

 

On Thursday, Kenya’s finance minstrel announced the government will cut its
budget deficit in the 2019/20 (July-June) financial year to 5.6% of GDP and
intends to fund the gap through net local borrowing of 283.5 billion
shillings.

 

 

 

South African central bank says it is committed to price stability mandate

JOHANNESBURG (Reuters) - South Africa’s central bank is committed to its
primary mandate of maintaining price stability in the interest of balanced
and sustainable economic growth, the bank’s governor, Lesetja Kganyago, said
in a speech sent to reporters on Thursday.

 

Kganyago, speaking after a row in the governing party over the role of the
central bank, said the main contribution that monetary policy could make to
economic growth was to smooth output fluctuations over the business cycle.

 

He added that South Africa’s inflation-targeting framework had served the
country well and that lower inflation created conditions for lower interest
rates.

 

 

 

Zambian president threatens to fine miners who break law

LUSAKA (Reuters) - Zambia will fine and break ties with mining firms that
fail to operate according to the southern African country’s laws, President
Edgar Lungu said on Thursday, escalating a dispute with India-listed
Vedanta.

 

Vedanta is fighting Zambia’s decision last month to name a provisional
liquidator to run its Konkola Copper Mines (KCM) business and is seeking
international arbitration.

 

Zambia, Africa’s second-largest copper producer, says KCM has breached the
terms of its licence.

 

The dispute between Vedanta and the Zambian government has intensified
concerns among international miners about rising resource nationalism in
Africa.

 

Lungu said in a statement at a mining and energy conference in Lusaka that
the government expected investors to operate within the confines of the law.

 

“Failure to do so will result in the government imposing sanctions and
disengaging with the unwilling parties,” he said in the statement read out
by Mines Minister Richard Musukwa.

 

Zambia’s Chamber of Mines said last month that 2019 copper output could be
as much as 100,000 tonnes lower than last year because of changes to mining
taxes.

 

Zambia plans to introduce a new non-refundable sales tax in place of Value
Added Tax, despite criticism from mining companies.

 

Lungu disagreed with the Chamber of Mines’ predictions, saying the
government forecast copper output would reach 890,000 tonnes by the end of
the year, more than last year.

 

He said the government was ready for dialogue with miners, which account for
70 percent of export earnings.

 

But he added: “The government will not take kindly to any form of
arm-twisting on the part of industry with regard to meeting their
obligations.”

 

 

 

Rand slips on investigation into Ramaphosa campaign donation

JOHANNESBURG (Reuters) - South Africa’s rand slipped on Thursday, as
investors were unnerved by an investigation into a donation for President
Cyril Ramaphosa’s 2017 campaign for leader of the governing African National
Congress (ANC) party.

 

Ramaphosa has said he will cooperate with the investigation into whether he
misled parliament over the donation, made by the head of services company
Bosasa, and analysts say is no immediate risk that he could be removed from
office.

 

But the anti-corruption watchdog’s investigation increases political
uncertainty at a time when the economy is performing poorly.

 

At 0710 GMT, the rand traded at 14.90 versus the dollar, 0.2 percent weaker
than its previous close.

 

Government bonds also fell, as the yield on the benchmark 2026 bond rose 3.5
basis points to 8.40 percent.

 

“The Bosasa scandal is the main factor driving a deterioration in risk
sentiment,” said Lloyd Miller, an analyst at ETM Analytics. Nedbank CIB
analysts also cited the Bosasa scandal among factors weighing on the rand.

 

Stocks on the Johannesburg bourse opened little changed, as the All-share
index was flat in early trade.

 

 

 

 

IMF approves disbursement of $248.15 mln under Angola's credit facility

JOHANNESBURG (Reuters) - The International Monetary Fund said its board had
completed the first review under Angola’s extended arrangement and approved
a disbursement of $248.15 million, taking the total of such payments to
about $1.24 billion.

 

“The Angolan authorities have demonstrated strong commitment to policies
under the Fund-supported program,” the IMF’s first deputy managing director
and acting chair, David Lipton, said in a statement.

 

“However, a weakened external environment, notably the heightened volatility
in the international price of crude oil, is posing challenges to their
reform efforts.”

 

 

South Africa's Q2 business confidence is unchanged from Q1

(Reuters) - South Africa’s business confidence in the second quarter
remained unchanged from the previous quarter, a survey showed on Thursday,
as the country struggles to boost growth.

 

The Rand Merchant Bank (RMB) business confidence index compiled by the
Bureau for Economic Research was flat at 28 points in the second quarter,
remaining far below the 50-mark separating the net positive and negative
territories.

 

President Cyril Ramaphosa’s efforts to revive Africa’s most advanced economy
were dealt a blow last week when data showed gross domestic product had
contracted by a quarterly 3.2% in the first three months of 2019, the
largest contraction in a decade.

 

“South Africa will not be able to shift to a lasting higher growth and
prosperity path without more short-term pain,” chief economist at RMB
Ettienne Le Roux said.

 

“This time around, the country cannot rely on the global economy to
counterbalance such internal adjustment costs as global growth itself is now
shifting to a lower gear.”

 

The business confidence index in the quarter hovered very close to the low
of 27 points hit in the second quarter of 2017, according to the survey of
1,800 business people.

 

Sentiment improved in building, retail and wholesale trade sectors, the
survey showed.

 

 

 

India announces retaliatory trade tariffs against the US

India has said that, from Sunday, it will impose tariffs on 28 US products,
including almonds and apples.

 

The new duties, some as high as 70%, are in response to Washington's refusal
to exempt Delhi from higher taxes on steel and aluminium imports.

 

Earlier this month, US President Trump also announced the US was withdrawing
India's preferential trade treatment.

 

Tariffs of up to 120% were announced by India in June last year, but trade
talks had delayed their implementation.

 

In an announcement on Friday, India's Ministry of Finance said the decision
was in the "public interest".

 

An earlier list had also listed a 29th item - artemia, a type of shrimp -
but this was removed.

 

Is trade spoiling the Trump-Modi bromance?

India no longer fastest-growing economy

US-India bilateral trade was worth $142bn (£111bn) in 2018, a sevenfold
increase since 2001, according to US figures.

 

But $5.6n worth of Indian exports - previously duty-free in the US - will be
hit now the country has lost preferential treatment under America's
Generalized System of Preferences (GSP).

 

 

Media captionSujitha Rajendrababu tells the BBC how getting a job at a car
factory has changed her life

The move is the latest push by the Trump administration to redress what it
considers to be unfair trading relationships with other countries.

 

Tensions have since been rising between the two countries. Last year, India
retaliated against US tariff hikes on aluminium and steel by raising its own
import duties on a range of goods.

 

President Trump has also threatened to impose sanctions if India purchases
oil from Iran and if it goes ahead with plans to buy Russian S-400
anti-aircraft missiles.

 

The latest tariffs from India come just days before country's Foreign
Minister, Subrahmanyam Jaishankar, is due to meet his US counterpart, Mike
Pompeo, at a G20 summit in Japan. Mr Trump and India's Prime Minister
Narendra Modi are also expected to hold talks.

 

 

 

 

Argentina and Uruguay scramble to restore power after massive outage

Power is being restored to Argentina and Uruguay after a massive electrical
failure left large parts of both countries without electricity.

 

Argentine President Mauricio Macri has promised a full investigation.

 

Argentine media said the power cut occurred shortly after 07:00 (10:00GMT),
causing trains to be halted and failures with traffic signalling.

 

The blackout was prompted by a failure in an electrical grid that serves
both Argentina and Uruguay.

 

The outage occurred as people in Argentina were preparing to go to the polls
for local elections, delaying voting in several regional provinces.

 

Parts of Paraguay were also affected, a state energy company said.

 

What do we know about the blackout?

"A massive failure in the electrical interconnection system left all of
Argentina and Uruguay without power," electricity supply company Edesur said
in a tweet.

 

Alejandra Martinez, a spokeswoman for the company, described the power cut
as unprecedented.

 

"This is the first time something like this has happened across the entire
country."

 

Citing official sources, Argentine media reported that the outage was linked
to a failure in the transmission of electricity from the Yacycretá
hydroelectric dam.

 

Argentina's Energy Minister Gustavo Lopetegui insisted that the country's
electrical system was "very robust," but added that the exact cause of this
failure was unclear.

 

"At the moment we're not ruling out any possibility. But we don't think it
is down to a cyber attack," he told reporters.

 

Argentine President Mauricio Macri said power had been restored to over 50%
of clients. Priority has been given to hospitals.

 

Uruguay's energy company, UTE, said power had been restored to 88% of
customers.

 

How have people been affected?

The combined population of Argentina and Uruguay is about 48 million people.

 

Among the affected provinces in Argentina were Santa Fe, San Luis, Formosa,
La Rioja, Chubut, Cordoba and Mendoza, reports said. Tierra del Fuego in the
far south was the only area that remained unaffected because it is not
connected to the power grid.

 

In neighbouring Paraguay, parts of Ayolas, Pilar, Villalbín and the border
areas of Misiones and Ñeembucú were also without power.

 

One of Argentina's biggest water companies, Agua y Saneamientos Argentinos,
warned those without power to conserve water, as the distribution of
drinking water had been affected by the outage.

 

Social media reports of the power were widespread - from the capital Buenos
Aires in the north, to Mendoza in the west and Comodoro Rivadavia in the
south, among many other cities. Residents posted pictures of dark towns and
cities and long lines of cars queuing at petrol stations.

 

"Everything came to a halt. Elevators, water pumps, everything. We were left
adrift," Juan Borges, who lives in Buenos Aires, told the BBC.

 

"There are some elderly people on the eighth floor but nothing happened,
because the power cut was short. If it had gone on for longer it would have
been a whole different story." he said.

 

Local media have been showing voters casting their local election ballots in
the dark, with mobile phones being used as lanterns.--BBC

 

 

 

Tory leadership race: EU will renegotiate Brexit package, says Hunt

The EU "would be willing to renegotiate" a Brexit deal, says Tory leadership
hopeful Jeremy Hunt, adding "they want to solve the problem".

 

The EU has previously said the withdrawal agreement reached with the UK
cannot be reopened.

 

Unlike the race frontrunner, Boris Johnson, Mr Hunt did not commit to
leaving the EU on 31 October.

 

Meanwhile, fellow leadership contender Rory Stewart insisted "there is no
new negotiation with Europe".

 

He said the EU had made it clear they would not revisit the withdrawal
agreement. Instead he proposed setting up a citizens' jury to break the
Brexit impasse.

 

No-deal Brexit: What you need to know

Tory leadership: Who will be the next prime minister?

Brexit: What happens next?

Under his plan, a group of 50,000 people would be selected randomly from the
electoral register. Those people would get a phone call in late July to
check they were available to participate.

 

A polling company would then whittle the number down, making sure the final
group was representative of the country. That group would be given three
weeks to make recommendations which Parliament would then be able to approve
or reject.

 

Dominic Raab - also running to replace Theresa May and become the next prime
minister - told Sky News' Ridge on Sunday programme the Conservative Party
"will be toast unless we are out by October".

 

The UK had been due to leave the EU on 29 March, but EU leaders agreed to
delay the date, after MPs repeatedly rejected Theresa May's Brexit deal.

 

The current date for leaving the EU is 31 October.

 

*         Michael Gove has said he would negotiate changes to the Irish
backstop and would accept a "short delay" to Brexit to achieve a deal

*         Jeremy Hunt also wants to negotiate a new deal with changes to the
backstop. He says he would accept a no-deal Brexit if "there is no prospect
of a deal by 31 October"

*         Sajid Javid has proposed "a new digitised" Irish border which
would not involve any infrastructure on the border. He stated he cannot
envisage wanting to extend the UK's exit date

*         Boris Johnson has said the "way to get a good deal is to prepare
for no deal" and has committed to leaving on 31 October "deal or no deal"

*         Dominic Raab wants to re-open the withdrawal agreement but has
also argued that leaving without a deal "is far better than leaving with a
fatally flawed deal"

*         Rory Stewart prefers trying to push through the current deal,
agreed by Theresa May. However he says, if that failed, he would turn to the
option of a "Brexit assembly" of citizens to thrash out a compromise

Brexit: Where do Conservative leadership candidates stand?

 

Mr Hunt told the BBC's Andrew Marr Show the EU is open to solutions
surrounding the Northern Ireland backstop.

 

"They say if they were approached by a British prime minister who had ideas
on how to solve the Northern Ireland backstop, they would be willing to
renegotiate the package."

 

He also said it would be wrong to commit to leaving the EU by 31 October,
but added "if there was no prospect of a deal," he would be prepared to
leave the EU without a deal.

 

With Boris Johnson so far ahead when it comes to support from Tory MPs, the
other candidates are increasingly pitching to be the other person on the
ballot of Tory members.

 

Jeremy Hunt's claim he can renegotiate the deal will seem overly optimistic
to many, and completely impossible to some.

 

His refusal to guarantee the UK will leave this year will also concern many
Tories - who worry about the process going on and on and on.

 

Hence Dominic Raab's warning his party will be toast unless it delivers in
October.

 

But listen carefully and he's also turning his fire on Mr Johnson -
questioning whether the frontrunner has a proper plan on Brexit.

 

That point is made much more directly by Rory Stewart who says simply that
he doesn't think Mr Johnson can deliver.

 

In this race, it's fast becoming about how to stay in the race with Mr
Johnson - even if that involves trying to trip him up.

 

Mr Hunt said Boris Johnson was "effectively committing the country to
no-deal or an election" by saying he would definitely leave the EU on 31
October,

 

The foreign secretary also said he had "profound issues" with Theresa May's
approach to getting a deal through Parliament.

 

"I did not think we should be trying to persuade Parliament to accept the
backstop," he said.

 

'It begins to come off the rails'

 

Dismissing the idea of getting new deal from the EU, Mr Stewart said other
candidates "who are promising what they can't deliver are going to let
people down terribly".

 

He said the tactic of threatening no deal in order to secure a better deal
with the EU was unrealistic.

 

"The EU is not scared of it because it is not a credible threat," he said.

 

He challenged Mr Johnson - who won support from 114 MPs in the first
leadership ballot - to reveal his Brexit tactics in the BBC debate on
Tuesday.

 

"As soon as I sit down with him and ask how are you going to deliver Brexit,
then it begins to come off the rails," he told Marr.

 

Mr Stewart has ruled out serving in Boris Johnson's cabinet, if the
ex-London Mayor becomes prime minister.

 

On Tuesday 18 June BBC One will host a live election debate between the
Conservative MPs who remain in the race.

 

If you would like to ask the candidates a question live on-air, use the form
below. It should be addressed to all of them, not a specific
politician.--BBC

 

 

 

Hong Kong extradition row: Will it damage its star status?

People took to the streets this week in Hong Kong to protest against
proposed changes to the extradition bill.

Changes to Hong Kong's extradition law could hurt the autonomy that has made
it one of Asia's main financial hubs.

 

The government is seeking to allow extraditions to mainland China, saying it
makes sure Hong Kong remains a "safe city for residents and business".

 

The proposed changes led to widespread protests in Hong Kong this week and
sparked some of the worst violence seen there in decades.

 

Many worry that Hong Kong's status as a global financial centre is at risk.

 

"The passage of the proposed legislation would undermine Hong Kong's status
both as a hub for multinational firm operations and as a global financial
centre," said Nicholas Lardy, a senior fellow at the Washington-based think
tank Peterson Institute for International Economics.

 

The background you need on the Hong Kong protests

Hong Kong-China extradition plans explained

Hong Kong leader criticises 'organised riots'

So what are the proposed changes?

The changes will allow for extradition requests from authorities in mainland
China, Taiwan and Macau for suspects accused of criminal wrongdoings, such
as murder and rape.

 

Officials have said Hong Kong courts will have the final say whether to
grant such extradition requests, and suspects accused of political and
religious crimes will not be extradited.

 

Several commercial offences such as tax evasion have been removed from the
list of extraditable offences.

 

But Hong-Kong based lawyer Antony Dapiran said this does not mean business
people are "off the hook".

 

"Even though there is some reassurance in the business community that those
white collar crimes have been excluded... that doesn't necessarily mean that
people are therefore free of risk," Mr Dapiran said.

 

"There are many other ways that someone can be extradited under the current
bill for offences other than the offence that they are actually wanted
(for)."

 

What has the business reaction been so far?

Companies have proved reluctant to openly speak about the extradition bill
for fear that their businesses in mainland China could suffer consequences.

 

Pushing the bill through would risk "shooting Hong Kong in the foot," Tara
Joseph, president of The American Chamber of Commerce in Hong Kong, said in
a recent newspaper interview.

 

Hong Kong has long been a hub for global financial firms and multination
corporations doing business in Asia.

Both the British Chamber of Commerce and the Australian Chamber of Commerce
in Hong Kong, refused to comment when contacted by the BBC.

 

Andrew Coflan, analyst at New York-based political risk consultancy Eurasia
Group, said that the foreign business community was worried.

 

"Hong Kong has served as a gateway to Asia for flows of goods and capital,"
said Mr Coflan.

 

"But the passage of the extradition bill would turn it from a special legal
entity into just another Chinese city, from a corporate risk perspective.
The key risk is one of diverted or withdrawn investment."

 

What happens to its special status?

The US, which is embroiled in a trade and technology dispute with China, has
been vocal about its concerns surrounding the Hong Kong extradition bill.

 

The US expressed "grave concern" about the Hong Kong government's proposed
amendments which "could damage Hong Kong's business environment" and subject
American citizens there "to China's capricious judicial system," Morgan
Ortagus, spokesman at the US State Department said during a recent news
briefing.

 

"The continued erosion of the 'One Country, Two Systems' framework puts at
risk Hong Kong's long-established special status in international affairs,"
he said.

 

The Hong Kong government is seeking to allow extraditions to mainland China.

In 1984, Britain and China signed an agreement where Hong Kong would enjoy
"a high degree of autonomy" when it returned to China in 1997 under the
principle of "one country, two systems."

 

As a result, Hong Kong has its own legal system and borders, and rights
including freedom of assembly and free speech are protected.

 

In the US, Hong Kong's special status is recognized under the US Hong Kong
Policy Act but this now appears to be under scrutiny.

 

US lawmakers have introduced a bill to amend the Hong Kong Policy Act of
1992. The amendment requires the US Secretary of State to "issue an annual
certification of Hong Kong's autonomy to justify special treatment" by the
US.

 

"The bigger issue is probably that the global perception of Hong Kong as a
separate part of China is under threat. And that includes official
recognition of Hong Kong as a separate customs, immigration, tax and legal
jurisdiction," said David Webb, editor of Webb-site.com and long-time
resident of Hong Kong.

 

"If Hong Kong loses its separate status then, for example, all of the duties
that America has applied to Chinese exports would apply to Hong Kong
exports. And any prohibitions on transfers of high grade technology to China
would apply to Hong Kong as well."

 

Any impact on Hong Kong's economy?

Hong Kong saw its worst violence in decades this week, with some government
offices and banks closing due to the disruption.

 

Standard Chartered said on Friday the branches which were closed earlier in
the week would resume operations.

 

Protestors and police clashed this week in Hong Kong in the worst violence
in the city in decades.

Some analysts expect protests to continue as long as the bill is being
considered. Further protests are expected on Sunday.

 

But Capital Economics, pointing to the fallout of the 2014 Occupy Hong Kong
protests, expects the economic impact to be limited.

 

"The 2014 Occupy Hong Kong protests provide a useful benchmark. They brought
gridlock to large parts of Hong Kong Island for over 70 days, but there was
no noticeable effect on either retail sales or tourism arrivals," it said in
a research note.

 

"So even if the current protests last for several weeks, the impact on the
economy is likely to be minimal. We are not changing our GDP growth
forecasts for this year."

 

However, analysts say other places in Asia like Singapore stand to benefit
if the proposed changes go through, undermining Hong Kong's status as a
global financial hub.

 

"The main beneficiary of this development is likely to be Singapore, which
has a strong legal framework and no extradition agreement with China," said
Mr Lardy from the Peterson Institute.--BBC

 

 

 

Huawei delays launch of folding smartphone

Huawei has delayed the launch of the Mate X folding handset until September,
having originally planned to launch it this summer.

 

The firm said it wanted to conduct extra tests following screen problems
reported by early reviewers of Samsung's Galaxy Fold.

 

Both firms had unveiled the devices in February but Huawei said it now
wanted to be "cautious".

 

Samsung currently has no release date for the Fold.

 

Huawei confirmed to the BBC that the Mate X is expected to launch in
September 2019.

 

"We don't want to launch a product to destroy our reputation," it told CNBC.

 

"The Mate X was always going to come later than Samsung's Galaxy Fold, but
the Korean phone-maker's problems have certainly given Huawei more breathing
space," said Ben Wood from CCS Insight.

 

"There is little doubt Huawei will have learned lessons from Samsung's
problems and - given the extra scrutiny the Mate X will get as a result -
Huawei is well advised to ensure it has every eventuality covered."

 

Huawei has also scrapped a new laptop launch this week because of its
current position on a US trade blacklist.

 

It is accused of having committed bank fraud to evade Iran sanctions, and
obstruction of justice, among other violations.

 

The firm denies any wrongdoing.--BBC

 

 

 

 

 

 


 

 


 

INVESTORS DIARY 2019

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


TSL

AGM

28 Simon Mazorodze Road, Southerton

19 June 2019, 12pm

 


Zimpapers

AGM

Boardroom, 6th Floor, Herald House

20 June 2019, 12pm

 


Masimba Holdings

AGM

Head Office, 44 Tilbury Road, Willowvale

21 June 2019, 12:30pm

 


RioZim

AGM

1 Kenilworth Road, Highlands

24 June 2019, 10:30am

 


Proplastics

AGM

Palm Court, Meikles

25 June  2019, 10am

 


Fidelity Life

AGM

Great Indaba Room, Crowne Plaza Monomotapa

26 June 2019, 10am

 


GB Holdings

AGM

Cernol Chemicals Boardroom,  111 Dagenham Road, Willowvale

26 June 2019, 11:30am

 


Dawn Properties

AGM

Ophir Room, Monomotapa Hotel

27 June 2019, 10am

 


Unifreight

AGM

Royal Harare Golf Club

27 June 2019, 10am

 


African Sun

AGM

Ophir Room, Monomotapa Hotel

27 June 2019, 12pm

 


FMP

AGM

Palm Court, Meikles

27 June 2019, 12pm

 


MedTech

AGM

Boardroom, Stand 619, corner Shumba/Hacha Roads, Ruwa

27 June 2019, 2pm

 


FML

AGM

Palm Court, Meikles)

27 June 2019, 2:30pm

 


FBC

AGM

Royal Harare Golf Club

27 June 2019, 3pm

 


BAT

AGM

Head office, 1 Manchester Road, Southerton

28 June 2019, 10am

 


ZBFH

AGM

Boardroom, Ground Floor, 21 Natal Road, Avondale

28 June 2019, 10:30am

 


ZPI

AGM

206 Samora Machel Avenue East

28 June 2019, 2pm

 


 

 

 

 

 


ZHL

AGM

Aquarium Room, Crowne Plaza Monomotapa Hotel

30 June 2019, 10am

 


Edg Edgars

AGM

Edgars Training Auditorium, 1st Floor LAPF House, 8th Avenue/Jason Moyo St,
Bulawayo

11 July 2019, 9am

 


Companies under Cautionary

 

 

 


 

 

 

 


Bindura Nickel Corporation

 

 

 


Padenga Holdings

 

 

 


Delta Corporation

 

 

 


Meikles Limited

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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been compiled from sources believed to be reliable, but no representation or
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opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
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