Major International Business Headlines Brief::: 25 June 2019

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Major International Business Headlines Brief::: 25 June 2019

 


 

 


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*  Nigeria's central bank will keep controversial FX system

*  Nigerian court adjourns Oando case against securities regulator to 22
July

*  Acacia dismisses Barrick's view on miner's value

*  South Africa to raise 2019 maize output forecast marginally

*  Airtel Africa receives pre-IPO interest worth about $200 mln - bookrunner

*  South Africa's rand stretches gains as Fed, ECB turn dovish

*  Vodacom reaches deal with Congo over 2G licence

*  African Bank moves to stem client exodus, safeguard S.African comeback

*  South Africa's MultiChoice looks to lay off more than 2,000 workers

*  A group of US billionaires is calling for a wealth tax

*  Why Glastonbury has £10m stashed away

*  Boris Johnson's tax plan would 'benefit wealthy most' - IFS

*  Caesars takeover by Eldorado to create casino giant

*  Eurostar defends alcohol limits on trains

 

 


 <mailto:info at bulls.co.zw> 

 


 

Nigeria's central bank will keep controversial FX system

ABUJA (Reuters) - Nigeria’s central bank will keep its foreign exchange
system, its governor said on Monday, supporting a controversial managed
float of the naira that investors and the International Monetary Fund have
asked the country to dismantle.

 

Despite years of inflationary pressure as global prices for oil, Nigeria’s
main export, dropped, the government and central bank have spent billions of
dollars propping up the naira’s value in the face of calls for a free float.

 

Central bank governor Godwin Emefiele announced his intent to keep the
foreign exchange system at a briefing in Abuja where he laid out policy
direction for the next five years.

 

“We would continue to operate a managed float exchange rate,” he said.

 

 

The naira officially trades at about 306 per U.S. dollar. But it is sold on
the black market at roughly 360 to the dollar, a disparity that has
frustrated importers and other investors as well as the IMF.

 

Last month, Emefiele became the first central bank governor to get a second
term, after newly re-elected President Muhammadu Buhari nominated him, a
sign of policy continuity.

 

Emefiele also announced a plan to recapitalise Nigeria’s banks.

 

“Over the next five years banks would be required to hold higher capital,”
he said, adding that foreign exchange depreciation had weakened the
industry’s capitalisation.

 

The bank will discuss the plan at a committee of governors, Emefiele said,
though he did not say when this would be.

 

The governor added that Nigeria’s pace of economic growth remains fragile,
but the central bank would strive to decrease the inflation rate to single
digits and maintain a positive interest rate.

 

 

 

 

 

 

 


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Nigerian court adjourns Oando case against securities regulator to 22 July

LAGOS (Reuters) - A federal court in Lagos on Monday adjourned until 22 July
a case brought by local oil firm Oando to halt management changes the
country’s securities and exchange commission is trying to enforce.

 

The SEC’s action followed an investigation in which it allegedly found
evidence of financial infractions by the company.

 

This month a court blocked the SEC from replacing Oando’s chief executive
and taking other action against the oil firm, pending further hearings on
the case.

 

 

 

Acacia dismisses Barrick's view on miner's value

(Reuters) - Acacia Mining said on Monday it strongly disagreed with majority
shareholder Barrick Gold Corp’s valuation of the company, saying it rejected
Barrick’s view of its life of mine plans.

 

However a fair value buyout offer from the world’s No. 2 gold miner would be
attractive, it added.

 

Barrick’s proposal to take full control of its African unit to resolve a
long-standing tax dispute with Tanzania has drawn the ire of Acacia’s
minority shareholders, who may have the ultimate vote on a deal.

 

Toronto-based Barrick’s May 21 share-for-share proposal valued Acacia at
$787 million. It said its proposed offer is “more than fair” and has said it
will engage with Acacia’s board and minority shareholders to win them over.

 

The company valued Acacia’s assets at $1.3 billion in its 2018 annual report
but said last week that following a review it had concluded that some of
Acacia’s assumptions about its assets were not supportable.

 

Acacia said Barrick’s proposal appears to have ignored the value of its
portfolio of exploration and development assets.

 

It said its life of mine plans have been formulated in line with “industry
standard methodology”, adding that it hosted Barrick representatives for
brief site visits during the first quarter of 2019 and gave Barrick its
draft life of mine plans.

 

Barrick spun off Acacia into a separate company in 2010, in which it owns a
63.9% stake, according to Refinitiv Eikon data.

 

The offer followed two years of wrangling over a $190 billion Tanzanian tax
bill, which has since been reduced to $300 million.

 

“The length of time Barrick’s negotiations with the Government of Tanzania
have taken and the way they have managed their direct negotiations have had
the effect of undermining Acacia in Tanzania,” Acacia said in a statement.

 

“The perception that Acacia has been the roadblock to the settlement has led
to a material deterioration of Acacia’s operating position in Tanzania,” the
company said, clarifying that it did not invite Barrick’s intervention into
the negotiations.

 

 

 

 

South Africa to raise 2019 maize output forecast marginally

JOHANNESBURG (Reuters) - South Africa is expected to slightly raise its 2019
maize harvest forecast, as weather conditions remain favourable and yields
remain unaffected by frost damage, a Reuters poll showed on Monday.

 

The government’s Crop Estimates Committee (CEC), which will provide its
fifth production forecast for the 2018/2019 season on Wednesday, is seen
pegging the harvest at 10.95 million tonnes, up from its May estimate of
10.90 million tonnes, a poll of four traders and market analysts showed..

 

The 2019 harvest is expected to consist of 5.505 million tonnes of the food
staple white maize and 5.445 million tonnes of yellow maize, which is used
mainly in animal feed.

 

“I don’t think they are going to do a lot of adjustments. There is nothing
that suggests there should be damage to the initial crop or an increase to
the crop,” said Warren Langridge, director at Riddermark Capital.

 

The poll expects the 2018/2019 harvest will fall 12% from the 12.510 million
tonnes harvested in the 2017/2018 season, after dry conditions delayed
plantings in key maize-growing areas.

 

The crop is expected to be slightly higher than the country’s annual
consumption of around 10 million tonnes.

 

 

 

 

Airtel Africa receives pre-IPO interest worth about $200 mln - bookrunner

(Reuters) - One of the bookrunners handling Airtel Africa Ltd’s planned
initial public offering on the London Stock Exchange said on Monday it had
received indications of interest worth about $200 million from pre-IPO
investors.

 

Airtel Africa, a unit of India’s Bharti Airtel Ltd, last week set a price
range of 80 to 100 pence per share for its IPO, which is expected to raise
595 million pounds from the issuance of 595.2 million to 744 million new
shares.

 

 

 

South Africa's rand stretches gains as Fed, ECB turn dovish

JOHANNESBURG (Reuters) - South Africa’s rand firmed early on Monday, adding
to the previous session’s gains as sentiment toward emerging markets overall
was soothed by softening interest rate outlooks in the United States and
Eurozone.

 

At 0630 GMT the rand was 0.37% firmer at 14.2675 per dollar compared to
Friday’s close of 14.3200.

 

The rand has gained more than 3.6% since last Monday, hurdling key technical
resistance levels on its way to a 5-week best as the greenback was dragged
down after the Federal Reserve last week opened the door for a potential
rate cut as early as next month.

 

The European Central Bank also looks set to continue its stimulus programme.

 

On Friday ECB President Mario Draghi repeated a dovish monetary policy
message to European Union leaders, saying that any deterioration in economic
conditions would trigger additional stimulus from the bank.

 

A Reuters poll on Friday sees South Africa’s Reserve Bank cutting interest
rates next month or in September to boost economic growth after a deep first
quarter contraction.

 

Bonds also gained, with the yield on the benchmark government bond due in
2026 down 2 basis points to 8.1%.

 

 

 

Vodacom reaches deal with Congo over 2G licence

KINSHASA (Reuters) - Vodacom Group has reached an agreement with the
Congolese government to end a standoff over the suspension of its 2G
telecoms licence, the telecommunications ministry said on Friday.

 

The ministry suspended the licence in April, saying Vodacom Congo had not
followed correct procedure when it paid $16 million to renew it in 2015.

 

The company has been negotiating with the authorities after losing the
chance to challenge the suspension for three months as a result of a court
ruling on Monday. [nL8N23O3QD]

 

“An agreement has been reached. Vodacom has committed to comply with the
demands of the state,” said John Aluku, chief of staff to the
telecommunications minister.

 

He declined to give further details. The ministry has previously said that
the cost of renewing the licence was $65 million.

 

Vodacom declined immediate comment. An internal email, seen by Reuters,
announced to staff that an agreement had been reached, but did not mention
the terms of the deal.

 

South Africa’s Vodacom Group holds a 51% stake in Vodacom Congo.

 

The suspension has not affected Vodacom Congo’s 3G or 4G licences in Congo.
It is not clear how many of its 12 million customers only have access to 2G
coverage.

 

 

 

African Bank moves to stem client exodus, safeguard S.African comeback

JOHANNESBURG (Reuters) - Small South African lender African Bank, rescued
from failure by the central bank four years ago, plans to offer overdrafts
and expand its insurance business as a drop in customer numbers threatens
its turnaround strategy.

 

The bank is losing clients after it tightened lending criteria following its
re-launch into a competitive banking sector made tougher by under-pressure
consumers in a sluggish economy.

 

The first bank to be placed under South African Reserve Bank (SARB)
curatorship in over a decade after nearly collapsing under the weight of bad
loans in 2014, African Bank says it wants to make a comeback as a safer
institution with a base of retail deposits and less focus on risky unsecured
credit.

 

It has made strides towards a set of ambitious 2021 targets, but its
customer numbers have fallen from 1.25 million in 2016 to 1.04 million in
March, some way from its 2.5 million goal.

 

“That is the one we are concerned about, and I think we do have a very solid
plan in terms of how we can address that,” CEO Basani Maluleke told Reuters.
The bank expects the trend to reverse following the launch of its low-fee
digital account in May, she said.

 

Next year it plans to launch an overdraft facility in a bid to make the new
account, called MyWorld and which it says is already the cheapest on the
market, more attractive.

 

MyWorld has accumulated 20,000 customers so far.

 

There are few overdrafts available to the bank’s low-income target market
where credit card penetration is also low, Chief Finance Officer Gustav
Raubenheimer said.

 

The bank also plans to expand its short-term insurance product beyond
funeral policies and relaunch its credit card.

 

It hopes this will halt the loss of customers, allowing it to earn more
revenue from transaction fees and other products and mine customer data for
cross-selling.

 

MYWORLD

If it struggles, it could push a SARB exit, as well as that of its other
shareholders - six of South Africa’s biggest banks - further into the
future.

 

The SARB has said it wants African Bank to be viable and sustainable before
it exits. It hived the bank off from listed parent, African Bank Investments
Ltd (Abil), when the company started to fail. Abil’s share price tumbled
from 28 rand to 31 cents, before trading was suspended.

 

African Bank retained a portion of its old loan book, which it hoped to use
as a springboard for MyWorld but tighter lending criteria led it to lose
some customers.

 

The bank should capitalise on its access to clients from its former lending
book, Stuart Theobald, chairman of financial consultancy Intellidex, said.
Highly competitive rates have also given it an edge in savings and
investments, where it grew deposits by 119% year-on-year.

 

MyWorld, however, doesn’t stand out against rival offerings, he said. It
launched amid the arrival of an array of new, largely digital-only lenders,
some of which are growing much faster and whose arrival has also forced big
banks to up their game.

 

“The level of competition there is quite aggressive,” Theobald said.

 

In the longer term, Maluleke said African Bank planned to establish a
digital marketplace where customers could buy a wide array of products,
including from third parties. But for the next 18 months, it is focusing on
stemming customer losses.

 

 

 

South Africa's MultiChoice looks to lay off more than 2,000 workers

JOHANNESBURG (Reuters) - South African pay-television firm MultiChoice Group
is planning to lay off more than 2,000 workers in South Africa in a shake-up
of its customer care service, the company said on Friday.

 

 

MultiChoice, which competes with Netflix in online streaming via Showmax,
said in a statement it is launching a consultation process to cut 2,194
positions in MultiChoice South Africa’s customer care call centres and
walk-in centres.

 

“This has not been an easy decision to make but, in a business driven by
advancing technologies, we must continue to drive efficiencies yet be agile
enough to adapt to evolving customer needs,” MultiChoice Group Chief
Executive Calvo Mawela said.

 

“We must act decisively to align to the change in customer behaviour and
competition from over-the-top services,” he added, referring to video
services that stream directly over the internet.

 

“If we don’t reposition now, we run the risk of being completely misaligned
and we put everyone’s jobs at risk.”

 

Under the Labour Relations Act, the consultation process will take 60 days.

 

 

Over the past three years, MultiChoice has seen a steady decline in the
number of customer telephone calls and e-mails into its call centres and
walk-ins to its customer service centres, the company said.

 

In contrast, self-service digital channels have continued to grow, now
accounting for 70% of all its customer service contacts.

 

“The company is also in an environment where it will rely more on technology
than people,” it said.

 

Job cuts are politically sensitive in South Africa, where the unemployment
rate is more than 27 percent.

 

In his state of the nation address on Thursday, President Cyril Ramaphosa
called the unemployment rate among the youth a “national crisis” that
demands urgent, innovative and coordinated solutions.

 

MultiChoice said it will make new roles available for multi-skilled workers
with the “expertise, skills and technological prowess to enhance the
customer experience”.

 

As part of a support programme agreed with unions and other employee
representatives, the firm will offer voluntary severance packages, wellness
support and financial planning, it said.

 

It will also continue paying for the current studies of MultiChoice
bursary-funded employees, and some other benefits.

 

However the Information Communication and Technology Union (ICTU) said in a
statement it had not been officially informed of the action, “which makes
the process unlawful”.

 

“The employer has timed Friday to make announcement, which shows some
cowardice tendencies of not dealing with the consequences of their actions,”
it said, adding that it will seek an urgent engagement with MultiChoice.

 

Shares in the company closed nearly 2% stronger at 134 rand prior to the
announcement.

 

 

 

A group of US billionaires is calling for a wealth tax

Some of America's richest people are urging US presidential candidates to
back a wealth tax on the super-rich to improve inequality and climate
change.

 

"America has a moral, ethical and economic responsibility to tax our wealth
more," they said in a letter.

 

Signatories include investor George Soros, Facebook's co-founder Chris
Hughes, and Molly Munger, daughter of billionaire Charlie Munger.

 

The group said they were non-partisan and not endorsing any candidate.

 

The open letter said: "A wealth tax could help address the climate crisis,
improve the economy, improve health outcomes, fairly create opportunity, and
strengthen our democratic freedoms. Instituting a wealth tax is in the
interest of our republic."

 

Among the 18 were a descendant of Walt Disney and the owners of the Hyatt
hotel chain. Many in the group have been associated with progressive
initiatives on issues such as climate change and the growing wealth gap.

 

The letter pointed out that fellow billionaire Warren Buffett has said he is
taxed at a lower rate than his secretary.

 

Distrust

While the group did not back a particular candidate, it praised a proposal
by Democratic presidential hopeful Senator Elizabeth Warren that would lift
taxes on those with more than $50m, a measure that would affect the 75,000
wealthiest families. She estimated that it would raise $2.75tn over 10
years.

 

The letter alluded to support among Democratic presidential candidates for
higher taxes on the super-wealthy, including Pete Buttigieg and Beto
O'Rourke.

 

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Of about 40 countries, the US is the sixth highest in terms of wealth
concentration, according to data from the Organization for Economic
Co-operation and Development.

 

Taxing the super-wealthy "would slow the growing concentration of wealth
that undermines the stability and integrity of our republic," the letter
said.

 

It added: "Today, major policies seldom come to pass without the prior
support of wealthy elites or other wealthy interests. Division and
dissatisfaction are exacerbated by inequality, leading to higher levels of
distrust in democratic institutions-and worse."

 

US president Donald Trump proposed a one-off wealth tax in 1999 to cut the
national debt, but did not make it part of his election policy.--BBC

 

 

 

 

Why Glastonbury has £10m stashed away

The fields around Worthy Farm in Somerset, would kindle a warm glow in the
heart of Donald Trump. An eight-mile long, 20-foot high fence runs round the
farm and the 12 neighbouring properties, encasing Britain's biggest music
festival - Glastonbury, of course.

 

The festival might even be more secure than Mr Trump's planned border wall
between the US and Mexico.

 

There are in fact two fences. A slightly shorter one sits in the shadow of
the large barrier with enough room between them to drive an emergency
vehicle.

 

It's designed to deter those who want to watch the big name acts without
paying the £245 ticket price. Some still try. "When they take it down they
find the odd body part left behind," says a local taxi driver with a grim
smile.

 

The wall is testament to Glastonbury's pulling power, and commercial
success. When the 200,000 tickets for this year's event, which starts on
Wednesday, went on sale, they disappeared in 36 minutes. Two million people
pre-registered to have a shot at buying one.

 

Glastonbury sits at the top of the UK festivals tree - a tree whose lower
branches have sprouted rapidly in recent years.

 

According to UK Music, the music industry trade body, four million people
attended a festival in 2017, the most recent year for which it holds
figures. Five years before, it was only three million. The Association of
Independent Festivals, which speaks for those events not organised by the
large music industry players, says festival goers spent nearly £400 per head
on average at each event.

 

Despite that, festival promoting remains a risky business. Backers are
forever playing off the value of spending heavily to secure a big act and
boost ticket sales, and the pressing need to control costs.

 

Some are concerned about the proliferation of rival events. A look at the UK
Festivals website reveals ten or more events every summer weekend, catering
to every possible musical taste. And independent promoters complain that too
much power has been concentrated in the hands of a few companies, in
particular Live Nation, the American entertainment group that runs about
one-quarter of the large (more than 5,000 attendance) events in the UK.

 

The other wild card is the weather. The forecast is good for this year's
Glastonbury, but it has endured epic washouts and mud baths. The
unpredictability of the business explains why the company behind the party,
Glastonbury Festival Events, maintains a cash pile of more than £10m.

 

The buffer is revealed in its most recent accounts. In the year to the end
of March 2008, it made a post-tax profit of £1.43m, had cash reserves of
£10.6m and made charitable contributions of £2.1m.

 

Emily Eavis, the event's co-organiser and daughter of founder Michael Eavis
, said the reserves were about protecting the event against unforeseen
events.

 

"Contingency is really important to us. The elements are so unpredictable.
We are completely at the mercy of the elements," Ms Eavis said in an
interview with the Today programme.

 

"We have to sell out to break even, because the event costs so much to put
on - about £40m. Our other goal is to be able to give the charities we
support about £2m a year. Glastonbury employs about 50 people full time."

 

 

Media captionEmily Eavis tells the BBC the organisers try not to plan too
far into the future

But Ms Eavis said they did not take success for granted.

 

"It is definitely related to fashion and trends. People like going to
festivals at the moment; we are in an up period.

 

"But the thing about Glastonbury is that it has never had a very long term
plan - we project five years into the future, but not beyond that. It takes
away from the spirit of the event to be planning too far ahead."

 

Ms Eavis said the company had turned down most requests to licence the
Glastonbury name for other events. "You won't be seeing a Glastonbury
America," she said.

 

While Glastonbury is enjoying a strong return - last year there was no event
- the festival industry has had some high-profile failures. The most
notorious was the 2017 Fyre Festival in the Bahamas, promoted by businessman
Billy McFarland and rapper Ja Rule. It was meant to be a luxury event with
top name acts, but turned out a complete flop, with those attending being
offered stale cheese slices and half-built tents.

 

Even success can create its own problems. Alex Trenchard, founder of the
Standon Calling festival in Hertfordshire, was sent to jail for fraud after
trying to cover some costs on his employer's company credit card in the
early years of the event.

 

"I was in my early twenties, the event had grown quickly and I had a call
from the security company a week in advance saying if I didn't pay they
wouldn't be showing up. I got into a deep hole and didn't tell anyone about
it," he said.

 

Since then Standon Calling has prospered. Mr Trenchard said the key to a
successful festival was the ability to control costs. It has pioneered the
use of Oyster-card style payment cards, which let festival-goers pay for
their food and drink quickly. It also allows Mr Trenchard to see exactly
where the money is going and how much third-party caterers and drinks
suppliers are taking.

 

"It is like any medium-sized business," he said. "But with festivals, all
that business happens over one weekend."-BBC

 

 

 

Boris Johnson's tax plan would 'benefit wealthy most' - IFS

Boris Johnson's tax proposals would cost "many billions" and benefit the
wealthy the most, according to the Institute for Fiscal Studies.

 

Mr Johnson, the front-runner in the race to lead the Conservative Party, has
outlined plans to raise the threshold for the highest rate of income tax to
£80,000.

 

The IFS said only 8% of individuals would gain in the short run.

 

Changes to national insurance would help lower earners, the IFS said.

 

Under Mr Johnson's proposals:

 

the higher rate of tax would be paid on earnings over £80,000 (rather than
the current threshold of £50,000)

the point at which workers start paying national insurance contributions
would rise, although a new threshold was not specified

"These are expensive pledges to cut tax [which] between them will cost many
billions of pounds", said Tom Waters, research economist at the IFS and
co-author of the report.

 

"It is not clear that spending such sums on tax cuts is compatible with both
ending austerity in public spending and prudent management of the public
finances," he added.

 

Following the financial crisis government spending was curtailed in order to
reduce borrowing, but the government has recently signalled an easing of
austerity.

 

Mr Johnson's campaign team did not respond to an approach for comment on the
IFS report. But earlier this month he told the Telegraph he would fund the
income tax cuts partly by using money that had been set aside by the
Treasury for a possible no-deal Brexit.

 

"We should be raising thresholds of income tax so that we help the huge
numbers that have been captured in the higher rate by fiscal drag," Mr
Johnson said.

 

However during the televised leadership debate he described the tax plan as
"an ambition" rather than a fixed policy.

 

On Monday, in an interview with the BBC, Mr Johnson addressed questions over
Britain's exit from the EU.

 

Few benefit

The IFS said raising the threshold for the higher rate of tax would take
around two and half million people out of the top income tax bracket and
cost about £9bn. Top earners would gain an average of nearly £2,500 a year,
the IFS said.

 

But while in the short run only 8% of the population were set to benefit,
more people would move into the £50,000 to £80,000 bracket as time went on
and would enjoy a lower rate of tax as a result, it said.

 

The numbers of those falling into the higher tax bracket had "crept up" over
time, so that there are currently more than four million higher rate
taxpayers, compared with one and a half million 30 years ago, the IFS said.

 

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Raising the point at which workers start to pay national insurance
contributions would help low-earning individuals, the IFS said, although it
benefited higher earners as well. The IFS said increases to tax credits
would be a more effective way to help low income households.

 

Mr Johnson is running against Jeremy Hunt in a vote by Conservative party
members to be chosen as the next Conservative party leader and to take over
from Theresa May as prime minister.

 

Mr Hunt has said he is in favour of a plan to cut the tax on company profits
from 17% to 12.5% from 2020.--BBC

 

 

 

Caesars takeover by Eldorado to create casino giant

One of the best known names in gambling, Caesars Entertainment, has agreed
to bought by Eldorado Resorts in a deal worth $17.3bn (£13.6bn).

 

It will create one of the largest casino firms in the US, and comes after a
few turbulent years for Caesars.

 

Caesars owns 34 casinos including Las Vegas-based Caesars Palace, which has
hosted major sports and music events.

 

The company was in financial trouble for a decade and emerged from
bankruptcy in 2017.

 

Eldorado will buy Caesars for about $8.5bn in cash and shares, and also take
on the firm's huge debt. It is part of a plan to compete with major
competitors such as Las Vegas Sands and Wynn Resorts.

 

Billionaire activist investor Carl Icahn built a 14.75% stake in Caesars and
urged the company to put itself up for sale as a way to cut debt.

 

Three months ago Caesars agreed to give Mr Icahn's investment business three
board seats and a say on the selection of its next chief executive.

 

Mr Icahn said he was "pleased" by the deal, adding in a statement: "It is
rare that you see a merger where, because of the great synergies, 'one plus
one equals five'. I look forward to seeing our investment prosper."

 

Why is gambling so addictive?

Caesars operates casinos with the Harrah's and Horseshoe brands. Eldorado
owns 26 properties in 12 US states. The combined company will retain the
Caesars name and own, operate and manage 60 casino-resorts across 16 states.

 

The most famous property in Caesars' portfolio is the luxury hotel and
casino Caesars Palace, created in 1966 with an interior designed to resemble
the opulence of the Roman Empire.

 

Frank Sinatra was a regular performer, Muhammad Ali boxed there, and the car
park hosted Formula One races in the early 1980s.

 

In a parallel deal also announced on Monday, the combined company will sell
some of its property estate to Vici Properties to help pay down debt.

 

Eldorado has expanded rapidly through acquisition and has seen its share
price climb more than 12-fold in the past five years.—BBC

 

 

 

 

Eurostar defends alcohol limits on trains

Eurostar has defended limiting the amount of alcohol passengers can carry on
its trains as necessary to "maintain a pleasant environment".

 

The train operator explained its position after customers complained on
social media about changes to the policy.

 

It allows one bottle of wine or four cans of beer and no spirits.

 

Previously, there were restrictions on ski resort routes and temporary ones
for sporting events.

 

Although Eurostar says it made the changes last year, passengers appear to
have only just started to notice.

 

Passenger Claire Tate told the Press Association that the policy was
disgusting and she will reconsider using Eurostar in the future.

 

"I think the policy is there for sports fans who come on drunk and disturb
other holidaymakers. Something should be in place - like an extra fee - for
those types of travellers".

 

Mark Smith, a rail expert who runs his passenger seat61.com website which
says it promotes train rather than air travel, tweeted that "Eurostar has
quietly changed its luggage policy" which was "completely unnecessary".

 

"Previously its policy was easygoing, it was sort of what you would expect.
I'm aghast at the change, it seems draconian," he told the BBC.

 

Mr Smith said the change would make travelling by train "more stressful" for
many passengers.

 

Eurostar said the change to its alcohol policy was made last autumn.

 

"This decision was made to maintain a pleasant environment on board for all
our travellers. Those that wish to take more with them for consumption at
home can do so using our registered luggage service, EuroDespatch," the
company said.

 

Its luggage service, EuroDespatch, charges a minimum fee of £30 per item.

 

 

Eurostar would not say how many customers had been stopped at security
checks with too much alcohol since the limits were put in place.

 

Neither did it say whether there were any restrictions on the amount of
alcohol that can be bought on its trains.

 

"All luggage goes through a scanner as it does in the airport and Eurostar
reserves the right to confiscate any alcohol over those limits. Alcohol
consumption on board is monitored by our team," Eurostar said.

 

Another passenger complaining about the change was Will Roberts who said:
"That's crazy. You mean I can no longer bring a six pack of Belgian beer
back home in my bag after trip to Brussels? Is there a way to convince them
to change?"--BBC

 

 

 

 

 

 

 

 


 

 


 

INVESTORS DIARY 2019

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


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> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
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been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
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
companies typically involve a higher degree of risk and more volatility than
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any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

 


 

 


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