Major International Business Headlines Brief::: 04 March 2019

Mon Mar 4 09:14:01 CAT 2019

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Major International Business Headlines Brief::: 04 March 2019

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*  Dutch prosecutors target Shell over Nigeria oil deal

*  Egypt regulator cancels Thursday trades of Amer Group, Porto Group

*  Egypt’s Eastern Co shares up 5 percent at opening on Egypt stock exchange

*  South African retailer Edcon gets $191 mln recapitalisation

*  South Africa's rand weakens further as risk sentiment wavers

*  Glencore cites trade as its 'foremost risk', others rising

*  MTN slides on profit guidance below forecasts

*  Nigeria's Dangote Cement expects London listing in 2020

*  Kenya says to sell 25-year infrastructure bond this month

*  Mozambique files case against Credit Suisse in London's High Court

*  Church pressures firms on tax and with no women directors

*  Huawei's Meng Wanzhou sues Canada authorities over arrest

*  Lyft losses grow ahead of $25bn flotation

*  Donald Trump asks China to lift all US agricultural tariffs

*  Canada appeals court orders tobacco firms to pay billions in damages

*  New York asks Amazon to reconsider campus plan

 <mailto:info at bulls.co.zw> 

Dutch prosecutors target Shell over Nigeria oil deal

LONDON (Reuters) - Dutch prosecutors are preparing criminal charges against
Royal Dutch Shell over its $1.3 billion acquisition of Nigerian offshore
oilfield OPL 245 in 2011.

Shell said in a statement on its website that it had been informed by the
Dutch Public Prosecutor’s Office (DPP) that it had nearly concluded its
investigation and is preparing to prosecute Shell for criminal charges
directly or indirectly related to the 2011 settlement of disputes over OPL
245.

The Dutch decision piles pressure on Anglo-Dutch oil major Shell, which is
already facing charges of bribery in a trial in Milan over the same deal
alongside Italy’s Eni.shel

Prosecutors in Italy allege that the two oil companies knew that around $1.1
billion used for the acquisition of OPL 245 would be used to pay
politicians, businessmen and middlemen.

Both oil firms have denied any wrongdoing.

A spokeswoman for the Dutch prosecutors said: “Based on the preliminary
criminal investigation, public prosecutors concluded that there are
prosecutable offences”.

Under the deal, Eni and Shell jointly acquired the OPL 245 field from a
company owned by former Nigerian oil minister Dan Etete, who was convicted
of money laundering in an unrelated case in France in 2007.

Eni Chief Executive Claudio Descalzi and four ex-Shell managers, including
its former head of upstream, Malcolm Brinded, are also facing charges of
international corruption in the Milan trial. All have denied any wrongdoing.

Shell shares were up 0.37 percent at 0923 GMT.

 <mailto:info at bulls.co.zw> 

Egypt regulator cancels Thursday trades of Amer Group, Porto Group

CAIRO (Reuters) - Egypt’s financial regulator cancelled trades made on
Thursday in Amer Group Holding and Porto Group, the authority said in a
statement.

Last week Amer Group’s board approved voluntarily delisting the company from
the Egyptian stock market.

Egypt’s Eastern Co shares up 5 percent at opening on Egypt stock exchange

CAIRO (Reuters) - Egypt’s top cigarette maker Eastern Company SAE shares
were up 5 percent at opening on Egypt stock exchange after share offer to
reach 17.50 Egyptian pounds($1.00)per share.

The company sold 95 percent of the shares on offer in the private sale and
will sell the remainder at a public offer that begins on Sunday.

The Egyptian government had been planning to launch a programme of sales in
state companies last October by selling 4.5 percent of Eastern Company.

The total amount of the IPO will not exceed 1.635 billion pounds.

($1 = 17.4600 Egyptian pounds)

Edcon gets $191 mln recapitalisation

JOHANNESBURG (Reuters) - South Africa’s Edcon has secured 2.7 billion rand
($191 million) in new cash and rent deductions as part of a plan to
recapitalise the struggling department store chain.

The owner of Edgars and stationary retailer CNA has been grappling with its
debts for several years, after troubles in its credit business in 2014
coincided with an economic slowdown and weak consumer spending.

In January, Edcon’s chief executive Grant Pattison said it needed 3 billion
rand ($226 million) in financing over the next three years to allow it time
to “fix” its business.

Edcon, which vies for market share with TFG, Truworths and international
chains such as Zara and H&M, is one the biggest names in South African
retail, employing more than 14,000 full-time staff in over 1,100 stores.

It has been in talks with lenders and other investors about injecting money,
while asking landlords to reduce rents in exchange for equity in the
company.

“This is a significant step forward towards ensuring the restoration of our
balance sheet and putting the company back on the path to success,” Pattison
said of the deal with Edcon’s secured lenders, the government pension fund
and landlords .

“It will provide management with a sufficient time-frame to implement the
store estate restructure and focus on returning the business to
profitability.”

Edcon said the recapitalisation will result in the removal of all of its
interest-bearing debt and also introduce a new group structure and set of
shareholders.

Once all conditions have been finalised, the shareholders will consist of
Edcon’s existing lenders, the Public Investment Corporation and
participating landlords of Edcon, as well as Edcon’s employees, it said.

The Southern African Clothing and Textile Workers’ Union welcomed the
announcement, saying in a statement that the agreement means “a job massacre
has been averted in the local clothing manufacturing industry.”

Edcon currently occupies 5.3 percent of Liberty Two Degrees’ Ltd total
portfolio gross lettable area (GLA) and this exposure is anticipated to
reduce to 4.3 percent of total GLA by Dec.31, the real estate investment
trust said in a statement after the announcement.

While Redefine Properties Ltd, a significant landlord of Edcon, said it
agreed to rental reductions up to the maximum amount of 13.8 million rand
($974,569.39) over a two-year period in respect of leases totalling 21,972
square meter.

It’s equity contribution will be 54.6 million rand, it added in a statement.

($1 = 14.1601 rand)

South Africa's rand weakens further as risk sentiment wavers

JOHANNESBURG (Reuters) - The South African rand weakened early on Friday
after breaching the crucial 14.00 to the dollar mark following a selloff in
emerging market currencies.

Escalating tensions between India and Pakistan, the breakup of the
U.S.-North Korea summit without a deal and fading optimism over a U.S.-China
trade deal had all put the rand and other emerging market currencies under
pressure on Thursday as investors opted for safe-havens like the dollar and
Japanese yen.

While there was some relief for emerging markets after Pakistan said it
would release an Indian pilot in an effort to de-escalate the crisis, weak
Chinese manufacturing data weighed on demand for emerging market assets.

At 0700 GMT the rand was 0.18 percent weaker at 14.1150 per dollar after
weakening below the psychologically important 14 to the dollar market
overnight.

U.S. President Donald Trump on Thursday fuelled concerns over trade talks
between the United States and China after warning that he could walk away
from a trade deal with China if it were not good enough, although his
economic advisers touted “fantastic” progress towards an agreement.

“The most prominent contributor to the renewed risk-aversion is the tension
between India and Pakistan that reached critical levels during the course of
the week,” said Bianca Botes, an analyst at Peregrine Treasury.

“When looking at the holistic picture, a potential positive outcome from the
US/China trade talks could be the last “good news” for emerging markets for
a while, as geopolitical tension, declining global GDP, and populism all
threaten risk appetite,” Botes said.

Bonds were weaker ahead of an auction of short-term government bonds, with
the yield on benchmark paper due in 2026 up 4.5 basis points to 8.745
percent.

In stocks, wine and spirits maker Distell reported higher half-year earnings
and raised its dividend on Friday, as growth in other African countries
helped offset a difficult domestic market.

Glencore cites trade as its 'foremost risk', others rising

LONDON (Reuters) - Miner and trader Glencore said trade barriers are its
“foremost risk”, but climate, political, legal and other risks had become
more prominent.

Glencore said in its annual report published on Friday that it was seeking
to mitigate these challenges through conservative spending and strict
compliance. It also said in February it would limit its coal capacity.

Risk is high on the agenda for mining companies after the Vale dam burst in
Brazil provided a stark reminder of the potential dangers in some parts of
the world.

Glencore, which operates in Democratic Republic of Congo and is the world’s
biggest shipper of carbon-intensive seaborne coal, is viewed by analysts as
having a high risk appetite.

While that can drive profits, its share price has underperformed as the
difficulty of mining in countries such as Congo has risen to the fore and as
investors shun coal.

Glencore said trade barriers “could reduce demand for certain of our
commodities or restrict our supplies”.

On market volatility, it also said significant falls, especially in copper,
coal or zinc prices would have “a severe drag on our financial performance”.

But while commodity price risk is perennial, other concerns rose last year,
especially in Congo, where Glencore mines copper and cobalt, needed for
electric vehicles.

It has said it is waiting for a new government to stabilise following
elections at the end of last year to allow it to try to negotiate better
terms following a new 2018 mining code.

Glencore is also subject to a U.S. Department of Justice investigation
related to its activities in Congo.

Given the challenges, it said spending was at “controllable levels” to help
maintain its strong investment grade rating.

Glencore has also set up an ethics committee and said it was monitoring
climate risk. It regards coal as an opportunity as well as a risk because
its assets are high quality and can command a premium as demand, especially
in Asia, continues.

It also has more exposure than many miners to the copper and cobalt needed
for electrification and electric vehicles.

MTN slides on profit guidance below forecasts

JOHANNESBURG (Reuters) - Shares in MTN Group fell as much as 5.4 percent on
Friday, a day after the South African mobile phone group announced guidance
for annual profit that was lower than forecasts.

The stock was down 3.9 percent at 80.21 rand at 1015 GMT, recouping some
losses after slipping to a low of 78.98 rand.

Shortly after the market closed on Thursday, Africa’s biggest mobile phone
operator said 2018 profits would likely rise by as much as 90 percent,
lagging behind an estimate of more a than two-fold jump in poll of seven
analysts by Refintiv.

Nigeria's Dangote Cement expects London listing in 2020

LAGOS (Reuters) - Nigeria’s biggest listed firm Dangote Cement said on
Friday it has been in talks with several banks over a stock market flotation
in London which it expects to be in 2020.

The cement company, owned by Africa’s richest man Aliko Dangote, said the
plans were under consideration but that banks had not been selected yet, it
said.

Kenya says to sell 25-year infrastructure bond this month

NAIROBI (Reuters) - Kenya will sell a 25-year amortized infrastructure bond
this month to raise up to 50 billion shillings ($500.25 million), the
central bank said on Friday.

The bond, which will be auctioned on March 20, will come with a coupon of
12.200 percent, the central bank said, adding that it be tax free in line
with the government’s policy of encouraging investors to bank infrastructure
bonds. .

($1 = 99.9500 Kenyan shillings)

Mozambique files case against Credit Suisse in London's High Court

JOHANNESBURG (Reuters) - Mozambique has filed a case in London’s High Court
against Credit Suisse, according to court records.

Reuters was not immediately able to establish the details of the case on
Thursday.

Credit Suisse was one of the lenders that helped arrange $2 billion in
government-guaranteed loans that tipped Mozambique into a debt crisis that
it is still struggling to recover from.

The global investment bank declined to comment. Mozambique’s Attorney
General did not immediately respond to requests for comment.

Church pressures firms on tax and with no women directors

A group of Christian church investors is planning to put pressure on
companies which have no women directors or a questionable record on tax.

The Church Investors Group has pension fund members with £21bn in assets.

It says it will vote against chairmen and women of boards of big companies
which have poor polices on tax transparency and climate change.

It will also vote against pay reports which do not disclose the ratio of pay
between top bosses and workers.

The Church Investors Group (CIG) has 67 members including the pension funds
for the Church of England and the Methodist Church.

'Common good'

"Ultimately a company's license to operate depends on the confidence of the
public and its long-term contribution to the common good," said Canon Edward
Carter, chair of CIG.

"As asset owners, we will continue to press with our votes the need for
companies to act responsibly and work not only for the benefit of
shareholders, but also contribute to the wider common good in both the short
and long term," he said.

CIG says it has told FTSE 350 companies - the largest companies publicly
traded in London - of its plans.

It will also include Russell 50 companies - an index of the biggest US
companies - when it comes to tax transparency.

Large companies will soon have their annual meetings where shareholders will
be called to vote on board membership, pay for top executives and to accept
annual results.

'Hard line'

The CIG says its members will vote against the chairs of FTSE 350 and
Russell 50 companies with a score of zero for tax transparency in the FTSE
ESG ratings, which look at environmental, social and governance matters.

Currently, that includes Exxon, Amazon and Broadcom, the Financial Times
reported.

The CIG also said it wanted to "take a hard line on excessive executive
remuneration" and that it "continues to have concerns about CEOs receiving
pension payments that are more generous than those made to other staff".

The Church of England has a £8.3bn investment fund, which it says it invests
in an "ethical and responsible way".

The Church holds investments in firms including pharmaceutical giant
GlaxoSmithKline, the bank HSBC, supermarket Tesco, as well as tech firms
Microsoft and Samsung.

However, it has been criticised for some of its investments.

In September, the Church said it was keeping its shares in Amazon - a day
after the Archbishop of Canterbury Justin Welby said the firm was "leeching
off the taxpayer".

The archbishop had questioned Amazon's tax record.

In 2014, the commissioners sold around £75,000 of shares in failed payday
lender Wonga after the archbishop pledged to "put it out of business".

He had admitted to being "embarrassed" and "irritated" when details of the
link emerged in 2013.--BBC

Huawei's Meng Wanzhou sues Canada authorities over arrest

The chief financial officer of China's tech giant Huawei is suing Canada
over her arrest at Vancouver airport last year at the request of the US.

Meng Wanzhou was detained in December on suspicion of fraud and breaching US
sanctions on Iran.

US authorities are seeking to extradite the Chinese national.

But Ms Meng has now filed a civil claim against Canada's government, border
agency and police for "serious breaches" of her civil rights.

China has attacked her arrest and the extradition process as a "political
incident".

Ms Meng denies all the charges against her.

What does the lawsuit say?

The claim - filed in British Columbia's Supreme Court on Friday - seeks
damages against the Royal Canadian Mounted Police (RCMP), Canadian Border
Services Agency (CBSA) and the federal government for allegedly breaching
her civil rights.

Ms Meng says CBSA officers held, searched and questioned her at the airport
under false pretences before she was arrested by the RCMP.

Officers held her to get information they "did not believe would be obtained
if the Plaintiff was immediately arrested", breaking her rights under
Canada's Charter of Rights and Freedoms.

Her detention was "unlawful" and "arbitrary", the suit says, and officers
"intentionally failed to advise her of the true reasons for her detention,
her right to counsel, and her right to silence".

What's been the reaction?

Ms Meng is the daughter of Huawei's founder, and her arrest has strained
relations between China, and the US and Canada.

US authorities filed almost two dozen charges against Huawei - the world's
second largest smartphone maker - and Ms Meng in January, along with a
formal request for her extradition.

Meng Wanzhou extradition process begins

Huawei charges: The 100, 400 and 800-word story

China has slammed the move as an "abuse of the bilateral extradition treaty"
between Canada and the US, and has expressed its "resolute opposition" and
"strong dissatisfaction" with the proceedings.

But Canada says it is following the rule of law. Two of its citizens in
China are thought to have been detained in retaliation for her arrest.--BBC

Lyft losses grow ahead of $25bn flotation

Lyft, the ride-hailing company, has revealed that it is yet to make a profit
ahead of an initial public offering (IPO) which could value the firm at
between $20bn and $25bn.

The company is racing its larger ride-sharing rival Uber to list its stock.

In its prospectus, Lyft published detailed financials for the first time,
showing that while revenue rose to $2.2bn in 2018, losses grew to $911.3m.

It will join New York's Nasdaq and its stock market symbol will be Lyft.

Lyft is currently valued at $15bn, just seven years after it was founded by
technology entrepreneurs John Zimmer and Logan Green.

Reuters reported Lyft will launch its road show around 18 March, where the
company will meet with prospective investors to drum up demand for its
shares.

Both the company and Uber confidentially filed for an IPO with the US
Securities and Exchange Commission in December but Lyft is the first to make
the documents public.

They show that Lyft generated sales of $343.3m in 2016 which grew to $1.1bn
the following year before doubling in 2018.

However, losses have widened from $682.8m in 2016 to $688.3m the year after
and $911.3m in the last 12 months.--BBC

Donald Trump asks China to lift all US agricultural tariffs

US President Donald Trump has asked China to "immediately" lift all tariffs
on US agricultural products.

In a tweet, the president said he made the request because "we are moving
along nicely with Trade discussions".

Mr Trump has delayed tariffs scheduled for 1 March on Chinese goods due to
progress in talks.

He has long complained about the country's trading practices, and has
imposed tariffs totalling more than $250bn (£189bn) on Chinese goods.

China has responded in kind, placing tariffs on $110bn of US products and
accusing the US of starting "the largest trade war in economic history".

Last month Mr Trump said the two countries were "very very close" to signing
a new trade agreement, saying they had made "substantial progress" following
a Washington summit.

While a rise in import duties on Chinese goods from 10% to 25% was due to
come into effect on 1 March, the US is now planning a summit with Chinese
President Xi Jinping at Mr Trump's Mar-a-Lago resort in Florida.

US-China trade war in 300 words

What is a trade war and why should I worry?

The trade war has prompted worries in financial markets about the impact on
the global economy.

The International Monetary Fund warned the trade war risked making the world
a "poorer and more dangerous place" in its assessment on world growth last
October.--BBC

Canada appeals court orders tobacco firms to pay billions in damages

A Canadian court has upheld the bulk of a decision that ordered three
tobacco companies to pay billions in damages.

The judgment involves class action suits that were consolidated against
Imperial Tobacco Canada, Rothmans Benson & Hedges and JTI-MacDonald.

The companies had appealed a 2015 ruling in favour that ordered them to pay
over C$15bn (£8.5bn; $11bn).

The plaintiffs were Quebec smokers who said the firms failed to warn them of
health risks associated with smoking.

Rothmans, Benson & Hedges said on Friday it will seek leave to appeal to the
Supreme Court of Canada.

JTI-Macdonald Corp said it "fundamentally disagrees" with the decision and
is considering all options, including an appeal.

Plaintiffs said the firms knew since the 1950s that their product was
causing cancer and other illnesses and failed to warn consumers.

The companies had argued that Canadians have had a "high awareness" of
smoking health risks for over half a century and say they have been strictly
regulated.

The Quebec Court of Appeal sided on Friday with a lower court decision that
concluded the companies had failed to provide adequate information about the
"safety defect" in their tobacco products.

This is the largest award for damages in the country's history and will
include interest on those damages.

The two class-action lawsuits were originally filed in 1998 before they were
consolidated.

US man writes his own obituary to warn others against smoking - BBC News

'Don't go cold turkey' to quit smoking

More teens are vaping - why?

Smoking rates have reduced steadily in Canada over the years and in 2017
just under 17% of Canadians smoked at least occasionally.

In recent years, US courts have ordered tobacco companies to pay large
awards.

But those payouts are often reduced upon appeal.

A $28 bn (£18.3 bn) ruling against Philip Morris was reduced to $28m on
appeal in 2011.

American tobacco firms agreed in 1998 to pay US states over $200 bn (£131
bn) in fines in what is the largest civil litigation suit in US history. US
states have been criticised for not spending enough of the compensation on
anti-smoking programmes.--BBC

New York asks Amazon to reconsider campus plan

A group of New York business, political and community leaders have asked
Amazon to reconsider its decision to scrap plans for a new campus in the
city.

The campaign comes weeks after the firm backed away from the project, citing
some local opposition.

Amazon had pledged to invest about $2.5bn ($1.9bn) to create the hub, which
would add 25,000 jobs.

In exchange, the city and state had promised the firm almost $3bn in tax
breaks and other benefits.

The award helped to fuel vocal opposition to the project, even though it was
backed by New York's governor and mayor.

Polls also indicated that the majority of local people supported it.

In an open letter to Amazon published in the New York Times on Friday, the
group wrote: "A clear majority of New Yorkers support this project and were
disappointed by your decision not to proceed.

"We all hope you will reconsider."

Amazon cancels New York campus plan

The community that rejected Amazon

Signatories to the letter included the heads of Morgan Stanley, Goldman
Sachs, Mastercard and JetBlue Airways, as well as local leaders, including
the heads of tenant associations and the president of the NAACP New York
State Conference.

New York governor Andrew Cuomo has also called Amazon boss Jeff Bezos to try
to change his mind, the New York Times reported, citing anonymous sources.

However, the newspaper said there was little sign that the company is
willing to re-open the conversation, which had spurred debate about
corporate subsidies and concerns about how Amazon would affect rents in the
area.

In addition to abandoning the plans for a New York campus, Amazon has also
reportedly scaled back expansion plans in its hometown of Seattle.--BBC

INVESTORS DIARY 2019

Company

Event

Venue

Date & Time

Willdale

AGM

Boardroom, Willdale Adminstration Block, Teneriffe Factory, 19.5km peg
Lomagundi Road, Mt Hampden

07 March 2019 11am

Mash

AGM

Boardroom, ZB Life Towers, 77 Jason Moyo Avenue

18 March 2019 12pm

Zimbabwe 

Independence Day

Zimbabwe

18 Apr 2019 

Good Friday

19 Apr 2019

Easter Saturday

20 Apr 2019

Easter Sunday

21 Apr 2019

Easter Monday

22 Apr 2019

Workers Day

01 May  2019

Africa Day

25 May 2019

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DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
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subscribe for any securities. The information contained in this report has
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
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
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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