Major International Business Headlines Brief::: 07 March 2019

Thu Mar 7 08:23:57 CAT 2019

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Major International Business Headlines Brief::: 07 March 2019

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*  Flights resume after strike at Kenya's main airport grounds thousands of
passengers

*  South Africa central bank still sees 2019 growth at 1.7 pct

*  South African business confidence falls to five-month low in February

*  African fuel retailer Vivo Energy posts higher profit, volumes

*  Zambia says planning to swap Chinese debt from dollar to yuan

*  Kenya's KCB Group full-year pretax profit jumps 16 pct

*  Kenya in talks with IMF over new standby facility - Mikkelsen

*  Huawei sues US government over product ban

*  Bugatti unveils the world's most expensive new car

*  Trump dealt blow as US trade deficit jumps

*  Zuckerberg outlines plan for 'privacy-focused' Facebook

*  Uber 'not liable' for self-driving death

 <mailto:info at bulls.co.zw> 

Flights resume after strike at Kenya's main airport grounds thousands of
passengers

NAIROBI (Reuters) - Thousands of air passengers were stranded in Kenya on
Wednesday after a strike by aviation workers at the main Nairobi airport led
to the cancellation and delay of scores of flights and the use of riot
police to break up the industrial action.

By the end of the day however, most scheduled arrivals had been processed
while the departures backlog was being cleared, state-run airports operator
KAA said. The strike was sparked by a plan to hand over management of the
profitable airport, the largest in the country, to the loss-making national
carrier.

Kenya, which relies on tourism as one of its chief foreign exchange earners,
deployed anti-riot police carrying clubs and glass shields. They charged at
hundreds of picketers, chasing them out of the Jomo Kenyatta International
Airport (JKIA) and arresting their union leaders.

The striking workers from KAA and flag carrier Kenya Airways were responding
to a call by their union, the Kenya Aviation Workers Union (KAWU), which
opposes the plan to hand over the running of JKIA.

Kenya Airways wants to emulate more successful airlines such as Ethiopian,
which is one of Sub-Saharan Africa’s biggest by fleet size, by paying the
airport authority concession fees and running profitable services such as
catering, fuel distribution, cargo and ground services facilities and
maintenance.

Twenty-five foreign airlines operate out of JKIA, including Turkish
Airlines, Emirates, South African Airways and Ethiopian Airlines.

Thousands of passengers were affected by the disruption, witnesses
estimated.

Kenya Airways, which uses the airport as a hub, cancelled at least four
flights, it said. Another 24 flights were delayed and two diverted.

Government officials scrambled to contain the damage from the strike at
JKIA, which is vital for the tourism sector and to Kenya’s status as a
regional business hub.

Transport Minister James Macharia said replacement staff had been found to
screen passengers and luggage.

He earlier sent a tweet accusing “a few rogue elements” at KAA of causing
the disruption.

Moses Ndiema the secretary general of KAWU, was arrested at the airport. He
was later taken to court to face unspecified charges. Five other union
officials and four of its members were taken to court with him, Ndiema told
Reuters by phone.

Kenya’s employment and labour relations court had ordered the suspension of
the planned strike by KAWU on Tuesday.

 <mailto:info at bulls.co.zw> 

South Africa central bank still sees 2019 growth at 1.7 pct

CAPE TOWN (Reuters) - South Africa’s central bank still expects the economy
to grow by 1.7 percent this year and 2 percent in 2020, governor Lesetja
Kganyago said on Wednesday after the latest fourth-quarter data showed an
annualised growth of 0.8 percent.

Kganyago said rising fuel and electricity prices posed a domestic risk to
the inflation outlook, while the impact of the volatile rand currency and
tightening global financial conditions were also being monitored for
possible inflationary impacts.

South African business confidence falls to five-month low in February

JOHANNESBURG (Reuters) - South Africa’s business confidence deteriorated in
February, falling to 93.4 from 95.1 in January, the South African Chamber of
Commerce and Industry (SACCI) said on Wednesday — the index’s lowest level
since September.

Confidence in Africa’s most industrialised economy has been strangled by
policy and political uncertainty, with investors sceptical about President
Cyril Ramaphosa’s ability to deliver reform ahead of national elections in
May and the resumption of nation-wide electricity blackouts.

African fuel retailer Vivo Energy posts higher profit, volumes

(Reuters) - African fuel retailer Vivo Energy Plc reported a 2 percent rise
in 2018 gross profit on higher volumes and forecast low to mid double-digit
percentage volume growth for the current year despite tough market
conditions in Morocco.

The company, which distributes and markets Shell-branded fuels and
lubricants in Africa, said gross profit rose to $624 million last year from
$614 million a year earlier.

Vivo energy, a result of a partnership between energy trader Vitol Group and
Africa-focused private equity firm Helios Investment, said adjusted core
earnings rose by 6 percent to $400 million on volumes up 4 percent at 9.351
billion litres of fuel.

That helped offset supply disruptions and thinner retail margins in its
largest market, Morocco.

The company expects volumes to hit around 10 billion litres this year
following the completion of its acquisition of a subsidiary of South African
retail firm Engen Ltd on March 1. That expanded its network by 230 stations
in 8 new countries outside South Africa.

Last year, Vivo’s chief executive said the firm still eyed entry into the
Nigerian and South African markets.

Its gross cash unit margin last year dipped 1 percent to $74 per thousand
litres, which Vivo Energy blamed on consumer activism in Morocco. It
forecast a gross cash unit margin in the high $60s per thousand litres for
2019.

The FTSE-250 company, which also has a secondary listing on the Johannesburg
Stock Exchange, added that the core earnings contribution from the Moroccan
retail unit was lower in 2018 at 18 percent versus 29 percent in 2017, and
that it expected the metric to fall further this year.

“Pressure on Moroccan retail pushed down our unit margin there by 4 percent
starting towards the middle of the third quarter. There is speculation of
re-regulation but we’re assuming that does not happen,” Chief Financial
Officer Johan Depraetere said on a call.

Vivo Energy on Wednesday stuck to its plan to open between 80 to 100 new
retail service stations across 23 countries in which it operates.

It said its board had recommended a final dividend of 1.3 dollar cents per
share, bringing the full year dividend to 1.9 dollar cents per share or
about 30 percent of attributable net income.

Zambia says planning to swap Chinese debt from dollar to yuan

LUSAKA (Reuters) - Zambia plans to swap its Chinese debt from dollars to
yuan in a bid to ease pressure on the copper producer’s foreign reserves,
its Finance Minister Margaret Mwanakatwe said on Wednesday.

Mwanakatwe told journalists that discussions with China on the planned debt
swap were likely to be held in late March.

“Our intention is to swap the dollar into yuan so that we can try to
somewhat mitigate exposure to the dollar,” Mwanakatwe said.

Kenya's KCB Group full-year pretax profit jumps 16 pct

NAIROBI (Reuters) - Kenya’s KCB Group said on Wednesday its full-year 2018
pretax profit rose 16 percent to 33.9 billion shillings ($339.00 million),
helped by higher interest income and a drop in operating expenses.

The lender’s net interest income rose slightly to 48.8 billion shillings
from 48.4 billion shillings in 2017, Lawrence Kimathi, group chief financial
officer, told an investor briefing.

Its operating expenses dropped 4 percent to 35 billion shillings, while net
loans and advances climbed to 455.9 billion shillings from 423 billion
shillings, Kimathi said.

KCB Group, which also operates in neighbouring Uganda, Tanzania, Rwanda,
Burundi and South Sudan, said its total assets jumped to 714.3 billion
shillings from 647 billion shillings and customer deposits jumped to 537.5
billion shillings from 500 billion shillings.

($1 = 100.0000 Kenyan shillings)

Kenya in talks with IMF over new standby facility - Mikkelsen

NAIROBI (Reuters) - Kenya is discussing a new standby credit facility with
the International Monetary Fund after the expiry of a previous programme
last year, the institution’s representative to Nairobi said on Tuesday.

The $989.8 million arrangement expired last September after the government
failed to meet the fund’s conditions for an extension, including the repeal
of a cap on commercial lending. [nL5N1W01PS]

“I can just confirm that discussions on a new programme are ongoing,” Jan
Mikkelsen told Reuters without offering more details.

The government is preparing to issue a $2.5 billion Eurobond and analysts
say it would get better interest rates if it secured the standby credit
arrangement with the IMF before it goes to market.

Huawei sues US government over product ban

Huawei has filed a lawsuit against the US government over a ban that
restricts federal agencies from using its products.

It said the US failed to provide evidence to support the ban, and the firm
also rejected claims it had links to the Chinese government.

The US has restricted the use of Huawei products over national security
concerns.

It has also been lobbying allies to shun the Chinese telecoms firm.

Huawei is one of the world's largest telecommunications equipment and
services providers.

The lawsuit is part of a wider push by the company in recent months to
challenge claims its products pose security risks.

"The US Congress has repeatedly failed to produce any evidence to support
its restrictions on Huawei products. We are compelled to take this legal
action as a proper and last resort," Huawei Rotating Chairman Guo Ping said.

"This ban not only is unlawful, but also restricts Huawei from engaging in
fair competition, ultimately harming US consumers."

The storm over Huawei

The US cannot crush us, says Huawei boss

Should we worry about Huawei?

Timeline: What's going on with Huawei?

What does the lawsuit say?

Huawei is challenging the constitutionality of Section 889 of the National
Defense Authorisation Act. The complaint has been filed in a US federal
court in Texas.

Huawei also rejected claims it had any links to the state, saying in a
statement the firm was "not owned, controlled, or influenced" by the Chinese
government.

Several governments around the world, including Australia and New Zealand,
have blocked telecoms companies from using Huawei gear in next-generation 5G
mobile networks, citing security concerns.

Media captionAustralia's former Prime Minister Malcolm Turnbull on why
Huawei was barred from 5G network

What are the other points of contention?

In addition to restricting the purchase of Huawei products, the US is also
pursuing criminal charges against the firm and its chief financial officer
Meng Wanzhou.

Ms Meng, who is the daughter of Huawei's founder Ren Zhengfei, was arrested
in Canada in December, at the request of the US.

She was detained on suspicion of fraud and breaching US sanctions on Iran
and faces extradition to the US.

Huawei denies any wrongdoing and Mr Ren recently told the BBC that his
daughter's arrest was politically-motivated.

That possibility was also raised by Ms Meng's lawyer in her scheduled court
appearance in Vancouver on Wednesday.

US President Donald Trump said in December he could intervene in Ms Meng's
case if it helped to avoid a further decline in US relations with China.

How has Huawei reacted?

The lawsuit is part of a broader, more aggressive strategy by the Chinese
tech giant to counter what it sees as an American "smear" campaign.

It has taken out ads in the foreign press and invited foreign journalists to
visit its campuses as part of new public relations push.

In perhaps its most striking move, it appealed to the American public in a
full-page ad in the Wall Street Journal, telling them not to "believe
everything you hear."--BBC

Bugatti unveils the world's most expensive new car

French supercar maker Bugatti has unveiled the world's most expensive new
car, sold to an unnamed buyer for at least $11m (£9.5m) before tax.

The exact price is not being revealed, but is thought to have overtaken the
previous new car record - about £8-9m for a Rolls-Royce Sweptail.

With engine power about 20 times a Ford Fiesta, the car was built to
celebrate Bugatti's 110th anniversary.

Ferdinand Piech, grandson of Porsche's founder, is thought to be the buyer.

Mr Piech is a former chief executive of Volkswagen, which owns Bugatti.
During his tenure, he had a reputation for backing some of the group's most
expensive development projects.

However, Bugatti would only say that the purchaser was "an enthusiast of the
brand", which is one of the motor industry's most treasured marques.

Bugatti president Stephan Winkelmann said the La Voiture Noire - The Black
Car - combined "extraordinary technology, aesthetics and extreme luxury".

The car has a jet-black carbon fibre body and a 1,500 horsepower 16-cylinder
engine. The Geneva car show is dominated by new electric supercars, but the
Bugatti's six exhaust pipes speak to a very different market for power and
noise. One motoring journalist said there was something "Darth Vader about
it".

Bugatti is not saying exactly how fast the car goes. However, the specs are
similar to another of Bugatti's astonishing pieces of engineering, the
Chiron. This car reaches 62mph in 2.4 seconds and has a top speed of 261mph.

La Voiture Noire, Bugatti says, pays homage to its Type 57 SC Atlantic. Just
four were made between 1936 and 1938, and fashion designer Ralph Lauren is
the owner of the last Atlantic produced.--BBC

Trump dealt blow as US trade deficit jumps

The US trade gap with the rest of the world jumped to a 10-year high of
$621bn (£472.5bn) last year, dealing a blow to President Donald Trump's
deficit reduction plan.

The trade deficit is the difference between how much goods and services the
US imports from other countries and how much it exports.

Reducing the gap is a key plank of Mr Trump's policies.

But in 2018, the US exported fewer goods compared with how much it bought.

A quick guide to the US-China trade war

Trade wars, Trump tariffs and protectionism explained

Mr Trump claims that the US is being "ripped off" by other nations and wants
countries to lower their tariffs on US goods and buy more of them.

However, official data shows that while exports of US goods and services
rose by $148.9bn last year, imports jumped by $217.7bn.

It means that the gap is the widest since 2008, when the global financial
crisis hit and the US fell into recession.

The deficit in goods and services during December also hit a near 10-year
high of $59.8bn.

Exports to the rest of the world fell 1.9% to $205.1bn, while imports rose
by 2.1% to $264.9bn.

'Tariff man'

The US is currently locked in a trade battle with China over what it claims
are unfair trade practices, resulting in tit-for-tat tariff increases on
each others' goods.

Both nations are in discussions and there is speculation they could reach an
agreement by the end of March.

New data shows that the trade gap between the US and China widened last year
by $43.6bn to $419.2bn as exports of American products and services fell,
but imports from China rose.

Analysis: Michelle Fleury, BBC North America business correspondent

It was one of Donald Trump's signature campaign promises.

Back in June 2016, he stood before a large crowd in Monessen, Pennsylvania
and said that as President, he would reduce America's ballooning trade
deficit.

He called it "a political and politician-made disaster" and said "it can be
corrected".

Only it hasn't exactly turned out that way.

Last year, Mr Trump introduced tariffs on steel and aluminium from around
the globe and on a range of imports from China.

The idea was that the tariffs would make imports more expensive, thereby
discouraging Americans from buying foreign goods and services and shrinking
the trade deficit.

But the opposite has happened.

Instead, Donald Trump goes into the presidential re-election race having
failed to deliver on his campaign promise to close the US trade deficit.

Part of the problem is Mr Trump's own tax policies. They boosted US
consumption and a lot of that spending went abroad.

This happened as growth was slowing in other parts of the world,
contributing to a rising dollar. That made US exports more expensive and
less competitive.

Of course, an economic downturn would help reduce the trade deficit.

But who wants that?

Mr Trump warned in December that if the two countries failed to reach an
agreement on trade, he would take action, dubbing himself "a Tariff Man".

'National security'

The deficit between the US and the European Union also increased in 2018, up
by $17.9bn to $169.3bn.

Following the same trend as with China, US export growth to the EU was
eclipsed by imports of European goods and services to America, which last
year rose to $487.9bn.

Following a spat between the US and the EU when America lifted tariffs on
steel and aluminium, Mr Trump and European Commission President Jean-Claude
Juncker last year reached a truce.

However, Mr Trump may choose to lift tariffs on European cars and parts
after the US Commerce Department produced a report examining whether the
imports threaten national security.

Meanwhile, US Trade Representative Robert Lighthizer and EU Trade
Commissioner Cecilia Malmstrom are meeting on Wednesday in Washington, where
the issue of allowing America's agriculture industry access to Europe is
expected to be discussed.--BBC

Zuckerberg outlines plan for 'privacy-focused' Facebook

Facebook boss Mark Zuckerberg has said he believes secure, private messaging
services will become more popular than open platforms.

In a blog, Mr Zuckerberg outlined his vision to transform Facebook into a
"privacy-focused platform."

Facebook owns Messenger and WhatsApp, but message encryption limits its
ability to make money through targeted adverts.

The social media giant has come under fire for a series of privacy scandals.

Facebook revamps its privacy controls

WhatsApp, Instagram and Messenger to 'merge'

In 2018, it emerged that the data of about 50 million users had been
harvested and passed on to a political consultancy.

Some critics see the proposed changes as a way of Facebook perhaps
abandoning its responsibilities, says the BBC's North America technology
reporter Dave Lee.

If what happens on Facebook is more private and temporary, he says, it may
be harder to hold the site accountable for any perceived misdeeds.

What did Mr Zuckerberg say?

"Facebook and Instagram have helped people connect with friends,
communities, and interests in the digital equivalent of a town square," said
the billionaire founder of Facebook.

"But people increasingly also want to connect privately in the digital
equivalent of the living room."

In response, Mr Zuckerberg said he wanted to develop the social media
network into one focused around privacy, reducing permanence and secure data
storage.

As part of his privacy goals, he said Facebook would not "store sensitive
data in countries with weak records on human rights like privacy and freedom
of expression."

"Upholding this principle may mean that our services will get blocked in
some countries, or that we won't be able to enter others anytime soon.
That's a tradeoff we're willing to make," he continued.

Mr Zuckerberg added that encrypted messaging will also create scope for new
business tools, especially ones around online payments and commerce.

He did not offer a firm timeline for his vision, but said changes would take
place "over the next few years".

"I believe we should be working towards a world where people can speak
privately and live freely knowing that their information will only be seen
by who they want to see it and won't all stick around forever. "

"If we can help move the world in this direction, I will be proud of the
difference we've made," Mr Zuckerberg wrote.

What we are seeing is potentially a very new direction for Facebook.

You could argue that it is finally listening to what its users want and
responding to their changing habits, rather than introducing its own ideas
and then responding to the influx of feedback afterwards - seeking
forgiveness rather than permission is not uncommon in the tech sector.

Or you could more cynically point out the looming threat of social network
regulation coming its way from various governments around the world, and
suggest that this new hands-off approach to data (we won't store it, we
won't even be able to see it) might help it survive a clampdown on how it
uses people's information.

The shift to more intimate communications between smaller groups, making
those conversations private even from Facebook itself, and no longer keeping
data for a long period of time is no doubt designed to address the tech
giant's poor track record on privacy in recent times.

As Mark Zuckerberg himself notes: "Frankly we don't currently have a strong
reputation for building privacy protective services".

What's the background to this?

Facebook has been sharply criticised in the past over lack of user privacy
and the spread of offensive content and "fake news".

Close to $80bn (£61bn) was wiped off Facebook's share value in just days
last March over the Cambridge Analytica scandal.

The UK-based consultancy was accused of misusing the data of millions of US
Facebook members.

Cambridge Analytica denied using the data to aid US President Donald Trump's
election campaign in 2016, and claims it had deleted the information in line
with Facebook's policies.

However, the company's chief executive was soon suspended following further
allegations.

Despite the scandal, Facebook says its user numbers have continued to grow.
According to Facebook, the number of people who logged into its site at
least once a month jumped 9% last year to 2.32 billion people.

User numbers in the US - its second-largest market - have fallen by 15m
since 2017 however, according to market research firm Edison Research.--BBC

Uber 'not liable' for self-driving death

Uber will not face criminal charges for a fatal crash involving one of its
self-driving cars.

Prosecutors have ruled that the company is not criminally liable for the
death of Elaine Herzberg, 49, who was struck as she crossed a road in Tempe,
Arizona.

The car's back-up driver could still face criminal charges.

A police report has previously called the incident "entirely avoidable".

Arizona Uber crash driver was 'watching TV'

Uber ends Arizona driverless car programme

Uber car 'had six seconds to respond' in fatal crash

"After a very thorough review of all evidence presented, this office has
determined that there is no basis for criminal liability for the Uber
corporation," wrote Yavapai County Attorney Sheila Sullivan Polk in a
letter.

The crash occurred in March 2018, and involved a Volvo XC90 that Uber had
been using to test its self-driving technology.

Just before the crash, Ms Herzberg had been walking with a bicycle across a
poorly lit stretch of a multi-lane road.

Dash-cam footage released by police after the incident appeared to show the
vehicle's back-up driver, Rafaela Vasquez, taking her eyes off the road
moments before the crash.

Further records from the streaming service Hulu suggested that Ms Vasquez
had been streaming the TV show, The Voice, on a phone at the time of the
crash.

The Yavapai County Attorney's office recommended an expert analysis of the
video, and that the Tempe police department collect further evidence on what
the back-up driver would have seen on the road.

The office did not explain its reasoning for finding Uber to be not
criminally liable.

Uber did not immediately respond to the BBC's request for comment.

The National Transportation Safety Board is also investigating the crash. It
released a preliminary report last year that suggested the sensors on the
Uber vehicle were working correctly, but that emergency braking manoeuvres
may not have been enabled.

Following the crash, authorities in Arizona suspended Uber's ability to test
self-driving cars on the state's public roads. Uber subsequently pulled the
plug on its autonomous car operation in Arizona, although the company has
since resumed tests in Pennsylvania.--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

 <mailto:info at bulls.co.zw> 

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opinions expressed and recommendations made are subject to change without
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