Major International Business Headlines Brief::: 13 March 2019

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Major International Business Headlines Brief::: 13 March 2019

 


 

 


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*  Kenya's Safaricom secures deal to use M-Pesa payments on AliExpress.com

*  Tanzania sees overall spending up slightly in 2019-20: finance minister

*  S.Africa's FirstRand CEO says likely to shrink branches

*  African Bank appoints ex-Liberty Holdings CEO as chairman

*  Group Five in business rescue after lenders pull plug

*  Zambia external debt rose to over $10 billion at end 2018: finance
minister

*  UK economy stalls despite strong January

*  Business ‘exasperated’ after Brexit vote

*  IMF: Greece among best performers in eurozone

*  Boeing: Europe and India join wave of countries grounding the 737 Max

 

 


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Kenya's Safaricom secures deal to use M-Pesa payments on AliExpress.com

NAIROBI (Reuters) - Kenya’s Safaricom said on Tuesday it had secured a deal
to use its M-Pesa mobile payment service for online shopping on one of
Alibaba’s platforms, part of a move to expand its most profitable product
beyond Kenya.

 

AliExpress.com, run by Chinese e-commerce giant Alibaba Group (BABA.N), will
allow Kenyan shoppers to buy goods on the site using M-Pesa in a matter of
weeks.

 

M-Pesa was launched more than a decade ago to offer Kenyans without bank
accounts a network to transfer cash via mobile phones. It now offers a range
of payment services, loans and savings to more than 21 million people in
Kenya and has been copied abroad.

 

AliExpress.com is an online shopping portal for businesses and retail
customers.

 

“As our customers get more digital, they want to shop in a more digital kind
of a format, that’s why we are seeing e-commerce growing,” said Safaricom’s
chief customer officer, Sylvia Mulinge.

 

Under the deal, Ant Financial, an affiliate of Alibaba that runs the
portal’s payment services, will offer M-Pesa as one of the payment options
with transactions denominated in Kenyan shillings, Safaricom said.

 

“The move especially targets microtraders in the country who source goods
and other supplies from manufacturers in China,” Safaricom said in a
statement.

 

Safaricom, Kenya’s largest operator that is partly owned by South Africa’s
Vodacom and Britain’s Vodafone , said the deal was part of an effort to
transform M-Pesa into a global payments platform. M-Pesa has become a major
profit driver for Safaricom.

 

In November the company agreed a deal with Western Union to allow M-Pesa
users to send money around the world using their mobile phones.

 

The partnership with Ant Financial will allow M-Pesa users to shop on
AliExpress without a credit card, Mulinge said.

 

Safaricom is the market leader in Kenya with 65 percent of mobile phone
users, or 30 million subscribers.

 

In Kenya, it competes with the local unit of India’s Bharti Airtel, which
had 22.3 percent of the market as of September, and Telkom, which accounts
for 9 percent. Last month the two companies said they will merge.

 

 

 

 


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Tanzania sees overall spending up slightly in 2019-20: finance minister

DAR ES SALAAM (Reuters) - Tanzania plans to raise its total spending in
2019-20 (July-June) slightly to 33.11 trillion shillings ($14.16 billion),
with the funds going towards improving roads, railways and rural electricity
supplies, its finance minister said on Tuesday.

 

The spending is up from 32.48 trillion shillings in the fiscal year that
will end in June.

 

Philip Mpango said in a presentation to parliament outlining proposals for
the 2019-20 budget that the government plans to borrow 2.32 trillion
shillings from external non-concessional sources, with 2.78 trillion
shillings coming from concessional loans and grants.

 

Mpango said the government planned to raise 23 trillion shillings from
internal revenues, and the budget will have a deficit of 2.3 percent of
gross domestic product.

 

A final budget presentation will be made to parliament in June.

 

Tanzania’s economy is forecast to grow at 7.3 percent in 2019, from an
estimated 7.2 percent last year, helped by public infrastructure investments
and favourable weather.

 

“During fiscal year 2019-20, the government will allocate 20.86 trillion
shillings for recurrent expenditure ... which includes provisions for 2019
local government elections and preparations for the general election in
2020,” Mpango said.

 

Tanzania plans to spend 12.25 trillion shillings in 2019-20 on development
projects.

 

East Africa’s third-largest economy is investing heavily in public
infrastructure projects as it seeks to profit from its long coastline and
upgrade its rickety railways and roads to serve the growing economies in
east and central Africa.

 

($1 = 2,338.0000 Tanzanian shillings)

 

 

 

S.Africa's FirstRand CEO says likely to shrink branches

JOHANNESBURG (Reuters) - FirstRand will likely need to shrink its branch
network over the next decade as South Africa’s largest retail bank looks to
digitise and adopt a platform model offering services beyond banking, CEO
Alan Pullinger said on Tuesday.

 

The country’s oldest bank dating back to 1838 reported a 6.1 percent rise in
half-year headline earnings on Tuesday, outperforming rivals in retail
banking but with costs that are rising above inflation.

 

“We’re a big old banking group that’s been around for 180 years, so we have
lots of branches, and processes, and stuff that’s probably not fit for this
future platform bank we want to get to,” Pullinger told Reuters in a phone
interview.

 

Its branch network would likely need to be at least 30 percent smaller in
square metres, Pullinger said, with a focus on reducing floor space rather
than closing branches.

 

Pullinger told Reuters the bank eventually wants spending as a proportion of
income to drop into the 40s from 52.4 percent currently, and that it had to
modernise and find efficiencies.

 

FirstRand wants to operate as a platform like companies such as Amazon,
catering to customers seeking not only banking but services such as car
licence renewals.

 

It is investing heavily in digital technology and working to encourage
customers to use its online and mobile channels.

 

“If we can get them out of the branch, we can start shutting branches,” he
said, adding that FirstRand will always need branches, just not as many.

 

In addition to investing in technology, FirstRand has seen its costs rise as
a result of its investments in insurance, savings and asset management, as
well as its 2017 acquisition of British mortgage and savings bank Aldermore.

 

These investments would continue, Pullinger said.

 

Lenders have struggled to grow traditional revenue in a sluggish South
African economy, where consumers have reined in spending and borrowing amid
high levels of unemployment and personal debt.

 

FirstRand is less geographically diversified than its rivals and so is more
exposed to these problems.

 

However, it managed to increase earnings at its retail bank by 13 percent in
the six months to December 31, far ahead of its competition.

 

Its headline earnings per share - the key profit gauge in South Africa -
rose to 237.9 cents ($0.1915) from 224.2 cents a year earlier, the bank
reported on Tuesday.

 

 

 

African Bank appoints ex-Liberty Holdings CEO as chairman

JOHANNESBURG (Reuters) - African Bank, a small South African lender which is
trying to rebuild after nearly collapsing under the weight of bad debts,
said it has appointed Thabo Dloti, former CEO of insurer Liberty Holdings,
as its chairman.

 

Dloti, who is also an ex-CEO of Old Mutual Investment Group and Liberty
Holdings’ asset management subsidiary Stanlib, will be a permanent
replacement for Louis von Zeuner, who left African Bank last July.

 

“We are pleased to welcome Mr. Dloti as chairperson and look forward to his
leadership and contribution in furthering the development and delivery of
the African bank strategy,” African Bank’s CEO Basani Maluleke said in a
statement.

 

African Bank was bailed out with a 10 billion rand ($700 million) capital
injection from a consortium of lenders in 2014, when the South African
Reserve Bank stepped in to arrange a rescue after the lender said it would
need to raise $800 million to cover bad loans.

 

The central bank still owns a 50 percent stake in African Bank.

 

The lender said Dloti had a record of driving strategy and transformation
within blue chip companies. He spearheaded an acquisition-fuelled expansion
drive at Liberty but left abruptly two years ago after a clash over that
strategy.

 

Liberty Holdings is owned by big four lender Standard Bank.

 

($1 = 14.2800 rand)

 

 

Group Five in business rescue after lenders pull plug

JOHANNESBURG (Reuters) - South African builder Group Five filed for
bankruptcy protection on Tuesday after lenders pulled funding, threatening
the collapse of one of the biggest names in the local construction industry
and more than 8,000 jobs.

 

Group Five, which traces its roots back to the 1970s with the tie-up of five
construction companies, has struggled to make money for years in an industry
squeezed by stagnant economic growth and a pullback in infrastructure
spending by the government and private sector.

 

Its cash flow problems were exacerbated late last year when Ghana’s Cenpower
Generation Company claimed a total of $62.7 million over a building delay to
a power plant in the west African country. The project has since been
terminated.

 

“It appears to be reasonably unlikely that the company will be able to pay
all of its debts as they fall due and payable within the immediately ensuing
six months,” Group Five said.

 

“As a result, the board of directors of Group Five and G5 Construction have
resolved to place each of these companies into business rescue,” it said in
a statement.

 

South Africa’s business rescue law, similar to Chapter 11 bankruptcy
protection proceedings in the United States, allows a financially distressed
to temporarily delay creditors’ claims against it or its assets.

 

Group Five’s problems threaten jobs cuts in country where about one in five
is unemployed. The company employs around 8,000 people.

 

‘GREAT SHAME’

Group Five’s equity is all but wiped out following years of losses as the
company, alongside rivals such as Murray & Roberts and Aveng, struggled to
recover from a sharp slowdown in mega projects since the end 2010 FIFA World
Cup.

 

Shares, which were suspended on Tuesday, last traded at 89 cents, giving it
a market value of around 100 million rand ($7 million), a dramatic fall from
over 5 billion rand in 2009.

 

Group Five, whose liabilities totalled 5 billion rand at the end of June
last year, also told stock holders that “there’s a slim chance for any
realisation of value.”

 

“It’s a great shame because Group Five has been around forever and at one
stage was one of the biggest construction companies,” said Wayne McCurrie, a
portfolio manager at Ashburton Investments.

 

“The industry is not totally blameless in all of this. They can’t just say
the environment is tough. In the good years, they put on too much capacity,
and in the bad years they didn’t cut capacity quick enough.”

 

Group Five is the second high profile construction company to tumble into
business rescue in months, after rival Basil Read filed in the middle of
last year with 2.6 billion rand in liabilities.

 

($1 = 14.2837 rand)

 

 

 

Zambia external debt rose to over $10 billion at end 2018: finance minister

LUSAKA (Reuters) - Zambia’s external debt rose to $10.05 billion at the end
of last year from $8.74 billion at the end of 2017, Finance Minister
Margaret Mwanakatwe said on Monday.

 

Mwanakatwe said in a statement that the rise was due to increased
disbursements on previously contracted loans for infrastructure projects
aimed at supporting economic diversification.

 

Zambia’s foreign debt includes money that it raised through Eurobonds and
other loans from bilateral and multilateral partners.

 

Zambia is Africa’s second-largest copper producer and mining is the mainstay
of the nation’s economy, accounting to more than 70 percent of its foreign
exchange earnings.

 

Zambia’s copper production increased to 850,000 tonnes in 2018 from 797,000
tonnes the previous year due to continued investment in the sector and
favourable prices, Mwanakatwe said.

 

She said external debt servicing last year reached $759.9 million and
government guaranteed debt stood at $1.3 billion.

 

Zambia plans to swap its Chinese debt - which accounts for about a third of
its foreign debt - from dollars to yuan in a bid to ease pressure on foreign
reserves, Mwanakatwe said last week.

 

 

 

UK economy stalls despite strong January

The UK economy grew by 0.2% in the three months to January, matching the
growth of the previous three months.

 

The report from the Office for National Statistics (ONS) showed a pick-up in
activity in January when the economy expanded by 0.5%.

 

The ONS said strength in IT, health services and wholesale trading offset
falls in the manufacturing of metals and cars, and construction repair work.

 

The increase in wholesale could indicate stockpiling ahead of Brexit.

 

The key numbers

The total output of goods and services in the UK, or gross domestic product
(GDP), grew by 0.2% in the three months to the end of January.

 

The services sector, which accounts for about 80% of the private sector
economy, grew by 0.5% on a rolling three-month basis, mainly driven by
wholesale and retail trade.

 

Rob Kent-Smith of the ONS said growth across the latest three months had
"remained weak" with falls in the output of metal products, cars and
construction repair work all dampening economic growth. However, he added
that was offset by strong performances in wholesale, IT and health services.

 

In January the economy staged a bit of a comeback, growing by 0.5%

 

The services sector, which accounts for about 80% of the private sector
economy, grew by 0.3% in January after a 0.2% fall in December.

 

Construction, which accounts for about 6% of the economy, reversed
December's fall to grow by 2.8% in January.

 

Production and manufacturing output also both grew in January, having
contracted in December.

 

What do the figures tell us?

Yael Selfin, chief economist at KPMG said the data confirmed growth momentum
in the UK economy had "stalled".

 

"The first glimpse of GDP data for this year points to a UK economy hovering
well below its growth potential, as we wait for the Brexit fog to dissipate.

 

Ms Selfin said she expected growth to "remain subdued in the short-term".

 

However, Andrew Wishart, UK economist with Capital Economics, said the
numbers provided some reassurance that the UK economy is weathering a
political crisis at home and a slowdown overseas "pretty well".

 

"Of course, the data may deteriorate in February and March if Brexit has
caused consumers and firms to reach for the handbrake," he added.

 

Clouds gathering over global economy

UK economic growth slowest since 2012

Suren Thiru, head of economics at the British Chambers of Commerce said:
"The service sector remains the main driver of UK growth on this rolling
three-month measure, with industrial production and construction
contracting. Despite a boost in January, the manufacturing sector remains an
area of concern with significant cost pressures and moderating demand in key
markets weighing on activity in the sector.

 

"The lack of clarity on crucial aspects of how companies will operate after
29 March, as well as the possibility of a no-deal Brexit, has led many firms
having to take drastic action to safeguard their operations, which has
resulted in unnecessary costs, diversion of resources and loss of business,
subduing overall economic activity.

 

So are firms stockpiling?

It seems it depends on your point of view.

 

Some experts think the increase in wholesale activity does signal that some
businesses are building up stocks ahead of Brexit.

 

KPMG's Ms Selfin said there was "evidence that stockpiling in anticipation
of Brexit has bolstered growth in some industries".

 

However, at Capital Economics Andrew Wishart said there was "little
evidence" of stockbuilding, with output in the transport and storage sector
falling in January and the three-month growth in imports easing off.

 

The ONS was unable to comment on whether the growth was linked to UK
manufacturers stockpiling.

 

What does it all mean?

Analysis by economics correspondent Dharshini David

The uncomfortable truth is that the economy has lost speed. Growth of 0.2%
across three months is a fraction of what the UK typically achieves.

 

Brexit uncertainty appears to have hammered business investment, while
growth in the Eurozone has fallen way short of expectations.

 

Although the economy expanded by 0.5% in January alone, even the number
crunchers who calculate these monthly estimates admit that they're volatile
and need cautious treatment.

 

And January's rebound was driven by manufacturing and construction.

 

But surveys suggest recent industrial activity has been driven by speeding
up production of finished goods ahead of Brexit rather than new orders;
though the ONS numbers don't distinguish between these.

 

And the rebound follows very weak months for manufacturing and construction
- output across the last three months in both was flat.

 

Total growth across the last three months was driven by services - in
particular the wholesale retailing, again hinting at stockbuilding.

 

The "fog of Brexit" may have actually inflated activity of late. Beyond
that, growth is at best sluggish.--BBC

 

 

 

Business ‘exasperated’ after Brexit vote

Business groups are "exasperated" after the Prime Minister's EU withdrawal
plan was again rejected by Parliament.

 

They called on MPs to shut down the possibility of a no-deal Brexit and come
up with a clear EU exit plan.

 

The City UK, the finance industry body, said leaving without a deal "would
be an own goal of historic proportions".

 

The government is set to publish more details of its no-deal plans on
Wednesday, including trade tariffs and Irish border proposals.

 

CBI director-general Carolyn Fairbairn said the extension of the Brexit
process "should be as short as realistically possible and backed by a clear
plan".

 

"It's time for Parliament to stop this circus," she added.

 

Stephen Phipson, chief executive of manufacturers' group Make UK, said: "It
is now essential that Parliament brings the curtain down on this farce and
removes the risk of no deal.

 

"That outcome would be disastrous for the UK manufacturing, jeopardising
many thousands of jobs in every constituency in the land."

 

Tariff plans

The government is set to publish more details of its no-deal plans,
including tariff rates, on Wednesday.

 

Last week, reports suggested that should the UK leave the EU with no deal in
place, the UK government might cut trade tariffs on between 80% and 90% of
goods.

 

And on Tuesday, Theresa May said that no-deal plans for the Irish border
would be released on Wednesday.

 

Helen Dickinson, chief executive of the British Retail Consortium, said the
public would be hit by no-deal Brexit in the form of tariffs, non-tariff
barriers and currency depreciation.

 

These would "all push up costs and reduce the choice on the shelves we
currently enjoy," she said.

 

She added that businesses are "exasperated by the lack of clarity over their
future trading arrangements".

 

"Hundreds of ships are currently sailing towards Britain without a clear
understanding of the tariffs, checks, or documentation requirements, they
will face when they arrive," she said.

 

Mike Hawes, chief executive of car industry body the SMMT, said the vote to
reject Mrs May's deal "leaves us perilously close to the 'cliff edge'."

 

"No-deal would be catastrophic for the automotive industry," he said.

 

"It would end frictionless trade, add billions to the cost of manufacturing
and cost jobs.

 

"UK automotive businesses will be put at immediate risk. Parliament must
reject no-deal and take it permanently off the table," he added.

 

Fluctuating pound

The pound was volatile ahead of the Commons vote on Tuesday, sinking after
the government's senior law officer said the legal risk of the UK being tied
to EU rules after Brexit remained unchanged.

 

It regained some ground after the vote, but settled lower.

 

Andrew Wilson, Europe, Middle East and Africa chief executive of Goldman
Sachs Asset Management, said:

 

"We expect the British pound, which has reversed last night's strength over
the course of the day, to weaken further amid prolonged uncertainty.

 

"That said, ruling out of a 'no-deal' Brexit could provide some support for
the currency," he added.--BBC

 

 

 

IMF: Greece among best performers in eurozone

Greece has entered a period of economic growth that puts it "among the best
performers in the eurozone".

 

That rather striking judgement comes from the International Monetary Fund in
a new report on the Greek economy.

 

A senior IMF official said there were a lot of positive developments to
point to.

 

That said, the IMF said the economy remains vulnerable, further reforms are
needed and unemployment remains unacceptably high.

 

Greece was where the eurozone financial crisis started back in 2009, and it
was the economy hardest hit.

 

It is also the economy that has received most by way of bailout loans, some
from the IMF.

 

But most of the money came from the eurozone to total more than a quarter of
a trillion euros.

 

Erratic growth

Those loans came with conditions. Greece had to take action to reduce the
government's unsustainable borrowing needs, and to reform the economy to
support growth.

 

There were changes to labour regulation, more competition in the business
world and privatisation among many other elements.

 

Both strands encountered resistance in Greece, and the bailout terms led to
political crises.

 

But the IMF and the European Union both say the country has made progress.

 

Growth resumed in 2013, but it was erratic at first.

 

Last year, however, Greece managed growth of slightly more than 2% for the
first time in more than decade.

 

This year, the IMF forecasts somewhat better. Peter Dohlman, the IMF's
mission chief for Greece, says that's enough to put Greece "in the upper
tier of the eurozone growth table".

 

'Crippled banks'

It is certainly progress, indeed a striking change in performance, though
the favourable comparison does partly reflect the slowdown that has hit the
eurozone as a whole in the last year.

 

It is also important to recall how much damage the Greek economy has
suffered. It is still about 24% smaller than before the crisis.

 

Unemployment has come down markedly, including for young people. But it
still very high: 18.5% for the adult population as a whole and close to 40%
for the young.

 

The IMF says the reform work is incomplete and the economy remains
vulnerable.

 

A particular concern is the banks which still have high levels of loans
where payments are not up to date.

 

Mr Dohlman describes the banks as "crippled" by this problem. That is
reflected in the fact that private sector credit continues to decline.

 

He also says more work is needed on labour market reform so that employers
can respond more easily to changing conditions.

 

Reforms on competition also continue to lag, he says.

 

A meeting of eurozone finance ministers this week agreed that Greece needs
to do more.

 

They discussed whether to go ahead with some debt relief measures that had
already been agreed in principle but subject to the Greek government
completing agreed reforms.

 

They decided to wait until Greece had made more progress, though the
European Commissioner Pierre Moscovici expressed confidence that the debt
relief measures, worth almost a billion euros, could be decided by the next
meeting in April at the latest.--BBC

 

 

 

Boeing: Europe and India join wave of countries grounding the 737 Max

The European Union and India have banned the Boeing 737 Max from flying over
their airspace to ensure passenger safety.

 

They join a long list of countries in suspending the plane, including the
UK.

 

It comes after an Ethiopian Airlines plane crashed on Sunday, killing 157
people on board. It was the second fatal accident involving the 737 Max 8
model in less than five months.

 

US officials say the aircraft are still safe to fly.

 

However, the US Association of Flight Attendants-CWA union is now calling
for the Federal Aviation Administration "to temporarily ground the 737 Max
fleet in the US out of an abundance of caution".

 

India's Ministry of Civil Aviation announced that it would ground the Boeing
737-Max planes "immediately".

 

It said: "These planes will be grounded till appropriate modifications and
safety measures are undertaken to ensure their safe operations."

 

It following a similar decision by the EU Aviation Safety Agency which said
it is suspending the aircraft "as a precautionary measure".

 

Earlier today, the UK's Civil Aviation Authority (CAA) said it was banning
the plane, joining other countries including China.

 

Investigators have recovered the flight recorders from the Ethiopian
Airlines plane and are currently examining the data to determine what caused
the crash.

 

EU Aviation Safety Agency said: "The accident investigation is currently
ongoing, and it is too early to draw any conclusions as to the cause of the
accident."

 

American and Southwest airlines continue to fly their 737 Max 8s in the US

The CAA said its directive would remain in place until further notice.

 

It said it took the decision because it did not currently have "sufficient
information" from the flight data recorder about the fatal crash.

 

Tui Airways and Norwegian both operate the Boeing Max 8 in the UK as part of
their fleets.

 

One Turkish Airlines flight to Birmingham turned around and returned to
Istanbul. And a Norwegian Air plane from Stockholm to Tel Aviv turned back
over Romania.

 

A Tui statement confirmed their 737 Max 8 aircraft were grounded.

 

"Any customers due to fly home today on a 737 Max 8 from their holiday will
be flown back on another aircraft," it read.

 

"Customers due to travel in the coming days will also travel on holiday as
planned on other aircraft."

 

Norwegian said it had also suspended flights of the aircraft and apologised
for the inconvenience to passengers.

 

India's SpiceJet, which has an estimated 13 Boeing 737 Max 8 planes in its
fleet, has suspended the aircraft.

 

Which other countries are affected?

The US Federal Aviation Administration (FAA) has declared the 737 Max 8
airworthy.

 

But the largest operator of 737 Max 8s in America, Southwest Airlines, is
offering passengers scheduled to fly on one of the Boeing planes the chance
to change their bookings.

 

Rival American Airlines said its "standard policies for changes still
apply".

 

Senator Elizabeth Warren, who is running to be the Democrats' presidential
candidate, called on the FAA "to get these planes out of the sky."

 

Boeing has confirmed that for the past few months it has been developing a
"flight control software enhancement" for the aircraft, but says it is
confident they are safe to fly.

 

More than $27bn (£21bn) has been wiped off the company's market value since
the close of trading on Friday.

 

The delay that saved a man's life

More about Boeing 737 Max 8

Ethiopian Airlines: Africa's largest airline

In the aftermath of the accident, Ethiopia, Singapore, China, France,
Ireland, Germany, Australia, Indonesia and Malaysia have all temporarily
suspended the 737 Max.

 

Singapore's Changi Airport is the world's sixth busiest and a major hub
connecting Asia to Europe and the US, but only a handful of airlines operate
the Max 8 aircraft in and out of the country.--BBC

 

 

 

 

 


 

 


 

INVESTORS DIARY 2019

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


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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