Major International Business Headlines Brief::: 20 March 2019

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Major International Business Headlines Brief::: 20 March 2019

 


 

 


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*  No end date for South African power cuts as capacity shortages persist

*  Ex-CEO, seven others responsible for Steinhoff fraud, new CEO tells
lawmakers

*  Egypt, Nissan agree to produce 100,000 cars a year: minister

*  Morocco keeps benchmark interest rate unchanged at 2.25 pct

*  IMF urges South Sudan to stop taking oil-backed loans

*  South Africa's rand steady, investors eye Fed meeting

*  Morocco’s BCP 2018 net profit up 3.5 pct

*  IMF mission to visit Tunisia next week to discuss fifth review of loan

*  Weedkiller glyphosate a 'substantial' cancer factor

*  Google reveals gaming platform Stadia

*  Jet Airways grounds planes as crisis grows

*  The SEC calls for new contempt sanctions for Elon Musk

*  Huge aluminium plants hit by 'severe' ransomware attack

*  Mukesh Ambani: India's richest man helps his brother avoid jail

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

                                      

No end date for South African power cuts as capacity shortages persist

JOHANNESBURG (Reuters) - South Africa’s Public Enterprises Minister Pravin
Gordhan said on Tuesday he cannot say yet when rolling blackouts will end,
as power utility Eskom struggles with capacity shortages that threaten to
thwart efforts to boost economic growth.

 

Eskom supplies more than 90 percent of the power in South Africa but has
suffered repeated faults at its coal-fired power stations, along with low
water levels at hydroelectric plants, diesel shortages and loss of imports
from Mozambique.

 

Around 17,000 megawatts of Eskom’s installed capacity of 45,000 megawatts
was unavailable, Gordhan said.

 

“Engineers are visiting the power stations themselves to give us an
independent view of what is going wrong and how quickly we can repair what
is going wrong,” Gordhan told journalists.

 

“We need to complete these investigations, and we will come back to you in
the next 10 to 14 days.”

 

Eskom has continuously implemented power cuts since Thursday, with up to
4,000 megawatts cut from the grid on a rotational basis.

 

The power cuts have disrupted businesses, particularly the small- and
medium-sized firms, and have also prompted frustrations among ordinary
people ahead of an election in May.

 

Apart from faults at the new Medupi and Kusile mega power plants, three
other coal-fired plants were suffering severe problems, Eskom executives
said.

 

The executives also said Eskom was expecting to receive a diesel shipment on
Friday to replenish its fuel supplies. Eskom burns diesel when it cannot
produce enough from its coal plants.

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 



Ex-CEO, seven others responsible for Steinhoff fraud, new CEO tells
lawmakers

CAPE TOWN (Reuters) - Former Steinhoff Chief Executive Markus Jooste and
seven others were involved in a 6.5 billion euro ($7.4 billion) accounting
fraud at the South African retailer, the new CEO told lawmakers on Tuesday.

 

Steinhoff said on Friday an independent report had found it overstated
profits over several years in the fraud that involved a small group of top
executives and outsiders and took what was once an investor favourite to the
brink of collapse. PwC conducted the independent investigation.

 

The company did not name the individuals last week, citing legal reasons.
But during Tuesday’s session in parliament South African lawmakers
instructed Louis du Preez, who was appointed CEO last year, to reveal those
involved.

 

“We have no choice but to instruct you as a committee to give us the names
of the people who PwC alleges committed the most serious offences,” said
Yunus Carrim, chairman of the finance parliamentary committee.

 

Du Preez then named former CEO Jooste and former Chief Financial Officer Ben
la Grange, alongside six other people, who he said the investigation report
has identified as key players in inflating Steinhoff profits and asset
values over several years.

 

Jooste, who resigned hours before Steinhoff disclosed the hole in its
accounts in December 2017, could not be reached for comment through his
lawyer. He has previously denied any wrong doing.

 

La Grange could not immediately be reached for comment through his lawyer.

 

ILLUSION OF PROFIT

Du Preez also identified four other outsiders, who he said worked alongside
Jooste, La Grange and two other executives, over several years to enter into
fictitious transactions with entities purported to be third parties to
create the illusion of income to hide losses.

 

The accounting fraud forced the company to write down the value of its
assets by 11 billion euros.

 

Steinhoff will pursue claims against those involved and co-operate with
legal authorities on any civil or criminal investigation, du Preez said.

 

However, Steinhoff repeatedly refused to share the 15,000 page PwC document
with regulators that also include capital markets watchdog Financial Sector
Conduct Authority (FSCA), citing legal advice.

 

This has prompted the FSCA to serve the company with summons to produce the
report. Du Preez said he would take legal advice on the demand.

 

The acting head of a specialised commercial crime unit within the National
Prosecuting Authority told lawmakers the team would look to fast-track its
investigation as soon as it received a copy of the report.

 

($1 = 0.8804 euros)

 

 

 

Egypt, Nissan agree to produce 100,000 cars a year: minister

CAIRO (Reuters) - Egyptian state-owned carmaker El Nasr Automotive
Manufacturing and Japan’s Nissan have reached an initial agreement to
produce 100,000 cars a year in Egypt, the minister for public enterprises
said on Tuesday.

 

The agreement is part of efforts to boost the proportion of locally made
auto components in cars assembled in Egypt with a view to exporting the
majority of the vehicles, Hesham Tawfik said.

 

A final contract is expected to be signed within three months, according to
a ministry statement, which did not give a target date for the production of
100,000 cars a year.

 

There have been reports of government plans to revive Nasr Automotive, which
specialised in making local versions of Fiat cars before it ceased
production shortly before Egypt’s 2011 uprising, according to state media.

 

Its revenue rose to 5 million Egyptian pounds ($289,185) on assets of 350
million EGP in the 2016-17 financial year, from zero the previous year,
according to an Egyptian finance ministry report.

 

($1 = 17.2900 Egyptian pounds)

 

 

 

Morocco keeps benchmark interest rate unchanged at 2.25 pct

RABAT (Reuters) - Morocco’s central bank left its benchmark interest rate
flat at 2.25 percent on Tuesday, saying the decision was in line with the
inflation and growth outlook.

 

Inflation, driven mainly by food prices, was seen dipping to 0.6 percent in
2019 from 1.9 percent in 2018, before picking up to 1.1 percent in 2020.

 

The bank expects Morocco’s budget deficit to widen to 4.1 percent in 2019,
excluding privatisation revenue, from 3.7 percent last year. The forecast is
higher than the government’s expectations of 3.7 percent and 3.3 percent
including privatisation revenue.

 

 

 

IMF urges South Sudan to stop taking oil-backed loans

NAIROBI (Reuters) - South Sudan should stop selling expensive and opaque oil
advances, the International Monetary Fund said, because loan resettlements
were hindering spending vital for the implementation of a peace deal.

 

President Salva Kiir and his former deputy Riek Machar signed an accord in
September, halting fighting that had uprooted more than a third of the
country’s 12 million people.

 

South Sudan was plunged into war in 2013 after a political disagreement
between the two men, who hail from rival ethnic groups, escalated into a
military confrontation.

 

    The government took out loans from several Chinese companies during the
war, offering to repay them with future oil proceeds from fields that at
their height pumped 350,000 barrels per day.

 

“On the management of oil revenues, the mission urges the authorities to
immediately stop contracting oil advances that are expensive and
nontransparent,” said Jan Mikkelsen from the IMF, who lead a mission to Juba

 

“This measure will also help to ensure that oil revenues will be fully
available for financing budgetary spending.” 

 

The IMF said spending in the remaining part of the 2018/19 fiscal year will
be constrained by large repayments of oil revenue advances.  

 

    “With a tight resource envelope, the authorities should strictly
prioritize core peace-related spending and payment of civil servant
salaries.”

 

    The landlocked country has one of the most oil-dependent economies in
the world, accounting for more than 95 percent of revenues.

 

The oil ministry hopes to push production back up to more than 350,000 bpd
by the middle of 2020, up from current levels of just over 140,000 bpd.

 

    Inflation had dropped to 40 percent by the end of last year, down from
triple digits, but the central bank needed to address the gap between the
official and black-market exchange rates, the IMF said.

 

“The current dual foreign exchange rate system with a large spread between
the official rate and the parallel market rate is unwarranted, as it gives
rise to rent seeking and reduces inflows of foreign exchange into the
country,” the IMF said.

 

 

 

South Africa's rand steady, investors eye Fed meeting

JOHANNESBURG (Reuters) - South Africa’s rand traded flat on Tuesday as the
dollar sagged on expectations the Federal Reserve would adopt a dovish
outlook this week and concerns about slower U.S. economic growth.

 

As of 0640 GMT, the rand was 0.1 percent firmer at 14.4250 per dollar,
little changed from its close of 14.4400 overnight in New York.

 

The currency sank to 14.4925 in the European session as ongoing nation-wide
electricity outages by state utility Eskom dampened sentiment.

 

Public enterprises minister Pravin Gordhan plans to brief the media on
Tuesday on the government’s plans for the troubled power utility.

 

The greenback was dragged to near two-week lows by growing expectations the
Federal Reserve would adopt a more accommodative policy outlook this week,
while keeping its benchmark interest rate unchanged.

 

Government bonds also firmed, with the yield on the benchmark instrument
maturing in 2026 down 1.5 basis points to 8.68 percent.

 

 

 

Morocco’s BCP 2018 net profit up 3.5 pct

RABAT (Reuters) - Morocco’s Banque Centrale Populaire (BCP), one of the
country’s biggest lenders, said on Tuesday its first half net profit
attributable to shareholders rose 3.5 percent to 2.9 billion dirhams ($302
million).

 

BCP cited an improvement of activities in Morocco and in African branches.

 

Net banking income grew 4 percent to 17 billion dirhams on the back of an
improvement in the commercial segment while general risk provisions rose to
4.1 billion dirhams, BCP said in a statement.

 

At BCP’s African branches, net banking income increased 14 percent, with a
12 percent rise in loans and 9 percent increase in deposits.

 

The bank proposed an annual dividend of 7.5 dirhams per share, up 15.4
percent

 

BCP has 6 million clients in Morocco and branches in Europe and the Gulf
collecting hard currency from the Moroccan diaspora.

 

 

 

IMF mission to visit Tunisia next week to discuss fifth review of loan

TUNIS (Reuters) - An International Monetary Fund mission will visit Tunisia
on March 27 to discuss the fifth review of a loan programme with the
country, Minister of Economic Reform Tawfik Rajhi said on Tuesday.

 

The visit comes two months after the government raised the wages of about
670,000 public employees, a decision the IMF had discouraged in order to cut
Tunisia’s budget deficit.

 

“The IMF mission will visit Tunisia from March 27 to April 9 for discussions
on the fifth review of the loan program,” Rajhi told Reuters.

 

Tunisia struck a deal struck with the IMF in December 2016 for a loan
program worth around $2.8 billion to overhaul its ailing economy. It
included steps to cut chronic deficits and trim bloated public services, but
progress has been slow.

 

Tunisia has so far received $ 1.4 billion of the total loan.

 

The North African country has been hailed as the Arab Spring’s only
democratic success because protests toppled autocrat Zine El Abidine Ben Ali
in 2011 without triggering violent upheaval, as happened in Syria and Libya.

 

But since 2011, nine cabinets have failed to resolve Tunisia’s economic
problems, which include high inflation and unemployment, and impatience is
rising among lenders like the IMF, which have kept the country afloat.

 

 

 

Weedkiller glyphosate a 'substantial' cancer factor

A US jury has found that one of the world's most widely-used weedkillers was
a "substantial factor" in causing a man's cancer.

 

Pharmaceutical group Bayer had strongly rejected claims that its
glyphosate-based Roundup product was carcinogenic.

 

But the jury in San Francisco ruled unanimously that it contributed to
causing non-Hodgkin's lymphoma in California resident Edwin Hardeman.

 

The next stage of the trial will consider Bayer's liability and damages.

 

During this phase, which starts on Wednesday, Mr Hardeman's lawyers are
expected to present evidence allegedly showing Bayer's efforts to influence
scientists, regulators and the public about the safety of its products.

 

The German company, which acquired Roundup as part of its $66bn takeover of
US rival Monsanto, said it was disappointed with the jury's initial
decision.

 

"We are confident the evidence in phase two will show that Monsanto's
conduct has been appropriate and the company should not be liable for Mr.
Hardeman's cancer," the company said.

 

Bayer continues "to believe firmly that science confirms that
glyphosate-based herbicides do not cause cancer".

 

The case was only the second of some 11,200 Roundup lawsuits to go to trial
in the US.

 

Another California man was awarded $289m in August after a state court jury
found Roundup caused his cancer, sending Bayer shares plunging at the time.

 

That award was later reduced to $78m and is on appeal.

 

Regular use

Bayer has argued that decades of studies and regulatory assessments have
shown the weed killer to be safe for human use.

 

Mr Hardeman, 70, treated his property in Sonoma County, California,
regularly with the herbicide from 1980 to 2012 and was eventually diagnosed
with non-Hodgkin's lymphoma.

 

His lawyers Aimee Wagstaff and Jennifer Moore said in a joint statement
their client was "pleased" with the decision.

 

"Now we can focus on the evidence that Monsanto has not taken a responsible,
objective approach to the safety of Roundup," they added.

 

"Instead, it is clear from Monsanto's actions that it does not particularly
care whether its product is in fact giving people cancer, focusing instead
on manipulating public opinion and undermining anyone who raises genuine and
legitimate concerns about the issue."

 

Another Roundup trial is scheduled to begin in California state court in
Oakland on 28 March, involving a couple who claim Roundup caused their
non-Hodgkin's lymphoma.

 

What is glyphosate and is it dangerous?

Glyphosate was introduced by Monsanto in 1974, but its patent expired in
2000, and now the chemical is sold by various manufacturers. In the US, more
than 750 products contain it.

 

In 2015, the International Agency for Research on Cancer, the World Health
Organisation's cancer agency, concluded that glyphosate was "probably
carcinogenic to humans".

 

However, the US Environmental Protection Agency insists it is safe when used
carefully.

 

The European Food Safety Authority (EFSA) also says glyphosate is unlikely
to cause cancer in humans.

 

In November 2017 EU countries voted to renew the licence of glyphosate
despite campaigns against it.

 

In California - where a judge had ruled that coffee must carry a cancer
warning - the agriculture industry sued to prevent such a label for
glyphosate, even though the state lists it as a chemical known to cause
cancer.--BBC

 

 

 

Google reveals gaming platform Stadia

The Stadia controller comes with a YouTube sharing button and another for
Google Assistant.

Google has unveiled a new digital gaming platform called Stadia which will
stream better-than-console-quality games that have traditionally had to be
either downloaded or purchased on disc.

 

At launch it will work on existing desktops, laptops, TVs and phones, said
the firm's Phil Harrison.

 

Google also revealed a controller.

 

It looks like a traditional console gamepad but the Stadia version has a
button for capturing and sharing gaming directly to YouTube.

 

It was also announced that id Software's major title Doom Eternal will be
one of the first games available.

 

No pricing was revealed at the event in San Francisco but the firm did say
Stadia would launch in 2019 in the US, UK, Canada and Europe.

 

Google experimented with streaming data-rich games in 2018 with Project
Stream, when the tech giant made the Ubisoft game Assassin's Creed: Odyssey
available to play to trial participants via the Chrome web browser.

 

This is possible because the games run elsewhere, on Google's own high-end
hardware, but users connect to the game with their device via the web.

 

"We learned that we could bring a triple-A game to any device with a Chrome
browser and an internet connection," said Google chief executive Sundar
Pichai, referring to big-budget titles.

 

However, many streaming services to date have suffered due to the difficulty
of offering high-end games via an internet connection.

 

Gamers have complained of issues with "lag" - the delay between a player
performing an action, and the game reacting to that move.

 

In games where split-second reactions are a matter of winning or losing,
high latency rates infuriates players.

 

In an attempt to avoid this, Google said its Stadia controller would connect
directly to the internet, communicating with Google's servers independently
from the other hardware.

 

The company has promised the service will offer games at 4K resolution, at
60 frames per second (fps) - and up to 8K, 120 fps in future.

 

Today's most advanced consoles, the Xbox One X and PlayStation 4 Pro, can
support 4K and 60 fps simultaneously, but only on a limited number of games.

 

How significant is Google's announcement?

Google is hoping to leverage its success with YouTube, which is incredibly
popular among gamers sharing their skills, to make its own gaming platform a
success.

 

"Hundreds of millions of people watch gaming content on YouTube every single
day. Our vision is to bring those worlds closer together," said Phil
Harrison, Google's newly-hired head of gaming.

 

During an on-stage demonstration, Mr Harrison demonstrated how someone
viewing a video on YouTube could press a "play on Stadia" button and begin
playing the title within seconds.

 

Randolph Ramsay, editor in chief of gaming news site GameSpot, said the
announcement was exciting news for gamers.

 

"It's been a long time since a brand-new platform came along that could
challenge the major players like Microsoft and Sony," he told the BBC.

 

Mr Ramsay added that Google would now have to prove that lag and latency
could be a thing of the past on Stadia.

 

Some developers also expressed caution.

 

"Stadia looks very ambitious, but how much is the controller, how much is
the service, what games do we get, how will ownership work, and how much
does it cost to develop, publish and run games on Stadia?" tweeted Dr Serkan
Koto, from Tokyo-based games industry consultancy firm Kantan Games.

 

Matthew Bailey, senior analyst at Ovum, told the BBC that if cloud gaming
becomes fully mainstream, traditional gaming consoles would be under threat.

 

However he noted that so far the market remains buoyant.

 

"We expect almost 225 million home consoles to be sold worldwide over the
next six years, primarily driven by the success of the Nintendo Switch and
upgrades to Sony and Microsoft's next generation hardware."

 

Microsoft's Games Stack and EA's Project Atlas share similar aims to
Google's Stadia, commented Piers Harding-Rolls, lead games analyst at IHS
Markit.

 

"Cloud is the new platform dynamic for the games sector and will be where
the future competitive landscape resides," he said.--BBC

 

 

 

Jet Airways grounds planes as crisis grows

Indian carrier Jet Airways has grounded a further six aircraft amid a
deepening crisis.

 

The beleaguered company has been struggling under the weight of debts
totalling more than than $1bn (£750m).

 

The airline has delayed payments to banks, employees, suppliers and even
aircraft lessors.

 

A pilots' organisation warned that its members would stop flying for the
carrier if their salaries were not paid by the end of March.

 

In a letter to the National Stock Exchange of India on Tuesday, company
secretary Kuldeep Sharma said: "An additional six aircraft have been
grounded due to non-payment of amounts outstanding to lessors under their
respective lease agreements."

 

He said the airline was trying to "improve its liquidity".

 

Planes grounded

Jet Airways has been forced to ground planes due to its financial woes.

 

It has more than 100 aircraft in its fleet, and flies on 600 domestic and
380 international routes.

 

But at least 50 of those aircraft have been grounded.

 

Industry regulator the Directorate General of Civil Aviation has asked the
airline to refund passengers, or provide alternatives, if their flights are
cancelled.

 

On Tuesday, the National Aviators Guild warned the Jet Airways management
that members would stop flying for the airline from 1 April if their
salaries were not paid.

 

They also demanded the implementation of a "resolution plan" for the
airline's financial issues which was announced a few weeks ago.

 

"If there is no proper clarity on the resolution process and salary
payments, by 31 March, we will stop flying from 1 April," the guild said.

 

Pilots and other senior airline staff have not been getting their full
salaries since December.

 

Meanwhile, the Press Trust of India reported that the airline's aircraft
maintenance engineers' union had written to the Indian aviation regulator to
say that three months of salary was overdue, and flight safety was "at
risk".

 

The Jet Aircraft Engineers Welfare Association (JAMEWA) said it had been
hard for engineers to meet their own financial commitments, adversely
affecting their "psychological condition".

 

"Therefore the safety of public transport airplanes being flown by Jet
Airways across India and the world is at risk," it said.

 

At the heart of this crisis is Naresh Goyal, the founder of the airline.

 

Etihad, which owns a 24% stake in Jet Airways, had agreed to pump in more
money and take control of the airline.

 

But the deal got stuck after Mr Goyal refused to step down as Jet Airways
chairman.

 

The same thing happened a few months ago when India's largest conglomerate
the Tata group also showed interest in buying the airline, but then stepped
back when Mr Goyal refused to resign from the board.

 

Reports now suggest that Etihad wants to sell off its entire 24% in the
airline and exit the business.

 

Jet Airways was India's largest carrier in the 2000s, but it started to lose
market share after the entry of low-cost airlines like IndiGo & SpiceJet,
who were able to optimise costs and make money in this hotly contested
aviation market.

 

With a huge aircraft fleet and permissions to fly on many valuable
international routes, Jet Airways is an attractive proposition for many
investors in the market.

 

But their condition is simple - that Mr Goyal and his family, that own a
majority stake in the airline, need to exit the business.

 

Analysts say Mr Goyal's stubbornness in not stepping down is making it
difficult for the airline to find investors.

 

Given that elections are round the corner, the government is putting in
effort to rescue the airline.

 

But even Indian banks are wary of investing in the airline given its
precarious situation.

 

There are reports the Indian government has asked state-run banks to step in
and save Jet Airways.

 

India urged state-owned banks to swap debt for equity, and take stakes in
Jet, news agency Reuters said.

 

The Indian government wants to avoid job losses ahead of a general election.

 

The government has been asking state-run banks including SBI and Punjab
National Bank (PNB) as well as the 49% state-owned National Investment and
Infrastructure Fund (NIIF) to take at least a third of the airline until new
buyer can be found, the news agency said.--BBC

 

 

 

The SEC calls for new contempt sanctions for Elon Musk

The US financial regulator is insisting that Elon Musk be found in contempt
of court for his tweets.

 

The Tesla CEO has defended a tweet that he posted in February, revealing the
carmaker's production goals for 2019.

 

But the Securities and Exchange Commission (SEC) says he has not made a
"good faith effort" to comply with a settlement agreement reached in 2018
which curtailed his social media.

 

It is continuing to ask the courts to find him in contempt.

 

Mr Musk's lawyer has argued that there is no basis for the courts to issue
contempt sanctions since the SEC initially called for the charge.

 

He has said that the tweet was "celebratory and forward-looking" and that it
did not contain any news that was not already available to the public.

 

He also said it was posted after the markets had closed and did not impact
on trading.

 

But in new court documents, the SEC said that Mr Musk's defence was flawed.

 

It is arguing that there is no exception for celebratory tweets which
contain key forecasts about a company's business, and that the February
tweet was a "blatant violation" of its orders.

 

And because Tesla had not yet publicly released details of the number of
cars it intended to produce, Mr Musk's tweet contained new information that
could have affected the market.

 

The SEC has also said it is "stunning" that Mr Musk has continued to tweet
about Tesla without pre-approval from the company - despite the terms of the
2018 settlement, which insist that Tesla oversee its CEO's social media
posts.

 

The settlement was reached after the SEC sued Mr Musk for fraud. It accused
him of disrupting the market by claiming that he was taking his company into
private ownership.

 

It has learned since the publishing of the controversial February tweet that
not only had Mr Musk not sought approval for that specific tweet - he has
not sought approval for any of his social media posts since the settlement.

 

Mr Musk previously told news organisations that he had "no respect" for the
SEC.--BBC

 

 

 

Huge aluminium plants hit by 'severe' ransomware attack

One of the world's biggest aluminium producers has switched to manual
operations at some smelting plants following a "severe" ransomware attack.

 

Hydro, which employs more than 35,000 people in 40 countries, says the
attack began on Monday night and is ongoing.

 

Some of the company's factories have been forced to halt production though
other facilities, including its power plants, are functioning normally.

 

The firm's website is down but updates are being posted to Facebook.

 

US factories were among those affected, as were smelting plants in Norway.

 

Notices have been posted at the entrances to some of Hydro's offices telling
employees not to log in to their computers.

 

Staff worldwide are instead using mobile phones and tablets to access their
emails, according to Hydro's chief financial officer Eivind Kallevik.

 

At some factories, workers are using printed order lists while they remain
unable to retrieve order data from their computers.

 

Norwegian security authorities said they were investigating the possibility
that the cyber-attack was caused by a relatively new form of ransomware
known as LockerGoga. However, they added it was not yet clear that this was
the case.

 

A spokesman for Hydro also told the BBC that he could not yet confirm who
was behind the attack.

 

He added that digital systems at Hydro's main smelting plants were
programmed to ensure machinery worked efficiently.

 

However, these systems had had to be turned off at some of the facilities.

 

"They are much more reliant today on computerised systems than they were
some years ago," a spokesman said.

 

"But they have the option of reverting back to methods that are not as
computerised, so we are able to continue production."

 

Work was also stopped at some metal extrusion plants, where aluminium is
processed into products such as building facades.

 

Relying on back-ups

The firm said it was working to contain and "neutralise" the attack and
added that it had not caused any safety-related incidents.

 

It added that it had data backups ready with which to restore systems once
the virus had been dealt with.

 

Norway's state cyber-security agency is helping Hydro to respond to the
incident.

 

Cyber-security expert Kevin Beaumont told the BBC that if the LockerGoga
ransomware had been used, it would likely have been deployed to Hydro's
systems manually by an attacker.

 

This could have been done by someone who had gained administrator access to
those systems.

 

"For an industrial manufacturing business this is potentially bad news, as
it may have spread across their company, including near industrial control
systems," added Mr Beaumont.--BBC

 

 

 

Mukesh Ambani: India's richest man helps his brother avoid jail

India's richest man Mukesh Ambani has paid a debt payment owed by his
brother, saving him from spending time in prison.

 

Anil Ambani faced a prison sentence after a deal between his firm Reliance
Communications (RCom) and telecoms giant Ericsson collapsed.

 

That left his firm owing Ericsson 5.5bn rupees ($80m; £60m), which it failed
to pay by a court deadline.

 

The move marks a new twist a long-running feud between the brothers.

 

RCom failed to comply with an India Supreme Court order to pay Ericsson the
money by 15 December last year.

 

The court found him guilty of contempt, giving him another four weeks to pay
or go to prison.

 

On Monday, RCom said the debt had been paid.

 

"My sincere and heartfelt thanks to my respected elder brother, Mukesh, and
(his wife) Nita, for standing by me during these trying times, and
demonstrating the importance of staying true to our strong family values by
extending this timely support," Anil Ambani said.

 

The two brothers have long had an acrimonious relationship, fighting over
their father's businesses after he died in 2002 without a will.

 

The Reliance empire was divided between the two brothers in 2005 after a
bitter seven-month feud.

 

The brothers have fought bruising court battles in the past over natural gas
interests.

 

Mukesh Ambani is worth more than $54bn, according to Bloomberg.

 

His firm Reliance Industries, whose activities span from oil to
telecommunications, is among India's most valuable companies.

 

By contrast, Anil Ambani has an estimated net worth of around $300m,
Bloomberg said.

 

The Ambani family made headlines last year with the lavish wedding of Mukesh
Ambani's daughter, Isha Ambani, which featured a performance from US singer
Beyoncé.--BBC

 

 

 


 

 


 

INVESTORS DIARY 2019

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


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> 

 


 

 


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
constitute an offer to sell or the solicitation of an offer to buy or
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
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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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