Major International Business Headlines Brief::: 22 March 2019

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Major International Business Headlines Brief::: 22 March 2019

 


 

 


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*  Eskom planned power cuts to hit South Africa Q1 GDP growth -Goldman Sachs

*  Nigeria's central bank sees 3 pct GDP growth in 2019

*  Kenya shilling strengthens, helped by inflows into government bonds

*  Nigeria to sell stakes in joint oil assets to boost coffers

*  Moroccan phosphate miner OCP's profit jumps 19 percent in 2018

*  Brexit: Europe's no-deal preparation 'falls short'

*  Brexit: Port of Dover warns of travel disruption risk

*  UK retail sales up but food spending falls

*  Next's store sales and profits keep falling

*  UK interest rates on hold amid Brexit impasse

*  Tate art galleries shun Sackler money over opioid crisis

*  Uber 'picks New York Stock Exchange' for stock listing

*  Millions of Facebook passwords exposed internally

*  Levi Strauss shares surge on first day of Wall Street trading

 

 

 


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Eskom planned power cuts to hit South Africa Q1 GDP growth -Goldman Sachs

LONDON (Reuters) - Severe planned power cuts - termed “load-shedding” - at
South Africa’s state-run utility Eskom are expected to shave 0.3 percentage
points off first-quarter GDP growth, Goldman Sachs said on Thursday.

 

The continent’s most industrialised economy has suffered from some of the
worst power cuts in several years and a major challenge for President Cyril
Ramaphosa two months before an election at which he will try to reverse a
decline in voter support for the African National Congress (ANC).

 

“If the current intensity of load-shedding were to persist in 2019, it could
subtract up to 0.9 percentage points from annual growth,” Goldman analysts
wrote in a note to clients.

 

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 and diesel shortages.

 

 

 

 

 


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Nigeria's central bank sees 3 pct GDP growth in 2019

LAGOS (Reuters) - Nigeria’s central bank expects the economy to pick up in
2019, forecasting a gross domestic product growth of 3 percent, up from 1.9
percent recorded last year, its governor Godwin Emefiele said on Thursday.

 

Emefiele said the bank would maintain its tight monetary stance in 2019, and
sees inflation at 11.31 percent in February and rising to 12 percent this
year before moderating.

 

The governor, who is set top step down in June, told an economic conference
in Lagos that the economy would see more growth as the recovery is become
self sustaining.

 

Economic growth has been recovering since the third quarter of 2016, when
the recession bottomed out. Higher oil prices helped Nigeria exit that
contraction. In 2018, the economy grew at its fastest pace since the
recession.

 

Emefiele expects volatility in the crude oil market to put pressure on the
currency but the central bank would maintain its stance on exchange rate
over the next year.

 

He said more than $6 billion had flowed into the local bond market since
last month’s presidential election as foreign investors piled into debt to
lock in yields as high as 14 percent.

 

Bond investors had been worried elections would turn violent, not about who
won. President Muhammadu Buhari has favoured a strong and stable currency,
which bondholders hope will continue.

 

Buhari won a second term in charge of Africa’s biggest economy in February,
defeating his pro-business rival Atiku Abubakar who had touted
privatizations and float the currency as some of the ways to grow the
economy.

 

 

 

Kenya shilling strengthens, helped by inflows into government bonds

NAIROBI (Reuters) - The Kenyan shilling strengthened against the dollar on
Thursday due to inflows from offshore investors buying government bonds,
traders said.

 

At 0746 GMT, commercial banks quoted the shilling at 100.65/85 per dollar,
compared with 100.85/101.05 at Wednesday’s close.

 

 

 

Nigeria to sell stakes in joint oil assets to boost coffers

ABUJA (Reuters) - Nigeria plans to cut its stake in joint oil ventures with
multinational oil companies to 40 percent this year, its budget minister
said, as the country seeks to boost revenue to grow an economy recovering
from recession.

 

Oil companies including Royal Dutch Shell, Chevron and ExxonMobil, operate
in Nigeria through joint ventures with the state-owned NNPC.

 

NNPC owns 55 percent stake in its joint venture with Shell and 60 percent
stakes with others.

 

The government has considered reducing its majority stakes in these joint
ventures for more than a decade but was under little pressure as higher oil
prices boosted state coffers.

 

Budgets under Muhammadu Buhari, who starts a second term in May, have been
Nigeria’s largest ever and the government has been seeking to boost revenue
after it emerged from a 2016 recession two years ago.

 

Budget Minister, Udoma Udo Udoma, said the government will intensify efforts
to improve its finances including the “immediate commencement of the
restructuring of the joint venture oil assets so as to reduce government
shareholding to 40 percent,” he said in a statement.

 

He added during a presentation to lawmakers that Buhari wanted the oil
restructuring completed this year.

 

Buhari won re-election last month for another four years, defeating his
pro-business rival Atiku Abubakar, who had touted selling the state-owned
NNPC as one of his key reform policy.

 

In 2017, the debt office said the government wanted to raise 710 billion
naira ($2.32 billion) via restructuring its equity in joint venture oil
assets and that it had captured the proposals in the 2018 budget.

 

In the past, Nigeria has held talks with oil companies regarding financing
agreements for joint ventures after it struggled to fund its portion of such
partnerships through cash calls which have often been delayed in parliament.

 

The government has asked the petroleum regulator to collect past-due oil
license charges and royalties, within three months.

 

The country has also ordered oil majors to pay nearly $20 billion in taxes
it says are owed to local states.

 

Buhari has presented an 8.83 trillion naira budget for 2019, laying out
plans to drive growth. He has directed NNPC to take measures to achieve the
targeted oil production of 2.3 million barrels per day this year, the
minister said.

 

($1 = 306.3000 naira)

 

 

 

Moroccan phosphate miner OCP's profit jumps 19 percent in 2018

RABAT (Reuters) - Morocco’s OCP, the world’s leading phosphate exporter,
reported a 19 percent rise in 2018 full-year net profit to 5.4 billion
dirhams ($562.79 million) on Wednesday, citing steady demand and higher
prices in international markets.

 

Revenue rose 15 percent to 55.9 billion dirhams, the company said in its
preliminary annual results.

 

The fertiliser and phosphate company said that its earnings before interest,
tax, depreciation and amortisation (EBITDA) margin was 30.5 percent, up from
26.2 percent in 2017.

 

The preliminary results did not show the cost of debt which is expected to
be announced in Monday’s full annual results.

 

In the first half of 2018, the cost of debt rose to 805 million dirhams,
from 236 million dirhams in the same period a year ago. Net debt stood at 45
billion dirhams, up from 42.90 billion dirhams.

 

OCP, which is 95 percent state-owned, is the world’s largest phosphate
exporter controlling 75 percent of the world’s reserves.

 

After the automotive and the agricultural sectors, phosphates and its
by-products were Morocco’s third-largest exporting sector with 51.7 billion
dirhams of sales in 2018, according to the foreign exchange regulator.

 

OCP has a 65 percent market share of phosphates-based fertilisers in Africa,
where it plans production plants to tap into what it sees as the potential
for fertiliser use to increase five-fold from about 5 million tonnes
currently.

 

($1 = 9.5950 Moroccan dirham)

 

 

 

Brexit: Europe's no-deal preparation 'falls short'

Business lobby groups have written to the European Commission, warning that
its own no-deal Brexit plans "fall short of what is needed to limit major
disruptions", Newsnight has learned.

 

The letter is from Business Europe - an umbrella body for lobby groups
across the EU, including Britain's CBI.

 

It warns of possible disruption to flights, drug supply shortages and
data-sharing interruptions.

 

The Commission said it was in frequent contact with stakeholders.

 

But the document suggests European companies - not just UK firms - are
extremely nervous about the economic repercussions of a no-deal Brexit on 29
March.

 

'No one is ready'

The EU's chief Brexit negotiator Michel Barnier previously said the EU was
"ready to face" a no-deal scenario.

 

On 13 March, Mr Barnier said: "The risk of a no deal has never been
higher... we are ready."

 

But Nicole Sykes, the CBI's head of EU negotiations told Newsnight: "No one
is ready - not the UK, not the EU."

 

She said urgency was "paramount" and that there "are ways to make sure that
the costs for citizens on the UK and EU side are lower".

 

The European Commission published its no-deal "Contingency Action Plan" on
19 December. This included plans for temporary regulatory roll-overs to keep
air services between the UK and the EU running and also "equivalence" for
financial derivatives and other financial services.

 

But Thursday's letter from the Brussels-based business group makes it clear
that, in their view, this planning has been insufficient. It says:

 

*         The Commission's actions on aviation "may not be enough to prevent
disruptions in the European aviation sector"

*         Responsibility for all UK drug import authorisations will have to
pass to EU member states in a no-deal scenario and warns and "there will
likely be a limited number of products at risk of supply shortages"

*         There are risks of a "disjointed approach" when it comes to the
certification of imported medical devices, which would "inevitably create
disparities in patient care across the EU"

*         There may not be the "capacity" to restructure contracts around
corporate data flows - extremely important for cross-border services trades

*         Business is concerned about the different approaches taken by EU
Member States when it comes to keeping money flowing

*         Most economists believe that the UK economy would suffer more than
the wider remaining EU economy in the event of a no-deal rupture, both in
the short term and the long term.

 

But particular EU industries heavily reliant on imports from and exports to
the UK could still be very severely and disproportionately hit.

 

Business Europe has asked to meet with the Commission's deputy secretary
general, Celine Gauer.

 

A spokesman for the Commission said: "We can confirm receipt of this letter
and we will reply in due course. We are frequently in contact with
stakeholders, including Business Europe."--BBC

 

 

 

Brexit: Port of Dover warns of travel disruption risk

The boss of the UK's busiest port has warned people travelling to the
European mainland in the run-up to Brexit to be prepared for disruption.

 

Dover Harbour Board chief executive Doug Bannister told the BBC families
should allow sufficient time and have snacks and water in their cars.

 

"If it takes an additional two minutes to process a vehicle, that could lead
to a 17-mile queue," he said.

 

Dover handles 17% of the UK's goods trade, worth more than £120bn.

 

Every year, 2.3 million tourist vehicles pass through the port.

 

The UK is scheduled to leave the EU on 29 March, although there is a
possibility that the deadline will be extended.

 

The government said last year that Dover and other Channel ports could face
disruption for up to six months in the event of a no-deal Brexit.

 

Bookings for the rest of this month have not been affected by the unfolding
Brexit crisis and port officials are expecting to deal with the same number
of passengers and lorries.

 

"I can appreciate the concerns people have," Mr Bannister told BBC Radio 5
live's Wake Up To Money.

 

"If anybody who is planning a trip to Dover knows exactly what's going to
happen on the 29th, there are a few million people who would appreciate that
knowledge."

 

Traffic jams

Mr Bannister added: "It is an uncertain period. I think people will be
vigilant enough to take the appropriate measures.

 

"We will absolutely do our very best to make sure information is out there
in the public domain upon which people will plan their journeys."

 

UK rates on hold amid Brexit impasse

Toilet roll firm stockpiles for Brexit

Brexit: What could happen next?

The port authority has cancelled workers' holidays, changed their rotas and
brought in extra staff to cope with whatever happens.

 

It has been working closely with the government's Border Delivery Group and
its plan for Brexit will be up and running from Wednesday.

 

The port is part of the Kent Resilience Forum, made up of the county council
and local business, and has plans for various different Brexit scenarios.

 

Dover is no stranger to traffic jams. Most recently, industrial action by
French customs officers resulted in lengthy delays.

 

Operation Stack, where lorries queue on the M20 when there are problems on
the ferries or at the Channel Tunnel, will be replaced by Operation Brock,
an attempt to reduce traffic on the M20 by creating a contraflow.

 

Mr Bannister, who started his job in January, worries that even though the
port has spent time and money planning for a no-deal Brexit, it has no
control over additional passport checks as passengers and freight enter from
France.

 

He is hopeful cars and lorries will be able to move through seamlessly, but
says any extra scrutiny will mean there are delays.

 

"Check the roads, check apps on traffic info and mapping apps" before
setting out, he advised travellers.--BBC

 

 

 

UK retail sales up but food spending falls

Retail sales rose in February, up by 0.4% on the previous month, official
figures show.

 

But sales at food stores saw the biggest fall since December 2016, the
Office for National Statistics said.

 

Separate data showed government borrowing fell to £0.2bn in February from
£1.2bn a year earlier.

 

After 11 months of the current financial year, government borrowing stands
at £23.1bn, 44% lower than in the same period last year.

 

Unusually warm weather in February contributed to the rise in retail sales,
said the ONS, boosting spending at garden centres and on sporting equipment.

 

A decline of 1.2% in food stores was offset by growth in all other main
sectors, it added.

 

The ONS's head of retail sales, Rhian Murphy, said strong increases in fuel
sales and online shopping had also driven the continued "bounce back".

 

She added: "Food growth slowed, however, due to a significant fall for
supermarkets, specialist food and alcohol stores in February after the sales
and promotions seen in January came to an end."

 

Annual retail sales growth in the year to February was 4%.

 

Food and wine costs push up inflation

UK employment at highest since 1971

The government borrowing figures, issued separately, are subject to
revision. January's figure, which at the time showed a record surplus of
£14.9bn, has now been revised down to £13.3bn.

 

In his Spring Statement last week, Chancellor Philip Hammond cut the
borrowing forecast for the 2018-19 financial year to £22.8bn, almost £3bn
lower than the £25.5bn predicted by the Office for Budget Responsibility at
the time of the October 2018 Budget.

 

However, the January revision means that Mr Hammond "may just miss out" on
his new lower forecast, according to analysis by the EY Item Club.

 

The government needs to borrow the money to plug the gap between what it
spends on public services and the tax revenues it collects.

 

The OBR expects the improvement in the public finances to continue in future
years, helped by stronger tax receipts and lower spending on debt interest.

 

Mr Hammond warned that a disorderly Brexit would deal a "significant" blow
to economic activity in the short term and pledged to spend £26.6bn to boost
the economy if MPs voted to leave the EU with a deal.

 

Public sector net debt at the end of February 2019 was £1,785.6bn or 82.8%
of GDP.

 

That was £22.7bn higher than in February 2018, but 1.4 percentage points
lower as a proportion of GDP.

 

Paul Dales, chief UK economist at Capital Economics, said: "With just eight
days to go until Brexit and the uncertainty higher than ever, it is
reassuring that in February households increased their spending at a decent
rate.

 

"And February's public finances data suggest that the chancellor has the
cash to splash if there were a no-deal Brexit."--BBC

 

 

 

Next's store sales and profits keep falling

Next's annual sales and profits at its High Street stores have continued
their fall of recent years, while its online business continues to grow.

 

Sales in Next's stores fell nearly 8% last year to £1.95bn, while online
sales rose by 14.7% to £1.92bn.

 

It said online was a "long-term threat" to its High Street business, but a
"larger opportunity" for the group.

 

The retailer also said it could see "no evidence" that Brexit uncertainty
was affecting consumer behaviour.

 

Overall, Next's group pre-tax profits for the year to January were in line
with expectations at £722.9m, a fall of 0.4%.

 

Annual profits at its High Street stores fell by just over 20%, while online
profits jumped by nearly 14%.

 

Total group sales, including the finance division, rose by 2.5% to £4.22bn.

 

'Comfort'

Next said 53% of its sales were now online.

 

It said the growth of online sales "represents a long-term threat to our
retail business but potentially, a much larger opportunity for the group as
a whole".

 

Richard Hunter, head of markets at Interactive Investor, said the difference
between the fortunes of the stores and online was becoming "increasingly
marked".

 

"The online business, which has long been the jewel in the crown, continues
its growth apace with full-price sales increasing nearly 15% over the
period.

 

"The fact that there is a slow transition to this channel... is of comfort,
even though the additional costs of transferring in the form of warehouse
picking and delivery, need to be carefully managed."

 

'Numb' over Brexit

Chairman Lord Wolfson, a prominent supporter of Brexit, said the retailer
could see "no evidence" that Brexit uncertainty was "affecting consumer
behaviour in our sector".

 

"Our feeling is that there is a level of fatigue around the subject that
leaves consumers numb to the daily swings in the political debate."

 

If the UK government's provisional tariff rates were introduced in the event
of a no-deal Brexit, Lord Wolfson said Next had estimated there would be a
net reduction in the tariffs it pays of about £12m-£15m, as tariffs on goods
imported from outside the EU fell.

 

In the "medium term", Next's intention would be to pass on price cuts to
customers. "In the context of £1.7bn of stock purchases, the savings would
be relatively modest," he added.

 

'Advantage'

Julie Palmer, an analyst at Begbies Traynor, said Next "continues to
impress":

 

"The continuing success of its online and catalogue offering means the
retailer has a significant advantage over its competitors, and continued
investment in its online offering will guarantee future success.

 

"However it is not all plain sailing for this iconic retailer, with it
suffering from a double whammy of falling High Street sales combined with
higher staff wages which will continue to impact its financial performance.
As such High Street store closures are on the cards in the coming year."

 

Will we still want shops?

In its results statement, Next spelt out in some detail what it expects to
happen to its store portfolio in the coming years.

 

It said its stores were still a "valuable financial asset and an
increasingly important" part of its online business.

 

It pointed out it costs it less to deliver online orders to stores than to
customers' homes and that more than half of online orders were delivered to
stores, while more than 80% of returns were through stores.

 

However, in what might be seen as a warning to landlords it said that while
retail costs were fixed in the short term, they were "likely to decline in
the longer run".

 

"We are often asked 'how much less space will you need in the future?' It is
the wrong question. We do not have too much space, we have too much rent,
rates and service charge."

 

"The amount of retail space we trade in the future will depend on whether
the cost of retail space adequately reflects the reality of retail trading
conditions. Our guess is that there will be shops in fifteen years' time,
but they will be fewer in number, possibly smaller and MUCH less expensive."

 

As an example, Next said last year it had negotiated a rent cut of 29% on
the leases it renewed.

 

"We experienced a reduction of 25% on leases renewed in the previous year
and we expect similar reductions in the year ahead."--BBC

 

 

 

UK interest rates on hold amid Brexit impasse

The Bank of England has kept interest rates on hold amid continued
uncertainty over Brexit.

 

All nine members of the Bank's Monetary Policy Committee (MPC) voted to keep
rates at 0.75%, where they have been since August last year.

 

In the meeting's minutes, the MPC said the economic outlook would continue
to depend "significantly on the nature and timing of EU withdrawal".

 

The MPC's response in terms of interest rates could be "in either
direction".

 

What did the Bank's policymakers say?

In setting interest rates the Bank is aiming to keep inflation within 1%
either side of its target of 2% "in a way that helps to sustain growth and
employment". The inflation rate in February was 1.9% and is expected to
remain "close to the 2% target over coming months".

 

In the minutes of its latest meeting, the Bank said that predictions
contained in its February inflation report "appear on track".

 

The projections were conditional on a "smooth adjustment to the average of a
range of possible outcomes for the UK's eventual trading relationship with
the EU".

 

It added that the economic outlook would continue to "depend significantly"
on the nature and timing of EU withdrawal.

 

In particular it highlighted the "new trading arrangements between the EU
and the UK; whether the transition to them is abrupt or smooth; and how
households, businesses and financial markets respond".

 

"The appropriate path of monetary policy will depend on the balance of these
effects on demand, supply and the exchange rate. The monetary policy
response to Brexit, whatever form it takes, will not be automatic and could
be in either direction."

 

Mike Jakeman, senior economist at PwC, said the most notable aspect of the
statement was how little had changed over the past month.

 

"The global economy is slowing, the UK economy is still growing modestly,
held up by consumer spending and dragged down by business investment;
employment remains very strong and inflation around the Bank's 2% target.

 

"As there are still a number of potential outcomes to the Brexit process,
the Bank is keeping all options on the table, pledging that its next move
could be in either direction."

 

How are firms preparing for Brexit?

The Bank found that the "cumulative effect of Brexit uncertainties" had hit
investment by companies.

 

Its data suggested that the level of "nominal investment" may be between
6-14% lower than would have been the case in the absence of Brexit
uncertainties, with larger items such as machinery, equipment and buildings
singled out in particular.

 

The Bank warned that a short delay to Brexit could prompt firms to cut
investment even more.

 

A short delay may see a "larger immediate reduction", while firms hold off
and wait for a deal to be reached.

 

If the delay carried on for longer, it might have less of an effect on
investment as businesses "judge it too costly to wait for any resolution to
become apparent", according to the Bank.

 

There was also further evidence that companies were continuing to stockpile,
the Bank said, though the signs were that imports had risen strongly
recently, so a lot of the goods were coming from overseas.

 

According to the findings of a special survey carried out by the Bank's
agents, about 80% of firms thought they were ready for a no-deal,
no-transition Brexit scenario, against about 50% in January.

 

However, "companies had continued to report significantly weaker
expectations of output, employment and investment in the event of a no-deal,
no transition Brexit".

 

When are interest rates expected to rise?

PwC's Mike Jakeman said given the "high anxiety" about the UK's future
relationship with the EU, it was "inconceivable" the Bank would have raised
rates this month.

 

"However, its base assumption remains that a disorderly Brexit will be
avoided and that in this outcome the economy will require a gradual
tightening of monetary policy as slack gradually disappears.

 

"We concur and expect the Bank to raise interest rates once in the second
half of the year, if a no-deal Brexit is avoided."

 

Andrew Wishart, UK economist at Capital Economics, said there were three
"distinct paths" interest rates could take depending on what happens with
Brexit.

 

If Parliament passes Mrs May's withdrawal deal next week, the "elimination
of uncertainty would support a strengthening in the economy".

 

In that case, Capital Economics thinks the MPC could raise rates four times
by the end of 2020, with the first increase coming in August of this year.

 

If there was a long delay to Brexit of a year or more, Mr Wishart said the
MPC might raise rates in the summer,

 

However, if there was a no-deal Brexit next week, Capital thinks the MPC
could cut rates to 0.25% at its next scheduled meeting in May, or even
earlier at an emergency meeting.--BBC

 

 

 

Tate art galleries shun Sackler money over opioid crisis

Another of Britain's prestigious art institutions has decided to shun
donations from the US Sackler family.

 

The Tate's board of trustees said it would decline further donations, which
comes after the withdrawal of a £1m National Portrait Gallery grant.

 

The Sackler family is facing legal action over its production of opioid
drugs, which are linked to deaths.

 

Given these circumstances, it would not be right to seek or accept further
donations, the Tate said.

 

The BBC's arts editor, Will Gompertz, said the Tate's move was "a
significant moment in this ongoing story".

 

"It makes it very difficult for any other arts organisation to accept
Sackler money," he said. "It also implicitly puts pressure on recent
recipients of its donations. "

 

Pressure has been building on institutions to reject support from the
Sackler fortune. The family owns Purdue Pharma, seller of the prescription
painkiller OxyContin, which has earned billions of dollars for the company.

 

Purdue faces claims it misled regulators over the dangers of Oxycontin, held
responsible for helping to fuel the US opioid crisis which has led to
thousands of deaths.

 

The Sackler family has "vigorously denied" the allegations against it.

 

The Tate has received about £4m from Sackler family trusts over several
years, including £1m in 2008 and £1m in 2015, which went towards funding the
new Tate Modern building.

 

'Reputational issues'

But the institution said in a statement: "The Sackler family has given
generously to Tate in the past, as they have to a large number of UK arts
institutions.

 

"We do not intend to remove references to this historic philanthropy.
However, in the present circumstances we do not think it right to seek or
accept further donations from the Sacklers."

 

What are opioids and what are the risks?

US schools prepare for overdoses

The Tate group has four galleries: Tate Britain, Tate Modern, Tate Liverpool
and Tate St Ives.

 

In an interview about the decision, broadcast on BBC Newsnight on Thursday,
Tate director Maria Balshaw said the group's ethics committee always
considered where money came from and its decisions were made on a case by
case basis.

 

"Reputational issues are something that's part and parcel of life of running
an organisation like this one... you can't not think about these issues,"
she said.

 

Image caption

Funding from the Sackler Trust has been used for the new Tate Modern
building in London

On Wednesday, the National Portrait Gallery and the Sackler Trust issued a
joint statement saying they have decided not to proceed with a £1m donation.

 

The trust said the continuing allegations against the family risked being a
distraction for the portrait gallery.

 

The US Centres for Disease Control and Prevention has said that opioids - a
class of drug which includes everything from heroin to legal painkillers -
were involved in almost 48,000 deaths in 2017.

 

And President Donald Trump has called the US opioid epidemic a "national
shame" and declared it a public health emergency.

 

The epidemic started with legally prescribed painkillers, including Percocet
and OxyContin. It intensified as these were diverted to the black market.

 

There has also been a sharp rise in the use of illegal opioids including
heroin, while many street drugs are laced with powerful opioids such as
Fentanyl, increasing the risk of an overdose.--BBC

 

 

 

Uber 'picks New York Stock Exchange' for stock listing

Ride-hailing firm Uber will list on the New York Stock Exchange, according
to reports, in one of the most anticipated stock debuts of the year.

 

The decision to opt for the Wall Street exchange over the tech-heavy Nasdaq
was first reported by Bloomberg, citing sources.

 

It comes as smaller, ride-sharing rival Lyft prepares to list on the Nasdaq.

 

Uber is expected to launch its initial public offering (IPO) in April and
may be valued as high as $120bn (£91.4bn).

 

The company did not immediately respond to a request for comment on the
reports it would list on the New York Stock Exchange.

 

Other major technology companies including Google, Apple and Facebook trade
on the Nasdaq.

 

But the New York Stock Exchange has secured some of world's biggest IPOs
including Alibaba and General Motors.

 

Uber loss tops $1bn ahead of planned IPO

Lyft losses grow ahead of $25bn float

Uber 'to focus on bikes over cars'

Uber's IPO come as investors have shown strong appetite for new stock
listings.

 

Shares in denim icon Levi Strauss surged on its return to the stock market
after 34 years. The price shot higher immediately after Wall Street opened -
and closed up 31.8% - valuing the company at $8.7bn.

 

Analysts said the success of the listing bodes well for investor appetite
for other flotations planned this year, including Pinterest, Airbnb, Slack
and Uber.

 

Disruptive force

Uber has been controversial for disrupting the taxi industry in more than 60
countries.

 

It continues to face opposition from both private hire drivers and
regulators in several jurisdictions.

 

The ride-hailing taxi app company has also faced legal action in the UK and
US over its classification of drivers as self-employed contractors, rather
than as workers.

 

A series of scandals dogged Uber in 2017, including sexual harassment claims
made by female employees, data breaches, the use of illicit software to
thwart government regulators, and the forced resignation of its chief
executive Travis Kalanick.--BBC

 

 

 

Millions of Facebook passwords exposed internally

The passwords of millions of Facebook users were accessible by up to 20,000
employees of the social network, it has been reported.

 

Security researcher Brian Krebs broke the news about data protection
failures, which saw up to 600 million passwords stored in plain text.

 

The passwords that were exposed could date back to 2012, he said.

 

In a statement, Facebook said it had now resolved a "glitch" that had stored
the passwords on its internal network.

 

In a detailed expose, Mr Krebs said a Facebook source had told him about
"security failures" that had let developers create applications that logged
and stored the passwords without encrypting them.

 

Commenting on Mr Krebs's story Facebook engineer, Scott Renfro said an
internal investigation started after Facebook had uncovered the logs had not
revealed any "signs of misuse".

 

In public comments, Facebook said it had discovered the issue in January as
part of a routine security review.

 

And its investigation showed that most of the people affected were users of
Facebook Lite, which tends to be used in nations where net connections are
sparse and slow.

 

"We estimate that we will notify hundreds of millions of Facebook Lite
users, tens of millions of other Facebook users, and tens of thousands of
Instagram users," the company told Reuters.

 

But it added it would enforce a password re-set only if its taskforce
looking into the issue uncovered abuse of the login credentials.

 

The news caps a long period of trouble for Facebook over the way it handles
and protects user data.

 

In September last year, it said information on 50 million users had been
exposed by a security flaw.

 

And earlier in 2018 it revealed that data on millions of users had been
harvested by data science company Cambridge Analytica.--BBC

 

 

 

Levi Strauss shares surge on first day of Wall Street trading

Shares in Levi Strauss were flying off the shelves as the blue jeans company
made its return to the stock market.

 

The price shot higher immediately Wall Street opened, and closed up 31.8%,
valuing the company at $8.7bn (£6.7bn).

 

The 166-year-old business, which struck gold when the founder patented the
use of rivets in clothing, has about 5% of the global jeans market.

 

Some money raised from the flotation will be used to broaden Levi's clothing
range and expand into more countries.

 

"The IPO [initial public offering] is not a finish line, it's a new starting
line for us," chief executive Chip Bergh told the BBC.

 

"I don't feel like my job is done. I came here to get this company turned
around, to make the Levi's brand what it was when I was a kid, back the way
I remembered it. There's still a lot of work ahead of us," he said.

 

Levi's ride 1980s denim trend to market

Levi's to use lasers instead of people

The flotation comes at a time when fashion experts say there is a new
popularity in denim among consumers, driven by the resurgence of 1990s
styles such as high-waist and pinstriped jeans.

 

"Denim continues to prove prevalent in streetwear and on the runway, so
we're not expecting it to go anywhere any time soon," an analyst at retail
analytics firm Edited said. "That's why now is a great time for Levi's to
capitalize on this momentum."

 

Levi first went public in 1971. But after 14 years, it was taken private by
the Haas family, the descendants of founder Levi Strauss, in a $1.6bn
buyout. That saddled the company with big debts, something which Mr Bergh
said weighed down the business for years.

 

Image caption

The strict dress code on the New York Stock Exchange was relaxed so that
traders could mark the occasion in style

Shares for Thursday's IPO were priced at $17, above the expected range, in
an offering that was heavily oversubscribed offering. At the close the price
was $22.5.

 

"The company and the underwriters targeted a reasonable valuation and
allowed the true investor demand to dictate price," said Jeff Zell, senior
analyst at research firm IPO Boutique.

 

The Haas family will retain 80% of voting control of the public company.

 

Founder Levi Strauss moved to San Francisco in 1853 during the California
gold rush, opening a dry goods business. In 1873 he and a partner received a
patent on using rivets to make clothes more durable.

 

Analysts said the success of the listing bodes well for investor appetite
for other flotations planned this year, including Lyft, Uber, Pinterest,
Airbnb and Slack.--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
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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