Major International Business Headlines Brief::: 28 March 2019

[Bulls n Bears]

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Major International Business Headlines Brief::: 28 March 2019

 


 

 


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*  S.African mining firms seek charter changes over past black ownership
deals

*  South Africa's Steinhoff raises $332 mln from KAP Industrial stake sale

*  Namibia's economy to rebound from recession this year - finance minister

*  Uganda coffee exports down 17 pct yr/yr in Feb - industry regulator

*  Nigeria central bank cuts benchmark rate to 13.5 pct in surprise move

*  Kenya's Equity Group 2018 pretax profit up on rising interest income

*  Kenya central bank holds main lending rate, says inflation expectations
within target

*  Trump: Google is committed to US not the Chinese military

*  Lloyd's of London blames £1bn loss on natural disasters

*  Facebook to ban white nationalism and separatism

*  Road safety: UK set to adopt vehicle speed limiters

*  You want AIs with that? McDonald's buys into machine learning

*  Boeing announces fixes for its 737 Max aircraft

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

                                      

S.African mining firms seek charter changes over past black ownership deals

JOHANNESBURG (Reuters) - Mining companies have requested a judicial review
of South Africa’s 2018 mining charter to change clauses related to
transactions made in the past to increase black ownership, an industry body
said on Wednesday.

 

In a bid to rectify the wealth disparities of apartheid more than two
decades after the end of white minority rule, South Africa has demanded that
a proportion of a mining company’s shares are owned by black investors.

 

Originally set at 26 percent, the black ownership level was raised to 30
percent in 2017, although companies that had already achieved 26 percent
were not required to meet the higher target.

 

Mining companies have argued that, while they accept the need to raise black
ownership to the required level, they should not be required to maintain
that level should black investors sell any of their shares later.

 

The Minerals Council, which represents mining companies, said most aspects
of the new charter unveiled in 2018 were “reasonable and workable” but said
it should be changed to ensure it recognised past deals related to black
empowerment.

 

It said this should be taken into account when a mining firm seeks to renew
or transfer mining rights, deals that are now blocked if black investors do
not hold an appropriate stake.

 

The Minerals Council said it had applied for a judicial review to set aside
certain clauses in the charter, including those related to the Precious
Metals Act and Diamonds Act.

 

Minerals Council CEO Roger Baxter said the existing provision in the charter
would “have a severely dampening effect on the attractiveness of mining in
the eyes of investors.”

 

He also said it breached an order by the High Court in April, ruling that
mining companies did not have to maintain at least 26 percent black
ownership in perpetuity.

 

The new mining charter, which sets ownership and other industry targets, is
part of efforts to provide regulatory and policy certainty and attract more
investment.

 

The mines ministry said it would oppose the application for a judicial
review and defended the new charter, calling it a workable framework to
economically transformation the industry.

 

“Delaying the implementation of the charter will impact negatively on the
positive climate characterising mining and economic investment at present,”
the Department of Mineral Resources said in a statement.

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 



South Africa's Steinhoff raises $332 mln from KAP Industrial stake sale

JOHANNESBURG (Reuters) - Troubled South African retailer Steinhoff said on
Wednesday it had raised 4.8 billion rand ($332 million) from the sale of its
26 percent stake in KAP Industrial to pay off debt and shore up its
finances, sending its shares higher.

 

Steinhoff admitted “accounting irregularities” in December 2017, shocking
investors who had backed its reinvention from a small South African business
to a multinational retailer at the vanguard of the European discount
furniture retail industry.

 

This wiped about 85 percent off its market value and threw the company into
a liquidity crisis.

 

Steinhoff said in a statement it sold 694 million KAP shares at 6.85 rand
per share, a 9.4 percent discount to Tuesday’s closing price. The book of
demand was oversubscribed, it added.

 

Steinhoff said on Tuesday the placement would be offered to institutional
investors only and will result in the company no longer holding an interest
in KAP.

 

Steinhoff shares jumped in early trade on the Johannesburg Stock Exchange,
and were up more than 6 percent by 0725 GMT.

 

Shares in KAP, a diversified industrial group selling everything from
chemicals and auto components to mattresses, were down more than 7 percent.

 

In South Africa’s biggest corporate scandal, an investigation carried out by
PwC found that Steinhoff recorded fictitious or irregular transactions
totalling 6.5 billion euros ($7.3 billion) over a period covering the 2009
and 2017 financial years.

 

Steinhoff sold down its stake in KAP in March 2018 after placing 450 million
shares, or a 17 percent stake, also via an accelerated bookbuild in a bid to
plug a liquidity gap.

 

Steinhoff has also raised cash from the sale of stakes in South African
investment firm PSG Group, French online retailer Showroomprive.com, as well
a property in Austria.

 

($1 = 14.4535 rand)

 

($1 = 0.8885 euros)

 

 

 

Namibia's economy to rebound from recession this year - finance minister

WINDHOEK (Reuters) - The Namibian economy is expected to rebound from
recession this year and grow by as much 1 percent, finance minister Calle
Schlettwein said on Wednesday.

 

The southern African country’s budget deficit should shrink to 96.3 billion
Namibian dollars, or 4.1 percent of gross domestic product, this year
compared with 4.4 percent in 2018, Schlettwein said in his budget speech.

 

 

Uganda coffee exports down 17 pct yr/yr in Feb - industry regulator

KAMPALA (Reuters) - Uganda’s coffee exports dropped 17 percent year-on-year
in February, undercut by scant rains in some coffee growing areas, the
state-run regulator Uganda Coffee Development Authority (UCDA) said.

 

The beans are one of Uganda’s major exports and a big earner of foreign
exchange for the east African country which largely cultivates robusta
variety.

 

Shipments in February totalled 323,828 60-kg bags of coffee, down from
390,677 bags exported in same month a year.

 

 

 

Nigeria central bank cuts benchmark rate to 13.5 pct in surprise move

ABUJA (Reuters) - Nigeria’s central bank cut its benchmark interest rate to
13.5 percent from 14 percent as part of an attempt to stimulate growth in
Africa’s biggest economy, its governor said on Tuesday in a surprise move.

 

The move is the first rate cut since November 2015. The rate has been held
at 14 percent since July 2016 to support the naira and curb inflation.

 

Nigeria, which has Africa’s biggest economy, emerged from its first
recession in 25 years in 2017. Since then higher oil prices have helped the
country to halt the contraction and stimulate growth.

 

“This rate cut is meant to signal that there is a need for us to move course
a little further. To do so we need to begin to look at money supply,
liquidity to push growth,” said Godwin Emefiele, who added that six of the
11 members of the monetary policy committee members who met agreed on the 50
basis point rate cut.

 

He said Nigeria should be able to push growth to between 2.7 and 3 percent,
up from 1.9 percent last year.

 

Most analysts polled by Reuters in January expected rates to be kept on hold
through to the middle of the year at least. [nL8N1ZG2O9]

 

 

 

Kenya's Equity Group 2018 pretax profit up on rising interest income

NAIROBI (Reuters) - Kenya’s Equity Group Holdings said on Tuesday its 2018
pretax profit rose 6 percent to 28.5 billion shillings ($282.74 million),
helped by rising interest income.

 

The bank’s net interest income rose 10 percent to 41.4 billion shillings,
Chief Executive Officer James Mwangi told an investor briefing.

 

The bank, which also operates in Tanzania, Rwanda, Burundi, South Sudan,
Uganda and Democratic Republic of Congo, said net loans and advances rose to
297.2 billion shillings from 279.1 billion shillings in 2017.

 

Equity Group, which has a mobile phone-based financial business, insurance
agency and investment bank, said total assets rose 9 percent to 573.4
billion shillings.

 

($1 = 100.8000 Kenyan shillings)

 

 

 

Kenya central bank holds main lending rate, says inflation expectations
within target

NAIROBI (Reuters) - Kenya’s central bank held its benchmark lending rate at
9.0 percent on Wednesday, saying inflation expectations remain within the
target range.

 

It was the fourth consecutive decision by the bank to keep rates on hold
since September.

 

Year-on-year inflation was down to 4.14 percent in February from 4.7 percent
a month earlier, staying within the government’s preferred band of 2.5-7.5
percent.

 

“The (Monetary Policy) Committee noted that inflation expectations remained
well anchored within the target range, and that the economy was operating
close to its potential,” the bank said in a statement.

 

In January, the bank said the economy was expected to expand by 6.3 percent
this year, up from an estimated 6.1 percent in 2018, driven by an expansion
in agriculture and services.

 

The bank said it estimated the current account deficit to be 4.8 percent of
gross domestic product this year, down from an estimated 4.9 percent of GDP
in 2018, due to lower food and machinery imports.

 

Lawmakers capped commercial lending rates at 4 percentage points above the
benchmark in late 2016, saying they were concerned about their high levels.

 

But that has led to a private credit squeeze, as banks say it forced them to
cut back on loans to high-risk groups.

 

Private sector credit grew by 3.4 percent in the 12 months to February,
compared to 3.0 percent in January, the central bank added in its statement.

 

In mid-March, a Kenyan court ruled that the cap was unconstitutional, but
judges suspended the decision for 12 months to allow parliament to
re-examine the law.

 

“The Committee stressed that interest rate caps severely constrain the
formulation, conduct and effectiveness of monetary policy,” the bank
statement said.

 

“Further, these interest rate caps have hampered access to credit by growth
sectors, particularly MSMEs,” it added, referring to small and medium
businesses.

 

 

 

Trump: Google is committed to US not the Chinese military

Google’s is “committed to the US Military, not the Chinese Military"
President Trump said after meeting the firm's chief executive on Wednesday.

 

In a tweet, the President said he and Sundar Pichai also discussed
“political fairness and various things that Google can do for our country”.

 

It follows a tweet earlier this year in which Mr Trump accused Google of
"helping China".

 

Google told the BBC the company was “pleased” with the meeting.

 

"We were pleased to have productive conversations with the President about
investing in the future of the American workforce, the growth of emerging
technologies and our ongoing commitment to working with the US government,”
the firm said.

 

‘Totally committed'

 

The firm's spokesman would not, however, share details of how long the
meeting was, or whether the firm agreed with Mr Trump’s characterisation of
the discussion.

 

In two tweets, Mr Trump - incorrectly referring to Mr Pichai as Google’s
“president” - said the “meeting ended very well!”.

 

“Just met with Sundar Pichai, President of Google, who is obviously doing
quite well,” the tweet read.

 

“He stated strongly that he is totally committed to the US military, not the
Chinese military.”

 

Mr Trump added: “Also discussed political fairness and various things that
Google can do for our country.”

 

Republicans, including Mr Trump, have accused Google of unfairly “censoring”
conservative views on its platform, an accusation the firm strongly denies,
and one for which experts say there is no evidence.

 

‘Helping China'

 

It had not been known that Mr Pichai would be meeting the president.

 

Mr Pichai was scheduled to be in Washington DC to speak to General Joseph
Dunford, the chairman of the joint chiefs of staff. It was understood that
Mr Pichai was there to discuss concerns about Google’s work in China.

 

The firm opened an artificial intelligence lab in Beijing in 2017. Earlier
this month, Gen Dunford said the lab “indirectly benefits the Chinese
military”.

 

It followed comments from Mr Trump that Google was “helping China”.

 

Mr Trump tweeted: "Google is helping China and their military, but not the
US. Terrible! The good news is that they helped Crooked Hillary Clinton, and
not Trump....and how did that turn out?"

 

While Mr Trump seems more satisfied with Google’s position now, the company
faces internal unhappiness over its military ties. The firm was recently
forced to back out of a contract with the Pentagon amid pressure from
employees.--BBC

 

 

 

Lloyd's of London blames £1bn loss on natural disasters

Lloyd's of London has reported a second consecutive year of losses after a
series of natural disasters including hurricanes Florence and Michael and
the deadly California wildfires.

 

The insurance market reported a £1bn loss, halving its 2017 loss of £2.1bn.

 

Chief executive John Neal vowed to turn around the market, saying this year
would see an improved performance.

 

The figures come a day after Lloyd's announced a plan to tackle an
"entrenched" culture of sexism.

 

Last year saw several large natural disasters including California
wildfires, hurricanes Florence and Michael, and Typhoon Jebi in Japan.

 

In total, Lloyd's said the disasters "led to major claims costing the
Lloyd's market £2.9bn."

 

Research has suggested suggested increased temperatures due to global
warming could mean more huge blazes in future. There could also be an
increase in the intensity of hurricanes.

 

Mr Neal said: "This performance is not of the standard that we would expect
of a market that has both the heritage and quality of Lloyd's."

 

But the group said annual results showed "green shoots of improvement", with
insurance prices rising by 3.2%.

 

Lloyd's said it aimed to cut the costs of doing business at Lloyd's and
encourage new types of capital onto the Lloyd's platform.

 

"We are super-confident that the plans presented for 2019 will put us back
in profit," Mr Neal said.

 

Lloyd's started life in Edward Lloyd's coffee house in 1688 and insures
complex risks from ships to artwork.

 

It houses around 80 member syndicates and its results are an aggregate of
its members' financial performance.

 

Insured losses from natural catastrophes such as typhoons in Japan and
hurricanes and wildfires in the US totalled $80bn (£60bn) last year
according to industry estimates. In 2017, losses were even larger, totalling
$140bn after three large hurricanes in the US and the Caribbean.

 

Competition in the sector has made it harder for insurers to raise their
rates significantly.

 

Lloyd's last year told its members to drop their worst-performing lines of
business.

 

The results came after Lloyd's pledged to bring in new measures after
reports of a pervasive culture of sexual harassment at the insurance market.

 

Last week, women told Bloomberg and the Independent they were "leered" and
"letched" at and judged on their looks.

 

Lloyd's, where hundreds of brokers and insurers meet to do business, was
accused by Bloomberg Businessweek of being "the most archaic corner left in
global finance".--BBC

 

 

 

Facebook to ban white nationalism and separatism

Facebook has said it will block "praise, support and representation of white
nationalism and separatism" on Facebook and Instagram from next week.

 

The social media giant also pledged to improve its ability to identify and
block material from terrorist groups.

 

Facebook users searching for offending terms will be directed to a charity
which combats far-right extremism.

 

The social network has come under pressure after a man livestreamed an
attack on two mosques in New Zealand.

 

Facebook had previously allowed some white nationalist content it did not
view as racist - including permission for users to call for the creation of
white ethno-states.

 

Social sites seek to stop NZ attack clips

The people killed as they prayed

The company said it had deemed white nationalism an acceptable form of
expression on a par with "things like American pride and Basque separatism,
which are an important part of people's identity".

 

But in a blog post on Wednesday it said that after three months of
consultation with "members of civil society and academics" it found that
white nationalism could not be "meaningfully separated" from white supremacy
and organised hate groups.

 

'Not just the postman'

In the wake of shootings earlier this month in New Zealand, several world
leaders called on social media companies to take more responsibility for the
extremist material posted on their platforms.

 

New Zealand Prime Minister Jacinda Ardern said social networks were "the
publisher not just the postman", in reference to their potential liability
for the material shared on them.

 

Facebook has previously acknowledged that a video of the attack, which left
50 people dead, was viewed more than 4,000 times before being taken down.

 

The company said that, within 24 hours, it had blocked 1.2 million copies at
the point of upload and deleted another 300,000.

 

A group representing French Muslims is suing Facebook and YouTube for
allowing the footage to be posted on their platforms.

 

Other tech groups also took steps to clamp down on sharing of the video.
Reddit banned an existing discussion forum on its site called
"watchpeopledie" after clips of the attack were shared on the forum.

 

Valve, which runs the Steam gaming network, said it had removed more than
100 "tributes" by users that sought to memorialise the alleged shooter.--BBC

 

 

 

Road safety: UK set to adopt vehicle speed limiters

Speed limiting technology looks set to become mandatory for all vehicles
sold in Europe from 2022, after new rules were provisionally agreed by the
EU.

 

The Department for Transport said the system would also apply in the UK,
despite Brexit.

 

Campaigners welcomed the move, saying it would save thousands of lives.

 

Road safety charity Brake called it a "landmark day", but the AA said "a
little speed" helped with overtaking or joining motorways.

 

Safety measures approved by the European Commission included intelligent
speed assistance (ISA), advanced emergency braking and lane-keeping
technology.

 

The EU says the plan could help avoid 140,000 serious injuries by 2038 and
aims ultimately to cut road deaths to zero by 2050.

 

Road deaths 'part of city living'

Tougher speeding fines come into force

Is the driving test getting more difficult?

EU Commissioner Elzbieta Bienkowska said: "Every year, 25,000 people lose
their lives on our roads. The vast majority of these accidents are caused by
human error.

 

"With the new advanced safety features that will become mandatory, we can
have the same kind of impact as when safety belts were first introduced."

 

What is speed limiting technology and how does it work?

Under the ISA system, cars receive information via GPS and a digital map,
telling the vehicle what the speed limit is.

 

This can be combined with a video camera capable of recognising road signs.

 

The system can be overridden temporarily. If a car is overtaking a lorry on
a motorway and enters a lower speed-limit area, the driver can push down
hard on the accelerator to complete the manoeuvre.

 

A full on/off switch for the system is also envisaged, but this would lapse
every time the vehicle is restarted.

 

How soon will it become available?

It's already coming into use. Ford, Mercedes-Benz, Peugeot-Citroen, Renault
and Volvo already have models available with some of the ISA technology
fitted.

 

However, there is concern over whether current technology is sufficiently
advanced for the system to work effectively.

 

In particular, many cars already have a forward-facing camera, but there is
a question mark over whether the sign-recognition technology is up to
scratch.

 

Other approved safety features for European cars, vans, trucks and buses
include technology which provides a warning of driver drowsiness and
distraction, such as when using a smartphone while driving, and a data
recorder in case of an accident.

 

 

The idea that cars will be fitted with speed limiters - or to put it more
accurately, "intelligent speed assistance" - is likely to upset a lot of
drivers. Many of us are happy to break limits when it suits us and don't
like the idea of Big Brother stepping in.

 

However, the new system as it's currently envisaged will not force drivers
to slow down. It is there to encourage them to do so, and to make them aware
of what the limit is, but it can be overridden. Much like the cruise control
in many current cars will hold a particular speed, or prevent you exceeding
it, until you stamp on the accelerator.

 

So it'll still be a free-for-all for speeding motorists then? Not quite.
Under the new rules, cars will also be fitted with compulsory data
recorders, or "black boxes".

 

So if you have an accident, the police and your insurance company will know
whether you've been going too fast. If you've been keeping your foot down
and routinely ignoring the car's warnings, they may take a very dim view of
your actions.

 

In fact, it's this "spy on board" which may ultimately have a bigger impact
on driver behaviour than any kind of speed limiter. It's easy to get away
with reckless driving when there's only a handful of traffic cops around to
stop you. Much harder when there's a spy in the cab recording your every
move.

 

All of this may well reduce accidents, but it won't eliminate them. You can
force people to slow down, you can watch what they're doing, you can help
them with emergency braking - but you can't get rid of basic bad driving.

 

Unless, of course, you have self-driving cars.

 

How has the idea been received?

The move was welcomed by the European Transport Safety Council, an
independent body which advises Brussels on transport safety matters.

 

But it said it could be several months before the European Parliament and
Council formally approve the measures.

 

The European Parliament will not be able to consider the provisional rules
until after its elections take place in May.

 

UK statistics show more than 1,700 people are killed on UK roads every year,
while Brake says speed is a contributory factor in about a quarter of all
fatal crashes.

 

Brake's campaigns director, Joshua Harris, said: "This is a landmark day for
road safety.

 

"These measures will provide the biggest leap forward for road safety this
century."

 

The UK's Department for Transport said: "We continuously work with partners
across the globe to improve the safety standards of all vehicles. These
interventions are expected to deliver a step-change in road safety across
Europe, including the UK."

 

The Association of British Insurers held out the possibility that premiums
could be reduced as a result.

 

It said: "Motor insurers support measures aimed at improving road safety.
Any steps that can be shown to make our roads safer, reducing road crashes
and insurance claims, can be reflected in the cost of motor insurance."

 

What do critics say?

The AA thinks the system might have the unintended consequence of making
drivers more reckless, not less.

 

AA president Edmund King said there was no doubt that new in-car technology
could save lives, adding there was "a good case" for autonomous emergency
braking to be fitted in all cars.

 

"When it comes to intelligent speed adaptation, the case is not so clear,"
he said. "The best speed limiter is the driver's right foot.

 

"The right speed is often below the speed limit - for example, outside a
school with children about - but with ISA, there may be a temptation to go
at the top speed allowed."

 

Mr King added: "Dodgem cars are all fitted with speed limiters, but they
still seem to crash."--BBC

 

 

You want AIs with that? McDonald's buys into machine learning

McDonald's is buying an artificial intelligence start-up to help serve up
data-driven meal choices.

 

The technology developed by Israeli start-up Dynamic Yield can automatically
change menus depending on the weather, time of day and traffic.

 

McDonald's is reported to be paying $300m (£227m) for the tech firm.

 

Number-plate recognition would also allow it to offer customers at
drive-throughs their usual food order, McDonald's told Wired.

 

Dynamic Yield's technology would allow AI to determine what products are
promoted, for example automatically suggesting McFlurry ice cream on hot
days, or telling customers which items are already proving popular at that
particular restaurant that day.

 

Most McDonald's outlets in the US are drive-throughs which is where the
restaurant chain is planning to roll out the technology first.

 

McDonald's urged to drop Monopoly game

Filipino firm takes on US fried chicken chains

Would you put cumin on a pizza?

"It can know time of day, it can know weather. We can also have it
understand what our service times are so it only suggests items that are
easier to make in our peak hours," said McDonald's chief executive Steve
Easterbrook.

 

The ultimate aim was to provide a "much more personalised experience" and to
be able to suggest additional items based on the customer's initial order,
he added.

 

Mr Easterbrook said McDonald's would use the technology to make the most of
data gathered from serving the firm's 68 million fast-food customers and
that it would be integrated into the app and the self-order kiosks already
in stores.

 

Dynamic Yield, based in Tel Aviv, has designed algorithms that use shopping
patterns and past purchases to suggest what items you will buy next and
produced machine learning systems for other firms including Ikea, Office and
William Hill.--BBC

 

 

 

 

Boeing announces fixes for its 737 Max aircraft

Boeing has issued changes to controversial control systems linked to two
fatal crashes of its 737 Max planes in the last five months.

 

But it's still not certain when the planes, that were grounded worldwide
this month, will be allowed to fly.

 

Investigators have not yet determined the cause of the accidents.

 

As part of the upgrade, Boeing will install as a standard a warning system,
which was previously an optional safety feature.

 

Neither of the planes, operated by Lion Air in Indonesia and Ethiopian
Airlines, that were involved in the fatal crashes, carried the alert
systems, designed to warn pilots when sensors produce contradictory
readings.

 

Boeing said in future airlines would no longer be charged extra for that
safety system to be installed.

 

Upgrade

The plane-maker has also issued an upgrade to the software that has been
linked to the crashes.

 

The Manoeuvring Characteristics Augmentation System (MCAS), designed to keep
the plane from stalling, reacts to sensors which detect whether the jet is
climbing at too steep an angle.

 

But an investigation of the Lion Air flight last year suggested the system
malfunctioned, and forced the plane's nose down more than 20 times before it
crashed into the sea killing all 189 passengers and crew.

 

The US Federal Aviation Administration (FAA) says there are similarities
between that crash and the Ethiopian accident on 10 March.

 

Boeing has redesigned the software so that it will disable MCAS if it
receives conflicting data from its sensors.

 

In a briefing to reporters Boeing said that the upgrades were not an
admission that the system had caused the crashes.

 

Oversight

The FAA itself also came under scrutiny on Wednesday.

 

At a Senate hearing to discuss airline safety, senators questioned the FAA's
acting head Daniel Elwell about the regulator's practice that involves
employees of a plane manufacturer in the process of inspecting, testing and
certifying the company's own aircraft.

 

The practice was described by one senator, Richard Blumenthal, as leaving
"the fox guarding the henhouse".

 

Mr Elwell denied that it was "self-certification" arguing that the FAA
"retains strict oversight authority" of the process. He said that the
practice was used "globally" including by the European Aviation Safety
Agency.

 

Mr Elwell added that if the FAA were unable to delegate these tasks to
planemakers, it would have to recruit 10,000 more employees, costing the
regulator an additional $1.8bn.

 

The FAA was also criticised for being the last safety regulator to ground
the Boeing aircraft following the Ethiopian Airline crash on 10 March.

 

Calvin Scovel, inspector general of the Department of Transportation, who
also appeared before Congress, said: "Other safety regulators around the
world decided in their role as safety regulators, they needed to drive risk
to zero and they did that by grounding the aircraft."

 

However, Mr Elwell said the FAA wanted to wait until they received relevant
information before they made a decision.

 

"We may have been the last country to ground the aircraft, but the United
States and Canada were the first countries to ground the aircraft with data
for cause and purpose," he said.

 

Mr Elwell said that he was "confident" in the MCAS system and that pilots
were trained in how to deal with a situation where a plane drops suddenly.

 

However, when asked about how he would have handled a plane that dropped 21
times in a matter minutes as the Lion Air flight in Indonesia did before it
crashed last October, Mr Elwell, a trained pilot, said: "I'd have to get
back to you on the specific."

 

Timetable

Earlier, announcing the package of cockpit upgrades, Boeing said a final
version of the software would be submitted to the Federal Aviation Authority
(FAA) by the end of the week.

 

But it added that airlines would have to install the new software, give
feedback on its performance, and train pilots before the changes could be
certified and the planes passed safe to fly again.

 

A joint investigation by the US National Transportation Safety Board,
France's aviation investigative authority BEA and Ethiopia's Transport
Ministry is expected to release a preliminary report into the Ethiopian
crash this week.

 

A Boeing official said: "Following the first incident in Indonesia we
followed the results of the independent authorities looking at the data,
and, as we are always looking to ways to improve, where we find ways to
improve, we make those changes to make those improvements."--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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