Major International Business Headlines Brief::: 10 May 2019

Fri May 10 10:49:52 CAT 2019

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Major International Business Headlines Brief::: 10 May 2019

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*  Lonmin says FY sales to be at lower end of forecast 

*  South African rand steady as ruling party takes lead in elections

*  IMF provisionally agrees three-year loan deal with Congo Republic

*  South African rand, stocks weaker on renewed trade war

*  Acacia Mining hits back at parent Barrick in Tanzania row

*  AngloGold Ashanti plans to sell up in South Africa

*  Egypt headline inflation drops to 13.0 pct in April: CAPMAS

*  South African listed Steinhoff shares tumble after release of 2017
results

*  Trade war: Trump raises tariffs on $200bn of Chinese goods

*  Hamleys: India's richest man Mukesh Ambani buys iconic toy store

*  Why the Royal Mint stopped making 20p coins

*  Uber valued at $82bn in share listing

*  Jeff Bezos unveils Moon lander concept

 <mailto:info at bulls.co.zw> 

Lonmin says FY sales to be at lower end of forecast 

(Reuters) - Platinum miner Lonmin, which is in the process of being taken
over by Sibanye-Stillwater, expects full-year sales to be at the lower end
of its target range, it said on Friday after reporting a drop in quarterly
output.

The company, which has warned on liquidity earlier in the year, said total
platinum production fell 12.3 percent to 125,803 ounces for the three months
ended March 31.

Lonmin has been cutting thousands of jobs and reigning in spend to weather
tough market conditions. In April it agreed to a revised all-share deal with
Johannesburg-listed Sibanye-Stillwater.

 <mailto:info at bulls.co.zw> 

South African rand steady as ruling party takes lead in elections

President Muhammadu Buhari, who has backed Emefiele’s monetary policy,
nominated him for another term, according to a letter read on the floor of
the senate on Thursday. The upper house of parliament is expected to confirm
the nomination.

Emefiele has overseen an interventionist currency policy at the behest of
the presidency, propping up the local naira by pumping billions of dollars
into the foreign exchange market.

He also introduced a multiple exchange rate regime to try to mask pressure
on the naira and avoid a series of devaluations, a step that has kept
liquidity tight in Africa’s biggest economy.

The bank cut rates to 13.4 percent in March, its first rate cut since
November 2015. The rate has been held at 14 percent since July 2016 to
support the naira and curb inflation.[nL8N21D4KK]

Buhari, who starts his second four-year term on May 29, has pledged to
rejuvenate the Nigerian economy, sub-Saharan Africa’s largest energy
producer. Emefiele has offered affordable credit to boost some industries to
offset curbs on access to foreign exchange for those sectors imposed to
protect local producers.

A central bank spokesman said Emefiele’s nomination was in recognition of
his “patriotism and irrepressible commitment to the growth and development
of the Nigerian economy”.

Emefiele, whose first term was due to end this month, will be the first
central bank governor to have his tenure extended into a second term since
Nigeria’s return to democracy in 1999.

“The idea of continuity might give some comfort to foreign investors who
will expect a policy of naira stability to continue,” said Razia Khan, head
of research for Africa at Standard Chartered Bank in London.

“This lessens the risk of any near-term profit-taking.”

NO SHIFT IN POLICY

Emefiele’s return could be supportive for bonds as investors hunt for yields
on the debt market while equity players worry about slow growth, expecting
sentiment to remain weak for stocks, analysts say.

More than $6 billion has flowed into the local bond market since February’s
presidential election as foreign investors piled into debt to lock in yields
as high as 14 percent, helping to keep the currency stable. [nL8N2182YK]

“Governor Emefiele’s nomination means that we will likely not see a major
change in the conduct of monetary policy or a much-needed shift in Nigeria’s
diversification strategy,” said Cobus de Hart, senior economist at South
Africa’s NKC African Economics.

Nigeria entered and exited its first recession in a quarter of a century
under Emefiele’s tenure as global oil prices plummeted and then gradually
began to rebound.

Some economists have argued that his strong currency policy exacerbated the
downturn.

Anthony Simond at Standard Aberdeen Asset Management in London said he
expected a continuation of current monetary policy. “Whether it will be good
for the country in the long run is a different question. But for now, high
carry and stable FX will continue,” he said.

Emefiele has said the bank would continue its tight monetary stance in the
near term and sees inflation of 11.3 percent in February rising to 12
percent this year before moderating.

“(Buhari) just doesn’t accept that a lot of his policies have been
counter-productive, and sees no reason to change now,” said John Ashbourne,
African economist at Capital Economics.

IMF provisionally agrees three-year loan deal with Congo Republic

DAKAR (Reuters) - An International Monetary Fund mission said on Thursday
that it had agreed a three-year lending programme with Congo Republic
subject to the government’s fulfilment of reforms and approval by the IMF’s
executive board.

Negotiations over a bailout for the oil-dependant economy have dragged on
since 2017, as Congolese authorities failed to convince the IMF they were
doing enough to control the national debt or tackle corruption.

But Congo’s reduction of its debt load and an agreement struck last month to
restructure some $2 billion in debt to China led the IMF mission to back a
programme.

“Once the authorities have implemented the pending actions as agreed during
the mission, the IMF team will submit a report in support of the Republic of
Congo’s request for a three-year arrangement under the Extended Credit
Facility,” the mission said in a statement after a week-long visit.

The agreed measures include submitting a report to parliament on notoriously
opaque oil-backed loans that the state petroleum company has taken out with
private lenders.

The mission also said that Congo’s economy is expected to grow more than 5
percent in 2019, up from less than 1 percent in 2018, mainly because of a
rise in oil production and prices.

The economy was hurt by a sharp drop in oil prices in 2014, causing debt
levels to balloon to 118 percent of GDP in 2017.

But global oil prices last month hit their highest level in five months,
helping Congo cut debt levels to less than 85 percent of GDP.

South African rand, stocks weaker on renewed trade war

JOHANNESBURG (Reuters) - South Africa’s rand gave up its earlier gains on
Thursday as another round of risk selling in global markets fuelled by the
U.S.-China trade talks outweighed local election positives.

Stocks fell as well, with Steinhoff being the biggest loser on the
Johannesburg all-share index.

The ruling African National Congress (ANC) is on course to retain power
after Wednesday’s election, though it may be the party’s worst performance
in a national vote since the end of white minority rule 25 years ago.

“Looking at early results, it seems that the ANC will win the election as
expected with around 54-57 percent of the vote. This will give enough power
to the ANC to enact policy reforms and this should be rand positive,”
TreasuryONE senior dealer Andre Botha said in a note.

“The current situation does not help the rand at all with the (U.S.-China)
trade deal being in limbo, and the threat of further tariffs being imposed
will in all likelihood negate the election positives,” Botha added.

At 1540 GMT, the rand traded at 14.4175 per dollar, 0.21 percent weaker than
its New York close on Wednesday.

U.S. President Donald Trump said on Wednesday that China “broke the deal” it
had reached in trade talks with the United States, and vowed not to back
down on imposing new tariffs on Chinese imports unless Beijing “stops
cheating our workers.”

On the stock market, the main indexes touched a more than a one-month low on
risk-off trade. The Top-40 index was down 2.79 percent to 50,264 points,
while the broader all-share fell 2.67 percent to 56,496 points.

“In general, the markets are in a bit of a risk-off mode at the moment.
Trump has given everyone a bit of a scare with his latest tweets and threats
of a tariff,” ETM Analytics analyst Lloyd Miller said.

Shares in Steinhoff tumbled 20.40 percent to 1.60 rand after the retailer
reported a $4 billion operating loss in the 2017 fiscal year on Tuesday.

Sappi weakened 8.53 percent to 61.10 rand after the packaging and paper firm
reported a 11 percent decline in earnings before interest, tax, depreciation
and amortization, for the second quarter.

AngloGold Ashanti Ltd fell 1.44 percent to 168.74 rand after the gold miner
said it will review divestment options for its Mponeng mine and other South
African assets to focus on higher returns elsewhere.

In fixed income, the yield on the benchmark instrument due in 2026 was down
5 basis points to 8.55 percent.

Acacia Mining hits back at parent Barrick in Tanzania row

LONDON (Reuters) - Acacia Mining on Thursday hit back at parent company
Barrick Gold Corp’s allegation the miner was an obstacle to solving a
long-running tax row in Tanzania.

Barrick CEO Mark Bristow said in a results presentation on Wednesday that
Acacia was not cooperating, prompting Acacia to demand clarification from
Barrick.

Acacia’s interim Chief Executive Officer Peter Geleta said in an interview
that Acacia was “totally committed to achieving a negotiated solution” and
laid out what he said was a series of facts.

Acacia had already been in discussion with Tanzania’s government in June
2017 when Barrick intervened without Acacia inviting it, he said.

“Barrick’s intervention at such an early stage of the dispute when Acacia
was talking to the government of Tanzania undermined Acacia’s status, put
both Acacia and Barrick into a difficult position and added a level of
complexity that was unhelpful to an expedient resolution to the dispute.
These are the facts and one cannot deny this,” Geleta said.   

Acacia has been excluded from the negotiations since Barrick’s intervention,
but Geleta said the company was engaging constructively with local, regional
and national governments and had turned around “a failing business” in
Tanzania.

On Thursday, it announced gold output at its North Mara mine in Tanzania had
risen 54 percent from the same time a year ago, helping to drive its share
price 3 percent higher.

In its production update, Acacia also said it was seeking clarification from
Barrick on Bristow’s comments, “not all of which are consistent with
Acacia’s own understanding of the position”.

Barrick had no immediate response on Thursday.

On Wednesday, Bristow said Barrick was “stuck in the middle between Acacia
and the government of Tanzania who are in a stand-off”.

“It will be a lot easier if Acacia were more engaging in their discussion,”
he also said, adding Barrick, the majority shareholder, was open to buying
out Acacia’s minority shareholders, but not at a premium.

Acacia has been caught up in sweeping changes to Tanzania’s mining industry
spearheaded by President John Magufuli, who believes his country is not
getting its fair share of profits.

The government has accused Acacia of evading taxes for years by
under-declaring exports - an allegation dismissed by the company which said
in 2017 it had been hit with a $190 billion tax bill.

AngloGold Ashanti plans to sell up in South Africa

JOHANNESBURG (Reuters) - AngloGold Ashanti Ltd will review divestment
options for its Mponeng mine and other South African assets to focus on
higher returns elsewhere, the South African gold miner said on Thursday.

AngloGold employs around 6,000 people in South Africa where mining companies
have faced volatile labour relations, rising costs, regulatory disruptions
and technical issues.

“As we look at the other opportunities in our portfolio, in the universe of
limited capital the other options in the portfolio present a higher return,”
Chief Executive Officer Kelvin Dushnisky said during a conference call.

Dushnisky, who did not say how much they expected to raise from asset sales,
said proceeds would be used to cut debt, reinvest in the business and return
value to shareholders.

“We will be looking for companies such that we can place the assets in
strong hands, in financial and technical capabilities,” said Dushnisky,
without giving a timeline.

The firm, which cut about 2,000 jobs in South Africa last year as part of
its restructuring, said it needed additional capital investment at its
Mponeng mine to extend its lifespan beyond eight years, but said those funds
could be better invested elsewhere.

Its South African assets include Mponeng mine, the world’s deepest gold
mine, and a surface rock dump processing business and a mine waste
retreatment operation.

“We believe that under the right ownership, our South African assets offer a
compelling long-term value proposition that may allow for an extension to
Mponeng Mine’s current life,” Dushnisky said.

AngloGold was keeping its primary listing in Johannesburg for now but would
not rule out shifting its primary listing to another international exchange
in future, Dushnisky said, adding: “We don’t take anything off the table.”

The firm’s first-quarter gold output fell 9 percent to 752,000 ounces from
824,000 ounces a year earlier hit by regulatory stoppages at its Brazilian
operations, an unfavourable performance at its Siguiri mine in Guinea and
power disruptions and other challenges in South Africa.

State owned utility Eskom, which supplies more than 90 percent of South
Africa’s electricity, cut power across the country in February and March as
low coal supplies, a severe cash crunch, and failures at ageing power
stations curbed supply.

Shares in AngloGold were down 1.3 percent at 168.92 rand by 0853 GMT.

Egypt headline inflation drops to 13.0 pct in April: CAPMAS

CAIRO (Reuters) - Egypt’s annual urban consumer price inflation eased to
13.0 percent in April from 14.2 percent in March, official statistics agency
CAPMAS said on Thursday, the lowest reading since January.

Analysts suggested the drop was caused by the government upping supplies of
food and vegetables to keep prices lower in the build-up to Ramadan - and
inflation could rise next month.

Egypt has been carrying out an IMF-backed economic reform programme since
2016 which saw inflation rise to a high of 33 percent the next year. It has
since subsided, though rising fruit and vegetable prices have prolonged
inflationary pressures.

“Based on our analysis, increased efforts made by the government to provide
the market with ample supplies of volatile food items (fruits, meat and
vegetables) prior to the Ramadan season, has helped cool off the
supply/demand pressures on inflation,” Naeem Brokerage, which predicted
headline inflation would fall to 13.2 percent, said in a note on Wednesday.

Radwa El-Swaify, head of research at Pharos Securities Brokerage, said
Thursday’s figure was lower than they had expected.

“This month was the lowest month-on-month increase in three years,” Swaify
said. “We expect next month’s figures to see a rise between 0.5 and 1
percentage points and for current rises in vegetable prices to be
reflected.”

Urban inflation rose 0.5 percent month-on-month in April, CAPMAS said, down
from 0.8 percent in March.

As part of the IMF deal, Egypt is set to phase out remaining subsidies on
most fuel in June, which could also add to inflationary pressures.

“We believe that the government is trying to have a rate cut sooner than
expected and before the energy subsidy cut in June/July,” said Yara Elkahky,
an economist at Naeem Brokerage.

After a surprise cut in February, the central bank’s Monetary Policy
Committee (MPC), held rates steady at its March 28 meeting, saying the
decision was “consistent with achieving the inflationary target of 9
percent” by the fourth quarter of 2020.

Core inflation, which strips out volatile items such as food, slowed to 8.1
percent in April from 8.9 percent in March, the central bank said.

Central bank policymakers, who target headline inflation of 13 percent plus
or minus 3 percentage points, will have their next meeting on May 23.

CAPMAS said urban food and beverage prices saw a rise of 13.0 percent
year-on-year and 0.5 percent month-on-month.

Millions of people in Egypt, the Arab world’s most populous country, live
below the poverty line. They are struggling to meet basic needs after
successive increases in the prices of vegetables, fruit, fuel and medicine.

South African listed Steinhoff shares tumble after release of 2017 results

JOHANNESBURG (Reuters) - Johannesburg-listed shares of South African
retailer Steinhoff fell almost 20 percent on Thursday after the scandal-hit
firm reported a $4 billion operating loss in the 2017 fiscal year in a
much-delayed earnings report.

Steinhoff, which is also listed in Frankfurt, released the report in the
early hours of Wednesday morning when South African markets were closed due
to a general election.

The firm had delayed the results, which revealed the impact of a $7.4
billion accounting fraud, after finding holes in its accounts, shocking
investors who had backed its reinvention from small South African furniture
outfit into a discount furniture retailer straddling four continents.

By 0830 GMT, Steinhoff’s South African listed shares were down 16.42 percent
at 1.68 rand ($0.1167) after falling more than 19 percent in early trade.

“It was always going to be a disaster there,” said Mark Loubser, portfolio
manager at Independent Securities.

The company’s Frankfurt listed shares fell 14 percent on Wednesday and were
down a further 8.5 percent on Thursday.

Steinhoff said in December 2017 it had uncovered accounting irregularities,
erasing about 85 percent of its market value and throwing it into a
liquidity crisis.

($1 = 14.3988 rand)

Trade war: Trump raises tariffs on $200bn of Chinese goods

The US has more than doubled tariffs on $200bn (£153.7bn) worth of Chinese
products, in a sharp escalation of the countries' damaging trade war.

Tariffs on affected Chinese goods have risen to 25% from 10%, and Beijing
has vowed to retaliate.

China says it "deeply regrets" the move and will have to take "necessary
counter-measures."

It comes as high-level officials from both sides are attempting to salvage a
trade deal in Washington.

Only recently, the US and China appeared to be close to ending months of
trade tensions.

China's Commerce Ministry confirmed the latest US tariff increase on its
website.

"It is hoped that the US and the Chinese sides will work together... to
resolve existing problems through co-operation and consultation," it said in
a statement.

Tariffs are taxes paid by importers on foreign goods, so the 25% tariff will
be paid by American companies who bring Chinese goods into the country.

Chinese stock markets rose on Friday, with the Hang Seng index up 1% and the
Shanghai Composite nearly 2% higher.

However, earlier in the week stock markets had fallen after US President
Donald Trump flagged the tariff rise on Sunday.

The US imposed a 10% tariff on $200bn worth of Chinese products - including
fish, handbags, clothing and footwear - last year.

The tariff was due to rise at the start of the year, but the increase was
delayed as negotiations advanced.

What will be the impact of the tariff rise?

The US-China trade war has weighed on the global economy over the past year
and created uncertainty for businesses and consumers.

Even though Mr Trump has downplayed the impact of tariffs on the US economy,
the rise is likely to affect some American companies and consumers as firms
may pass on some of the cost, analysts said.

Deborah Elms, executive director at the Asian Trade Centre, said: "It's
going to be a big shock to the economy.

"Those are all US companies who are suddenly facing a 25% increase in cost,
and then you have to remember that the Chinese are going to retaliate."

Image caption US and Chinese officials have held several round of talks in
an attempt to strike a deal to end the trade war.

In a statement, the American Chamber of Commerce in China said it was
committed to helping both sides find a "sustainable" solution.

"While we are disappointed that the stakes have been raised, we nevertheless
support the ongoing effort by both sides to reach agreement on a strong,
enforceable deal that resolves the fundamental, structural issues our
members have long faced in China."

'Serious escalation' of the trade war

No breakthrough, and no deal - just, more tariffs.

With this move, US President Donald Trump has effectively dealt a fresh blow
to not just the Chinese economy - as he had presumably hoped - but also to
US's.

The previous set of tariffs of 10% on $200bn of Chinese goods have to some
extent been absorbed by American importers, but economists say a 25% tariff
will be much harder for them to stomach.

They will almost certainly have to pass on that cost to American consumers -
and that means higher prices.

Make no mistake, this is a serious escalation - and the trade war between
the world's two largest economies is back on.

This means the rest of us should be prepared for more pain ahead.

How will the tariff increase affect negotiations?

Despite this week's escalation in tensions, talks were held between Chinese
Vice-Premier Liu He, US Trade Representative Robert Lighthizer and Treasury
Secretary Steven Mnuchin on Thursday.

A White House spokesman said US officials had agreed with the vice-premier
to resume talks on Friday morning, according to media reports.

Even though there had been growing optimism about progress in trade talks
recently, sticking points have persisted throughout.

These have included issues around intellectual property protection, how fast
to roll back tariffs and how to enforce a deal.

Analysts say the Chinese are still willing to negotiate to retain the moral
high ground and because they recognise the importance of solving the trade
war.

"A trade war will be bad for China, both the real economy and the financial
markets. It will also be bad for the world economy," said Gary Hufbauer of
the Peterson Institute for International Economics.

"Better for China to play the role of conciliatory statesman than angry
retaliator."

Why are the US and China at odds?

China has been a frequent target of Donald Trump's anger, with the US
president criticising trade imbalances between the two countries and Chinese
intellectual property rules, which he says hobble US companies.

Some in China see the trade war as part of an attempt by the US to curb its
rise, with Western governments increasingly nervous about China's growing
influence in the world.

Both sides have already imposed tariffs on billions of dollars worth of one
another's goods. The situation could become worse still, as Mr Trump has
also warned he could "shortly" introduce 25% duties on $325bn of Chinese
goods.

What exactly sparked the US president's latest actions, which apparently
took China by surprise, is unclear.

Ahead of the discussions, Mr Trump told a rally China "broke the deal" and
would pay for it.

The International Monetary Fund said the row poses a "threat to the global
economy".

"As we have said before, everybody loses in a protracted trade conflict,"
the body which aims to ensure global financial stability said in a
statement, calling for a "speedy resolution".--BBC

Hamleys: India's richest man Mukesh Ambani buys iconic toy store

India's richest man Mukesh Ambani has bought the iconic British toy retailer
Hamleys for an undisclosed sum.

Reliance Brands Limited, which is owned by Mr Ambani, said it had signed an
agreement to buy the company from China's C Banner International which had
acquired it in 2015.

Hamleys, which was founded in 1760, is the world's oldest toy retailer and
has 167 stores across 18 countries.

Reliance Industries already operates 88 Hamleys stores across 29 Indian
cities.

According to Forbes, the 62-year-old Mr Ambani is worth $50.7bn.

"The worldwide acquisition of the iconic Hamleys brand.... is a long
cherished dream come true," Darshan Mehat, the CEO of Reliance Brands
Limited, said in a statement.

Hamleys had last year reported a £9.2m loss, blaming Brexit and the threat
of terrorism for the downturn.

It had opened four stores in the UK but later closed two.

However its flagship store in London's Regent Street, which opened in 1881,
continues to be one of the city's major attractions.

Set over seven floors, it has an estimated 50,000 lines of toys on
sale.--BBC

Why the Royal Mint stopped making 20p coins

It is the job of The Royal Mint to literally make money - and yet in 2017,
it did not produce a single 20p or £2 coin for general circulation.

Mintage figures show that, in 2016, it made 213 million 20p pieces, but the
following year it produced none. Millions of £2 coins were cut in 2016; the
next year - nothing.

The riddle is partially answered by the introduction of the 12-sided £1
coin.

UK consumers emptied jam jars full of saved coins before shops stopped
accepting the old round pounds. As a result, they also flooded shops and
banks with all their other coins.

It meant, for a year at least, there were plenty of 20p and £2 coins to go
around and no more were needed.

How the system works

The Royal Mint, the cash handling industry, banks and the Post Office
regularly review the amount of coins circulating in the system.

The Post Office, for example, is a heavy user of coins, and demand tends to
increase across the country in the run-up to Christmas.

The Mint, a company wholly owned by the Treasury, also makes forecasts for
the year ahead on how many of each denomination will be needed. The current
backdrop sees a shift among many consumers from cash to contactless card and
digital payments.

Any surpluses of coins are re-circulated first, before new ones made at the
Mint in Llantrisant, south Wales, are put into circulation.

Why did the Mint decide they weren't needed in 2017?

The 12-sided £1 coin entered circulation for the first time in March 2017.
For six months, both the old round pound and the new coin were accepted,
until the old design lost its legal tender status in October of that year.

As a result, there was a high-profile campaign urging people to bank, spend
or donate their old £1 coins.

Image caption The old, round £1 coin was withdrawn from circulation in 2017

The nation emptied savings jars, checked piggy banks and looked down the
back of the sofa for all their loose change that had been lost or hoarded.

As a result, there was a glut of coins as people banked or spent all
denominations, not just the outgoing £1 coin.

The Mint had expected it, given evidence from similar cases overseas. It was
the main issue that meant enough 20p and £2 coins could be re-circulated and
that none needed to be minted that year.

"The quantities of UK coins the Royal Mint is asked to produce each year
varies according to UK demand for specific denominations at the time. UK
coins have an impressive lifespan, so they don't need replacing as often as
other forms of currency," a Royal Mint spokeswoman said.

"This, together with the ongoing decline in the number of cash transactions
in the UK each year, means that the UK Banks and Post Office may not request
every denomination every year if there is already sufficient coin in
circulation."

Official figures for 2018 have yet to be published.

Does that mean I'll never find a 20p coin dated 2017?

Not quite. Although there were none of these coins minted for general
circulation, some commemorative coins were made.

However, look through your loose change and you would be unlikely to find a
2017-dated 20p or £2 coin.

This is not the first time that the minting of certain denominations of
coins has not been required.

No 20p coins were minted in 2012, 5p and 10p pieces were not cut at times in
the 1970s and 1980s, as was the case for the old, larger 50p for a while in
the 1990s, and the round pounds at times during the same decade.

The average coin has a 25 to 30-year lifespan.

Isn't cash on its way out anyway?

A week ago, the UK Treasury confirmed that it would keep all the current
denominations of coins.

A consultation on the current mix had theoretically threatened the future of
1p and 2p coins, but the Treasury said they would be used "for years to
come".

An independent review of cash published in March suggested that banknotes
and coins were a necessity for eight million people.

A spokesman for the Treasury said: "We have no plans to change the current
make-up of coins and notes used in the UK - and that includes the £2 and 20p
pieces.

"Our coins are of the highest quality and the amount we ask the Royal Mint
to produce every year depends on demand from banks and Post Offices."--BBC

Uber valued at $82bn in share listing

Uber has been valued at $82bn (£63bn) ahead of its share listing in what is
expected to be one of the biggest stock market flotations this year.

The ride-hailing app is asking investors to pay $45 a share, at the lower
end of the price range expected.

Uber's conservative price is an attempt to avoid the fate of rival Lyft
whose shares fell by up to a third after its recent listing, said analysts.

Uber is yet to make a profit and warned recently it may never do so.

Since its foundation in 2009, the company has lost about $9bn.

Daniel Ives, an analyst at investment company Wedbush Securities, said the
lower-than-expected valuation was Uber's attempt to deflect scrutiny of its
financial performance.

"They know that they are going to have a target on their back in terms of,
not just investors, but regulators as well as drivers, so they need to tread
carefully here in terms of how they price it.

"Their success is not going to be determined over the coming days or weeks
or months, it's really over the coming years. But the last thing they want
is for stock to drop through the IPO price like Lyft has," he said.

Uber had originally suggested a price range of between $44-$50 for its share
price listing, valuing the company at up to $120bn.

Investors are betting on Uber's growth prospects as it diversifies into
several other sectors. As well as the original "ride-hailing" business, Uber
is developing driverless cars, and has a food delivery operation, Uber Eats.

Image caption Union organiser Lydia Hughes joined Uber drivers in their
strike in London on Wednesday

Uber's chief executive, Dara Khosrowshahi, has emphasised that the firm's
future is not as a ride-hailing company, but as a wide technology platform
shaping logistics and transportation.

But Brian Hamilton, a tech entrepreneur and founder of data firm Sageworks,
said its losses were hard to overlook.

"Uber is basically Lyft 2.0. Good model, growing sales. But, yet again, here
comes California math once more. It is still losing a ton of money," he
said.

The firm's revenue last year surged 42% to $11.3bn, but its adjusted loss -
following a tax benefit - still hit $1.8bn. In the first three months of the
year, it was a similar story with the firm reporting a loss of around $1bn.

The firm's flotation comes days after drivers in the US and UK went on
strike over pay and working conditions.

Unions are urging Uber to cut the rate of commission it takes, to increase
the average fare rate and for better job security.--BBC

Jeff Bezos unveils Moon lander concept

Amazon entrepreneur Jeff Bezos has unveiled a mock-up of a new lunar lander
spacecraft that aims to take equipment and humans to the Moon by 2024.

The unmanned, reusable Blue Moon vehicle will carry scientific instruments,
satellites and rovers.

It will feature a new rocket engine called BE-7 that can blast 10,000lb
(4,535kg) of thrust.

"It's time to go back to the Moon, this time to stay," said Mr Bezos.

Mr Bezos presented the Moon goals of his space exploration company Blue
Origin at the Washington Convention Center in Washington DC, to an audience
consisting of potential customers and officials from Nasa.

The Blue Moon lunar lander comes loaded with enough fuel to get from Earth
to the Moon.

It can deliver payloads to the lunar surface, deploy up to four self-driving
rovers, and launch satellites to orbit the Moon.

Blue Moon will weigh 33,000lb when loaded with fuel on lift-off from Earth,
which will decrease to about 7,000lb when it is about to land on the Moon.

The aim is for Blue Moon to land on the south pole of the Moon, where ice
deposits have been found in craters.

The water derived from that ice can be broken down to produce hydrogen,
which could then fuel up the spacecraft for further missions across the
solar system.

In March, the Trump administration announced that it intended to return US
astronauts to the Moon by the end of 2024.

In his speech, Mr Bezos said that Blue Origin would be able to meet Trump's
deadline, but "only because" the firm had begun designing the lunar lander
in 2016.

Mr Bezos wanted to improve access to the Moon, because he has a wider vision
of a future where people are able to live and work in space, which is not
possible today.

"The price of admission to do interesting things in space right now is just
too high because there's no infrastructure," he said.

To illustrate this, he showed pictures of self-sustaining space colonies
that could support people, animals and greenery - somewhat similar to the
concepts developed by Princeton physicist Gerard O'Neill.--BBC

INVESTORS DIARY 2019

Company

Event

Venue

Date & Time

Africa Day

25 May 2019

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