Major International Business Headlines Brief::: 15 May 2019

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Major International Business Headlines Brief::: 15 May 2019

 


 

 


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*  MTN aims to list Nigerian unit on Thursday -sources

*  South African unemployment rises, in challenge for Ramaphosa

*  Microsoft to spend $100 mln on Kenya, Nigeria tech development hub

*  Somalia's economic growth pace could rise to 3% in 2019 - IMF

*  Trade tensions hold South Africa's rand down

*  South Africa's Vodacom earnings fall 6.6% on black share scheme

*  Kenyan watchdog approves Commercial Bank of Africa and NIC Group merger

*  JPMorgan cuts S.Africa local bond exposure citing fiscal, flags rating risks

*  South Africa's Netcare H1 core profit rises on day patient growth

*  Markets calm amid hopes for US-China talks

*  Female unemployment rate lowest since 1971

*  British Steel seeks government loan for 'Brexit issues'

*  Vodafone cuts payout to shareholders

*  Amazon launches collection points at Next stores

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

                                      


MTN aims to list Nigerian unit on Thursday -sources

LAGOS (Reuters) - South Africa’s MTN aims to list its Nigerian business on the Nigerian Stock Exchange on Thursday, two sources familiar with the listing told Reuters.

 

The telecoms firm, which has said it would list 20.4 billion ordinary shares on the Nigerian exchange, had held a meeting with analysts on Monday ahead of the planned listing.

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 



South African unemployment rises, in challenge for Ramaphosa

PRETORIA (Reuters) - South Africa’s unemployment rate inched up to 27.6% in the first quarter, official data showed on Tuesday, underscoring the scale of the economic challenge faced by President Cyril Ramaphosa after his ANC party won re-election.

 

Ramaphosa is trying to revive the South African economy, the continent’s most industrialised, after a decade of slow growth and rising joblessness.

 

The former union leader turned business tycoon put job creation at the centre of his African National Congress (ANC) party’s campaign for last week’s election, which returned the ANC to power but with a reduced majority in parliament.

 

Unemployment was 27.1% in the fourth quarter of 2018.

 

South Africa’s statistics agency said decreases in employment were observed in most sectors of the economy in the first three months of 2019.

 

The construction industry saw the largest decrease, followed by finance. There were 6.2 million people without jobs in the three months to the end of March, compared with 6.1 million people in the prior quarter.

 

The expanded definition of unemployment, which includes people who have stopped looking for work, rose to 38% in the first quarter from 37.0% in the previous quarter.

 

The ANC’s 57.5% share of the vote was its worst parliamentary election result since it swept to power at the end of apartheid in 1994.

 

Unemployment was a major worry for South African voters in the weeks leading up to the elections, opinion polls showed.

 

 

 

Microsoft to spend $100 mln on Kenya, Nigeria tech development hub

NAIROBI (Reuters) - Microsoft Corp will invest $100 million to open an Africa technology development centre with sites in Kenya and Nigeria over the next five years, the company said on Tuesday.

 

Global tech giants, including Alphabet Inc and Facebook, have been increasing investment on the continent in recent years to take advantage of growing economies with rising access rates to the internet by a youthful population.

 

Microsoft will hire more than 100 local engineers to work in the new Africa facility in both countries to customise its applications for the African market and to develop new ones for the continent and beyond, it said in a statement.

 

“In addition, it is an opportunity to collaborate with partners, academia, governments and developers, driving impact and innovation in sectors important to the continent,” the company said, citing financial technology, farming technology and off grid energy.

 

Engineers at the new Africa development centre will build applications using artificial intelligence, mixed reality and machine learning, Microsoft said.

 

The company already has six other development hubs located elsewhere in the world. The new Africa development hub will also support Microsoft’s established businesses such as Office, Azure and Windows, the company said.

 

 

 

 

Somalia's economic growth pace could rise to 3% in 2019 - IMF

NAIROBI (Reuters) - Somalia’s economy continues to recover, with growth expected to strengthen to 3% in 2019 from 2.8% last year, while inflation could ease to 3% from 3.2% over the same period, the International Monetary Fund said on Tuesday.

 

Somalia has been in turmoil since 1991, when clan-based warlords overthrew Siad Barre and then turned on each other. Over the past decade it has been hit by famine and sporadic terror attacks by al Qaeda-linked al Shabaab.

 

“Somalia’s economy continues to recover, supported by vigorous activity in the construction, telecommunications, and financial services sector in 2018,” said Allison Holland, who lead an IMF team discussing Somalia’s Article IV programme, in a statement.

 

“But the outlook remains vulnerable to the still fragile security situation, climate shocks and the still developing institutional capacity, and more is needed to improve economic resilience, increase employment and reduce poverty.”

 

An Article IV consultation is part of the IMF’s mandate to scrutinise the economic, financial and exchange rate policies of its members.

 

The Somali government has broadened the tax base and strengthened tax administration, boosting domestic revenue almost 30% to $184 million in 2018 from a year earlier, and to $54 million for the first quarter of 2019, Holland said.

 

 

 

Trade tensions hold South Africa's rand down

JOHANNESBURG, Reuters - South Africa’s rand was mostly flat on Tuesday, struggling to bounce back from a flare-up in U.S.-China trade tensions that had dragged the currency down a day earlier.

 

Fresh tariff war volleys between the world’s two biggest economies were also weighing on markets in Asia and Australia, though comments from U.S. President Donald Trump that he expects trade negotiations to be successful aided sentiment.

 

At 0625 GMT, the rand traded at 14.32 to the dollar, 0.1 percent stronger than Monday’s close.

 

The week’s trade tensions have snatched away some of the rand’s gains after the ruling African National Congress (ANC) looked set for victory in a parliamentary and provincial election last week.

 

While the ANC secured a decisive win, international factors have largely eclipsed any impact on the rand’s direction.

 

However, first quarter unemployment figures to be published later on Tuesday could bring a fresh domestic influence to the rand’s movements over the course of the day.

 

 

 

South Africa's Vodacom earnings fall 6.6% on black share scheme

JOHANNESBURG (Reuters) - South Africa’s mobile phone operator Vodacom reported a 6.6% drop in full-year earnings due to one-off costs related to a share scheme offered to black investors.

 

Headline earnings per share (EPS) for the full-year ended March fell to 862 cents from 923 cents a year earlier.

 

Headline EPS is the main profit measure in South Africa and strips out certain one-off items.

 

Vodacom, which is majority owned by Vodafone, concluded a broad-based black economic empowerment (BEE) ownership deal in September, which saw Vodacom issue additional shares.

 

Under black economic empowerment rules, South African companies are encouraged to meet quotas on black ownership, employment and procurement as part of a drive to reverse decades of exclusion under apartheid.

 

It also updated its medium-term capital expenditure target to reflect the IFRS 15 accounting standard and also changed its profitability target to operating profit from earnings before interest and taxes to include the benefits of the Kenyan Safaricom acquisition.

 

Medium-term group capex is now expected to be in the range of 13%-14.5% from 12%-14%, while the operating profit target is expected to be in the mid-high single digit growth rate.

 

Vodacom, which competes with MTN group and Telkom, said group service revenue jumped 5 percent, led by a strong performance overseas.

 

“It was a stellar year for our International portfolio where economic and political environments have improved,” group Chief Executive Officer Shameel Joosub said in a statement.

 

Vodacom grew service revenue there by 15.6 percent and expanded margins, while in South Africa service revenue inched up by 2.1 percent due to price cuts and a stagnant economy.

 

South Africa has been considering regulating the price of internet data as well as out-of-bundle charges as part of efforts to bring costs down.

 

 

Kenyan watchdog approves Commercial Bank of Africa and NIC Group merger

NAIROBI (Reuters) - The Competition Authority of Kenya approved on Monday a proposed merger between Kenya’s Commercial Bank of Africa and NIC Group, the regulator said in a statement.

 

It said the approval was on the condition that no employees would be made redundant in the merged unit within 12 months of the deal’s completion.

 

 

 

JPMorgan cuts S.Africa local bond exposure citing fiscal, flags rating risks

LONDON (Reuters) - JPMorgan reduced its exposure to South African local bonds citing a deteriorating fiscal outlook and flagged risks over its expectations that Moody’s would not change its rating in the near term.

 

JPMorgan said it had taken profit on its overweight local bond position which it had held since January to move to medium weight. In FX, the bank said it had entered an underweight position on the South African rand, citing expensive valuations.

 

“The fiscal outlook looks significantly more challenging than we previously thought, and we now see risks for a 5.5% of GDP fiscal deficit this year,” Anezka Christovova wrote in a note to clients.

 

On the outlook for Moody’s credit rating on the country, Christovova said JPMorgan’s assumption of no ratings action in the near term could be challenged.

 

“Soft incoming data suggests the timeline for a possible earlier downgrade warrants risk premium.”

 

 

South Africa's Netcare H1 core profit rises on day patient growth

JOHANNESBURG (Reuters) - South Africa’s second-largest private hospital firm Netcare Ltd reported a 1.3 percent increase in half-year normalised core profit on Monday, boosted by rising day patient numbers at its hospital and emergency services division.

 

Normalised group earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 2.12 billion rand ($148.53 million) in the six months ended March, it said in a statement.

 

At 0735 GMT, shares in Netcare inched down 0.65 percent to 23.09 rand.

 

($1 = 14.2735 rand)

 

 

 

Markets calm amid hopes for US-China talks

Global stock markets have steadied amid hopes that the US and China will resume talks next month, following an escalation in their trade war.

 

On Monday, China announced tit-for-tat tariffs on $60bn (£46bn) of US exports, causing stock markets to tumble

 

But later US President Donald Trump said he expected to meet China's president at the G20 summit in Japan.

 

He also said he had not decided whether to go ahead with threatened tariffs on another $325bn of Chinese imports.

 

At a briefing on Tuesday, China's foreign ministry spokesman Geng Shuang said: "The two heads of state maintain contact through various means."

 

Who loses out in the US-China trade war?

The US-China trade war in charts

US-China trade war in 300 words

But when asked whether China was making preparations for a possible Xi-Trump meeting, Mr Geng said: "I have no information at present about the specific question raised."

 

The Dow Jones Industrial average regained some ground on Tuesday to close 0.82% higher after falling more than 2% the previous day when China announced its retaliatory measures.

 

The S&P 500 climbed 0.80% and the Nasdaq ended 1.14% ahead.

 

Asian stock markets remained under pressure on Tuesday, but European indexes recovered with London's FTSE 100 up 0.8%, Germany's Dax 0.4% higher, and the French Cac 40 up 0.9%.

 

On Friday, Washington doubled duties on $200bn of Chinese goods, having accused Beijing of trying to renegotiate a trade deal.

 

The war of words between the countries had intensified after the latest round of US-Chinese trade negotiations ended in Washington last week without a deal,

 

Mr Trump warned China not to raise levies and urged US firms to buy goods from other countries such as Vietnam.

 

But Mr Geng told a news briefing in Beijing that China would "never surrender to external pressure".

 

>From 1 June, China will impose duties on US goods including beef, lamb and pork products, as well as various varieties of vegetables, fruit juice, cooking oil, tea and coffee.

 

'Good relationship'

As well as ordering a tariff increase on $200bn worth of Chinese imports, Mr Trump had directed the US trade department "to begin the process of raising tariffs on essentially all remaining imports from China".

 

The US released a list of those additional Chinese products that could face higher levies.

 

But after China's response, he said he had "not made a decision" on whether to go ahead with those additional levies.

 

He also said the US had "a very good relationship" with China, and the two sides would talk at G20 summit on 28-29 June.

 

"Maybe something will happen," he said. "We're going to be meeting, as you know, at the G20 in Japan and that'll be, I think, probably a very fruitful meeting."

 

The US argues that China's trade surplus with the US is the result of unfair practices, including state support for domestic companies.

 

It also accuses China of stealing intellectual property from US firms.

 

But Mr Trump's approach in the dispute has put him at odds with his own top economic adviser, Larry Kudlow, who has said "both sides will suffer".

 

On Tuesday, the president remained defiant, tweeting: "In one year Tariffs have rebuilt our Steel Industry - it is booming! We placed a 25% Tariff on 'dumped' steel from China & other countries, and we now have a big and growing industry."--BBC

 

 

 

Female unemployment rate lowest since 1971

Britain's female unemployment rate in the first three months of the year has fallen to 3.7%, the lowest since comparable records began in 1971.

 

The Office for National Statistics included the figure in data showing the overall unemployment rate in the three-month period stood at 3.8%, the lowest rate since late 1974.

 

For men the rate was 3.9%, the lowest since mid 1975.

 

Excluding bonuses, average weekly earnings for employees rose by 3.3%.

 

What is happening to unemployment?

The ONS said that unemployment rates for both men and women have been falling since late 2013.

 

Ben Brettell, senior economist at Hargreaves Lansdown, said the unemployment figures were strong given the issues facing the economy.

 

"The UK labour market has been remarkably resilient in the face of Brexit-related uncertainty," he said.

 

For January to March 2019, the ONS said 1.3 million people were unemployed, 119,000 fewer than for a year earlier and 914,000 fewer than for five years earlier.

 

The overall unemployment rate of 3.8% in the first quarter was last matched in the three-month period from November 1974 to January 1975. It was last lower, at 3.7%, in October to December 1974.

 

What about women in the workplace?

Over the last five years the unemployment rate for men has fallen from 7% to 3.9% and for women has shown a smaller fall over this period - from 6.4% to 3.7%.

 

But this is the lowest level since 1971, when records began.

 

The ONS said the increase in the employment rate for women is due partly to changes to the state pension age for women, so fewer women are retiring between the ages of 60 and 65.

 

The ONS added that total hours worked by women had increased while for men had stayed stable. This is because falls in the employment rate for men have been roughly offset by population increases.

 

Andrew Wishart, UK economist at Capital Economics, said the increased participation rate of women was part of "a cultural change seen across developed economies".

 

It may also reflect higher wages attracting women and older workers into the workplace, he added.

 

What is happening to wages and jobs?

While average real wages - adjusted for inflation - were the highest since December 2010, the TUC said the rate of growth was slowing.

 

TUC General Secretary Frances O'Grady said: "Pay growth is stalling again. The last thing workers need is another hit in the pocket when real wages are still lower than a decade ago".

 

Employment Minister Alok Sharma said the rise in wages and booming higher-skilled employment meant prospects for families were improving.

 

"We now need to shift some of our focus to up-skilling people and supporting them into roles with real career progression to create a modern workforce fit for the challenges of the 21st Century," he said.

 

What does the fall in unemployment mean?

Not since Barry White's 'My first My last My everything' and 'Wombling Merry Christmas' were in the charts has the unemployment rate been lower (December 1974). And the rate of unemployment among women is now the lowest it's been since 1971 - try Janis Joplin's Mercedes Benz (Oh Lord).

 

In both of those years, the official policy goal was to obtain full employment.

 

And although inflation was higher in the 1970s, who wouldn't welcome the lowest unemployment since then?

 

Well, to be a party-pooper, it's not like most of those women are going to be able to afford a Merc themselves. Wages have risen by 3.3%, 1.5% above inflation.

 

But that's still only modest wage growth compared to the 1970s (when prices rose quickly, but wages mostly rose faster). We're not getting better off as fast as we did back then. And back then, productivity - the amount each worker could produce - was on the rise.

 

Now, according to the latest figures, it's dropped. Output per worker barely grew compared to a year before - up just 0.7%. That's not enough to fund the bigger pay rises. And at the same time, it's getting harder and harder to find the staff to meet orders.

 

You may be able to afford what you want, but you may have to wait a little longer.

 

What is happening to the mix of work?

Prof Geraint Johnes, at Lancaster University Management School, said the number of full-time employees fell in the quarter, which was offset by an increase in full-time self-employed workers and that the number of employees working part time also rose.

 

"Whether these shifts indicate a longer term increase in precarity will need to be monitored carefully over the coming months. The labour market seems now to be exhibiting signs of nervousness that, given present uncertainties, should not be surprising," Prof Johnes said.

 

Mr Wishart noted that employment only rose by 99,000 during the period, driven by self-employment, while full-time employment fell by 55,000.

 

"Despite the unemployment rate edging down to a fresh 45-year low, March's figures painted a picture of a softening labour market," Mr Wishart said.--BBC

 

 

 

British Steel seeks government loan for 'Brexit issues'

British Steel has said it is seeking further financial support from the government to help it address "Brexit-related issues".

 

It follows reports the company needs a loan of up to £75m to keep trading in the coming months.

 

The UK's second largest steel firm employs 4,500 people, and about 20,000‎ indirectly via its supply chain.

 

The company said "uncertainties around Brexit are posing challenges for all businesses including British Steel".

 

It added: "We are holding constructive discussions with our stakeholders on how to navigate them.

 

"Discussions are continuing about a package of additional support to assist the company address broader Brexit-related issues, whilst continuing with [the company's] investment plans."

 

A spokesperson for the the Department for Business, Energy and Industry Strategy said: "As this is speculation, we won't be commenting."

 

British Steel's main plant is at Scunthorpe, but it also has sites in Teesside, Cumbria and North Yorkshire.

 

The move comes just two weeks after British Steel secured a £100m loan from the government to pay its EU carbon bill.

 

The money meant the private equity-owned firm could avoid a steep EU fine.

 

According to Sky News, in recent days the steel maker has met its lenders and the government to discuss another loan.

 

British Steel has reportedly faced a slump in orders from European customers ‎due to uncertainty over the Brexit process.

 

It has also been struggling with the prolonged weakness of sterling since the EU referendum in June 2016 and the escalating trade US-China trade war.

 

Quoting people close to the process, Sky said insolvency experts have been placed on standby in case British Steel cannot secure the funds it needs.

 

The BBC understands that nationalisation or a management buyout are also being discussed as fall-back options.

 

'Time for action'

The GMB union called on the government to guarantee the future of the firm and safeguard thousands of jobs.

 

"This government has a track record of sitting on its hands while UK manufacturing collapse round its ears," said Ross Murdoch, GMB national officer.

 

"Now is the time to take action - ministers must come out and guarantee the loan required to safeguard British Steel."

 

Private equity firm Greybull Capital rescued Tata Steel's long products business - which makes steel for the rail and construction sectors - during the depths of the steel crisis in 2016, saving more than 4,000 jobs.

 

It paid a nominal £1 fee for the assets, but pledged to plough up to £400m into the business, which it rebranded British Steel.

 

Workers had to take pay cuts and reductions in their pensions in return, and the company recently returned to profit.

 

The news comes days after Tata signalled its planned merger with German rival Thyssenkrupp was off, raising fresh doubts about its Port Talbot site.

 

Tata said its UK business would keep running, but admitted it was facing tough operating conditions in the UK.--BBC

 

 

 

Vodafone cuts payout to shareholders

Vodafone has swung to a full-year loss and cut its payout to shareholders for the first time.

 

The reduction in the dividend to 9 euro cents a share from 15.07 cents contradicts a pledge in November by new chief executive Nick Read to maintain the payout.

 

The mobile phone giant pays one of the biggest dividends in the UK.

 

The €7.6bn (£6.6bn) full-year loss was in part caused by a transaction in India. A year ago profits were €2.8bn.

 

Among the other reasons for the loss was a reduction in the value of investments in Spain and Romania.

 

Revenues in the year to March fell 6% to €43.7bn.

 

'Headwinds'

Floated on the stock market as part of Racal Telecomms in the 1980s, Vodafone made the world's first mobile phone call from London to Newbury - where it still based - in 1985.

 

But since then it has expanded beyond mobile phones, buying broadband companies in countries such as Germany and Spain, and is now incurring big bills to build 5G networks.

 

It is also in the process of taking over some of the assets of Liberty Global in what it is its biggest deal since its £112bn takeover of German company Mannesmann in 2000.

 

Vodafone makes €18bn swoop on Liberty Global cable networks

Which? reveals worst mobile network

In the process it has amounted debt - it had €27.0bn of debt at the end of its financial year, down from €29.6bn a year earlier - and it also needs to invest in 5G networks.

 

Mr Read said the group was at a "key point of transformation".

 

He is aiming to cross-sell additional products, such as broadband, cut operating costs and is setting up a new division for Vodafone's European mobile towers.

 

"We are executing our strategy at pace and have achieved our guidance for the year, with good growth in most markets but also increased competition in Spain and Italy and headwinds in South Africa," Mr Read said.

 

"These challenges weighed on our service revenue growth during the year, and together with high spectrum auction costs have reduced our financial headroom."

 

He said the dividend was being "rebased" to allow further growth and cut back on debt.

 

Chris Beauchamp, chief market analyst at IG, told BBC Radio 4's Today Programme: "Vodafone is a huge dividend payer and so [it's] important.

 

"The fact they've been expanding heavily has meant they need to now cut back on the dividend to pay down all the debt they've acquired."

 

Vodafone started paying dividends in the 1990s, and its payouts amount to about €3.5bn a year.--BBC

 

 

Amazon launches collection points at Next stores

Amazon has launched a service for customers to collect parcels from pick-up points inside Next shops.

 

The new service is called Amazon Counter, and Next said its participation would help the chain stay relevant in a tough retail environment.

 

UK shops have been struggling with many pressures, including competition from online retailers such as Amazon.

 

Customers of the online giant can already pick up parcels using the Amazon Lockers service.

 

Next chief executive Lord Wolfson said Amazon customers would be able to use "hundreds" of Next's UK stores to pick up packages.

 

"In a tough retail environment, our aim is that Amazon Counter will contribute to the continued relevance and vibrancy of our stores," he said.

 

A number of retailers went out of business last year, including Poundworld, Toys R Us and Maplin, while other well-known names, including Mothercare and New Look, negotiated restructuring deals with their landlords and closed hundreds of stores.

 

The pressure has continued this year, and last week creditors at struggling department store chain Debenhams backed a turnaround plan that will see the closure of 50 stores and rent reductions for others.

 

Along with technology driving a shift to shopping online, UK stores have faced higher business rates and rising labour costs.

 

Many retailers have responded to online pressures by upping their internet shopping game.

 

For example, Marks and Spencer signed a deal with online grocer Ocado in February to give the High Street retailer a home delivery service for the first time from next year.

 

Amazon's new Counter service is in addition to its Amazon Lockers pick-up points, which are located in some supermarkets and petrol stations.

 

Customers can also collect from Post Office shops and Doddle parcel pick-up locations.

 

Amazon is also launching its Counter service in Italy, where it has teamed up with bookstore chain Giunti and the network of Fermopoint and SisalPay stores.

 

Research company Global Data predicts that click and collect will make up more than 12% of online sales by 2023, but that closures of High Street shops will hamper collection services.--BBC

 

 

 

 

 


 

 


 

INVESTORS DIARY 2019

 


Company

Event

Venue

Date & Time

 


NMB

AGM

Head Office, 4th Floor, Unity Court

23 May 2019 , 3pm

 


 

Africa Day

 

25 May 2019

 


Dairibord

AGM

Steward Room, Meikles

31 May 2019, 12pm

 


Lafarge

AGM

Manresa Club, Arcturus

05 June 2019 , 12pm

 


CBZ

AGM

Stewart Room, Meikles

05 June 2019 , 3pm

 


 

 

 

 

 


 

 

 

 


 

 

 

 


 <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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