Major International Business Headlines Brief::: 21 May 2019

Tue May 21 04:38:48 CAT 2019

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Major International Business Headlines Brief::: 21 May 2019

 <http://www.nedbank.co.zw/> 

*  Amplats fires over 600 underground workers at its Mototolo mine

*  Nigeria's economic growth slows in Q1 as oil sector shrinks

*  Kenyan banks to test mobile lending app to ease SME squeeze

*  Coca-Cola ends plan to refranchise Africa bottling unit, keeps majority
stake

*  South Africa's rand firmer as risk selloff pauses

*  Aspen sells Australian prescription portfolio to Mylan

*  Pioneer Foods H1 earnings down on maize shortfall

*  Tanzania fines Acacia Mining $2.4 mln over alleged pollution

*  Nigeria hopes oil supply cut deal would be extended -minister

*  Marathon Oil firm fined £1.16m for North Sea gas release

*  Carmaker Ford announces 7,000 job cuts

*  Thomas Cook reassures holidaymakers after shares plunge

*  Japan economy beats expectations of slowdown

*  Billionaire Robert F Smith to pay entire US class's student debt

 <mailto:info at bulls.co.zw> 

Amplats fires over 600 underground workers at its Mototolo mine

JOHANNESBURG (Reuters) - Anglo American Platinum (Amplats) said on Monday it
fired about half of the underground workers at its Mototolo mine following
an illegal strike.

Workers belonging to the General Industrial Workers Union of South Africa
(GIWUSA) downed tools on May 12 following a dispute over the employees’
medical scheme, despite an interim court interdict against any strike
action, Amplats said.

The precious metals producer said it dismissed 643 employees at Mototolo,
which produced 57,700 ounces of platinum group metals in the first quarter
of 2019, after its appeal to end the strike was ignored.

A union official at GIWUSA, which is the only recognised union at the mine,
said they would approach the labour court over the dismissals.

Amplats said the sacked employees had until May 21 to appeal the decision.

The firm said the impact on production had so far been minimal.

“Anglo American Platinum is exploring options to ensure that Mototolo Mine
recommences full production as soon as practically possible,” it said in a
statement.

Amplats acquired Glencore’s 39% stake in the mechanised platinum mine on the
eastern limb of South Africa’s platinum belt in 2018.

 <mailto:info at bulls.co.zw> 

Nigeria's economic growth slows in Q1 as oil sector shrinks

ABUJA (Reuters) - Growth in Nigeria’s fragile economy slowed to 2.01% in the
first quarter as the country’s dominant oil sector shrank, the National
Bureau of Statistics said on Monday.

The annual pace dropped from the previous quarter’s 2.38%, when activity was
likely to have been boosted by state spending in the run-up to February and
March elections in which President Muhammadu Buhari won a second term.

Nigeria’s central bank has forecast growth of 3% for 2019.

The largely crude-dependent economy emerged from recession in 2017 and has
been recovering in great part due to higher oil prices.

In the first quarter the non-oil sector grew 2.47% while the oil sector
shrank 2.40%, according to the statistics office. Crude production rose
slightly to 1.96 million barrels per day from 1.91 million in the previous
quarter.

Growth in the first quarter of 2018 was 1.89%.

Kenyan banks to test mobile lending app to ease SME squeeze

NAIROBI (Reuters) - Five Kenyan banks have launched a lending service via
mobile phone aimed at getting credit through to the country’s small and
medium-sized businesses, the central bank said on Monday.

Private sector credit growth has been sluggish since the government capped
commercial lending rates at four percentage points above the central bank
rate in September 2016, after lawmakers said they were concerned about high
rates.

But this has led to a private credit squeeze, with banks saying the move
forced them to cut back on loans to high-risk groups. And pressure on banks
to use mobile channels to cut costs has increased since the government
capped rates, crimping their profit margins.

Kenyan lenders have also been turning to technology in response to
competition from mobile phone-based services such as Safaricom’s M-Pesa.
Safaricom says default rates on its platform are in the single digits.

Under the new pilot SME lending service, KCB Bank Kenya, Commercial Bank of
Africa Limited (CBA), Cooperative Bank of Kenya, Diamond Trust Bank and NIC
Group are targeting 3,500 businesses.

They will be offered unsecured loans of between 30,000 Kenyan shillings
($297) and 250,000 Kenyan shillings with a repayment period of between one
and 12 months and attracting an interest rate of 9% per annum, the central
bank said.

“Customers will be scored and advised of their credit limit. Additionally,
they are eligible for a top-up functionality once 80 percent of the loan
borrowed has been repaid or track record of three months’ repayment,” it
said.

The central bank did not say how much money had gone into the pilot for the
scheme, but said that another 10,000 businesses will be enrolled for the
second phase of testing.

($1 = 101.0000 Kenyan shillings)

Coca-Cola ends plan to refranchise Africa bottling unit, keeps majority
stake

(Reuters) - Coca-Cola Co said on Monday it had dropped plans to refranchise
its Africa bottling business, Coca-Cola Beverages Africa (CCBA), and would
instead keep its majority stake in the unit for the time being.

The U.S. beverage giant had wanted to refranchise the unit as part of its
global plan to divest its manufacturing and distribution assets to focus on
main beverage business and boost margins.

“While we remain committed to the refranchising process, we believe it’s in
the best interests of all involved for Coca-Cola to continue to hold and
operate CCBA,” Coca-Cola said in a statement.

The company said it has had discussions with a number of potential partners.
Coca-Cola HBC and rival Coca-Cola European Partners were seen as potential
buyers for the unit.

Shares of Coca-Cola HBC were down 7.4%.

Coke in 2016 bought a majority stake in CCBA, the continent’s largest soft
drink bottler, with operations in a dozen markets including South Africa,
Kenya, Uganda and Tanzania, from Anheuser-Busch InBev SA.

The company said it would reclassify its financial statements from second
quarter in 2019 to include CCBA as part of its continuing operations.

South Africa's rand firmer as risk selloff pauses

JOHANNESBURG (Reuters) - South Africa’s rand rose early on Monday after a
sharp slide in the previous week as a sell-off in risk assets globally
slowed, with investors positioning for an event-packed week.

At 0645 GMT the rand was 0.31% firmer at 14.4025 per dollar compared with
its Friday close of 14.4475 in New York.

Last week the rand and other emerging market currencies fell as the trade
spat between Beijing and Washington worsened, while solid economic data from
the United States also pushed money toward to greenback - lifting the
world’s reserve currency to 2-week highs.

The rand shed close to 2 percent in the previous week but remained one of
the better performing emerging currencies with the post-election positivity
limiting losses, with investors awaiting the announcement of a new cabinet.

Before the announcement by incoming President Cyril Ramaphosa after this
weekend’s inauguration, Statistics South Africa publishes consumer inflation
data on Wednesday and the central bank decides on lending rates on Thursday.

Bonds were steady, with the yield on the benchmark 10-year government issue
due in 2026 adding 0.5 basis points to 8.52%.

In stocks, food group Pioneer reported a decline in half-year earnings, with
headline earnings per share (HEPS) falling 14%, driven down by maize
shortages.

Aspen sells Australian prescription portfolio to Mylan

JOHANNESBURG (Reuters) - Aspen Pharmacare said on Monday that Mylan NV had
exercised an option to buy Aspen’s portfolio of prescription and
over-the-counter products in Australia for 188 million Australian dollars
($130 million).

In December, South Africa-based Aspen said its wholly owned subsidiary
incorporated in Mauritius, Aspen Global Incorporated, and its Australian
subsidiaries had entered into a distribution arrangement with Alphapharm, a
subsidiary of Mylan in respect of the portfolio commercialised in Australia
and New Zealand.

The distribution arrangement included an option for Mylan to acquire this
portfolio from Aspen Global Incorporated and Aspen Australia.

($1 = 1.4432 Australian dollars)

Pioneer Foods H1 earnings down on maize shortfall

JOHANNESBURG (Reuters) - South Africa’s Pioneer Food Group reported a
decline in half-year earnings on Monday, driven down by maize shortages,
sending its shares down more than 8 percent.

The food and drinks company, which uses maize in many of its products, said
it was unable to counter the shortfall.

“The year-on-year regression in the performance of the maize category, off
the strong comparative period base, was more than expected, given sustained
selling price deflation despite raw material cost inflation and a weaker
milling performance,” it said.

At 0800 GMT, the company’s share price was down 8.660 percent to 75.87 rand.

Pioneer said continued economic weakness will put pressure on consumer
spending.

Diluted adjusted headline earnings per share (HEPS) for the six months ended
March 31 fell 14% to 272.4 cents from 320 cents a year earlier, the food and
beverage company said.

HEPS is the main profit measure used in South Africa, which strips out
once-off items.

Pioneer, which also operates in Britain, said earlier this year that the
business was doing well despite Brexit tensions.[nFWN20A0C0]

The food company’s revenue rose 11.5% to 11.039 billion rand ($768.20
million), driven by growth in bread, wheat, rice, beverages, cereals and
sausage rolls in Nigeria.

Pioneer issued a dividend of 105 cents per share for the six month ended 31
March 2019.

($1 = 14.3700 rand)

Tanzania fines Acacia Mining $2.4 mln over alleged pollution

DAR ES SALAAM (Reuters) - Tanzania’s mining minister said on Monday Acacia
Mining had been fined 5.6 billion Tanzanian shillings ($2.4 million) for
alleged pollution at its North Mara mine.

Acacia, majority-owned by Barrick Gold, is embroiled in a long-running tax
dispute with Tanzania.

It was forced to cut output by a third after the government banned the
export of mineral concentrates from its two other mines, Bulyanhulu and
Buzwagi, in 2017.    Tanzania’s National Environment Management Council
(NEMC) has issued an environmental protection order (EPO) relating to
alleged pollution from North Mara’s tailings dam, mining minister Doto
Biteko said.    “The North Mara gold mine has been given two weeks to pay
the fine and three weeks to rectify the problem at its tailings storage
facility,” Biteko told Reuters.    “If the mine fails to comply to the
order, tougher measures will be taken against it.”    Last week Biteko and
the country’s environment minister, January Makamba, visited the mine, where
operations remain unaffected despite the crackdown by the environmental
agency.     Acacia confirmed on Friday that the mine would be issued with an
EPO relating to alleged historical breaches of environmental regulations in
Tanzania.    “The mine’s technical team has been working constructively and
collaboratively with the government of Tanzania to try to address ...
concerns regarding alleged breaches of various environmental regulations and
alleged discharges of a hazardous substance from the mine,” Acacia said in a
statement.     Acacia said in January it had been fined 300 million
Tanzanian shillings over allegations of breaching environmental regulations
at the mine.    The company said it has been asked to build a new tailings
dam, a structure for storing uneconomical ore.    Acacia faces a $190
billion tax bill from Tanzanian authorities, which has severely limited the
London-listed company’s operations in the East African nation.

Nigeria hopes oil supply cut deal would be extended -minister

JEDDAH, Saudi Arabia (Reuters) - Nigeria’s oil minister said on Sunday he
hoped the supply cut agreement between OPEC and non-OPEC members would be
extended until year-end.

“I’m hoping so,” Emmanuel Ibe Kachikwu said when asked if the deal needs to
be extended. “I’m not so much worried about wars. I don’t think that will
happen... I don’t think anybody’s going to push to the point of war,”
Kachikwu said when asked about a risk of war in the region.

Marathon Oil firm fined £1.16m for North Sea gas release

An oil firm has been fined more than £1m - one of the biggest ever fines in
a case of its type - over a North Sea gas leak.

The incident happened on Marathon Oil's Brae Alpha platform, 155 miles north
east of Aberdeen, on Boxing Day 2015.

The company admitted Offshore Installations (Prevention of Fire and
Explosion, and Emergency Response) and Health and Safety at Work Act
breaches.

Marathon was fined £1.16m at Aberdeen Sheriff Court.

No-one was injured in the incident.

Most of the 100 personnel on the platform had been gathered in the
accommodation block, ahead of their Boxing Day meal, so they were not near
the leak.

Pipework ruptured, allowing more than two tonnes of high-pressure methane
gas to be released, causing what was described as significant damage.

The Health and Safety Executive (HSE) said Marathon Oil had failed to
undertake any suitable and sufficient inspection of the pipework that would
have allowed the company to identify the risk and prevent the hazard.

'Timing fortuitous'

HSE inspector Ahmedur Rezwan, said: "This incident is a further reminder of
the ever-present hazards in oil and gas production, that if not rigorously
managed can easily result in a potentially life-threatening event.

"During any normal period of operations personnel could easily have been
working in, or transiting through Module 14, and they would almost certainly
have been killed or suffered serious injury.

"The timing of the incident and fact that the gas did not ignite was
fortuitous."

Marathon said in a statement: "Marathon Oil confirms that the company has
been fined in a case relating to a gas release which occurred on the Brae
Alpha platform on 26 December 2015.

"The company has fully co-operated with the HSE and complied with the
measures suggested in the improvement notice.

"The safety of our personnel is a top priority, and we've taken action to
resolve issues relating to this incident."

In 2015, Total was fined £1.125m over a gas leak from 2012.--bbc

Carmaker Ford announces 7,000 job cuts

US car giant Ford has announced it will cut 7,000 jobs globally by the end
of August in an effort to save costs.

The plan will reduce Ford's salaried workforce by 10% and will be made
through both voluntary and forced redundancies, according to the firm.

Ford said the plan, which includes 2,300 cuts in the US, will save the
company $600m (£471m) a year.

It is the second major US carmaker to announce redundancies, following GM
which is shedding 14,000 posts.

Ford is already making cuts in Europe as part of a shake-up first revealed
at the beginning of the year.

In March, Ford said it would axe 5,000 jobs in Germany, including hourly,
salaried and temporary staff.

But it is not yet clear if and how the plans will affect workers in the UK,
where Ford employs about 12,000 people.

Ford's chief executive Jim Hackett said: "The total number of positions
impacted in the UK is still to be determined."

In a letter to workers Mr Hackett said that as part of the new wave of cuts,
management positions would be targeted.

"To succeed in our competitive industry, and position Ford to win in a
fast-changing future, we must reduce bureaucracy, empower managers, speed
decision making, focus on the most valuable work and cut costs," he said.

He added that the reorganisation was designed to help the company create "a
more dynamic, agile and empowered workforce, while becoming more fit as a
business".

When GM announced its own job cut plans in November last year, the company's
chief executive, Mary Barra, said the cuts were about making the car
manufacturer "highly agile, resilient and profitable".

Of the total 14,000 redundancies at GM, some 4,000 jobs have been lost in
the US.

'Difficult and emotional'

Mr Hackett said that due to a change in company practice, workers losing
their jobs would now be allowed to stay on for a few days and bid their
co-workers farewell instead of having to leave Ford straight away.

"Ford is a family company and saying goodbye to colleagues is difficult and
emotional," he said.

"We have moved away from past practices in some regions where team members
who were separated had to leave immediately with their belongings, instead
giving people the choice to stay for a few says to wrap up and say
goodbye."-bbc

Thomas Cook reassures holidaymakers after shares plunge

Troubled travel firm Thomas Cook has been reassuring customers who contacted
the firm with concerns about holiday trips, after its share price crashed.

Its share price fell sharply at the end of last week, and it dropped a
further 14% on Monday to just 10p.

Thomas Cook has been reassuring people on social media, and in a statement
at the weekend, telling customers that it is "business as usual".

The firm also said it was looking to strengthen its financial position.

Thomas Cook shares 'worthless' says bank

Thomas Cook says Brexit hitting holiday plans

What's gone wrong at Thomas Cook?

On Sunday, Thomas Cook said: "We have the support of our lending banks and
major shareholders, and just this week we agreed additional funding for our
coming winter cash low period.

"We have ample resources to operate our business and at the same time, as
usual, our liquidity position continues to strengthen into the summer
period."

Thomas Cook also said: "We're responsible for taking over 20 million people
abroad on holiday every year and we take that responsibility very seriously.
As an ATOL-protected business, our customers can have complete confidence in
booking their holiday with us."

Protection under the ATOL - or Air Travel Organiser's Licence - scheme means
UK travellers on an air package holiday do not lose their money or become
stranded abroad if a holiday firm collapses.

It also covers many charter flights and means that, if the operator
collapses while people are away, they can finish their holiday and be flown
home at no extra cost.

If the business collapses before they go away, the scheme will provide a
replacement holiday of equal value, or a refund.

When flights are booked on their own, or when people book flights and
accommodation separately, the ATOL scheme does not usually come into effect.
However, the ATOL scheme does now cover more custom-built holidays than it
used to.

If a holiday is ATOL-protected it will be clearly marked with a certificate
on holiday documents. The scheme is run by the UK Civil Aviation Authority
and is backed by the UK government.

Thomas Cook released its statement after concerned customers asked the firm
on social media if it was "about to go under" or "going into
administration".

Others had queried if the firm was "in danger of collapsing", and if their
holiday flights and packages were safe.

But on Twitter, Thomas Cook said: "We have been taking customers on their
holidays with us for 175 years and we plan to do so for a very long time."

It also said: "We are very much trading as normal and we aren't going into
administration".

On Friday, analysts at Citigroup said the travel firm's shares were
"worthless".

The bank's damning conclusion came a day after Thomas Cook issued its third
profit warning in less than a year and reported a £1.5bn half-year loss.

Citigroup analysts also pointed to a warning from auditor EY in Thomas'
Cook's results which warned of "material uncertainties" over the group's
sale of its airline, on which a new £300m bank facility depends.

Thomas Cook is in the process of seeking bidders for its fleet of 105 jets
as it tries to raise funds for the business. It says it has received
"multiple bids" for the fleet.

The company is also seeking to cut costs. It has closed 21 of its High
Street stores, its currency arm Thomas Cook Money is under review and more
"cost efficiencies" are planned.

It has blamed a series of problems for its profit warnings, including
political unrest in holiday destinations such as Turkey, last summer's
prolonged heatwave and customers delaying booking holidays due to Brexit.
But it has also suffered from competition from online travel agents and
low-cost airlines.--bbc

Japan economy beats expectations of slowdown

Japan's economy unexpectedly grew in the three months to March, shrugging
off forecasts for a contraction in the world's third largest economy.

The economy grew at an annualised 2.1% in the period, preliminary gross
domestic product (GDP) data showed.

That beat analyst expectations for a 0.2% contraction, as imports fell
faster than exports.

The data were closely watched for any signals a planned sales tax rise could
be delayed.

The surprise expansion in the official GDP figure was fuelled mostly by
imports falling faster than exports.

Imports slid 4.6% - the biggest fall in a decade, according to Reuters -
while exports dropped more than a 2.4%.

"The surprising resilience of the economy at the start of the year means
that GDP growth will be stronger this year than we had anticipated," senior
Japan economist at Capital Economics Marcel Thieliant said.

Mr Thieliant also said that following the better-than-expected growth
figures Japan "will press ahead with the sales tax hike scheduled for 1
October".

Some policymakers have called for a delay to the sales tax increase from 8%
to 10% given a backdrop of uncertain domestic and global economic
conditions.

Prime Minister Shinzo Abe has already delayed the planned increase and
uncertainties in the world economy - including slowing growth in China and
its trade war with the US - have prompted some concern that it may be
delayed again.

A quick guide to the US-China trade war

How cherry blossom season boosts Japan's economy

But the country's Economy Minister Toshimitsu Motegi appeared to indicate
that the plans for higher sales tax remained on track.

"There's no change to our view that the fundamentals supporting domestic
demand remain solid," Mr Motegi told reporters, according to Reuters.--bbc

Billionaire Robert F Smith to pay entire US class's student debt

A billionaire technology investor has shocked graduating students in
Atlanta, Georgia, by telling them he will pay off all of their student
loans.

Robert F Smith, one of America's most prominent black philanthropists, was
giving an address at Morehouse College, a historically all-male black
college.

Nearly 400 students will benefit at a cost of tens of millions of dollars.

The class of 2019 and their teachers were stunned at the news before
breaking into applause.

Mr Smith, 56, founded private equity firm Vista Equity Partners in 2000 to
invest in software companies, and has a personal net worth of $5bn,
according to Forbes.

"On behalf of the eight generations of my family that have been in this
country, we're gonna put a little fuel in your bus," Mr Smith told the
graduates on Sunday.

Free tuition for all NYU medical students

'I feared not living to pay off my debt'

"This is my class, 2019. And my family is making a grant to eliminate their
student loans."

The billionaire was at the college to receive an honorary doctorate and had
already announced a donation of $1.5m to Morehouse.

The exact cost of Mr Smith's latest act of generosity is unclear, as the
college has yet to calculate the total debt of the students who will
benefit, but it is estimated to be at least $10m (£7.7m) and could be
significantly higher.

How did they react?

Aaron Mitchom, 22, wept at the news that he would not have to pay back
$200,000 in loans he had taken out to fund his finance studies, AP news
agency reports.

"I was shocked," he said. "My heart dropped. We all cried. In the moment it
was like a burden had been taken off."

Morehouse College president David A Thomas was quoted by CNN as saying:
"When you have to service debt, the choices about what you can go do in the
world are constrained.

"[The grant] gives them the liberty to follow their dreams, their
passions."--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> 

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opinions expressed and recommendations made are subject to change without
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suitable for all investors. Securities of emerging and mid-size growth
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