Major International Business Headlines Brief::: 11 November 2019

Mon Nov 11 01:23:30 CAT 2019

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Major International Business Headlines Brief::: 11 November 2019

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*  Zambia's president vows to contain debt within sustainable levels

*  QP says Egyptian Refining Company Refinery now operating, to reach full production Q1 2020

*  Kenya passes data protection law crucial for tech investments

*  South Africa power cuts hurt rand as they put economy under more pressure

*  Libya's NOC October revenues rise 21% vs September

*  Egypt's annual urban consumer price inflation 3.1% in October, from 4.8% in Sept

*  Flurry of spot cargoes sell as new IMO rules loom

*  Morocco's Attijariwafa bank gets $5 bln from China's ExIm for Africa export fund

*  Sudan needs up to $5 billion in budget support to prevent collapse

*  S.Africa's Tiger Brands looking at sale of processed meats business

*  Saudi Aramco unveils next stage of blockbuster flotation

*  WeWork's Adam Neumann sued over $1.7bn package

*  EU should drop oil, gas and coal funding, say ministers

*  Iran oil: New field with 53bn barrels found - Rouhani

*  Trump says no full 'rollback' of China tariffs

*  Thomas Cook airport slots bought by EasyJet and Jet2

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Zambia's president vows to contain debt within sustainable levels

Zambia, Africa’s No.2 copper producer is struggling with high debt levels and shrinking foreign currency reserves, and the International Monetary Fund (IMF) has said growth is likely to remain subdued over the medium term.

Lungu said at a media conference that the government is implementing several policy measures to protect the vulnerable and reduce the cost of running the government.

“The medium-term debt strategy has been developed to inform the path for debt sustainability,” Lungu said.

The government has suspended some infrastructure projects and was also curbing travel expenditure of senior officials, Lungu said.

Lungu said the government was also trying to ensure that only genuine employees were on the public sector wage bill.

Zambia has made progress in its energy sector reforms, intended to leave fuel imports to the private sector and to increase electricity tariffs to cover the cost of producing the power, he said.

Lungu said Zambia could generate adequate resources internally to meet its development needs but this was being compromised by low tax compliance levels.

Zambia’s external debt rose to $10.05 billion at the end of 2018, compared with $8.74 billion a year earlier, raising fears that the country is headed for a debt crisis.

Zambia has delayed the receipt of loans totalling $2.6 billion contracted last year in order to rein in its soaring debt.

Zambia will avoid a default and will continue to shun new loans as it reins in lending and expenditure, Finance Minister Bwalya Ng’andu said in August.

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QP says Egyptian Refining Company Refinery now operating, to reach full production Q1 2020

DUBAI (Reuters) - Qatar Petroleum (QP) said on Sunday that all units of the Egyptian Refining Company (ERC) Refinery project was now successfully operating, and would reach full production by the end of the first quarter of 2020.

Qatar Petroleum owns 38.1% in the Arabian Refinery Company, which owns two-thirds of ERC. The project is QP’s largest investment in either an Arab or African country, it said.

The project aims to produce Euro V refined products including diesel and jet fuel for Egyptian consumption, by processing 4.7 million tonnes of mainly atmospheric residue from the Cairo Oil Refinery Company.

Kenya passes data protection law crucial for tech investments

NAIROBI (Reuters) - Kenyan President Uhuru Kenyatta on Friday approved a data protection law which complies with European Union legal standards as it looks to bolster investment in its information technology sector.

The East African nation has attracted foreign firms with innovations such as Safaricom’s M-Pesa mobile money services, but the lack of safeguards in handling personal data has held it back from its full potential, officials say.

“Kenya has joined the global community in terms of data protection standards,” Joe Mucheru, minister for information, technology and communication, told Reuters.

The new law sets out restrictions on how personally identifiable data obtained by firms and government entities can be handled, stored and shared, the government said.

Mucheru said it complies with the EU’s General Data Protection Regulation which came into effect in May 2018 and said an independent office will investigate data infringements.

Companies such as Kenya Airways and tourist hotels will have to comply when handling personal data from clients, Mucheru said, as will phone-based lenders such as Safaricom, which amasses personal data through services offered jointly with local banks.

Amazon Web Services, part of the Amazon group, said on Friday it will set up part of its cloud infrastructure in Kenya, adding it was encouraged by the new law. It did not give a value for the new investment.

Teresa Carlson, vice president of Amazon Web Services, said the new law paves the way for the company’s investment in Nairobi, according to a government news release.

Those violating the law face a maximum fine of 3 million shillings ($29,283) or two years in jail, a copy of the law seen by Reuters showed.

“It will come down to implementation and enforcement but, we have been waiting on this for seven years so it is a start,” said Nanjira Sambuli, a senior policy manager at the World Wide Web Foundation, a web access advocacy group.

A lack of data protection legislation has also hampered the government’s efforts to digitise identity records for citizens.

The registration, which the government said would boost its provision of services, suffered a setback this year when the exercise was challenged in court.

“The lack of a data privacy law has been an enormous lacuna in Kenya’s digital rights landscape,” said Nanjala Nyabola, author of a book on information technology and democracy in Kenya.

($1 = 102.4500 Kenyan shillings)

South Africa power cuts hurt rand as they put economy under more pressure

JOHANNESBURG (Reuters) - South Africa’s rand weakened on Friday, after nationwide electricity blackouts overnight by ailing state utility Eskom spooked investors and reignited worries about the economy.

At 1500 GMT the rand had slipped 0.46% to 14.8100 to the dollar, compared to a close of 14.7460 in the previous session.

Power firm Eskom implemented stage 2 power cuts, or loadshedding, shaving off 2,000 megawatts from the national grid starting at 2000 GMT on Thursday evening until 0300 GMT on Friday.

The firm said it had lost three generation units, pushing its emergency reserve capacity to “critical levels”.

Eskom added the risk of power cuts on Friday was high as the system remained severely constrained, and that loadshedding on Friday could not be ruled out.

The rand had rallied on Thursday to its firmest since before a bleak Oct. 30 budget, mainly on the back of renewed hopes of a U.S.-China trade deal that helped the currency shrug off a dip in business confidence and a contraction in manufacturing.

“Although the rand can sometimes perform well when growth is weak as import demand softens, history shows us that this is not the case when load-shedding hits,” traders at ETM Analytics said in a note.

The latest bout of nationwide blackouts come after repeated power cuts in February and March, which dragged the economy into contraction and pushed the government to grant Eskom a $4 billion bailout on top of a $16 billion bailout spread over the next 10 years.

A firmer dollar buoyed by news that China and the United States had agreed to cancel some tariffs as part of a potential preliminary pact to end their trade war also put the rand under pressure.

On the stock market, the benchmark JSE Top-40 Index fell 1.61% to 50,398.87 points while the broader All-Share Index closed down 1.54% at 56,600.46 points.

“For the most part I would say there are external factors playing a part here,” said Independent Securities trader Ryan Woods.

“Pretty much all the European indexes are softer today so we’re taking a bit of a breather,” Woods added.

Gold mining companies fell to the bottom of the blue-chip index with Gold Fields down 6.31% and AngloGold Ashanti slipping 2.34% as a stronger dollar lead to weaker gold prices.

Dual listed Swiss jeweller Richemont also fell sharply, dropping 5.73% to 110.77 rand after announcing political protests in Hong Kong weighed on its first half sales and reporting higher than expected losses.

Bonds were also weaker, with the yield on the benchmark paper due in 2026 up 9 basis points to 8.48%.

($1 = 14.7634 rand)

Libya's NOC October revenues rise 21% vs September

CAIRO (Reuters) - Libya’s state-run National Oil Coporation (NOC) said on Sunday its October revenues rose 21% to $2.2 billion from $1.8 billion in September.

Its revenues came from sales of crude oil, hydrocarbons, petroleum and petrochemical derivatives, as well as taxes and royalties from concession contracts, it said in a statement.

The revenues included receipts for shipments made in September.

“Despite the deteriorating security situation in the country, the National Oil Corporation was able to achieve a rise in October revenues by increasing sales and maintaining production operations,” said NOC Chairman Mustafa Sanallah.

“These revenues are vital to the Libyan people, and our continued supply of oil will undoubtedly contribute to the stability of the international market.”

Since the fall of long-time ruler Muammar Gaddafi in a 2011 NATO-backed uprising, OPEC member Libya has slipped into chaos and has had no proper budget as rival administrations vie for power.

Egypt's annual urban consumer price inflation 3.1% in October, from 4.8% in Sept

CAIRO (Reuters) - Egypt’s annual urban consumer price inflation fell to 3.1% in October, from 4.8% in September, the country’s official statistics agency CAPMAS said on Saturday.

Egypt is approaching the end of an IMF-backed economic reform programme that during 2017 saw the annual inflation rate rise to 33%. The country hiked domestic fuel prices in July as part of the terms of the agreement.

Flurry of spot cargoes sell as new IMO rules loom

LONDON (Reuters) - Angolan crude cargoes flew off the shelf this week as refiners mopped up heavy, sweet oil that produces high yields of fuel that will comply with new IMO rules on shipping from January.

* Relatively firm refining margins were helping to buoy the market for light, sweet Nigerian

* In the Mediterranean, light, sweet grades such as Saharan Blend and Azeri Light were also propped up. Azeri Light in particular has been selling at record highs despite the recent drop in freight rates

* Less than 10 Angolan cargoes remain from the December programme after a flurry of deals this week

* Total was said to have sold its cargoes of Girassol and CLOV. Earlier this week, the major had been offering CLOV at dated Brent plus $2.90, Mostarda at plus 90 cents, Girassol at plus $3.10 and Pazflor at plus $2.30

* Details on the buyers and final deal levels did not emerge

* Equinor was said to have sold a cargo of Pazflor as well

* Total sold a cargo of Nigerian Bonny Light to Equinor and a cargo of Olombendo

TENDERS

* Indian Oil Corp closed a buy tender for West African crude loading Jan. 1-10. Vitol was said to be the winner though grade details did not immediately emerge

* Turkey’s Tupras bought a cargo of Bonny Light loading Dec. 10-11, delayed to 16-17, via tender from Vitol

Morocco's Attijariwafa bank gets $5 bln from China's ExIm for Africa export fund

RABAT (Reuters) - Morocco’s Attijariwafa Bank said on Friday it had agreed with State-owned Export-Import Bank of China (ExIm) to set up a 5 billion dollar fund to promote African exports to China and industrial zones on the continent.

The fund, to be financed by China’s ExIm, will invest in the African countries where Attijariwafa Bank operates, the Moroccan bank said in a statement.

Besides Morocco, Attijariwafa Bank operates in 25 countries including 14 in Africa and has about 20,000 employees.

The deal was signed in Shanghai on the sidelines of China’s International Import Exposition, the statement said.

Attijariwafa Bank reported a 4.9% year-on-year rise in its 2019 first half net profit attributable to shareholders to 2.9 billion dirhams ($303 million). Last year, the bank’s net profit stood at 5.7 billion dirhams.

Sudan needs up to $5 billion in budget support to prevent collapse

KHARTOUM (Reuters) - Sudan needs up to $5 billion in budget support to avert economic collapse and launch reforms after the ouster of veteran ruler Omar al-Bashir, its finance minister told Reuters.

The country, in crisis since losing most of its oil wealth with South Sudan’s secession in 2011, has only enough foreign currency reserves to fund imports for a few weeks, said Ibrahim Elbadawi, part of a transitional government formed in August.

Sudan has had some support for fuel and wheat imports but about 65 percent of its 44 million people live in poverty and it needs up to $2 billion in development funding along with a hoped-for $2 billion from Arab development funds, he said.

Outlining reform plans in detail for the first time, Elbadawi said public salaries would need to be increased and a social support network established to prepare for the painful removal of fuel and food subsidies.

Months of demonstrations over price hikes for fuel and bread and cash shortages triggered the uprising against Bashir, who was toppled in April by the military. Protests have continued since, with people killed in clashes with security forces.

“We have started the process (of reforms),” Elbadawi said in an interview on Thursday. “The people of Sudan deserve to be seen in a radically different prism than the international community used to see Sudan, as a country ruled by a pariah state.”

“Now we have a revolution,” he said. Asked how much budget support was needed for 2020 he said: “Some estimates say between three to four billion (US dollars), maybe even five billion.”

The civilian government Elbadawi is part of has taken over for three years under a power-sharing deal with the military. It has drawn slightly more than half of $3 billion in support for imports of wheat and fuel offered by Saudi Arabia and United Arab Emirates in April, he said.

A “friends of Sudan” donor meeting is planned for December and the government had agreed with the United States it could start engaging with international institutions while still on a list of countries deemed sponsors of terrorism, Elbadawi said.

The designation, which dates from allegations in 1993 that Bashir’s Islamist government supported terrorism, makes it technically ineligible for debt relief and financing from the IMF and World Bank. Congress needs to approve a removal.

CURRENCY

The first experts from international institutions had arrived in Khartoum to help with reforms and a delegation of the International Monetary Fund (IMF) would come this month for Chapter IV discussions, Elbadawi said. There was no immediate comment from the IMF, World Bank or U.S. State Department.

Part of a roadmap agreed with the IMF and World Bank was that Sudan did not have to pay back $3 billion in arrears from international institutions.

“We don’t need to pay anything. What we need to ... deliver really is policy,” he said. Sudan is one of the most indebted countries, owing $60 billion, which needs to be settled separately.

Sudan would start to increase its tax base and overhaul the civil sector, Elbadawi said. Salaries — eroded by double digit inflation rates — could be raised as much as 100 percent by April.

In the second half of next year a social support network would be set up to allow the lifting of subsidies by June or later. Some donor funding would be used to collect data to allow cash transfers for the needy.

Sudan also wanted to produce bread based on sorghum, a local cereal, to import less wheat. He said he hoped a spread between official and black market would be ended by June. But this week the local pound dropped to 80 for a dollar on the black market versus the official rate at 45.

He said the 2020 budget would have sustainable development targets for education, health care and social spending, suggesting Sudan might move away from the dominant military spending choking development.

S.Africa's Tiger Brands looking at sale of processed meats business

JOHANNESBURG (Reuters) - South Africa’s Tiger Brands is exploring the sale of its processed meats business, which was temporarily closed last year following the world’s largest ever listeria outbreak, it said on Friday.

The company is facing a class action lawsuit over its role in the incident, in which a listeriosis outbreak that killed more than 200 people in South Africa was traced back to a factory run by Tiger Brands-owned Enterprise Foods.

The country’s leading food producer said its Value Added Meat Products (VAMP) division had been earmarked for review prior to that event, and that the review had concluded it was “not an ideal fit” within the portfolio.

Tiger Brands said in a stock market statement that the board had started formal due diligence on Nov. 6 after receiving “several indicative offers”. It will further evaluate its options once this is completed, it said.

The unit’s revenues slid 79% in the six months to end March, prompting an operating loss of 296 million rand ($20.05 million) as it struggled to get back up and running following the suspension of its operations. It reopened in December 2018.

The company said the prospective sale of the unit does not affect its commitment to the class action process currently underway.

It added that it had decided to close down its Deli Foods business in Nigeria following a review, as the business continued to incur losses despite efforts from management.

Operations ceased in October and all formalities relating to the closure would be completed in the next few months, it said.

($1 = 14.7634 rand)

Saudi Aramco unveils next stage of blockbuster flotation

The world's most profitable company has published more details about its planned stock market flotation.

Oil giant Saudi Aramco's long-awaited prospectus said individual retail investors will have a chance to buy shares as well as big institutions.

But the 600-page prospectus did not say how much of the Saudi firm would be sold, nor the date of the listing.

It did, though, mention possible risks, including the government's control over oil output and terrorist attack.

Crown Prince Mohammed bin Salman is seeking to sell the shares to raise billions of dollars to diversify the Saudi economy away from oil by investing in non-energy industries.

Bankers think the long-awaited flotation will value Aramco at $1.5-2 trillion, making the stock market listing the biggest ever.

The prospectus said up to 0.5% of the company would be set aside for retail savers, but Aramco had not yet decided on the percentage for larger institutional buyers.

After the flotation, Aramco will not list any more shares for six months, the prospectus says. Although one of the attractions for investors is the potential of high dividends, the document said Aramco has the right to change dividend policy without prior notice.

Aramco has hired a host of international banking giants including Citibank, Credit Suisse and HSBC as financial advisers to assess interest in the share sale and set a price. Based on the level of interest - a final value will be put on the shares on 5 December.

The sale of the company, first mooted four years ago, has been overshadowed by delays and criticism of corporate transparency at Saudi Arabia's crown jewel.

It was initially thought about 5% of Aramco would be sold, but the final figure is now expected to be half that.

Amid speculation that some foreign institutional investors are cool on the flotation, the government has reportedly pressed wealthy Saudi business families and institutions to invest, and many nationalists have labelled it a patriotic duty.

Aramco last year posted $111bn in net profit. In the first nine months of this year, its net profit dropped 18% to $68bn.--BBC

WeWork's Adam Neumann sued over $1.7bn package

A WeWork shareholder has taken the company to court over the near-$1.7bn (£1.3bn) leaving package approved for ousted co-founder Adam Neumann.

Her lawsuit says the money granted to Mr Neumann is "beyond comprehension" and is "improper".

It accuses Mr Neumann and WeWork investor Softbank of abusing their control of the company to sign off on the deal at the expense of smaller shareholders.

WeWork called the claims "meritless".

The suit marks the latest controversy over Mr Neumann's relationship with the company. He stepped down as chief executive in September, after the company's efforts to raise money through a stock market flotation collapsed, in part due to questions over his leadership.

After dropping its flotation plans, WeWork accepted a financing package from SoftBank, which included the exit deal for Mr Neumann, who agreed to surrender most of his shares and leave the board.

WeWork is now trimming its business, with thousands of job cuts expected. The value of its shares have plunged from prior investments to the latest financing.

It has told investors it plans to sell off businesses that are not part of its office rental operation, such as Wavegarden, which makes indoor surfing pools.

The lawsuit was filed in San Francisco Superior Court by Natalie Sojka, who worked for the company for one and a half years and received shares as part of her pay.

She has proposed it as a class action suit on behalf of herself and other minority stockholders.

EU should drop oil, gas and coal funding, say ministers

The European Union should halt funding of oil, gas and coal projects, EU finance ministers said, potentially cutting €2bn (£1.7bn) of yearly investments.

The finance ministers called upon the European Investment Bank (EIB), the EU's financing department, to cut its funding.

Previously, they had only called for coal projects to be dropped.

Since 2013, the EIB has funded €13.4bn of fossil fuel projects.

Last year it funded about €2bn worth of projects.

Some gas projects may be excused after Hungary suggested that Croatia and Ukraine might otherwise rely on Russia, Reuters reports, citing confidential documents.

Gas projects are relatively common among EU member states as they are seen as a cleaner alternative to coal and oil, and more reliable than renewable sources during winter.

Board decision

The joint statement from ministers requested that the EIB and other international financing organisations like the World Bank should "phase out financing of fossil fuel projects, in particular those using solid fossil fuels, taking into account the sustainable development, and energy needs, including energy security, of partner countries".

Protests against fossil fuels have intensified in recent years, and activists who are members of the Extinction Rebellion group are demanding governments declare a climate emergency and want the UK to commit to reducing carbon emissions to net zero by 2025.

Internationally, Extinction Rebellion estimates an additional 400 of its activists have been arrested since 31 October 2018, including about 70 in New York City.

The finance minsters' request will need to be agreed by the EIB board, which meets on 14 November.

Iran oil: New field with 53bn barrels found - Rouhani

A new oil field that would increase Iran's proven reserves by about a third has been discovered, President Hassan Rouhani has said.

The field, in the south-western province of Khuzestan and about 2,400 sq km (926 sq miles) in area, contains 53 billion barrels of crude, he said.

Iran has been struggling to sell oil abroad because of tough US sanctions.

They were imposed after the US pulled out of a nuclear deal with world powers last year.

"We have found an oil field with 53 billion barrels of oil in place, 53 billion barrels. This is in a big oil field that stretches 2,400 sq km from Bostan to Omidiyeh. The oil layer has a depth of 80m (262ft)," he said during a speech in the central city of Yazd.

Iran's oil revenues will increase by $32bn (£25bn) "if extraction rate from the oil field increases only 1%", he added.

"I am telling the White House that in the days when you sanctioned the sale of Iranian oil, the country's workers and engineers were able to discover 53 billion barrels of oil," he is quoted as saying by the semi-official Fars news agency.

The new oil field could become Iran's second largest field after the one containing 65 billion barrels in Ahvaz, says the AP news agency.

Iran is one of the world's largest oil producers, with exports worth billions of dollars each year.

Its existing proven reserves are of some 150 billion barrels, Mr Rouhani said.

It has the world's fourth-biggest oil reserves and second-largest gas reserves, and shares a massive offshore field in the Persian Gulf with Qatar.

US President Donald Trump reinstated the sanctions against Iran last year after abandoning the landmark 2015 nuclear deal between Iran and six world powers.

Under the accord, Iran agreed to limit its sensitive nuclear activities and allow in international inspectors in return for sanctions relief.

The sanctions have led to a sharp downturn in Iran's economy, pushing the value of its currency to record lows, quadrupling its annual inflation rate, driving away foreign investors and triggering protests.--BBC

Trump says no full 'rollback' of China tariffs

Some US tariffs on China are likely to remain in place even in the event of a trade deal, the US has indicated.

US President Donald Trump told reporters that China was pushing for the removal of some tariffs as part of an agreement, but he said a "complete rollback" was off the table.

"They'd like to have a rollback... not a complete rollback because they know I won't do it," he said.

The two sides are trying to de-escalate the economically damaging trade war.

Trade wars, Trump tariffs and protectionism explained

A quick guide to the US-China trade war

Negotiations have dragged on, despite Mr Trump's saying last month that the two sides had reached consensus on terms for a limited "phase one" agreement that could be signed within weeks.

Further complicating the talks, Chile recently cancelled plans to host two gatherings of world leaders. Those summits had been identified as possible venues for Mr Trump and Chinese President Xi Jinping to sign a pact.

On Friday, Mr Trump said that he wanted a deal, "assuming we get it", to be signed in the US.

Global growth

Mr Trump's remarks followed claims by officials in both the US and China that the countries would remove some tariffs, should a deal be reached.

A spokesman for China's Commerce Ministry said the two sides had agreed to cancel the tariffs "in stages".

Reuters and Bloomberg reported that a US trade official had confirmed that tariffs would be lifted, should a deal be reached.

But US negotiators did not publicly endorse the report and Reuters later reported that the plan faced "fierce" internal opposition.

Economic strains caused by the trade war have weighed on global growth this year, after the US and China imposed tariffs on billions of dollars worth of each others' goods.

The International Monetary Fund estimates that the US-China trade war will shave almost a percentage point off global growth in 2019.

In the US, the fight has particularly hit farmers, an important political constituency for Mr Trump.

On Friday, Mr Trump, who is up for re-election next year, denied that he felt pressure to strike a deal.

"China would like to make a deal much more than I would," he said.--BBC

Thomas Cook airport slots bought by EasyJet and Jet2

EasyJet and Jet2.com have bought all of the take-off and landing slots owned by collapsed travel firm Thomas Cook in UK airports.

The slots at London Gatwick and Bristol were bought by EasyJet for £36m, the government's liquidation service said.

Jet2.com has bought slots at Manchester, Birmingham and Stansted airports for an undisclosed amount.

Thomas Cook's UK business and airline entered insolvency in September, when a court appointed an official receiver.

EasyJet bought 12 summer take-off and landing slots, called pairs, at Gatwick and eight winter slot pairs.

It also bought six summer slot pairs and one winter slot pair at Bristol.

The slots will expand the airline's presence at each airport.

Gatwick says it is working with EasyJet to try out new ways to board passengers at the London airport.

These include boarding people in window seats first, starting at the back, followed by middle then aisle seats.

High demand

Gatwick said different boarding methods could reduce the journey from airport gate to seat by about 10%.

Take-off and landing slots can be highly sought after by carriers, as a lack of new runways in the UK has kept their supply low. In 2016, Oman Air paid $75m (£59m) for a single pair of slots at London Heathrow, according to The Times.

Last month, the receiver sold all 555 Thomas Cook retail outlets to Hays Travel, saving up to 2,500 jobs.

The independent travel agent said the move gave it shops in areas where it had little or no presence, including Scotland and Wales.

Thomas Cook's Condor airline in Germany was rescued with the help of a loan from the German government.

Its Nordic business was bought last month by Norwegian billionaire Petter Stordalen and private equity firms Altor and TDR Capital.

Stordalen's Strawberry group and Altor took a 40% stake, with TDR Capital buying the remaining 20%.

The deal for Thomas Cook Northern Europe saved 2,300 jobs.--BBC

INVESTORS DIARY 2019

Company

Event

Venue

Date & Time

Companies under Cautionary

Bindura Nickel Corporation

Padenga Holdings

Delta Corporation

Meikles Limited

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