Major International Business Headlines Brief::: 20 November 2019

Wed Nov 20 03:04:57 CAT 2019

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Major International Business Headlines Brief::: 20 November 2019

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*  Strike-hit South African Airways says state will not come to the rescue

*  Air Senegal signs MoU for eight Airbus A220 aircraft

*  Ghana and Boeing sign provisional order for three 787 Dreamliners at
Dubai Airshow

*  Kenya's tea output drops 8.5% in first nine months of the year

*  South Africa appoints Nampak's de Ruyter as CEO of Eskom

*  MTN deal with Cell C knocks shares in S.Africa's Telkom

*  Public Enterprises minister to meet striking unions at South Africa's SAA

*  Dubai Air Show: Emirates boss says he took too long to accept climate
crisis

*  Is shopping at Primark really a way to be greener?

*  Amazon and eBay criticised for 'unsafe toys'

*  Freelancers should be paid higher minimum wage, says think tank

 <mailto:info at bulls.co.zw> 

Strike-hit South African Airways says state will not come to the rescue

JOHANNESBURG (Reuters) - South African Airways (SAA) resumed some regional
flights on Tuesday but warned that only a deal with striking unions can keep
it in the air, with no prospect of a government bailout.

The cash-strapped airline has cancelled hundreds of flights since the strike
began on Friday and said the stoppage initially cost 50 million rand ($3.36
million) per day and was jeopardising talks with lenders. That figure has
come down as some flights have resumed.

SAA, the unions and South Africa’s public enterprises minister Pravin
Gordhan met on Tuesday morning. However, the airline’s acting chairwoman,
Thandeka Mgoduso, said Gordhan had reiterated a warning that there is
nothing in the public coffers for the airline.

“The statement is the same, there is no more money,” she told a news
conference, adding that SAA would continue talks with the unions in the
afternoon.

“The players who will resolve this ... are SAA and the unions, not the
minister.”

She later told Reuters that the government had not made any recommendations
on what the airline should do to end the strike over job cuts and wages.

SAA has not made a profit since 2011 and has relied on state bailouts for
its survival.

A spokeswoman for the National Union of Metalworkers of South Africa, which
called the strike alongside the South African Cabin Crew Association, could
not be reached for immediate comment.

The unions threatened on Sunday to extend the strike to members at other
airlines and a host of organisations across the industry.

The strike has cast doubt over SAA’s survival hopes. SAA says it needs to
reduce headcount to restore profitability and is unable to raise its wage
offer any further because of the company’s dire financial situation.

Acting finance chief Deon Fredericks told the conference that a
multibillion-rand loan being negotiated with banks to provide working
capital would, once secured, leave SAA in a much better position to cope
with the impact of the strike.

If this isn’t in place by February, he later told Reuters, SAA would look
for other lenders.

The government is still looking for an equity partner for the airline, but
SAA must stabilise first and the entire process could take at least two
years, he added.

In the meantime, other executives said that a few hundred workers had
returned to work despite the strike, enabling SAA to resume some regional
flights. International flights had already resumed but domestic flights
remain grounded.

 <mailto:info at bulls.co.zw> 

Air Senegal signs MoU for eight Airbus A220 aircraft

DUBAI (Reuters) - Air Senegal signed a memorandum of understanding (MoU) for
eight Airbus’ A220 aircraft at the Dubai Airshow on Tuesday.

Chief Executive Officer Ibrahima Kane said the planes would allow the
airline to fly routes to Europe and West Africa when deliveries start in
2021.

Ghana and Boeing sign provisional order for three 787 Dreamliners at Dubai
Airshow

DUBAI (Reuters) - The Republic of Ghana and Boeing signed a provisional
order for three 787-9 Dreamliners on Tuesday at the Dubai Airshow.

Ghana intends to launch a new airline, the minister of aviation, Joseph Kofi
Adda, told reporters, in which the government will hold a 10% stake and the
rest will be held by the private sector.

Kenya's tea output drops 8.5% in first nine months of the year

NAIROBI (Reuters) - Kenya’s tea production fell 8.5% in the first nine
months of the year to 316.80 million kilogrammes, from the same period a
year earlier, mainly due to dry weather conditions, the industry regulator
said in a report seen by Reuters on Tuesday.

The East African nation is the leading exporter of black tea in the world
and the crop is also one of its top foreign exchange earners, along with
tourism, flower exports and cash sent home by the diaspora.

Officials in the industry say producers are going through a crisis after a
glut in the market pushed prices to their lowest levels in more than five
years. [nL8N24Y4BT]

The average price of tea at the weekly auction in the port city of Mombasa
slid to $2.19 per kg during the nine-month period, from $2.65 in the same
period last year, the state regulator, Tea Directorate, said.

Total exports edged down to 37.25 million kilogrammes from 37.49 million a
year before, the directorate said.

South Africa appoints Nampak's de Ruyter as CEO of Eskom

JOHANNESBURG (Reuters) - The South African government has appointed Nampak’s
Chief Executive Andre de Ruyter as the new group CEO of struggling
state-owned power utility Eskom, the Ministry of Public Enterprises said on
Monday.

De Ruyter, who will start his role at Eskom on Jan. 15, 2020, is tasked with
splitting the utility into separate units for generation, transmission and
distribution, under a plan approved by President Cyril Ramaphosa.

De Ruyter will leave his post at packaging group Nampak, the company said in
a statement.[nFWN27Y0NW]

Eskom’s previous CEO Phakamani Hadebe resigned earlier this year for health
reasons, complicating government efforts to turn around the struggling
utility.[nL8N24V5CB]

Hadebe was the 10th CEO in a decade to quit the state company in what has
proved a revolving door of top executives and board members.

Eskom, which supplies more than 90% of the power in Africa’s most advanced
economy, is dependent on government bailouts and is deep in crisis as sales
decline while debt-service costs soar.

Eskom also faces generation capacity constraints, with South Africa plagued
by power cuts in recent months, undermining broader efforts to kick-start
growth.

“I would like to thank Mr de Ruyter for not only accepting this position at
a difficult time for Eskom, but, given Eskom’s current financial situation,
also agreeing to a lower compensation package than the position currently
pays,” Public Enterprises Minister Pravin Gordhan said in the statement.

MTN deal with Cell C knocks shares in S.Africa's Telkom

JOHANNESBURG (Reuters) - South Africa’s MTN Group has signed an expanded
roaming agreement with the country’s third-biggest carrier Cell C, pushing
shares in its owner up while dragging those of rival Telkom down.

The deal puts a dampener on Telkom’s proposed takeover of Cell C, which is
majority owned by Blue Label Telecoms and is struggling under the weight of
hefty debts. The buyout bid was announced on Friday.

It will see an existing agreement between MTN and Cell C, which gives the
struggling carrier access to MTN’s network in some areas of the country,
expanded nationwide.

The MTN agreement strengthens Cell C’s position after months of efforts to
sort out its finances and questions over how it will survive. Blue Label,
its owner, has written its holding in the carrier down to zero.

Cell C CEO Douglas Craigie Stevenson said in a statement the MTN agreement
will help Cell C to manage its network capacity requirements in a more
cost-effective manner. The deal spares Cell C having to spend large sums to
ensure national coverage.

“The roaming agreement is transformative for Cell C,” Stevenson said.

Telkom shares were down 3.36% by 1302 GMT, recovering some ground after
losing more than 5% following the news. Meanwhile Blue Label shares were up
6.27% and MTN shares were down 0.48%

In a statement, Telkom said it expects the roaming agreement and its terms
will have been considered in the context of Cell C’s discussions with
Telkom.

For MTN, meanwhile, the deal means the opportunity to earn more revenue from
Cell C, which helped push its enterprise and wholesale revenue up 8.4% to
13.4 billion rand in the 2018 financial year.

In the six months to June 30, however, MTN opted not to recognise revenue
amounting to 393 million rand from the Cell C deal due to the company’s
financial problems.

“This [the agreement] is aligned to MTN’s strategy to further develop the
group’s wholesale business and will allow both MTN and Cell C to harness
greater efficiencies... while supporting a more sustainable and competitive
industry,” MTN said in its statement.

Public Enterprises minister to meet striking unions at South Africa's SAA

JOHANNESBURG (Reuters) - South Africa’s Public Enterprises minister will
meet unions striking at its state-owned airline on Tuesday in an effort to
resolve a strike over wages at the embattled South African Airways (SAA)
that has entered its fifth day.

State-owned SAA has cancelled hundreds of flights since the strike began on
Friday, saying the stoppage is costing 50 million rand ($3.36 million) per
day and jeopardising talks with lenders.

Irvin Jim, General Secretary for the National Union for Metalworkers of
South Africa (NUMSA), which called the strike alongside the South African
Cabin Crew Association (SACCA), said the unions would meet with Minister of
Public Enterprises Pravin Gordhan on Tuesday to discuss the strike.

SACCA’s deputy president Christopher Shabangu also confirmed the meeting
saying it was “trying to find a solution to ending the strike”.

The spokesman to minister Gordhan could not be reached for comment.

The strike has cast doubt on the survival of the airline, which hasn’t
turned a profit since 2011 and is reliant on state bailouts.

SAA said on Monday its international flights were operating on schedule
while some domestic passengers would face more cancellations on Tuesday and
Wednesday.

The unions have also threatened to shut down the entire aviation industry in
Africa’s most industrialized nation by extending industrial action beyond
state-run airline.

The SAA is expected to give updates on the strike at 1100 GMT on Tuesday.

Dubai Air Show: Emirates boss says he took too long to accept climate crisis

It took Sir Tim Clark a long time to face up to the climate crisis.

The President of Emirates, the biggest long-haul airline in the world, was
no climate change denier. But he was pretty sceptical about some of the
claims.

Not now, though. "The stark reality of climate change is with us. I'm a
climate change believer. I have to say, it took me a long time to get there.

"And we [in the aviation industry] aren't doing ourselves any favours by
chucking billions of tons of carbon into the air. It's got to be dealt
with," he told the BBC.

It's a frank admission from one of the most powerful people in an industry
that has many commercial reasons to bury its head in the sand.

Another surprise is his admiration for climate change activists. "I quite
like Extinction Rebellion and Greta Thunberg for having brought a real focus
to the issue; a focus on the fact that we are not doing enough at the speed
we should be.

"I'm not condoning some of their methods. But Extinction Rebellion and Greta
have a role to play... We really need this kind of thing to force us to make
decisions."

Activists have done more to highlight the issues than any government or
industry body ever has, he says.

Sir Tim, 70 later this month, has spent half his working life helping to
establish and then run the Dubai-based carrier. Emirates is now one of the
world's most successful airlines, carrying 150,000 people a day.

So, tackling the airline's carbon footprint is not the first challenge he's
faced. But it's up there with the biggest.

One astonishing fact about Emirates' fuel consumption highlights the
challenge.

The airline group, which also includes a big cargo operation, burns nearly
100 million barrels of oil each year - almost a day's global production of
crude.

So finding a viable alternative to fossil fuels is not going to happen any
time soon, Sir Tim says.

He has little faith that electric battery alternatives will ever be capable
of powering a big airliner. And while biofuels are an option, they won't be
scalable to meet demand.

Sir Tim thinks synthetic fuels offer the best alternative, but these are
years from being fit for purpose.

Nevertheless, meaningful change is happening, Sir Tim insists. "But the
industry has been a very bad articulator of the good things we've done."

Aero-engines are far more efficient - 50% more efficient than 30 years ago,
he says. Use of lighter materials in manufacturing airframes means a lighter
fuel burn.

Airlines are stripping out plastic use where they can - "more difficult than
you'd imagine"- and changing the way aircraft taxi on runways.

It would also help if governments improved airspace use. "Aircraft don't fly
in a straight line. Even in Europe we have to make too many dog-legs," he
said.

There are plenty of other small changes - what he calls "low hanging fruit"
- that cumulatively could make a big dent in the industry's carbon
footprint. "We are trying every trick in the book to improve things," he
said.

Except, emissions are forecast to rise over the next couple of years as air
travel in the Middle East and Asia continues to grow. And Emirates is
expanding its fleet to meet that growth. Sir Tim spoke to the BBC at the
Dubai Air Show, where the airline has announced another blockbuster $16bn
order for aircraft.

He understands that most activists and "flight shamers" won't be happy until
aircraft stop flying. But it's not practical and, frankly, it's just not
going to happen, he said. Sir Tim also wonders if people in Europe and the
US should be denying newly-affluent travellers elsewhere the same benefits
the West had.

While he accepts there will be no meeting of minds with those on the other
side of the table, he would like activists to at least know they have helped
push through change. "We not longer dragging our feet," he said.--BBC

Is shopping at Primark really a way to be greener?

Fast fashion has a bad reputation among environmental campaigners who accuse
it of fostering a wasteful culture.

But leading chain Primark has hit back at its detractors, saying shopping on
the High Street is better for the planet than buying online.

The boss of AB Foods, Primark's owner, told the Times that its efficient
global supply chains meant it was less polluting than online delivery vans.

However, George Weston's assertions are questioned by energy experts.

Mr Weston told the newspaper: "Far from being a problem, we are a solution."

He said Primark, which does not have an online shop, had "one of the world's
best supply chains".

Don't buy our goods online, Primark warns

Pri-mania as world's largest store opens

"We don't air freight the goods, we ship them, which has far lower
emissions," he added.

Mr Weston said delivery vans "puffing their way up and down a street" were
more damaging than people collecting products in-store, which was "more
environmentally sustainable".

He dismissed concerns that Primark was selling disposable clothes, saying
his customers were not "buying them to wear just once".

So how well-founded are Primark's claims?

Researchers at the Massachusetts Institute of Technology in the US have
argued that shopping online can actually be greener than doing it in store.

That is because when a company receives an order, it can consolidate
everything in a single, bigger lorry. And this beats multiple cars driving
long distances to a store or shopping centre.

The caveat, of course, is when people travel to the shops by bicycle or
less-polluting public transport.

The researchers also said the introduction of ultra-fast deliveries in
recent years - which meant lorries did not always travel fully loaded - had
pushed up online shoppers' carbon footprints.

Nevertheless, they said traditional shoppers tended to have a much higher
carbon footprint than online-only customers.

But Dr Patsy Perry, senior lecturer in fashion marketing at the University
of Manchester, thinks the claims from Primark's Mr Weston carry weight.

She told the BBC that by not selling its clothes online, the fast fashion
retailer avoided "the extra last mile, sending individual packages to
individual homes".

She added that shipping in stock was indeed less polluting than flying it
in.

And she said that people tended to return more clothes when shopping online,
because they were the wrong size or otherwise failed to meet expectations,
and that also had an environmental cost.

How to be a greener shopper

Plan ahead and get your orders in fewer shipments

Shop locally whenever possible

Make sure you can take delivery of the item first time, as repeated delivery
attempts will increase emissions

Choose "green delivery" options that combine several deliveries in one area

Only buy the things you need.

Source: The Energy Saving Trust

Others, like the Energy Saving Trust, an organisation that promotes energy
efficiency, take a more nuanced view. It says that if people have driven
long distances to get to the shops, they will indeed be creating more carbon
emissions than if they ordered online.

But it adds: "If you live further away, then it's better to shop online."

Meanwhile, the Centre for Sustainable Fashion at the London College of
Fashion argues both shopping in store and online harm the environment.

"Online retail incurs a high carbon footprint through transportation,
excessive packaging and high return rates, with little infrastructure of
financial incentive to repair or process these meaningfully," the centre's
Monica Buchan-Ng told the BBC.

"But the bricks-and-mortar model also has a considerable impact, with
temporary displays and high energy and building costs.

Ms Buchan-Ng stressed that however clothes were bought, their price did not
reflect the true environmental cost.

She blamed the fashion industry for "mass overproduction" and called on it
to "radically decrease the volume of clothing manufactured to truly make a
difference to the climate emergency".

'Right direction'

Primark has been praised in the past for taking steps to be more
environmentally friendly. For example, it uses sustainable cotton rather
than polluting polyester.

It has also been using paper carrier bags instead of plastic ones since
2002.

However, while the ethical fashion site Good On You last year called such
measures "a step in the right direction", it added that they "just aren't
enough to minimise the brand's huge carbon footprint as a fast fashion
chain".--BBC

Amazon and eBay criticised for 'unsafe toys'

Which? says that Amazon and eBay have failed to stop toys from being listed
for sale which appear to have been declared unsafe by the EU.

The consumer group is asking the next government to make online marketplaces
legally responsible for stopping dangerous products from being listed.

Which? found products for sale which it believed posed a risk to children.

EBay removed 12 flagged products, while Amazon took down the five listed for
sale.

Which? looked at toys which had been registered as dangerous by the EU's
safety gate system since 2017.

The scheme flags products which have been recalled, withdrawn from sale or
stopped at the border over safety worries.

The toys on eBay included toy slime, a Transformers helmet and a cartoon
helicopter, all of which seemed to be very similar to dangerous products.

The Amazon listings included a magnetic building set, an inflatable swim
ring and a remote controlled car.

The safety risk in the toys across both sites included high levels of
chemicals in some toys, too much lead in others and the risk of intestinal
blockage from parts in others.

Earlier in the year, the British Toy and Hobby Association raised similar
concerns - warning that one in five toys it found sold on Amazon and eBay
were dangerous for children.

Which? tested out Amazon Marketplace itself by listing for sale a squishy
toy, which had been recalled in October 2018 because it posed a risk of
choking or suffocation.

The toy remained on Amazon for two weeks before Which? withdrew the listing
itself.

It also put on the site a soft fabric car seat, which are illegal in the UK.

Online marketplaces are not currently responsible for making sure that the
products sold on their sites are safe.

Caroline Normand, Which? director of advocacy, said: "It's clear that
consumer protections have not kept pace with the changes to the retail
industry, and it is not acceptable for marketplaces to pass the buck for the
responsibility of the items sold on their sites by simply pointing the
finger at sellers.

"The next government must make marketplaces legally responsible for
preventing unsafe products from being sold on their sites, establish clearer
requirements for taking down dangerous products and ensure better
enforcement is in place to keep consumers safe."

EBay told Which?: "Sellers aren't permitted to list dangerous products on
eBay, or items that have been recalled. The listings flagged have been
removed and we have requested that sellers contact customers with a safety
notice and their refunds policy."

And an eBay spokesperson told the BBC: "Consumer safety is our number one
priority and we invest significantly in keeping our marketplace safe and
educating users on product safety.

"Between October 2018 and October 2019 our filters automatically blocked
five million listings from entering the marketplace on product safety
grounds.

"While eBay goes beyond the legal requirements for safety, we are constantly
working to improve the systems and policies already in place on our site and
welcome further clarification on guidelines so we can continue to play our
part in ensuring consumer safety."

Amazon said: "All sellers must follow our selling guidelines, and those who
do not will be subject to action including potential removal of their
account. The products in question are no longer available."

It also said its first objective is to block suspicious, unsafe, or
non-compliant products from being listed.

It told Which? that it uses proprietary technology to screen partners and
block suspicious businesses, as well as to check product listings, and has
teams of compliance experts who conduct manual checks.--BBC

Freelancers should be paid higher minimum wage, says think tank

Contractors and other flexible workers should enjoy a higher minimum wage
than those with secure employment, the Demos think tank has urged.

A higher rate would insulate workers from some of the risk they face as a
result of unsecure earnings.

The think tank also suggests that banks or trade unions could administer
benefits such as holiday pay.

The report, financed by NatWest bank, suggested access to loans and
mortgages was poorer for flexible workers.

"Self-employed workers are not protected by the safety net that many of us
take for granted, from sick pay to maternity cover," said author Ben Glover

"This bargain is only fair if self-employed people earn enough to cover the
additional risk they take on, but too often in Britain today this is simply
not happening. That's why we are calling for a new, higher minimum wage for
the self-employed."

Financial training

Having another body rather than government oversee employment benefits would
be similar to the so-called Ghent system, named after the Belgian city where
the idea was piloted. Countries including Denmark have adopted a similar
plan.

"Workers in these countries voluntarily join unemployment schemes and, after
having contributed to these schemes for a certain amount of time, are able
to enjoy fairly generous unemployment insurance, amongst other benefits," it
said.

Flexible workers include the self-employed, freelancers, those employed in
the so-called gig economy, such as Uber taxi drivers, agency and temporary
workers, those on zero hours contracts, and people with several jobs, it
said.

Demos does not recommend an hourly figure, but says the Low Pay Commission
should investigate what it ought to be.

Wage promises

Other recommendations include training from the government and banks on
managing finances when being self-employed, and automatic pension
contributions.

At present, the government's National Living Wage pays £8.21 an hour for
workers aged 25 and over.

For younger workers, the National Minimum Wage is currently set at £7.70 an
hour for 21-24 years olds and £6.15 for those aged 18-20.

Workers aged 16 to 17 can only expect a minimum hourly wage of £4.35, or
£3.90 if they are part of an apprenticeship scheme.

The Conservatives plan to lower the age limit for the National Living Wage
to 21 and pay around £10.39 per hour by 2024.

Labour pledges to introduce a £10 minimum wage in 2020 for all employees
aged 16 and over.--BBC

INVESTORS DIARY 2019

Company

Event

Venue

Date & Time

Companies under Cautionary

Bindura Nickel Corporation

Padenga Holdings

Delta Corporation

Meikles Limited

 <mailto:info at bulls.co.zw> 

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