Major International Business Headlines Brief::: 29 November 2019

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Major International Business Headlines Brief::: 29 November 2019

 


 

 


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*  South Africa's struggling Eskom makes surprise interim profit

*  Jumia shuts Tanzania e-commerce business in portfolio review

*  Growth in loans, credit cards poses risk to S.Africa's economy – central
bank

*  South Africa's rand steady, stocks fall as investors eye trade
developments

*  Chevron puts two Nigerian offshore blocks up for sale - document

*  Billion-dollar LNG project in southern Mozambique expected in 2020

*  Sudan and South Sudan extend oil exporting deal to 2022

*  Vodacom CFO to step down

*  Egypt's parliament confirms reappointment of Amer as central bank
governor

*  Rwanda's Bank of Kigali quarterly pretax profit up 58.9%

*  Will the US's Hong Kong rights law derail trade talks?

*  City Football Group: Manchester City's parent company buys majority stake
in India's Mumbai City FC

*  Japan beer exports to South Korea hit zero amid trade spat

*  Loan sharks cash in on Black Friday spending spree

*  Netflix 'reactivated' users without permission

 

 


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South Africa's struggling Eskom makes surprise interim profit

JOHANNESBURG (Reuters) - South Africa’s struggling state power firm Eskom
made a surprise 1.3 billion rand ($88.39 million) profit from April to end
September, roughly double the amount made in the same period last year,
thanks to higher tariffs.

 

Eskom’s financial performance is typically stronger in the first half
(April-Sept) of the year, as it sells more electricity during South Africa’s
winter season and does less maintenance.

 

South Africa’s energy regulator had also granted Eskom a more than 13%
average tariff increase from April.

 

Nonetheless, many analysts had expected Eskom to record a loss in the first
half.

 

Eskom Chairman Jabu Mabuza told a news conference that the firm still
expected to make a loss of roughly 20 billion rand for the full year that
ends in March 2020, similar to the previous year’s loss.

 

Eskom produces more than 90% of South Africa’s power but doesn’t generate
enough cash to meet its debt-service costs and is reliant on government
bailouts to stay solvent. Fixing Eskom is one of the biggest challenges
faced by President Cyril Ramaphosa.

 

Eskom’s finances are hobbled by its massive 454 billion rand debt burden,
racked up partly to pay for two mammoth coal-fired power stations, Medupi
and Kusile.

 

The company also argues its financial position has been severely damaged by
years of low tariff awards which have not allowed it to recover its costs.

 

The government has promised to give Eskom a 59 billion rand cash injection
over the current and next financial years, in addition to 230 billion rand
of bailouts spread over the next decade.

 

But analysts say even those bailouts won’t be enough to make Eskom
sustainable in the long term. Officials and bankers are working on other
options like swapping Eskom debt for government bonds or moving its debt to
a government-owned special purpose vehicle.

 

The plan is also to split Eskom into different entities for generation,
distribution and transmission to make it more efficient.

 

($1 = 14.7075 rand)

 

 

 

 

 

 

 

 

 

 

 

 


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Jumia shuts Tanzania e-commerce business in portfolio review

JOHANNESBURG (Reuters) - Online retailer Jumia Technologies, dubbed “the
Amazon of Africa,” said on Thursday it had shut its e-commerce business in
Tanzania in a review of its portfolio.

 

Jumia, which has seen its share price plummet since a Wall Street debut in
April, also suspended its e-commerce business in Cameroon on Nov. 18.

 

“We have to focus our resources on our other markets. It is more important
now than ever to put our focus and resources where they can bring the best
value and help us thrive,” the company said in a statement.

 

With an e-commerce business similar to Amazon’s and a classified portal like
Alibaba’s, Jumia sells its own stock and takes a cut of third-party
transactions on its website.

 

But that business model has yet to pay off. Jumia missed revenue estimates
for the second time in three quarters, according to results announced this
month.

 

Its Tanzanian e-commerce business ceased on Nov. 27, the statement said.
Jumia said it would continue to service vendors and customers via its
classifieds business.

 

Jumia shares were trading at $6.31 on Thursday.

 

 

 

 

Growth in loans, credit cards poses risk to S.Africa's economy – central
bank

JOHANNESBURG (Reuters) - An acceleration in the growth of riskier, unsecured
lending in South Africa threatens the stability of the finance sector, the
central bank said on Thursday.

 

Many poor South Africans rely on unsecured credit – not backed by an asset
and generally more expensive to take out – in a stagnant economy, where
living costs are rising and unemployment stands at close to 30%.

 

The South African Reserve Bank (SARB) highlighted a sharp rise in the
portion of credit that was unsecured in the second half of 2019 as a risk to
financial stability, especially as consumer finances come under growing
pressure.

 

“A highly indebted household sector is a cause for concern, as households
are particularly sensitive to shocks in the economy such as sudden increases
in prices or interest rates,” the bank said in its biannual review of
financial stability.

 

“Rising debt (especially unsecured debt) in a slowing economy, combined with
slowing disposable income growth, raises concerns about the sector’s ability
to service its debt.”

 

Banks, like numerous other industries in South Africa, have struggled in the
tough economy, especially when it comes to growing their main consumer
lending product – mortgages.

 

Many have turned to riskier forms of lending such as credit cards and
personal loans to boost profits. The SARB said in the second half of the
year there had also been a rise in riskier mortgages, where the value of the
mortgage exceeds the value of the property.

 

Banks are also facing higher funding costs as negative sentiment globally is
compounded in South Africa by deteriorating public finances and additional
government bailouts for ailing state-owned companies, the review continued.

 

The weak economy was hurting profits at smaller banks in particular, but
only six larger lenders were designated by the SARB to be systemically
important: Absa, FirstRand, Nedbank, Standard Bank, Capitec and Investec.

 

 

 

South Africa's rand steady, stocks fall as investors eye trade developments

JOHANNESBURG (Reuters) - South Africa’s rand steadied on Thursday as
investors assessed the impact of U.S. backing for protesters in Hong Kong on
its trade negotiations with China, while stocks fell.

 

At 1508 GMT, the rand was trading flat at 14.7500 per dollar.

 

Largely ignoring local signals of an increasingly weak economy and fiscal
position, the rand has moved in-step with swings in sentiment driven by the
tariffs tussle between China and the United States.

 

Beijing told Washington it would take “firm counter- measures” in response
to U.S. legislation backing the anti-government protesters in Hong Kong.

 

U.S. President Donald Trump on Wednesday signed into law congressional
legislation which supported the protesters, despite angry objections from
Beijing, with which he is seeking a deal to end a damaging trade war.

 

“Investors are concerned about the possible impact on the trade deal as
China has threatened some sort of retaliation,” said Andre Botha, senior
currency dealer at TreasuryONE.

 

On the bourse, the benchmark JSE Top-40 index was down 0.88% to 49,470
points while the broader All-Share index fell 0.62% to 55,823.80 points.

 

Ferdi Heyneke, portfolio manager at Afrifocus Securities, said the weak
local economy was also driving equities investors away.

 

“(There is) just a general negative sentiment with regards to the local
economy at the moment,” he said.

 

Retailer Woolworths and food and retail business Bid Corporation (Bid Corp)
were the biggest losers on the blue-chip index. Woolworths fell 3.39% to
52.17 rand and Bid Corp was down 3.38% to 324.66 rand.

 

In fixed income, the yield on the benchmark paper due in 2026 rose by 4.5
basis points to 8.475%.

 

 

 

Chevron puts two Nigerian offshore blocks up for sale - document

LONDON (Reuters) - Chevron has launched the sale of its stakes in two
Nigerian offshore oil and gas blocks, a sale document seen by Reuters shows,
as the company seeks to dispose of ageing assets to focus on its
fast-growing U.S. production.

 

The U.S. energy giant is offering its 40% stake in the shallow-water Oil
Mining Lease (OML) 86 and OML 88, which produce around 6,200 barrels of oil
equivalent per day, the document says.

 

The sale is also part of a broader retreat by international oil companies
from Nigerian oil and gas fields that have been plagued by pipeline theft as
well as uncertainty over the West African country’s tax regime.

 

San Ramon, California-based Chevron hired Scotiabank to run the sale
process.

 

Chevron did not reply to a request for comment. Scotiabank declined to
comment.

 

Chevron tried and failed to sell the two blocks in 2015, when global
deal-making in oil and gas dropped sharply following a collapse in oil
prices the previous year.

 

OML 86 and 88 contain 55 million barrels of yet-to-be exploited (2P) oil
barrels and 2.8 trillion cubic feet of undeveloped gas reserves, the
document says.

 

Foreign oil companies including Chevron, Royal Dutch Shell and Exxon Mobil
have retreated in recent years from onshore and shallow-water production in
Nigeria due to oil theft, selling assets mostly to local companies.
[nL8N2815TM] [nL8N27F844]

 

 

 

Billion-dollar LNG project in southern Mozambique expected in 2020

JOHANNESBURG (Reuters) - A final investment decision on a $3.15 billion
liquefied natural gas (LNG) project near Mozambique’s capital will be taken
around the middle of 2020, France’s Total and its partners in the project
said on Wednesday.

 

The project will see a floating storage and regasification unit moored in
the harbour of Matola, a suburb of the capital Maputo, and it will be
connected to a new gas-fired power plant nearby and to South Africa’s gas
network. Total will supply the gas.

 

Total and its partners, including Gigajoule, a gas company focused on
southern Africa, and Mozambique’s Matola Gas Company (MCG), which operates a
100 kilometre gas pipeline network in Maputo province, signed an agreement
to develop the project on Wednesday.

 

“[This] will accelerate the process which will enable a final investment
decision to be taken by the middle of 2020,” the joint statement said,
adding construction would then proceed and commercial operations would
commence by the end of that year.

 

“The availability of a new source of much needed natural gas and power will
fuel the economic growth in Mozambique and the southern African region.”

 

Mozambique is on the cusp of a gas boom as blockbuster projects by the likes
of oil majors including Total and Exxon Mobil get underway in its gas-rich
north.

 

While this separate project is situated at the opposite end of the country,
it shows how one of the world’s most impoverished nations is working to
leverage unprecedented inflows of foreign direct investment in order to
develop.

 

The statement said the gas pipeline network, harbour infrastructure and a
connection to South Africa’s network will cost around $350 million, while
the cost of the 2,000 megawatt power plant, which will be constructed in
phases as the market develops, will be around $2.8 billion.

 

Total, Gigajoule and MGC signed a memorandum of understanding related to the
project in 2017. Concessions for the development and construction of the gas
infrastructure and for the design, construction and operation for the power
station were awarded in July.

 

 

 

Sudan and South Sudan extend oil exporting deal to 2022

CAIRO (Reuters) - Sudan and South Sudan have agreed to extend an oil deal
that allows South Sudan to export its crude through its northern neighbour’s
ports through to 2022, Sudan’s state news agency SUNA said on Thursday.

 

The deal was originally signed in 2012 and had been extended until Dec. 31,
2019. It has now been extended for a second time until March 2022, SUNA
said, citing Sudanese Energy and Mining Deputy Minister Hamed Suliman.

 

Sudan, which lost most of its oil wealth in South Sudan’s secession in 2011,
is keen to continue benefiting from exporting its neighbour’s oil through
its pipelines and Red Sea ports to help its crumbling economy recover.

 

Landlocked South Sudan, which seceded from Sudan in 2011, depends on oil
exports flowing north to fund its state budget.

 

The agreement to extend the oil deal was reached during a visit by a South
Sudanese oil ministry delegation to Khartoum.

 

Both sides also reached understandings on restarting South Sudan’s Thar Jath
oilfield block 5A and continuing technical work on the second phase of the
Unity and Toma South oilfields, SUNA said.

 

 

 

Vodacom CFO to step down

JOHANNESBURG (Reuters) - South African mobile operator Vodacom Group said on
Thursday its Chief Financial Officer Till Streichert will leave the company
in June 2020 to pursue an external opportunity.

 

The news came in just two days after the company said its Group Chief
Technology Officer (CTO) Andries Delport will leave Vodacom in May 2020 to
pursue external interests, after 23 years of service.

 

Streichert was appointed CFO and executive director of Vodacom Group in
August 2015 after his tenure as the finance director with Vodacom South
Africa in 2014.

 

He served as the non-executive director of Vodacom Tanzania, Vodafone Kenya
and Kenyan mobile operator Safaricom.

 

During his tenure, he led the IPO in Tanzania and played pivotal roles in
the acquisition of a strategic stake in Safaricom and the completion of the
largest ever black economic empowerment transaction in the South African
telco industry, Vodacom Group Chief Executive Officer Shameel Joosub said in
a statement.

 

“Till has extensive experience in the industry and will be a significant
loss to our sector,” Joosub said.

 

Vodacom will announce a successor for the roles of group CFO and group CTO
in due course.

 

“After 12 years at Vodafone and six years with Vodacom, it is a decision
that wasn’t taken lightly. I have thoroughly enjoyed my time in South Africa
and dealing with a number of challenging situations across the various
Vodacom operations in Africa,” Streichert added.

 

Streichert said since he is only leaving in June next year, his first
priority will be to make sure that “it is business as usual” for the finance
function.

 

 

 

Egypt's parliament confirms reappointment of Amer as central bank governor

CAIRO (Reuters) - Egypt’s parliament approved the appointment of central
bank governor Tarek Amer to a second four-year term on Thursday, state media
reported, a sign Egypt’s policies will continue after he oversaw a
three-year IMF economic reform programme.

 

The parliament, in a recess, held an emergency session to vote on the
decision by President Abdel Fattah al-Sisi to reappoint Amer, whose first
term ended on Wednesday. The approval was required under the constitution.

 

Amer was first appointed in 2015 when Egypt was in a currency crisis. The
reform programme included a sharp devaluation of the pound currency, the
introduction of a value-added tax and the elimination of subsidies on most
fuel prices.

 

“Clearly the heavy lifting is done but then we need to have someone to
protect these gains and build on them,” said Mohamed Abu Basha, head of
macroeconomic analysis at EFG Hermes.

 

Steps still needed include a full transition to inflation-targeting and
further development of the banking sector, especially digitalization and
pushing banks to lend to wider sectors, Abu Basha said.

 

Allen Sandeep, head of research at Naeem Brokerage, said: “The challenge now
will be to walk a balanced path between easing monetary policy and keeping
inflation in check.”

 

Governors are allowed only two terms under the constitution.

 

 

 

 

Rwanda's Bank of Kigali quarterly pretax profit up 58.9%

KIGALI (Reuters) - Bank of Kigali’s third quarter pretax profit rose 58.9%
to 14.6 billion Rwandan francs ($16.07 million), helped by growth in its
loan book, Rwanda’s biggest lender by assets said on Thursday.

 

The bank, which came into being more than half a century ago, operates 68
outlets and an insurance business.

 

Its net interest income climbed 29% during the quarter to 24.4 billion
francs.

 

“We’ve grown our loan book by almost 15% which is quiet significant,” chief
executive Diane Karusisi told a news conference.

 

The bank also said it expected a dividend payout of 8.9 billion francs.

 

Its total assets stood at 944.3 billion francs as of September, Karusisi
added.

 

The bank is in negotiations to buy local insurer Sonarwa.

 

“We are going to have conclusive talks in the coming weeks,” Karusisi said.

 

($1 = 908.3000 Rwandan francs)

 

 

 

Will the US's Hong Kong rights law derail trade talks?

A US law supporting pro-democracy protesters in Hong Kong may unsettle trade
talks with China, but is unlikely to derail them, analysts say.

 

The US president has signed into law a bill that requires an annual review
of Hong Kong's special status with the US.

 

Hong Kong has seen months of increasingly violent clashes between protesters
and the police.

 

The law comes as the world's two largest economies are trying to end their
trade war.

 

US President Donald Trump said he signed the law, known as the Human Rights
and Democracy Act, "out of respect for President Xi [Jinping], China, and
the people of Hong Kong".

 

China responded strongly, with its foreign ministry threatening
"counter-measures" if the US continued "going down the wrong path".

 

Michael Hirson at Eurasia Group said that Mr Trump's signing of the bill
"will not derail trade negotiations".

 

"To be sure, Beijing is angered at the US for interfering in what China
considers its domestic affairs and for emboldening the protest movement," he
said.

 

"But some of China's anger over the bill is posturing for the domestic
audience, and Beijing will not be so upset as to let this stand in the way
of a truce over trade."

 

 

Analysts say the US and China both want to keep the negotiations from
stalling, given that stakes are high.

 

They have been fighting a trade for more than a year, placing tariffs on
billions of dollars of each other's goods.

 

China faces another round of US duties on 15 December, and if talks break
down, these are likely to go ahead.

 

That would place an additional burden on an economy which is already growing
at its slowest pace in decades.

 

The US also wants to avoid higher costs and economic hardship for American
consumers, particularly ahead of US elections next year.

 

 

The December tariffs are concentrated on consumer goods and would therefore
have "a bigger impact on inflation and households than previous rounds of
tariffs did", said Julian Evans-Pritchard, senior China economist at Capital
Economics.

 

"The Trump administration appears reluctant to go ahead with the December
tariffs because we're reaching the stage where tariffs are starting having a
negative impact on the US economy," he added.

 

"There are still incentives on both sides to push for a deal, provided they
can agree on the terms."

 

How significant is the passing of the US law?

The Human Rights and Democracy Act mandates an annual review to check if
Hong Kong has enough autonomy to continue to justify its special status with
the US.

 

Among other things, Hong Kong's special trading position means it is not
affected by US sanctions or tariffs placed on the mainland.

 

The bill also allows for sanctions to be imposed "on those responsible for
human rights violations in Hong Kong".

 

Clashes between pro-democracy protesters and the police have become
increasingly violent in Hong Kong.

But analysts said the bill would have no immediate consequences.

 

"The US law calls on the administration to review Hong Kong's special status
and to sanction Chinese officials for repression in Hong Kong, but [Mr]
Trump is very unlikely to take action in either area," said Hirson.

 

Where are we now with trade talks?

US-China trade talks over the past year have been volatile. Sticking points
have included how to enforce any deal that is agreed.

 

More recently, both sides seem to be nearing an initial so-called "phase
one" deal, which will reportedly cover matters such as agricultural
purchases, but avoid more sensitive structural issues.

 

A looming 15 December deadline has made the need for an agreement more
urgent, but for some analysts, the passing of the Hong Kong rights law in
the US has thrown a spanner in the works.

 

"All of the economic logic in favour of reaching a deal and forestalling
further tariff increases remains in place," said Stephen Olson, research
fellow at the Hinrich Foundation.

 

"The open question is whether [China's] displeasure will be sufficient to
scuttle the Phase One trade deal, which by most accounts appeared to be
close to conclusion. At a minimum, it will complicate - and likely delay -
resolution."--BBC

 

 

 

City Football Group: Manchester City's parent company buys majority stake in
India's Mumbai City FC

Manchester City's parent company, City Football Group (CFG), has agreed a
deal to buy a majority stake in Indian Super League side Mumbai City FC.

 

CFG is buying 65% of Mumbai City, meaning the group will now hold a stake in
eight football clubs.

 

Bollywood actor Ranbir Kapoor owns the remaining 35% of the club along with
accountant Bimal Parekh.

 

On Wednesday, CFG also announced a £389m investment from US private equity
firm Silver Lake.

 

That deal values CFG at £3.73bn.

 

The group already owns controlling stakes in Manchester City, Major League
Soccer side New York City FC and Australian A-League team Melbourne City as
well as minority shareholdings in clubs in China, Spain, Uruguay and Japan.

 

Mumbai, founded in 2014, have previously been managed by Manchester City
greats Peter Reid and Nicolas Anelka, while former Manchester United striker
Diego Forlan played for the club in 2016.

 

The club are seventh after five games in the Indian Super League, following
a third-place finish last season.

 

"We believe that this investment will deliver transformative benefits to
Mumbai City FC, to City Football Group and to Indian Football as a whole,"
said chairman Khaldoon Al Mubarak.

 

The Indian Super League is on the up, and the Indian national team is
improving all the time under head coach Igor Stimac. It's a massive market
for football.

 

The Indian public will love it and the whole of Asia will love it. It's like
a big pat on the back for what has been done out here by the ISL.

 

This season Mumbai have won one, drawn one and lost a couple. It's the sixth
year of the ISL, and they have had some very good players here, like Florent
Malouda and Diego Forlan.

 

We have had one or two Indian players moving abroad and trying their luck
overseas, such as goalkeeper Gurpreet Singh Sandhu who went to Norway (and
played in the Europa League).

 

City were talking about the technical staff out here, they need to have a
look around and they will unearth some very talented players.--BBC

 

 

 

Japan beer exports to South Korea hit zero amid trade spat

This sign in a grocery shop in Seoul says "This store does not sell Japanese
products!"

Japanese beer exports to South Korea hit zero last month amid boycotts
sparked by a simmering trade row between the Asian neighbours.

 

Official figures on Thursday showed Japan food exports were down 58.1% in
October, according to broadcaster NHK.

 

Sake shipments tumbled more than 90% and instant noodles also flat-lined, it
said.

 

What began as a diplomatic feud over wartime labour compensation has evolved
into a trade row between the countries.

 

The dispute has hit various industries, from Japanese car makers to Korean
electronics suppliers.

 

Beer-sellers have been among the hardest hit. Japan shipped 800.34m yen
($7.3m; £5.6m) worth of beer to South Korea last October, according to news
agency Kyodo.

 

South Korea is one of the biggest markets for Japanese beer, accounting for
about 60% of total overseas shipments last year, Kyodo said.

 

Tensions between the two countries flared in July when Japan tightened
controls on South Korean exports, targeting materials used in memory chips
and display screens that are vital for local companies such as Samsung.

 

Both countries later struck one another off their list of trusted trade
partners.

 

That has had an impact, with NHK reporting Japanese exports of equipment
used in the manufacture of semiconductors slid 49% last month.

 

Still, there have been some recent signs of a possible thaw in relations.

 

Last week South Korea agreed to continue a military intelligence-sharing
pact with Japan that had been threatened by the dispute.

 

The move was welcomed by the US which had urged the two countries to settle
their differences.

 

How did the trade rift begin?

The trade dispute has been fuelled by diplomatic tensions over compensation
for wartime labour.

 

Last year, South Korean court rulings that ordered Japanese firms to pay
compensation to Koreans over forced wartime labour inflamed long-running
tensions.

 

The decisions drew condemnation from Japan, which argues the dispute was
settled in 1965 when diplomatic ties were normalised between the
neighbouring countries.--BBC

 

 

 

Loan sharks cash in on Black Friday spending spree

We are now starting the busiest time of year for loan sharks, as people feel
under pressure to spend in the Black Friday sales, and on Christmas
presents. She'd not borrowed a lot. And she'd more than paid it back. Six
times over.

 

But when one mother looked up from her washing-up to see the man who'd lent
her a few hundred pounds standing with her two teenage daughters, she was so
frightened that she continued to pay back even more.

 

The harrowing tale is told by Cath Williams, who heads up government agency
England Illegal Money Lending Team. Her team both gives support to people
who have borrowed money from a loan shark, and prosecutes the illegal money
lenders.

 

"That image was what he could do if he chose to," she says. "It's
psychological warfare."

 

In other cases, loan sharks have threatened to tell neighbours or colleagues
about someone's financial problems, or taken precious wedding rings to
ensure further, often unnecessary repayments.

 

But one of the most potent pieces of emotional blackmail is specific to this
time of year - that desire to spend in the Black Friday sales, or the need
to buy Christmas presents.

 

"The pressures at this time of year are extraordinary. You need your heating
on, the car is more likely to break down in winter," says Ms Williams. "Loan
sharks will prey on that, extending loans, or giving extra time of repaying,
or offering more money even if you don't want it."

 

This week, the sales bonanza that includes Black Friday will see Brits
splurge almost £8bn online alone. It's a temptation that community groups,
charities and housing associations want families to try and avoid.

 

 

In Bradford, the local Credit Union has joined forces with charity Artworks
to create a day of distracting crafting - with the charming Yorkshire title:
"Buy Nowt Day".

 

About 300 people are expected through the doors, to do something fun and
creative for free, like making decorations, gifts or cards - and crucially
not spending a penny under pressure.

 

"The starting gun for Christmas is being pulled back earlier," says the
Bradford Credit Union's financial inclusion officer Ian Brewer. "They're
feeling pressure from children, they're feeling pressure from society to
spend that money earlier."

 

Mr Brewer insists he's not anti-business, but likens the flash sale events
to a sweet shop window, and wants people to think twice and spend wisely.
"By doing this now, it's not leaving any money available for later."

 

Trying to point a finger of blame, or even stop the sales is fruitless.
Black Friday has become crucial. A lot of shops make 25% of their annual
sales in November and December - according to analysts IMRG.

 

But this year, the figures may not even add up for the retailers, with
prices already slashed since summer to tempt consumers. IMRG expect sales
and revenues to be near flat.

 

So even though retailers may have mixed feeling about the event, the sales
and deals are expected, even demanded, by consumers.

 

Allana Harrison works for Bradford's biggest social landlord, Incommunities,
helping residents manage bills and budgets. Having those careful plans
wrecked by a Black Friday splurge has become a common theme.

 

"When you've got things on offer, £20 or £30 off, people are not just buying
one thing, but adding others things to that basket," she says. "Then they
can't make their priority bills. So they're borrowing just to be able to
afford Christmas presents for the children."

 

Nationally, across England, the Illegal Lending Team has seen a real shift
in who is contacting them for support. "It's not single mums on benefits.
Last year we had over 50% of the people we helped in work," explains Ms
Williams. "We've got the highest number of homeowners we've ever seen."

 

She and her team have organised victim support for thousands of Brits, many
of whom have seen families break down, or been pushed close to suicide.

 

Often loan sharks can initially seem benign, such as coming with a friendly
recommendation through a neighbour, at the school gates, or even in the
workplace. Crucially there's seldom paperwork, nor clarity on what must be
repaid.

 

>From Shakespeare to Dickens, the money-lenders are older than literature.
And the most famous of them all, Ebenezer Scrooge, saw December as a
fruitful time for business. But after a series of terrifying visits, even
Scrooge changed his ways. Campaigners hope it won't take that for
families.--BBC

 

 

 

Netflix 'reactivated' users without permission

Former Netflix customers who cancelled their subscription months ago have
had their accounts reactivated without their consent.

 

BBC Radio 4's You & Yours programme has learned that criminals can log in to
dormant accounts and reactivate them without knowing users' bank details.

 

The video streaming service wants it to be easy for customers to rejoin.

 

As a result, customer data is held on the site for 10 months, including
billing details.

 

Netflix says this information is available to members who choose to cancel
and they will delete it all if requested by email.

 

Emily Keen from Oxford cancelled her Netflix service in April 2019, but
found her account had been charged £11.99 by Netflix in September.

 

She said: "I tried to login to my account, but it said my email and password
had not been recognised.

 

"It turns out the criminals had changed my login details completely and had
signed me up for the most expensive service."

 

Criminal resales

Ms Keen contacted Netflix customer services and was told her card would be
blocked and she would be refunded.

 

However, Netflix went on to take two more payments in October and November,
and refunded her only in part.

 

Former Netflix subscribers have been complaining on Twitter about it
happening to them too:

 

There is a lucrative market for Netflix login details, with criminals
selling "lifetime" accounts on eBay for as little as £3.

 

An eBay spokesperson told You & Yours that these listings were banned from
the platform and that they would be removed and enforcement action taken
against the sellers.

 

Netflix says the safety of its members' accounts is top priority, and
members who notice any unusual activity on their account should contact them
immediately.--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> 

 


 

 


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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