Major International Business Headlines Brief::: 01 October 2019

Tue Oct 1 02:59:38 CAT 2019

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Major International Business Headlines Brief::: 01 October 2019

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*  Kenya's economic growth slows to 5.6% in the second quarter

*  Tunisia's budget will rise in 2020 to $16.4 billion: finance minister

*  South Africa's Transnet says irregular expenditure up to 49 billion rand

*  Congo GDP growth to slow slightly to 5.4% in 2020 - govt statement

*  Oil major Total closes purchase of Anadarko's Mozambique LNG asset

*  Nigeria's Rivers state buys Shell's stake in Ogoniland oilfield

*  Kenya's year-on-year inflation drops to 3.83% in September

*  South Africa's trade balance swings to surplus in August

*  South Africa's Transnet unauthorised spending soars, overshadows revenue rise

*  EU brings in 'right to repair' rules for appliances

*  WeWork officially pulls plan for stock market listing

*  Brexit: UK 'proposes customs centres on both sides of border'

*  Forever 21 files for Chapter 11 bankruptcy protection

*  How China became the world's 'economic miracle'

 <mailto:info at bulls.co.zw> 

Kenya's economic growth slows to 5.6% in the second quarter

NAIROBI (Reuters) - Kenya’s economy grew by 5.6% in the second quarter of this year, down from expanding 6.4% in the same period a year earlier, the statistics office said on Monday.

It attributed the deceleration in growth to a slowdown in the key farming sector, which accounts for close to a third of output, manufacturing and transportation.

“Agriculture’s performance as well as that of electricity and water supply were mostly hampered by a delay in the onset of the long rains,” the Kenya National Bureau of Statistics said in a report.

Farming, which includes forestry and fishing, grew by 4.1% during the period, down from 6.5% a year earlier.

The governor of the central bank Patrick Njoroge last week maintained a full year growth forecast of 6%, citing robust bookings in the tourism sector.

The bank will review its forecast after Monday’s release of the second quarter data, he said.

With a well-diversified economy that does not depend on a single commodity or sector, the East African nation has enjoyed rapid growth rates in recent years, but critics say the growth is not enough to lift many citizens out of biting poverty.

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Tunisia's budget will rise in 2020 to $16.4 billion: finance minister

TUNIS (Reuters) - Tunisia’s state budget will rise from 40 billion dinars in 2019 to 47 billion dinars in 2020 ($16.4 billion), TAP state news agency quoted Finance Minister Ridha Chalgoum saying on Monday.

The deficit in 2020 is targeted at 3% of gross domestic product (GDP), compared to the 3.9%-of-GDP deficit that Prime Minister Youssef Chahed has said is expected this year.

South Africa's Transnet says irregular expenditure up to 49 billion rand

JOHANNESBURG (Reuters) - South African state logistics firm Transnet said on Monday irregular expenditure in 2019 increased six-fold to around 49 billion rand from 8 billion rand in the previous year, mainly due to train replacement contracts.

A number of Transnet’s top executives, including its chief executive and chief financial officer, have been suspended or fired in the wake of an official corruption inquiry into a 54 billion rand contract to buy 1,064 locomotives.

Congo GDP growth to slow slightly to 5.4% in 2020 - govt statement

DAKAR (Reuters) - Democratic Republic of Congo’s economic growth is expected to slow slightly in 2020 to 5.4%, according to a government budget proposal published on Sunday.

The Central Bank in April predicted gross domestic product (GDP) would grow by 5.9% in 2019, though the International Monetary Fund expects growth this year of 4.3% because of lower copper and cobalt prices.

Oil major Total closes purchase of Anadarko's Mozambique LNG asset

PARIS (Reuters) - French oil major Total has completed the acquisition of Anadarko’s 26.5% stake in Mozambique’s liquefied natural gas project for $3.9 billion, Total said on Monday, in a deal expected to raise much-needed revenue for Mozambique.

“Mozambique LNG is a one of a kind asset that perfectly fits with our strategy and expands our position in liquefied natural gas,” Total chairman and CEO Patrick Pouyanne said in a statement.

Anadarko has agreed to be taken over by Occidental Petroleum Corp. Anadarko led a liquefied natural gas project in Mozambique, but was replaced by Total after the French oil major agreed to buy Anadarko’s African assets for $8.8 billion as part of the Occidental takeover.

Total will be the main operator of Mozambique LNG with a stake of 26.5%. ENH Rovuma Área Um, S.A. will own 15%, Mitsui E&P Mozambique Area1 Ltd will hold 20%, ONGC Videsh Ltd, Beas Rovuma Energy Mozambique Limited and BPRL Ventures Mozambique B.V. will all each have 10%, while PTTEP Mozambique Area 1 Limited will have 8.5%.

Total said closing operations for Anadarko assets in Algeria, Ghana and South Africa were still ongoing.

It added that nearly 90% of the Mozambique LNG production has already been sold through long-term contracts with key LNG buyers in Asia and in Europe.

The project is expected to come into production by 2024.

The Mozambique government is targeting $880 million in capital gains tax from the takeover of Anadarko Petroleum by Occidental, local newspaper O Pais reported last week.

Mozambique’s economy has been hobbled by a debt scandal in recent years, which prompted donors to cut off funding and deterred investors.

The southern African nation is banking on its massive natural gas reserves to lift millions out of poverty.

Nigeria's Rivers state buys Shell's stake in Ogoniland oilfield

LAGOS (Reuters) - Nigeria’s Rivers state has purchased Royal Dutch Shell’s stake in an oil mining licence in the restive Ogoniland region, the state’s governor said on Monday.

The license, OML 11, has been undeveloped for nearly 25 years, since the execution of regional activist Ken Saro-Wiwa under the military government of Sani Abacha.

Kenya's year-on-year inflation drops to 3.83% in September

NAIROBI (Reuters) - Kenya’s year-on-year inflation fell to 3.83% in September, from 5.0% a month earlier, the statistics office said on Monday.

On a monthly basis, inflation was -0.11% from -0.90% in August, the Kenya National Bureau of Statistics said.

South Africa's trade balance swings to surplus in August

JOHANNESBURG (Reuters) - South Africa’s trade balance swung to a 6.84 billion rand ($450.26 million) surplus in August after a revised 3.72 billion rand deficit in July, data from the revenue service showed on Monday.

Exports rose 8.4% on a month-on-month basis to 122.02 billion rand in August, while imports were down 1% to 115.17 billion rand, the South African Revenue Service said.

($1 = 15.1912 rand)

South Africa's Transnet unauthorised spending soars, overshadows revenue rise

JOHANNESBURG (Reuters) - South African state logistics firm Transnet on Monday reported a six-fold jump in unauthorised spending for the year to March 31 mainly due to train replacement contracts, as it posted a 1.6% rise in annual revenue.

Transnet, which operates gas pipelines, railway lines and ports, said “irregular expenditure” rose to around 49 billion rand (£2.62 billion) from 8 billion rand in the prior year. Some 41.5 billion rand of the spending related to the train contracts dating from before 2015.

Transnet acting CEO Mohammed Mahomedy said the two figures were, however, not directly comparable as the contracts involved between the two years were not necessarily the same.

The company also said its external auditors had given its audit report a “qualified opinion” relating to the completeness and accuracy of the reported irregular expenditure.

A qualified opinion on a company’s finances means the auditor has found minor problems with the books but is still broadly vouching for them.

The operator of nearly three-quarters of Africa’s rail network - the bulk of which is in South Africa - said it did not agree with the auditors opinion and the matter was still under investigation.

Transnet has been investigating allegations of corruption in the procurement of diesel and electric locomotives.

A number of its top executives, including its chief executive and chief financial officer, have been suspended or fired in the wake of an official corruption inquiry into a 54 billion rand contract to buy 1,064 locomotives.

It said annual revenue rose to 74.1 billion rand, boosted by a 9.1% increase in piped petroleum volumes. Export coal volumes, however, fell 6.5% to 72 million tonnes due to low first-quarter demand, operational challenges, derailments, community unrest and train cancellations.

EU brings in 'right to repair' rules for appliances

Household appliances will become easier to repair thanks to new standards being adopted across the European Union.

>From 2021, firms will have to make appliances longer-lasting, and they will have to supply spare parts for machines for up to 10 years.

The rules apply to lighting, washing machines, dishwashers and fridges.

But campaigners for the "right to repair" say they do not go far enough as only professionals - not consumers - will be able carry out the repairs.

The legislation has been prompted by complaints from consumers across Europe and North America infuriated by machines that break down when they are just out of warranty.

Owners are usually unable to repair the machines themselves - or find anyone else to do it at a decent price - so are forced to buy a replacement.

'Right to repair' gathers force

This creates waste and fuels global warming through the greenhouse gases created in the manufacturing process for new machines.

In the US, around 20 states are said to have right to repair legislation in progress.

Under the European Commission's new standards, manufacturers will have to make spares, such as door gaskets and thermostats, available to professional repairers.

These parts will have to be accessible with commonly-available tools and without damaging the product.

Campaigners say individual consumers should also be allowed to buy spares and mend their own machines. But manufacturers said this would raise questions about risk and liability.

Instead, manufacturers will have to ensure that key parts of the product can be replaced by independent professionals.

If British firms want to sell into Europe after Brexit they will have to follow the new rules, which apply from April 2021.

'Massive step'

It is estimated that the new standards will ensure that appliances have a longer life. The rules also include provisions to make appliances more energy efficient.

For example, star ratings for the energy efficiency of appliances will be ratcheted up. Current regulations are seen to be outdated, with more than 55% of washing machines sold in the EU ranked A+++ on the label.

The move could directly save €20bn on energy bills per year in Europe from 2030 onwards - equivalent to 5% of EU electricity consumption.

Chloe Fayole of environmental group Ecos said: “From the US to Europe, people are demanding their right to repair things they own because they’re tired of products that are designed to break prematurely.”

Libby Peake from the UK Green alliance told BBC News: “These new standards are a massive step in the right direction and could result in nearly 50 million tonnes of CO2 emissions savings.”

But Stephane Arditi of the European Environment Bureau said: “When repair activities stay in the hands of a few firms, we’re missing an opportunity to make it more affordable and readily available.

“Small independent repairers can make a great contribution to the economy and our society. We need to help them do their job.”--BBC

WeWork officially pulls plan for stock market listing

WeWork has officially scrapped plans to sell shares on the stock market, saying that it will instead "focus on the core business".

The decision comes after the property company's offering in August sparked little enthusiasm from investors, who had questioned the firm's finances, governance and leadership.

Last week, co-founder Adam Neumann resigned as chief executive.

WeWork said it still planned to become a public company - eventually.

"We have decided to postpone our IPO to focus on our core business, the fundamentals of which remain strong," the firm's new bosses, Artie Minson and Sebastian Gunningham, said in a statement.

"We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future," they added.

Sinking valuation

Founded in 2010, WeWork expanded from a single co-working space in New York City to an international business operating in more than 500 locations.

But the firm, recently renamed the We Co, continues to post significant losses, burning through more than $900m in the first six months of the year.

The share offering had been intended to raise much needed cash for the firm, but it quickly ran into trouble.

Reports suggested the firm's expected valuation had sunk to between $10bn and $12bn, compared to the $47bn (£37bn) it fetched during Japanese investment giant Softbank's most recent investment round.

Acknowledging the questions, the company earlier this month said it would postpone the offering, but it still hoped to complete it by the end of the year.

On Monday, WeWork said it was notifying the US Securities and Exchange Commission that it would withdraw its prospectus. It did not say when it might make a second attempt.

Executives are also said to be contemplating job cuts and other ways to cut costs.

Troubled flotations

The collapse of WeWork's flotation plan comes as other high-profile companies making their stock market debuts this year have run into trouble.

Shares in Uber, which went public in May, are now trading around $30 apiece, down by roughly a third.

Shares in Lyft, which went public in March, are down by almost half.--BBC

Brexit: UK 'proposes customs centres on both sides of border'

The UK has proposed creating a number of customs sites on both sides of the Irish border as a replacement to the Brexit backstop, it has been reported.

Irish national broadcaster RTÉ has seen extracts of proposals sent from London to the European Union.

The proposals would mean posts created on both sides of the border, potentially five to 10 miles back from the land frontier.

The ideas are contained in documents submitted during recent EU discussions.

BBC Europe editor Katya Adler said were the customs sites to become the official UK position, it would be dismissed and rejected by the EU as insufficient.

The Irish government said it had yet to see any credible alternatives to the backstop.

Reaction to 'customs clearance zones' suggestion

Tracking devices

Currently, there are no border posts, physical barriers or checks on people or goods crossing the border between Northern Ireland and the Republic of Ireland.

The backstop is a measure in the withdrawal agreement, between Theresa May and the EU, which is designed to ensure that continues after the UK leaves the EU.

It comes into effect only if the deal deciding the future relationship between the UK and EU is not agreed by the end of the transition period.

RTÉ says UK Prime Minister Boris Johnson has insisted Northern Ireland remain completely outside the EU's customs union for industrial goods and agri-food products.

Under the British proposals, both the UK and EU would create what are believed to be called "customs clearance sites" but to all intents and purposes a customs post, the broadcaster reports.

It says consignments would be checked and cleared at the sites, with data being provided to the customs authorities on both sides of the border.

The authorities would decide on the basis of the data which truck or consignments to check.

It is understood there could be up to 10 such sites on either side of the border.

Also included is the proposal that goods moving from a customs clearance site on the northern side of the border to a similar site on the southern side would be monitored in real time using GPS via mobile phone data, or tracking devices placed on trucks or vans.

The ideas are contained in one of four so-called non-papers submitted by UK officials during recent technical discussions in Brussels.

'Out of the question'

Proposals for reaching a Brexit deal had been expected ahead of a crucial EU summit on 17 October.

The UK is due to leave the EU on 31 October, and Mr Johnson says this will happen whether or not there is a new deal with Brussels.

A spokesman for the Irish government said: "The EU Task force has indicated that any non-papers it has received from the UK to date fall well short of the agreed aims and objectives of the backstop.

"Ireland's priorities are protecting the Good Friday Agreement, avoiding a hard border and protecting the all island economy, and protecting the EU single market and its benefits for Irish businesses and consumers."

Sinn Féin leader Mary-Lou McDonald tweeted that the "proposal to reimpose a hard border on our island" was "out of the question".

SDLP leader Colum Eastwood said the proposals failed to meet the UK's obligations to avoid physical infrastructure.

"It doesn't matter if it's a mile, five miles or 10 miles away, the presence of physical checks will create economic and security challenges that are unacceptable," he said.--BBC

Forever 21 files for Chapter 11 bankruptcy protection

Fashion retailer Forever 21 has filed for Chapter 11 bankruptcy protection in the US.

The company said it plans to "exit most international locations in Asia and Europe" but would continue to operate in Mexico and Latin America.

It expects to close up to 350 stores worldwide, a spokesperson said, including as many as 178 US stores.

Forever 21 sells inexpensive, trendy clothes and accessories, and competes against brands such as Zara and H&M.

But some analysts say the retailer, founded in 1984, has lost its way over the past five years, and fallen out of favour with young US shoppers looking for relatively cheap clothing.

The company has also, like many traditional retailers, struggled against rising competition from online rivals.

Chapter 11 protection postpones a US company's obligations to its creditors, giving it time to reorganise its debts or sell parts of the business.

A Forever 21 spokesperson said the retailer expected to have between 450 and 500 stores globally after this process, down from its current total of about 800.

Forever 21 had announced last week that it would pull out of Japan by October due to "continued sluggish sales".

The California-based firm has now said it is seeking to close up to 178 stores across the US. It is also closing its stores in Canada, but has provided few details on other markets.

"Decisions as to which international locations will be closing are ongoing. We do not expect to exit any major markets in the US," the spokesperson said.

The retailer sought to reassure its customers in a public letter on Sunday, saying "stores are open" and "it will continue to feel like a normal day".

"This does not mean that we are going out of business - on the contrary, filing for bankruptcy protection is a deliberate and decisive step to put us on a successful track for the future."

Neil Saunders, managing director of GlobalData Retail, said: "The entry of Forever 21 into Chapter 11 bankruptcy is a consequence of both changing trends and tastes within the apparel market and of missteps by the company."

He said that as well as facing competition from the likes of H&M there was also a lack of clarity and differentiation at Forever 21.

"Over the past few years, the brand has lost much of the excitement and oomph which is critical to driving footfall and sales and is now something of an also-ran which is too easily overlooked.

"Store standards have also been sliding and consumer ratings for the quality of displays, merchandise, and the amount of inspiration in shops have dipped considerably over the past year."

He said bankruptcy would result in a much leaner US business, but he added that most, if not all, stores in Europe would be expected to close.

As part of the Chapter 11 proceedings, the firm says it has obtained $275m (£224m) in financing from existing lenders and $75m in new capital.

Executive vice president Linda Chang described the moves as an "important and necessary step to secure the future of our company, which will enable us to reorganize our business and reposition Forever 21".--BBC

How China became the world's 'economic miracle'

It took China less than 70 years to emerge from isolation and become one of the world's greatest economic powers.

As the country celebrates the anniversary of the founding of the People's Republic of China, we look back on how its transformation spread unprecedented wealth - and deepened inequality - across the Asian giant.

"When the Communist Party came into control of China it was very, very poor," says DBS chief China economist Chris Leung.

"There were no trading partners, no diplomatic relationships, they were relying on self-sufficiency."

Over the past 40 years, China has introduced a series of landmark market reforms to open up trade routes and investment flows, ultimately pulling hundreds of millions of people out of poverty.

The 1950s had seen one of the biggest human disasters of the 20th Century. The Great Leap Forward was Mao Zedong's attempt to rapidly industrialise China's peasant economy, but it failed and 10-40 million people died between 1959-1961 - the most costly famine in human history.

This was followed by the economic disruption of the Cultural Revolution in the 1960s, a campaign which Mao launched to rid the Communist party of his rivals, but which ended up destroying much of the country's social fabric.

'Workshop of the world'

Yet after Mao's death in 1976, reforms spearheaded by Deng Xiaoping began to reshape the economy. Peasants were granted rights to farm their own plots, improving living standards and easing food shortages.

The door was opened to foreign investment as the US and China re-established diplomatic ties in 1979. Eager to take advantage of cheap labour and low rent costs, money poured in.

"From the end of the 1970s onwards we've seen what is easily the most impressive economic miracle of any economy in history," says David Mann, global chief economist at Standard Chartered Bank.

Through the 1990s, China began to clock rapid growth rates and joining the World Trade Organization in 2001 gave it another jolt. Trade barriers and tariffs with other countries were lowered and soon Chinese goods were everywhere.

"It became the workshop of the world," Mr Mann says.

Take these figures from the London School of Economics: in 1978, exports were $10bn (£8.1bn), less than 1% of world trade.

By 1985, they hit $25bn and a little under two decades later exports valued $4.3trn, making China the world's largest trading nation in goods.

Poverty rates tumble

The economic reforms improved the fortunes of hundreds of millions of Chinese people.

The World Bank says more than 850 million people been lifted out of poverty, and the country is on track to eliminate absolute poverty by 2020.

At the same time, education rates have surged. Standard Chartered projects that by 2030, around 27% of China's workforce will have a university education - that's about the same as Germany today.

Rising inequality

Still, the fruits of economic success haven't spread evenly across China's population of 1.3 billion people.

Examples of extreme wealth and a rising middle class exist alongside poor rural communities, and a low skilled, ageing workforce. Inequality has deepened, largely along rural and urban divides.

"The entire economy is not advanced, there's huge divergences between the different parts," Mr Mann says.

The World Bank says China's income per person is still that of a developing country, and less than one quarter of the average of advanced economies.

China's average annual income is nearly $10,000, according to DBS, compared to around $62,000 in the US.

Slower growth

Now, China is shifting to an era of slower growth.

For years it has pushed to wean its dependence off exports and toward consumption-led growth. New challenges have emerged including softer global demand for its goods and a long-running trade war with the US. The pressures of demographic shifts and an ageing population also cloud the country's economic outlook.

China's annual growth slowest in decades

Trade war pushes Asian nations towards recession

Still, even if the rate of growth in China eases to between 5% and 6%, the country will still be the most powerful engine of world economic growth.

"At that pace China will still be 35% of global growth, which is the biggest single contributor of any country, three times more important to global growth than the US," Mr Mann says.

The next economic frontier

China is also carving out a new front in global economic development. The country's next chapter in nation-building is unfolding through a wave of funding in the massive global infrastructure project, the Belt and Road Initiative.

The so-called new Silk Road aims to connect almost half the world's populations and one-fifth of global GDP, setting up trade and investment links that stretch across the world.--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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