Major International Business Headlines Brief::: 02 October 2019

Wed Oct 2 00:49:00 CAT 2019

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Major International Business Headlines Brief::: 02 October 2019

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*  S.Africa's AMCU refers platinum wage dispute to commission

*  S.Africa's Absa PMI falls to lowest in 10 years on growth fears

*  Nigeria says will cut output to conform to OPEC pact

*  Ivory Coast caps cocoa production at 2 mln tonnes to buoy prices

*  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

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

*  Are speculators pushing the PM towards no deal?

*  WTO warns trade wars threaten living standards and jobs

*  UBS economist reinstated after China 'pig' comments

*  Leaked Zuckerberg audio: 'You go to the mat and you fight'

*  Japan delivers long-delayed consumption tax hike

*  Spying scandal forces out Credit Suisse executive

*  Greggs stockpiles pork for sausage rolls ahead of Brexit

*  House price growth 'almost ground to a halt'

 <mailto:info at bulls.co.zw> 

S.Africa's AMCU refers platinum wage dispute to commission

JOHANNESBURG (Reuters) - South Africa’s AMCU union said on Tuesday it has
referred ongoing platinum wage negotiations with Anglo American Platinum and
Sibanye-Stillwater to the Commission for Conciliation, Mediation and
Arbitration.

AMCU President Joseph Mathunjwa said at a briefing on Tuesday that the
union, the majority union in the platinum sector, would not accept less than
a 1,000 rand ($65.68) increase to monthly wages.

He said negotiations with Impala Platinum were not referred to the CCMA, a
government body charged with dispute resolution.

Mathunjwa also criticised Sibanye-Stillwater’s decision to cut more than
5,000 jobs last month, saying the AMCU would campaign for South Africa’s
Labour Relations Act to be amended to make it more difficult for companies
to retrench workers.

($1 = 15.2243 rand)

 <mailto:info at bulls.co.zw> 

S.Africa's Absa PMI falls to lowest in 10 years on growth fears

JOHANNESBURG (Reuters) - South Africa’s seasonally adjusted Absa Purchasing
Managers’ Index (PMI) sank to its lowest level in a decade in September, on
weak demand linked to fears over slowing domestic and global growth, the
survey showed on Tuesday.

The index, which gauges manufacturing activity in Africa’s most
industrialised economy, fell to 41.6 in September, from 45.7 in the previous
month.

The decline in the headline figure was led by a sharp drop in three of the
five sub-components: new sales orders, purchasing inventories and business
activity, Absa said.

The figure was the lowest reading since August 2009, during the global
financial crisis, and the eighth time since January that the index has been
below the 50-point mark separating contraction from expansion.

South Africa expects economic growth of less than 1% in 2019 after a sharp
slowdown in the first quarter that followed nationwide power outages as
state-owned utility Eskom struggled with breakdowns at its aging coal
stations and a cash crunch.

Subdued growth in the euro zone and the trade dispute between China and the
United States have hurt exports.

South Africa’s manufacturing output slipped 1.1% in July after a 3.6%
contraction in June, and August output data due next week is expected to
show another decline.

“It is unlikely that the South African manufacturing sector will improve on
a sustained basis at a time when our key trading partners are struggling,”
Absa said in a statement.

“Indeed, while the September PMI already paints a dismal picture of current
conditions, respondents expect the environment to worsen further going
forward.”

Last week the South African Reserve Bank said it saw 2019 economic growth at
0.6%, well below the 1.5% expansion the treasury forecast in February.

Nigeria says will cut output to conform to OPEC pact

FUJAIRAH, United Arab Emirates (Reuters) - Nigeria will make cuts to its
crude oil output to comply with OPEC output targets, Mele Kolo Kyari of the
Nigerian National Petroleum Company (NNPC) said on Tuesday.

Nigeria’s September crude oil and condensate output was 2.1-2.2 million
barrels per day (bpd), the director of its state oil company said on
Tuesday.

“We will (cut) across the assets. The OPEC quota (is) on crude production
only, not on condensate, so it doesn’t affect the condensate,” he told
reporters at a conference in Fujairah in the United Arab Emirates.

“Our non-conformity is clearly on the crude, and it’s not significant so
when you spread it across all the assets it will not be a shock.”

Kyari added that Nigeria hoped to raise oil production to about 3 million
bpd in the next 2 to 3 years.

The 14-nation Organization of the Petroleum Exporting Countries (OPEC)
agreed in December with non-OPEC partners including Russia to reduce supply
by 1.2 million bpd from the start of this year.

OPEC’s share of the cut is 800,000 bpd, to be delivered by 11 members, with
exemptions for Iran, Libya and Venezuela.

According to a Reuters survey published on Monday, Nigeria had pumped beyond
its quota by 265,000 bpd in September, more than any other OPEC state.

Iraq, Congo, Ecuador and Gabon had also over-produced but by much smaller
margins, the survey found.

Nigeria is also discussing potential investment opportunities with Saudi
Aramco and ADNOC of the United Arab Emirates in Nigeria, and discussing
potential gasoline supply with Aramco trading.

The NNPC was exploring the possibility of ADNOC investing in mid-stream
pipelines and refineries in Nigeria, Kyari said.

“We are talking to (Aramco Trading) ... We are looking at all opportunities
and they are quite keen to supply gasoline to West Africa”, he added.

Ivory Coast caps cocoa production at 2 mln tonnes to buoy prices

ABIDJAN (Reuters) - Ivory Coast will cap cocoa production at 2 million
tonnes from next year to bolster prices, a government official said as the
2019/20 season got under way on Tuesday.

The world’s largest cocoa producer, which expects to have produced about 2.2
million tonnes last season, had flagged that it planned to limit output in
coordination with neighbouring Ghana to contend with an oversupplied market.
The two countries produce about 60% of the world’s cocoa.

It was not clear exactly how the government plans to monitor production from
Ivory Coast’s thousands of small, independent farms, given previous
struggles to stamp out illegal cocoa farming and smuggling.

However, Tuesday’s announcement contained the first official mention of a
specific production limit and marks a new stage in protecting revenues in
West African countries.

“Our goal is to control our production,” said Yves Brahima Kone, head of the
Coffee and Cocoa Council (CCC) on Tuesday. “If you produce too much, the
price will go down.”

CCC also said it had raised the new price it pays cocoa farmers to 825 CFA
francs per kg for the 2019/20 main crop harvest, up from 750 CFA francs last
season.

Ghana Cocoa Board also raised its price to 8,240 cedis ($1,528) a tonne for
the 2019/20 main crop, up from 7,600 cedis last season.

Ivorian and Ghanaian farmers have complained about low prices in the past
but said they were happy with the new level.

“It is a good price for us farmers,” said Daouda Kante who farms 7 hectares
near Soubre. “It will help us save a little money at the end of the season.”

Ivory Coast and Ghana have teamed up in the past few months to impose a
minimum floor price to exert more influence on international prices.

But for all their production clout they have had limited sway over prices,
which have stayed low in recent years because of overproduction.

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.

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.

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.

Are speculators pushing the PM towards no deal?

Is there a conspiracy between so called "disaster capitalists" who have made
big financial bets which will come good if the UK leaves the EU without a
deal - and a government that is determined to leave on 31 October - do or
die?

There has been a lot speculation, that er
 speculators who help fund the
Conservative Party are set to win big on their bets against the pound and UK
assets if the UK leaves the EU without a deal.

The current strain of this theory runs something like this - you
Conservatives deliver a no-deal Brexit from which we will profit and we
promise to bankroll the party in the coming election and beyond.

There are always plenty of fans of compelling and dramatic narratives like
this - but they don't usually include the former chancellor of the exchequer
and the former permanent secretary to the treasury - Nick (now Lord)
Macpherson.

Philip Hammond said: "Johnson is backed by speculators who have bet billions
on a hard Brexit - and there is only one option that works for them: a
crash-out no-deal that sends the currency tumbling and inflation soaring."

Lord Macpherson then backed him in the following tweet.

Content is not available

Boris Johnson's own sister Rachel, when trying to explain her brother's do
or die approach to leaving on 31 October, said one explanation could be
influence "from people who have invested billions shorting the pound and the
country in the hope of a no deal Brexit".

What should we make of the clear implication/insinuation that Boris Johnson
is being influenced by financial gamblers who stand to make a packet out of
no deal?

What we know to be true is that Tory party finances which had begun to
struggle under Theresa May are reported to have bounced back under Boris
Johnson.

Inquiry into no-deal Brexit speculators rejected

John McDonnell claimed in the House of Commons that backers of no deal had
donated £726,000 this year alone - some from hedge funds.

But most of it was not from hedge funds and to put the sums in context, in
the first six months of the year, donations to the Tory party totalled more
than £9m.

Party officials say the recent uptick in donations is because Johnson is
better at shaking the hat - not because he's agreed to seek no deal to
enrich a small minority of donors.

The claim that these no deal-backing hedge funds are betting against British
companies that will falter come 1 November is also hard to find evidence
for. The way most hedge funds work is that they take two positions - one
long, one short.

For example, if you think, say, Barclays will do better than, say, Metro
Bank over the next few months or years, you back Barclays and you bet
against Metro. You make money as long as Barclays goes up more than Metro OR
- if they both fall - that Barclays falls less than Metro Bank.

This is not a bet against British banks - it's a bet on two companies'
relative performance.

As for the currency, companies of all types make bets against the pound for
different reasons. The main reason is as a form of insurance. If I am a
US-based multinational that makes, say, 30% of my money in sterling, that
contribution will be hit if the pound falls (as most expect will happen
after a no-deal Brexit). By taking a bet against sterling, that hit will be
offset by the return on that bet and my income will be insured.

But there are hedge funds who place out-and-out bets on currencies. One of
them is run by Crispin Odey who made £300m when the pound plunged following
the UK referendum result in 2016. He is a no-deal backer, doesn't deny he
will prosper if that happens, and contributed £10,000 towards Boris
Johnson's campaign.

He described claims that he was trying to influence Johnson as nonsense,
insisting he had absolutely no influence over Johnson.

'Bonkers'

Another hedge fund boss who wished to remain anonymous said the idea that a
small group of financiers was pulling the strings to achieve a no deal was
ridiculous. Not least, he said, because it would be "bonkers" to bet that a
currency that was already at a 30-year low against the rest of the world
would go that much lower.

"Most hedge funds are waiting for the moment to buy," he told me, adding
that he was certain that Johnson was sincere in his wish for a deal.

They would say that wouldn't they, I hear you say. But it's also worth
remembering that for every person who has bet against the pound, there is
someone who has taken the other side of that bet. These are usually big
international investment banks, the bosses and partners of which often make
political donations of their own.

Hedge funds make money by betting the market is wrong - that the price of
something is not reflecting what is really going on. It's no secret that
many pollsters are hired by hedge funds to conduct political research on
which they bet. Paying for better information is not the same as nobbling
the result.

The general unease about speculators getting involved in politics is
understandable.

As one bank chairman told me: "When hedge fund owners start backing
individuals or parties we should worry. It creates at best a perception of
conflict of interest. At worst a genuine conflict."

The widespread acceptance of this current conspiracy theory demonstrates
that this rings true for many. But, as yet, there has not been enough
evidence produced that a few shadowy financiers are pulling the strings of a
no-deal Brexit puppet.--BBC

WTO warns trade wars threaten living standards and jobs

The World Trade Organization has slashed its forecast for trade growth this
year by more than half, warning the slowdown could hit living standards and
jobs.

The WTO said it expected trade volumes to grow by just 1.2% in 2019, down
from the 2.6% it predicted in April.

It also cut its global economic growth forecast from 2.6% to 2.3%.

It blamed the downgrades on slower growth in major economies, trade wars and
ongoing uncertainty over Brexit.

In the first half of 2019, world merchandise trade increased by just 0.6%, a
substantial slowdown from earlier years.

Citing a "high degree of uncertainty", the agency warned that expansion in
world trade volumes could slow to just 0.5% growth by the end of the year.
Even a 1.2% rise would mark the lowest rate in a decade.

Brexit uncertainty 'could lead to UK rate cut'

US-China trade war in 300 words

WTO director-general Roberto Azevêdo said businesses are delaying
investments and hiring amid the uncertainty, squeezing growth and putting at
risk better living standards.

"The darkening outlook for trade is discouraging but not unexpected," he
said. "Resolving trade disagreements would allow WTO member [states] to
avoid such costs."

The revised WTO forecast comes as uncertainty over Brexit has hit the
economy in Europe and just weeks before the US and China are scheduled to
meet for another round of trade talks.

The two countries have already raised tariffs on billions of dollars of each
others' exports. The US is due to impose more tariffs on Chinese goods this
month.

'Destructive cycle'

Meanwhile US President Donald Trump has also clashed with the EU over trade,
while a new trade agreement between the US, Mexico and Canada has yet to be
approved in Washington.

US manufacturing data released separately on Tuesday showed the lowest
activity in more than 10 years - a report that sent US stock exchanges
lower.

Analysts said a swift resolution to many of the trade conflicts was
unlikely, pointing to previous trade disputes that often lasted years.

"History suggests it can take a long time for trade conflicts to end and for
tariffs to be removed, even for smaller conflicts that go through the
official channels," analysts for Goldman Sachs wrote in a report issued last
week.

The WTO said it expected growth in trade volumes to accelerate to 2.7% in
2020, but cautioned that any pick-up depends on a return to "more normal"
trade relations.

"Risks to the forecast are heavily weighted to the downside and dominated by
trade policy," the WTO said in its update. "Further rounds of tariffs and
retaliation could produce a destructive cycle of recrimination. "--BBC

UBS economist reinstated after China 'pig' comments

An economist at Swiss investment bank UBS will return to work after being
suspended for making controversial comments about swine fever in China.

Paul Donovan of UBS Global Wealth Management was suspended in June after he
said that an outbreak of the disease only "matters if you are a Chinese pig
[or] if you like eating pork in China".

It prompted a backlash with one Chinese firm suspending all business with
UBS.

UBS confirmed Mr Donovan would return to work on Wednesday.

The remarks, made an interview for a podcast, were seized upon by Chinese
media because the word "pig" in China is used to connote stupidity and
laziness.

Mr Donovan, who has worked for UBS since 1992, had been referring to the
impact of swine fever on inflation and consumer prices of pork.

Why closed stores caused trouble in China for Zara

Cathay Pacific boss quits after protest row

But several news outlets falsely described the comments as racist, sparking
calls online to boycott the bank.

Mr Donovan later apologised on TV, saying: "I apologise for anyone who took
any offence from my remarks, which were clearly not intended to offend.

"I got it wrong. I made a mistake, and I unwittingly used hugely culturally
insensitive language."

But it did not sate critics, with China's state-run Global Times newspaper
claiming that Mr Donovan's apology was "not sincere" and reflected "the deep
arrogance of Western elites to Chinese culture".

It is a delicate time for Western companies operating in China, as Beijing
faces an escalating trade war with the US and political unrest in Hong Kong.

In August, the boss of British-backed Cathay Pacific - Hong Kong's biggest
airline - had to step down over his muddled response to pro-democracy
protests in the territory.

Last week, the Financial Times reported that a lawyer for investment bank
BNP Paribas in Hong Kong had quit after he posted comments on Facebook about
the protests.

Jason Ng criticised "pro-Beijing counter-protesters" caught up in the recent
unrest, saying that "very soon, flag-waving communist party loyalists will
be forming human chains across the city and launching their own 'China Way'
campaign".--BBC

Leaked Zuckerberg audio: 'You go to the mat and you fight'

Mark Zuckerberg has said he would "go to the mat" to fight against
Facebook's break-up, in leaked audio published by tech news site The Verge.

US presidential hopeful Elizabeth Warren has said she would consider
splitting up it and other tech giants.

Facebook's founder also talked candidly about competing with rivals Twitter
and TikTok, and the difficulties facing its crypto-currency Libra.

Mark Zuckerberg later confirmed on Facebook that the audio was genuine.

According to a transcript of the recording, Mr Zuckerberg admitted to being
concerned about an attempt to break up the firm.

"I don't want to have a major lawsuit against our own government... But
look, at the end of the day, if someone's going to try to threaten something
that existential, you go to the mat and you fight," he said in the
recording.

"It doesn't make election interference less likely. It makes it more likely
because now the companies can't co-ordinate and work together," he added.

Mr Zuckerberg also discussed the reason why he declined to attend some
political hearings around the world in the wake of the Cambridge Analytica
data scandal. He repeatedly refused to attend meetings with politicians in
the UK, sending other Facebook representatives in his place.

"I did hearings in the US. I did hearings in the EU," he said.

"It just doesn't really make sense for me to go to hearings in every single
country that wants to have me show up and, frankly, doesn't have
jurisdiction to demand that."

Facebook rivals

With regard to Twitter, Mr Zuckerberg joked that Facebook's investment on
safety was "bigger than the whole revenue of their company".

And on TikTok, he discussed Facebook's rival product Lasso, a video-sharing
platform which he said was "trying to get product-market fit in countries
like Mexico... countries where TikTok is not already big".

Facebook's crypto-currency Libra is being tested in India, Mr Zuckerberg
added.

"The hope is to get that rolled out in a lot of places with existing
currencies before the end of this year," he said.

He also said the public part of the process had been "more dramatic" than
private meetings with regulators.

And he acknowledged that getting Libra off the ground was going to be "a
long road".

There's no bombshell revelation in this leak but we get some good insights
into Mark Zuckerberg's major preoccupations - regulation and new
competitors.

In public, Facebook's founder has been very measured about regulation, even
saying he'd welcome it - in these conversations with his team he's far more
combative, prepared to "go to the mat" with Democratic presidential
candidate Elizabeth Warren if she tries to break up his company.

And is he ever going to submit to demands to give evidence to UK
parliamentarians? Not a chance.

As far as competition goes, he's obviously wary about the rapid rise of
TikTok - unlike with Instagram and WhatsApp, he's not able to simply buy the
Chinese-owned business so he's working on a replica service.

Only the Paranoid Survive was the title of Intel founder Andy Grove's memoir
- and Mark Zuckerberg seems to have adopted it as his mantra now that move
fast and break things has gone right out of fashion.--BBC

Japan delivers long-delayed consumption tax hike

Japan has increased its consumption tax for the first time in five years,
bringing the long-delayed policy into effect despite concerns it may knock
the economy.

On Tuesday, the country raised its sales tax rate from 8% to 10%.

The new rate applies to nearly all goods and services, though most food will
be exempt.

Past sales tax rises in the world's third largest economy have hit spending.

This time, however, the government has introduced measures, including
rebates for certain purchases made using electronic payments, in a bid to
offset the blow.

Japan's economic growth beats forecasts

The blossom worth billions for Japan

It plans to use the extra revenues to fund social welfare programmes
including pre-school education and to pay down its huge public debt load.

"The government has already pledged about half the revenues to fund free
childcare," said Marcel Thieliant, Japan economist at Capital Economics.

What will be covered?

The tax hike applies to most goods and services, from electronics to books
and cars. Most food items will remain exempt.

Consumers will be eligible for a 5% rebate on purchases made using
electronic payments at some smaller retailers - outstripping the 2% tax
rise.

The move is designed to mitigate the impact of the tax increase, as well as
drive up the use of electronic payments in cash-reliant Japan.

Martin Schulz, senior research fellow at the Fujitsu Research Institute,
said the rebates are designed "to make the economy more productive".

How will it impact the economy?

Japan's economy has performed strongly in recent months but the tax hike -
along with uncertainty in the global economy - weigh on its outlook.

The slowdown in China and the trade war with the US have knocked business
confidence in Japan, as it also grapples with softer global demand for its
exports including electronic equipment and car parts.

Trade war pushes Asian nations towards recession

Previous sales tax rises have seen spending drop off sharply. But this time
around, economists expect the hit will be more modest.

"The impact will almost certainly be smaller," Mr Thieliant said, as the
lead-up to the tax rise saw fewer pre-emptive purchases of big items like
televisions and cars than previous hikes. The rebate plan for electronic
payments may also have helped.

Mr Schulz agrees spending will fall in the coming months but the economy
should recover by the end of the year.

"The economy is comparatively strong. Next year it may be strong because of
[Japan hosting] the Olympics... but it very much depends on the external
environment and the trade war," he said.--BBC

Spying scandal forces out Credit Suisse executive

Credit Suisse's chief operating officer has resigned after a probe found he
arranged the surveillance of an executive who left to join rival UBS.

Private detectives were hired to track the Swiss bank's former head of
wealth management, Iqbal Khan in September, in a scandal that has rocked the
normally staid world of Swiss banking.

Mr Khan left the bank in July.

There was no indication chief executive Tidjane Thiam, who had fallen out
with Mr Khan, knew about the surveillance.

Credit Suisse said the investigation found that it was chief operating
officer Pierre-Olivier Bouée alone who had decided to initiate the
observation of Mr Khan.

Property row

Mr Khan had initially been praised and promoted by Mr Thiam.

But there were reports that a personal animosity had developed, which
intensified after Mr Khan bought and spent two years redeveloping a property
near Lake Zurich which neighboured a property belonging to his boss.

Media reports suggest there was an altercation in January between Mr Khan
and Mr Thiam's girlfriend at a cocktail party held by the chief executive at
his home, over trees planted on Mr Thiam's property.

Shortly after that Mr Khan announced his departure from Credit Suisse.

The scandal surfaced in September when it transpired that the bank had hired
corporate intelligence firm Investigo to track Mr Khan, due to fears he
might poach clients when he started work at UBS this week.

Mr Khan, after noticing he was being tailed, confronted the person observing
him. His version of the altercation that ensued differs markedly from the
report from Investigo and the incident is under criminal investigation.

'Severe reputational damage'

Questions were raised over who within Credit Suisse instigated the operation
to have Mr Khan followed, and who was aware of it.

As a result Credit Suisse hired law firm Homburger to examine the chain of
responsibility and whether Mr Khan had violated the terms of his contract.

The personal relationship between Mr Thiam and Mr Khan was not part of the
investigation, Credit Suisse said.

"The Homburger investigation did not identify any indication that the CEO
had approved the observation of Iqbal Khan nor that he was aware of it prior
to September 18, 2019, after the observation had been aborted," the bank
said.

Credit Suisse said that the decision to observe Mr Khan was "wrong and
disproportionate and has resulted in severe reputational damage to the
bank".

The Homburger report said neither its own investigations nor those of
intelligence firm Investigo found evidence that Mr Khan had attempted to
poach employees or customers away from Credit Suisse.--BBC

Greggs stockpiles pork for sausage rolls ahead of Brexit

High Street bakery chain Greggs is stockpiling pork so that production of
its sausage rolls is guaranteed in the event of a no-deal Brexit.

"We are preparing for the potential impact of the UK's departure from the
European Union by building stocks of key ingredients," the firm said.

Around 20% of a Greggs sausage roll is made from pork.

It has previously said a no-deal Brexit may mean it has to find alternatives
for fresh tomatoes and lettuce.

The bakery chain detailed its planning for the UK's departure from the EU in
a trading update which showed that total sales had risen 12.4% in the past
13 weeks.

The Newcastle-based firm hailed "very strong" trading in the third quarter,
but also warned that Brexit could put pressure on food and labour costs.

As well as stockpiling key ingredients the firm has also been acquiring some
light equipment, "that could be affected by disruption to the flow of goods
into the UK".

'Turning point'

However, shares fell by 12.5% after the company also said it expected fewer
shop openings by the end of the year than it had previously forecast.

Greggs now expects to have 90 net openings - taking closures into account -
by the end of the year, down from a previous forecast of 100 net openings.

Like-for-like sales, which exclude new store openings, rose up 7.4% in the
quarter to 28 September, but that was a slower pace than earlier in the
year.

"The stock was pretty highly valued and there is an underlying sense that
the growth cannot continue at the rate it has - today's update suggests this
is the turning point on that front," said Neil Wilson, chief analyst at
Markets.com.

"The idea being they've taken as much market share as they can, and now have
to try to squeeze more from what they've got already."

He added: "Like-for-like sales growth is slowing now at 7.4% against 10.5% a
year before. Management also think the fourth quarter will show further
slowing. So the tough comparisons with the last 12 months or so suggests
they are maxed out or close to maxing out the organic growth."

Other main points in its trading update included:

Like-for-like sales for the year to date have risen by 9.4%, helped by a new
autumn menu and offers

Total sales are up by 13.9% this year so far

90 new stores have opened during 2019 so far, while 34 sites have closed

Greggs added it was continuing to trial evening openings, with deals for
pizza and hot food available in some stores after 4pm.--BBC

House price growth 'almost ground to a halt'

UK house price growth "almost ground to a halt" in September, with property
prices 0.2% higher than a year ago, the Nationwide has said.

The building society also said that prices fell by 0.2% compared with
August, according to figures based on its own mortgage data.

It said activity in the housing market had been slow, but stable, for two
years.

The average home was now valued at £215,352, it said.

House price growth slowest for seven years, says ONS

Estate agents urged to tell buyers about air pollution

The year-on-year change in house prices is seen as the least volatile
measure of the UK housing market.

The 0.2% rise in September, down from 0.6% in August, marked the 10th month
in a row in which annual price growth had been below 1%, the Nationwide
said.

Brexit uncertainty had widely been associated with the relatively static UK
housing market, but some commentators have said this has led to pent-up
demand.

"When the extension of Brexit was announced there was a spike in activity in
the market, which again reiterates the fact that it is uncertainty holding
buyers back rather than a lack of interest," said Iain McKenzie, chief
executive of The Guild of Property Professionals.

Others, however, say it is the lack of house sellers, rather than potential
buyers, who have kept activity down.

"While the number of homes changing hands has reduced, buyer demand has kept
surprisingly stable - buoyed by strong wage growth and low interest rates,"
said Jonathan Hopper, managing director of Garrington Property Finders.--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
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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
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