Major International Business Headlines Brief::: 15 October 2019

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Major International Business Headlines Brief::: 15 October 2019

 


 

 


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*  AfDB Group approves loans of US$229mn for expansion of ‘Great North Road’

*  IATA: African carriers post fastest growth than other regions amid
US-China trade war

*  Equatorial Guinea launches Year of Investment 2020 with AEC

*  Côte d’Ivoire and Kenya named rising stars of global trade

*  Africa Coal Partners to acquire stake in Mbuyelo Coal Proprietary Limited

*  Slower growth expected for MENA construction in 2019: GlobalData report

*  ENGIE expands off-grid solar solutions in Africa

*  UK agrees on trade continuity with six African nations

*  South African Airways in talks with potential partners

*  Guinea's Nimba iron ore project gets green light to export via Liberia

*  South Africa's rand steady on thaw in trade tensions

*  Kenyan shilling stable against the dollar

*  Egypt cuts stock exchange fees in bid to boost investments

*  Nigerian crude diffs crash as freight rates bite

 

 


 <mailto:info at bulls.co.zw> 

 


 

AfDB Group approves loans of US$229mn for expansion of ‘Great North Road’

The approval was granted at a meeting held at the bank’s headquarters in
Abidjan on 26 September.

 

The total project cost is US$282mn, of which US$195mn (69 per cent) will be
financed by the Group, while 12 per cent will come from the Africa Growing
Together Fund set up by the bank and the People’s Bank of China in 2014. The
remaining 19 per cent will be financed by the Kenyan government.

 

The five-year project will convert the 84km Kenol–Sagana–Marua Road in
central and eastern Kenya from a two-way single carriageway into a dual
bypass and is due for completion in 2025. The new road will enhance traffic
flow between the port city of Mombasa and major centres like Nairobi. It
will also ease transport between Nairobi and the Mount Kenya region; and
ultimately Ethiopia.

 

The current Kenol–Sagana–Marua Road is situated along the “Great North
Road”, which forms part of the 800km stretch between Nairobi and Moyale and
runs across the five counties of Muranga, Kirinyaga, Machakos, Embu and
Nyeri.

 

Kenol–Sagana–Marua Road is also part of the Trans-Africa Highway, commonly
known as the Cape to Cairo route.

 

According to a project report, about 1.15mn people will benefit from the
upgraded highway. 44 per cent of the beneficiaries are expected to be women.
The beneficiaries include producers, manufacturers and traders, who will
save time and money, thanks to improved access on the main corridor to the
north.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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IATA: African carriers post fastest growth than other regions amid US-China
trade war

This continues the upwards trend in FTKs that has been evident since
mid-2018 and makes Africa the strongest performer than any other global
region for the sixth consecutive month.

 

Capacity has grown by 17.1 per cent year-on-year due to strong trade and
investment linkages with Asia underpinning a double-digit increase in air
freight volumes between the two regions over the past year. China also
recently confirmed a further US$60bn investment into the continent.

 

In contrast, North American, European and Asian Pacific carriers saw their
freight volumes decline by 3.9 per cent, due to the ongoing trade war
between USA and China.

 

“The impact of the US-China trade war on air freight volumes was the
clearest yet in August. Year-on-year demand fell by 3.9 per cent. Not since
the global financial crisis in 2008 has demand fallen for 10 consecutive
months. This is deeply concerning. And with no signs of a détente on trade,
we can expect the tough business environment for air cargo to continue.
Trade generates prosperity. Trade wars don’t. That’s something governments
should not forget,” said Alexandre de Juniac, IATA's director general and
CEO.

 

 

 

Equatorial Guinea launches Year of Investment 2020 with AEC

Supported by the African Energy Chamber (AEC), the Year of Investment 2020
is an initiative of the Ministry of Mines and Hydrocarbons (MMH) to pursue
Equatorial Guinea’s agenda of energy cooperation and investment, and see the
signing of several landmark energy deals for Equatorial Guinea in 2020.

 

Both parties have agreed to work together on the rolling out of this new
initiative throughout the signing of a Memorandum of Understanding on the
sidelines of the Oil & Gas Meeting Day in Malabo this week.

 

Jude Kearney, former deputy assistant secretary for Service Industries and
Finance at the US Department of Commerce during the Clinton Administration
and currently President of Kearney Africa Advisors, said, “Equatorial Guinea
not only offers numerous investment opportunities in oil, natural gas and
minerals, but its leadership understands the need to be pro-active in
promoting investment and reaching out to global energy stakeholders.”

 

“The signing of this agreement with the Ministry of Mines and Hydrocarbons
demonstrates the long history of cooperation between the Chamber and the MMH
and our belief that Equatorial Guinea remains one of Africa’s most
competitive energy frontiers.”

 

Gabriel Mbaga Obiang Lima, minister of Mines and Hydrocarbons, commented,
“We are going to work with our traditional partners in Africa, Europe, the
US and Asia to do deals that meet our country’s pro-growth agenda. Our
market-driven policies and enabling environment work better with investment
in our country.”

 

“Our goal with the Year of Investment 2020 is to work in attracting
investment that will diversify our economy, boost entrepreneurship, generate
profit for investors and create jobs for our citizens,” he added.

 

Through their cooperation, the MMH and the Chamber will be programming and
organising several deal-making events and roadshows throughout 2020 to
showcase the best investment opportunities that Equatorial Guinea has to
offer.

 

 

 

Côte d’Ivoire and Kenya named rising stars of global trade

The Trade20 index, which identifies the 20 rising stars of trade, places
African markets Côte d’Ivoire in the top spot, and Kenya at number three.

 

The Trade20 index determines each market’s trade growth potential by
analysing changes within the last decade across a wide range of variables,
grouped into three equally-weighted pillars: economic dynamism, trade
readiness and export diversity.

 

The study examines 66 markets around the world. It finds that while existing
trade powers like China and India continue to rapidly improve their trade
potential, African economies are making particularly strong progress from a
relatively low starting point.

 

Kenya is consolidating its position as the trading hub of East Africa, while
Côte d’Ivoire is cementing its position as a West African trading hub. Ghana
also performs well in the index, placing just outside the top 10.

 

The major findings of the Trade20 index for African markets are:

 

-Côte d’Ivoire and Kenya have significantly improved their trade readiness,
demonstrating that investments in infrastructure and business environment
improvements are paying off

 

-Côte d’Ivoire and Ghana also fare well for economic dynamism, with Côte
d'Ivoire enjoying robust GDP and export growth, and Ghana seeing an influx
of FDI

 

Saif Malik, regional co-head, Global Banking, AME, Standard Chartered, said,
“Already connected with the trading powers in Asia, particularly China,
through the Belt & Road Initiative, and with the launch of the African
Continental Free Trade Area, we see numerous growth opportunities for trade
and investment in the years ahead.

 

Additionally, the growing young, digitally-savvy population and an
increasing female workforce will aid in the continent’s economic
transformation.”

 

Trade20 examines 12 metrics across 66 global markets – the major global
economies plus the major economies in each region – to reveal the 20
economies that are most rapidly improving their potential for trade growth.

 

 

 

Africa Coal Partners to acquire stake in Mbuyelo Coal Proprietary Limited

The agreed purchase price was set at US$104mn with the transaction expected
to close in Q1 2020, once regulatory requirements have been completed.

 

Mbuyelo is a South African coal producer supplying the national power
utility Eskom. It operates three open-pit mines with a minimum monthly
production of 600,000 tonnes per month, thus averaging 7.2 to 8.0mn tonnes
per annum.

 

Mbuyelo has for the past few years been investing in capacity building and
technology upgrade to better serve the local demand.

 

Henry Gabay, CEO and co-founder of Duet-Group, said, “We are very excited by
the opportunities offered by the coal industry in South Africa. South Africa
is not yet in a position to switch completely into green energy, hence coal
will remain a key component of South Africa’s energy portfolio for the
foreseeable future. Reliable power production remains at the heart of
Africa’s industrialisation and its ability to lift its citizens out of
poverty.

 

“We believe that new technologies can be deployed to make the coal industry
more environmentally sustainable while offering a credible solution to the
challenges of generating power in South Africa. We also believe it's an
opportunistic time to invest in South Africa.”

 

Ichor CEO Nonkululeko Nyembezi-Heita said the company has been reviewing
strategic options for some time and that the opportunity offered by Duet
meets its goals in a challenging environment with a partner that is willing
to significantly contribute to Mbuyelo’s growth and profitability.

 

Rirhandzu Siweya, CEO of Mbuyelo, declared, “I welcome the arrival of an
African focused investor that will help us grow and seize new opportunities
in a very interesting environment for local coal players.”

 

 

 

Slower growth expected for MENA construction in 2019: GlobalData report

The report, Global Construction Outlook to 2023 - Q3 2019 Update, revealed
that after a lacklustre 2019, construction growth in the region is
forecasted to steadily improve in the next four years, to reach 4.9 percent
by 2022-2023,

 

One of the region’s brightest spots will be Egypt, where GlobalData predicts
that construction will expand by an annual average of 11.3 per cent between
2019 and 2023.

 

“Egypt’s economy is forecast to expand at a relatively rapid rate over the
next two years, driven by sustained growth in natural gas production and a
recovery in tourism. Delivering an ambitious renewable energy program is a
priority for the government. Construction activity is also being driven by
Cairo’s urban development programme, which could involve building 23 new
cities,” Ghozzi added.

 

The pace of growth in sub-Saharan Africa will be particularly strong,
averaging six percent a year in 2019–2023, Global data said.

 

According to the report, construction activity in Nigeria will accelerate
steadily, supported by government efforts to revitalise the economy by
focusing on developing the country’s infrastructure.

 

But Ethiopia will be Africa’s star performer, with its construction industry
continuing to improve in line with the country’s economic expansion, but the
pace of expansion will ease back to single-digits, it said.

 

Saudi Arabia remains the largest regional construction market in the Middle
East, despite a contraction in construction in the kingdom in recent years

 

Construction output is forecast to recover in 2019, growing by 2.6 per cent,
before posting average growth of 3.8 per cent in 2020-2023.

 

 

 

 

ENGIE expands off-grid solar solutions in Africa

With the acquisition of Mobisol, ENGIE will provide solar home systems in
three additional countries, complementing the six countries where it is
present with its solar home system company Fenix International.

 

Mobisol’s focus on productive use products, combined with Fenix’s inclusive
home solar power systems, is set to enable ENGIE to offer an unparalleled
range of affordable energy products as well as extending its customer base
from rural to urban areas. The closing of the acquisition of Mobisol will
happen once all approvals of the relevant regulatory bodies are received.

 

ENGIE has activities in off-grid electrification in Africa. With its
subsidiary Fenix International, it provides access to energy and financial
services via its solar home systems to over 500,000 customers, improving the
quality of life for more than 2.5 million people in Uganda, Zambia, Nigeria,
Benin, Cote d’Ivoire and Mozambique.

 

Additionally, with ENGIE PowerCorner, it aims to supply affordable
electricity to rural populations through smart mini-grids powered by solar
energy and battery storage. PowerCorner provides 24/7 energy services to
households, local businesses and public services in villages across Tanzania
and Zambia. All of these services are enabled by digital financial solutions
such as mobile money and Pay As You Go technologies.

 

Isabelle Kocher, CEO of ENGIE, stated that with the acquisition of Mobisol,
ENGIE aims to provide clean energy and trigger economic activities for
households and entrepreneurs, generating additional income opportunities.

 

Universal electrification is the 7th of the United Nations Sustainable
Development Goals (SDGs) that the global community has committed to
achieving by 2030. More than 600 million people have no access to
electricity in Africa and by 2030 the continent is expected to be home to 80
per cent of the world’s off-grid population, according to the International
Energy Agency.

 

 

 

UK agrees on trade continuity with six African nations

The agreement allows businesses to continue to trade on preferential terms
with South Africa, Botswana, Lesotho, Namibia, Eswatini and Mozambique.

 

It also supports the economic development of these Commonwealth partners
laying the foundations for new trade and investment in the future.

 

This will help to strengthen further the trading relationship between the UK
and SACU+M nations, which was worth US$12bn last year.

 

Liz Truss, International Trade Secretary, said, “This trade agreement, once
it is signed and takes effect, will allow businesses to keep trading after
Brexit without any additional barriers.”

 

Truss also noted that in as much the trade agreement will be benefiting
British businesses; it will also support developing countries in reducing
poverty through trade.

 

Katy Ransome, the UK High Commissioner to Botswana added, “This agreement in
principle demonstrates our commitment to increasing trade with developing
countries and boosting economies across Southern Africa and the UK.”

 

“This new agreement, once it is signed and takes effect, ensures continuity
in our £9.7 billion trading relationship, allowing our businesses to
continue supporting our mutual prosperity and economic development.”

 

Wilson Del Socorro, global director of Government Affairs for Diageo PLC,
stated, “International trade is vital to Diageo as it allows us to reach
more consumers and markets around the world. Africa is an important growth
region for Diageo, including export markets like South Africa for scotch
whisky.”

 

 

 

South African Airways in talks with potential partners

The economy of the African continent’s most industrialised nation has come
under ever growing pressure as the government grapples with lacklustre
growth, high unemployment and a heavy debt burden, especially from
state-owned enterprises such as South African Airways (SAA) and power firm
Eskom.

 

“South African Airways is one of those state-owned enterprises that has
relied on lots of state bailouts,” Ramaphosa told the FT Africa conference
in London.

 

“We are on record as saying we are open to the participation of the private
sector. As we speak now, we’re talking to a few interested parties when it
comes to SAA.”

 

In September, the cash-strapped national airline said a government cash
injection of 5.5 billion rand ($372 million) had been approved for the
2019/20 financial year but that it still needed more money.

 

Ramaphosa also said his government realised it had to pursue prudent fiscal
policies in order to grow the economy, create jobs and attract investment.

 

“At a time when our fiscus is under great pressure, we are committed to
ensuring debt sustainability, improving the composition of spending and
reducing risks arising from contingent liabilities, especially of our
state-owned enterprises.”

 

The government is due to publish a number of key papers and decisions in the
coming days: a special paper laying out how to rescue Eskom and who will be
the utility’s new chief executive as well as the country’s long-term energy
plan, the so-called the Integrated Resource Plan (IRP).

 

Asked if he thought the government was doing enough to maintain its
investment grade rating with Moody’s, Ramaphosa said he expected “Moody’s
and others will be very happy.”

 

Moody’s is the last of the top three ratings firms to still rank Pretoria’s
debt at investment grade - Baa3 with a stable outlook - and has not made a
widely expected downgrade.

 

($1 = 14.7962 rand)

 

 

 

Guinea's Nimba iron ore project gets green light to export via Liberia

CONAKRY (Reuters) - Guinea and Liberia signed a deal on Friday to allow
several mines in Guinea, including the giant Nimba iron ore project, to
export through Liberia, officials from the West African countries said.

 

The logistics of transporting tonnes of raw materials to port from mining
sites in remote parts of Guinea has been a major hurdle for prospective
developers of the country’s vast mineral wealth.

 

The agreement, which builds on an initial memorandum of understanding signed
six years ago, is a victory for U.S.-Canadian investor Robert Friedland’s
HPX, which last month acquired Nimba, a high-grade deposit in southeast
Guinea.

 

“The mining projects in question are near the border with Liberia and cannot
be profitable if they export through Guinea’s coast,” Guinea’s mines
Minister Abdoulaye Magassouba told Reuters.

 

A graphite project owned by SRG Mining and a Zali Mining project would also
be able to export through Liberia under the deal, Magassouba said.

 

The authorisation to export via Liberia applies to the first 5 million
tonnes produced at the mines, Magassouba said, beyond which the government
will evaluate the feasibility of exporting via a 650-kilometre railway to
the Guinean coast.

 

The “Transguineen” railway is to be built by the eventual owner of the much
larger Simandou iron ore project, which the government insists must export
through a Guinean port. Fortescue and SMB-Winning have bid to develop the
mine.

 

Zogota, a nearby iron ore deposit owned by former Xstrata boss Mick Davis’
Niron Metals, has already negotiated an agreement to export through Liberia.

 

But Nimba and Zogota still need to reach agreements with Germany’s
ArcelorMittal, the sole rail concession holder in Liberia, to allow them to
use its infrastructure.

 

ArcelorMittal declined to provide an immediate comment.

 

 

 

 

South Africa's rand steady on thaw in trade tensions

JOHANNESBURG (Reuters) - South Africa’s rand inched slightly up in early
trade on Monday, holding near a 3-week high it hit in the previous session,
as risk sentiment strengthened following signs of progress in U.S.-China
trade talks and a Brexit breakthrough.

 

At 0610 GMT, the rand was 0.05% firmer at 14.7470 per dollar, not far from
Friday’s rally to 14.7100.

 

On Friday, U.S. President Donald Trump said the United States and China had
reached a “Phase 1” trade deal and suspended a threatened tariff hike,
spurring a rally of emerging market currencies led by the rand.

 

In South Africa, with no local data due in the session, positioning will
continue to be influenced to by offshore developments, traders said.

 

“The current levels of the local unit likely to attract some dollar buying
interest, technically an attempt on 14.6000 remains a likely scenario,”
traders at Nedbank said in a note.

 

Reports on Friday that European Union and Britain would hold intense talks
over the next few days to secure a deal for Britain’s departure from the
bloc as the Oct. 31 deadline looms large, also helped demand for currencies.

 

Bonds were slightly firmer, with the yield on the benchmark paper due in
2026 down 0.5 basis points to 8.23%.

 

 

 

 

Kenyan shilling stable against the dollar

NAIROBI (Reuters) - The Kenyan shilling was stable against the dollar on
Monday with inflows from offshore investors buying government debt and
tightening liquidity in the local money market helping meet dollar demand
from merchandise importers, traders said.

 

At 0905 GMT, commercial banks quoted the shilling at 103.70/90 per dollar,
compared with 103.75/95 at Friday’s close.

 

 

 

Egypt cuts stock exchange fees in bid to boost investments

(Reuters) - The Egyptian Financial Regulatory Authority (FRA) said on Sunday
it had approved lowering stock exchange trading fees to encourage investment
and competitiveness with other regional markets.

 

The decision will now be sent to the cabinet for final approval, the FRA
said in a statement.

 

The FRA approved cutting trading service fees to 0.005% from 0.00625%,
clearing and settlement fees to 0.0100% from 0.0125% and stock market
commissions to 0.0100% from 0.0120%.

 

The cost charged to investors for trading insurance would also fall to
0.005% from 0.010%. Trading service fees on bonds listed on the stock
exchange will be reduced to become half the trading service fees on shares
following the adjustment.

 

Other regional stock exchanges have similarly been reducing investor costs.
These include the Abu Dhabi Securities Exchange, which reduced commissions
by as much as 90% on July 1.

 

The Egyptian government plans to sell shares in some 23 state-owned
companies on the stock exchange, as part of a plan to raise 80 billion
Egyptian pounds ($4.93 billion) by selling minority stakes at the local
stock market. The programme has been repeatedly delayed, including due to
emergeing market turbulence last year.

 

($1 = 16.2300 Egyptian pounds)

 

 

 

Nigerian crude diffs crash as freight rates bite

LONDON (Reuters) - Differentials for Nigerian crude oil grades continued to
crash on Friday with the key grade being shown at its lowest level since
2005 owing to still rising freight rates as a result of U.S. sanctions on
China’s shipping company COSCO.

 

* Phillips 66 tentatively chartered a supertanker to ship U.S. crude from
the U.S. Gulf Coast to South Korea for a record $14 million this week,
sources said Thursday.

 

* Traders and ship brokers said that rates were still rising beyond that
level and that Bonny Light had been offered down to around dated Brent flat,
down from close to a $2.50 premium to dated Brent last week.

 

* In the Platts window, Cepsa bought a cargo of Amenam at dated Brent minus
$1.55 cents a barrel from Total loading Nov. 10-11.

 

* Bonny Light and Qua Iboe typically trade no more than $1-$1.10 a barrel
above Amenam, further illustrating the market collapse, a trader said.

 

* Forcados crashed earlier this week after Trafigura sold a cargo $1 below
an offer level on Monday.

 

* Cepsa also bought Bonny Light and Abo from Eni and Escravos from Equinor,
traders said. Price details did not immediately emerge.

 

TENDERS

* India’s IOC awarded its latest tender for west African crude loading Nov.
24 to Dec. 3 to Total, Chevron and Shell.

 

* India’s HPCL issued a buy tender for crude loading in the first quarter of
next year. Details will emerge next week.

 

 

 

 

 

 


 

 


 

INVESTORS DIARY 2019

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


Bindura Nickel Corporation

 

 

 


Padenga Holdings

 

 

 


Delta Corporation

 

 

 


Meikles Limited

 

 

 


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