Major International Business Headlines Brief::: 17 October 2019

Thu Oct 17 01:33:27 CAT 2019

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Major International Business Headlines Brief::: 17 October 2019

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*  World Bank court orders Tanzania pay $185 mln to Standard Chartered

*  South Africa's rand tumbles 1% as Eskom plans nationwide power cuts

*  Nigeria's land borders closed to all goods -customs chief

*  Mediclinic International sees higher first-half core profit

*  South Africa's retail sales up 1.1% year/year in August

*  Kenyan shilling stable against the dollar

*  African masts operator Helios Towers prices IPO at low end of range

*  IMF expects Egypt economy to grow 5.9% in year to end of June

*  Nigeria inflation rises in September from near four-year low

*  GM reaches 'tentative' deal with striking UAW workers

*  Netflix warns of a 'headwind' as new rivals loom

*  'Special relationship' won't guarantee UK-US trade

*  Global investors taking risks for higher returns, says IMF

 <mailto:info at bulls.co.zw> 

World Bank court orders Tanzania pay $185 mln to Standard Chartered

DAR ES SALAAM (Reuters) - Tanzania has been ordered by a World Bank
arbitration court to pay $185 million to the Hong Kong subsidiary of
Standard Chartered for breaching an energy contract.

The court’s ruling, which was released on Tuesday, adds to pressure on the
East African nation, which faces at least two other multi-million claims
from international investors.

The case stems from a legal battle between the Tanzanian government and
privately-owned independent power producer IPTL, which led to the dismissal
of several cabinet ministers in 2014.

The award by the World Bank’s International Centre for Settlement of
Investment Disputes is less than the $352.5 million sought by Standard
Chartered Bank Hong Kong, which was not immediately available for comment.

The government of Tanzania denied any responsibility and said it was not
planning to pay the damages.

“Neither the government nor (state power company) TANESCO, have a legal
liability in these cases,” Tanzania government spokesman Hassan Abbasi said
on Twitter on Wednesday.

Tanzania’s attorney general Adelardus Kilangi said that IPTL, not the
government, would have to pay Standard Chartered.

“When the award says that the Tanzanian government should pay Standard
Chartered Bank, the actual meaning is that the government should supervise
IPTL to make the payment,” he told Reuters.

IPTL did not immediately respond to requests for comment.

Tanzania faces at least two other cases at the World Bank tribunal.

U.S. firm Symbion Power said in 2017 it was seeking $561 million from
TANESCO at the Paris-based International Chamber of Commerce’s International
Court of Arbitration for breach of contract.

In 2017, a Canadian construction firm seized one of Tanzania’s new Q400
turbo-prop planes in Canada over a $38 million lawsuit related to a
compensation ruling by the International Court of Arbitration.

Aviation sources said Tanzania reached a settlement to secure the aircraft,
which was released in March 2018.

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South Africa's rand tumbles 1% as Eskom plans nationwide power cuts

JOHANNESBURG (Reuters) - South Africa’s rand tumbled more than 1% on
Wednesday to its softest level in a week after state power utility Eskom
said it would implement nationwide blackouts for the first time in more than
six months due to capacity shortages.

The rand was 1% weaker at 15.0550 per dollar, its lowest since Oct. 10, as
of 0615 GMT.

Eskom said it will cut up to 2,000 megawatts of power from the national grid
on Wednesday due to a shortage of generating capacity, starting at 0700 GMT
(9 am local time) and up until 2100 GMT.

The comments pushed the rand past the crucial 15.00 mark, with deeper losses
likely as the session wears on, traders said.

Struggling state power firm Eskom implemented one of the worst power cuts in
several years in February, hurting small businesses without backup power
generators and industrial firms that consume large volumes of power.

“There was an initial knee-jerk reaction to the announcement. And the longer
it (blackouts) goes on, the worse it will be for the rand,” said currency
dealer at TreasuryOne Andre Botha.

“Any improvement (in sentiment) will depend on clarity we get from now on
about what is happening. But there’s definitely negative risk across the
board,” Botha said.

A debilitating round of power cuts in February and March pushed
first-quarter economic growth into contraction and raised the likelihood of
the country losing its last investment-grade rating.

Bonds also weakened, with the yield on the benchmark government paper due in
2026 up 3.5 basis points to 8.27%.

Nigeria's land borders closed to all goods -customs chief

ABUJA/LONDON (Reuters) - Nigeria has closed its land borders to all movement
of goods and has no timeline for reopening them, the head of the nation’s
customs agency said, as part of an effort to curb smuggling.

“All goods for now are banned from being exported or imported through our
land borders and that is to ensure we have total control over what comes
in,” Hameed Ali, comptroller-general of the Nigerian Customs Service, told
reporters in Abuja on Monday.

Africa’s largest economy launched a partial border closure in August as part
of an effort to thwart smuggling of rice and other goods, and there had been
widespread local media reports of a broader closure.

But Ali’s announcement was the first official confirmation of a total
shutdown in trade across Nigeria’s land borders - including goods that had
been moving legally.

“We are strategising on how best the goods can be handled when we eventually
get to the point where this operation will relax for the influx of goods,”
he said. He did not give a timeline for any relaxation of the controls.

The closure has no impact on Nigeria’s economically crucial oil exports,
which are shipped out almost entirely via the nation’s seaports and offshore
oil platforms.

Ali added that despite the land border closure, it would still be possible
for goods to cross at points equipped with special scanners, but did not say
where those locations were.

Ali said reopening the borders would depend on the actions of neighbouring
states, and that as long as they and Nigeria were not in accord on what
goods should be imported or exported overland, the frontier would remain
shut.

The move is likely to make a variety of food items, such as rice, tomatoes,
poultry and sugar, more expensive for consumers. While it was illegal to
bring these items into the country via land borders even before the border
closure, they had been widely smuggled.

“Already we are seeing effects on prices and inflation and I’m guessing we
will see effects on Q3 GDP once that data comes out in November,” said Nonso
Obikili, director at the Turgot Centre for Economics and Policy Research in
Abuja.

Exports are also restricted, which will stop movements of cocoa and sesame
seeds via land borders, Obikili said.

Ali noted that legal exports could continue via seaports, but Nigeria’s
congested terminals and dilapidated road and rail networks make it difficult
to quickly change export routes.

Deliveries of gasoline in Nigeria had also dropped by nearly 20 percent
during the early stage of the border closure, according to the Petroleum
Products Pricing Regulatory Agency.

Gasoline, whose prices is capped in Nigeria, is frequently smuggled across
land borders and sold in neighbouring countries.

Mediclinic International sees higher first-half core profit

(Reuters) - Mediclinic International Plc said on Wednesday it expects higher
first-half core earnings, as the healthcare company’s Swiss business
adjusted to regulatory changes and its Southern Africa and Middle East
operations performed well.

The group, which is listed in London and Johannesburg, said reported revenue
for the six months ended Sept. 30 was about 9% higher, and earnings before
interest, tax, depreciation and amortization (EBITDA) before new accounting
rules was up about 5%.

Mediclinic has faced stricter regulations in Switzerland that have hobbled
growth and put pressure on margins. These include tariff reductions for
outpatients and a less favourable insurance mix.

Hirslanden, the Swiss business that accounts for almost half of the
company’s revenue, saw revenue rise about 5%, helped by higher patient
admissions.

“Hirslanden has continued to make good progress in adapting the business to
the regulatory changes affecting the Swiss healthcare system. Performance
during the first six months of the financial year was in line with
expectations,” Mediclinic said.

Revenue from Mediclinic Southern Africa, which comprises South Africa and
Namibia, rose about 7%, while the company’s Middle East unit was helped by
the ramp-up of Mediclinic Parkview Hospital in Dubai and a gradual
improvement in the Abu Dhabi business.

Mediclinic, which was founded in South Africa in 1983, runs 78 hospitals,
five sub-acute hospitals, 13 day case clinics and 22 outpatient clinics.

The company’s London-listed shares were 1.9% higher at 365.1 pence in early
trade.

South Africa's retail sales up 1.1% year/year in August

JOHANNESBURG (Reuters) - South African retail sales rose 1.1% year-on-year
in August following a 2% increase in July, Statistics South Africa said on
Wednesday.

On a month-on-month basis, sales were down 0.9% and up 1.8% in the three
months to the end of August compared with the same period last year, the
statistics body said.

Kenyan shilling stable against the dollar

NAIROBI (Reuters) - The Kenyan shilling was stable against the dollar on
Wednesday due to tightening liquidity in the local money markets and inflows
from diaspora remittances, traders said.

At 1230 GMT, commercial banks quoted the shilling at 103.55/75 per dollar,
the same as Tuesday’s close.

African masts operator Helios Towers prices IPO at low end of range

LONDON (Reuters) - African mobile networks operator Helios Towers has priced
its initial public offering at 115 pence per share, giving it a market
capitalisation of 1.15 billion pounds ($1.45 billion).

Helios shares will begin conditional trading on London Stock Exchange at
0700 GMT on Tuesday after selling a total of 250 million pounds of shares.

The company priced at the low end of its pricing range, as reported by
Reuters on Monday.

Investors will be watching closely to see how Helios fares in early trading
as the first post-summer IPO in London, after Kazakh fintech Kaspi.kz
postponed its float last week.

Helios operates phone masts in the Democratic Republic of Congo, Republic of
Congo, Ghana, South Africa and Tanzania.

It had shelved previous plans for its IPO amid concerns about political
risks in DRC and Tanzania.

Helios has said it will use the proceeds for expanding its services,
including possibly into new countries.

Kash Pandya, Chief Executive of Helios, said the float “signifies our
commitment to spreading mobile infrastructure across Sub-Saharan Africa”.

($1 = 0.7927 pounds)

IMF expects Egypt economy to grow 5.9% in year to end of June

CAIRO (Reuters) - Egypt’s economy is expected to grow 5.9% in the year
ending in June, the International Monetary Fund said on Tuesday — unchanged
from its April forecast but below the government’s target of 6% to 7%.

Analysts have hailed Egypt for tough economic reforms tied to a three-year,
$12 billion loan programme with the IMF agreed in late 2016, which has been
disbursed in full.

The reforms included devaluing the currency by about half, cutting energy
subsidies and introducing a value-added tax. Those changes have left many of
Egypt’s nearly 100 million citizens struggling to make ends meet.

In its World Economic Outlook, the Fund brought down its 2019/2020 forecast
for consumer price inflation to 10% from 12.3% six months ago.

Egypt said its economy grew by 5.6% in the 2018/19 year, slightly above the
IMF’s estimate of 5.5%, unchanged from April.

The World Bank forecast on Thursday that Egypt’s economy would grow by 5.8%
this fiscal year and estimated it grew 5.6% in 2018/2019, matching the
government’s figure.

The IMF forecast Egypt’s current account deficit would widen to 2.8% of GDP
this fiscal year from its 1.7% estimate in April. It also widened its
estimate for last year’s current account deficit to 3.1% from 2.4%.

The IMF improved its expectations for unemployment in Egypt, predicting it
would fall to 7.9% this fiscal year, down from its estimate of 8.3% six
months ago. It also estimated unemployment in 2018/19 at 8.6%, below its
April expectation of 9.6%.

“A loss of reform momentum would reduce growth and potential output and put
pressure on unemployment, given the fast-increasing labor force,” the IMF
said in its final review of Egypt’s reform programme, written in July and
released this month.

“The transition to a transparent market-based economy will require further
broadening and deepening of reforms and their sustained implementation
beyond the current program, particularly regarding long-standing problems of
weak governance, rent seeking, vulnerabilities to corruption, and the heavy
presence of the state in the economy.”

The IMF said last year that Egypt will have a working age population of 80
million by 2028. Creating jobs for so many people will be a challenge for a
country with a notoriously bloated and inefficient public sector, and where
the state controls vast swathes of the economy.

Nigeria inflation rises in September from near four-year low

ABUJA (Reuters) - Higher food prices helped push up annual inflation in
Nigeria last month after three consecutive months of declines, the National
Bureau of Statistics said on Tuesday.

Nigerian inflation rose to 11.24% in September from 11.02% in August, which
was its lowest in almost four years. Inflation had been falling steadily
since May.

The International Monetary Fund said last week that the planned introduction
of a sales tax to partly finance the government’s record 2020 budget and a
new minimum wage could help drive up inflation.

Tuesday’s data showed food price inflation, the main driver of overall
inflation rose to 13.51% in September from 13.17% a month earlier.

In August, the government partially closed its western border with Benin to
curb rice smuggling which it says is threatening attempts to boost domestic
production.

The government wants Nigeria to be self-sufficient in rice and has imposed
import controls but these have kept prices high and led to smuggling from
Benin into Nigeria.

Governor Godwin Emefiele has said the central bank will maintain its tight
monetary stance in 2019, and sees inflation at 11.31%, rising to 12% this
year before moderating.

Nigeria emerged from its first recession in 25 years in 2017 but growth
remains fragile, although higher oil prices and recent debt sales have
helped the continent’s biggest crude producer to accrue billions of dollars
in foreign reserves.

Inflation peaked at 18.7% in January 2018 and has been in double digits for
three years.

GM reaches 'tentative' deal with striking UAW workers

The United Auto Workers (UAW) union has announced a tentative deal with
General Motors after weeks of negotiations and one of the longest strikes in
the company's history.

The four-year agreement, which would cover almost 50,000 workers, signals a
possible end to the month-long walkout, which has halted work at factories
and cost the carmaker millions of dollars.

The deal remains subject to approval by UAW leaders and its members.

Details were not immediately available.

Negotiations have covered wages, healthcare, profit-sharing and job
security.

The union has also been fighting to stop GM from closing car assembly plants
in Ohio and Michigan, which the company has said were necessary in response
to a slowdown in auto sales.

Union negotiators said the accord included "major gains" for members.

"The number one priority of the national negotiation team has been to secure
a strong and fair contract that our members deserve," said UAW vice
president Terry Dittes, director of the UAW GM department.

"Out of respect for our members, we will refrain from commenting on the
details until the UAW GM leaders gather together and receive all details."

GM confirmed the tentative agreement, but declined to provide further
details.

Shares in General Motors rallied about 2% after the announcement. However,
the UAW must vote to end the strike before staff return to work.

The strike started last month after the union's previous four-year contract
with GM expired. It is the first stoppage since 2007, when there was a
two-day walkout.

GM reported profits of $8bn last year, but it has maintained a focus on
remaining nimble, unveiling plans to close existing plants or shift
investments, as costs rise, sales slow and the industry shifts to
self-driving and electric cars.

However, workers say they have been patient as the car giant recovered from
the troubles that forced a government-led bailout in 2009.

At the time, workers agreed to pay caps and to allow GM to hire temporary
workers, who receive lower pay. The union had hoped to remove those
concessions this time around.

Negotiations started in July, but the two sides failed to reach a deal by
September, leading to the strike.

It is the longest in decades and its impact has been felt throughout the
Michigan economy.

Analysts estimate it is costing GM about $90m a day. Workers have been
relying on strike pay of about $250 a week from the UAW.

Any deal is expected to set the tone for negotiations with other carmakers,
including Ford and Chrysler.--BBC

Netflix warns of a 'headwind' as new rivals loom

Netflix has warned investors that it faces a "headwind" in coming months, as
rivals such as Apple and Disney launch competing services.

The forecast comes as the video streaming company is already seeing its
membership growth slow.

The firm added about 6.8 million paid subscribers in the three months to 30
September, just shy of its prediction of seven million.

It said the miss was the consequence of an earlier price increase in the US.

The company added about 500,000 new members in the US and 6.3 million from
overseas, contributing to a total of more than 158 million paid subscribers.

Eric Haggstrom, analyst at eMarketer, said the slowing growth "spells
trouble", given that the products from Apple and Disney have yet to debut.

Those companies are due to launch streaming products in November. Other
companies are getting in the game, including HBO and NBCUniversal. Even
cinema chain AMC Theatres announced its own streaming service this week.

Streaming wars: Can Disney topple Netflix?

Netflix sued over When They See Us

"The fact that Netflix has shown disappointing growth without the new
competition present, is a negative omen for Netflix in 2020 and beyond," Mr
Haggstrom said.

However, the firm's shares gained in after-hours trade, as its performance
was better than had been expected.

'Modest headwind'

Netflix had been under a cloud since last quarter, when it revealed it had
lost US streaming customers for the first time in eight years and missed
targets for new subscribers overseas.

This quarter, the firm reported profit of $665m, up 65% from $403m a year
earlier. Revenue rose 31% to $5.25bn from about $4bn.

Netflix leaders said they remained confident of the firm's long-term
prospects, noting that the firm has been competing against traditional
television and firms such as Amazon and YouTube for years.

"While the new competitors have some great titles (especially catalogue
titles), none have the variety, diversity and quality of new original
programming that we are producing around the world," they wrote in a letter
to shareholders.

New streaming services are more likely to steal audiences from traditional
television, they added.

"There may be some modest headwind to our near-term growth," Netflix said.
"In the long-term, though, we expect we'll continue to grow nicely given the
strength of our service and the large market opportunity."--BBC

'Special relationship' won't guarantee UK-US trade

The UK should not expect that its "special relationship" with the US means
it will get more favourable terms when it comes to trade.

That was the warning from former US trade chief, Michael Froman, talking
exclusively to the BBC.

The US would not compromise its own economic interests, he said.

His comments came as new tariffs on UK exports, including Scottish single
malt whisky and Scottish cashmere, are set to come into force on Friday.

Whisky and cashmere are amongst a range of products that will see a 25%
tariff imposed when they are sold to US customers, as a result of a
15-year-long trade dispute between planemakers Airbus and Boeing.

The World Trade Organisation has given the US the green light to impose
$7.5bn in tariffs (taxes) on EU products after a ruling that member states
in the EU (UK, Germany, France, Spain) had provided illegal subsidies to
Airbus.

Scottish businesses feel they have been unduly punished. But Mr Froman, who
was the United States' trade representative under President Obama, said the
UK should not expect special treatment.

"Just because we have a special relationship, it doesn't mean that we're
willing to sacrifice our economic interests in the context of a trade
dispute or a trade negotiation," Mr Froman said.

"That by the way applies to whatever future trade agreement is agreed
between the US and the UK as well," he added.

Dragged in

The impact of the tariffs imposed this week falls particularly hard on
Scotland as rival products from the EU - such as single malt from the
Republic of Ireland and cashmere from Italy - have been spared the tariffs.

Patricia Dillon from Speyside distillery near Aviemore said she felt the
company was being unfairly drawn into a dispute not of its making and would
have to review its plans to increase the 60,000 litres of Spey whisky it
currently exports tariff-free to the US.

"We feel we have been dragged into a trade war that has nothing to do with
us whatsoever," she said.

"A 25% tariff is not something we can absorb, so we have to reconsider our
position in the US market."

At cashmere maker Johnston's of Elgin, chief executive Simon Cotton said the
tariffs would put his company at a disadvantage to their main Italian rivals
and would limit its future growth plans.

"This is going to hit consumers in the US, their cashmere will be more
expensive. That in turn means we will be able to export less, grow less and
we will have to downscale our plans."

Highest priority

Michael Froman insisted the UK was not being unfairly targeted - as there
would be tariffs on French German and Spanish products.

But what the dispute illustrates is that trade is very complicated: it's a
balancing act between international and domestic politics and economics.

In this detailed and delicate balance, not every sector will win. Some will
have to lose for both sides to get something out of it.

On a more fundamental level, Mr Froman says the UK is going to have to make
some very difficult choices if it is serious about concluding a trade deal
with the US.

"The UK in particular is in a difficult position. After Brexit it has got to
decide how closely it wants to remain aligned with EU regulations - which is
still its biggest trading partner - and how much it wants to open itself up
to partners with different standards - like the US."

The UK government told the BBC that securing a trade deal with the US is one
of its highest priorities. Is it as high as securing a trade deal with the
EU? That's important because a trade deal with one makes a trade deal with
the other more difficult.

As for the tariffs coming in this week - the subject was raised on a
personal call with Donald Trump last week with the prime minister urging him
to rethink.

Johnston's of Elgin is hoping that Johnson of Downing Street can persuade
the US to give Scottish business a last minute reprieve.--BBC

Global investors taking risks for higher returns, says IMF

The International Monetary Fund has warned that risks to global financial
stability remain high.

In its latest economic assessments, the IMF says lower interest rates are
encouraging financial risk-taking.

It also says leading economies should be prepared for co-ordinated use of
government finances if there is a severe downturn.

Countries that can afford to, the IMF says, should use tax and spending
measures to boost economic activity.

The IMF has already warned this week of weakening economic performance and
risks to the outlook.

Two new reports, and accompanying blogs from senior IMF officials, focus
directly on financial stability and government finances.

Central banks trying to combat economic weakness - which the IMF blames to a
substantial extent on trade tensions - and persistently low inflation have
cut interest rates and taken other steps to provide some stimulus.

The IMF's economists welcome these moves, but there is also a warning that
they have come at a cost:

"They encourage investors to take more chances in a quest for higher
returns, so risks to financial stability and growth remain high in the
medium term," the Fund says.

World growth 'slowest since financial crisis'

IMF names Kristalina Georgieva as new head

Low borrowing costs have led companies to borrow more and their ability to
keep up the debt payments is weakening.

The IMF looked at the possible consequences of an economic slowdown, half as
severe as the financial crisis a decade ago. The result is sobering, IMF
officials say.

A total of $19 trillion of debt would be owed by firms that could not cover
interest costs from their earnings.

That is almost 40% of corporate debt in the economies concerned, which
include the US, China and some European economies.

In addition, the ultra-low interest rates have encouraged investors such as
pension funds and insurance companies to seek riskier, but more lucrative
assets.

Low interest rates in the developed world have also led to more money going
to emerging economies, where debts are building. If interest rates were to
rise, it would be harder for them to keep up their debt payments.

Downturn fears

Another problem with the ultra-low interest rate policy - noted in the IMF'
s assessment of the general economic outlook - is that it leaves central
banks with limited options to tackle a downturn.

So attention has turned to government finances or fiscal policy. The IMF's
assessment of that area is that countries whose government finances are in
good shape should use their budgets to support demand for goods and
services.

Germany is widely seen as the obvious example of a country that could do
this. The government has a budget surplus - it is spending less than it
collects in taxes, and has done every year since 2012.

The country's economy has been hit by the global trade tensions and it might
well be in recession. The government is, however, reluctant to open the
spending tap, partly perhaps because the unemployment rate is one of the
lowest in the world.

In many other economies, however, the IMF says public debt and interest
burdens are high and rising. These countries need to follow prudent
policies, it adds.

If there is a severe downturn, though, the IMF says countries should be
prepared for co-ordinated action.--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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