Major International Business Headlines Brief::: 18 October 2019

Fri Oct 18 01:12:44 CAT 2019

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Major International Business Headlines Brief::: 18 October 2019

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*  Kenya's president refuses to sign the budget over rate cap

*  Shell aims to operate Egypt concessions in H2, 2020

*  South Africa's rand slides further as blackouts return

*  Ethio Telecom Q1 revenues up 21% year-on-year

*  Kenyan shilling stable on tightening liquidity

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

*  Nigeria govt can't recover $62 bln sought from oil majors -minister

*  Pound's gains erased amid Brexit deal jitters

*  NBA facing 'substantial' losses over China dispute

*  Facebook chief rules out banning political adverts

*  Tesla gets the go-ahead to build cars in China

*  Dior apologises for using China map without Taiwan

 <mailto:info at bulls.co.zw> 

Kenya's president refuses to sign the budget over rate cap

The move was the latest in a running dispute over the rates cap, which the government and banking officials say is debilitating to the economy because it stalls lending.

In 2016, the government limited rates banks can charge customers to four percentage points above the central bank’s benchmark - currently 9% - saying they were concerned about high rates.

Last month, lawmakers rejected a June request by the Treasury to remove the cap, saying lenders had not proven they could be trusted to lower rates without pressure.

The move was the second attempt by the government to repeal the cap after a similar try last year was blocked by lawmakers.

“The capping of interest rates has not addressed the intended objective particularly in expanding credit access,” Kenyatta said in the note to parliament.

Kenyan bank shares surged on the Nairobi bourse after the news.

The cap has cut private sector credit growth as commercial banks cut off millions of low-income customers deemed too risky to lend to, government officials and bank executives say.

It has also had a knock-on effect on the real economy as credit-starved businesses lay off workers and real estate developers find it hard to sell homes to a credit-short market.

“Investors will react positively to this news, in light of the harmful effects of the loan rate cap on Kenya’s growth prospects, and the unnecessary complication that it creates for policy,” said Razia Khan, head of research for Africa at Standard Chartered in London.

The central bank, which found in a study last year that the cap had probably cut 0.4% from 2017’s economic growth, has complained that the cap has also made it hard it to transmit its monetary policy signals.

It takes an average of 3-5 months longer for policy decisions to be transmitted under the capping regime compared with a free interest rate regime, Kenyatta said, citing research by the central bank.

Loansharks and other unregulated lenders have seized advantage of the gap created by the cap, charging desperate borrowers exorbitant rates, he said.

Lawmakers have the option of removing the cap from the bill or overruling the president if two thirds of the 349 members vote to override his position, said Aden Duale, parliament’s majority leader.

“The house will deal with the matter in the next two weeks and will make a decision,” Duale told Reuters.

Legislators who spoke to Reuters said it was too early to tell how the house will vote but some agreed with the president.

“I’m in favour of repealing the cap. This cap is a just a decoration, just a feel-good thing because we cannot get credit from banks. I’m also a businessman,” said Moses Kuria, a lawmaker from Kenyatta’s ruling Jubilee party.

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Shell aims to operate Egypt concessions in H2, 2020

ALEXANDRIA, Egypt (Reuters) - Royal Dutch Shell is aiming to start operating in its concession areas in Egypt in the second half of 2020, a senior executive said.

Shell won three oil and two gas concessions in Egypt in February.

Eni, BP and Exxon Mobil also won some of a total of 12 tenders as Egypt looks to sustain an investment upswing spurred by major discoveries.

Shell has also applied to take part in a bidding round in Egypt for oil and gas drilling in the Red Sea, Gerald Schotman, executive vice president upstream JVs at Shell, told Reuters.

The company would be also interested in any bidding for oil and gas drilling in the Mediterranean Sea should it open as Shell wanted to expand in Egypt, Schotman said in an interview in Alexandria.

He said the Egypt did not owe Shell any arrears.

Arrears to foreign oil companies accumulated after the 2011 uprising that toppled President Hosni Mubarak and reached $6.3 billion in the 2011/2012 fiscal year.

Petroleum Minister Tarek el-Molla said in July that Egypt’s arrears to foreign oil companies had declined to $900 million.

Eni’s discovery of the giant Zohr field in 2015, the largest in the Mediterranean and estimated to hold about 30 trillion cubic feet of gas, has raised interest in exploration in Egypt.

The country has reached maritime demarcation agreements with several countries in its push in recent years to increase oil and gas exploration.

South Africa's rand slides further as blackouts return

JOHANNESBURG (Reuters) - South Africa’s rand inched lower early on Thursday, extending the previous session’s sharp drop as the latest nationwide power cuts by state utility Eskom renewed fears of credit ratings downgrades.

At 0610 GMT, the rand was 0.08% weaker at 14.9520 per dollar, after sliding as much as 1% to a one-week low 15.0550 in the previous session.

Eskom said break-downs at some of its coal-burning plants hit its power generation ability, forcing it to shave supply to the national grid.

Debilitating power cuts in February and March pushed first-quarter economic growth into contraction and raised the likelihood of South Africa losing an investment-grade rating.

Moody’s is the last of the big three credit rating agencies to have an investment grade rating on South Africa and is due to deliver its latest credit review on Nov. 1, two days after Finance Minister Tito Mboweni gives his mid-term budget speech.

Mboweni is set to hold a meeting on Thursday to discuss policy proposals on how to grow the economy.

Bonds were flat in early trade, with the yield on the benchmark government issue due in 2026 steady at 8.265%.

Ethio Telecom Q1 revenues up 21% year-on-year

ADDIS ABABA (Reuters) - Ethiopia’s state-run Ethio Telecom saw total revenues rise 21% in the first quarter of its fiscal year compared with the same period a year earlier, the company said on Thursday, showing healthy growth as it prepares for foreign competition.

The company’s total revenue reached 10.1 billion Ethiopian birr ($343 million), with subscriber numbers up 10% on the year to 44.45 million.

“We have revamped existing products and we have also launched new ones. Our discounted tariffs on internet and data meant usage increased by 92% as costumers started using such services more,” CEO Frehiwot Tamiru told Reuters by phone.

Ethio Telecom announced a three-year plan in August aimed at installing 4G network in the capital Addis Ababa as well as in other regions and to upgrade other network services.

Frehiwot said the company was preparing to roll out 4G.

Prime Minister Abiy Ahmed has announced major economic and political reforms since his appointment last year and has pledged to open up the largely state-controlled economy to private investment. The government is moving fastest in the telecoms sector.

In July, the government said it would award two telecoms licences to multinational mobile companies.

Plans for Ethio Telecom are not yet public, although it has appointed international firm KPMG to value its assets.

Kenyan shilling stable on tightening liquidity

NAIROBI (Reuters) - The Kenyan shilling was stable against the dollar on Thursday supported by tightening liquidity in the local money market as banks cut their long dollar positions to meet local reserve ratio requirements, traders said.

At 0915 GMT, commercial banks quoted the shilling at 103.65/75 per dollar, the same as Wednesday’s close.

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.

Nigeria govt can't recover $62 bln sought from oil majors -minister

ABUJA (Reuters) - Oil minister Timipre Sylva said Nigeria knows it cannot recover $62 billion from oil majors despite ongoing cases against the companies for money the government believes it is owed.

“Nobody can bring out that kind of money,” Sylva told reporters after a weekly cabinet meeting in Abuja. “I mean, we can’t get $62 billion. We can maybe get something from them but not $62 billion. It’s an opportunity we have lost.”

Nigeria has been fighting for the cash under a 1990s law that states it can revisit production-sharing contracts on oil output if crude prices exceed $20 a barrel.

Sylva said talks about recouping some money from oil majors, such as Shell, Chevron, ENI and ExxonMobil, were ongoing.

The companies received individual requests for cash in February, with one telling Reuters its bill was nearly $10 billion. Shell and Chevron are fighting the cases in court, according to scheduled cases seen by Reuters.

Sylva said the government must quickly pass amendments to the underlying law to ensure it did not miss out on more revenue.

“We have to ensure that this bill is passed. With this bill now, there will be some adjustments in the fiscal regime and we believe that the government will get a lot from the oil companies, especially their deep shore exploration activities.”

The senate passed amendments to the bill on Tuesday. Last week, President Muhammadu Buhari said the government could get an additional $500 million in 2020 and $1 billion in 2021 by revising the law.

The government in Africa’s largest oil exporter relies on oil for some 90% of foreign exchange. Oil prices rose to more than $100 a barrel in 2014 before a sharp drop that triggered a 2016 recession in Nigeria, leaving the government struggling to fund its budgets.

Pound's gains erased amid Brexit deal jitters

The rally in the pound triggered by news of a Brexit agreement has failed to last following concerns that the deal could still be scuppered.

Sterling had surged to a five-month high against the dollar, coming close to $1.30, after the UK and EU's negotiating teams agreed a deal.

However, the pound began to lose ground after Northern Irish party the DUP said it would not vote for the deal.

Sterling fell back below $1.28 in early afternoon before steadying again.

There was a similar pattern against the euro. At first the pound jumped above €1.16, before falling back to stand at €1.1582.

Worries about the possibility of the UK leaving the EU without a deal have been weighing on the value of the pound, as markets view a no-deal Brexit scenario as damaging for the UK's economy.

Sterling has risen in value whenever there have been signs that a deal could be reached.

Pound v Dollar

Announcing news of the breakthrough in the Brexit talks, UK Prime Minister Boris Johnson tweeted: "We've got a great new deal that takes back control."

European Commission President Jean-Claude Juncker said the deal was "a fair and balanced agreement for the EU and the UK and it is testament to our commitment to find solutions".

"I recommend that [EU summit] endorses this deal."

Paul Dales, chief UK economist at Capital Economics, said: "If the Brexit deal agreed by the EU and UK earlier today passes through Parliament, then there is scope for economic growth, interest rates, gilt yields and the pound to all rise further than is widely expected."

The agreed deal will still need the approval of both the UK and European parliaments, but the opposition from the DUP has cast doubts on its sign-off.

In a statement, the DUP, which the government relies on for support in key votes, said: "These proposals are not, in our view, beneficial to the economic well-being of Northern Ireland and they undermine the integrity of the Union."

Pound v Euro

Analysts warned that this opposition from the DUP could scupper the deal.

Michael Brown, senior analyst at Caxton, noted that "some of the wind has been taken out of the pound's sails after reports that the DUP are not yet on board to back a deal".

"The Parliamentary arithmetic for passing a deal looks challenging," he said. "Attention will continue to focus on whether the new agreement will pass in the Commons on Saturday."

Seema Shah, chief strategist at Principal Global Investors, said: "Sterling is giving us the clearest indication of market sentiment on Boris Johnson's Brexit deal.

"Immediately after the deal was announced this morning, sterling rose to within a whisker of $1.30, before weakening back to around $1.28 as concerns about the DUP's lack of support took its toll.

"Negative positioning suggests that, if the deal passes on Saturday, you could see another climb in the pound to around $1.35-$1.40.

"If the deal fails on Saturday, you could see sterling re-testing lows of $1.20. Looking beyond that, if a 'no-deal Brexit' once again rears its ugly head, a level of $1.10 or below would be likely."

News of the agreement initially lifted the stock market too, but by the close, the FTSE 100 index had fallen back and closed just 0.4% higher.

The prime minister wrote an open letter to British businesses following the deal's announcement, recognising business leaders' need for certainty and their preference for leaving the EU with a deal.

He said his deal would provide "the basis of a new relationship with the EU based on free trade and friendly co-operation".

"We can now get Brexit done and leave the EU in two weeks' time, without disruption and in a friendly way," the letter said.

Adam Marshall of the British Chambers of Commerce said many businesses would "reserve judgement until they see the detail", adding that firms "need a chance to analyse precisely what the terms of this agreement would mean for all aspects of their operations".

"Let's not forget, we've been here before," he added. "There is still a long way to go before businesses can confidently plan for the future.

"For business, this deal may be the end of the beginning - but it is far from the beginning of the end of the Brexit process."--BBC

NBA facing 'substantial' losses over China dispute

The US National Basketball Association has suffered "substantial" losses after an online comment from a team executive prompted a crisis in its relations with China, the NBA's head has said.

"The financial consequences have been, and may continue to be, fairly dramatic," Adam Silver said.

Earlier this month Houston Rockets' manager Daryl Morey tweeted support for pro-democracy protesters in Hong Kong.

As a result Chinese firms suspended sponsorship and telecast deals.

The state-run broadcaster CCTV and Tencent Holdings, which streams NBA games in China, said they would stop broadcasting Rockets' matches.

The Chinese Basketball Association suspended co-operation with the Houston Rockets, as did Chinese sportswear brand Li-Ning, and the club's sponsor in China, Shanghai Pudong Development Bank.

Mr Silver said: "The losses have already been substantial.

"Our games are not back on the air in China as we speak, and we'll see what happens next," he told Time magazine's Time 100 Health Summit in New York.

How one tweet derailed the NBA's China game plan

Hong Kong protests explained in 100 and 500 words

The NBA is hugely popular in China with around 800 million fans supporting millions of dollars of business.

Basketball in China

Basketball is the most popular sport in China with 300 million people playing the game. according to the NBA.

The NBA has had a presence in China since 1992 when it opened its first office in Hong Kong.

The Houston Rockets are widely followed in China after it signed Chinese player and eight-time NBA All-Star Yao Ming in 2002.

NBA China, which conducts the league's business in the country, was launched in 2008 and is now worth more than $4bn, according to Forbes.

Mr Morey's tweet captioned "Fight For Freedom. Stand With Hong Kong", prompted a furious backlash in China and Mr Silver said the Chinese government had called for Mr Morey to be sacked. But Mr Silver has defended his right to express his opinion.

"We were being asked to fire him by the Chinese government, by the parties we dealt with, government and business," Silver said. "We said there's no chance that's happening. There's no chance we'll even discipline him."

"The values of the NBA - the American values, we are an American business - travel with us wherever we go. And one of those values is free expression."

Mr Silver said he understood the point of view that the NBA should withdraw from all activities in China, due to authoritarian nature of the regime but said the NBA felt that "constructive engagement, especially in sports, is very positive".--BBC

Facebook chief rules out banning political adverts

Facebook's founder Mark Zuckerberg has said he does not think it is right for a company to censor politicians or the news in a democracy.

He was giving a speech in Washington DC following weeks of criticism over the firm's decision not to ban political adverts that contain falsehoods.

He added he had considered barring all political ads on his platforms.

But he said he believed the move would favour incumbent politicians and whoever the media chose to cover.

And Mr Zuckerberg said that even if he had supported the idea, it was not clear where his firm would draw the line.

Instead, he said, he had decided the company should "err on the side of greater expression".

"We're at another crossroads," he said.

"We can either continue to stand for free expression, understanding its messiness but believing that the long journey towards greater progress requires confronting ideas that challenge us. Or we can decide that the cost is simply temporary.

"The future depends on all of us," he added.

"And whether you like it or not. I think we need to recognise what is at stake, and come together to stand for voice and free expression at this critical moment."

Mr Zuckerberg referenced Martin Luther King Jr's imprisonment in Birmingham Jail, Alabama as an example of a previous backlash against free expression.

But the comparison drew criticism from the late civil rights campaigner's daughter, who said that disinformation spread by politicians had helped lead to her father's murder.

China ban

The speech was delivered at Georgetown University in Washington DC, after which the audience was invited to ask questions. However the question-and-answer section was not broadcast on a livestream provided to the public.

During his talk, Mr Zuckerberg also took the opportunity to make a dig at Chinese rival TikTok, which he said was censoring news of political protests.

And he suggested that his thwarted attempts to bring Facebook and Instagram to mainland China had worked out for the best.

"I wanted our services in China because I believe in connecting the whole world and I thought maybe we can help create a more open society," he explained.

"But we could never come to agreement on what it would take for us to operate there there, and they never let us in.

"And now, we have more freedom to speak out and stand up for the values that we believe in and fight for free expression around the world."

Misleading ads

The event came three days after it emerged that since July, the Facebook chief executive had hosted private dinners at several of his homes to which he had invited conservative journalists, commentators and at least one Republican politician. These social events followed claims that the firm had shown bias against the right.

Facebook has also recently been attacked on the left, by two of the leading candidates in the contest to be the Democratic Party's candidate for the 2020 presidential election.

Last week, Senator Elizabeth Warren paid to run an intentionally misleading advert on its platform that claimed Mark Zuckerberg had personally endorsed Donald Trump for re-election.

She said she had done so in protest against the firm's decision to allow politicians to run ads containing" known lies".

"When profit comes up against protecting democracy, Facebook chooses profit," she claimed.

A spokesman for Joe Biden had previously criticised the firm for refusing to remove a video posted by Donald Trump's re-election campaign which promoted an unproven conspiracy theory involving the former vice president and his son.

"It is unacceptable for any social media company to knowingly allow deliberately misleading material to corrupt its platform," Mr Biden's press secretary said.

'New tobacco'

Mr Zuckerberg has also faced recent criticism from some of his Silicon Valley peers.

On Wednesday, Salesforce chief executive Marc Benioff described Facebook as being the "new cigarettes - it's addictive, bad for us, and our kids are being drawn in".

He also said that the company should be broken up to prevent it gathering so much data on the public.

"Why they can't say that trust is our highest value is beyond me," he added.

Apple's Tim Cook has also criticised Facebook in the past. He has claimed it lets people's personal data be patched together and used against them, and suggested that its cryptocurrency plans go beyond the bounds of where private companies should operate.

However, he has done so without mentioning the social media's firm by name.

I think Mark Zuckerberg may have prepared by watching Barack Obama's speeches.

The Facebook chief gave emphasis to his key points by delivering them in short bursts.

"At least we can... disagree!"

"That's what freedom of expression...is!"

I could almost hear the 44th president's accent.

There was a time, of course, when we thought Mr Zuckerberg fancied himself as a future president. But if it's no longer likely he'll lead the US, he perhaps sees a chance to lead on a defining issue: the changing nature of free expression.

Progressive regimes in history, he noted, have allowed more speech, not less. And, in what will play well in the corridors of western power, he repeated his view that restricting what people say on the internet - he meant Facebook - could cede power of the internet to China's tech giants rather than Silicon Valley's.

I often flip between thinking Mr Zuckerberg is right to say Facebook should take a light-touch approach to limiting what people can post, and seeing a chief executive who is reneging on a responsibility to fix his creation.

Ultimately, I believe, a big part of the problem isn't that people use Facebook to express themselves, but that it then tends to amplify the most outrageous, divisive content.

Even so, Mark Zuckerberg has achieved some important things today. First, he's clearly and openly asked for help.

And second, he's elevated the current debate on online speech into one of historical importance, a "crossroads" in line with the American civil rights struggle.

A hero of that movement, Congressman Elijah Cummings, died on Thursday - and Mr Zuckerberg paid tribute.

Cummings was a legendary advocate of free speech - but also a man who called loudly for Mr Zuckerberg to get his house in order.--BBC

Tesla gets the go-ahead to build cars in China

Tesla has been given the green light to start manufacturing its cars in China.

The electric carmaker, which is run by billionaire Elon Musk, is building a $2bn (£1.5bn) factory in the eastern city of Shanghai.

Tesla plans to build at least 1,000 of its Model 3s each week in the Chinese factory, which could be up and running within weeks.

The new factory will give Tesla access to China, which is the world's biggest car market.

It would also help the company avoid higher import tariffs that are imposed on cars made in the US.

The new factory, known as the Gigafactory 3, is the first fully-foreign owned car plant in China.

Permission to build the plant has been seen as a sign that Beijing is looking to open up its car market.

Authorities in Shanghai have offered Tesla some help to speed up construction of the plant. Meanwhile, China excluded Tesla vehicles from a 10% tax on cars.

Announcing that it had broken ground at the site of the factory in January, Mr Musk said the plant would build "affordable versions" of the Tesla Model 3 - the carmaker's mass market vehicle - and its proposed Model Y for the Greater China region.

"Aiming to finish initial construction this summer, start Model 3 production end of year [and] reach high volume production next year" the entrepreneur tweeted at the time.

In August, Mr Musk visited the new factory on a trip to China, where he sparred with Alibaba's Jack Ma in a debate at an AI conference.

Tariff hit

The push into China comes amid ongoing trade tensions between Beijing and Washington.

US carmakers have been vocal critics of President Donald Trump's tariffs, which have targeted the car sector among others.

In October last year, Tesla warned that tariffs in China were creating challenges.--BBC

Dior apologises for using China map without Taiwan

Christian Dior has become the latest foreign brand to apologise to China after it used a map that Beijing sees as misrepresenting its territory.

The French luxury brand was criticised on Chinese social media after an employee reportedly used a China map in a presentation that excluded Taiwan.

Taiwan has been self-ruled since the 1950s, but Beijing's official policy is that the island is a Chinese province.

Dior apologised for the "mistake in representation" made by an employee.

Brand 'witch hunt' takes over Chinese internet

Vietnam pulls film over South China Sea map

The row broke out after a video was posted online anonymously claiming to show a Dior employee giving a talk at a university in China and showing the map.

It sparked a huge reaction on social media, as people complained that Dior was not respecting Chinese territorial claims.

"Dior statement" was one of the top 10 most searched items on Weibo on Thursday.

"The company firstly deeply apologises for the incident on 16 October 2019 where a member of the Dior HR team was... giving a presentation when [the employee] made a mistake in representation and gave an incorrect explanation," the company said in its statement.

Christian Dior said it had done a "diligent investigation", adding it would "seriously handle" the matter.

"Dior has always respected and upheld the principle of one China, strictly upholding China's rights and complete sovereignty, treasuring the feelings of Chinese citizens," it added.

Versace apologises after T-shirt angers China

Swarovski apologises to China over Hong Kong error

In recent years, Chinese social media users have aggressively been pursuing companies which they believe are challenging China's territorial claims.

China is a huge market for luxury brands, so they are keen not to risk negative PR or a boycott by offending Chinese consumers.

Versace apologised in August after an image on one of its T-shirts appeared to imply Hong Kong and Macau were independent territories.

Coach and Givenchy have also faced a backlash recently over the representation of Chinese territories on some of their garments.

Airlines and hotel chains have also had to apologise after listing Taiwan as a separate country on their booking menus, not as part of China.

Earlier this week, Vietnam banned the animated movie Abominable over another map row.

The film, the first tie-in between Dreamworks and China's Pearl Studio, briefly displayed a map that showed areas of the South China Sea claimed by Vietnam as being Chinese territory.--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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