Major International Business Headlines Brief::: 23 October 2019

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Major International Business Headlines Brief::: 23 October 2019

 


 

 


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*  South Africa deficits expected to widen on Eskom woes

*  Audit disrupts South African Airways, Comair flights

*  South African signs deal with Tencent to boost Chinese tourists

*  Namibia's economy to shrink again in 2019 - finance minister

*  Low prices, cost cuts help Pick n Pay buck South African retail gloom

*  Morocco's CPI rises 0.3% in September: planning agency

*  Uganda says its economy 11% larger after rebasing

*  WeWork 'accepts takeover by Softbank'

*  Exxon accused of misleading investors on climate change

*  Skincare firm Sunday Riley avoids fine for staff's fake reviews

*  China has more 'unicorn' start-ups than the US

*  Airbnb probed by UK tax authorities

 

 


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South Africa deficits expected to widen on Eskom woes

JOHANNESBURG (Reuters) - South Africa’s finance minister is likely to raise
the medium-term targets for budget deficits, a Reuters poll forecast on
Tuesday, because of costs related to the state-owned power utility, Eskom.

 

A poll of 14 economists surveyed in the past week predicted Finance Minister
Tito Mboweni would expand the budget deficit to 6.05% of gross domestic
product, compared with a 4.5% projection in February for the year that began
in April.

 

The poll put next fiscal year’s deficit at 5.6% of GDP, compared with a 4.3%
forecast in February.

 

“The budget deficit forecasts are likely to widen somewhat in the near term
until revenue improves on [tax] collection efficiencies,” said Annabel
Bishop, chief economist at Investec.

 

Jeffrey Schultz, economist at BNP Paribas, said additional state support to
Eskom would cut GDP by 1.2% over the next two years.

 

South African President Cyril Ramaphosa said on Monday that the government
will soon announce a permanent chief executive for state-run Eskom, after
the struggling power utility reintroduced rolling blackouts last week.

 

“Eskom’s long-term turnaround strategy released later this month should also
indicate that an Eskom debt restructure is on the cards, with a good chance
that a healthy portion of the state’s nearly 7% of GDP in Eskom guaranteed
debt will move onto the sovereign balance sheet,” Schultz said.

 

The crisis-hit utility, which produces more than 90% of South Africa’s
electricity, has been hobbled by technical and financial woes. It imposed
days of power cuts last week after a number of its generating units broke
down.

 

The company’s debt stood at more than 440 billion rand ($29.94 billion) in
2018/19, when the company reported a mammoth 20.7 billion-rand annual loss.

 

As poor as the country’s finances are, the poll predicted unanimously that
South Africa would avoid a credit rating downgrade when Moody’s reviews its
status this month.

 

However, Elize Kruger, an economist at NKC African Economics and Rand
Merchant Bank economist Mpho Tsebe expect Moody’s to lower its outlook to
negative from stable on Nov. 1. Some economists reckon a downgrade will
follow in 12 months or more.

 

Last month, Moody’s said fiscal risks and political constraints to economic
reform in South Africa were reflected in its current credit rating, one
notch above speculative grade. But maintaining that rating depended on how
fast the government implemented promised reforms, it said.

 

A majority of economists said a debt-to-GDP ratio of more than 70% would be
considered a red flag for South Africa, but it would take more than five
years to get there.

 

The ratio currently sits around 57%. A separate survey last week predicted
economic growth would remain under pressure at 0.6% this year and 1.2% next
year.

 

($1 = 14.6948 rand)

 

 

 


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Audit disrupts South African Airways, Comair flights

JOHANNESBURG (Reuters) - South African Airways (SAA) and British Airways
partner Comair were forced to reschedule at least a dozen domestic flights
on Tuesday after an inspection of an SAA maintenance subsidiary used by both
carriers revealed irregular findings.

 

The South African Civil Aviation Authority (SACAA) made irregular findings
at South African Airways Technical during a recent audit and said some
aircraft could not be flown until corrective action had been taken, Comair
said in a statement.

 

Comair did not elaborate, and a SACAA spokesman said the authority would
issue a statement soon.

 

“SAA understands that the inspection conducted by SACAA was in accordance
with its regulations and a necessary exercise to ensure compliance and
safety,” said cash-strapped SAA, which is dependent on government bailouts
for its survival.

 

SAA said it had recalled some of its aircraft but did not specify how many.

 

It said it had cancelled four domestic flights but that it would combine
flights and deploy bigger aircraft to accommodate affected passengers.

 

 

 

 

Comair, which flies under both the British Airways and kulula.com brands in
southern Africa, said that as of 10:15 a.m. local time (0815 GMT) a third of
its services had been affected.

 

Kulula.com’s website showed that eight domestic flights had been
rescheduled, one under the kulula.com brand and seven under the British
Airways brand.

 

 

 

South African signs deal with Tencent to boost Chinese tourists

CAPE TOWN (Reuters) - South Africa has signed a two-year agreement with
Chinese internet firm Tencent, which will use its popular WeChat platform to
market tourism to millions in China, the South African tourism minister said
on Tuesday.

 

South Africa is targeting key untapped tourist markets such as China and
India as it promotes tourism as a catalyst to help kick-start its struggling
economy.

 

“This strategic co-operation agreement is one of many initiatives developed
to increase arrivals from China to South Africa,” Tourism Minister Mmamoloko
Kubayi-Ngubane said in a statement.

 

 

 

Namibia's economy to shrink again in 2019 - finance minister

WINDHOEK (Reuters) - Namibia’s economy is set to shrink by 1.5% in 2019
after contracting 0.1% in the previous year as a broad slowdown triggered by
severe drought, weak investment and falling consumer demand deepens, Finance
Minister Calle Schlettwein said on Tuesday.

 

The economy would gradually recover to expand by around 0.8% in 2020 and
1.3% by 2021, the finance minister said in his mid-term budget review speech
ahead of an election next month, adding gross debt was seen remaining steady
at just under 50% of gross domestic product.

 

 

 

Low prices, cost cuts help Pick n Pay buck South African retail gloom

JOHANNESBURG (Reuters) - A focus on low prices and cutting costs helped
drive a 9.5% rise in first-half earnings at Pick n Pay Stores Ltd, bucking
the downward trend at other South African retailers and giving the biggest
daily boost to its shares in 11 years.

 

The supermarket chain, with more than 1,800 stores, is one of a handful of
South African retailers to deliver both higher sales and margins in a market
where consumer spending has been hit by higher value-added tax, fuel prices
and unemployment.

 

Pick n Pay, which also sells clothes, reported on Tuesday a 6% rise in group
turnover for the 26 weeks ended Sept. 1.

 

Like-for-like sales climbed 2.9%, led by demand for fresh foods, clothes and
liquor across its Pick n Pay stores and budget chain Boxer in its home
market.

 

Trading profit was up 12.5% to 1.2 billion rand ($81.4 million), with the
trading profit margin rising to 2.7% from 2.6% in the same period last year.

 

“Value conscious customers, that’s the name of the game,” said group Chief
Executive Richard Brasher, the former long-serving UK head of supermarket
giant Tesco.

 

Pick n Pay managed to restrict internal selling price inflation to just
2.2%, below general price and food inflation, it said.

 

Comparable headline earnings per share (HEPS) rose to 85.03 cents from a
restated 77.67 cents a year earlier.

 

At 1342 GMT, shares in Pick n Pay were up 10.80% to 68.14 rand, their
biggest daily gain since October 2008 and helping to lift South Africa’s
general retail index more than 4.2%. The stock earlier hit a three-month
high of 69.56 rand.

 

“There was a lot of pessimism in the market with the economy battling, so
much so everyone was probably a bit bearish and now it (Pay n Pay) surprised
the market,” Cratos Capital trader Greg Davies said.

 

Elsewhere in Africa, however, Pick n Pay - like the continent’s largest
supermarket chain Shoprite Holdings - is grappling with weak currencies,
especially in Zimbabwe and Zambia.

 

Its rest of Africa operation reported a 79.8% slump in profit, driven by
falling earnings in those two countries.

 

 

 

Pick n Pay wrote down the value of its 49% equity investment in TM
Supermarkets in Zimbabwe by 132.3 million rand to 50.4 million as a result
of the local currency’s devaluation.

 

($1 = 14.7382 rand)

 

 

 

Morocco's CPI rises 0.3% in September: planning agency

(Reuters) - Morocco’s consumer price index was up 0.3% in September from a
year earlier, slowing from an 0.8% rise in the previous month, the high
commission for planning said on Tuesday.

 

Food prices rose 0.3% year-on-year in September, while non-food prices
increased by 0.6%.

 

 

 

 

On a month-on-month basis, the consumer price index dropped 0.2% in
September.

 

Core annual inflation dropped 0.1% in September on a month-on-month basis,
but was still 1% higher year-on-year.

 

Inflation, mainly affected by food prices, is expected to slow to 0.6% in
2019 from 1.9% last year, before picking up to 1.2% in 2020 as domestic
demand improves, according to the central bank.

 

 

 

Uganda says its economy 11% larger after rebasing

KAMPALA (Reuters) - Uganda said on Monday its economy was 11.6% larger than
earlier thought after it rebased its calculations, a move economists said
was to incorporate new sectors whose output had grown in recent years.

 

The east African country’s gross domestic product (GDP) now stood at 122.7
trillion shillings at the end of the 2018/2019 fiscal year in June, Chris
Mukiza, executive director of the Uganda Bureau of Statistics (UBOS) told
Reuters.

 

The previous GDP figure had been given as 109.9 trillion shillings.

 

Mukiza said they had changed the base year for its GDP calculations to
2016/2017 from 2009/2010.

 

Some African countries have been rebasing their economies to try to capture
the output of new sectors such as information technology and entertainment
services.

 

Fred Muhumuza, an economist at Kampala’s Makerere University said Uganda’s
rebasing was to mainly capture new sectors such as oil and gold.

 

“Gold was virtually not there when they (UBOS) last did the rebasing, oil
activities have expanded tremendously and the value of all these needed to
be captured,” Muhumuza said.

 

UBOS last rebased Uganda’s GDP in 2014.

 

Uganda is expected to start pumping crude oil as early as 2022 from fields
in the west of the country where reserves were discovered in 2006.

 

France’s Total, China’s CNOOC and UK’s Tullow Oil, which own the fields,
were expected to spend billions of dollars in investments ahead of
production including on infrastructure such as an export pipeline.

 

Uganda’s gold exports have skyrocketed in the last three years thanks to
three refineries including the largest, Africa Gold Refinery, in the
lakeside town of Entebbe south of the capital.

 

Shipments of the bullion more than tripled to about $1.1 billion in the
financial year ended June, compared to $343.3 million in the previous
period.

 

 

 

 

The larger economy means Uganda should now have more room to borrow since
the debt level, measured as a percentage of GDP, is now lower but Muhumuza
cautioned against such a move, citing stagnant revenue growth.

 

The IMF projected in May Uganda’s debt would rise above 50 percent of GDP, a
closely watched benchmark, by 2021/22.

 

 

 

 

WeWork 'accepts takeover by Softbank'

Japanese investment giant Softbank is set to take control of WeWork after
the office sharing firm's plans to raise money via stock markets collapsed.

 

WeWork's board has reportedly accepted an offer in which Softbank will buy
billions worth of shares, including $1bn from co-founder Adam Neumann.

 

The rescue deal provides much needed cash to WeWork.

 

However, the agreement values the firm at about $8bn (£6.1bn) - a fraction
of previous valuations.

 

Softbank, which already owned about a third of WeWork, had earlier valued
the firm at nearly $50bn.

 

Reports say that in exchange for his shares, a $185m consulting fee and a
credit line, Mr Neumann agreed to back the rescue plan over a rival offer
from JP Morgan. He is also expected to step down from WeWork's board.

 

The Wall Street Journal first reported terms of the deal.

 

Mr Neumann was forced out as chief executive last month after WeWork's share
offering ran into trouble, as investors questioned his leadership and the
firm's mounting losses.

 

The company, which rents out office space, has grown from a single office in
New York City to more than 500 locations around the world. But it lost about
$900m in the first six months of this year.--BBC

 

 

 

 

Exxon accused of misleading investors on climate change

An unprecedented climate change lawsuit against American oil giant Exxon
Mobil is set to go ahead in New York.

 

The state has accused the company of misleading investors about the
potential costs of climate regulation to its business.

 

Exxon says it shared the necessary information and the claims are
politically motivated.

 

The case is at the forefront of a rising number of legal actions faced by
oil and gas firms.

 

Exxon's trial on the fraud claims will start on Tuesday and is expected to
last 15 days. Former US Secretary of State Rex Tillerson, who led Exxon for
a decade, is among those likely to appear in court.

 

"It's a major milestone as a part of a growing wave of cases that Exxon and
other major oil companies are facing, not only here in the United States,
but in fact in jurisdictions around the world," said Carroll Muffett,
president of the Center for International Environmental Law.

 

Fraud claims

New York's attorney general filed the financial fraud suit in 2018, after
years of investigation by state authorities.

 

In court filings, the state says internal documents show Exxon evaluated new
projects based on forecasts for costs associated with climate change that
were lower than those it told investors it was using.

 

Those calculations made investments appear less risky and more valuable.

 

"By representing that it was applying higher projected carbon costs than it
was actually using, ExxonMobil made its assets appear significantly more
secure than they really were, which had a material impact on its share
price," the state wrote.

 

Exxon does not dispute the claims that it used two calculations to evaluate
the cost of potential regulation.

 

However, the firm argues that those calculations were "proprietary" and
investors were not misled.

 

"Reasonable investors who reviewed ExxonMobil's disclosures understood that
climate risks factored into ExxonMobil's decision-making, which is all that
could have mattered to them," it says.

 

Legal experimentation

Activists pressed Exxon for years to be more transparent about how climate
change affected its business, partly due to hopes that accurate estimation
of the financial risks would shift money to more sustainable alternatives.

 

Analysts said the New York case is an example of the kind of experimentation
occurring as governments seek to hold companies accountable for climate
change.

 

The state of Rhode Island has filed claims against Exxon and BP, citing
damage along its coast. Authorities in the Philippines and Canada are
investigating fossil fuel companies as well.

 

In recent weeks, the attorney general in Massachusetts has indicated plans
to proceed with a case that accuses Exxon of deceptive marketing.

 

"Regardless of the outcome [of the New York case] the reality that is clear
and not inescapable is that the future of Exxon and [other fossil fuel]
companies is filled with litigation and it's only going to grow." Mr Muffett
said.--

 

 

 

 

Skincare firm Sunday Riley avoids fine for staff's fake reviews

Sunday Riley, the founder of the eponymous skincare brand, has been
reprimanded for telling staff to write fake product reviews to boost sales.

 

The US Federal Trade Commission (FTC) found Ms Riley directed staff to post
on beauty retailer Sephora's website.

 

As part of a settlement, Ms Riley and her firm have been ordered not to post
fake reviews in the future.

 

But two FTC commissioners criticised the settlement and said Ms Riley and
her company should be fined.

 

The Texas based firm, which makes premium skincare products, was started 10
years ago by Ms Riley.

 

It sells its products around the world, including at Space NK in the UK, and
counts Victoria Beckham and British model Jourdan Dunn among its fans.

 

'Why I write fake online reviews'

Amazon 'flooded by fake five-star reviews' - Which? report

An investigation by the FTC - which was sparked by a whistleblower's post on
social news site Reddit - found that between November 2015 and August 2017
managers at the firm, including Ms Riley, submitted fake, positive reviews
of its products on Sephora's site.

 

Sephora is a global beauty retailer, selling nearly 300 brands through its
shops and website.

 

Sunday Riley employees, including the founder, also created multiple
accounts on Sephora using fake identities on a virtual private network in
order to hide their company email addresses, according to the FTC.

 

Sunday Riley had become concerned that Sephora was taking down fake reviews
because the beauty retailer realised they were coming from the firm's IP
address.

 

Ms Riley emailed staff to advise them on how to create fake accounts and
told them to "always leave 5 stars" when reviewing Sunday Riley Skincare
products, and to "dislike" negative reviews.

 

According the email quoted by the FTC, Ms Riley wrote: "If you see a
negative review - DISLIKE it. After enough dislikes, it is removed. This
directly translates into sales!!"

 

The FTC charged the company and Ms Riley with two violations of the Federal
Trade Commission Act.

 

'Wrong message'

A commission reached a proposed settlement that prohibits Sunday Riley and
Ms Riley from posting fake reviews in the future.

 

However, two FTC commissioners who oversaw the case voted against the
proposed settlement, and said that by not penalising Sunday Riley or seeking
financial redress "this action does little to address the epidemic of fake
reviews online".

 

In a joint statement, Rohit Chopra and Rebecca Kelly Slaughter of the FTC,
said: "This settlement sends the wrong message to the marketplace.

 

"Dishonest firms may come to conclude that posting fake reviews is a viable
strategy, given the proposed outcome here. Honest firms, who are the biggest
victims of this fraud, may be wondering if they are losing out by following
the law. Consumers may come to lack confidence that reviews are truthful."

 

The FTC said it will accept comments from the public for 30 days before
finalising the proposed settlement with Sunday Riley.--BC

 

 

 

 

China has more 'unicorn' start-ups than the US

China has the world's largest number of "unicorns," privately-held start-up
firms valued at more than $1bn (£771m), according to a new report.

 

The country has produced 206 unicorns while the US has 203, the China-based
Hurun Institute reported.

 

Together the two countries are home to more than 80% of the world's
unicorns.

 

It comes as Washington and Beijing fight a trade war and jostle to become
the world's technology leader.

 

"China and the US dominate... despite representing only half of the world's
GDP and a quarter of the world's population," said Hurun Report Chairman
Rupert Hoogewerf.

 

Chinese payments company Ant Financial tops the list with a valuation of
$150bn.

 

Founded in 2014, Ant Financial's main business is online payment platform
Alipay, which was spun out of e-commerce giant Alibaba.

 

Are internet unicorns really worth billions?

China's Bytedance ranks second, with a valuation of $75bn. The fast-growing
technology firm owns popular video-sharing platform TikTok.

 

Chinese ride-sharing company Didi Chuxing rounds out the top three, valued
at $55bn.

 

High-profile US companies including home-rental site Airbnb, office space
firm WeWork and electronic cigarette maker Juul also feature in the top 10.

 

Technology tensions

The report comes at a time of tense relations between the world's two
largest economies.

 

The US and China have been embroiled in a trade battle for the past year.
Their power struggle has also played out in the technology sector, with
Chinese telecoms giant Huawei becoming a central part of their dispute.

 

The US claims Huawei - the world's largest maker of telecoms equipment -
poses a national security risk and has put trade restrictions on the firm.

 

A quick guide to the US-China trade war

How damaging is the Huawei row for the US and China?

The company has consistently denied the allegations, and many in China argue
the US is trying to curb the country's technology ambitions.--BBC

 

 

 

Airbnb probed by UK tax authorities

Home rentals site Airbnb has warned a tax inquiry by HM Revenue & Customs
could lead to legal proceedings.

 

A note in newly filed accounts for Airbnb UK said it had been contacted by
HMRC over "tax laws or regulations impacting the company's business".

 

"The company is also subject to tax inquiries and proceedings concerning its
operations and intra-company transactions," it added.

 

"Some of these matters may result in litigation."

 

The San Francisco-based company has two UK entities - Airbnb UK, which
markets and supports the business, and Airbnb Payments UK, which processes
payments between Airbnb hosts and guests outside the US, China and India.

 

Last year, Airbnb UK paid tax of £146,059 on profits of £455,076 and a
£14.2m turnover.

 

The payments arm had a turnover of $353.7m (£273.2m), but it only made a
$1.5m profit and paid tax of $303,823.

 

In a statement, the company said: "We follow the rules and pay all the tax
we owe in the places we do business. That is true as rules apply today and
will remain true for whatever rules apply in future.

 

"The Airbnb model is unique and boosted the UK economy by £4.2bn last year
alone. The vast majority of money generated on our platform stays with hosts
and local communities, which makes Airbnb fundamentally different to
companies that take large sums of money out of the places they do business.

 

"As with many other companies, these are routine checks and we are working
closely with HMRC."

 

Airbnb plans to float next year in what is expected to be one of the
highest-profile share sales of 2020. In September, it said second-quarter
global revenue reached $1bn, but did not say whether it made a profit.

 

George Bull, senior tax partner at accountancy firm RSM, said: "Nobody is
saying that Airbnb has done anything wrong. The law is complicated, they
have to decide how they are going to file their tax returns, they may do it
on a basis that HMRC doesn't like.

 

"However, the phrase 'This may result in litigation' sounds quite serious.
It sounds as though Airbnb is expecting a big tussle with HMRC to get these
figures across the line."

 

He added: "The UK company has a turnover of £14m and it pays tax of around
£200,000, so people are saying, 'How can this be? Why are the figures so out
of kilter?'

 

"The answer goes back to the 1920s. These basic tax rules for these
companies are decades old and they really haven't kept up with the growth of
the digital platforms."

 

Both eBay and PayPal paid extra tax in 2017 following a HMRC review. In
recent months, Amazon and Facebook have come in for criticism over the size
of their UK tax bills.

 

Earlier this month, the Organisation for Economic Co-operation and
Development (OECD) proposed tax changes aimed at making global firms pay
more tax.

 

The proposals would give governments more power specifically to tax big
technology firms such as Apple, Facebook and Google.

 

HMRC declined to comment on the case.--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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