Major International Business Headlines Brief::: 31 October 2019

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Major International Business Headlines Brief::: 31 October 2019

 


 

 


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*  South Africa sees budget deficit, debt soaring as economy flags

*  South African rand plummets on bleak budget projections

*  Uganda says telecoms operators must list on local bourse

*  Citi exits Eskom 2025 bond long positions after debt relief disappoints

*  Kenya raises 2019/20 budget deficit for second time in a month -Treasury
document

*  Kenyan parliamentary panel recommends rate cap repeal

*  Nigeria's Dangote refinery to rely on ports, roads for fuel deliveries

*  Australia's FAR says Senegal oil project to give company 13,670 barrels
of oil/day

*  Egypt selects five lenders for dollar-denominated bond -ministry

*  Federal Reserve cuts rates again amid trade and growth fears

*  Apple profits hit by slowing iPhone sales

*  Fiat Chrysler and Peugeot owner 'on verge of' merger

*  US economic growth slowest this year

*  Facebook agrees to pay Cambridge Analytica fine to UK

 

 


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South Africa sees budget deficit, debt soaring as economy flags

CAPE TOWN (Reuters) - South Africa’s budget deficit will rise to a nearly
two-decade high and its gross debt is set to soar as a weak economy leads to
revenue shortfalls and bailouts for state-owned companies strain public
finances, the Treasury said on Wednesday.

 

It also slashed the economic growth forecast for this year to 0.5% from
1.5%.

 

“This is a serious position to be in,” Finance Minister Tito Mboweni told
lawmakers, adding that “difficult decisions” must be made to help stabilise
debt, including cuts to spending and a public wage bill that has soared by
66% in the last decade.

 

In a medium-term budget policy statement, the Treasury said the budget
deficit was likely to reach 5.9% of gross domestic product this fiscal year,
which runs from April 2019 to March 2020, far above a previous estimate of
4.5%. The projected deficit would be the highest since 2009/10.

 

It is then seen widening further, to 6.5% in 2020/21, the highest since the
Treasury started presenting the consolidated fiscal framework in 2002/03.

 

Gross government debt was projected to rise from an estimated 60.8% of GDP
in the current fiscal year to 71.3% in 2022/23, the Treasury said.

 

South Africa is struggling to gain economic growth momentum, with the growth
outlook clouded by a lack of significant progress on long-promised reforms.

 

The rand weakened more than 1% against the dollar after the budget numbers
were published. Government bond yields rose.

 

“The consequence of not acting now would be gravely negative for South
Africa,” Mboweni said told parliament. “Over time, the country would likely
face mounting debt service costs and higher interest rates and may enter a
debt trap.”

 

The finance minister said new cash flow support for state power utility
Eskom, whose struggle to supply electricity is a major drag on economic
growth, would no longer be in the form of equity but loans.

 

The government has pledged to give Eskom more than 100 billion rand ($6.75
billion) over the next two fiscal years, with additional aid spread over the
next decade.

 

($1 = 14.8063 rand)

 

 

 

 

 


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South African rand plummets on bleak budget projections

JOHANNESBURG (Reuters) - South Africa’s rand suffered its steepest fall in
more than a year on Wednesday after Finance Minister Tito Mboweni forecast
wider budget deficits and a sharp increase in debt during his medium-term
budget policy statement.

 

The rand was down more than 2.4% at 14.9810 against the U.S. dollar by 1533
GMT, partially recovering from an earlier 3% drop from Tuesday’s close.

 

The Treasury said the budget deficit was likely to reach 5.9% of gross
domestic product this fiscal year, far above a previous estimate of 4.5%.

 

The projected deficit would be the highest since 2009/10, raising investor
concerns about South Africa’s only remaining investment-grade credit rating,
which will be reviewed by Moody’s on Friday.

 

“From a ratings agency point of view the debt is unsustainable,” said
Cristian Maggio, head of emerging markets strategy at TD Securities.

 

“There is no way that South Africa can escape a downgrade. It may not happen
immediately, it may take some time because ratings agencies follow certain
procedures, but it will happen,” he said.

 

Africa’s most industrialised economy is battling to kick-start economic
growth and investor sentiment is fragile after a string of massive bailouts
for ailing state firms like power utility Eskom.

 

South African government bonds dropped sharply, with the yield on benchmark
2026 paper up 23.5 basis points to 8.435%.

 

Local stocks rebounded in the late afternoon as rand hedges gained because
of the weaker domestic currency.

 

The Johannesburg Stock Exchange’s Top-40 Index closed up 0.31% at 49,629.32
points, while the broader All-Share Index was up 0.29% to 55,872.60 points.

 

Gold miners Sibanye-Stillwater and Gold Fields climbed 8.1% and 6.6%
respectively, helped by a stronger gold price as well as the weaker rand.

 

Investors were also gearing up for a policy decision by the U.S Federal
Reserve later in the day that could see a third cut in interest rates this
year.

 

“The market is already factoring in a 25 basis point cut,” GT247 trader Paul
Chakaduka said.

 

 

 

Uganda says telecoms operators must list on local bourse

KAMPALA (Reuters) - Uganda has ordered telecoms operators in the country to
list on the local bourse, part of a move to encourage local ownership of the
sector, the regulator said on Wednesday.

 

The country’s operators, which are nearly all foreign-owned, have been given
two years to list at least 20% of their shares. Firms include a local unit
of South Africa’s telecoms giant MTN Group and a subsidiary of India’s
Bharti Airtel.

 

President Yoweri Museveni has said the move could conserve the country’s
scarce foreign exchange as a portion of the firms’ dividend payouts would
remain in the country.

 

Ibrahim Bbosa, spokesman for the regulator Uganda Communications Commission
(UCC), said they are now using a new licensing policy and existing operators
would be issued with fresh licences with new conditions.

 

“In 60 days we want to have issued new licenses and then two years from then
all the players should have listed at least 20% of their shares on the
Uganda Stock Exchange (USE),” he said.

 

Under the new conditions, companies will have to share infrastructure such
as fibre optic cables, which the regulator says will eliminate duplication
and lower the cost of the internet and other services.

 

 

 

 

Uganda’s information and telecommunications sector has expanded rapidly over
the last decade, fuelled by favourable policies and a young population
hungry for online services.

 

The sector’s potential has drawn interest from American giants Google and
Facebook who have both laid cables in the country.

 

Statistics from UCC show the country of 43 million now boasts an estimated
24 million mobile subscribers and 21.6 million internet users.

 

Bbosa said some telecoms firms were worried the local bourse might not be
able to absorb a large volume of shares so rapidly.

 

“We told them they should discuss that with the exchange and see whether
there’s a solution for that,” he said.

 

MTN Uganda has previously indicated it would prefer to sell a stake directly
to a local pensions fund to meet local ownership demands rather than having
to list shares.

 

 

 

 

USE is a small bourse of 18 companies and had its most recent listing in
September last year after going six years without a single IPO.

 

“Considering especially MTN and Airtel are highly profitable companies ...
they would draw more than sufficient interest from both retail and
institutional investors in an IPO,” said Enock Twinoburyo, a Ugandan
economist based in Kigali, Rwanda.

 

 

 

Citi exits Eskom 2025 bond long positions after debt relief disappoints

LONDON (Reuters) - Citi said on Wednesday it had exited its long position in
South Africa’s Eskom’s 2025 bond, citing a disappointing debt relief
announcement by the government for the state-owned utility and potential
issues in accessing borrowing markets.

 

“We find the announced ZAR 10 billion of debt relief for Eskom to be far
below expectations,” Citi’s Eric Ollom wrote in a note to clients. “We also
believe the company may have trouble accessing capital markets in 2020-21
without a stronger plan of support absent a government guarantee.”

 

Eskom’s 2025 bond fell 0.7 cents in the dollar to 103.592 cents, according
to Tradeweb.

 

 

 

Kenya raises 2019/20 budget deficit for second time in a month -Treasury
document

NAIROBI (Reuters) - Kenya has revised up its expected 2019/2020 fiscal
deficit for the second time in a matter of weeks as East Africa’s richest
economy tries to cut spending amid a struggle to raise revenue, a Treasury
document seen by Reuters on Wednesday showed.

 

The finance ministry will now target a deficit of 6.2% of gross domestic
product for the current fiscal year, which runs from July to June, compared
with a forecast of 5.9% in September.

 

In its 2.8 trillion shilling ($27.14 billion) budget in June, the government
had set a target to bring the deficit down to 5.6% of GDP from 7.7% in
2018/19.

 

The government now projects overall 2019/20 expenditure of 2.84 trillion
shillings and 2.79 trillion shillings in 2020/21.

 

 

The document said government departments were expected to “to adopt the
culture of doing more with less”. It added that cuts to government spending
would help it lower the deficit to 5.3% by 2020/21.

 

Economists and political analysts have criticised President Uhuru Kenyatta’s
government for increasing borrowing since coming to power in 2013. Total
public debt has jumped to 55% of GDP from 42% before he took office.

 

The government says the higher borrowing funds infrastructure projects.

 

The fiscal deficit for 2019/20 will be financed by net external financing of
331 billion shillings, domestic borrowing of 305.7 billion shillings and
other net domestic receipts of 3.2 billion shillings, the document said.

 

 

 

The government said the revision to its forecasts was driven by poor revenue
collection and expenditure in 2018/19.

 

“We are faced by ... emerging expenditure pressures, the underperformance of
revenue and rising public debt and it is therefore, inevitable to tighten
public spending,” the finance ministry said.

 

($1 = 103.1500 Kenyan shillings)

 

 

 

Kenyan parliamentary panel recommends rate cap repeal

NAIROBI (Reuters) - Kenya’s parliament should repeal a cap on commercial
lending rates in line with the president’s demands, the finance committee of
the legislature said in a report seen by Reuters on Wednesday.

 

President Uhuru Kenyatta refused to sign the government’s budget for this
financial year earlier this month, demanding that lawmakers repeal the cap,
which has been blamed for a slowdown in private sector credit growth.

 

The team proposed that existing loans be shielded from any increases in
rates even after the cap is repealed, according to the committee’s report,
which was issued late on Tuesday.

 

“Any agreement or arrangement to borrow or lend which was made... shall
continue to be in force for such terms including interest rates and for the
duration specified in the agreement,” the committee said.

 

The parliament will vote on whether to accept the finance committee’s
recommendations next Tuesday, said Aden Duale, parliament’s majority leader.

 

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.

 

 

 

 

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

 

But the cap has had plenty of unintended consequences, including a reduction
of loans for customers deemed as risky and the blunting of the effectiveness
of monetary policy, the central bank says.

 

 

 

Nigeria's Dangote refinery to rely on ports, roads for fuel deliveries

LAGOS (Reuters) - Africa’s largest oil refinery will deliver its fuels to
Nigerian consumers via roads and sea ports, and will effectively replace all
of Nigeria’s fuel imports once fully operational, a company executive said
on Tuesday.

 

The 650,000 barrel-per-day Dangote oil refinery is under construction in
Lagos, the biggest city in the most fuel-consuming nation in the region,
which absorbed 266,000 barrels of petroleum products per day as of 2015.

 

Congested ports and dilapidated roads led some to expect that the company
would build a pipeline or other method of getting its fuel to consumers.

 

But Dangote Group Executive Director Devakumar Edwin told an OTL (Oil
Trading and Logistics) Expo in Lagos that fuels would go via “shuttle” boats
to Nigerian cities Warri and Calabar, and that other deliveries would go in
trucks.

 

The company is itself fixing and expanding one of the current roads to Lekki
- an area adjacent to Lagos’s financial and business district - Edwin said,
while the Lagos state government will build another toll road to aid
shipments.

 

“That’s going to reduce a lot of congestion,” Edwin said of their plans.

 

 

 

He said the refinery would virtually eliminate fuel imports from other
regions, adding “those who are importing today... can buy from our
refinery”.

 

Dangote had previously told Reuters that the refinery’s mechanical
completion was delayed until 2020, though industry sources told Reuters last
year that fuel output was unlikely before 2022.

 

The refinery is also constructing facilities that will allow it to export
its diesel, gasoline and other fuels to markets including Europe and Latin
America aboard vessels as large as Suezmax tankers.

 

It is also designed to be able to produce diesel that meets European winter
standards, and will be high quality enough to go to any market.

 

The refinery’s startup will be particularly tough on European refineries,
which currently supply a large portion of gasoline consumed in West Africa,
another Dangote executive speaking at the conference said.

 

“We can export the product all over the world. So there is no need for us to
(blindly) compete with the local production,” Edwin said.

 

 

The Dangote group is also eyeing ethanol production at its sugar and
molasses plant in Adamawa state, and has facilities at the refinery to blend
ethanol with fuel if needed.

 

Edwin said they are also already considering expanding plastics and
petrochemical productions at the refinery, which will make polyethylene and
polypropylene when it begins production.

 

 

 

Australia's FAR says Senegal oil project to give company 13,670 barrels of
oil/day

(Reuters) - Australian oil and gas explorer FAR Ltd on Wednesday said the
SNE oil project off Senegal will deliver the company 13,670 barrels of oil
per day.

 

“Given the strong economics for the development, the value of FAR’s share of
the SNE field is forecast to triple in value between now and first oil,” FAR
said in a statement.

 

The company said formal government approval of the project’s development and
exploitation plan as well as the final investment decision is expected in
December 2019, with first oil forecast in late 2022.

 

 

Egypt selects five lenders for dollar-denominated bond -ministry

CAIRO (Reuters) - Egypt has selected five international lenders for a new
dollar-denominated bond offering, the finance ministry said in a statement
on Wednesday.

 

The ministry said it chose Citi Bank, J.P. Morgan, BNP Paribas, Natixis and
Standard Chartered and that the offering would be made in the 2019-2020
financial year, without specifying the date.

 

 

 

Federal Reserve cuts rates again amid trade and growth fears

The US central bank has cut interest rates again, hoping to shield the
economy from the impact of trade wars and a global slowdown.

 

The Federal Reserve lowered the target for its benchmark rate by a quarter
point, to a range of 1.5% to 1.75%. The move was the third cut in four
months.

 

The decision comes as US economic growth slowed to an annual rate of 1.9% in
the most recent quarter.

 

Fed Chair Jerome Powell implied the bank would hold off on further cuts.

 

"We feel that policy is well-positioned," he said at a press conference in
Washington at the end of the Fed's two-day meeting.

 

Since the last meeting, he said risks to the economy have subsided, pointing
to the possibility of a limited "phase one" US-China trade pact and reduced
odds of a no-deal Brexit.

 

Mr Powell suggested he does not expect the bank to change rates again unless
economic conditions worsen unexpectedly.

 

"We see the current stance of policy as likely to remain appropriate," he
said.

 

Economic signals

Wednesday's cut was expected. Eight policymakers voted in favour of reducing
the rate, while two opposed the action, preferring to hold the rate steady.

 

The divide reflects mixed economic signals. While growth has slowed, it has
held up better than expected, decelerating only slightly from the 2% rate
seen in the three months to 30 June.

 

The expansion has been bolstered by spending by consumers, who are enjoying
some of the lowest unemployment rates in almost 50 years.

 

However, manufacturing and business investment continues to fall, as firms
grapple with uncertainty generated by the US-China tariff war and other
trade disputes.

 

US economic growth slowest this year

Why the Fed's interest rate move matters

US shares recover as Trump renews Federal Reserve attack

Global economic growth has slowed and inflation also remains lower than the
Fed would like, moderating fears that further rate cuts will trigger a
damaging acceleration in prices.

 

'Normal context'

As growth has softened, US President Donald Trump has sought to pin
responsibility on the Fed. He has repeatedly called on the bank to cut rates
more aggressively, pointing to lower borrowing costs in other countries.

 

Mr Powell said the cuts to date have already helped certain sectors
sensitive to borrowing costs, such as housing. The full effects will be felt
over time, he added.

 

Dr. Kerstin Braun, president of Stenn Group, an international provider of
cross-border trade finance, said looking to the Fed to solve the issues in
the economy won't work.

 

"The US needs to end uncertainties about global trade while also
implementing fiscal policies that foster investment in infrastructure and
innovation," she said.

 

With the cuts, the Fed is "squandering" its power despite lack of a real
crisis, she added.

 

"The stock market is peaking, consumers are still spending, and the tariff
war could be resolved," she said. "This isn't the normal context for
lowering interest rates."--BBC

 

 

 

Apple profits hit by slowing iPhone sales

Apple's business is being tested by ongoing weakening of its iPhone sales.

 

In the most recent quarter, iPhone sales dropped to $33.4bn (£25.9bn), down
almost 10% year-on-year.

 

The fall extended a streak of declines and hit the firm's profits in the
quarter, which slipped about 3% year-on-year to $13.7bn.

 

The firm's profit and revenue for the full financial year also fell for the
first time since 2016, weighed down by the iPhone results.

 

In a presentation after the firm released its earnings, Apple boss Tim Cook
hastened to reassure investors that the declines in iPhone sales are
slowing, thanks to the popularity of the firm's latest model, the iPhone 11.

 

"It's early but the trends look very good," he said. "We are bullish."

 

Mr Cook added that the firm's other businesses were healthy - sales of
wearables, such as earphones and watches, surged by more than 50%, while
services revenue, which includes Apple Pay and the app store, jumped 18%
year-on-year.

 

Few convinced by Apple's case for Hong Kong app removal

iPhone 5 users risk losing internet access

Man sues Apple claiming iPhone turned him gay

That lifted quarterly revenue to $64bn (£49.6bn), up 2% year-on-year.

 

Mr Cook has been working to make Apple's business less reliant on its
phones, with new subscription services for news and television, among other
offerings, but iPhones still account for a majority of sales.

 

Mr Cook said his optimism about the iPhone 11's appeal is reflected in
Apple's relatively bright forecast for the upcoming quarter, which includes
the festive season - typically a time that sees many hardware purchases.

 

The firm said it expected revenue growth in the quarter of as much as 6%,
above analysts' expectations.

 

Daniel Ives, analyst at Wedbush Securities, said Apple also impressed
investors with the resilience of its performance in its Greater China
region, which accounts for nearly 20% of its business. Sales there declined
less than 3%.

 

On a call with investors, Mr Cook predicted additional growth in the region
and expressed confidence that the US and China would reach an agreement that
would avoid additional tariffs.

 

"The tone, I think, has changed significantly," he said.

 

Apple shares gained almost 2% in after-hours trade.--BBC

 

 

 

Fiat Chrysler and Peugeot owner 'on verge of' merger

PSA Group, the French owner of Peugeot, is set to announce a merger with its
US-Italian rival Fiat Chrysler shortly, reports say.

 

A deal between the two carmakers would create a business with a combined
market value of nearly $50bn (£39.9bn).

 

This is Fiat Chrysler's second attempt at a merger this year after it pulled
out of an agreement with Renault in June.

 

Fiat Chrysler shares jumped more than 9% in trading on Wednesday.

 

Sources have told Reuters, AFP and the Wall Street Journal that the merger
could be announced as early as Thursday.

 

The potential merger would face significant political and financial hurdles.

 

Discussions remain in the early stages and there is no guarantee of a final
deal. However, if the two companies do combine, PSA chief executive Carlos
Tavares is expected to lead the enlarged group.

 

John Elkann, Fiat Chrysler's chairman and the head of Italy's Agnelli
industrial dynasty, which controls the business, would retain the same
position at the new company.

 

The talks come months after a proposed tie-up between Fiat Chrysler and
French carmaker Renault collapsed with Renault in June.

 

Mr Elkann broke off talks after French government officials intervened and
pushed for Renault first to resolve tensions with its Japanese partner
Nissan.

 

Fiat Chrysler withdraws bid for Renault

After ditching the proposed merger Mr Elkann confirmed the group's bid to
pursue an alternative deal.

 

Car makers face huge investments for electrification, emission reduction and
autonomous driving technologies, which gives them an incentive to merge.

 

A merger of the two groups would create one of the world biggest car makers,
and bring a number of brands under one roof including Alfa Romeo, Citroen,
Jeep, Opel, Peugeot and Vauxhall.

 

Morningstar senior equity analyst Richard Hilgert said that the total sales
of Fiat Chrysler and Peugeot, including China joint venture partners, were
8.7 million vehicles last year.

 

This would rank the eventual combined group fourth behind Volkswagen, Toyota
and the Renault-Nissan Alliance, each at more than 10 million units.

 

"We view the combination of these two companies as reasonable given global
competition, high capital intensity, and industry disruption from
electrified powertrain as well as autonomous technologies, Mr Hilgert said.

 

Fiat Chrysler had described its bid for Renault as a "transformative"
proposal that would create a global automotive leader.--BBC

 

 

 

US economic growth slowest this year

US economic growth slowed in the third quarter, but beat some economists'
expectations of a bigger contraction.

 

The Commerce Department data put GDP growth at 1.9% during the three months,
ahead of the 1.6% predicted.

 

Consumer spending held up better than expected, offsetting a fall in
business investment and lower public spending.

 

But the growth was still the slowest for 2019, and comes hours before the
Federal Reserve is due to make its latest interest rate announcement.

 

GDP growth in the previous quarter - the three months to end-June - was just
below 2%. In 2018, the US economy grew by 3.4% in the third quarter.

 

The Trump administration's trade war with China has eroded business
confidence, while the fading stimulus from last year's $1.5tn tax cut
package is also casting a shadow on the expansion.

 

For many economists, the biggest worry about the US outlook is the trade
conflict with China and others.

 

The new figures did show some growth in exports after a marked decline in
the previous three months. But it was pretty feeble growth.

 

Imports, many of which are subject to additional tariffs as part of this
trade conflict, were also higher, though again not strongly, after two
quarters in which they failed to grow at all.

 

So the figures do play into the story of trade as a continuing problem for
US economic growth.

 

All that said, it was still reasonable growth overall and more or less in
line with many estimates of the economy's realistic potential.

 

That means the economy couldn't really be expected to grow much faster for a
sustained period.

 

Wednesday's figures, suggesting resilient consumer spending and
strong-than-expected housebuilding, is likely to ease fears that the US will
enter recession.

 

Growth in consumer spending, which accounts for more than two-thirds of US
economic activity, slowed to a still-healthy 2.9% rate last quarter after
surging at a 4.6% pace in the second quarter, the fastest since the fourth
quarter of 2017. Consumer spending is being powered by the lowest
unemployment rate in nearly 50 years.

 

Ian Shepherdson, chief economist at Pantheon Macroeconomics, said the growth
figures "could have been worse" but the fourth quarter "probably will be".

 

"Growth beat consensus mostly because consumption rose at a 2.9% rate.

 

"We doubt that Q4 [the fourth quarter] will see such a solid increase in
consumption, not least because the chainstore numbers indicate that people
pulled forward spending after the 1 August announcement of tariffs on
imported Chinese consumer goods. This boosted Q3 spending at the expense of
Q4."

 

Rate cut?

In a tweet on Wednesday before the growth figures were released, US
President Donald Trump boasted of the "Greatest Economy in American
History".

 

But in 2012, when Barack Obama was president, he had warned that a 1.9%
growth rate spelled "deep trouble".

 

Ahead of the GDP figures, US Treasury Secretary Steven Mnuchin said global
growth is slowing and has had a modest impact on the US, adding the US
economy remained strong with good capital inflows.

 

"There is no question that the global economy is slowing down and that has
had some modest drag on the US economy," he said at an investment conference
in the Saudi Arabia capital Riyadh.

 

Later on Wednesday, the US central bank was expected by many economists to
wrap up its two-day policy meeting with an announcement of a cut in interest
rates.

 

"Nothing in today's report will surprise the Fed," said Sal Guatieri, a
senior economist at BMO Capital Markets. "The capital expenditure crunch
stemming from the trade war will motivate a third rate cut. However, a
still-sturdy consumer could give reason for pause at future meetings."--BBC

 

 

 

Facebook agrees to pay Cambridge Analytica fine to UK

Facebook has agreed to pay a £500,000 fine imposed by the UK's data
protection watchdog for its role in the Cambridge Analytica scandal.

 

It had originally appealed the penalty, causing the Information
Commissioner's Office to pursue its own counter-appeal.

 

As part of the agreement, Facebook has made no admission of liability.

 

The US firm said it "wished it had done more to investigate Cambridge
Analytica" earlier.

 

James Dipple-Johnstone, deputy commissioner of the ICO said: "The ICO's main
concern was that UK citizen data was exposed to a serious risk of harm.
Protection of personal information and personal privacy is of fundamental
importance, not only for the rights of individuals, but also as we now know,
for the preservation of a strong democracy."

 

Harry Kinmonth, a Facebook lawyer, noted that the social network had made
changes to restrict the information app developers could access following
the scandal.

 

"The ICO has stated that it has not discovered evidence that the data of
Facebook users in the EU was transferred to Cambridge Analytica," he added.

 

"However, we look forward to continuing to cooperate with the ICO's wider
and ongoing investigation into the use of data analytics for political
purposes."

 

Researcher Dr Aleksandr Kogan and his company GSR used a personality quiz to
harvest the Facebook data of up to 87 million people.

 

Some of this data was shared with London-based Cambridge Analytica.

 

The ICO argued that Facebook did not do enough to protect users'
information.--BC

 

 

 

 

 

 

 

 

 

 


 

 


 

INVESTORS DIARY 2019

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


Bindura Nickel Corporation

 

 

 


Padenga Holdings

 

 

 


Delta Corporation

 

 

 


Meikles Limited

 

 

 


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