Major International Business Headlines Brief::: 06 September 2019

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Major International Business Headlines Brief::: 06 September 2019

 


 

 


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ü  South Africa's rand falls after poor current account data, stocks rise

ü  Cash-strapped arms maker Denel eyes $2 bln in export deals

ü  South African current account deficit widens in second quarter

ü  Nigeria uses tax credits for private firms to boost infrastructure

ü  FirstRand's full-year profits rise 5%

ü  Tanzania's gold exports rise 23% in year to July -central bank

ü  Capitec bank forecasts up to 21% jump in H1 earnings

ü  Impala Platinum delays job cuts due to improved earnings - sources

ü  Australia's Orion wins OK to develop $263 mln S.Africa zinc-copper
project

ü  PM: I'd rather be dead in ditch than delay Brexit

ü  Europe will not accept US verdict on 737 Max safety

ü  No-deal bill a 'chink of light' for business

ü  Samsung Galaxy Fold UK launch date revealed

ü  Yahoo email fault hits BT, Sky and TalkTalk customers

ü  Jio Fiber: Free TVs with India's latest broadband service

 

 

 

 


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South Africa's rand falls after poor current account data, stocks rise

JOHANNESBURG (Reuters) - South Africa’s rand weakened on Thursday after data
showed the current account deficit widened in the second quarter from the
first, dampening positive economic momentum generated on Tuesday by data
showing GDP grew more than forecast.

 

By 1525 GMT the rand was 0.44% weaker at 14.8700 per dollar, retreating from
a four-week high of 14.7400 touched earlier in the session.

 

The current account deficit was 4% of gross domestic product (GDP), the
South African Reserve Bank said, wider than the average 3% forecast by
economists surveyed by Reuters and than the 2.9% shortfall in the first
three months.

 

 

“Intensifying global trade tensions could further depress South Africa’s
trade performance in coming quarters and could place added pressure on the
current account deficit,” said Elize Kruger, an economist at NKC African
Economics.

 

In equities, the broader All-Share index climbed 1.04% to 55,476 points,
while the blue chips Top-40 index gained 1.11% to 49,576 points.

 

South Africa’s biggest insurer Sanlam rose 2.75% to 73.87 rand after its
interim results were bolstered by its pan-African strategy. FirstRand gained
1.67% to 61 rand after it reported a rise in full-year profits.

 

“It was a good day, good earnings out,” said Nick Kunze, portfolio manager
as Sanlam Private Wealth.

 

In fixed income, the yield on the benchmark government bond due in 2026
added 3.5 basis points to 8.13%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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Cash-strapped arms maker Denel eyes $2 bln in export deals

JOHANNESBURG (Reuters) - South Africa’s Denel can see some 30 billion rand
($1.97 billion) in deals over the next two years which should help it
recover after struggling to pay salaries and relying on bailouts, the state
arms firm said on Thursday.

 

“Denel is actively pursuing a winnable order pipeline of 30 billion rand in
the next two years, which will greatly contribute to the financial
turnaround and long-term sustainability of the company,” Denel said in a
statement.

 

“This includes an imminent export contract – the largest in Denel’s history.
This contract, which includes an advance payment of 1.5 billion rand, has
the potential to grow Denel’s order stock by 32%,” it said.

 

On Friday Denel received $118 million cash injection from the government to
stem a deepening liquidity crunch.

 

($1 = 15.2369 rand)

 

 

 

South African current account deficit widens in second quarter

JOHANNESBURG (Reuters) - South Africa’s current account deficit widened more
than expected in the second quarter from the first, and the trade balance
swung to a deficit, the central bank said on Thursday.

 

The readings will dampen positive economic momentum generated on Tuesday by
data showing GDP grew more than forecast in the second quarter. President
Cyril Ramaphosa has promised to kick-start growth after a decade of
stagnation.

 

The current account deficit was 4% of gross domestic product (GDP), the
South African Reserve Bank said, wider than the average 3% of GDP forecast
by economists surveyed by Reuters and than the 2.9% shortfall in the first
three months of the year.

 

The rand, which has gained more than 3% this week thanks the GDP boost,
trimmed session gains to trade 0.17% firmer at 14.7800 per dollar as of 0920
GMT.

 

The central bank said the quarterly trade balance swung to a deficit of 27.2
billion rand ($1.8 billion) in the second quarter from a surplus of 41.9
billion rand in the first.

 

($1 = 14.7800 rand)

 

 

 

 

Nigeria uses tax credits for private firms to boost infrastructure

ABUJA (Reuters) - Nigeria is using a system of tax credits to encourage
private companies to share the cost of infrastructure projects as part of a
drive to diversify Africa’s biggest economy away from its reliance on oil
sales, the country’s tax chief said.

 

Tunde Fowler, executive chairman of the Federal Inland Revenue Service
(FIRS), said in an interview on Wednesday that more than 10 local companies
had applied for the scheme to receive 50% of expenditure in tax credits.

 

He also said Nigeria had a target to nearly double tax revenues this year
from 2018 due to a surge of new payers following the end of an amnesty and
the introduction of a new database that uses biometric data.

 

Africa’s biggest oil producing country has sought to diversify its economy
away from crude sales, but has struggled to improve non-oil revenues as debt
servicing costs rise.

 

And after Nigeria signed up to a new continent-wide free trade agreement in
July, manufacturers have called for improvements to road, rail and power
networks to compete with firms from across Africa.

 

Fowler said two companies had successfully applied to receive tax credits
for infrastructure projects so far. One was part of the Dangote Group
conglomerate, owned by the continent’s richest man Aliko Dangote, which will
build a road under the scheme. He did not name the other company.

 

“It may reduce the amount of my collections initially, but ... as I expand
my tax net, I would make up for that reduction,” said Fowler. “We believe we
would generate more revenues from the additional infrastructure that would
be created.”

 

The tax credit scheme was signed into law, under an executive order, by
President Muhammadu Buhari in January.

 

Buhari was elected for a second term in February, in part due to his vow to
develop the country’s poor infrastructure that has stymied development for
decades.

 

But he faces a challenge amid rising debt servicing costs. Nigeria spent 35%
of government revenues servicing debt in 2016, when its economy entered a
recession that it left the following year. Since then, it has taken on more
local and foreign debt.

 

Economic growth slowed to an annual rate of 1.94% in the second quarter of
this year, the statistics office said on Tuesday. The non-oil sector grew
1.64% and the oil sector 5.15%, though crude prices have fallen since then.

 

Fowler said 5.32 trillion naira ($17.39 billion) was collected in taxes in
2018 and his office was targeting 8.9 trillion naira this year.

 

He said the increase was possible because the number of tax payers was
expected to jump to around 45 million this year from 20 million in 2018.
That was largely due to the inclusion of people identified in a tax amnesty
that ended this year.

 

Fowler said that change, coupled with a new database drawing on biometric
data tied to bank accounts, had led to an improvement in compliance and
collections in the first eight months of this year.

 

But Fowler’s targets, which he described as “ambitious”, may be hard to meet
in a country of 190 million people where around 80% of the workforce is
employed in the informal sector. That has hindered tax collection in the
past.

 

Fowler, speaking at his office in the capital, Abuja, said a move to include
value added tax (VAT) on all online transactions was expected to come into
force in January 2020. He said e-commerce was, at present, a tax loophole.

 

“There are a lot of areas that are not yet captured,” he said.

 

Fowler added the current VAT rate of 5%, one of the lowest in the world,
should be raised.

 

“I believe that Nigeria should review the VAT rate to 7.5%,” he said, though
any such change would have to be implemented by the government.

 

($1 = 305.90 naira)

 

 

 

 

FirstRand's full-year profits rise 5%

JOHANNESBURG (Reuters) - South African bank FirstRand said on Thursday it
managed to weather a tough domestic economy to increase full-year profits by
5%, but called for urgent reform in the country to avoid another sovereign
credit rating downgrade.

 

South Africa suffered its worst economic contraction in a decade in the
first quarter of the year. High government debts, troubled state-run firms,
including energy company Eskom, and uncertainty over certain reforms have
hit confidence in the country’s economy.

 

FirstRand’s retail division is the largest in South Africa by market share,
and is therefore more exposed to pressures on consumers than rivals. But
earnings at the bank’s consumer division rose more than 10%, outperforming
those of key competitors.

 

A weaker performance at its corporate and investment bank (CIB), car finance
unit and in the group’s treasury however weighed on the lender’s overall
headline earnings per share (HEPS) - the main profit measure in South
Africa.

 

Its diluted HEPS stood at 497.2 cents in the year to June 30, compared to
472.7 cents a year earlier.

 

CEO Alan Pullinger said in a statement the bank produced real quality growth
despite a challenging operating environment and high earnings base in 2018.

 

“The underlying growth momentum in FNB, RMB and Aldermore remains strong,
and WesBank continues to weather tough conditions,” he said, referring to
its retail division, corporate and investment bank, UK bank and car finance
units respectively.

 

Non-performing loans increased across a number of its businesses, which
FirstRand attributed in most cases to growth in advances. At RMB, however, a
7% increase in NPLs reflected higher levels of corporate stress in South
Africa, it said.

 

RMB’s earnings fell by 4% during the period, which FirstRand said was due to
the non-repeat of significant private equity realisations that had happened
in the prior year.

 

FirstRand said it expected economic activity in South Africa to remain under
pressure for the “foreseeable future”.

 

“The country needs urgent reform, which should, at minimum, include energy
supply, price stability and policy certainty in key areas such as fiscal
consolidation, SOE reform, land reform and mining rights,” it said, adding
without these the risk of a further sovereign ratings downgrade remained
elevated.

 

South Africa has already been downgraded to “junk” status by two ratings
agencies - Fitch and S&P.

 

($1 = 15.2369 rand)

 

 

Tanzania's gold exports rise 23% in year to July -central bank

DAR ES SALAAM (Reuters) - Tanzania’s gold exports rose 23% in the year to
July, its central bank said on Thursday.

 

    Africa’s fourth-biggest gold producer after South Africa, Ghana and Mali
hopes to see a rebound in its mining sector after a tax crackdown and
overhaul of its mining code in 2017 spooked foreign investors.

 

    “The value of gold exported (in the year ending July 31) ... grew at an
annual rate of 23.3% to $1.783 billion because of an increase in export
volume,” the (central) Bank of Tanzania in its latest monthly economic
report.

 

The report did not provide figures for export volumes.

 

    The country’s gold exports in the previous year amounted to $1.45
billion.

 

    Gold accounts for more than 40 percent of the East African nation’s
non-traditional exports.

 

    Tanzania exported gold worth $1.549 billion in the 2018 calendar year,
up slightly from $1.541 billion a year earlier, central bank data shows.

 

    Tanzanian President John Magufuli, who took office in late 2015, is
pushing for more revenue from the mining sector, which is a relatively small
contributor to national output.

 

    In 2017, the government passed laws which the industry complained would
be costly and onerous.

 

Among other things, the laws hike taxes on mineral exports, mandate a higher
government stake in some mining operations and force the construction of
local smelters, a move some companies said was uneconomic.

 

    Magufuli also ordered the central bank in January to start buying the
country’s gold to curb smuggling and build reserves to stabilise the local
currency.

 

    Tanzania has also been locked in a prolonged conflict with London-listed
Acacia Mining after authorities banned exports of gold and copper
concentrates and accused the miner of tax evasion, which it denies.

 

    A buyout proposal for Acacia from majority shareholder Barrick Gold Corp
is expected to reset strained relations with the government, according to
analysts.

 

 

 

Capitec bank forecasts up to 21% jump in H1 earnings

JOHANNESBURG (Reuters) - South African lender Capitec said on Thursday its
half-year earnings could rise by up to 21%, without giving a reason.

 

Headline earnings per share (HEPS) for the half-year ending Aug. 31 are
expected to be between 2,511 and 2,575 cents per share versus 2,128 cents a
year earlier, Capitec said.

 

HEPS strips out certain one-off items and is the most widely watched profit
measure in South Africa.

 

 

 

Impala Platinum delays job cuts due to improved earnings - sources

LONDON/JOHANNESBURG (Reuters) - Impala Platinum will delay cutting thousands
of jobs and closing some capacity at its main South African mine due to
operational improvements and higher commodity prices, two sources with
direct knowledge of the matter said.

 

One of the world’s largest producers of autocatalyst materials platinum and
palladium, Implats is overhauling its Rustenburg mine, which is its largest.
Operational inefficiencies at Rustenburg have for years undermined Impala’s
profits.

 

“Revenue is up,” one of the sources said, adding that mines that were going
to close were now making money or will soon be making money.

 

Implats will delay closing Rustenburg’s shaft 12 by one year and shaft 9 by
about six months, the source added.

 

Implats declined to comments ahead of its full-year results on Thursday.

 

Last year, Implats said plans to restructure Rustenburg would cut about a
third of the mine’s workforce - more than 13,000 jobs - over two years, and
reduce the number of active shafts to six from 11, which would have cut the
company’s output by about a third by 2021.

 

Both platinum and palladium are mainly used in autocatalysts to cut noxious
emissions from fossil-fuelled cars.

 

Large surpluses of platinum and shrinking demand, particularly since
Volkswagen’s “dieselgate” scandal in 2015 saw platinum prices crash to
$751.25 an ounce last year, a far cry from peaks above $2,000 a decade
earlier.

 

But platinum has risen 30% from those lows, with prices shooting up to
around $1,000 in recent days, and palladium prices have jumped more than 80%
over the same period to around $1,550 an ounce.

 

A more than doubling this year in the value of rhodium, a byproduct of
platinum, to above $5,000 an ounce and a weak rand against the dollar have
also helped boost earnings at South African miners.

 

However, Impala’s older shafts running out of ore to mine and reaching the
end of their natural lives make a complete reversal of the closure plan
impossible, the sources said.

 

Attempts to sell Rustenburg’s shaft 1, the only one put up for sale by
Implats, did not attract any credible bidders, the sources said, and the
mine will be contracted out.

 

Implats has already cut about 2,000 jobs, the sources said.

 

A presentation seen by Reuters shows half the shafts at the Rustenburg
operation have swung to a full year profit, including those slated for
closure. The company is also considering using more contractors to mine some
shafts, the sources said.

 

Implats’ share price, which is highly geared towards a higher platinum
price, has outperformed its South African rivals Anglo American Platinum and
Northam Platinum.

 

 

 

Australia's Orion wins OK to develop $263 mln S.Africa zinc-copper project

JOHANNESBURG (Reuters) - South Africa’s mines ministry on Thursday said
Australia’s Orion Minerals could go ahead with development of a 4 billion
rand ($263 million) copper-zinc project in Northern Cape province.

 

“This latest investment confirms that South Africa remains a preferred
investment destination for mining,” the Department of Mineral Resources and
Energy said in a statement.

 

This week Orion, which operates in gold, copper, nickel and platinum, said
the mining rights were valid for an initial 24 years and could be renewed on
application.

 

($1 = 15.2369 rand)

 

PM: I'd rather be dead in ditch than delay Brexit

Boris Johnson has said he would "rather be dead in a ditch" than ask the EU
to delay Brexit beyond 31 October.

 

But the PM declined to say if he would resign if a postponement - which he
has repeatedly ruled out - had to happen.

 

Mr Johnson has said he would be prepared to leave the EU without a deal, but
Labour says stopping a no-deal Brexit is its priority.

 

The prime minister's younger brother, Jo Johnson, announced earlier that he
was standing down as a minister and MP.

 

Speaking in West Yorkshire, Boris Johnson said Jo Johnson, who backed Remain
in the 2016 referendum, was a "fantastic guy" but they had had "differences"
over the EU.

 

Announcing his resignation earlier in the day, the MP for Orpington,
south-east London, said he had been "torn between family loyalty and the
national interest".

 

 

During his speech at a police training centre in Wakefield, the prime
minister reiterated his call for an election, which he wants to take place
on 15 October.

 

He argued it was "the only way to get this thing [Brexit] moving".

 

"We either go forward with our plan to get a deal, take the country out on
31 October which we can or else somebody else should be allowed to see if
they can keep us in beyond 31 October," Mr Johnson said.

 

He told the audience he hated "banging on about Brexit" but accused MPs of
having "torpedoed" the UK's negotiating position with the EU by voting for a
Labour-backed bill designed to block a no-deal exit on 31 October.

 

The legislation would force the prime minister to delay Brexit until January
2020, unless MPs approve either a new deal or a no-deal exit by 19 October.

 

However, Labour leader Jeremy Corbyn has accused the PM of having "no plan
to get a new deal".

 

Liberal Democrat leader Jo Swinson said the prime minister's comments were
"deeply troubling", and the PM would soon be legally forced to seek a Brexit
delay.

 

Media captionBoris Johnson says he and his brother Jo "haven't seen
eye-to-eye for a long time" about the EU

The House of Commons rejected Mr Johnson's plan for a snap election in a
vote on Wednesday.

 

But the government has announced that MPs will get another chance to back
this plan next Monday.

 

The fresh vote on an early election is scheduled just before Parliament is
due to be prorogued - or suspended - from next week until 14 October.

 

 

Opposition parties are holding talks about how to respond to the prime
minister's call for a mid-October election, amid concern over whether it
should be delayed until after an extension has been agreed to prevent a
no-deal Brexit on 31 October.

 

Meanwhile, Brexit Party leader Nigel Farage has warned Mr Johnson that he
"cannot win an election, whenever it comes, if the Brexit Party stands
against him".

 

However, if they were to make a pact during a general election "with a clear
policy, we'd be unstoppable", he told the BBC.

 

Yvette Cooper, Labour MP and chairwoman of the Home Affairs Committee,
criticised the PM for using police officers as a backdrop to his speech.

 

"This is an abuse of power by Boris Johnson, making so many police stop
their training and work to be part of his political stunt," she said.

 

West Yorkshire Police chief constable John Robins said he was pleased the
force was "chosen as the focal point of the national recruitment campaign"
and welcomed Mr Johnson's pledge to increase police funding.

 

One of the student officers standing behind the prime minister appeared to
become unwell during his speech and question-and-answer session.

 

Twenty minutes in, she sat down with her head bowed, at which point Mr
Johnson apologised and said: "That is the signal for me to actively wind
up."--BBC

 

 

 

 

Europe will not accept US verdict on 737 Max safety

Europe's aviation safety watchdog will not accept a US verdict on whether
Boeing's troubled 737 Max is safe.

 

Instead, the European Aviation Safety Agency (Easa) will run its own tests
on the plane before approving a return to commercial flights.

 

The 737 Max has been grounded since March after two fatal crashes.

 

But Easa told the US Federal Aviation Administration (FAA) there would be
"no delegation" on safety approval in a letter sent on 1 April.

 

Patrick Ky, Easa's chief executive, revealed a list of four conditions given
to the US authorities in a presentation to the European Parliament's
committee on transport and tourism on Monday.

 

Europe's tough stance is a blow to Boeing's hopes of a rapid return to
service for the 737 Max, and is also a significant break with the
established international practice of aviation regulators accepting each
other's standards.

 

A spokesperson for the FAA said it had "a transparent and collaborative
relationship with other civil aviation authorities as we continue our review
of changes to software on the Boeing 737 Max".

 

"Our first priority is safety, and we have set no timeframe for when the
work will be completed. Each government will make its own decision to return
the aircraft to service, based on a thorough safety assessment."

 

Norwegian cuts routes over 737 Max grounding

Boeing completes 737 Max software upgrade

The 737 Max plane has not flown commercially since an Ethiopian Airlines
aircraft crashed shortly after take-off on 10 March, killing 157.

 

It followed a Lion Air crash on 28 October last year which killed 189.

 

In both incidents, investigators have focused on the role played by a
software system called MCAS (Manoeuvring Characteristics Augmentation
System), which was designed to make the aircraft easier to fly.

 

Probes have shown the software - and the failure of sensors - contributed to
pilots not being able to control the aircraft.

 

Mr Ky's presentation showed a refusal to accept delegation was the first of
the four conditions that had to be met before flights in Europe could
resume.

 

The other three were:

 

an "additional and broader independent design review" by Easa

that the two fatal crashes were "deemed sufficiently understood"

and that flight crews had been adequately trained in any changes to the
plane.

Easa's work on the 737 Max had entailed "an unprecedented level of effort",
with 20 aviation experts and two to three online meetings a week with Boeing
engineers.

 

There were plans for a full week of trial flights with a modified aircraft
at Boeing's flight test centre in Seattle.

 

Boeing has been working on changes to the 737 Max's flight control systems
to avoid the MCAS problem. As well as changes to the plane, it has proposed
changes to the ways pilots are trained.

 

Reports in the US have suggested that Boeing had hoped for FAA safety
clearance next month, with airlines free to fly the aircraft later in the
year.

 

FAA approval would allow US airlines to fly the aircraft, but European
operators - including Norwegian Air - would need Easa clearance before
returning it to commercial service.==BBC

 

 

 

No-deal bill a 'chink of light' for business

Progress in passing a bill to stop a no-deal Brexit in parliament has been a
"chink of light" for UK business, according to the head of Confederation of
British Industry (CBI).

 

However, Carolyn Fairbairn told the BBC the "cloud has not gone away" for
companies until a deal is agreed.

 

She said many would have to keep stockpiling, even though the bill is likely
to be ready for royal assent on Monday.

 

"The clock is still ticking," she said.

 

On Thursday, the government confirmed the bill - designed to force the prime
minister to seek an extension to the 31 October Brexit deadline - would
complete its passage through the Lords on Friday.

 

Bill designed to stop no-deal 'will clear Lords'

CBI: 'UK and EU not ready for no-deal Brexit'

The proposed legislation was passed by MPs on Wednesday, inflicting a defeat
on Prime Minister Boris Johnson.

 

However, the government - which wants the UK to leave the EU on 31 October
with or without a deal - is seeking support for an election on 15 October.

 

As a result, Ms Fairbairn said, many businesses would continue to prepare
for a potential no-deal.

 

"So many businesses are stockpiling for 31 October in the same way they did
for 29 March at enormous cost and expense," she said.

 

"It's so wasteful and I think they will have to continue to do that until
they know otherwise.

 

"And I think more and more are deeply concerned about the long-term effect
on their competitiveness; they are seeing a loss of market share
internationally that is very hard to claw back."

 

Corbyn fears

The CBI has previously said leaving the EU with a deal is essential to
protect the economy and jobs.

 

And it has said that, despite spending billions on preparing for no deal,
many businesses are not ready for the shock it might cause.

 

A survey from manufacturing lobby group Make UK and the auditors BDO came to
a similar conclusion. It found UK firms were less prepared for no deal than
in March, while Brexit uncertainty was dragging on demand.

 

Despite this, Ms Fairbairn said few CBI members viewed the prospect of a
Labour government following a potential October election as much better than
no deal, citing concerns over Jeremy Corbyn's plans to renationalise
industries and hand company shares to workers.

 

"I think this is a choice no business wants to have to make. In terms of the
policies of a Corbyn government, some of them are deeply damaging."

 

Some politicians have argued that warnings about the potential damage of a
no-deal Brexit have been exaggerated.

 

Before becoming Leader of the House of Commons, Jacob Rees-Mogg said in July
that quitting the EU without a deal could result in an £80bn boost for the
economy.

 

He also dismissed as "pure silliness" Treasury forecasts warning of a £90bn
hit to the UK - projections that former chancellor Philip Hammond later
described as "terrifying".--BBC

 

 

 

Samsung Galaxy Fold UK launch date revealed

Samsung's first foldable phone will go on sale on Friday after problems
delayed its initial release.

 

The Galaxy Fold will be available on 6 September in South Korea, with a UK
launch following on 18 September.

 

The release of the nearly $1,980 (£1,600) device in April was postponed
after early reviewers reported broken screens.

 

Samsung has been rushing to launch the folding smartphone before its rivals.

 

The firm said in July it had made "improvements" to the device and planned
for the phone to go on sale in September.

 

It will cost £1,900 when it goes on sale in the UK on 18 September.

 

According to news site the Verge, changes to the device include:

 

reducing the gap between the hinge and the display to prevent debris
entering the mechanism

hiding the edges of the screen-protective layer under the bezels of the
device, to stop users peeling the laminated protection off

adding plastic caps to the edges of the folding display to stop debris
getting in

 

It comes as the firm has seen profits tumble amid a broader industry
slowdown, weighed down by the US-China trade war.

 

Samsung, the world's biggest smartphone and memory chip maker, is facing
growing competition from rivals like Chinese tech firm Huawei.

 

It is also navigating possible disruption to its chip business from a trade
row between South Korea and Japan..

 

Huawei became the second-largest smartphone seller in the world last year
and plans to launch its folding smartphone in September..

 

Earlier this year, Chinese technology firm Xiaomi unveiled a prototype of a
folding smartphone that transforms into a tablet..

 

The Galaxy Fold is being released in a small number of countries including
South Korea, the US, the UK and Singapore.--BBC

 

 

 

Yahoo email fault hits BT, Sky and TalkTalk customers

Yahoo says most of its email services are working again following a fault
that affected users across the world for more than seven hours.

 

It had been impossible for people to send and receive messages using the
platform or check their webmail accounts.

 

In the UK, the problem had impacted BT, Sky and TalkTalk's email accounts,
which are powered by the firm.

 

Downdetector indicates that the problem began at about 07:00 BST.

 

"Most services are back online," Yahoo tweeted shortly after 14:30 BST.

 

"We are sorry for the inconvenience and thank you for your patience as we
get everything back up and running."

 

The business is owned by the US communications firm Verizon.

 

Those with AOL accounts had also been affected.

 

Internet faults of one kind or another are not uncommon, but it is
relatively unusual for them to last this long.

 

Some customers who have reported being able to access their accounts again,
say that several hours-worth of emails appear to be missing.--BBC

 

 

 

Jio Fiber: Free TVs with India's latest broadband service

A high-speed broadband service which launched on Thursday is expected to
disrupt India's booming internet and streaming industries.

 

Jio Fiber's annual plans include free TVs, set-top boxes and subscriptions
to premium streaming services.

 

Telecom giant Reliance will charge subscribers $10 to $118 a month for
speeds ranging from 100Mbps to 1Gbps.

 

The free services, coupled with relatively low-cost internet, are likely to
spark a fierce price war.

 

Competitors and customers are braced for a repeat of 2016, when mobile
network prices plunged after Reliance introduced free calls and data.

 

Is India the answer to Netflix's troubles?

Why India has the world's cheapest

Why young Indians are choosing streaming over TV

Speaking at the company's annual general meeting on 12 August, Reliance
chairman Mukesh Ambani told shareholders the plans would cost "less than
one-tenth of global rates".

 

He added that subscribers would get incentives ranging from free outgoing
calls on landlines to free LED TVs. He also said premium customers would be
"able to watch movies in their living rooms the same day these movies are
released".

 

The array of offers means that with just one product, Reliance will take on
competitors as diverse as telecom companies, streaming platforms and even
cinema halls.

 

India is one of the world's fastest-growing internet markets - and the
appetite for video-on-demand is expected to keep rising. Television,
streaming platforms and films will account for some 46% of the growth in the
Indian media industry, according to a recent report by the consultancy firm
Price Waterhouse.

 

Reliance Jio, the company's telecom arm, became India's biggest operator
earlier this year, with revenue exceeding $1.6bn in the quarter ending 30
June.

 

Jio strikes again

Prasanto K Roy, Technology writer

 

As with any new service from Reliance, Jio Fiber made headlines well before
its launch on 5 September. Mukesh Ambani's announcement in August shook up
the sector, and had broadband operators running for cover and coming back
with counter-offers. Its biggest competitor, Airtel, launched a digital
entertainment services platform called Xstream ahead of Jio Fiber's launch.

 

Mr Ambani announced plans, offers and features that were as irresistible as
expected - and there was certain to be be a long-drawn out free trial offer.

 

In the free trial period, the "Jio Fiber preview offer" had a 100Mbps
connection free, along with a range of Jio apps. There's a 100GB data quota,
but users who exhaust it can get free online top-ups of 40GB at a time, 24
times. This works out to nearly 1,000GB free. The only charge is a
refundable deposit of 2,500 rupees ($35; £28) for the router.

 

Premium plans, he said, would include giveaways that are unprecedented in
India: a high-definition or, better, LED television set, and a 4K
(ultra-high definition) set-top box, which could also do group video calls.

 

Some 15 million people have already registered for the service. Reliance is
aiming for 20 million residential users and 15 million businesses across
1,600 towns in India.

 

The Reliance Jio playbook is now well established: an aggressive launch and
free trial offer that pulls in millions of customers and shakes up the
market.

 

Jio launched mobile services in September 2016, and its free trial offer
attracted 100 million customers in just six months. Its 340 million
customers spend about 30% more than other operators' customers. It also
drove down mobile data prices sharply in India. There were 10 telecom
operators when Jio launched: now there are just four.

 

India's many broadband players are staring at a similar prospect - some of
them - such as Airtel and BSNL- are large and present across the country,
while others are smaller and confined to regional markets.

 

A major shake-up in the market - with smaller broadband players simply
folding up (very few will be acquired) - is not a matter of if, but
when.--BBC

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 


 

INVESTORS DIARY 2019

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


Bindura Nickel Corporation

 

 

 


Padenga Holdings

 

 

 


Delta Corporation

 

 

 


Meikles Limited

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
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been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
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any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

 


 

 


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