Major International Business Headlines Brief::: 09 September 2019

Mon Sep 9 01:00:08 CAT 2019

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Major International Business Headlines Brief::: 09 September 2019

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*  S.Africa's rand rallies as U.S. payroll data disappoints, stocks inch up

*  S.African court dismisses Old Mutual attempt to block CEO's reinstatement

*  South Africa's Denel to exit some businesses within months

*  Ethiopia should slowly liberalise its exchange rate –central bank
governor

*  MTN Nigeria shares hit 3-month high after partial reopening

*  South Africa's Sasol to release delayed results by Oct. 31

*  Friedland's HPX signs deal to develop Guinea's Nimba iron ore project

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

*  China exports fall in August as US trade war bites

*  British Airways strike due to start at midnight

*  Trump Turnberry: US Congress launches investigation into Prestwick
Airport deals

*  Facebook faces fresh anti-trust investigation

*  TripAdvisor defends itself in fake reviews row

*  US jobs growth weaker than expected

*   

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S.Africa's rand rallies as U.S. payroll data disappoints, stocks inch up

JOHANNESBURG (Reuters) - South Africa’s rand rallied more than one percent
on Friday to a new one month high with momentum reignited by a subdued jobs
report from the United States that dragged down the dollar.

At 1515 GMT the rand was 1.06% firmer at 14.7275 per dollar, its best since
Aug. 2, from an overnight close of 14.8850.

The greenback slipped to near a one-week low as a mixed report on the U.S.
jobs market in August reinforced the view of a slowing expansion and the
possibility of more interest rate cuts from the Federal Reserve.

Friday’s session brought the rand’s gains to more than 3.5% for the week,
most of which came after Tuesday’s much better-than-expected second quarter
gross domestic product figures.

In the three months to June, Africa’s most industrialised economy expanded
by 3.1%, after a 3.1% contraction in the first quarter. Economists polled by
Reuters had predicted an expansion of 2.4% for the quarter.

Thawing tensions in the ongoing trade spat between China and the U.S. this
week have also boosted the rand. Top negotiators from both countries will
meet in early October in Washington.

Stocks strengthened amid improved global markets sentiment with local
banking and retail shares benefiting from a firmer rand.

In equities, the broader All-Share index rose 0.2% to 55,591 points, while
the blue chips Top-40 index also gained 0.2% to49,673 points.

“Retailers and the banks are specifically responding to a firmer rand,” said
trader at GT247 Nilan Morar adding that firmer internationally markets have
also boosted sentiment.

The banking sector gained 1.1% while the general retailers tracker rose 1%.

Capitec was up 2.47% to 1.200 rand after Thursday’s trading statement showed
headline earnings rose in the six-month to August. FirstRand closed up 1.8%
at 62.09 rand.

Among the decliners, petrochemicals company Sasol’s closed 4% lower at
260.03 rand after the firm again delayed the release of the 2019 financial
results.

“Sasol is having a real problematic time people don’t like stories about
delayed earnings and releases,” said Morar.

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S.African court dismisses Old Mutual attempt to block CEO's reinstatement

JOHANNESBURG (Reuters) - Sacked Old Mutual CEO Peter Moyo intends to return
to his desk next week, his lawyer said on Friday after a South African court
dismissed the insurer’s attempt to block his temporary reinstatement.

Moyo was fired in June in relation to a dispute over a conflict of interest,
but was temporarily reinstated by the court in July. However, Old Mutual
said he could not return to work while it appealed the judgement.

The insurer had asked the court to rule whether it agreed that the appeal
suspended the previous judgement, and also on Old Mutual’s view that a
temporary reinstatement would in effect be permanent as a court case against
his dismissal would be lengthy.

“The respondents have succeeded to persuade this court that the operation
and execution of the orders should not be suspended,” Judge Brian Mashile
said in a written judgement said seen by Reuters.

Moyo’s lawyer confirmed the ruling, and said he intended to return to work
on Monday.

The Old Mutual board has repeatedly said a breakdown in relations and trust
with Moyo is such that it is untenable for him to continue as CEO, and fired
him for a second time in August. Its shares rose on Friday, and were up
0.88% at 1235 GMT.

An Old Mutual spokeswoman insisted that Moyo’s second sacking in August
still prevented him from returning to work, adding that the insurer had also
been granted leave to appeal the July court decision.

Moyo had also applied twice to have Old Mutual declared in contempt of court
over its refusal to allow him back to work.

The court was still hearing the contempt of court applications.

South Africa's Denel to exit some businesses within months

JOHANNESBURG (Reuters) - South Africa’s struggling state-owned defence
company Denel aims to begin disposing of equity stakes and exiting
loss-making businesses within months as part of its turnaround strategy, it
told a parliamentary committee.

Denel, which makes ammunition, missiles and armoured vehicles for South
Africa and customers elsewhere in Africa, the Gulf and Europe, received a
1.8 billion rand ($122 million) cash injection from the government at the
end of last month after struggling to pay salaries and suppliers.

Denel is one of a handful of state-run companies that has needed to be
bailed out by the government in recent months. A pillar of the country’s
once-mighty defence industry, the company recorded a 1.76 billion rand loss
in 2018.

Denel has not yet released financial results for the 2018/19 fiscal year,
but was projected to be insolvent, according to a presentation to
parliament’s portfolio committee on public enterprises on Wednesday.

It expects to raise 160 million rand in the third quarter of the 2019/20
financial year via the disposal of equity in Hensoldt Optronics, a producer
of high-tech optics such as sensors and radars, in which it owns a 30
percent stake. The fiscal year runs from April 1 to March 31 with an
October-to-December third quarter.

Denel CEO Danie du Toit said any deals were subject to government approval
but negotiations over Hensoldt were in progress.

“We’re on plan,” he wrote in a text message on Friday.

Exiting its loss making LMT, an armoured vehicle business in which it holds
a 51% stake, and its small calibre ammunition unit PMP should save it 70
million rand in the same quarter.

Equity sales and partnerships involving core businesses like Denel Land
Systems, missile unit Denel Dynamics and Denel Aeronautics should help raise
another 4.4 billion rand through 2022.

Streamlining supply chains, reducing staff costs and exiting other
businesses, including Denel Aerostructures, could reap 862 million rand in
further savings.

In a statement on Thursday, Denel said it foresaw some 30 billion rand in
deals over the next two years, including the largest export contract in the
company’s history.

Denel has not publicly named the customer. But the presentation to
parliament says the contract, which includes a 1.5 billion rand advance,
focused on Egypt’s navy and ThyssenKrupp Marine Systems vessels.

($1 = 14.7759 rand)

Ethiopia should slowly liberalise its exchange rate –central bank governor

CAPE TOWN (Reuters) - Ethiopia should slowly liberalise its exchange rate
regime, but moving to a fully floating rate for the birr currency is
unlikely over the next three years, its central bank governor told Reuters
on Friday.

National Bank of Ethiopia Governor Yinager Dessie also forecast that the
economy, one of the fastest-growing in Africa for the past decade, would
expand by 10% in annual terms on average over the next three years.

“There is no doubt that we should move slowly to the market type of forex
management. But our issue is that we need to look at the timing,” Dessie
said. “Within the coming three years, we would like to relax a little bit on
the currency side.”

MTN Nigeria shares hit 3-month high after partial reopening

ABUJA (Reuters) - Shares of MTN Nigeria hit a three-month high on Friday
after the telecoms company’s offices partially reopened following a shutdown
due to anti-South African attacks in the West African country.

The local units of South Africa’s MTN Group and supermarket chain Shoprite,
closed all stores and service centres in Nigeria after their premises were
attacked following days of riots in their home country chiefly targeting
foreign-owned, including Nigerian, businesses.

The violence in South Africa has strained relations between Africa’s two
biggest economies, with Nigeria saying on Thursday it would recall its top
diplomat to Pretoria.

MTN Nigeria said its stores remained closed on Friday but skeletal office
operations were resuming, its spokesman said, adding that staff were asked
to stay at home for safety reasons.

Shoprite stores remained shut except for one in an upmarket area of the
capital Abuja, a manager there said.

Shares in MTN, Nigeria’s second-biggest listed firm, rose 5.03% to 139.80
naira each, a level last seen in June. Johannesburg-listed Shoprite shares
were up 1.8%.

Prior to the shutdown, the telecoms firm last week launched a mobile money
transfer service, targeting Nigerians without bank accounts, and said it
planned to become a payment services bank once it obtains approval from the
central bank.

South Africa's Sasol to release delayed results by Oct. 31

JOHANNESBURG (Reuters) - South Africa-based chemicals and energy company
Sasol will release its postponed financial results no later than Oct. 31, it
said on Friday,

Sasol, which had delayed the Sept. 19 release of 2019 financial results
until Aug. 19, said it would make a further announcement as soon as a date
has been determined.

Friedland's HPX signs deal to develop Guinea's Nimba iron ore project

CONAKRY (Reuters) - HPX, a company run by billionaire mining investor Robert
Friedland, signed a deal with the Guinean government late on Thursday to
develop the Mount Nimba iron ore deposit, Guinea’s mines minister told
Reuters.

Friedland, founder and executive chairman of Ivanhoe Mines, has a long
history of exploration and development of remote mineral deposits in
countries including Mongolia and Democratic Republic of Congo.

HPX is to take over stakes in Nimba previously owned by BHP, Newmont
Goldcorp, and French nuclear group Orano, the company said in a statement.

The Guinean government will also hold a stake in Société des Mines de Fer de
Guinée (SMFG), the Guinean company operating the project, and two seats on
its board, a document seen by Reuters showed. Financial terms of the deal
were not disclosed.

“We are confident this project will be developed fast and well,” Mines
Minister Abdoulaye Magassouba told Reuters.

“We have a world-class partner committed to developing this exceptional
deposit while taking into account the environmental sensitivity of the
site.”

Sources told Reuters late last month that Friedland was the front-runner to
take over BHP’s stake in Nimba.

HPX and BHP did not respond to requests for immediate comment.

TRANS-GUINEAN?

The deal did not eliminate the possibility that some of the iron ore
produced at Nimba, in southeast Guinea, could be taken to port through
Liberia - a much shorter route than the government’s preferred route through
Guinea to the west coast.

The deal terms did, however, set an extra tax on any iron ore taken through
Liberia - of between $0.825 and $2 per tonne.

Guinea’s government has separately insisted that the future developer of the
Simandou iron ore deposit would have to export through Guinea, building a
“trans-Guinean” railway to the west coast - a distance of around 650 km.

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)

China exports fall in August as US trade war bites

China's exports unexpectedly fell in August as shipments to the US slowed
sharply, adding to worries about the effects of the two nations' trade war.

China is expected to announce more support measures soon, to avert the risk
of a sharp economic slowdown.

These could include the first cuts in four years to some key lending rates.

August exports from the world's second largest economy fell 1% from a year
earlier, the biggest fall since June, when they fell 1.3%,

Analysts had expected to see a rise in exports.

'Sluggish demand'

China's August exports to the US fell 16% year-on-year, slowing sharply from
a decline of 6.5% in July. Meanwhile, imports from the US slumped 22.4%.

There were escalations in August in the year-long trade row, with Washington
announcing 15% tariffs on a wide range of Chinese goods from September.

China hit back with levies of its own, and let its yuan currency fall to
offset some of the tariff pressures.

On Friday, China's central bank cut banks' reserve requirements for a
seventh time since early 2018 to free up more funds for lending.

Analyst expectations had been that a falling yuan would offset some cost
pressures.

China let its currency slide past the key 7-per-dollar level in August for
the first time since the global financial crisis.

That led Washington to dub Beijing "a currency manipulator".

"Exports are still weak even in the face of substantial yuan currency
depreciation, indicating that sluggish external demand is the most important
factor affecting exports this year," said Zhang Yi, economist at Zhong Hai
Sheng Rong Capital Management.

Fresh talks

Many analysts expect export growth to slow further in coming months, with
more US tariff measures due to take effect on 1 October and 15 December.

Chinese exports to Europe, South Korea, Australia, and South East Asia also
worsened on an annual basis, compared with July.

But exports to Japan and Taiwan were slightly better than the previous
month.

On Thursday, China and the US agreed to renew trade talks in October in
Washington, the first since a failed US-China trade meeting in July.--bbc

British Airways strike due to start at midnight

British Airways pilots will begin a two-day strike at midnight in their
ongoing dispute over pay and conditions.

Passengers are being told not to go to airports and BA says most have made
alternative arrangements.

Both BA and the pilots' union Balpa have indicated that they are willing to
start new talks.

Nonetheless the vast majority of BA flights taking off from the UK on Monday
and Tuesday have been cancelled.

There will also be a knock-on effect to flights before and after the strike,
because planes and pilots need to be in position for prior and subsequent
journeys.

On Sunday, dozens of flights were cancelled, affecting travellers trying to
return to Britain.

In its most recent announcement, BA said: "We remain ready and willing to
return to talks with Balpa."

Meanwhile, Balpa's general secretary Brian Strutton said: "It is time to get
back to the negotiating table and put together a serious offer that will end
this dispute."

It is the first time BA pilots have walked out and the action could cost the
airline up to £40m a day.

How did we get here?

Pilots previously rejected a pay increase worth 11.5% over three years,
which was proposed by the airline in July.

Balpa says that its members have taken lower pay rises and made sacrifices
during more stringent times for the airline in recent years. The union
insists that now that BA's financial performance has improved - its parent
company IAG reported a 9% rise in profits last year - they should see a
greater share of the profits.

BA says its pilots already receive "world-class" salaries. The airline
believes the pay offer is "fair and generous", and that it if it is good
enough for BA cabin crew, ground staff and engineers - whose unions, Unite
and the GMB, have both accepted it - it should be good enough for pilots
too.

The airline says once the 11.5% pay deal has fully taken effect in three
years' time, some BA captains could be taking home more than £200,000 a
year, allowances included.

Two weeks ago, BA informed some customers they would have to re-book their
flights next week due to the planned industrial action.

Unfortunately, due to "human error" the airline mistakenly sent emails to
some customers whose flights were not actually affected, throwing BA's
customer service operations into a tailspin over the bank holiday weekend.

On Friday, BA said that the "vast majority" of affected customers had now
either accepted a refund or rebooked, either on alternative dates or with
other airlines.

What rights do passengers have if their flight is affected?

BA advice says you can request a full refund, rebook your flight for another
time in the next 355 days, or use the value of your fare to fly to a
different destination.

If your flight has been cancelled due to a strike the Civil Aviation
Authority says, passengers also have a legal right to a replacement flight
at BA's expense to get you to your destination, even if this means
travelling with a different airline.

Most affected passengers would already have been in contact with BA, but
they may not have considered additional costs, such as airport parking. They
are advised to keep receipts for these extra costs, and BA said it would
look at refunding them on a case-by-case basis.

The cost of separate hotel or accommodation bookings that cannot be used may
need to be claimed from travel insurance.--bbc

Trump Turnberry: US Congress launches investigation into Prestwick Airport
deals

A US Congressional committee is investigating President Donald Trump in
connection with a potential conflict of interest over military spending at a
Scottish airport near his golf resort.

The House Oversight and Reform Committee says expenditure at Prestwick
airport has "increased substantially" since Mr Trump came into office.

The debt-ridden airport has been fighting off closure.

It is said to be integral to the Trump business, which is also loss-making.

The committee's accusations are detailed in a letter to the Pentagon - which
is dated to June but was only revealed on the Politico website on Friday.

Trump's Turnberry golf course posts losses

The letter requests access to all communications between the US Department
of Defense and Trump Turnberry, as well as any related financial records.

According to various reports in the US media, the department has not yet
complied with the demands.

It has also not commented directly, and neither has the Trump Organisation.

What does the letter say?

The letter - signed by the Democratic committee chairman Elijah Cummings -
was addressed to then-acting Secretary of Defence Patrick Shanahan.

Citing Defence Logistics Agency (DLA) records, it said the US military had
made 629 fuel purchase orders at the airport, totalling $11m (£9m), since
October 2017.

It also alleges that certain military personnel have been offered "cut-price
rooms" and free rounds of golf at the Trump Turnberry resort.

It continued: "Given the president's continued financial stake in his
Scotland golf courses, these reports raise questions about the president's
potential receipt of US or foreign government emoluments in violation of the
US Constitution and raise other serious conflict of interest concerns."

Who owns the airport?

Prestwick airport, south of Glasgow, is approximately 20 miles (30km) north
of Trump Turnberry.

The Scottish government bought it for £1 in 2013, when it was facing
closure.

In June, it was put up for sale. No buyer has been announced.

Amid rising debts, the airport has reportedly slashed its charges to try to
retain business.

The Scottish government faced a backlash in 2017 after the Turnberry resort
received a tax rebate. Later that year, the rules changed and it no longer
qualified.

Responding to the latest allegations, the Scottish government said Prestwick
Airport operates on a commercial basis and at arm's length from ministers.

-bbc

Facebook faces fresh anti-trust investigation

Facebook is under investigation in the US to determine whether it has
"stifled competition and put users at risk".

The new action was announced by New York state Attorney General Letitia
James on behalf of a coalition of representatives from several states.

"Even the largest social media platform in the world must follow the law and
respect consumers," said Ms James.

Facebook said people had "multiple choices" when it came to using online
services.

"We understand that if we stop innovating, people can easily leave our
platform. This underscores the competition we face, not only in the United
States but around the globe," said Will Castleberry, Facebook's vice
president for state and local policy.

State officials from Colorado, Florida, Iowa, Nebraska, North Carolina, Ohio
and Tennessee are part of the investigation, as well as the district of
Columbia.

"We will use every investigative tool at our disposal to determine whether
Facebook's actions may have endangered consumer data, reduced the quality of
consumers' choices, or increased the price of advertising," said Ms James.

Facebook already faces a separate anti-trust investigation by the US Federal
Trade Commission.

And in July, the US Justice Department opened a broad investigation of major
technology firms, focusing on potentially anti-competitive practices.

Facebook has previously claimed it is not a monopoly and said consumers can
choose how to connect with friends online.--bbc

TripAdvisor defends itself in fake reviews row

TripAdvisor has hit back at allegations that it is failing to stop a flood
of fake reviews that artificially boost hotel ratings.

The travel review site has come under fire from consumer group Which? over
what it calls "hugely suspicious" patterns of comments from contributors.

But James Kay, a UK director of TripAdvisor, said the site went after fake
reviews "very aggressively".

"We are doing this more than any other platform out there," he told the BBC.

Mr Kay was speaking in response to a Which? Travel survey that looked at
250,000 TripAdvisor reviews for the top 10 ranked hotels in 10 popular
tourist destinations worldwide.

Which? said it had reported 15 of those 100 hotels to TripAdvisor as having
"blatant hallmarks" of fake reviews.

It said that in the case of one hotel in Jordan, TripAdvisor subsequently
removed 730 of its five-star reviews.

'Why I write fake online reviews'

TripAdvisor suspends reviews on 'Brexit Party B&B'

Naomi Leach of Which? Travel accused TripAdvisor of a "failure to stop fake
reviews and take strong action against hotels that abuse the system".

"Platforms like TripAdvisor should be more responsible for the information
presented to consumers."

But TripAdvisor's Mr Kay said the site had already taken action against the
reviews in question, independently of the Which? investigation.

"This is something we do every day," he said. "We have fraud detection tools
that are far more sophisticated than those used by Which?"

Mr Kay said its investigators were always on the lookout for suspicious
patterns of reviews.

In Italy, he added, TripAdvisor had assisted a prosecution that sent one
fake reviewer to jail.

Under an EU directive that has been in force in the UK since 2008, hotel
staff who post favourable reviews of their establishment on travel
information websites such as TripAdvisor are committing a crime.

Any firm breaking the rules may face prosecution, stiff fines and possibly
even jail terms for its staff.--bbc

US jobs growth weaker than expected

The US economy added 130,000 jobs last month, slowing more than expected,
the latest official figures have shown.

Economists polled by Reuters had expected an increase of 158,000. In July,
the economy had created 159,000 new jobs.

The unemployment rate was unchanged at 3.7%, while average hourly earnings
growth rose 3.2% from last year.

The US economy is feeling the strain of President Donald Trump's tariff war
with China and a wider global slowdown.

Mr Trump has been talking up the US economy in recent weeks amid growing
unease about a potential recession.

Fed policymakers divided over US rate cuts

Why US firms are desperate to retain ageing staff

Last month's job figures were boosted by government hiring of 25,000 workers
for the upcoming US Census. Hiring in health care and professional and
business services was also up.

However, the Labor Department said employers added 20,000 fewer jobs in July
and June than it previously estimated. And while pay and participation in
the workforce increased, both remain lower than rates typical before the
financial crisis of 2008.

The US Federal Reserve is widely expected to cut interest rates at its
meeting this month in an attempt to keep the economy growing.

In July, the central bank cut rates for the first time since 2008.

However, that was not enough to satisfy Mr Trump, who has repeatedly called
for a "substantial" rate cut.

In his latest tweets on the economy, Mr Trump denied that there were
troubles brewing.

"The Economy is great. The only thing adding to 'uncertainty' is the fake
news," he wrote.

He also called into question the competence of Fed chair Jerome Powell,
saying: "Where did I find this guy Jerome?"

Paul Ashworth, chief US economist at Capital Economics said the Labor
Department's report offered enough good news to make a dramatic cut by the
Fed unlikely. He pointed to the growth in wages and labour force
participation.

For now, hiring remains strong enough to keep pace with growth in the labour
force. But economist Gus Faucher of PNC Bank predicted that jobs growth
would slow further, given a slump in global growth and uncertainty over
trade.

"Although job growth will slow, the US economy should avoid recession," he
said.--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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