Major International Business Headlines Brief::: 11 September 2019

Wed Sep 11 01:28:56 CAT 2019

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Major International Business Headlines Brief::: 11 September 2019

 <http://www.nedbank.co.zw/> 

ü  Lack of clarity on S.Africa's Eskom illustrates policy uncertainty
-Moody's

ü  MTN Group says Zambia, Cote d’Ivoire CEOs stepping down

ü  Nigeria fin minister lowers benchmark crude forecast citing signs of
oversupply

ü  Egypt's August inflation rate falls to 7.5% y/y, lowest in years

ü  Kenyan shilling strengthens against the dollar

ü  South Africa's investment-grade rating depends on pace of reforms -
Moody's

ü  WeWork stock market debut in doubt

ü  Apple's iPhone 11 Pro and 'always-on' Watch unveiled

ü  Marie Claire to stop producing UK print magazine after November

ü  Wage growth stays strong as unemployment falls

ü  Jack Ma: Alibaba begins new era as founder departs

ü  DHL expands Africa eShop online retail app to 34 countries

ü  Victoria's Secret boss 'embarrassed' by Jeffrey Epstein ties

ü  PSA boss compares no-deal Brexit to train crash

ü  MTN fined R5m for tripling WhatsApp data bundle prices

 <mailto:info at bulls.co.zw> 

Lack of clarity on S.Africa's Eskom illustrates policy uncertainty -Moody's

JOHANNESBURG (Reuters) - A delay and lack of clarity about South Africa’s
plan to break up ailing state-owned power utility Eskom to make it
financially viable is the main example of policy uncertainty hampering the
country’s turnaround, credit rating firm Moody’s said on Tuesday

“At the moment the issue that most illustrates that (policy uncertainty) is
Eskom and what is the strategic plan to turn around the company, said
Moody’s lead analyst for South Africa Lucie Villa at press briefing in
Johannesburg.

“For us the key is to understand what is the official plan that all key
stakeholders agree to. That everybody is on the same page with. If that were
the case we would have something credible and visibility about the long term
strategy.”

 <mailto:info at bulls.co.zw> 

MTN Group says Zambia, Cote d’Ivoire CEOs stepping down

JOHANNESBURG (Reuters) - MTN Group Ltd said on Tuesday the chief executive
officers of its Zambian and Cote d’Ivoire units would step down at the end
of the month.

Africa’s largest mobile phone operator said Zambia’s Philip van Dalsen, who
joined MTN in 2012 as CEO of MTN Cyprus, would be replaced by MTN Rwanda CEO
Bart Hofker, in October.

Mitwa Kaemba Ng’ambi has been appointed as the new CEO of MTN Rwanda.

The firm said Freddy Tchala, its Cote d’Ivoire CEO, who had a 17-year stint
at the firm, would also be leaving at the end of September with his
replacement still to be announced.

Spokeswoman Karen Byamugisha said van Dalsen and Tchala are both stepping
down due to personal reasons.

MTN has a presence in 21 countries in Africa and the Middle East.

Nigeria fin minister lowers benchmark crude forecast citing signs of
oversupply

ABUJA (Reuters) - Nigeria’s finance minister said on Tuesday there were
“strong indications” of an oversupplied oil market next year and lowered
price expectations for the country’s benchmark crude.

Zainab Ahmed told journalists that she had lowered a forecast for Nigeria’s
benchmark price to $55 per barrel from $60 per barrel, in part “to cushion
against an unexpected price shock.”

Ahmed said Africa’s largest oil exporter is producing roughly 2.3 million
barrels per day (bpd) of crude oil and condensates.

It has agreed a cap of 1.685 million bpd of crude oil with the Organization
of the Petroleum Exporting Countries (OPEC).

Egypt's August inflation rate falls to 7.5% y/y, lowest in years

CAIRO (Reuters) - Egypt’s annual urban consumer price inflation rate
decreased to 7.5% in August, the lowest rate in years and seen by analysts
as opening the way for further rate cuts by the central bank.

The inflation number reported by the official statistics agency CAMPAS on
Tuesday, was lower than some analysts expected. The July pace was 8.7%.

Egypt is approaching the end of an IMF-backed economic reform programme that
during 2017 saw inflation rise to a high of 33%.

According to Refinitiv data, August’s rate was the lowest in more than six
years.

“[August’s rate] falls well below the 9% target the Egyptian Central Bank
had set itself for the end of 2020. This paves the way for another large
rate cut on Sept. 26,” said Jaap Meijer, head of equity research at Arqaam
Capital.

The central bank cut rates by 150 basis points at its last monetary policy
committee meeting on Aug. 22, encouraged by the declining inflation rate.

Radwa El-Swaify, head of research at Pharos Securities Brokerage, said the
August number is “positive and gives positive signs for interest rates in
the next meeting. We expect a cut of 1%-1.5%.”

Egypt hiked domestic fuel prices in July 2019 as part of the terms of the
IMF agreement, and the increase had been expected to push up prices for
transport, food products and other goods.

Nadene Johnson, an economist at NKC African Economics, said the August
inflation number resulted partly from a favourable base effect from a year
earlier. In August 2018, Egypt’s headline inflation rate was 14.2%,
following subsidy cuts.

She also said a strengthening currency as well as low global oil prices
“would support further easing of price pressures”

“Nonetheless, with energy reforms complete, and with global oil prices on
the bearish side, we expect inflation to ease gradually in the coming year,
albeit slightly higher towards the end of this year,” Johnson said.

Kenyan shilling strengthens against the dollar

NAIROBI (Reuters) - The Kenyan shilling strengthened against the dollar on
Tuesday supported by tightening liquidity in the local money market and
reduced dollar demand from oil importers, traders said.

At 0857 GMT, commercial banks quoted the shilling at 103.55/75 per dollar,
compared with 103.65/85 at Monday’s close.

South Africa's investment-grade rating depends on pace of reforms - Moody's

JOHANNESBURG (Reuters) - Ratings firm Moody’s said on Tuesday fiscal risks
and political constraints to economic reform in South Africa were reflected
in its current credit rating one notch above speculative grade but that
maintaining the level depended on how quickly President Cyril Ramaphosa’s
government can implement promised reforms.

The agency is the last of the top three ratings firms to still rank Pretoria
debt at investment grade, Baa3 with a stable outlook, and has delayed
delivering a widely expected downgrade that analysts say would trigger a
selloff of billions of rands of bonds, pushing up already soaring government
borrowing costs.

“A lot of the deterioration we have witnessed is embedded in the ratings
level and the past downgrades. The question of course is going forward. Our
expectation is stabilization in debt,” said Moody’s lead analyst for South
Africa Lucie Villa at a credit conference in Johannesburg.

Moody’s further trimmed its economic growth forecast for South Africa to
0.7% in 2019 from a June forecast of 1.0%, but kept its 2020 forecast at
1.5%.

Last week, Africa’s most developed economy recorded better than expected
growth of 3.1% in the second quarter following a deep first quarter
contraction, easing some of the credit downgrade fears, although lingering
fears about the fate of cash-strapped state power firm Eskom have kept a
downgrade a possibility.

Moody’s analyst Villa said the agency was keen to see the final government
plan on the promised break-up of Eskom into three separate entities and that
most of the risk to the sovereign rating depended on the implementation of
reforms across the economy.

“At the political level, as things stand in terms of policy orientation, we
still see a very reform-oriented executive which is why we still believe
there is still some prospects of a pick-up in growth,” Villa said.

“From a credit perspective the main downside risks are actually to the
longer-term perspective, so more from about 2020 to 2021 and beyond. And
here we maintain our expectation of growth of 1.5%”.

Moody’s is expected to deliver its next review of South Africa’s rating in
November after National Treasury has tabled its medium term budget
statement.

WeWork stock market debut in doubt

WeWork's stock market debut - one of the most hotly anticipated financial
events of the year - is in doubt.

SoftBank, the Japanese investment firm that owns about 30% WeWork, has
reportedly urged the property company to drop its flotation plans.

The pressure follows signs that outside investors do not value the
much-hyped firm as highly as SoftBank did when it invested last year.

SoftBank had valued WeWork at about $47bn (£38bn).

But an upcoming share offering could put the firm's worth below $20bn, as
investors question WeWork's opaque corporate structure, governance and
profitability.

Is WeWork really worth nearly $50bn?

A lower valuation would be a blow to SoftBank, forcing it to write-down its
investment. The Financial Times said SoftBank was worried that a low price
would affect its other fundraising projects.

But on Tuesday, CNBC reported that WeWork intended to forge ahead with its
roadshow, in which the company pitches itself to potential investors.

SoftBank chief Masayoshi Son has praised WeWork, arguing that its
profitability will surge after a period of loss-making expansion.

But critics say WeWork's model could leave it vulnerable during an economic
downturn.

Media captionHow can a company be valued at billions, but not make any
profit?

The company rents office space for the long-term, subletting that space to
firms and individuals on more flexible lease terms. That could leave it on
the hook for lease payments even if tenants grow scarce.

WeWork has also faced questions about its complicated financial ties to
founder chief executive, Adam Neumann, who would retain voting control of
the company.

Last week, Mr Neumann returned $5.9m worth of stock to the firm, which he
had controversially received in exchange for his trademark of "We".

Concerns about slowing global growth could also contribute to a bumpy ride
in the public markets, as seen in other high-profile offerings this year,
such as Uber.

Since WeWork's start in New York in 2010, it has expanded to more than 500
locations in 111 cities across 29 countries.

The growth has been costly. WeWork lost about $1.6bn last year, despite
revenue nearly doubling.--BBC\\

Apple's iPhone 11 Pro and 'always-on' Watch unveiled

Apple has unveiled its iPhone 11 range of handsets, which feature more
cameras than before and a processor that has been updated to be faster while
consuming less power.

The company said the two Pro models would last between four to five hours
longer than their XS predecessors.

But it did not launch a 5G model, and some rumoured features were missing.

Apple also revealed a new version of its smartwatch, which features an
"always on" display for the first time.

The Series 5 Watch adjusts how often it refreshes the screen to as little as
one frame per second as well as dimming the image to promise the same
18-hour battery life as the previous version.

It also introduces a compass as well as the option of a titanium case. Its
new operating system will alert owners to when nearby noise rises to risky
levels, and adds menstrual cycle-tracking.

"I love strategically where Apple is going with its health and safety
capabilities, but was disappointed to not see a sleep study or feature
mentioned," commented analyst Patrick Moorhead.

The company added that it will keep its Series 3 model on the market, which
will cost $199 - or £199 in the UK - marking a new entry price point for the
wearable.

Apple currently accounts for 49% of the global smartwatch market, according
to research firm IDC.

It is also the UK's top-selling smartphone brand by a wide margin.

Camera features

The new iPhones are notable for introducing an "ultrawide" rear camera,
offering 2x optical zoom-out.

The Pro models retain the telephoto and normal lenses found in the last
generation's XS and XS Max, while the basic iPhone 11 only has an ultrawide
and standard lens.

Apple made a virtue of a new Night Mode, which automatically brightens the
image when required while taking steps to minimise the digital noise
produced as a result.

Google, Samsung and Huawei had already introduced a similar feature to their
handsets.

A new facility called Deep Fusion was also teased. It takes nine snaps with
a variety of exposures and then picks through them "pixel by pixel" to
combine the best parts from each to create a superior image.

This will not, however, be available at launch but should be added via a
software update before the year's end.

Other enhancements include the ability to shoot slow-motion videos with the
front camera.

The handsets' processor - the A13 Bionic - has also been upgraded.

Apple claims its CPU (central processing unit) and GPU (graphics processing
unit) are more powerful than those featured in any Android phone.

In addition, the chip's "neural engine" has been optimised to better handle
matrix calculations - a type of algebra used by neural networks - and is
said to be 20% faster than the A12.

However, the new models are not compatible with Apple's Pencil stylus, as
had been expected by many. That feature was already offered by its
lowest-end iPad.

Nor can they wirelessly recharge other devices, unlike Samsung and Huawei's
premium phones.

The handsets also stick with having lightning ports rather than making the
shift to USB-C, as has happened with the iPad Pro - which could have made
faster data transfers possible.

The iPhone 11 is slightly cheaper than its XR forerunner in the UK, ranging
between £729 and £879 depending on the amount of storage.

But the Pro models are more expensive than the XS ones, costing between
£1,049 and £1,499.

They go on sale in 10 days time.

Slowing demand

Apple experienced a bigger drop in demand for new handsets than many of its
rivals over the past year.

But the firm recently reported that its active install base - the number of
iPhones in use - was at an "all time high".

Global smartphone shipments

Brand Devices year-to-June 2019        Year-on-year change       Global
market share in Q2

Samsung     290.6 million         -5.5% 22.9%

Huawei (incl Honor)         230.3 million         31.8%         17.7%

Apple 185.9 million         -14.5%        10.2%

Xiaomi         118.9 million         2.0% 9.7%

Oppo  111.9 million         0.1% 8.9%

Vivo   106.9 million         14.4%         8.5%

Others         329.3 million         -13.6%        22.1%

Total  1.4 billion     -5.0% 100%

Source: IDC

"Several forces play here," commented Marta Pinto from IDC.

"Apple designs devices that last longer than an average Android device, and
it's been very good at rolling out new versions of its operating system.

"There's also a very good second-hand trade in iPhones, and the overall
smartphone market is slowing down.

"But Apple doesn't mind because its focus is now turning to services, and
its wearables are also doing well."

Trump's tariffs puts Apple's golden goose at risk

The new iPhone line-up does not feature a 5G model, in part because Intel
struggled to develop the required modem.

At a time when consumers are holding onto their handsets for longer before
upgrading, that could place a further constraint on sales - especially in
countries where 5G networks have already launched, such as the UK.

"Given people's loyalty to iPhone, if they really want 5G they'll probably
just wait," said Ben Wood from the consultancy CCS Insight.

"That said, don't be surprised to see rivals, particularly Samsung,
positioning 5G devices as 'future-proof' options.

"I'm sure they will be arguing that buying a premium priced 4G smartphone
right now would be like buying a TV a few years ago that was not HD-Ready."

Subscription services

Earlier at the event, chief executive Tim Cook revealed that Apple's two
forthcoming subscription services would each cost $4.99 - or £4.99 in the UK
- per month.

Apple Arcade - a video games deal offering exclusive access to games that do
not feature in-app fees - will become available on 19 September.

It will be followed by Apple TV+ - a television programme and
movie-streaming platform with content not available elsewhere - which will
make its first shows available on 1 November.

The latter will be cheaper than rival services from Disney and Netflix, but
appears to promise less material at this stage.

"I applaud web access to Apple TV+, but would have preferred an Android and
Windows app," commented Mr Moorhead.

There was no mention of Apple bundling the new services with its existing
cloud storage, news and music offerings for a discount, as had been
speculated.

But it will offer one year's Apple TV+ membership to consumers buying one of
its computers or set-top boxes.

In addition, the company unveiled a new iPad.

The seventh generation model has a 10.2in (25.9cm) screen - making it bigger
than before - and will go on sale at the end of the month.

It will start at £349, a £30 increase on the earlier model.

It has now been nearly 13 years since Steve Jobs unveiled the first iPhone.

Apple has since become one of the world's most valuable companies, in part
because of investors' hopes that it can pull off a similar trick.

"Everyone wants Apple to have a new 'wow' product and its got a pretty good
track record," commented Mr Wood.

"But the next big hit is proving elusive right now. My money is still on
smart glasses but I think it could still be years before we see anything."

These updates are less about bringing in new features, but enhancing the
things we're already familiar with.

The iPhone Pro's camera setup is being aimed at - as you might guess -
professionals. I think Apple sees big potential in indie filmmakers and
documentary-makers. The battery-life bump should also help.

Apple TV+ is cheap compared to its competitors. But is it good value?

Disney+, Netflix, HBO et al have huge back catalogues of loved TV shows and
movies. Apple doesn't, or at least it's not clear what it will have, even
one year from now.

All Apple really has is a boatload of cash to fill up Apple TV+ with content
it hopes people will like. We've seen no evidence, yet, that it's capable of
fulfilling that goal.

Giving one year's access away with new devices is a way of making sure those
new shows have wide exposure - but it needs to convince the entertainment
industry that it's worth making a show for Apple+ instead of its rivals.

How phone cameras evolved:

Kyocera VP-210 VisualPhone (1999)

Although there is some dispute over which mobile first featured a built-in
colour camera, many credit this handset as having the honour. It featured a
0.11 megapixel (MP) sensor and could only store 20 selfies, but was able to
transmit a jerky video feed in real-time at about two frames per second.

Sharp J-SH04 (2000)

Sharp's first photo-snapping mobile placed its sensor on the rear of its
handset to encourage its use as an alternative to standard cameras. Its
0.11MP snaps could then be sent to friends via email.

Sony Ericsson T68i (2002)

The handset's optional CommuniCam MCA-20 accessory snapped on to the bottom
of the handset, helping keep down the phone's size when not in use. It was
limited to taking VGA (0.3MP) resolution shots, but the images could be
texted to others via MMS (Multimedia Messaging Service) if they had
compatible phones.

Samsung D500 (2004)

This was one of the first handsets to offer more than one megapixel of image
quality. What's more it had a flash. Meanwhile the software made it possible
to add graphical frames around photos and turn images sepia or apply a
"negative" effect.

Nokia N90 (2005)

Nokia's N90 had a somewhat clunky swivel design, but a two megapixel sensor
and a lens developed in collaboration with the famed German optics firm Carl
Zeiss pitched it firmly at camera enthusiasts.

Samsung G800 (2007)

The megapixel wars were well under way by the time Samsung unveiled the
G800. It took 5MP shots, had a 3x optical zoom and even featured a
lens-cover slider, meaning that from the rear it could be easily mistaken
for a dedicated camera.

iPhone 4 (2010)

Apple's fourth-generation iPhone is widely credited with helping kickstart
the selfie craze, despite being far from the first to have a front camera.
But at its launch, Steve Jobs was keener to show off how the feature could
be used for Facetime, the firm's video chat app.

LG Optimus 3D (2011)

Smartphones with two rear cameras were still a rarity when LG's Android
phone went on sale. It used them to create 3D images that could be viewed
without special glasses on its display. But 3D phones proved to be as
unpopular as 3D TVs, marking an evolutionary dead end for the industry.

HTC One (2013)

HTC's 2013 flagship sought to shift the battle to low-light photography. To
do this it made the pixels larger than normal to gather more light, and
dubbed them "ultrapixels". The trade-off was that its photos were limited to
4MP.

Nokia Lumia 1020 (2014)

This Windows Phone featured an industry-leading 41MP sensor attached to an
optical image stabilisation system. It allowed users to zoom in and crop
without worrying about images becoming blurred, or to combine the data to
make 5MP photos with less visual noise than would otherwise be the case.

Lenovo Phab2Pro (2016)

This was the first handset to build in Google's doomed Project Tango depth
and motion-sensing cameras. They made augmented reality features possible,
such as superimposing graphical images of furniture into views of a room.
Tango was short-lived, but AR has lived on by other means.

Samsung Note 8 (2017)

This was one of the first phones to feature "live focus" - a facility that
allowed users to adjust background blur in their photos before or after
taking them. It achieved this by comparing the view from each of its two
rear cameras to create a depth map of the scene.

iPhone X (2017)

Apple's tenth anniversary handset introduced its Face ID camera system,
which used tens of thousands of infrared dots to map the user's features. As
a consequence, the display had to make space for a "notch", which was widely
copied by rivals even if they didn't feature such an elaborate facial
recognition system.

Pixel 2 (2017)

Google found a way to let users blur the background of their photos using a
single camera in its second-generation Pixel. This made it possible to offer
the effect from both its front-facing selfie camera as well as the rear
sensor.

Huawei P20 Pro (2018)

The Chinese firm's phone was one of the first to feature three cameras on
its back. But the standout feature was its ability to produce quality snaps
in near-dark conditions by taking long-exposure snaps and then using machine
learning software to keep the details crisp.

Oppo Reno 10x Zoom (2019)

This had two unusual camera features. Firstly, one of the rear cameras has a
periscope design that directs light sideways into the device's body, making
it possible to let users zoom into a shot more than usual without
sacrificing detail. Secondly, the selfie camera pops up from the top, making
more space for the display.--BBC

Marie Claire to stop producing UK print magazine after November

Marie Claire is to stop producing its UK print edition after November to
become a digital-only offering.

TI Media, which publishes the fashion and beauty magazine, says it is making
the change "to best serve the changing needs of its audience's mobile-first,
fast-paced, style-rich lifestyles".

While print sales have fallen, the website has two million monthly users.

The magazine launched in 1988 and its digital-first edition will be
published under licence with Groupe Marie Claire.

Its cover price was last increased in February 2018 from £3.99 to £4.20.

Jean de Boisdeffre, executive director of Marie Claire International, said:
"We are thrilled to work with TI Media on this very important evolution of
the Marie Claire brand. After more than 30 years of achievement in the UK,
this new digital-first approach provides the launch pad for even more
success in the coming decades."

TI Media's chief executive Marcus Rich said Marie Claire UK had led the
conversation on the issues that really matter to women - such as women's
empowerment and and climate change - for more than three decades.

He added: "With full focus on our digital platforms, we will be
future-proofing our ability to report on these vital and engaging subjects,
alongside our top-ranking fashion and beauty offering and media-first brand
extensions."

According to the latest figures from media data analysts ABC, Marie Claire's
combined print and digital total from July to December 2018 was 120,133 per
issue - almost a third of which were free copies and 4,729 of which were for
the digital edition.

This was down on the same period in 2017, when the average circulation was
157,412, with 4,012 digital edition readers.

Other print closures

A Marie Claire spokeswoman told the BBC that Marie Claire operated in a
challenging fashion and beauty sector and that "consumers and advertisers
have accelerated their move to digital alternatives".

She said: "This has had a significant impact on the level of print display
advertising. Across the fashion and beauty sector, print display was down
(25%) in 2018 and continues to decline at rates in excess of (30%) in 2019.

"A strategy focusing on Marie Claire UK's digital business will give the
brand the best opportunity to secure a profitable and sustainable future."

Alexandra Shulman, who was the editor-in-chief of Vogue magazine for 25
years, told the BBC she was "very sad" to hear the news of Marie Claire's
closure.

She added: "When it launched it was a new magazine that had a unique selling
point, which was to mix fashion and high fashion with good journalism and
some sensational journalism.

"It was very, very lively and doing incredibly well, which it did for many
years, but it has been struggling for probably the last decade really to
find an original spot for itself. The print magazines that are doing all
right are the magazines who have an originality."

She said the future for magazines may be to possibly come out less
frequently but "be something that people want to keep - more like a book
than a disposable magazine".

TI Media, formerly known as Time Inc, has more than 40 brands across print
and digital in the UK, including Woman's Weekly, Cycling Weekly, Horse &
Hound and What's On TV. Its publications reached 11.7 million UK adults in
the year ending March 2019.

Marie Claire is not the first print magazine in the TI stable to close in
recent times.

Music publication NME was closed in March 2018, after 66 years, after a move
from a paid-for to a free magazine.

And earlier this year, TI shut down the print edition of celebrity gossip
publication Now.--BBC

Wage growth stays strong as unemployment falls

Wages have continued to grow at a strong pace and employment remains at
record highs, official figures show.

Earnings excluding bonuses grew at an estimated annual pace of 3.8% in the
May to July period, down slightly from the previous reading.

Including bonuses, wages rose at an annual pace of 4% - the highest rate
since mid-2008.

The unemployment rate dipped to 3.8%, while the estimated employment rate
remained at a record 76.1%.

Click here to take part in a short study about this article run by the
University of Cambridge.

The number of available jobs was at its lowest level since November 2017,
with David Freeman from the Office for National Statistics (ONS) saying:
"Vacancies continue to fall back from recent record highs, with much of this
decline coming from small businesses."

He added: "The employment rate has remained fairly constant at a joint
record high for some months now, while the unemployment rate was last lower
at the end of 1974.

"Including bonuses, wages are now growing at 4% a year in cash terms for the
first time since 2008. Once adjusted for inflation, they have now gone above
2% for the first time in nearly four years."

If you prefer to be "half-full", you will be happy that in the three months
from May to July, the ONS recorded the fastest pay rise (including bonuses)
for more than 11 years.

If you're more "half-empty" you may note that if you strip out the effect of
inflation, pay including bonuses is still £23 less than it was more than 11
years ago.

Similarly, a half-full view might note that employment is at a new record of
32.8 million people. A half-empty one might say it's not always a good thing
that more women now have to work into their 60s because they can no longer
claim the state pension.

There is no doubt, though, that the labour market remains tighter - tighter
than it was a year ago - and that employees are benefiting, especially in
sectors such as construction where there are shortages of labour.

Some of that tightness, however, may now be easing, with vacancies
continuing to drop from their recent record highs.

There was a total of 32.78 million people aged 16 or over in employment. The
increase in employment has been mainly driven by more women in work, the ONS
said, which is partly down to the rise in the state pension age, meaning
fewer retire between the ages of 60 and 65.

There was a rise of 284,000 employed women over the year to a total of 15.52
million. Male employment also rose by 86,000 to reach 17.26 million, mainly
because of rising numbers of self-employed.

However, the number of people aged between 16 and 64 considered economically
inactive continued to rise, increasing by 6,000 to 8.59 million.

Employment Minister Mims Davies said the figures indicated the labour market
was "booming", adding that it was "especially pleasing to see continued
record female employment". And Chancellor Sajid Javid said the wage data
showed "that people across the country are taking home more every week".

But shadow work and pensions secretary Margaret Greenwood said: "The
slowdown in job creation is a concern with the current uncertainty over
Brexit, and average pay still has not returned to the level it was in 2008.

"For millions of people, the reality of work is one of low pay and
insecurity."

Debapratim De, UK economist at Deloitte, warned "the glory days of rapidly
falling unemployment could be behind us".

He added that the figures indicated "a tight labour market and further gains
in consumer spending power".

What is the UK's GDP?

The dos and don'ts of getting a pay rise

Government offers 'inflation-busting' pay rises

And Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said: "The
renewed fall in the unemployment rate distracts from an otherwise troubling
labour market report.

"Brexit uncertainty undoubtedly has sapped firms' enthusiasm for hiring new
workers, but sharply rising unit labour costs also are playing a role."

However, PwC economist Jing Teow said evidence of continued jobs growth,
together with the stronger-than-expected growth figures released on Monday,
"reinforces our view that the UK should avoid a technical recession in the
third quarter".

He added that the accounting giant predicted "potential GDP growth of 0.4%
in the third quarter of 2019. This would more than reverse the 0.2% GDP
decline seen in the second quarter".--BBC

Jack Ma: Alibaba begins new era as founder departs

Alibaba chairman Jack Ma is due to step down from the e-commerce giant on
Tuesday, marking the end of an era for the firm.

He co-founded Alibaba in 1999 and it has become one of the world's biggest
internet firms.

Mr Ma's success and colourful style has made him one of China's most
recognisable businessmen.

Daniel Zhang, currently Alibaba's chief executive, will replace him as
executive chairman.

The company is now valued at $480bn (£389bn) and Mr Ma is China's richest
man, with a net worth of $38.6bn according to Forbes.

He is also the first founder among a generation of prominent Chinese
internet entrepreneurs to step down from his company.

"I think it will be very hard to replace somebody like Jack Ma," said
Rebecca Fannin, author of a book on China's technology titans.

"He is one of a kind. He is the Steve Jobs of China."

Who is Jack Ma?

Born to a poor family in the eastern Chinese city of Hangzhou, Mr Ma began
his career as an teacher.

He bought his first computer at the age of 33 and was surprised when no
Chinese beers turned up in his first online search for "beer".

With no background in computing, Mr Ma co-founded Alibaba in his apartment,
having convinced a group of friends to invest in his online marketplace.

It was not the first time he had tried to get a start-up off the ground.

"Alibaba was his third attempt at a company, he had two trials before," said
Duncan Clark who has written a book about Mr Ma and is also chairman of
investment consultancy BDA China.

"He saw the promise of the internet quite early on, but it took a while for
him to have a vehicle."

Jack Ma defends 12-hour working day stance

Why is Jack Ma a Communist Party member?

Over the years, Alibaba has grown from an online marketplace into an
e-commerce giant with interests ranging from financial services to
artificial intelligence.

It was originally set up as a trading platform for businesses, before
expanding into consumer e-commerce in 2003 and later launching digital
payment platform Alipay.

Lacking a background in technology and with no particular strength in
finance, Mr Clark said charisma and strategic vision have been Mr Ma's
biggest assets.

"His charm is a big part of his leadership, his ability to convince people
whether it's customers, employees or critically shareholders."

The author first met Mr Ma two decades ago and the entrepreneur spoke of
making Alibaba one of the top 10 internet companies in the world within a
decade.

"[It was] a sort of impossible ambition in a way but somehow he made people
believe it," Mr Clark said.

Mr Ma did turn his firm into an international heavyweight and its listing in
New York set a record as the world's biggest public stock offering.

Earlier this year, he argued in favour of the "996 system" where workers are
expected to work 12 hour days, and a six-day week - a hotly debated topic in
Chinese media.

The flamboyant businessman is also known for enjoying the limelight and
featured at an Alibaba event in 2017 wearing a Michael Jackson-themed
outfit.

What's next for Mr Ma?

The 55-year-old is expected to focus on philanthropy and education after he
steps down.

Mr Clark said he has gradually brought technology and finance experts into
Alibaba and more recently, Mr Ma has been "consciously edging himself out".

Those moves are expected to ensure a more seamless transition for Alibaba to
a future without its co-founder.

Quiet, unassuming and known to shy away from the spotlight, Mr Zhang is
nothing like his predecessor.

Inside Alibaba Mr Zhang is reportedly known as Xiaoyaozi, the name of a
character in a Chinese martial arts novel. It means the "unfettered one"-
someone who stays out of battles but is great at training others.

That reputation will come in handy as he steers Alibaba through arguably
some of its most challenging times. The Chinese market, where it makes two
thirds of its revenue, is slowing down.

At the same time, attempts to expand internationally have struggled.

US scrutiny of Chinese firms is blocking its growth in the West. In parts of
South East Asia and India, analysts say understanding how to work in local
markets and with local people is proving to be a challenge for the Chinese
company.

Then there's the delayed multi-billion dollar public offering in Hong Kong,
reportedly due to pro-democracy protests there.

Yet Mr Zhang's greatest challenge may be living up to the image of Mr Ma
himself, a man who enjoyed the respect and affection of his staff as well as
the international community.--BBC

DHL expands Africa eShop online retail app to 34 countries

DHL has expanded its DHL Africa eShop business to 13 additional markets,
upping the presence of the global shipping company’s e-commerce platform to
34 African countries.

DHL  went live with the digital retail app in April, bringing more than 200
U.S. and U.K. sellers — from Neiman Marcus to Carters — online to African
consumers.

Africa eShop  operates using startup MallforAfrica.com’s white label
fulfillment service, Link Commerce. Similar to MallforAfrica’s model, the
arrangement allows Africa eShop users to purchase goods directly from the
websites of any of the app’s global partners.

This week’s expansion is the second for DHL’s Africa eShop, after adding
nine markets in May.

DHL’s moves run parallel to significant developments this year in Africa’s
online retail scene — namely Jumia’s big IPO capital raise.

Here are Africa eShop’s latest additions: Angola, Benin, Burkina Faso,
Burundi, Chad, Ethiopia, Guinea, Lesotho, Namibia, Niger, Sudan, Togo and
Zimbabwe.

MallforAfrica CEO Chris Folayan  points to the novelty of online sales in
many of Africa eShop’s new markets.

“For some of these countries no one has really tapped into e-commerce the
way we’re tapping into it, with an ability to buy online and also buy online
directly from places like Macy’s or Amazon,”  he told TechCrunch on a call.

DHL Africa eShop Stores

Payment methods include local fintech options, such as Nigeria’s Paga and
Kenya’s M-Pesa. DHL Africa eShop leverages the shipping giant’s existing
delivery structure on the continent, through its DHL Express courier
service.

To add some context, someone with a mobile phone and bank account in, say,
Niger can now use DHL’s app to shop at Macys.com and have anything from
designer sneakers to kitchenware shipped to their doorstep in West Africa.

DHL AFRICA ESHOP MAP

DHL Africa eShop is also offering incentives to entice first-time digital
consumers.

“We will be launching with a promo, buy any five items from over 100 retail
partners and get a $20 flat shipping fee. This is DHL’s way of showing they
are dominant in shipping and eCommerce in Africa.”

As TechCrunch highlighted this spring, the launch and expansion of DHL’s
MallforAfrica supported platform is creating a competitive scenario with
e-commerce unicorn Jumia.

Jumia is Africa’s most visible e-tailer and operates consumer retail and
online service verticals in 14 African countries. Headquartered in Lagos,
the company raised more than $200 million in an NYSE IPO this April.

DHL launched the Africa eShop product the day before Jumia went public and
made its first country expansion only weeks after.

Africa e-tailer Jumia issues post-IPO results amid short-sell assault

There’s a brewing business debate on which platform is best positioned to
capture a larger share of a projected $2.1 trillion in consumer spending
(10% online) expected in Africa by 2025.

Then there’s the question of who’s largest. DHL Africa eShop touts itself as
“Africa’s Largest Online Shopping Platform.” Jumia said, “We believe that
our platform is the largest e-commerce marketplace in Africa,” in its SEC
F-1 filing.

On the prospect of going head to head with Africa’s best-funded e-commerce
company, Chris Folayan is somewhat circumspect.

“We’re note focused on competing with Jumia, but in a way it’s starting to
happen as a result of our expansion and growth,” he said.

Two main spectators in a MallforAfrica, Jumia match up could be the big
global e-commerce names.

Alibaba has talked about Africa expansion, but for the moment has not
entered in full.

Amazon offers limited e-commerce sales on the continent, but more notably,
has started with AWS services in Africa.

DHL and partner MallforAfrica plan to bring Africa eShop to all 54 African
countries in coming years.--techcru nh.com

Victoria's Secret boss 'embarrassed' by Jeffrey Epstein ties

The head of Victoria's Secret has told investors he is "embarrassed" by his
long friendship with the late US financier Jeffrey Epstein.

The remarks were the latest effort by L Brands boss Les Wexner to distance
himself from Mr Epstein, who died in prison while awaiting trial for sex
trafficking charges in August.

Mr Wexner employed Mr Epstein as a close adviser, but cut ties in 2007.

He has previously accused Mr Epstein of misappropriating money.

"Being taken advantage of by someone who is... so depraved is something I'm
embarrassed I'm even close to," Mr Wexner said at his company's annual
investor day.

The backlash over Mr Wexner's long friendship with Mr Epstein has added
pressure on the billionaire, whose leadership was already under scrutiny due
to falling sales at Victoria's Secret.

L Brands, which owns Victoria's Secret and beauty chain Bath & Body Works,
in July said it would review Mr Epstein's connections to the company.

On Tuesday, Mr Wexner described Mr Epstein's alleged behaviour as
"inexplicable" and "abhorrent".

"In the present, everyone has to feel enormous regret for the advantage that
was taken of so many young women," he said.

"At some point in your life, we are all betrayed by friends, and if we
haven't, we're really fortunate to have lived a perfectly sheltered life,"
he added.

Plea deal

Mr Epstein, who worked as a teacher before moving into finance, once boasted
a high-flying social circle that included Prince Andrew, former US President
Bill Clinton and Donald Trump, among others.

He died in prison in August, awaiting trial on charges that he paid girls
under the age of 18 to perform sex acts at his Manhattan and Florida
mansions between 2002 and 2005.

He had avoided similar charges in a controversial secret plea deal in 2008,
and instead pleaded guilty to a lesser charge.

Outcry over that plea deal led US Labor Secretary Alex Acosta - who had
overseen the deal as a former prosecutor - to resign this summer.

The head of the MIT Media Lab also recently resigned following revelations
about the academic centre's ties to Mr Epstein.--BBC

PSA boss compares no-deal Brexit to train crash

The head of the car group that owns Vauxhall has compared a no-deal Brexit
to a head-on train crash.

PSA chief Carlos Tavares also said if a no-deal Brexit had serious
consequences for the car group, there would be an ethical responsibility to
protect employees outside the UK.

He said the firm would take "necessary decisions" regarding PSA's UK plants.

PSA also said it had halted investment at its UK factories while the outcome
of Brexit remains unclear.

Mr Tavares, who was speaking at the Frankfurt motor show on Tuesday, has
warned previously that Vauxhall plants at Ellesmere Port and Luton were
under threat from Brexit.

'Jobs at stake'

Mr Tavares castigated politicians on both sides for failing to find a
solution to Brexit. Sending two trains to crash into one another at speed in
order to demonstrate their muscles and determination, he said, did not seem
to be the best approach.

In June, PSA Group announced plans to build a new version of the Vauxhall
Astra at its Ellesmere Port factory in Cheshire.

However, the company made it clear the investment would only take place if a
suitable Brexit deal was reached.

Also at the Frankfurt show, another PSA executive, the head of the company's
Opel and Vauxhall brands, Michael Lohscheller, said Vauxhall could not make
investment decisions "without knowing what will happen" with Brexit.

Mr Lohscheller added: "Brexit could disrupt supply chains in Europe as well
as Britain. There are jobs and investments at stake. Everybody needs to be
aware of the responsibility."

Meanwhile, the chief financial officer of BMW, Nicolas Peter, said that
leaving the EU without a deal could force the company to cut production at
its Mini plant in Oxford.

The German carmaker plans to shut the plant on 31 October and 1 November to
guard against potential disruption, but on Tuesday Nicolas Peter said this
could stretch to several weeks if necessary.

"This could have a financial impact on our colleagues working in Oxford," Mr
Peter said.

Meanwhile, Jaguar Land Rover's chief executive, Ralf Speth, warned that if
the supply of parts into the UK was disrupted after Brexit, that could
prevent production at its UK factories.

But he added that he could not comment on the overall effects of no-deal
Brexit, because he simply did not have the information he needed.

Last week, UN trade body Unctad warned that a no-deal Brexit would cost UK
businesses at least $16bn (£13bn) in lost sales due to the imposition of
tariffs on exports.

By its calculations, UK car exporters would be the hardest hit, losing about
$5bn in sales to the EU.

However, at the time the UK's Department for International Trade said it had
signed continuity agreements with non-EU members, and that exporters would
have access to the world's "fastest growing markets through new free trade
agreements".--BBC

MTN fined R5m for tripling WhatsApp data bundle prices

The Independent Communications Authority of SA (Icasa) has fined MTN R5m for
its decision to triple the price of its WhatsApp data bundles.

In 2018 the country’s second largest mobile network operator by subscriber
numbers introduced a monthly WhatsApp bundle of 1GB for R10 in April.

This move resulted in WhatsApp usage on the network increasing by 300% in
eight weeks, Jacqui O’Sullivan, executive for corporate affairs at MTN SA,
said.

Icasa’s complaints and compliance committee (CCC) said MTN had knowingly
contravened regulations and brought problems for itself.

“The finding of the CCC is that MTN was in grave error by introducing the
R10 deal,” the regulator said.

The R10 monthly bundle resulted in increased traffic from customers, forcing
MTN to invest R200m to expand capacity on its network. MTN later advised
Icasa that it intended to raise the price to reduce demand and pressure on
its 3G network.

“An unintended consequence of the low-priced WhatsApp data has been an
extraordinary increase in demand on MTN’s 3G network,” said O’Sullivan. 

On 18 June 2018, MTN advised Icasa that it intended to raise the price from
R10 to R20 but chose to delay the change, hoping it could improve its
network to cope with the increased traffic.

This did not work out as planned and on July 12  the operator notified Icasa
that an even higher price increase was needed to reduce demand and pressure
on the 3G  network. 

MTN SA CEO Godfrey Motsa followed this up with a letter to Icasa requesting
leniency and arguing that the operator could not wait the normal seven days
from notification to implement the price change.

MTN ultimately changed the price on July 16 after it did not receive a
response to the letter, O’Sullivan said.

The operator has said it will appeal the regulator's decision in the high
court.businesslive

INVESTORS DIARY 2019

Company

Event

Venue

Date & Time

Companies under Cautionary

Bindura Nickel Corporation

Padenga Holdings

Delta Corporation

Meikles Limited

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