Major International Business Headlines Brief::: 04 August 2020

Tue Aug 4 05:05:28 CAT 2020

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Major International Business Headlines Brief::: 04 August 2020

ü  Shoprite lifted by sales jump and potential Nigeria exit

ü  South Africa's July Absa PMI signals slower manufacturing improvement

ü  South African fuel prices to rise in August

ü  Nigeria's FBN Holdings injects $66 mln from insurance unit sale into
First Bank

ü  Ugandan shilling trades stable, commodity flows offer support

ü  Algeria allows first Islamic finance products by state banks

ü  Cocoa prices seen weakening by end-2020 as COVID-19 curbs demand

ü  Gold soars to record high as virus fears lift safe-haven demand

ü  Hays Travel 'devastated' as it cuts almost 900 jobs

ü  Call for TikTok security check before HQ decision

ü  Government urges post-Brexit drug stockpiles

ü  HSBC to speed up 35,000 job cuts as profits slump

 <http://www.zb,co.zw/> Shoprite lifted by sales jump and potential Nigeria
exit

JOHANNESBURG (Reuters) - Shoprite Holdings could become the latest South
African retailer to retreat from other African markets after it said on
Monday that it is considering reducing or selling all of its stake in its
Nigerian subsidiary.

The company has been reviewing its long-term options in Africa as currency
devaluations, supply issues and low consumer spending in Angola, Nigeria and
Zambia have weighed on earnings.

Shoprite, which owns more than 2,800 outlets across Africa, said in a
trading update that it was pursuing the sale after reviewing its operating
model and receiving approaches from various investors.

In February CEO Pieter Engelbrecht told analysts that Shoprite remained
committed to the continent but not at any cost.

The market welcomed the potential exit, pushing Shoprite’s shares to their
highest in nearly two months. They were up 11.4% by 1214 GMT.

“Good riddance to Nigeria,” said independent investment analyst Christopher
Gilmour. “Almost impossible for any foreign company to do business there.
Companies never know where they stand with the authorities and there are
constant disruptions and distractions.”

A portfolio manager who did not want to be named said that Engelbrecht is
delivering on his promises to deleverage the balance sheet and focus on the
domestic market, where the retailer continues to trade best.

“Future profits will also improve, given the severance of the lethargic
Nigerian arm,” he added.

Its shares were also supported by a 6.4% jump in total sales to 156.9
billion rand (6.95 billion pounds) in the 52 weeks to June 28. Shoprite said
its annual headline earnings per share (HEPS) could rise despite the impact
of 327.2 million rand in COVID-19 costs and impairments of 1.3 billion rand.

The retailer said its basic HEPS - the main profit measure in South Africa -
from continuing operations are likely to be between 1.6% below and 6.4%
above the restated 747.7 cents it reported a year earlier.

Its South African supermarkets division grew by 8.7% while sales at its
supermarkets outside South Africa, excluding Nigeria, fell 1.4%.

Its South African supermarkets were boosted by panic-buying at the outset of
the coronavirus lockdown and significant growth at its Checkers business,
which has been repositioned as a more upmarket brand and now represents
39.6% of the group’s domestic supermarket sales.

South Africa's July Absa PMI signals slower manufacturing improvement

JOHANNESBURG (Reuters) - South Africa’s seasonally-adjusted Absa Purchasing
Managers’ Index (PMI) expanded in July, although at a slower rate compared
to the previous month.

The index, which gauges manufacturing activity in Africa’s most
industrialised economy, fell to 51.2 points in July from 53.9 points in
June, remaining above the 50-point mark that separates expansion from
contraction.

The business activity sub-index ticked down slightly to 62.9 from 64.6 in
June, Absa said in a statement on Monday.

“The fact that more respondents signalled a further increase in output
compared to those seeing further growth in demand, could perhaps be
explained by some firms producing more in an attempt to catch up on
production lost during earlier stricter lockdown levels,” Absa said.

The employment sub-index showed the manufacturing sector was still shedding
jobs even with activity recovering.

South Africa imposed a strict lockdown in late March to curb the spread of
the coronavirus but has since eased some of the restrictions, with most key
industries now allowed to operate at full capacity subject to health and
safety protocols.

South African fuel prices to rise in August

JOHANNESBURG (Reuters) - The retail price of petrol in South Africa will
increase by about 0.33% from Aug. 5, while the price of wholesale diesel
will rise by nearly 3.5%, the energy department said on Monday.

The price of petrol will increase by 5 cents to 15.17 rand ($0.8762) per
litre in the commercial hub of Gauteng province, the national benchmark for
prices, while diesel will rise by 45 cents to 13.48 rand per litre.

($1 = 17.4677 rand)

Nigeria's FBN Holdings injects $66 mln from insurance unit sale into First
Bank

ABUJA (Reuters) - Nigeria’s FBN Holdings Plc said on Monday it has sold its
life insurance company and invested the proceeds of 25 billion naira ($66
million) as equity into its lending business to boost the bank’s capital
ratio.

Nigeria’s banks are expected to take a big hit to revenues and face rising
borrowing costs this year as central bank measures to support the naira
currency squeeze lenders already hit by fallout from the coronavirus and the
oil price shock, analysts say.

FBN Holdings Chief Executive Officer Urum Kalu Eke said the group wanted to
focus on improving shareholder value with the divestment from its life
insurance firm, FBN Insurance, and boost the capital position of its
commercial banking unit, First Bank to 16.53% as of June. The regulatory
minimum is 15% for local lenders with international licences.

FBN Holdings said on Wednesday pretax profit fell 31.1% in the first-half to
12.73 billion naira.

In 2010, the central bank directed lenders to either sell their stakes in
subsidiaries involved in activities including insurance, asset management
and investment banking - or adopt a holding company structure, where those
activities are separate from the holding of retail deposits.

($1 = 381.00 naira)

 <mailto:info at bulls.co.zw> 

Ugandan shilling trades stable, commodity flows offer support

KAMPALA (Reuters) - The Uganda shilling traded stable on Monday, supported
by hard currency inflows from exporters of commodities like coffee, tea and
others.

At 0813GMT commercial banks quoted the shilling at 3,680/3,690, same level
as Friday’s close.

Algeria allows first Islamic finance products by state banks

ALGIERS (Reuters) - Algeria said on Sunday it had given the go-ahead to a
plan aimed at offering Islamic finance services, as it seeks new funding
sources to cope with financial problems caused by a fall in energy revenues.

OPEC member Algeria has been affected by the drop in global crude oil
prices, mainly after the coronavirus outbreak. This has forced the
government to cut spending and delay some investment projects planned for
2020.

Algeria’s Supreme Islamic Council said the National Bank of Algeria (BNA)
had become the first state bank to obtain a sharia compliance certificate
from the Sharia Board for issuing Fatwas for the Islamic Finance Industry,
which is in charge of Islamic finance.

“More banks and financial institutions will be given certificates,” it said
in a statement.

The government approved a plan this year to launch sharia-compliant services
as part of wider reforms but its implementation faced delays, pushing
President Abdelmadjid Tebboune in March to urge officials to speed up the
process.

The plan is intended to attract money from the informal market, which the
authorities estimate to be worth billions of dinars.

It is intended for savers in the North African country where many people
prefer to keep their money at home as they distrust state banks.

Cocoa prices seen weakening by end-2020 as COVID-19 curbs demand

LONDON (Reuters) - London cocoa futures are forecast to end the year 10%
down from current levels as the slow re-opening of economies shut down by
COVID-19 weighs on demand while supply prospects for next season improve, a
Reuters poll of 11 traders and analysts showed.

London prices were seen ending 2020 at 1,475 pounds a tonne, down 10% from
Friday’s close and 17% lower than levels seen at the end of 2019, according
to the median forecast of survey participants.

Respondents forecast a 220,000 tonne surplus in the upcoming 2020/21 season.
They predicted a 5,000 tonne deficit for next season in a late January poll,
but have changed tack as COVID-19 upends the market.

For this season, respondents now expect a 35,000 tonne surplus, having
forecast a 70,000 tonne deficit in January.

“Producers anticipated higher prices (next season) because of the $400
living income differential (LID) and (have) maintained production best care
practices,” said Judith Ganes of J Ganes Consulting.

“Therefore, production will improve, assuming good weather, but demand will
remain weak,” she said, noting tepid demand for food from hotels,
restaurants and big events such as weddings and that Halloween chocolate
sales will likely be weak.

The LID is the fixed $400 a tonne premium Ivory Coast and Ghana introduced
last July on all cocoa sales for the 2020/21 season. They promised to use
the funds raised to guarantee farmers 70% of a $2,600 minimum target price.

Critics say the premium tempts farmers to overproduce.

Ivory Coast cocoa production in 2020/21 was seen rising to 2.24 million
tonnes next season in the poll, while Ghana’s 2020/21 crop was projected up
at 860,000 tonnes. This season, Ivory Coast will produce 2.15 million tonnes
of cocoa, while Ghana’s output will reach 800,000 tonnes, according to the
International Cocoa Organization (ICCO).

New York cocoa prices were also seen falling from current levels, with a
year-end projection of $2,200 a tonne, down 8% from Friday’s close and 13%
from levels seen at the end of 2019.

Gold soars to record high as virus fears lift safe-haven demand

(Reuters) - Gold prices surged to an all-time high on Monday as fears about
the economic fallout from rising COVID-19 cases boosted demand for the
safe-haven metal, although gains were capped by an uptick in the U.S.
dollar.

Spot gold was steady at $1,973.75 per ounce by 0635 GMT, after hitting a
record high of $1,984.66 in early Asian trade.

U.S. gold futures rose 0.3% to $1,992.10.

“The sentiment across markets is deteriorating. First of all, rising
infection rates are a real concern for the globe and a real support for gold
prices. Given that, it is also driving U.S. dollar higher,” said Michael
McCarthy, chief strategist at CMC Markets.

Coronavirus cases continued to surge in the United States and stood at over
17.96 million globally. [nL4N2AY3AS] [nL1N2F408M]

Rising COVID-19 cases and simmering U.S.-China tensions have dented hopes
for a swift economic recovery, driving inflows into safe-haven assets such
as gold, which climbed 30% so far this year.

“Gold also saw safe-haven demand as the federal unemployment bonus expired
on Friday, which would affect U.S. consumer income and spending and the U.S.
Central Bank would thus remain dovish,” Phillip Futures analysts said in a
note.

U.S. lawmakers struggled to hammer out a new stimulus plan. White House
Chief of Staff Mark Meadows said on Sunday he was not optimistic on
near-term deal for coronavirus relief bill. [nL1N2F405E]

Limiting gold’s advance, the dollar index rose 0.3% against its rivals,
making bullion expensive for holders of others currencies. [USD/]

China’s factory activity expanded at the fastest pace in nearly a decade in
July, a survey showed. [nZUN000IJH]

Spot gold may retreat into a range of $1,943-$1,954 per ounce as it failed
again to break a resistance at $1,982, said Reuters technical analyst Wang
Tao. [TECH/C]

Elsewhere, silver slipped 0.5% to $24.26 per ounce, platinum fell 1% to
$897.61, while palladium was steady at $2,090.22.

Hays Travel 'devastated' as it cuts almost 900 jobs

The firm which bought Thomas Cook shops has said up to 878 employees out of
4,500 may lose their jobs because of new coronavirus travel restrictions.

Hays Travel took on more than 2,000 former Thomas Cook employees when it
went bust in October last year.

Owners John and Irene Hays said Spanish travel restrictions meant hundreds
of thousands of holidays were cancelled.

They were "devastated" staff would lose jobs "through no fault of their
own", the couple said.

In a joint statement, the Hays said they had "made every possible effort" to
protect the jobs of all the firm's staff, "including those who were employed
when Hays Travel took on the Thomas Cook shops last October".

The Sunderland-based company said it was now consulting with 344 staff
training as travel consultants and the 534 who work in the foreign exchange
division.

The firm said its experienced travel sales staff, apprentices and other head
office staff were not affected by the cuts.

'No choice'

"We are devastated that after all of our efforts and the huge investment
we've made, we now face losing some of our valued employees, through no
fault of their own.

"Following the decision to ban travel to Spain and the changes in furlough
conditions coming at the same time, we have had no choice," the firm added.

In July, the government brought back a 14-day quarantine for travellers
returning to the UK from Spain after a spike in coronavirus cases.

The Foreign Office later updated its advice against all non-essential travel
to Spain to include the Balearic and Canary Islands as well as the mainland.

And firms who have furloughed staff during the pandemic had to start
contributing to the government job retention scheme from Saturday, putting
more pressure on struggling companies.

Mrs Hays told the BBC it was "impossible to overstate the importance of
Spain" on the company's business.

Mr Hays said the firm disagreed with the government's approach to
quarantining Spain: "Other parts of Spain, on the Costa Del Sol, the
islands, Majorca, Tenerife, Lanzarote, Ibiza, the Canaries... the incidence
of the virus is very low - less than the UK.

"The German government's reaction has been to quarantine people going to the
north-east of Spain, but allow people to go to all of the other places I've
just said, and that's a much more targeted and sophisticated approach."

Hays Travel said it had a two-year turnaround plan in place, and that
although 2020 "looked really bad", bookings for 2021 were already up on the
same period in 2019.

The Hays staff facing redundancy are a mixture of people who were in the old
company and former Thomas Cook staff.

Hays Travel made the surprise announcement in October 2019 that it was
taking charge of all of Thomas Cook's 555 travel agents across the UK, after
the 178-year-old firm went out of business. This prevented thousands of
staff from losing their jobs.

Under pressure

But the coronavirus pandemic has put major pressure on many parts of the
economy, including the travel sector.

Rival travel firm Tui said last week that it would close nearly a third of
its High Street stores in the UK and Ireland because of the coronavirus
pandemic and in response to changes in customer behaviour.

Meanwhile, on Monday sports retail chain DW Sports announced it had fallen
into administration, putting 1,700 jobs at risk.

It followed an announcement by HSBC on Monday that it would accelerate
35,000 job losses and news from Byron Burger on Friday that it would cut 650
jobs and close more than half of its restaurants.

There have been an estimated 150,000 redundancies so far.

Last week's cuts included 450 jobs going at Selfridges, 650 at busmaker
Alexander Dennis, 900 at Dyson and 1,200 workers facing redundancy at the
National Trust.

Other lay-offs announced during the pandemic have included:

Up to 5,000 job cuts at Upper Crust owner SSP Group

Up to 700 jobs at Harrods

About 600 workers at shirtmaker TM Lewin

1,900 jobs at Café Rouge-owner Casual Dining Group

1,000 jobs at Pret A Manger

1,700 UK jobs at plane-maker Airbus

1,300 crew and 727 pilots at EasyJet

550 jobs at Daily Mirror publisher Reach.--BBC

 <mailto:info at bulls.co.zw> 

Call for TikTok security check before HQ decision

An influential backbench MP has called on the government to carry out a
security review of TikTok before its Chinese owner decides whether to base
the app in the UK.

Neil O'Brien - co-founder of the China Research Group of Tory MPs - said the
intelligence services should publish a report into the matter.

President Trump is threatening to ban TikTok in the US.

This has forced the app to ditch plans to establish its headquarters there.

TikTok had been expected to pick California or New York - where it already
has offices - after appointing an American ex-Disney executive as its chief
executive in May.

However, the US president has since given it an ultimatum to sell its local
business to an American firm.

"I set a date of around 15 September, at which point it's going to be out of
business in the United States... unless Microsoft or somebody else is able
to buy it and work out a deal," said Donald Trump on Monday.

He added that "a very substantial portion of that price" should go to the US
Treasury "because we're making it possible for this deal to happen".

Microsoft has confirmed it is in talks to buy TikTok's service in the US,
Canada, Australia and New Zealand - all the members of the Five Eyes
intelligence alliance, except the UK.

The app's Chinese parent company Bytedance has confirmed this had forced a
rethink.

"In light of the current situation, Bytedance has been evaluating the
possibility of establishing TikTok's headquarters outside of the US, to
better serve our global users," it said in a brief statement.

The Sun newspaper had reported on the weekend that the UK government had
already approved TikTok setting up its HQ in London, and an announcement
would be made this week.

However a source told the BBC that Bytedance had yet to make a final
decision, although London was on a short list of possibilities.

Dublin and Singapore have been reported to be the other options.

A spokesman for the Prime Minister said any decision would be a "commercial
one" taken by Bytedance, and added that Boris Johnson had not discussed the
issue with President Trump.

'Deep dive'

The China Research Group represents a group of about 50 MPs who are
concerned about Beijing's influence in the UK.

It previously helped pressure the government into a rethink on Huawei, and
has also raised concerns about plans to let Chinese companies invest in UK
nuclear power stations.

Mr O'Brien said he was not opposed in principle to the idea of TikTok being
based in London, but said a "deep dive" into its code should be carried out
first.

"It would be useful for the government to use the kind of specialists in
cyber-security that only it has access to, to give us a definitive view of
whether the app is safe," he told the BBC.

"[If it is] we should welcome investment by TikTok in the country.

"But if there are problems, as some media reports have suggested, with
either political interference in its algorithms and the content that's
shown, or about where the data is ending up and a lack of security - well
that would raise a whole bunch of other questions."

Beyond TikTok: Who else might President Trump ban?

How would the US go about banning TikTok?

Microsoft and TikTok talks continue after Trump call

TikTok has said that it strictly abides by local laws.

It currently stores data from its international users on servers based in
the US and Singapore. This keeps it separate from that of users in mainland
China, who use TikTok's sister app Douyin.

Location data

While the government has not commented on a security review, as a matter of
course GCHQ looks into any cyber-issue flagged as a national security threat
by the US.

Two points are believed to be of particular concern to the agency.

Firstly, whether Chinese spies could get access to the geo-location data -
including GPS coordinates and internet addresses - logged by the app.

Secondly, the degree to which the app could be subverted to push certain
political content at users.

While TikTok says it would not send international users' data back to China,
there is concern it would be compelled to do so if Beijing invoked its
National Intelligence Law.

It obligates Chinese citizens to "support, assist and cooperate" with the
country's intelligence services and to keep such activity secret.

Such concerns have to be weighed against the prestige of hosting TikTok's
headquarters, and the degree to which doing so might help repair relations
with Beijing following a ban of the use of Huawei's 5G kit.

"If TikTok decided to base its new HQ in London, it would certainly cement
it as a global tech hub," commented Chloe Colliver from the Institute of
Strategic Dialogue think tank.

"There are already some very prominent start-ups, but TikTok is one of the
fastest growing tech companies in the world."--BBC

Government urges post-Brexit drug stockpiles

The government has urged pharmaceutical firms to have six weeks' worth of
drugs stockpiled, in readiness for the end of the Brexit transition period.

In a letter to medical suppliers, the Department of Health said there would
be no extension to the transition period after 31 December.

The department acknowledged that global supply chains were under pressure
because of the coronavirus crisis.

But it said having reserve stocks would provide a buffer against disruption.

"To build upon past work and ensure a co-ordinated approach, we will be
asking suppliers to confirm their contingency plans for the end of the
[transition period]," the department's letter said.

The call from the government comes amid continued uncertainty about what
form the UK's relationship with the EU will take after the transition period
ends.

Last month, after informal talks in London, the EU's chief negotiator,
Michel Barnier, said "significant divergences" remained between the EU and
the UK on a post-Brexit trade deal.

The UK has ruled out extending the 31 December deadline to reach a deal.

Border controls

The government asked medical firms to consider avoiding sending supplies on
short routes across the Channel, such as from Dover and Folkestone to Calais
and Dunkirk.

Its letter also pointed out that regardless of whether the UK and the EU
reach an agreement, the government plans to bring in new border controls in
three stages, concluding in July next year.

In June, the pharmaceutical industry warned the government that some
stockpiles of medical supplies had been "used up entirely" by coronavirus.

Drugmakers fear stockpiles cannot feasibly be built back up again in time,
if the UK should fail to strike a deal with the EU.

The pharmaceutical industry advised that the government would need to buy
and store a longer and much broader list of medicines, because of the joint
challenge of the pandemic and in the event of a no-deal Brexit deal at the
end of this year.

Drugmakers also urged the government to ensure that alternative supply
routes were put in place to ensure that goods could continue to flow
uninterrupted across borders.--BBC

HSBC to speed up 35,000 job cuts as profits slump

HSBC plans to speed up job cuts after interim profits plunged and the bank
said bad loans linked to the coronavirus could reach $13bn (£9.8bn).

HSBC boss Noel Quinn said it will "accelerate" an earlier restructuring plan
which included axing 35,000 jobs.

"Our operating environment has changed significantly since the start of the
year," he said.

Mr Quinn also said the bank would examine "additional actions" to strengthen
its business.

Europe's biggest bank reported a 65% drop in pre-tax profits to $4.3bn for
the first half of the year - much steeper than analysts had forecast.

HSBC also said it set aside between $8bn and $13bn this year for bad loans
as it expects more people and businesses to default on their repayments
because of the coronavirus pandemic.

This is higher than previously budgeted for, taking into account the effects
of the economic downturn.

The bank said it had given more than 700,000 payment holidays on loans,
credit cards and mortgages, providing more than $27bn in customer relief.

HSBC has also been hit by the low interest rate environment, which squeezes
a bank's profit margins on the loans it provides. The lower the interest
rate, the less a bank makes on its lending.

Job cuts

In June, the UK's largest bank said it would push ahead with its plan to cut
35,000 jobs from a global workforce of 235,000 as part of a major
restructuring announced in February.

The job cuts had initially been put on hold during the coronavirus outbreak.

HSBC chairman Mark Tucker is overseeing the programme to shrink the bank’s
operations in Europe and the US.

The bank has previously said it could wind down or sell its US retail
banking operations which could involve shrinking its 224-strong US branch
network by about 30%.

Political tensions

While HSBC is headquartered in London, more than half of its profits come
from the Asian financial hub of Hong Kong.

The bank is dealing with a number of challenges, including tensions between
China and the west.

It is currently embroiled in a political battle over its support of China's
national security law in Hong Kong while pushing ahead with the major
restructure of its global banking operations.

Hong Kong's new security law: Why it scares people

"We will face any political challenges that arise with a focus on the
long-term needs of our customers and the best interests of our investors,"
said Mr Quinn.

"Current tensions between China and the US inevitably create challenging
situations for an organisation with HSBC's footprint.

"However, the need for a bank capable of bridging the economies of east and
west is acute, and we are well placed to fulfil this role."

Caught between China and the West

It's Europe's largest bank, headquartered in London, but the Hong Kong and
Shanghai Banking Corporation makes half of its money in Asia.

And it's been caught in the midst of increasingly tempestuous relations
between China and the West, with the bank expressing support for China's
controversial security laws in Hong Kong in June, breaking a tradition of
neutrality.

Chief executive Noel Quinn attempted to reinstate that neutrality today,
saying: "We will face any political challenges that arise with a focus on
the long-term needs of our customers and the best interests of our
investors."

But who are those customers? Mr Quinn also signalled the resumption of
restructuring plans which will pivot the business further towards Asia, with
job cuts expected in the UK investment bank and the American branch network.

Its branding is familiar around the globe, but HSBC is a bank that likes to
stay out of the headlines.

However, as it chases its ambitions, more pressure and scrutiny will be hard
to dodge.

'More collaboration'

HSBC, along with rival banking group Standard Chartered, have come under
fire for their support of China’s controversial national security law for
Hong Kong.

US Secretary of State Mike Pompeo and UK politicians criticised HSBC for
supporting China's new legislation, which means people face prosecution for
speaking out against Beijing.

Mr Pompeo said the Chinese Communist Party's (CCP) "browbeating" of HSBC
"should serve as a cautionary tale".

Last week, Standard Chartered restated its commitment to Hong Kong when it
released its first-half results.

Standard Chartered's group chairman José Viñals said: "We are convinced that
more collaboration - not less - is the best way to find a sustainable
equilibrium in these complex situations, but we do not expect an easy or
quick resolution.

"We do believe, however, that Hong Kong will continue to play a key role as
an international financial hub and we are fully committed to contributing to
its continued success," he added.-BBC

INVESTORS DIARY 2020

Company

Event

Venue

Date & Time

FCB

AGM

virtual

06  August 2020|3pm

Zimbabwe

National Heroes Day

Zimbabwe

10  August 2020

Zimbabwe

Defence Forces’ Day

Zimbabwe

11  August 2020

Old Mutual Zimbabwe

AGM

virtual

12  August 2020 | 3pm

CBZ

AGM

Virtual

14  August 2020 | 6pm

Lafarge

AGM

Virtual

18 August 2020  | 12pm

Companies under Cautionary

Bindura Nickel Corporation

Padenga Holdings

Delta Corporation

Meikles Limited

 <mailto:info at bulls.co.zw> 

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bwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA>
www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 

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