Major International Business Headlines Brief::: 19 August 2020

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Major International Business Headlines Brief::: 19 August 2020

 


 

 


 <mailto:info at bulls.co.zw> 

 


 

 


 

 

ü  Nigeria's long-awaited oil reform bill to go to president - sources

ü  Ivanhoe Mines and China's CNMC announce Africa partnership

ü  South Africa's Eskom implements power cuts after breakdowns

ü  Nigeria's $1.5 bln World Bank loan delayed over reforms -sources

ü  Nigeria's GT Bank says dividends delayed to GDR holders

ü  Nigeria eyes record 12.65 trillion naira spending plan for 2021 -
document

ü  South African rand marginally stronger in early trade

ü  Congo central bank raises 2020 GDP forecast to -1.7%

ü  South Africa's embattled state arms firm appoints interim CEO

ü  US stocks hit new high after coronavirus crash

ü  Fortnite: Epic files new injunction against Apple

ü  Trump dangles cash for US firms moving from China

ü  Citibank sues for $176m payment made in error

 


 <mailto:info at bulls.co.zw> 

 


 

Nigeria's long-awaited oil reform bill to go to president - sources

LAGOS (Reuters) - Nigeria’s oil ministry will present a long-awaited oil and
gas reform bill to the president in the coming days aimed at boosting output
and attracting foreign investment, three sources close to the negotiations
told Reuters.

 

The reforms, 20 years in the making, are particularly urgent this year as
low oil prices and a shift towards renewable energy have made competition
tougher to attract investment from oil majors.

 

Fiscal uncertainty has delayed a decision reut.rs/3g28DoM on a multi-billion
dollar expansion by Royal Dutch Shell and its partners, while Chevron, Total
and ExxonMobil reut.rs/348WfAX are selling various Nigerian assets.

 

A spokesman for the Petroleum Ministry, which led the bill’s drafting, did
not reply to a request for comment and the president’s office declined to
comment.

 

Royal Dutch Shell, the largest international operator in Nigeria, said a
botched reform effort would be “putting at risk and making unviable most of
the planned projects.”

 

“We hope that the final bill would be one that would unlock potential
investments that Nigeria’s rich resource base truly deserves,” a spokesman
for Shell companies in Nigeria said.

 

A draft summary seen by Reuters included provisions that would streamline
and reduce some oil and gas royalties. One of the sources described even the
government’s reduced take of oil revenues, through taxes, royalties and
other fees, as “aggressive” compared with other nations. Some African
countries are trying to cut red tape and taxes in order to make developing
their oil and gas reserves attractive to companies.

 

It proposes to boost the amount of money companies pay to local communities
and for environmental cleanups.

 

It would also alter the dispute resolution process between companies and the
government, though specifics of the changes were not included in the
summary. The bill also included measures aimed at pushing companies to
develop gas discoveries and a framework for gas tariffs and delivery.

 

Commercializing gas, particularly for use in local power generation, is a
core government priority.

 

The bill will be presented in one piece with four chapters, the sources
said. An effort to pass reforms by breaking them into several bills in 2018
fell flat; just one portion made it to President Buhari's desk, and he never
signed it reut.rs/346RIPH.

 

Once Buhari signs off on the draft, it will go to the National Assembly,
which is controlled by his All Progressives Congress party. The alignment of
the presidency and the assembly give the measure the best chance of passage
it has had in years.

 

The law underpinning oil, the financial lifeline for Africa’s biggest
exporter, has not been updated since the 1960s.

 

Pumping its oil has historically been hugely profitable, but changes late
last year that hiked Nigeria’s take of oil earnings, and a VAT increase,
frustrated companies.

 

 

 

 

Ivanhoe Mines and China's CNMC announce Africa partnership

JOHANNESBURG (Reuters) - Canada’s Ivanhoe Mines on Tuesday announced a deal
with China Nonferrous Metal Mining (Group) Co. Ltd (CNMC) under which the
companies would jointly look for African mining projects to explore, develop
or acquire.

 

Ivanhoe’s co-chairmen Robert Friedland and Yufeng Sun said the strategic
partnership would also see the companies, both active in Democratic Republic
of Congo, exploring production, smelting, and logistics opportunities.

 

Friedland hinted at possible mergers arising from the agreement with CNMC,
saying the partnership would begin by “examining the synergies between the
operations currently owned by our two companies”.

 

CNMC Chairman Wang Tongzhou said: “I strongly believe that cooperation is
the best way to achieving the goals of both companies.”

 

Ivanhoe has previously said it is in talks with companies over its Kipushi
and Western Forelands projects in the Congo, and its Platreef project in
South Africa.

 

CNMC in January launched Congo’s first large-scale copper smelter, the
Lualaba Copper Smelter, 45km from Ivanhoe’s Kamoa-Kakula copper joint
venture with Zijin Mining in the country’s southern copperbelt.

 

CNMC is also the majority owner of Deziwa copper and cobalt mine and
processing plant, a joint venture with Congo’s state mining company
Gécamines which started producing in January.

 

 

 

South Africa's Eskom implements power cuts after breakdowns

JOHANNESBURG (Reuters) - South African power utility Eskom will implement
planned blackouts on both Tuesday and Wednesday after breakdowns at a number
of power stations overnight, it said on Tuesday.

 

The power cuts, known locally as loadshedding, will last from 1400 GMT to
2000 GMT on Tuesday, and start again between 0700 GMT and 2000 GMT on
Wednesday, the company said in a statement posted on Twitter.

 

 

 

 

Nigeria's $1.5 bln World Bank loan delayed over reforms -sources

ABUJA/LAGOS (Reuters) - The World Bank is unlikely to approve a much-needed
$1.5 billion for Nigeria in August as planned due to concerns over desired
reforms, three sources familiar with the talks told Reuters.

 

A delay in financing from multilateral lenders could leave Africa’s biggest
economy and top oil producer, battered by low crude prices, unable to fully
finance a record 10.8 trillion naira ($28.35 billion) budget. The central
bank has said Nigeria’s balance of payments gap this year will be $14
billion.

 

The World Bank, which has said Nigeria could be heading toward its greatest
fiscal crisis in 40 years, had aimed to bring the loan to its board for
approval this month, but the sources said negotiations over what Nigeria
will do to secure it were incomplete.

 

“They are not convinced about the reforms,” a source close to the government
said. All three sources declined to be named due to the sensitivity of the
negotiations. The source added that the currency was the core issue.

 

World Bank loans are often contingent upon reforms. It has not outlined any
demands, but said previously that it was “recommending” a more unified,
flexible exchange rate. Fuel subsidies and electricity tariffs are also
being discussed.

 

Another banking source said the loan could now not be approved until
October.

 

Nigeria’s finance ministry directed queries to the World Bank. In a
statement, the lender said discussions were at an advanced stage, but
confirmed that it had not presented the loan to its board.

 

“Of particular importance are the steps the government is taking to marshal
the needed fiscal resources for a pro-poor response to the crisis and
undertake the reforms that will help ensure a robust recovery,” the
statement said.

 

Nigeria’s policy of supporting the naira has become more costly since the
oil price slide, as it relies on oil for 90% of its foreign exchange. It has
devalued the naira twice this year, but the sources said that was not enough
for the World Bank, which wanted fuller reform of the naira policy.

 

Nigeria also said it had eliminated fuel subsidies through a “floating”
price cap, but two of the sources said the World Bank felt the mechanism was
not sufficiently transparent.

 

($1 = 381.00 naira)

 

 

 

Nigeria's GT Bank says dividends delayed to GDR holders

ABUJA (Reuters) - Payment of dividends to holders of Nigeria’s Guaranty
Trust Bank (GT Bank) global depository receipts (GDRs) has been delayed due
to difficulties in sourcing dollars, the lender said on Tuesday.

 

GT Bank said in a note to GDR holders that its registrar - the company which
maintains lists of bond and shareholders - was in a queue with the Nigerian
central bank for dollars to make the payout.

 

Yet the central bank is struggling to make hard currency sales following a
recent surge in demand.

 

With the price of oil, Nigeria’s main export, depressed and foreign exchange
reserves dwindling, its central bank is hanging on to dollars to support the
naira - leaving a shortage of hard currency supply for investors and
importers.

 

GT Bank, Nigeria’s top lender, declined to comment on the size of the
dividend to be paid to holders of its GDRs, which are traded in London. It
issued the GDRs in 2007 to raise $750 million. It paid out a total dividend
of 2.80 naira per share in 2019.

 

 <mailto:info at bulls.co.zw> 

 

Nigeria eyes record 12.65 trillion naira spending plan for 2021 - document

ABUJA (Reuters) - Nigeria expects to spend a record 12.65 trillion naira
($33.20 billion) in 2021 despite severe revenue constraints, according to an
outlook released by the Finance Ministry on Monday.

 

The spending by Africa’s largest economy, still reeling from low oil prices
and the new coronavirus pandemic, is a 17.2% jump from the record 10.8
trillion naira budgeted this year.

 

The projected debt servicing payments would consume 3.1 trillion naira of
the spending, or just under 25%.

 

Additionally, revenues in the year are expected to reach 7.5 trillion naira
in 2021, implying a higher deficit.

 

The document also said spending would focus on completing as many ongoing
projects as possible, and that no new works would be allowed unless there
were adequare resources to complete ongoing projects.

 

($1 = 381.0000 naira)

 

 

 

South African rand marginally stronger in early trade

JOHANNESBURG (Reuters) - The South African rand was slightly firmer against
the dollar early on Tuesday, as the U.S. currency extended its fall to new
lows on global markets.

 

At 0642 GMT, the rand traded at 17.4750 versus the dollar, almost 0.2%
stronger than its previous close.

 

Government bonds were flat, with the yield on the 2030 bond at 9.28%.

 

With no major domestic data releases due this week, the rand is expected to
take its cue from global factors.

 

President Cyril Ramaphosa announced a further easing of the country’s strict
coronavirus lockdown over the weekend, but the impact on the local currency
has been muted.

 

Official forecasts predict gross domestic product will contract by at least
7% this year, extending the pain for an economy that was already in
recession before the COVID-19 pandemic struck.

 

The rand had a torrid start to 2020, slumping over 20% against the dollar
over the first quarter in the leadup to Moody’s downgrading the country’s
sovereign credit rating to “junk” status.

 

The rand has swung back and forth since and is still down almost 20% against
the U.S. currency year to date.

 

 

 

Congo central bank raises 2020 GDP forecast to -1.7%

(Reuters) - Democratic Republic of Congo’s central bank said on Monday it
expected the economy to contract -1.7% in 2020, improving on an earlier
forecast of a -2.4% contraction due to higher mining receipts.

 

The mining sector has performed better than anticipated because of the
success of confinement measures introduced to combat the coronavirus, paired
with a rise in the global price of copper, one of Congo’s key exports, the
central bank said in a statement.

 

 

 

South Africa's embattled state arms firm appoints interim CEO

JOHANNESBURG (Reuters) - South Africa’s embattled state arms manufacturer
Denel has appointed Talib Sadik, who currently serves on its board of
directors, as interim chief executive, the company said on Monday.

 

Sadik’s appointment comes after Danie du Toit resigned as CEO after less
than two years in the job, after Denel struggled to pay staff due to a
liquidity crisis aggravated by the COVID-19 pandemic.

 

Du Toit has not given a reason for resigning, but in a recent interview he
told Reuters the company may not survive the next few months unless the
government lets it use some promised bailout funds to generate revenues
rather than repay debt.

 

Denel, which makes equipment ranging from armoured vehicles to missiles, is
embroiled in a dispute with labour unions over outstanding salaries and
statutory obligations such as paying into its employee pension fund.

 

Sadik worked as Denel chief executive between 2008 and 2012 and has worked
on the company’s latest turnaround plan, Denel said in a statement. The
recruitment process for a permanent CEO is under way.

 

 

 

US stocks hit new high after coronavirus crash

A key US stock index has hit a new high despite ongoing worries about the
sharp economic impact of the pandemic.

 

The S&P 500, one of the widest and most prominent US market measures, inched
higher on Tuesday to close at 3,389.78 - about three points above its 19
February record.

 

Other US indexes have also rebounded.

 

The Nasdaq hit another record after surpassing its prior high in June while
the Dow Jones Industrial Average is within about 5% of its February record.

 

US shares have been on an upward path since 23 March, when America's central
bank announced a slew of unprecedented economic support measures.

 

Trading: 'I didn't know I'd lose money so fast'

US economy suffers sharpest contraction in decades

But when the pandemic set in and markets tumbled more than 33%, such a rapid
market recovery seemed nearly unthinkable, said William Delwiche, an
investment strategist at Baird.

 

"To be even having this conversation right now is remarkable," he said.

 

He said the strength and speed of the rebound was especially surprising,
given America's continuing struggle to contain the coronavirus and ongoing
concerns about the economy. The US saw its sharpest quarterly contraction on
record in the three months to July, amid widespread lockdowns.

 

"It's not surprising that we had a meaningful recovery, but that over the
last couple of months we've continued to rally... I'm shocked that we're
having this conversation," Mr Delwiche said.

 

Analysts say the recovery is partly due to Federal Reserve moves and other
stimulus, as well as demand from investors who are confident the economy
will heal and see few better opportunities to make money than on the stock
markets.

 

While surprising, such a speedy market rebound is not unprecedented, said
Sam Stovall, chief investment strategist at CFRA Research. By his
calculations, it's actually the third fastest rise to a new high for the S&P
after such a deep fall since 1929.

 

But the gains in the US have outstripped many other markets. London's FTSE
100 remains about 20% lower than its January high, while France's CAC 40 is
off about 19%.

 

Japan, which has seen its Nikkei 225 index climb back to roughly 4% of its
pre-crisis high, has benefited from both aggressive government stimulus and
relative success at controlling the virus without mass lockdowns.

 

Tech stocks drive the rally

The unusual strength of the US rebound comes from its tech companies, such
as Apple, Microsoft and Amazon, which have been seen as winners despite
lockdowns, along with companies in areas like cloud computing and machine
learning.

 

"We would not be flirting with all-time highs were it not for technology,"
said Terry Sandven, chief equity strategist at US Bank Wealth Management.

 

Shares in the S&P 500's tech sector have climbed roughly 25% so far this
year, even as other areas remain flat or negative. The energy sector, for
example, is down roughly 37% since the beginning of January, while
financials are down about 20%.

 

Market disconnection

Howard Silverblatt, senior index analyst at S&P Dow Jones Indices, said
that's a warning sign for those who might want to see the new S&P 500 high
as a signal about the broader economy.

 

"There's big dispersion between those that have done well and those that
have done poorly," he said.

 

The New York Stock Exchange reopened for in-person trading in May after
closing the trading floor in March

Overall, the S&P 500 is up about 5% since the start of the year.

 

But of the 500 companies in the index, more than half have shares trading
lower than they were start of the year, he said. And that's even though the
big companies in the S&P 500 index are better equipped to withstand a
downturn than many smaller firms.

 

"We've come a long way and there's a lot of optimism in there and that is
concerning," Mr Silverblatt said. "If we don't get what we expect -
disappointment is not a good item in the market."

 

Mr Sandven said unless prospects for the wider economy improve further gains
will be limited.

 

Political questions - about whether Washington will approve further economic
stimulus and how the US presidential election will play out - could also
mean a bumpy ride ahead for investors, he added.

 

"Clearly there's a lot of optimism riding on a return to growth in 2021," Mr
Sandven said. "But there's reason for caution."--bbc

 

 <mailto:info at bulls.co.zw> 

 

Fortnite: Epic files new injunction against Apple

Fortnite-maker Epic Games has filed a fresh injunction against Apple in its
continuing dispute with the technology giant over its App Store policy.

 

Apple removed Fortnite from the store after the game offered a discount on
its virtual currency for purchases made outside of the app, from which Apple
receives a 30% cut.

 

Epic says the fee is unfair.

 

And now, it says, Apple has threatened to remove it from its developer
programme, on 28 August.

 

This would leave it unable to offer any other games or apps on Apple
platforms.

 

Offering in-app purchasing only is a condition of being on both Apple's App
Store and Google's Play Store - and both companies take the same percentage
of sales.

 

After circumventing the rule, Fortnite was removed from both stores last
week. It has filed separate legal complaints against them.

 

Existing Fortnite players on these platforms (iPhone or Android phones, for
example) still have the game but are currently unable to get updates, which
are regularly released elsewhere.

 

New players cannot download it.

 

Apple has given Epic two weeks to re-instate the in-app payments if it wants
Fortnite to return to the store.

 

In its latest legal papers, Epic says it will be "irreparably harmed" by
being completely removed from Apple's developer programme.

 

The ban would also include its Unreal Engine, a popular graphics tool widely
used by third-party developers of other games, films and virtual reality -
meaning they too would have to find an alternative tool.

 

'No exception'

In a statement, Apple said the rules applied to every app in the store and
Epic had created the problem for itself by choosing to break the terms.

 

"We won't make an exception for Epic because we don't think it's right to
put their business interests ahead of the guidelines that protect our
customers," it said.

 

Epic accused Apple of operating "a complete monopoly" over the one billion
users of its operating system, which underpins all Apple devices, including
the iPhone, iPad and Macbook.

 

Apple responded Epic had itself benefited from being on the App Store and
had "grown into a multibillion dollar business".

 

Epic is not the first developer to take issue with the App Store's fee
structure, although it is perhaps the biggest.

 

In June, an email app called Hey also took a stand against it.

 

"If we don't like the deal Apple is offering us - which is to either pay
them 30% or get kicked out - what are we going to do about that? Where are
we going to go?" developer David Heinemeier Hansson told BBC News at the
time.

 

"If you launch a new piece of software today and you're not available on the
iPhone, you're invisible."

 

The EU is investigating whether Apple's App Store conditions violate its
competition rules.

 

And last month chief executive Tim Cook appeared before the House Judiciary
Antitrust Subcommittee, in the US, alongside counterparts from Amazon,
Facebook and Google.

 

They all faced claims they had abused their market-leading positions.--bbc

 

 

 

Trump dangles cash for US firms moving from China

US President Donald Trump wants to offer tax credits to entice US firms to
move factories out of China.

 

He has also threatened to strip government contracts from firms that
continue to outsource work to China.

 

In a speech on Monday, Mr Trump vowed to create 10 million jobs in 10 months
saying “we will end our reliance on China.”

 

It marks his latest attack on China, after moves that have involved tech
companies TikTok, WeChat and Huawei.

 

The announcement came as tensions between Washington and Beijing have been
escalating rapidly in recent months.

 

The Trump administration is now casting its net beyond the Chinese
technology companies it has accused of threatening US national security.

 

“We will create tax credits for companies that bring jobs from China back to
America,” Mr Trump said. “We built the greatest economy in the history of
the world and now I have to do it again.”

 

Chinese communications giant Huawei has repeatedly come under attack by the
US government and on Monday further restrictions were placed on the company
to limit the electrical components it can buy.

 

The Trump administration has also threatened to include more Chinese
technology firms on its blacklist of companies which face bans in the US,
alongside TikTok and WeChat,

 

As November's US presidential election approaches, Mr Trump has upped the
ante in targeting China, accusing its companies of stealing American jobs
and intellectual property.

 

In Monday's speech, Mr Trump added that “we will make our critical drugs and
supplies right here in the United States.”

 

American icons

Many well-known US products are made overseas for American consumers, a
business strategy known as outsourcing.

 

America’s most valuable public company, Apple, uses a Taiwanese firm called
Foxconn to make the majority of its best-selling iPhones. Foxconn has
factories in both China and Taiwan.

 

Other iconic American brands, including Nike, also have large manufacturing
plants in China as well as other parts of Asia.

 

Global brands have been reviewing their Chinese operations amid the
coronavirus pandemic after temporary factories closures caused major supply
chain disruptions.

 

China is often referred to as the “world’s factory” but its share of global
exports has been hit by the trade dispute with the US and the coronavirus
pandemic.--bbc

 

 

 

Citibank sues for $176m payment made in error

US banking giant Citigroup has asked a federal court to force hedge fund
Brigade Capital to return $176m (£134m).

 

The money is part of the $900m the bank accidentally transferred to
creditors of the struggling cosmetics company Revlon.

 

The bank says it meant to send Brigade just $1.5m to cover interest on a
loan the hedge fund holds.

 

Citigroup blames the accidental over-payment on an "operational mistake".

 

In a filing to the Southern District of New York Court, Citigroup said it
meant to make interest payments on behalf of Revlon but transferred amounts
more than 100 times the size intended.

 

"When Citibank discovered the mistake, it promptly asked the recipients to
return its money," America's third-largest bank said in the filing.

 

Citigroup was preparing to step down as the administrative agent for the
Revlon loan when it accidentally wired roughly $900m to the lenders last
week amid a bitter fight between the cosmetics company and creditors.

 

Some of those that received the over-payments have returned the money to
Citigroup, while others, including Brigade, did not immediately give the
money back.

 

Brigade was supposed to receive interest on a $174.7m loan, according to the
complaint.

 

Can you keep money paid by mistake? Generally, no and if you spend the money
it can in some circumstances end up as a criminal matter. That said, there
are some other issues in this case. Brigade had lent money to Revlon, and
the erroneous payment covered the outstanding amount - though that doesn't
mean Brigade was necessarily entitled to receive it now. It was just an
interest payment of a much smaller amount that Citibank intended to pay on
Revlon's behalf.

 

There is another layer to this story. Another bank acting on behalf of
Brigade and other creditors was already suing Revlon. The complaint accused
Revlon of stealing - that is the word used in court documents - collateral
used for the loans. That means assets, in this case Revlon's brands, that
could be used to cover any shortfall in the loan repayments.

 

Citibank is named along with Revlon as one of the defendants in the
complaint. The bank is accused of gross negligence and wilful misconduct.
That complaint asked a New York court to declare the loan "due and payable".
The creditors, including Brigade claim they are legally entitled to the
money now, and to their surprise have received it, though if it does get to
court it will be for a judge to decide if they can keep it.

 

It instead got $176.2m and has refused to repay the funds "despite
crystal-clear evidence that the payments were made in error," Citigroup
said, noting that the money belonged to the bank, not Revlon.

 

Revlon has been hit hard by the coronavirus pandemic and Brigade is one the
creditors that has sued the company over its debt restructuring plans.

 

Citigroup declined to comment further on the case. Brigade did not
immediately respond to a BBC request for comment.--bbc

 

 

 

 

 


 


 


 

 


 

INVESTORS DIARY 2020

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


Bindura Nickel Corporation

 

 

 


Padenga Holdings

 

 

 


Delta Corporation

 

 

 


Meikles Limited

 

 

 


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