Major International Business Headlines Brief::: 23 August 2020

Sun Aug 23 14:05:16 CAT 2020

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Major International Business Headlines Brief::: 23 August 2020

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ü  TikTok to launch legal action against Trump over ban

ü  Analysts Fear a Strong US Dollar Will Dampen Bitcoin’s Bullish Momentum

ü  Chris Larsen, Executive Chair Of Ripple, Argues China Can Reverse Bitcoin
Transactions

ü  EasyJet to Offer Pilots Alternative to Layoffs

ü  Digital Currency, Akoin and Blockchain Voting: Bad Crypto News of the
Week

ü  Tesla Stock Breaks $2K as High-Risk Tech Asset Sees Bitcoin Comparison

ü  Asia's biggest online travel agency says Japan-China tourism primed for
rebound this year

ü  Stanbic Bank Uganda reports 7% drop in first-half profit, hit by lockdown

ü  Eskom halts power cuts after recovering three coal units

ü  Sun International sells Sun Dreams to partner, ending dispute

ü  South African mobile operator Cell C to close 128 stores, affecting 546
jobs

ü  South Africa seeks proposals for 2,000 MW of emergency power

 <mailto:info at bulls.co.zw> 

TikTok to launch legal action against Trump over ban

Chinese video app TikTok is set to launch legal action to challenge a ban
imposed by US President Donald Trump.

Mr Trump's executive order prohibits transactions with TikTok's owner
ByteDance from mid-September.

Officials in Washington are concerned that the company could pass data on
American users to the Chinese government, something ByteDance has denied
doing.

The short video-sharing app has 80 million active US users.

TikTok says it has tried to engage with the Mr Trump's administration for
nearly a year but has encountered a lack of due process and an
administration that pays "no attention to facts".

"To ensure that the rule of law is not discarded and that our company and
users are treated fairly, we have no choice but to challenge the executive
order through the judicial system," a company spokesperson said.

TikTok expects the legal action to begin this week, says BBC Business
reporter Vivienne Nunis.

On Friday a group of Chinese-Americans filed a separate lawsuit against the
president's similar ban on the social media app WeChat, which is owned by
the Chinese firm, Tencent.

TikTok's users post short video clips on the platform on topics ranging from
dance routines to international politics. Its popularity exploded in recent
months particularly with teenagers and it has been downloaded more than a
billion times around the world.

Teen's TikTok video about China's Muslim camps goes viral

But Mr Trump claims China is able to use the app to track the locations of
federal employees, collect information for use in blackmail, or spy on
companies.

The growth of mobile apps developed and owned by Chinese firms "threatens
the national security, foreign policy, and economy of the United States", Mr
Trump says.

"This data collection threatens to allow the Chinese Communist Party access
to Americans' personal and proprietary information," he claims in his
executive order.

TikTok says it has never handed over any US data user to Chinese
authorities.

Mr Trump's actions against TikTok and WeChat are the latest in a growing
campaign against China ahead of the US presidential election in November.

Since taking office he has been waging a trade war against China.

The US is not the only country to introduce blocks on TikTok. India has
banned use of the app, and Australia is also considering taking action.

The app is viewed by some as being a key instrument in China's internal
surveillance apparatus - requiring local users who have been accused of
spreading malicious rumours to register a facial scan and voice print.

WeChat is very popular with users who have connections to China, where major
social networking platforms - such as WhatsApp and Facebook - are blocked.

"Having it suddenly cut off would be disastrous and frightening for people,
especially in the pandemic," said lawyer Michael Bien, who's representing
those challenging President Trump's ban.

He said the executive order is unconstitutional, because it violates users'
rights to free speech.--BBC

Analysts Fear a Strong US Dollar Will Dampen Bitcoin’s Bullish Momentum

Bitcoin and gold price dropped as the U.S. Dollar Index rallied, leading
analysts to speculate whether a strong dollar will slow BTC’s momentum.

On Aug 21, Bitcoin (BTC) price declined by more than 3% from around $11,880
to $11,511 on Coinbase. Coincidentally, the U.S. Dollar Index (DXY) started
to rebound from its 4-month downturn.

As the dollar increased by 1.3% from $92.28 to $93.20, Bitcoin, major
cryptocurrencies, and gold fell in tandem. The seemingly inverse correlation
between the dollar and Bitcoin might indicate that the weakening dollar
partially catalyzed BTC’s recent rally.

Will a strong dollar rally reverse Bitcoin’s momentum?

Since the major Black Thursday Bitcoin correction, analysts have attributed
the current BTC rally to the fading dollar.

Researchers at Kraken exchange, wrote:

“Behind the surge, Bitcoin’s correlation with #gold strengthened to a 1-year
high of 0.93. This occurred as markets turned to safe haven assets amid an
uptick in COVID cases, increased government spending, mixed corporate
earnings, inflation fears and a weakening US dollar.”

Contrarily, when the dollar reverses and begins to rally, the chances of a
Bitcoin consolidation phase could rise.

In the last 48 hours, as the US Dollar Index climbed, the price of gold also
slumped by more than 3.5%. Gold had been rallying strongly in recent weeks,
buoyed by the rising uncertainty around the global economy.

The US Dollar Index shows signs of a recovery. Source: TradingView.com

As such, Scott Melker, a cryptocurrency trader, said that the inverse
relationship between Bitcoin and the dollar is more compelling than its
recent correlation with the stock market. He noted:

“Bitcoin’s inverse relationship with the dollar is far more compelling than
the idea that it is correlated with the stock market.”

The dollar has underperformed against major reserve currencies like the
Japanese yen since April and analysts anticipate that if it can sustain its
strong momentum gold and the U.S. dollar will be negatively impacted.

The near-term forecast of the dollar

According to Michael Hewson, CMC Markets UK’s chief market analyst, the
dollar’s recovery is causing gold’s uptrend to weaken. Hewson said:

“The rebound in the US dollar has also sparked a fresh bout of weakness in
gold prices which sold off sharply and are now testing support at $1,920 an
ounce, and the renewed uncertainty over the pace of further monetary
stimulus from the Federal Reserve.”

Data from Skew also shows that Bitcoin and gold have seen a newfound
correlation in recent weeks. If the prices of BTC and the precious metal
continue to move in tandem, the likelihood of the strengthening dollar
causing a BTC pullback rises.

Karl Schamotta, Cambridge Global Payments’ chief market strategist, said the
dollar could be seeing a short squeeze. He explained:

“You’re seeing a bit of an unwind in the short dollar trade that had gained
so much momentum in the last couple months.”

The confluence of a dollar short squeeze, the upcoming stimulus deal, and
rising economic certainty are contributing to the rebound of the dollar but
will this be a short-lived or longer term trend.--cointelegraph.com

Chris Larsen, Executive Chair Of Ripple, Argues China Can Reverse Bitcoin
Transactions

Chris Larsen, the Co-Founder and Executive Chair of Ripple, penned an op-ed
yesterday in the popular D.C. news periodical ‘The Hill’, the audience of
which is generally composed of U.S. lawmakers and policymakers in Washington
D.C. His topic was titled, ‘The tech cold war is here - and the US isn’t
winning”. Ripple’s headquarters are located in the Bay Area and recently,
Larsen had made some very generous donations in concert with Ripple to
assist with the Covid-19 pandemic.

Larsen’s describes that a focus on 5G and AI should not overshadow the
threat from China with digital currencies and blockchain technology.
According to Larsen, the Chinese Government has subsidized vast amounts of
energy needed to fuel cryptocurrency “miners”. According to Larsen, “...at
least 65 percent of cryptocurrency mining is concentrated in China, which
means the Chinese government has the majority needed to wield control over
those protocols and can effectively block or reverse transactions”.

Larsen cities an article on how China has more than 65% of the global
bitcoin hashrate, although the University of Cambridge Centre for
Alternative Finance (CCAF) that conducted the report explained the overall
hashrate in the study “may not be fully representative”. The CCAF commented
their study “...represents only a little more than a third of the total
hashrate” and all the data is provided by three Bitcoin mining pools that
are all headquartered in China. The CCAF hopes to provide a more in-depth
report in the future that can “...add data from major mining regions such as
Siberia in Russia, Washington and New York States in the US, Québec and
Alberta in Canada in upcoming reports”.

Still, Larsen argues in his opinion piece to policymakers the dangers that
exist were China to take over the Bitcoin protocol. “It's not hard to
imagine a dystopian future. A U.S. defense payment to an ally could be
blocked or reversed”, says Larsen.

Larsen also argues that U.S. regulators should move to Silicon Valley.
Seeing the region as a ‘powerhouse’ for the U.S. regulations should also be
eased for blockchain technology here in the U.S. Although Larsen does not
describe which ones, he explains regulators have only blessed two blockchain
protocols.

Ultimately, Larsen’s argument that the ‘Cold Tech War’ with China is one the
U.S. must take seriously and betting on blockchain technologies used by
American companies can be an appropriate response. Needless to say, it
appears Larsen’s point-of-view would be strengthened by a broader research
of the hash rate for Bitcoin for policymakers to better understand this
threat from China.-forbes

EasyJet to Offer Pilots Alternative to Layoffs

In a move that may become increasingly common among airlines seeking to
avoid layoffs, EasyJet will be offering pilots an alternative to being made
redundant. The plan will offer pilots seasonal contracts, working for parts
of the year and taking the rest of the year off. The offer comes as airlines
across the globe are facing massive layoffs and losses amid the downturn in
demand from the COVID-19 pandemic.

EasyJet has offered its pilots numerous alternatives to help mitigate the
number of mandatory layoffs required. The airline has warned that up to 727
pilots, or one-third of its pilot force, will have to be laid off. The
airline has also announced the closure of three of its bases in the UK —
London Stansted, Newcastle and Southend — as demand continues to stall.
Pilots have been warned that if they do not accept one of the alternatives,
or take a voluntary leave, they will receive less generous severance terms
if they are to be laid off. 

The latest alternative offered to pilots is a seasonal contract in which
pilots would work for six months in a year and be not scheduled and unpaid
for the remainder of the year. Pilots have also been offered deals that
would see them able to work for two weeks then take two weeks off, working
nine days in a workweek rather than thirteen or working for three weeks with
a week off.  Voluntary leave is also being offered to pilots for various
terms, ranging from six to 18 months. -airlinegeeks.com

Digital Currency, Akoin and Blockchain Voting: Bad Crypto News of the Week

It’s back to stability for Bitcoin this week as the currency continues to
knock at the $12,000 ceiling. Where will it go next? One analyst sees a
Battle Royale as whales try to push towards $14,000. Other investors are
more optimistic. They see Berkshire Hathaway’s recent sale of bank stocks
and purchase of stock in a gold mining company pushing the price to $50,000.
If Warren Buffett is souring on the banking system though, he’s late to the
party. Kim Dotcom got there two years ago — and has reminded his followers
that he advised them to buy Bitcoin.

The Federal Reserve might be catching up though. Governor Lael Brainard has
revealed that the Fed is conducting research into a digital dollar. One
partner to that research is MIT, which will develop, test, and research a
digital currency over two to three years.

The Fed isn’t the only one waking up to the power of the blockchain. The
United States Postal Service has applied for a patent for a secure voting
system. The system uses the blockchain to secure mail-in voting. A start-up
in Bulgaria is offering cryptocurrency to travelers whose flights are
delayed for at least an hour. In South Korea, a million drivers have already
swapped a physical license for a blockchain-backed version used with a
smartphone app. The program only launched in May.

Senegal, though, might make South Korea look small. Akon, the
Senegalese-American star and philanthropist, says his $6 billion Akon City
will run on the Stellar-based Akoin cryptocurrency. His real-life Wakanda is
already 85 percent complete, he says. Ripple is aiming even bigger. Under
new CEO Brad Garlinhouse, the company is trying to become the Amazon of the
cryptocurrency world. It’s looking to move beyond cross-border payments and
promote the creation of new applications on the Ripple network.

Both of those projects lie in the future but at least some of the much-hyped
blockchain-based smartphones and smartwatches are already out. Samsung’s
Galaxy S10 has support for more than 30 cryptocurrencies in its wallet and
the company’s KlaytnPhone rewards users with 2,000 Klay tokens. Blockchain
company Sirin Labs’s Finney has built-in cold storage, as well as a DApp
ecosystem. Cold storage is also a feature of watchmaker Franck Muller’s
Encrypto watch. The dial also has a QR code for receiving Bitcoin payments.
And in the world of social media, Ignite, a blockchain-based microblogging
platform is trying to offer an alternative to state-censored social media
platforms.

The development of blockchain usage isn’t all super-cities, smartwatches,
and social media though. Asia is looking to the blockchain for protection
against online crime during the pandemic. It looks like they’re on the right
track. Binance has recently helped Ukraine’s cyber police to identify and
arrest criminals involved in a $42 million ransomware and money laundering
operation.

And finally, while the cryptoworld is generally full of smart people with
big brains, someone just paid 40 ETH, around $17,000, for a digital picture
of a cat drawn by Paris Hilton. The money will go to charity, so maybe we
can just say that the cryptoworld is full of people with big
hearts.-cointelegraph.com

Tesla Stock Breaks $2K as High-Risk Tech Asset Sees Bitcoin Comparison

Bitcoin price and Tesla stock have both been in the limelight recently,
leading some retail investors to question if there are commonalities between
the two assets. As Bitcoin (BTC) continues to hover around the $12,000 mark
(as of publication time), in doing so, the largest coin by market
capitalization is reaching year-to-date highs that haven’t been seen since
June 2019.

Tesla stock has also set a number of benchmarks. On Aug. 20, Tesla’s stock
price hit an all-time high, jumping over 45% in 10 days to close above
$2,000 per share.

Furthermore, data suggests that Bitcoin was the most viewed asset after
Tesla stock in the United States last month.

Is Bitcoin behaving like a tech stock?

The increasing interest in both Bitcoin and Tesla have some wondering if BTC
is behaving more like a tech stock. Findings from London-based digital asset
management firm CoinShares noted that in its growth phase, Bitcoin does
indeed behave like a tech stock:

“Bitcoin’s risk profile is rather similar to that of a technology stock: if
it reaches its potential, the value could be immense, but at the same time,
there is a non-zero chance that it fails entirely.”

While this may appear to be the case, Phil Bonello, director of research at
crypto fund Grayscale Investments, told Cointelegraph that it isn’t fair to
simply look at returns when drawing conclusions between Bitcoin and Tesla,
with BTC being up by about 63% year to date and TSLA with a 365% rise:

“Most risk assets have been correlated with each other because they have all
been dependent on the strength or weakness of the denominator: the US
dollar. Additionally, when assets sell off aggressively like they did in
March, correlation approaches 1 as everyone needs liquidity.”

Bonello’s point is verified by Tesla stock dipping to a low of $361 on March
18. Bitcoin also reached a low of nearly $3,800 back in March. Bonello
further commented that while he doesn’t watch the ins and outs of Tesla
closely, there is currently a secular bull market. “I tend to believe we are
in a secular bull market driven by monetary and fiscal stimulus,” he said.

Echoing Bonello, Natalia Karayaneva, advisor to Arrington XRP Capital and
CEO of Propy — a blockchain-based real estate platform — told Cointelegraph
that there are new bubbles emerging around the stock market and Bitcoin:

“Instead of buying tangible consumer goods, people are investing in these
assets as a way to not hold fiat. Similarly, institutional investors are
investing in everything related to digital assets.”

What are the similarities between Bitcoin and Tesla?

Market value aside, it’s interesting to consider the inherent similarities
between Bitcoin and Tesla. According to Bonello, what Bitcoin and Tesla have
in common is the potential for exponential growth, making them both
especially volatile and reflexive.

This point is also valid for most cryptocurrencies, not just Bitcoin. Mati
Greenspan, a crypto market analyst and founder of Quantum Economics, told
Cointelegraph that he had been tracking a correlation between TSLA and
Chainlink’s LINK token, which is now the world’s fifth-largest coin by
market value. Greenspan’s findings highlight the volatility of both asset
classes.

Tesla stock in comparison to LINK token

Millennial retail investors seem to be the most interested in volatile
assets like Tesla and cryptocurrencies. Recent findings indeed prove this to
be true, as CNBC noted in February that Tesla was the most held stock on the
personal-finance company SoFi Invest, which is heavily used by millennials.
Cointelegraph also previously reported that research from Stack Funds shows
that 50% of Bitcoin investors are millennials.

Another interesting commonality between Bitcoin and Tesla is the
revolutionary impact associated with the two assets, as Tesla is greatly
disrupting the transportation sector while Bitcoin is aiming to
revolutionize finance.

Bitcoin remains a unique asset

Yet, while disruptive technologies like Bitcoin and Tesla may drive mass
interest from younger investors with similar behaviors, Bitcoin still
remains a unique asset class. Grayscale’s Bonello commented that Bitcoin’s
unique qualities may make it an appealing investment, but it has also been a
challenge for traditional investors to make sense of its value,
“particularly because Bitcoin doesn’t offer cash flows like other
investments, such as Tesla,” he noted.

Michelle O’Connor, vice president of marketing at trading platform Uphold,
told Cointelegraph that Bitcoin, unlike Tesla, has a more realistic point of
entry: “There’s an appetite for risk or returns that have become fluid as
the ability to buy these assets on a smaller scale (fractionally).” She
concluded:

“Bitcoin is around $11,500 right now, if that was the point of entry it
would be far less appealing to a wider audience. Because you can purchase
fractions of Bitcoin, it’s point of entry is more realistic, the potential
returns are instant and they’re not associated with a
government.”--cointelegraph.com

Asia's biggest online travel agency says Japan-China tourism primed for
rebound this year

The executive chairman of Trip.com Group Ltd., Asia’s biggest online travel
agency, says he wants to see Japan and China reopen their borders to each
other for leisure travel “later this year,” projecting a strong recovery in
tourism demand despite the coronavirus pandemic.

A recovery in domestic travel would come first once infections start to
ease, and the “next question” would be when Japan and China can reach an
agreement about reciprocal travel, Co-founder and Executive Chairman James
Liang in a recent video interview.

“I hope this kind of agreement can be reached later this year,” Liang said
from the Chinese company’s Shanghai office. “Once the border opens, there
will be a spike of outbound travel. There would be pent-up demand.”

He said travel will continue to be a “big industry,” with individual leisure
travel recovering first and tours, business travel and conference-related
travel taking longer.

Japan has banned visitors from 146 countries and regions, in principle. This
includes China, from which 9.59 million people visited Japan in 2019,
accounting for a third of all inbound travelers.

The government has started discussions with China and 15 other economies on
easing travel restrictions, but business travel is expected to resume first.

To keep customers motivated, Liang said Trip.com is promoting various hotel
vouchers through digital marketing, including live web broadcasts of
programs featuring popular YouTubers pitching facilities and destinations.

The vouchers are not only discounted but are fully refundable, with no
cancellation fees, and have drawn strong demand from Chinese customers,
showing evidence that outbound tourism is ready to recover, Liang said.

When a program on Japanese hotels and ryokan (traditional inns) was streamed
live to Chinese users in mid-July, some 22,912 rooms were booked for a total
of 26.19 million yuan (¥400 million), Trip.com said.

“The beauty of the pre-sale deals is that you can lock in the discount but
you don’t have any risks” since vouchers are refundable, Liang said. “Japan
is actually by far the most favorite destination (among Chinese)
When the
border opens, they would definitely come to Japan.”

He said such livestreamed promotional programs — an hour long — can also
help travelers gain deeper knowledge about their destinations while
providing opportunities for hotels to pitch their charms.

“Through our broadcasts we show the properties of the hotels in very good
details so the customer will learn a lot more in depth about the properties
and about the destination that will increase the brand awareness among the
consumers,” Liang said.

“I think in our experience, this is a very effective way to promote tourism
during the recovery stage and really speeds up the recovery,” he said.

The chairman said such livestreamed programs featuring Chinese accommodation
facilities and travel destinations for Japanese customers will also be
aired.--japanatimes

Stanbic Bank Uganda reports 7% drop in first-half profit, hit by lockdown

KAMPALA (Reuters) - Uganda’s Stanbic Bank reported on Friday a 7.4% decline
in half-year pretax profit, as one of the most sweeping lockdowns in Africa
to curb the coronavirus hit its business.

The bank, a unit of South Africa’s Standard Bank, said its profit fell to
169.2 billion shillings ($46 million) in the six months to the end of June,
from 182.8 billion for the same period last year.

Uganda implemented one of Africa’s strictest lockdowns to curb the
coronavirus outbreak, including shutting down all businesses but the most
essential across the country.

Authorities also stopped travel, closed schools and shut borders to all
except cargo transport.

Stanbic’s Chief Executive Anne Juuko, in a statement, said the bank had
waived all charges on transactions on its digital banking platforms to help
boost cashless transactions and potentially minimise coronavirus infection
risk, a measure that hurt revenues.

Stanbic also “offered credit relief programmes to business and personal
customers to minimise the impact the pandemic would have on their
businesses.”

In addition, the bank lowered its lending rates to ease pressure on existing
customers while encouraging borrowers in a depressed economic environment.

The central Bank of Uganda has been putting pressure on commercial banks to
slash lending rates to keep credit flowing to businesses battered by the
effects of the coronavirus.

In July, the central bank threatened to cap commercial lending rates saying
some banks had failed to reduce loan rates in response to cuts in benchmark
rates.

The regulator has slashed its benchmark rate twice this year, taking it down
to a record low 7%.

Juuko said the bank had recorded a 24% rise in the value of new loans in
January-June, compared to the same period last year.

($1 = 3,667.0000 Ugandan shillings)

Eskom halts power cuts after recovering three coal units

JOHANNESBURG (Reuters) - South Africa’s Eskom has suspended planned power
cuts, after returning to service overnight three generating units at
coal-fired power stations, the state utility said on Friday.

More power cuts had been due on Friday in addition to three on consecutive
days this week, but supply constraints had eased following the recovery of
units at the Lethabo, Medupi and Kusile plants, the ailing utility said in a
statement.

Unplanned breakdowns stand at 8,750 megawatts (MW), out of Eskom’s nominal
capacity of 44,000 MW, compared to breakdowns of more than 11,900 MW at one
stage on Tuesday.

Eskom’s struggles to power Africa’s most industrialised nation are one of
the main obstacles to economic growth.

“Any significant deterioration in the generation performance may necessitate
the implementation of loadshedding at short notice,” Eskom said, referring
to the planned power cuts.

Sun International sells Sun Dreams to partner, ending dispute

JOHANNESBURG (Reuters) - Chile’s Nueva Inversiones Pacifico Sur Limitada has
agreed to buy a 64.94% stake in casino operator Sun Dreams for $160 million
from South African partner Sun International to take full ownership of the
business and settle a dispute.

The two partners had been locked in a 1.5 billion rand dispute after
Pacifico agreed to buy a 14.94% stake in Sun Dreams but failed to close the
deal.

The firms have now reached a settlement that will see Pacifico close that
deal and buy the remaining 50% stake in the Latin American casino operator
from Sun International’s subsidiary, Sun Latam.

At 0845 GMT, shares in Sun International, which owns South Africa’s Sun City
resort, were up 7.9%.

Stiff competition, fewer available casino licences and consumers feeling the
pinch in South Africa had pushed Sun International to expand abroad.

But Sun Dreams faces several challenges, including the need to renew casino
licences, political and social reforms in Chile and the need to secure
funding for its new casino project in Iquique, Chile, Sun International
said.

This, plus the impact of the COVID-19 pandemic on the group, and the length
of time, uncertainty and costs associated with arbitration proceedings in a
foreign country, had convinced the firm to sell its stake when presented
with an opportunity to exit at an attractive value, it said.

Sun International said the price equated to 5.5 times 2019 earnings before
interest, taxes, depreciation, amortization, and restructuring or rent
costs, which could rise to 6.5 times if Sun Dreams meets certain milestones,
such as licence renewals.

Proceeds from the deal will be used to settle Sun International’s offshore
debt in Latin America of $38.3 million, with the balance repatriated to
South Africa, it added.

($1 = 17.2959 rand)

South African mobile operator Cell C to close 128 stores, affecting 546 jobs

JOHANNESBURG (Reuters) - South African mobile operator Cell C said on Friday
it expects to close around 128 stores across the country, more than half of
its retail footprint, with 546 jobs on the line as it seeks to cut costs and
restructure its operations.

The job cuts will be in addition to Cell C’s plans to lay off 960 workers,
announced in June.

“The retail environment has changed and this has been fast-tracked by the
impact of COVID-19 and the evolving purchasing habits of consumers,” Cell C,
which is not listed and is 45% owned by Blue Label Telecoms, said in a
statement.

“Much like banks are moving away from brick and mortar branches, Cell C is
embracing digital solutions and driving digital inclusion by leveraging
collaborations and partnerships.”

The company has a workforce of 2,500 and 240 stores.

The consultation process for the job cuts announced in June started on July
30 and the company said it subsequently made a voluntary severance package
offer.

Earlier this month Cell C said it was making good progress with finalising
its recapitalisation plan that will improve its liquidity and debt profile.

South Africa seeks proposals for 2,000 MW of emergency power

CAPE TOWN (Reuters) - South Africa has issued a request for proposals to
procure 2,000 megawatts of emergency power, a step needed to help plug a
severe energy shortage, the department of energy said on Saturday.

South Africa’s state-owned power utility Eskom has been forced to cut power
regularly, hobbling economic growth in Africa’s most industrialised country
as unreliable coal-fired plants struggle to generate enough electricity to
meet demand.

Scheduled blackouts, known as load shedding, have resumed as South Africa
has eased strict lockdown restrictions to contain the new coronavirus and
has re-opened power-hungry industries, such as mining, in a bid to
kick-start a weak economy.

During load shedding, which is meant to protect the national power grid from
complete collapse, residents and businesses are typically left without
electricity for a couple of hours at a time.

In December, South Africa issued a request for information (RFI) to source
between 2,000 and 3,000 megawatts (MW) of generation capacity to be
connected in the shortest time, at the least cost.

“All power procured under this programme is expected to be fully operational
by not later than the end of June 2022,” the department said in Saturday’s
statement, adding it expected to attract around 40 billion rand ($2.33
billion) of investment.

In February, Turkey’s Karpowership, one of the world’s largest suppliers of
floating power plants, said it had submitted plans to provide “several”
ships capable of alleviating the country’s power shortages.

The department of energy said on Saturday that bidders would need to conform
to South Africa’s policies designed to broaden economic participation for
the black majority and to make commitments to job creation and skills
development.

($1 = 17.1452 rand)

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INVESTORS DIARY 2020

Company

Event

Venue

Date & Time

RTG

AGM

Virtual

24 August 2020 | 12pm

SeedCo International

AGM

Virtual (https://eagm.creg.co.zw/eagmzim/Login.aspx#)

26 August 2020 | 9am

SeedCo

AGM

Virtual (https://eagm.creg.co.zw/eagmzim/Login.aspx#)

28 August 2020 | 9am

Companies under Cautionary

Bindura Nickel Corporation

Padenga Holdings

Delta Corporation

Meikles Limited

 <mailto:info at bulls.co.zw> 

DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

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