Major International Business Headlines Brief::: 30 August 2020

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Major International Business Headlines Brief::: 30 August 2020

 


 

 


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ü  Administrators for S.Africa's Comair say binding offer received

ü  South Africa sees worst power cuts on record in 2020, research shows

ü  Nigerian lawmakers order probe into $18 bln NLNG dividend

ü  Nigeria's Lekoil seeks $100 mln for Ogo oilfield drilling

ü  Nigeria might fall into recession as virus takes toll, budget office says

ü  Guinness Nigeria posts first annual loss in four years, shares fall

ü  S.Africa's coronavirus loan scheme likely to pay out only $1.5 bln by
2021 - banking association

ü  Kenya Airways sees drop in revenues of between 60 and 70 bln shillings
for 2020

ü  South Africa's Discovery warns profit could be wiped out due to
coronavirus

ü  South Africa's Northam Platinum more than doubles annual earnings

ü  Distell FY sales hit by South Africa alcohol ban

ü  Elon Musk worth more than $100B as Tesla’s stock keeps surging

ü  China on TikTok sale: Not so fast

ü  Bitcoin price holds key support level as focus shifts back to $12,000

 


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Administrators for S.Africa's Comair say binding offer received

JOHANNESBURG (Reuters) - Administrators for South Africa’s Comair Ltd said
on Friday they had received a binding offer from their preferred investors
in the airline, and would request to delay the publication of their rescue
plan to Sept. 2 as a result.

 

“[Administrators] have now received a final binding offer from the preferred
investors late this afternoon, and the terms of this offer must now be
incorporated into the business rescue plan,” they said in a statement.

 

Comair has been under a form of bankruptcy protection since May and the
publication of its rescue plan has so far been delayed by more than two
months.

 

 

 

 

South Africa sees worst power cuts on record in 2020, research shows

JOHANNESBURG (Reuters) - South Africa has endured its worst power cuts on
record this year, research by the country’s national science council showed
on Friday.

 

The power cuts by ailing state utility Eskom are one of the biggest
challenges facing President Cyril Ramaphosa as he tries to revive investor
confidence in Africa’s most industrialised economy.

 

Analysis by South Africa’s Council for Scientific and Industrial Research
(CSIR) found that 1,498 Gigawatt hours (GWh) of energy had been shed so far
in the first eight months of 2020, more than 1,352 GWh in the whole of last
year and 1,325 GWh in 2015, the previous two worst years on record.

 

The CSIR estimates planned power cuts, known locally as load-shedding, cost
the economy up to 120 billion rand ($7.2 billion) last year.

 

Eskom generates more than 90% of South Africa’s power but has struggled to
meet demand for years because of faults at its coal-fired power stations.
Some of these stations have not been properly maintained and two new ones
have been hobbled by design flaws.

 

Ramaphosa has promised to break up Eskom to make it more efficient and has
granted it a series of mammoth bailouts to stabilise its finances, but its
problems have persisted.

 

Eskom last implemented planned power cuts last week.

 

The CSIR predicts load-shedding will continue for two to three years,
depending on the actions the government takes to address the electricity
shortfall.

 

($1 = 16.7032 rand)

 

 

 

Nigerian lawmakers order probe into $18 bln NLNG dividend

ABUJA (Reuters) - Nigerian lawmakers have instructed the country’s most
senior accountant to investigate payments totalling $18 billion as dividends
from Nigeria’s investment in Nigeria Liquefied Natural Gas (NLNG) between
2004 and 2019, a Senate statement said.

 

NLNG is a consortium between state-run Nigerian National Petroleum
Corporation (NNPC), Eni, Total and Royal Dutch Shell.

 

An NLNG spokeswoman did not immediately respond to a request for comment.

 

The Senate, parliament’s upper house, has ordered the accountant general to
investigate the dividend payments, it said in a statement issued on
Thursday, without giving details of what wrongdoing, if any, it suspected.

 

“The accountant general was mandated to investigate among other things if
the amount was actually remitted to NNPC, how much was actually remitted to
the Federation Account, if there is any deduction by NNPC, how much was
deducted and who authorized the deductions,” it said in its statement.

 

The move followed the participation of NLNG officials in a Senate committee
hearing on the country’s budget plans for 2021 to 2023.

 

Eyono Fatai–William, NLNG’s general manager on external relations, presented
a financial summary of the company in which she said it had paid a dividend
of over $18 billion to Nigeria from 2004-2019.

 

Accountant General Ahmed Idris said it was “difficult to determine with any
certainty” the details of the dividend paid to NNPC, according to the Senate
statement.

 

The chairman of the committee told Idris to investigate the payments and
report back to the Senate in two weeks.

 

Nigeria’s lawmakers have ramped up their scrutiny of financial management
issues since President Muhammadu Buhari came to office in 2015 vowing to
plug leakages in state coffers.

 

 

 

Nigeria's Lekoil seeks $100 mln for Ogo oilfield drilling

LAGOS (Reuters) - Nigerian energy company Lekoil Ltd needs to raise around
$100 million before it can start drilling in its Ogo oilfield, its chief
executive told Reuters.

 

Lekoil reached a deferred payment deal earlier this year to keep its stake
in OML 310, where Ogo sits, after it discovered a $184 million loan it
wanted to use for the purchase was fraudulent.

 

Chief Executive Lekan Akinyanmi said the company was able to finance much of
the Ogo preparation work with cash from its producing field, Otakikpo, and
will drill once it raises the money.

 

Lekoil is in talks for a mix of direct investment into the asset and vendor
financing, which Akinyanmi said is the most cost-effective way to raise
money for drilling. He expects to spend $1 billion developing Ogo through
its life cycle.

 

“We want Ogo to raise its own capital so that we can actually start to build
cash...and maybe in a few years start to pay dividends,” he said, adding
that Otakikpo, which produced an average of 5,305 barrels per day (bpd) last
year, yielded $15-$16 million in free cash.

 

Shares in London-listed Lekoil plunged in January after it revealed the loan
that it thought was from the Qatar Investment Authority (QIA) was a “complex
facade”.

 

Shares traded at 2.46 pence on Friday, compared with as much as 11.14 pence
in January before the loan fraud was revealed.

 

In results published this week, Lekoil posted a $12 million loss in 2019,
compared with a $7.8 million loss in 2018. Its cash balances dropped to $2.7
million from $10.4 million.

 

Lekoil is also targeting a 40% reduction in annual general and
administrative expenses due to this year’s oil price crash.

 

 

 

 

Nigeria might fall into recession as virus takes toll, budget office says

ABUJA (Reuters) - Nigeria might fall into recession in the third quarter,
the head of the country’s budget office said on Thursday, citing the impact
of low oil prices and the coronavirus pandemic on Africa’s largest economy.

 

The continent’s top oil producer faces its worst economic crisis in four
decades in the wake of an oil price war between Russia and Saudi Arabia at
the start of the year, and the pandemic, which hurt demand for its main
export commodity which provides 90% of foreign exchange earnings.

 

Ben Akabueze, director general of the budget office, told reporters it was
expected that growth in the third quarter would be negative and the country
might fall into recession.

 

It would be the second quarter of negative growth after the economy
contracted by 6% in the second quarter of the year.

 

Nigeria’s economy was last in recession in 2016, its first in 25 years,
since when growth has been sluggish.

 

The International Monetary Fund has said it sees Nigeria’s GDP falling 5.4%
this year, and the government has said the economy may shrink by as much as
8.9%.

 

 

 

Guinness Nigeria posts first annual loss in four years, shares fall

ABUJA (Reuters) - Guinness Nigeria slumped to an annual pretax loss of 17.07
billion naira ($45 million), its first in four years, hurt by writedowns and
coronavirus-induced disruptions, sending its shares almost 9% lower on
Friday.

 

The company, which is 54% owned by UK-based drinks group Diageo, said the
COVID-driven lockdown had affected sales in the fourth quarter, closing bars
and making it difficult to transport products across the country.

 

The economic backdrop also made life difficult for Guinness Nigeria, with
Africa’s largest economy set to fall into recession in the third quarter
after GDP contracted by 6% in the second three months of the year.

 

Guinness Nigeria’s sales in the 12 months through June fell to 104.37
billion naira, down 21% from the year before.

 

The company, which had made a pretax profit of 7.10 billion naira last year,
faced declining sales, dollar shortages and higher inflation, similar
factors to what had in 2016 triggered its first loss in 30 years at a time
when Nigeria entered recession.

 

Guinness Nigeria was also hit by naira devaluation, which contributed to
increased financing costs, and a drop in the value of its shares, prompting
it to take a writedown based on their market value.

 

The brewer, which had concentrated on the premium beer and malt segment,
shifted focus in 2017 to the cheaper or volume end of the market. Now it is
betting on spirits, such as Johnnie Walker whisky and Orijin gin, to revive
its fortunes.

 

“It’s been a tough quarter and we took decisions to refresh the business,”
Finance Director Stanley Njoroge told an analyst call.

 

“Its going to be tight in Nigeria this year ... The financial results have a
lot of correction items. We believe we have reduced overcapacities we do not
need under our current strategy,” Njoroge said.

 

But the company cut its debt to 2.5 billion naira from 20.5 billion a year
ago.

 

Shares fell to a two-week low of 14.3 naira, valuing the company at 21.5
billion naira. The stock has fallen 88% from its 2018 peak of 120.25 naira.

 

 

 

 

S.Africa's coronavirus loan scheme likely to pay out only $1.5 bln by 2021 -
banking association

JOHANNESBURG (Reuters) - The Banking Association of South Africa (BASA) said
on Friday disbursements of the government’s coronavirus loan scheme, worth
up to 200 billion rand ($11.9 billion), are likely to reach just 24.4
billion rand by January amid low demand.

 

In a presentation to reporters, BASA’s slide said that it expects demand for
the scheme to taper off, with the “probable case” being that disbursements
will reach 24.4 billion rand by the start of next year.

 

($1 = 16.8561 rand)

 

 

 

Kenya Airways sees drop in revenues of between 60 and 70 bln shillings for
2020

NAIROBI (Reuters) - Kenya Airways expects to see a drop in revenues of
between 60 billion Kenyan shillings ($555.30 million) and 70 billion
shillings for full year 2020, its chief executive said on Friday, after
posting a wider first half pretax loss.

 

“In terms of projected revenue for up to the end o the year, we see that we
will have a decline of about between 60 and 70 billion shillings, probably
more, depending on how the uptake in demand is,” Allan Kilavuka told an
online investor briefing.($1 = 108.0500 Kenyan shillings)

 

 

 

South Africa's Discovery warns profit could be wiped out due to coronavirus

JOHANNESBURG (Reuters) - South African insurer Discovery Ltd said on Friday
its profit for the year ended June 30 could be completely erased due to
provisions to take account of coronavirus and volatility in long-term
interest rates.

 

Its headline earnings per share (HEPS), the main measure of profit for South
African companies, will fall by 90% to 100%, to between 78.9 cents ($0.0468)
and zero, it said in a statement.

 

It had reported a HEPS of 789 cents in the last fiscal year.

 

It will report full-year results on Sept. 16.

 

($1 = 16.8561 rand)

 

 

 

South Africa's Northam Platinum more than doubles annual earnings

JOHANNESBURG (Reuters) - South Africa’s Northam Platinum on Friday posted a
150% rise in full-year earnings, fuelled by higher metals prices, increased
sales revenues and a weaker rand currency.

 

The miner reported normalised headline earnings per share (HEPS) of 676.3
cents ($0.39) for the full year ended June from 270.1 cents a year ago.

 

“Despite the challenges of the COVID-19 pandemic, this has been a record
year for Northam,” the company said in a statement.

 

Northam did not declare an annual dividend but said it was open to “all
options” for returning value to shareholders. It has in the past opted to
buy preference shares in its Zambezi Platinum unit as an alternative to
dividend payments.

 

“We remain single-minded in our commitment to returning value to
shareholders, and will continue to do so, despite the current turmoil,”
Chief Executive Paul Dunne said.

 

The company acquired 3.7 billion worth of Zambezi shares in the reporting
period, and 1.7 billion subsequently.

 

Shares in Northam rose 3% at market open, but have given back some of their
gains to be up 2% by 1018 GMT.

 

Sales revenue in the full year rose 67% to a record 17.8 billion rand, with
the PGM basket price increasing 61% and an 11% weaker rand/dollar exchange
rate, Northam said.

 

Overall metal output however dropped to 515,370 ounces, from 519,954 ounces
a year earlier, due to COVID-19 related disruptions.

 

The company pegged the direct cost of the pandemic at 1 billion rand, with a
loss of 108,685 ounces during the period.

 

Mining companies in South Africa, which were forced to temporally close in
March, have been anxious about managing the COVID-19 crisis and preventing
outbreaks at mine sites where workers are in close quarters and confined
spaces.

 

Total group capital expenditure during the year fell to 2.4 billion rand as
the company cut back on planned growth projects to manage liquidity during
the pandemic.

 

($1=16.9559 rand)

 

 

 

 

Distell FY sales hit by South Africa alcohol ban

South African drinks group Distell saw its fiscal 2020 revenue fall by 14.6%
due to the alcohol ban in its home market.

 

In the year ending 30 June 2020, the Amarula cream liqueur and Bunnahabhain
Scotch whisky owner saw its revenue fall 14.6% to 22.37 billion rand
(US$1.33bn).

 

Distell CEO Richard Rushton said: “The resilience of our business and
culture was severely tested during the pandemic and I’m proud of the way we
are responding. We acted fast in strengthening our balance sheet and placed
the wellbeing and safety of our staff, key suppliers and customers first.”

 

The group was hit particularly hard by South Africa’s alcohol ban, which
resulted in a loss of around 100 million litres in sale volumes and 4.3bn
rand (US$255.4m) in revenue.

 

South Africa introduced a ban on alcohol sales on 27 March in response to
the coronavirus pandemic, which was lifted on 1 June. However, the ban was
reinstated on 12 July without warning. The second ban was lifted on 17
August.

 

Distell’s revenue in South Africa fell by 18.2% as a result of “tough
operating conditions”. The group noted its spirits portfolio recorded some
growth in South Africa following the lifting of the first ban. Distell said
gin and vodka brands performed well despite a “competitive environment”.

 

In African markets outside of South Africa, revenue fell 3% due to a 19.1%
decline in volume in Botswana, Lesotho, Namibia and Eswatini.

 

Global markets, excluding Africa, saw revenue fall by 8.8% as the firm
“realigned” its focus on premium spirits.

 

Total whisky revenue grew by 8.4%, boosted by Bunnahabhain and Deanston in
“challenging trading conditions”, the group said.

 

Rushton added: “Our measured investments into key African markets have
provided a resilient performance alongside our focused whisky portfolio in
international markets even in the midst of Covid-19 challenges. I’m
especially pleased at the start of our execution around new innovations
which will carry on throughout 2021.”

 

Distell noted that Amarula liqueur and its export wine brands were impacted
by export restrictions and global travel retail as a result of the Covid-19
crisis.

 

Salary reduction

 

Ruston said the firm had decided not to make job cuts but to instead take a
“painful, but necessary decision” to cut salaries, beginning with its
executives and directors.

 

The firm noted it was in a “strong” financial position and had committed
banking facilities of 7.5bn rand (US$447.2m) for its South African business,
of which 4.8bn (US$286m) has already been used.

 

The group has also invested in helping to ensure the responsible consumption
of alcohol in South Africa though a harm reduction programme.

 

Rushton said: “Distell is playing a partnership role with government,
alongside key industry players, to address this through an effective social
compact to minimise the long-term effect of alcohol abuse on society as a
whole. Further prohibition or blunt instruments do not work – real
partnerships, enforcement of current laws and targeted interventions do.”

 

Looking ahead, the firm expects a “tough domestic environment with falling
disposable income and increasing unemployment” as the group’s key concerns.

 

Rushton said: “We are, however, confident of the way we are managing the
business to remain flexible and recession-proof.

 

“Our more focused and diversified portfolio of brands along price points,
occasions and innovation in response to consumer trends will enable us to
position ourselves well for any recovery.

 

“Africa remains a priority for us to expand our local route to market on the
continent with local brands in key mainstream occasions. The venture
business will continue to grow its core premium spirits brands as it
positions itself for partnerships outside of Africa.

 

“The board is confident in the long-term strength and resilience of the
business in spite of the current headwinds and challenges, and resolved to
temporarily suspend dividends as part of the measures introduced to improve
the liquidity of the group following the impact of
Covid-19.”-thespiritsbusiness.com

 

 

 

Elon Musk worth more than $100B as Tesla’s stock keeps surging

Make room, Jeff, Bill and Mark: the 12-digit club has a new member.

 

Elon Musk’s fortune crossed the $100 billion mark on Friday as Tesla’s
shares continued a dizzying rally that has seen the company’s market cap
more than quadruple this year.

 

The South Africa-born chief executive has now followed Amazon’s Jeff Bezos,
Microsoft founder Bill Gates and Facebook CEO Mark Zuckerberg to become the
fourth person who is currently worth more than $100 billion.

 

Tesla shares, which first went public a decade ago at $17 a pop, rose as
much as 3.5 percent Friday morning to a record high of $2,318.49.

 

Musk is now worth $104.7 billion, according to the Bloomberg Billionaires
Index, and is hot on the heels of fellow centabillionaire Zuckerberg and his
$110.8 billion fortune.

 

Musk earlier this month  became the fourth-richest man on earth after a
surge in his electric automaker’s shares helped him leapfrog French luxury
titan Bernard Arnault, who was previously a member of the $100 billion club
but now sits at $86.2 billion, according to Bloomberg.

 

Musk has added added more than $75 billion to his fortune since the
beginning of the year as Tesla shares have soared amid rising production and
demand for its electric cars.

 

Tesla became the world’s most valuable carmaker by market capitalization
when it overtook former front runner Toyota on July 1. The company now
accounts for more than 40 percent of the total market cap of a group of 12
of the world’s largest automakers.

 

Shares of Tesla were flat in Friday afternoon trading, at
$2,238.15.-nypost.com

 

 

 

China on TikTok sale: Not so fast

Chinese officials apparently have something to say about a TikTok sale to a
US company, with two bits of news coming out of China that reportedly could
make potential buyers such as Microsoft and Oracle wary.

 

China updated the country's export-control rules on Friday, to cover what it
considers sensitive technologies, including, possibly, the popular video
app's personalized recommendation engine, The New York Times reported
Saturday.

 

And China's official Xinhua news agency published a commentary Saturday
saying the new rules might mean TikTok parent ByteDance -- a Chinese firm --
would need to be granted a license before it could sell, the Times noted.

 

The news comes amid reports that a TikTok sale is imminent, and, the Times
said, it indicates China's desire to prescribe the terms of a sale, though
the government there might not prohibit one outright. It's also another jab
in the ongoing sparring match between China and the Trump administration.

 

"It could be an effort to outright block the sale, or just raise the price,
or attach conditions to it to give China leverage down the road," a
specialist on Chinese economic policy told the Times.

 

Citing fears over national security, US President Donald Trump issued an
executive order Aug. 6 saying transactions with ByteDance or its
subsidiaries would be prohibited. The order was set to kick in 45 days after
it was issued, unless TikTok found a US buyer for its operations in the
states. Trump later doubled that time frame, in an Aug. 14 follow-up order.

 

Trump and others say they're concerned because TikTok collects data on its
users and could, these critics say, be forced by China's communist
government to hand over that information. TikTok has repeatedly said the
fears are ungrounded.

 

If the ban against transactions were to go into effect, it would likely mean
that Apple and Google would no longer be able to list the app in their
respective app stores.

 

So far, Microsoft, Oracle and "a third US company" have made bids on TikTok,
CNBC reported on Thursday. (Microsoft had acknowledged early this month that
it was pursuing a deal for TikTok's operations in the US, Australia, Canada
and New Zealand.)

 

But the news about the export-control rules could make corporate shoppers
nervous, the Times reported, saying, "Beijing's displeasure alone could
scare off TikTok's suitors, many of whom have operations in China."

 

Asked about the Times report, Oracle declined to comment. Requests for
comment weren't immediately answered by Microsoft, ByteDance, TikTok, the
White House, or the Embassy of the People's Republic of China in the United
States.-cnet.com

 

 

 

Bitcoin price holds key support level as focus shifts back to $12,000

As the price of Bitcoin (BTC) showed weakness in the past week, the crucial
support zone around $11,200, nevertheless, held. Several arguments were
given for the volatility throughout the week with Powell’s speech at Jackson
Hole and the expiration of futures and options occurring over the past few
days.

 

But more importantly, the crucial support level at $11,200 didn’t break,
which means the focus now shifts back toward the resistance level at
$12,000.

 

The crucial support area has held again as the daily Bitcoin price chart
shows.

 

The daily chart shows a clear resistance zone between $11,800-12,000 as well
as the support zone, found between $11,100-11,300. This level has also been
previously confirmed as support as well.

 

The $11,100-11,300 area had to hold once more as a drop below this area
would almost certainly guarantee a big drop. That’s because, given the
previous near-vertical rally, few support zones are found between $10,100
and $11,000.

 

If the price of Bitcoin drops below the green zone, a heavy drop towards the
level of $10,100-10,300 wouldn’t be a surprise. What’s more, the entire
upward trend is lost, as well as the range-bound structure, which would
likely mean a steep drop.

 

But since the support level is holding again, the next step for Bitcoin
would be a breakout above $11,800-12,000 to make a new higher high.

 

The 2-hour chart of Bitcoin shows a support zone between $11,100-11,250,
which was confirmed when the price of Bitcoin didn’t really drop below this
level on a higher timeframe.

 

The first bounce pushed the price toward $11,500, which was clearly rejected
with BTC price falling back to the support zone. Once again, it held and
created a double bottom pattern, signaling a potential short-term trend
reversal.

 

However, the chart’s upper side shows that the $11,650 area is a strong zone
of resistance. If it breaks, further momentum is expected toward $12,000.

 

The bullish scenario is straightforward after the $11,100-11,200 level held
as support through a double bottom formation.

 

The short-term resistance level has been hit again on Aug. 26, resulting in
a slight pullback from $11,500 to $11,200. However, to have a short term
trend reversal, a new higher high is needed. Such a higher high will be
established if the price holds $11,300 as support and breaks $11,700.

 

If that occurs, the price of Bitcoin makes new higher highs and higher lows
and that’s classified as an uptrend. An apparent breakthrough in this
resistance zone would then put $12,000 in the crosshairs.

 

The bearish scenario is the opposite. Since the fake breakout above $12,000,
the momentum is still downward, which may see the price of Bitcoin drop
further.

 

However, as the U.S. dollar is weakening, further downward momentum becomes
increasingly unlikely for Bitcoin. If the price of BTC wants more downside,
however, a rejection at the $11,600 will need to happen.

 

If that occurs and a new lower low (a drop below the previous low at
$11,100) happens, more downside becomes likely. In that scenario, a
rejection at $11,300 would confirm such a scenario.

 

If $11,000 is lost, potential levels of support will then be found between
$10,100-10,400  and $9,600-9,800, where the CME futures gap still
remains.--cointelegraph.com

 

 

 

 

 

 

 

 

 

 

 


 


 


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INVESTORS DIARY 2020

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


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

 

 

 


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Blog:
<http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw%2Fblog&sa=D&sntz=1
&usg=AFQjCNFoIy6F9IXAiYnSoPSgWDYsr8Sqtw> www.bulls.co.zw/blog

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

Facebook:
<http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimba
bwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA>
www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 



 

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