Major International Business Headlines Brief::: 31 August 2020

Mon Aug 31 08:08:52 CAT 2020

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Major International Business Headlines Brief::: 31 August 2020

 <mailto:info at bulls.co.zw> 

ü  Nigeria capital imports sink 79% in second quarter as economy shrinks

ü  Angola to join oil and extractives transparency group

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  The airline founder building Asia’s next super app

ü  Capita to close over a third of offices permanently

ü  Coronavirus: 'Extend Eat Out to Help Out' - restaurant owner

 <mailto:info at bulls.co.zw> 

Nigeria capital imports sink 79% in second quarter as economy shrinks

ABUJA (Reuters) - Nigeria’s capital imports plunged 78.6% in the second
quarter year-on-year to $1.295 billion, the statistics office said, as lower
oil prices push Africa’s largest economy towards recession.

Nigeria, Africa’s top oil exporter, has suffered its worst crisis in decades
as low oil prices triggered by the coronavirus pandemic caused the economy
to shrink in the second quarter, slashing government revenues and weakening
the naira currency.

The government expects further GDP contractions in the third and fourth
quarters. [nL8N2FS4SU][nL8N2FQ193]

Nigeria has seen an exodus of foreign money in its equity and debt market,
though foreign investors have been caught up by a shortage of dollars on the
currency market as global oil prices collapsed.

“The largest amount of capital importation by type was received through
other investment... followed by portfolio investment... and foreign direct
investment in Q2,” the National Bureau of Statistics said in a report.

Nigeria’s capital imports fell from a peak of $21.32 billion seven years ago
to $5.12 billion in 2016 as investment dried up in the wake of a recession,
and have barely recovered since then.

A foreign exchange shortage has seen the naira drop to record lows on the
black market in recent months after two devaluations and central bank moves
to unify the country’s multiple exchange rates.

Angola to join oil and extractives transparency group

LAGOS (Reuters) - Angola plans to join the Extractive Industries
Transparency Initiative (EITI), an international effort to fight corruption
in revenues from oil, gas and mineral extraction.

Tete Antonio, Angola’s minister of foreign affairs, announced the move on
Twitter late on Friday and said Angola “has clearly demonstrated its
commitment to promote the open and accountable management of its natural
resources for the benefit of its people.”

EITI, formed in 2003, has more than 50 implementing countries.

Angola’s President Joao Lourenco has embarked on an anti-corruption drive
since taking power from Jose Eduardo dos Santos, who stepped down in 2017
after a near four-decade rule.

Earlier this month, a court in Luanda sentenced dos Santos’s son to five
years in prison over a $500 million corruption case.

Africa’s second-largest oil exporter is also working to stem a steady
decline in oil output due to a lack of investment.

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)

The airline founder building Asia’s next super app

AirAsia’s founder Tony Fernandes is building what he hopes will be the
region’s next "super app" as he deals with the coronavirus travel downturn.

He wants to rival the likes of Grab, GoJek and WeChat with an all-in-one
mobile platform for food delivery, banking, shopping, payments and travel.

As the airline’s boss, he has been looking at new ways to generate income
while his planes are grounded.

AirAsia has struggled during the pandemic and cut 30% of its staff.

In an interview with the BBC, Mr Fernandes said he has spent his time during
the travel slump improving the airline’s app BigPay and its AirAsia.com
website.

"The downturn was a blessing in disguise as it allowed us to focus more on
it. Running an airline takes up a lot of our time but we have been given the
opportunity and time to focus on our digital business."

AirAsia already has a "rich database" of 1 million users and has applied for
banking licences in Malaysia and Singapore to help it expand across the
region into lending and wealth management.

BigPay, which also offers users a messaging service, has set its sights on
super apps like Singapore-based Grab, Indonesia’s GoJek and China’s Meituan.

"AirAsia has always been a digital company. We were one of the first
airlines to sell online. It’s in our bloodstream," added Mr Fernandes, who
is also a major shareholder of English football club Queen’s Park Rangers
(QPR).

"I know a super app sounds like a lofty target but Grab and GoJek also
started out small as food or mobility apps. Plus people also questioned me
the same way when I said I wanted to start AirAsia."

Mr Fernandes’ airline has now grown to become Asia’s biggest budget carrier.

Last year AirAsia launched its own record label called RedRecords in
partnership with Universal Music. The aim is to discover stars from South
East Asia who will appeal to a Western audience.

The first major signing, Thai pop star Jannine Weigel, has already built up
millions of followers across social media.

"Boy have we got something special with the record label. The Koreans have
shown how Asian music can appeal to a global audience with K-pop and there
is huge potential for South East Asia."

"This also helps us engage with a younger audience and gives lots of content
for our app."--BBC

Capita to close over a third of offices permanently

Outsourcing firm Capita is to close over a third of its offices in the UK
permanently, the BBC understands.

The firm, which is a major government contractor, is to end its leases on
almost 100 workplaces.

Business lobby group CBI has warned that the fall in office working is
damaging city centre economies.

It comes as the government prepares to launch an advertising campaign
encouraging more people to return to workplaces.

The BBC understands that Capita has been looking at various measures to help
it simplify its business for some time, such as embracing more flexible
working, which is supported by its employees.

So far, Capita has decided not to renew leases on 25 offices.

A Capita spokesman said: "We take seriously the responsibilities we have to
the communities in which we operate and are mindful of the impact that
potential office closures could have on small businesses.

"Capita's 45,000 employees work in offices spread right across towns and
cities in the UK - we are committed to that continuing both now and in the
long term.

"Following dialogue with our employees it has become very clear that they
would like to work in a more flexible way, which will involve increased
working from home, but they will still spend a significant amount of their
time working from offices that are based in the heart of our local
communities."

Rise in flexible working

According to the Chartered Institute of Personnel and Development (CIPD),
which represents HR professionals, there was a taboo around flexible working
prior to the pandemic - but seeing how employees worked from home during the
coronavirus lockdown has opened the eyes of many employers.

"It's the biggest experiment we've ever had in homeworking," the CIPD's
chief executive Peter Cheese told the BBC in an interview in July. "Bosses
are starting to shift towards judging output, rather than the number of
hours spent in front of the computer."

A recent BBC study found 50 major UK employers had no plans to return all
staff to the office full time.

While Prime Minister Boris Johnson is keen to reassure the public that it is
safe for more people to return to workplaces, the CIPD is more circumspect
about ensuring that employees do not feel pressured to do so.

The CIPD wants employers to consider:

·         Is returning to the workplace essential?

·         Is it sufficiently safe to do so?

·         Is it mutually agreed with the worker?

"Working from home has proved to be a great success for many individuals and
organisations. Recent CIPD research found that a majority of employers
believe that homeworkers are either as productive as other workers, or more
productive," said Mr Cheese.

"However, it's important that all employers take steps to support their
employees' mental health and address concerns they may have while they work
from home."

The CIPD says managers should be regularly checking in with their staff,
discussing their well-being and wherever possible, ensuring decisions over
working from home or returning to the workplace "are based on individual
choice and preference".

But the Confederation of British Industry (CBI) warned this week that the
thousands of local businesses relying on the passing trade of office workers
are suffering.

City centres could become "ghost towns" if employees do not return to work,
stressed CBI boss Dame Carolyn Fairbairn.

Both the CBI and the CIPD are in favour of using effective test and trace
systems.

Changing business processes

However, an increasing number of employers say that home working - which was
initially brought in as a temporary measure in lockdown - could become a
more permanent state of affairs.

The law firm Linklaters said this week that all of its 5,300 staff could
spend up to 50% of their time working remotely from now on.

Lloyds Banking Group is reviewing its office space needs and working
practices after concluding that most of its 65,000 staff have worked
effectively from home during the crisis.

Others including NatWest, Fujitsu, Facebook, Twitter and HSBC have also said
they plan to allow much more flexible working in future.

Experts say it could allow firms to cut their rent and utilities costs,
while offering employees a better work-life balance.

However, the CIPD doesn't feel that masses of white-collar workers will end
up working from home permanently as a cost-cutting measure.

Instead, it thinks office spaces will become places where just some staff
are based, or that employees work in the office at different times and on
different days on a rotation, and that the office space will be used more
for face-to-face meetings.--BBC

Coronavirus: 'Extend Eat Out to Help Out' - restaurant owner

The government's Eat Out to Help Out discount ends on Monday, having been
praised by many of the restaurants, cafes and pubs it was designed to help.

Businesses say the scheme - which gives diners 50% off, up to £10 - has
successfully tempted more people to eat out again after lockdown was eased.

Many want the scheme extended, with one restaurant owner saying the "biggest
worry" will be in October and November.

Research suggests trade on some days in August was twice last year's levels.

The discount scheme has applied to sit-in meals and soft drinks, Monday to
Wednesday throughout the month, with no limit to the number of times it
could be used.

Some 84,000 outlets signed up, with claims made for more than 64 million
meals, according to the most recently released Treasury statistics.
OpenTable data indicates there were 106% more seated diners last Tuesday
than the same day in 2019.

But there are now calls for the scheme to be extended or return later in the
year, amid fears the benefits will be short lived.

The boss of pub chain Greene King told the BBC that, while some of its 3,100
locations had seen a huge boost to sales, city centre sites were still
struggling, particularly in London.

'Record-breaking trade'

Andy Lennox runs the two Zim Braai restaurants in Bournemouth, which
specialise in African food. He also founded The Wonky Table, a network of
around 500 hospitality firms in the area.

His business survived the lockdown by using the government's emergency
support schemes, including bounceback loans. Eat Out to Help Out has helped
him recoup some of his losses.

"Trade's record-breaking at the moment," he told the BBC. "It is a false
bubble so we're not getting too excited, but Monday, Tuesday and Wednesday
are up probably 100% [on last year]. The week's up 50%. Thursday has pivoted
- it's the new Monday."

Mr Lennox credits high numbers of tourists in Bournemouth this summer for
some of the rise.

He does not mind trade being drawn away from the weekend, saying reduced
capacity due to social distancing means he could not cope with bumper
Saturdays.

Customers at the nearby Olive Café last Wednesday told us they had taken
advantage of the cheaper meals multiple times

"This week we've done breakfast, dinner, breakfast, dinner," said Jasmine
Sinyinza, visiting the town with her family. "We probably would not have
gone out as much without it".

"We had to book the restaurants before we left home to get the availability,
because it's so popular," added her mum, Michelle Sinyinza.

Joanne Botta, general manager of the Spyglass and Kettle - a Greene King pub
- in nearby Southbourne, said some regulars were still wary about venturing
out.

Nonetheless, there had been surge in evening bookings. "The challenge has
been getting the ordering right and getting the team levels right, but it
feels good to have our pubs packed."

Research by food and drink consultancy CGA suggested that across the whole
of the scheme's third week, food sales were 15% higher than in the
equivalent period in 2019.

It found sales were also growing between Thursday and Sunday, although sales
on those four days remained well below last year.

However there is evidence that while places with high levels of visitors and
tourists like Bournemouth saw a significant boost, other locations continued
to struggle.

Nick MacKenzie, chief executive of Greene King, told the BBC that some of
his sites continued to see low footfall.

"While a lot of our businesses were 50%, 70%, 90% up year-on-year, central
London was about 30% down. It is pretty stark.

"I've called for the government to think about maybe doing a similar scheme
for city centres and for London. We need to get people back into cities
particularly into central London."

Some restaurants have committed to carrying on some form of discount for
longer.

One of them is Comptoir Café and Wine in central London, which will continue
offering a 50% discount on Mondays to Wednesdays in September, thanks to its
landlord Grosvenor subsidising the deal.

Manager Sabrina Barreiros said her business still needs a boost after a dire
July: "It will help us a lot with trade, and we'll have people who are back
to work in the offices as well."

Mr Lennox in Bournemouth will continue to offer 25% off up to £5 in
September. However he said there was anxiety among hospitality firms about
the autumn, calling for the Eat Out to Help Out subsidy to be revived later
in the year.

"Give September that breathing space, let the schools open. Then bring it
back in October and November where predominantly it's going to be the
quietest part of the year. That's where the biggest worry is."

He said venues in his area faced a dilemma over hiring extra staff to cope
with the huge demand in August, when it was unclear whether they'd have
enough hours for those teams in the quiet months.

On Monday chancellor Rishi Sunak thanked diners for helping to protect 1.8
million jobs in the hospitality sector.

"The scheme reminded us why we as a nation love dining out and I urge diners
to maintain the momentum to help continue our economic recovery," he said.

The government doesn't plan to extend the scheme, but a Treasury
spokesperson said other support for hospitality goes beyond August. They
highlighted the furlough scheme - which comes to an end in October - and the
temporary VAT cut to 5%.--BBC

Invest Wisely!

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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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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
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been compiled from sources believed to be reliable, but no representation or
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opinions expressed and recommendations made are subject to change without
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suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
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