Major International Business Headlines Brief::: 03 February 2020

Mon Feb 3 09:18:14 CAT 2020

 <http://www.bulls.co.zw/> Bulls.co.zw
<mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments
<http://www.bulls.co.zw/blog> Bullish Thoughts
<http://www.twitter.com/BullsBears2010> Twitter
<https://www.facebook.com/BullsBearsZimbabwe> Facebook
<http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn
<mailto:info at bulls.co.zw?subject=Unsubscribe> Unsubscribe

Major International Business Headlines Brief::: 03 February 2020

 <http://www.nedbank.co.zw/> 

ü  OPEC+ technical panel to meet Feb 4-5 to discuss coronavirus impact
-sources

ü  Miners face funding squeeze as green investing surges

ü  UAE allocates $2 bln to Mauritania projects - state news agency WAM

ü  S.Africa's rand tumbles to 11-week low as coronavirus, power cuts weigh

ü  Oil majors request more Mozambique troops after Islamist attacks -
sources

ü  "Regulate Us-Not Kill Us": Lagos motorcycle taxi drivers march against
ban

ü  Ex-Old Mutual boss Moyo extends court fight with appeal

ü  S.Africa's Eskom seeks to drive harder bargain on funding costs-CEO

ü  Eskom CEO appoints board for planned division into 3 units

ü  Coronavirus: Chinese stocks plunge as markets reopen

ü  'Nine million' workers pulled sickies in 2019

ü  Ports plan for Brexit Irish Sea checks

ü  China to pump billions into economy amid growth fears

ü  Brexit: Britain 'will not be aligning with EU rules' - Raab

 <mailto:info at bulls.co.zw> 

OPEC+ technical panel to meet Feb 4-5 to discuss coronavirus impact -sources

(Reuters) - OPEC and non-OPEC’s Joint Technical Committee (JTC) has
scheduled a meeting over Feb. 4-5 in Vienna to assess the impact of China’s
new coronavirus on oil demand, OPEC+ sources told Reuters.

The technical panel is likely to make a recommendation on whether to extend
current oil supply curbs beyond March or to implement deeper output cuts,
the sources said.

OPEC officials are considering their options on how best to deal with the
potential impact from the spread of the coronavirus, which has killed more
than 300 people and caused oil prices to slide.

 <mailto:info at bulls.co.zw> 

Miners face funding squeeze as green investing surges

CAPE TOWN (Reuters) - As global investors shift away from heavy industry in
favour of cleaner sectors, mining companies are losing billions in
financing, raising the cost of capital and jeopardising projects.

Making the mining industry more sustainable by running mines on renewable
energy, for example, will be a key focus at the annual Investing in African
Mining Indaba conference in Cape Town this week, as companies hunt for new
sources of capital including private equity, debt, offtake finance and
royalty finance.

Environmental, social & governance (ESG) concerns have driven money into
specialised ESG funds which often exclude mining stocks among other ‘dirty’
assets. “You talk to anyone at the moment, they say there’s no money,” said
Boris Kamstra, executive director of Alphamin Resources, which manages the
Bisie tin project in Democratic Republic of Congo. The capital squeeze that
started about two years ago has worsened recently, said Julian Treger, CEO
of Anglo Pacific Group, a mining royalty and streaming company. The average
cost of capital for early-stage mining projects rose by two percentage
points over the past two years, he estimates. “Even for companies that have
good projects it’s very difficult for them to raise any money in these
markets,” said Caroline Donally, managing director at private equity firm
Denham Capital, in Houston.

Cannabis stocks and cryptocurrencies are among alternative assets that are
luring retail investors away from miners. Mining-specific private equity
funds raised $0.3 billion in 2019, a fifth of the amount raised in 2009, and
just barely more than the $0.2 billion raised in 2014 during a global
commodity crash, data from Preqin shows.

COAL PROJECTS FLOUNDER

Coal miners - especially those extracting thermal coal, burnt to produce
electricity - are bearing the brunt of the sustainable investing trend.
Norway’s sovereign wealth fund divested from all fossil fuel last year, and
the world’s biggest asset manager Blackrock said on Jan. 14 it would sell
active holdings in companies generating more than 25% of revenues from
thermal coal. “If you’re a small coal explorer, I don’t think you stand much
of a chance of raising any money at all,” said Fred White, associate
director at Medea Capital Partners in London. “There’s still a huge market
and huge demand [for coal], but it’s not getting financed by Western banks,”
he added. Local trading houses and lenders are stepping in instead. Thermal
coal accounts for nearly 40% of the world’s electricity generation and more
than 40% of energy-related carbon dioxide emissions, according to the
International Energy Agency. In Africa, where access to electricity is still
a problem, coal-to-power projects could previously rely on support from
development finance institutions. But even they are withdrawing under
pressure.

In November, the African Development Bank (AfDB) decided against funding a
Kenya coal project that was halted by a local environmental tribunal in
June.

The continent’s biggest coal producer, South Africa, is also seeing funding
dry up. South Africa’s Nedbank has stopped funding coal-related projects,
while FirstRand cut greenfield thermal coal projects to less than 0.5% of
its lending.

UAE allocates $2 bln to Mauritania projects - state news agency WAM

DUBAI (Reuters) - United Arab Emirates President Sheikh Khalifa bin Zayed
al-Nahyan on Sunday allocated $2 billion for investment and development
projects in Mauritania, as well as loans, UAE state news agency (WAM) said.

Mauritania President Mohamed Ould Ghazouani is on an official visit to the
UAE, where he met the Crown Prince of Abu Dhabi, Sheikh Mohamed bin Zayed Al
Nahyan.

S.Africa's rand tumbles to 11-week low as coronavirus, power cuts weigh

JOHANNESBURG (Reuters) - South Africa’s rand kept tumbling on Friday,
sliding to a new 12-week low after the World Health Organization declared
the coronavirus a global emergency, compounding local economic issues faced
by the currency.

State firm Eskom, a major threat to growth and government’s balance sheet as
it struggles to service its 450 billion rand debt, said on Friday nationwide
blackouts would continue as it carried out long-delayed maintenance on its
creaking fleet coal plants.

At 1500 GMT the rand was 1.31% weaker at 14.9580 per dollar, its worst level
since Nov. 11, bringing losses for the week to nearly 4% - the worst amongst
emerging market peers, which also suffered as investors dumped risk assets
for safer bets.

BNP Paribas economist Jeffrey Schultz said that although concern about the
coronavirus outbreak was the major factor driving the market, news that
power cuts were continuing added further pressure.

“This has made markets quite nervous considering the already-weak growth
outlook going into the February budget,” said Schultz.

Eskom resumed power cuts on Thursday evening and said on Friday it would
keep throttling supply to the grid through the weekend, as it struggled to
replace the emergency capacity it used this week.

Bonds bucked the trend, with yields falling on the benchmark bonds. The
yield on the 2030 fell 2.5 basis points to 8.98%.

Analysts said the country’s shorter-dated debt remained under pressure and
demand for longer-dated issue was also coming under pressure, reflecting the
high real return, around 5%, but growing investor concerns about the
economy.

“The curve is pretty steep right now. Government rolling over debt to the
belly of the curve. But demand at the vanilla auction on Tuesday was really
weak. That reflects how cautious or apprehensive investors are to take on
our debt despite the attractive yields,” said Kieran Siney of ETM Analytics.

“The demand won’t last forever. If the finance minister doesn’t implement
the necessary reforms out fiscal degradation is just going to accelerate.”

Stocks closed lower, with the Johannesburg Stock Exchange’s Top-40 index
falling 0.95% to 50,072 points, and the broader all-share index dropping
0.9% to 56,079 points.

Gold companies made up the majority of the blue-chip stocks that gained on
Friday, with Goldfields, Sibanye-Stillwater and AngloGold Ashanti rising
2.63%, 2.46% and 2.1%, respectively.

The biggest loser of the top-40 index was petrochemicals group Sasol, which
fell 6.8% after it warned its first-half profits would be lower and cut its
earnings outlook from its troubled chemicals project in the United States.

Oil majors request more Mozambique troops after Islamist attacks - sources

JOHANNESBURG/PARIS (Reuters) - Exxon Mobil Corp (XOM.N) and Total (TOTF.PA)
have asked Mozambique to send more troops to guard their operations in the
far north after a surge of attacks by Islamist militants, an industry source
and two security consultants said.

A logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and
Conference in Rio de Janeiro, Brazil, on September 24, 2018. REUTERS/Sergio
Moraes/File Photo

Mozambique’s northern province of Cabo Delgado is home to one of the world’s
biggest gas finds in the past decade, and both oil majors are working on
massive LNG projects that could transform the economy.

The area is also the centre of an Islamist insurgency that has killed
hundreds since 2017. Fighters have destroyed villages, clashed with soldiers
and often beheaded captives.

The three sources said that the companies were negotiating with the
government to try to increase the number of soldiers protecting their
operations.

One of the security consultants said there were around 500 troops in the
region and the companies wanted another 300. An industry source with
knowledge of the situation and another security consultant said more
security had been requested, but did not provide numbers.

Exxon said it did not comment on discussions with the government, and
referred Reuters to Mozambique’s Ministry of National Defence.

Mozambique’s government communications department did not immediately
respond to an emailed request for comment outside usual business hours,
while calls to the department and ministry of defence went unanswered

Total declined to comment on whether it had requested an increase in troops,
but said the safety of its employees was paramount.

“We continue to monitor conditions closely and work with the relevant
authorities and other stakeholders to provide a safe and secure working
environment for our workforce and local communities,” it said it a
statement.

The militants called themselves Ahlu Sunnah Wa-Jama when they started
launching attacks in 2017. More recently, Islamic State has claimed
responsibility via its media outlets, though there has been no independent
confirmation of a link.

The fighters - who tout their brand of Islam as an antidote to what they
describe as a corrupt ruling elite - have been stepping up operations in
Cabo Delgado, analysts say.

There are concerns they might also be moving south after an assault in the
district of Quissanga last week.

One of the security consultants said the oil and gas companies were no
longer satisfied with the security provided, and were requesting more
support in response to a changing threat.

"Regulate Us-Not Kill Us": Lagos motorcycle taxi drivers march against ban

LAGOS (Reuters) - More than 1,000 motorcycle taxi drivers marched to the
gates of the Lagos state legislature on Friday to protest against a measure
that will bar them from much of Nigeria’s traffic-choked commercial capital.

The marchers, many of whom wore or carried motorcycle helmets, oppose a ban
on commercial motorcycles known locally as okadas and three-wheeled
motorised rickshaws called kekes from the city’s streets.

The state government said the decision, which goes into force on Saturday,
is necessary for safety and security.

The protesters denied they flout traffic rules and said they are an
essential part of the economy in the teeming city of 20 million people that
has huge traffic jams.

Many of them work for ride-hailing apps Gokada and Max.ng, which have called
the ban an attack on poor people as many of the riders have few other
employment options.

“If they ban the bikes I won’t be able to pay my rent or my children’s’
school fees. I’m a graduate. I went to school but there are no good jobs in
the country so I need to do this one to help myself and my family,” Chigozie
Bright, a 33-year-old driver who started with ride service App Gokada last
year.

Some of the marchers carried signs saying “Regulate Us - Not Kill Us” and
shouted the slogan as they went, but there were no signs of violence.

Protesters said they would not disobey the ban by offering rides on
Saturday, and hoped that customers would lobby for the ban to be lifted once
they were left without rides.

Obiorah Obiorah, who watched the march from a car, said he relied on okadas
and kekes, and opposed the government’s move.

“To put a blanket ban is not proper because the roads are bad, totally bad,”
he said.

The state government said in a tweet that the okadas and kekes were
dangerous and the drivers needed to learn “trades we used to be proud of”
such as bricklaying, printing or tailoring.

Ex-Old Mutual boss Moyo extends court fight with appeal

JOHANNESBURG (Reuters) - Former Old Mutual boss Peter Moyo has appealed
against a court decision which overturned his temporary reinstatement as
chief executive, in a move that will drag out a damaging court battle with
the South African insurance group.

Moyo was suspended in May and dismissed shortly afterwards by Old Mutual in
a dispute over an alleged conflict of interest.

Although he was subsequently temporarily reinstated by a judge, that
decision was itself overturned this month following an appeal by Old Mutual.

Moyo and his legal team have now appealed that ruling.

“We have filed it,” Eric Mabuza, Moyo’s lawyer, said by telephone, adding
that this was done on Wednesday.

Old Mutual said in a statement it would oppose the petition.

The court’s decision to overturn Moyo’s temporary reinstatement was a
much-needed win for Old Mutual after a series of embarrassing blows. It also
removed a block on the insurer from looking for a new CEO.

Even if Moyo loses his appeal, he and his lawyer have said they would still
be able to pursue a longer case against his dismissal that would seek
permanent reinstatement or damages.

S.Africa's Eskom seeks to drive harder bargain on funding costs-CEO

JOHANNESBURG (Reuters) - South Africa’s state-owned power utility Eskom is
in discussions with treasury and advisors to drive a harder bargain with
creditors over its debt financing costs, new chief executive Andre de Ruyter
said on Friday.

Eskom, which produces more than 90% of South Africa’s electricity, is
hamstrung by debts totallying some 450 billion rand ($31.40 billion).

“There’s an opportunity for us from an Eskom treasury perspective... to
rather frankly drive a harder bargain with our creditors,” said de Ruyter.

Eskom CEO appoints board for planned division into 3 units

JOHANNESBURG (Reuters) - Eskom’s new chief executive Andre de Ruyter said on
Friday he was in the process of appointing boards for the state power
utility’s planned division into units for generation, transmission and
distribution.

Eskom produces more than 90% of South Africa’s electricity, but its ailing
fleet of coal-fired plants have struggled to keep up with demand, leading to
periodic crippling power shortages.

De Ruyter warned that the probability of power cuts would increase over the
medium term as Eskom gets on with badly-needed maintenance. He added that
Eskom was seeking to refinance its debts, and so the interest charges on its
balance sheet could increase.

Coronavirus: Chinese stocks plunge as markets reopen

Fears over the coronavirus have triggered a sharp fall in Chinese shares as
markets reopened after the Lunar New Year holiday.

The Shanghai Composite index fell nearly 9% before recovering slightly,
while commodity prices also slumped.

Manufacturing, materials, and consumer goods companies are among the hardest
hit, as healthcare shares soar.

The fall came despite China's central bank announcing new measures to ease
the impact of the outbreak.

The People's Bank of China (PBOC) unexpectedly lowered short term interest
rates as part of its attempts to relieve pressure on the economy from the
rapidly spreading virus.

It is also pumping an extra 150 billion yuan ($22bn; £16.3bn) into the
economy, a move aimed at ensuring there is enough liquidity in the banking
system.

In total, the central bank will inject 1.2 trillion yuan into the financial
system on Monday, the majority of which was already planned. The liquidity
boost is the largest single day addition on record.

The PBOC said it could make more cash available throughout the week, as
Chinese financial regulators forecast the impact on the country's already
slowing economy will be "short term".

The coronovirus outbreak comes as China's economy, which is the second
largest in the world after the US, is slowing, following the trade war
between Washington and Beijing.

China saw economic growth of 6.1% last year - the weakest expansion in
around three decades. A partial trade deal easing tensions was signed
earlier this month, but most tariffs remain in place.

The falling share prices in China come after global markets were rattled by
the epidemic in recent days. Wall Street's S&P 500 index, on Friday notched
up its worst week since October.

China's stock markets are dominated by retail investors - that's
non-professional, though often quite wealthy, individuals, as opposed to
institutional investors. They own a whopping 80% of A-shares on the Shanghai
market, that's shares that are mainly open to Chinese investors. That means
they have a profound effect on market movements, and what they're telling us
with the sell-off today is that they're scared. But it's also important to
remember Chinese investors are playing catch up with falls on markets
elsewhere - this is the first time mainland China's stock markets have
opened for more than a week, so it is not surprising they've taken a tumble.

Still, it's a nuanced picture - and not a case of every company's shares
crashing. It is a stock market divided by sectors. So shares in companies
that sell healthcare products have actually gone up by some 10% - while
companies that are in the manufacturing, real estate and construction sector
have fallen sharply.

The key question now is how bad the effect of coronavirus will be on China's
economy - and as a result, on the fortunes of its companies. The truth is we
just don't know. It is difficult to get reliable data from China; typically
during the Lunar New Year period it is challenging to gauge how many people
are working, or producing things. This year - as one analyst told me -
"economists are flying blind" because the data coming out of the country is
scant, patchy and unreliable at best. Already, many research houses are
slashing first quarter growth forecasts for China. We are essentially in the
dark at the moment about the health of China's economy - which is worrying
because of how connected it is to the global economy.

Analysts say the impact of the virus - which has left major cities in full
or partial lockdown - could harm growth if it lasts for a prolonged period.

China's travel and tourism sectors have already taken a hit over an
unusually quiet Spring Festival break, while cinemas were forced to close to
try to contain the virus.

Meanwhile, numerous factories have suspended production while companies have
instructed employees to work from home

Foxconn, Toyota, Starbucks, McDonald's and Volkswagen are just a few of the
corporate giants to have paused operations or shuttered outlets across
China.--BBC

'Nine million' workers pulled sickies in 2019

Some 8.6 million people claimed sick days last year because they found their
jobs "too painful", a survey suggests.

Released on what some dub "National Sickie Day", the research claimed
concerns about work culture, colleagues and workloads were to blame.

However, it also said 12 million workers went to work genuinely sick.

The IT company Insight, which did the research, warned of "serious issues
within organisations' culture" and called for more flexible working.

It based the findings on a Kantar survey of 1,250 working adults, done over
a week in January this year.

The responses were weighted to draw a picture of the wider working
population, which numbers almost 33 million people.

"Employers have a duty of care to their employees to look after their safety
and wellbeing, and this includes their physical and mental health," said Tom
Neil, Acas Senior Adviser.

"For people to be able to be honest about how they feel at work, good work
practices including having an inclusive culture and effective people
management are key."

Is it OK to call in sick with a common cold?

'I pulled sickies every few months due to stress'

In the survey, a quarter of respondents said they had taken a sick day in
the last year because of dissatisfaction with their jobs.

Some said they felt overworked or that poor systems and processes made it
hard to get work done. Others blamed conflicts with workmates.

However, 37% of respondents said they had come into work in the past year
despite feeling sick.

Many said this was because they could not afford unpaid sick leave or did
not want to use up a paid sick day. Others said they did not want to feel
judged by their employer or co-workers.

Monday blues

Meanwhile about a fifth - or an estimated 6.5 million - said they would be
happy to work from home when sick but their firms would not let them.

According to some surveys, more employees call in sick on the first Monday
of February than any other day of the year, with an estimated 215,000 doing
so last year.

But in 2019, the employment law firm Elas said it had found other days with
higher absence rates.

It said the top 10 days for absence last year all fell on a Monday, with 16
September topping the list. The most comment reasons given were:

Stomach trouble (24%)

Cold, cough and flu (16%)

Headache (7%)

According to the Chartered Institute of Personnel and Development, the
typical employee's number of sick days dropped to 5.9 in 2019 - the lowest
in the 19-year history of its annual survey of HR professionals.--BBC

Ports plan for Brexit Irish Sea checks

The biggest operator of ferries in the Irish Sea has confirmed that there
will be checks, inspections and some new infrastructure for trade, and it
wants to know what the government will pay for.

The plans will affect both trade with the Republic of Ireland and within the
UK between Great Britain and Northern Ireland, as a result of Brexit.

Stena Line said that its working assumption is that new checks will be
carried out in British ports.

Stena boss Ian Hampton told the BBC that though a managed exit was
"positive" and the extent of new procedures could be lessened with a strong
deal, "there's a border, and the border requires checks."

The border will be down the Irish sea, he said. And while his company won't
be doing them, it will have to provide room for officials to do the checks,
he said.

As well as operating a fleet of ferries connecting Great Britain to the
island of Ireland, Stena also owns three ports on the route, and wants to
know the physical changes required on what has, until now, been seamless
trade.

The industry's assumption is that the checks will be done in Great Britain
on exit rather than in Ireland or Northern Ireland.

Prime Minister Boris Johnson said in December there will not be any checks
for goods travelling from Northern Ireland to Great Britain under his Brexit
deal.

He told Sky News at the time that a leaked Treasury analysis document was
"wrong" to suggest this would be the case.

"For us, it is a big concern. How will those ports need to change to be able
to cope with the checks that maybe need to be brought into place?"

"We are still in this territory of not getting clarity from the government
just yet as to how they actually see trade agreements being, because if we
get good trade agreements, we won't need to have certain checks."

Funding question

In a possible scenario of no trade deal, the ports would require space to
house officials from government to protect the border. "So we would have to
start to introduce that infrastructure and someone needs to fund it. We
require also the government to come to the table and play their part in the
funding".

The Home Office did not immediately respond to a request from the BBC about
how the checks will be funded.

At the Scottish port of Cairnryan, which has a ferry linking with Larne in
Northern Ireland, some consideration is already taking place as to whether
freight checks could be carried out in Stranraer or at a nearby old
airstrip.

At Stena-owned Holyhead, the UK's second largest port, the facilities for
checking animal products have long since been sold off and replaced with a
supermarket and a McDonalds.

Some local politicians have floated the idea of having to reclaim land from
the Irish Sea in order to create the space for the post-Brexit checks
required there on the key route with Dublin.

Mr Hampton, who is also the co-chair of the Chamber of Shipping industry
body, urged the Government to think again on its refusal to contemplate any
extension to the 11 month implementation phase.

"If we do not progress, if we do not use this time wisely, then of course,
we will encourage a rethink."

"Let's not have a date where we fall off the cliff slightly later in the
year.--BBC

China to pump billions into economy amid growth fears

China is to pump a net 150 billion yuan ($22bn; £16.3bn) into its economy on
Monday to help protect it from the impact of the coronavirus outbreak.

China's central bank said the move would ensure there was enough liquidity
in the banking system and help provide a stable currency market.

The virus has so far infected more than 14,000 people and claimed 305 lives
- all but one inside China.

The money will be deployed when China's markets reopen on Monday.

It comes after a holiday to mark the Lunar New Year was extended in the hope
of reducing the spread of the virus.

Financial regulators in the country have said they believe the impact on
China's already slowing economy will be "short term".

First death from coronavirus outside China

Can people recover from coronavirus? And other questions

But analysts say the impact of the virus - which has left major cities in
full or partial lockdown - could harm growth if it lasts for a prolonged
period.

China's travel and tourism sectors have already taken a hit over an
unusually quiet Spring Festival break, while cinemas were forced to close to
try to contain the virus.

Meanwhile, numerous factories have suspended production while companies have
instructed employees to work from home

Foxconn, Toyota, Starbucks, McDonald's and Volkswagen are just a few of the
corporate giants to have paused operations or shuttered outlets across
China.

Slowing economy

The country saw economic growth of 6.1% last year - the slowest in around
three decades, in part because of its prolonged trade war with the US. A
partial trade deal easing tensions was struck earlier this month, but most
tariffs remain in place.

Economist George Magnus, associate at Oxford University's China Centre, told
the BBC the size of central bank's injection reflected "policymakers'
concerns about the state of the economy".

"The coronavirus repercussions on the economy mark the latest in a series of
setbacks in the economy over the past year, including a handful of bank
failures sparking contagion fears, forcing the central bank to become ever
more generous with the provision of liquidity to markets."

In total, the central bank will inject 1.2 trillion yuan into the financial
system on Monday - the largest single day addition on record.

The net figure will be considerably lower, however, although the bank said
it could make more cash available throughout the week.

Braced for volatility

China's central bank has announced other economic measures in the face of a
deepening coronavirus epidemic, including providing banks with 300 billion
yuan to lend to affected companies.

Authorities have also relaxed tariffs on goods imported for use in the virus
fight - including those from the US.

Investors are bracing for volatility when Chinese markets reopen on Monday.
The country's stock, currency and bond markets have all been closed since 23
January and were due to reopen last Friday.

Global markets have been rattled by the epidemic, with the US S&P 500
notching up its worst week since October on Friday.--BBC

Brexit: Britain 'will not be aligning with EU rules' - Raab

Britain will "not be aligning with EU rules" in any post-Brexit trade deal,
the foreign secretary has said.

Dominic Raab argued agreeing to stick strongly with EU regulations would
"defeat the point of Brexit".

But Irish PM Leo Varadkar said the UK needed to commit to a level playing
field to get a free trade deal.

Talks to negotiate a free trade deal between the UK and the EU are due to
start next month, following the UK's formal withdrawal from the bloc.

On Monday Boris Johnson is expected to set out his position ahead of those
talks, where he will tell the EU he is prepared to accept customs checks at
Britain's borders if he cannot secure the sort of trade deal he wants.

EU chief negotiator Michel Barnier will also outline his approach to
negotiations.

One option the PM could support would be a Canada-style free trade deal
which allows tariff-free trade for the majority of goods, but would not
cover the UK's service industry - which accounts for more than 80% of UK
jobs.

Reports in recent days have suggested EU chiefs want the UK to continue to
follow EU rules on standards and state subsidies - while accepting the
jurisdiction of the European Court of Justice in any trade disputes.

The PM is expected to say that he will accept no alignment and no
jurisdiction of the European courts when talks start in March.

He is also preparing to say he would rule out relaxing rules on workers'
rights, food hygiene standards and environmental protections.

'Rigid red lines'

Speaking to the BBC's Andrew Marr Show, Mr Varadkar said it was possible for
the UK to have a "Canada-style agreement".

However, he added: "Canada isn't the UK; you're geographically part of the
European continent, we share seas and airspace and our economies are very
integrated.

"And one thing we feel very strongly in the EU is that if we are going to
have tariff-free, quota-free trade with the UK, which is essentially what we
have with Canada on almost everything, then that needs to come with a level
playing field.

"We, for example would have very strong views on fair competition and state
aid."

A level playing field is a trade policy phrase for a set of common rules and
standards that prevent businesses in one country undercutting their rivals
over those operating in other countries in areas such as workers' rights and
environmental protections.

He also cautioned against "setting rigid red lines" for the post-Brexit
trade negotiations arguing "it makes coming to an agreement more difficult
because the other side doesn't feel like it has got a fair deal unless those
red lines are turned pink."

Mr Raab said the UK would enter trade talks "with a spirit of goodwill" but
added "the legislative alignment - it just ain't happening".

Labour's John McDonnell said Mr Johnson's desire to diverge from EU rules
"contradict" what the PM had previously said on protecting environmental,
consumer and employment rights.

"On the one hand he said there will be [protections] on the other hand he is
sabre-rattling saying that won't happen in the negotiations," he said.

But Brexit Party leader Nigel Farage welcomed the prime minister's approach
arguing it was in the UK's "national interest" to be "a competitor on their
[the EU's] doorstep."

Media captionLeo Varadkar on UK seating advice: "Surely everyone should be
trying to work with everyone"

The government also wants to make progress in striking free trade agreements
with countries such as the United States, Japan, Australia and New Zealand.

The EU's own approach to the negotiations needs to be agreed by all 27
member states - which would be unlikely to happen before the end of
February.

While the UK officially left the EU at 23:00 GMT on Friday, it will remain
wedded to EU rules during a transition period which ends in December this
year.

The UK can request an extension to this transition period, but Mr Johnson
has previously said he will not do so.--BBC

INVESTORS DIARY 2020

Company

Event

Venue

Date & Time

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.

(c) 2020 Web: <http:// www.bulls.co.zw >  www.bulls.co.zw Email:
<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
344 1674

Invest Wisely!

Bulls n Bears 

Telephone:      <tel:%2B263%204%202927658> +263 4 2927658

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:       <mailto:info at bulls.co.zw> info at bulls.co.zw  

Website:
<http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw&sa=D&sntz=1&usg=AF
QjCNH8LYgdY55h-XKseuM8Kpr-JKdfhQ> www.bulls.co.zw 

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 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20200203/35653fc6/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.jpg
Type: image/jpeg
Size: 23068 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20200203/35653fc6/attachment-0005.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 35513 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20200203/35653fc6/attachment-0006.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 33732 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20200203/35653fc6/attachment-0007.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.jpg
Type: image/jpeg
Size: 31402 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20200203/35653fc6/attachment-0008.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.jpg
Type: image/jpeg
Size: 4846 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20200203/35653fc6/attachment-0009.jpg>