Major International Business Headlines Brief::: 04 February 2020

Tue Feb 4 04:18:39 CAT 2020

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Major International Business Headlines Brief::: 04 February 2020

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

ü  Congo's new artisanal cobalt monopoly could seek private partner -minister

ü  South Africa's Absa PMI falls further in January

ü  Ivorian farmers fret as lack of rain saps cocoa crop

ü  Botswana projects narrower budget deficit for 2020/21

ü  Kenyan shilling strengthens, remittances help

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  Anglo American to decide this year on fate of South African thermal coal assets

ü  UK aviation industry vows net zero carbon by 2050

ü  YouTube shines but Google ads continue to slow

ü  Travelex: Bank currency services still offline after hack

ü  Pound falls on fears of 'bare bones' EU trade deal

ü  Chicken or fish? UK and EU clash over trade menu

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Congo's new artisanal cobalt monopoly could seek private partner -minister

CAPE TOWN (Reuters) - A new state company set up by the Democratic Republic of Congo to manage the country’s artisanally mined cobalt could seek a private partner if the state does not have the funds to purchase all production, the mines minister said.

DRC produces about 60% of the world’s cobalt. Most of that is extracted by industrial operators like Glencore and China Molybdenum, with artisanal miners accounting for about a quarter of output.

DRC on Friday granted the new company a monopoly to purchase and market all cobalt that is not mined industrially in an effort to exert greater influence over prices.

“The easiest thing for us is to be financed by the Congolese state,” Mines Minister Willy Kitobo Samsoni told Reuters on the sidelines of the Mining Indaba investment conference in Cape Town. “But if the state cannot raise the funds to buy all the artisanally mined cobalt, then the state will have to enter into partnership with a company.”

“We have plans for talks with financiers here,” Samsoni added.

The new company, Entreprise Generale du Cobalt (EGC), would be managed independently by state mining company Gecamines, Samsoni said.

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South Africa's Absa PMI falls further in January

JOHANNESBURG (Reuters) - South Africa’s seasonally adjusted Absa Purchasing Managers’ Index (PMI) slipped deeper into contraction territory in January as employment and inventories fell despite a recovery in new sales orders, a survey showed on Monday.

Growth in Africa’s most developed economy has been meek for the last decade and is set to remain so as nationwide power cuts by state firm Eskom hit business activity and consumer confidence.

The central bank expects economic growth of 1.2% in 2020, higher than the International Monetary Fund’s forecast last week of 0.8%. The country needs growth of at least 3% to tackle soaring unemployment and poverty and lure back investors.

The index, which gauges manufacturing activity in Africa’s most industrialised economy, fell to 45.2 points in January from 47.1 in December, remaining below the 50-point mark separating contraction from expansion for a sixth straight month.

The survey showed demand remained slack, with only two of the five major subcomponents recovering, albeit from multi-year lows. Three measures declined, and overall only one subcomponent was in expansion.

“This suggests that sustained weak demand is weighing on activity growth,” said Absa economist Miyelani Maluleke.

“Worryingly, even as current conditions deteriorated further, respondents still turned more pessimistic about the business environment going forward,” Maluleke added.

Ivorian farmers fret as lack of rain saps cocoa crop

ABIDJAN (Reuters) - No rain fell last week in most of Ivory Coast’s cocoa regions, farmers told Reuters, adding to their concerns over the crop’s development during a crucial growing period for the world’s top producer.

Ivory Coast’s dry season runs from November to March, when rain tends to be scarce or light.

Farmers in the bush said weather conditions in February would be crucial for the start of the mid-growing season, which runs from April to September, as plenty of pods, known as cherelles, and flowers were on trees.

“If it keeps going like this in the coming month, the start of the mid-crop will be slow,” Olivier Gouli, who farms in the western region of Soubre, said.

Farmers made similar comments in the southern regions of Agboville and Divo, in the eastern region of Abengourou and in the central regions of Bongouanou and Yamoussoukro.

In the centre-western region of Daloa, farmers said the soil was drying out.

“It’s not yet a catastrophe but the leaves are starting to dry in some plantations. We need rain fast,” Jonas Koffi, who farms near Daloa, said.

At least one adequate downpour every two weeks would be needed to boost the crop, the farmers said.

They added that the main crop was less abundant than in the first three months of the harvest and the beans being harvested were smaller than they were a month ago.

Farmers in the central regions of Bongouanou and Yamoussoukro and in the centre-western region of Daloa said buyers were reluctant to take some deliveries because they said the quality was bad.

Temperatures on average ranged from 27.41 to 29.37 degrees Celsius.

Botswana projects narrower budget deficit for 2020/21

GABORONE (Reuters) - Botswana’s budget deficit is projected to narrow to 2.4% of GDP in 2020/21 from 3.9% in the fiscal year ending March, Finance Minister Thapelo Matsheka said on Monday.

The southern African nation’s fiscal year runs from April to March.

Kenyan shilling strengthens, remittances help

NAIROBI (Reuters) - The Kenyan shilling strengthened on Monday supported by inflows from remittances and offshore investors interested in buying government bonds, traders said.

At 0704 GMT, commercial banks quoted the shilling at 100.35/55 per dollar, compared with 100.45/65 at Friday’s close.

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.

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.

“Previous investors who would provide equity appear to have withdrawn. A number of specialist funds have shut up shop, and generalists aren’t investing in commodities anymore,” said Donally, who will be attending Mining Indaba, the world’s biggest mining investment conference, which takes place Feb. 3-6.

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.

Anglo American to decide this year on fate of South African thermal coal assets

CAPE TOWN (Reuters) - Global miner Anglo American expects to decide this year whether to sell its South African thermal coal business, Chief Executive Mark Cutifani told Reuters on Monday.

Anglo American and others have come under growing pressure to reduce their exposure to coal because of concern over climate change, with South32 having already launched the sale of its South African thermal coal operation.

“I expect we will take a view this year. But we will consult with our key stakeholders before we do that,” Cutifani said on the sidelines of the Mining Indaba industry conference in Cape Town.

UK aviation industry vows net zero carbon by 2050

The UK's aviation industry is promising to reduce its net carbon emissions to zero by 2050.

Cleaner engines, new fuels and planting trees will all help, according to the industry group Sustainable Aviation.

The plan will mean airlines can cut pollution even as passenger numbers grow by an expected 70%, it said.

But campaigners say the only way to cut airline pollution is by reducing air travel and cancelling new airports and runways.

"We need to restrict flying," said Muna Suleiman, from Friends of the Earth. "We can't have airport expansion at the same time."

'Crisis'

Rail travel and buses are greener alternatives and taxes should be applied to frequent fliers, she said.

Biofuels, which Sustainable Aviation say will be part of the industry's plan, still pollute, Ms Suleiman added. "The crisis is here and now."

The aviation sector is under increasing pressure to come up with a plan to cut emissions, especially as it has no commercial comparator yet to the electric car, which is seen as the auto industry's hope for cutting emissions.

While other forms of transport produce more carbon, individual journeys on planes produce large amounts of CO2.

Sustainable Aviation says the UK industry can reduce its emissions of CO2 from 30 million tonnes a year to zero, without restricting growth.

An economy-class return flight from London to New York emits an estimated 0.67 tonnes of CO2 per passenger, according to the calculator from the UN's civil aviation body, the International Civil Aviation Organization (ICAO).

That is equivalent to 11% of the average annual emissions for someone in the UK or about the same as all of those caused by someone living in Ghana over a year.

US firm Wright Electric said last week it has started electric engine development for a 186-seater plane, and hopes to begin test flights in 2023.

British Airways is investing in a project to make fuel from rubbish.

'Difficult sector'

"We are going to have to do this through many projects," Alex Cruz, chief executive of British Airways, told the BBC.

"Biofuels will give us a greener alternative and we are attracted by that," he said, while conceding that they will still produce carbon dioxide and that they are expensive today.

"We do believe we will reach a point where the price will be compatible with the rest of fuel prices."

BA will also retire old planes, with the double-decker Boeing 747 being phased out in 2024.

Other plans include planting trees - so-called carbon offsetting - and investing in renewable power sources, said Matt Gorman, a council member of Sustainable Aviation.

"Aviation is one of the more difficult sectors to decarbonise but we are absolutely confident it can be done," said Mr Gorman. "We have to do it"

Sustainable Aviation's members include Heathrow Airport, British Airways, easyJet, Rolls Royce, Airbus and air traffic controller Nats.

The aviation sector has a problem. On one level, it is extremely successful. Passenger numbers in the UK are higher than they've ever been, and massive growth is expected worldwide over the next couple of decades.

More passengers means more planes, and all else being equal that means an awful lot more emissions. The sector only accounts for about 2.5% of global CO2 output at the moment, but the obvious risk is that share could rise significantly.

You don't have to be Greta Thunberg to realise where that could lead. There's a risk that faced with growing public pressure to act on climate change, regulators could start to clamp down on the sector in a meaningful way - and that could hit growth.

So here in the UK, businesses are taking pre-emptive action. Action they claim will reduce emissions to zero without curbing growth.

So how effective will the plans be? Boeing and Airbus are already selling a new generation of aircraft that are much more efficient than their predecessors, and it's fair to say that there are plenty of benefits to be gained from investing in new technology.

But the value of "market-based measures" such as carbon offsets is harder to calculate and hotly debated. People within the industry claim the projects they support are carefully chosen and reap real benefits.

Climate campaigners say that's greenwash - and they'd rather we simply decided to fly a lot less.-bbc

YouTube shines but Google ads continue to slow

Google's parent company has published details of its YouTube and cloud business for the first time, as the firm's advertising business continues to slow.

YouTube's ad sales in the last three months of 2019 rose 31% year-on-year to $4.7bn (£3.62bn), Alphabet said.

Overall Alphabet revenue increased by 17% year-on-year to $46bn - the slowest rate in more than two years.

While YouTube is rapidly growing, Alphabet's cloud business lags rivals.

Alphabet said it earned $2.6bn in cloud revenue for the most recent quarter - compared to almost $10bn at Amazon. However it is fast-growing, rising more than 50% year-on-year.

Alphabet and others make money in cloud computing by charging companies to host their data remotely, rather than firms maintaining their own servers.

Alphabet shares fell more than 4% in after-hours trade.

Paid Youtube subscribers

Although growth missed analyst forecasts, Alphabet's business remains strong, said Nicholas Hyett, equity analyst at stockbroker Hargreaves Lansdown.

"It's always important to put these sorts of misses into perspective," he said. "The core businesses, like Search and YouTube, continue to generate prodigious quantities of cash."

Google's advertising revenue increased 17% to almost $27.2bn.

Alphabet reported quarterly profits of almost $10.7bn, up 19% year-on-year, while costs rose 18% to $36.8bn, as the firm invested in data centres and hired new staff.

YouTube now counts about 2 million paid subscribers, Alphabet chief executive Sundar Pichai said.

At more than $15bn for 2019, YouTube's ad business accounted for almost 10% of Alphabet's overall revenues last year - but the firm also said it shares a large portion of YouTube ad revenue with people posting videos.

Mr Pichai said the firm sees opportunity to make even more money off its YouTube adverts, including by targeting them more precisely.

"We see that as a big opportunity and are investing for it," he said.--BBC

Travelex: Bank currency services still offline after hack

Sainsbury's Bank, Royal Bank of Scotland, Lloyds and Barclays are among major High Street banks still unable to offer online currency services.

The problem stems from provider Travelex, which is still working to bring back services more than a month after it suffered a major cyber attack.

Customers are able to buy in branches, but cannot order money online or over the phone.

It is understood the currency firm aims to start restoring services this week.

Travelex had to take down its website after the hack was discovered on New Year's Eve.

A gang called Sodinokibi claimed to have accessed reams of sensitive customer data and demanded that it pay a $6m (£4.6m) ransom to retrieve it.

Travelex being held to ransom by hackers

Travelex customer: My money is in limbo

Cashiers resorted to using pen and paper to keep money moving at bureau de changes in airports and on high streets but orders online were suspended.

Meanwhile, banks reported that their supply of notes from Travelex had dried up and were forced to apologise to customers.

Lenders that use Travelex also include Virgin Money and HSBC.

On Monday, RBS confirmed it was still not offering foreign currency services online but declined to comment on when its services would be restored.

A spokeswoman for Sainsbury's Bank said: "We're continuing to work closely with Travelex in order to resume our online money ordering service soon."

Travelex, which declined to comment, has said there is no evidence customer data was been compromised by the cyber attack.--BBC

Pound falls on fears of 'bare bones' EU trade deal

The pound has fallen in value as comments from Prime Minister Boris Johnson renewed concerns the UK faces leaving the EU without a trade deal.

Mr Johnson said he favoured a Canada-style free trade deal, but would use the existing Withdrawal Agreement with the EU if they failed to reach terms.

Earlier, the EU's Michel Barnier said its "ambitious" trade deal offer required a "level playing field".

Sterling was down 1.4% against the dollar at $1.3018.

The pound also fell against the euro, down 1% at €1.1785.

The UK officially left the European Union on 31 January and is now in an 11-month transition period to agree a free trade deal.

"Brexiteer politicians are moving from celebrating the exit to sounding bold as the trade talk verbal jousts begin," said Kit Juckes, global fixed income strategist at investment bank Societe Generale. "The foreign exchange market is likely to be nervous."

What is the Withdrawal Agreement Bill?

What is a 'Canada-style' trade deal?

Brexit: What is the transition period?

Mr Johnson said in a speech: "We want a comprehensive free trade agreement similar to Canada's but in the unlikely event that we do not succeed then our trade will have to be based on our existing Withdrawal Agreement with the EU."

John Allen, president of the CBI business lobby group, warned that failure to reach a free trade deal with the EU could hamper business investment.

"The challenge is to ensure business confidence is not caught in the crossfire of a tough, public negotiation," he said. "Talk of a bare bones deal could pause investment."

Pound v dollar

Mr Johnson rejected the EU's position that the UK must follow its rules in order to secure a deal.

He added: "There is no need for a free trade agreement to involve accepting EU rules on competition policy, subsidies, social protection, the environment or anything similar, any more than the EU should be obliged to accept UK rules."

Boris Johnson and Michel Barnier drew their battle lines today.

Mr Barnier wants the UK to adopt the same rules and regulations on state aid, social and employment standards, environment and tax matters.

Mr Johnson binned that idea, emphatically saying the idea that the UK should be expected to follow EU rules was as unacceptable to the UK as the EU would find it having to adhere to British rules.

The UK would like to adopt a Canada-style approach, where tariffs on goods are abolished and yet Canada remains largely able to set its own standards.

The EU has made it pretty clear that what is appropriate for Canada - thousands of miles away, with quite a small trading relationship with EU - is not appropriate for a country that is on its doorstep doing hundreds of billions of pounds in two-way trade every year.

Oh well, never mind, says Mr Johnson - we'll do an Australia type deal with the EU.

To be clear, Australia does not have a trade deal with the EU. It is essentially a no-deal relationship with a few extra agreements on the side.

Businesses have reacted with cautious pessimism to these opening exchanges, meaning they don't like the apparent distance between the trenches dug today, but hope they are just opening gambits.

However, EU chief negotiator Michel Barnier said: "First and foremost, we will defend the interests of the union, its citizens and its businesses."

"We'll continue to prepare for a situation where no deal is being arrived at. We certainly don't want that to happen. We'll work to avoid that, but if we can't manage a deal by the end of the year there will be a cliff-edge on many fronts."

Under an EU-Canada agreement, import tariffs on many goods are eliminated but they still face customs and VAT checks.

Commenting on Mr Johnson's speech, Food and Drink Federation chief executive, Ian Wright said: "We urge UK and EU negotiators to take a common sense approach to recognising equivalent food standards so we do not inadvertently raise barriers to trade."--BBC

Chicken or fish? UK and EU clash over trade menu

>From today's menu which fight would you prefer? The chicken or the fish? Boris Johnson's speech today confirmed what sources in Defra have been telling me for some time. The UK will take US chicken before sacrificing UK fish.

While saying that the UK would not accept any diminution of food standards, in a speech in which he bemoaned the number of American "bashers" he tellingly added that "science would be the guide" in setting standards.

That is precisely the language US trade officials have used when discussing their use of anti-bacterial treatment of chicken and their approach to US-UK trade talks.

Most scientists say there is nothing inherently wrong with chlorinated chicken - as Boris Johnson quipped, Americans appear well nourished and most people don't come back from the US complaining.

The objection is that chlorination is deemed necessary/desirable to combat the greater risk of contamination due to overcrowding and longer transport distances. The PM said he would encourage the US to adopt higher animal welfare standards.

PM: 'No need' for UK to follow EU rules on trade

There was a much harder line on fish. More fish for UK vessels from UK waters is a non-negotiable red line, according to Defra sources. British fishing grounds were "first and foremost for British boats", said Mr Johnson.

That means less of the catch for French and Dutch boats. The political declaration hopes that a deal on fisheries can be concluded by the end of June, so this will be an early flashpoint in negotiations.

As Boris Johnson and Michel Barnier dug their trenches today, Mr Barnier marked out his territory pretty much as advertised in the political declaration - the bit of the Brexit divorce bill which dealt with future arrangements.

Boris Johnson moved quite a long way from what the UK originally signed up to. Article 17 of the political declaration said the EU and UK signed up to "ensuring a level playing field for open and fair competition". That clearly means something different to Boris Johnson than it does to Mr Barnier.

For Mr Barnier it means adopting the same rules and regulations on state aid, social and employment standards, environment and tax matters. Boris Johnson binned that idea today - emphatically saying the idea that the UK should be expected to follow EU rules was as unacceptable to the UK as the EU would find it having to adhere to UK rules.

The UK would like to adopt a Canada-style approach - where tariffs on goods are abolished and yet both party remains largely able to set their own standards and pursue their own trade policies.

What is a 'Canada-style' trade deal?

Brexit: What is the transition period?

The EU has made it pretty clear that what is appropriate for Canada (thousands of miles away, with quite a small trading relationship with EU) is not appropriate for a country that is on the EU's doorstep doing hundreds of billions' worth of two-way trade every year.

Oh well, never mind, says Mr Johnson - we'll do an "Australia-type deal" with the EU. To be clear - Australia is also a long way away and does not even have a trade deal with the EU. It is essentially a no-deal relationship with a few extra agreements on the side.

Businesses have reacted with cautious pessimism to these opening exchanges - meaning they don't like the apparent distance between the trenches dug today, but hope they are just opening positions.--BBC

INVESTORS DIARY 2020

Company

Event

Venue

Date & Time

Companies under Cautionary

Bindura Nickel Corporation

Padenga Holdings

Delta Corporation

Meikles Limited

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