Major International Business Headlines Brief::: 10 February 2020

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Major International Business Headlines Brief::: 10 February 2020

 


 

 


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

 


 

 


 

 

ü  Route cuts intended to make South African Airways sustainable - rescue
team

ü  Barrick CEO Bristow eyes Freeport's flagship Grasberg mine'

ü  Ramaphosa opposes plan to cut South African Airways' domestic routes

ü  South African rand falls to 3-month low, stocks down

ü  Sudan dissolves central bank board, governor remains

ü  Canadian miner Banro looking to sell Congo gold mine at discount -CEO

ü  South Africa's net foreign reserves rise to $45.1 bln in January

ü  Coronavirus: Amazon pulls out of major tech show

ü  Huawei: UK 5G concerns 'a witch-hunt' says Chinese ambassador

ü  Brexit divorce: Five key things the UK must navigate

ü  Has Airbnb grown a conscience?

ü  Immigration: Salary threshold set to be lowered

ü  Facebook's Twitter and Instagram accounts hacked

ü  Coronavirus: Pressure grows to re-open factories

ü  Apple fined for slowing down old iPhones

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Route cuts intended to make South African Airways sustainable - rescue team

JOHANNESBURG (Reuters) - Plans to cut some of South African Airways’ (SAA)
domestic and international routes are aimed at making the airline
sustainable and free from government funding after restructuring, experts
appointed to try to rescue the company said on Sunday.

 

State-owned SAA entered a form of bankruptcy protection in December and is
fighting for its survival. [nL8N28F0D5}

 

The rescue specialists said on Thursday that SAA would cease flights to
Durban, East London and Port Elizabeth from Feb. 29, as well as cutting some
international routes, as part of efforts to conserve cash and make the
airline more attractive to potential equity partners. [nL8N2A667D]

 

South African President Cyril Ramaphosa said on Friday his government did
not agree with plans to cut some of SAA’s domestic routes, plunging rescue
efforts for the cash-strapped carrier into uncertainty. [nL8N2A75IN]

 

“We recognize the concerns raised, especially around the domestic routes. We
will continue to engage with stakeholders, with a commitment to include
inputs into the final business rescue plan, which is due to be published by
the end of this month,”SAA business rescue practitioners Les Matuson and
Siviwe Dongwana said in a statement.

 

Under South African company law, the business rescue team is entitled to
take decisions that are deemed necessary to turn a distressed company
around, independently of government. In theory it could ignore the
government’s objections.

 

SAA is among several South African state entities including power company
Eskom that are mired in financial crisis after nearly a decade of
mismanagement.

 


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Barrick CEO Bristow eyes Freeport's flagship Grasberg mine

(Reuters) - Barrick Gold Corp does not want to buy copper mining giant
Freeport McMoRan Inc, although it is interested in its rival’s flagship
Grasberg mine in Indonesia, Chief Executive Mark Bristow said on Thursday.

 

The strategy replicates one that Bristow successfully deployed in 2019:
aggressively float interest in an entire company even though the ultimate
goal is just one asset.

 

Rumors that Barrick, the world’s second-largest gold miner, planned to bid
for Freeport are “completely wrong”, Bristow told Reuters on the sidelines
of the Mining Indaba conference in Cape Town. “People jump to conclusions,”
he said.

 

The rumors, though, were flamed in recent weeks by Bristow himself in
meetings with analysts and investors that leaked out to various media.

 

“People say, ‘Are you interested in Grasberg?’ I say, ‘I have to be; it’s a
tier one asset,’” Bristow said. Tier one assets refer to high-grade,
long-life mines.

 

Buying Grasberg - the world’s largest gold mine and second-largest copper
mine - would fit nicely into Barrick’s strategy of expanding in the Pacific
Rim and capitalizing on rising copper demand from the electric vehicle
industry.

 

Bristow said he believes copper will be “the most-strategic metal on this
planet” in a decade.

 

A Freeport spokeswoman did not immediately respond to a request for comment.
In an interview with Reuters last week, Freeport CEO Richard Adkerson
declined to discuss Barrick.

 

Bristow last February launched a hostile takeover bid for rival gold miner
Newmont Corporation. The fight turned nasty - Bristow at one point called
Newmont’s then-CEO a “loser” - but ultimately Bristow got what he wanted: a
cost-saving joint venture between the two companies in Nevada.

 

Buying all of Freeport, which traces its roots back to 1834, could bring
legacy risk associated with old mines, Bristow said.

 

Freeport in late 2018 relinquished majority control of Grasberg under
pressure from the Indonesian government. The deal smoothed relations with
Jakarta and keeps Freeport the mine’s operator until 2041.

 

Freeport is now spending more than $15 billion to expand Grasberg in what
will be the largest underground mine ever developed.

 

Struggling with unrest at the Porgera mine in Papua New Guinea (PNG),
Bristow said Barrick offered the government a 52% share of the economic
benefits of the mine in response to government demands for a larger stake.

 

If Barrick succeeds in resolving the dispute in PNG, the market will be more
comfortable with the company taking on more risk the Pacific Rim, Bristow
said.

 

 

 

Ramaphosa opposes plan to cut South African Airways' domestic routes

JOHANNESBURG (Reuters) - South African President Cyril Ramaphosa said on
Friday that his government did not agree with plans to cut some of
struggling South African Airways’ (SAA) domestic routes at the end of the
month.

 

State-owned SAA entered a form of bankruptcy protection in December and is
fighting for its survival.

 

Specialists appointed to try to rescue SAA said on Thursday that SAA would
cease flights to Durban, East London and Port Elizabeth from Feb. 29 as part
of efforts to conserve cash and make the airline more attractive to
potential equity partners.

 

SAA flights to Cape Town will continue on a reduced basis, the specialists
said.

 

“We are not in agreement with what the rescue practitioners have come up
with, that domestic flights should be cancelled. We want to find out what
the rationale is,” Ramaphosa said in comments broadcast on state television
channel SABC.

 

“We want to have a discussion with them (the business rescue team), because
SAA is not only a great symbol for the country, but it is also an economic
enabler.”

 

Under South African company law, the business rescue team is entitled to
take decisions that are deemed necessary to turn a distressed company
around, so in theory it can ignore Ramaphosa’s objections.

 

SAA is among several South African state entities including power company
Eskom that are mired in financial crisis after nearly a decade of
mismanagement. SAA hasn’t made a profit since 2011 and has received more
than 20 billion rand ($1.3 billion)in bailouts over the last three years.

 

($1 = 15.0810 rand)

 

 

 

South African rand falls to 3-month low, stocks down

JOHANNESBURG (Reuters) - The South African rand plunged to a three-month low
against the U.S. dollar on Friday as a strong greenback weighed down
emerging market currencies, while domestic power cuts and weak economic
growth added to the pressure.

 

At 1500 GMT, the rand was 1.4% lower at 15.1100 per dollar, its weakest
since Nov. 1.

 

“U.S. markets remain strong on the back of good economic data, while the
rest of the world is on the back foot as concerns over the longer-term
impact of the coronavirus weigh in risk appetite,” Andre Botha, senior
currency dealer at TreasuryONE, said in a note.

 

“The rand, along with it’s EM (emerging market) peers are trading weaker on
investor caution.”

 

The South African currency’s slide follows a torrid January, during which it
lost around 8% against the greenback as fears about the global economic
impact of the coronavirus outbreak triggered heavy a sell-off of emerging
market assets.

 

The resumption of nationwide power cuts by South African state utility Eskom
last week rattled the remaining rand bulls, while a slide in the business
confidence index on Thursday further encouraged investors to sell the
currency.

 

The South African Chamber of Commerce and Industry’s monthly business
confidence index slipped to 92.2 in January from 93.1 in December.

 

On the stock market, the Top-40 index fell 0.42% to 51,396, while the
broader all-share was down 0.44% to 57,276.

 

In fixed income, the yield on the benchmark 2026 paper was up 4 basis points
to 7.99%.

 

 

 

Sudan dissolves central bank board, governor remains

KHARTOUM (Reuters) - A Sudanese legal committee dissolved the boards of the
country’s central bank and 11 other state-owned banks under a law that aims
to dismantle the regime of the toppled president Omar al-Bashir, the
committee said on Thursday.

 

The Empowerment Removal Committee also fired the managers of eight of the
banks, it said. Badr Eldin Abdelrahim, the central bank governor, remains in
his post and new boards will replace the dissolved ones soon, a committee
member told Reuters.

 

Sudan in November passed a law to dismantle the system built by Bashir, who
was ousted in April after nearly three decades in power.

 

Last month, the legal committee formed to apply the law seized the assets of
Bashir’s now dissolved National Congress Party. [nL8N29D4RL]

 

The committee said on Thursday that it also dissolved the boards of nine
government companies and institutions, and that it will appoint
commissioners to run two private newspapers whose assets were frozen last
month.

 

 

 

Canadian miner Banro looking to sell Congo gold mine at discount -CEO

KINSHASA (Reuters) - Canadian miner Banro is looking to sell its Namoya gold
mine in eastern Congo at a significant discount, its chairman told Reuters
on Friday, blaming the government’s failure to improve security in the area
following a kidnapping of staff last year.

 

Repeated attacks by local militias forced Banro Corporation to suspended
operations at several of its sites in Democratic Republic of Congo in
September.

 

The company has already sold its Twangiza mine to minority shareholder
Baiyin International Investments of China to help bolster finances, Chairman
Brett Richards said.

 

 

 

South Africa's net foreign reserves rise to $45.1 bln in January

JOHANNESBURG (Reuters) - South Africa’s net foreign reserves rose to $45.147
billion in January from $44.897 billion in December, Reserve Bank data
showed on Friday.

 

But gross reserves slipped, decreasing to $54.613 billion at the end of
January from $55.058 billion in the previous month.

 

The forward position, representing the central bank’s unsettled or swap
transactions, swung to a positive balance of $547 million in January after a
negative balance of $64 million previously.

 

 

 

 

 

Coronavirus: Amazon pulls out of major tech show

Amazon is the latest major company to pull out of one of the world's largest
tech shows because of risks posed by coronavirus.

 

Amazon said "due to the outbreak and continued concerns about novel
coronavirus" it would no longer take part in Mobile World Congress in
Barcelona.

 

The organiser said the event, which attracts 100,000 people, will go ahead.

 

But it admitted other companies are considering whether to attend.

 

South Korea's LG Electronics, Ericsson, the Swedish telecoms
equipment-maker, and US chip company NVIDIA have already withdrawn from the
conference which runs between 24-27 February.

 

Coronavirus: A visual guide to the outbreak

Coronavirus: The economic cost is rising in China and beyond

The GSMA, which organises the show in the Spanish city, said that while it
could "confirm some large exhibitors have decided not to come to the show
this year with others still contemplating next steps, we remain more than
2,800 exhibitors strong".

 

However, it revealed that it had put in place additional measures to
"reassure attendees and exhibitors that their health and safety are our
paramount concern".

 

These include a ban on all travellers from China's Hubei province, the
epicentre of the outbreak, while people who have been in China must provide
proof they have been outside the country for 14 days.

 

The GSMA estimates that between 5,000 and 6,000 people visit Mobile World
Congress.

 

The GSMA also said it will suggest participants should not shake hands with
each other and microphones used by speakers will be disinfected and changed.

 

Coronavirus has now killed more than 800 people - the vast majority in
mainland China - and infected 34,800 others.

 

The Singapore Airshow, which is due to open on Tuesday, has also seen major
firms pull out of the event including US aerospace giant Lockheed Martin.

 

Bombardier and Gulfstream Aerospace have also said they will not
attend.--BBC

 

 

 

Huawei: UK 5G concerns 'a witch-hunt' says Chinese ambassador

China's ambassador to the UK, Liu Xiaoming, says Tory politicians opposed to
Huawei playing a role in the UK's 5G network are conducting "a witch-hunt".

 

Some senior Conservatives have written to Tory MPs to raise concerns about
the government's decision to give Huawei a role in the network.

 

The group, including four ex-cabinet ministers, want "high-risk" vendors
ruled out now, or phased out over time.

 

But Mr Liu told the BBC's Andrew Marr Show "they were totally wrong".

 

"I think what they are doing is a kind of a witch-hunt," he said. "Huawei is
a private-owned company, nothing to do with the Chinese government... the
only problem they have is they are a Chinese company."

 

'Free market economy'

Several senior Conservatives have warned Huawei involvement in the UK's next
generation mobile internet network poses a security risk and could lead to
the first significant Commons rebellion against Boris Johnson's government.

 

But Mr Liu said the firm operated totally independently of the Chinese state
and was a leader in the field of 5G.

 

What is Huawei and how could it be a security threat?

Where is Huawei 5G being blocked?

Senior Tories want Huawei excluded from UK 5G

"The reason why the [UK] prime minister decided to keep Huawei is he has a
very ambitious plan for the UK, he wants to have 5G coverage in the UK by
2025, and Huawei can help."

 

But he criticised the 35% cap that the government had put on Huawei's
involvement, saying it was not in keeping with the principle of a "free
economy".

 

And, when asked about President Trump being unhappy with the UK, he said "I
will leave the prime minister to deal with President Trump".

 

Mr Liu said: "The UK can only be great when it has own independent foreign
policy. I hope the prime minister will stay with the decision because I
think it's in interest of the UK and maintaining Britain's image as most
open and free market economy in the world."

 

'Better solution'

Foreign Secretary Dominic Raab has said the Huawei decision followed a
"rigorous" review by security experts and that the firm's involvement would
be restricted.

 

But the senior Conservatives have said there are alternatives to the Chinese
firm.

 

The letter from Sir Iain Duncan Smith, Owen Paterson, David Davis, Damian
Green, Tobias Ellwood and Bob Seely, which has been seen by the BBC, says
some MPs were "working to find a better solution".

 

"We are seeking to identify a means by which we ensure that only trusted
vendors are allowed as primary contractors into our critical national
infrastructure," it says.

 

"Trusted vendors would be companies from countries that have fair market
competition, rule of law, respect human rights, data privacy and
non-coercive government agencies."

 

The signatories say they want the government to "rule out hi-tech from
untrusted, high-risk vendors" in the UK's infrastructure, or to ensure
future legislation includes "sunset clauses" to limit the length of time
such companies can be used.

 

Military exclusion

The letter comes after US vice-president Mike Pence said the US was
"profoundly disappointed" with the UK's decision.

 

Media captionHow will the Huawei 5G deal affect me?

The UK government has said restrictions would be in place on Huawei's role
in the 5G network.

 

These include: banning Huawei from supplying kit to "sensitive parts" of the
network, only allowing it to account for 35% of the kit in a network's
periphery, and excluding the firm's equipment from areas near military bases
and nuclear sites.

 

But Sir Iain and the others behind the letter have also cited examples of
other countries which they said had already rejected using Huawei in their
5G networks at all, including Australia, the US and Japan.--BBC

 

 

 

Brexit divorce: Five key things the UK must navigate

After cohabiting with the European Union (EU) for 47 years, the UK is now
free to play the field.

 

But as is already clear, wooing new suitors while also trying to keep a
civil footing with the ex will be tricky.

 

With less than one year to thrash out a trading deal, here are six five
things the UK now has to work out.

 

1) Who does the UK want to be?

The UK is going to have to decide quickly which of its ex-partners'
conditions it can live with - and which it is prepared to battle.

 

Prime Minister Boris Johnson's vision for a global Britain is clear: open
for business with an overhauled immigration system that puts "people before
passports".

 

It's not just about attracting investment. The government wants to be seen
as the champion of free trade, especially as it takes its seat at the World
Trade Organisation, which sets and polices the default rules of global
trading.

 

The UK's break from the EU means it can have a bigger say over some
regulations and standards.

 

But exercising that freedom may mean many bumps in the road - and some
potentially costly diversions.

 

2) What about the ex?

Free or not, the UK does about half of its trade with the EU and maintaining
that relationship is key.

 

But the UK's desire to flaunt its liberty complicates that.

 

The greater the freedom to diverge from the EU, the greater the red tape
which could mean more hassle and higher costs.

 

The Withdrawal Agreement referred to a level playing field - that is, the UK
not to have an advantage by undercutting the EU on state aid, environmental
or labour protections or tax.

 

But the prime minister wants to cut loose from that while claiming it won't
be a race to the bottom.

 

The UK also wants the right to diverge from EU rules on product standards.

 

Both are abhorrent to the EU and risk ruling out a zero-tariff deal.

 

3) Where will the UK look for love next?

The desire to break away from EU rules and standards may be a negotiating
pawn but it would allow the UK to be closer to others, crucially the US.

 

The UK sells more goods and services to the US than to anywhere else and
hosts more than half of the regional corporate headquarters of
American-owned firm, making closer ties attractive.

 

President Donald Trump claims a US-UK deal will be "massive", but for whom?

 

Both want greater access to the other's markets. The US wants its drug
companies and service providers to have more access to the NHS - something
the Conservative manifesto ruled out.

 

And the US wants more opportunities for its farmers which would mean
relaxing agriculture and food hygiene standards.

 

Mr Johnson says others have to accept the UK's standards - but is that a red
line?

 

Giving way may mean lowering standards in a way that would be incompatible
with EU rules, highlighting the dilemma the UK faces over whom it wants to
align with.

 

To complicate issues, while talks with the EU and US will run
simultaneously, they come under different Whitehall departments: the Cabinet
Office and Department for International Trade respectively.

 

4) What about other suitors?

The UK wants new trade deals with "neglected" friends, including Canada and
Australia and also to finish replicating ones the EU has with about 70
countries.

 

So far it has completed about 50 of the latter. The remainder include Japan,
which accounts for about 2% of exports but has great strategic importance as
one of the UK's biggest foreign investors.

 

And the UK is thinking longer term.

 

Africa accounts for less than 3% of UK trade. But with a quarter of the
world's population set to live there by 2050, the UK has been on a charm
offensive, recently hosting the first African Investment Summit.

 

5) When will things settle down?

What are the chances of a deal being done with the EU by the end of 2020?

 

It will require compromise.

 

Negotiating the EU's trade deal with Canada took over five years. Given the
complexities here, there may be only the first stage of a deal, to cover
goods and agriculture, by December. Or the prime minister may have
backpedalled and asked for more time.

 

And that's just the deal with the EU.

 

It could be quite a while before we know what shape the UK's new blended
global family will take.--BBC

 

 

 

Has Airbnb grown a conscience?

Corey Klein would like to believe Airbnb's recent promise that it will make
a "positive contribution to society". But the 37-year-old lawyer, who lives
directly below one of the platform's rentals, has his doubts.

 

Last year, the tech giant spent more than $4m (£3.1m) in an effort to fend
off new rules in the city where Mr Klein lives in New Jersey.

 

The bruising battle was eventually won by critics like Mr Klein, who said
that Airbnb, if left unchecked, would drive up rents and turn his
neighbourhood into a cheaper springboard into New York City, just across the
river.

 

"I hadn't signed up to live in a hotel," says Mr Klein, who sits on the
board of the Hamilton Park Neighborhood Association in Jersey City.

 

"The problem is the scale of it." he says. "Both myself and my neighbours
were sort of getting squeezed out."

 

'Positive impact'

Airbnb, whose website boasts listings in more than 220 countries, has faced
similar fights around the world, from Barcelona to Berlin to Boston. Last
month, it made its clearest case yet for why Mr Klein and others like him
should not be so worried.

 

In a public letter on its website, it promised to do business with an eye
towards "all stakeholders" - including local communities.

 

Among other steps, the firm said it would put $150m to safety measures, host
a "stakeholder" day to hear from the public, and offer $100m to local
initiatives over the next 10 years.

 

"Our commitment is to make sure that Airbnb does have a positive impact,"
co-founder Nathan Blecharczyk says.

 

Image caption

Airbnb co-founder Nathan Blecharczyk

Airbnb's promises place it at the centre of a broader debate in the American
business world asking whether its longstanding focus on earning profits for
shareholders has gone too far.

 

The discussion is partly a response to outside pressure from consumer
boycotts, staff walkouts and social media shame campaigns.

 

Rising numbers of investors with social aims and attacks by Democratic
presidential candidates - such as Elizabeth Warren and Bernie Sanders - have
added to the heat.

 

But while there have been plenty of calls for reform since the 2008
financial crisis, this time companies seem to have taken their critics to
heart.

 

Corporate support

Last year, 181 firms signed onto a statement by the influential business
lobby, the Business Roundtable, affirming that corporate responsibilities
extend beyond shareholders.

 

It was a pointed rejection of a view of shareholder primacy that has served
as an article of faith since economist Milton Friedman made it a rallying
cry among the American business community in the 1970s.

 

Why US tech giants are putting billions into housing

Can big investors save the world?

The topic of "stakeholder capitalism" was the theme of this year's World
Economic Forum in Davos and the subject has continued to percolate in public
letters from investment giants, such as BlackRock's Larry Fink and
Bridgewater's Ray Dalio.

 

"We're seeing support from corporations themselves in a way that is
remarkable when even compared to a few years ago," says New York University
law professor Tamara Belinfanti.

 

There's plenty of evidence that the old priorities still rule. After the US
cut corporate tax rates in 2017, companies used much of the extra cash to
buy their own stock - delivering money to shareholders.

 

But as inequality grows and climate change worsens - without a meaningful
political response - business leaders are increasingly "seeing the writing
on the wall, that the usual way to approaching business has failed", says CB
Bhattacharya, a professor at the University of Pittsburgh's Katz Graduate
School of Business.

 

In recent years, firms such as Amazon, Microsoft and Goldman Sachs have
announced a blitz of programmes aimed at improving their environmental
footprint, bettering worker benefits, and boosting diversity among staff.

 

Prof Bhattacharya cautions that the actions promised by many companies don't
necessarily live up to the talk.

 

"Unless we see more companies that are actually changing their business
models and doing more on the sustainability front, this will only be paper
promises," he says.

 

Gearing up to IPO

Mr Blecharczyk says Airbnb, which is gearing up to sell shares on the public
market, is creating a framework that will help it resist pressure to focus
on short-term profit.

 

For example, it will tie staff bonuses to safety metrics and hear from the
public via the stakeholder meeting.

 

"We're not talking just abstractly about these important issues," he says.
"We're actually saying, here's exactly how we hold ourselves accountable."

 

UK 'has particularly extreme form of capitalism'

What the Airbnb surge means for UK cities

The development of metrics is important, says Sarah Kaplan, professor at the
University of Toronto's Rotman School of Management.

 

But she notes that the firm has focused on matters - like guest safety -
that are in its interest to address ahead of its sale of shares to the
public.

 

"There is a very self-interested aspect of what they're doing," she says,
pointing to recent killings at homes rented through the site. "If they're
going to IPO, they have to manage the risk associated with their business."

 

Potential regulation, like that in Jersey City, represents a more than $10bn
threat to Airbnb's growth, according to research firm TruValue Labs, which
tracks companies on environmental, social and governance (ESG) issues.

 

Airbnb's stakeholder pledge is a "good sign" but hasn't lessened that risk,
says Andre Shepley, product manager for ESG Integration.

 

"Sustainability is about outcomes not intentions," he says. "Until we start
seeing different outcomes, where there's observably less risk ... that's
when I think the view in terms of investment thesis will change."

 

But Airbnb can't be too radical, cautions Prof Belinfanti.

 

Shareholders coming first took root, in part, because it offered a clear way
to evaluate business performance.

 

And there is a limit to how much control public investors - whose share
purchases would fund Airbnb - will be willing to cede, she says.

 

"I'm not sure how much the market can bear," she says.

 

Mr Blecharczyk says he knows that the steps the firm has outlined will not
satisfy all of its critics.

 

"There's going to be issues and I guess our approach is, 'Let's confront
those issues'," he says. "The worst thing you can do is to not try at
all."-BBC

 

 

 

Immigration: Salary threshold set to be lowered

Boris Johnson and Home Secretary Priti Patel are expected to set out their
immigration reforms, including a drop in salary threshold for some migrants,
at a cabinet meeting on Friday.

 

Currently, skilled migrants from outside the EU need to have a job offer
with a minimum salary of £30,000.

 

The BBC understands ministers plan to lower this threshold to £25,600.

 

Workers from the EU will face the same rules once the transition period for
leaving the EU ends on 31 December.

 

Workers earning less might be allowed to make up "points" elsewhere in order
to be granted a visa if they work in a sector with a skills shortage. Points
will also be awarded for speaking good English or for having an outstanding
educational background.

 

The Home Office said it would set out the details of what would be a "firmer
and fairer new system" in due course.

 

How could a UK points-based immigration system work?

BBC Briefing: Your guide to immigration

"We will deliver on the people's priorities by introducing a points-based
immigration system from 2021 to attract the brightest and best talent from
around the world, while cutting low-skilled immigration and bringing overall
numbers down," it said.

 

Last month the independent Migration Advisory Committee (MAC) made a series
of recommendations for how the system should look from 2021, including
lowering the salary threshold for skilled migrants to £25,600 in order to
help recruit teachers and skilled NHS staff.

 

The committee also criticised the UK's current complex immigration system,
where non-EU workers can attempt to qualify for a range of visas.

 

The prime minister made it a key pledge during the election campaign to
introduce a points-based immigration scheme, based on Australia's, for when
existing EU freedom of movement rules end.

 

Under those rules, workers from the EU and European Economic Area countries
can come to the UK to live or work without a visa.

 

The MAC has said there is no such thing as a "perfect" immigration system,
with benefits and trade-offs in various parts of the economy.

 

It said whatever policies the government decides, it must work quickly to
get something in place for after the transition period ends.--BBC

 

 

Facebook's Twitter and Instagram accounts hacked

Facebook's social media accounts were temporarily taken over by a group of
hackers on Friday afternoon.

 

The hacking group OurMine posted on the Twitter and Instagram accounts for
Facebook and Messenger, writing "even Facebook is hackable".

 

The accounts have now been restored.

 

OurMine claims its attacks are an attempt to show cyber vulnerabilities. In
January it hijacked over a dozen accounts for teams in the US National
Football League.

 

The group posted a statement on Facebook's Twitter account. "Hi, we are
OurMine. Well, even Facebook is hackable but at least their security is
better then Twitter."

 

It also hijacked the Facebook and Messenger accounts on Instagram to post a
photo of OurMine's logo.

 

Facebook's own website was not hacked.

 

Twitter confirmed that the hacking occurred via a third-party and that
accounts were locked once it was alerted to the issue.

 

"As soon as we were made aware of the issue, we locked the compromised
accounts and are working closely with our partners at Facebook to restore
them," Twitter said in a statement.

 

The attack on Facebook seems to have followed a similar hack on teams in the
National Football League. The accounts appear to have been accessed via the
third-party platform Khoros.

 

Khoros is a marketing platform that businesses can use to manage their
social media communications. Typically these platforms manage or have access
to the passwords and login details of their customers.

 

Khoros did not respond to a BBC request for comment.

 

OurMine is a Dubai-based hacking group that attacked the accounts of
corporations and high-profile individuals in the past. In the past, it has
temporality infiltrated the social media account of Twitter's founder Jack
Dorsey, Google's chief executive Sundar Pichai, and the corporate accounts
of Netflix and ESPN

 

The group claims its attacks are designed to show a lack of security. But it
also instructs victims to use its services to improve safeguards.--BBC

 

 

 

Coronavirus: Pressure grows to re-open factories

Companies around the world are waiting for China to re-open its factories
and plants on Monday.

 

If this does not happen, major brands from car makers to tech giants will
struggle to make their products.

 

Inventories are already running low following widespread shutdowns at
Chinese factories forced to close to prevent the spread of the coroanvirus.

 

China, known as the factory to the world, plays a crucial role in the global
supply chain and world economy.

 

Apple is one brand that could face shortages with the two major assemblers
of its iPhone - Foxconn and Pegatron - based in China.

 

Coronavirus threatens smartphone sales

Experts predict notable impact on the smartphone industry in the first
quarter of the year.

 

4 million

estimated fall in iPhone shipments in 1st quarter of 2020

 

32%predicted drop in Chinese smartphone shipments in Q1 of 2020

 

5%predicted drop in Chinese smartphone shipments across 2020

 

Source: TF International Securities, Strategy Analytics

The tech giant has closed its stores and office in China as it monitors the
situation.

 

Chinese authorities told companies to extend the Lunar New Year holidays
until 10 February to contain the deadly virus from spreading further.

 

The concern now is of further delays as some local authorities urge
factories to remain closed.

 

What's the coronavirus costing China?

Fiat warns of coronavirus risk to Europe car plant

iPhone manufacturer Foxconn starts making masks

''I am quite sure Monday is not realistic, even if virus data are suddenly
suggesting that might just be possible. Many people are thinking April is
more realistic for the virus peak,'' said Michael Every, head of financial
markets Asia-Pacific for Rabobank.

 

The impact has already been felt from the extended shutdown in China's
manufacturing sector. Hyundai, the world's fifth biggest carmaker, has been
forced to halt production in South Korea as it had run out of parts from
China.

 

Hyundai halts South Korean factories due to parts shortages from China,
while Volkswagen (VW) and BMW suspend production in China.

 

37%

of Hyundai's cars are made in South Korea

 

$660 millionmade per work day by the German automotive industry in China

 

40the number of German car and partsmakers' plants in China

 

100,000people are employed by Volkswagen in China

 

Other car makers face similar challenges with Tesla, Volkswagen and Toyota
all warning they expect disruptions.

 

''Every factory faces this same issue,'' said Iris Pang, Greater China
economist at ING. ''The shutdown affects not some particular companies but
manufacturing as a whole as it is still uncertain how many factory workers
will return to their factory after the extended holiday''.

 

The economic fallout from the coronavirus outbreak is spreading far and
wide, moving across China's manufacturing sector, major airlines and now
global supply chains.

 

Theme parks and casinos have been forced to close their doors including
Disneyland theme parks in Shanghai and Hong Kong, which will be shut for two
months.

 

This week casinos in Macau, the world's biggest gambling hub, were asked to
temporarily close while Starbucks and McDonalds are among the major food
chains to shut outlets.

 

Wynn Resorts said it is losing about $2.5m a day in Macau by remaining
closed. The casino employs about 12,000 people in the region.--BBC

 

 

 

Apple fined for slowing down old iPhones

Apple has been fined 25 million euros (£21m, $27m) for deliberately slowing
down older iPhone models without making it clear to consumers.

 

The fine was imposed by France's competition and fraud watchdog DGCCRF,
which said consumers were not warned.

 

In 2017, Apple confirmed that it did slow down some iPhones, but said it
only did so to "prolong the life" of the devices.

 

Apple said in a statement that it had resolved the issue with the watchdog.

 

Why does Apple slow down old iPhones?

Many customers had long suspected that Apple slowed down older iPhones to
encourage people to upgrade when a new one was released.

 

In 2017, the company confirmed it did slow down some models as they aged,
but not to encourage people to upgrade.

 

It said the lithium-ion batteries in the devices became less capable of
supplying peak current demands, as they aged over time.

 

That could result in an iPhone unexpectedly shutting down to protect its
electronic components.

 

So, it released a software update for the iPhone 6, iPhone 6s and iPhone SE
which "smoothed out" battery performance.

 

The practice was confirmed after a customer shared performance tests on
Reddit, suggesting their iPhone 6S had slowed down considerably as it had
aged, but had suddenly speeded up again after the battery had been replaced.

 

What did the regulator say?

The French watchdog said iPhone owners "were not informed that installing
iOS updates (10.2.1 and 11.2) could slow down their devices".

 

As part of the agreement, Apple must display a notice on its French-language
website for a month.

 

It says Apple "committed the crime of deceptive commercial practice by
omission" and had agreed to pay the fine.

 

Does Apple still slow down older iPhones?

Yes. Since Apple confirmed the practice in 2017, it has implemented it on
several more iPhones including:

 

iPhone 6, 6 Plus, 6S, 6S Plus

iPhone SE

iPhone 7 and 7 Plus

iPhone 8 and 8 Plus running iOS 12.1 or higher

iPhone X running iOS 12.1 or higher

iPhone XS, XS Max and XR running iOS 13.1 or higher

The setting is only enabled when the battery begins to degrade, and iOS now
offers clearer information to consumers about when performance management
has been switched on.

 

"The effects of performance management on these newer models may be less
noticeable due to their more advanced hardware and software design," Apple
said.--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> 

 


 

 


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