Major International Business Headlines Brief::: 13 February 2020

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Major International Business Headlines Brief::: 13 February 2020

 


 

 


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ü  AngloGold shifts focus as it sells South African assets to Harmony

ü  Gold Fields full-year profits rise, to raise funds

ü  Tunisia eyes IMF talks in March on sixth review of loan deal -minister

ü  South Africa's MTN flags 2019 profit jump of up to 50%

ü  South Africa's retail sales down 0.4% year/year in December

ü  Nigeria's bourse to appoint board prior to stock market listing

ü  Nigeria considers Eurobond issue, president to seek approval

ü  Zambia's GDP to exceed 3% as copper-producer steps up spending

ü  S.Africa's competition watchdog approves $1.7 bln Pioneer-Pepsico merger

ü  South African food producer Tiger Brands warns of interim profit fall,
shares plunge

ü  Food giant to stop advertising ice cream to children

ü  BP boss plans to 'reinvent' oil giant for green era

ü  Nissan seeks $90m damages from former boss Carlos Ghosn

ü  Android co-creator's phone company Essential to close

ü  US telecoms giants get $26bn takeover green light

 

 

 

 

 

 

 

 


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AngloGold shifts focus as it sells South African assets to Harmony

JOHANNESBURG (Reuters) - AngloGold Ashanti said on Wednesday it would sell
its remaining South African assets for about $300 million to Harmony Gold,
turning the buyer into the country’s largest gold producer.

 

AngloGold said the deal, part of its plan to shrink its portfolio and focus
on assets with higher returns so it can shift its primary listing to London
or Toronto, included selling Mponeng mine, the world’s deepest gold mine.

 

AngloGold will receive cash and deferred payment totalling about $300
million subject to subsequent performance, with additional proceeds due if
Harmony developed the West Wits mines below the existing mining
infrastructure.

 

Alongside Mponeng mine, the sale includes a surface rock dump processing
business and a mine waste retreatment operation.

 

AngloGold retains its interest in Rand Refinery and its obligations under
the Silicosis Class Action Settlement, a legal battle by miners seeking
compensation for illnesses they blame on negligence in health and safety.

 

Harmony, which bought South Africa’s Moab Khotsong mine in 2018, said it
planned to focus on the above infrastructure.

 

“At this point in time, we have made no decision to go down below
infrastructure,” Harmony Chief Executive Peter Steenkamp said, adding
further development was unlikely to involve a vertical shaft even though
“there is a massive resource below infrastructure.”

 

Harmony, which also has operations in Papua New Guinea, said acquiring
AngloGold’s assets provided a strategic, financial, operational and
geographical fit.

 

“The acquisition has the potential to improve our overall recovered grade
and increasing our cash flow margins,” Steenkamp said, adding that it would
increase annual gold production by around 350,000 ounces a year.

 

NO JOB CUTS PLANNED

AngloGold said Harmony was identified as the most suitable party to buy
these assets during the nine-month sales process, citing its financial
capacity and ability to operate ultra-deep, hard-rock mining assets in South
Africa.

 

Rival Sibanye-Stillwater had also made an offer.

 

Unions at the operations, the National Union of Mineworkers (NUM) and
Solidarity, welcomed the choice of Harmony.

 

“At the same time we are disappointed that AngloGold Ashanti decided to
disinvest from South Africa. They are now a global company because of the
profits they made in South Africa,” NUM spokesman Livhuwani Mammburu said.

 

Harmony said it had no plans for job cuts at the operations which employ
around 6000 people.

 

The mining industry has battled rising costs, safety concerns and
operational obstacles in mines that sometimes operate more that 3 km (1.9
miles) below the surface.

 

AngloGold, which sold its stake in the Sadiola project in Mali for $105
million, said in May it would review divestment options for its South
African assets, paving the way for it to move its primary listing.

 

AngloGold also flagged headline earnings per share, the main profit measure
in South Africa, for the year to December of 86 cents to 96 cents, up from
53 cents in 2018.

 

The transaction, subject to approvals by the mining ministry and competition
watchdog, could be completed by June 30.

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Gold Fields full-year profits rise, to raise funds

(Reuters) - Gold Fields on Wednesday reported a jump in 2019 profit as the
South African miner produced more gold and gold prices edged higher.

 

Gold Field also said it intends to place new shares to raise about $269
million to help fund its new Salares Norte mining project.

 

The company, which operates producing gold mines in South Africa, Ghana,
Australia and Peru, said headline earnings per share rose to $0.20 per share
for the full year ended Dec. 31, from $0.07 in the year prior and in line
with what the company had flagged to the market.

 

Headline earnings per share is the main profit measure used in South Africa
that strips out certain one-off items.

 

The company reported 590,000 ounces of attributable gold production for the
final quarter of the year from 523,000 ounces a year earlier.

 

Attributable equivalent gold production for the miner for 2020 is expected
to be between 2,275 million ounces and 2,315 million ounces, it said.

 

 

 

Tunisia eyes IMF talks in March on sixth review of loan deal -minister

TUNIS (Reuters) - Tunisia will invite the International Monetary Fund to
talks in March over a sixth review of its IMF loan programme after its new
government is formed following months of delay, Economic Reforms Minister
Taoufik Rajhi said on Wednesday.

 

Tunisia struck a deal with the IMF in December 2016 for a $2.8 billion loan
package to overhaul its sclerotic economy, including steps to cut chronic
deficits and trim bloated public services.

 

The IMF disbursed the current programme’s last loan tranche worth $247
million in June last year.

 

Since then, negotiations on the sixth review of the deal have been stalled
due a political crisis following the October election as parties struggled
to strike a new coalition deal.

 

Prime Minister-designate Elyes Fakhakh is now expected to unveil the next
cabinet on Friday after months of negotiations, clearing the way for
negotiations with the IMF to proceed.

 

“We are ready for the sixth review...We are awaiting the formation of the
government to formally invite the IMF delegation in March to start the
review,” Rajhi told Reuters.

 

A sixth review deal with the IMF would allow Tunisia to mobilise financial
resources for 2020 and obtain loans from other lenders, including the World
Bank, African Development Bank and the European Union.

 

The North African country needs to borrow about $3 billion internationally
in 2020 to meet spending commitments.

 

Discussions are expected to focus on Tunisia’s commitment to achieving 2.7%
economic growth this year, reducing tax evasion, cutting subsidies
especially in energy, and restructuring public companies grappling with
expanding deficits.

 

Tunisia has been hailed as the Arab Spring’s only democratic success because
street protests toppled autocrat Zine El Abidine Ben Ali in 2011 without
triggering violent upheaval, as happened in Syria and Libya.

 

But since 2011, nine cabinets have failed to resolve Tunisia’s economic
problems, which include high inflation and unemployment, and impatience is
rising among lenders such as the IMF that have kept the country afloat.

 

 

South Africa's MTN flags 2019 profit jump of up to 50%

JOHANNESBURG (Reuters) - South Africa’s MTN Group expects full-year headline
earnings to rise as much as 50%, it said on Tuesday, still a slowdown from
the previous year due to one-off items including interest on regulatory
fines in Nigeria.

 

Founded with the South African government’s help after the end of apartheid
in 1994, MTN has been touted as one of South Africa’s biggest corporate
success stories, but clashes with regulators have distracted management and
crimped growth.

 

Oil-rich Nigeria accounts for nearly a third of MTN’s core profit, but it
has posed a raft of problems for the firm in recent years.

 

MTN Nigeria has been dealing with a 330 million naira ($1.1 million) fine
for failing to cut off more than 5 million unregistered SIM cards, a
substantial reduction from the original 1.04 trillion naira penalty handed
down in 2015.

 

In 2018, the group agreed to pay $53 million to resolve a dispute with the
Central Bank of Nigeria, which had accused MTN of sending abroad $8.1
billion using improperly issued paperwork.

 

In January Nigeria’s attorney general said he had withdrawn a $2 billion tax
demand against the group, bringing to a close its latest disagreement with
the government.

 

MTN, which is due to report 2019 results on March 11, said headline earnings
per share (HEPS) would likely be within a range of 438 cents to 506 cents on
the IFRS 16 accounting basis adopted at the start of the year.

 

That compares to 337 cents in the previous year. On a like-for-like IAS 17
accounting basis, MTN expects to report growth in HEPS - a key profit
measure in South Africa that strips out one-off items - of between 55% and
75%.

 

However that is still slower than the 85% jump the company reported in 2018.
It attributed the slowdown mainly to items outside its regular business,
including interest on the Nigerian fines, foreign exchange losses and
hyperinflation adjustments.

 

It also said it anticipated some drag from write-downs on payments linked to
its business in Iran, and the impact of asset sales made during the year.

 

($1 = 305.9000 naira)

 

 

 

South Africa's retail sales down 0.4% year/year in December

JOHANNESBURG (Reuters) - South African retail sales fell 0.4% year-on-year
in December following an increasing of 2.6% in November, Statistics South
Africa said on Wednesday.

 

On a month-on-month basis sales were down 3.1%. They were up 0.8% in the
three months to the end of December compared with the same period last year,
the statistics body said.

 

 

 

Nigeria's bourse to appoint board prior to stock market listing

ABUJA (Reuters) - The Nigerian Stock Exchange plans to appoint a board and
pass resolutions next month to pave the way for its conversion into a
publicly listed company, it said on Wednesday.

 

The exchange began changing its ownership structure from a mutual company of
stockbrokers in 2017, adding new shareholders in a process known as
“demutualisation”.

 

It said it would convene two meetings of members on March 3, to pass
resolutions enabling it to become a listed company and also appoint a board
for the new entity called the Nigerian Exchange Group Plc. It has not set a
date for the listing.

 

The bourse, the second biggest in sub-Saharan Africa and one of the main
entry points to invest in Africa, has around 200 listed companies, all
included in its benchmark share index

 

Johannesburg Stock Exchange (JSE), the continent’s biggest and most
developed stock market, has been a listed company since 2006.

 

Nigeria is Africa’s largest economy but the equities market has gone from
being one of the world’s best performing frontier markets to one of worst
after currency restrictions and low liquidity in 2015 deterred foreign
investors.

 

Last year foreign players bought fewer stocks than the previous year as
hopes for reforms that could lift the West African nation faded. Nigeria has
been grappling with low growth since recovery from a recession four years
ago.

 

This year, shares in the oil producing-nation have started to rally. But
fears that a coronavirus outbreak could hit demand in China, one of
Nigeria’s major trading partners, have reversed sentiment.

 

The bourse has said it hopes that the demutualisation will help it improve
transparency, product development and deepen the market, leading to greater
inflows from foreign investors.

 

 

 

Nigeria considers Eurobond issue, president to seek approval

ABUJA (Reuters) - Nigeria is considering a Eurobond sale of between $2.8
billion and $3 billion to help partially fund its 2020 budget after
President Muhammadu Buhari wins approval from parliament, the adviser to the
country’s finance minister said on Tuesday.

 

“From the onset ... the government has made plans for a Eurobond and the
president has to make application to the National Assembly,” media adviser
to the finance minister, Yunusa Abdullahi told Reuters.

 

“If the National Assembly approves then the process can commence.” he said.

 

Nigeria’s Eurobond plan comes after West African neighbour Ghana sold a $3
billion Eurobond last week that was five times oversubscribed as investors
seeking high-yields demand debt despite the impact a coronavirus outbreak in
China could have on its major trading partners in Africa.

 

In 2019, the debt office said it did not tap the international debt market
because of time constraints before the end of its budget cycle. The West
African country held its last Eurobond sale in 2018, its sixth outing, where
it raised $2.86 billion.

 

The debt office has said it would first seek concessionary loans for its
2020 external borrowing of around 850 billion naira ($2.8 billion), and any
shortfall might be raised from commercial sources.

 

Abdullahi said the government was considering concessionary loans and that
discussions were ongoing.

 

“The Eurobond would be sought but in terms of which comes first, we don’t
know,” he said, referring to concessionary loans which the government
prefers to curb rising debt cost.

 

Buhari signed a record 10.58 trillion naira ($35 billion) budget for 2020
into law last December, paving the way for a likely return to the
international debt market as Nigeria struggles to shake off the impact of a
2016 recession it emerged from the following year.

 

Nigeria’s budget assumes a deficit of 1.52% of the estimated gross domestic
product - representing around 2.18 trillion naira ($7.13 bln) to be financed
through foreign and domestic borrowing.

 

The West African country has been borrowing to fund growth after the 2016
recession slashed income and weakened its currency. In December, ratings
agency Moody’s downgraded Nigeria’s outlook to negative from stable, citing
increased risk to government revenue.

 

Buhari has asked parliament to approve a request for $23 billion in foreign
borrowings for infrastructure projects.

 

($1 = 305.90 naira)

 

 

 

 

Zambia's GDP to exceed 3% as copper-producer steps up spending

LUSAKA (Reuters) - Zambia’s economy will grow by more than 3% in 2020 from
around 2% last year, Finance Minister Bwalya Ng’andu said on Wednesday,
while the fiscal deficit is projected to drop to 5.5% of GDP.

 

Economic growth in Africa’s second-largest copper producer has been hampered
by electricity shortages after drought hit hydropower generation, and the
government is focusing on diversifying into solar and wind power to plug the
gap.

 

Ng’andu said Zambia’s external debt had increased to $11.2 billion from
$10.23 billion at the end of June 2019.

 

Zambia’s fiscal deficit this year was projected to be around 5.5% of GDP
from 8.2% last year as the government enhanced revenue collection and dealt
with rising debt, he said.

 

“The policy thrust of the government now is to reduce the fiscal deficit,
ensure debt sustainability and dismantle arrears,” Ng’andu said.

 

Ng’andu said Zambia’s inflation was expected to remain high in the first
half of 2020 largely due to higher electricity and fuel costs but would slow
down in the second half of the year.

 

He did not give a figure, but President Edgar Lungu said on Jan 24 inflation
would decrease to 6-8% by the end of 2020.

 

 

S.Africa's competition watchdog approves $1.7 bln Pioneer-Pepsico merger

JOHANNESBURG (Reuters) - South Africa’s Competition Commission conditionally
approved PepsiCo’s Inc $1.7 billion takeover of food and drinks producer
Pioneer Food Group Ltd on Tuesday, saying it is unlikely to lessen
competition in relevant markets.

 

PepsiCo struck a deal to buy South Africa’s Pioneer in July, lifting the
target firm’s shares and boosting a sector that has been hit by drought and
tough trading conditions.

 

The commission recommended that the Competition Tribunal, which makes the
final decision, approve the merger subject to public interest commitments,
it said in a statement.

 

Those include a moratorium on merger-related job cuts for a certain period,
and the creation of additional positions at the merged firm.

 

The company is also required to invest in the operations of the merged
company and the agricultural sector, and establish an enterprise development
fund.

 

It will also have to undertake a black empowerment deal to the value of at
least 1.6 billion rand ($108 million) “that will promote a greater spread of
ownership and participation by workers (and) historically disadvantaged
South Africans”.

 

($1 = 14.8152 rand)

 

 

 

South African food producer Tiger Brands warns of interim profit fall,
shares plunge

JOHANNESBURG (Reuters) - South Africa’s leading food producer Tiger Brands
warned on Wednesday that it expects half-year headline earnings to fall as
much as 36% as its bakery and pasta business faced pricing pressure and a
legal dispute wiped out exports to Nigeria.

 

The warning sent shares in the owner of brands such as Jungle Oats and
Tastic rice tumbling nearly 8% to their lowest in more than eight years.

 

The challenging conditions have meant a tough start for new CEO Noel Doyle,
the former finance director who replaced Lawrence MacDougall on his
retirement last month.

 

Tiger Brands, which is due to report half-year results on May 25, said it
expected headline earnings per share from continuing operations of 497-552
South African cents for the six months ending March 31, 2020, down from 773
cents reported a year earlier.

 

The company said the figures reflect ongoing challenges within the grains
portfolio, particularly affecting bakeries, pasta and rice brands. Last year
reported it that it was facing pricing pressures in bakery, supply
challenges in instant noodles and other issues.

 

Tiger Brands also said on Wednesday that its export division was
significantly affected by a legal dispute with a former distributor in
Nigeria, resulting in virtually no sales into that country. The negative
performance was further exacerbated by ongoing foreign exchange liquidity
issues in other export markets, it said.

 

Tiger Brands said it expects difficult trading conditions to continue in the
second quarter of its financial year (January-March), as volume and pricing
pressures within grains persist, whilst indications are that the quarter
will be challenging for groceries.

 

Exports will continue to be affected by the legal dispute in Nigeria, it
said.

 

At 0926 GMT, Tiger Brand shares were down 7.78% at 184.23 rand, a level last
seen in September 2011.

 

The firm also said a formal due diligence process has started in respect of
certain bidders for its Value Added Meat Products (VAMP) business and it
hopes to sell the business after March.

 

“Good progress has been made in this regard, however, several issues are
subject to clarification and discussion between the various parties and, as
such, no definitive agreements have been concluded at this stage,” it said.

 

Tiger Brands is exploring the sale of the VAMP business after a review last
year concluded it was “not an ideal fit” in its portfolio.

 

That business was linked to a 2018 listeriosis outbreak, which killed more
than 200 people in South Africa and was traced back to a factory operated by
Tiger Brands-owned Enterprise Foods.

 

The outbreak forced Tiger Brands to recall cold meat products such as polony
and suspend operations at its facilities, which have since reopened.

 

The company also faces a class action lawsuit over its role in the outbreak.

 

“The parties are continuing with pre-trial preparation, whilst subpoenas
have been issued for the disclosure of information by third parties, which
is pertinent to the outbreak. Some of the third parties have declined to
disclose the information in their possession,” it said.

 

South Africa’s High Court will hear various applications on May 13 to 15 May
to either enforce or set aside the subpoenas, it added.

 

($1 = 14.7623 rand)

 

 

Food giant to stop advertising ice cream to children

Food giant Unilever has vowed to stop marketing its products to children in
order to tackle rising obesity rates.

 

The firm, which owns brands such as Twister ice cream and Popsicle ice
lollies, said it would limit the use of cartoon characters in its
advertising.

 

It also promised to stop using social media stars or celebrities "who
primarily appeal" to children under 12.

 

Ads for Unilever ice creams have been pulled in the past over complaints
they marketed unhealthy food to children.

 

The new rules will apply to all of the firm's products by the end of 2020,
kicking off with its Wall's ice cream brands.

 

Wall's will also launch a range of "responsibly made" products for children
that contain "no more than 110 calories and a maximum of 12g of sugar per
portion".

 

Wall's brands popular with children include Max, Paddle Pop and Twister.

 

"Our promise is a genuine commitment to make and market products to children
responsibly," said Matt Close, executive vice president of the firm's global
ice cream business.

 

In 2016, 18% of children and adolescents - more than 340 million people aged
5 to 19 - were overweight globally - up from 4% in 1975, according to the
World Health Organization (WHO).

 

It says there is "unequivocal evidence" that the marketing of unhealthy
foods is related to the problem and recommends that governments limit the
reach of such advertising.

 

The UK, Chile, Mexico and Ireland have all implemented stricter rules for
children's advertising over the last decade.

 

However, the problem persists. In 2018 Cadbury, Chewits and Squashies sweets
became the first companies to have online adverts banned under new rules
targeting junk food ads for children in the UK.

 

And in 2016, a Unilever ad for the ice cream Paddle Pop - known in the UK as
Twister - was pulled in Australia over complaints it encouraged young
children to eat unhealthy foods.

 

Unilever, whose portfolio includes more than 400 brands, generally has a
reputation for leading the business world on issues such as sustainability.
It also has had a policy for "responsible" marketing to children since 2003.

 

Under the new rules, it said it planned "strict controls" on the placement
of ads in movies and would not appeal to children under age 12 on
traditional media or 13 on social media.

 

It has previously pledged to make adverts less sexist and threatened to pull
ads from Facebook and YouTube if they do not do enough to police their
content.--BBC

 

 

 

BP boss plans to 'reinvent' oil giant for green era

New BP boss Bernard Looney has said he wants the company to sharply cut net
carbon emissions by 2050 or sooner.

 

Mr Looney said the 111-year-old company needed to "reinvent" itself, a
strategy that will eventually include more investment in alternative energy.

 

BP will have to fundamentally reorganise itself to help make those changes,
said Mr Looney, who took over as chief executive last week.

 

It follows similar moves by rivals, including Royal Dutch Shell and Total.

 

Mr Looney said: "The world's carbon budget is finite and running out fast;
we need a rapid transition to net zero.

 

"Trillions of dollars will need to be invested in re-plumbing and rewiring
the world's energy system."

 

"This will certainly be a challenge, but also a tremendous opportunity. It
is clear to me, and to our stakeholders, that for BP to play our part and
serve our purpose, we have to change. And we want to change - this is the
right thing for the world and for BP."

 

He outlined his plans in a keynote speech on Wednesday.

 

"Providing the world with clean, reliable affordable energy will require
nothing less than reimagining energy, and today that becomes BP's new
purpose," he said. "Reimagining energy for people and our planet."

 

"We'll still be an energy company, but a very different kind of energy
company: leaner, faster moving, lower carbon, and more valuable."

 

BP's announcement that it intends to become a zero carbon emissions company
by 2050 was not short of fanfare. It's new boss, 49-year-old Irishman
Bernard Looney, delivered what the company described as a landmark speech in
front of hundreds of journalists and investors.

 

But while he was clear what he wanted and why, he was less clear on how and
when. There was a commitment to reduce the company's investments in oil and
gas exploration, and increase investment in zero and low-carbon energy over
time.

 

But there were no commitments to specific targets in the intervening 30
years. Indeed he said that BP would still be in the oil and gas business
three decades from now but in a sustainable way.

 

Ultimately, it will fall to his successors to make good on promises made
today. But Mr Looney said in order to start a journey you need a
destination. His critics would say you need a more detailed map on how to
get there.

 

On Instagram, which Mr Looney recently signed up to, he said: "Rest assured
- a lot of time - and listening - has gone into this."

 

"All of the anxiety and frustration of the world at the pace of change is a
big deal. I want you to know we are listening. Both as a company - and
myself as an individual."In the longer term, BP's plans will involve less
investment in oil and gas, and more investment in low carbon businesses.

 

The company said it wanted to be "net zero" by 2050 - that is, it wants the
greenhouse gas emissions from its operations, and from the oil and gas it
produces, to make no addition to the amount of greenhouse gases in the
world's atmosphere by that date.

 

It also wants to halve the amount of carbon in its products by 2050.

 

Mr Looney did not set out in detail how it intended to reach its "net zero"
target, something that drew criticism from environmental campaign
organisation Greenpeace.

 

Charlie Kronick, oil advisor from Greenpeace UK, said there were many
unanswered questions. "How will they reach net zero? Will it be through
offsetting? When will they stop wasting billions on drilling for new oil and
gas we can't burn?

 

Would you follow this man on Instagram?

BP agrees £474m North Sea assets sell-off to Premier Oil

"What is the scale and schedule for the renewables investment they barely
mention? And what are they going to do this decade, when the battle to
protect our climate will be won or lost?"

 

Mr Looney addressed this criticism after his speech, saying: "We want a
rapid transition. A transition that is delayed, and then suddenly is a
right-angle change that disrupts the world, would be destructive to our
company."

 

"We're starting with a destination. The details will come," he said.

 

 

When asked whether that meant it's oil and gas business would cease to grow,
Mr Looney said: "BP is going to be in the oil and gas business for a very
long time. That's a fact. We pay an $8bn in dividends [to shareholders]
every year. Not paying that is one way to make sure that we're not around to
enable the transition that we want."

 

However, he said the existing oil and gas business would shrink over time.
Any remaining carbon produced by the use of BP products would have to be
captured or offset, he said.

 

Investor pressure

Climate Action 100+, a group of large investors that is trying to put
pressure on major greenhouse gas emitters to clean up their act, said the BP
announcement was "welcome".

 

"We need to see a wholesale shift to a net zero economy by 2050," said
Stephanie Pfeifer, a member of the action group's steering committee.

 

"This must include oil and gas companies if we are to have any chance of
successfully tackling the climate crisis," said Ms Pfeifer, who is also
chief executive of the Institutional Investors Group on Climate Change.

 

She said that Climate Action 100+ investors, which have already been putting
pressure on BP, will continue to look for progress from the company in
addressing climate change.

 

"This includes how it will invest more in non-oil and gas businesses, and
ensuring its lobbying activity supports delivery of the Paris Agreement,"
she said.--BBC

 

 

 

 

Nissan seeks $90m damages from former boss Carlos Ghosn

Japanese carmaker Nissan has filed a civil lawsuit against its former
chairman, Carlos Ghosn.

 

The suit, filed at Yokohama District Court, seeks an initial amount of $90m
(£69.5m).

 

The company said it aims "to recover a significant part of the monetary
damages inflicted on the company by its former chairman".

 

Mr Ghosn, who faces financial misconduct charges in Japan, said the firm's
"manoeuvres" were continuing.

 

He is currently in Lebanon after jumping bail in Japan.

 

He said in response to the lawsuit: "Nissan's manoeuvres continue: this
complaint is made public on the eve of the Japanese group's financial
results.

 

"We note that after months of announcing damages of 35 billion yen, Nissan
is now claiming 10 at the moment. Mr Ghosn's lawyers will react on the
merits of the case once the content of the claim has been brought to their
attention."

 

Nissan said it expects the amount claimed in damages to "increase in future"
as it seeks to recover fines it expects to have to pay to regulators because
of Mr Ghosn's alleged misconduct.

 

The company also said that it may pursue separate legal action over what it
called "groundless and defamatory" remarks made by Mr Ghosn in a news
conference he held in Beirut. At the conference, Mr Ghosn said: "My
unimaginable ordeal is the result of a handful of unscrupulous, vindictive
individuals."

 

How did Carlos Ghosn escape from Japan?

Ghosn's lawyers hit back at Nissan fraud claims

Carlos Ghosn: The fall of the god of cars

He was facing criminal charges for allegedly understating his annual salary
and misusing company funds, before he fled Tokyo in December.

 

Nissan has also accused Mr Ghosn of misusing the company's money for
overseas events. The events included a party at the Palace of Versailles,
France, and trips to Rio de Janeiro carnivals.

 

He denies charges of financial wrongdoing in Japan, claiming the country's
justice system is "rigged".

 

Mr Ghosn, who has an estimated net worth of $120m (£91m), was one of the
most powerful figures in the global car industry until his arrest in
November 2018.

 

The scandal has thrown into doubt the future of Nissan's alliance with
Renault and Mitsubishi.--BBC

 

 

 

Android co-creator's phone company Essential to close

Essential, the phone company launched by Android co-founder Andy Rubin, has
announced its closure.

 

Established in 2015, it had planned to release several phones, a smart home
speaker and its own operating system.

 

But it only ended up releasing one handset, the Essential Phone, and a few
accessories for it.

 

It had been working on an unusual super-slim smartphone called Gem but said
in a statement that it had "no clear path forward" to deliver it.

 

"Our vision was to invent a mobile computing paradigm that more seamlessly
integrated with people's lifestyle needs," the company said in a statement.

 

"Despite our best efforts, we've now taken Gem as far as we can and
regrettably have no clear path to deliver it to customers. Given this, we
have made the difficult decision to cease operations and shut down
Essential."

 

The closure of the company means the Essential Phone will no longer receive
any software security updates.

 

However, the company has shared its software on coding site Github so
developers can "keep hacking" the device.

 

Essential's cross-platform email software, Newton Mail, will be discontinued
in April.--BBC

 

 

 

US telecoms giants get $26bn takeover green light

A US judge has given the go-ahead for telecoms giant T-Mobile US to buy its
smaller rival Sprint.

 

The $26bn (£20bn) deal will mark a major shakeup of the industry as it will
mean there will be just three major players in the American mobile phone
market.

 

The ruling will pave the way for the completion of a deal first agreed two
years ago.

 

Shares in Japan's SoftBank, which owns Sprint, jumped after the
announcement.

 

A federal judge rejected a claim by a group of Democrat-led states that the
planned merger would break anti-competition laws and mean higher prices for
customers.

 

If left unchallenged, the ruling will mean the majority of US mobile phone
users will be served by just three networks: Verizon, AT&T, and the new
T-Mobile.

 

Samsung unveils S20 flagship and folding Flip phone

T-Mobile to buy Sprint in $26bn merger

T-Mobile battles firm over pink logo

Outgoing T-Mobile boss John Legere had argued that the tie-up was crucial to
allow his company to compete with its bigger rivals.

 

He celebrated the court victory by tweeting that the deal would be good for
the company, its employees, and customers.

 

After the Wall Street Journal reported on Tuesday that the verdict would be
in favour of the T-Mobile deal, shares in Sprint soared by almost 80%, or
about $15bn, in New York.

 

Shares in Sprint-owner SoftBank rose by more than 12% on Wednesday when the
Tokyo stock market reopened after the National Founding Day holiday.

 

The deal would allow Softbank, a Japanese technology company, to offload one
of its troubled assets as it struggles to raise funds for a successor to its
$100bn Vision Fund.

 

It comes as founder Masayoshi Son is under pressure over some of his
high-profile investments, including troubled office space company
WeWork.--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
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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
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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.

 


 

 


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