Major International Business Headlines Brief::: 25 February 2020

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Major International Business Headlines Brief::: 25 February 2020

 


 

 


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

 


 

 


 

 

ü  Global stock markets plunge on coronavirus fears

ü  Tesco to sell plasters in different skin tones

ü  Coronavirus credit crunch hits millions of Chinese firms

ü  'Female cocoa farmers paid as little as 23p a day'

ü  James Packer's Crown Resorts casino firm faces probe

ü  Estate agent giants Countrywide and LSL in merger talks

ü  Nigeria posts highest quarterly GDP growth in Q4 since recession

ü  Rwanda's finance minister seeks to boost spending by 4.8%

ü  Kenya pledges to follow through on sugar factory privatisations

ü  S.Africa's Sasol slides to 14-year low as U.S. project hurts profits

ü  Aspen stock rises almost 6% after H1 results forecast ahead of estimates

ü  Kenya central bank to hold its rate-setting meeting on March 23

ü  Africa Finance Corp to invest $63 mln in Djibouti wind farm

ü  Sawiris in talks to buy 51% stake in Egypt state-owned mining firm

ü  S.Africa's maize output expected to rise 29% on good rains, higher
plantings

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Global stock markets plunge on coronavirus fears

Global financial markets saw some of the sharpest falls in years on Monday
after a rise in coronavirus cases renewed fears about economic slowdown.

 

In the US, the Dow Jones and S&P 500 posted their sharpest daily declines
since 2018, with the Dow falling 3.5% or more than 1,000 points.

 

The S&P 500 ended the day 3.3% lower, while the Nasdaq sank 3.7%.

 

The UK's FTSE 100 share index closed 3.3% lower, the sharpest drop since
January 2016.

 

In Italy, which has seen Europe's worst outbreak of the virus, Milan's stock
market plunged nearly 6%.

 

In contrast, the price of gold, which is considered less risky, hit its
highest level in seven years at one point.

 

The moves came as the outbreak continued to spread outside of China, with
Iran, South Korea and Italy reporting a surge in cases.

 

About 77,000 people in China, where the virus emerged last year, have been
infected and nearly 2,600 have died.

 

More than 1,200 cases have been confirmed in about 30 other countries and
there have been more than 20 deaths. Italy reported three more deaths on
Monday, raising the total there to six.

 

 

"There has been so much complacency in recent weeks from investors, despite
clear signs that China's economy is facing a large hit and that supply
chains around the world were being disrupted," said Russ Mould, investment
director at AJ Bell.

 

"Markets initially wobbled in January, but had quickly bounced back,
implying that investors didn't see the coronavirus as a serious threat to
corporate earnings. They may now be reappraising the situation."

 

The losses on the Dow and S&P 500 in the US wiped out their gains for the
year. Firms such as Nike, Apple and Walt Disney, which do major business in
China and rely on it to make goods, were some of the hardest hit, with
shares down more than 4%.

 

Travel companies also continued to suffer. In the UK, the biggest faller in
the FTSE 100 was EasyJet, which sank 16.7%, while Tui and British Airways
owner IAG were both down by more than 9% at the close.

 

 

Wall Street is spooked. The massive falls on US financial markets shows that
pretty clearly.

 

But why now?

 

Part of the answer can be found in the ballooning number of confirmed cases
in China and elsewhere. Investors worry this could mean a prolonged economic
slowdown around the world.

 

Tech juggernaut Apple has already warned of a shortage of iPhones and other
US companies are also starting to break a sweat. If the impact is as serious
as some investors suspect, it could derail the longest economic expansion in
America's history.

 

That means there are political implications too. US President Donald Trump
has made a roaring economy a central part of his re-election bid. Any
wobbles could make his case for another four years more challenging.

 

Supply fears

The market moves come as companies continue to warn about the effect of the
coronavirus on their supply chains and overall financial health.

 

Associated British Foods, which owns clothing retailer Primark, warned on
Monday that there could be shortages of some lines if delays in factory
production in China were prolonged because of virus-related shutdowns.

 

In China itself, officials have said most small businesses have yet to
reopen after the authorities extended the Lunar New Year holiday in an
effort to contain the spread of the virus.

 

Only about three out of 10 small and medium-sized enterprises (SMEs) were
back to work, while transport problems were preventing workers from
travelling and disrupting shipments of raw materials, said industry ministry
spokesman Tian Yulong.

 

SMEs make up about 60% of the Chinese economy.

 

Analysts said the gold price - which has risen by more than 10% since the
start of the year - could soon breach the $1,700 barrier. On Monday, prices
surged more than 2% at one point, before retreating.

 

"Gold has finally established some serious momentum," said Jeffrey Halley,
senior market analyst at online trading platform Oanda.

 

Oil prices fell by about 4% on Monday, as investors worried about a fall in
demand following the temporary factory closures due to the virus.

 

The price of Brent crude dropped by more than $2 to $55.55 a barrel.--BBC

 

 


 <mailto:info at bulls.co.zw> 

 


 

Tesco to sell plasters in different skin tones

The UK's biggest retailer, Tesco, is stocking plasters in a variety of skin
tones as it tries to give a better reflection of racial diversity.

 

It said the plasters, which come in light, medium and dark shades, would
"better represent the nation".

 

The retailer said they were developed in response to an emotional tweet from
a US man, who used a plaster matching his skin tone for the first time.

 

Tesco said it was the first UK supermarket to make such a move.

 

People welcomed the news on Twitter, although some questioned why it had
taken so long.

 

Campaigner Sajda Mughal tweeted: "This is like that feeling as a WOC [woman
of colour] growing up not being able to find the right tone of foundation
apart from pink!!!... And finally somebody introduces it!!!"

 

Nicola Robinson, Tesco's health, beauty and wellness director, said: "As one
of the largest retailers in the UK, we understand that we have a
responsibility to ensure our products reflect the diversity of our customers
and colleagues.

 

"We believe the launch of our new skin tone plaster range is an important
step and a move that we hope will be replicated by other retailers and
supermarkets across the country."

 

The supermarket giant developed the plasters after a tweet from Dominique
Apollon, of US racial equality advocacy group Race Forward, went viral.

 

Mr Apollon said he was overwhelmed after using a plaster matching his skin
tone for the first time, and "holding back tears". It prompted more than
100,000 retweets and comments.

 

Currently, people have little choice when it comes to buying plasters of
diverse shades on the High Street. Boots does not stock plasters in multiple
shades, although it does offer transparent ones.

 

Specialist brands are available online but can be expensive.

 

Tesco, which is the UK's biggest seller of own-brand plasters, said its new
plasters would be available at all of its 741 UK stores.

 

Superdrug told the BBC it will also be launching plasters for dark tone,
medium tone and light tone skin in six weeks' time across all of its stores.
Boots also said it plans to launch plasters in a range of tones.

 

Nicola Paul, a diversity expert at Green Park, an executive search firm,
welcomed the news.

 

"Not only is it the right thing to do but there is demand," she said.

 

"Companies in the cosmetic industry realised the importance of producing
products different skin tones years ago, though you'll also find plenty of
blogs and posts explaining they haven't done enough.

 

"Some fashion retailers have considered their ranges, especially extending
their 'nude' ranges beyond pale, be that shoes, tights or underwear.

 

"Supermarkets are very competitive when it comes to the sustainability
agenda and it would be great to see more examples like this coming
through."--BBC

 

 

 

Coronavirus credit crunch hits millions of Chinese firms

Mounting debts have hit Chinese companies struggling to pay workers and
suppliers amid the coronavirus outbreak.

 

President Xi Xinping said on Sunday that China faces a "big test" to combat
the virus.

 

The government has asked banks to offer more credit for an economy stunned
as the virus spreads rapidly.

 

But a survey of small and medium Chinese firms found millions on the verge
of collapse.

 

The Chinese Association of Small and Medium Enterprises said around 60%
could cover regular payments for only one to two months before running out
of cash.

 

Only 10% said they could hold out six months or longer.

 

At the same time, the industry group said that "nearly 60% of the
enterprises (surveyed) have resumed work."

 

S Korea declares highest alert over coronavirus

China pumps billions into economy as coronavirus hits

Car sales in China fall 92% as coronavirus hits

Small- and medium-sized companies in China are a particular focus because
they account for 60% of the economy and 80% of jobs, according to the
People's Bank of China.

 

Many of the firms and their workers have been on an extended break since
late January when China extended the week-long Lunar New Year into
mid-February and travel within and to and from the country was slashed to
combat the spread of the virus.

 

International Monetary Fund Managing Director Kristalina Georgieva at
weekend meeting of the world's top 20 economies, known as the G20, capped
warnings echoed by central banks around the world that China, the world's
No. 2 economy, will see a sharp fall in first quarter economic growth.

 

The IMF's current baseline scenario sees China's economy returning to normal
in the second quarter of the year. "But we are also looking at more dire
scenarios where the spread of the virus continues for longer and more
globally, and the growth consequences are more protracted,'' Georgieva
said.--BBC

 

 

 

'Female cocoa farmers paid as little as 23p a day'

The average female cocoa farmer is paid as little as 23p a day, highlighting
a gender pay gap in the global chocolate industry, according to Fairtrade.

 

That figure is well below the extreme global poverty line of £1.40 a day,
and average farmer pay rate of 75p a day.

 

The group is calling on the government and chocolate industry to join an
alliance to increase women's pay.

 

It is using Fairtrade Fortnight to highlight the "hidden inequality" of
females in the chocolate industry.

 

UK lead?

The foundation says the UK chocolate industry is worth at least £4bn a year,
with Brits consuming more per person than any other European country.

 

And that, it says, means the UK should be leading efforts to ensure that all
cocoa farmers and chocolate workers, especially women, can earn a living
income.

 

The group has called on the UK government and chocolate industry to join the
Alliance on Living Incomes in Cocoa, a new international initiative.

 

The BBC has contacted the government for a response.

 

Fairtrade has launched a She Deserves campaign, revealing that in West
Africa, where 60% of the world's cocoa is grown, the average female cocoa
farmer earns as little as 23p a day.

 

In the Ivory Coast, despite carrying out 68% of the labour, which involves
planting and harvesting, hacking cocoa pods, fermenting, drying and bagging
up the cocoa beans - as well as domestic duties in the home - women have
fewer rights than men, receive less money and are often landless.

 

"Often the woman does two thirds of the work for less than a third of the
income, meaning a bitter taste to the sweet treat," Louisa Cox, director of
impact at the Fairtrade Foundation, said.

 

"If the cocoa industry is serious about a long-term sustainable future for
their business then they must truly sweeten the deal and invest more in the
women behind our chocolate."

 

Julia Nicoara, director of public engagement at the Fairtrade Foundation,
said: "Many of us don't know the bitter truth of exploited farmers behind
much of our chocolate, with women doing much more of the work for much less
of the pay."

 

A series of events will be held across the UK in the next two weeks, with
the Fairtrade Foundation's grassroots networks of around 1,600 Fairtrade
schools and towns staging storytelling events to highlight the women's
lives.--BBC

 

 

 

James Packer's Crown Resorts casino firm faces probe

An inquiry has begun into allegations that Australian casino firm Crown
Resorts has links to organised crime.

 

Crown Resorts is one of the country's biggest gaming groups, and is
37%-owned by Australian tycoon James Packer.

 

It is defending several claims over the use of junkets (paid-for trips) to
encourage gamblers to use its casinos.

 

The New South Wales gaming authority is probing "the vulnerability of
junkets to the infiltration of organised crime" at the hearings in Sydney.

 

It is also investigating "vulnerabilities of casinos to money laundering
both generally and in connection with the use of junkets".

 

Mr Packer and Crown Resorts have denied the allegations and said they will
fully co-operate with the inquiry, which is expected to last two weeks.

 

Junkets are commonly used by casinos to attract high-spending gamblers.

 

The public inquiry was prompted by the publication in various media outlets
last year of allegations concerning the conduct of Crown Resorts and its
alleged associates.

 

"This included allegations that Crown Resorts casinos were used to launder
money, anti-money laundering controls were not rigorously enforced, gambling
laws were breached and Crown Resorts or its subsidiaries were associated
with junket operators that had links to drug traffickers, money launderers,
human traffickers and organised crime groups," hearing documents state.

 

Mr Packer is the largest shareholder of Crown Resorts, which owns casinos in
Australia and London, although he stepped down from the board in 2018. His
wealth is valued at $3bn (£2.3bn) according to Forbes.

 

A spokesperson for Crown Resorts said: "Out of respect for the ILGA inquiry
and its processes, Crown does not intend to comment at this time."--BBC

 

 

 

Estate agent giants Countrywide and LSL in merger talks

Countrywide and LSL Property Services have said they are in talks over a
possible merger which could create the UK's largest estate agency.

 

The news comes after several years of losses at Countrywide and a difficult
time for the sector.

 

Countrywide owns the Hamptons and Gascoigne-Pees brands while LSL owns Your
Move and Reed Rains.

 

The firms said that talks were ongoing, but there could be no certainty that
an offer would ultimately be made.

 

If the merger talks - which were first reported by Sky News - lead to a
deal, it will create a combined group worth about £470m with 14,000
employees.

 

Countrywide reported losses of £218m for 2018, compared with a £207m loss a
year earlier, and it said last year that the uncertainty surrounding Brexit
had been hitting business.

 

Recent surveys have suggested that the UK's housing market is starting to
pick up after a long period of sluggish activity.

 

Last month, a survey of property professionals reported an "uplift" in
sentiment in the housing market following the general election.

 

Sales expectations had "risen sharply", the Royal Institution of Chartered
Surveyors said, with the number of house sales rising in December for the
first time in seven months.

 

The most recent survey from the Halifax found the market continued "to show
signs of improvement".

 

The lender said it had seen "a pick-up in transactions with more buyer and
seller activity consistent with a reduction in uncertainty in the UK",
although it added it was "too early to say if a corner has been
turned".--BBC

 

 

 

Nigeria posts highest quarterly GDP growth in Q4 since recession

ABUJA (Reuters) - Nigeria’s economic growth rose to an annual rate of 2.55%
in the three months to the end of December, its highest quarterly growth
since a 2016 recession, the statistics office said on Monday.

 

Africa’s largest economy grew 2.27% in 2019 from 1.91% the previous year.
The country has struggled to shake off the effects of a 2016 recession that
ended the following year, and has been grappling with low growth since.

 

Growth in 2019 was supported by a favourable oil price and higher crude
production. The oil sector, which accounts for around two-thirds of
government revenue and 90% of foreign exchange, grew 6.36% in Q4.

 

Crude production hovered at around 2 million barrels per day throughout the
year, the statistics office said.

 

The non-oil sector, which the government is trying to make the main growth
sector, rose 2.26% in Q4.

 

President Muhammadu Buhari, who began a second four-year term in May, has
pledged to revive the economy and diversify it away from over-dependence on
oil. But investors have been waiting for policy signals that could lift
growth.

 

“Today’s figures still doesn’t show any sign that President Buhari is
succeeding in rebalancing Nigeria’s economy,” said John Ashbourne, Africa
economist at Capital Economics.

 

“The pickup in growth was caused by an easing in the contraction of
wholesale and retail trade and a boom in the banking sector.”

 

Last week the IMF cut its 2020 growth forecast for Nigeria to 2% from 2.5%,
citing lower demand for oil due to fears that the coronavirus outbreak in
China will cause a slowdown.

 

The Fund said Nigeria was still recovering, but inflation was rising which,
along with external shocks, would weaken its foreign exchange reserves due
to its deteriorating terms of trade and capital outflows.

 

Annual inflation in Nigeria rose for the fifth straight month to 12.13% in
January, its highest in nearly two years.

 

 

 

Rwanda's finance minister seeks to boost spending by 4.8%

KIGALI (Reuters) - Rwanda’s Finance Minister Uzziel Ndagijimana on Monday
asked parliament to raise the government’s spending for the financial year
to June by 4.8%.

 

The East African economy, which is mainly dependent on farming and services
like hospitality, grew by an average of 10.9% in the first nine months of
last year, Ndagijimana said.

 

The government’s motion is almost certain to pass through parliament where
President Paul Kagame’s ruling party has full control.

 

The additional expenditure will increase the government’s spending to 3.02
trillion francs ($3.29 billion), with the extra cash funding the hiring of
new doctors and other government programs, the minister said.

 

He said the extra cash will be raised through tax revenues and other non-tax
revenues, without providing more details.

 

($1 = 919.2600 Rwandan francs)

 

 

 

Kenya pledges to follow through on sugar factory privatisations

NAIROBI (Reuters) - Kenya will privatise sugar factories and impose an
additional tax as it tries to revive the industry, President Uhuru
Kenyatta’s office said on Monday.

 

Industry experts count the high cost of production and poorly funded
government factories with aging machinery among the problems facing the East
African nation’s sugar industry.

 

The government will act on all of the recommendations made by a task force
formed to focus on reviving the sector, Kenyatta’s office said in a
statement.

 

The task force recommended reintroducing a levy.

 

“The sugar levy will be charged on consumers so as to raise the revenue
needed to assist farmers to develop their sugarcane crop,” Kenyatta’s office
said, without providing details on the levy.

 

The task force also recommended changes to sugar import rules, it said,
without elaborating.

 

The government’s latest attempt to privatise was in 2015, when it announced
plans to sell shares in five companies it owns. Two of these are in
receivership.

 

The effort failed, after a court case challenged the manner in which the
government’s Privatization Commission planned to do it, prompting the
commission to restart the process and involve more parties such as regional
county governments.

 

The 2017 formation of the task force that handed its report to Kenyatta on
Monday was partly driven by 2015’s failed privatisation.

 

Kenya produced 485,498 tonnes of sugar in 2018, up from 377,126 tonnes a
year earlier, data from the Kenya National Bureau of Statistics show.

 

The country consumes 870,000 tonnes of sugar annually.

 

It relies on duty-free imports from the Common Market for Eastern and
Southern Africa (COMESA) trade bloc to cover its annual deficit.--BBC

 

 

 

S.Africa's Sasol slides to 14-year low as U.S. project hurts profits

JOHANNESBURG (Reuters) - South African petrochemicals group Sasol’s
half-year profits plunged, sending shares to a 14-year low on Monday, due to
problems at its Lake Charles Chemicals project and softer chemical and Brent
crude oil prices.

 

The U.S. ethane cracker project, known as LCCP, has been hit by delays and
is costing billions of dollars more than initial estimates. Sasol’s joint
chief executives resigned late last year in a bid to restore confidence in
the firm.

 

Shares in Sasol slid to their lowest since 2006 at 193.99, and were down
8.6% to 195.78 rand by 1142 GMT, after the firm posted headline earnings per
share of 5.94 rand ($0.40), down from 23.25 rand a year earlier.

 

“The financial results were impacted mostly by a weak macroeconomic
environment, which resulted in lower margins, and the LCCP being in a
ramp-up phase,” Sasol said.

 

The world’s top manufacturer of motor fuel from coal did not declare an
interim dividend, and chief financial officer Paul Victor said the company
was unlikely to pay a final dividend at the end of the financial year.

 

“In the current phase we find ourselves, we think the probability of even
paying a final dividend can be low,” Victor said, adding that the board was
yet to make a final decision.

 

LCCP HITS EARNINGS

Adjusted earnings before interest, tax, depreciation and amortization
(EBITDA) fell 27% to 19.6 billion rand, with LCCP knocking 1.1 billion rand
off the total, and depreciation charges reaching a further 1.7 billion rand.

 

The cost of the Louisiana plant, which converts natural gas into plastics
ingredient ethylene, is expected to reach as much as $12.8 billion, up from
a 2014 forecast of $8.9 billion.

 

Its development has been hit by poor weather conditions, delays and
oversights including duplicate credits and procurement back-charges.

 

Sasol said revenue from LCCP did not yet match its project costs. However,
the company expects the facility to generate a profit in the second half of
the year.

 

The group said LCCP’s overall project completion was at 99% at the end of
December.

 

However, investigations into an explosion and fire at one of the units at
the LCCP plant in January revealed that a piping support structure within
the emergency vent system had failed during commissioning, causing a pipe to
dislodge.

 

Sasol said while no major equipment had been damaged, and the incident was
isolated, the unit would not be operating beneficially until the second half
of 2020.

 

Its gearing ratio increased from 56.3% in June last year to 64.5% at the end
of the interim period. The group, which began a review of its assets in
2017, said it would not rely on disposals to reduce debt.

 

Chief Executive Fleetwood Grobler, who took the helm in November, said Sasol
would keep its mining business despite speculation it would dispose of its
coal assets as climate change pressures increase.

 

“There was some speculation about the future of our mining business, but I
want to clarify mining is a key driver to the integrated coal-to-liquid
value chain and we intend to keep it,” Grobler said.

 

($1 = 14.9945 rand)

 

 

Aspen stock rises almost 6% after H1 results forecast ahead of estimates

JOHANNESBURG (Reuters) - Aspen Pharmacare Holdings Ltd’s shares surged 5.7%
on Monday, putting the South African drugmaker on track for its biggest
one-day gain in more than two-months after it said its half-year results
would likely beat estimates.

 

The nearly 170-year-old drug maker, with a presence in about 56 countries,
said on Friday it expects to report half-year results slightly above its
forecast as its manufacturing unit benefited from the restart of heparin
sales to third party customers. [nL4N2AL3NK]

 

At 0856 GMT, shares in Aspen were 3.11% firmer at 110.88 rand, having risen
as high as 113.72 rand, and on course for their biggest one-day gain since
December 17.

 

The market also cheered Aspen for lowering its debt to about 38 billion rand
($2.53 billion) by Dec.31. The firm said its leverage ratio, which assesses
the ability of a firm to meet its financial obligations, is likely to end
between 3.50x and 3.60x against a covenant threshold of 4.0x, the firm
added.

 

Aspen said assuming the net proceeds from the sale of its Japanese business
to Swiss drugmaker Novartis were received on Dec.31, the leverage ratio
would have been between 3.20x and 3.30x.

 

Investors have been concerned about Aspen’s debt in the last two years after
levels moved close to breaching debt covenants.

 

In September it said it was aiming for a leverage ratio of less than 3.0x in
the medium term as it bets on positive free cash flows and a substantial
decline in planned capital expenditure after the 2020 financial year.
[nL5N2624OR]

 

“The forced sale of the formula business and the Japanese business seems to
have saved Aspen from a rights issue,” Vestact Portfolio Manager, Byron
Lotter said in a note.

 

“I expect the share price to react positively to this news. At these levels,
it seems to be a good potential turn around story.”

 

($1 = 14.9945 rand)

 

 

 

Kenya central bank to hold its rate-setting meeting on March 23

NAIROBI (Reuters) - The Kenyan central bank’s Monetary Policy Committee will
meet to set lending rates on March 23, the bank said in a notice on its
website.

 

The committee cut the benchmark rate by a quarter point to 8.25% at its last
meeting in January.

 

 

 

Africa Finance Corp to invest $63 mln in Djibouti wind farm

NAIROBI (Reuters) - Africa Finance Corporation (AFC) is investing $63
million to build and operate a 60 megawatt (MW) wind farm in Djibouti, the
Lagos-based development financier said on Monday.

 

Established in 2007 by West African states such as Nigeria and Ghana to
invest in infrastructure projects across the continent, AFC has a balance
sheet of about $5 billion.

 

It is partnering with Great Horn Investment Holdings, Climate Fund Managers
and Dutch development bank FMO in the project, which is located in the
Ghoubet area near Lake Assal.

 

Operations at the project, which already has a 25-year power purchase
agreement with power distributor Électricité de Djibouti, are scheduled to
start in 2021.

 

The Horn of African nation’s power sector faces significant challenges, AFC
said in a statement, with less than 100 MW reliably available for a
population of close to a million people.

 

“Electricity demand is also expected to considerably increase due to various
large-scale infrastructure projects including ports, free-trade zones and
railways that the Government of Djibouti has undertaken,” it said.

 

Backing for the project is all sponsor equity financing, AFC said, enabling
construction to begin within two years, rather than the usual 3-5 years. It
also has some government and third-party guarantees.

 

 

 

Sawiris in talks to buy 51% stake in Egypt state-owned mining firm

CAIRO (Reuters) - Egyptian billionaire Naguib Sawiris said on Sunday that he
was holding talks to acquire a 51% stake in the state-owned Shalateen mining
company.

 

Sawiris chairs private gold mining group La Mancha and had said that he
intended to invest in gold and copper mining in Egypt if investment
conditions improved.

 

Egypt in January issued new regulations that appeared to eliminate the need
for mining companies to form joint ventures with the government and to limit
state royalties to a maximum 20%.

 

 

 

S.Africa's maize output expected to rise 29% on good rains, higher plantings

JOHANNESBURG (Reuters) - South African maize farmers are expected to harvest
29% more of the staple crop in the 2019/2020 season compared with the
previous season, boosted by favourable weather conditions and an increase in
the area planted, a Reuters survey showed on Monday.

 

South Africa’s Crop Estimates Committee (CEC) is expected to forecast
production at 14.504 million tonnes for the crop to be harvested in 2020, up
from the 11.259 million tonnes planted last season, an average estimate of
five traders and analysts surveyed showed.

 

The range of total maize estimates was 13.72 million tonnes to 15 million
tonnes.

 

The harvest is expected to rise after an increase in the area planted, which
the CEC forecast at 2.535 million hectares of maize in January, and on
improved weather conditions. [nL8N29Y42E]

 

“Weather conditions have improved notably since the beginning of January
2020. And as a result, the crop is in good shape in most regions of the
country with anticipation of higher yields,” said Wandile Sihlobo, an
economist with South African agribusiness association Agbiz.

 

The survey pegged the crop, consisting of 7.99 million tonnes of white maize
used mainly for human consumption, and 6.52 million tonnes of yellow maize
used mainly in animal feed.

 

The CEC will issue its first production forecast for 2020 summer crops on
Wednesday.

 

 

 


 

 


 

INVESTORS DIARY 2020

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


Bindura Nickel Corporation

 

 

 


Padenga Holdings

 

 

 


Delta Corporation

 

 

 


Meikles Limited

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
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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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whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
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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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Bulls n Bears 

 

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