Major International Business Headlines Brief::: 28 February 2020

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Major International Business Headlines Brief::: 28 February 2020

 


 

 


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ü  S.Africa's Northam Platinum half-year earnings more than treble

ü  Kenya Electricity Generating's H1 pretax profit rises 4.3%

ü  Kenya Airways names budget subsidiary's boss as new CEO

ü  Why South Africa's public wage bill is a problem

ü  AJN Resources slides after Barrick issues cease-and-desist notice over
Kibali stake sale

ü  South African rand firms after Mboweni's proposal to cut public sector
wages

ü  South Africa's Massmart falls to annual loss; no dividend

ü  Shares face worst week since global financial crisis

ü  British Airways owner IAG warns of coronavirus hit

ü  Road schemes may face Heathrow-style court action

ü  Dow falls more than 4% amid coronavirus stock rout

ü  Dettol sales surge as markets fall again

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

S.Africa's Northam Platinum half-year earnings more than treble

JOHANNESBURG (Reuters) - South Africa’s Northam Platinum on Friday reported
a three-fold increase in interim earnings, underpinned by higher metal
prices and increased sales volumes.

 

Normalised headline earning per share (HEPS), the main profit measure used
in South Africa that strips out certain one-off items, for the six months
ended Dec. 31 jumped 241% to 369.6 cents, from 108.5 cents in the year-ago
period.

 

Palladium and rhodium, widely used in vehicle exhausts to reduce harmful
emissions, have climbed as tighter environmental regulations force carmakers
to buy more of the precious metals used in catalytic converters.

 

“The operations are performing well and are expected to deliver a solid
performance for the full financial year. Project execution is on track and
the company is well-positioned to benefit from stronger PGM (platinum group
metals) prices,” said Chief Executive Officer Paul Dunne.

 

Tighter regulations helped boost profit of other South African miners such
as Impala Platinum, Sibanye-Stillwater and Anglo American Platinum after
posting years of losses.

 

Northam Platinum, which also produces palladium and rhodium, said its
earnings before interest, tax, depreciation and amortization (EBITDA) rose
to 3.193 billion rand ($209.55 million), from 1.125 billion rand a year
earlier.

 

The miner said its Zondereinde mine had experienced a fire on the eastern
side in July, which resulted in an interruption to its business with power
cuts by state-owned utility Eskom further impacting operations.

 

Half-year production surged 20% to 306,738 ounces, compared with 256,461
ounces a year earlier, Northam said, adding that it had generated
significant free cash flow of 695.8 million rand for the first time since
2015.

 

“It is expected that the group’s ability to generate free cash flow in the
foreseeable future will be positively impacted by production growth and the
continuing increase in PGM,” said Northam.

 

However, the company did not declare an interim dividend.

 

($1 = 15.2377 rand)

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Kenya Electricity Generating's H1 pretax profit rises 4.3%

NAIROBI (Reuters) - The Kenya Electricity Generating Company said on Friday
its pretax profit edged up 4.3% in the first half ended December helped by
lower finance costs.

 

A tax credit of 1.89 billion shillings related to the completion of a new
power generation plant, however boosted its earnings per share by 96.8% to
1.24 shillings, the company said.

 

The East African nation’s largest electricity producer also reported results
for the full year ended June 2019, after it delayed them in November due to
a vacancy at the auditor general’s office, which audits state-controlled
firms.

 

Pretax profit and earnings per share were broadly flat in 2019, the company
said, adding that it would only declare dividend for the full year when an
auditor general is appointed and the results are reviewed.

 

The company, which is popularly known as KenGen, has been expanding its
generation capacity by digging up new geothermal steam wells to drive
electricity generation turbines in the Rift Valley area of Naivasha in
Nakuru County.

 

KenGen also announced that it had secured contracts from some geothermal
electricity development consultancies in neighbouring Ethiopia in recent
months.

 

“These initiatives are expected to have positive contribution to our future
performance,” the company said in a statement.

 

The company said pretax profit rose to 6.28 billion shillings in the half
year ended December from 6.02 billion shillings a year earlier.

 

Finance costs, which include interest on short-term borrowings, slid to 1.14
billion shillings from 1.34 billion shillings a year ago.

 

 

 

Kenya Airways names budget subsidiary's boss as new CEO

NAIROBI (Reuters) - Kenya Airways named the head of its low-cost subsidiary
as its new chief executive on Thursday.

 

Allan Kilavuka, who had been named as acting CEO in December, was CEO of
loss-making Kenya Airways’ Jambojet subsidary. His appointment takes effect
on April 1, a company statement said.

 

 

 

Why South Africa's public wage bill is a problem

JOHANNESBURG (Reuters) - South Africa says it will slash public sector wages
by 160 billion rand ($10.5 billion) over the next three years to help
contain a rising budget deficit.

 

Trade unions, with which the government must negotiate the spending cuts,
are promising a fight.

 

Here is why the government wage bill is a problem.

 

WHAT IS THE PUBLIC WAGE BILL?

South Africa spends around a third of its budget on the salaries of 1.2
million civil servants, including national and provincial officials,
doctors, teachers and police.

 

In the fiscal year ending next month, it will spend around 629 billion rand
($41.3 billion) on public sector wages, growing progressively to 697 billion
rand by 2022/23, according to plans unveiled on Wednesday.

 

HOW DID IT GET SO LARGE?

After the end of apartheid in 1994, the governing African National Congress
(ANC) sought to empower millions of disadvantaged black people, including by
placing them in public sector jobs.

 

Government expenditure on public sector salaries more than tripled between
2007 and 2019.

 

The main reason was above-inflation wage deals with powerful unions, which
are allied with the ANC and can shut down parts of the economy if they don’t
get their way.

 

Civil servants’ salaries rose by about 40% in real terms over the past 12
years, while their number grew by 170,000. The fastest wage increases were
in high-skilled professions, including doctors and teachers.

 

HOW WILL GOVERNMENT MAKE THE CUTS?

It has yet to say. Officials have said cuts could be achieved through
modifications to cost-of-living adjustments and by halting automatic pay
progression.

 

Previous efforts to cut compensation costs, including offering early
retirement, have not been successful.

 

Some analysts think the government won’t be able to deliver the promised
cuts because the ANC needs its union allies to help mobilise support at
local elections next year.

 

ARE THE PROPOSED CUTS ENOUGH?

Even if the cuts materialise, the budget deficit will remain high at 6.8% of
GDP next fiscal year, and the debt-to-GDP ratio will still exceed 70% by
2023.

 

Many analysts expect the dismal metrics will prompt Moody’s to downgrade the
country’s last investment-grade credit rating to “junk” status this year.

 

Public sector pay would still account for a greater share of government
expenditure than in many advanced and emerging economies in Europe and Asia.

 

But it would be broadly in line with levels elsewhere in sub-Saharan Africa
and South America, according to an International Monetary Fund study.

 

The problem for South Africa is that it has so little revenue to spare,
given slow economic growth, chronically high unemployment and a small tax
base.

 

($1 = 15.2377 rand)

 

 

 

AJN Resources slides after Barrick issues cease-and-desist notice over
Kibali stake sale

KINSHASA/TORONTO/JOHANNESBURG (Reuters) - Shares in junior miner AJN
Resources took a hit after Reuters reported Barrick Gold, the operator of
Congo’s biggest gold mine, issued a cease-and-desist notice to block its
acquisition of a 10% stake in the mine which it says the deal undervalues.

 

AJN Resources shares fell 16.7% in Canada, and the company’s Frankfurt
listing was down 9.6% in early trading on Thursday, having slid 8.6% on
Wednesday.

 

Barrick and AngloGold Ashanti, which each own 45% of the Kibali mine, said
they had not been consulted about the acquisition even though the stake’s
owner Societe Miniere de Kilo-Moto (SOKIMO) may not transfer or sell its
Kibali shares without their approval.

 

The two companies and the chair of state-owned SOKIMO say AJN’s planned
acquisition was prematurely announced to the market, without notifying
stakeholders or securing approval from SOKIMO’s board.

 

Barrick has issued a cease and desist notice to AJN, and its executives in
Congo are currently engaged with the government on the matter, Chief
Executive Mark Bristow said.

 

The miner won’t support the sale for reasons of valuation as well as
process, he said.

 

“From what little we know, it’s a deeply discounted transaction,” he told
Reuters. “It’s cheeky at best.”

 

AJN CEO Klaus Eckhof on Wednesday confirmed the previously unreported cease
and desist notice from Barrick, which he said instructed AJN to stop
pursuing the asset because Barrick has first right of refusal if SOKIMO
chooses to sell.

 

However, his firm can still go ahead with due diligence, he said. He
declined to comment on what value the deal gives the Kibali stake.

 

AJN announced a memorandum of understanding with SOKIMO on Feb 6 under which
the state-owned firm’s 10% stake in Kibali, plus stakes of between 30% and
35% in five other gold assets, would be exchanged for a 60% stake in AJN.

 

Investec in 2014 valued 45% of Kibali, one of the world’s biggest mines, at
$2.1 billion, meaning a 10% stake would have been worth $467 million.

 

Before the latest share price moves, Canada-listed AJN Resources had a
market capitalisation of just C$11.93 million ($9 million), according to
Refinitiv Eikon.

 

Asked about the gap between AJN’s valuation and the valuation of the mine,
Eckhof said: “The market will adjust. The share price will be different and
actually value the project.”

 

The deal would also give SOKIMO access to capital markets, he added.

 

“SURPRISED”

On Tuesday AJN said it had closed a C$2 million equity issue. Eckhof said he
aims to raise C$20 million ($15.05 million) “at minimum” by the time the
deal is signed.

 

At the close of the deal, AJN said its board would consist of two nominees
from SOKIMO and three current directors of AJN, making SOKIMO board members
a minority even though the firm would hold 60% of the shares.

 

SOKIMO chair Annie Kithima said she was “surprised” by AJN’s statement and
that the make-up of the board was still to be negotiated.

 

“The way AJN rushed to make this public is quite puzzling to me because at
the board level we were still waiting for the full report from our
management,” she told Reuters.

 

Eckhof said the MoU had been approved by the minister of portfolio, who
manages state-owned enterprises.

 

Elisabeth Caesens, director of the Brussels-based NGO Resource Matters,
said: “AJN has headed straight into a legal obstacle course.”

 

“It’s not even sure that SOKIMO is allowed to transfer its stakes, since the
mining code provides for a non-transferable 10% DRC stake for exploitation
permits,” she added.

 

DRC changed its mining code in 2018, hiking royalties and demanding higher
government participation in mining projects in a bid to benefit more from
mining activities. The code caused consternation among mining companies.

 

Barrick said it believes SOKIMO should maintain its stake.

 

“We don’t believe the state should be selling that asset because it’s got so
much value,” he said. “They should be participating in it.”

 

AJN’s Canada-listed shares spiked 140% on the day of the statement, and hit
a record high of C$1.34 the following day. The small-cap is thinly traded,
making it more volatile.

 

A representative with the British Columbia Securities Commission declined to
comment on AJN’s announcement of the stake sale, citing a policy of not
discussing interactions with issuers.

 

 

 

South African rand firms after Mboweni's proposal to cut public sector wages

JOHANNESBURG (Reuters) - The South African rand strengthened early on
Thursday, a day after Finance Minister Tito Mboweni proposed cuts to the
public sector wage bill.

 

Financial markets cheered the proposal as rising public sector wages have
long been a threat to the country’s stretched public finances.

 

But some analysts are sceptical that the minister will be able to achieve
the more than 160 billion rand ($10.5 billion) of wage cuts targeted over
three years, given entrenched opposition from labour unions.

 

At 0650 GMT, the rand traded at 15.2550 versus the dollar, around 0.4%
stronger than its previous close.

 

The only major domestic data release expected on Thursday is the producer
price index, around 0930 GMT. Mboweni is also expected to brief lawmakers on
his budget plans.

 

Government bonds were firmer in early deals, with the yield on the 2026 bond
down 4 basis points to 7.700%.

 

($1 = 15.2377 rand)

 

 

 

 

South Africa's Massmart falls to annual loss; no dividend

JOHANNESBURG (Reuters) - South Africa’s Massmart fell to an annual headline
loss of 1.1 billion rand ($72 million) as consumers cut back on
discretionary spending on items such as appliances, the retailer said on
Thursday.

 

South African consumers are battling with high levels of unemployment,
modest wage increases and higher average fuel and utility prices.

 

Majority owned by Walmart Inc, Massmart reported a headline loss for the 52
weeks ended Dec. 29 versus a profit of 900 million in 2018. It did not
declare a final dividend.

 

Sales rose 3% to 93.7 billion rand while comparable sales grew just 1.5%.

 

Food and liquor sales jumped by 5.1% but general merchandise sales fell
1.3%. Its high margin home improvement sales increased 3.4%.

 

Sales growth was under pressure, especially in the second half of 2019, the
retailer said, and most evident in general merchandise, its biggest category
by value and by margin contribution.

 

It delivered a very strong sales performance for Black Friday at the end of
November, it said, but this did not carry over into the December holidays.

 

“The sales performance across our major categories is reflective of the
spending pattern of a financially constrained consumer who continues to
prioritise spending on non-durables over durable goods,” the retailer said.

 

Promotions also weighed as gross margins fell to 18.9% from 19.5%, the
retailer said. It expects margin pressure to persist in 2020.

 

Expenses grew 10.2% on employment costs, new store openings, increased
municipal tariffs, electricity costs and costs associated with power
generation due to power cuts in February and December.

 

Present in 12 African countries, Massmart also booked impairment charges of
169.5 million rand as a result of a review of loss-making stores and
non-current assets held for sale.

 

GAME RESET

Massmart will start removing fresh and frozen food from 22 of its Game
stores in 2020, Massmart Retail CEO Llewellyn Walters told analysts at the
result presentation.

 

Refrigeration will be moved to Massmart’s food and wholesale chains
Cambridge, Rhino and cash and carry stores.

 

“The benefits that this brings is our operating cost... electricity,
maintenance, because refrigeration does require a lot of maintenance and is
effectively energy hungry. It gets the business back into a low-cost
operating model,” Walters said.

 

New CEO Mitch Slape announced a turnaround plan in January aimed at cutting
costs and boosting sales and margins. Massmart will exit poorly performing
categories such as fresh and frozen food and will close underperforming
stores.

 

($1 = 15.2377 rand)

 

 

 

Shares face worst week since global financial crisis

Stock markets across the globe are suffering their worst week since the
global financial crisis of 2008.

 

Asian markets have reacted badly as the coronavirus outbreak spreads across
Europe and unsettles investors.

 

On Wall Street, the Dow Jones index fell almost 1,200 points yesterday - its
biggest daily points-drop in history.

 

This rattled investors across Asia on Friday - with big drops on Japanese,
Australian, Korean and Chinese markets.

 

In Japan, the Nikkei 225 index fell 3% in early trading on Friday - and is
now down more than 9% this week.

 

Australia's main shares index, the ASX200, fell by more than 3.5% on Friday
morning and is heading for its biggest fall since the financial crisis of
2008.

 

The news of more coronavirus cases, notably in Italy, has raised concerns of
a much larger economic impact than previously expected.

 

"Markets were too optimistic, and now may be too pessimistic," said Iris
Pang, Greater China economist at ING.

 

"Asian markets have been slow to react to Covid-19 because markets
previously believed that this is a Greater China issue - until the infection
cases in South Korea and Japan begun to rise steeply."

 

Dow falls more than 4% amid coronavirus stock rout

Dettol sales surge amid coronavirus fears

Coronavirus outbreak at ‘decisive point’

Indian stock markets have also fallen heavily on Friday with the Nifty and
Sensex indices both down by around 2.5%.

 

Asian stock markets reacted badly when the outbreak emerged in China but had
stabilised - until now.

 

"While the coronavirus outbreak has been around for some weeks, the extent
to which we can contain the spread and the economic impact was still largely
uncertain," said Bernard Aw, principal economist at IHS Markit.

 

"Manufacturing surveys showed a mixed impact from coronavirus-related
disruptions, with Japan and Australia more affected than the US and Europe."

 

Mayank Mishra, a strategist at Standard Chartered Bank, added: "Previously
the market had taken some comfort in the falling infection rates in China as
a result of containment measures put in place earlier.

 

"But the spread of the coronavirus infection outside China with clusters
emerging in South Korea, Italy and Japan has increased concerns
significantly."--BBC

 

 

 

British Airways owner IAG warns of coronavirus hit

British Airways owner IAG has warned that its 2020 profits will be hit by
the effects of coronavirus.

 

The airline group said flight suspensions to China and cancellations on
Italian routes would affect how many passengers it would carry this year.

 

Due to uncertainty about the impact and duration of the current outbreak, it
was not possible to say how much profits would be hit, it said.

 

Rival EasyJet has said it is cancelling some flights due to the virus.

 

The budget carrier said that, following the increased number of coronavirus
cases in Northern Italy, it had seen "a significant softening of demand and
load factors into and out of our Northern Italian bases".

 

"As a result we will be making decisions to cancel some flights,
particularly those into and out of Italy, while continuing to monitor the
situation and adapting our flying programme to support demand."

 

Shares in airlines have been among the hardest hit in the global market
sell-off seen this week, and IAG's shares have sunk 17%.

 

IAG chief executive Willie Walsh told the BBC's Today programme: "I don't
think it's a surprise that investors are cautious in the current
circumstances."

 

He said that IAG had a "very strong balance sheet" but that it is "natural
in the current circumstances that people will be cautious".--BBC

 

 

 

Road schemes may face Heathrow-style court action

Plans for a £28.8bn roads programme could be challenged in the courts for
breaching the UK's laws on climate change.

 

The plans, due to be published next month, don't take into account
commitments on reducing emissions, the BBC has learned.

 

They are likely to face legal challenges from environmentalists.

 

On Thursday a court ruled that plans to expand Heathrow had failed to take
climate policies into account.

 

What are the plans?

The prime minister has promised many new roads, with infrastructure spending
focused on northern England.

 

But it is officials who make decisions over which roads are value for money
and should go-ahead.

 

They are supposed to weigh the benefits of a proposed road - for example how
much time drivers will save if it is built - against the drawbacks,
including the potential for increased carbon emissions.

 

What is the problem?

The current value-for-money assessment was done under guidelines last
updated in April 2019, when the UK was planning to cut emissions by 80% by
2050.

 

But two months later the target was raised, committing the UK to cutting
almost 100% of emissions by the same date.

 

BBC News has learned that the guidelines haven't yet been updated to take
the tougher targets into account.

 

The absence of up-to-date guidelines means some climate-damaging road
schemes may get approved, when under the new climate laws they should be
rejected.

 

Climate campaigners win Heathrow expansion case

Is this the end for Heathrow's third runway?

A really simple guide to climate change

A pressure group, Transport Action Network, says its investigations suggest
some road schemes are going ahead, even if they're shown to increase
emissions, whilst other schemes don't include any data on potential carbon
emissions.

 

"The whole system desperately needs reviewing. The assessments were done in
a pre-climate crisis era. They don't take into account the UK's commitment
to Net Zero emissions," said spokeswoman, Becca Lush.

 

The group is now considering legal action against the government.

 

What does it have to do with Heathrow?

The roads assessment is closely related to Thursday's Appeal Court ruling
over Heathrow.

 

Judges said the former transport secretary Chris Grayling should have taken
into account the latest commitments on climate change before he granted
permission for Heathrow to expand, throwing the project back into doubt.

 

Aviation is a notoriously polluting sector, but the debate about cars is
less clear-cut.

 

The government hopes technical innovation in the shape of electric and
hydrogen cars will allow current or even increased levels of mobility to be
carbon-free by 2050.

 

Its critics doubt the clean car revolution will happen fast enough to
prevent emissions breaching climate laws.

 

They also warn about the environmental impact of the mining and
manufacturing needed to make battery cars, and of the unavoidable
particulate pollution generated by tyres and brakes.

 

Will the new roads be blocked?

The Treasury has been under pressure to deliver a huge infrastructure
package to run alongside the Budget in March.

 

A source said the assessment guidelines were constantly being upgraded but
wouldn't say whether they had accounted for the net zero target.

 

Josh Burke from the London School of Economics said if the government wasn't
keeping guidance up-to-date there was a risk of "locking in highly polluting
forms of transport" which shouldn't technically be going ahead.

 

Stephen Joseph, a visiting professor at the University of Hertfordshire
said: "It's highly likely that the government will face further legal
challenges if it goes ahead with road spending without having properly
considered the implications for net zero climate emissions."

 

Some authorities are already taking net zero emissions into account. The
Welsh government recently scrapped a planned relief road round Newport,
partly on environmental grounds. And North Somerset Council has halted the
proposed expansion of Bristol Airport because it's not compatible with net
zero emissions.--BBC

 

 

 

Dow falls more than 4% amid coronavirus stock rout

Financial markets suffered a sixth day of losses on Thursday, as traders
dumped shares on fears that the spread of coronavirus will hobble the global
economy.

 

In the US, the Dow Jones plunged nearly 1,200 points to lose 4.4%. It was
the sharpest points-drop in history.

 

The S&P 500 ended 4.4% lower, while the Nasdaq dropped 4.6%.

 

Earlier, London's FTSE 100 finished 3.5% lower, while Japan's Nikkei 225 led
Asian losses, falling more than 2%.

 

The string of declines has pushed indexes in Europe and the US down more
than 10% from their recent highs - sending them into so-called "correction"
territory.

 

The tumult comes as the coronavirus, which started in China, spreads rapidly
around the world, restricting travel, upending global supply chains and
prompting shoppers in some countries to stay home.

 

"Markets move sharply when fear and uncertainty are prevalent, and there is
plenty of both right now," said Greg McBride, chief financial analyst for
Bankrate.com.

 

Indexes in the US and London were poised for their the biggest weekly losses
since the 2008 financial crisis, as the Dow retreated to levels last seen in
August.

 

Investors rushed into less risky investments, such as government debt,
sending bond yields to record lows.

 

Globally, the share price declines of the last six days have wiped out more
than $3.6tn (£2.8tn) in value.

 

 

The declines follow warnings from dozens of companies - from mining firm Rio
Tinto to software giant Microsoft - that they will not hit sales targets. On
Thursday, Facebook said it would cancel a conference for developers,
scheduled for May.

 

Economists, many of whom had originally expected the virus to be a temporary
blow, are also sounding warnings.

 

At an event on Wednesday, former US Federal Reserve chair Janet Yellen
suggested it could tip the US into recession, while Goldman Sachs told
clients it did not expect companies to see any profit growth this year.

 

"Our reduced profit forecasts reflect the severe decline in Chinese economic
activity... lower end-demand for US exporters, disruption to the supply
chain for many US firms, a slowdown in US economic activity, and elevated
business uncertainty," the firm wrote.

 

 

The coronavirus has infected nearly 79,000 people in China and killed more
than 2,700. More than 3,200 cases and 51 deaths have been reported in
another 44 countries.

 

Investors around the world are now looking to see if central banks respond
with efforts to prop up the economy.

 

Chinas's central bank has already taken stimulative measures.

 

Germany's Economy Minister Peter Altmaier said that while the impact of the
virus so far had been limited, the country was considering how to respond
should it worsen.

 

--BBC

 

 

 

Dettol sales surge as markets fall again

Sales of Dettol and Lysol products have surged as the spread of the
coronavirus outbreak continues.

 

The disinfectant is seen as providing protection against the spread of the
disease, although its effectiveness has not yet been scientifically proven.

 

In China, demand for Dettol-branded hand gels is outstripping supply, owner
Reckitt Benckiser has said.

 

The shortages come as global markets slump for a sixth day, with the FTSE
100 down more than 3%.

 

Luxury carmaker Aston Martin and drinks giant Anheuser-Busch InBev are the
latest to warn of the virus's impact on their businesses.

 

Shares in AB InBev, the world's largest beer maker, fell 9% after it
forecast muted growth in 2020, partly due to the outbreak

Aston Martin shares tumbled to a record low as it posted a £104m loss before
tax and warned it had seen demand drop because of the virus.

"We are seeing some increased demand for Dettol and Lysol products and are
working to support the relevant healthcare authorities and agencies,
including through donations, information and education. We do see increased
activity online for our consumers in China," Dettol owner Reckitt Benckiser
said in its results on Thursday.

 

Coronavirus prompts buyers to look closer to home

London firms sending staff home amid coronavirus fears

Drinks giant warns of profit hit as bars close

"If you look at China today, what you are seeing is that consumer traffic to
store is down, but you do see activity moving to online," Reckitt Benckiser
chief executive Laxman Narasimhan said.

 

He added the firm had "seen some disruptions to retail and distribution
channels and getting products in to market", meaning the effect on company
performance had been balanced.

 

Hand washing with soap is one of the key health messages promoted by
governments in the face of the outbreak, and Dettol and Lysol are two of the
world's leading disinfectants.

 

Online pharmacy Medino said it had also seen a sharp rise in demand for hand
sanitiser in the UK since the beginning of early February, and said some
suppliers were starting to struggle.

 

"A number of these customers are not our regular buyers, rather we're seeing
new customers purchasing large quantities of hand sanitiser suggesting
people are stockpiling in response to recent events," said superintendent
pharmacist Giulia Guerrini.

 

 

Meanwhile, AB InBev forecast a 10% decline in first-quarter profit after the
coronavirus outbreak hurt beer sales during the Chinese New Year.

 

Aston Martin - which counts China as its fastest-growing market - also said
on Thursday that the outbreak was affecting its sales and supply chain.

 

"Markets are moving on from thinking it's all going to blow over and it's
all going to be fine to realising there clearly are some issues here," said
Russ Mould, investment director at AJ Bell.

 

"We are seeing short-term disruption in a range of industries as the
[coronavirus] spread becomes wider and longer, and markets will have to
start thinking about a serious slowdown in global economic activity."--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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for guideline purposes only and sourced from third parties.

 


 

 


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