Major International Business Headlines Brief::: 08 January 2020

Wed Jan 8 02:07:15 CAT 2020

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Major International Business Headlines Brief::: 08 January 2020

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

ü  Russia's VTB sues Mozambique firm at centre of $2 bln scandal

ü  Creditors of Kenyan supermarket chain Nakumatt vote to wind it up

ü  South African rand firmer, eyes on U.S.-Iran tensions

ü  Kenyan shilling weakens due to importer demand for dollars

ü  Muted importer demand for dollars supports Ugandan shilling

ü  S.Africa power shake-up looms as ailing Eskom welcomes new CEO

ü  OPEC December oil output slips as Nigeria, Iraq comply more

ü  Kenya plans to refinance or exchange commercial debt with cheaper options

ü  Travelex being held to ransom by hackers

ü  CES 2020: Sony announces electric car concept

ü  Aston Martin warns on profits but Rolls-Royce sales surge

ü  Cost of living 'outstripped house prices in 2010s'

 <mailto:info at bulls.co.zw> 

Russia's VTB sues Mozambique firm at centre of $2 bln scandal

JOHANNESBURG (Reuters) - Russian state lender VTB has filed a lawsuit in
Britain’s High Court against a Mozambican government company it lent hefty
sums to as part of a project now at the centre of a $2 billion debt scandal,
an online court filing shows.

The filing, dated Dec. 23, names as defendants the Mozambique state and
Mozambique Asset Management, which took a $535 million loan from VTB as part
of a costly project that U.S. authorities say was an elaborate front for a
bribery and kickback scheme.

It says the case relates to “general commercial contracts and arrangements”
but does not elaborate. It provides no further information other than that
VTB Capital, the investment banking arm of VTB, is being represented by law
firm Freshfields Bruckhaus Deringer.

It does not state whether the case relates to the loan, which Mozambique and
VTB had been trying to restructure. The deputy head of the legal department
of VTB Capital said in October the loan represented a “significant exposure”
it expected to be repaid.

VTB did not immediately respond to an emailed request for comment, and
Mozambique’s Attorney General’s Office said it was waiting for formal
notification of the lawsuit.

The debt scandal has already sparked a series of court cases spanning
London, New York and South Africa, ensnaring global investment bank Credit
Suisse, three of its former bankers, Mozambique’s former finance minister
and a past president’s son.

However this is the first time any of the cases have involved VTB. Russia
and Mozambique strengthened ties throughout 2019, with President Filipe
Nyusi visiting the nation in August.

Credit Suisse and VTB provided or arranged a total of around $2 billion for
the project, encompassing tuna fishing, maritime security and shipyard
development. Hundreds of millions of dollars went missing, while the
benefits never materialised.

Mozambique did not disclose some of the loans, which were guaranteed by the
state. The International Monetary Fund and other donors cut off support when
they came to light in 2016, triggering a currency collapse and sovereign
debt default.

It remains on the hook for the money, the largest chunk of which now sits in
a restructured eurobond. The country is trying to challenge the guarantee
related to a $622 million loan from Credit Suisse, also in a London court.

 <mailto:info at bulls.co.zw> 

Creditors of Kenyan supermarket chain Nakumatt vote to wind it up

NAIROBI (Reuters) - Creditors of Kenya’s Nakumatt supermarket chain, once a
leading regional retailer, voted on Tuesday to wind it up over an inability
to pay its debts after a failed rescue attempt, its administrator said.

Nakumatt, which expanded from a mattress shop in a rural town to have
branches across Kenya and East Africa, was forced to shut more than a dozen
outlets in 2017 as it struggled to pay its suppliers, landlords and other
creditors.

A Kenyan court granted Nakumatt Supermarkets protection from its creditors
in 2018, allowing what was once Kenya’s biggest retailer to go into
voluntary administration.

The High Court also approved Nakumatt’s application to appoint Peter Kahi as
an administrator. The company hoped that Kahi, who works with Nairobi
consultancy PKF and has experience turning around distressed businesses,
would revive its fortunes.

But on Tuesday, Kahi recommended that creditors vote to liquidate the chain.

He said 92% of those who voted, representing debts worth 16 billion Kenyan
shillings ($158 million), backed the liquidation.

The troubles at Nakumatt and another retailer Uchumi have opened the door to
foreign chains such as France’s Carrefour to operate franchises in Kenya,
and for other local chains like Naivas and Tuskys to expand. Kahi had been
expected to manage the settling of debts estimated at more than $300 million
and try to revive a slimmed down version of Nakumatt with about 20 branches,
down from 62 at its peak.

When the company sought protection in October 2017, it had 4,000 staff, but
it has closed several outlets since then.

“With the administration process here in Kenya, you spend more money
throwing good money after bad,” said one creditor who supported the winding
up of the company.

Nakumatt had sought protection using Kenya’s newly enacted company laws,
which provide a pathway for distressed firms to avoid collapse.

($1 = 101.1500 Kenyan shillings)

South African rand firmer, eyes on U.S.-Iran tensions

JOHANNESBURG (Reuters) - South Africa’s rand firmed in early trade on
Tuesday as emerging markets drew relief from the absence of any immediate
escalation in tensions other than sabre-rattling between Iran and the United
States.[EMRG/FRX]

By 0600 GMT, the rand traded at 14.1900 per dollar, 0.15% stronger than its
previous close.

In the absence of local catalysts, the rand was set to look to global events
for direction.

Fears of a fresh conflict in the oil-rich Middle East have kept markets on
the edge following the killing of Tehran’s top general in a U.S. drone
strike last week.

In fixed income, the yield on the benchmark government bond due in 2026 was
down 2.5 basis points to 8.225% in early trade.

Kenyan shilling weakens due to importer demand for dollars

NAIROBI (Reuters) - Kenya’s shilling weakened on Tuesday due to increased
dollar demand from oil and manufacturing companies, amid scant hard currency
inflows, traders said.

At 1138 GMT, commercial banks quoted the shilling at 101.20/30 to the
dollar, compared with Monday’s close of 101.05/15.

Muted importer demand for dollars supports Ugandan shilling

KAMPALA (Reuters) - The Ugandan shilling held steady against the dollar on
Tuesday mainly due to sluggish demand for hard currency by importers.

By 0703 GMT, commercial banks quoted the shilling at 3,705/3,715, unchanged
from Monday’s closing level.

S.Africa power shake-up looms as ailing Eskom welcomes new CEO

JOHANNESBURG (Reuters) - Eskom’s new chief executive took charge of the
crisis-plagued utility on Monday, embarking sooner than planned on the
mammoth task of fixing a national power deficit and restructuring debts that
have hobbled South Africa’s economy.

Andre de Ruyter, appointed by President Cyril Ramaphosa in November, will
oversee a government plan to split state-owned Eskom into three units - for
generation, transmission and distribution - in an attempt to make it more
efficient.

Ramaphosa is trying to revive Africa’s most advanced economy, which is
flirting with recession, and attract new investment.

Eskom, which generates more than 90% of the country’s power, is in its
current form widely viewed as the biggest impediment to growth, though the
restructuring plan has taken shape against a backdrop of stubbornly high
unemployment, and unions have pledged to fight it.

De Ruyter had been due to start work on Jan. 15, but the sense of crisis
surrounding the firm, which has been leaderless since July and imposed the
latest in a long run of power cuts at the weekend, persuaded him to take the
helm early.

Saddled with unreliable coal-fired power stations, Eskom has struggled to
meet demand since 2007, forcing it into several rounds of extensive power
cuts. Outages last year dented economic output and shook investor confidence
in Ramaphosa’s administration.

At the weekend, it cut up to 2,000 megawatts (MW) from the national grid due
to a shortage of generating capacity.

TROUBLESHOOTER?

In a previous role as CEO of Nampak, de Ruyter steered the packaging company
through financial difficulties, and part of his new brief is to restructure
Eskom’s 450 billion rand ($31 billion) debt pile.

An Eskom spokeswoman said on Monday he had met some Eskom staff over recent
public holidays and had been getting to know the business.

De Ruyter’s predecessor, Phakamani Hadebe, stepped down in July, citing
health reasons. Sources told Reuters at the time that another reason was
that he felt frustrated at being excluded from important decisions affecting
the utility.

One of Eskom’s largest trade unions, the National Union of Mineworkers
(NUM), opposed de Ruyter’s appointment, labelling it a setback to efforts to
promote more black professionals into senior corporate posts.

The NUM plans protests as a “welcoming party” for him, and it and the
National Union of Metalworkers of South Africa have said they will fight the
plan to split Eskom, which they fear will lead to large-scale job losses and
privatisation.

Eskom said in a statement on Monday that roughly 13,000 megawatts (MW) of
its 44,000 MW nominal capacity were offline because of plant breakdowns.

It said it didn’t expect “load-shedding “ - a local term for power cuts - on
Monday but that the system was “constrained and vulnerable”.

($1 = 14.3205 rand)

OPEC December oil output slips as Nigeria, Iraq comply more

LONDON (Reuters) - OPEC oil output fell in December as Nigeria and Iraq
adhered more closely to pledged reductions and top exporter Saudi Arabia
made further cuts ahead of a new production-limiting accord, a Reuters
survey found.

On average, the 14-member Organization of the Petroleum Exporting Countries
pumped 29.50 million barrels per day (bpd) last month, according to the
survey. That is down 50,000 bpd from November’s revised figure.

Crude prices have rallied to above $70 a barrel in 2020, extending a 23%
gain in 2019, supported by ongoing OPEC-led curbs and increased Middle East
tensions after the killing of a top Iranian general. This has increased
concern of conflict that could further cut supply.

“Looking ahead, geopolitical risks will remain front and centre of investor
concerns,” said Stephen Brennock of oil broker PVM.

“A tense waiting game has begun to see if the fallout will lead to a
disruption in regional oil supplies.”

OPEC, Russia and other allies, known as OPEC+, had an agreement to reduce
supply by 1.2 million bpd in 2019. OPEC’s share of the cut was about 800,000
bpd, to be made by 11 members, with exemptions for Iran, Libya and
Venezuela.

At meetings in December, OPEC+ agreed to make an additional cut of 500,000
bpd as of Jan. 1, 2020.

The 11 OPEC members bound by the agreement easily exceeded the pledged cuts,
thanks in large part to Saudi Arabia and its Gulf allies cutting more than
called for to support the market.

The December survey suggests Nigeria and Iraq, both laggards in making cuts
in 2019, achieved some progress. Compliance rose to 158% in December, the
survey found, from 153% in November.

NIGERIAN DROP

OPEC’s largest production drop of 80,000 bpd was in Nigeria, which exported
less crude according to ship-tracking data and loading schedules.

Much of this decline came from reduced shipments of Bonga crude, which
traders say has been undergoing maintenance.

OPEC’s two top producers, Saudi Arabia and Iraq, each reduced output by
50,000 bpd. This puts Saudi supply more than 500,000 bpd below its 2019
target. Iraq’s compliance, at 59%, is far lower than Saudi Arabia’s but is
up from 23% in November.

The United Arab Emirates made a further voluntary curb in December, while
Kuwaiti output was steady.

Among countries pumping more, the largest increase was in Angola, which
boosted exports after maintenance affecting the Girassol crude stream had
curbed supplies.

Venezuela, which is contending with U.S. sanctions imposed on state oil firm
PDVSA and a long-term decline in output, managed a small boost to supply
with exports increasing in December.

Production from the other two exempt producers Libya and Iran edged lower.

The Reuters survey aims to track supply to the market and is based on
shipping data provided by external sources, Refinitiv Eikon flows data and
information provided by sources at oil companies, OPEC and consultants.

Kenya plans to refinance or exchange commercial debt with cheaper options

NAIROBI (Reuters) - Kenya plans to refinance or substitute commercial loans
with cheaper options from friendly nations or development financiers, its
acting finance minister said on Monday.

The East African nation wants to avoid raising more debt from overseas
capital markets, after a borrowing binge in recent years including Eurobond
offerings, a package of Chinese loans and syndicated commercial loans.

The government was committed to bringing its debt, which has risen to above
62% of gross domestic product, to a more sustainable level, said minister
Ukur Yatani.

“I also intend to restructure debt stocks by refinancing or substituting
commercial elements with concessionary ones,” he wrote in an opinion piece
published in the local Daily Nation newspaper.

Yatani, who is the labour minister, was given the finance portfolio on an
acting basis last July. He has since vowed to stamp out rampant wastage of
public funds and to curb government spending.

“I can only visualise a better 2020,” he said.

Kenya is enjoying a stable foreign exchange rate, low inflation and its
current account deficit has fallen.

But the country is still suffering from a general sense of economic malaise,
concerns over mounting debt, sluggish revenue growth, corruption scandals, a
slowdown in economic output and job losses.

The previous finance minister, Henry Rotich, was charged with corruption
related to a contract for the construction of two dams. He has denied the
charges and the case is ongoing.

“Corruption continues to drag Kenya behind,” Yatani wrote, pledging to
foster more transparency in the management of debt, the budget and
expenditure.

Economic growth slowed to 5.1% in the third quarter of last year from 6.4%
growth in same period a year earlier.

Yatani urged national government agencies and local authorities to speed up
the payment of pending bills to suppliers after businesses complained of
delays which have contributed to the slowdown and the job cuts.

Travelex being held to ransom by hackers

Hackers are holding foreign exchange company Travelex to ransom after a
cyber-attack forced the firm to turn off all computer systems and resort to
using pen and paper.

On New Year's Eve, hackers launched their attack on the Travelex network.

As a result, the company took down its websites across 30 countries to
contain "the virus and protect data".

A ransomware gang called Sodinokibi has told the BBC it is behind the hack
and wants Travelex to pay $6m (£4.6m).

The gang, also known as REvil, claims to have gained access to the company's
computer network six months ago and to have downloaded 5GB of sensitive
customer data.

Dates of birth, credit card information and national insurance numbers are
all in their possession, they say.

The hackers said: "In the case of payment, we will delete and will not use
that [data]base and restore them the entire network.

"The deadline for doubling the payment is two days. Then another seven days
and the sale of the entire base."

Police probe

The Information Commissioner's Office (ICO) said it had not received a data
breach report from Travelex.

A spokeswoman added: "Organisations must notify the ICO within 72 hours of
becoming aware of a personal data breach unless it does not pose a risk to
people's rights and freedoms.

"If an organisation decides that a breach doesn't need to be reported, they
should keep their own record of it and be able to explain why it wasn't
reported if necessary."

Under General Data Protection Regulation, a company that fails to comply can
face a maximum fine of 4% of its global turnover.

What is ransomware?

Cyber-attacks are targeting large companies and demanding huge payments

The Metropolitan Police is leading the investigation into the attack.

In a statement, the force said: "On Thursday, 2 January, the Met's Cyber
Crime Team were contacted with regards to a reported ransomware attack
involving a foreign currency exchange. Inquiries into the circumstances are
ongoing."

Travelex says it is working with police and has deployed teams of IT
specialists and external cyber-security experts who have been working
continuously.

'Shockingly bad'

According to Fabian Wosar, a ransomware expert at cyber security company
Emsisoft, the attack has all the hallmarks of the REvil gang.

"With what we know about the incident and the hackers' mode of operation in
the past paints a consistent picture, which leads me to believe that REvil
indeed hit Travelex," he said.

"The REvil/Sodinokibi group has been a quite sophisticated group for a long
time now. The quoted ransom demands are consistent for the gang's victims of
Travelex's size.

"Stealing data essentially gives threat actors additional bargaining chips
when it comes to dealing with companies unwilling to pay the ransom. The
idea is to weaponise the hefty fines associated with GDPR violations to
pressure the company into paying."

The recovery operation is being co-ordinated from a Travelex office in the
UK and the company insists that no customer data has been leaked.

But it would not say what data could potentially be at risk.

Travelex websites across Europe, Asia and the US have been offline since 31
December, with a message to visitors that they are down for "planned
maintenance".

Visitors to the Travelex website are told that the site is down for "planned
maintenance".

Customers have not been sent any email communication about the cyber-attack,
but queries are being replied to on social media by the company.

"The public response from Travelex has been shockingly bad," said security
researcher Kevin Beaumont.

"The Travelex UK website still only says 'planned maintenance', a week after
the problems began - many customers will be completely unaware hackers
gained access to their network, and allegedly their personal data," he said.

"Travelex have a responsibility to clearly communicate with customers and
business partners the gravity of the situation."

Travelex's decision to take down its site has meant the large network of
other firms that use its services cannot sell currency online.

The company has said it is keeping its partners up to date on the response
to the cyber-attack.

Virgin Money's site showed an error message, which said: "Our online,
foreign currency purchasing service is temporarily unavailable due to
planned maintenance. The system will be back online shortly."

Sainsbury's Bank also said its online travel money services were
unavailable, although it said customers could still buy travel money in its
stores. In a statement to the BBC, the bank said: "We're in close contact
with Travelex so that we can resume our online service as soon as possible."

Sainsbury's Bank's website said it was not able to take money orders online.

A spokesperson for First Direct, which is owned by HSBC, said:
"Unfortunately, our online travel money service is currently unavailable due
to a service issue with third party service provider, Travelex."

In a statement on Thursday, Travelex boss Tony D'Souza said: "We regret
having to suspend some of our services in order to contain the virus and
protect data."

The company has resorted to carrying out transactions manually, providing
foreign-exchange services over the counter in its branches.

"We apologise to all our customers for any inconvenience caused as a
result," Mr D'Souza said in the statement.

The company has since told the BBC that its systems are currently down and
it is unable to sell or reload its pre-paid travel cards. But, it said:
"Existing cards continue to function as normal and customers in the UK can
continue to spend and withdraw money from ATMs."

"For customers who have ordered money online, please contact Travelex
customer services by phone or via social media to discuss their individual
situation and requirements."--BBC

CES 2020: Sony announces electric car concept

Electronics giant Sony has surprised attendees of the CES tech show by
unveiling an electric car dubbed the Vision S.

The vehicle is a prototype designed to show off the firm's sensors and
in-car entertainment technologies.

The dashboard is flanked by an ultra-wide panoramic screen "for driving
information and entertainment".

However, Sony did not indicate that it had any plans to sell the car to the
public.

"We will accelerate our efforts to contribute to the future of mobility,"
said Sony's chief executive Kenichiro Yoshida as he revealed the surprise.

Bob O'Donnell, from Technalysis Research, was at the press event.

"It was quite a shock to be honest with you," he told the BBC. "It
highlights how the company is reinventing itself."

Among the internal features of the car is sensing technology that can detect
occupants of the vehicle and recognise them, in order to allow for gesture
control of the entertainment systems.

In total, Sony has included 33 sensors in the Vision S prototype. The
Japanese firm is known to have developed powerful image sensors that can be
used to analyse the road in front of a vehicle.

Mr O'Donnell said that such technology could perhaps aid assisted-driving
systems in future vehicles, helping judge when to apply the brakes or adjust
the steering but still leaving most decisions up to the motorist.

"Assisted driving could be as useful, in fact, in some ways even more useful
than autonomous driving," he added.

An unusual concept car, a tie-up between science-fiction film Avatar and
Mercedes, was on show at CES

Also unveiled at CES was a concept car from Mercedes-Benz, which has teamed
up with the creators of science-fiction film Avatar to develop the Vision
AVTR (Advanced Vehicle Transformation).

The car has no steering wheel or engine but features movable reptilian
"scales", a wooden floor, transparent doors and an "infotainment" system
operated by gesture.

Avatar director James Cameron joined Mercedes-Benz chairman Ola Kallenius on
stage.--BBC

Aston Martin warns on profits but Rolls-Royce sales surge

Aston Martin, the luxury British carmaker famed for kitting out James Bond,
has issued a profit warning after a "very disappointing" 2019.

Shares in the 106-year-old firm plunged by as much as 16% after it said
annual earnings were expected to fall by nearly half from a year earlier.

But the fortunes of BMW-owned rival Rolls-Royce were very different.

Rolls-Royce, the car of choice for those who like to be chauffeured, sold a
record 5,100 vehicles last year.

Profits stall

In a trading update, Aston Martin said the "challenging trading conditions
highlighted in November continued through the peak delivery period of
December resulting in lower sales, higher selling costs and lower margins".

It said core retail sales - which covers sales from Aston Martin dealers to
consumers - were up 12% from a year earlier. However, wholesale volumes -
which covers how many cars the dealers are ordering from Aston Martin itself
- were down 7% to 5,809.

"From a trading perspective, 2019 has been a very disappointing year," said
Aston Martin chief executive Andy Palmer.

The company said it was expecting earnings of between £130m and £140m, well
below the £247.3m it reported last year.

When Aston Martin listed its shares on the London Stock Exchange in October
2018, its shares were priced at £19 each. However, the latest bad news has
now dragged the share price down to about £4.50.

"It is remarkable that a company with such a strong brand can consistently
issue bad news," said Russ Mould, investment director at AJ Bell.

"Aston Martin has been one of the biggest flops on the stock market in
living memory and today's trading update does nothing to improve its
tarnished reputation.

"The big question is why wealthy people aren't buying its luxury cars.
Working for this company should be a marketeer's dream, but the team
responsible for attracting customers clearly haven't got the formula right."

Global appeal

Rolls-Royce boss Torsten Müller-Ötvös told the BBC that a big driver of its
higher sales was the launch of the Cullinan SUV, which he said now had "very
stable, robust" orders.

But he said sales were not expected to grow at the same rate in 2020.

Part of the difference between the successes of the two brands could come
down to how they define themselves.

"We are not really in the car business, we are in the luxury goods
business," Mr Müller-Ötvös said.

"We are famous for bespoke, so you can basically customise a Rolls-Royce to
build your own masterpiece, and I think that has attracted quite a lot of
clients worldwide."--BBC

Cost of living 'outstripped house prices in 2010s'

UK house prices rose slower than the general cost of living in the last
decade, bucking the boom of the previous 10 years, research suggests.

Property values were down by 1% from the start to the end of the 2010s after
taking inflation into account, the Nationwide Building Society said.

Wages were also little changed under the same measure, so there was still
little to cheer for first-time buyers.

Prices rose fastest in London, outstripping inflation by 24%.

Will house prices rise or fall this year?

The UK cities where rent is rising the fastest

In pure cash terms, UK house prices went up by 33% during the last decade,
the building society said. However, during the 2000s, prices more than
doubled in cash terms.

After adjusting for the rising cost of living, as measured by inflation,
prices rose by 67% during those 10 years, with the decade starting with a
house price boom and ending with the financial crisis.

Jonathan Samuels, chief executive of property lender Octane Capital, said:
"It is not often that you celebrate weaker growth figures, but the
performance of house prices in the 2010s may be an exception to the rule.

"Affordability is still a major hurdle after just 33% growth, so if the
trajectory of the noughties had continued, the market would have been beyond
the reach of many more people."

Changes over time

It was a similar picture in the 1980s and 1990s, according to the Nationwide
research. The earlier decade saw UK house prices go up by 42% after
adjusting for inflation, followed by a 14% fall in the 1990s.

The regional picture, as is often the case with the property market, was
varied.

London may have seen a recent slowdown, but it still registered the biggest
price rises in the 2010s. During the previous decade, it was further down
the list, with prices rising fastest in the Yorkshire and Humber region.

At the other end of the scale, house prices in Northern Ireland rose by 71%
in the 2000s, but then fell by 24% in the 2010s after taking inflation into
account, the Nationwide said.-BBC

INVESTORS DIARY 2020

Company

Event

Venue

Date & Time

Companies under Cautionary

Bindura Nickel Corporation

Padenga Holdings

Delta Corporation

Meikles Limited

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