Major International Business Headlines Brief::: 27 January 2020

Sun Jan 26 23:27:14 CAT 2020

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Major International Business Headlines Brief::: 27 January 2020

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

ü  Zambia's economy to grow by 3% in 2020 - President

ü  Trafigura to buy Angolan general's stake in Puma Energy -sources

ü  South Africa's African Rainbow Capital to raise stake in Alexander Forbes

ü  Promotions drive 20-week sales rise for South Africa's Clicks drug chain

ü  ERG suspends Zambia refinery on shortage of cobalt, copper concentrates

ü  South Africa's Richards Bay coal exports fall to 72.15 mln T in 2019

ü  Kenyan shilling firmer on flows from flower exports, offshore investors

ü  Musk Takes On German Ecology Critics of Tesla Plant Near Berlin

ü  China warned not to rush into creating digital currency to rival
Facebook’s Libra, instead join global debate

ü  Amazon to deploy 10,000 electric delivery rickshaws in India by 2025

ü  31% of Americans Have Made This Smart Financial Move

ü  'We blew it': Warren Buffett admitted he messed up by not investing in
Google

ü  South African rand weaker in early trade on China virus scare

ü  Altcoins on Track to Plunge By 10%, Yet This Crypto Could Rally Higher

ü  Sorry Bears, Bitcoin Is Still In Mid-Term Uptrend: Here’s Why

ü  World's largest twin-engine plane completes maiden flight

 <mailto:info at bulls.co.zw> 

Zambia's economy to grow by 3% in 2020 - President

LUSAKA (Reuters) - Zambia’s President Edgar Lungu said on Thursday the
country’s economy was expected to grow 3% this year, a slight reduction from
the 3.2% growth previously forecast.

Speaking during a meeting with diplomats, he also said the fiscal deficit
was expected to shrink from 6.5% in 2019 to 5.5% in 2020, while inflation
would remain within the range of 6-8%.

 <mailto:info at bulls.co.zw> 

Trafigura to buy Angolan general's stake in Puma Energy -sources

LONDON (Reuters) - Global commodities trader Trafigura is in advanced talks
to buy more than 10% of an Angolan general’s stake in its fuel retail arm
Puma Energy by the end of the year, sources familiar with the matter said.

Retired general Leopoldino Fragoso do Nascimento, known as General Dino,
holds a 15% stake in Puma via his company Cochan Holdings. Trafigura holds
49% and Angola’s state firm Sonangol 28%.

Puma’s shareholding structure was put together under Trafigura’s former CEO
and founder Claude Dauphin, who was close to the former ruling Angolan
elite.

However, the Swiss firm’s hopes of listing Puma hit compliance hurdles owing
to the general’s presence as a significant stakeholder.

South Africa's African Rainbow Capital to raise stake in Alexander Forbes

JOHANNESBURG (Reuters) - South African investment company African Rainbow
Capital (ARC) will increase its shareholding in Alexander Forbes Group
Holdings Limited to 33.9% after Mercer Africa pulls out, all three companies
said on Wednesday.

“At the time of Mercer’s strategic investment in Alexander Forbes, our
relationship was at its initial stages. Since then, our commercial
relationship has become well established and Mercer no longer believes it is
as important to maintain an equity investment,” President and CEO of Mercer
Martine Ferland said.

As part of a proposed shareholder reorganisation following Mercer’s
decision, ARC will acquire 193 million Alexander Forbes shares, or 15%, from
Mercer at a price of 525 cents per share, amounting to 1,013 billion rand
($69.71 million), the firms said in a joint statement.

Alexander Forbes said the reorganisation will neither affect nor disrupt the
existing strategic alliance between Mercer, which holds 34.4%, and itself,
which includes all current commercial agreements and associated service and
product offerings.

ARC will also exchange shares held in Alexander Forbes Limited for shares
held in Alexander Forbes Group Holdings Limited, the firms added.

After the transaction, ARC will hold 33.9% of Alexander Forbes.

“Our further investment in Alexander Forbes is in line with our stated
strategy that Alexander Forbes is a key part of ARC’s financial services
strategy going forward and the strategic opportunities we see. We believe
real value can be unlocked for all stakeholders,” said Johan van Zyl, the
co-CEO of ARC.

Another related transaction will see Alexander Forbes repurchasing 200.8
million of its shares, or a 15.6% stake held by Mercer, for 1.034 billion
rand.

($1 = 14.3444 rand)

Promotions drive 20-week sales rise for South Africa's Clicks drug chain

JOHANNESBURG (Reuters) - South African drugstore chain Clicks Group reported
a 9.9% rise in 20-week sales on Thursday, driven by value promotions in the
deteriorating consumer spending environment.

Special offers have helped Clicks drive volume despite the squeeze on
retailers from high household debts, increased fuel and electricity prices,
slow economic growth and a hike in value-added tax.

Group turnover increased to 12.9 billion rand ($900 million) in the 20 weeks
to Jan. 12. Sales in its retail health and beauty units, which include
Clicks and franchise brands GNC, The Body Shop and Claire’s, rose by 9%.

“Our wide range of gifting and value offering, supported by the convenience
of the Clicks chain’s extensive retail and pharmacy footprint, ensured that
we maintained our robust sales momentum of recent years and sustained volume
growth,” Clicks group Chief Executive Vikesh Ramsunder said in a statement.

“This was achieved despite the increasing pressures on consumer disposable
income, negative sentiment and the serious impact of electricity load
shedding on retail trading hours and shoppers in general over the past two
months,” he said.

United Pharmaceutical Distributors, the group’s pharmaceutical distributor,
increased total managed turnover by 10.2% as the business traded well and
benefited from gaining new wholesale and distribution contracts.

($1 = 14.3325 rand)

ERG suspends Zambia refinery on shortage of cobalt, copper concentrates

LONDON (Reuters) - Eurasia Resources Group’s (ERG) Africa unit said on
Thursday it will suspend operations at Chambishi Metals in Zambia due to a
shortage of copper and cobalt concentrates required to produce cathode.

Zambia, Africa’s second-largest copper producer, has introduced a 5% import
tax on raw materials which has hobbled the flow of concentrates from mines
in neighbouring Democratic Republic of Congo.

“It was not possible to locate appropriate feedstock in Zambia. We are in
the process of placing the plant on care and maintenance,” ERG Africa said
in a statement.

The miner said it was engaged with stakeholders and was exploring other
sources of feed in order to resume operations.

The Chambishi Metals refinery has a capacity of 6,800 tonnes per annum of
cobalt metal and 55,000 tonnes per annum of copper metal. It is the only
plant in Zambia producing cobalt metal, according to the ERG’s website.

On Wednesday, the president of the Mineworkers’ Union of Zambia on Wednesday
told Reuters that ERG planned to cut 229 jobs at the end of January.

South Africa's Richards Bay coal exports fall to 72.15 mln T in 2019

RICHARDS BAY, South Africa (Reuters) - South Africa’s Richards Bay Coal
Terminal (RBCT) said on Thursday that exports fell last year to 72.15
million tonnes from 73.47 million tonnes in 2018.

Africa’s largest coal terminal blamed a weak third quarter, tied to the
monsoon season which impacted top customer India.

RBCT added that 91% of its exports went to Asia last year.

Kenyan shilling firmer on flows from flower exports, offshore investors

NAIROBI (Reuters) - The Kenyan shilling was firmer on Thursday supported by
dollar inflows from horticulture exports and offshore investors buying
government debt, traders said.

At 0733 GMT, commercial banks quoted the shilling at 100.75/95 per dollar,
compared with 100.85/101/05 at Wednesday’s close.

Musk Takes On German Ecology Critics of Tesla Plant Near Berlin

Elon Musk said concern that a Tesla assembly site in a rural area near
Berlin would cause water shortages is exaggerated, pushing back against
critics of the plant.

“Sounds like we need to clear up a few things!” the carmaker’s chief
executive officer tweeted. “Tesla won’t use this much net water on a daily
basis. It’s possibly a rare peak usage case, but not an everyday event.”

Tesla still has to jump through local hoops for the proposed plant, located
in a water conservation zone in a forest bordering a nature preserve.
Company planning documents saying the so-called Gigafactory 4 would need
about 98,000 gallons of water per hour set off protests by residents this
month.

Read more: Tesla Descends on German Town in Attack on Auto Establishment

Over the weekend, Musk cleared a different environmental obstacle:
unexploded World War II ordnance, a result of the Berlin area’s legacy as an
industrial target for Allied bombers.

Bomb disposal officers carried out controlled detonations of seven wartime
bombs on Sunday at the future Tesla site, German news agency DPA reported.

Once the area is free of old explosives, harvesters and trucks will roll in
to clear thousands of trees in the first stage of development. The work
needs to be done by the end of February to meet Tesla’s timetable for
starting production in July 2021.

Musk said “this is not a natural forest -- it was planted for use as
cardboard.” In a subsequent tweet, he said the “net environmental impact
will be extremely positive!”--bloomberg

China warned not to rush into creating digital currency to rival Facebook’s
Libra, instead join global debate

A new theory appears to be emerging in China with regards how it should cope
with the potential challenges from Facebook’s blockchain digital currency
Libra, with suggestions it should shift towards working with other nations
to regulate the sector rather than fast-track its own alternative medium of
exchange.

Debate continues over whether and how China’s central banks should issue its
own digital currency, with concerns mounting that popularity of Libra may
further enhance the dominant role of US dollar in the digital era.

China’s yuan is not expected to be included in the underlying assets of
Libra, while the People’s Bank of China has cracked down on cryptocurrencies
such as bitcoin, and has also seemingly made progress in developing a
sovereign digital currency.

But Zhu Min, a former deputy governor at the People’s Bank of China, has
urged China to further consider its response to Libra, which is backed by a
group of hard currency assets and is expected to be launched this summer.

I think it’s critically important to join the discussions and take part in
coordinated global regulation of Libra

Zhu Min

“I think it’s critically important to join the discussions and take part in
coordinated global regulation of Libra,” Zhu was quoted as saying by
Sina.com.

Zhu added that the central bank’s digital currency research scheme,
officially known as Digital Currency Electronic Payment, is a “natural
process”, suggesting that there is no schedule for the launch of China’s
sovereign digital currency.

And Zhu is not alone in calling for a global regulatory framework covering
digital currency that could involve China.

Ba Shusong, a former researcher at China’s State Council Development
Research Centre, who currently serves as chief China economist for the Hong
Kong stock exchange, said that a framework overseen by a multilateral
institution is needed to monitor digital currencies such as Libra as they
have the potential to reshape the global financial system and challenge
existing national monetary authorities.

Explainer: what is cryptocurrency?

Many issues surround digital currencies because their usage is not limited
to any single country, Ba told a seminar at the Asian Financial Forum in
Hong Kong in January.

Ba warned, that with different countries at various stages of their economic
and policy cycles, the rise of digital currencies could create tensions
among central banks and regulators as digital currencies can make it
difficult for central banks to manage their foreign exchange controls.

“You would need to first improve the regulatory framework for [financial]
technology,” Ba added. “There is a need for global cooperation for an
alternative regulatory framework.”

Ba said that Facebook’s Libra raised questions about how a project of its
size should be regulated to guard against its potential use for illicit
means including money laundering.

You would need to first improve the regulatory framework for [financial]
technology. There is a need for global cooperation for an alternative
regulatory framework

Ba Shusong

This week, Vodafone became the latest company to leave Facebook's digital
currency project after backers including PayPal and Mastercard also left The
Libra Association amid regulatory scrutiny from around the world.

“We will continue to monitor the development of the Libra Association and do
not rule out the possibility of future cooperation,” a Vodafone spokesman
said in a statement.

Earlier this week, the Bank of International Settlements announced that that
it had created a group involving the central banks of Canada, Britain,
Japan, and Sweden as well as the European Central Bank to “share experiences
as they assess the potential cases for central bank digital currency”.

Hiromi Yamaoka, former head of the Bank of Japan’s (BOJ) division overseeing
payment and settlement systems, said the decision was a sign of how Libra
has triggered global competition among central banks to make their
currencies more appealing.

Major central banks need to appeal that they, too, are making efforts to
make settlement more efficient with better use of digital technology

Hiromi Yamaoka

“The latest decision [by the six central banks] is not just about sharing
information. It’s also an effort to keep something like Libra in check,”
said Yamaoka who, during his time at the BOJ, was directly in charge of
negotiations on new technology.

“Something like Libra would make transactions costs much cheaper. Major
central banks need to appeal that they, too, are making efforts to make
settlement more efficient with better use of digital technology.”

Cheney Tsoi, president of the Asia Blockchain Society, argued that bitcoin,
the most widely used cryptocurrency, is successful because of its
“decentralised” nature.

The blockchain technology that underlies all cryptocurrencies allows
individual holders of the currency to control its increase and distribution,
with no central authority overseeing the process.

China calls for more research and investment into blockchain technology

But for other less successful digital currencies, their recognition could be
greatly enhanced if central banks were to introduce their own government
backed and controlled digital currencies.

“Innovation starts with the private sector, but for big scale use, it will
need government support. The introduction of digital currencies by central
banks may bring about new usage. We see a good trend,” Tsoi said.

Zhu Jiang, general manager at Kingsoft Cloud, said that at the moment, the
physical world and virtual world were in the process of converging.

Zhu added that digital assets could be instrumental tools in the future, but
said they still need the backing of government policies.--Reuters

Amazon to deploy 10,000 electric delivery rickshaws in India by 2025

In an effort to reduce carbon emissions, Amazon will deploy 10,000 electric
delivery rickshaws in India by 2025. This commitment comes after successful
pilots across different cities in 2019; learnings from these pilots have
helped the company create scalable and long term EV variants to build this
large fleet.

These EVs are in addition to the global commitment of 100,000 electric
vehicles in the delivery fleet by 2030 announced in the Climate Pledge
signed by Amazon. (Earlier post.) Amazon ordered 100,000 electric delivery
vehicles from Rivian—the largest single order yet of electric delivery
vehicles—with vans slated to start delivering packages to customers in 2021.

The fleet of 10,000 EVs in India will include 3-wheeler and 4-wheeler
vehicles which have been designed and manufactured in India. In 2020, these
vehicles will operate in more than 20 cities of India, including Delhi NCR,
Bangalore, Hyderabad, Ahmedabad, Pune, Nagpur and Coimbatore.

Amazon India has been working with several Indian OEMs to build a fleet of
vehicles that ensure sustainable and safe deliveries of customer orders. In
addition, the government’s focus to encourage the adoption of electric
vehicles in the country, and steps towards setting up of charging
infrastructure with the FAME 2 policy has helped the company accelerate and
chart its vision for EVs in India.--https://www.greencarcongress.com/

31% of Americans Have Made This Smart Financial Move

Healthcare expenses can be brutal, and they can pop up when we least expect
them to. That's why setting funds aside for them is crucial -- to avoid
financial issues or debt when they inevitably arise, and to ensure that
we're not tempted to neglect our health because of financial concerns.

An estimated 31% of Americans have a health-related emergency fund, as per a
new report by RxSaver by RetailMeNot. That way, they have money to cover the
bills they incur when they get hurt or sick. At the same time, 47% of
Americans have, in the past, chosen not to pay for prescriptions so they
could afford other expenses.

If you're without a dedicated healthcare savings account, you're putting
yourself in a position where you may feel compelled to compromise your
wellbeing in an effort to manage your expenses. And that's a good way to
cause yourself unnecessary harm.

Orange tablets in foil packs sit atop a scattered pile of U.S. currency.

Setting funds aside for healthcare

As a general rule, it's a good idea to establish an emergency fund with
enough money to cover three to six months of living expenses. But if you
want to make sure you have enough cash on hand to cover your healthcare
bills, you may want to open a specific healthcare emergency fund along the
lines of what 31% of Americans already have. The amount you put into that
account can be based on your specific needs and concerns, but at the very
least, you'd be wise to sock away the equivalent of your annual deductible.

Another option? Open a health savings account, or HSA, if you're eligible
(you need a high-deductible health insurance plan to qualify). This year,
you can contribute up to $3,550 to an HSA on your own behalf, or up to
$7,100 on behalf of your family. And if you're 55 or older, you get a $1,000
catch-up contribution on top of whichever limits applies to you.

The great thing about HSAs is that they're triple tax-advantaged. The money
you contribute goes in on a pre-tax basis, similar to the way popular
retirement savings plans like traditional IRAs and 401(k)s work. Then, you
can invest the funds you don't need for immediate healthcare expenses to
grow your balance, and any gains you take in on your investments are yours
tax-free. HSA withdrawals are also tax-free, provided they're used for
qualified medical expenses.

HSA funds also don't expire, so there's never a fear of overfunding your
account. If you've ever saved in a flexible spending account, or FSA, you'll
appreciate this distinction, because FSA funds must be used up by the end of
each given plan year, and as such, many FSA participants wind up scrambling
to deplete their balances or actually forfeit money. With an HSA, that
concern is not on the table.

Whether you opt to save for medical expenses by opening a
healthcare-specific emergency fund, padding your regular emergency fund, or
funding an HSA, be sure to set some money aside to take care of yourself.
That way, you won't be tempted, or forced, to skimp on medical care when you
need it.

The $16,728 Social Security bonus most retirees completely overlook

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'We blew it': Warren Buffett admitted he messed up by not investing in
Google

Warren Buffett considered investing in Google but decided against it.

Google's stock has soared in recent years, lifting the tech titan's market
cap to over $1 trillion.

"We blew it," Buffett said at Berkshire Hathaway's annual meeting last year.

"I feel like a horse's ass for not identifying Google," his partner Charlie
Munger added.

Visit Business Insider's homepage for more stories.

Warren Buffett considered investing in Google but decided against it,
meaning Berkshire Hathaway shareholders haven't seen a dime from the tech
titan's breathless rise to a $1 trillion market capitalization.

"We missed it," the famed investor and Berkshire boss told CNBC in May 2017.
"I should have got Google," he told the same network a year later.

Shares in Google's parent company, Alphabet, have surged nearly fivefold in
the past seven years. If Buffett had invested $500 million at the start of
2013, it would be worth almost $2.5 billion today.

Google first caught Buffett's eye because of Geico's reliance on the search
and advertising giant. The Berkshire-owned insurance giant was paying Google
about $10 for every mouse click on a Geico ad, yet Google's cost of goods
was nil.

"Just imagine having something that every time you just hit a click the cash
register rung somewhere around California," Buffett told CNBC in 2017. "It
was and is an extraordinary business and it has some aspects of a natural
monopoly."

"It's great to find something that costs a penny and sells for a dollar and
is habit forming," he told the network a year later. "This doesn't cost
anything ... and it's very useful."

Buffett missed another chance to take a big stake in Google when its
founders, Larry Page and Sergey Brin, and then-CEO Eric Schmidt visited the
investor in Omaha, Nebraska in the late 2000s. The trio ended up modeling
Alphabet on Berkshire. "I liked them," Buffett told CNBC.

Buffett's longtime partner, Charlie Munger, also lamented not investing in
Google.

"We could see in our own operations how well that Google advertising was
working," Munger told the crowd at Berkshire's annual shareholder meeting
last year. "And we just sat there sucking our thumbs."

"I feel like a horse's ass for not identifying Google," he added. "I think
Warren feels the same way. We screwed up."

"He's saying, 'We blew it,'" Buffett added.

Buffett justified his decision to hold off by pointing to his lack of
technological expertise. He couldn't gauge whether Google had a durable
competitive advantage or would be overtaken by rivals, he told investors. He
personally switched search engines, from AltaVista to Google, on the advice
of his close friend, Bill Gates.

"The trouble is I saw that Google was skipping past AltaVista, and I then
wondered if anybody could skip past Google," Buffett said at Berkshire's
annual meeting in 2018.

Rather than fretting over the billions left on the table, Buffett was
focused on seizing the right opportunity when it comes along.

"I'll miss a lot of things that I don't feel I understand well enough," he
told the crowd. "We'll try to stay within our circle of
competence."--https://www.businessinsider.com/

South African rand weaker in early trade on China virus scare

JOHANNESBURG (Reuters) - The South African rand was weaker early on
Thursday, in line with other emerging market currencies as traders kept a
wary eye on the spread of a new flu-like virus in China that has raised
fears of a global pandemic.

At 0630 GMT, the rand traded at 14.3650 versus the dollar, around 0.3% lower
than its previous close.

The rand’s losses ate into some of the gains made on Wednesday, when demand
for riskier assets had rebounded.

Without any major local data releases due on Thursday, the rand is expected
to reflect trends on global markets, where concerns over the coronavirus
boosted safe-haven currencies. [MKTS/GLOB]

Some investors use the rand as a proxy for emerging market risk, so it tends
to fluctuate more than other units.

Local factors driving investor sentiment in recent days include the weak
outlook for the domestic economy, after the International Monetary Fund and
South African Reserve Bank downgraded their growth predictions.

Government bonds were slightly stronger early on Thursday, with the yield on
the benchmark 2026 bond down 3 basis points to 8.105%.

Altcoins on Track to Plunge By 10%, Yet This Crypto Could Rally Higher

Over the past month, altcoins have finally started to break higher,
reversing the Bitcoin-centric trend seen in the crypto market throughout all
of 2019. In fact, the BTC dominance metric has dropped to 66% over the past
week, with digital assets like Ethereum, XRP, and Litecoin starting to
outpace the market leader.

According to a prominent cryptocurrency trader, the time for altcoins to
outperform Bitcoin is likely up, looking to a number of bearish chart
formations.

Altcoin Crisis: Top Crypto Assets Likely to Fall

Cryptocurrency trader Mr. Chief recently noted that he doesn’t “see anything
bullish about these major altcoins,” specifically looking to the charts of
three altcoins against Bitcoin. These altcoins are Ethereum, Litecoin, and
Stellar Lumens.

For ETH, he noted that the cryptocurrency has broken below a key resistance
after last week’s rally, and is looking to fall by just under 10% against
BTC.

For LTC and XLM, the trader pointed out that the cryptocurrencies are on the
verge of falling below a pennant formation with a bearish skew.

While all these altcoins are showing weakness, Mr. Chief did note that there
is one major crypto asset that could break higher rather than lower.

The only major altcoin that he signaled has the potential to head higher is
XRP, noting that it is currently trading in a flag and looking relatively
indecisive, meaning it could break either up or down from the chart pattern
aforementioned.

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Mr. Chief’s analysis was relatively inconclusive, with him drawing two
arrows, one in the upward direction and the other in the downward direction.
Interestingly traders believe the bull case is more likely than not.

Earlier this week, Luke Martin, a prominent cryptocurrency trader and
podcaster that was featured on CNN, noted that XRP/BTC has recently flipped
a key resistance level into support, a bullish pivot implying
outperformance.

Daily view of $XRP outlook for this month.

Also, Amsterdam Stock Exchange trader Michael Van De Poppe revealed in a
TradingView post published last week that he expects for XRP/BTC to soon
explode 170% higher.

He explained that the pair is on the verge of breaking out of a downtrend
that has constrained prices since the start of 2019, before adding that XRP
has held a very important historical support level against Bitcoin,
suggesting bullish strength.

Poppe’s chart also pointed out that the recent price action is eerily
reminiscent of an XRP/BTC break out in 2018, suggesting that a surge of
dozens of percent can be had if history repeats
itself.--https://www.newsbtc.com/

Sorry Bears, Bitcoin Is Still In Mid-Term Uptrend: Here’s Why

Bitcoin started a downside correction from the 2020 high at $9,191 against
the US Dollar. However, BTC price is still in an uptrend and it could find
buyers near $8,000 or $7,670.

Bitcoin price started a short term downside correction below $9,000 and
$8,800.

It is currently trading above $8,200 and there are many important supports
on downside.

There is a declining channel or a bullish flag forming with resistance near
$8,500 on the daily chart of the BTC/USD pair (data feed from Kraken).

The pair is likely to find a strong buying interest near $8,000 and the
100-day simple moving average.

Bitcoin Price Remains Supported On Dips

After forming a short term top near the $9,191 level, bitcoin started a
downside correction. BTC price broke the $9,000 and $8,800 levels to enter a
bearish zone.

The bears were able to push the price below the 23.6% Fib retracement level
of the last important rise from the $6,836 low to $9,191 high. Moreover,
there was a daily close below the $8,500 support level.

Though, there are many important supports on the downside near the $8,200
and $8,000 levels. The main support is near the $8,000 level since it is
close to the 100-day simple moving average.

Besides, the 50% Fib retracement level of the last important rise from the
$6,836 low to $9,191 high is also near the $8,000 level. Therefore, dips
remain supported on the downside if the price corrects further.

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On the upside, the $8,500 zone is a major hurdle for the bulls. There is
also a declining channel or bullish flag forming with resistance near $8,500
on the daily chart of the BTC/USD pair.

Therefore, bitcoin needs to climb above the $8,500 and $8,540 resistance
levels to start a fresh increase. Furthermore, a successful close above
$8,600 might lead the price towards $9,000 and $9,200.

Chances of Major Drop in BTC?

As stated, the $8,000 support is a major buy zone. If there is a downside
break below $8,000, the next major support is near the $7,670 area.

The previous breakout zone was near $7,670 and now it coincides with the
61.8% Fib retracement level of the last important rise from the $6,836 low
to $9,191 high.

Thus, a successful daily close below $7,670 or $7,600 could negate the
current bullish view. In the mentioned case, the price is likely to revisit
the $6,500 support area.

Technical indicators:

Daily MACD – The MACD is slowly gaining momentum in the bearish zone.

Daily RSI (Relative Strength Index) – The RSI for BTC/USD is still above the
50 level.

Major Support Levels – $8,200 followed by $8,000.

Major Resistance Levels – $8,500, $8,550 and $9,200.https://www.newsbtc.com/

World's largest twin-engine plane completes maiden flight

Boeing says 777X's test flight will herald months of testing and
certification before it enters service in 2021.

The world's largest twin-engine plane has completed its first test flight,
US aircraft-maker Boeing announced.

The maiden voyage comes as the company tries to rehabilitate its battered
image following two fatal crashes last year involving its 737 MAX plane
model that left more than 340 people dead.

The 777X, a larger and more efficient version of Boeing's successful 777
mini-jumbo, took off at Paine Field in Everett, Washington, at 10:09am local
time (18:09 GMT) on Saturday and landed at 2pm (22:00 GMT) in Seattle's
Boeing Field. Two earlier attempts were called off this week due to high
winds.

"It's a proud day for us," said Stan Deal, chief executive of Boeing's
commercial aeroplane unit.

"It made all of our employees proud one more time of who we are and what we
get to do, by flying a brand new aeroplane that is going to change the world
one more time," Deal added.

Boeing employees and guests welcome a Boeing 777X airplane returning from
its inaugural flight at Boeing Field in Seattle, Washington on January 25,
2020. - Boeing's new long-haul 777X airliner made i

The flight comes as the company tries to rehabilitate its battered image
following two fatal crashes last year [Jason Redmond / AFP]

Boeing said the three-hour, 51-minute test flight would be followed by
months of testing and certification before the aircraft enters service with
Emirates airline in 2021, a year later than originally scheduled because of
snags during development.

The aircraft is the larger of two versions planned by Boeing and will
officially be known as the 777-9, but is better known under its development
codename, the 777X. The 777-9 can carry 426 passengers.

The 777X will be the first major aircraft to be certified since the role of
software flaws in the 737 MAX crashes prompted accusations of cosy relations
between Boeing and the Federal Aviation Administration (FAA) and heralded
tougher scrutiny.

The FAA has pledged to ensure a rigorous review of the 777X review, while
Emirates wants the plane to be put through "hell on Earth" during testing to
ensure it is safe and meets performance expectations.

Boeing says it has sold 309 of the aircraft - worth more than $442m each at
list prices - but analysts have questioned its heavy reliance on Middle East
carriers that have scaled back purchases as they suffer a pause in their
expansion.

The 777X will compete with the recently introduced Airbus A350-1000, which
seats about 360 passengers. Both reflect the growing range and efficiency of
twin-engine jets that are steadily displacing their older four-engine
counterparts.

The two planemakers have clashed over the relative efficiency of their
latest jets but both face worries about demand due to overcapacity and signs
of weakness in the global economy.--https://www.aljazeera.com/

INVESTORS DIARY 2020

Company

Event

Venue

Date & Time

Companies under Cautionary

Bindura Nickel Corporation

Padenga Holdings

Delta Corporation

Meikles Limited

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