Major International Business Headlines Brief::: 31 January 2020

Fri Jan 31 02:33:14 CAT 2020

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Major International Business Headlines Brief::: 31 January 2020

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

ü  Sonos apologises for revealing customer email addresses

ü  Amazon: Christmas sales soar as other retailers struggle

ü  Huawei: US 'to work with' UK over Chinese firm

ü  UK interest rates held as economy shows signs of picking up

ü  African economic growth to accelerate to around 4% over next two years
-AfDB

ü  IMF says South Africa's economic growth weakened by bailouts to state
firms

ü  S.Africa's struggling carrier SAA to cut flights to ease cash flow

ü  Moroccan banks respond to king's call for cheaper SME loans

ü  S.Africa's Massmart forecasts annual loss, to reorganise business

ü  South Africa's Wescoal to break ground at new coal mine in Feb - CEO

ü  Vodafone stake sale needs Egyptian regulatory approval

ü  MTN Uganda says forcing foreign telcos to list locally may not boost
Ugandan ownership

ü  Telecoms firm MTN to invest $1.6 bln in Nigeria - statement

ü  S.Africa's Eskom resumes power blackouts as emergency capacity dwindles

 <mailto:info at bulls.co.zw> 

Sonos apologises for revealing customer email addresses

Speaker-maker Sonos has apologised after accidentally revealing the email
addresses of hundreds of its customers to each other.

The firm upset people last week by saying it will stop issuing software
updates for its older devices from May.

A staff member was emailing customers who had complained about the decision.

But instead of using the blind copy field, they used the regular copy all
one, which meant that recipients could see each other's email addresses.

In a statement to the BBC, Sonos said: "Earlier today, an email was sent in
response to a number of customer inquiries that included email addresses. No
further information was included.

"We have apologised to each customer affected by this error and have put in
place processes to ensure this will not happen again."

The blanket email was sent to more than 450 people. It apologised for a
delayed response and noted that Sonos had received an "unprecedented number
of emails" in recent days.

Some users who received the email took to Twitter to express their anger.

"Hi @sonos, thanks for sharing my email address in a CC reply to a few
hundred others. What a week you are having," tweeted John Nash.

It is the latest in a series of mishaps for the firm. In December it
launched a recycling scheme that offered customers a 30% discount on new
products if they followed certain steps to recycle their old ones.

Once done, the old speaker would be permanently deactivated. Some questioned
whether it would be more environmentally-friendly to let people to resell
them or give them away to friends.

Then in January, Sonos announced that from May it will no longer issue
software updates for its older devices.

This also prompted an angry reaction from users who had spent hundreds of
pounds on speaker products. They worried that, without updates, they would
eventually lose functionality.

The decision forced an apology and explanation from chief executive Patrick
Spence earlier this month. He reassured customers that devices would not be
"bricked" when the software updates ended.--BBC

 <mailto:info at bulls.co.zw> 

Amazon: Christmas sales soar as other retailers struggle

Amazon sales soared over the Christmas season, rising 21% from the previous
year, in sharp contrast to weakness reported by other retailers.

The e-commerce juggernaut said it earned $87bn (£66bn) in sales in the last
three months of 2019, well ahead of analyst expectations.

The news sent the firm's share price up more than 10% in after-hours trade.

If prices hold it would return Amazon's market valuation to above $1tn,
joining Microsoft, Apple and Google.

Amazon's growth has come as traditional stores and malls suffer, with a
decline in foot traffic blamed in part on online shopping.

US retailers such as Target and Macy's have reported sales in recent weeks
that missed forecasts.

Home decor chain Pier 1 also announced it would close hundreds of locations,
while homeware brand Bed Bath & Beyond warned investors that sales in last
quarter fell almost 10%.

By contrast, Amazon said it earned $3.3bn in profit in its last quarter, up
from $3bn a year ago. That was despite spending heavily on high speed
delivery services for its Prime members.

Boss Jeff Bezos said the firm now had more than 150 million Prime accounts
globally - up 50% from its last disclosure in 2018. Members get free
delivery and access to Amazon's trove of video, among other perks.

The firm's cloud computing division, AWS - another major profit driver -
also did well, increasing revenue by a third.

Why India is greeting Amazon's Jeff Bezos with protests

Where the money is really made at Amazon

The strong performance came despite Amazon's operating expenses jumping more
than 20% to $83bn.

"Given the scale of investments taking place analysts had expected profits
to reverse, and the fact they've improved despite the extra spending is
testament to the quality of the business Jeff Bezos has created," said
Nicholas Hyett, equity analyst at Hargreaves Lansdown.

Amazon claimed more than 37% of the US e-commerce market last year,
according to estimates by research firm eMarketer. It accounted for almost
10% globally.

But the company has not been unaffected by the broader shift to online
shopping.

Quarterly sales at its physical stores, including its Whole Foods grocery
shops, declined 1% compared to the previous year.--BBC

Huawei: US 'to work with' UK over Chinese firm

US Secretary of State Mike Pompeo has said his country will help the UK
reduce risks associated with involving Huawei in its 5G network.

He said officials would work together to "get this right" after the UK's
decision to give the Chinese firm a limited role in building its system.

Mr Pompeo added that intelligence-sharing arrangements between the two
countries would continue.

The US has long argued that Huawei's equipment poses a spying risk.

But the UK government gave the green light to Huawei's involvement in 5G on
Tuesday, despite previous pressure from the US to block the firm.

The company will, however, be banned from supplying kit to "sensitive parts"
of the network, known as the core.

Speaking at the Policy Exchange think-tank in London, Mr Pompeo said his
country considered that using the firm's technology was "very difficult to
mitigate" and was "not worth the candle".

But he said US allies, including the UK, had to make their own "sovereign
decision" about whether to involve the company.

Mr Pompeo said: "The Chinese Communist Party presents the central threat of
our times."

He told the audience that Huawei was "deeply tied" to the party, and
countries would be taking a risk in involving it in the construction of
telecoms networks.

But he added: "I am very confident that our two nations will find a way to
work together to resolve this difference."

Mr Pompeo had previously suggested Huawei's equipment posed a spying risk,
saying that "we won't be able to share information" with nations that put it
into their "critical information systems".

Huawei will only be allowed to account for 35% of the kit in a network's
periphery, and will be excluded from areas near military bases and nuclear
sites.

The company has always denied that it would help the Chinese government
attack one of its clients.

Its founder has said he would "shut the company down" rather than assist
"any spying activities".

Speaking alongside Mr Pompeo, Foreign Secretary Dominic Raab said the UK had
taken a "targeted approach" towards involving the company.

He said the dominance of the Chinese company in the telecoms sector was the
result of a "market failure" for which the government needed to take some
responsibility.—BBC

UK interest rates held as economy shows signs of picking up

The Bank of England has held interest rates at 0.75% amid early signs of a
pick-up in the UK and global economies.

In Mark Carney's final interest rate meeting as governor, the Bank's
Monetary Policy Committee (MPC) voted 7-2 to keep rates unchanged.

Recent weak economic data had led to speculation rates could be cut, but Mr
Carney said "the most recent signs are that global growth has stabilised".

But the MPC said it was poised to cut interest rates if necessary.

Fewer companies in the UK are worried about Brexit, Mr Carney told a news
conference following the rate decision. He added that survey data suggested
UK growth will improve.

But he said: "To be clear these are still early days and it's less of a case
of so far so good than so far good enough," he said, again referring to the
UK economy.

"Although the global economy looks to be recovering, caution is warranted,"
he said. "Evidence of a pick-up in growth is not yet widespread."

He said the coronavirus outbreak was a "reminder of the need to be vigilant"
when it comes to bumps in economic growth around the world.

Ready to cut

The nine MPC members have been split on rates since November.

Lower interest rates are good news for borrowers and bad news for savers
because High Street banks use the Bank of England base rate as a reference
point for many mortgages and savings accounts.

In a closely-watched decision, policymakers said they would monitor whether
a recent improvement in business sentiment would lead to stronger economic
growth.

The MPC said it stood ready to cut rates if there were signs that growth
would remain subdued.

"Policy might need to reinforce the expected recovery in UK GDP growth,
should the more positive signals from recent indicators of global and
domestic activity not be sustained," the MPC said.

Two members, Jonathan Haskel and Michael Saunders, argued that past business
surveys of economic growth had not been reliable.

They continued to call for an immediate interest rate cut to 0.5%.

Weak UK growth

The Bank's latest economic estimates suggest the economy did not grow at all
in the final three months of last year.

Weaker growth at the turn of the year is also expected to drag overall
economic growth down to just 0.75% in 2020. This is down from a projection
of 1.25% last November.

The UK economy is expected to expand by 0.2% in the first three months of
this year.

The Bank said a trade deal between the US and China that lowers some tariffs
would provide a boost to the global economy.

An expected rise in spending by the government in the March Budget could
provide a further boost to growth, policymakers said.

Ruth Gregory, senior UK economist at Capital Economics, said she also
expected stronger growth ahead.

"Admittedly, the MPC left the door open to a rate cut in the coming months,
but with the economy turning a corner and a big fiscal stimulus approaching,
we suspect the next move in interest rates will be up not down, albeit not
until next year."

Brexit drag

The Bank said Brexit-related uncertainty had "weighed on investment" over
the past few years.

Policymakers said companies' Brexit plans had diverted money towards
preparing for the UK's departure from the EU that would otherwise be
invested elsewhere.

This has reduced the UK's long-term growth prospects by limiting the space
in which the economy can grow without the risk of overheating.

This would force the Bank to raise interest rates, which would in turn slow
the UK economy.

Policymakers now believe the UK's potential growth has been reduced to 1.1%.
This is down from 2.9% before the financial crisis and 1.6% over most of the
past decade.--BBC

African economic growth to accelerate to around 4% over next two years -AfDB

ABIDJAN (Reuters) - Africa’s economic growth is forecast to rise to about 4%
this year and next from 3.4% in 2019, driven by infrastructure investments
and natural resource exports, the African Development Bank (AfDB) said on
Thursday.

Growth last year was below the average 5% rate of the past decade, the AfDB
said in an annual report, due to slower growth in the continent’s “big five”
economies — Algeria, Egypt, Morocco, Nigeria and South Africa.

The expected acceleration in growth to 3.9% in 2020 and 4.1% in 2021 will be
marked by a shift away from private consumption toward investment and net
exports, the report said.

Last year was the first time in a decade that investment spending accounted
for a larger share of GDP growth than consumption, the AfDB said.

East Africa was the fastest-growing region in 2019 at 5%, and six African
countries were among the world’s 10 fastest-growing economies: Rwanda,
Ethiopia, Ivory Coast, Ghana, Tanzania and Benin.

Southern Africa posted the slowest growth in 2019 at just 0.7%, held back by
Cyclones Idai and Kenneth and a nearly 13% contraction in Zimbabwe.

The report said that higher oil prices were a significant contributor to
growth last year. However, it added that only a third of countries have
achieved inclusive growth and that, based on current trends, Africa is not
on track to meet an international goal of eradicating extreme poverty by
2030.

IMF says South Africa's economic growth weakened by bailouts to state firms

JOHANNESBURG (Reuters) - South Africa’s economy will likely only grow by
0.8% in 2020, the International Monetary Fund said on Thursday, due to the
weak performance of state firms and government bailouts which are widening
an already large deficit.

“Weaknesses in public enterprises are resulting in poor service delivery and
weighing on the fiscus through bailouts or administrative interventions,”
the global lender said in a statement following a regular consultation this
month.

S.Africa's struggling carrier SAA to cut flights to ease cash flow

JOHANNESBURG (Reuters) - Cash-strapped state carrier South African Airways
(SAA) said on Thursday it would “cancel and consolidate selected flights” to
lower costs, days after it received a 3.5 billion rand ($244 million)
government bailout to ease a mounting cash-flow crunch.

The government bailout from state-owned Development Bank of Southern Africa
(DBSA) was announced on Tuesday. The treasury had initially promised a 2
billion rand rescue package, but that funding had stalled when Finance
Minister Tito Mboweni insisted it be done in a way that avoids increasing
the budget deficit.

Apart from the DBSA loan, SAA has also received bridging loans from
commercial creditors.

SAA is fighting for its survival after it entered a form of bankruptcy
protection in December and cancelled some flights because of cash shortages.
The carrier has not made a profit since 2011.

“Flight demand has been scrutinised to ensure SAA is running efficient
flights. To this end, SAA will cancel and consolidate selected scheduled
flights where there is low demand based on current forward bookings for the
month of February,” the airline said in a statement.

“The conservation of cash through various cost reduction measures is
critical to running an efficient airline and to create a platform on which a
future for a restructured entity can be built,” SAA added.

A spokesman for the company did not answer requests for details on the
number of flights that could be cut.

Moroccan banks respond to king's call for cheaper SME loans

RABAT (Reuters) - Moroccan banks will offer loans for small and medium sized
enterprises and young entrepreneurs at interest rates of not more than 2% in
urban areas and 1.75% in rural regions after King Mohammed VI called for
easier access to funding.

In October, the king called on banks to contribute to development efforts in
Morocco and news of the new rates came in a joint statement by the finance
ministry, the central bank and the GPBM banking industry group on Wednesday.

Central bank governor Abdellatif Jouahri said earlier that bank loans for
SMEs and young entrepreneurs will be refinanced at a preferential rate of
1.25% as part of the same plan, which was developed by the government, the
central bank and GPBM.

The preferential rate is 100 points lower than the central bank’s benchmark
interest rate, which has been 2.25% since 2016.

Under the same plan, the government and commercial banks set up a three-year
fund worth 6 billion dirhams ($620 mln) to boost the funding of SMEs and
young entrepreneurs and to help curb the informal economy by encouraging
access to banking services.

S.Africa's Massmart forecasts annual loss, to reorganise business

JOHANNESBURG (Reuters) - South Africa’s Massmart Holdings on Thursday
forecast a loss for the full-year as it battled tough trading conditions in
the second half and said it will reorganise four of its businesses into two
divisions.

A worker walks beneath a logo at Makro Store Riversands of South African
retailer Massmart in Midrand, South Africa, August 28, 2019. REUTERS/Siphiwe
Sibeko

Massmart, majority owned by U.S. retail giant Walmart, expects to report
headline loss per share, excluding the impact of adopting accounting
standard IFRS 16, between 342.9 cents and 384.5 cents for the year ended
Dec. 29.

It reported annual headline earnings per share of 416.5 cents last year.
Headline EPS is the main profit measure in South Africa and strips out
certain one-off items.

Massmart said it would simplify its operations by reorganising its
wholesale, warehouse, hardware and discount store businesses into two
divisions, wholesale and retail.

The company’s total sales rose 3% to 93.7 billion rand ($6.54 billion) in
the 52-week period ended Dec. 29, helped by growth outside South Africa as
the continent’s most advanced economy shrank for the second time in three
quarters last year.

Massmart also expects to take an impairment charge between 200 million rand
and 250 million rand ($13.95 million and $17.44 million) before tax.

The company said earlier this month that it could cut up to 1,440 jobs under
a plan to close some stores as it struggles to grow sales.

A number of Massmart’s rivals, such as Shoprite, have struggled in difficult
market conditions and currency weakness elsewhere in Africa, especially
Zimbabwe and Nigeria.

Cash-strapped shoppers continue to prioritise food over durables, resulting
in lower sales of high-margin goods and higher sales in the lower margin
food and liquor categories.

Massmart is expected to release its full-year financial results on Feb. 27.

($1 = 14.3325 rand)

South Africa's Wescoal to break ground at new coal mine in Feb - CEO

(Reuters) - South Africa’s Wescoal expects to break ground in February at
its greenfield Moabsvelden project, with the mine expected to supply Eskom’s
Kusile power plant with 3 million tonnes of coal a year at its peak, the CEO
said on Thursday.

Reginald Demana, group chief executive at Wescoal — which is largely
focussed on domestic supply to state-owned power utility Eskom — was
speaking at a southern Africa coal conference in Cape Town.

Vodafone stake sale needs Egyptian regulatory approval

CAIRO (Reuters) - Egypt’s telecoms regulator will have to approve a sale by
Vodafone of its 55% stake in its local operations to Saudi Telecom Co (STC),
it said on Thursday.

Both firms on Wednesday announced a non-binding deal proposal, valuing
Vodafone Egypt at $4.4 billion.

Once finalised, the regulator would have to approve it, the body said in a
statement.

With 44 million subscribers and a 40% market share, Vodafone Egypt is the
country’s biggest mobile operator. The remaining 45% stake is held by
majority state-owned Telecom Egypt.

MTN Uganda says forcing foreign telcos to list locally may not boost Ugandan
ownership

KAMPALA (Reuters) - A Ugandan government move to require foreign-owned
telecom firms to list on the local bourse may fail to achieve its goal of
boosting Ugandan ownership in the sector, MTN Uganda’s chief executive told
Reuters on Thursday.

A local unit of South Africa’s MTN Group, MTN Uganda is the east African
country’s largest telecommunications firm, boasting some 13 million voice
subscribers. It chiefly competes with the local unit of India’s Bharti
Airtel.

Instead of the listing requirement, the government should allow foreign
firms to sell stakes to vetted local investors via private placements, Wim
Vanhelleputte said in an interview.

The government plans to issue all telecom firms with new operating licences
by June under a new regime.

Once they have the new licence, each foreign-owned firm will be required to
list at least 20% of its equity on the local stock exchange within two
years.

“Going onto the stock exchange is not necessarily a guarantee that you have
localised the shareholders ... the best way to localise is a private
placement,” Vanhelleputte said.

Since there is free buying and selling of shares on the exchange, the stock
could be bought by foreigners even if participation in the initial public
offering (IPO) was restricted to Ugandan nationals, he said.

MTN Uganda has previously discussed the possible acquisition of its shares
via a private placement with NSSF, an obligatory private sector pensions
fund overseen by the government.

Those discussions stopped three years ago when MTN Uganda began talks with
the regulators to renew its operating licence, which expired in October
2018.

President Yoweri Museveni has complained the country is draining its scarce
foreign exchange reserves through foreign-owned telecoms repatriating their
profits abroad.

Vanhelleputte cited Tanzania as an example of why Uganda should be wary of
whether there is enough local capital to absorb all the equity offered by
foreign telecom firms in an IPO.

In 2017, Tanzanian authorities forced the then foreign-owned telecom
operator Vodacom Tanzania Plc to sell shares in an IPO, but restricted
participation to its nationals.

After sluggish uptake of shares from domestic investors, the IPO was
eventually opened to foreign participants.

“The supply (of shares) might be quite significant compared to the demand
available,” Vanhelleputte said, referring to Uganda.

Telecoms firm MTN to invest $1.6 bln in Nigeria - statement

JOHANNESBURG (Reuters) - Telecommunications firm MTN Group will invest $1.6
billion in Nigeria, the company said, after it resolved a major legal case
with the government in its biggest market.

Earlier this month, Nigeria’s attorney general said he had withdrawn a $2
billion tax demand against MTN, bringing to a close the company’s latest
disagreement with the government.

The South African firm has for years been dogged by legal woes in Nigeria as
the government has sought billions of dollars for various alleged
infractions.

In a statement issued late on Wednesday, the company said it now planned to
invest $1.6 billion, or roughly 580 billion naira, over three years in its
network and operations in Nigeria.

“We are fully aligned with the strategic agenda of the Nigerian government
and are committed to strengthening the digital economy of the country,” said
MTN Chairman Mcebisi Jonas in the statement.

Investors have said the legal rows with MTN have damaged the West African
country’s appeal, despite it having the largest economy and population on
the continent.

S.Africa's Eskom resumes power blackouts as emergency capacity dwindles

JOHANNESBURG (Reuters) - South Africa’s ailing power utility Eskom will
resume nationwide power cuts on Thursday evening, cutting up to 2,000
megawatts from the grid as it struggles to replace the emergency capacity it
used this week to keep the lights on.

“This is due to system constraints and our depleting emergency resources. WE
have been using pumped storage schemes and open cycle gas turbines
extensively over the past few days in order to supplement capacity, and we
need to replenish these overnight,” Eskom said in a statement.

Eskom said it was likely the power cuts would continue into the weekend.

INVESTORS DIARY 2020

Company

Event

Venue

Date & Time

Companies under Cautionary

Bindura Nickel Corporation

Padenga Holdings

Delta Corporation

Meikles Limited

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