Major International Business Headlines Brief::: 02 July 2020

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Major International Business Headlines Brief::: 02 July 2020

 


 

 


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ü  South African rand firms against dollar before current account data

ü  Big S.African insurers face $232 mln in claims from 500 virus-hit firms

ü  Steinhoff faces legal claims of more than $10 billion

ü  Johannesburg exchange fines Tongaat over non-compliance

ü  Morocco’s trade deficit narrows 12% year/year in Jan-May

ü  Mauritius investigates alleged round-tripping linked to Wirecard AG

ü  Easing lockdown lifts South Africa's Absa PMI in June

ü  Fitch: Sub-Sahara African debt burdens rising faster than elsewhere

ü  South Africa's recession deepens in first quarter as mining plummets

ü  US targets Monet and Warhol artworks in 1MDB case

ü  Dozens of countries not in UK quarantine

ü  Tesla overtakes Toyota to become world's most valuable carmaker

ü  Primark presses ahead with new store openings

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


South African rand firms against dollar before current account data

JOHANNESBURG (Reuters) - South Africa’s rand was firmer against the U.S.
dollar on Thursday as investors looked to current account data for clues
about the health of Africa’s most industrialised economy.

 

At 0704 GMT, the rand traded at 17.00 versus the dollar, around 0.3%
stronger than its previous close.

 

The dollar was about 0.2% weaker on global markets before non-farm payrolls
figures which are expected to show an increase in jobs but come as concerns
grow about whether the U.S. economy can sustain its recovery as coronavirus
infections surge.

 

South Africa’s first-quarter current account data, due around 0900 GMT, will
give more detail about how the economy was performing before the coronavirus
crisis really took hold.

 

The government imposed a strict lockdown at the end of March, shutting down
many businesses and confining most people to their homes, and has only
gradually eased restrictions since.

 

Data this week showed gross domestic product contracted 2% in the first
three months of the year, led by declines in mining and manufacturing.

 

The current account has long been a sore spot for South Africa, but the
deficit narrowed to its lowest in nearly a decade in the last quarter of
2019.

 


 <mailto:info at bulls.co.zw> 

 


 

Big S.African insurers face $232 mln in claims from 500 virus-hit firms

JOHANNESBURG (Reuters) - Virus-related claims from just over 500 small South
African firms battling insurers who have rejected them are worth up to 4
billion rand ($232 million), the firm representing the businesses has
calculated.

 

Loss adjustment firm Insurance Claims Africa (ICA) is pushing a host of big
South African insurers including Santam, Old Mutual, Hollard and HIC
Underwriting Managers to make payouts under business interruption policies
sold to its clients.

 

They are firms in the hospitality and tourism industry now on the cusp of
closure after virus restrictions brought their businesses to a standstill.

 

Faced with national lockdowns, unprecedented during peacetime, small
businesses around the world have turned to their insurers hoping such
business interruption policies will cover losses and help them survive the
crisis.

 

But in countries including Britain and the United States some of these
claims have been rejected, prompting lawsuits or forcing regulators to step
in to the fray.

 

Ryan Woolley, ICA CEO, told journalists on Wednesday that its calculations
showed the claims by the firms ICA is representing amounted to between 3.5
billion rand and 4 billion rand, though it had offered the relevant insurers
reduced amounts to settle the matter.

 

“We will continue to discuss it with all the insurers,” he continued, though
he said ICA would launch legal action against Santam and HIC and could do
the same against several others.

 

Santam and Old Mutual said that even where a client has taken out protection
against contagious or infectious diseases, these do not cover the impact of
national lockdowns.

 

The insurers added that they cannot consider a settlement for a select group
of clients that would not equally apply to all impacted policy holders.

 

“It is important that we obtain legal certainty as quickly as possible on
the policy interpretation applied by Santam and other insurers,” Santam
added.

 

Guardrisk, a subsidiary of Momentum Metropolitan that underwrites HIC’s
insurance business, also said it could only consider claims on a
case-by-case basis and that it was in the process of arranging a meeting
with ICA.

 

Hollard did not immediately respond to emails requesting comment.

 

($1 = 17.2575 rand)

 

 

 

Steinhoff faces legal claims of more than $10 billion

JOHANNESBURG (Reuters) - Steinhoff International, battling the fallout from
a massive accounting fraud, faces legal claims amounting to more than 9
billion euros ($10.10 billion), the South African retailer’s annual report
showed on Wednesday.

 

The report for the year ended September 2019 listed numerous court cases
with claimants seeking more than 9 billion euros in payments or damages. It
also included Steinhoff’s annual results, with the retailer’s full-year loss
widening to 1.8 billion euros from a 1.2 billion loss a year earlier.

 

Steinhoff’s problems began in December 2017 when the company revealed holes
in its accounts, shocking investors in the international retail group, which
were the initial signs of an accounting fraud since estimated to total $7
billion.

 

Established more than 50 years ago, the company expanded beyond South Africa
to become a furniture and household goods retailer straddling four
continents before the accounting scandal came to light.

 

After a debt restructuring last year, the company said that managing its
litigation risks - the second phase of its plan to return to normality - was
now its focus, with these presenting a “significant challenge.”

 

The retailer’s Johannesburg listed stock fell 4.9% on Wednesday. It is also
listed in Frankfurt.

 

Steinhoff’s annual report said the company was assessing the merits of and
responses to the claims and no provisions had yet been taken as it was
uncertain when, or if, it would have to pay.

 

Steinhoff said last year it could issue shares to help to cover legal
payouts related to the accounting fraud.

 

The company has also been selling off assets as part of plans to transform
itself into a retail holding company.

 

But the annual report said Steinhoff now also has to contend with the impact
of the coronavirus outbreak, which hurt its performance this year.

 

Last week, the boss of Pepco Group, owner of British discount retailer
Poundland, said the coronavirus crisis had delayed its sale by parent
Steinhoff.

 

The annual report said Steinhoff was yet to make a decision regarding the
future of Pepco Group. The company is looking at options including a sale or
initial public offering of the business.

 

The company said its debt, which it restructured last year, stood at 9.6
billion euros during the period.

 

($1 = 17.3484 rand)

 

 

 

Johannesburg exchange fines Tongaat over non-compliance

JOHANNESBURG (Reuters) - Johannesburg Stock Exchange (JSE) on Wednesday
issued a public censure and a maximum fine of 7.5 million rand ($435,000) on
sugar producer Tongaat Hulett Ltd due to non-compliance with its listing
requirements.

 

The South African exchange operator said due to the company’s full
co-operation and remedial actions after its internal review uncovered
irregular accounting, it would suspend 2.5 million rand of the fine for five
years on condition that Tongaat does not breach the listings requirements
during the period.

 

The company posted interim revenue of 8.085 billion rand in January.

 

The JSE said the company’s financial information published for the period
2011 to 2018 did not comply with international financial reporting standards
and was incorrect, false and misleading.

 

“The accuracy and reliability of financial information published by
companies are of critical importance in ensuring a fair, efficient and
transparent market,” the JSE said in a statement.

 

PwC in November found that certain Tongaat senior executives overstated
profits and certain assets by using “undesirable accounting practices”,
prompting the agriculture and agri-processing company to restate its 2018
financials.

 

The exchange operator said restatements of the financials for the 2018
financial year were material and included a drop in total assets of around
10 billion rand.

 

Its restated headline earnings per share (HEPS) showed a loss of 861 cents
per share versus a previously stated profit of 534.8 cents per share.

 

HEPS is the main profit measure used in South Africa.

 

Tongaat, which produces a range of sugarcane and maize-based products, said
it noted and accepted the JSE findings.

 

“The Tongaat Hulett Board and management remain committed to good corporate
governance and have undertaken to prevent a recurrence of a transgression of
the Listings Requirements,” Tongaat said in a statement.

 

($1 = 17.2349 rand)

 

 

 

 

Morocco’s trade deficit narrows 12% year/year in Jan-May

RABAT (Reuters) - Morocco’s trade deficit shrank by 12% to 73.7 billion
dirhams ($7.58 billion) in the first five months of 2020 from a year
earlier, the foreign exchange regulator said on Wednesday.

 

Imports dropped 16.9% to 174.5 billion dirhams and exports tumbled 20.1% to
100.8 billion dirhams, the regulator said in a monthly report citing the
impact of the COVID-19 pandemic.

 

Energy imports, including gas and oil, fell 9.2% to 22.9 billion dirhams, on
the back of lower prices.

 

Drought has slashed by 42% Morocco’s cereals harvest this year, leading to a
spike in soft wheat imports to 7.8 billion dirhams and in barley to 1.5
billion dirhams.

 

The automotive sector still tops Morocco’s industrial exports despite a drop
in sales by 39.4% to 21.3 billion dirhams, while exports of phosphates and
byproducts including fertilisers fell 1.6% to 20.5 billion dirhams.

 

Travel receipts, which are key to Morocco’s inflow of hard currency, dropped
24.2% to 21.6 billion dirhams, remittances from Moroccans living abroad fell
12.4% to 22.6 billion dirhams and foreign direct investments slid 15.9% to
7.2 billion dirhams.

 

 

 

Mauritius investigates alleged round-tripping linked to Wirecard AG

NAIROBI (Reuters) - Mauritius’s central bank and Financial Services
Commission have started a joint investigation into alleged round-tripping
linked to Wirecard AG, the central bank said on Wednesday.

 

German police and prosecutors raided Wirecard’s headquarters in Munich on
Wednesday as they widened their fraud investigation into the payments
company that collapsed last week.

 

“Wirecard AG could have been linked to a probable case of round-tripping
involving a Mauritius-registered entity,” the central bank said in a
statement, adding that it will seek the help of other law enforcement
agencies.

 

“The Bank and the FSC are determined to bring to light any possible breach
of regulatory requirements.”

 

 

 

Easing lockdown lifts South Africa's Absa PMI in June

JOHANNESBURG (Reuters) - South Africa’s seasonally-adjusted Absa Purchasing
Managers’ Index (PMI) expanded in June as an easing of coronavirus
restrictions lifted business activity and sales.

 

The index, which gauges manufacturing activity in Africa’s most
industrialised economy, rose to 53.9 points in June from 50.2 points in May.

 

Despite the uptick, many respondents reported that production levels
remained below normal capacity.

 

“The further rise in June merely means that a solid month-on-month increase
was likely recorded,” analysts at Absa said of the survey.

 

“Indeed, continued restrictions in some non-manufacturing sectors of the
economy (for example the hospitality industry) still weighed on demand and
limited the need to ramp up production.”

 

South Africa imposed a strict lockdown in late March to curb the spread of
the coronavirus but has since eased some of the restrictions. From June 1,
much of the economy was allowed to return to full capacity.

 

The improvement in the Absa PMI came a day after data showed first quarter
gross domestic product contracted again, with the slowdown stretching back
to mid-2019, before the coronavirus struck.

 

 

 

Fitch: Sub-Sahara African debt burdens rising faster than elsewhere

LONDON (Reuters) - Government debt burdens across sub-Saharan Africa are
rising at a faster pace and to higher levels than elsewhere in emerging
markets, heightening the risk of further rating downgrades and defaults,
ratings agency Fitch warned on Tuesday.

 

Emerging markets have been battered by the fallout from the coronavirus
pandemic, with a coinciding oil price rout adding to the pain for smaller
and often riskier developing countries, many focussed on crude exports and
having few fiscal or monetary buffers.

 

Fitch predicted that the median of government debt-to-GDP for the 19
sovereigns it rated in the region would rise to 71% by end-2020 from 26% in
2012, while the median debt ratio across other emerging markets is expected
to climb to 57%.

 

Africa’s main oil exporters – Angola, the Republic of Congo, Gabon and
Nigeria – have been hit particularly hard given their high reliance on oil
revenues for fiscal and external financing, and the dependence of the rest
of their economies on crude earnings.

 

Countries with a concentration on tourism, particularly Cabo Verde and the
Seychelles, have also been badly affected, Fitch said.

 

While Mozambique and Republic of Congo already defaulted recently, ratings
pointed to more stress ahead, with Zambia at ‘CC’ and Gabon, Mozambique and
Republic of Congo ‘CCC’.

 

Another 13 sovereigns were in the single ‘B’ range, with seven sovereigns
having a ‘negative’ outlook on their rating.

 

“The coronavirus shock compounds a marked deterioration in SSA public
finances that has been running for a decade and which will be challenging to
reverse,” Ed Parker, managing director sovereign ratings EMEA, wrote in a
report.

 

“Further sovereign defaults are probable,” he added.

 

While emergency support from the International Monetary Fund and the G20
Debt Service Suspension Initiative (DSSI) provided useful fiscal and
external financing, those programmes were “moderate in size” at around 0.9%
and 1.2% of GDP respectively, Parker said.

 

They were not designed to address debt stocks and medium-term risks to debt
sustainability, he added.

 

 

 

South Africa's recession deepens in first quarter as mining plummets

PRETORIA (Reuters) - South Africa’s recession deepened in the first quarter
of 2020, with official data on Tuesday showing that gross domestic product
contracted 2% from the previous three months, led by declines in mining and
manufacturing.

 

The economy was already frail before the coronavirus pandemic hit South
Africa in March, with January-March being the third consecutive quarter of
contraction and following a 1.4% decline in GDP in October-December.

 

Tuesday’s data nevertheless beat analysts’ expectations for a contraction of
3.8% in the first quarter.

 

“While this was nowhere near as bad as the market had feared, there is
little in the data to be upbeat about,” said Razia Khan, chief economist for
Africa and the Middle East at Standard Chartered.

 

“The year/year decline was modest, with the return of growth in agriculture
providing some support. But the read-across to other sectors, and the
expenditure breakdown of GDP, provides plenty of reason to be concerned.”

 

Statistics South Africa said mining contracted by 21.5% in January-March,
while manufacturing was down 8.5%.

 

Compared to the same period a year ago, GDP shrank 0.1% in the first quarter
after a 0.5% decline in Q4 2019.

 

A strict nationwide lockdown from late March has been partially eased to
allow key sectors like mining, manufacturing and retail to resume
operations, but the outlook remains gloomy.

 

The Treasury sees GDP contracting by 7.2% this year.

 

First-quarter spending in the economy shrank 2.3% compared with
October-December, Stats SA said. Then, it had contracted 1.2% from the prior
quarter.

 

While household expenditure grew 0.7% and government expenditure was up 1.1%
in the quarter, gross fixed capital formation shrunk by 20.5%.

 

“Tentative green shoots of consumer recovery will have been completely
overridden by the COVID crisis, and rise in joblessness since then,” Khan
said.

 

“When an economy’s starting point — even prior to the COVID lockdown — is an
unemployment rate that is over 30%, it is difficult to imagine what further
deterioration looks like.”

 

 

 

US targets Monet and Warhol artworks in 1MDB case

US prosecutors will try to seize another $96m (£77m) in assets from the
fugitive financier known as Jho Low.

 

The assets sought by the the Department of Justice (DOJ) include an
apartment in Paris and artworks by Claude Monet, Andy Warhol and Jean-Michel
Basquiat.

 

Officials say they were bought with money stolen from Malaysia's 1MDB state
investment fund.

 

Prosecutors allege the assets are linked to cash raised for the fund dating
back to 2012 and 2013.

 

The money was meant to finance environmentally-friendly energy and tourism
projects.

 

It is alleged that more than $4.5bn of the funds raised was siphoned out of
Malaysia in a money laundering and bribery scandal that rocked the country.

 

Wednesday's filing indicates that prosecutors have so far identified $1.8bn
of assets that they say were purchased with stolen money.

 

US officials have so far recovered or helped Malaysia recover more than $1bn
in assets related to the alleged embezzlement.

 

In October, it was announced that Mr Low, whose real name is Low Taek Jho,
had agreed to hand over assets worth a total of $700m.

 

The claims have led to the criminal prosecution of Malaysia's former prime
minister Najib Razak as well as embroiling Wall Street banking giant Goldman
Sachs, which raised money for 1MDB.

 

In February, Andrea Vella, who was formerly co-head of Goldman’s Asia
investment banking division ex-Japan, was banned for life from the banking
industry by the US Federal Reserve over his role in the multi-billion dollar
scandal.

 

Former Goldman Sachs partner, Tim Leissner, has pleaded guilty to
participating in the scheme and agreed to forfeit up to $43.7m.

 

Mr Low, who remains at large although his whereabouts is unknown, has denied
any wrongdoing.

 

A verdict in the trial of Mr Najib is due on 28 July, he has denied any
wrongdoing.--BBC

 

 

 

Dozens of countries not in UK quarantine

Dozens of countries will be exempt from a travel quarantine from Monday, UK
government sources have indicated.

 

Currently, most people arriving into the UK from anywhere apart from the
Republic of Ireland have to self-isolate for two weeks.

 

Ministers had previously indicated they were working to establish a
relatively small number of travel corridors.

 

Travel and tourism companies have been calling for urgent clarity over the
corridors amid rising bookings.

 

Last weekend, the government said it would relax its advice on travel abroad
and would rate countries as either green, amber or red, depending on the
prevalence of the virus.

 

Now government sources have indicated that a very long list of countries is
likely to be published by the end of this week.

 

How is lockdown being lifted across Europe?

It is possible that up to 75 countries deemed low or very low risk will be
exempt from the UK's quarantine from Monday, 6 July.

 

Some of the countries on this new list do still have restrictions on people
travelling in the other direction, from the UK.

 

Other higher-risk countries, such as the US, will be categorised as red.

 

It seems that agreeing a small number of travel corridors with specific
countries was fraught with risk. The Scottish government has expressed
concern about plans to relax the quarantine and it is still in discussion
with officials and politicians in Westminster.

 

Travel companies have called on the government to publish its list as soon
as possible, to end the confusion.

 

George Morgan-Grenville, chief executive of travel company Red Savannah and
long-time critic of the quarantine rules, told the BBC he was "very
encouraged" by news that a clarification was imminent.

 

He said the restrictions had been "a disaster for the industry, which had
been prevented from getting back on its feet".

 

Your travel rights

Most people intending to travel overseas when restrictions are lifted may
find their travel insurance does not cover every risk created by
coronavirus.

 

A number of new policies will now cover medical treatment for Covid-19 which
has been caught while in a resort.

 

However, people who need to cancel a holiday because they develop symptoms
before going away, or are told to self-isolate at home, might not be
covered.

 

People who bought an annual policy before the outbreak could have greater
protection, depending on the terms and conditions of the cover.--BBC

 

 

 

Tesla overtakes Toyota to become world's most valuable carmaker

Tesla has become the world's most valuable carmaker, overtaking Japan's
Toyota, after its stock hit a record high.

 

Shares in the electric carmaker touched $1,134 on Wednesday morning before
falling back, leaving it with a market value of $209.47bn (£165bn).

 

That is roughly $4bn more than Toyota's current stock market value.

 

However, Toyota sold around 30 times more cars last year and its revenues
were more than 10 times higher.

 

Shares in Tesla have surged since the start of 2020 as investors have begun
to feel more confident about the future of electric vehicles.

 

How Elon Musk aims to revolutionise battery technology

That is despite its founder Elon Musk having wiped $14bn off Tesla's value
in May after tweeting that its share price was too high.

 

After years of losses, the Californian firm has also delivered three
profitable quarters in a row and maintained that momentum during the first
three months of 2020 despite the coronavirus outbreak.

 

Toyota, however, remains a far larger business in terms of sales.

 

The Japanese company sold 10.46 million vehicles in the year to March and
posted revenues of 30.2 trillion yen ($281.20bn).

 

Tesla ended 2019 with sales of just $24.6bn, having delivered 367,200
vehicles last year.

 

However, investors are excited by the US firm's potential, believing it
could dominate the future electric car market.

 

Analysts at the stockbroker Jefferies said the firm remained "significantly
ahead of peers in product range, capacity and technology".

 

In a reflection of that, the firm is also now worth around three times the
combined value of US rivals General Motors and Ford.

 

Mr Musk has said Tesla will deliver at least 500,000 vehicles in 2020, a
forecast the company has not changed despite the coronavirus pandemic.--BBC

 

 

 

Primark presses ahead with new store openings

Primark is going ahead with plans to open five new stores in the US, France
and Poland, despite economic uncertainty over the coronavirus.

 

It comes as other High Street brands cut costs and lay off staff.

 

The latest update from Primark owner AB Foods revealed the full impact of
the lockdown on trade, with Primark's sales down 75% in the past quarter.

 

Now though, all but eight of Primark's 375 stores are trading again.

 

Since reopening, Primark shoppers have been buying up children's wear,
leisure clothes and night wear. Summer fashion items such as shorts and
T-shirts are also in high demand, while sales of men's formalwear and
travel-related goods are down.

 

Eager customers lined up outside Primark stores on the day they reopened in
England in mid-June.

 

That pent-up demand resulted in strong trade at the tills: the company has
reported it sold more in the week ending 20 June than it did in the same
week last year, across the UK and Ireland.

 

Primark says stores in regional areas and retail parks are doing well, but
city centre stores continue to suffer from a lack of tourists and much lower
footfall.

 

Nonetheless, the chain is optimistic about the next few months and has
placed orders worth more than £800m for the coming autumn/winter season.

 

Primark's new US stores are planned for New Jersey and Florida, although the
company says retail restrictions due to Covid-19 may push back their opening
dates. The new openings will bring the total number of US stores to 11.

 

In France, Primark will be opening in the Belle Epine and Plaisir shopping
centres in Paris. The company is also set to open its first new store in
Poland, in the capital, Warsaw. In the coming months, Primark will also
expand existing stores in Malaga and Lisbon.

 

Primark was hit particularly hard by the lockdown measures, as it does not
have an online store or offer click-and-collect services for its products.
Before the lockdown, it had been generating sales of £650m a month.

 

Commenting on the financial results, Emma-Lou Montgomery from Fidelity
Personal Investing said: "Primark's full-year operating profit is expected
to be a third of what it was last year, coming in at between £300m and
£350m, but that's really no surprise when all 375 stores had closed by 22
March.

 

"The absence of an online shopping site didn't help and will have held it
back when compared to its competitors. But as we have seen, with queues
forming from 05:00 on reopening day - open the stores and shoppers will
come," she said.

 

Primark's move to expand its global empire is in contrast with moves made by
other retailers battling tough economic conditions brought on by the
coronavirus outbreak.

 

This week, John Lewis announced it would be closing stores and cutting an
unconfirmed number of staff, while Harrods, TM Lewin and Topshop's owner
Arcadia announced hundreds of job cuts.--BBC

 

 

 

 

 


 

 


 

INVESTORS DIARY 2020

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


Ariston

AGM

Boardroom, 306 Hillside Road, Msasa Woodlands

07 Jul 2020 : 1100

 


Dawn Properties

AGM

Ophir Room, Monomotapa Hotel, 54 Park Lane

09 Jul 2020 : 0900

 


Mash

AGM

Virtual, Boardroom, 19th Floor, ZB Life Towers, 77 Jason Moyo Avenue

09 Jul 2020 : 1200

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


Bindura Nickel Corporation

 

 

 


Padenga Holdings

 

 

 


Delta Corporation

 

 

 


Meikles Limited

 

 

 


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