Major International Business Headlines Brief::: 22 July 2020

Wed Jul 22 13:56:22 CAT 2020

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Major International Business Headlines Brief::: 22 July 2020

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ü  Italy prosecutors seek jail sentences for Eni, Shell executives in Nigeria case

ü  Radisson adds six hotels in Africa in bet on future growth

ü  South African rand softens after rally as investors await data signals

ü  Algeria expects energy revenue to fall $10 bln this year

ü  IMF approves $7.6 mln debt relief to Burundi to cushion Covid-19 effects

ü  South Africa has not committed to fund SAA rescue plan, finmin says

ü  Pensana seeks cash from banks, UK funds for Angola project

ü  South Africa's rand firmer as EU rescue deal boosts risk demand

ü  Kenya's No.2 retailer seeks strategic investor as supplier debts mount

ü  B&Q owner sees sales soar in lockdown DIY boom

ü  Coronavirus: 'My hotel is losing about £40,000 a month'

ü  QAnon: Twitter bans accounts linked to conspiracy theory

ü  Airlines call for joint US-European testing scheme

ü  How deep are Britain and China's economic ties?

 <mailto:info at bulls.co.zw> 

Italy prosecutors seek jail sentences for Eni, Shell executives in Nigeria case

MILAN (Reuters) - Italian prosecutors have asked for oil majors Eni and Shell to be fined and some of their present and former executives, including Eni CEO Claudio Descalzi, to be jailed in a long-running trial over alleged corruption in Nigeria.

In a Milan court, prosecutors asked on Tuesday for eight years in prison for Descalzi and seven years and four months for Shell’s former head of upstream Malcolm Brinded.

The prosecutors also asked for Eni and Shell to be fined 900,000 euros ($1.04 million) each and sought to confiscate a total of $1.092 billion from all the defendants in the case, the equivalent of the bribes alleged to have been paid.

In one of the oil industry’s biggest suspected scandals, Italian prosecutors allege Eni and Shell acquired a Nigerian oilfield in 2011 knowing most of the $1.3 billion purchase price would go to politicians and middlemen in bribes.

The companies and individuals accused have all denied wrongdoing in the case.

($1 = 0.8684 euros)

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Radisson adds six hotels in Africa in bet on future growth

JOHANNESBURG (Reuters) - Radisson Hotel Group has added six hotels to its African portfolio, the company said on Tuesday, as it pushes ahead with its expansion strategy on the continent despite the COVID-19 pandemic.

Global hotel chains, including Marriot International and Hyatt Hotels have increased investments in Africa, which has some of the world’s only growing economies even after the impact of the pandemic, and a rising middle class.

The addition of the new properties in Mali, Nigeria, Ghana, Ethiopia and two in South Africa means Radisson manages nearly 100 hotels in 32 African markets.

“We aim to further accelerate our presence across the continent through conversions, especially as liquidity remains a critical challenge,” said Ramsay Rankoussi, Radisson’s vice president for development in Africa and Turkey.

“We have revisited our brand architecture to enable us to quickly integrate existing hotels to our network.”

He did not give any figure for the amount invested.

The first of the new hotels will open in Bamako, Mali within the next six months with the last - a 258-room facility in Nigeria’s capital Abuja - is expected to launch in 2024.

Grounded airlines and tight travel restrictions meant to curtail the spread of the novel coronavirus that causes COVID-19 have hit the hospitality sector hard.

In Africa, the safari and wildlife tourism sector - a major draw for international travellers - has seen widespread job losses.

South African rand softens after rally as investors await data signals

JOHANNESBURG (Reuters) - The South African rand weakened early on Wednesday as investors took profits after a rally that took the currency to a one-and-a-half month peak.

The rand was 0.5% weaker at 16.4950 per dollar at 0730 GMT, having reached 16.3600 overnight for its best since June 10 in a broad rally spurred by a landmark European Union economic rescue package.

The EU will pump at least 750 billion euros ($865 billion) into a package aimed at helping the hardest-hit economies. Part of that stimulus is expected to spill into emerging market investments.

But with COVID-19 infections continuing to climb locally and abroad, and keenly watched United States initial jobs claims data due on Thursday after South Africa’s central bank decides on lending rates, investors opted to pocket gains from the recent rally.

The South African Reserve Bank (SARB) concludes its three-day policy meeting on Thursday, with lending rates expected to be cut by 25 basis points.

But with inflation dipping below the bank’s target range of 3-6% for the first time in two decades and fellow emerging market banks continuing to ease policy there is growing probability of a deeper cut, analysts say, keeping big bets at bay.

Bonds prices were also softer in early trade. The yield on benchmark 2030 government paper was up 2.5 basis points at 9.33%.

($1 = 0.8671 euros)

Algeria expects energy revenue to fall $10 bln this year

ALGIERS (Reuters) - Algeria expects its oil and gas revenue to fall to $23 billion this year from $33 billion in 2019, energy minister Abdelmadjid Attar told state radio on Tuesday.

OPEC member Algeria’s revenues from oil and gas sales were at $60 billion in 2014, before a sharp drop in prices.

“We are in a difficult economic situation,” Attar, who took over as Algeria’s new energy minister earlier this year, told state radio.

Algeria passed a new energy law in November 2019 to make its oil sector more attractive, but has not published the texts to implement it. Attar said international investors have been awaiting these to decide whether to come to Algeria.

The texts will be published before September, he said. Fifty small oil and gas discoveries have been made that need to be developed, he added.

“Foreign firms are welcome to work with (Algerian state energy company) Sonatrach on these fields,” Attar said.

IMF approves $7.6 mln debt relief to Burundi to cushion Covid-19 effects

NAIROBI (Reuters) - The International Monetary Fund said on Monday it had approved $7.6 million debt relief to Burundi to help address the economic impact of the COVID-19 pandemic.

It said the relief for three months would be potentially raised to $24.97 million over the next 21 months, if resources are available.

“IMF debt relief will help free up resources for public sector health needs including other emergency spending and help mitigate the balance of payments shock posed by the COVID-19 pandemic,” the IMF said in a statement.

The IMF said it has revised downwards economic growth projections for 2020 by 5.3 percentage points to -3.2 percent this year.

“The pandemic has exacerbated preexisting economic challenges and creates significant external financing needs in 2020 and 2021, mainly as a result of lower exports, elevated imports needs, and reduced remittances inflows,” it said.

Burundi has so far had 328 cases of COVID-19 and one death.

South Africa has not committed to fund SAA rescue plan, finmin says

JOHANNESBURG (Reuters) - The South African government has not committed to fund a restructuring plan for struggling South African Airways (SAA), Finance Minister Tito Mboweni said in court papers seen by Reuters on Tuesday.

Administrators took over SAA in December after almost a decade of financial losses, and last week creditors approved the restructuring plan, which requires at least 10 billion rand ($600 million) of new funds, on the understanding the government would find the necessary cash.

Mboweni said in an affidavit filed in the High Court that funding options the government might explore included approaching institutions for investment of pension funds, private equity or other partners who might want a shareholding in a restructured SAA.

The minister was responding to a court case launched by opposition party the Democratic Alliance, which wants to block Mboweni from using emergency powers to channel more public funds to rescue the airline.

Mboweni and Public Enterprises Minister Pravin Gordhan sent a letter last week to SAA’s administrators committing to “mobilising funding” for the plan.

Mboweni said in his affidavit that no definitive decisions had been taken on how funds would be sourced for SAA. He said he had not used his powers to authorise using funds from the National Revenue Fund, nor was such a move imminent.

The finance ministry has not responded to a Reuters request for comment.

SAA’s administrators need certain conditions to be met by Wednesday for their restructuring plan to work.

One of them is that the government finds money for the plan, which envisages scaling back the airline’s fleet and shedding jobs before gradually ramping up operations as COVID-19 disruption eases.

In a document sent to trade unions over the weekend giving the rationale for the planned job cuts, the administrators said SAA had made a net loss of 5.5 billion rand in the year to end-March, with further losses incurred since.

The administrators plan to have terminated all SAA’s aircraft leases by the end of July, leaving it with nine Airbus A340 planes which are on sale, Louise Brugman, spokeswoman for the administrators told Reuters.

($1 = 16.5541 rand)

Pensana seeks cash from banks, UK funds for Angola project

LONDON (Reuters) - Pensana Rare Earths is in early stage talks with lenders including Barclays, South Africa’s Rand Merchant Bank (RMB) and funds including Fidelity to secure more funding for its Angola project, its chairman said on Monday.

Chairman Paul Atherley said the miner planned to raise between $30-$50 million of working capital from the banks while funds would be tapped for about $25 million in equity for the construction of the mine.

State-owned China Great Wall Industry Corporation (CGWIC) will provide the rest of the up to $170 million required to build the rare earths project in Angola, Pensana said.

RMB, Barclays and Fidelity were not immediately available for comment.

Rare earths, a group of 17 minerals used in everything from consumer electronics to military equipment and offshore wind projects, are predominantly mined and processed in China.

Western powers have put the metals on lists of strategic minerals and are trying to develop their own supplies, but analysts say China’s dominance will be very hard to shake.

Talks will pick up pace after Pensana completes its Bankable Feasibility Study expected in October, Chief Financial Officer Rob Kaplan said.

Construction of the project will begin in January, and the working capital will need to be secured towards the end of 2021.

Angola’s government is in the midst of a number of sweeping reforms aimed at diversifying the economy away from oil, gas and diamonds.

The country’s sovereign wealth fund, which is Pensana’s largest shareholder, was at the centre of a scandal involving the former president’s son, Jose Filomeno de Sousa dos Santos, who allegedly transferred $500 million from the bank to a Credit Suisse account in London.

“We are totally transparent and we believe that this new government is a very open book. We will avoid what appears to have occurred before by being open and clear with everybody about what we are doing,” Atherley said.

South Africa's rand firmer as EU rescue deal boosts risk demand

JOHANNESBURG (Reuters) - South Africa’s rand firmed early on Tuesday, with demand for riskier emerging market currencies boosted after European Union (EU) countries agreed a rescue package for their coronavirus-hit economies.

At 0720 GMT the rand was 0.63% firmer at 16.5175 per dollar compared to a close of 16.6225 overnight.

“The EU stimulus package is reported to be worth 750 billion euros, which would have a significant impact on economic activity in Europe,” said economists at ETM Analytics.

“That will ultimately spill over into the emerging market space too, if not directly, then through improved sentiment and demand for EM exports.”

The EU was slow to coordinate its initial response to the COVID-19 pandemic but the rescue fund is likely to shore up sentiment as investors worry about the surge of infections.

Bonds were also firmer, with the yield on the benchmark 2030 government issue down 5.5 basis points to 9.405%.

Kenya's No.2 retailer seeks strategic investor as supplier debts mount

NAIROBI (Reuters) - Kenyan supermarket chain Tuskys is seeking a strategic investor before the end of this month as one way to raise funds, the competition watchdog said on Monday after it told the retailer to clear more than $25 million in supplier bills.

The retail sector has seen two major supermarket chains collapse in recent years, while Carrefour franchisee Majid al Futtaim has entered the market and grown into Kenya’s third biggest retailer in just four years.

Tuskys, with 53 stores making it Kenya’s second biggest retailer behind Naivas, was ordered by the Competition Authority of Kenya (CAK) to clear supplier bills worth 2.77 billion shillings ($26 million) last month, under new rules to cushion suppliers from delays.

Tuskys, which has not said how much it still has to pay, has renegotiated terms for its credit facilities and has been in talks with suppliers to keep its stores stocked, CAK said.

“Shareholders of Tuskys have communicated that they are also exploring other funding options, including seeking a strategic investor by July 31, 2020,” CAK said in a statement.

Representatives of Tuskys were not immediately available for comment.

CAK said it would decide within two weeks on any investment proposal by Tuskys, accelerating a process that usually takes months. It has approved Tuskys proposal to clear outstanding debts to suppliers within the next four months.

“The authority shall conduct compliance checks on a weekly basis to ensure adherence to the presented debt settlement plan,” CAK said.

($1 = 107.5500 Kenyan shillings)

B&Q owner sees sales soar in lockdown DIY boom

Sales of paint, wallpaper, plants and compost have soared during lockdown, the owner of B&Q and Screwfix has said.

Kingfisher said people had been doing more DIY than usual, as like-for-like sales jumped by 21.6% in the three months to 18 July.

Store re-openings also boosted revenue, while online sales more than tripled.

Kingfisher's UK stores, as well as those in France, were closed in mid-March due to lockdown measures to stop the spread of coronavirus.

Although B&Q's UK stores only started reopening in late April, online sales continued to see a huge increase, it said.

The retailer made click-and-collect and home delivery options available and the group saw online sales surge more than 200% in both May and June.

According to the Office for National Statistics, retail sales across the UK partly recovered in May driven by DIY stores and garden centres reopening.

Sales were boosted by a 42% rise at household goods stores, such as hardware, furniture and paint shops, it said.

Kingfisher said that good weather had also helped demand - in addition to people having more time to spend on DIY improvements while they spent more time at home.

In June, the group said it would recruit 3,000 to 4,000 more workers to meet the rising demand, about half of them in the UK.

Kingfisher boss Thierry Garnier said the firm's new recruits would be "temporary" during the summer, depending on what happened to demand after coronavirus measures were eased.

The DIY group is one of the few large retailers to add to its workforce instead of cutting jobs amid the pandemic.

DIY is one area that has done well during lockdown. Other businesses that have seen buoyant sales include supermarkets and online-only fashion stores.

Sainsbury's, for example, saw grocery sales up 10.5% during the lockdown, fuelled by online orders. Online fashion firm Asos also reported an increase in group sales of 10% to £1bn in the four months to 30 June.

Despite Kingfisher's strong performance, the group said in a statement on Wednesday that it would not give guidance for the second half of the year due to "uncertainty around Covid-19 and the wider economic outlook".

It also said its sales over the six months to 18 July were down 3.7% compared with the same period last year.--BBC

Coronavirus: 'My hotel is losing about £40,000 a month'

At the moment, Rick Cressman says his hotel Nailcote Hall, near Coventry, is losing £40,000 a month, with bank borrowing his only financial lifeline.

The hotel had been making £3m a year.

"Fixed costs mean we must operate at scale," he told the BBC. "We would need to operate at 50% capacity just to turn a small profit."

The British Chambers of Commerce (BCC) says almost half of UK firms have been unable to fully restart operations despite restrictions being eased.

Its coronavirus impact tracker - billed as the largest business survey of its type - found that weak consumer demand and possible local lockdowns were seen as obstacles.

'Bit of a punt'

Nailcote Hall, which employed 80 staff before lockdown, was a popular venue for weddings, party nights and visitors to the nearby National Exhibition Centre (NEC).

It plans to re-open on 24 August, but since Mr Cressman took the decision another big NEC event he was hoping would bring in business has been cancelled.

"We are taking a little bit of a punt," he says.

Mr Cressman is hopeful his customers will return relatively quickly, saying many bookings "haven't been cancelled, just pushed back".

Even so, the hospitality sector has strict distancing rules, so getting back to the days when the hotel had average wedding parties of 100 guests could be a long way off.

His staff are gradually being brought back from furlough, with training underway and the re-arrangement of the hotel to make it Covid-19 compliant in progress.

Mr Cressman said: "We need to get up to 50% capacity within about two months. I've been in this business 40 years. I'm sure many people with less experience would find it overwhelming."

The BCC's survey of firms between 6 July and 10 July found that while demand is up since the depths of the lockdown, most firms are only operating at about half of their pre-virus capacity.

Meanwhile, almost half said they had seen a slight or significant decrease in revenue from UK customers compared to June.

And some 43% saw an increase in late payments from customers when compared with the last six months of 2019.

Adam Marshall, BCC director general, said: "Businesses are grappling with reduced customer demand, an on-going cash crunch, and the potential for further lockdowns during an uncertain autumn and winter ahead," Mr Marshall said.

"The prime minister's encouragement to return to workplaces and further updates to business guidance will not be enough on their own."

Fewer job adverts

The survey was carried out before Boris Johnson's announcement last week that coronavirus restrictions will ease further in England under plans for what he called a "significant return to normality" by Christmas.

Under the new guidelines, people may use public transport for journeys immediately and companies will have more discretion to bring staff back to work from 1 August.

However, economists say that despite the easing of lockdown and hopes that the pace of staff being brought back from furlough will be pick up, the outlook for jobs was gloomy.

Jack Kennedy, economist at Indeed, an employment website which helped produce the BCC's report, said: "The slowdown in consumer activity mirrors hiring activity in the UK.

"Today, there are 60% fewer job postings than there were before the outbreak of Covid-19, and so far there are few signs of a V-shaped recovery in vacancies.

"The furlough scheme has been an important lifeline to millions of people but the fear is there will be a sudden rise in unemployment after that umbilical cord has been severed," he said.--BBC

QAnon: Twitter bans accounts linked to conspiracy theory

Twitter has announced sweeping measures aimed at cracking down on the QAnon conspiracy theory, including banning thousands of accounts.

The social media giant said it would also stop recommending content linked to QAnon and block URLs associated with it from being shared on the platform.

QAnon is a sprawling conspiracy theory whose followers support US President Donald Trump.

Twitter said it hoped the action would help to prevent "offline harm".

In a statement shared on the platform, Twitter said it would permanently suspend accounts that violate its policies while tweeting about QAnon.

The suspensions will be applied to accounts that are "engaged in violations of our multi-account policy, coordinating abuse around individual victims, or are attempting to evade a previous suspension - something we've seen more of in recent weeks," it said.

The suspensions are expected to impact about 150,000 accounts worldwide. More than 7,000 accounts have been removed in recent weeks for violations, Twitter said.

QAnon supporters have been linked to numerous other false claims that have spread online, including a bizarre conspiracy theory involving a US furniture company and allegations of child trafficking.

The FBI last year issued a warning about "conspiracy theory-driven domestic extremists" and designated QAnon a potential domestic extremist threat.

What is QAnon?

By Shayan Sardarizadeh and Jack Goodman, BBC Anti-disinformation team

QAnon is a wide-ranging unfounded conspiracy theory that President Trump is battling a clandestine "deep state" network of political, business, media and entertainment elites, often involving Satanic plots and child trafficking.

QAnon began in October 2017 on the anonymous message board 4chan. A user claimed to have top security clearance within the US government and signed off their posts as "Q" - hence the name QAnon. Q communicates in cryptic posts and claims to be directly involved in a secret Trump-led investigation of a global network of child abusers.

QAnon followed on from the "pizzagate" saga in 2016 - a fake theory about Democratic Party politicians running a paedophile ring out of a Washington pizza restaurant.

QAnon influencers have big audiences on social media. They urge followers to "do their own research" - in other words, watch YouTube videos and talk to other supporters - to solve Q's puzzles. In its nearly three years of existence, the conspiracy has drawn huge traffic on Facebook, Twitter, Instagram, YouTube and Reddit, attracting hundreds of thousands of dedicated followers. This includes celebrities and dozens of candidates running for Congress this year.

During the coronavirus pandemic, Q influencers have spread unfounded theories about coronavirus, calling it a "deep state" hoax and have promoted misinformation about face masks and vaccines.--BBC

Airlines call for joint US-European testing scheme

Major airlines have asked for a joint coronavirus testing programme, so that travel may resume between the US and Europe.

The owner of British Airways and United Airlines are among the carriers that have signed a letter to US and European Union leaders.

Currently travel between Europe and the US is largely barred.

Carriers are struggling to survive as the coronavirus pandemic has severely disrupted global travel.

In a letter sent on Tuesday to US and European governments, major airline chief executives called for a US-EU testing programme for passengers making trans-Atlantic trips.

Signees of the letter include bosses of International Airlines Group (IAG) - which owns British Airways - American Airlines, United Airlines and Lufthansa.

“Given the unquestioned importance of trans-Atlantic air travel to the global economy as well as to the economic recovery of our businesses, we believe it is critical to find a way to re-open air services between the US and Europe,” the letter said.

It was sent to US Vice President Mike Pence and Ylva Johansson, the European commissioner for home affairs.

“We recognize that testing presents a number of challenges, however we believe that a pilot testing programme for the transatlantic market could be an excellent opportunity for government and industry to work together,” the letter added.

The EU doesn’t currently allow visits from US residents, although it has relaxed rules for non-essential travel from 15 countries with lower coronavirus infection rates.

The UK requires people arriving from the US to spend 14 days in self-imposed quarantine, while the US restricts travel by most passengers coming for Europe.

Pilar Wolfsteller, Americas Air Transport Editor at FlightGlobal told the BBC that such measures are a crucial step towards restarting flights between America and Europe: "Until the US and EU open their borders to foreign visitors again, it will be very difficult to impossible for airlines to climb out of the crisis."

"For the major US carriers like United, American and Delta, European visitors are vital to their success and any progress towards re-opening transatlantic travel would be a great step forward towards normalcy for the airlines," she added.

China wants testing

China has also come out in favour of testing kits and wants passengers of inbound flights to provide negative Covid-19 test results before boarding.

The Civil Aviation Administration of China (CAAC) made the announcement on Tuesday as the government looks to further reduce the risk of imported coronavirus cases.

The airline industry is facing a huge challenge amid a severe downturn in passengers. Most major airlines have announced job cuts and staff furloughs, while some smaller players have collapsed.--BBC

How deep are Britain and China's economic ties?

The economic relationship between the UK and China has grown significantly over the past two decades.

In 1999, China was the UK's 26th biggest export market. It now sits in sixth place.

Trade between the two countries hit a record high last year, with large infrastructure projects and education playing major roles.

But as tensions rise between London and Beijing - following the UK government's U-turn on using Huawei telecoms 5G equipment in the country's networks - the ties that have benefited both nations may now be under threat.

Trade

Last year, China was the UK's sixth largest export market, worth £30.7bn, according to the Office for National Statistics (ONS).

This was a record high, up from £23.4bn in 2018, and the fourth year-on-year increase in a row.

In the other direction, China was the UK's fourth largest source of imports, worth £49bn, also a record high.

Leslie Young, Professor of Economics at the Cheung Kong Graduate School of Business in Beijing, told the BBC that in his view trade between the two countries would not be a victim of increased London-Beijing tensions.

"The rising hostility between the UK and China is unlikely to have a strong effect on the leading components of their trade. The major effect is likely to be on UK higher education and the role of the UK as a hub for Chinese companies."

Infrastructure

China also plays an increasingly important role in the UK's infrastructure, including its nuclear power capabilities.

China General Nuclear Power (CGN) is partly financing the building of the £20bn Hinkley Point nuclear power station in Somerset.

The state-owned Chinese group also has an option to buy 20% of another planned plant, at Sizewell in Suffolk, and a majority stake in an entity looking into several more nuclear power projects.

China's state-run sovereign wealth fund China Investment Corporation (CIC) has an 8.7% stake in Thames Water, along with a 10% stake in the firm that owns London's Heathrow Airport.

China also has a stake in the UK's North Sea oil production via the China National Offshore Oil Corporation (CNOOC).

Chinese students

The number of Chinese students at UK universities has more than trebled since 2006, according to the National Institute of Economics and Social Research (NIESR).

Tuition fees from Chinese students add up to at least £1.7bn a year across universities and independent schools.

Experts have warned that UK universities will struggle financially if China imposes a ban on its students coming to Britain.

"As Chinese students account for the largest body of foreign students, the financial impact would be large", said a spokesman for Shanghai-based market intelligence firm Emerging Strategy.

"Universities will need to adjust their costs or find new ways to generate revenue."

But the British Council has downplayed fears of a mass exodus of Chinese students.

"Long-term planning to study abroad is unlikely to be affected by short-term political relations. The UK has always been one of the top destinations for Chinese students," a spokesman told the BBC.

Takeovers

China has been active in many high-profile acquisitions in the UK, resulting in billions of pounds flowing into Britain.

In March, British Steel was taken over by China's Jingye Group in a move expected to save more than 3,000 jobs.

The Chinese firm said it would invest more than £1bn to help modernise the steelworks.

Other notable takeovers include black cab maker LTI, which was bought by Chinese carmaker Geely, and Wolverhampton Wanderers football club, which was taken over by Chinese conglomerate Fosun International.

Technology

Technology firm Huawei's investment in the UK is a high-profile and a long-standing one, dating back to 2005.

While Huawei will no longer be involved in the rollout of new 5G equipment, it still has involvement in existing telecoms infrastructure.

While much of the talk has been around Huawei, it's not the only technology company that the UK and China share links with.

China's thirst for high tech UK companies saw it take over chipmaker Imagination Technologies in 2017.

The vast majority of the cash for the purchase came from the Beijing-backed China Reform investment fund.

UK businesses in China

While most of the flow is money into the UK from Chinese companies and government-backed entities, there are some big UK firms doing business in China, a country of 1.4 billion people with rapidly-growing disposable incomes.

Significant British companies are spread across sectors such as energy, car production, pharmaceuticals and financial services

Last year, China's ambassador to Germany threatened "consequences" for its carmakers if Huawei was blocked from Germany's 5G networks, raising concerns that Beijing may use such tactics against other countries' interests.

"Chinese citizens are prompt to follow boycotts based on national interests dictated by the party," said a Shanghai-based spokesman for market intelligence firm Emerging Strategy.

But Steven Lynch, managing director of the British Chamber of Commerce in China told the BBC that he was optimistic that such a situation could be avoided.

"We hope that British automotive manufacturers who both import vehicles into China and manufacture locally will not be targeted for the UK government's decision," he said.

The pro-business group warned that British telecoms and IT companies could also potentially be at risk.

But Mr Lynch added that the two countries should be able to "sustain robust trade and investment in the coming months despite the challenging political environment".--BBC

INVESTORS DIARY 2020

Company

Event

Venue

Date & Time

Proplastics

AGM

Virtual

23 July 2020 | 10am

NMB

AGM

Virtual

28 July 2020 | 10am

FMP

AGM

Ground Floor, First Mutual Park, 100 Borrowdale Road, Borrowdale

29 July 2020 | 9:30am

FML

AGM

Ground Floor, First Mutual Park, 100 Borrowdale Road, Borrowdale

29 July 2020 | 11:30am

ZBFH

AGM

Board Room, 21 Natal Road, Avondale

30 July 2020 | 10:30am

OK Zimbabwe

AGM

Virtual

30 July 2020 | 3pm

ZHL

AGM

virtual

31 July 2020 |

Delta

AGM

Virtual, Head Office, Northridge Close, Borrowdale

31 July 2020 | 12:30pm

Zimbabwe

National Heroes Day

Zimbabwe

10  August 2020

Zimbabwe

Defence Forces’ Day

Zimbabwe

11  August 2020

CBZ

AGM

Virtual

14  August 2020 | 6pm

Companies under Cautionary

Bindura Nickel Corporation

Padenga Holdings

Delta Corporation

Meikles Limited

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Skype:         Bulls.Bears 

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