Major International Business Headlines Brief::: 28 July 2020

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Major International Business Headlines Brief::: 28 July 2020

 


 

 

	
 


 

 


 

 

ü  African trade deal could lift millions out of poverty, World Bank says

ü  S.Africa's Steinhoff offers $1 bln to settle global lawsuits

ü  S.Africa's Santam to pay $60 mln in relief to virus-hit firms within months -CEO

ü  Amplats profit falls as COVID-19 shutdowns weigh, sees H2 output recovery

ü  Ghana central bank keeps benchmark policy rate steady at 14.5%

ü  Bostwana retailer Choppies stock resumes trading after 20-month suspension

ü  Gold surges to record high as dollar slips, Sino-U.S. row worsens

ü  Algeria's annual inflation up in June

ü  Republicans introduce $1tn pandemic recovery plan

ü  Emirates covers Covid-19 medical and funeral costs

ü  Facebook takes the EU to court over privacy spat

 


 

 


 

 <http://www.zb,co.zw/> African trade deal could lift millions out of poverty, World Bank says

JOHANNESBURG (Reuters) - A pandemic-delayed African free trade deal, if fully implemented, could boost incomes across the continent, pull millions out of poverty and cushion against the negative fallout from COVID-19, the World Bank wrote in a report on Monday.

 

The African Continental Free Trade Area (AfCFTA) was due to come into force on July 1, but that proved unworkable after the virus forced widespread border closures and halted talks between governments over the removal of tariffs.

 

It may now begin operating from the start of 2021.

 

The pandemic is expected to cost Africa up to $79 billion in lost economic output this year alone with the additional risk of millions of job losses.

 

“In this context, a successful implementation of AfCFTA would be crucial,” the report said. “(It) is a major opportunity for Africa, but implementation will be a significant challenge. Lowering tariffs is only the first step.”

 

Once in force, the AfCFTA will bring together 1.3 billion people across 55 countries with combined gross domestic product of $3.4 trillion.

 

World Bank researchers estimated the trade deal would lift 30 million Africans out of extreme poverty and 68 million from moderate poverty by 2035.

 

Full implementation could increase real income in Africa by 7%, or nearly $450 billion, mainly by reducing the cost of trade through the elimination of tariffs and red tape.

 

Ivory Coast and Zimbabwe - countries with the highest costs of trade - could see income gains of 14%.

 

The volume of total exports would increase by almost 29%, according to the World Bank, with exports between African nations rising 81%. Exports to non-African countries would increase 19%.

 

“The report estimates that compared with a business-as-usual scenario, implementing AfCFTA would lead to an almost 10%increase in wages, with larger gains for unskilled workers and women,” the report said.

 

 

 

S.Africa's Steinhoff offers $1 bln to settle global lawsuits

JOHANNESBURG (Reuters) - South Africa’s Steinhoff has proposed to pay around $1 billion to settle outstanding legal claims following a massive accounting fraud, a fraction of the over 9 billion euros ($10.5 billion) claimants are seeking.

 

The announcement sent its shares up over 11% on Monday.

 

The more than 50-year-old retailer has faced stream of lawsuits after revealing holes in its accounts in December 2017, the first sign of the fraud estimated to total $7 billion, and is still battling to recover.

 

Chief Executive Louis du Preez said the company had been working for 12 months to put together the settlement, which will cover cases from the Netherlands to South Africa, and urged all claimants to support it.

 

“Although there is no certainty yet that we will be able to conclude this settlement, in our view these terms are firmly in the best interests of all stakeholders,” he said in a statement.

 

While creditors, regulators and claimants still need to approve the proposal, if accepted the settlement would remove a huge question mark over the struggling company’s survival.

 

Steinhoff would have to liquidate if required to pay more than 90 separate legal claims against it in full, it said, damaging the prospects of claimants getting paid and marking the end of what was once a prize South African company.

 

Dutch shareholder group VEB said it will publish its response to the proposal after trading hours close in the Netherlands.

 

Other claimants, including South African businessman Christo Wiese, did not immediately respond to requests for comment, while some could not be reached.

 

Totalling around $1 billion altogether with separate sums offered for different groups of claimants, the settlement covers only a fraction of the value of the claims following the scandal.

 

These stood at over 9 billion euros in 2019, according to Steinhoff’s annual report. Some claims would not be covered by the settlement, Steinhoff said.

 

The value would be paid in cash and shares in retailer South African retailer Pepkor, a Steinhoff subsidiary.

 

($1 = 16.5507 rand)

 

($1 = 0.8542 euros)

 

 

 

S.Africa's Santam to pay $60 mln in relief to virus-hit firms within months -CEO

JOHANNESBURG (Reuters) - South African insurer Santam aims to pay out around $60 million in relief within months to clients hit by the pandemic, its CEO said on Monday, amid criticism of the sector’s handling of policies that companies thought would cover them.

 

Many small South African businesses in the hospitality and tourism sector in particular are at risk of collapse after insurers - along with the global insurance industry more broadly - said business interruption policies did not cover the impact of coronavirus lockdowns.

 

Legal battles over the matter are ongoing in both South Africa and beyond, but locally many restaurants, hotels and other tourism businesses remain closed or operating at vastly reduced capacity, and may not survive in the meantime.

 

Regulator the Financial Services Conduct Authority (FSCA) said last week that the main South African insurers involved would offer clients relief payments to help see them through, though some businesses or their law firms raised concerns including about how long it would take to pay out the money.

 

Santam, which has offered 1 billion rand ($60.78 million) in relief to clients, aims to start processing payments next week and have the money paid out entirely within months, CEO Lize Lambrechts told Reuters in an interview.

 

“We’re doing this because we think it’s the right thing to do,” she said, adding the sum represented a significant amount for Santam and the aim was to get the most money to the most vulnerable firms.

 

Santam, South Africa’s largest short-term insurer, and its peers have suffered a significant blow to their reputations over the dispute. RMB Attorneys, which represents a number of affected clients, said the relief was purely an attempt by insurers to claw back lost trust.

 

“This... behaviour should have been displayed from the outset and not only when the potential catastrophic reputational damage to the insurers was triggered when their loyal clients were miserably let down,” it said in a letter to the FSCA, adding insurers should be settling claims instead.

 

($1 = 16.4518 rand)

 

 

 

Amplats profit falls as COVID-19 shutdowns weigh, sees H2 output recovery

JOHANNESBURG (Reuters) - Anglo American Platinum (Amplats) posted a 7% fall in half-year profit on lower output due to shutdowns caused by COVID-19 and cautioned that further closures and power outages could put its full-year guidance at risk.

 

Shares in one of the world’s biggest platinum producers, which have soared since mid-March, fell almost 4% before recovering to trade flat on the day as Amplats said it expects production to improve in the second half and declared an interim dividend.

 

Headline earnings per share, the main profit used in South Africa, for the six months to June 30 fell to 26.27 rand per share compared with 28.15 rand a year earlier.

 

Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 6% to 13.1 billion rand, driven by sharply higher metals prices.

 

Amplats said it expects output to improve in the second half despite a 25% decline in year-on-year in platinum group metals (PGM) production to 1.6 million ounces due to shutdowns in South Africa and Zimbabwe.

 

Refined PGM production fell 49% due to power cuts and repairs at its ACP processing facilities 141 kms (88 miles) from Johannesburg after a blast forced it to declare force majeure.

 

“We expect to see a stronger production performance in H2 2020, but caution that significant headwinds still exist,” said Amplats CEO Natascha Viljoen.

 

Viljoen, who was appointed CEO in April, said output capacity levels were around 80% by the end of June and expected to increase to 95% by the end of the year.

 

Amplats said the possibility of further COVID-19 shutdowns, repairs at its plant and power outages could impact its ability to meet year end guidance of 3.1 to 3.6 million PGM ounces.

 

Mining companies in South Africa are anxious about managing COVID-19 and preventing outbreaks at mine sites where workers are in close quarters and confined spaces.

 

Viljoen said Amplats expected platinum, rhodium and palladium to be in deficit in the global market for the remainder of 2020 but expected platinum, the majority f which is mined in South Africa, to return to a surplus in 2021 as supply recovers.

 

 

 

Ghana central bank keeps benchmark policy rate steady at 14.5%

ACCRA (Reuters) - Ghana’s central bank on Monday maintained its policy rate at 14.5%, citing a need for macro-economic stability despite the slowdown brought on by the coronavirus pandemic.

 

Ghana’s economy, which relies heavily on natural resources like cocoa, gold and oil, is expected to grow in 2020 at its slowest rate in nearly 40 years, leading the government last week to announce a $17.4 billion support programme. [nL5N2EU61X]

 

Bank of Ghana Governor Ernest Addison described mixed economic indicators during a monthly news conference. 

 

 

 

Bostwana retailer Choppies stock resumes trading after 20-month suspension

GABORONE, Botswana (Reuters) - Trading in shares of budget retailer Choppies resumed on the Botswana Stock Exchange (BSE) on Monday after a 20-month suspension following the company’s failure to publish its financial results.

 

Choppies saw its shares plunge by more than 60% in September 2018 after delaying publication of its financial statements, leading to their suspension on both the local bourse and the Johannesburg Stock Exchange (JSE) where it has a secondary listing.

 

The results were delayed after the company’s newly appointed auditors PricewaterhouseCoopers (PwC) raised concerns with the board over accounting practices.

 

The resumption also follows publication on July 23 of an auditors’ report into allegations of fraud within the group which found any court action over those allegations was unlikely to succeed.

 

Trading in Choppies shares resumed at 0.69 pula per share, in line with their suspension price. Some 797,000 shares were traded in the opening auction.

 

As part of plans to consolidate its business and focus on more profitable subsidiaries, Choppies - Botswana’s biggest retailer - has since exited the South African and Mozambican markets.

 

The company is also divesting operations in Tanzania and Kenya, Chief Executive Ramachandran Ottapathu told Reuters on Monday, but will continue operating in Botswana, Zimbabwe, Zambia and Namibia.

 

In the half-year to December 2019, Choppies’ group revenue fell by 17.5% to 2.9 billion pula due to a weakening currency in Zimbabwe against the Pula, the company said in its results released on Friday. It made a 204.7 million pula ($18 million) loss on discontinued operations.

 

Its gross profit margin for the half-year ended December 2019 improved to 22.9% from 22.5% a year before, reflecting a good performance in the local market.

 

($1 = 11.4286 pulas)

 

 

 <mailto:info at bulls.co.zw> 

 

Gold surges to record high as dollar slips, Sino-U.S. row worsens

(Reuters) - Gold soared over 2% to its highest ever on Monday as heightened U.S.-China tensions hammered the dollar and sped up a flight to safety among investors concerned that the spat could amplify the economic hit from the coronavirus pandemic.

 

Spot gold hit a record high of $1,943.93 per ounce, and by 0940 GMT was up 2% to $1,939.29. U.S. gold futures gained 2% to $1,936.30 per ounce.

 

Silver too joined the rally, jumping more than 6% to $24.36, its highest since September 2013.

 

Bullion is surging on a broadly weaker dollar, U.S.-China tensions and negative real yields, FXTM analyst Lukman Otunuga said.

 

In the latest escalation of Sino-U.S. tensions, China took over the premises of the U.S. consulate in the southwestern city of Chengdu on Monday in retaliation for Beijing’s ouster last week from its consulate in Houston, Texas.

 

This sent the dollar index to its lowest since September 2018. [USD/]

 

Investors are now awaiting the U.S. Federal Reserve’s meeting starting Tuesday, where it could flag another accommodative policy shift.

 

Non-yielding gold is considered a hedge against inflation and currency debasement, with analysts also pointing to massive inflows into gold-backed exchange traded funds as a driver behind its 28% rally in 2020. [GOL/ETF] [CFTC/]

 

Meanwhile, COVID-19 cases surged to over 16.13 million globally, driving expectations of more stimulus to stem the economic blow.

 

Platinum rose 2.3% to $934.83 and palladium was up 2.4% at $2,272.25.

 

 

 

 

Algeria's annual inflation up in June

ALGIERS (Reuters) - Algeria’s annual inflation rose to 2.1% in June from 1.9% the previous month as prices for some foodstuffs went up, the government said on Sunday.

 

On a monthly basis, the consumer price index rose 0.2% in June, according to figures released by the National Statistics Bureau.

 

The cost of meat and poultry rose 8.2%, while the prices of clothing and shoes were up 0.6%.

 

OPEC member Algeria has been trying to cut imports of goods including foodstuffs following a fall in energy export earnings.

 

 

 

Republicans introduce $1tn pandemic recovery plan

US Republicans have proposed spending an additional $1tn (£776bn) to address the economic damage caused by the coronavirus pandemic.

 

The plan includes $100bn for schools and issuing stimulus payments of up to $1,200 to most Americans.

 

Under the plan, the payment would replace a $600 boost to unemployment benefits during the pandemic.

 

The proposal sets the stage for negotiations with Democrats who have called it "totally inadequate".

 

The US has already spent more than $2.4tn on virus relief measures, sending billions of dollars in aid to businesses and individual households. But economists have warned since the spring that more would be necessary.

 

Senator Mitch McConnell said Republicans wanted to see how existing programmes were working, but had now produced a "tailored and targeted draft" to address the economic fallout of the pandemic.

 

The proposal would reduce the $600 weekly unemployment benefit supplement to $200 until states can set up a more targeted system that replaces 70% of a person's previous wage.

 

The millions of Americans 'hanging by a thread'

US sent $1.4bn of pandemic aid to dead people

The reduction reflects worries that the current benefits discourage workers from returning to work, since an estimated two thirds of recipients are getting more from unemployment than they did working.

 

Mr McConnell said Republicans "want to continue" the unemployment supplement, which expires this week. "But we have to do it in a way that does not slow down reopening."

 

As well as money for direct payments to families and to help schools, Republicans said they want to put in place legislation to shield businesses from workers' coronavirus health claims.

 

What else do Democrats want?

Senator Chuck Schumer, who leads Democrats in the Senate, said the proposal was "too little, too late".

 

The US has lost roughly 15 million jobs since February and the recovery remains on shaky ground as virus cases rise and some places reimpose restrictions.

 

Nearly one in five US workers is collecting unemployment benefits and more than half of adults live in households that have seen a drop in income, according to a survey by the US census.

 

Democrats, who have put forward their own $3tn plan, want funding for local governments, which are facing budget shortfalls due to the decline in economic activity. Many object to the unemployment benefit cut, which they want to see extended through to the end of the year.

 

They have also rejected the proposal to shield businesses from liability.

 

What happens now?

Some Republicans had proposed fast-tracking some pieces of the legislation - an idea rejected by Democrats, who see that strategy as an effort to avoid including their priorities.

 

Mr McConnell said on Friday he expected the negotiations to take "a few weeks". The senator will also need to persuade members of his own party, who are worried about rising levels of government debt and opposed to further spending.--BBC

 

 

 

Emirates covers Covid-19 medical and funeral costs

Emirates has become the first airline to offer free Covid-19 insurance as it tries to get people flying again.

 

Passengers will be covered for medical treatment, hotel quarantine, and even their funeral if they catch the coronavirus while travelling.

 

The announcement comes as carriers around the world have been hit hard by measures to tackle the pandemic.

 

Earlier this month, the world's biggest long-haul carrier told the BBC it is set to cut as many as 9,000 jobs.

 

The company said the offer, which is valid for 31 days from the start of a passenger's journey, will be available immediately and run until the end of October.

 

Emirates set to cut 9,000 jobs, citing pandemic

Tui scraps holidays to mainland Spain

Virus drives airlines to 'worst' year on record

The coverage is free to all customers regardless of class of travel or destination and is applied automatically with no need to register.

 

The Dubai-based carrier said the insurance would cover medical expenses of up to €150,000 (£137,000; $176,500).

 

It will also pay for the cost of quarantining in a hotel for up to two weeks at €100 per day.

 

In the event of a passenger's death due to Covid-19 the insurance cover will provide €1,500 towards the cost of their funeral.

 

Fear of flying

Air travel has slumped this year as countries shut their borders and people remain concerned about potentially becoming infected on flights or while travelling.

 

The cancelation or postponement of major events - including the Olympic Games in Japan, industry conferences and music festivals - has also had a major impact on demand for flights.

 

Last month the International Air Transport Association (IATA) warned that 2020 will go down as the "worst" on record financially.

 

The global industry group said the plunge in travel caused by the coronavirus will drive airline losses of more than $84bn (£65bn) this year, as revenues fall by 50% compared to 2019.

 

The collapse in demand has already forced carriers around the world to cut flights and layoff or furlough tens of thousands of workers.

 

Less than three weeks ago, the president of Emirates told the BBC that his company is set to cut as many as 9,000 jobs because of the pandemic.

 

Tim Clark said the airline had already cut a tenth of its staff but said: "We will probably have to let go of a few more, probably up to 15%."

 

Prior to the crisis, Emirates had 60,000 staff.

 

It was the first time that the Middle Eastern carrier had disclosed how many jobs it would cut.--BBC

 

 <mailto:info at bulls.co.zw> 

 

 

Amazon takes on supermarkets with free food delivery

Amazon is ramping up its online grocery service with the aim of serving millions of shoppers across the UK by the end of 2020.

 

Online food sales have almost doubled during the pandemic with grocers struggling to keep up with demand.

 

Amazon is now after a bigger slice of this fast-growing market, which analysts say could increase pressure on rivals such as Ocado.

 

Amazon Fresh offers same or next-day grocery deliveries for customers in London and the Home Counties.

 

Shoppers have to subscribe to Amazon Prime to get it and users currently have to pay an additional monthly fee or a delivery charge per order. It has about 10,000 products including fresh, chilled and frozen food.

 

>From Tuesday, this service will now be a free benefit to subscribers in these areas on orders above £40.

 

About 40 postcodes in Surrey will also have access to a faster offer, with a possible same-day delivery before midnight if you order by 21:00.

 

Amazon says it will roll out this quicker and unlimited free delivery grocery service to "multiple cities" by the end of this year. It's an ambitious move.

 

'Big step up'

 

He says this expansion was on the cards before Covid-19.

 

Tesco starts online refillable container trial

Ocado says switch to online shopping is permanent

Amazon revealed few specifics about its plans.

 

It launched Amazon Fresh in the UK in 2016 and has never given sales figures or customer numbers. It hasn't even confirmed how many Amazon Prime members it has in the UK.

 

According to market research firm Mintel, there are 15 million subscribers, potentially giving Amazon a huge platform.

 

Competitive market

 

It's also far more difficult for grocers to make a profit with online sales compared to customers visiting stores.

 

But it won't be easy, says Thomas Brereton, retail analyst at GlobalData.

 

A big battle for upmarket shoppers is set for the autumn. In September, Ocado will start selling M&S products instead of Waitrose food. And it's these players, thinks Richard Hyman, who have most to worry about when it comes to Amazon's latest move.

 

All of the established players have been rapidly building online capacity to cope with soaring demand, which many believe will be a permanent shift in shopping behaviour. Amazon's expansion means this part of the £119bn grocery market is going to become even more competitive in the coming months.--BBC

 

 

 

 

Facebook takes the EU to court over privacy spat

Facebook has pushed back against a European Union investigation into its practices, taking it to court over privacy concerns.

 

Two investigations are being carried out into Facebook to find out if it breaches competition laws.

 

To gather information, the European Commission has demanded internal documents from Facebook that include 2,500 specific key phrases.

 

Facebook says that means handing over unrelated but highly sensitive data.

 

The European Commission says it will defend the case in court, and its investigation into Facebook's potential anticompetitive conduct is ongoing.

 

The social media giant has filed an appeal to the EU courts, arguing against the breadth of the document requests.

 

'Irrelevant documents'

 

A Facebook spokesperson stressed the company is not trying to hold up the investigation, saying the firm has been very forthcoming with information so far.

 

Facebook says it offered commission investigators the chance to view sensitive but unrelated documents in a secure-viewing room where no copies could be made, but the offer was refused.--BBC

 

 

 

 


 


 


 

 


 

INVESTORS DIARY 2020

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


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

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from sources believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and sourced from third parties.

 


 

 


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