Major International Business Headlines Brief::: 29 July 2020

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Major International Business Headlines Brief::: 29 July 2020

 


 

 

	
 


 

 


 

 

ü  South Africa's economy to contract 7.2%, even after loan injection -IMF

ü  Nigeria in $1.5 bln oil prepay deal with traders Vitol, Matrix

ü  South African Airways rescue plan ready bar the funding, say
administrators

ü  IMF board approves $4.3 bln loan to help South Africa to fight pandemic

ü  Nigerian banks squeezed as central bank shores up naira

ü  Kenya's Safaricom launches 4G phone purchase by instalment scheme with
Google

ü  Total, BP and ENI make new gas discovery off the coast of Egypt

ü  Kenya to sell 11-year infrastructure bond in August - central bank

ü  Tech giants Facebook, Google, Apple and Amazon to face Congress

ü  Coronavirus: Kodak pivots itself to become strategic drug maker

ü  Google's new transatlantic data cable to land in Cornwall

 


 

 


 

 <http://www.zb,co.zw/> South Africa's economy to contract 7.2%, even after
loan injection -IMF

JOHANNESBURG (Reuters) - South Africa’s economy is likely to contract by
7.2% this year due to the impact of the new coronavirus, and growing debt
repayments will hamper its recovery, the International Monetary Fund (IMF)
said on Tuesday.

 

The Washington-based lender approved $4.3 billion in emergency financing for
Africa’s most advanced economy late on Monday.

 

The IMF loan is part of $7 billion in planned borrowing from international
financial institutions. The BRICS Bank has approved a $1 billion loan, and
the African Development Bank says it will lend the government 5 billion rand
($304.55 million). Talks with the World Bank are ongoing.

 

In a country report complied by its executive team published on Tuesday, the
IMF said the recession would limit the government’s ability to reduce debt
and a bulging fiscal deficit.

 

“Despite the sizable relief package, the pandemic will drive the economy
into a deep recession in 2020, with adverse implications for the fiscal
deficit and debt,” the IMF said.

 

President Cyril Ramaphosa announced a 500 billion rand stimulus package in
April after imposing a strict lockdown in late March to curb infections,
which passed 450,000 this week, the most on the continent.

 

The IMF sees the consolidated budget deficit hitting 16% of gross domestic
product (GDP), with public debt at 78.1% of GDP in 2020 and 82.4% in 2021.

 

It said forecasts were “subject to prominent downside risks”, citing
increased bond issuance, social instability and bailouts to state-owned
firms, especially power utility Eskom, as risks.

 

“Specific and well-defined fiscal consolidation and reform commitments in
the October MTBPS (medium term budget) will be a critical first step to
establish the credibility of the reform efforts, followed by steadfast
implementation,” the IMF said.

 

In a letter to the IMF signed by the finance minister and the central bank
governor, South Africa said it was “open to introducing a debt ceiling in
addition to the nominal spending ceiling currently in place” to reduce
deficits. (South African rand = $0.0605)

 

 

 

Nigeria in $1.5 bln oil prepay deal with traders Vitol, Matrix

LAGOS/LONDON (Reuters) - Nigeria’s state oil firm NNPC has signed a $1.5
billion prepayment deal led by Standard Chartered and backed by oil traders
Vitol Group and Matrix Energy, two sources close to the matter said, the
first such agreement since the coronavirus pandemic.

 

The deal provides OPEC-member Nigeria with much-needed cash after its
finances were hit by the oil price crash in April as COVID-19 lockdowns
erased nearly one third of global oil demand.

 

The financing package called Project Eagle was also backed by African Export
Import Bank (Afrexim) and United Bank for Africa. Vitol and Matrix will each
get 15,000 barrels per day (bpd) of crude as repayment over five years,
starting in August. Nigeria’s crude production is nearly 2 million bpd.

 

Nigerian trader Matrix confirmed its participation in the deal. Vitol, the
world’s biggest independent oil trader, declined to comment. A spokesman for
Standard Chartered declined to comment. Afrexim did not have an immediate
comment.

 

UBA and NNPC did not immediately respond to requests for comment.

 

Prepayments with traders are widely used in commodity finance as banks
consider them to be one of the more secure forms of lending in countries
viewed as risky.

 

For trading firms such as Vitol, these loans are ideal for securing
long-term supplies and boosting razor-thin margins.

 

NNPC has been trying to raise cash through prepayments with traders for
years. However, the firm’s opaque finances and costly gasoline subsidies
have made it tough for it to secure private financing on attractive terms.
Nigeria announced the end of subsidies earlier this year.

 

NNPC will use a large portion of the money to pay taxes owed by its
subsidiary NPDC, the sources said. The remainder will go towards operational
expenses and capital expenditure. One of the sources said money from the
pre-payment could fund an upgrade of the Port Harcourt refinery.

 

 

 

 

South African Airways rescue plan ready bar the funding, say administrators

JOHANNESBURG (Reuters) - A rescue plan for South African Airways (SAA) is
ready and can be implemented once funding for the restructuring is found,
the state-owned airline’s administrators said on Tuesday.

 

The administrators took over SAA in December after almost a decade of
financial losses and published their restructuring plan for SAA last month,
after repeated delays and fierce wrangling over the airline’s future.

 

Their plan envisages scaling back the airline’s fleet and shedding jobs, but
it needs at least 10 billion rand ($604.81 million) of new funds to work,
and the government has not yet said where it will find the money.

 

“We are currently attending to and finalising the remaining outstanding
administrative issues before filing a notice of substantial implementation,”
the administrators said in a statement.

 

($1 = 16.5341 rand)

 

 

 

IMF board approves $4.3 bln loan to help South Africa to fight pandemic

WASHINGTON (Reuters) - The International Monetary Fund said on Monday its
executive board approved $4.3 billion in emergency financing for South
Africa to help the country address the “severe economic impact” and health
challenges of the coronavirus pandemic.

 

The IMF said the Rapid Financing Instrument (RFI) loan, equal to 100% of
South Africa’s IMF quota, or shareholding, will help fill urgent balance of
payments needs from pandemic-caused fiscal pressures.

 

It also will “limit regional spillovers, and catalyze additional financing
from other international financial institutions,” the Fund added in a
statement.

 

Africa’s most industrialized economy, which relies on foreign investors to
fund its twin current account and budget deficits, was in recession even
before COVID-19 started ravaging its economy.

 

Forecasts are for gross domestic product to shrink by at least 7% this year,
and a budget deficit of around 15% of GDP.

 

South Africa plans to borrow around $7 billion from international financial
institutions to cushion the economic impact of COVID-19 and help struggling
businesses and households.

 

Of that $7 billion, the New Development Bank of the BRICS group of nations -
of which South Africa is a member - has already approved a $1 billion loan,
and the African Development Bank has said it will lend the government
roughly 5 billion rand ($304.55 million). Talks with the World Bank are
ongoing.

 

“Going forward, our fiscal measures will build on our policy strengths and
limit the existing economic vulnerabilities which have been exacerbated by
the COVID-19 pandemic,” Minister of Finance Tito Mboweni said in a statement
after the IMF announcement.

 

The government has been at pains to stress that it does not want an IMF
structural adjustment programme, reflecting deep suspicion in the governing
African National Congress (ANC) party and influential trade union movement
because of the possible austerity conditions of such a programme.

 

IMF’s First Deputy Managing Director and Chair Geoffrey Okamoto said there
is a pressing need for South Africa to “strengthen economic fundamentals and
ensure debt sustainability by carrying out fiscal consolidation, improving
the governance and operations of state-owned enterprises and implementing
other growth-enhancing structural reforms.”

 

South Africa has recorded more than 400,000 coronavirus cases, the most in
Africa, with cases rising at one of the fastest daily rates worldwide in
recent weeks.

 

($1 = 16.4177 rand)

 

 

 

 

Nigerian banks squeezed as central bank shores up naira

ABUJA/LONDON (Reuters) - Nigeria’s banks are expected to take a big hit to
revenues and face rising borrowing costs this year as central bank measures
to support the naira currency squeeze lenders already hit by fallout from
coronavirus and the oil price shock, analysts say.

 

Banks in Africa’s largest economy - a mainstay for equity and fixed income
frontier market investors - have learned to navigate challenges in a country
that has long struggled with dollar shortages and multiple exchange rates.

 

But the prospect of anaemic growth, dwindling oil revenues, declining
remittances and dollar shortages exacerbated by the central bank’s latest
action aimed at curbing naira liquidity and currency speculation are putting
pressure on lending by banks and the quality of existing assets. The central
bank has sucked as much as 900 billion naira out of the local banking system
since raising the cash reserve ratio (CRR) by 5% to 27.5% in January,
according to analysts’ calculations. “General sentiment in the markets is
that CRR debits are carried out quite close to FX auctions to prevent the
banks from presenting large ticket FX demands at auctions,” said Nkemdilim
Nwadialor at Tellimer Capital.

 

Those debits also hamper wider lending, going against central bank measures
of lowering banks’ loan to deposit ratios, she said. Central bank data
showed credit to the private sector in April dropped by nearly two-thirds
from end-2019.

 

“Banks are dealing with slow growth, fall in lending, a lack of forex in the
market and asset quality issues,” said Mahin Dissanayake, senior director
EMEA bank ratings at Fitch.

 

He expects banks’ revenues to drop at least 20% this year, though he did not
expect any to make a loss.

 

Some banks have already indicated they expect a hit. In April, mid-tier
lender Fidelity Bank warned 2020 profits would drop by 15%.Bankers said
lenders were relying on existing customers to weather the storm as new
lending looked risky with the economy expected to tip back into recession.

 

Fitch predicts impaired loan ratios will rise sharply in 2020 with Nigerian
banks the most exposed to stress in the oil sector compared to their peers
in emerging markets elsewhere. Nwadialor at Tellimer expected a “significant
pick-up” of non-performing loan ratios from 6.6% in the first quarter to an
average of 10% for the full year - double the central bank’s benchmark. Some
banks have already announced plans to tackle this. Mid-tier lender FCMB
plans to complete a restructuring of half its loan book at the end of April.
A central bank policy maker predicted last month that banks would
restructure over a third of loans.

 

Moody’s warned in a note that dollar shortages would intensify over the next
12-18 months - a period when 49% of banks’ $7 billion foreign-currency
borrowing matures, leaving them vulnerable.

 

Yields on dollar bonds issued by Nigerian banks - a proxy for borrowing
costs - have retreated from the peaks scaled in the midst of the oil and
coronavirus rout. Yet for lenders such as Zenith Bank, Fidelity Bank or
Access Bank, the yields are still at least double the level from mid-March.
“Foreign currency borrowing will be more expensive at a time when banks must
refinance almost half of their borrowings,” Moody’s analysts said.

 

 

 

 

Kenya's Safaricom launches 4G phone purchase by instalment scheme with
Google

NAIROBI (Reuters) - Kenya’s biggest telecoms operator Safaricom said on
Tuesday it had launched a programme in partnership with Google that allows
its customers to pay for 4G-enabled phones in instalments, as it seeks to
increase smart phone usage on its network.

 

The company said in April it would partner with Google to offer one million
affordable smart phones, with customers paying as little as 20 shillings a
day over a nine-month period, with the ultimate aim of switching about 4
million 2G and 3G phones to 4G.

 

“Together with our key partner Google, and specifically Android, we are
aiming for an additional one million customers who will be able to access
and leverage the power of the internet,” Safaricom Chief Executive Officer
Peter Ndegwa said in a video on his Twitter account.

 

He said the phone, which costs 5,999 shillings ($55.75), can be bought with
a 1,000 shilling down payment, thereafter followed by a 20 shilling daily
payment until the phone is paid for.

 

The Kenyan company, part-owned by South Africa’s Vodacom and Britain’s
Vodafone, is bolstering its data business to offset a fall in revenue from
mobile calls amid a saturated market.

 

It had 28.6 million customers as of the end of its financial year in March
and reported a 13% rise in full-year earnings before interest and tax to
101.5 billion shillings.

 

($1 = 107.6000 Kenyan shillings)

 

 

 

 

Total, BP and ENI make new gas discovery off the coast of Egypt

PARIS (Reuters) - French oil company Total said on Tuesday that, along with
its partners BP and ENI, it had made a gas discovery at a well off the coast
of Egypt.

 

Total said the discovery had been made at the Bashrush well on the North El
Hammad licence, located eleven kilometres (6.8 miles) off the Egyptian
coast. ENI and BP both have 37.5% stakes in the North El Hammad licence,
while Total has a 25% stake.

 

 

 

Kenya to sell 11-year infrastructure bond in August - central bank

NAIROBI (Reuters) - Kenya will sell an 11-year, amortised infrastructure
bond to raise 70 billion shillings ($650.26 million) next month, the central
bank said on Tuesday.

 

The bank said in a statement it would receive bids for the bond until
Aug.18, and auction it a day later.

 

($1 = 107.6500 Kenyan shillings)

 

 

 <mailto:info at bulls.co.zw> 

 

Tech giants Facebook, Google, Apple and Amazon to face Congress

Unprecedented is a dangerous word in journalism, but this really hasn't
happened before.

 

On Wednesday, four of the biggest names in tech will give evidence to
members of the US Congress.

 

Mark Zuckerberg (Facebook), Sundar Pichai (Google), Tim Cook (Apple) and
Jeff Bezos (Amazon) will all be grilled.

 

Jeff Bezos - the world's richest man - has never testified before either
house. They have never all been quizzed together.

 

How these tech bosses do, how they stand up to scrutiny, could be a defining
moment in their future relationship with government.

 

Central to the interrogation will be whether these tech giants are simply
too big.

 

The Covid pandemic has put this into sharp focus. Where other companies have
struggled, Big Tech companies have thrived. Together they are now worth $5tn
dollars. It's led to accusations that - just like the banks - they are
simply too big to fail.

 

The number of complaints levelled at these companies are so numerous they
are too many to name individually here.

 

Jeff Bezos posted his opening statement to Congress on Tuesday.

 

"At Amazon, customer obsession has made us what we are, and allowed us to do
ever greater things," he says.

 

"I know what Amazon could do when we were 10 people. I know what we could do
when we were 1,000 people, and when we were 10,000 people. And I know what
we can do today when we're nearly a million."

 

"I believe Amazon should be scrutinized," he adds. "We should scrutinize all
large institutions, whether they're companies, government agencies, or
non-profits. Our responsibility is to make sure we pass such scrutiny with
flying colours."

 

Commanding position

The general theme though is that these companies don't just run services -
they own the internet's utilities. The charge is that they use that
commanding position unfairly at the expense of others.

 

Take one of the criticisms against Amazon, for example, that it promotes its
own products over others on its Amazon marketplace.

 

Or Apple charging a 30% cut on the money generated from apps that use the
App Store.

 

The complaint from app makers: where else do we go to sell our apps? Apple
and Google (which respectively own iOS and Android, the operating systems of
almost all the world's smartphones) control the market, and so control who
gets to play and who doesn't. And they of course get to set the charges.

 

Google too, with its dominant search engine, has been accused (and fined)
before, for burying competitor searches. Once again, the accusation is that
no one company should have such a commanding position in an essential part
of our internet.

 

And there are general criticisms that can be levelled at all the tech giants
too. For example the alleged Copy/Acquire/Kill strategies that all four are
accused of using.

 

Copy others' ideas, buy a company that threatens you - and even potentially
kill it off. Is this just shrewd, albeit ruthless business? Or is this Big
Tech flexing its muscle unfairly?

 

Here's why this has been such a difficult area to police. Traditionally,
anti-competition law - in this case "anti-trust" law - has been focused on
consumer pricing.

 

In a typical monopoly or cartel, there's a simple test. Are consumers paying
more because of a lack of competition?

 

The US "trusts" of the early 20th Century - from which the anti-trust
legislation derives its name - were found to be driving up prices. Companies
like Standard Oil and railway companies used their dominant position to hurt
consumers.

 

That's much harder to prove with these tech companies.

 

For example Facebook, Instagram and WhatsApp are free. Amazon often drives
down prices to beat competition. Google's search engine is free. YouTube -
owned by Google - is free. And apps on iPhones can often be downloaded for
free.

 

So what's the problem?

 

That is the heart of the argument. Critics say that these companies hurt
consumers in a more subtle way, killing off smaller companies and strangling
other businesses. The charge is that they are in fact damaging the economy.

 

That's what legislators are looking to examine.

 

Anti-trust campaigners have already lost one battle before the hearing even
begins. They wanted to have the tech bosses grilled one by one.

 

"We want to leave as little room as possible for them to hide behind each
other," Sarah Miller, from the American Economics Liberties Project, told me
last week.

 

But that's not going to happen. They'll be questioned together and the
hearing will - perhaps aptly - be virtual.

 

There are also worries that members of Congress will use the occasion to
grandstand - to strut and preen - rather than asking the more difficult
technical questions that might catch them out.

 

Off topic questions are also likely - particularly for Mark Zuckerberg. For
example, Facebook is currently the focus of an advertising boycott. It's
accused of being too slow in removing racist and hateful content, and that
could well be a line of questioning.

 

And of course, ahead of the US elections, Facebook should expect incoming
from both Republican and Democratic members of Congress. Democrats are
generally concerned about far-right content on the platform, Republicans
that the company is structurally left-wing. And of course there are still
concerns of foreign interference.

 

Expect China to come up too - and for it to be brought up by the tech
bosses. With companies like TikTok and Huawei attracting the ire of the
Trump administration, one defence will go something like: "Break us up,
overregulate us, and you give Chinese tech companies more power."

 

Trying to prize the four away from their scripts is going to be the toughest
job. That worked most effectively during Mr Zuckerberg's interrogation on
Capitol Hill in 2018. But that's harder said than done.

 

Congress has a big opportunity here. The chance to really cross-examine
these powerful men doesn't come often, and the evidence they give could
shape their future relationship with government and their customers.

 

But whatever happens on Wednesday, this won't be end of the story. Earlier
this week, the Senate Judiciary Committee's anti-trust panel said it would
hold a hearing in September to discuss Google's dominance in online
advertising.--BBC

 

 

 

 

Coronavirus: Kodak pivots itself to become strategic drug maker

Better known for making cameras, Kodak has moved into drug making and has
just secured a $765m (£592m) loan from the US government.

 

The fallen giant of the photography industry will make ingredients used in
generic drugs to help fight the coronavirus.

 

Announcing the loan, the US government said it wanted to reduce dependency
on foreign countries for medical supplies.

 

Shares in Kodak shot up more than 60% on Tuesday after the announcement.

 

Pharmaceutical firms are in a race to find a vaccine for the coronavirus
with a handful of human trials underway.

 

"Kodak is proud to be a part of strengthening America's self-sufficiency in
producing the key pharmaceutical ingredients we need to keep our citizens
safe," said its executive chairman Jim Continenza.

 

At the launch of Kodak Pharmaceuticals, Mr Continenza said it would take
three or four years to reach large-scale production.

 

"If we have learned anything from the global pandemic, it is that Americans
are dangerously dependent on foreign supply chains for their essential
medicines," Peter Navarro, a White House spokesman, said.

 

US President Donald Trump called it "one of the most important deals in the
history of US pharmaceutical industries" referring to Kodak as "a great
American company — you remember this company".

 

Kodak is not the only photography firm to shift direction into drug making.
Japan's Fujifilm is working on a potential Covid-19 vaccine and hopes to
start human trials soon.

 

Fallen giant

The Eastman Kodak Company was founded by George Eastman in 1888. The Brownie
box was one of its most popular cameras and helped Kodak become a dominant
player in the photographic industry.

 

The company became famous for its "Kodak moment" tagline but began to
struggle financially in the late 1990s as consumers moved away from
photographic film and towards digital photography.

 

At its peak Kodak employed more than 145,000 people but now has a global
workforce of around 5,000.

 

In 2012, Kodak filed for Chapter 11 bankruptcy protection in the US and and
shifted its focus onto printing and professional services for companies. But
it does still make digital and instant cameras for consumers.

 

Kodak began making drug ingredients four years ago and will now dramatically
expand production at its New York and Minnesota facilities.--BBC

 

 

 

Google's new transatlantic data cable to land in Cornwall

Google has announced plans to build a new undersea network cable connecting
the US, UK and Spain.

 

The tech giant says it is incorporating new technology into the cable, which
it claims is a significant upgrade to older existing lines.

 

The project is expected to be completed by 2022.

 

Underwater data cables are vital to global communications infrastructure,
carrying some 98% of the world's data, according to Google's estimate.

 

The cables are usually built by communications firms - typically a group of
them pooling resources - which then charge other companies to use them.

 

The latest cable, named "Grace Hopper" after an American computer scientist
and naval rear admiral, will hit the UK at Bude, in Cornwall. It is Google's
fourth privately owned undersea cable.

 

But Google needs "an ever-increasing amount of transatlantic bandwidth",
according to John Delaney from telecoms analyst IDC.

 

"Building its own cables helps them choose cable routes that are most
optimal," and near data centres, he said.

 

"It also minimises operational expenditure by reducing the need to pay
telcos and other third-party cable owners for the use of their
infrastructure."

 

Jayne Stowell, who oversees construction of Google's undersea cable
projects, told the BBC it needed an internet connection that could be relied
upon.

 

"It's not enough to have a single cable because any element in the network
can break from time to time, and if it's 8,000 metres under the sea, it
takes a while to repair," she said.

 

Under the sea

The first ever transatlantic telecommunications cable was built in 1858,
connecting Ireland and the US by telegraph.

 

Around 750,000 miles of cable already run between continents to support the
demand for communication and entertainment - enough to run around the world
almost 17 times.

 

Cables are required to withstand major hazards, including earthquakes and
heavy currents, and have a lifespan of around 25 years.

 

But Ms Stowell says some of the transatlantic cables are "going out of
service and we need newer, better and more sophisticated technology".

 

"It served its need and purpose at the time, but it's old generation," she
said.

 

Google has yet to build a cable that lands in mainland China, where its
services are restricted by the state and Ms Stowell said there are no plans
to build one in the foreseeable future.

 

"We understand, being an American company, and understand the legalities of
what we must abide by," she said. But she pointed out that the Asia market
was bigger than China.

 

She also addressed growing fears that the world could soon see two
internets: one controlled by the West and the other by China.

 

"The world wide web is dependent upon interconnected networks. One would
hope networks would be regarded as neutral and continue to interconnect."

 

Wave of demand

Internet usage has skyrocketed around the world since Covid-19 restrictions
were introduced. In April, Ofcom revealed that a record number of UK adults
spent a quarter of their waking day online during lockdown.

 

As demand for high-speed internet increases around the world, companies are
continuing to look for ways to reach more consumers.

 

And Google is not alone in pursuing ownership of vital data infrastructure.

 

Microsoft and Facebook, for example, are joint-owners with telecoms company
Telxius of the Marea cable, which runs from the US to Spain.

 

In May, Facebook announced another project to build a 37,000km (23,000-mile)
undersea cable to supply faster internet to 16 countries in Africa.

 

Ready for use by 2024, it will deliver three times the capacity of all
current undersea cables serving the continent.

 

Africa lags behind the rest of the world in terms of internet access, with
only four in 10 people having access to the web.

 

However, with a population of 1.3 billion, it has become a key emerging
market for many businesses.--BBC

 

 

 

 

 

 


 


 


 

 


 

INVESTORS DIARY 2020

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


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> 

 


 

 


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for guideline purposes only and sourced from third parties.

 


 

 


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