Major International Business Headlines Brief::: 31 July 2020

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Major International Business Headlines Brief::: 31 July 2020

 


 

 

	
 


 

 


 

 

ü  Steinhoff's first-half loss more than doubles to $1.7 bln

ü  Kenya central bank has 'plenty of firepower', governor says

ü  Ethiopia's Ethio Telecom says revenues jumped 31%

ü  Anglogold Ashanti CEO to step down on Sept. 1

ü  Diamond giant De Beers likely to cut jobs after COVID-19 hit

ü  Nigeria expects to comply with 1.412 mln bpd output quota: oil minister

ü  Coronavirus hits Anglo American's profit but recovery in sight

ü  Kenya's inflation falls to 4.36% year-on-year in July

ü  Total says launched calls for tenders for Uganda oil project

ü  ArcelorMittal South Africa falls deeper into half-year loss as steel
demand falls

ü  Amazon, Facebook and Apple thriving in lockdown

ü  Coronavirus: 'Chancellor must protect' jobs of those shielding

ü  Coronavirus: US economy sees sharpest contraction in decades

ü  Jet2 tells some holidaymakers in Spain to come home early

ü  German economy sees deepest decline on record

ü  Coronavirus: Luxembourg taken off UK travel exemption list

 

 


 

 


 

 <http://www.zb,co.zw/> Steinhoff's first-half loss more than doubles to
$1.7 bln

JOHANNESBURG (Reuters) - South African retailer Steinhoff International
Holdings, battling to recover from a massive accounting fraud, saw its
first-half loss more than double as a coronavirus lockdown towards the end
of the period weighed on sales.

 

The company’s loss for the six months ended March 31 widened to 1.5 billion
euros ($1.8 billion) from 571 million euros in the same period last year.

 

It reported a small rise in sales to 6.2 billion euros from 6.1 billion
euros a year earlier, held back by fewer stores and shoppers.

 

The COVID-19 lockdown had an impact on the group’s retail businesses from
mid March.

 

“As a result, turnover reduced, particularly in general merchandise, for the
duration of these restrictions. The performance of the group’s fast-moving
consumer goods-focused businesses has been more resilient, partially
offsetting this impact,” the retailer said in its 85-page half-year results
report.

 

Steinhoff said trading after lockdown restrictions were eased had been
better than expected thanks to pent-up demand, but it was unclear whether
this would be was sustained.

 

Apart from dealing with the pandemic, the retailer, which is also listed in
Frankfurt, is trying to settle about 90 legal claims from shareholders who
lost money when the company revealed holes in its accounts in 2017. These
were the initial signs of an accounting fraud since estimated at $7 billion.

 

On Monday, the company proposed to pay around $1 billion to settle
outstanding claims totalling over 9 billion euros ($10.6 billion).

 

The group’s net debt remains high - at 9.7 billion euros in the first half,
up from 9.6 billion euros last year.

 

By 1308 GMT, Steinhoff’s shares were down 2% in Johannesburg, and down 3.4%
in Frankfurt.

 

($1 = 0.8510 euros)

 

 

 

 

Kenya central bank has 'plenty of firepower', governor says

NAIROBI (Reuters) - Kenya’s central bank governor said on Thursday that
policymakers still had plenty of firepower left to limit the damage to the
country’s economy from the coronavirus crisis.

 

Policymakers cut the benchmark lending rate by a total of 125 basis points
at the onset of the crisis, lowered cash reserves for commercial banks and
allowed them to restructure distressed loans.

 

“We have plenty of firepower ... We still have plenty of those (tools). We
are willing to use them as needed, if needed, but at this moment the MPC
judged that it is better to wait,” Patrick Njoroge told an online news
conference, referring to the bank’s decision to hold rates on Wednesday.

 

Njoroge said good weather had boosted production volumes and exports of key
crops like tea.

 

A rebound in exports of flowers, as well as projected higher production of
other crops like maize and higher production of cement, promised a quicker
economic recovery than earlier anticipated, he said.

 

“All these point to strong growth in 2020 despite COVID,” he said, adding
that the bank’s economic growth forecast would be released soon.

 

He lowered the current account deficit forecast for this year to 5.1% of GDP
from the previous forecast of 5.8%.

 

He cited a better-than-expected performance in hard cash sent by Kenyans
living abroad, known as remittances, and the rebound in farm exports.

 

The central bank now expects remittances to grow by 1% this year, an
improvement of its initial forecast of a drop of 12.3% due to COVID-19.

 

The central bank was not concerned by the recent depreciation of the
shilling, which is down 6.3% against the dollar this year to date.

 

“We still think these numbers (shilling’s drop) are appropriate given the
circumstances,” he said.

 

The bank’s Monetary Policy Committee has gone back to meeting to review
rates every two months, it said, after it started meeting every month in
March because of the coronavirus crisis.

 

 

Ethiopia's Ethio Telecom says revenues jumped 31%

ADDIS ABABA (Reuters) - State monopoly Ethio Telecom, expected to be partly
sold off as Ethiopia liberalises its economy, saw a 31.4% rise in revenues
in the 12 months to end-June, versus a year earlier, the firm’s chief
executive Frehiwot Tamiru said on Thursday.

 

Ethiopia has said it plans to sell 40 percent of shares in Ethio Telecom,
with the government retaining a majority stake.

 

Speaking at a news conference, Frehiwot attributed the jump in revenues to
47.7 billion birr ($1.37 billion) for the financial year ended June to an
expansion of the network and more customers.

 

The liberalisation of the telecoms sector, which serves a population of 110
million, is part of wider economic reforms launched by Prime Minister Abiy
Ahmed and would open up one of Africa’s last remaining state-controlled
telecoms markets.

 

Last month, Ethiopia received twelve bids from telecom firms for two telecom
licences it plans to award to multinational mobile operators.

 

The firms include France’s Orange, MTN Group of South Africa, UAE’s
Etisalat, and a consortium made up of Vodafone, Vodacom and others.

 

($1 = 34.8696 birr)

 

 

 

 

Anglogold Ashanti CEO to step down on Sept. 1

JOHANNESBURG (Reuters) - Gold miner AngloGold Ashanti’s chief executive
Kelvin Dushnisky will step down on Sept. 1, the company said on Thursday,
without giving a reason for the change in leadership.

 

Dushnisky has spent just two years in the role as CEO of the
Johannesburg-listed gold miner. Current Chief Financial Officer Christine
Ramon has been appointed interim CEO.

 

 

Diamond giant De Beers likely to cut jobs after COVID-19 hit

LONDON (Reuters) - The chief executive of Anglo American’s diamond unit De
Beers said a business review would likely lead to some job losses, after
COVID-19 crippled global sales of the luxury gems.

 

“It is likely to lead to some job losses, I can’t tell you at this point
what that number will be but we are certainly doing this exercise completely
end-to-end,” CEO Bruce Cleaver told Reuters.

 

 

 

 

Nigeria expects to comply with 1.412 mln bpd output quota: oil minister

LAGOS (Reuters) - Nigeria expects to comply with an oil output quota of
1.412 million barrels per day for May, June and July, the minister of state
for petroleum resources said on Thursday.

 

Timpire Sylva made the comments during a webinar organised by Nigerian oil
company Seplat.

 

OPEC countries and allies led by Russia, known as OPEC+, have agreed to
reduce output in the face of the coronavirus crisis which has reduced global
demand by a third.

 

 

 <mailto:info at bulls.co.zw> 

 

Coronavirus hits Anglo American's profit but recovery in sight

LONDON (Reuters) - Diversified miner Anglo American on Thursday told its
investors it was on track for a second-half rebound after a 39% dive in
profits in the first six months when lockdowns paralysed production.

 

The London-listed miner, with its extensive African exposure, has been the
hardest hit of its peers by lockdowns that halted mining in South Africa,
Botswana and Namibia. The company also suffered operational issues.

 

“The year has been like nothing I have ever seen in my 43 years in the
industry,” CEO Mark Cutifani said on a call.

 

But he said the company was operating at nearly full capacity and expected a
recovery in prices and sales of its products.

 

“We have done the right things in the first six months and I think we have
laid the foundation for the recovery in the second half of the year,”
Cutifani said.

 

Anglo posted underlying earnings before interest, tax, depreciation and
amortisation (EBITDA) of $3.4 billion for the six months to June 30, beating
a consensus of $3 billion from nine analysts compiled by Vuma.

 

It declared an interim dividend of 28 cents per share, down 55% from a year
earlier, but in line with its 40% payout policy and beating consensus
estimates for a 20 cents payout.

 

Net debt rose by $3 billion to $7.6 billion in the first half as it
continued to spend on mines and projects.

 

The share price fell 3.3% by 1040 GMT versus a 2.4% fall in the wider sector
as metals markets dipped on Thursday.

 

Analysts said the shares were pricing in this year’s weakness but they
believed Anglo was well-placed for recovery.

 

“We believe Anglo will benefit from a continued cyclical recovery in most
commodity prices, ongoing strength in iron ore prices, and operational
improvements after the very difficult first half,” Jefferies analysts said
in a note.

 

Earlier this month, Anglo maintained most of the full-year production
targets it set in April.

 

Apart from the impact of lockdowns, Anglo had operational incidents at its
platinum unit in South Africa and at its Australian metallurgical coal mine,
which were to an extent offset by performances at its Brazilian iron ore and
Chilean copper operations.

 

The diamond sector faced weak demand even before the pandemic and a collapse
in sales in the first half cut profits at Anglo’s De Beers unit to $2
million from $518 million a year ago.

 

Cutifani said De Beers will begin a consultation process and inform
employees on how they plan to transform the business on Monday.

 

He said, however, diamond sales were beginning to rise in China and also
predicted a recovery in the leading U.S. diamond market in the second half.

 

Other miners are also banking on China, the world’s biggest commodity
market.

 

Larger rival Rio Tinto on Wednesday declared a first-half dividend in line
with expectation and said it saw a V-shaped recovery in China.

 

 

 

Kenya's inflation falls to 4.36% year-on-year in July

NAIROBI (Reuters) - Kenya’s inflation fell to 4.36% year-on-year in July
from 4.59% a month earlier, the statistics office said on Thursday.

 

On a monthly basis, inflation was 0.08% from -0.31% in June, the Kenya
National Bureau of Statistics said in a statement.

 

 

 

 

Total says launched calls for tenders for Uganda oil project

PARIS (Reuters) - French energy major Total has launched calls for tenders
for its Uganda onshore oil project for the next quarter and plans to
sanction the project as soon as possible, CEO Patrick Pouyanne said on
Thursday.

 

“We have the ambition to sanction the project as soon as possible to benefit
from the depressed supply market,” Pouyanne told analysts during a company
results presentation.

 

 

 

 

ArcelorMittal South Africa falls deeper into half-year loss as steel demand
falls

JOHANNESBURG (Reuters) - Steel producer ArcelorMittal South Africa Ltd fell
deeper into a half-year loss as demand for steel dropped due to the new
coronavirus and output declined after operations were shut during a
lockdown, the company said on Thursday.

 

Africa’s biggest steel producer, which is majority-owned by ArcelorMittal
SA, said its headline loss had increased to 2.613 billion rand ($157
million) for the six months to June 30 from a loss of 638 million rand a
year earlier.

 

ArcelorMittal South Africa said some parts of its business would remain idle
until demand recovered, including placing the melting operations at its
Vereeniging Works on care and maintenance from the third quarter.

 

The company said it expected steel demand to be at between 70% to 75% of
pre-lockdown levels for the foreseeable future.

 

“On the back of a demanding 2019, the first half of 2020 proved to be
incredibly difficult with the widespread health, social and business impact
brought about by the global COVID-19 pandemic,” ArcelorMittal South Africa
Chief Executive Kobus Verster said.

 

The steel producer, which has long battled against cheap imports, rising
costs and a flagging local economy, said last month it had begun talks to
cut an unspecified number of jobs as it slashes costs to deal with the
impact of the pandemic.

 

Job cuts are politically sensitive in a country where unemployment stands at
a record high of about 30%.

 

During the period, liquid steel production fell 54% to 1.1 million tonnes
and sales volumes dropped 47% to 1.1 million tonnes.

 

The company’s earnings before interest, taxes, depreciation, and
amortisation (EBITDA) fell from a profit of 167 million rand to a loss of
1.256 billion rand.

 

($1 = 16.6841 rand)

 

 

 

 

Amazon, Facebook and Apple thriving in lockdown

The coronavirus crisis might be causing widespread economic upheaval around
the world, but the world's biggest tech firms are thriving.

 

Amazon sales soared 40% in the three months ending June, while Apple saw a
surge in purchases of its iPhones and other hardware.

 

At Facebook, the number of people on its platforms, which include WhatsApp
and Instagram, jumped by 15%.

 

The gains come as the firms face scrutiny over their size and power.

 

At a hearing in Washington on Wednesday, lawmakers grilled the companies
about whether they were abusing their dominance to quash rivals, noting the
sharp contrast between their fortunes and many other firms.

 

Their positions are likely to become even stronger, as the pandemic pushes
even more activity online, said Congressman David Cicilline, the Democrat
who leads the committee.

 

"Prior to the coronavirus pandemic, these corporations already stood out as
titans in our economy," he said.

 

"In the wake of COVID-19, however, they are likely to emerge stronger and
more powerful than ever before."

 

The gains weren't a surprise to analysts - though just how well many of the
firms did, was.

 

At Amazon, the quarterly profit of $5.2bn (£4bn) was the biggest since the
company's start in 1994 and came despite heavy spending on protective gear
and other measures due to the virus.

 

"This is an exceptional quarter on all fronts under extreme circumstances,"
Moody's vice president Charlie O'Shea said of Amazon's blockbuster rise.

 

What were the results?

The e-commerce firm's sales surged 40% for the three months ending 30 June
to $88.9bn (£67.9bn) - its strongest year-on-year growth in years. Profits
rose to $5.2bn from 2.6bn for the same period in 2019.

 

The flood of online shopping has strained the firm's capacity. Amazon hired
about 175,000 people in the quarter and is working to expand its warehouse
space in anticipation of continued growth.

 

"We've run out of space," chief financial officer Brian Olsavsky said on a
call with analysts about the results.

 

Meanwhile, Apple said quarterly revenues jumped 11% year-on-year to $59.7bn.

 

The shift to remote work and school helped drive demand for new devices,
such as Macs and iPads, both of which saw double-digit gains. Profits hit
$11.25bn, up from $10bn in the same period a year ago.

 

Apple said the release of the low-cost iPhone SE in April had helped to
boost sales and put the electronics giant in a better position, despite the
financial impacts of the coronavirus crisis.

 

"The last few months have underlined the importance of users - and
households alike - to own better quality devices, connections and services,"
said Paolo Pescatore, tech analyst at PP Foresight. "Apple smashed it."

 

At Facebook, revenues rose 11% - slower than other quarters - but were still
ahead of analysts' expectations, as small businesses continued to turn to
the company to advertise. The firm's profits hit almost $5.2bn for the
quarter.

 

Could a boycott kill Facebook?

Amazon v EU: Has the online giant met its match?

The resilience was helped by a spike in users, which makes the firm
attractive to advertisers, said Sophie Lund-Yates, equity analyst at
Hargreaves Lansdown.

 

The firm said 2.4 billion people were active on its social media platforms
and messaging apps on average in June, up 15% from last year. That included
nearly 1.79 billion daily active users on Facebook, up 12% year-on-year.

 

As lockdowns have eased, Facebook said it was "seeing signs of normalisation
in user growth and engagement", warning those figures could flatten or
decline in the months to come.

 

Ms Lund-Yates said the firm also remains vulnerable to social and political
pressure, which could just as quickly push users away again.

 

"But this isn't the first time Facebook's navigated regulatory or social
speed bumps, and it has deep pockets to throw at fixing problems," she said.

 

Alphabet, which owns Google and YouTube, was the weakest of the four.

 

The search giant said revenues were $38.3bn, down 2% from a year ago, as
businesses cut back on ad spending.

 

It was the first year-on-year decline in quarterly revenue for the search
giant, since Google became a publicly-listed company in 2004.

 

Profits dropped about 30% year-on-year to roughly $7bn. But even those falls
failed to faze analysts, who had expected damage.

 

"We expected April to be the bottom of the digital ad market, with a return
to growth in May and June, and these results suggest that acceleration was
stronger than expected," eMarketer principal analyst Nicole Perrin
said.--BBC

 

 

 <mailto:info at bulls.co.zw> 

 

Coronavirus: 'Chancellor must protect' jobs of those shielding

Charities are calling on the chancellor to protect the jobs of workers who
have been shielding during the pandemic.

 

A total of 15 charities have warned in an open letter that workers will be
forced to choose between health and their jobs, when restrictions ease.

 

"Some of these workers will find themselves in an impossible position," the
letter says.

 

A government spokesperson said that the government had "worked tirelessly"
to support the clinically vulnerable.

 

>From 1 August, extremely clinically vulnerable people who have stayed at
home to protect themselves from coronavirus in England, Scotland and
Northern Ireland are allowed to return to work.

 

But charities including Age UK and Macmillan Cancer Support have said that
these employees could be at risk of being made redundant, or returning to
the workplace when they do not feel it is safe.

 

More than two million people deemed extremely vulnerable to coronavirus are
shielding in England. About 595,000 of those people usually work, according
to the charities.

 

"Our concern is that, especially as your furlough arrangements start to
unwind and the shielding scheme is paused from next week, some of these
workers will find themselves in an impossible position," the charities write
in the letter.

 

"This is because if their occupation is one which they cannot carry out from
home, and if it is extremely difficult to make their workplace safe for
them, they may be forced to choose between putting their health on the line
by returning, or staying safe by giving up their job."

 

The charities say this is "desperately unfair" for those who have made
"great sacrifices" by staying at home, and call on Chancellor Rishi Sunak to
take action and protect their jobs, as well as supporting businesses.

 

A spokesman for the Treasury said: "We understand how challenging the
outbreak pandemic has been for the clinically vulnerable and we have worked
tirelessly to support them.

 

"Employers must ensure the safety of those with such conditions when
considering working arrangements, including whether work can be completed
remotely."

 

He added that the Treasury had also announced £750m in funding for charities
to enable them to continue their important work, ensuring those on the front
line are able to reach people who need help.

 

'Impossible task'

Chris Askew, chief executive of Diabetes UK and a signatory of the letter,
said: "No-one should be faced with the impossible task of choosing between
their health, by returning to work in an unsafe environment, and their
financial security.

 

"The government must ensure that employers are supported to take all the
necessary measures to keep all employees safe, if they are expected to
attend work outside their home.

 

He added that the government should introduce a new support scheme for
clinically vulnerable people who are unable to return to a safe work
environment.

 

Employers have been told to make sure that people who are shielding can work
from home wherever possible, including moving them to another role if
required, according to government guidance.

 

If bosses cannot provide a safe working environment, those who are
clinically vulnerable will be able to access financial support including
statutory sick pay and welfare payments, it has said.

 

The charities' letter also suggests extending the furlough scheme for those
who have been shielding or are at high-risk.

 

Currently, the UK's coronavirus furlough scheme is set to finish at the end
of October.

 

The latest figures show that 9.5 million people are using the scheme, at a
total cost of £31.7bn to the Treasury.--BBC

 

 

 

Coronavirus: US economy sees sharpest contraction in decades

The US economy shrank at a 32.9% annual rate between April and June as the
country grappled with lockdowns and spending cutbacks during the pandemic.

 

It was the deepest decline since the government began keeping records in
1947 and three times more severe than the prior record of 10% set in 1958.

 

Reduced spending on services such as healthcare drove the fall.

 

Economists have said they expected to see the sharpest drop in the second
quarter, with recovery thereafter.

 

But as virus cases in the US surge and some areas re-impose restrictions on
activity, the rebound is showing signs of stalling.

 

More than 1.4 million people filed new claims for unemployment last week, up
slightly from the prior week for the second week in a row. Other data points
to spending cuts and falls in confidence in July.

 

Job losses

Jerome Powell, the head of America's central bank, on Wednesday warned of
renewed slowdown, describing the downturn as the "most severe in our
lifetimes".

 

He urged further government spending to help American households and
businesses weather the crisis.

 

That call was echoed by other business leaders on Thursday as the figures
brought into focus the scale of the economic crisis facing the country.

 

"The staggering news of the historic decline of the gross domestic product
in the second quarter should shock us all," said Neil Bradley, chief policy
officer at the US Chamber of Commerce, a business lobby group. "This jarring
news should compel Congress to move swiftly."

 

The International Monetary Fund has predicted that global growth will fall
by 4.9% this year. On Thursday, Germany reported a record quarterly decline
of 10.1%, while Mexico's economy also reported a double digit contraction.

 

Compared with the same quarter a year ago, the US economy contracted 9.5%.
Exports and imports were both down more than 20% from a year ago, while
consumer spending - the main driver of the US economy - fell 10.7%
year-on-year.

 

'No signs of getting back to normal'

New York City pub owner Anthony LoPorto has been serving drinks at his Bean
Post venue since 1994. He's never known it so bad.

 

After waiting months to re-open, he is now struggling to fill his tables as
people worried about the virus or loss of income stay home. It is a drop-off
in trade that is magnified across the US - a reason why the GDP numbers were
so bad.

 

"This is now going on for months and we were told that there would be an
opportunity for us to start getting back to some normalcy around this time -
there's no signs of normalcy whatsoever," he says.

 

"I have a 'don't stop, won't stop' type of attitude... but it's getting to a
point where I'm nervous and I've got to be honest - I'm nervous that even if
I continue to go on, what's going to happen with the neighbourhood?"

 

The more offices that close or keep staff at home, the more the Bean Post's
custom dwindles.

 

"I don't believe in a quick bounce-back at all," he says. "This is a long
time that people have not been making money.

 

"There are nights when there's just nobody around... There's just not enough
money in people's pockets and not enough want in people's spirits."

 

The US has lost nearly 15 million jobs since February, despite strong hiring
in May and June. The US census estimates more than half of American adults
live in households that have seen incomes cut since the pandemic.

 

Economists warned it will take years for the US to recover from the
devastation.

 

"Even when the economy saw rapid bounce-back in May and June, the Covid-19
economic shock inflicted so much damage in earlier months that the net
result was an economic catastrophe for the second quarter," wrote Josh
Bivens, director of research at the Economic Policy Institute.

 

Congress is debating another economic relief package but it seems unlikely
to reach a deal before an emergency $600 supplement to unemployment benefits
expires this week, threatening another economic shock.

 

"The fact that initial jobless claims have risen for a second week is
worrying and underscores that the nascent consumption recovery is at risk,"
said Madhavi Bokil, vice president of Moody's Investors Service.--BBC

 

 <mailto:info at bulls.co.zw> 

 

Jet2 tells some holidaymakers in Spain to come home early

Jet2 is contacting some customers on Spain's Balearic and Canary Islands to
ask them to end their package holidays early, the BBC has learned.

 

Hundreds of customers have had flights back to the UK cancelled and been
asked to return sooner than planned.

 

Jet2 said it cannot keep sending empty planes to pick up passengers on many
different dates.

 

BBC correspondent Gavin Lee said he understands some families on Majorca
refused to accept an early return.

 

He said travellers were informed of the changes via emails and text
messages.

 

Jet2 told the BBC that flights and holidays to Tenerife, Gran Canaria,
Fuerteventura, Lanzarote, Majorca, Menorca and Ibiza up to and including 9
August have been suspended.

 

This follows a decision to suspend all holidays and flights to destinations
in mainland Spain - Costa de Almeria, Alicante, Malaga and Murcia - up to
and including 16 August.

 

"We are operating empty outbound flights to pick up customers from these
destinations up to and including 3 August, and we are contacting customers
who are currently in these destinations to advise them of their options
regarding flying back to the UK," a Jet2 spokeswoman told the BBC.

 

"We appreciate that some of our package holiday customers were due to stay
on holiday for longer than this and we apologise for any inconvenience
caused.

 

"It is important to note that we are responding to a very fast-moving
situation with updates coming from the government with little or no notice,
and we have had to make decisions about our programme accordingly. We can
assure these customers that we will be in touch with them to resolve any
issues that they may have."

 

Current government advice to holidaymakers in Spain is that there is no need
to leave the country at this time.

 

It says travellers should follow the advice of the local authorities on how
best to protect themselves and others, including any measures that they
bring in to control the virus.

 

People returning to the UK from Spain have to self-isolate for 14 days.

 

Ryanair has confirmed that its flights between the UK and Spain are
operating normally, while EasyJet is not currently offering holiday packages
to any destination. The airline said its holiday operations will start on 1
August.

 

'Confused and upset'

Some travellers have told the BBC that they have been left in the dark,
because Jet2 has not confirmed which day they are now meant to return to the
UK.

 

Simon Fordy, from Cumbria, is currently in Magaluf with his family. He is
feeling "confused and upset" by the news, having spent almost £3,000 on an
11-day holiday.

 

Mr Fordy said the family is only five days into their summer break, but
their return flight has been cancelled.

 

He told the BBC he is now "constantly checking" his mobile phone, in case he
receives word from Jet2 that the family needs to leave in the morning.

 

"We have been told our holiday will be cut short, but we have not been told
how much earlier that will be," he said.

 

It is understood that several families in Magaluf have refused to accept an
earlier return flight offered by Jet2.

 

The UK is advising against all non-essential travel to Spain, including the
Balearic and Canary Islands.

 

It also removed Spain and its islands from the list of countries that are
exempt from the 14-day quarantine rule, after Boris Johnson warned that
there were signs of a "second wave" of coronavirus in Europe on Tuesday.

 

At the Sol Katmandu theme park hotel in Magaluf, more than are a dozen
British families say they were due to fly back with Jet2 next week.

 

They've been searching for the Jet2 tour representative today looking for
answers to when they might come home, now that all of their flights are
cancelled.

 

"The rep is absolutely nowhere to be seen today," says Lydia from Glasgow.
She's been here 48 hours and says her two boys have been crying about coming
back early, after their flight next Thursday was cancelled.

 

At other hotels, several families who have managed to contact Jet2 staff,
have been told they will be eligible for a refund in 28 days, and advised to
try and rebook a flight with them before Tuesday.

 

However, the customers claim that Jet2 is charging them more money to fly
back on the rescheduled flight, such as Anna Boyne from Boston,
Lincolnshire, who spent most of Thursday on her computer at her beachside
apartment in the Mallorca resort of Santanyí.

 

She has been trying to to work out what to do now: "We've got six days left
of our holiday, and we're now forced into rebooking flights with Jet2 that
are £300 more expensive than my original flights.

 

"There's been no explanation. It's absolute profiteering. Who's policing
this?"

 

Jet2 told the BBC that it is looking into the claims made by Ms Boyne.

 

There are many complications ahead here, for those trying to get home.--BBC

 

 

 

German economy sees deepest decline on record

The German economy shrank at its fastest rate on record amid the impact of
the coronavirus pandemic, according to new official figures.

 

The total production of goods and services declined by 10.1% during the
April-to-June period.

 

It was the sharpest decline since Germany began producing quarterly growth
figures in 1970.

 

The contraction followed a smaller but still severe drop in activity of 2%
in the previous three months.

 

The German economy, in common with most others, has been hit very hard by
the pandemic and the restrictions that have been imposed in an effort to
contain it.

 

The country's statistics office said there had been a "massive slump" in
household spending, investment in equipment and machinery and in exports and
imports.

 

Germany is a leading exporter, especially for manufactured goods, so it has
inevitably been hit hard by the disruption to international trade that the
health crisis has caused.

 

Rebound expected

The one area where the statistics office said there was some growth was
government consumption spending - which means non-investment spending by the
public sector.

 

There have been signs in other data that a recovery may have started after
April. That is suggested by monthly figures for industrial production and
retail sales, for example.

 

Andrew Kenningham of Capital Economics says that he expects a rebound in GDP
in the current, third quarter of the year. But he expects it to remain below
pre-crisis levels for a long time to come.

 

The new figures confirm that Germany has been in recession as the term is
often defined - two consecutive quarters of declining GDP.

 

Previously it was believed that the recession started in the final quarter
of 2019, with a small decline from the previous three months.

 

But the statistics office has revised the figures for that period to no
change (at least when rounded to one decimal place). So it now appears that
the recession began in the first quarter of this year.--BBC

 

 

 

Coronavirus: Luxembourg taken off UK travel exemption list

Passengers arriving in the UK from Luxembourg from Friday will have to
isolate for 14 days after the country was taken off the quarantine-free
list.

 

The government said there had been a "consistent increase" in Covid-19 cases
in the country since the end of June.

 

More than 120,000 Britons visit Luxembourg each year but the Foreign Office
now advises against all but essential travel there.

 

It comes after quarantine for Spain was reimposed on Sunday.

 

In advice published on Thursday, the Foreign Office said it was not telling
Britons already in Luxembourg to leave. Instead it said UK travellers should
"follow the advice of the local authorities".

 

Can I still go abroad on holiday this summer?

It said data from the Joint Biosecurity Centre and Public Health England had
"indicated a significant change in both the level and pace of confirmed
cases of coronavirus in Luxembourg".

 

Transport Secretary Grant Shapps - who is self-isolating after returning
from Spain - said in a tweet: "Unfortunately the latest Luxembourg data
shows an increase in Covid-19 cases meaning the country will be removed from
the travel exemptions list.

 

A senior government source told the BBC that Belgium would stay on the
quarantine-free list - for the moment - but case numbers would continue to
be monitored.

 

Earlier it was announced that people who test positive for coronavirus or
show symptoms in the UK must now self-isolate for at least 10 days, rather
than seven.

 

The change, announced by the UK's chief medical officers, comes as ministers
try to avoid a resurgence of the virus.

 

On Thursday, a further 38 people in the UK died, bringing the total number
of Covid-19 associated deaths to 45,999.

 

And 846 cases were reported - the highest number of cases in a day for a
month.--BBC

 

 

 

 

 

 

 

 


 


 


 

 


 

INVESTORS DIARY 2020

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


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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