Major International Business Headlines Brief::: 01 June 2020

Mon Jun 1 04:45:52 CAT 2020

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Major International Business Headlines Brief::: 01 June 2020

 <http://www.nedbank.co.zw/> 

ü  Congo suspends board and management of state diamond miner MIBA

ü  Zambia's CEC to discontinue power supply to Konkola Copper Mines after talks fail

ü  Tullow Oil says 58 workers test positive for COVID-19 offshore Ghana

ü  Ethiopia passes supplementary budget to help absorb virus impact

ü  eSwatini's economy forecast to shrink 6.7% due to coronavirus

ü  Mauritius economy to contract sharply due to virus, says bank governor

ü  South African Airways administrators request further delay for rescue plan

ü  Kenya's inflation at 5.47% in May

ü  Old Mutual hopes to make announcement on new CEO soon -chairman

ü  Nigeria's president submits revised 2020 budget to Parliament

ü  Make Covid-19 recovery green, say business leaders

ü  Amazon UK website defaced with racist abuse

ü  Mining firm Rio Tinto sorry for destroying Aboriginal caves

ü  Renault cuts 15,000 jobs in major restructuring

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Congo suspends board and management of state diamond miner MIBA

DAKAR (Reuters) - The Democratic Republic of Congo has suspended the board of directors and management of state-controlled diamond mining company MIBA, after an audit revealed significant irregularities, the government said in a statement.

The audit identified a host of problems including compliance, governance, production and financial management, the statement by Congo president’s office said following a council of ministers meeting on Friday.

It added that Congo’s mines ministry will propose measures to revamp the company.

Founded in 1961, MIBA was formerly a jewel in minerals-rich Congo’s minerals industry, with gold, nickel and cooper in its portfolio. However, years of mismanagement, illegal mining, smuggling, and political instability have hobbled the company.

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Zambia's CEC to discontinue power supply to Konkola Copper Mines after talks fail

LUSAKA (Reuters) - Zambia’s Copperbelt Energy Corp.(CEC) said it will stop supplying power to Vedanta’s local unit Konkola Copper Mines Plc (KCM) from Monday after talks on extending their supply agreement broke down over debt owed to CEC.

Zambia’s Energy Minister Mathew Nhkuwa told Reuters that KCM would now get its power directly from state-owned utility Zesco Ltd, which until now has sold electricity to CEC for onward supply to KCM.

The power supply agreement between CEC and KCM came to an end on March 31 and was only extended through mutual agreement until May 31, CEC said in a statement on Sunday. KCM owes the energy company $132 million in debt, CEC said.

“Negotiations for its further extension have broken down, despite CEC’s best efforts in good faith towards securing a new contract,” the statement said.

KCM officials were not immediately available for comment.

In trying to agree the new contract, CEC sought to resolve KCM’s outstanding debt of $132 million as well as obtain a firm commitment from KCM regarding the timely payment of electricity charges going forward, it said.

CEC said it had informed KCM that its supply will be discontinued, adding that this was the only option available after the talks failed to resolve KCM’s outstanding debt and obtain a firm commitment from KCM regarding the timely payment of electricity charges going forward.

“Due care has been taken to make certain that the process of discontinuing supply ensures the safety of personnel and equipment and preserves the integrity of the mine,” CEC said.

India’s Vedanta owns about 80% of KCM.

While Zesco will now transport power to KCM, it will still travel through CEC power lines. Nkhuwa said CEC would be breaking the law if it refused to transport the power.

“I issued a statutory instrument on Friday declaring the CEC lines a common carrier. CEC is therefore obliged to transport the power from Zesco to KCM at a fee,” Nkhuwa said.

Tullow Oil says 58 workers test positive for COVID-19 offshore Ghana

ACCRA (Reuters) - Fifty-eight workers tested positive for COVID-19 at an oil production facility run by Tullow Oil off Ghana’s Atlantic coast, the company said in a statement on Friday.

Fifty-seven workers tested positive on a support vessel for a floating production and storage (FPSO) tanker. Another worker tested positive on the FPSO itself, but production remains unaffected, the company said.

All infected personnel have been brought onshore for isolation and treatment, it said.

Ghana has reported more than 7,600 cases of the new coronavirus and 34 deaths, the second highest number of cases in West Africa after Nigeria, although it has conducted far more tests than any other country in the region.

Earlier this month, 695 workers tested positive at a fish-processing factory in the seafront city of Tema, raising fears that the virus was spreading out of control.

Ethiopia passes supplementary budget to help absorb virus impact

ADDIS ABABA (Reuters) - Ethiopia’s parliament on Friday approved a supplementary budget worth 48.56 billion birr ($1.43 billion) for the financial year ending July to help the economy weather the impact from the novel coronavirus.

Authorities have put in place several measures to curb the spread of the virus including banning public gatherings, closing schools and borders which have hurt economic activity.

“The economy is being highly impacted due to corona and the government have to assist,” Finance Minister Ahmed Shide told lawmakers.

He said 30 million people in the country more than 110 million now needed humanitarian assistance as result of economic disruptions triggered by the coronavirus outbreak.

The Horn of Africa country has recorded 831 cases of COVID-19 and seven deaths.

Shide said the money in the supplementary budget will be used to provide humanitarian assistance and to buy medical supplies to help in the fight against COVID-19.

A document from Prime Minister Abiy Ahmed’s office presented to parliament showed Ethiopia’s economy is now expected to grow by 5-6% in 2019/2020 which ends July 7 from a previous forecast of 9%.

The supplementary budget will be funded with a mix of external and domestic loans, Ahmed said.

($1 = 34.0100 birr)

eSwatini's economy forecast to shrink 6.7% due to coronavirus

MBABANE (Reuters) - The small mountain kingdom of eSwatini’s economy will likely contract by 6.7% this year due to the coronavirus crisis, its government said on Friday.

“The pandemic has forced us to divert and realign our budget so that we can address this coronavirus challenge,” said King Mswati III, Africa’s last absolute monarch, in a statement released on Friday.

The fiscal deficit is set to widen to 9.1% from 4.3%.

The landlocked southern African nation formerly known as Swaziland was among the last in the world to record a COVID-19 death in late April.

It has now documented 279 positive cases with 2 deaths.

Most of eSwatini’s 1.5 million people eke out a living as farmers or migrant labourers in neighbouring South Africa.

Mauritius economy to contract sharply due to virus, says bank governor

NAIROBI (Reuters) - Mauritius’s economy is expected to contract by between 7.5% and 15% in 2020 due to the effects of the coronavirus, which have hit its tourism, manufacturing, and transport sectors, the central bank governor said on Friday.

Governor Harvesh Seegolam said in a statement that these sectors, alongside information and communications, business and administrative activities, and wholesale and storage, made up almost 40% of gross domestic product. The bank had in March forecast growth of 2.6% to 2.8% this year.

“The contraction in output this year will be severe,” Seegolam said.

Mauritius has 334 confirmed cases of the coronavirus, 322 recoveries and 10 deaths. It has suspended international passenger travel, restricted movement on the island, and allowed only essential businesses to stay open.

Seegolam said tourism, another important sector, had also slumped and that in April and May alone, the sector had lost 12 billion rupees in foreign exchange.

Last year, the sector earned 63 billion rupees.

“This year, as long as the tourism industry remains inoperative, there will be significant shortfalls in foreign exchange receipts,” he said.

“The pressure on foreign exchange earnings will be amplified by the shortfall in export earnings in other sectors as well, such as textile and fish products.”

South African Airways administrators request further delay for rescue plan

JOHANNESBURG (Reuters) - Administrators at South African Airways have asked creditors to approve an extension until June 8 for the publication of a business rescue plan for the struggling state airline, a letter seen by Reuters said.

The administrators said in the letter dated May 28 that despite the rescue plan being ready for publication, further consultation with affected parties was required. The plan was due to be published on Friday.

Kenya's inflation at 5.47% in May

NAIROBI (Reuters) - Kenya’s inflation fell to 5.47% year on year in May from 5.62% in April, the statistics office said on Friday.

On a monthly basis, inflation was 0.63% from 0.86% a month earlier, the Kenya National Bureau of Statistics said in a statement.

Old Mutual hopes to make announcement on new CEO soon -chairman

JOHANNESBURG (Reuters) - South Africa’s Old Mutual has made “good progress” on its search for a new CEO and hopes to make an announcement soon, Chairman Trevor Manuel told the insurer’s virtual annual general meeting on Friday.

The 175-year-old insurer has been led by acting CEO Iain Williamson since the abrupt sacking of ex-CEO Peter Moyo in June last year.

Nigeria's president submits revised 2020 budget to Parliament

ABUJA (Reuters) - Nigerian President Muhammadu Buhari on Thursday submitted a revised 2020 budget of 10.51 trillion naira ($29.19 billion) to Parliament for approval.

The coronavirus pandemic and an oil price plunge have magnified headwinds in Africa’s biggest economy, which relies heavily on crude sales for government revenues. The problems triggered a decline in growth and large financing needs as well as weakening the naira currency.

The government has said since March that the budget passed in December would be revised down. It must be approved by lawmakers, who can make changes, before being sent back to the president to pass into law after he has agreed to any revisions.

Amid the steep fall in global oil prices, the government previously said this year’s budget would shrink by about 15%. [nL8N2BB8YK]

The proposal sent to both chambers of Parliament on Thursday is only marginally lower than the record 10.59 trillion naira budget approved in December by Buhari. It follows the inclusion of new items, much of which is related to healthcare as part of the country’s response to the coronavirus pandemic. [nL8N28R4N4]

The revised budget includes local and foreign borrowing, including $5.51 billion from multilateral lenders.

($1 = 360.0000 naira)

Make Covid-19 recovery green, say business leaders

More than 200 top UK firms and investors are calling on the government to deliver a Covid-19 recovery plan that prioritises the environment.

They say efforts to repair the economy should support the government's commitment to tackle the climate change crisis.

They believe ministers should use the Covid-19 lockdown as a springboard to propel a green economy.

The signatories to the letter include Lloyds Bank, Asda, Siemens and Sky.

The proposals outlined by firms such as Mitsubishi, Signify and Yorkshire Water in a letter to the prime minister include:

Driving investment in low carbon innovation, infrastructure and industries.

Focusing support on sectors that can best support the environment, increase job creation and foster the recovery - whilst also decarbonising the economy.

Putting strings on financial support to ensure firms getting bailout cash are well managed, and in step with climate goals.

In a speech on Thursday Boris Johnson briefly committed himself in principle to the so-called Green New Deal slogan "Building Back Better" for a more resilient society.

And there are rumours that the Treasury is planning cash for labour-intensive home insulation, and further investment in electric vehicles.

But the signatories to the letter urge ministers to publish detailed plans that will put the UK back on track to meet the medium-term climate goals, from which it's slipping.

They come from both multinational and national businesses across industry sectors including energy, finance, consumer goods, retail, construction, water and communication.

'Job creation'

Their letter says: “Measures that cut greenhouse gas emissions and stimulate the economy have the potential to be more effective in supporting jobs and economic growth.

"They'll also support our long-term climate goals and deliver better outcomes in other key areas of public interest, such as public health and wellbeing.

“Investments in projects such as building renovation, offshore wind, electric vehicles, environmental improvements and low carbon industrial clusters have the potential to bring investment and job creation across multiple regions of the UK."

The initiative has been co-ordinated by The Prince of Wales’s Corporate Leaders Group (CLG).

It told BBC News: “Clearly the immediate focus has been on keeping the economy going and, understandably, there will need to be some urgent support measures that have not had significant 'strings attached'.

“But as long-term support measures are introduced, there should be measures within them to ensure that the money is going to well-managed companies supportive of the UK's long term goals.

'Green strings attached'

Green groups have called for all bailout cash to go to firms that agree green objectives.

But the corporate leaders said: “While we can't say no exceptions ever, green strings should be the rule, not the exception.

“Airlines would be a very strong example of a sector that will likely need support but should also be doing its bit to adapt to the challenges of climate change and support the transition - as many senior leaders in the sector recognise.”

Liz Barber from Yorkshire Water said: “It doesn’t have to be a hard choice; I see lots of opportunities which would rebuild the economy at the same time as helping the vulnerable, securing the stable climate and protecting the natural environment.”

She gave the example of the Hull project Living With Water, which focuses many partners on making the city resilient to floods.

Meryam Omi from Legal & General warned: “The government is understandably focusing on the present crisis, but they must heed the dangers of reacting too late to threats and remember one of the gravest in the world - the climate emergency.

“Decisions policymakers take now will decide the success of the UK’s ambitious net-zero target. They’ll have implications for decades.

“Implementing an ambitious ‘green’ recovery package, with clear pathways for companies to build aligned strategies and for investors to direct capital into ‘green’ projects at scale is now matter of necessity, not choice."

The government was approached for comment.--BBC

Amazon UK website defaced with racist abuse

Amazon has blamed a "bad actor" for racist abuse that appeared on multiple listings on its UK website.

The abuse, now removed, appeared when users searched the online shop for Apple AirPods and similar products.

It was unclear how long the racist language remained on the site, but it sparked outrage on Twitter and the sharing of screenshots and video grabs.

"We investigated, removed the images in question and took action against the bad actor," Amazon told the BBC.

The company did not elaborate on the "bad actor", nor give details of how many products were defaced and how long the abuse was visible on the listings.

Nadine White, a journalist for the Huffington Post, tweeted that the abuse "needs to be acknowledged, removed, explained, apologised for asap. Being Black right now is hard enough; we don't need to be called the N- word while shopping online, to boot".

Another Twitter user said Amazon should have been able to remove the offending messages in minutes. "They're still on Amazon UK. Extraordinarily poor site administration," he said during early hours of Sunday.

US blacklists five Amazon foreign websites

UK investigates fake reviews on major websites

Retailers warned not to 'exploit' coronavirus fears

Amazon also allows third-party retailers to sell goods through its website, with the company making about half its retail revenues from this.

But the Amazon Marketplace platform has come under scrutiny.

There has been concern about counterfeit goods appearing in the listings, and during the coronavirus pandemic Amazon was criticised for not doing enough to stop sellers inflating prices.

In April, five Amazon e-commerce websites, including the UK, were added to the US trade regulator's "notorious markets" report on marketplaces known for counterfeiting and piracy concerns.

Amazon disagreed strongly with the move, saying in a statement that "this purely political act is another example of the administration using the US government to advance a personal vendetta against Amazon".--BBC

Mining firm Rio Tinto sorry for destroying Aboriginal caves

Mining giant Rio Tinto has apologised for blowing up 46,000-year-old Aboriginal caves in Western Australia dating back to the last Ice Age.

The Juukan Gorge caves, in the Pilbara region, were destroyed last Sunday as Rio Tinto expanded an iron ore project agreed with the authorities.

Many prehistoric artefacts have been found at the remote heritage site.

"We are sorry for the distress we have caused," said Chris Salisbury, the firm's iron ore chief executive.

"We pay our respects to the Puutu Kunti Kurrama and Pinikura People (PKKP)," he said. The PKKP are the traditional owners of the site.

"We will continue to work with the PKKP to learn from what has taken place and strengthen our partnership. As a matter of urgency, we are reviewing the plans of all other sites in the Juukan Gorge area."

Australia's oldest human remains head home

Ancient stories record natural world

Miners desecrated Aboriginal site

Artefacts found there include a belt made from human hair, analysis of which showed a direct link going back 4,000 years between the PKKP and the prehistoric cave-dwellers.

'Devastating blow'

"Today we also recognise that a review is needed in relation to the management of heritage in Western Australia more broadly," Mr Salisbury said.

Besides iron ore, the Anglo-Australian giant has many mining interests in Australia, including bauxite for aluminium, diamonds and uranium.

Last week a PKKP representative, John Ashburton, said losing the site was a "devastating blow".

"There are less than a handful of known Aboriginal sites in Australia that are as old as this one... its importance cannot be underestimated," Reuters news agency quoted him as saying.

"Our people are deeply troubled and saddened by the destruction of these rock shelters and are grieving the loss of connection to our ancestors as well as our land."

Australian Minister for Indigenous Affairs Ken Wyatt, who is Aboriginal, said it was "incomprehensible" that the blast had gone ahead, but added that it appeared to be a "genuine mistake". State laws had failed in this instance, he said.—BBC

Renault cuts 15,000 jobs in major restructuring

Renault is cutting 15,000 jobs worldwide as part of a €2bn (£1.8bn) cost-cutting plan after seeing sales plunge because of the virus pandemic.

"This plan is essential," said interim boss Clotilde Delbos, who announced a bigger focus on electric cars and vans.

Some 4,600 jobs will go in France, and Renault has said six plants are under review for possible cuts and closure.

Renault played down reports it could move some production to the UK plant run by its strategic partner Nissan.

"You shouldn't believe everything you read in the newspapers," Ms Delbos said. "All you've seen in the newspapers are but rumours."

On Thursday, Nissan unveiled huge job cuts and the closure of its factory in Barcelona. The UK plant, in Sunderland, would remain open, the Japanese company said.

Renault, 15% owned by the French state and which is in talks with the government about an €8bn loan, has begun negotiations with unions about which factories could shut.

Nissan backs UK plant but protests erupt in Spain

France announces €8bn rescue plan for car industry

The company is slashing costs by cutting the number of subcontractors in areas such as engineering, reducing the number of components it uses, freezing expansion plans in Romania and Morocco and shrinking gearbox manufacturing worldwide.

The French firm plans to trim its global production capacity to 3.3 million vehicles in 2024 from 4 million now, focusing on areas like small vans or electric cars.

Scaling back

Renault is part of a three-way alliance with Nissan and Mitsubishi. On Thursday, Nissan said it would close its factory in Barcelona with the loss of about 2,800 jobs in a bid to cut costs, prompting protests at the Spanish plant.

Cost-cutting measures announced by both Renault and Nissan mark a departure from the ambitious expansion plan devised by now-ousted leader of the alliance, Carlos Ghosn.

Renault's interim chief executive Ms Delbos said during a press conference on Friday: "We have to change our mindset.

"We're not looking to be on top of the world, what we want is a sustainable and profitable company."

Renault, which claims more than 4% of the global car market, said its plans would affect about 10% of its 179,000-strong global workforce and cost up to €1.2bn (£1.1bn).

Ms Delbos added that Renault would review each region in order to decide where job cuts will fall. "This will help us come back to our ideal size," she said.

Falling sales

Both Nissan and Renault were already facing falling sales before the Covid-19 outbreak worsened trading.

Renault's sales were down 3% last year and the number of vehicles sold in the first three months of 2020 fell by 25%, before dropping further in April.

The struggling firm is currently in talks with the French government over a €5bn emergency loan package.

The French government has also pledged €8bn in wider rescue funds aimed at shoring up the country's car industry. In exchange, President Emmanuel Macron had said Renault should keep workers and production in the country.

We're coming "back to bases" was how Renault euphemistically portrayed its retrenchment after seeing a collapse in sales and profits. Former Renault chief Carlos Ghosn had targeted 5 million car sales by 2022. Today's restructuring sees the company cut maximum production capacity to 3.3 million vehicles by 2024.

The news does more than rip up Renault's previous strategy. It reveals more of the shape of the Renault-Nissan-Mitsubishi alliance. While they will co-operate on cutting costs, each company will take the lead on certain new-car developments.

And there's a geographical split: Renault focusing on Europe and Russia, Nissan on China, Japan and the US, and Mitsubishi on South East Asia. The days when the carmakers were tipped to merge into one global titan are long gone.

Presenting the plan is the easy bit; far more difficult is the execution. Renault has too many brands, and was slow to capitalise on growing markets. Its cost base is high. French rival PSA, for example, uses the same engines, chassis and gearbox on most small cars. Renault's technical base is not as efficient.

And it was telling that Renault did not say which French sites would shut. Among the 15,000 job cuts worldwide is 10% of Renault's domestic workforce. The government has still to sign off on a loan to Renault, so there will be hard bargaining with the unions before the money is handed over.

That might explain why Renault today played down reports it could put some production into Nissan's UK plant at Sunderland. Having French taxpayers help prop up a company that then creates jobs in the UK is not a good look.--BBC

INVESTORS DIARY 2020

Company

Event

Venue

Date & Time

Companies under Cautionary

Bindura Nickel Corporation

Padenga Holdings

Delta Corporation

Meikles Limited

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