Major International Business Headlines Brief::: 25 June 2020

Thu Jun 25 04:37:12 CAT 2020

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Major International Business Headlines Brief::: 25 June 2020

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

ü  Qantas to axe 6,000 jobs due to pandemic

ü  Trump administration claims Huawei 'backed by Chinese military'

ü  Olympus quits camera business after 84 years

ü  UK U-turn allows Amazon to invest in Deliveroo

ü  IMF says decline in global growth worse than forecast

ü  Tata Steel in government talks amid bailout reports

ü  South Africa's debt grows into hippo "eating our children's inheritance"

ü  Nigeria's rating at risk as debt, financing gap rise-Fitch

ü  Chilean investment firm to buy 50% stake in S.Africa's Sun International

ü  MTN to launch 5G network in South Africa next week

ü  World Bank says it approves $750 mln loan for Nigeria's power sector

 <mailto:info at bulls.co.zw> 

Qantas to axe 6,000 jobs due to pandemic

Qantas will axe 6,000 workers in a bid to stay afloat through the
coronavirus pandemic, the airline says.

The cuts equate to about a fifth of the airline's workforce prior to the
Covid-19 crisis. In March, it furloughed more than 80% of its staff.

Australia's national carrier said the collapse in global air travel had
devastated revenues.

Last week, the Australian government said its border would most likely
remain closed into next year.

It prompted Qantas to cancel all international flights until late October,
except for those to New Zealand.

On Thursday, chief executive Alan Joyce said the airline expected smaller
revenues in the next three years, forcing it to become a smaller operation
to survive.

"The actions we must take will have a huge impact on thousands of our
people," he said in a statement.

"But the collapse in billions of dollars in revenue leaves us little choice
if we are to save as many jobs as possible, long term."

Mr Joyce added that Qantas, and its budget subsidiary Jetstar, would
continue to extend a furlough for about 15,000 workers "as we wait for the
recovery we know is coming".

Australia has flattened its virus curve faster than other nations, meaning
demand for domestic flights has returned and is expected to fully recover by
2022.

But international demand at that time is forecast to be half of what it was,
the airline said.

The airline also plans to raise A$1.9bn (£1.05bn; $1.3bn) in equity - its
first such move in 10 years - to bring in new funds and help "accelerate"
its recovery.

Other short-term savings will be found by grounding up to 100 planes,
including its A380 fleet, and deferring the purchase of new planes, it said.

Decisions offer insight on Australia border question

Simon Atkinson, BBC News in Sydney

Australia's borders remain pretty much shut in and out - apart from
returning citizens or for passengers with exceptional circumstances. And the
comments by Qantas today are telling.

By grounding most of its international fleet "for at least the next year",
the airline is clearly not expecting international borders to open up in a
meaningful way until at least June 2021.

Should the much talked-about trans-Tasman bubble between Australia and New
Zealand open up, Qantas will doubtless be part of that.

But for non-Australians hoping to visit family abroad - or for Aussies
eyeing a holiday to Bali - there's no need to pack the passport for a while
yet.

Of course today the biggest thoughts go to the 6,000 or so Qantas staff who
are losing their jobs, and the 15,000 employees who remain stood down.

Mr Joyce is hopeful about half of that latter group will be back helping the
airline run domestic routes by the end of the year on the back of ramped-up
demand to fly around this vast country. That hinges on Australia's states
opening borders to allow free travel.

And that depends on Australia keeping Covid-19 well under control - so
outbreaks like the one we're seeing right now in Melbourne do not become the
norm.

The airline said its massive loyalty programme - which has 13 million
members or around half Australia's population - would be its best hope of
recovery while borders remain closed.

Australia's other large carrier, Virgin Australia, slumped into voluntary
administration in April and is currently undergoing a sale process.

 <mailto:info at bulls.co.zw> 

Virgin Australia collapses into administration

The International Air Transport Association (IATA) - the peak body for
airlines - has warned that global airline revenue has seen a 55% decline on
2019 levels. IATA says it will take more than three years for global travel
to return to 2019 levels.--BBC

Trump administration claims Huawei 'backed by Chinese military'

The US Defense Department has determined that 20 top Chinese firms,
including Huawei, are either owned by or backed by the Chinese military.

The list, seen by US media, features video surveillance firm Hikvision,
China Telecoms, China Mobile and AVIC.

The determination could lay the groundwork for new US financial sanctions
against the firms.

It comes as the US has pressured other countries, including the UK, to bar
Huawei for national security reasons.

The BBC understands that list has been published in order to inform
congressional committees, US businesses, investors and other potential
partners of Chinese firms about the role such firms may play in transferring
sensitive technology to the Chinese military. The list is also likely to
grow.

Under US law, the Defense Department is required to track firms "owned or
controlled" by China's People's Liberation Army that are active in the US.

The Pentagon has been under pressure in recent months from lawmakers of both
the Democrats and Republican parties to publish and update the list.

Policy reviews urged by senators

In November, US senators Tom Cotton and Chuck Schumer wrote a letter to
Secretary of Commerce Wilbur Ross, asking for an update on reviews of US
policy that are mandated by the Export Control Reform Act of 2018 and the
2019 National Defense Authorization Act.

Senators Chuck Schumer and Tom Cotton have called on the Commerce Department
to investigate whether China has been stealing US technology with military
applications

In the letter, the senators emphasised their concerns about the danger of
exporting critical US technologies to companies with Chinese ties.

They also questioned why the Commerce Department had been slow to complete
export-control reviews mandated by the two acts.

The senators stressed that reviews should be conducted to assess whether the
Chinese Communist Party had been stealing US technology with military
applications, as well as whether it had been enlisting Chinese corporations
to harness emerging civilian technologies for military purposes.

"What is the status of this review and implementation of the results? Will
this review determine specific sectors of the US economy that the Chinese
are targeting for espionage and forced technology-transfer efforts? Will you
modify the scope of controls for military end uses and end-users in China?
Will you make the results of this review public?," wrote Mr Cotton and Mr
Schumer.

"We urge you to conduct these mandatory reviews as quickly and thoroughly as
possible. Thank you for your time and attention to this important matter of
national security."

The White House already taken several steps against Huawei and other Chinese
firms, including barring US companies from selling them certain technology
without permission. The administration has also said its trade war with
China, which resulted in billions of dollars worth of tariffs, was a
response to theft of US trade secrets.

But it has faced calls by some in Washington to act more aggressively.

Huawei has contested US claims against it as "unsubstantiated
allegations".--BBC

Olympus quits camera business after 84 years

Olympus, once one of the world's biggest camera brands, is selling off that
part of its business after 84 years.

The firm said that despite its best efforts, the "extremely severe digital
camera market" was no longer profitable.

The arrival of smartphones, which had shrunk the market for separate
cameras, was one major factor, it said.

It had recorded losses for the last three years.

The Japanese company made its first camera in 1936 after years of microscope
manufacture. The Semi-Olympus I featured an accordion-like fold-out camera
bellows, and cost more than a month's wages in Japan.

The company continued to develop the camera business over the decades,
becoming one of the top companies by market share.

"There's a huge amount of affection for Olympus, going right back," says
Nigel Atherton, editor of Amateur Photographer magazine.

The 1970s was a high point, with their cameras advertised on television by
celebrity photographers such as David Bailey and Lord Lichfield.

"Those cameras were revolutionary - they were very small, very light, they
were beautifully designed, had really nice quality lenses," adds Atherton.

A cult following stayed with the firm, despite teething issues with new
technologies such as autofocus, Atherton says. But the firm had a second
wave with digital cameras, where they were early adopters.

But they targeted their later range of mirrorless cameras at a middle market
- "people who weren't serious photographers - they wanted something better
than a point-and-shoot camera, but they didn't want a DSLR camera".

"That market very very quickly got swallowed up by smartphones, and turned
out not to exist."

The market for standalone cameras has fallen dramatically - by one estimate,
it dropped by 84% between 2010 and 2018.

"Olympus I find a very frustrating company," Atherton says. "Continually
over the last few years, they've constantly got it wrong, made wrong
decisions, taken wrong turns, and gone down cul-de-sacs."

One example he cited was the lack of progress in video performance, where
rivals have made strides.

The company also faced a major financial scandal involving senior executives
in 2011.

Olympus is now seeking to strike a deal to carve off the camera part of its
business so that its brands - such as Zuiko lenses - can be used in new
products by another firm, Japan Industrial Partners.

In a statement, the Japanese company said that it was business as usual
until then.

"We believe this is the right step to preserve the legacy of the brand," the
statement said.

On social media, however, its UK team accepted that fans "may have many
questions".

"We ask for your patience... Olympus sees this potential transfer as an
opportunity to enable our imaging business to grow and delight both
long-time and new photography enthusiasts," it said.

Olympus Corporation, however, will continue.

The company never stopped making microscopes, and has turned its optical
technology to other scientific and medical equipment such as
endoscopes.--BBC

UK U-turn allows Amazon to invest in Deliveroo

The UK's competition watchdog has said it no longer has concerns about
Amazon's plan to invest in food delivery service Deliveroo.

Internet giant Amazon announced plans to buy 16% of Deliveroo in May 2019.

The Competition and Markets Authority (CMA) then began probing the deal and
threatened an in-depth investigation in December.

However, in April the CMA said it would "provisionally" approve the deal to
prevent Deliveroo from collapsing.

The CMA was initially concerned that the £440m deal would prevent Amazon
from launching a rival company, which would increase competition and
potentially lower prices for consumers.

But the watchdog now appears to have changed its mind.

Stuart McIntosh, chair of the inquiry at the CMA, said: "Looking closely at
the size of the shareholding and how it will affect Amazon's incentives, as
well as the competition that the businesses will continue to face in food
delivery and convenience groceries, we've found that the investment should
not have a negative impact on customers.

"The impact of the coronavirus pandemic, while initially extremely
challenging, has not been as severe for Deliveroo as was anticipated when we
reached our initial provisional findings in April."

Several restaurant and fast food chains in the UK have recently reopened
just for takeaway deliveries and are hugely dependent on delivery app firms

The CMA said it was waiting for Deliveroo's rivals Just Eat Takeaway and
Domino's to make their final submissions, and will not release its final
verdict until 6 August.

Just Eat Takeaway - which was created in April when the CMA cleared the
merger between Just Eat and Dutch food delivery firm Takeaway.com - is in a
strong position.

The £6.2bn deal makes the new food delivery group the largest in Europe.

And earlier this month, Just Eat Takeaway announced it had agreed to
purchase US rival Grubhub in a deal worth £5.8bn. If the takeover is
completed it will create the world's biggest food delivery company outside
China.

A Deliveroo spokeswoman said Amazon's investment was "good news for UK
customers and restaurants, and for the British economy".

"As we have argued for the past year, since the beginning of the CMA's
investigation, the minority investment will enable British born, British
bred Deliveroo to compete against well-capitalised overseas rivals and
continue to innovate for customers, riders and restaurants."--BBC

IMF says decline in global growth worse than forecast

The International Monetary Fund has lowered its global growth forecast for
this year and next in the wake of the coronavirus pandemic.

It now predicts a decline of almost 5% in 2020, substantially worse than its
forecast only 10 weeks ago in April.

The UK economy is expected to contract more than 10% this year, followed by
a partial recovery in 2021.

That would be one of the most severe declines, although not as deep as
forecast for Italy, France or Spain.

The IMF's managing director, Kristalina Georgieva, had already warned that
the April forecast had been overtaken by events, and that the likely path of
the global economy was looking worse.

That is reflected in the new projections for both the world and the British
economy.

The recession caused by the pandemic - globally and in many individual
countries - is likely to be deeper than the IMF previously thought.

The previous April forecasts were a 6.5% decline for the UK and 3% for the
world.

The gloomier outlook partly reflects the fact that data since April have
pointed to a sharper downturn than the earlier forecast envisaged.

The IMF how expects a larger hit to consumer spending. The report points out
something that is unusual about this downturn.

Usually people dip into savings, or get help from family and welfare systems
to reduce the fluctuations in their spending. Consumer spending usually
takes a much smaller hit in a downturn than business investment.

But this time, lockdowns and voluntary social distancing by people who are
wary of exposing themselves to infection risks have hit demand.

The IMF also expects people to do more "precautionary saving", reducing
their consumption because of the uncertain outlook ahead.

The report also warns there is likely to be more economic "scarring'". More
firms going out of business and people being unemployed for longer may mean
that it is harder for economic activity to bounce back as quickly as hoped.

There is also a danger that, for firms that do survive, their efficiency is
likely to be in undermined by the steps they take to improve safety and
hygiene - to reduce the risk of workplace transition of the coronavirus.

Dramatic slowdown

The biggest contractions in economic activity envisaged by the IMF this year
are in developed economies particularly in Europe. The UK is likely to be
one of the deepest.

The new forecast does predict the UK's growth figure next will be larger
than in the April forecast. But that is more than fully offset by this
year's deeper decline. Overall, the new IMF forecast implies the British
economy in 2022 would be smaller than was implied by the April forecast.

The IMF does expect some degree of incomplete recovery in many countries
this year. The UK's Chancellor, Rishi Sunak, responded to the forecast
saying: "Thanks to the great progress we've all made in tackling the spread
of the virus, we are now able to safely reopen more of our economy."

For all the 16 individual countries for which the IMF gives specific
forecasts, there is a downgrade for this year compared with the April
projection.

The largest change was for India, where the IMF previously predicted much
slower growth, but growth nonetheless. Now the forecast is a sharp 4.5%
contraction.

For just one of those 16 countries, the IMF does still see growth this year.
That is China, but at 1% that still represents a dramatic slowdown.

The IMF's new assessment underlines once again the severe economic damage
being wrought by the pandemic and the response to it.

The predicted declines in activity are however not quite as severe as what
was forecast earlier this month by the Organisation for Economic Cooperation
and Development.--BBC

Tata Steel in government talks amid bailout reports

Britain's largest steelmaker, Tata Steel, has confirmed it is seeking
government support amid reports it is close to securing a bailout worth
hundreds of millions of pounds.

According to the Financial Times, a rescue deal could be agreed within days,
helping save about 8,000 UK jobs.

The steel industry was suffering before the pandemic but demand has now
dived.

"We have been, and continue to, seek government support in the UK... and all
geographies we operate in," Tata said.

Tata Steel said "it would not be appropriate to comment on ongoing
discussions with governments."

According to the FT, the bailout would take the form of a loan that could be
converted into equity at a later date, should Tata be unable to repay.

That would mean the government potentially taking a stake in British steel
for the first time in 30 years.

The government said it was "in regular discussions with companies across a
range of sectors".

"We do not comment on the commercial or financial affairs of individual
companies," it added.

The loan would support Tata Steel's UK operations, which include its main
Port Talbot plant in Wales, but also sites elsewhere in Wales, Hartlepool
and Corby.

Tata has been seeking a state loan worth £500m, according to Stephen
Kinnock, the Labour MP for Aberavon, where Port Talbot is based.

The FT says Tata, which is Indian owned, would be expected to sign up to
various commitments to its workers and cutting carbon emissions as part of
any deal.

The rescue loan would be the first under the government's Project Birch
scheme, which is designed to save large firms that are unable to get the
support they need through existing schemes.

Aviation and aerospace are reported to be among other sectors that may
require "bespoke" bailouts.

Like other UK steel operators, Tata Steel has been hit hard by rising
production costs and international competition in recent years and has
struggled to turn a profit.

It suffered a £371m pre-tax loss in 2019 amid continuing uncertainty over
Brexit.

Since the pandemic hit, however, demand for steel has dropped massively as
industries such as car manufacturing have ground to a halt.

'Cost of doing nothing'

Mr Kinnock has urged the government to step in to support steel firms,
warning many could fold, costing thousands of jobs.

"Imagine the cost of losing those jobs
 So we are saying to the government -
give the temporary loan," he told the BBC on Sunday.

"It is a loan that will be paid back in order to avoid the massive cost of
doing nothing."--BBC

South Africa's debt grows into hippo "eating our children's inheritance"

JOHANNESBURG/CAPE TOWN (Reuters) - South Africa’s budget deficit will be the
highest in the post-apartheid era, and the finance minister warned in his
emergency budget speech on Wednesday that debt had become a hippo eating
their children’s inheritance.

Public debt is projected to be more than three quarters of gross domestic
product, as the coronavirus crisis stifles the economy, the Treasury said on
Wednesday.

Finance Minister Tito Mboweni warned that future generations will pay dearly
unless South Africa takes tough action to get in control of its borrowing.

“Debt is our weakness. We have accumulated far too much debt; this downturn
will add more,” Mboweni said.

“Our Herculean task is to close the mouth of the hippopotamus. It is eating
our children’s inheritance. We need to stop it now,” he added.

Africa’s most advanced economy was in recession before the COVID-19 outbreak
ravaged the economy, and the lockdown that followed late in March has put
further strain on businesses and consumers.

This week the number cases in South Africa crossed 100,000 in total, with
more than 2,100 deaths, the highest on the continent.

To cushion the economic blow of the pandemic on the economy, President Cyril
Ramaphosa announced a 500 billion rand ($28.86 billion) relief package in
April, equivalent to 10% of South Africa’s GDP.

In a supplementary budget in response to the coronavirus crisis, the
Treasury projected the main budget deficit would widen to 14.6% of GDP in
the current 2020/21 fiscal year - the highest in since South Africa threw
off the shackles of its globally isolated apartheid rule in 1994.

The consolidated budget deficit, which also includes spending financed from
revenues raised by provinces, social security funds and public entities, was
seen hitting 15.7% of GDP.

Meanwhile, the Treasury projected that gross government debt would rise to
81.8% of GDP in 2020/21 from 63.5% last year.

The rand extended losses on the day in response to the budget.

The economy is seen contracting 7.2% this year, after the strict nationwide
lockdown severely curtailed production across key sectors such as mining and
retail.

Some lockdown restrictions have since been eased to allow key sectors to
resume operations.

South Africa has approached the International Monetary Fund (IMF), World
Bank, New Development Bank of the BRICS and African Development Bank to
source funding to contribute to the rescue package.

The government has also repriotised previously planned spending to help
fight the virus, with the supplementary budget making provision for 145
billion rand for immediate COVID-19 interventions.

($1 = 17.3266 rand)

Nigeria's rating at risk as debt, financing gap rise-Fitch

ABUJA/LAGOS (Reuters) - A sharp rise in Nigeria’s sovereign debt and a
ballooning financing gap could trigger a rating downgrade as policymakers in
Africa’s biggest economy struggle to deal with the fallout from a
coronavirus-induced oil price crash, a director at Fitch said.

The global ratings agency downgraded Nigeria to “B” in April with a negative
outlook from “B+” citing aggravation of pressure on external finances.

Moody’s said in April it would likely downgrade the country if the
government was unable to alleviate the damage to its revenue and balance
sheet. S&P cut Nigeria’s rating in March on weakening external finances.

Nigeria - also Africa’s top oil exporter - is under increasing pressure to
stimulate growth and cut debt after its first quarter current account turned
negative, overvaluing its naira currency. The oil price slump has slashed
government revenues.

“We have two elements that could lead us to take a negative rating
action/downgrade on Nigeria. Aggravation of external liquidity pressures and
a sharp rise in government debt to revenues ratio,” Mahmoud Harb, sovereign
ratings director at Fitch, told Reuters.

The debt to revenue ratio for Nigeria is set to worsen to 538% by the end of
2020, from 348% a year earlier, before improving slightly next year, Harb
said. The medium debt ratio for “B” rated countries is 350%, he said.

Nigeria will need $23 billion to meet its external financing needs this
year, Fitch estimates, noting that the country only has few options,
including running down its reserves, after shelving plans to issue
Eurobonds.

Abuja’s foreign currency reserves could fall to $23.3 billion this year if
foreign exchange access is normalised, Harb said, from around $36 billion.

Nigeria has been restricting access since the pandemic to boost the naira,
similar to a step it took when oil prices crashed in 2015, which worsened a
2016 recession.

The central bank is yet to provide currency to investors that need to leave
Nigeria, weakening sentiment. Analysts estimate that around $2 billion needs
to exit Nigeria.

Nigeria could avoid a ratings downgrade if it strengthens its finances,
reforms its forex policy and shows a path to reducing its deficit by
boosting non-oil revenues, Fitch’s Harb said.

Chilean investment firm to buy 50% stake in S.Africa's Sun International

JOHANNESBURG (Reuters) - Chile’s Nueva Inversiones Pacifico Sur (IPS) has
made a proposal to Sun International to buy 50.1% of the South African hotel
and casino operator for 22 rand ($1.27) a share, it said on Wednesday.

The proposed offer also includes an interim liquidity support in the form of
a bridge loan of up to 1.2 billion rand to Sun International, the firm said
in a statement.

($1 = 17.3083 rand)

MTN to launch 5G network in South Africa next week

JOHANNESBURG (Reuters) - Mobile operator MTN Group will launch its 5G
commercial network in South Africa next week, joining Vodacom Group and Rain
in the race to expand fifth-generation technology in the country.

The firm said on Wednesday it is hosting a virtual launch event on June 30,
where MTN South Africa CEO Godfrey Motsa will be present with other
officials.

Last November, Swedish mobile telecoms equipment maker Ericsson announced
that it had been selected by MTN South Africa to build its new 5G core
mobile and radio network.

At that time Ericsson said 5G commercialisation was planned between 2020 and
2022, with a focus on use cases and applications relevant in the South
African context.

Rival Vodacom launched its 5G network in May in three cities, with further
rollouts planned in other parts of the country.

Rain launched the country’s first commercial 5G network in partnership with
China’s Huawei Technologies in 2019.

Unlike the upgrades of cellular standards such as 2G in the early 1990s, 3G
around the millennium and 4G in 2010, 5G standards will deliver not just
faster phone and computer data but also help connect cars, machines, cargo
and crop equipment.

World Bank says it approves $750 mln loan for Nigeria's power sector

ABUJA (Reuters) - The World Bank has approved a $750 million loan for
Nigeria’s power sector, the lender said.

The money will be used “to improve the reliability of electricity supply” by
ensuring power supply to Nigeria’s grid, the World Bank said in a statement
late on Tuesday.

INVESTORS DIARY 2020

Company

Event

Venue

Date & Time

Companies under Cautionary

Bindura Nickel Corporation

Padenga Holdings

Delta Corporation

Meikles Limited

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