Major International Business Headlines Brief::: 26 June 2020

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Major International Business Headlines Brief::: 26 June 2020

 


 

 


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ü  Zambia sees 2020 expenditure up $1.1 bln as kwacha falls

ü  South African Airways restructuring vote delayed until next month

ü  Djibouti sets up sovereign wealth fund, targets $1.5 bln in 10 years

ü  Nigerian banks to restructure over a third of loans -MPC member

ü  Kenya central bank holds benchmark lending rate at 7.0%

ü  Ghana bank governor fears ballooning deficit not sustainable

ü  Botswana issues maiden power generation licences to private producers

ü  Nigeria's cenbank aims to boost foreign reserves to support naira

ü  Fed acts to keep banks 'prudent' amid virus risks

ü  US phone giant Verizon joins Facebook ad boycott

ü  US Treasury sent $1.4bn of pandemic aid to dead people

ü  Unilever renames Fair & Lovely skin cream after backlash

 

 

 

 

 

 


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Zambia sees 2020 expenditure up $1.1 bln as kwacha falls

LUSAKA (Reuters) - Zambia’s expenditure is expected to rise by approximately
20 billion kwacha ($1.11 billion) this year as the local currency weakens,
piling more pressure on a nation already struggling with huge debt,
President Edgar Lungu said on Thursday.

 

Zambia's President Edgar Chagwa Lungu addresses the 74th session of the
United Nations General Assembly at U.N. headquarters in New York City, New
York, U.S., September 25, 2019. REUTERS/Lucas Jackson/File Photo

External debt service will rise by 8.7 billion kwacha because of a sharp
fall in the currency, Lungu said in a national address.

 

Zambia has $3 billion of Eurobonds outstanding and owes $2 billion to
commercial banks, $2 billion to the International Monetary Fund and World
Bank, and a further $3 billion to China.

 

The kwacha has weakened more than 28% against the U.S. dollar so far this
year, with the central bank in May attributing the depreciation to
macroeconomic challenges associated with debt service and debt levels.

 

Economic activity in Africa’s second-largest, copper-producing nation has
also been hurt by the coronavirus crisis.

 

Lungu announced the reopening of all international airports to revive
tourism after closures in March hit the sector.

 

Zambia has registered 1,497 coronavirus cases and 18 deaths, Lungu said.

 

Zambia is reviewing its 2020 budget after a reduction in revenue as a result
of the coronavirus pandemic and other factors, Secretary to the Treasury
Fredson Yamba said.

 

Zambia’s budgeted revenue is estimated to fall short of target by close to
20% as a result of economic adjustments due to COVID-19, the ministry of
finance said in April.

 

($1 = 18.0700 Zambian kwachas)

 

 


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South African Airways restructuring vote delayed until next month

JOHANNESBURG (Reuters) - A vote on a restructuring plan for loss-making
South African Airways (SAA) was delayed until next month on Thursday, after
some creditors and trade unions secured an adjournment after months of
wrangling over the airline’s future.

 

The administrators, who took over SAA in December after almost a decade of
financial losses, published their restructuring plan last week and now
expect the vote to take place on July 14.

 

The plan involves scaling back SAA’s fleet while keeping most routes intact
but needs the government to find at least 10 billion rand ($578 million) of
new funds to pay some creditors, fund thousands of layoffs and restart the
airline as COVID-19 travel restrictions ease.

 

It is not clear where those funds will come from, after the finance minister
allocated no new money for SAA in an emergency budget.

 

“The meeting is adjourned, and we believe it will be adjourned until July
14,” administrator Siviwe Dongwana told a creditor meeting after a 69%-31%
vote in favour of the delay.

 

The NUMSA, SACCA and SAAPA unions argued the adjournment was necessary to
correct what they said were deficiencies in the plan as well as for further
negotiations.

 

Some creditors, including private airline Airlink which tried this week to
block the meeting via the courts, argued the administrators had not complied
with local companies law and had not provided creditors with key
information.

 

The administrators said they had responded to the creditors’ concerns.

 

Even if SAA’s creditors approve the plan next month, it could still have to
be reworked if the government does not come up with the necessary funding.

 

The state enterprises ministry has said there are investors interested in
partnering with a restructured SAA but has given few details.

 

($1 = 17.3058 rand)

 

 

 

Djibouti sets up sovereign wealth fund, targets $1.5 bln in 10 years

NAIROBI (Reuters) - Djibouti is setting up a sovereign wealth fund for
domestic and regional investment, aiming to fund it to the tune of $1.5
billion over the next decade, the government said on Thursday.

 

Wealthy nations traditionally use sovereign wealth funds to invest surplus
billions overseas to prevent inflation at home, diversify income streams and
accumulate savings.

 

Djibouti will however use its fund to finance domestic investment including
in the telecoms, logistics and infrastructure sectors. It will also
prioritize investments in the Horn of Africa region, the government said.

 

The tiny nation is home to both Chinese and U.S. naval bases. Its strategic
position on the Gulf of Aden means it overlooks the world’s busiest shipping
lanes for oil cargos.

 

The fund, whose sole shareholder is the government, will be required to
reinvest all its net profits.

 

The government did not say how it will raise the cash for the fund, only
stating that there will be “significant initial investment with recurring
resources”.

 

“Despite the global health crisis related to the coronavirus pandemic, the
country is determined, more than ever, to invest in the future and
tomorrow’s economy,” the government said.

 

 

 

Nigerian banks to restructure over a third of loans -MPC member

ABUJA (Reuters) - Nigerian banks plan to restructure over a third of loans
after running into repayment problems due to the coronavirus pandemic, a
member of the central bank monetary policy committee said.

 

A total of 17 banks have submitted requests to restructure over 32,000 loans
for businesses and individuals, representing 33% of loans, Aisha Ahmad said
in a statement published on the central bank’s website late on Wednesday.

 

She said the majority of the loans to be restructured were within the
manufacturing and general commerce sectors.

 

“Results from ongoing impact assessments of COVID-19 effects on impairment
by banks indicate a modest impact given regulatory policy measures already
implemented,” Ahmad said.

 

Mid tier lender FCMB said in May that it was restructuring half of its
loans, mainly involving the oil and retail sectors.

 

The central bank in March said it would allow lenders to give customers more
time to repay loans and create a fund to combat the impact of the
coronavirus pandemic, which triggered an oil price crash and weakened the
currency.

 

Before the pandemic, the central bank forced banks to lend to stimulate an
economy mired in low growth. But lenders wary of an increasing loan pile
held back and were penalised.

 

Total loans grew 3 trillion naira ($8.31 billion) to 18.6 trillion naira
over the last year ending in April, Ahmad said.

 

The oil price crash also hurt energy companies, long the most favoured
sector for bank loans. In April, credit to the oil sector accounted for 26%
of all corporate loans, another MPC member, Adamu Lametek, said in the
statement.

 

($1 = 361.00 naira)

 

 

Kenya central bank holds benchmark lending rate at 7.0%

NAIROBI (Reuters) - Kenya’s central bank held its benchmark lending rate at
7.0% on Thursday, saying the easing measures it had adopted since the onset
of the coronavirus crisis in March were having the intended effect.

 

 

Ghana bank governor fears ballooning deficit not sustainable

ACCRA (Reuters) - Ghana’s central bank governor, Ernest Kwamina Addison,
said on Thursday that Ghana needed to raise more domestic revenue to tackle
a ballooning budget deficit that could exceed 7% of GDP this year as growth
shrivels due to the coronavirus crisis.

 

The deficit hit 3.4% of GDP in the first quarter against a target of 1.04%.

 

“We cannot allow the COVID-19 pandemic to undermine all the gains we have
made over the past three years,” Addison said in an online interview
broadcast by Ghana’s Daily Graphic newspaper.

 

He said reforms over the past three years had helped to stabilise the
economy, boost growth and curb inflation, but this was being threatened by
the pandemic, which has hit Ghana’s oil sector, tourism and education among
others.

 

“We are projecting to see gross domestic product (GDP) growth decline from
an original estimate of over 7% to 2%. It is a significant revision of the
growth outlook,” he said.

 

The government and the bank have taken steps, including the purchase of
government securities, to cushion the impact of the pandemic.

 

“I think we need to do some work in trying to revisit the mobilisation of
revenue from our domestic resources and use that to manage the growing
budget deficit,” Addison said.

 

The bank’s Monetary Policy Committee will meet in July and assess the impact
of current measures. Addison said it would take further action if necessary.

 

Inflation, at 10.6% in April and 11.3% in May, is above the targeted range
of 8%, plus or minus 2%. But Addison said that, given the current
circumstances, the bank would see how inflation progresses over the next
quarter before deciding whether monetary tightening was needed:

 

“We believe that inflation will come back to our target range before the end
of the year, and there might not be a need to tighten policy in the second
half of the year.”

 

 

 

Botswana issues maiden power generation licences to private producers

GABORONE (Reuters) - Botswana issued its first licences allowing three
private companies to generate their own power which will mostly be destined
for export, the energy regulator said on Thursday.

 

The Independent Power Producers (IPPs) have received 15-year generation
licences and will produce a combined 827 megawatt (MW) of power.

 

State-owned Botswana Power Corporation (BPC) is currently the sole producer
of electricity but the country is looking to diversify with several private
investors at various stages of setting up coal, gas and solar power
projects.

 

“We need to come to a point where we no longer import but become exporters
of electricity,” said Botswana Energy Regulatory Authority chief executive
officer, Rose Seretse.

 

Energy & Natural Resource Corporation, which is owned by Strata, plans to
construct a 600 MW coal-fired power station, Tlou Energy has been granted a
licence to produce 2 MW of power through coal-bed methane and Sese Power,
owned by First Quantum Minerals and African Energy have been licensed to
generate and export 225 MW of power.

 

Despite its huge estimated coal resources of 212 billion tonnes, the
diamond-rich country only has two operating coal mines with several
investors at various stages of setting up coal mines for either export or
power generation.

 

Lack of adequate rail infrastructure and the high costs of road
transportation have been holding back investments in Botswana coal sector.

 

 

 

Nigeria's cenbank aims to boost foreign reserves to support naira

ABUJA (Reuters) - Nigeria’s central bank will strive to increase its foreign
reserves to safeguard the value of the naira currency and has put in place
measures to curb speculation, it said on Thursday.

 

The statement came as Nigeria’s economy takes a battering from both the new
coronavirus pandemic and a global oil price crash. In an effort to stem the
worst effects, the government is turning to foreign reserves and ramping up
debt.

 

Nigeria’s reserves declined $8.5 billion to around $36 billion in May, the
central bank said. The naira, quoted at 360 on the official market, is
trading on the unofficial black market at around 455 to the dollar.

 

Dollar shortages have plagued Nigeria’s economy since the global oil price
crash slashed government revenues and weakened the naira.

 

The central bank statement did not say by how much it wants to increase
reserves or whether it saw an equilibrium exchange rate of the naira against
the U.S. dollar.

 

On Wednesday the bank said it would work towards the gradual unification of
exchange rates across all forex windows, echoing a similar call by the
finance minister a week earlier.

 

Nigeria, Africa’s largest economy, operates a multiple exchange rate regime,
which it has used to manage pressure on the currency and to absorb the
impact of low oil prices.

 

 

 

Fed acts to keep banks 'prudent' amid virus risks

The Federal Reserve has warned that America's biggest banks could be hit by
losses of up to $700bn (£563.6bn) in a severe downturn due to the pandemic.

 

The US central bank said it would require firms to keep money on hand to
guard against the risks.

 

The Fed said it was barring share repurchases and limiting dividend payments
until at least October.

 

Although banks have been a source of "strength" so far, officials warned of
a "high degree of uncertainty".

 

"Today's actions...to preserve the high levels of capital in the US banking
system are an acknowledgment of both the strength of our largest banks, as
well as the high degree of uncertainty we face," said Randal Quarles, the
Fed's vice chair for supervision of the Federal Reserve's Board of
Governors.

 

The announcement accompanied the results of the Federal Reserve's latest
annual stress tests, which were instituted after the financial crisis. The
stress tests are designed to suss out potential weakness in the financial
system.

 

This year, the Fed added an additional analysis based on the current
downturn, which was set off when authorities instituted lockdowns to try to
slow the spread of coronavirus.

 

Using a scenario where the pandemic severely impacted the US economy, the
Fed looked at how the country's 33 biggest banks would fare if unemployment
rates were to climb to 19.5%.

 

That is higher than the record 14.7% unemployment rate the US reported in
April - but about the level the Labor Department said was likely if it
adjusted for discrepancies in survey data.

 

The Fed did not say how individual banks fared under the virus scenario, but
warned that aggregate losses could reach $700bn.

 

"The Board is taking action...to require the largest banks to adopt prudent
measures to preserve capital in coming months," said Mr Quarles.

 

Not far enough?

Federal Reserve Governor Lael Brainard thinks that the Fed should have
announced further measures given the potential losses at stake, by barring
dividend payments altogether, as well as other distributions of capital.

 

The current shock is already more severe than anything the Fed had
anticipated in its stress tests, despite past criticism that the central
bank was being unrealistically gloomy, she noted.

 

"It is clear that recent changes in financial markets and the macroeconomic
outlook could have a material impact on banks' risk profiles and financial
conditions," she said.

 

"This action creates a significant risk that banks will need to raise
capital or curtail credit at a challenging time."--BBC

 

 

US phone giant Verizon joins Facebook ad boycott

US telecoms operator Verizon has become the latest major company to pull
advertising from Facebook platforms.

 

The company joins Ben and Jerry's and a growing list of firms boycotting the
social media giant over its handling of controversial posts.

 

Verizon is believed to be the biggest advertiser so far to back the Stop
Hate for Profit campaign.

 

Other than its namesake platform, Facebook's social media brands also
include Instagram and WhatsApp.

 

"Our brand safety standards have not changed. We're pausing our advertising
until Facebook can create an acceptable solution that makes us comfortable
and is consistent with what we've done with YouTube and other partners," a
Verizon spokesperson told the BBC.

 

In response to Verizon's announcement, Carolyn Everson, vice president for
Facebook's Global Business Group, said: "We respect any brand's decision,
and remain focused on the important work of removing hate speech and
providing critical voting information. Our conversations with marketers and
civil rights organizations are about how, together, we can be a force for
good."

 

Last year the social network attracted advertising revenue of almost $70bn
(£56bn).

 

Brands backing the campaign

Earlier this week, ice cream maker Ben and Jerry's and outdoor brands The
North Face, Patagonia and REI were amongst the companies to back Stop Hate
for Profit.

 

Ben and Jerry's said it is standing with the campaign and "all those calling
for Facebook to take stronger action to stop its platforms from being used
to divide our nation, suppress voters, foment and fan the flames of racism
and violence, and undermine our democracy".

 

The death of an African-American man George Floyd in police custody has led
to major protests around the world over the way police treat black people
and highlighted racism and inequality in societies.

 

George Floyd died in Minneapolis in May as a white police officer held a
knee on his neck for nearly nine minutes.

 

The final moments were filmed on phones. Four police officers involved have
been sacked and charged over his death.

 

Stop Hate for Profit

The Stop Hate for Profit campaign was launched last week by advocacy groups,
including the Anti-Defamation League, the National Association for the
Advancement of Colored People, and the Color Of Change.

 

The movement has said it is a "response to Facebook's long history of
allowing racist, violent and verifiably false content to run rampant on its
platform".

 

Stop Hate for Profit has called on advertisers to pressure the company to
adopt stricter measures against racist and hateful content on its platforms
by stopping all spending on advertising with it throughout July.

 

A European Commission report this month found Facebook removed 86% of hate
speech last year, up from 82.6%.

 

The social network, says almost all of the content which violates its
policies is automatically detected by its systems and removed before it is
reported.--BBC

 

 

US Treasury sent $1.4bn of pandemic aid to dead people

The US Treasury mistakenly sent more than $1.4bn (£1.1bn) of its pandemic
rescue funds to dead people, government inspectors have found.

 

The finding was one of several "challenges" uncovered in the official review
of federal coronavirus aid.

 

Since March, Congress has pumped some $2.6tn into the American economy in an
effort to shield it from virus slowdown.

 

But the rush to deliver the money has contributed to errors, inspectors
said.

 

For example, the Government Accountability Office (GAO) report found that
the Treasury Department, which was in charge of mailing stimulus cheques to
American families, did not check death records, even though some of the tax
officials working on the programme said they raised concerns about the risk
of erroneous mailings.

 

How the pandemic in US compares with rest of world

>From 'We've shut it down' to 100,000 US dead

The report also warned that the Paycheck Protection Program for small
businesses - a low-cost loan fund that accounts for 26% of US pandemic
spending - was at "significant risk" of fraud, faulting the Small Business
Administration for not cooperating with requests for information about the
loans and its plans for oversight.

 

"Because of the number of loans approved, the speed with which they were
processed, and the limited safeguards, there is a significant risk that some
fraudulent or inflated applications were approved," the inspectors said.

 

It said changes to respond to those risks were "essential".

 

Debate over aid

The report comes as lawmakers in Washington debate whether or not additional
aid is necessary.

 

While Democrats and many economists - including the head of America's
central bank - have recommended further relief, pointing to high
unemployment, many Republicans have been hesitant to approve more money.

 

"We should be very, very careful in evaluating what's necessary before we go
forward," Republican Senator Pat Toomey said at a recent hearing.

 

White House officials have said additional stimulus is likely, but that it
makes sense to see how the efforts so far are working. Critics say federal
programmes have resisted oversight efforts, however.

 

In April, President Donald Trump removed the official in charge of
overseeing coronavirus spending.

 

Congresswoman Nydia Velázquez, a Democrat from New York, said the audit had
revealed "mishandling and negligence" and "mismanagement of taxpayer funds".

 

"If today's report makes one thing clear, it is the need for transparency
and accountability," she said. "Administration officials must answer that
call."

 

How much has the US spent on coronavirus?

 

Congress has approved about $2.6tn in pandemic spending since March - a
package estimated at about 14% of the country's output.

 

About 11%, or more than $280bn, was intended to be spent on direct payments
of up to $1,200 for individuals earning less than $75,000 and $500 for
children.

 

The US has sent 160.4 million pandemic payments worth a total of $269bn so
far, according to the report.

 

The single largest chunk of the rescue funding - about 26% - was for small
business loans through the Paycheck Protection Program.

 

The US has distributed more than $500bn in loans to 4.6 million businesses
so far.

 

America's $349bn fund for small firms runs out

Which country has the most generous bailout?

Critics have said the distribution of those funds has been bungled by
unclear rules and lack of oversight, claims supported by the GAO report.

 

"Consistent with the urgency of responding to serious and widespread health
issues and economic disruptions, agencies have given priority to moving
swiftly where possible to distribute funds and implement new programs," it
said.

 

"As trade-offs were made, however, agencies have made only limited progress
so far in achieving transparency and accountability goals."--BBC

 

 

 

Unilever renames Fair & Lovely skin cream after backlash

Unilever will rename Fair & Lovely, a skin-lightening cream which has been
criticised for promoting negative stereotypes around dark skin tones.

 

It will also remove references to "whitening" or "lightening" on the
products, which are sold across Asia.

 

Unilever acknowledged the branding suggests "a singular ideal of beauty".

 

Two separate petitions urging Unilever to stop the production of its Fair &
Lovely range have been signed by more than 18,000 people in recent weeks.

 

"This product has built upon, perpetuated and benefited from internalised
racism and promotes anti-blackness sentiments," one says.

 

A second petition claimed the cream "tells us that there is something wrong
with our color, that we have to be light in order to feel beautiful. In
order to feel worthy."

 

'Fully committed'

Sunny Jain, President of Beauty & Personal Care at Unilever, said: "We are
fully committed to having a global portfolio of skin care brands that is
inclusive and cares for all skin tones, celebrating greater diversity of
beauty.

 

"We recognise that the use of the words 'fair', 'white' and 'light' suggest
a singular ideal of beauty that we don't think is right, and we want to
address this."

 

"The brand has never been and is not a bleaching product," Unilever added.

 

The consumer goods giant also said that it had removed before-and-after
impressions and "shade guides" on Fair & Lovely packaging in 2019. The skin
care range is sold across countries such as India, Indonesia, Thailand and
Pakistan.

 

Unilever's move comes as cosmetics firms around the world reassess their
product lines and marketing strategies in light of the Black Lives Matters
movement, sparked by George Floyd's death.

 

George Floyd died in Minneapolis in May as a white police officer held a
knee on his neck for nearly nine minutes.

 

The final moments were filmed on phones. Four police officers involved have
been sacked and charged over his death.

 

Writer and activist Poorna Bell said that Unilever's announcement was
"hugely disappointing".

 

"It doesn't do enough to make reparations for the untold mental and
emotional damage done by colourism," a prejudice or discrimination against
individuals with a dark skin tone, often among people of the same ethnic
group.

 

"Renaming the products doesn't mean anything - that's still just colourism
by another word," she said.

 

She also called for Unilever to match Johnson & Johnson's recent commitment
to stop selling certain products that are advertised as dark-spot reducers
in Asia and the Middle East, but have been used by consumers to lighten skin
tone.

 

Company commitments

Skin-lightening products are typically aimed at women in the Black and Asian
communities, says Dr Steve Garner, a sociologist, who carried out one of the
first British studies into skin-lightening.

 

Nivea's parent company Beiersdorf told the BBC that it "stands against
racism and discrimination of any kind and supports the Black Lives Matter
movement."

 

Nivea's Natural Fairness line is sold in the Middle East, India as well as
Nigeria and Ghana.

 

On its Middle East website, the product is described as being able to
"prevent the darkening of skin tone".

 

When asked by the BBC if it would amend the description, Nivea said that the
product contains SPF-15 "which helps prevent sun-induced skin damage, such
as irregular dark pigmentation, for any skin type."

 

It added: "We are currently doing a review in all our products descriptions
and are in the process of re-evaluating and updating the description that
may cause any misinterpretation."

 

L'Oreal did not respond to the BBC's request for comment on its Garnier
White Complete range.

In a YouTube video advertising the range, cartoon images of women are put
side-by-side, claiming that the products can "brighten" the skin.

 

"The language around these products upholds the beauty standards that
lighter or whiter skin is more desirable," Nomshado Michelle Baca, the
founder of beauty brand A Complexion Company.

 

"The individual who formulated and marketed the products is not likely to be
a person of colour, resulting in a warped perception that all black women
desire lighter skin."

 

But she argues that the conversation has become "hyper-focused on the change
of someone's entire complexion.

 

"The woman who wants to treat small areas of scarring is left invisible and
without options but to use the damaging products available in unregulated
retailers or black hair shops."

 

Banned products

Unless they are issued on prescription by a doctor, creams containing
hydroquinone, steroids or mercury are banned in the UK - because of their
potentially serious side-effects.

 

Consumers have previously been warned by the Local Government Association to
steer clear of those toxic products that can "act like paint stripper".

 

BBC News identified products containing the bleaching agent hydroquinone
available to UK customers on online marketplace EBay.

 

This product was removed from EBay's online marketplace once it was flagged
by BBC News

A spokesperson for EBay told the BBC: "Only items that comply with the law
are allowed to be listed on eBay and any products containing hydroquinone,
steroids or mercury are banned.

 

"Listings containing these ingredients were immediately removed and we are
taking enforcement action against the sellers. We work closely with
regulatory authorities including Trading Standards and the Medicines and
Healthcare products Regulatory Agency to keep our community safe."

 

They added that EBay has been updating its "offensive materials policy" in
recent weeks in light of the Black Lives Matter movement.

 

"In the bigger picture, companies should have been doing these things, such
as weeding out potentially poisonous products, a long time ago," Dr Steve
Garner added.

 

"Realistically, these commitments will have very little impact for a global
company."--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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