Major International Business Headlines Brief::: 05 March 2020

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Major International Business Headlines Brief::: 05 March 2020

 


 

 


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ü  IMF says in broad agreement with Kenya on deficit reduction plan

ü  Banks in Sudan to introduce Visa payment systems

ü  South Africa's rand clings on to post-Fed windfall after recession shock

ü  Zambia signs over $824 million deal with China Railway for line upgrades

ü  South African economy enters second recession in two years

ü  Pick n Pay launches online scheduled grocery delivery

ü  Nigeria's bourse to become listed company, appoints board

ü  Egypt plans to sell $500 mln Banque du Caire stake via IPO in April-
chairman

ü  Ramaphosa says Q4 contraction shows "underlying weakness"

ü  Kenya private sector activity drops further in February –PMI

ü  GM unveils a new electric vehicle platform and battery in bid to take on
Tesla

ü  Wall Street Is Falling Out of Love With a Once-Coveted Fossil Fuel

ü  IBM stops all domestic travel for internal meetings due to coronavirus

ü  If given $100, half of young Africans would use it to start a business,
survey says

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

IMF says in broad agreement with Kenya on deficit reduction plan

NAIROBI (Reuters) - The International Monetary Fund is in broad agreement
with the Kenyan government on the main aspects of a fiscal deficit reduction
plan, the fund said late on Tuesday.

 

The finance ministry plans to set a budget deficit of 4.9% of GDP in the
fiscal year to June 2021, down from 6.3% this financial year.

 

The plan could culminate in the deficit dropping to below 4%, the IMF said
in a statement released at the end of a two-week mission to Kenya. It “could
be supported by a fund arrangement,” the fund said.

 

Kenya is keen to secure a new stand-by credit agreement with the IMF after
the previous one expired in 2018.

 

A key impediment to the deal was removed last November when the government
repealed a cap on commercial lending rates. Bankers and the IMF had demanded
its removal in order to boost credit growth to small and medium-sized
businesses.

 

There was no comment from either the IMF or the government on when a new
deal was likely to be reached.

 

President Uhuru Kenyatta’s government has been criticised by voters for
borrowing heavily since coming to power in 2013, and his administration was
forced to raise its borrowing ceiling last year after breaching initial
targets.

 

Kenya’s fiscal deficit, which peaked at 9.1% of GDP in the 2016/17 financial
year, has been partly driven by higher spending on infrastructure projects
including a new railway financed by China.

 

Fiscal gaps have been accompanied by the consistent failure of the Kenya
Revenue Authority (KRA) to meet revenue collection targets.

 

 

 

 

 

 

 

 

 

 

 

 

 


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Banks in Sudan to introduce Visa payment systems

KHARTOUM (Reuters) - Several banks in Sudan are introducing Visa payment
systems as the country seeks to develop its financial sector following
decades of isolation, a central bank official and the U.S. financial
services company said.

 

Bank of Khartoum, Qatar National Bank and United Capital Bank (Bank Almal)
have received approval to start using the systems, which were expected to be
launched in about three weeks, said Omar Amrabi, head of electronic banking
services (EBS) at Sudan’s central bank.

 

A further six banks have applied for approval and were awaiting a response,
he said.

 

Commercial and financial transactions in Sudan have been restricted by
sanctions and the country’s listing as a state sponsor of terrorism by the
United States in 1993.

 

European banks including HSBC Holdings and BNP Paribas agreed in 2013 and
2014 to pay more than $10 billion to settle cases brought by the United
States over alleged transactions with sanctioned countries including Sudan.

 

Sanctions were lifted in 2017 and the United States has indicated that Sudan
will be removed from the terrorism list following the overthrow of former
leader Omar al-Bashir last year, without giving a time frame.

 

The terrorism listing continues to deter many foreign investors and banks
from doing business in Sudan and Washington is blocking funding from the
International Monetary Fund and World Bank until the country is removed from
the list.

 

Sudan has also suffered from liquidity shortages and transfers of foreign
currency are strictly controlled.

 

“We are working closely with select financial institutions in Sudan to
progress the introduction of Visa payment solutions in the country,” Visa
said in a statement.

 

“Visa is pleased to be building new partnerships that will bring the benefit
of Visa’s world-class payment technology to help support financial inclusion
and economic growth in Sudan.”

 

Initially, Visa payments are expected to be limited to foreign currency
payments and capped at $3,000, the maximum amount of foreign currency
travellers are allowed to take out of the country.

 

The first automated teller machines (ATMs) for international withdrawals
would be installed at hotels, the central bank’s Amrabi said.

 

In December, Sudan’s Nile Bank signed an accord with U.S. software firm
Oracle Corp for the provision of a mobile banking platform.

 

The government also said last month that it was in talks with U.S. lender
Citibank about entering Sudan.

 

 

 

South Africa's rand clings on to post-Fed windfall after recession shock

JOHANNESBURG (Reuters) - South Africa’s rand firmed early on Wednesday,
finding relief from a surprise rate cut the U.S. central bank after a sharp
selloff triggered by data showing the economy was in recession.

 

At 0715 GMT the rand was 0.36% firmer at 15.3600 per dollar, backing down
from a five-session best of 15.2100 on Tuesday touched after U.S. Federal
Reserve delivered an emergency 50 basis point lending rate cut just as local
markets closed.

 

Before that the stats agency reported Africa’s most advanced economy had
entered its second recession in two years in the final quarter of last year,
shrinking by forecast-smashing 1.4% as a swathe of industries were hit by
months of regular power outages.

 

The data stoked already bearish sentiment around the currency following last
week’s budget where treasury chopped its 2020 growth forecast to 0.9% and
announced estimates of a higher budget deficit - making a credit downgrade
by Moody’s at month-end a near certainty.

 

“Within the space of a few minutes the rand had moved from 15.55 to 15.45 to
15.62 and down to 15.22. It is impossible to know what is going to happen
with the world’s central banks in full panic mode,” said Standard Bank’s
chief trader Warrick Butler.

 

While the Fed move set off some big inflows into emerging markets as the
greenback to a knock to hover near five-month lows, early morning moves in
risk assets were more muted as investors tried to digest the ongoing impact
of the coronavirus.

 

“The actions taken by central banks shows their hand, and they are worried.
We should be too, then. It’s expensive but I feel you have to remain
defensive as far as owning risky assets is concerned,” Butler added in a
note.

 

Bonds, which have also traded in a volatile range, were on the frontfoot,
with the yield on the 10-year 2030 government issue down 9 basis points to
8.875%.

 

Stocks opened a touch weaker, with the Johannesburg Stock Exchange’s Top-40
index down 0.25% to 47,549 points.

 

 

 

Zambia signs over $824 million deal with China Railway for line upgrades

LUSAKA (Reuters) - Zambia has signed a contract of more than $824 million
with a subsidiary of China Railway Construction Corporation to upgrade a
rail line, the company said on Wednesday.

 

China Civil Engineering Construction Corporation will rehabilitate the
railway line in southern Zambia over a period of eight years, China Railway
said in a statement.

 

The railway has a total length of 648.26 km (403 miles), the statement said,
adding that the contract value of the project amounted to approximately
$824.87 million.

 

 

 

South African economy enters second recession in two years

PRETORIA (Reuters) - South Africa entered its second recession in two years
in the final quarter of last year as agriculture, transport and construction
contracted, data showed on Tuesday, highlighting the impact of power cuts on
the economy.

 

The recession is another setback to President Cyril Ramaphosa’s efforts to
revive the economy and stave off a downgrade of the country’s sovereign debt
to below investment grade by rating agency Moody’s.

 

Statistics South Africa said the economy shrank 1.4% in the fourth quarter,
following a revised 0.8% contraction in the third quarter. Agriculture
declined 7.6%, transport 7.2%, construction 5.9%, electricity 4% and retail
3.8%, the data showed.

 

“You can lay a lot of the blame on (power utility) Eskom and the
loadshedding (power cuts). But you must also blame government — reform is
happening way too slowly,” said Wayne McCurrie, an FNB portfolio manager .

 

Regular power cuts as Eskom fails to meet electricity demand have seen a
steady decline in South African business and consumer confidence.

 

Eskom implemented the worst power cuts in more than a decade in December. It
forced some mines to shut down and disrupted thousands of smaller businesses
that couldn’t rely on backup generators.

 

Spending shrank 1.2% in quarter-on-quarter terms after contracting by a
revised 0.4% in the third quarter, Stats SA said.

 

“Spending of money is different, I feel it in the fluctuation of my
lifestyle. I’m spending less,” said self-employed Msimeki Mabuza, 34.

 

South African retailers have struggled to increase earnings as cash-strapped
shoppers spend money on food rather than higher-margin discretionary goods
such as electronics, hurting the likes of Walmart-controlled Massmart.

 

Small businesses were also feeling the pain.

 

“It is tough,” said 62-year old Lesley Nkosi, who sells fruits and
vegetables on the sidewalk of a street a few blocks from Pretoria’s Union
Buildings, which houses Ramaphosa’s office. “Since last year I have noticed
people aren’t buying as much as they used to. They don’t have money.”

 

Banks have also struggled to increase their earnings at home and are
increasingly relying on businesses elsewhere in Africa to maintain their
performance.

 

Nedbank, one of South Africa’s four largest banks, on Tuesday reported a
near 7% drop in full-year profit and revised a key profitability target as
the worsening economy pushed up defaults and cut demand for credit.

 

Last week, the National Treasury cut its 2020 economic growth forecast to
0.9% and said it would cut the public-sector wage bill to contain a rising
budget deficit.

 

“The Treasury is now clearly on a pro-growth trajectory,” Razia Khan, chief
Africa and Middle East economist at Standard Chartered Bank. “The shock
nature of this GDP print highlights just how urgent an exercise that is, and
how there is no room to get it wrong.”

 

 

 

Pick n Pay launches online scheduled grocery delivery

JOHANNESBURG (Reuters) - South African supermarket chain Pick n Pay said on
Tuesday it has launched an online scheduled grocery delivery service that
enables customers to set up an automatic weekly or monthly delivery of
products they buy regularly.

 

Having been the first retailer to launch online grocery shopping in South
Africa, Pick n Pay said it has now become the first supermarket to introduce
scheduled delivery, which is gaining traction overseas with companies like
Amazon Prime.

 

The fight for market share in South Africa has intensified among retailers
as consumers demand convenience and fresh food as well as a vibrant customer
experience.

 

Pick n Pay rival Shoprite Holdings launched a one-hour grocery delivery
service named Sixty60 at its Checkers supermarkets in November.

 

“This new service is expected to further change the landscape of how
customers maximise convenience when shopping for their groceries,” Pick n
Pay said in a statement.

 

Pick n Pay Online Manager Georgina Muirhead said after a successful pilot
with a group of shoppers last year, the service, called Grocery Genius, is
now available to all Pick n Pay online shoppers with limited time or those
who want to avoid the tedium of repeat purchases at every shopping trip or
online.

 

“Our scheduled delivery shopping solution means those little annoyances like
running out of milk or pet food late in the evening can be avoided. It also
helps with stocking up on big or bulky items like toilet paper or heavy dog
food,” Muirhead said.

 

Online retailing in South Africa is still in its infancy by global
standards, with only 1.4% of total retail spending according to Visa.
However, over recent years brick-and-mortar retailers have been increasingly
pumping money into technology and logistics to adapt to the changing
landscape of retail.

 

In the 26 weeks ended Sept. 1, two million customers visited Pick and Pay’s
online shop, with a 24% increase in order volumes and a 17% rise in sales.

 

In October it said its online team had successfully piloted an on demand
delivery service with a limited range in 50 stores across the country and
plans to expand this service over the coming year.

 

 

 

Nigeria's bourse to become listed company, appoints board

ABUJA (Reuters) - The Nigerian Stock Exchange said on Tuesday it has won
approval from members to become a listed company and has appointed a board
of directors.

 

It would now re-register as a profit-making entity owned by shareholders
called the Nigerian Exchange Group Plc with a share capital of 1.25 billion
naira ($4 million), from being a not-for-profit entity.

 

($1 = 305.9500 naira)

 

 

 

Egypt plans to sell $500 mln Banque du Caire stake via IPO in April-
chairman

CAIRO (Reuters) - Egypt aims to sell a minority stake in state-owned Banque
du Caire in an initial public offering (IPO) starting mid-April in a sale
worth about $500 million, provided investor interest holds up in the face of
the coronavirus, its chairman said.

 

It would be Egypt’s biggest sale of state assets since 2006. The bank is
part of a revived programme of selling shares in a long list of state
companies that was announced three years ago but has faced repeated delays.

 

“Our plan is to go with the IPO by mid-April, but it depends on the market
conditions. For us, if you’re talking about the readiness of the bank, we
are very ready,” Chairman Tarek Fayed said in an interview.

 

“Definitely, lots of stuff has been evolving in the last two weeks, the
coronavirus,” Fayed said, but he also said that during a trip overseas last
week he found continued investor interest. “The appetite is still strong.
But nobody knows what could happen in the next 10 to 15 days.”

 

Fayed said he was in discussions with a couple of cornerstone investors who
would be guaranteed participation to strengthen the offer. Multilateral
development institutions would also be involved at an early stage.

 

“The programme allows us to go up to 45%. But the main objective is to raise
funds in the vicinity of $500 million. So if we translate the $500 million
into a percentage this could leave us in the range of 20% to 30% of the
float of the bank’s ownership,” Fayed said.

 

Of this, $50 million to $75 million would be sold to one or more anchor
investors, Fayed said.

 

Banque du Caire is owned by state-owned Banque Misr, which in the mid-2000s
took over Banque du Caire’s nonperforming loans in exchange for assets.

 

With assets of 183.4 billion Egyptian pounds ($11.70 billion) at the end of
2019, Banque du Caire ranks sixth or seventh among Egyptian banks.

 

STOCK EXCHANGE BOOST

Fayed said the sale would be a spur to the Egyptian stock exchange, where
activity has dwindled in the past few years.

 

Egypt in 2008 came close to selling Banque du Caire to the National Bank of
Greece, but the deal never closed, partly because of a backlash against
privatisations.

 

The last sale of state assets on a similar or larger scale was in 2006, when
Italy’s Intesa Sanpaolo bought 80% of Bank of Alexandria for $1.6 billion.

 

A former Citibank employee, Fayed worked for a decade at Egypt’s central
bank where he oversaw banking supervision and financial stability before
taking over as Banque du Caire’s chairman and CEO in January 2018.

 

“When we came, myself, a new board, and new management team, we came up with
a totally different approach,” he said.

 

Fayed said his strategy had been to take advantage the high liquidity in
Egypt’s banking system and Banque du Caire itself by tapping different
lending activities and expanding products.

 

The bank doubled its corporate book in the last two years to more than 40
billion Egyptian pounds and increased its number of corporate clients to
more than 400 from 170.

 

It also expanded its profitable microfinance business, in which Banque du
Caire’s 300,000 clients account for 25% of the Egyptian microfinance market,
where margins can reach 16%.

 

The new strategy has been paying off. The bank said net profit jumped 60% in
2019 to 79.2 billion pounds.

 

($1 = 15.6700 Egyptian pounds)

 

 

 

Ramaphosa says Q4 contraction shows "underlying weakness"

CAPE TOWN (Reuters) - South African President Cyril Ramaphosa said on
Tuesday that fourth-quarter data showing the country had entered recession
pointed to “underlying weakness” in the domestic economy at a time when the
coronavirus was affecting the global economic outlook.

 

Ramaphosa added at a news conference that the data showed Africa’s most
industrialised economy needed to sharpen its focus on reforms. He said his
government was engaging with public sector unions over plans to contain the
wage bill and that unions’ concerns were understandable.

 

 

 

Kenya private sector activity drops further in February -PMI

NAIROBI (Reuters) - Private sector activity in Kenya fell further in
February as orders for new goods dropped for the first time in more than two
years, a survey showed on Wednesday, as imports from China tumbled due to
the coronavirus outbreak

 

The Markit Stanbic Bank Kenya Purchasing Managers’ Index (PMI) for
manufacturing and services fell to 49.0 in February from 49.7 in January.
Readings above 50.0 indicate growth.

 

“Firms faced a shortage of raw materials owing to reduced imports from China
due to the coronavirus outbreak,” said Jibran Qureishi, regional economist
for East Africa at Stanbic Bank.

 

“This has increased output prices as alternative import markets aren’t as
cheap as China.”

 

Companies reported the first fall in new business orders since November
2017, the survey found, attributing the decline to hard-up consumers in the
economy amid a wider cash crunch.

 

The finance ministry said in January economic growth probably slowed to 5.6%
last year, compared with the government’s initial estimate of about 6%.

 

The ministry expects growth of 6.1% this year, while the central bank
forecasts 6.2%.

 

- Detailed PMI data are only available under licence from IHS Markit and
customers need to apply for a licence.

 

 

 

GM unveils a new electric vehicle platform and battery in bid to take on
Tesla

General Motors laid out its electric vehicle strategy on Wednesday,
showcasing roughly a dozen products as part of a broader attempt to convey
to investors how serious it is about embracing its electric future.

 

In addition to showing off some of its upcoming vehicles, GM revealed an
all-new modular electric vehicle platform with an improved battery pack
called Ultium. Much like Volkswagen’s so-called MEB platform, the GM
platform is intended to be flexible and multifaceted, with the goal of
eventually undergirding a variety of vehicle types and shapes.

 

The new batteries are unique because of the “large-format, pouch-style
cells,” compared to cylindrical cells, which GM says enables them to be
stacked vertically or horizontally inside the battery pack. These batteries
will offer power ranging from 50 to 200 kWh, which could allow for a driving
range up to “400 miles or more.” Motors designed in-house will support
front-wheel drive, rear-wheel drive, all-wheel drive, and performance
all-wheel drive applications.

 

 

Steve Fecht for Genreal Motors

GM altered the chemistry of its battery cells, in a move that’s distinct
from most EV batteries in production today. The majority of batteries are
made with NCM — nickel, cobalt, and magnesium. The Ultium batteries will add
aluminum — so NCMA — and reduce the cobalt content by 70 percent. GM has
also reduced by about 80 percent the amount of wiring from the EV
architecture currently used in its Chevy Bolt vehicles. The hope is that
this will drive battery cell costs below the $100/kWh level and allow GM to
get more bang for its buck as it scales up its EV production capabilities.

 

AN ESTIMATED 400 MILES OF RANGE

Ultium-powered EVs are designed for Level 2 and DC fast charging, GM says.
Most will have 400-volt battery packs and up to 200kW fast-charging
capability while the company’s truck platform will have 800-volt battery
packs and 350 kW fast-charging capability. GM says it wants to address the
two main pain points of EV ownership: cost and charging time.

 

The event was intended to persuade those on Wall Street who have been
jittery about GM’s ability to catch up to Tesla. Elon Musk’s company has
soared in valuation, even as the auto industry at large has suffered from
rising coronavirus fears. On Tuesday, Tesla’s market cap hovered around $144
billion, more than three times GM’s $45 billion.

 

The automaker has said it plans to release 20 electric nameplates by 2023
and will publicly unveil three of those vehicles in the months to come: the
Cadillac “Lyriq” EV crossover in April and two electric versions of GMC’s
Hummer in May. This will be followed “soon after” by the Cruise Origin, a
shared, electric, self-driving vehicle developed by Cruise (a majority owned
subsidiary of GM) and Honda.

 

All four GM brands – Chevy, Cadillac, GMC, and Buick – will be launching new
EVs. The Cadillac Lyriq will be the first vehicle built on the company’s new
BEV3 architecture. Next will be the Hummer EV in both pickup and SUV
formats. Also to come are a refreshed Chevy Bolt EV and EUV with a longer
wheelbase, a compact Chevy crossover, two Buick SUVs, and a Cadillac sedan
called “Celistiq.” All of this is part of GM’s broader plan to spend $20
billion in capital and engineering costs by 2025.

 

INVESTORS HAVE BEEN JITTERY ABOUT GM’S ABILITY TO CATCH UP TO TESLA

In January, the company said it would spend $2.2 billion to retrofit its
Detroit-Hamtramck plant for the production of autonomous and electric
vehicles. Workers there recently got a look at some of the vehicles they
will be tasked with building, including the Cruise Origin and two versions
of GMC’s Hummer, which is being resurrected as an electric pickup.
Detroit-Hamtramck will be GM’s first “fully-dedicated” electric vehicle
assembly plant.

 

Last December, the automaker said it was setting up a joint venture with
South Korea’s LG Chem to mass-produce batteries for electric cars, with the
two companies planning to invest a total of $2.3 billion to build a new
facility in Lordstown, Ohio. This facility will supply battery cells for the
electric vehicles manufactured at Detroit-Hamtramck.

 

Of course, all of this needs to be viewed in the larger context of the fight
over auto emissions. Though GM has said its goal is “zero emissions,” the
company has sided with the Trump administration to do the exact opposite.
Along with Fiat Chrysler and Toyota, GM is supportive of the White House’s
effort to eliminate California’s stricter emissions rules, arguing that the
federal government, and not individual states, should set the requirements.
Honda, Ford, Volkswagen, and BMW have sided with California in the
battle.--theverge.com

 

 

 

 

Wall Street Is Falling Out of Love With a Once-Coveted Fossil Fuel

For years investors were willing to pay more for shares of natural gas
utilities compared to electric ones. That’s no longer the case.

 

In the past few days, electric utility valuations blew past those for gas, a
sign that investor confidence in the future of fossil fuels has reached a
tipping point. With climate advocates pushing to eliminate natural gas from
homes and businesses and lawmakers from New York to California taking a
stand against greenhouse gas emissions, pipeline developers are facing an
uncertain future.

 

“Right now, anyway you look at it, natural gas is not seen as something that
is very friendly,” says Shahriar Pourreza, an analyst at Guggenheim
Securities LLC.

 

For the first time in about a decade, local gas distributors are selling for
less than electric utilities in relation to their projected earnings. The
Standard and Poor's Gas Utilities Index is now trading at an average of 16.7
times projected earnings, while the S&P's electric utilities index is
trading at 17.1, according to data compiled weekly by Bloomberg. NextEra
Energy Inc., the world’s largest investor-owned developer of wind and solar,
is trading at a staggering 28 times projected earnings. 

 

The natural gas discount is a reflection of the fuel’s dimming long-term
prospects. The near term, however, still looks bright. In the absence of
easy-to-source, low-cost alternatives for essential tasks such as heating,
cooking, and manufacturing, natural gas seems destined to remain a primary
source of energy in the U.S. for years to come. Hydraulic fracturing has
made gas extraordinarily cheap and plentiful, and its use as a substitute
for dirtier coal in power generation has allowed utilities to slash carbon
emissions by a quarter in the past decade. It’s also able to keep the grid
stable when wind and solar farms aren’t producing.

 

 

For these reasons, defenders such as BlackRock Inc. say gas should have a
long life as a bridge to clean energy. The world’s largest asset manager
sees the fossil fuel as part of a long-term energy transition and calls the
constraints imposed on development “few and far between,” according to Mark
Florian, head of energy and power infrastructure funds. “My sense is it
hasn’t really impacted natural gas company valuations at this point, but I
think that’s a risk to monitor.”

 

With dozens of cities across the U.S. enacting bans on new gas
infrastructure, however, a decline appears inevitable. In addition to
climate concerns, a series of gas leaks and fires over the past two years
including a 2018 deadly blast in Merrimack Valley, Massachusetts, sparked
concerns about safety that led investors to question whether gas companies
should be really trading at a premium, according to Pourreza.

 

Ryan Kelley, who manages a gas utility fund at Hennessy Funds, says higher
uncertainty has probably eroded the valuations of natural gas companies even
as their earnings growth should remain robust in the foreseeable future.
“People are getting a little bit ahead of themselves in trying to figure out
what the long-term implications of this is,” Kelley says.

 

For now, electric utilities are themselves still the largest users of
natural gas. But as Joseph Sauvage, head of Citigroup Inc.’s global power
group, pointed out at an S&P conference in New York last month, they’re also
better positioned to benefit from the societal shift toward favoring
investment in renewables, energy storage, all-electric construction, and
electric vehicle-charging infrastructure. “Some think these companies are
having lot more opportunities now that electrification gets closer,” Sauvage
says.

 

Prospects for natural gas companies seem to be narrowing not only in the
U.S. but also in Europe as the bloc vows to slash carbon emissions in the
next few decades. European electric utilities including powerhouses Enel Spa
and Iberdrola SA are also trading at a premium to gas companies. “With
policy in the continent moving toward low carbon emissions, you need to tell
your shareholder that you are investing in decarbonization, rather than
saying you are funding a gas pipeline,” says Elchin Mammadov, a European
utilities analyst at Bloomberg Intelligence. “The growth prospects in power
are much higher than in natural gas.”-bloomberg

 

 

 

 

IBM stops all domestic travel for internal meetings due to coronavirus

IBM announced Wednesday that it’s halting all domestic travel for internal
meetings and cutting down on international travel because of the ongoing
coronavirus outbreak. The company is also banning employee participation in
external events with more than 1,000 attendees. IBM says those restrictions
apply through the end of March.

 

IBM is also changing its IBM Think 2020 developer conference into a
“digital-first” event, though the conference will still place from May 5th
to May 7th. Domestic travel for work with clients is still allowed, but the
company is encouraging employees to hold meetings virtually when possible.

 

IBM’S RESTRICTIONS ARE SIMILAR TO THOSE ANNOUNCED BY OTHER TECH COMPANIES

Canceling conferences, or making them virtual, prevents crowds where the
virus can spread — and limiting in-person contact is aimed at the same
thing. Preventing employees from attending large group events is a form of
“social distancing,” which may prevent people from coming into contact with
others who are sick.

 

IBM’s restrictions announced today are similar to others announced by tech
companies due to coronavirus fears. Google, for example, has canceled two
major conferences and limited employee travel. Facebook has restricted
social visits to company offices. Twitter is “strongly encouraging” its
employees to work from home.

 

If an IBM employee travels to a “restricted” location, which is presumably
one of the countries with larger outbreaks such as China, Italy, or Iran,
the company is requiring the employee to self-quarantine for 14 days after
their trip is completed.

 

COVID-19, the disease caused by the novel coronavirus, has infected more
than 95,000 people globally and killed more than 3,200 people.--theverge.com

 

 

 

If given $100, half of young Africans would use it to start a business,
survey says

Around half of young people across Africa said that if they were offered
$100, they would use it to start a business, a survey has shown. 

 

This entrepreneurial spirit was revealed in a study by the Ichikowitz Family
Foundation charity, with just over three-quarters of the 4,200 youngsters
surveyed saying they would like to start a new business in the next five
years. 

 

Some 17% of those questioned said they wanted to do so in the retail sector,
while 10% of respondents said they would look to either start a business in
technology or agriculture. 

 

Social entrepreneurship was also a popular theme among young people in
Africa, according to the survey, with 63% saying that their idea for a
business or social enterprise would benefit those living in their community.


 

The research, published in February, was conducted by international polling
firm PBS Research on behalf of the foundation. People aged 18-24 were
interviewed across 14 African countries in the first half of 2019. 

 

Just 16% of those questioned said they would invest the hypothetical $100 in
their education, while 13% said they would save the funds. Meanwhile, 16%
would spend it on either goods or leisure.

 

Young people in Malawi and Togo were most likely to be “afropreneurs,” the
study said, with nine out of 10 people in these countries saying they
intended to start a business in the next five years. 

 

However, more than half of those surveyed said the biggest barrier to
starting their own business was a lack of access to capital. Government
regulation  and corruption were also said to be stumbling blocks for
Africa’s aspiring entrepreneurs. 

 

Patrick Awuah, who established Ashehi University in Ghana in 2002, said
African businesses told the university they want graduates who are “ethical”
and have an “entrepreneurial, ‘let’s solve this problem’ mindset.” 

 

He said businesses also wanted to hire young people who were “comfortable in
situations more complex than the examples in their textbooks.” 

 

Africa has the highest concentration of young people in the world, according
to the United Nations, with three-quarters of the continent’s population
under the age of 35. 

 

In fact, the United Nations’ 2019 World Population Prospects report said the
world’s youngest countries are all in Africa. Niger is set to have the
youngest population in 2020, with a median age of 15.2 years old. --cnbc.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 


 

INVESTORS DIARY 2020

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


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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344 1674

 


 

 

 

 

 

 

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Bulls n Bears 

 

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