Major International Business Headlines Brief::: 06 March 2020

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Major International Business Headlines Brief::: 06 March 2020

 


 

 


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ü  Banks in Sudan to introduce Visa payment systems

ü  Kenya private sector activity drops further in February -PMI

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

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

ü  South Africa's Ramaphosa says Q4 contraction shows "underlying weakness"

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

ü  South African economy enters second recession in two years

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

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

ü  Government delays Budget infrastructure plan

ü  Virgin Media data breach affects 900,000 people

ü  Flybe: Future of many routes at risk after collapse

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

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.

 


 <mailto:info at bulls.co.zw> 

 


 

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.

 

 

 

 

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.

 

 

 

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)

 

 

 

South Africa's 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.

 

 

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)

 

 

 

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.”

 

 

 

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.

 

 

 

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.

 

 

Government delays Budget infrastructure plan

The long-awaited National Infrastructure Strategy is to be further delayed,
and not released next week as expected, the BBC understands.

 

The detailed 30-year plan was to be published "alongside" the Budget, the
government said at the Queen's Speech in December.

 

Three weeks ago, then chancellor Sajid Javid confirmed the timetable.

 

The strategy is seen as crucial to the government's plan to "level up"
regional disparities.

 

The delay will allow the new chancellor, Rishi Sunak, to refocus the
strategy, to reflect potentially larger resources available, and to
incorporate the challenge of achieving "net zero" carbon emissions over the
same 30-year timescale.

 

Treasury sources say the overall ambition to make investments to "level up"
the regions that also help meet commitments on climate change, remains and
will be reflected in next week's Budget.

 

The strategy, which foresees spending of £100bn over this parliament, will
contain vital funding projections for transport, local growth and digital
infrastructure.

 

After the recent High Court ruling over Heathrow, which found expansion
plans had failed to adequately account for policies on climate change, some
experts say the government needs to look again at the impact of
environmental policy within the provision of infrastructure. There has also
been a debate about whether housing should be part of the plan.

 

The strategy is also the government's formal response to a now two-year-old
National Infrastructure Assessment, which was the product of an impartial
commission set up when David Cameron was prime minister. It should have been
published last autumn.

 

Publication of the National Infrastructure Strategy should now be expected
before May, sources have suggested to the BBC.

 

The Budget is still expected to include some green lights for high profile
infrastructure projects, but the main move in this area will be to set the
overall big numbers on capital spending. It is the infrastructure strategy
and the Comprehensive Spending Review later this year that will determine
the detailed policy.

 

Shadow chancellor John McDonnell said the delay to the strategy suggested
there was "absolute chaos" in the government.

 

With the threat of climate change and "an economy at risk of recession" the
UK needed large scale infrastructure spending to start immediately, he
said.--bbc

 

 

 

 

Virgin Media data breach affects 900,000 people

A Virgin Media database containing the personal details of 900,000 people
was left unsecured and accessible online for 10 months, the company has
admitted.

 

The information was accessed "on at least one occasion" by an unknown user.

 

The database, which was for marketing purposes, contained phone numbers,
home and email addresses.

 

It did not include passwords or financial details.

 

The breach was not due to a hack or a criminal attack, but because the
database had been "incorrectly configured" by a member of staff not
following the correct procedures, Virgin Media said.

 

The firm was alerted to the problem on Friday after it was spotted by an
independent security researcher.

 

The company said almost all of those affected were Virgin customers with
television or fixed-line telephone accounts, although the database also
included some Virgin Mobile customers as well as potential customers
referred by friends as part of a promotion.

 

Virgin Media, which is owned by US cable group, Liberty Global, has informed
the Information Commissioner's Office as required, and launched a forensic
investigation.

 

Lutz Schüler, chief executive of Virgin Media said: "We recently became
aware that one of our marketing databases was incorrectly configured which
allowed unauthorised access. We immediately solved the issue by shutting
down access."

 

"Protecting our customers' data is a top priority and we sincerely
apologise," he said.

 

"Based upon our investigation, Virgin Media does believe that the database
was accessed on at least one occasion but we do not know the extent of the
access or if any information was actually used," Mr Schuler said.

 

Virgin Media said it would be emailing those affected on Thursday, in order
to warn them about the risks of phishing, nuisance calls and identity theft.
The message will include a reminder not to click on unknown links in emails
and not to provide personal details to unverified callers.

 

Further advice was available on its website, it said.

 

The fact that Virgin Media's database hasn't been actively hacked is
reassuring for customers, but while the details are light, it sounds like
human error is to blame and that is rather embarrassing for a tech firm.

 

Ten months is a long time for all that data to have just been sitting there,
waiting to be found.

 

And while no passwords or bank details were among it, there's an awful lot
of contact information for a cyber-criminal to work with. Phishing
expeditions - when someone tries to get financial information out of a
victim by pretending to be a company with a legitimate reason for contact -
are not particularly sophisticated, but they are effective for those caught
off-guard, and can be a lucrative source of income.

 

It's unclear whether this was yet another case of unsecured data being
stored on a cloud service that's easily searchable if you know how. There
have been dozens of examples of this lately, including just this week a
database of the personal details of people using train station wi-fi around
the UK.

 

Virgin Media has apologised and really, there's very little practical advice
to offer in the light of this kind of breach, beyond the usual protocol of
staying alert to any messages requesting personal information or access to
any kind of finance.--BBC

 

 

 

Flybe: Future of many routes at risk after collapse

Dozens of routes serving the UK's regions could be left without services
after the collapse of Flybe.

 

Scotland's Loganair has committed to maintaining 16 routes, but many smaller
airports still face gaping holes in their schedules.

 

The carrier, Europe's largest regional operator, went into administration
early on Thursday, after a bid for fresh financial support failed.

 

Flybe boss Mark Anderson said he was "very sorry" for the firm's collapse.

 

He told staff one of the firm's shareholders had pulled out at the start of
this week, and he had spoken "frantically to the government" asking for
rescue aid, but that they had run out of time on Wednesday night.

 

What is happening to Flybe's flights?

All of Flybe's flights have been cancelled and customers with bookings
should not travel to the airport unless they have arranged an alternative
flight.

 

Flybe operated 210 flights, serving the UK's regional airports and
dominating routes out of Southampton, Exeter and Belfast. But it also linked
regional airports with more than a dozen other European destinations.

 

In response to the collapse, the UK government said it would work with other
airlines to replace services.

 

Aviation minister Kelly Tolhurst said the government also "stands ready" to
support regional airports affected by the collapse.

 

She said: "We recognise the impact that this will have on UK airports
particularly those which have large-scale Flybe operations."

 

Will the regions lose those services?

Although Flybe is small compared to the likes of British Airways, Ryanair or
EasyJet, the loss of the operator has been described as "disastrous" for UK
regions.

 

Air transport expert John Strickland said Flybe is "small in the scale of
the UK market as a whole, but if you're flying out of Exeter, Newquay or
specifically Southampton it really is one of the only airline choices... so
a number of regional groups will risk not being served".

 

However rival airlines are interested in operating at least some of the
routes.

 

Loganair has opened a special recruitment line for former Flybe employees as
it works on plans to salvage services on 16 of Flybe's 120 routes. They
include flights from existing bases for Loganair, including Aberdeen,
Edinburgh, Glasgow, Inverness and Newcastle.

 

Belfast City airport said it was in talks with multiple airlines to fill the
routes left empty; 77% of its routes were operated by Flybe.

 

Brian Ambrose, chief executive of Belfast City Airport, said he was
"pleased" that Loganair will backfill routes between Belfast and Aberdeen
and Inverness, less than 24 hours after Flybe entered administration.

 

Tim Jeans, chairman of Cornwall Airport, said that he "very much hoped" that
other airlines would take up vacant routes. He said discussions with other
airlines would "begin in earnest" soon and he hoped to reinstate services
"on those routes hopefully within weeks rather than months".

 

What are your rights as a passenger?

Passengers arrived at several airports on Wednesday morning to find their
flights had been cancelled.

 

David Manners was due to fly to Paris as part of a surprise Christmas
present for his wife. He said they were "absolutely gutted".

 

Flybe customers who bought tickets directly from the company will not be
protected by Atol, the travel industry insurance fund.

 

However, if you bought through a travel agent or other third party you might
be covered.

 

Some people might be able to get their money back if they paid by credit
card or with some debit cards.

 

What does it mean for staff?

Thousands of jobs are at risk following the regional airline's collapse.

 

Katherine Densham, a Flybe cabin crew member, had been due to fly to London
City Airport from Exeter on Thursday. She has worked for the airline for 13
years after joining the firm straight from college.

 

Media caption'We're not sure what we're going to do now'

She told the BBC that staff were feeling "really sad" and that she was not
sure what to do next.

 

Balpa, the pilots' union, said that pilots, cabin crew and ground staff
"have done their jobs brilliantly" throughout its struggle.

 

Companies including Loganair and South Western Railway have already been
calling out for job applications from Flybe staff on social media.

 

What went wrong at the airline?

Flybe ran into difficulties last year and was bought by a consortium that
includes Virgin Atlantic.

 

But its troubles persisted, and it narrowly avoided going bust in January
this year. The new owners said they would pump £30m into the business to
keep it afloat, but appealed to the government for additional support.

 

Virgin Atlantic pulled the plug and was not willing to invest more money, a
source told the BBC.

 

Virgin Atlantic said it was "deeply disappointed" that Flybe had gone bust,
adding that the consortium had invested more than £135m in keeping the
airline flying for an extra year.

 

Flybe, which served destinations from the Channel Islands to Aberdeen, had
also been hoping for a £100m lifeline from the government and changes to Air
Passenger Duty taxes.

 

The news that it may benefit from government help sparked a backlash from
its rivals. British Airways-owner IAG filed a complaint to the EU arguing
Flybe's rescue breached state aid rules.

 

John Strickland added that the regional market was extremely challenging for
any airline, but that Flybe had made matters worse some years ago through
over-ambitious expansion.

 

"It's really too big for what it's trying to do," he said.---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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