Major International Business Headlines Brief::: 11 March 2020

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Major International Business Headlines Brief::: 11 March 2020

 


 

 


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ü  South Africa's Vodacom to slash mobile data prices after watchdog report

ü  Nigeria to scale down budget in face of oil price crash

ü  U.S. blames 'state actors' for manipulating, shocking oil markets

ü  Congo Republic seeks debt deal with Glencore, Trafigura before IMF review

ü  Amid Saudi-Russian oil price war, other OPEC states sound alarm

ü  S.Africa's FirstRand reports 5% half-year profit rise

ü  Nigeria's banking stocks slump 11.4% as global oil prices plunge

ü  Sibanye-Stillwater, BASF and Implats develop new tri-metal catalyst

ü  Blackwater founder Prince's company enters Congo insurance industry

ü  South Africa's Eskom ramps up power cuts after fault at nuclear plant

ü  Market collapse reshapes ranks of world's richest

ü  Mercedes-Benz’s new electric van tops 200 miles on a full charge

ü  Reddit now lets brands pay to trend on Trending Today

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


South Africa's Vodacom to slash mobile data prices after watchdog report

PRETORIA (Reuters) - South African telecoms firm Vodacom Group has agreed to
reduce the cost of its data offerings by as much as 40%, following a finding
that the country’s mobile data prices were the highest on the continent, the
watchdog said on Tuesday.

 

In December the competition watchdog warned that Vodacom and rival MTN faced
prosecution if they did not agree to cut data prices within two months of
the findings.

 

The inquiry into data services, launched in August 2017 and published late
last year, found prices charged by the top two operators in South Africa
were higher than in other African markets in which they were operating. The
same was true when comparing local data costs with those outside Africa.

 

Vodacom and MTN argued that such comparisons were uninformative because cost
and quality differed across countries, including spectrum allocations, and
that this could account for the price variations.

 

The two firms dominate South Africa’s wireless broadband market, controlling
around 70%.

 

Vodacom Chief Executive Shameel Joosub said at the press conference where
the decision was announced that the company would cut the price of its most
popular mobile, pay-as-you-go data package to 99 rand ($6.25) from 149 rand
($9.41).

 

“In terms of the agreement, and following confirmation by the Tribunal,
Vodacom will introduce price reductions across all its monthly bundles and
provide free access to basic internet, essential services and cheaper
pricing to the poorest communities,” Joosub said.

 

The commission said it was in “advanced negotiations” with MTN and Telkom
about implementing the price reductions.

 

($1 = 15.8399 rand)

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Nigeria to scale down budget in face of oil price crash

ABUJA (Reuters) - Nigeria, Africa’s top oil producer, will cut the size of
its record 10.6 trillion naira ($34.6 billion) budget for 2020 because of a
sharp decline in the price of crude, the finance minister said on Monday.

 

Global oil demand is set to contract this year for the first time in more
than a decade as the coronavirus outbreak causes economic activity to stall,
the International Energy Agency said on Monday. The downward revision came
as oil prices dropped as much as a third after Saudi Arabia launched a bid
for market share following the collapse of an output pact with Russia.

 

Crude oil sales make up around 90% of foreign exchange earnings in Nigeria.
The 2020 budget, passed in December, was calculated assuming crude
production of 2.18 million barrels a day at a price of $57 per barrel.

 

Benchmark Brent crude futures were down about 20% at slightly above $36 a
barrel at 1722 GMT. [O/R]

 

“There will be reduced revenue on the budget and it will mean cutting the
size of the budget,” finance minister Zainab Ahmed told reporters at the
presidential offices in the capital, Abuja, after a meeting with President
Muhammadu Buhari.

 

She added that she would be part of a committee, also including the minister
of state for petroleum, the head of state oil company NNPC and the central
bank governor, that would determine the size of the budget cut in the coming
days.

 

The minister of state for petroleum, Timipre Sylva, said Nigeria would
increase its oil output, which stands at around 2 million barrels per day,
but did not specify by how much.

 

Nigeria is still struggling to shake off a 2016 recession, which was caused
by the oil price collapse of late 2014, with economic growth currently at
around 2%.

 

The West African country, which has deep trade ties with China, has already
felt the impact of the coronavirus due to disrupted supply chains.

 

Mathias Hindar, a sub-Saharan Africa analyst at consultancy Falanx Assynt,
said persistently low oil prices would put pressure on the country’s
“rapidly diminishing” foreign currency reserves and restrict funds for
capital projects.

 

“We could see the government’s ability to protect the naira diminish, which
could subsequently cause significant rises to inflation rates,” he said.

 

($1 = 306.0000 naira)

 

 

U.S. blames 'state actors' for manipulating, shocking oil markets

WASHINGTON (Reuters) - The United States on Monday accused “state actors” of
trying to manipulate global oil markets, saying their actions contributed to
a big drop in oil prices and adding that American energy suppliers were well
placed to withstand the volatility.

 

“These attempts by state actors to manipulate and shock oil markets
reinforce the importance of the role of the United States as a reliable
energy supplier to partners and allies around the world,” U.S. Energy
Department spokeswoman Shaylyn Hynes said in a statement.

 

The department did not name any country, but said it was watching the
fallout from last week’s OPEC+ meeting. It also said the administration was
monitoring the effects of the coronavirus, which has the potential to hit
oil markets harder than the overall economy due to the impact on fuel demand
for transportation.

 

Saudi Arabia, the top producer in the Organization of the Petroleum
Exporting Countries, and Russia both said over the weekend that they would
raise production after a three-year pact between them and other major oil
producers to limit supply fell apart on Friday.

 

U.S. crude fell nearly 25% to settle at $31.13 a barrel on Monday, after
earlier dropping 33% to $27.34, the lowest since Feb. 12, 2016.

 

As the price plummeted, Energy Secretary Dan Brouillette directed his
department to determine whether a scheduled sale of 12 million barrels of
oil from the U.S. Strategic Petroleum should take place this month, the DOE
said. The department had announced the sale on Feb. 28 in compliance with a
2015 law that ordered occasional sales to help pay for government programs.

 

 

Congo Republic seeks debt deal with Glencore, Trafigura before IMF review

PARIS (Reuters) - Congo Republic aims to reach a deal with energy traders
Glencore and Trafigura to restructure a $1.7 billion debt before a meeting
with the International Monetary Fund (IMF) in April, the head of the
national oil company, told Reuters.

 

Maixent Raoul Ominga, director general of state-owned SNPC, said lawyers for
Congo Republic were working with representatives of Glencore and Trafigura
to get all the parties talking.

 

Glencore and Trafigura declined to comment.

 

“The government’s objective is to have an agreement with them before the
next IMF review in April,” Ominga told Reuters in Paris, in the first public
comments by a Congolese official on the efforts to get agreement.

 

Sources told Reuters in January talks between Congo Republic and the Swiss
energy traders had broken down after the firms rejected a haircut on the
debt.

 

The IMF agreed a $449 million, three-year lending programme in July - but
only $45 million has been disbursed with other funds subject to semi-annual
reviews.

 

A requirement for further disbursements is the restructuring of Congo’s
oil-backed loans from the Swiss traders.

 

If they agree to a haircut - or accepting lower than market value for the
assets that are collateral for the loans - Congo Republic would spend less
on debt servicing.

 

The IMF has said it delayed submitting a 2019 year-end review to its
executive board as it waits for Congo Republic to finalise a deal with the
traders.

 

Ominga told Reuters the situation escalated in February when Glencore tried
to recover its funds and sought to prevent the delivery of some Congo
Republic crude cargoes.

 

Had Glencore succeeded, he said that would have blocked negotiations and
paralysed the central African country, which is heavily indebted.

 

Ominga denied reports that Congo Republic had withheld all oil deliveries to
Glencore since 2018.

 

But he said Congo Republic had suspended some cargoes at the end of last
year, “with the aim of finding a solution on the restructuring”. Once a deal
is reached, he said shipments would resume.

 

DEBT BURDEN

The IMF estimated Congo Republic’s debt burden at nearly $9.5 billion or
85.5% of its GDP, when it approved its three-year lending programme.

 

Environmental and rights group Global Witness said in January that audited
accounts of the SNPC reviewed by the group showed the state oil firm owed
more than had been estimated in the IMF report.

 

Its debts included $3.3 billion in advances and other debt to joint venture
partners, and a consortium of banks led by African lender Ecobank.

 

A spokeswoman for Ecobank had no immediate comment.

 

Ominga said SNPC’s debt and the production and sharing agreements signed
with oil majors did not add to Congo Republic’s total debt, although he said
SNPC was talking to the consortium of banks on restructuring a $600 million
loan and would meet them in Paris at the end of March.

 

“This debt is not part of the state’s debt. It has nothing to do with it.
There are guarantees on the debt, backed by SNPC’s assets. They are
structured in a way that they don’t impact the state’s debt,” Ominga said.

 

Congo Republic, one of sub-Saharan Africa’s biggest oil producers, has
pledged billions of dollars to develop oil fields as part of production
agreements with oil majors.

 

Ominga said a potentially huge discovery by the oil company Societe
Africaine de Recherche Petroliere et Distribution (SARPD) could boost Congo
Republic’s oil output by a million bpd.

 

SNPC holds 10% of the exploration licence.

 

Although the nation’s output has increased, in 2019 production of around
342,000 barrels per day (bpd) missed the government’s target by 2.2% because
of technical problems at a field operated by Italy’s Eni, which has yet to
resume production.

 

No-one from Eni was immediately available for comment, although its
full-year results statement said there had been “facility shutdowns,” in
Congo Republic.

 

 

Amid Saudi-Russian oil price war, other OPEC states sound alarm

LONDON (Reuters) - While OPEC’s de facto leader Saudi Arabia trades blows in
a war for market share with Russia after their three-year pact to cut oil
supplies collapsed last week, other OPEC states are already sounding the
alarm over plunging oil prices.

 

Crude lost as much as a third of its value this week after Friday’s meeting
between OPEC and its allies, including Russia, ended in acrimony and led to
scrapping all restrictions on output in a market already awash with oil.

 

Riyadh, the biggest OPEC producer, said it would hike its supplies to the
market to a record high of 12.3 million barrels per day, about 2.6 million
bpd above its current level. Russia said it would also pump more, even as
the coronavirus hits demand.

 

Responding to the price plunge, OPEC’s second biggest producer Iraq said
flooding the market would not help producers.

 

Iraqi Oil Minister Thamir Ghadhban said his ministry “is in contact with
members inside and outside OPEC to discuss ways to prevent deterioration in
oil prices.”

 

With most OPEC countries heavily reliant on oil income, the price rout puts
a huge strain on state finances. At Monday’s low of nearly $31 a barrel,
OPEC members were estimated to be losing about $500 million a day in
revenues.

 

Algeria, which holds this year’s OPEC presidency, said on Monday that,
following consultations with other producers, a “rapid decision to balance
the market” was needed.

 

Crude prices recovered some ground on Tuesday, partly because Russia did not
rule out more talks with OPEC. But, at about $37 a barrel, oil is still down
25% on its level before Friday’s talks and is down more than 40% since
January.

 

Nigeria’s Minister of State for Petroleum Timipre Sylva told reporters that
OPEC and non-OPEC countries might need to reconsider production cuts, adding
that the sharp drop in oil prices could force a change in tactics.

 

Nigerian Finance Minister Zainab Ahmed said state spending would have to be
curbed. “There will be reduced revenue on the budget and it will mean
cutting the size of the budget,” she said.

 

Ratings agency Fitch said on Tuesday that sustained low oil prices would
likely pull down sovereign ratings of crude exporting countries that have
weaker finances.

 

OPEC states in focus included Saudi Arabia, Iraq, Nigeria and Angola, as
well as non-OPEC Oman, Fitch Middle East and Africa sovereign analyst Jan
Friederich told Reuters.

 

 

S.Africa's FirstRand reports 5% half-year profit rise

JOHANNESBURG (Reuters) - FirstRand reported a 5% rise in normalised
half-year profits on Tuesday, lifting its shares even as it warned the
impact of a rapidly deteriorating economy in South Africa was becoming
evident across its customer base.

 

The bank fared better than rivals Standard Bank and Nedbank as South
Africa’s economy, which for some time has been characterised by stagnant
growth, high unemployment and rising living costs, tipped into recession in
the fourth quarter of last year.

 

FirstRand’s shares rose as much as 7% in early trade before giving back
gains to stand 1.85% higher at 0725 GMT, modestly outperforming the
Johannesburg Stock Exchange’s Top-40 index.

 

Still, like its peers, the lender reported a spike in its credit impairment
charge, which rose 18%. FirstRand runs the largest retail bank in South
Africa and can be seen as a bellwether for the country’s economic health.

 

“As a large systemic financial services group, FirstRand is not immune to
the serious macroeconomic challenges facing South Africa, and the damaging
impact of ever declining GDP growth is becoming evident in all of the
group’s customer segments,” Chief Executive Alan Pullinger said in a
statement.

 

The bank’s headline earnings per share, the main profit measure in South
Africa, stood at 249.4 cents ($0.1572) for the six months to Dec. 31,
compared to 237.9 cents a year earlier.

 

The figure was normalised to exclude 2.3 billion rand in after-tax profit
earned in the prior year from the sale of a credit card portfolio.

 

The bank’s South African retail operation, First National Bank (FNB), grew
normalised earnings by 5%, a substantial slowdown compared to 2018 when they
rose by 13%.

 

It said growth in credit impairment struck mostly in unsecured retail
advances and to a smaller degree in commercial lending.

 

“The macroeconomic environment deteriorated more rapidly than anticipated,
particularly in late 2019 and the velocity of this deterioration could not
be immediately captured by FNB’s origination scorecards and collections
processes,” the group said in its statement.

 

Although the necessary adjustments had been made, these would probably only
have an impact in the next financial year, it added.

 

($1=15.8616 rand)

 

 

Nigeria's banking stocks slump 11.4% as global oil prices plunge

ABUJA (Reuters) - Nigerian banking share index slumped 11.4% on Tuesday,
extending a previous day loss, triggered by a sell-off in global oil prices.

 

The banks dragged the main share index down 4.01%, their biggest daily fall
in more than two years.

 

 

Sibanye-Stillwater, BASF and Implats develop new tri-metal catalyst

JOHANNESBURG (Reuters) - South Africa’s Sibanye-Stillwater said on Tuesday
the company along with chemical company BASF and Impala Platinum (Implats)
had developed a new tri-metal catalyst that would enable partial
substitution of palladium with platinum.

 

Sibanye says the new catalyst will reduce catalytic converter costs and
partly alleviate palladium deficits.

 

 

 

 

Blackwater founder Prince's company enters Congo insurance industry

KINSHASA (Reuters) - The Democratic Republic of Congo has granted an
insurance licence to a subsidiary of Hong-Kong-listed Frontier Services
Group (FSG), a security and logistics company run by Erik Prince, the
founder of private security firm Blackwater.

 

Prince, who renamed Blackwater and sold it in 2010 after several of its
employees were indicted on unlawful killing charges related to their work
during the Iraq War, has run FSG since 2014. The company has a subsidiary in
Congo with a mandate to extract and sell minerals and work in security.

 

He has also been active pitching projects in countries around the world,
including Venezuela, where he floated a plan last year to deploy a private
army to help the opposition topple President Nicolas Maduro, sources told
Reuters.

 

Congo’s Insurance Regulation and Control Authority (ARCA) issued a licence
to Global Pionner Assurance, majority-owned by FSG’s Congo subsidiary, ARCA
said in a statement seen by Reuters on Monday.

 

It also authorised licences to subsidiaries of Kenya’s Mayfair Insurance and
pan-African Sunu Group, as well as three insurance brokerage firms, as part
of an initiative to liberalise Congo’s insurance sector.

 

FSG did not immediately respond to a request for comment. The company has
close ties to state-owned Chinese investment firm CITIC and provides
services to Chinese firms operating in Africa.

 

 

South Africa's Eskom ramps up power cuts after fault at nuclear plant

JOHANNESBURG (Reuters) - South African state power utility Eskom ramped up
power cuts on Tuesday, after it disconnected a unit at its Koeberg nuclear
power plant outside Cape Town because of a fault with the plant’s turbine
system.

 

Eskom said it would cut up to 4,000 megawatts (MW) from the national grid
from 14:00 local time (1200 GMT), double what it had initially planned.

 

It added in a statement on Twitter that the nuclear reactor at Koeberg
remained safe.

 

“The teams are investigating the root causes of the fault and will advise of
the remedy as soon as it is established,” the statement read.

 

Eskom has been battling repeated faults at its coal-fired power stations
that have prompted severe power cuts and dented economic growth.

 

Koeberg is South Africa’s only nuclear power station and has two units with
a capacity of around 1,900 MW. Eskom’s total nominal capacity is roughly
44,000 MW.

 

 

Market collapse reshapes ranks of world's richest

LONDON • The wealth destruction caused by Monday's market collapse is
reshaping the ranks of the world's richest people.

 

Wildcatter Harold Hamm's fortune plunged by almost half to US$2.4 billion
(S$3.3 billion) by the end of the day, a drop that bumped him from the
500-member Bloomberg Billionaires Index.

 

Fellow oil magnate Jeff Hildebrand also fell off the ranking while Lukoil
PJSC executives Leonid Fedun and Vagit Alekperov lost a combined US$5
billion.

 

While energy moguls sustained the biggest shellacking in percentage terms,
losses cascaded across industries and continents.

 

Indian magnate Mukesh Ambani, who began the morning as Asia's richest
person, lost US$5.8 billion, ceding the title to billionaire Jack Ma, who
lost a comparatively modest US$1.1 billion. Mr Bernard Arnault, chairman of
luxury goods giant LVMH, was Europe's biggest decliner with a US$4.4 billion
drop. Amazon.com founder Jeff Bezos shed US$5.6 billion and Berkshire
Hathaway chairman Warren Buffett lost US$5.3 billion. Carnival Corp chairman
Micky Arison's stake in the beleaguered cruise line operator slid almost 20
per cent to US$2 billion.

 

All told, the world's 500 richest people lost a combined US$238.5 billion on
Monday. That is the biggest daily plunge since the index began tracking the
number in October 2016. The losses include declines in publicly traded
assets and estimated drops in the values of private companies - as is the
case with Mr Hildebrand's Hilcorp Energy - that Bloomberg calculates using
public peers. More than half a trillion US dollars have been erased from the
combined fortunes of the top 500 so far this year.

 

"The near-term market focus is likely to remain on the virus' spread across
Europe and the US, and on stress in the financial markets," said Mr Mark
Haefele, UBS Group's chief investment officer of global wealth management.

 

United States stocks ended the day down more than 7.5 per cent in the worst
day on Wall Street since the financial crisis as investors absorbed the
prospect of an oil price war triggered by the break-up of the Opec+
(Organisation of the Petroleum Exporting Countries) alliance and mounting
concerns over how the spreading coronavirus will affect the global economy.

 

While 92 per cent of the index entrants lost money on Monday, there were a
few winners.--https://www.straitstimes.com/

 

 

Mercedes-Benz’s new electric van tops 200 miles on a full charge

Mercedes-Benz parent company Daimler just unveiled the newest version of the
company’s eVito commercial electric passenger van for the European market,
and the company claims it can now travel up to 421 kilometers (about 262
miles) on a full charge.

 

That’s more than double the previous eVito’s 150-kilometer (93-mile) range
even when taking into account that Daimler seems to be using the extremely
optimistic New European Driving Cycle standard. The big gain in usable range
is largely thanks to a new 90kWh battery pack, which dwarfs the 41kWh pack
used by the previous model. And it’s all despite a hefty 3,500-kilogram
(7,716-pound) gross vehicle weight.

 

A BIG UPGRADE OVER THE PREVIOUS BATTERY PACK

The eVito comes standard with 50kW charging, but buyers can add 110kW
fast-charging capability, which gets the battery pack from 10 percent to 80
percent in under 45 minutes. The van has a 150kW motor on board that the
company says generates the equivalent of 204 horsepower, which should be
plenty to move the up to nine passengers on board.

 

The new van is also loaded with the kinds of creature comforts one would
expect from a luxury automaker. It rides on an air suspension and is
equipped with active brake assist and adaptive cruise control. There’s a
7-inch touchscreen with Apple CarPlay compatibility, and the van is
outfitted with an LTE modem and the company’s “Mercedes PRO” service, which
helps fleet owners better manage their operations in real time and even lets
them see the battery’s state of charge.

 

While this is a vehicle aimed at the commercial market, it’s a sign that
Mercedes-Benz is moving closer to offering an all-electric van for general
consumers. In fact, the eVito roughly resembles the EQV electric van concept
that the German automaker unveiled at last year’s Geneva Motor Show, which
is meant to be its first mass-market EV van. Mercedes-Benz also has an
electric version of its Sprinter cargo van.

 

But Mercedes-Benz is not alone in trying to capture the early electric van
market. Just last week, Ford announced an all-electric version of its
Transit cargo van. Michigan-based startup Rivian is also working on electric
delivery vans for Amazon. Even Nissan has gotten into the electric van game,
with its Leaf-powered e-NV200.—theverge.com

 

Reddit now lets brands pay to trend on Trending Today

Reddit now allows brands to pay to appear in the popular discussion site’s
tending section.

 

The ads, called Trending Takeovers, run on both desktop and mobile.
Companies can pay to appear on the Trending Today module for 24 hours,
giving them the second slots on two of the most commonly visited areas on
Reddit: the popular feed and the search tab. These ads are distinguished
from standard posts with the word “promoted” appearing at the top in bold
lettering.

 

Reddit already offers a few ways for companies to advertise on the site. Its
primary form of advertising allows brands’ posts to appear on the landing
page and on subreddits. In 2016, Reddit also launched Promoted User Posts,
which allowed companies to sponsor posts submitted by influential users that
feature its products.

 

Trending Takeovers is very similar to Twitter’s Promoted Trends, which
allows companies to purchase 24-hour ad space in the Trending section to
stir up new conversations or engagement with users and increase exposure on
new products.-theverge.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 


 

INVESTORS DIARY 2020

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


Bindura Nickel Corporation

 

 

 


Padenga Holdings

 

 

 


Delta Corporation

 

 

 


Meikles Limited

 

 

 


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