Major International Business Headlines Brief::: 20 March 2020

Fri Mar 20 03:05:38 CAT 2020

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Major International Business Headlines Brief::: 20 March 2020

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ü  Kenya's horticulture exports drop 7% in 2019 to 142.72 bln shillings

ü  Nigeria cuts gasoline prices, says official cap will fluctuate with oil

ü  South African Airways cancels 162 flights due to coronavirus

ü  Kenyan banks to offer relief to distressed borrowers -central bank

ü  S.Africa’s Adcock Ingram buys Plush Professional in push into homecare market

ü  South African trade unions dig in for fight over public sector wages

ü  South Africa's retail sales up 1.2% year on year in January

ü  Sasol considers $2 bln rights issue to help steady balance sheet

ü  Nigeria to delay non-critical spending, defer Eurobond sale -finmin

ü  Coronavirus: A visual guide to the economic impact

ü  Europe sets up emergency lifeline worth billions

ü  Airlines warn they may not survive without bailout

ü  Facebook content moderators paid to work from home

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Kenya's horticulture exports drop 7% in 2019 to 142.72 bln shillings

NAIROBI (Reuters) - Kenya’s earnings from horticulture exports fell 7% in 2019 to 142.72 billion shillings ($1.37 billion), mainly due to lower prices of flowers at the auction in the Netherlands, the agriculture regulator said on Wednesday.

Horticulture, including select fruits and vegetables, are one the East African nation’s to hard currency earners, along with tea exports, tourism and cash sent by its citizens abroad.

($1 = 104.1000 Kenyan shillings)

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Nigeria cuts gasoline prices, says official cap will fluctuate with oil

ABUJA (Reuters) - Nigeria will cut government-capped gasoline pump prices and allow global oil prices to affect the cost of that fuel, officials said on Wednesday.

The moves will allow citizens to benefit from the deep slide in international crude markets, but at the risk of adding to the country’s budget worries. Fuel prices are contentious in Nigeria, where riots can break out at rumours of increases. Prices had been kept artificially low at 145 naira ($0.48) per litre.

Africa’s biggest economy has been battered by the global effects of coronavirus. Roughly 90% of the Nigerian government’s foreign exchange earnings come from sales of oil, prices of which have taken a beating amid lower Chinese demand and a price war between Saudi Arabia and Russia.

President Muhammadu Buhari approved a gasoline pump price cut to 125 naira ($0.4085) a litre from 145 naira during a cabinet meeting on Wednesday.

Timipre Sylva, minister of state for petroleum, later issued a statement saying Nigerians should benefit from falling fuel costs, which were “a direct effect of the crash in global crude oil prices”.

“This action is being taken to cushion the economic impact of COVID-19 on our people,” he said.

Also on Wednesday, Nigeria introduced a “modulation mechanism” that will allow a reduction in petrol costs if there is a decline in crude prices, a presidency aide said.

“Nigeria has now introduced a modulation mechanism - if crude oil prices go down we will see a reduction in petrol prices. If prices go up we will see an increase,” Bashir Ahmed said in a tweet. He attributed his remarks to Sylva.

While oil prices are the largest factor in gasoline, the two do not always move in tandem. Demand for gasoline can outstrip or lag demand for oil. Shipping, insurance and other costs also fluctuate, making it tough to capture a cost-reflective fuel price based on oil alone.

International benchmark Brent crude reached a 16-year low close to $25 a barrel on Wednesday, dragged down by concerns about the impact of the coronavirus on the global economy, a collapse in oil demand and a supply glut. [O/R]

State oil company NNPC imports nearly all the gasoline in Nigeria, Africa’s largest economy and a major oil producer, because of price caps that mean marketers would lose money if they imported themselves.

The price cap typically costs the government millions because prices fluctuate on the international market and rarely stay at the capped level.

In the first half of 2019, the World Bank estimated the price caps cost the government 294 billion naira ($960.8 million), or nearly 0.2% of annual GDP.

The country has faced international pressure for years to deregulate its fuel price — and to let its currency, the naira, float — because of the cost and the distortions it creates in the economy.

($1 = 306.0000 naira)

South African Airways cancels 162 flights due to coronavirus

JOHANNESBURG (Reuters) - South African Airways (SAA) said on Wednesday that it had cancelled 162 international and regional flights until the end of this month due to low demand and restrictions linked to the coronavirus.

SAA is under a form of bankruptcy protection and battling for its survival. President Cyril Ramaphosa on Sunday announced travel bans affecting several countries where SAA flies, including the United States, Britain and Germany.

Kenyan banks to offer relief to distressed borrowers -central bank

NAIROBI (Reuters) - Kenyan banks will allow personal borrowers who get into difficulties due to the new coronavirus pandemic to extend their loans for up to a year, the central bank governor said on Wednesday.

The East African nation has four confirmed cases of the COVID-19 and the government has imposed measures aimed at reducing its spreads including banning public gatherings and closing schools indefinitely.

“We don’t want this health crisis to become a financial crisis,” Patrick Njoroge, the governor, told a televised news conference.

Small and medium enterprises who encounter difficulties will also be allowed to restructure their bank loans at no cost, he added.

S.Africa’s Adcock Ingram buys Plush Professional in push into homecare market

JOHANNESBURG (Reuters) - South African drugmaker Adcock Ingram said on Wednesday it had bought homecare products company Plush Professional Leather Care as part of plans to diversify into less regulated products.

Adcock gave no financial details of the acquisition.

Plush offers an extensive range of homecare, cleaning and leather care products. Its products are sold through most major retailers in South Africa and selected Southern African countries.

Adcock, which makes Panado pain tablets and Bioplus energy supplements, said historically the business generates revenue in excess of 200 million rand ($11.85 million) per year.

“The Plush acquisition is firmly in line with Adcock Ingram’s strategy of diversifying into less regulated product classes in the consumer sector,” it said in a statement.

“It will enable the establishment of a homecare business within Adcock Ingram that already has critical mass, allowing us to compete in this category in the southern African market.”

As part of the transaction, Plush’s existing senior management team will remain involved with the company for minimum periods of between 12 and 18 months in order to facilitate an orderly transition of the business into the Adcock Ingram group, it added.

($1 = 16.8825 rand)

South African trade unions dig in for fight over public sector wages

JOHANNESBURG (Reuters) - South African trade unions are digging in for a fight over public sector wages, after they rejected the government’s latest attempt to renegotiate a previously agreed pay increase for the fiscal year starting in April.

During talks at the Public Service Coordinating Bargaining Council on Tuesday, government negotiators proposed no increase for civil servants’ salaries on April 1, the NEHAWU and PSA unions told Reuters.

The government had previously agreed to pay civil servants wage increases of projected inflation plus 1% for workers on the lowest salaries, inflation plus 0.5% for the next level up and inflation for higher levels. Inflation is currently at more than 4%.

It is trying to renegotiate the April wage increase to contain a rising budget deficit and preserve the country’s last investment-grade credit rating from Moody’s, which is scheduled for review next week.

“We vehemently rejected the proposal,” NEHAWU General Secretary Zola Saphetha told Reuters, adding that the union was preparing for a march to warn the government not to renege on the agreed wage increase.

PSA official Reuben Maleka said his union was prepared to go to court to enforce the wage increase agreed in 2018 as part of a three-year deal.

Vukani Mbhele, spokesman for the ministry that is leading the talks with unions, confirmed that a meeting had taken place on Tuesday but declined to elaborate.

Finance Minister Tito Mboweni said in his annual budget speech last month that he wanted to make roughly 160 billion rand ($9.6 billion) of cuts to the public sector wage bill over the next three years.

But some analysts are sceptical that he will achieve those cuts.

Moody’s said in a research report last month that it saw risks to Mboweni’s budget forecasts because of uncertainty over the negotiations with unions.

($1 = 16.7571 rand)

South Africa's retail sales up 1.2% year on year in January

JOHANNESBURG (Reuters) - South African retail sales rose 1.2% year on year in January following a revised decline of 0.5% in December, Statistics South Africa said on Wednesday.

On a month-on-month basis sales were up 0.9%. They rose 1.0% in the three months to the end of January compared with the same period last year, the statistics body said.

Sasol considers $2 bln rights issue to help steady balance sheet

JOHANNESBURG (Reuters) - South Africa’s Sasol said it would consider a rights issue of up to $2 billion as it works to ensure it can pay its debt after an oil price slide and fears over the coronavirus outbreak sent its shares to a 21-year low.

The world’s top manufacturer of motor fuel from coal, which is battling high debt, the impact of the coronaries outbreak and falls in oil and chemical prices, said on Tuesday it aimed to generate $6 billion as it seeks to stabilise its balance sheet.

Sasol said was also in talks with its lenders to make sure it has “adequate flexibility” on its debt covenants.

The company said it had liquidity of around $2.5 billion with no significant debt maturities before May 2021 and believed it could withstand recent market volatility in the short term.

Sasol shares hit a 21-year low last week after the fall in oil prices, raising concerns about its debt levels and forcing it to implement a plan to strengthen its balance sheet.

On Tuesday, Sasol said it had already entered into a stand-by underwriting agreement with BofA Securities, Citigroup and J.P. Morgan Securities for the plan to selling up to $2 billion additional shares to strengthen its balance sheet.

The rights issue is expected to be executed after its 2020 results, depending on the progress Sasol makes in improving its balance sheet.

“The immediate focus is on the actions to stabilise the company and protect the balance sheet so that the underlying value of the portfolio is not compromised, and instead the potential realised in the interests of all Sasol’s stakeholders,” Sasol said in a statement.

Sasol said it would also immediately target measures to deliver a cash improvement of approximately $1 billion by the end of June, look at selling assets above its original target of $2 billion and seek a potential partner at its U.S. Base Chemicals assets, which includes its troubled Louisiana project.

Investors have been concerned by the company’s debt, largely due to delays and cost overruns at its Lake Charles Chemicals project (LCCP) in Louisiana.

The project converts natural gas into plastics ingredient ethylene, and the overruns are expected to reach as much as $12.8 billion, up from a 2014 forecast of $8.9 billion.

Sasol said it will review its global cost competitiveness and business structure in an effort to ensure profitability in a sustained low oil price environment

But it was confident it could comply with covenant thresholds in its debt agreements at June, 30 2020 assuming a prevailing oil price of around 580 rand ($35) per barrel.

“I remain concerned about the timing of initiatives particularly since management did not disclose whether it was able to extend covenant headroom from its lenders for its December 2020 reporting period. Without the extension, Sasol may not have sufficient time to realise optimal value within its asset disposal program and would then be cornered into a rights issue,” said Avior’s diversified resources analyst Wade Napier.

Shares in the petrochemicals group rose 15% after the announcement, but then reversed the gains and were down 17.64% at 37.33 rand by 1137 GMT.

Sasol said it will hold a conference call on the measures to improve its balance sheet at 1300 GMT on Tuesday.

($1 = 16.5941 rand)

Nigeria to delay non-critical spending, defer Eurobond sale -finmin

ABUJA (Reuters) - Nigeria will postpone all non-critical government spending and wait for better market conditions for a planned $3.3 billion eurobond offering due to the turmoil caused by the coronavirus pandemic, the finance minister said on Monday.

Minister Zainab Ahmed told journalists in Abuja that Africa’s largest economy will prioritize “major capital expenditures.”

“Any expenditures that are not critical we must defer to do it at a later time when things become more normal,” she said.

An oil price crash caused by the toxic mix of a coronavirus-induced slump in demand and the collapse of a supply-cutting deal between OPEC and other oil producers such as Russia, has forced Nigeria to revise its budget and alter its spending plans.

The 10.59 trillion naira ($34.6 billion) budget included a benchmark of oil prices at $57 per barrel. On Monday, Brent crude slumped to roughly $30 per barrel.

Ahmed also said the virus-induced market turmoil would impact external borrowing, including for the eurobond it planned to issue to partly fund its 2020 budget deficit.

“We are not going out immediately because the market indication is not in favour of external borrowing at this time. Even if we get the approvals we will defer it and watch the market and go out only when the timing is right.”

Borrowing costs for many riskier emerging markets have risen sharply in recent days, with all of Nigeria’s dollar-bonds now yielding between 12%-14% compared with yields of less than 3% on shorter-dated issues in mid-February.

Last month, the Debt Management Office said it expected to appoint advisers for the eurobond issue through an open competitive bid process and expected to complete an approval process for the sale swiftly.

($1 = 306.0000 naira)

Coronavirus: A visual guide to the economic impact

The coronavirus outbreak, which originated in China, has infected more than 200,000 people. Its spread has left businesses around the world counting costs.

Here are ten key maps and charts to help you understand the economic impact of the virus so far.

Global shares take a hit

Big shifts in stock markets, where shares in companies are bought and sold, can affect many investments in pensions or individual savings accounts (ISAs).

The FTSE, Dow Jones Industrial Average and the Nikkei have all seen huge falls since the outbreak began on 31 December.

The Dow and the FTSE have seen their biggest one day declines since 1987.

Investors fear the spread of the coronavirus will destroy economic growth and that government action may not be enough to stop the decline.

In response, central banks in many countries have cut interest rates.

That should, in theory, make borrowing cheaper and encourage spending to boost the economy.

The US Federal Reserve and the Bank of England are among those to slash interest rates.

Travel among hardest hit

The travel industry has been badly damaged, with airlines cutting flights and tourists cancelling business trips and holidays.

Governments around the world have introduced travel restrictions to try to contain the virus.

The EU is banning travellers from outside the bloc for 30 days in an unprecedented move to seal its borders amid the coronavirus crisis.

In the US, the Trump administration has placed restrictions on air traffic to and from Europe.

Data from analytics firm ForwardKeys for the period up to 8 March shows international flights booked from the US were behind by 37% in comparison with the same period in 2019.

UK travel industry experts have expressed concerns about Chinese tourists being kept at home. There were 415,000 visits from China to the UK in the 12 months to September 2019, according to VisitBritain. Chinese travellers also spend three times more on an average visit to the UK at £1,680 each.

Customers buying less

Fear of the virus and government advice to stay at home is also having a devastating impact on hotels and restaurants.

Factories in China slowed down

In China, where the coronavirus first appeared, industrial production, sales and investment all fell in the first two months of the year, compared with the same period in 2019.

China makes up a third of manufacturing globally, and is the world's largest exporter of goods.

China's industrial slowdown has even been visible from space.

Nasa said pollution-monitoring satellites had detected a significant drop in nitrogen dioxide over the country. Evidence suggests that's "at least partly" due to the economic slowdown caused by the outbreak.

Restrictions have affected the supply chains of big companies such as industrial equipment manufacturer JCB and carmaker Nissan.

Shops and car dealerships have all reported a fall in demand.

Chinese car sales, for example, dropped by 92% during the first half of February. More carmakers, like Tesla or Geely, are now selling cars online as customers stay away from showrooms.

Even 'safer' investments hit

When a crisis hits, investors often choose less risky investments.

Gold is traditionally considered a "safe haven" for investment in times of uncertainty.

Until March the price of gold increased. But now, with investors increasingly fearful about a global recession, even the price of gold has tumbled.

Likewise, oil has slumped to its lowest price since June 2001.

Investors fear that the global spread of the virus will further hit the global economy and demand for oil.

The oil price had already been affected by a row between Opec, the group of oil producers, and Russia. Coronavirus has driven the price down further.

Growth could stagnate

If the economy is growing, that generally means more wealth and more new jobs.

It's measured by looking at the percentage change in gross domestic product, or the value of goods and services produced, typically over three months or a year.

The world's economy could grow at its slowest rate since 2009 this year due to the coronavirus outbreak, according to the Organisation for Economic Cooperation and Development (OECD).

The think tank has forecast growth of just 2.4% in 2020, down from 2.9% in November.

It also said that a "longer lasting and more intensive" outbreak could halve growth to 1.5% in 2020 as factories suspend their activity and workers stay at home to try to contain the virus.--BBC

Europe sets up emergency lifeline worth billions

The European Central Bank (ECB) has launched an emergency €750bn ($820bn; £700bn) package to ease the impact of the coronavirus pandemic.

It will buy government and company debt across the eurozone, including that of troubled Greece and Italy.

ECB boss Christine Lagarde tweeted "there are no limits" to its commitment to the euro.

In recent weeks central banks and governments around the world have announced major stimulus plans.

The so-called Pandemic Emergency Purchase Programme comes just six days after the ECB unveiled measures that failed to calm markets, piling pressure on it to do more to support Europe's economies.

Announcing this latest move Ms Lagarde said the ECB will do everything in its powers to support the euro in these "extraordinary times".

The asset purchasing scheme will be temporary and be concluded once the ECB "judges that the coronavirus Covid-19 crisis phase is over, but in any case not before the end of the year", it said in statement.

The announcement came after the bank's 25-member governing council held emergency talks by phone late into Wednesday evening.

In recent days the ECB had been criticised for not doing enough to support the eurozone compared to the drastic action taken by the US Federal Reserve.

On Sunday the Fed cut interest rates to almost zero and launched a $700bn (£604bn) stimulus programme.

It was part of co-ordinated action launched by the UK, Japan, eurozone, Canada and Switzerland.

As part of that announcement, the Fed said it would work with other central banks to increase the availability of dollars for commercial banks.

These so-called currency swap lines were an important tool in maintaining financial stability after the 2008 banking crisis.

"Today's coordinated action by major central banks will improve global liquidity by lowering the price and extending the maximum term of US dollar lending operations," Bank of England Governor Mark Carney said in a joint statement with Andrew Bailey, who succeeded him as BoE chief on Monday.

The Bank of Japan also eased monetary policy by pledging to buy risky assets at double the current pace and announced a new loan programme to extend one-year, zero-rate loans to financial institutions.--BBC

Airlines warn they may not survive without bailout

The bosses of EasyJet and Lufthansa have said some airlines may not survive without government support if the coronavirus pandemic drags on.

The warnings came just hours after Qantas became the latest major airline to cancel its international flights.

At the same time India is reportedly preparing a rescue package to support its carriers.

It comes as airlines around the world are being forced to cancel services as travel demand dries up.

"The longer this crisis lasts, the more likely it is that the future of aviation cannot be guaranteed without state aid," said Lufthansa chief executive Carsten Spohr.

Lufthansa has already held talks with the German government about providing special loans.

Mr Spohr's comments were echoed by the boss of UK carrier EasyJet, Johan Lundgren, who also warned that airlines could go bankrupt without state aid.

"If you take EasyJet as one of the more stable operators in normal times, if this goes on for an extended period of time you're going to have a lot of failures around the airline industry," Mr Lundgren told the BBC's Today programme. "I have been working in the industry for 30 years and I have never seen anything like this."

India may be set to join a growing list of governments offering aid to its aviation industry. The Finance Ministry is considering a proposal worth up to $1.6bn (£1.4bn) that includes temporary suspension of most taxes levied on the sector, according to reports.

Earlier on Thursday, Qantas became the latest major airline to cancel international flights as it struggles during the pandemic. The carrier said it would send home two-thirds of its 30,000-strong workforce.

The Australian flag carrier and its low-cost unit Jetstar will suspend all overseas flights from late March to at least the end of May.

"Demand has evaporated," Qantas chief executive Alan Joyce said in a note to employees. "We have no work for most of our people. We have to make difficult decisions to guarantee the future of the national carrier."

The airline industry is facing its biggest crisis since the September 11 attacks almost two decades ago, with several airlines on the brink of collapse.

"If you were not financially healthy going into the crisis, then you are very vulnerable now," said Greg Waldron at Flight International magazine. "What we are seeing is unprecedented."-BBC

Facebook content moderators paid to work from home

Facebook will pay its third-party US content moderators to work from home.

On a call with reporters, Facebook's chief Mark Zuckerberg said the contract workers would still get their full salaries even if they were unable to do all their normal tasks.

The company will also increase use of artificial intelligence to moderate content during the coronavirus crisis.

Mr Zuckerberg said its work-from-home policy would last until the "public health response has been sufficient".

But one workers' rights group said Facebook's move did not go far enough.

"It's great that they are letting them work from home, but it seems like the bare minimum Facebook could do," said Joe Rivano Barros a campaign manager with the Workers Agency.

He noted the contract workers are not getting bonus payments, unlike those directly employed by the tech firm.

Facebook has approximately 15,000 content moderators in the US, who are hired by third-party contracting companies.

They review posts that have been flagged by users or the firm's own software to determine if the content is inappropriate or harmful.

Mr Zuckerberg said that privacy concerns meant that some data could not be shared with the contractors when they are working away from base, although he did not specify the details.

He acknowledged, however, that this could lead to some content slipping through the cracks that would normally be deleted.

He added some decisions about the most sensitive topics - including content involving self-harm and suicide - would be taken over by Facebook's full-time staff because the infrastructure was not in place to support the mental health repercussions of the contractors dealing with the posts.

He said there might be more of this type of content as a result of people being told to go into self-isolation because of the pandemic.

"I am personally quite worried that the isolation from people being at home could potentially lead to to more depression or mental health issues, and I want to make sure that we are ahead of that supporting our community," he said.

Facebook has been working on algorithms for several years to automatically spot and remove content that violates its policies.

However, earlier this week the limitations of the scheme were highlighted when a large number of legitimate coronavirus posts were wrongly flagged and removed from view - something the firm blamed on a spam-filter bug.

Mr Rivano Barros said the increased use of AI was a worrying signal to contract workers, who fear it will ultimately replace them.

Facebook announced on Tuesday it would also be creating a $100m (£86m) grant programme to support small businesses impacted by the outbreak.

Additionally the company is giving all its full-time staff a $1,000 bonus to help support them during this time.--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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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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