Major International Business Headlines Brief::: 31 March 2020

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Major International Business Headlines Brief::: 31 March 2020

 


 

 


 <http://www.nedbank.co.zw/> 

 


 

 


 

 

ü  Top platinum miners declare force majeure after coronavirus lockdown

ü  Nigerian stocks drop to 8-year low after Buhari orders lockdown to fight
coronavirus

ü  South Africa's Netcare scraps 2020 outlook due to coronavirus

ü  South African franchise restaurant chain Spur to defer interim dividend
payment

ü  Vedanta to suspend operations at Namibian zinc unit

ü  South Africa could seek IMF loan to fight coronavirus

ü  Anglo American cancels rough-diamond sales event due to coronavirus
lockdowns

ü  Airport handlers at risk of collapse

ü  Amazon workers threaten strikes over virus protection

ü  Oil price collapses to lowest level for 18 years

ü  Coronavirus: Why are planes still flying?

ü  EasyJet grounds entire fleet of planes due to virus

ü  Easter egg crackdown over essential status 'wrong'

 

 


 <mailto:info at bulls.co.zw> 

 


Top platinum miners declare force majeure after coronavirus lockdown

JOHANNESBURG/LONDON (Reuters) - The world’s largest platinum producers Anglo
American Platinum, Sibanye-Stillwater and Impala Platinum have declared
force majeure on contracts after a three-week national lockdown forced
operations to close.

 

South Africa, which accounts for around 70% of mined platinum supply, called
the shutdown last week to try to slow the spread of the coronavirus
outbreak.

 

The measure triggered a downgrade of the country’s sovereign rating by
Moody’s on Friday and has hit its mining industry, which accounts for about
7% of GDP.

 

Miners have put many of their operations on care and maintenance and have
reduced metal processing.

 

The coronavirus has also slowed demand for platinum from global car
companies, the biggest users of the metal, which is a key component in
catalytic converters.

 

South Africa’s main ports have been shut, preventing the flow of commodities
such as iron ore, coal and manganese.

 

“We are unable to supply (customers) with metal because now our operations
have closed down, so we will have to declare force majeure,” Sibanye
spokesman James Wellsted said.

 

The clause of force majeure, loosely translated as superior force, allows
certain terms of an otherwise legally binding agreement to be ignored
because of unavoidable circumstances.

 

Apart from issues in South Africa, Sibanye has also significantly reduced
the number of people working at its palladium operations in the United
States.

 

Sibanye’s peer Implats also said it had sent force majeure letters to all
consultants and contractors, as well as companies with which the miner has
offtake agreements.

 

Implats’ Zimbabwe operations, Zimplats and Mimosa, have applied to continue
operations after the country enforced its own three-week lockdown from
Monday, the miner said.

 

Amplats, a unit of the global miner Anglo American, has also declared force
majeure on supplier contracts for goods and services that were not
essential, spokeswoman Jana Marais said.

 

The miner mainly operates mechanised mines in South Africa, where the
majority of operations are labour-intensive and have deep shafts.

 

News of the lockdown drove platinum prices more than 20% higher last week,
the biggest weekly jump on record, although that followed a 32% slump over
the previous two weeks to an 18-year low as the coronavirus outbreak spread.

 

Palladium and rhodium, which had also both been heavily beaten down, climbed
40% and 61% respectively.

 

Demand for palladium and rhodium, which are used to reduce harmful
emissions, had been rising as tighter environmental regulations forced
carmakers to use more in each vehicle.

 

“The 21-day lockdown in South Africa, which would significantly reduce 2020
PGM production, should go a long way to offsetting the demand impact of the
outbreak,” Nedbank equity analyst Arnold Van Graan said.

 

“This should ensure that the market is not flooded with unwanted supply
while demand is low. This would contribute significantly to keeping the PGM
market fundamentals intact.”

 

In other commodities, India-based Vedanta placed its South African zinc
operations under care and maintenance, a source with direct knowledge told
Reuters.

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Nigerian stocks drop to 8-year low after Buhari orders lockdown to fight
coronavirus

ABUJA (Reuters) - Nigerian stocks fell to a new eight-year low on Monday
after President Muhammadu Buhari ordered a lockdown of two of the country’s
biggest cities to stop the spread of coronavirus.

 

The all share index dropped 2.43% to 21,330 points, dragged down as shares
in the banking sector and MTN Nigeria, its second-biggest listed firm,
declined.

 

MTN Nigeria, the local unit of South African telecoms group MTN, shed 10% to
its listing price of 90 naira.

 

 

 

 

South Africa's Netcare scraps 2020 outlook due to coronavirus

JOHANNESBURG (Reuters) - South Africa’s Netcare has scrapped its 2020
outlook, suspended spending on projects and share buybacks, and may need to
review its dividend policy due to the impact of coronavirus, the private
hospital company said on Monday.

 

“The impact of COVID-19 introduces significant forecast risk. Netcare will
be better positioned to provide updated guidance at the time of publishing
its interim results in May 2020,” it said in a statement. “This may also
necessitate a revision of Netcare’s dividend policy.”

 

Non-essential elective surgery at Netcare’s hospitals has also been
suspended following a 21-day national lockdown to curb the spread of
coronavirus that started last week, it said.

 

The company said its financial position and cash flow remained in a healthy
condition and it had cash balances and committed banking facilities in
excess of 3.5 billion rand from which to manage its future liquidity
requirements.

 

In November, Netcare said it expected so-called patient day growth - which
represents customer stays in its hospitals - of 0.8% to 1.2% for its fiscal
year which ends on Sept. 30.

 

It also expected its margin on earnings before interest, taxes, depreciation
and amortisation (EBITDA) within the core acute hospital business to hold
steady at 20.5%, while capital expenditure was set to be 1.4 billion rand
($77.9 million).

 

However, Netcare said on Monday that 800 million rand of spending earmarked
for new and current projects had been postponed, as had further share
buybacks, to preserve cash and ensure liquidity.

 

Netcare, which competes with Life Healthcare and Mediclinic, said it
expected total patient days to fall by 2.7% in its hospital and emergency
services division, the company’s biggest, in the six months ending on March
31.

 

It said this was due to lower acute patient days as a result of competition
from new hospital networks. The division also experienced ongoing pressure
in respiratory admissions and slightly lower volumes in surgical procedures
in March.

 

EBITDA margins in the division were broadly in line with the expected level
of 20.5%, it said.

 

Total revenues at its Primary Care division were expected to fall after the
healthcare provider integrated all 15 Medicross day theatres into the
hospital division and rationalised some previously loss-making Medicross
clinics.

 

Underlying revenue, which excludes day theatres and rationalised clinics, is
expected to increase by about 7.5%, it said.

 

Netcare said it had spent 150 million rand to enhance its ICU and High Care
facilities, including additional ventilators, ultraviolet light disinfection
robots and specialised air filters to ensure appropriate disinfection
measures.

 

Given the lockdown, all routine activities other than essential activities
relating to coronavirus have been stopped.

 

“Netcare has also suspended non-essential elective surgery, to ensure that
asymptomatic COVID-19 positive patients are not operated on, thereby
potentially placing other patients, healthcare workers and doctors at risk,”
it said.

 

($1 = 17.9712 rand)

 

 

South African franchise restaurant chain Spur to defer interim dividend
payment

JOHANNESBURG (Reuters) - South African franchise restaurant chain Spur
Corporation said on Monday it will defer the payment of its 2020 interim
dividend until Oct. 5, in order to preserve cash reserves during the
nationwide 21-day lockdown period.

 

“This precautionary act will give the company greater balance sheet
flexibility as the situation develops over the coming weeks and months,”
Spur said in a statement.

 

The interim dividend amounts to 71 million rand ($3.96 million) and was due
to be paid on April 6 to shareholders, the owner of Spur Steak Ranches
restaurants and fast-food RocoMamas burger chain said.

 

All the group’s restaurants operating in South Africa ceased trading on
Thursday, while similar measures have been, or are expected to be,
implemented at many of the group’s overseas operations.

 

Spur has over 600 outlets, with restaurants in various parts of Africa,
Mauritius, the Middle East and Australasia.

 

($1 = 17.9389 rand)

 

 

 

Vedanta to suspend operations at Namibian zinc unit

WINDHOEK (Reuters) - Vedanta Zinc International, a unit of diversified miner
Vedanta Resources, said on Monday it would suspend operations at its
Skorpion Zinc mine and refinery in Namibia by the end of April.

 

Vedanta said the decision to place Skorpion Zinc on care and maintenance,
which means operations stop but are kept in a condition to resume in future,
was taken because of pit failures that had paralysed a significant portion
of the open-cast mine.

 

The failures, the latest of which occurred in January, resulted in an ore
gap of more than 10 months, the company said, adding that further technical
studies had indicated the existence of similar failures at depth.

 

Roughly 1,500 employees in the southern African country will be affected by
the suspension in operations.

 

“The decision has been taken to cease all mining operations while studies
continue to look at feasible ways to make the pit safe for mining options,
which would allow for the extraction of the remainder of the accessible
ore,” the statement said.

 

Vedanta said last year it would shut Skorpion Zinc for four months.
[nL5N26V5I1]

 

Skorpion Zinc expected to produce 90,000 tonnes of the metal in 2018, rising
to around 130,000 tonnes in 2020, according to Vedanta’s website. The global
zinc market is around 14 million tonnes a year.

 

 

 

 

South Africa could seek IMF loan to fight coronavirus

JOHANNESBURG (Reuters) - South Africa has considered approaching the
International Monetary Fund (IMF) and other institutions as a last resort
for emergency funding to fight the coronavirus that has brought a national
lockdown, the finance minister said on Sunday.

 

“If we approach the IMF or the World Bank or the Development Bank, it would
be only if we run out of finance for health interventions. That’s all,”
Finance Minister Tito Mboweni said in a teleconference.

 

On the same call, central bank governor Lesetja Kganyago said there would be
no need to impose capital controls to limit an anticipated heavy selloff of
the rand and local bonds following Moody’s decision to downgrade the
country’s credit to sub-investment.

 

 

 

Anglo American cancels rough-diamond sales event due to coronavirus
lockdowns

(Reuters) - Anglo American said on Monday its diamond unit De Beers Group
will not hold its third sales event because of lockdowns in Botswana, South
Africa and India, to contain the fast-spreading coronavirus pandemic.

 

The third sales cycle was scheduled to take place from March 30 to April 3.

 

The pandemic has placed new worries on the diamond industry, which faced
slowing demand last year due to trade tensions and protests in Hong Kong.

 

The world’s largest producer of rough diamonds by carats, Alrosa, this month
had said it was considering options for online trade as global travel
restrictions complicate traditional physical inspection of gemstones.

 

As the third rough diamond sales cycle called Sights is cancelled - an event
where customers can inspect and buy diamonds from De Beers, the group will
seek innovative ways to meet the supply in the coming weeks, Anglo said.

 

De Beers Group is enabling Sightholders to defer 100% of their Sight 3
allocations to later in the year, Anglo added.

 

Sights are held 10 times a year in Botswana, Namibia and South Africa.

 

 

 

Airport handlers at risk of collapse

The four companies which manage ground operations at UK airports have warned
that they are close to collapse, putting thousands of jobs at risk.

 

Swissport, WFS, Dnata and Menzies may not be able to continue operating for
more than a few weeks, with some 25,000 jobs under threat.

 

In a joint letter, they called for urgent assistance from the government.

 

With most passenger flights suspended amid the coronavirus pandemic, their
revenues have taken a hit.

 

In the letter addressed to the chancellor, they said: "We have all been able
to weather previous crises, whether 9/11, Sars or the Icelandic volcanic
eruption, but Covid-19 is different, as it is both global and longer-term."

 

The firms provide 90% of airport handling services across the country, and
say that airports could have to close if they collapse.

 

They warned that without their services, "the airport infrastructure in the
UK would grind to a halt for up to four months".

 

Airlines are cutting back

Between them, these four companies manage nearly all of the ground handling
operations required by airlines at the UK's airports. They include
refuelling, cleaning, baggage transfer, departure gate services and the
loading and unloading of cargo.

 

They do not work for the airports themselves, but are directly contracted by
the airlines. They operate on a "pay-as-you-go" basis, charging for each
service they provide.

 

However, airlines are cutting their passenger operations right back due to
travel restrictions around the world associated with the coronavirus
pandemic.

 

Cargo operations are continuing, and indeed some aircraft that would
normally carry passengers have been operating as "ghost flights", simply to
transport freight. But even that source of revenue is beginning to decline.

 

As a result, the ground handlers say that they have lost 95% of their
revenues over the past few weeks.

 

According to Swissport's boss in Western Europe, Justin Holt, without
immediate government support, the sector is "perilously close to collapse".

 

If ground handlers were to go into administration, he claims, airports would
simply be unable to operate.

 

"The aviation system is a triangle of airlines, airports and ground handling
businesses", he says.

 

"Without cargo and ground handling companies, international supply chains
will stop functioning during the Covid-19 pandemic and recovery."

 

His concerns are shared by the airports themselves, according to Henk van
Klaveren, spokesman for the Airport Operators Association.

 

"It is a very serious issue, particularly for smaller airports where there
is only one ground handling operator", he says.

 

"These airports still need to operate, even with fewer flights. There's
essential cargo, flights to isolated regions and so on."

 

The worry within the industry is that while the airlines themselves enjoy a
high profile - and the political clout that goes with it - ground handling
services operate far below the radar, but need help more urgently. As one
executive put it, "no one will see us quietly expire."

 

Process 'needs to be accelerated'

The four companies have welcomed Chancellor Rishi Sunak's job retention
scheme, under which a government grant will help to cover the wages of
employees who have to be put on furlough.

 

But according to Swissport executive Justin Holt, the process needs to be
accelerated, so that they can get the money quickly.

 

He says further measures will be needed as well, including a holiday from
National Insurance payments and business rates.

 

A further concern is that these businesses are ineligible for the help
offered by the government to struggling businesses under emergency schemes,
because the four companies do not meet the right criteria. They have asked
for those criteria to be relaxed.

 

The government, meanwhile, insists that the aviation sector is important to
the UK economy, and can draw on an unprecedented range of measures designed
to help companies through the crisis.--BBC

 

 

 

Amazon workers threaten strikes over virus protection

Pressure is building on Amazon and other delivery firms to improve
protections for workers worried about getting infected with coronavirus.

 

Some US workers at Amazon and US food delivery firm Instacart are
threatening strikes, and have accused the firms of not providing proper
protections.

 

US senators have also written to Amazon boss Jeff Bezos to express concerns.

 

The companies have said they are taking extra precautions, amid booming
demand for delivery services due to the virus.

 

"We are going to great lengths to keep the buildings extremely clean and
help employees practice important precautions such as social distancing and
other measures", an Amazon spokesman said in a statement.

 

"Those who don't want to work are welcome to use paid and unpaid time off
options and we support them in doing so".

 

Amazon said it had adjusted its practices, including increasing cleaning of
its facilities and introducing staggered shift and break times.

 

Mr Bezos earlier this month addressed the worries in an open letter to
staff, thanking them for their work.

 

The company, which is looking to hire 100,000 more warehouse workers in the
US to help address the surge in orders, has also said it would boost pay for
warehouse staff around the world, including $2 per hour in the US and £2 per
hour in the UK, where staff have been told to work overtime.

 

However, US lawmakers have questioned Amazon over reports of shortages of
protective and cleaning supplies, as well as its sick leave policies.

 

The firm earlier faced strikes by workers in France and Italy and has been
hit by legal complaints over the issues in Spain, according to a global
alliance of unions coordinated by UNI Global Union.

 

'Neglecting basic wellbeing'

Monday's call for a strike against Instacart was organised by the Instacart
Shoppers and Gig Workers collective, which had accused the company of
profiting by putting people making its deliveries "directly in harm's way".

 

The organisation said the firm should provide protective gear, offer hazard
pay and extend the pay for those unable to work because of the virus,
whether due to a required quarantine or pre-existing condition.

 

"This is an extraordinary time in history, and as Shoppers, those of us who
are able - and have the means to protect ourselves - do want to help those
in our community by delivery groceries and supplies," the organisers wrote.

 

"But with Instacart neglecting the basic wellbeing of its 150,000+ drivers,
we believe there is no choice but to not only walk off but to raise
awareness to the company's practices."

 

Despite the threat of a walkout, Instacart on Monday said it had seen
"absolutely no impact" on operations, with more people picking and
delivering groceries for its platform than ever before. It said it respected
the right of shoppers to provide feedback.

 

On Sunday, after the call about Monday's strike, Instacart said it was
working with a manufacturer to produce its own hand sanitiser and changing
its tip policy. It had earlier said it would pay bonuses and provide 14 days
of sick leave for its shoppers or part-time employees diagnosed with the
virus or placed under isolation orders.

 

"We are immensely grateful to the entire shopper community for continually
stepping up as household heroes for families who are relying on Instacart
now more than ever," the firm said.

 

"We are continuing to monitor this situation and working around the clock to
make sure we're providing you with the resources and support you need."--BBC

 

 

 

Oil price collapses to lowest level for 18 years

The price of oil has sunk to levels not seen since 2002 as demand for crude
collapses amid the coronavirus pandemic.

 

Brent crude fell to $22.58 (£18.19) a barrel at one point on Monday, its
lowest level since November 2002.

 

Meanwhile the price of US West Texas Intermediate (WTI) fell below $20 a
barrel and close to an 18-year low.

 

Oil prices have fallen by more than half during the past month as companies
cut back or close production.

 

In addition to the drop in demand, a price war broke out earlier this month
between Saudi Arabia and Russia.

 

This began when Saudi Arabia failed to convince Russia to back production
cuts that had been agreed with the other members of the Opec oil producers'
group.

 

The decision came as refineries around the world are processing less crude
oil. Demand for transport has been hammered by grounded airlines and fewer
cars on the roads as countries bring in tougher measures to fight the
coronavirus outbreak.

 

However, an analyst said a collapse in demand from the measures taken to
counter the spread of coronavirus was now the main factor.

 

"Oil prices failed to keep pace, with growing (coronavirus) lock-down
measures and reports that this could drive global demand down 20%,
potentially pushing the world to run out of storage capacity," said Morgan
Stanley analyst Devin McDermott, citing a forecast by the Paris-based
International Energy Agency.

 

Shale oil producers in the US have been particularly hard hit by the slump
in prices since early March.

 

There are growing calls for the US to suspend royalty payment fees from
drillers and to buy more oil to fill the US Strategic Petroleum Reserve, or
have states such as Texas restrict production, Mr McDermott said. The US is
now the world's top oil producer.

 

"Since the 1930s, states have had the authority to limit oil and gas
production in order to support oil prices," Mr McDermott said.

 

"Though this practice is not widely used today, both federal and state
regulators still have the ability to place restrictions on production
levels."

 

Biggest impact felt by producers

The slump in oil prices has heralded the return of the £1 litre of petrol.
It's through the price of filling up, or a cheaper cost of living, that a
lower oil price typically equals a boost to the UK economy.

 

But not so much now.

 

While lower prices may be welcomed by key workers such as nurses, paramedics
or supermarket cashiers who drive to work, most people are holed up at home.
In case they think they're missing out, it's important to remember that the
fall in oil prices won't be reflected in full at the pump - more than half
the price of a litre reflects taxes.

 

The biggest impact will be felt by countries who rely heavily on the oil
they produce for income. Algeria, Nigeria and Libya, for example, need oil
to be close to $100 per barrel to balance the government's books.

 

Similarly, Saudi Arabia, which is still recovering from the last major drop
in oil prices in 2014, could face a funding shortfall of more than £100bn.
The irony of course is that it is Saudi that triggered this oil price war to
punish its rival Russia - a country which is far less vulnerable to drops in
the price of crude.--BBC

 

 

 

Coronavirus: Why are planes still flying?

You've only got to look up to see there's still a fair amount of activity in
the air, despite all the airline cutbacks. Why is that?

 

Surprisingly, a number of global airlines are still running passenger
flights, including British Airways (BA).

 

That's despite aviation largely grinding to a halt as the coronavirus crisis
hit passenger traffic numbers and governments banned flights.

 

But tens of thousands of Britons stranded abroad will be flown home under a
new government agreement, while many planes carry essential cargo.

 

Have the number of flights been cut?

Passenger flights are believed to have been cut by up to 95%, but that still
means one in 20 are taking off.

 

Airlines say they are keeping vital links open.

 

"We are working with European Union (EU) governments to try to keep some
minimum flight links open for emergency reasons, even though the passenger
loads on these flights will be very low," said Ryanair.

 

But other flights are to bring stranded people home.

 

BA, Virgin Atlantic, EasyJet, Jet2 and Titan are among airlines that have
agreed to fly Britons back to the UK.

 

"We are doing everything we can to bring customers home, including critical
workers," BA told the BBC.

 

"Not all governments are allowing flights. We are working with the Foreign
Office to open routes where we can."

 

The UK government has also pledged £75m to help provide charter flights to
bring UK nationals back from countries where commercial flights aren't
available.

 

BA is already operating a number of repatriation flights chartered by the
Foreign Office from Lima, Peru.

 

Are airports and planes safe for travellers?

Heathrow Airport said it is working closely with Public Health England
officials "to facilitate their access to the airport so that they can
implement their enhanced monitoring measures as a precaution.

 

"In line with the latest Public Health England advice, we are encouraging
passengers and colleagues to maintain good hand hygiene."

 

Meanwhile, Ryanair said all its aircraft "are disinfected daily".

 

"With low loads, social distancing will be optimised on-board," the airline
said.

 

That's difficult to find out, but you can check at any airport's website to
see how many planes are flying in and out at any given time.

 

When the BBC checked Heathrow Airport - heathrow.com/departures - on Monday
morning, for instance, there were flights scheduled in the following hour or
so to Dublin, Copenhagen, Bahrain, Manchester, Helsinki, Amsterdam, Warsaw,
Madrid, Hamburg, Moscow, Barcelona, Doha, Berlin, Paris, Kuala Lumpur,
Valencia, Boston and Stockholm.

 

You can also see at-a-glance live data of how many flights are in the air at
any one time through flight tracker website flightradar24.com.

 

But many flights you see in the sky will be cargo planes. The amount of
cargo handling via Heathrow Airport has doubled in recent days, it told the
BBC.

 

What do cargo planes carry?

They often carry vital supplies, including food and medical equipment.

 

For example, two-fifths of the UK's pharmaceutical products such as
medicines, vaccines and respirators are imported via Heathrow Airport.

 

The airport is the UK's largest port by value, with 34% of the country's
cargo passing through.

 

Normally 95% of the cargo that comes into Heathrow Airport is carried in the
belly-hold of passenger planes, but the airport is currently "repurposing
its operation and scaling up its cargo offering".

 

It has temporarily increased the number of dedicated cargo flights.

 

"These will bring in vital supplies of food and medical equipment to help
Britain weather this storm," said Heathrow boss John Holland-Kaye.

 

Last week it reported a 243% increase in the number air traffic movements
carrying only cargo.

 

During normal operations, the airport usually handles 47 cargo-only planes a
week, on average.

 

On Tuesday 31 March, it is forecast to have 48 cargo-only planes in just one
day.--BBC

 

 

 

EasyJet grounds entire fleet of planes due to virus

EasyJet has grounded its entire fleet of planes and said it cannot give a
date for when they will restart.

 

The budget airline said it had made the move due to the "unprecedented
travel restrictions" imposed by governments globally due to the virus
pandemic.

 

It had already cancelled most services but had been running rescue flights
to repatriate Britons stranded abroad.

 

"We will continue to work with government bodies to operate additional
rescue flights as requested," it said.

 

EasyJet has flown 650 rescue flights so far taking 45,000 people home.

 

The move came as regional airline Loganair said airlines were unlikely to
survive without a government bailout.

 

The pandemic has had a severe impact on airlines, Loganair boss Jonathan
Hinkles told the BBC's Tom Burridge.

 

He said that any airline saying it could survive without government help
"would probably be lying".

 

'Challenging time'

EasyJet said its cabin crew would be furloughed, with staff paid 80% of
their wage from 1 April through the government's job retention scheme.

 

The airline's boss, Johan Lundgren, said he was "working tirelessly" to make
sure the airline was "well positioned to overcome the challenges of
coronavirus".

 

"I am extremely proud of the way in which people across EasyJet have given
their absolute best at such a challenging time," he added.

 

EasyJet's headquarters are at London Luton Airport and it has 331 planes. In
normal times, it serves 159 airports and 1,051 routes.

 

Mr Lundgren said the airline had operated its last rescue flight on Sunday
29 March, but would continue to offer further rescue flights "as requested".

 

What if you have flights booked with EasyJet?

If your flight has been cancelled you are entitled to a full refund to the
original form of payment within seven days under EU air passengers' rights
rules.

 

But getting your cash may prove tricky as the airline - along with British
Airways - has removed the usual option where passengers would be sent a link
that took them to the booking and they could request their money back online
within seconds.

 

Instead many airlines are trying to persuade passengers to take vouchers
instead.

 

To get your money back you'll have to phone the airline.

 

EasyJet told the BBC: "Customers on cancelled flights can transfer to an
alternative flight free of charge or receive a voucher for the value of
their booking online or claim a refund through our contact centre.

 

"We are experiencing higher than average wait times so we would thank
customers for their patience and assure them that these entitlements will be
available long after their cancelled flight has flown."

 

The vast bulk of flights to and from the UK have been grounded due to travel
restrictions imposed to control the spread of coronavirus, with many
airlines expected to seek government help to survive.

 

Virgin Atlantic has already indicated that it will seek a bailout and other
airlines are expected to follow suit.

 

The government has said it will only step in to help struggling airlines "as
a last resort" on a case-by-case basis.

 

But industry group the International Air Transport Association (IATA) has
warned of an "apocalypse" in the aviation sector as it urged governments
around the world to help.

 

Easyjet said on Monday it would not need a bailout.

 

"We have no plans currently to ask the government for bespoke support as
outlined by the chancellor," it said.

 

However, it added: "To support recovery in the future, we believe that
further actions will be needed such as a temporary removal of Aviation
Passenger Duty and Air Traffic Control Charges."

 

'We have to fly'

Loganair's Mr Hinkles warned that the connectivity of remote Scottish
islands and rural communities across the UK "cannot be maintained without
air services", arguing that government support for his airline was
"essential".

 

Loganair operates routes to the UK's most remote airports such as Barra in
the Outer Hebrides, and it is still ferrying people, mail and essential
goods, such as pharmaceutical products, out to about 15 island airports.

 

Nevertheless, the Scottish carrier has had to ground half of its fleet and
dramatically slash its flying schedule. This has put its entire operation in
jeopardy.

 

"We can't just shut down", Mr Hinkles said. "Morally, we have to fly."

 

All airlines have called for additional support measures from the government
to weather the storm.

 

The industry group Airlines UK and the Airport Operators Association have
asked the government to cover air traffic control charges and payments to
the Civil Aviation Authority until the end of this year.

 

Airlines also want a six-month suspension of the Air Passenger Duty tax,
which brings in £3bn every year to the Treasury.

 

A spokesperson for the Department for Transport said that the aviation
sector is "important to the UK economy".

 

They added: "We are willing to consider the situation of individual firms,
so long as all other government schemes have been explored and all
commercial options exhausted, including raising capital from existing
investors."

 

Meanwhile there is still a fair amount of traffic coming to and from
London's Heathrow airport.

 

That is because the amount of cargo handling via Heathrow has doubled in
recent days as vital supplies are being moved around the globe, including
medical equipment, the airport told the BBC.

 

 

 

Easter egg crackdown over essential status 'wrong'

Convenience stores selling Easter eggs are facing interference from
“heavy-handed” officials trying to restrict the range of goods they can sell
under coronavirus curbs, a trade body says.

 

Some shops have been told by police and local councils that the chocolate
eggs are considered non-essential goods.

 

The Association of Convenience Stores (ACS) blamed “overzealous enforcement
and a misreading of the rules”.

 

It has told shopkeepers to carry on selling a full range of goods.

 

“The government have defined which stores can remain open, and that includes
convenience stores, including newsagents and off-licences,” said ACS chief
executive James Lowman.

 

“There is no government definition of which products can be sold within
those stores.

 

“In the cases where officers have challenged retailers and shoppers in this
way, it’s brought confusion, distracted retailers in the busiest weeks of
their lives and increased the interactions between people at a time when the
government is trying to minimise them.”

 

'Bonkers'

The attempt to restrict the kinds of goods sold in convenience stores drew a
scathing reaction from retail analyst Richard Hyman.

 

"Quite frankly, it sounds bonkers," he said. "This is a time when being
excessively pedantic seems rather absurd.

 

"It's certainly right that if restrictions are going to be applied, they
should be applied to types of outlet, not types of product."

 

He said the current rules, which put no restrictions on the items essential
retailers can sell, were common sense and pointed out that supermarkets also
had Easter eggs for sale.

 

"Going beyond that, what difference does it make if they do sell some Easter
eggs? I suppose they might argue that it's taking up space on shelves that
could be used for other items," Mr Hyman said.

 

Some social media users shared the same opinion, with one saying that
chocolate was "the only thing keeping me sane" during the pandemic.

 

Another thought that purchasing Easter eggs is acceptable if you are already
visiting a shop for essential items - or buying them as "eggstras".

 

'Essential' confusion

Exactly what qualifies as an "essential" business which is allowed to stay
open during the coronavirus pandemic has caused confusion in some quarters.

 

The official list of essential retailers put together by the Cabinet Office
includes off-licences, supermarkets and pharmacies as well as newsagents and
corner shops.

 

The ACS said it had a partnership with Buckinghamshire and Surrey Trading
Standards, which had confirmed that there should be no restriction on the
categories of goods sold in convenience stores.

 

An ACS spokesman told the BBC that “only a few members” had faced this
“heavy-handed” approach, adding: “We hope that it’s ended there.”

 

The association said that if any retailers continued to face such
challenges, they should get in touch with the name of the local authority or
police force and officer, so that it could follow up with them.

 

Essential retailers

After strict new restrictions were brought in by government earlier this
week, it issued a list of “essential retailers”, that are allowed to stay
open. They include:

 

·         Supermarkets and other food shops

·         Pharmacies

·         Off-licences and licensed shops selling alcohol, including those
within breweries

·         Petrol stations

·         Newsagents

·         Bicycle shops

·         Home and hardware stores

·         Launderettes and dry cleaners

·         Garages

·         Pet shops

·         Post offices

·         Banks--BBC

 

 

 

 

 

 

 

 

 


 

 


 

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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