Major International Business Headlines Brief::: 14 May 2020

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Major International Business Headlines Brief::: 14 May 2020

 


 

 


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ü  South Africa's treasury schedules June 24 for coronavirus budget

ü  South Africa lists clothing allowed for sale as lockdown eases

ü  Ghana inflation jumps in April due to coronavirus lockdowns

ü  Bank of Central African States denies CFA franc devaluation rumours

ü  South Africa amends arms export document after inspection row

ü  Mozambique court declares void two loans in 'hidden debt' scandal

ü  South Africa's Spur talking to financial institutions as precautionary measure

ü  Tunisia needs 5 billion euros in external funding this year - PM

ü  S. Africa's rand firms on optimism over relaxing coronavirus restrictions

ü  Egypt receives $2.77 bln in IMF emergency financing -state news agency

ü  Fed warns of slow recovery without more virus relief

ü  Uber and Addison Lee to install protective screens

ü  New York City caps fees for food delivery apps

ü  Tesla stand-off eases as officials reach deal

ü  Tui urges opening up tourism to safer countries

 

 

 


 <mailto:info at bulls.co.zw> 

 


South Africa's treasury schedules June 24 for coronavirus budget

JOHANNESBURG (Reuters) - South Africa’s National Treasury on Wednesday said it would table a new budget on June 24 to ratify plans for a 500 billion rand ($27 billion) stimulus package aimed at easing the economic impact of the coronavirus outbreak.

 

“A revised fiscal framework will also be presented, to account for substantial revenue losses emanating from the economic shock of the pandemic and subsequent lockdown,” it said in a statement.

 

President Cyril Ramaphosa announced the rescue package in late April. It equates to 10% of GDP and includes higher welfare and unemployment grants as well as support for businesses.

 

($1 = 18.3788 rand)

 

 


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South Africa lists clothing allowed for sale as lockdown eases

JOHANNESBURG (Reuters) - South Africa’s government has published a more detailed list of clothing that can be sold in a first phase of easing its lockdown, giving relief to a clothing industry starved of sales.

 

The country took its first shaky steps on May 1 towards rolling back one of the world’s strictest COVID-19 lockdowns, seeking a balance between containing the disease and providing much-needed relief for the economy.

 

In April the government had said clothing retailers will be allowed to sell winter and baby clothes and bedding, without clarifying what falls under those categories, causing confusion.

 

Under regulations published late on Tuesday, the permitted categories include all children’s and baby wear, maternity wear, adult sleepwear, underwear and footwear, outwear items such as exercise apparel and winter clothes such as knitwear.

 

Minister of Trade, Industry and Competition, Ebrahim Patel said the manufacturing and retail sector had been through “a very difficult time” and the resumption of clothing sales would help greater production and commerce in the sector.

 

The list was welcomed by the National Clothing Retail Federation, which includes TFG, Mr Price, Truworths, Woolworths, Pick n Pay Clothing and Queenspark, and by the Apparel & Textiles Association of South Africa (ATASA).

 

ATASA Deputy Chairperson Herman Pillay said the move would help its manufacturer members recover from lockdown and give “employees the opportunity to be gainfully employed yet again.”

 

The announcement followed consultations between Patel’s ministry and clothing, textile and footwear industry leaders.

 

But clothing and general merchandise retailer Pepkor said that while it initially expects reasonable sales, levels are expected to taper off due to increased unemployment as a result of the impact of the coronavirus on companies.

 

 

 

Ghana inflation jumps in April due to coronavirus lockdowns

ACCRA (Reuters) - Ghana’s annual consumer price inflation jumped to 10.6% in April from 7.8% the previous month, driven by higher food prices in areas affected by government-ordered coronavirus lockdowns, the statistics office said on Wednesday.

 

The office’s monthly report said that both the annualised rate and the increase from one month to the next were the highest since Ghana rebased its CPI last August.

 

Regions affected by the lockdowns last month, including the capital Accra and second city Kumasi, had average rates of inflation 8.81% higher than other regions, it said.

 

Ghana, an oil, gold and cocoa producer, has recorded over 5,000 coronavirus cases, the most in West Africa. Due to the crisis, the government expects the economy to grow by just 1.5% this year, the slowest rate in nearly four decades.

 

 

 

Bank of Central African States denies CFA franc devaluation rumours

DAKAR (Reuters) - The Bank of Central African States on Tuesday denied rumours circulating in local media that it is considering a devaluation of the CFA franc currency because of the economic downturn caused by the coronavirus outbreak.

 

It said in a statement that the pandemic had not impacted its currency reserves, which remain “comfortable”.

 

 

 

South Africa amends arms export document after inspection row

JOHANNESBURG (Reuters) - South Africa has made a subtle change to arms export rules that could unlock more than a billion dollars of weapons sales to countries including Saudi Arabia and the United Arab Emirates.

 

A notice published in the government gazette on May 11 alters the circumstances under which South African officials can perform inspections to verify that customers are not transferring weapons to third parties.

 

Some of the main buyers of South African arms, including governments in the Gulf and North Africa, had refused to agree to the inspections because they considered them a violation of their sovereignty.

 

Reuters reported in February that the government was planning to change the inspection clause in an arms export document following months of lobbying by defence firms and trade unions who said thousands of jobs were at stake.

 

The clause will now read: “It is agreed that on-site verification of the controlled items may be performed, through diplomatic process,” according to the notice signed by Defence Minister Nosiviwe Mapisa-Nqakula.

 

The previous wording of the clause had been: “It is agreed that on-site verification of the controlled items may be performed by an inspector designated by the minister.”

 

Defence sources have told Reuters that countries including the UAE are more comfortable with the new wording, which should unlock the stalled weapons exports.

 

That is a boost to state defence firm Denel, which said last week that the COVID-19 pandemic and the government’s subsequent lockdown of the economy had brought its operations to a standstill. Denel also has a local joint venture with Germany’s Rheinmetall, Rheinmetall Denel Munition, that stands to benefit from the new wording.

 

In the meantime, however, South Africa’s defence sector has been upended by production and export disruptions caused by the pandemic.

 

South Africa, whose arms industry traces its roots to the apartheid era, manufactures defence products from ammunition to missiles and armoured vehicles for its own military and countries around the world.

 

Saudi Arabia and the UAE have between them bought at least a third of its arms exports in recent years, at a time that they have been engaged in a war in Yemen.

 

 

 

Mozambique court declares void two loans in 'hidden debt' scandal

MAPUTO (Reuters) - Mozambique’s constitutional court has declared void two loans totalling more than $1 billion at the heart of a “hidden debt” scandal that triggered a currency collapse and sovereign debt default, a court ruling showed.

 

The court ruling, seen by Reuters and dated May 8, also declared void state guarantees for the $622 million and $535 million loans arranged by Credit Suisse and Russian bank VTB.

 

The loans were contracted under English law, but the Mozambican court ruling could add weight to the government’s efforts to challenge the validity of the guarantees for the loans via a London court.

 

Credit Suisse and VTB have argued in court documents that the government is liable for the money.

 

The loans were taken out in 2013 and 2014 by two Mozambican state companies, ProIndicus and Mozambique Asset Management, for a $2 billion project spanning tuna fishing and maritime security that U.S. authorities say was an elaborate front for a bribery and kickback scheme.

 

Hundreds of millions of dollars went missing from the project and the supposed benefits never materialised.

 

The government did not disclose all of the borrowing, and after donors like the International Monetary Fund found out in 2016, they cut off financial support.

 

The southern African country, one of the world’s poorest but whose economy is set to be transformed by massive offshore natural gas deposits, has been battling to restructure its finances since the hidden borrowing came to light in 2016.

 

The constitutional court made a similar ruling last year on a $850 million Eurobond issued by another state company, Ematum, for the same project but which has been restructured into a sovereign bond.

 

The case in the constitutional court was brought by the Mozambique Budget Monitoring Forum, a coalition of Mozambique civil society organisations.

 

Adriano Nuvunga, coordinator of the forum, said in a statement: “The people of Mozambique had no say over, and no benefit from the loans, and should not have to repay one cent.”

 

 

 

South Africa's Spur talking to financial institutions as precautionary measure

JOHANNESBURG (Reuters) - South African franchise restaurant chain Spur Corporation said on Wednesday, as a precautionary measure it is talking to financial institutions to secure credit facilities should the lockdown extend beyond the current year.

 

Based on the group’s cash resources, management does not anticipate needing to access external funding for at least the next six months, Spur said in a statement.

 

But as a precautionary measure should the economic impact of the new coronavirus pandemic be more severe than currently expected, it is engaging with financial institutions, the owner of Spur steak house and Panarottis Pizza Pasta, added.

 

 

Tunisia needs 5 billion euros in external funding this year - PM

TUNIS (Reuters) - Tunisia’s need for external funding will double to about 5 billion euros this year from about 2.5 billion euros previously expected due to the impact of the new coronavirus pandemic, Prime Minister Elyes Fakhfakh told France24 TV on Tuesday.

 

Tunisia has confirmed 1,032 cases of the new coronavirus and 42 deaths. The infection is hammering Tunisia’s vital tourism sector, which contributes nearly 10% of gross domestic product.

 

Authorities expect the economy to shrink by 4.3% this year, the steepest contraction in more than 60 years.

 

 

 

S. Africa's rand firms on optimism over relaxing coronavirus restrictions

JOHANNESBURG (Reuters) - South Africa’s rand firmed in early trading on Wednesday, as investors stayed optimistic about chances for easing lockdown restrictions in some countries despite worrying increases in new coronavirus cases.

 

At 0645 GMT the rand was 0.22% firmer at 18.4070 per dollar, having opened at 18.4300.

 

Investor concerns about new virus infections in China, Germany and South Korea have dampened some of the hopes for a quick rebound in the global economy as countries look to restart activity and avoid prolonged recession.[nL8N2CT4G3]

 

Bonds opened weaker, reflecting the sour risk mood, with the yield on the benchmark 2030 government issue up 9 basis points to 9.41%

 

 

 

Egypt receives $2.77 bln in IMF emergency financing -state news agency

CAIRO (Reuters) - Egypt has received $2.77 billion in emergency financing from the International Monetary Fund, its state news agency reported on Tuesday, citing a senior central bank source.

 

The IMF had had approved the funds on Monday in an effort to help Egypt to contend with the new coronavirus pandemic that has brought tourism to a standstill and triggered capital flight.

 

 

 

Fed warns of slow recovery without more virus relief

Federal Reserve chair Jerome Powell has warned that America faces a slow and painful economic recovery without additional government relief.

 

The dark forecast from the head of the US central bank is a turnaround from early April, when he said he expected a robust rebound.

 

It comes as lawmakers debate additional spending to shield the US economy from coronavirus shutdowns.

 

Mr Powell said further measures would be "costly but worth it".

 

Employers in the US cut more than 20 million jobs last month, sending the unemployment rate to 14.7%, with the many of the losses falling on poor and minority households.

 

Analysts expect the jobless rate to climb further in May, before starting to subside.

 

Mr Powell said on Wednesday that unemployment levels are likely to to remain elevated - particularly compared to the 50-year lows the US labour market enjoyed as recently as February.

 

"There is a growing sense...that the recovery will come more slowly than we would like, but it will come and that may mean that it is necessary for us to do more," he said in a video conference hosted by the Peterson Institute for International Economics.

 

Financial markets sank following the comments, with the Dow Jones Industrial Average ending more than 2% lower.

 

The US has already approved nearly $3tn (£2.5tn) in new spending - packages worth an estimated 14% of the country's economy. The Fed has also taken radical steps to shore up the economy, pumping trillions of dollars into the financial system.

 

While Democrats this week proposed an additional $3tn package, Mitch McConnell, who leads the Republicans in the Senate, responded that there was "no urgency" to act.

 

Some in Washington are leery of further spending, pointing to America's skyrocketing national debt.

 

'We are facing the biggest shock'

But Mr Powell said now was not the time for those worries.

 

"We know that long periods of unemployment leave a shadow...we also know that waves of bankruptcies can weigh on economic activity for years," he stressed.

 

"Now, when we are facing the biggest shock that the economy has had in modern times, is for me, not the time to prioritise considerations like that.

 

"I do think that we can come back to them fairly quickly, which is to say a few years down the road when the economy is well and truly recovered, or at least recovering."

 

While the Fed casts itself as politically neutral, Mr Powell has spent much of his tenure as chair of the bank facing political battles.

 

Prior to the pandemic, he was a repeated target of criticism by President Donald Trump, who wanted the Fed to do more to help the economy.

 

At a press conference on Wednesday, however, Mr Trump described Mr Powell as an "MIP".

 

"You know what an MIP is? Most improved player," he said.--BBC

 

 

 

Uber and Addison Lee to install protective screens

Taxi firms Addison Lee and Uber have announced new safety measures as the government looks to ease coronavirus restrictions and people return to work.

 

Addison Lee will fit perspex partition screens between drivers and passengers across its 4,000 vehicles next week.

 

And Uber is paying the AA to install partitions in 400 cars in Newcastle, Sunderland and Durham as part of an initial pilot.

 

Both firms are also distributing free protective equipment to drivers.

 

The plans follow calls for improved protections for drivers and passengers.

 

"We know there is significant demand from drivers, passengers, businesses and the general public for more to be done to make transport cleaner and safer as we go back to work - including calls for the introduction of partition screens into private hire vehicles," said Liam Griffin, chief executive of London-based taxi firm Addison Lee.

 

"That's why we have taken the decision to begin rolling out the installation of safety screens between drivers and passenger seats."

 

Ride hailing taxi app firm Uber said its pilot in the North East of England was crucial for the company to get a better understanding of how to carry passengers on journeys as safely as possible.

 

Uber is first trialling the partition screens in areas where it has been able to gain the permission of the regulator or city council, in order to ensure that the screens are installed safely.

 

On Wednesday, Transport for London (TfL) updated its guidance for taxi and private hire vehicle firms.

 

The regulator is advising firms to have drivers and passengers socially distance, with passengers sitting in the back seats of cars. It advised drivers to carry a bottle of hand sanitiser gel in their vehicle that contains at least 60% alcohol.

 

However, when it comes to the use of personal protective equipment (PPE) like face masks, gloves or partition walls, TfL said it is waiting to hear from the London Strategic Coordination Group (SCG) on recommendations before mandating additional coronavirus prevention and control measures for taxis and private hire vehicles.

 

'Lethal combination'

The BBC understands that multiple taxi firms in the UK are seeking clarification from the government on health and safety precautions to take once the lockdown, and would prefer regulation rather than advice.

 

In Wales, taxi drivers told the BBC they experience anxiety with every passenger they pick up, and are still waiting for approval from their local councils before they can make any modifications to their vehicles, such as installing a screen.

 

"Two months into a public health emergency which has seen private hire drivers suffer one of the highest occupational mortality rates, yet TfL and the Department for Transport (DfT) are still not taking responsibility to introduce necessary safety controls," James Farrar, chair of the United Private Hire Drivers union, told the BBC.

 

"Poor regulatory standards and employment misclassification has become a lethal combination for desperately exploited drivers."

 

The union is similarly concerned that Uber is not providing partition screens to its drivers in other parts of the UK, such as London, which has the largest concentration of Uber drivers in the country.

 

Mr Farrar wants to see Uber commit to limiting bookings to no more than two passengers per vehicle, and to make the wearing of masks mandatory for both drivers and passengers.

 

For now, there is no evidence available that demonstrates that partitions in taxis will reduce the risk of transmitting the coronavirus.

 

But there is some evidence that the use of cloth face coverings can help to reduce transmission of coronavirus infection where it is not possible for people to maintain a distance of 2m.

 

Handing out masks

Many firms have already started distributing PPE to their drivers after hearing concerns from both drivers and passengers.

 

Uber has so far handed out over a million single-use face masks to drivers, as well as 95,000 cleaning sprays. And in the coming weeks, it will hand out another two million masks.

 

Unilever is teaming up with Uber to distribute free hygiene kits that include antibacterial spray and hand sanitiser to drivers across the UK.

 

"As well as working with Unilever to provide drivers with free sanitising products, Uber is distributing millions of masks and directly reimbursing drivers if they choose to source the PPE themselves," an Uber spokesman told the BBC.--BBC

 

 

 

New York City caps fees for food delivery apps

New York City has placed limits on how much food delivery apps can charge restaurants that use their platforms.

 

The proposal, which was put to a vote on Wednesday, will cap fees at 20% and apply in emergency situations when restaurants must be shut.

 

There have been complaints about fees charged by tech firms amid skyrocketing deliveries during the lockdown.

 

Other US cities such as San Francisco, Washington and Seattle have also introduced tighter rules for the apps.

 

Grubhub, the owner of online food ordering service Seamless and the biggest player in the US market, warned that the city's cap would raise costs for customers and reduce opportunities for workers.

 

The firm said the law was "an overstep" by local officials and would not withstand legal challenge.

 

"Any arbitrary cap - regardless of the duration - will lower order volume to locally-owned restaurants, increase costs for small business owners and raise costs on consumers," said Grubhub.

 

"Delivery workers would have fewer work opportunities and lower earnings."

 

The New York City Council had started discussing ways to limit the fees charged by mobile apps before the pandemic hit.

 

But the crisis for restaurants triggered by shutdown orders injected new urgency into the effort, as many restaurants found themselves reliant on food delivery apps such as Grubhub, Doordash and UberEats, for business.

 

The firms currently charge restaurants a range that can exceed 30% per order, with fees for services including marketing, taking customer orders and fulfilling delivery. These fees can be punishing in an industry where the profit margins typically hover around 10%.

 

George Constantinou, who runs restaurants in New York and New Jersey, told the BBC in April that he was trying to negotiate lower rates for his business, describing the commissions as unsustainable.

 

"When you have a full dining room and you're already paying for your cooks and your staff to be there it's one thing, but when you don't have that dining room, it hurts you," he said.

 

Last month, three restaurants filed a class-action lawsuit in New York, accusing Grubhub, Doordash, Postmates and Uber Eats of exerting monopoly power that led to exorbitant fees and restrictions on restaurants.

 

Reports this week that Uber and Grubhub are planning to merge have only heightened those concerns.

 

'Level the playing field'

While delivery apps have announced their own relief to restaurants since the pandemic, taking steps to waive, reduce or defer some some of the charges, restaurant owners and their advocates say the firms have not gone far enough.

 

On Tuesday, ahead of the vote, New York Mayor Bill de Blasio said he supported plans to cap the fees, calling it "smart legislation".

 

City Councilman Mark Gjonaj, a sponsor of the legislation, said he hoped the limits would provide relief.

 

"Proud to fight for a bill that will level the playing field and help restaurants get through this crisis, as restaurant owners are being held hostage by the third party delivery apps who monopolize search results," he wrote on Twitter.

 

Content is not available

 

Andrew Rigie, executive director of the NYC Hospitality Alliance called the measure a "critical first step".

 

"We look forward to working with lawmakers to enact these protections on a permanent basis," he said.--BBC

 

 

 

Tesla stand-off eases as officials reach deal

Officials in California said they may allow Tesla to restart full operations at its US car assembly plant on Monday.

 

They also said the electric car company had been approved to resume some activities ahead of the re-opening.

 

The announcement comes after chief executive Elon Musk called staff back to work in defiance of shutdown orders.

 

Alameda County health officials said the approvals were subject to the firm instituting safety measures for staff and improving virus data.

 

"We... held productive discussions today with Tesla's representatives about their safety and prevention plans, including some additional safety recommendations," the department said in a Twitter post overnight on Wednesday.

 

"If Tesla's Prevention and Control Plan includes these updates, and the public health indicators remain stable or improve, we have agreed that Tesla can begin to augment their Minimum Business Operations this week in preparation for possible reopening as soon as next week."

 

The state of California has already eased restrictions to allow manufacturing, but Alameda County, where Tesla's factory is located, has not.

 

On Saturday, Mr Musk said the firm was suing Alameda County over its decision that the plant, located in Fremont about an hour south of San Francisco, should stay closed.

 

Mr Musk, who had earlier described shutdown orders as fascist, also vowed to move the firm's headquarters out of California if the plant was not allowed to reopen.

 

Tesla did not immediately comment on Wednesday, but around the same time the county issued its update, Musk tweeted: "Life should be lived."

 

Political split

Tesla opened a plant in Shanghai last year and it is building another outside Berlin, but Fremont is home to Tesla's headquarters and its primary manufacturing facility.

 

Pictures of the firm's car park this week have shown it as being mostly full. The plant had been closed to all but limited essential operations since 26 March.

 

The dispute over the Tesla plant is part of the bigger debate in the US about how to re-open the economy. The discussion has split partly on political lines, with Republicans urging a faster relaxing of restrictions.

 

US President Donald Trump and other members of the administration had called on authorities in California to allow the firm to re-open.

 

On Tuesday, Mr Trump tweeted: "California should let Tesla & Elon Musk open the plant, NOW. It can be done Fast & Safely!"-BBC

 

 

 

Tui urges opening up tourism to safer countries

Travel firm Tui is pressing for tourism to resume to countries where the coronavirus threat has abated.

 

It plans to reopen some hotels in Germany "in the coming days".

 

The company, which says it has 27 million customers, added operations in other European destinations were also ready to welcome holidaymakers.

 

Tui has identified Austria, Greece and Cyprus as being more viable among European destinations because the virus there appears to be contained.

 

It was forced to cancel the majority of its travel programme in March and on Wednesday warned that up to 8,000 jobs would go as it strives to cut costs by 30% in a major restructuring.

 

TUI has cancelled all holidays until June and cruises until July. It would normally be running hundreds of flights a week at this time of year.

 

Travel restrictions across Europe and further afield mean that the crucial summer season for many though is still in doubt, leaving millions of holidaymakers unsure of their plans.

 

In the UK, the Foreign Office is still advising against all non-essential foreign travel, with no indication of when the policy might change.

 

On Tuesday, Health Secretary Matt Hancock said it was unlikely that "big, lavish international holidays" were going to be possible this summer.

 

A spokesman for Tui said countries were "knocking at its door", eager to see it reopen hotels and bring back tourists.

 

Tui said it was trying hard to resume operations and had worked out a number of protocols to make its holidays safe. It has a 10-point plan of guidance on how to reopen safely, including limited buffet services, restrictions on some sports and games and longer opening times at restaurants.

 

But the company said blanket travel restrictions were making resumption impossible.

 

Spain, for example, is introducing a 14-day quarantine period for incomers - which covers the length of most package holidays.

 

The issue of holiday travel is becoming politically sensitive as parts of Europe begin to either recover from or emerge as less affected by the first onslaught of the virus.

 

The European Commission said on Wednesday a summer holiday season shouldn't be ruled out this year, contrasting with the UK health secretary's comment on the unlikelihood of a trip abroad this summer.

 

Tui chief executive Fritz Joussen said: "The demand for holidays is still very high. People want to travel.

 

"Our integrated business model allows us to start travel activities as soon as this is possible again. The season starts later, but could last longer.

 

"For 2020, we will also reinvent the holiday: new destinations, changed travel seasons, new local offerings, more digitalisation."

 

Tui said it was ready to resume providing holidays this year, using new social distancing and cleaning measures.

 

"The health and well-being of both customers and colleagues remain paramount and we are assessing how we can responsibly adapt to measures so that leisure travel can resume," the firm said.

 

"We are preparing new procedures for the airport process, on board our aircraft, in hotels and on our ships, so that any social distancing recommendations or guidelines can be implemented, without compromising customer enjoyment and travel experience."

 

'Permanently reduce' overheads

Tui said its restructuring would affect its airline business and would also involve selling off "non-profitable activities".

 

"We are targeting to permanently reduce our overhead cost base by 30% across the entire group. This will have an impact on potentially 8,000 roles globally that will either not be recruited or reduced," it said in a statement.

 

Last month it told its UK workforce they would face a cut of up to 50% in hours worked, with a matching cut in basic pay.

 

The firm said its turnover and earnings would be significantly lower in the current financial year, with cost savings only partly compensating for the slump.

 

Tui, which has a global workforce of 70,000, was recently bolstered by a €1.8bn (£1.6bn) state-backed loan in Germany, where it has its headquarters.--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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