Major International Business Headlines Brief::: 19 May 2020

Tue May 19 07:46:35 CAT 2020

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Major International Business Headlines Brief::: 19 May 2020

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

ü  Uber announces drastic cuts to secure its future

ü  Elon Musk: Tesla raises cost of 'self-driving' cars

ü  Disney's head of streaming to become CEO of TikTok

ü  Huawei calls US rules 'arbitrary and pernicious'

ü  Electric bikes 'could help people return to work'

ü  S.African airports operator ACSA seeks state guarantees for $594 mln in
new debt

ü  Moody's says South Africa's loan guarantee scheme will aid financial
stability

ü  Total calls off plan to buy Occidental Petroleum's Ghana asset

ü  Massmart's sales hit by South Africa's coronavirus lockdown

ü  South African retailer Steinhoff Chairwoman Heather Sonn steps down

ü  South Africa's rand rises as easing lockdowns lift emerging- market
currencies

ü  U.N. buys about 80,000 tonnes of Ukraine wheat for Sudan -traders

ü  Egypt to loan EgyptAir $127 mln to help it through coronavirus crisis

ü  Kenya's East African Breweries says COVID-19 may slash profit by 25%

 <mailto:info at bulls.co.zw> 

Uber announces drastic cuts to secure its future

Uber has announced a drastic action plan to scale back its business as its
losses balloon amid pandemic lockdowns.

The firm said it would cut 3,000 more jobs, bringing the total reductions in
recent weeks to a quarter of the workforce.

It is also closing or consolidating more than 40 offices and winding down
units such as its artificial intelligence lab.

The head of the firm said the moves were necessary "to secure our future".

"We must establish ourselves as a self-sustaining enterprise that no longer
relies on new capital or investors to keep growing, expanding and
innovating," chief executive Dara Khosrowshahi wrote in a letter to staff.

"We have to take these hard actions to stand strong on our own two feet, to
secure our future and to continue on our mission."

80% drop

Even before the pandemic, Uber was grappling with huge losses. But its
challenges have multiplied as activity plunges during the pandemic.

The number of Uber rides dropped 80% last month at the height of the
lockdowns in the US and Canada. Meanwhile, although its Uber Eats food
delivery business has surged, it remains loss-making.

Earlier this month, Uber announced it would cut 3,700 staff and warned of
possible additional reductions. The workforce cuts do not include drivers,
whom Uber considers independent contractors.

The affected offices include hubs in San Francisco and in Singapore, which
will start closing over the next year as the firm selects a new regional
headquarters.

Uber said it would reorganise its remaining staff and cut back spending in
areas that are not part of its core personal transport or food delivery
businesses, including its AI Labs.

Combined, the actions should reduce spending by $1bn, the company said.

Wider impact

Uber's actions are the latest sign of the ongoing economic impact of the
virus and efforts to control it.

While some places have started to ease restrictions, many companies -
especially those in the travel industry - have warned it will take time for
public confidence in the safety of many everyday activities to be restored.

Uber's smaller rival, Lyft, has also announced significant job cuts, as have
airlines, hoteliers and booking platforms such as Airbnb.

"Given the dramatic impact of the pandemic, and the unpredictable nature of
any eventual recovery, we are concentrating our efforts on our core mobility
and delivery platforms and resizing our company to match the realities of
our business," Mr Khosrowshahi said.--BBC

 <mailto:info at bulls.co.zw> 

Elon Musk: Tesla raises cost of 'self-driving' cars

Tesla is raising the price of its "self-driving" option on its electric
vehicles worldwide starting with a $1,000 (£820) hike.

Founder Elon Musk tweeted that the price "will continue to rise" as its
technology improves.

But the entrepreneur said the technology it's adding will be worth more than
$100,000.

Mr Musk has been in a battle with officials in California over the
restarting of Tesla's US car assembly.

Tesla's "full self-driving" (FSD) option is called Autopilot, although it
isn't fully autonomous. Autopilot has a number of features including
automatic lane changes, parallel parking and a summon feature, which
automatically parks and retrieves the car. Its upcoming features include
automatic traffic light and stop sign control.

The self-driving option will cost $8,000 when the price rise kicks in on 1
July.

"The FSD price will continue to rise as the software gets closer to full
self-driving capability with regulatory approval," Mr Musk said in a series
of tweets on Monday. "[At] that point, the value of FSD is probably
somewhere in excess of $100,000."

Tesla was investigated by regulators in the US after a driver was killed
while using Autopilot in 2018. However, the investigation discovered the
driver was playing a video game on his smartphone at the time of the crash.

Mr Musk is well-known for his frequent tweets, many of which have landed him
in trouble.

One tweet earlier this month wiped $14bn off Tesla's market value after Mr
Musk wrote its share price was too high.

His latest tweets have also caused a little controversy online, with some
questioning the $100,000 or more value he claims the self-driving software
will be worth.

One reply said the value Mr Musk claims the self-driving package to be worth
was "insane". "Elon, real talk, i love you and the mission, but FSD will
never be worth that much," the tweet added.

The best-selling Tesla Model 3 currently sells for $33,690 in the US if a
driver opts for the basic package. With Autopilot this would currently cost
$40,690.--BBC

Disney's head of streaming to become CEO of TikTok

Kevin Mayer is stepping down as the head of Disney streaming services to run
TikTok.

Disney's head of streaming Kevin Mayer is stepping down to become the boss
of social media platform TikTok.

He has been named the chief executive officer of TikTok and chief operating
officer of ByteDance, the platform's Chinese parent company.

TikTok, an app where users post short videos, has seen an explosion of
growth since its US launch.

But that increased popularity has led to scrutiny by the US government over
its ties to China.

Mr Mayer will be responsible for ByteDance's "global development" including
emerging business, gaming and music.

"I'm excited to help lead the next phase of ByteDance's journey as the
company continues to expand its breadth of products across every region of
the world," Mr Mayer said in the release.

He will be the first CEO of TikTok.

US concern

TikTok has been downloaded more than 2 billion times on iOS and Android
since it was launched globally in 2017. The app allows users to make videos
up to 15-seconds long with music in the background.

The coronavirus pandemic has helped boost its popularity further with many
users making comical or musical videos of their quarantine experiences.

What is TikTok?

TikTok apologises and reinstates banned US teen

Coronavirus: UK's first 'TikTok house' opens during outbreak

But having a Chinese parent company has worried US politicians. Some of them
have raised concerns about ByteDance allowing Chinese government censorship
or data collection on TikTok users. Both are charges ByteDance denies.

Disney success

At Disney, Mr Mayer oversaw the successful launch of the firms streaming
service, Disney Plus in November of 2019. The service had over 54 million
subscribers by May. He also managed the firms other streaming investments
including Hulu, Hotstar, and sports streaming services ESPN plus.

He was also considered a key figure in the company's acquisitions of
Lucasfilm, Pixar and Marvel.

Before Disney's former chief executive Bob Iger stepped down from that role
in February, Mr Mayer was viewed as a possible candidate to replace him.
However, the role was given to Bob Chapek, head of parks, experiences and
products.

Mr Mayer will be joining ByteDance on 1 June.--BBC

Huawei calls US rules 'arbitrary and pernicious'

Huawei has said new US export rules to limit its access to key technology
are "arbitrary and pernicious".

The Chinese tech giant warned investors the restrictions would "inevitably"
hurt its business, and could damage the global technology industry.

The US had already put Huawei on a blacklist last year, calling the company
a national security threat.

A statement said the US was in a relentless pursuit to tighten its
stranglehold on our company,

But chairman Guo Ping told an analyst summit on Monday: "Luckily we have
survived so far."

The US on Friday said it would require global semiconductor-makers that use
US technology and software in chip design to seek US government approval to
ship to Huawei.

It said the added control was necessary to close a loophole that had emerged
since the US last year moved to cut off Huawei from access to US-made
semiconductor chips, which form the backbone of many computer and phone
systems.

"Our business will inevitably be impacted," Guo Ping said of the new rules.
"In spite of that, as the challenges over the past year have helped us
develop a thicker skin, we are confident about finding solutions soon".

Since being put on the US blacklist last year, he said Huawei had been
forced to rewrite computer code, review procurement and spend thousands of
hours to ensure business continuity.

"Huawei is just like this plane riddled with bullet holes," he said. "Over
the past year, patching up the holes was our priority."

However, the firm warned that the new rules would hurt the firm's ability to
serve and maintain its networks and services for billions of customers
around the world. Huawei said the US campaign against the company would
ultimately damage the country's credibility with international companies.

"It will damage the trust and collaboration within the global semiconductor
industry and could increase conflict and loss within these industries," it
said.--BBC

Electric bikes 'could help people return to work'

Electric bikes can slash transport emissions and offer workers a way to
return to the workplace during coronavirus, a new study has found.

If e-bikes took off in the same way in the UK, as in many European cities,
it would reduce congestion, improve mobility, and save CO2, the study says.

It said the UK government hadn’t yet realised the strategic importance of
e-bikes, push-bikes with electric motors.

The greatest impact would be in areas with poor public transport, it found.

That's because a wider range of people would be able to use e-bikes, it
said.

The research comes from the publicly funded Centre for Research into Energy
Demand Solutions (Creds), based in Oxford.

The researchers say that in Denmark, where cycling has been strongly
encouraged for decades, e-bike routes are already linking cities to towns
and villages.

The research comes at a time when ministers are desperate for solutions
which allow people to get to work without risking their health on public
transport, but also without increasing carbon emissions.

So far the main emphasis has been on bringing people into city centres,
where popup cycle lanes are being introduced.

But the Creds paper says e-bikes can be particularly effective in
economically-deprived areas where people can’t afford cars, but bus services
are poor.

This could be in suburban or semi-rural areas.

It says the UK government should find ways to incentivise the use of
e-bikes.

Climate change: Could the coronavirus crisis spur a green recovery?

How coronavirus is driving a revolution in travel

Professor Nick Eyre from Creds told BBC News: "E-bikes give us an exciting
new opportunity to reduce energy use and carbon emissions.

“They need to be part of the plan for the major investment we need in
transport to get people moving safely again in ways that are economically
and environmentally sustainable."

Critics could say that creating a major network of e-bike lanes would be
expensive and sometimes not feasible.

There will also be problems with bike theft – and of culture in places where
there is little history of cycling.

Professor Eyre said: “We know cycling is culturally dependent. There’s much
more cycling here in Oxford than in Leeds, for example.

"It’s partly because Leeds is bigger and hillier, but it’s partly because in
Oxford cycling is just something we do.

“[But] the last few weeks have shown us there’s much more capacity for
people to change than we previously thought.”

Some planners believe the UK is on the brink of an urban transport
revolution.

The government is currently consulting the public on the use of electric
scooters on Britain’s streets.

However, a wide range of organisations, from pedestrians to motorists, have
expressed their fears about the potential dangers of e-scooters, whether on
the pavement or on the road.--BBC

S.African airports operator ACSA seeks state guarantees for $594 mln in new
debt

CAPE TOWN (Reuters) - South African airports operator ACSA needs treasury
support to finance up to 11 billion rand ($594 million) of new debt by 2025,
the state-owned company said on Monday.

Since late March when South Africa declared a state of disaster to contain
the new coronavirus, major domestic airports such as the continent’s busiest
OR Tambo in Johannesburg have closed, knocking revenue at Airports Company
SA (ACSA).

African airlines could lose $6 billion in passenger revenue in 2020, the
International Air Transport Association said last month.

“New debt of 10 billion to 11 billion rand is required in the next five
years and this will require shareholder support in the form of government
guarantees,” ACSA said in a presentation to lawmakers.

The operator, which also holds concessions at Sao Paulo’s Guarulhos
International Airport and Chhatrapati Shivaji International Airport in
Mumbai, said about 3 billion rand in guarantees would be required over the
next three years.

Between 2021 and 2023 its capital expenditure budget is seen at 17.9 billion
rand as it develops major projects, such as a new runway and terminal at
Cape Town airport, ACSA said.

In March ratings agency Moody’s downgraded ACSA to Ba1

from Baa3 with a negative outlook as expected passenger traffic was seen
falling by at least 30% in the financial year to March 2021.

Struggling state-owned companies including bankrupt national airline SAA and
power utility Eskom rely heavily on government bailouts which are straining
tight public finances as Africa’s most industrialised economy faces the
prospect of a prolonged recession.

($1 = 18.5167 rand)

Moody's says South Africa's loan guarantee scheme will aid financial
stability

JOHANNESBURG (Reuters) - The 200 billion rand ($10.81 billion) loan
guarantee scheme introduced by South Africa to keep small and medium size
businesses from folding due to the coronavirus pandemic will help buffer the
country’s financial stability, ratings agency Moody’s said on Monday.

“It has the potential to reduce asset quality deterioration at banks and
help maintain financial stability,” the ratings firms said in a statement.

($1 = 18.5067 rand)

Total calls off plan to buy Occidental Petroleum's Ghana asset

PARIS (Reuters) - Total has called off a plan to acquire Occidental
Petroleum’s assets in Ghana, which was conditional on the completion of the
acquisition of Occidental’s other assets in Algeria, the French energy
company said on Monday.

The deal was part of an $8.8 billion agreement reached between Total and
Occidental to over Anadarko’s assets in Mozambique, Ghana, Algeria, and
South Africa.

While a deal over the assets in Mozambique has been reached, Total said that
an agreement over the assets in Ghana fell through after authorities in
Algiers blocked Total’s acquisition of Occidental’s assets in Algeria.

The acquisition of assets in Ghana was conditional upon the completion of
the Algeria asset sale, Total said.

It added that Occidental had informed Total that, as part of an
understanding with the Algerian authorities... Occidental would not be in a
position to sell its interests in Algeria.

“Given the extraordinary market environment and the lack of visibility that
the group faces... Total has decided not to pursue the completion of the
purchase of the Ghana assets,” Total said in a statement.

Massmart's sales hit by South Africa's coronavirus lockdown

JOHANNESBURG (Reuters) - South African retailer Massmart said on Monday
sales in the 19 weeks to May 10 fell 11.9%, hit by a five-week coronavirus
lockdown that prevented the company from selling most of its general
merchandise, home improvement and liquor products.

Group sales for the 19 weeks ended May 10, when restrictions were partially
lifted, fell to 28.2 billion rand ($1.53 billion) compared with the same
period last year, Massmart, majority owned by Walmart said in a statement.

Comparable store sales were 12.1% lower than last year, with comparable
sales from South African stores falling 13.2%. Sales in the rest of Africa
edged up 1.3%.

In the 2019 financial year, general merchandise sales contributed 26% to
overall sales, liquor 15% and home improvement 15%, Massmart said.

“Given the high level of contribution of these categories to total sales,
April (lockdown) sales were significantly lower than would be the case under
normal trading conditions,” the retailer said.

The owner of Makro and Game retail brands, which sell a range of products,
including electronics and appliances, houseware, camping and outdoor
equipment, was under pressure before the coronavirus hit South Africa as
consumers cut back on discretionary spending on items such as appliances.

Under new chief executive Mitch Slape, Massmart announced a turnaround plan
in January aimed at cutting costs and boosting sales and margins. Massmart
is exiting poorly performing categories such as fresh and frozen food and
has closed underperforming stores.

Present in 12 African countries, Massmart said because of the pressure from
extended trading restrictions the company had increased its focus on
liquidity and cash flow management.

This included initiatives to negotiate rental reductions and improved,
mutually beneficial terms with strategic suppliers. The retailer is also
reducing capital expenditure for the full year and pursuing cost reduction
initiatives as already outlined in its turnaround plan, it said.

($1 = 18.3915 rand)

South African retailer Steinhoff Chairwoman Heather Sonn steps down

(Reuters) - South Africa’s Steinhoff said on Monday Chairwoman Heather Sonn
has resigned after it was revealed that she had not made proper disclosures
on dealings between an investment firm she has a major stake in and a
company associated with the retailer.

Sonn replaced South African tycoon Christo Wiese in 2017 after he stepped
down following an accounting scandal that battered Steinhoff's shares and
led to the exit of then Chief Executive Officer, Markus Jooste.
(reut.rs/2ZhG9Tc)

Vice chairman Peter Wakkie said it would shortly appoint a replacement for
Sonn, who had “in no way been found to have participated in the accounting
irregularities at Steinhoff”.

The company said investigations dating back about two years showed that the
investment firm, Gamiro Ventures, was involved in transactions with a
company called Geros Financial Services, which may have been indirectly
funded by Steinhoff.

“Based on what is now known to me it (the transaction) would have required
certain disclosures which I would have made had I been aware thereof,” Sonn
said in a statement.

Between 2017 and 2018, Gamiro bought an interest in debt collector Blake and
Associates from a unit of Geros, and subsequently acquired a direct stake
after Blake bought back its shares from Geros.

Blake, where Sonn was a board member between May 2017 and January 2018, was
also part of a panel of external contractors for JD Group before the
furniture chain became part of Steinhoff through the retailer’s unit,
Pepkor.

Steinhoff said the probe suggests that Geros’ link to it makes the Geros
deal a “related party transaction” that was not properly accounted for.

South Africa's rand rises as easing lockdowns lift emerging- market
currencies

JOHANNESBURG (Reuters) - South Africa’s rand gained early on Monday as
demand for emerging-market currencies was boosted by further easing of
lockdown regulations globally, while a rally in gold prices also helped
commodity-linked currencies.

At 0630 GMT the rand was up 0.5% at 18.4980 per dollar, compared with a
close of 18.5900 on Friday in New York.

Countries around the world have continued to lift coronavirus restrictions.
Infections have also declined, improving risk sentiment, which has been
shaken in the last few sessions by a flare-up in U.S.-China tensions.

Washington’s move to block microchip supplies to Huawei Technologies is the
latest Sino-U.S. flashpoint, with markets on edge for a response, after
China’s Global Times newspaper flagged possible retaliation.

“The Sino-U.S. tensions and poor economic data are being offset by optimism
over vaccine trials and declining global coronavirus cases as well as the
restarting of global economies,” said Andre Botha, senior dealer at
TreasuryONE.

Gold was up 1% on Monday to its highest in more than seven years. That
partly a reflected investor fears of a deep recession in the United States,
the higher price aided the currencies of countries that rely on sales of
gold.

Bonds also gained, with the yield on the government issue due in 2030 down
14.5 basis points to 9.495%.

U.N. buys about 80,000 tonnes of Ukraine wheat for Sudan -traders

HAMBURG (Reuters) - - A United Nations aid agency has purchased about 80,000
tonnes of wheat expected to be sourced from Ukraine to be shipped to Sudan,
European traders said on Monday.

About 40,000 tonnes is to be shipped by the end of May and 40,000 tonnes by
the first half of July.

The U.N. has a range of food aid programmes in Sudan.

Egypt to loan EgyptAir $127 mln to help it through coronavirus crisis

CAIRO (Reuters) - Egypt’s government will lend EgyptAir 2 billion Egyptian
pounds ($127.39 million) due to the impact of the coronavirus on its
operations, the finance ministry said.

A member of the Star Alliance led by Germany’s Lufthansa, EgyptAir halted
regular international flights on March 19 when the government closed the
country’s airports to combat the spread of the virus.

The government will support state-owned EgyptAir until it returns to 80% of
its 2019 operations, the ministry said in a statement on Saturday.

EgyptAir has continued flying some domestic routes and repatriation flights
for citizens stranded abroad.

Egypt is allowing hotels to reopen for domestic tourists on condition they
operate at no more than 25% capacity until the end of May.

>From June 1, hotels will be allowed to work at up to 50% capacity.

The virus has shut down Egypt’s tourist sector, which accounts for 12%-15%
of gross domestic product, leading to losses estimated at $1 billion per
month.

($1 = 15.7000 Egyptian pounds)

Kenya's East African Breweries says COVID-19 may slash profit by 25%

NAIROBI (Reuters) - Kenya’s East African Breweries Limited (EABL) has said
its profit after tax for the year ending June is likely to decline by 25%
compared to the previous period, hurt by the coronavirus pandemic.

“The COVID-19 global pandemic and the subsequent response measures taken
across the region have impacted our business negatively,” the company said
in a statement published on Saturday.

It added that its “current performance forecast indicates a decline in
profit after tax of approximately 25% for the financial year ending 30th
June 2020 versus prior year”.

EABL, which is controlled by British drinks group Diageo, is the biggest
alcoholic beverages company in Kenya. Its competitors include Heineken and
smaller, home-grown companies such as Keroche Breweries.

The company reported 11.52 billion shillings ($107.66 million) in profit
after tax for the year ended June 2019.

EABL also operates in neighbouring Uganda and Tanzania.

($1 = 107.0000 Kenyan shillings)

INVESTORS DIARY 2020

Company

Event

Venue

Date & Time

Companies under Cautionary

Bindura Nickel Corporation

Padenga Holdings

Delta Corporation

Meikles Limited

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