Major International Business Headlines Brief::: 20 May 2020

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Major International Business Headlines Brief::: 20 May 2020

 


 

 


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ü  Johnson & Johnson to stop selling baby powder in US

ü  UK tourism boss backs call for 'air bridges'

ü  Mirrors and garden shears prices set to fall in Brexit tariff plan

ü  EasyJet admits data of nine million hacked

ü  No guarantee of quick economic bounceback, warns Sunak

ü  Egypt to provide $6 bln in loan guarantees to aid business

ü  South African defence firm Denel can't pay May salaries

ü  'Reasonable prospects' South Africa's Comair can be saved -
administrators

ü  South Africa publishes COVID-19 mine safety rules

ü  Lafarge Africa halts capex and warns of second-quarter sales drop

ü  South Africa's manufacturing output down 2.1% year-on-year in February

ü  Egypt extends suspension of international flights until further notice

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

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


Johnson & Johnson to stop selling baby powder in US

Healthcare giant Johnson & Johnson is to stop selling its talc-based
Johnson's Baby Powder in the US and Canada.

 

The firm faces many thousands of lawsuits from consumers who claim that its
talc products caused their cancer.

 

The move comes after years of litigation where Johnson & Johnson has been
ordered to pay out billions of dollars in compensation.

 

The company has consistently defended the safety of its talc products.

 

Johnson & Johnson said it would wind down sales of the product, which makes
up about 0.5% of its US consumer health business, in the coming months, but
that retailers would continue to sell existing inventory.

 

The firm faces more than 16,000 consumer lawsuits alleging that the
company's talc products were contaminated with asbestos, a known carcinogen.

 

The firm said that demand for Johnson's Baby Powder had been declining in
North America "due in large part to changes in consumer habits and fuelled
by misinformation around the safety of the product".

 

It said it had faced "a constant barrage" of lawyers advertising for clients
to sue the firm.

 

"We remain steadfastly confident in the safety of talc-based Johnson's Baby
Powder. Decades of independent scientific studies by medical experts around
the world support the safety of our product," it said.

 

The firm added that the move was part of a reassessment of its consumer
products prompted by the coronavirus pandemic.

 

It said in October that its testing had found no asbestos in its Baby Powder
after tests conducted by the US Food and Drug Administration discovered
trace amounts.

 

The firm is appealing against a 2018 order to pay $4.7bn (£3.6bn) in damages
to 22 women who alleged that its talc products caused them to develop
ovarian cancer.--BBC

 

 


 <mailto:info at bulls.co.zw> 

 


 

UK tourism boss backs call for 'air bridges'

The boss of the UK's national tourism agency has thrown her weight behind
setting up so-called air bridges with countries with low coronavirus rates.

 

Visit Britain chief executive Patricia Yates told MPs it was an
"interesting" idea and indicated the US could be open to agreeing a deal.

 

Air bridges would allow visitors from low-risk countries into the UK without
having to quarantine for 14 days.

 

A government spokesperson said air bridges were "not an agreed policy."

 

He said: "Work on this is continuing... ultimately we will be guided by the
science and the health of the public must come first."

 

Transport secretary Grant Shapps suggested on Monday that the government's
plan to quarantine people arriving in the UK for two weeks could include
exceptions.

 

He said: "We should indeed consider further improvements, for example,
things like air bridges enabling people from other countries who have
themselves achieved lower levels of coronavirus infection to come to the
country,"

 

Ms Yates told the Digital, Culture, Media and Sport Select Committee that
the US may be interested in reopening travel links with the UK.

 

"Our American regional director is telling us sort of America is ready to
go, American business is ready to go. So, possibly, an air bridge between
the UK and America might be one that would be valuable to us."

 

She added that other valuable markets for mutual arrangements also include
France, Germany and Italy.

 

'Active discussions'

Airlines have objected to the government's 14 day quarantine plan which they
say will put people off from travelling.

 

Mr Shapps said the quarantine measure, which is set to "come in early next
month", would initially be a "blanket situation".

 

But he said the government was in "active discussions" about other options.

 

Number 10 said the two week quarantine measure would be reviewed every three
weeks once it is introduced.

 

But Airlines UK, which represents the industry, said reviews need to be done
on a more regular basis.

 

"If the government does insist on doing this, with minimal exemptions in
place, we need strict rolling reviews to be enforced so that this policy is
not in place a second longer than it needs to be," it said.--BBC

 

 

 

Mirrors and garden shears prices set to fall in Brexit tariff plan

Baking powder, garden shears and mirrors are among the items set to get
cheaper from 1 January under new tariff plans announced by the government.

 

The Department for International Trade said the new UK Global Tariff is a
simpler, more liberal scheme which "backs consumers and business".

 

Following its departure from the European Union, the UK has the ability to
set its own rules and charges.

 

But a influential retail lobby group warned food prices could still rise.

 

Helen Dickinson, chief executive of the British Retail Consortium, said to
prevent this the UK would need a "comprehensive" trade deal with the EU.

 

"UK consumers have become accustomed to a huge variety of affordable food
thanks, in part, to tariff-free imports from the EU.

 

"Unless a similar agreement is reached in the next seven months, imported
agricultural products will be subject to new tariffs, raising costs for
consumers," she warned.

 

The scheme includes the abolition of tariffs on imports worth over £30bn.

 

But with the price of affected items typically set to fall by less than 5%,
economists say the impact on the cost of living will be small.

 

And some tariffs will be maintained on imported items such as beef and cars,
to protect British producers, following extensive consultation.

 

This could add thousands of pounds to the cost of a car imported from Europe
and push up food prices if a trade deal is not struck with Brussels in time
for January, something the The Food and Drink Federation warns that could
cause "serious damage".

 

It could also make it harder for European producers to sell in to the UK.

 

Brexit trade deal: What do the UK and EU want?

Items on the list include pistachios, on which the tariff is so low it is
more costly to collect than it is worth.

 

Also covered will be goods which are not produced in the UK, items used in
British manufacturers supply chains, such as screws, and those linked to
energy efficiency, including thermostats.

 

Other items will have tariffs simplified, and expressed in pounds instead of
Euros.

 

First step

International trade secretary Liz Truss said: "Our new Global Tariff will
benefit UK consumers and households by cutting red tape and reducing the
cost of thousands of everyday products"

 

So some analysts have interpreted the timing of Tuesday's announcement as a
reminder to the EU of what is at stake if progress isn't made in the ongoing
trade talks.

 

It is also being perceived as the UK signalling it is making the most of its
new freedom with other trading partners.

 

In total, 60% of UK imports will be tariff free in January under this scheme
and the preferential trade deals that exist with some countries.

 

But this is only one step in the UK's trade policy - and a relatively easy
one.

 

It aims to have 80% of trade covered by free trade deals in three years
which will necessitate reaching agreements with the EU and US.--BBC

 

 

 

EasyJet admits data of nine million hacked

EasyJet has admitted that a "highly sophisticated cyber-attack" has affected
approximately nine million customers.

 

It said email addresses and travel details had been stolen and that 2,208
customers had also had their credit card details "accessed".

 

The firm has informed the UK's Information Commissioner's Office while it
investigates the breach.

 

EasyJet first became aware of the attack in January.

 

It told the BBC that it was only able to notify customers whose credit card
details were stolen in early April.

 

"This was a highly sophisticated attacker. It took time to understand the
scope of the attack and to identify who had been impacted," the airline told
the BBC.

 

"We could only inform people once the investigation had progressed enough
that we were able to identify whether any individuals have been affected,
then who had been impacted and what information had been accessed."

 

Stolen credit card data included the three digital security code - known as
the CVV number - on the back of the card itself.

 

EasyJet added that it had gone public now in order to warn the nine million
customers whose email addresses had been stolen to be wary of phishing
attacks.

 

It said that it would notify everyone affected by 26 May.

 

It did not provide details about the nature of the attack or the motives,
but said its investigation suggested hackers were targeting "company
intellectual property" rather than information that could be used in
identity theft.

 

"There is no evidence that any personal information of any nature has been
misused, however, on the recommendation of the ICO, we are communicating
with the approximately nine million customers whose travel details were
accessed to advise them of protective steps to minimise any risk of
potential phishing.

 

"We are advising customers to be cautious of any communications purporting
to come from EasyJet or EasyJet Holidays."

 

In response to the breach, the ICO said that it was investigating.

 

"People have a right to expect that organisations will handle their personal
information securely and responsibly. When that doesn't happen, we will
investigate and take robust action where necessary."

 

It also warned people to be on the lookout for phishing attacks and directed
them to its advice on its website on how to spot such scams.

 

Phishing

Phishing attempts - which see criminals sending emails with links to fake
web pages that steal personal data - have risen exponentially during the
coronavirus crisis.

 

Google is blocking more than 100 million phishing emails every day to Gmail
users.

 

It is likely that hackers will take advantage of the fact people are
cancelling flights because of the uncertainty related to the spread of
Covid-19, said Ray Walsh, a digital privacy expert at ProPrivacy.

 

"Anybody who has ever purchased an EasyJet flight is advised to be extremely
wary when opening emails from now on," he said.

 

"Phishing emails that leverage data stolen during the attack could be used
as an attack vector at any point in the future.

 

"As a result, it is important for customers to be vigilant whenever they
receive unsolicited emails or emails that appear to be from EasyJet, as
these could be fake emails which link to cloned websites designed to steal
your data."

 

'Turbulent times'

The coronavirus pandemic has meant an end to much global travel, leaving
airlines struggling financially.

 

"These are already turbulent times for all companies within the aviation
industry but the situation has just got significantly worse for EasyJet,"
said Mike Fenton, chief executive of threat detection firm Redscan.

 

"To add to the company's woes, it is now has to explain how the personal
records of nine million customers were able to be accessed.

 

"When it comes to cyber security, the airline industry doesn't have a great
record. The British Airways breach in 2018 should have been a wake-up call
and passenger confidence is likely to be at an all-time low after this."

 

British Airways announced that the personal details of more than half a
million of its customers had been harvested by hackers in September 2018.

 

Initially it said that only 380,000 transactions were affected and that the
data did not include travel or passport details.

 

The ICO later issued a record £183m fine over the breach. Compensation
pay-outs to customers could see that reach £3bn.

 

Under GDPR (General Data Protection Regulation), if EasyJet is found to have
mishandled customer data, it could face fines of up to 4% of its annual
worldwide turnover.

 

"It is impossible to determine yet whether or not there has been negligence
but, if so, consumers could be eligible to claim compensation, raising the
financial penalty imposed on the airline significantly," said lawyer Aman
Johal.

 

Millions of EasyJet customers' details of some sort or another have been
accessed by hackers - but even more people now need to be vigilant.

 

Generally, personal details can be used by fraudsters to access bank
accounts, open accounts and take out loans in the innocent victims' names,
make fraudulent purchases, or sell on to other criminals.

 

The risks to those whose card details have been compromised are clear. Their
provider should already have stopped the card, a new one will be issued, and
they will need to sort out any regular payments coming from that card.

 

Following a similar data breach at British Airways in 2018, some found this
a frustrating and time-consuming task.

 

Millions of people whose email addresses and travel details have been
accessed will need to change passwords, and be wary of any unexpected
transactions.

 

Everyone else, particularly EasyJet customers whose details have not been
affected, must be alert to other unsolicited emails and messages.

 

Fraudsters will no doubt pose as EasyJet, banks, or the authorities and
claim to be dealing with this latest breach. They are simply trying to steal
personal details themselves.--BBC

 

 

 

 

No guarantee of quick economic bounceback, warns Sunak

It is "not obvious there will be an immediate bounceback" for the UK
economy, once lockdown restrictions are eased, the chancellor has warned.

 

Rishi Sunak said he hoped for a swift recovery, but it could take time for
the UK economy to get back to normal.

 

"It takes time for people to get back to the habits that they had, there are
still restrictions in place," he said.

 

His warning came as figures showed the number of people claiming
unemployment benefit soared to 2.1 million in April.

 

The jump of 856,500 claims in April reflected the impact of the first full
month of lockdown, the Office for National Statistics (ONS) said.

 

The government has made some changes to who can claim work-related benefits
during the pandemic, but this figure is one of a series that show the stress
Covid-19 is putting on the jobs market.

 

'Jury's out'

Speaking to the Lords Economic Affairs Committee, Mr Sunak said figures from
around the world where countries were progressively easing and lifting
restrictions, suggested a full recovery could take time.

 

He said the "question that occupies" his mind was "what degree of long-term
scarring is there on the economy" and that once restrictions begin to be
lifted there will be the case of "what do we return to" and on that the
"jury's out".

 

But he admitted he felt "all economic forecasters and economists would agree
the longer the recession is, it is likely the degree of that scarring will
be greater".

 

He said that even if the government can reopen retail in England as planned
on the 1 June, there will still be restrictions on how people can shop.

 

This will have an impact on how much they spend, and on how many people go
out, Mr Sunak said.

 

"I think in all cases it will take a little bit of time for things to get
back to normal, even once we've reopened currently closed sectors," Mr Sunak
added.

 

Seven charts on the coronavirus jobs market

'Losing my job pushed me to set up a business'

When quizzed on unemployment by the committee, Mr Sunak said he did not have
a precise estimate for what the numbers would be at the end of the year.

 

However, he said: "Obviously, the impact [of the coronavirus pandemic] will
be severe."

 

Before the lockdown began, employment had hit a record high.

 

In another indication of the bleak employment landscape, the number of job
vacancies fell by nearly a quarter to 637,000 in the three months to April.

 

Meanwhile, claims for universal credit - the benefit for working-age people
in the UK - hit a record monthly level in the early weeks of lockdown.

 

Unemployed HR worker Jon Ellis-Fleming, of Keighley in West Yorkshire, had
been with an outsourcing company for more than four years when he was made
redundant.

 

He left the firm on 8 March, hoping to spend some time at home with his
partner Julia Paterson and their eight-month-old daughter Daisy while
looking for a new job.

 

"The week after I officially left the company, Covid hit," he told the BBC.
That meant that several promising job offers just evaporated as firms put
their recruitment plans on hold.

 

Jon applied for universal credit and jobseeker's allowance. He is due to
receive his first payment of £600 later this month, while his partner
receives £650 a month on maternity leave.

 

That leaves them with less than half of their former income - and with
another mouth to feed as well.

 

"I've not been out of work in 10 years," he said. "I've never had any
intention of being out of work that long.

 

"I can't help but wonder, if I'd been with the company two weeks longer,
would furloughing have been an option?"

 

The unemployment rate was estimated at 3.9%, slightly down on the previous
quarter, the ONS said.

 

The jobless figures only cover the first week of the lockdown and they are
expected to worsen sharply in the coming months.

 

Jagjit Chadha, director of the National Institute of Economic and Social
Research, told the BBC: "We can reasonably expect unemployment to rise very
quickly to something over 10% - something we haven't seen since the early
1990s."

 

Estimates based on returns for individual weeks suggest that the fall in the
unemployment rate was mostly caused by the decrease in hours in the last
week of March, with a much smaller decrease in the previous week, the ONS
said.

 

In the final week of March, the total number of hours worked was about 25%
fewer than in other weeks within the quarter.

 

The government's jobs schemes succeeded in keeping the headline jobs numbers
high, and jobless data still quite low up until the end of March.

 

But there is evidence of the pandemic crisis impact starting to hit in the
latest ONS jobs market release.

 

The number of job vacancies from February to April tumbled by 170,000 to
637,000 - a record quarterly fall. The claimant count jumped in April, while
the average hours worked in a week fell sharply at the end of March.

 

So the signs of a significant downturn in the normal jobs market are there,
but as is the impact of the extraordinary government support package.
Unemployment would have shot through the roof without this support.

 

However, these numbers will get worse with next month's figures. The vacancy
drop shows there are fewer jobs out there for those who do lose work. And
there are real concerns as to what happens when the support starts to be
phased away in August.--BBC

 

 

 

 

Egypt to provide $6 bln in loan guarantees to aid business

CAIRO (Reuters) - Egypt’s central bank will provide up to 100 billion
Egyptian pounds ($6.36 billion) in loan guarantees to banks to encourage
lending to businesses during the coronavirus crisis, the state news agency
quoted the bank’s governor as saying on Tuesday.

 

Central bank governor, Tarek Amer, told the agency: The decision comes
during “increased business risks in the market, especially with regards to
companies and finance.”

 

The loans will carry an interest rate of 8%, well below the central bank’s
key overnight lending rate of 10.25%.

 

The coronavirus pandemic has wreaked havoc on Egypt’s economy, particularly
with the virtual shutdown since March of the country’s tourism industry,
which represents about 5% of gross domestic product, and the closure of
restaurants and cafes.

 

($1 = 15.7300 Egyptian pounds)

 

 

 

South African defence firm Denel can't pay May salaries

JOHANNESBURG (Reuters) - South African state defence firm Denel said on
Tuesday it could not pay salaries for May and wages for June and July were
at risk, highlighting the gravity of its financial position.

 

Denel is one of a number of struggling state enterprises the government has
been keeping afloat with bailouts but are now being battered by the fallout
from the coronavirus pandemic.

 

Despite a slight easing of South Africa’s lockdown restrictions this month,
Denel is running a reduced operation.

 

“Denel is not in a position to pay salaries for May. Also the June and July
salaries are in serious jeopardy,” Denel said in a message to employees seen
by Reuters.

 

Denel Chief Executive Danie du Toit said in a separate statement the company
was in ongoing conversations with the government “to find solutions to the
current crisis”.

 

Denel, which makes military hardware for the armed forces in South Africa
and around the world, is awaiting a 576 million rand ($31.6 million) bailout
announced in a budget speech in February, after receiving a 1.8 billion rand
bailout last year.

 

The chief executive is heading an effort to return Denel to profitability
with a strategy based on cost-cutting, selling assets and bringing in
strategic equity partners.

 

($1 = 18.2193 rand)

 

 

 

'Reasonable prospects' South Africa's Comair can be saved - administrators

JOHANNESBURG (Reuters) - Administrators in charge of South African aviation
company Comair believe there are “reasonable prospects” of saving the
company, it said on Tuesday, after filing for a form of bankruptcy
protection earlier this month.

 

Comair has assets of 7.4 billion rand ($407.1 million) on its balance sheet
compared to 5.5 billion rand of liabilities and is not factually insolvent,
the company said in a statement. The administrators will probably publish a
business rescue plan on June 9.

 

($1 = 18.1767 rand)

 

 

 

 

South Africa publishes COVID-19 mine safety rules

JOHANNESBURG (Reuters) - South Africa’s mines ministry on Tuesday published
safety rules for mines operating during the coronavirus pandemic and said
failure to implement them would be a criminal offence.

 

South Africa, the world’s largest producer of platinum and chrome ore and a
major miner of gold, diamonds and coal, has gradually restarted operations
after a nationwide lockdown.

 

In April, the authorities relaxed regulations to allow deep level mines to
operate at 50% capacity.

 

The publication of the guidelines follows a court ruling earlier this month
requiring employers to implement a code of practice to manage and prevent
the spread of COVID-19.

 

“This is to ensure that mine employees returning to work and any other
persons at mines, are protected from transmission of the coronavirus at the
workplace... whilst providing guidance to all stakeholders regarding their
roles and responsibilities in the management of the virus,” the mines
ministry said.

 

The regulations require mine operators to supply protective equipment,
screen all people entering a mine, provide quarantine facilities, identify
those with pre-existing conditions and carry out routine disinfection.

 

They also have to keep mineworkers between one and two metres apart.

 

Failure to enforce the rules would constitute a criminal offence, the mines
ministry said, although it did not specify what penalties could be faced.

 

South Africa has reported more than 16,400 cases of the respiratory disease
COVID-19, caused by the novel coronavirus.

 

The figure is the highest on the continent and includes more than 280
deaths.

 

The mining industry, which employs about 500,000, has reported cases. Assore
halted operations earlier this month at a chrome mine after an employee
tested positive and Impala Platinum temporally shut operations at its Marula
mine after detecting 19 coronavirus cases.

 

 

 

Lafarge Africa halts capex and warns of second-quarter sales drop

ABUJA (Reuters) - Lafarge Africa will freeze capital expenditure this year,
Chief Executive Khaled El Dokani said on Tuesday after the cement company
forecast a drop in second-quarter sales as the coronavirus pandemic hits
demand.

 

Major infrastructure projects have been put on hold, El Dokani said, citing
Nigeria’s lower oil revenue because of a slump in oil prices, with the
company’s sales volumes also hit by the country’s coronavirus lockdown.

 

The Nigerian unit of Franco-Swiss building materials group LafargeHolcim did
not provide a sales figure for the second quarter. Sales for the
corresponding period last year were 81.78 billion naira ($227.2 million).

 

Nigeria on Monday said that a phased reopening of the economy would go ahead
more slowly than planned and that it will impose targeted lockdown measures
in areas that report rapid increases in coronavirus cases.

 

There have been 6,175 confirmed coronavirus cases in Nigeria, with 191
deaths.

 

“COVID-19’s impact on the 2020 results cannot be reasonably estimated at
this stage, but long-term prospects remain positive,” El Dokani said on an
analysts call, adding that the company has implemented cash-control
measures.

 

Capital expenditure in the first three months of the year stood at 2.9
billion naira, down from 6.9 billion naira in the same period last year.

 

El Dokani said Lafarge Africa is aiming to ensure there is no further
capital expenditure for the rest of the year.

 

At the start of the year, the company had forecast growth in its main
Nigerian market as well as targeted exports.

 

Cement volumes in the first-quarter rose 8% and overall sales of 63.7
billion naira were up 9.8%, El Dokani said, helped by a 2% price rise that
had taken effect in December.

 

($1 = 360.00 naira)

 

 

 

South Africa's manufacturing output down 2.1% year-on-year in February

JOHANNESBURG (Reuters) - South Africa’s manufacturing output fell 2.1%
year-on-year in February, after contracting by a revised 1.8% in January,
the statistics agency said on Tuesday.

 

On a month-on-month basis factory production was down 2.3% in February and
declined 2.2% in the three months to the end of February, Statistics South
Africa said.

 

 

 

Egypt extends suspension of international flights until further notice

CAIRO (Reuters) - Egypt extended a halt to all international passenger
flights to curb the spread of the coronavirus, Prime Minister Mostafa
Madbouly said in a statement on Tuesday.

 

Flights at Egyptian airports were suspended on March 19, and the stoppage
will continue until further notice, the statement said.

 

 

 

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)

 

 


 

 


 

INVESTORS DIARY 2020

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


Bindura Nickel Corporation

 

 

 


Padenga Holdings

 

 

 


Delta Corporation

 

 

 


Meikles Limited

 

 

 


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