Major International Business Headlines Brief::: 13 September 2020

Sun Sep 13 06:52:34 CAT 2020

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Major International Business Headlines Brief::: 13 September 2020

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ü  Uganda, Total reach agreement bringing crude pipeline construction closer

ü  Kenyan economy to grow at under 2.5% this year -finance minister

ü  S.Africa's central bank to pause cutting on Sept.17, trim in Nov

ü  Boeing execs defend safety decisions on 737 MAX development

ü  Nvidia nears deal to buy chip designer Arm for more than $40 billion,
sources say

ü  India's secondary listing plan for firms joining foreign markets irks
investors, sources say

ü  Gilead nears deal to buy Immunomedics for more than $20 billion, WSJ
reports

ü  China bans German pork imports after African swine fever case

ü  China would rather see TikTok U.S. close than a forced sale

ü  European economy is recovering better than we had feared: Scholz

ü  Genting Malaysia injecting $150 million into U.S.-based Empire Resorts

 <mailto:info at bulls.co.zw> 

Uganda, Total reach agreement bringing crude pipeline construction closer

KAMPALA (Reuters) - Uganda and France’s Total have reached an agreement that
will bring the oil firm and its partners closer to starting construction of
a crude pipeline to neighbouring Tanzania, the company’s local unit said on
Friday.

Uganda discovered crude oil reserves about 14 years ago but commercial
production has been delayed partly because of a lack of infrastructure, such
as an export pipeline.

The 1,445-km (900-mile) East African Crude Oil Pipeline, costing $3.5
billion, would pass through neighbouring Tanzania to the Indian Ocean port
of Tanga.

Total said it had reached an agreement with Uganda protecting its rights and
obligations in the pipeline’s construction and operation - known as the host
government agreement.

“We have today reached major milestones which pave the way to the Final
Investment Decision in the coming months,” Pierre Jessua, Managing Director
of Total E&P Uganda, said in a statement.

“We now look forward to concluding a similar HGA (host government agreement)
with the Government of Tanzania and to completing the tendering process for
all major engineering,

procurement and construction contracts.”

Total said a meeting between President Yoweri Museveni and its Chief
Executive Officer Patrick Pouyanné also agreed to conditions allowing Uganda
National Oil Company to join the project.

Total is the major shareholder in Uganda’s oil fields after agreeing in
April to buy Tullow Oil’s entire stake in jointly-held onshore fields in
Uganda for $575 million.

Tullow said this week it was confident of finalising the sale in fourth
quarter of this year.

The other partner in the 230,000 barrel-per-day project is China’s CNOOC.

The government said last year once pipeline construction begins, it would
take 2-1/2 to three years to complete.

Uganda discovered crude oil reserves estimated at 6 billion barrels in the
Albertine rift basin near the border with the Democratic Republic of Congo
in 2006.

Kenyan economy to grow at under 2.5% this year -finance minister

NAIROBI (Reuters) - Kenya’s economy is expected to grow by less than 2.5%
this year, the finance minister said on Friday, as more evidence of the
economic damage caused by the health crisis emerges.

The projected growth rate will be a slide from 5.4% last year, Ukur Yatani
told a virtual event to launch budget making for the 2021/22 financial year,
battered by loss of jobs, a steep contraction in tourism and a drop in
government revenues.

“The COVID-19 pandemic is likely to cause a major economic shock,” the
minister said.

Thousands of workers have lost their jobs and some employees have had their
hours reduced.

The tourism sector, which many households rely on for their livelihoods, is
expected to contract by 18.7% this year and 9.1% next year, before it starts
to grow slightly in 2022, the Treasury said.

The government’s revenue from taxes dropped by 10% in the year to August, or
120 billion shillings ($1.11 billion), the finance ministry said, partly due
to tax cuts announced in April to support consumer demand in the face of
pandemic.

The coronavirus crisis has also upended the government’s budget deficit
reduction plans.

In the 2021/22 (July-June) financial year, the finance ministry said it will
target a fiscal deficit of 7.3% of GDP, slightly down from this fiscal
year’s deficit of 8.4%.

Pre-pandemic forecasts had put the fiscal deficit for this financial year at
4.9% of GDP, narrowing to 3.9% in 2021/22.

Kanini Kega, the chairman of parliament’s budget committee, warned officials
against taking the budget plans lightly, normally in the form of additional
requests for cash during a given financial year, after the budget has been
approved.

“The huge variations and lack of predictability has eroded the credibility
of our budget,” he said.

($1 = 108.4000 Kenyan shillings)

S.Africa's central bank to pause cutting on Sept.17, trim in Nov

JOHANNESBURG (Reuters) - South Africa’s Reserve Bank will pause in easing
its repo rate next week and cut it by a quarter of a percent to 3.25% in
November to cushion a deep pandemic-driven economic contraction before
inflation resurfaces, a Reuters poll found on Friday.

Following 300 basis points of SARB cuts this year, a poll taken in the past
week showed 15 economists saw the repo rate on held on Thursday while 10
predicted a modest 25 basis point cut to 3.25%.

However, the survey median shows rates will be cut in November for the last
time in this cycle before the SARB begins raising rates to 3.50% in either
July or September.

“The SARB still has room for another rate cut worth 25 basis points, but
this will be contingent on data,” wrote Citi’s Luis Costa.

Costa cautioned that space for further cuts is narrow due to the structure
of government spending.

Stagflation -- persistent high unemployment and inflation with weak or no
economic growth -- was a problem familiar to South Africa’s citizens and
policymakers before disinflation took hold in the past two years.

Inflation sank to its lowest in more than 15 years in May at 2.1%, but is
back on the rise even as the economy, already weak before the coronavirus
pandemic, reels from shutdowns and weak consumer demand.

“We have increased our forecast for 2020 inflation to 3.6%, as the recent
jump in inflation to 3.2% indicates inflation will likely rise above 4% by
year-end. That would imply negative real rates, which are a major concern
for the central bank,” said Francesca Beausang of Continuum Economics.

Beausang added that given the scale of the South African recession, a rate
hike was unlikely any time soon.

For his part, SARB governor Lesetja Kganyago has made it clear he is not
excessively concerned about upside inflationary developments over the next
18 months as they are already built into the central bank’s forecast.

Inflation is expected to average 3.3% this year and quicken to 4.2% in 2021,
according to the latest Reuters poll, slightly higher than last month.
Economists attribute this to the rest of global economic activity picking up
after lockdowns end and little to do with domestic demand.

South Africa’s economy shrank a staggering 51% in the second quarter on a
seasonally-adjusted, annualised basis. The poll showed the economy
contracting 8.5% this year as a whole, 0.5 percentage points weaker than
last month’s median.

Boeing execs defend safety decisions on 737 MAX development

WASHINGTON/CHICAGO (Reuters) - Two senior Boeing Co BA.N executives who
oversaw the development of the 737 MAX defended the company's decisions on a
key cockpit system later tied to two fatal crashes, according to testimony
before congressional investigators seen by Reuters.

Michael Teal, then 737 MAX chief product engineer, and Keith Leverkuhn, who
was vice president and general manager of the 737 MAX program, were
questioned separately by investigators for the U.S. House Transportation and
Infrastructure Committee in May.

“I don’t consider the development of the airplane to be a failure,”
Leverkuhn told investigators for the House panel that is to release a final
report next week on its investigation into the development of the plane,
grounded since March 2019 after two crashes killed 346 people.

Leverkuhn defended the decision to tie a new safety system on the MAX,
called MCAS, to a single sensor that has been implicated in both fatal
crashes. Boeing has since agreed to use data from two separate sensors when
the plane returns to service, which could come as early as this year.

“I think based upon our understanding and our assumptions of flight crew
actions, that it wasn’t a mistake,” Leverkuhn said.

Later in his testimony, Leverkuhn added, “Clearly what was in error was our
assumptions regarding the human machine interaction. Because the process
relied on the industry standard of pilot reaction to a particular failure.
And what was clear post accidents was that assumption was incorrect.”

Congressional investigators also questioned testimony that Boeing had never
conducted an internal financial analysis to determine the impact of whether
the Federal Aviation Administration would require more expensive simulator
training.

Teal said that if the 737 MAX design warranted simulator training, Boeing
would have created it, while acknowledging that customers may have been
disappointed.

“Would airlines have been pleased with that, of course they would not have,”
he said, noting that Boeing had signaled all along that simulator training
would not be necessary.

Last year, Boeing confirmed it had agreed to pay Southwest Airlines Co LUV.N
a $1 million per MAX rebate if the training were required.

In January, Boeing reversed course and said it would recommend simulator
training for all pilots before the MAX returns to service.

Teal, now the 777X chief project engineer, said the planemaker has since
revised some pilot assumptions in the aftermath of the 737 MAX crashes.
“It’s a learning that we are now putting forth on the new aircraft,” he
said.

Boeing did not immediately respond to a request for comment. The Wall Street
Journal, which reported on the transcripts earlier, said Leverkuhn retired
earlier this year as he had long planned, citing a Boeing spokesman.

Nvidia nears deal to buy chip designer Arm for more than $40 billion,
sources say

(Reuters) - Nvidia Corp is close to a deal to buy British chip designer Arm
Holdings from SoftBank Group Corp for more than $40 billion in a deal which
would create a giant in the chip industry, according to two people familiar
with the matter.

A cash and stock deal for Arm could be announced as early as next week, the
sources said.

Nvidia is known for its graphics chips that power video games, but it has
developed other markets including artificial intelligence, self-driving cars
and data centers.

Arm supplies the chip technology for virtually all mobile devices such as
phones and tablets but is also expanding into processors for cars,
datacenter services and other devices.

The British company does not make chips. Instead it licenses out the
underlying technology so others can make chips with it. It has previously
collaborated with Nvidia.

Last year Nvidia said it would make its chips work with processors from Arm
to build supercomputers, deepening its push into systems that are used for
modeling both climate change predictions and nuclear weapons.

SoftBank acquired Arm for $32 billion in 2016, its largest-ever purchase, in
part to expand into the internet-of-things technology, which connects
everyday devices from traffic signals to refrigerators to the internet.

The terms would mark a big win for the Japanese company which has struggled
to jump-start growth in the business, according to the Wall Street Journal,
which reported on the deal earlier.

Nvidia declined to comment. SoftBank and Arm did not respond to Reuters’
requests for comments.

India's secondary listing plan for firms joining foreign markets irks
investors, sources say

NEW DELHI/MUMBAI (Reuters) - Indian companies that list overseas will have
to later launch on a domestic bourse under policy changes being considered
by government officials, sources told Reuters, a move that global investors
fear will harm valuations.

India said in March it would allow local firms to directly list abroad to
better access foreign capital for growth, but the rules have yet to be
decided. Currently only certain types of securities such as depository
receipts are able to be listed in foreign markets, and only after the
companies go public in India.

The new policy, aimed at helping local firms achieve better valuations,
could be a shot in the arm for Indian unicorn start-ups valued at over $1
billion and Reliance's RELI.NS digital unit which is eyeing a U.S. listing
after raising over $20 billion from global names like KKR & Co KKR.N.

But in recent weeks Indian officials told global investors and companies in
meetings they were considering mandating a secondary listing for local
companies on Indian bourses after they list abroad, five sources said.

The time period under consideration for such a requirement ranges from 6
months to 3 years, sources said.

A separate senior regulatory source in India said “dual listing was being
considered by the (finance) ministry for sure,” but a final position on the
matter has not been reached.

Japan's SoftBank 9984.T and an Indian payment firm it backs, Paytm, as well
as Reliance and U.S.-based Sequoia Capital have conveyed to the government
the secondary listing provision risks splitting trading volumes, hurting
long-term valuations and raising compliance needs and costs, the sources
added.

“To require companies to subsequently list in India will make these rules
meaningless,” said a senior executive working at a global venture-capital
firm.

SoftBank and Sequoia have invested in various Indian firms like ride-hailing
company Ola and hospitality firm Oyo. Foreign listings could provide exits
for such investors at higher valuations but also allow Indian firms,
especially from the tech sector, to access specialised investors abroad who
can better value their companies.

The rules are being drafted by the finance and corporate affairs ministries,
in discussion with the capital markets regulator Securities and Exchange
Board of India (SEBI), and will be finalised in coming weeks.

Spokespeople for SEBI and the two ministries did not respond to a request
for comment. A SoftBank spokeswoman said “we never comment on confidential
policy discussions”. Sequoia, Paytm and Reliance did not respond to requests
for a comment.

GOING FOR GROWTH

Currently, Indian companies can list locally and then access foreign equity
capital through instruments like American Depository Receipts (ADRs), a
route used by India's Infosys INFY.NS and ICICI Bank ICBK.NS.

India is concerned that the upcoming policy change will mean that companies
hunting for higher valuations through access to a wider group of investors,
would choose to only list abroad, the sources said. That risks hitting the
growth ambitions of Indian capital markets and depriving local investors of
the wealth-creation opportunity.

“The government needs to balance Indian aspirations so that (domestic)
investors can invest in these companies,” said Siddarth Pai, Founding
Partner at Indian investment firm 3one4 Capital. “This is a trailblazing
endeavour, if India plays its cards right.”

India’s equity market has a capitalisation of $2 trillion, compared with
$39.3 trillion for the United States.

Between January and June this year, companies raised $23.6 billion via 63
initial public offerings (IPOs) on the New York Stock Exchange and Nasdaq
NDAQ.O, compared with $2.3 billion raised on Mumbai's stock exchanges
through 18 listings, data from Refinitiv showed.

Lobbying group USIBC, part of the U.S. Chamber of Commerce, has this week
been seeking feedback on the plan from members in an e-mail saying “the hope
is” there will be no dual listing requirement.

A 2018 SEBI report listed 10 possible foreign markets for overseas listings,
including the United States and the United Kingdom.

Gilead nears deal to buy Immunomedics for more than $20 billion, WSJ reports

(Reuters) - Gilead Sciences Inc is nearing a deal to buy biopharmaceutical
company Immunomedics Inc for more than $20 billion in a deal that would
further expand Gilead’s portfolio of cancer treatments, the Wall Street
Journal reported on Saturday.

A deal for Immunomedics, whose cancer therapy Trodelvy is FDA-approved as a
third-line treatment for an aggressive type of breast cancer called
Metastatic Triple-Negative Breast Cancer, could be announced Monday if not
sooner, the Journal said, citing people familiar with the matter.

Discussions between Gilead and Immunomedics were initially centered around a
partnership before shifting to a full-fledged takeover negotiation, the
Journal added.

Gilead and Immunomedics did not respond immediately to emailed requests from
Reuters for comment.

Shares of Immunomedics, which last month reported positive data from a
late-stage confirmatory study for Trodelvy, have nearly doubled this year,
giving the company a valuation of close to $10 billion.

An acquisition of Immunomedics would add to several deals Gilead inked this
year with the aim of expanding its oncology portfolio.

It bought a 49.9% stake in cancer drug developer Pionyr Immunotherapeutics
in June for $275 million, just months after paying $4.9 billion for Forty
Seven Inc, maker of an experimental treatment that targets blood cancer.

China bans German pork imports after African swine fever case

SHANGHAI (Reuters) - China banned pork imports from Germany on Saturday
after it confirmed its first case of African swine fever last week, in a
move set to hit German producers and push up global prices as China’s meat
supplies tighten.

China’s ban on imports from its third largest supplier comes as the world’s
top meat buyer deals with an unprecedented pork shortage after its own
epidemic of the deadly hog disease.

The ban on Germany, which has supplied about 14% of China’s pork imports so
far this year, will push up demand for meat from other major suppliers like
the United States and Spain, boosting global prices.

China pork imports from top suppliers:

German pork exports to China are worth around 1 billion euros ($1.2 billion)
annually, and volumes had doubled in the first four months of this year on
soaring demand after Chinese output shrank around 20%.

A spokeswoman for the German Food and Agriculture Ministry confirmed the
ban, adding that the ministry remained in talks with the Chinese government
on the matter.

German farmer’s association DBV urged the German government to continue
talks with China about using a regional ban on imports involving only the
local area in which an ASF case was found, rather than a blanket national
import ban.

Germany’s huge pork sales to China involve huge volumes of pigs’ ears, feet
and tails. These are hardly eaten in Europe and the ban has created intense
concern among German farmers about where this can now be sold, said DBV
president Joachim Rukwied.

The ban, announced by China’s customs agency and its agriculture ministry,
had been widely anticipated given Beijing’s history of moving quickly to
implement bans in such cases.

It comes two days before Chinese President Xi Jinping attends a meeting via
video link with German Chancellor Angela Merkel and European Union leaders.

EXPORT BOON

The move is expected to benefit other major suppliers like the United
States, Spain and Brazil.

“Spain’s white pig sector is fully prepared to continue its growth trend in
sales of safe and quality pork products to the Chinese market,” Daniel de
Miguel, international director of trade body Interporc, said on Friday ahead
of the ban.

Unlike other European countries, Spain has not had to shut any pork
processing plants due to coronavirus outbreaks in recent weeks, he added.

The United States is also “well positioned” to ship more pork to China, said
Joe Schuele, spokesman for the U.S. Meat Export Federation.

U.S. live hog futures climbed on Thursday and Friday on anticipation of the
ban.

African swine fever spreads through contact with infected animals’ body
fluids and can also be spread by people and trucks. It is almost always
fatal in pigs and there is no cure or vaccine available. It does not harm
people.

China would rather see TikTok U.S. close than a forced sale

(Reuters) - Beijing opposes a forced sale of TikTok’s U.S. operations by its
Chinese owner ByteDance, and would prefer to see the short video app shut
down in the United States, three people with direct knowledge of the matter
said on Friday.

ByteDance has been in talks to sell TikTok's U.S. business to potential
buyers including Microsoft MSFT.O and Oracle ORCL.N since U.S. President
Donald Trump threatened last month to ban the service if it was not sold.

Trump has given ByteDance a deadline of mid September to finalise a deal.

However, Chinese officials believe a forced sale would make both ByteDance
and China appear weak in the face of pressure from Washington, the sources
said, speaking on condition of anonymity given the sensitivity of the
situation.

ByteDance said in a statement to Reuters that the Chinese government had
never suggested to it that it should shut down TikTok in the United States
or in any other markets.

Two of the sources said China was willing to use revisions it made to a
technology exports list on Aug. 28 to delay any deal reached by ByteDance,
if it had to.

China’s State Council Information Office and its foreign and commerce
ministries did not immediately respond to requests for comment sent after
working hours.

Asked on Friday about Trump and TikTok, Chinese foreign ministry spokesman
Zhao Lijian said at a regular press briefing that the United States was
abusing the concept of national security, and urged it to stop oppressing
foreign companies.

CLASH BETWEEN POWERS

Reuters has reported that TikTok’s prospective buyers were discussing four
ways to structure an acquisition from ByteDance.

Within these, ByteDance could still push ahead with a sale of TikTok’s U.S.
assets without approval from China’s commerce ministry by selling them
without key algorithms.

ByteDance and its founder Zhang Yiming have been caught in a clash between
the world’s two preeminent powers.

Trump last month issued two executive orders that require ByteDance to sell
TikTok’s U.S. assets or face being banned in the country, where the app is
hugely popular among teenagers.

U.S. officials have criticised the app’s security and privacy, suggesting
that user data might be shared with Beijing. TikTok has said it would not
comply with any request to share user data with the Chinese authorities.

Beijing has said it firmly opposes Trump’s executive orders and on Aug. 28
moved to give itself a say in the process, revising a list of technologies
that will need Chinese government approval before they are exported. Experts
said TikTok’s recommendation algorithm would fall under this list.

Chinese regulators said last week the rules were not targeted at specific
companies but they reaffirmed their right to enforce them.

European economy is recovering better than we had feared: Scholz

BERLIN (Reuters) - The European economy is recovering much better than many
had feared at the beginning of the COVID-19 pandemic, German Finance
Minister Olaf Scholz said on Saturday, adding that governments should
nonetheless continue to support companies and consumers.

“The pandemic is not over, but the indicators ... show that the economy is
recovering much better than we feared some time ago, and that is something
that applies to the European Union as a whole but also to the individual
member states,” Scholz told reporters at the end of an informal meeting of
the 27 EU finance ministers in Berlin.

Genting Malaysia injecting $150 million into U.S.-based Empire Resorts

KUALA LUMPUR (Reuters) - Casino operator Genting Malaysia Bhd GENM.KL is
injecting $150 million cash into its U.S.-based unit Empire Resorts Inc for
working capital and financing purposes, the company said .

The casino, amusement park and resort group said it entered into a
subscription agreement to subscribe for up to $150 million of Series L
preferred stock of Empire, an indirect wholly-owned subsidiary.

Genting Malaysia had in March also announced an equity injection of $40
million into Empire via a subscription agreement for Empire’s Series G
preferred stocks.

“In addition, Empire will require funds to fulfill its short-term debt
obligations within the next six months,” the company said in a filing late
on Friday, adding that Empire will continue with its long-term refinancing
plans.

The company said U.S. authorities had in March directed all gaming resort
operations to be suspended in efforts to curb the spread of the coronavirus
and consequently Empire had temporarily closed its entire gaming operations.

($1 = $1.0000)

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INVESTORS DIARY 2020

Company

Event

Venue

Date & Time

Companies under Cautionary

Bindura Nickel Corporation

Padenga Holdings

Delta Corporation

Meikles Limited

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