Major International Business Headlines Brief::: 04 April 2018

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Major International Business Headlines Brief::: 04 April 2018

 


 

 


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

 


 

 


*  South African rand weakens as global trade tensions sap risk appetite

*  South African close to 1.216 trillion rand revenue target for 2017/18 - finmin

*  S.Africa's Murray & Roberts awarded $312 mln in new mining projects

*  South Africa's new vehicle sales up 1 percent year/year in March

*  Sagarmatha eyes $4 bln valuation in S.Africa's first e-commerce IPO

*  South Africa's rand firms, stocks down as ARM falls after attack on miners

*  Cradle Arc to boost copper output in Botswana from April

*  S.Africa's Absa PMI falls in March as strong rand hurts exports

*  Tunisia's tourism revenues grow 23 pct in first quarter

*  Ivory Coast cocoa farmers predict good harvest as mid-crop starts

*  US-China trade: Beijing condemns US tariffs list

*  Spotify shares dip on first day of trading

*  Tesla shares higher after Model 3 production boost

*  Half of European flights delayed due to system failure

*  Facebook's Zuckerberg fires back at Apple's Tim Cook

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

South African rand weakens as global trade tensions sap risk appetite

JOHANNESBURG (Reuters) - South Africa’s rand weakened against the dollar early on Wednesday as U.S.-China trade tensions sparked market fears that the standoff between the world’s two largest economies could spiral into a trade war which could crush global growth.

 

At 0631 GMT, the rand traded at 11.8600 per dollar, 0.3 percent weaker than its overnight close.

 

U.S. President Donald Trump administration announced 25 percent tariffs on $50 billion of annual imports from China, covering around 1,300 industrial technology, transport and medical products. China’s commerce ministry immediately warned it was preparing countermeasures of equal intensity.

 

“Global trade tensions continue to weigh on risk appetite, and until common ground is found safe-haven demand would remain as the best form of defence,” Nedbank analysts wrote in a note.

 

In fixed income, the yield for the benchmark government bond was up 1.5 basis points to 8.03 percent.

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

South African close to 1.216 trillion rand revenue target for 2017/18 - finmin

PRETORIA (Reuters) - South Africa’s Treasury is very close to meeting its revenue collection target for the just ended financial year, the Finance Minister Nhlanhla Nene said on Tuesday.

 

“The preliminary result is very close to forecasted estimate of 1.217 trillion rand,” Nene said at a press briefing in Pretoria.

 

 

 

S.Africa's Murray & Roberts awarded $312 mln in new mining projects

JOHANNESBURG (Reuters) - South African engineering and construction group Murray & Roberts, which is currently subject of a takeover bid, said on Tuesday it has been awarded 3.7 billion rand ($312 million) in new underground mining projects.

 

The firm, which was previously awarded underground mining projects in North America and Australasia, said the additional contracts would be for diamond, gold, copper, salt and platinum mines. The projects are due for delivery in two to three years.

 

($1 = 11.8300 rand)

 

 

 

South Africa's new vehicle sales up 1 percent year/year in March

JOHANNESBURG (Reuters) - South Africa’s new vehicle sales rose 1.1 percent year-on-year to 49,233 units in March, data from the trade and industry department showed on Tuesday.

 

Exports fell 8.1 percent to 27,438 units compared with the same month a year earlier, the department said.

 

 

Sagarmatha eyes $4 bln valuation in S.Africa's first e-commerce IPO

JOHANNESBURG (Reuters) - Sagarmatha Technologies Ltd, a South African company that owns newspapers, online shopping and classified platforms, is targeting a valuation of more than $4 billion in Johannesburg’s first initial public offering of an e-commerce company.

 

Sagarmatha said it plans raise 7.5 billion rand ($636 million) in a share placement of 189.3 million shares at 39.62 rand each, it said in a pre-listing filing on its website.

 

Investors are to include Jim Rogers, the longtime Asian bull and co-founder of hedge fund Quantum Fund.

 

Rogers has agreed to buy between 100 million rand and 150 million rand worth of shares while Harold Doley, who was the U.S. representative to the African Development Bank during the 1980s and founder of U.S investment bank Doley Securities, has given a similar undertaking.

 

The results of the placement are to be issued later on Tuesday, it said.

 

The placement values the Cape Town-based company at nearly 50 billion rand, underpinned by one of the country’s largest offering of newspapers that include The Star and The Sunday Independent.

 

Sagarmatha will tap the Johannesburg equity market as investors and business leaders bet newly elected President Cyril Ramaphosa will follow through on promises to revitalise the economy and push through business-friendly policies.

 

The listing, penciled in for this Friday, would reduce the stake of top shareholder Sekunjalo Investments, a company founded by medical doctor Iqbal Surve in the 1990s, to as little as 60 percent from 73 percent.

 

It would also give investors an alternative to Naspers, a 1.3 trillion rand giant that owes much of that valuation to its one-third stake in China’s Tencent Holding despite running e-commerce platforms online retailer Takealot in South Africa and MakeMyTrip in India.

 

Sagarmatha said it would use 7.5 billion rand it hopes to raise from the sale of the 15 percent stake in the IPO to scale up its existing platforms, buy new ones, pay down debt and roll out regional offices in east Africa.

 

The company reported a loss before tax of 36 million rand in the 2016 fiscal year on revenue of 188.4 million rand.

 

($1 = 11.7950 rand)

 

 

South Africa's rand firms, stocks down as ARM falls after attack on miners

JOHANNESBURG (Reuters) - South Africa’s rand firmed on Tuesday as global risk appetite improved and markets appeared to shrug off worries that U.S.-China trade tensions could damage global growth.

 

Stocks ended lower as African Rainbow Minerals shares fell after an attack on its miners that led to six deaths.

 

At 1512 GMT the rand was 0.32 percent firmer at 11.8125 per dollar compared to Monday’s close of 11.8500.

 

U.S. President Donald Trump’s administration is expected to announce this week U.S. tariffs on $50-60 billion in Chinese imports. On Tuesday China’s ambassador to the United States said Beijing will take counter-measures of the “same proportion” and scale if Washington imposes further tariffs.

 

The trade war fears had dampened global risk appetite but the rand remains an emerging market favourite following a ratings reprieve by Moody’s last month and data suggesting the continent’s most industrialised country was on track for faster growth.

 

Moody’s affirmed South Africa’s debt at “Baa3”, the lowest rung of investment grade, but changed the country’s credit outlook to stable from negative.

 

“The (central bank) decision to reduce the interest rate in March may slow down the pace of the appreciation in the rand in the near-term,” Nedbank analysts wrote in a note.

 

“We still believe that the current real interest rate is still supportive of persistent foreign capital inflows, which could see the rand being supported further in coming months, although this is not our base case.”

 

The rand has appreciated 7 percent against the dollar since late December when President Cyril Ramaphosa succeeded Jacob Zuma as head of the ruling African National Congress party. Ramaphosa was appointed head of state following Zuma’s resignation in February.

 

On the bourse, the All-Share index fell 1.1 percent to 54,864 points. The Top-40 index was down 1.26 percent to 48,167 points.

 

African Rainbow Minerals fell 4.63 percent to 96.71 rand following the deaths of six of their miners when the bus taking them to work was set alight by a petrol bomb thrown by unknown attackers.

 

“The stock has really been marked down because there is likely negative sentiment due to safety concerns. Mines can be closed and production can be affected,” said Greg Davies, equities analyst at Cratos Wealth.

 

In fixed income, the yield for the benchmark government bond was up 3.5 basis points to 8.015 percent, reflecting weaker bond prices.

 

 

 

Cradle Arc to boost copper output in Botswana from April

LONDON (Reuters) - Copper producer Cradle Arc is increasing output to 12,000 tonnes per year at a Botswana mine it has restarted and is seeking more mining assets in the African nation to take advantage of rising metals prices, the chief executive said.

 

Production was halted at Botswana’s Mowana mine in 2015, when copper prices fell, in line with a wider commodity crash.

 

Copper prices at around $6,700 a tonne have risen more than 50 percent since falling to nearly $4,300 a tonne at the start of 2016.

 

After securing debt funding worth $10 million, CEO Kevin van Wouw said the mine would accelerate development to lift output to 12,000 tonnes per year over the next three to four months.

 

The goal after that would be 20,000 tonnes per year, he added.

 

Longer-term, many analysts are bullish on copper because of demand linked to electric vehicles and the expansion of electrical grids around the world.

 

Van Wouw wants to increase his base metals exposure in Botswana. “There are numerous assets on the block. We are looking at a number of them,” he said in a telephone interview, without giving details.

 

Cradle Arc, formerly known as Alecto Minerals, relaunched with a listing on London’s AIM market for small companies in January, raising 5.65 million pounds ($8 million) to support the Mowana mine.

 

($1 = 0.7086 pounds)

 

 

S.Africa's Absa PMI falls in March as strong rand hurts exports

JOHANNESBURG (Reuters) - South Africa’s seasonally adjusted Absa Purchasing Managers’ Index fell sharply in March as business activity, new sales and inventories all declined, a survey showed on Tuesday, with the stronger rand hurting exports.

 

The index, which is compiled by the Bureau for Economic Research and gauges manufacturing activity in Africa’s most industrialised economy, fell to 46.9 in March from 50.8 in February, its lowest reading since December.

 

“Exports could be affected by the stronger rand exchange rate of late, which can weigh on competitiveness of local goods in international markets. The dip in demand, in turn, filtered through to lower activity levels,” the survey said.

 

South Africa’s rand has been among the best performing emerging market currencies this year, advancing about 20 percent against the greenback since November.

 

 

The rally in the currency has also seen the current account deficit widen to a larger than expected 2.9 percent of GDP in the fourth quarter.

 

The replacement of scandal-plagued Jacob Zuma with President Cyril Ramaphosa in February and his subsequent pledge to fight corruption and implement reforms has revived optimism about South Africa’s economy.

 

The index fell below the 50 mark, which divides expansion from contraction, after growing for the first two months of the year as optimism around the policy and political changes spurred business activity.

 

 

Tunisia's tourism revenues grow 23 pct in first quarter

TUNIS (Reuters) - Tunisia’s tourism revenues rose 23 percent year-on-year in the first three months of 2018, the government said on Tuesday, as the sector recovers from two militant attacks on holidaymakers in 2015.

 

Tourism minister Salma Loumi forecast last month that arrivals would reach a record 8 million this year, fully reversing the damage inflicted by the attacks..

 

“Revenues rose by 23 percent from 371 million dinars ($153 million) in the first three months of 2017 to 457 million dinars ($188 million) in the first three months of 2018,” the tourism ministry said in statement.

 

The sector accounts for about 8 percent of Tunisia’s gross domestic product.

 

Major European tour operators have started to return this year after shunning Tunisia following the gun attack on a beach in Sousse that killed 38 tourists - 30 of them British - and another at the Bardo National Museum in Tunis that killed 21.

 

Last February, Thomas Cook flew British tourists to Tunisia for the first time since the Sousse attack. TUI, Europe’s largest travel group, said it too planned to offer holidays in Tunisia again, starting in May.

 

($1 = 2.4255 Tunisian dinars)

 

 

 

Ivory Coast cocoa farmers predict good harvest as mid-crop starts

ABIDJAN (Reuters) - Ivory Coast cocoa farmers said their trees were loaded with ripe cocoa pods and that sunny intervals last week enabled crops to dry, quelling fears that low rainfall earlier this year might have hit production.

 

The government last week said it is expecting around 500,000 tonnes of beans for the April-to-September mid-crop harvest which has just started, and around 2 million tonnes of beans in total for the 2017/18 season, not far off record highs seen the previous season.

 

This is despite low rainfall during the dry season which made some concerned that output would drop significantly compared to last year.

 

Farmers said they were satisfied with current levels of soil moisture, but said more rain would be needed in April to boost the final stage of the mid-crop.

 

“We have already harvested for the first time and there are still many small fruits left on the trees for later,” said Amadou Diallo, who farms in the outskirts of the southern region of Divo.

 

“If we have good rain this month we will have a lot of high-quality cocoa in two months,” he said.

 

Data collected by Reuters showed that rainfall in Divo was at 11.9 mm last week, 8.9 mm below average.

 

In the western region of Soubre, at the heart of the cocoa belt, farmers said they were expecting an abundant crop next month as many big pods were almost ripe.

 

“Harvests will be shy until the end of this month, but after that there will be a lot of cocoa,” said Lazare Ake, who farms near Soubre.

 

“There are many small pods on the trees. If rainfall is good in April there will be many beans over the coming months,” said Ake.

 

Data showed that rainfall in Soubre, which includes the regions of Sassandra and San Pedro, was at 5.8 mm last week, 10.9 mm below average.

 

Data also showed that the centre-western region of Daloa, which produces a quarter of national output, received 6.2 mm of rainfall last week, 12.8 mm below average. Still, farmers there said they were satisfied with moisture levels.

 

 

 

US-China trade: Beijing condemns US tariffs list

Beijing has vowed to retaliate after the United States published a list of about 1,300 Chinese products it plans to hit with a 25% tariff.

 

The White House said the proposed extra tax on the imports was a response to unfair Chinese practices around intellectual property rights.

 

The wide-ranging list includes items such as medical products, televisions and motorcycles.

 

Beijing said it "strongly condemns and firmly opposes" the tariffs.

 

"Such unilateralistic and protectionist action has gravely violated fundamental principles and values of the WTO [World Trade Organisation]," the Chinese embassy in Washington said in a statement on Wednesday.

 

China said the US action did not serve either country's interests and "even less the interest of the global economy".

 

"As the Chinese saying goes, it is only polite to reciprocate," the statement added.

 

"The Chinese side will resort to the WTO dispute settlement mechanism and take corresponding measures of equal scale and strength against US products in accordance with Chinese law."

 

Economists had previously warned the Trump administration's move to slap China with the tariffs could prompt Beijing to retaliate and lead to higher prices for American consumers.

 

The release of the list comes just after China hit $3bn worth of US products with tariffs in response to steel and aluminium tariffs the US has imposed.

 

The products on the list the US published on Tuesday represent imports worth about $50bn annually.

 

Beijing Deals

What China sells to the US

$462.6bn

 

The value of of goods bought by the US from China in 2016.

 

18.2% of all China's exports go to the United States

 

$129bn worth of China-made electrical machinery bought by US

 

59.2% growth in Chinese services imported by US between 2006 & 2016

 

$347bn US goods trade deficit with China

 

CIA Factbook; USTR. All data for 2016.

 

 

The office of the US Trade Representative, which handles trade negotiations, said the amount was "appropriate both in light of the estimated harm to the US economy and to obtain elimination of China's harmful acts, policies and practices".

 

A final list will be determined after a public comment period and review, expected to last about two months.

 

The plans for tariffs are the result of an investigation that US President Donald Trump ordered last year into China's intellectual property practices.

 

Last month, he said the probe found evidence of problems, such as practices that pressure US companies to share technology with Chinese firms and ordered a list of products drawn up for tariffs.

 

Hopes for a resolution

When announcing its intentions to retaliate against the US tariffs on Wednesday, the Chinese embassy in Washington said it hoped the US would "with sense and long-term picture in mind, refrain from going down the wrong path".

 

US business groups have also urged the two sides to try to resolve the issues through talks, expressing concern that threatening tariffs could lead to a dispute that hurts the US economy.

 

The US Chamber of Commerce said: "The administration is rightly focused on restoring equity and fairness in our trade relationship with China. However, imposing taxes on products used daily by American consumers and job creators is not the way to achieve those ends."

 

China's economy has become less dependent on exports in recent years, which is likely to blunt the effect of the tariffs, according to analysts for S&P Global Ratings.

 

The US was the destination for about 18.2% of Chinese goods in 2016 according to the US trade department.

 

The list includes parts of communication satellites, semiconductors, aviation equipment and brewery machinery, as well as more niche products such as bakery ovens and rocket launchers.

 

Joseph Brusuelas, chief economist at RSM US, said he did not think the Chinese would take the list seriously, pointing to low-demand items like monitors with video cassette recorders.

 

Instead, he said the main outcome was likely to be higher prices for American manufacturers - and, eventually, consumers.

 

That may not be enough to persuade the Trump administration to opt for a different strategy, he added.

 

"At this point, if the Trump administration does not follow through on this they're going to lose face and credibility," he said.--BBC

 

 

 

Spotify shares dip on first day of trading

Shares in Spotify fell back on the first day of trading on the US stock market after the music streaming firm's highly anticipated launch.

 

The shares opened at $165.90 (£118) - more than a quarter higher than the $132 guide price set by the New York Stock Exchange on Monday.

 

After going as high as $169, they lost ground to close at $149.01.

 

That makes the Swedish company worth about $26bn - well above the value of other tech firms such as Twitter.

 

Spotify used an unconventional process to go public: instead of issuing new shares, early investors sold their existing holdings.

 

That move gave the firm's early backers a chance to cash in on its growth.

 

Traders huddled on the floor of the New York Stock Exchange on Tuesday morning, gauging interest from buyers and sellers to determine the opening price.

 

By the end of the day, about 30 million shares had traded hands.

 

Despite their retreat the shares remain well above the prices Spotify said they fetched in recent private transactions.

 

Spotify's first-day valuation ranks among the 10 largest for a technology company's debut, behind firms including Facebook and Alibaba.

 

Spotify, which started offering its music service in 2008 as an upstart music platform, is now available in 65 countries.

 

It has added millions of users to its free-to-use ad-funded service in recent years, converting many of them to its more lucrative subscription service.

 

It is now the global leader with about 71 million paying customers, almost twice as many as Apple Music, but is still yet to make a profit.

 

Spotify posted a loss of €1.23bn last year despite making revenues of €4bn.

 

Like an angsty teenager, Spotify has begrudgingly made its stock market debut.

 

The ten year old streaming music company eschewed the normal pomp that comes with a New York Stock Exchange listing, choosing not to ring the opening bell or even send Daniel Ek, Spotify's co-founder.

 

Although a few traders sported vests with the Spotify logo and the traditional gigantic banner hung outside the NYSE building, most of the morning's activity was focused on a very unusual task: trying to figure out the opening share price. The process had started at 6:30 in the morning and continued for hours after the opening bell.

 

The drawn-out process was a result of Spotify's decision to go public using an unusual strategy known as a direct listing that cut out the bankers and meant early investors and employees could immediately sell their shares.

 

When the music finally stopped, shares in Spotify started trading at $165.90, valuing the company at $29.5bn.

 

That should net the company's early founders many millions of dollars. Presumably, to quote fellow Swede Robyn, they're somewhere else, still dancing on their own.--BBC

 

 

 

Tesla shares higher after Model 3 production boost

Shares in electric car firm Tesla have risen after it announced a boost in production of its cheaper Model 3 cars in the first quarter.

 

The firm said it had "by far the most productive quarter in Tesla history" after it built 34,494 vehicles, 9,766 of which were Model 3s.

 

Tesla's profitability is reliant on increasing its Model 3 production.

 

The company's shares have fallen in the past week amid speculation over its finances and a fatal US car crash.

 

The firm said in a statement it had doubled its weekly Model 3 production rate in the third quarter. In the last week, it said, it had produced 2,020 of the vehicles.

 

"Tesla continues to target a production rate of approximately 5,000 units per week in about three months, laying the groundwork for Q3 [the third quarter] to have the long-sought ideal combination of high volume, good gross margin and strong positive operating cash flow.

 

"As a result, Tesla does not require an equity or debt raise this year, apart from standard credit lines," it said.

 

The production numbers, short of Tesla's own target of 2,500 per week for the end of March, are far higher than the quantity of 793 Model 3s built in the final week of last year.

 

Increasing Model 3 production is important for the Silicon Valley electric carmaker, whose profitability is tied to the cheaper car.

 

Tesla says it has about 500,000 advance reservations from customers for the vehicle.

 

It said order cancellations were almost always down to delays in production and product options.

 

Shares of the California-based company, which have fallen about a fifth in value in the past week, were nearly 3% higher in midday US trading.

 

Tesla chief executive Elon Musk Musk made light of the company's financial situation on 1 April, joking in a tweet that Tesla had gone bankrupt.

 

"Despite intense efforts to raise money, including a last-ditch mass sale of Easter Eggs, we are sad to report that Tesla has gone completely and totally bankrupt. So bankrupt, you can't believe it," the tweet said.--BBC

 

 

 

Half of European flights delayed due to system failure

The organisation responsible for co-ordinating European air traffic says it has fixed an earlier fault which led to widespread flight delays.

 

Eurocontrol earlier said that delays could affect up to half of all flights in Europe - about 15,000 trips.

 

It said the faulty system was restarted at 19:00 GMT, and normal operations had resumed.

 

Tuesday's fault was only the second failure in 20 years, Eurocontrol said - the last happened in 2001.

 

The unspecified problem was with the Enhanced Tactical Flow Management System, which helps to manage air traffic by comparing demand and capacity of different air traffic control sectors.

 

It manages up to 36,000 flights a day. Some 29,500 were scheduled on Tuesday when the fault occurred.

 

When the system failed, Eurocontrol's contingency plan for a failure in the system deliberately reduced the capacity of the entire European network by 10%. It also added what it calls "predetermined departure intervals" at major airports.

 

In a statement, the group said it "very much regrets the disruption that has been caused to passengers and airlines due to today's outage."

 

"We have never had anything like this before," a Eurocontrol spokesman told the AFP news agency.

 

But air traffic control itself was not directly affected, and Eurocontrol said "safety was not compromised at any time".

 

Earlier in the day, several European airports had warned passengers to expect delays, with Brussels Airport saying it was limited to just 10 departures every hour. Schiphol in Amsterdam, Helsinki, and Dublin airports also warned passengers about delays of varied lengths.

 

On Tuesday afternoon, Eurocontrol said its contingency plan would be in place for several hours, "until we are certain that sufficient data is in the system to allow it to operate completely correctly".

 

Eurocontrol announced the system restart later in the day, after what it called extensive testing.

 

It also asked airlines to resend any flight plans filed before 10:26 UTC, which it says were lost in the system failure.

 

Under EU law, passengers on delayed flights are usually entitled to compensation. But an exemption applies if the delay was caused by an "extraordinary circumstance" out of the airline's control.--BBC

 

 

Facebook's Zuckerberg fires back at Apple's Tim Cook

Facebook's chief executive has defended his leadership following criticism from his counterpart at Apple.

 

Mark Zuckerberg said it was "extremely glib" to suggest that because the public did not pay to use Facebook that the firm did not care about them.

 

Last week, Apple's Tim Cook said it was an "invasion of privacy" to traffic in users' personal lives.

 

And when asked what he would do if he were Mr Zuckerberg, Mr Cook replied: "I wouldn't be in that situation."

 

Facebook has faced intense criticism after it emerged that it had known for years that Cambridge Analytica had harvested data from about 50 million of its users, but had relied on the political consultancy to self-certify that it had deleted the information.

 

Channel 4 News has since reported that at least some of the data in question is still in circulation despite Cambridge Analytica insisting it had destroyed the material.

 

Mr Zuckerberg was asked about Mr Cook's comments during a lengthy interview given to news site Vox about the privacy scandal.

 

He also acknowledged that Facebook was still not transparent enough about some of the choices it had taken, and floated the idea of an independent panel being able to override some of its decisions.

 

'Dire situation'

Mr Cook has spoken in public twice since Facebook's data-mining controversy began.

 

On 23 March, he took part in the China Development Forum in Beijing.

 

"I think that this certain situation is so dire and has become so large that probably some well-crafted regulation is necessary," news agency Bloomberg quoted him as saying in response to a question about the social network's problems.

 

"The ability of anyone to know what you've been browsing about for years, who your contacts are, who their contacts are, things you like and dislike and every intimate detail of your life - from my own point of view it shouldn't exist."

 

Then in an interview with MSNBC and Recode on 28 March, Mr Cook said: "I think the best regulation is no regulation, is self-regulation. However, I think we're beyond that here."

 

During this second appearance - which has yet to be broadcast in full - he added: "We could make a tonne of money if we monetised our customer, if our customer was our product. We've elected not to do that... Privacy to us is a human right."

 

Apple makes most of its profits from selling smartphones, tablets and other computers, as well as associated services such as online storage and its various media stores.

 

This contrasts with other tech firms whose profits are largely derived from advertising, including Google, Twitter and Facebook.

 

Mr Zuckerberg had previously told CNN that he was "open" to new regulations.

 

But he defended his business model when questioned about Mr Cook's views, although he mentioned neither Apple nor its leader by name.

 

"I find that argument, that if you're not paying that somehow we can't care about you, to be extremely glib and not at all aligned with the truth," he said.

 

"The reality here is that if you want to build a service that helps connect everyone in the world, then there are a lot of people who can't afford to pay."

 

He added: "I think it's important that we don't all get Stockholm syndrome and let the companies that work hard to charge you more convince you that they actually care more about you, because that sounds ridiculous to me."

 

Mr Zuckerberg also defended his leadership by invoking Amazon's chief executive.

 

"I make all of our decisions based on what's going to matter to our community and focus much less on the advertising side of the business," he said.

 

"I thought Jeff Bezos had an excellent saying: "There are companies that work hard to charge you more, and there are companies that work hard to charge you less."

 

'Turned into a beast'

Elsewhere in the 49-minute interview, Mr Zuckerberg said he hoped to make Facebook more "democratic" by giving members a chance to challenge decisions its own review team had taken about what content to permit or ban.

 

Eventually, he said, he wanted something like the "Supreme Court", in which people who did not work for the company made the ultimate call on what was acceptable speech.

 

Mr Zuckerberg also responded to recent criticism from a UN probe into allegations of genocide against the Rohingya Muslims in Myanmar.

 

Last month, one of the human rights investigators said Facebook had "turned into a beast" and had "played a determining role" in stirring up hatred against the group.

 

Mr Zuckerberg claimed messages had been sent "to each side of the conflict" via Facebook Messenger, attempting to make them go to the same locations to fight.

 

But he added that the firm had now set up systems to detect such activity.

 

"We stop those messages from going through," he added.

 

"But this is certainly something that we're paying a lot of attention to."--BBC

 

 

 


 

 


 

INVESTORS DIARY 2018

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


Zimbabwe

Independence Day

Zimbabwe

18/04/2018

 


 

Workers’ Day

 

01/05/2018

 


 

Africa Day

 

25/05/2018

 


Zimbabwe

Heroes’ Day

Zimbabwe

13/08/2018

 


Zimbabwe

Defence Forces Day

Zimbabwe

14/08/2018

 


 

 

 

 

 


 

 

 

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from sources believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and sourced from third parties.

 


 

 


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Facebook:      <http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimbabwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA> www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 



 

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