Major International Business Headlines Brief::: 11 April 2018

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Major International Business Headlines Brief::: 11 April 2018

 


 

 


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*  World Bank raises S.Africa growth forecasts but warns of weak potential

*  Tunisia seeks to recover $2.72 billion of bad loans

*  World Bank cuts Zambia growth forecasts, still seen at over 4 percent

*  S.Africa's Feb manufacturing output disappoints on firmer rand,
bottlenecks

*  Standard Bank works Chinese connections in Francophone West Africa

*  Uganda signs agreement with investors to build oil refinery

*  Vitol's African venture Vivo to float in London, Johannesburg

*  South Africa's mines minister aims for new mining charter by May

*  Egypt's headline inflation falls to lowest rate in almost 2 yrs

*  South Africa's MTN expects IPO of Nigerian business this year

*  Brexit: 'Bonfire of rules' mean more costs than benefits, CBI says

*  Tesco profits rebound 30% as turnaround continues

*  Rupert Murdoch's Fox Network arm raided in European Commission probe

*  Zuckerberg: Facebook is in 'arms race' with Russia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

World Bank raises S.Africa growth forecasts but warns of weak potential

JOHANNESBURG (Reuters) - The World Bank raised its forecasts for the South
African economy on Tuesday but warned that growth potential would remain
weak without concerted efforts to reduce inequality and stimulate
competition.

 

The World Bank now sees gross domestic product growing by 1.4 percent this
year, up from its September forecast of 1.1 percent, supported by improved
business and consumer confidence after Cyril Ramaphosa replaced Jacob Zuma
as head of state in February.

 

But South Africa will struggle to raise growth much beyond 2 percent without
policy interventions to improve skills among the poor and tackle monopolies,
it said.

 

“There has been a smooth and seamless political transition, which is
important. And there have been gains in the trust of people and businesses,”
said Paul Noumba Um, World Bank country director for South Africa.

 

“That said, inequality, poverty and unemployment are big challenges. South
Africa is the most unequal economy in the world today,” he told a news
conference in Johannesburg.

 

The World Bank’s predictions are more pessimistic than those of the finance
ministry, which is targeting growth of at least 1.5 percent in 2018, and
ratings agencies such as S&P Global.

 

The World Bank forecast growth of 1.8 percent next year and 1.9 percent in
2020 but said that would be insufficient to meaningfully reduce poverty or
dent the 27 percent unemployment rate.

 

Under Zuma’s watch, unemployment rose and the economy stagnated as
businesses were reluctant to invest, and South Africa has consistently
failed to achieve the government’s growth target of 5 percent.

 

Sebastien Dessus, the World Bank’s programme leader for South Africa, said
reaching 5 percent growth was not realistic in the near term. He highlighted
better education, fighting corruption and restoring policy certainty in
mining as factors which could boost the economy.

 

World Bank country director Noumba Um said that if South Africa could
achieve 3 percent growth, “that would be a significant achievement.”

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Tunisia seeks to recover $2.72 billion of bad loans

TUNIS (Reuters) - Tunisia plans to recover 6.5 billion dinars ($2.72
billion) of bad loans in three public banks as part of its banking reforms,
the minister of economic reforms told Reuters on Tuesday.

 

Banking reform was required by the International Monetary Fund which it
agreed in 2016 to assist Tunisia with a four-year loan programme worth about
$2.8 billion.

 

In 2015, the government injected $400 million to re-capitalise struggling
state lenders Societe Tunisienne de Banque (STB), Banque Nationale Agricole
(BNA) and Bank de l’Habitat(BH).

 

“We started to reform public banks through new plans for good governance,
then we raised their capital, and now we are trying to improve the
performance and by seeking to recover bad loans amounting to 6.5 billions
dinar,” Taoufik Rajhi, minister of economic reforms, told Reuters.

 

“The government has sent a bill to the parliament to give banks legal tools
to recover bad loans such as the possibility of canceling the delay
penalities and give these banks the right of reconciliation with clients,”
he said.

 

 

A committee will be set up to monitor this work, which will include five
lawmakers.

 

The North African country is in the midst of an economic slump and under
pressure from foreign donors to cut a bloated public payroll and a budget
deficit.

 

Tourism revenue has recovered in recent months after suffering attacks by
Islamist militants in 2015, but economic growth remains weak. Investors
continue to avoid Tunisia, which has been in turmoil since the 2011 uprising
that toppled its long-time ruler, Zine El-Abidine Ben Ali.

 

($1 = 2.3916 Tunisian dinars)

 

 

 

World Bank cuts Zambia growth forecasts, still seen at over 4 percent

LUSAKA (Reuters) - The World Bank said on Tuesday that Zambia’s economy is
forecast to grow 4.1 percent in 2018 and 4.5 percent next year, lower than
previous projections by the lender, because of the expected impact of poor
rains.

 

Zambia is Africa’s No. 2. copper producer but is also heavily dependent on
agriculture, much of it maize grown by small-scale farmers who rely on
rainfall as they lack irrigation.

 

“Our initial forecasts assumed that rainfall will be as good as the 2016-17
season. However this was not the case. The southern half of the country
received poor rains,” said World Bank Zambia economist Zivanemoyo Chinzara.

 

“This is going to constrain 2018 and 2019 growth through lower agriculture
yields and poor electricity generation. The inflationary impact of food
prices could further restrain growth by weakening consumer demand.”

 

In an economic report in December last year, the World Bank forecast that
Zambia’s economy would grow 4.3 percent in 2018 and 4.7 percent in 2019.

 

Hydropower makes up more than 90 percent of Zambia’s energy mix and most of
the power generated is used by mining companies.

 

 

 

S.Africa's Feb manufacturing output disappoints on firmer rand, bottlenecks

JOHANNESBURG (Reuters) - South Africa’s manufacturing output came in below
expectations in February following a run of five months of robust growth,
with analysts pointing to a stronger rand and various bottlenecks, including
the cost of doing business.

 

Manufacturing output rose 0.6 percent year-on-year in February, well below
expectations of a 2.6 percent expansion, while monthly output was down 2.4
percent, the statistics agency said on Tuesday.

 

The declines were seen in the plastics and petroleum sectors as well as in
publishing and printing. Production of food products, furniture and motor
vehicles however remained positive, accounting for the marginally positive
annual figure.

 

“It has been a patchy recovery for the industry especially if look at the
world recovery that began already in 2017. It’s taken our sector too long to
respond to that momentum,” said senior economist at Nedbank Nicky Weimar.

 

The World Bank raised South Africa’s 2018 economic growth forecast for to
1.4 percent, from an earlier forecast of 1.1 percent.

 

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

 

Business confidence has hit its highest since late 2015 in January before
easing slightly in preceding months on expectations that President Cyril
Ramaphosa who was elected in February would lead economic reform and fight
corruption.

 

Analysts however said industry leaders were waiting to see whether Ramaphosa
could deliver on promises to revive growth.

 

Weimar said manufacturers were facing structural problems.

 

“The cost of doing business remains high, and the rand’s recent strength has
affected exports, while there is also a lot of spare capacity. All of that
is holding back this recovery,” she said.

 

 

 

Standard Bank works Chinese connections in Francophone West Africa

ABIDJAN (Reuters) - Standard Bank will partner with its biggest shareholder
Industrial and Commercial Bank of China (ICBC) to capitalise on a Chinese
investment drive into Ivory Coast and establish a regional hub in
French-speaking West Africa.

 

“In Ivory Coast Chinese companies and the Chinese authorities have committed
over $7.5 billion over the next few years to invest in infrastructure,”
Johannesburg-based Standard Bank’s chief executive Sim Tshabalala told
Reuters.

 

Industrial and Commercial Bank of China (ICBC) has a 20.1 percent stake in
Standard Bank, which is making its first foray into French-speaking West
Africa through Ivory Coast, the world’s largest cocoa producer.

 

“We’re in partnership with them (ICBC) in terms of which we are in effect
their Africa strategy,” Tshabalala said late on Monday in Ivory Coast’s
commercial capital Abidjan, where Africa’s largest bank by assets launched a
new subsidiary aimed at corporate and investment banking clients.

 

A post civil war economic boom in Ivory Coast, which makes up around 40
percent of the economy of the eight-nation West African Economic and
Monetary Union (WAEMU), has been driven by major infrastructure investments
and is increasingly drawing the attention of China.

 

While Chinese entities bring their own financing to projects in Africa, the
deals offer opportunities for Standard Bank to mobilise financing for
African partners.

 

“The Chinese always want you to contribute. So they’re not only going to
give gifts. In deals, we will either get involved in club loans or
syndications,” Tshabalala said.

 

AFRICAN EXPANSION

Before its Ivory Coast launch, Standard Bank already operated in 19 African
markets, including Nigeria and Ghana in West Africa. The new bank will serve
as its hub in WAEMU, whose members use the euro-pegged CFA franc.

 

The expansion is part of Tshabalala’s plan since 2013 to sharpen the
company’s Africa focus following a costly blunder by his predecessor, who
unsuccessfully sought to transform the group into a global emerging markets
lender.

 

Standard Bank’s businesses outside its home market in South Africa have
tripled revenues from around 10 billion rand ($828 million) in 2010 to over
27 billion rand last year, and now make up roughly a third of the group’s
headline earnings.

 

Tshabalala expects the trend to be reinforced with the move into Ivory
Coast, where the group invested around 100 million euros ($123 million) in
2017 to set up Stanbic in Cote d’Ivoire.

 

“Banks grow off the back of GDP growth. (In Ivory Coast) you’ve got the GDP
... You’ve got the stock exchange here, equity and capital markets,” he
said.

 

Ivory Coast’s economy has boomed in the wake of a decade-long political
crisis and a 2011 civil war, expanding by an average of 9 percent between
2012 to 2016 and 7.8 percent last year.

 

It’s also been among Africa’s most prolific Eurobond issuers and sold 1.7
billion euros in sovereign debt - including Africa’s first 30-year bond -
last month.

 

Tshabalala said Standard Bank planned to move into many of the areas that
have proven successful across the border in neighbouring Ghana, which is
also a major world cocoa exporter.

 

“The drivers of growth will remain infrastructure, oil and gas, energy,” he
said. “And agriculture remains the mainstay of the economy. Agribusiness off
the back of the cocoa industry, there are massive opportunities for
beneficiation.”

 

($1 = 12.0810 rand)

 

($1 = 0.8116 euros)

 

 

Uganda signs agreement with investors to build oil refinery

KAMPALA (Reuters) - Uganda signed an agreement on Tuesday with a consortium,
including a subsidiary of America’s General Electric, to build and operate
an oil refinery in western Uganda that will cost $3 billion-$4 billion, the
president’s office said.

 

According to the statement, the project framework agreement that was signed
will “ensure development, design, financing, construction, operation and
maintenance” of the planned 60,000-barrels- a-day refinery.

 

 

Vitol's African venture Vivo to float in London, Johannesburg

(Reuters) - Vivo Energy, the African fuels supplier owned by oil trading
giant Vitol and Helios Investment Partners, will float on the London Stock
Exchange and the Johannesburg Stock Exchange, the company said on Tuesday.

 

The public offering of the company, which sells Shell-branded fuels and
lubricants in 15 African countries, is one of a string of large listings
expected in Europe which is on course for its busiest start to the year
since 2015.

 

Vitol’s European refining and downstream venture, Varo Energy, was also
expected to float in Amsterdam this year, though those plans are now in
doubt, according to media reports on Tuesday.

 

Prior to Vivo’s float, Britvic Chairman John Daly will become chairman of
Vivo, the company announced.

 

Vivo, established in December 2011 through the carve-out of Shell’s African
downstream business, is wholly owned by Vitol, the world’s largest oil
trader, and Helios, an Africa-focused private investment firm.

 

It reported adjusted earnings before interest, tax, depreciation and
amortisation of $376 million in 2017, up from $302 million a year earlier.

 

 

Since the 2011 takeover, Vivo has spent $600 million on expanding its retail
network and sold 9 billion litres of fuel and lubricants in 2017 – nearly 40
percent more than when it took over.

 

“We have shown that we are going to continue our growth story and create
more value for investors. If you want to attract investors, you want to do
it where governance is really strong and London is known for that. And we
also wanted to stay in Africa because we are a pan-African retail company,”
CEO Christian Chammas told Reuters.

 

After the completion of an acquisition later this year, Vivo will be active
in 24 of 54 countries on the continent, which its management said provided a
natural hedge against political turbulence, conflict and currency swings.

 

The company expects to have a free float of at least 25 percent on
admission, expected in May, after which it is also expected to be able to
join FTSE UK indices.

 

According to a bookrunner, the selling shareholders will include Vitol
Africa B.V and no proceeds of the listing will go to the company.

 

JPMorgan, Citigroup and Credit Suisse are leading the listing.

 

 

South Africa's mines minister aims for new mining charter by May

JOHANNESBURG (Reuters) - South Africa’s mines minister Gwede Mantashe said
on Tuesday he was still aiming to finalise a third version of an industry
charter by May that lays out requirements for black ownership levels and
other targets.

 

“I am still confident that we will finalise the charter by May. Very
confident,” Mantashe said in a speech at a platinum mining conference in
Johannesburg. South Africa is the world’s top producer of the precious
metal.

 

The charter revisions proposed by Mantashe’s predecessor were opposed by the
industry, which for years has been grappling with depressed prices,
outbursts of labour and social unrest and policy uncertainty.

 

The charter’s problem areas included raising the target for black ownership
to 30 percent from 26 percent. The industry had challenged the revisions in
court but put the judicial process on hold after new South African President
Cyril Ramaphosa appointed Mantashe in February.

 

Mantashe is a former General Secretary of the powerful National Union of
Mineworkers and is chairman of the ruling African National Congress. He is
known for his gruff, blunt style and tough negotiating skills.

 

When the charter is finalised the industry will be legally required to
follow its targets and regulations.

 

 

Egypt's headline inflation falls to lowest rate in almost 2 yrs

CAIRO (Reuters) - Egypt’s annual urban consumer price inflation fell in
March to 13.3 percent, its lowest rate since May 2016 shortly before a
currency devaluation pushed prices up sharply.

 

Inflation climbed after Egypt devalued the pound in November 2016, reaching
a record high of 33 percent in July 2017 following energy subsidy cuts. It
has gradually eased since, prompting the central bank to begin loosening
monetary policy.

 

Annual urban consumer price inflation eased to 13.3 percent in March from
14.4 percent in February, the official statistics agency CAPMAS said on
Tuesday.

 

Hany Farahat, senior economist at CI Capital, said the drop was positive and
in line with central bank expectations.

 

“Although it’s not a steep fall from the previous month, it still leaves
room for further monetary easing in my view,” he said.

 

In an attempt to combat soaring inflation, the Egyptian central bank raised
key interest rates by 700 basis points after it devalued the currency. It
has cut the rates by 200 basis points since February as inflation eased.

 

 

 

South Africa's MTN expects IPO of Nigerian business this year

LAGOS (Reuters) - South Africa’s MTN aims to list its Nigerian unit in an
initial public offering this year, subject to market conditions, group chief
executive Rob Shuter told Reuters on Tuesday.

 

Shuter said plans were well advanced and the company would provide exact
terms of the IPO in the next few months.

 

He was speaking in Lagos after MTN signed an agreement with Ecobank to form
a partnership on mobile banking across Africa.

 

 

“We are well advanced with the Nigerian listing. If market conditions are
appropriate we should conclude it this year,” Shuter said.

 

He added the South African telecoms group was targeting 60 million customers
via mobile services over the next three years, up from 23 million now across
the 14 markets where it has launched the product.

 

MTN and Ecobank’s agreement on a mobile banking partnership came on the
heels of an announcement by Kenya’s three top telecom companies on Friday to
offer cross-network money transfers by mobile phone.

 

 

Brexit: 'Bonfire of rules' mean more costs than benefits, CBI says

Diverging from European Union rules after Brexit will mean more costs than
benefits for British business, a report by the CBI employers' group says.

 

In a survey of 23 industry sectors, the vast majority preferred continued
close alignment with EU regulations.

 

Agriculture, shipping and tourism might benefit, but this was "vastly
outweighed" by the impact on other sectors, the CBI said.

 

However, critics said the report just promoted the interests of big
business.

 

The report, called Smooth Operations, suggests the UK could still exert
influence over important regulatory decisions through continued membership
of the many EU agencies - such as the ones governing aerospace and chemicals
- in which other non-EU nations like Turkey currently participate.

 

CBI director-general Carolyn Fairburn said there was no appetite on the part
of business for a bonfire of regulations, and called on the government to
prioritise evidence over ideology in the negotiations over a future trade
deal.

 

She said: "It's vitally important that negotiators understand the complexity
of rules and the effects that even the smallest of changes can have.

 

"Deviation from rules in one sector will have a knock-on effect on
businesses in others, and divergence from rules in one part of a production
process will have consequences for market access throughout entire supply
chains.

 

"Put simply, for the majority of businesses, diverging from EU rules and
regulations will make them less globally competitive, and so should only be
done where the evidence is clear that the benefits outweigh the costs."

 

But pro-Brexit groups dismissed the report for ignoring the benefits to vast
sections of Britain's economy.

 

Richard Tice, co-chair of Leave Means Leave, said: "This report from the CBI
protects the vested interests of global multi-nationals at the expense of
the approximately 90% of the UK economy that does not export to the EU.

 

"It is quite extraordinary that this business lobby group wants to keep a
load of unnecessary EU regulations that stifle growth and innovation, which
will thus reduce wage growth potential for UK workers."

 

However, worries among some businesses about post-Brexit trade rules were
underlined in interviews for the BBC's Today programme being broadcast on
Wednesday.

 

One of Europe's most senior bankers has warned the City of London that it
needs to be ready for a "cliff edge" exit from the EU next year.

 

Andreas Dombret, director of the German central bank, the Bundesbank, said a
transition deal, though positive, was not 100% certain and it was correct
for a cautious regulator to ensure there was a plan in place should it fail
to happen.

 

Meanwhile, Ian Robertson, special adviser to BMW's board, told the BBC that
it was vital for carmakers across Europe that there was "seamless flow" of
goods across borders.

 

He said the car giant, whose brands include Mini, was already spending money
on planning for new paperwork and technical requirements once Britain leaves
the EU.

 

 

 

Tesco profits rebound 30% as turnaround continues

Annual profits at Tesco have jumped by 28% as the UK's biggest supermarket
continues to turn its business around.

 

Boosted by sales of fresh food, the group reported underlying earnings of
£1.6bn for the year to 24 February. Sales rose 2.8% to £57.5bn.

 

The news follows years of poor results due to a long period of
over-expansion and an accounting scandal fine.

 

Nevertheless, Tesco said market conditions remained challenging because of
continued cost price inflation.

 

Commenting on the results, Tesco boss Dave Lewis said: "This has been
another year of strong progress, with the ninth consecutive quarter of
growth.

 

"More people are choosing to shop at Tesco and our brand is stronger, as
customers recognise improvements in both quality and value.

 

"All of this puts us firmly on track to deliver our medium-term ambitions
and create long-term value for every stakeholder in Tesco."

 

 

Rupert Murdoch's Fox Network arm raided in European Commission probe

Rupert Murdoch's film and media giant 21st Century Fox says it is
cooperating with the European Commission after officials raided its Fox
Network offices in London.

 

EC competition authorities are reported to have seized documents relating to
sport media rights earlier on Tuesday.

 

Other companies involved in sports rights have also received what the EC
called "unannounced inspections".

 

It is unclear which other companies were raided and when.

 

"The commission has concerns that the companies involved may have violated
EU anti-trust rules that prohibit cartels and restrictive business
practices," the European Commission said in a statement.

 

"Unannounced inspections are a preliminary step into suspected
anti-competitive practices."

 

The statement said it "does not mean that the companies are guilty of
anti-competitive behaviour, nor does it prejudge the outcome of the
investigation itself".

 

Sports broadcasting has become a huge business in Europe and the US, with
networks spending billions of pounds to secure exclusive rights to show
games in top-flight leagues to attract viewers.

 

Fox Networks Group is an operating unit of Fox, which distributes TV and
cable channels and content around the world.

 

"Fox Networks Group is cooperating fully with the EC inspection," a
spokesman said.

 

The move comes amid a shake-up of Mr Murdoch's empire.

 

21st Century Fox has agreed to sell most of its entertainment assets,
including its stake in Sky, to Disney for $52.4bn. But in February, US giant
Comcast offered $31bn for Sky.

 

As part of the shake-up and deal with Disney, 21st Century is trying to buy
the 61% of Sky it does not own, a proposal that has run into problems with
the UK competition authorities.

 

The Commission said there was no legal deadline to complete inquiries into
anti-competitive conduct and EC investigations can be lengthy.

 

 

 

Zuckerberg: Facebook is in 'arms race' with Russia

Facebook CEO Mark Zuckerberg has told US senators his company is in a
constant battle with Russian operators seeking to exploit the social
network.

 

"This is an arms race. They're going to keep getting better," he said.

 

Mr Zuckerberg was answering questions in the wake of the Cambridge Analytica
data collection scandal.

 

He also revealed Robert Mueller, the special counsel investigating alleged
Russian meddling in the 2016 election, had interviewed Facebook staff.

 

Mr Zuckerberg said he has not been among those interviewed by Mr Mueller's
office.

 

But he added: "Our work with the special counsel is confidential and I want
to make sure that in an open session I'm not revealing something that's
confidential."

 

In February, Mr Mueller's office charged 13 Russians with interference in
the 2016 election, along with three Russian companies.

 

One was the Internet Research Agency, sometimes referred to as a "Russian
troll farm", which the indictment said had a "strategic goal to sow discord
in the US political system".

 

Mr Zuckerberg said the company was now developing new tools to identify fake
accounts.

 

"There are people in Russia whose job it is to try to exploit our systems
and other internet systems and other systems as well. We need to invest in
getting better at this too."

 

The Facebook chief fended off questions from senators about how the social
network might be regulated more closely.

 

Senator John Kennedy warned him: "I don't want to have to vote to regulate
Facebook. But by God, I will. That depends on you... Your user agreement
sucks."

 

When pressed, the 33-year-old billionaire tech titan said he would welcome
regulation, if it was the "right regulation," though he avoided specifics.

 

He was appearing in front of a joint session of several US senate
committees, after it was revealed in recent weeks that about 87 million
people had their profile information accessed by marketing firm Cambridge
Analytica.

 

During the hearing, Mr Zuckerberg also said:

 

"It's clear now that we didn't do enough to prevent these tools from being
used for harm"

"In retrospect it was clearly a mistake" to believe Cambridge Analytica
deleted data, without further examination

He does not "feel like" Facebook has a monopoly

That there would always be a free version of Facebook, leaving open the
possibility of a paid, ad-free version of the social network

Dealing with hate speech automatically has "a higher error rate than I am
happy with"

He was personally concerned about the possibility of political bias at the
company

By the first break in proceedings, Facebook's share price had risen by
almost 5%, as markets reacted favourably to Mr Zuckerberg's performance,
increasing his net worth by an estimated $3bn.

 

What is the Cambridge Analytica scandal about?

The company is best known for its association with Donald Trump's 2016
election campaign, and has claimed it played "an integral part" in Mr
Trump's victory.

 

But it says none of the data involved in the recent scandal was used to help
the Trump campaign.

 

The news that a personality quiz developed by an academic, Aleksandr Kogan,
had collected data not just from the people who used it but also from their
Facebook friends was revealed by newspaper investigations. Mr Kogan then
sold the data to Cambridge Analytica.

 

Both companies lay the blame on Mr Kogan. Facebook says that although users
gave permission to Mr Kogan's app to collect their information, selling it
on was against the terms of service.

 

Cambridge Analytica, meanwhile, claims it did not know the information had
been obtained improperly. During Mr Zuckerberg's appearance, the firm
tweeted it was "advising" news media - through its lawyers - about coverage.

 

Both companies also say they moved to have the data deleted once they
learned of the problem in 2015.

 

Hours ahead of the congressional hearing, Facebook also revealed that
private messages from some 1,500 users were included in the data collection.

 

 

 

 

 

 

 

 

 


 

 


 

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

 


 

 

 

 

 


 

 

 

 


 

 

 

 


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for guideline purposes only and sourced from third parties.

 


 

 


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