Major International Business Headlines Brief::: 20 August 2018

Mon Aug 20 11:13:11 CAT 2018

 <http://www.bulls.co.zw/> Bulls.co.zw        <mailto:bulls at bulls.co.zw> Views & Comments        <http://www.bulls.co.zw/blog> Bullish Thoughts        <http://www.twitter.com/BullsBears2010> Twitter         <https://www.facebook.com/BullsBearsZimbabwe> Facebook           <http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn          <mailto:info at bulls.co.zw?subject=Unsubscribe> Unsubscribe

Major International Business Headlines Brief::: 20 August 2018

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

*  AngloGold swings back into H1 profit, Obuasi mine reboot on track

*  South Africa's Sasol FY profit drops as power outages hit production

*  South Africa's rand opens weaker as global EM jitters persist

*  Gemfields shares fall after Zambia tax authority issues search warrants

*  Nairobi Securities Exchange suspends trading of Kenya's ARM Cement

*  S.Africa's cbank says nationalisation bill won't impact its independence

*  Leftists rattle rand with plan to nationalise South Africa's central bank

*  Harmony Gold says impairments will dent full-year earnings

*  Greece emerges from eurozone bailout programme

*  Standard Chartered chief warning over Brexit staff moves

*  PepsiCo buys Sodastream for $3.2bn

*  Malcolm Turnbull: Under-pressure Australia PM drops climate policy

*  Mulberry shares dive 30% on House of Fraser loss warning

*  Tesla investors spooked by revelations in emotional interview

 <mailto:info at bulls.co.zw> 

AngloGold swings back into H1 profit, Obuasi mine reboot on track

JOHANNESBURG (Reuters) - AngloGold Ashanti swung back into a first-half profit on the back of higher production and lower-than-expected retrenchment costs, Africa’s top gold producer said on Monday.

The firm posted headline earnings of $99 million for January-June, in line with figures it had previously flagged, compared with a headline loss for the same period last year of $89 million.

The turnaround in performance was also due to the absence of one-off, non-cash settlement costs for silicosis class action claims which hit its earnings last year.

In Ghana, AngloGold said the redevelopment of its historic Obuasi asset was on track with the issuing of environmental permits and the ratification by the Ghanaian parliament of the fiscal and regulatory agreements to reboot the mine.

“The ratification of investment agreements by Ghana’s parliament in June allowed the redevelopment of the high-grade Obuasi Gold Mine to commence in earnest,” the company said.

AngloGold said in February it would spend up to $500 million to mechanise its Obuasi mine in Ghana.

The company said last year Ghana’s military had cleared Obuasi mine of illegal miners, who had invaded the site and numbered up to 12,000 at one, paving the way for the company to revive it.

AngloGold’s outgoing Chief Executive Srinivasan Venkatakrishnan said on a conference call that concluding the Obuasi agreements were his “most satisfying” accomplishment as he prepares to step down at the end of August.

“If that hadn’t been concluded, I would have left with quite a big regret,” he said.

 <mailto:info at bulls.co.zw> 

South Africa's Sasol FY profit drops as power outages hit production

JOHANNESBURG (Reuters) - South African petrochemicals group Sasol said on Monday full-year profit dropped 6 percent, pulled down by interruptions to production, a stronger rand and employee share-based payment expenses.

Core headline earnings per share (HEPS) for the year ended June 30 fell to 36.03 rand ($2.46) compared with 38.47 rand a year earlier. HEPS is the main profit gauge in South Africa, which strips out certain one-off items.

The firm said its financials were affected by unplanned electricity supply interruptions from state-owned power utility Eskom and two internal outages at its Secunda Synfuels and Natref operations that resulted in lower production.

A stronger average rand-to-dollar exchange rate compared with a year earlier also hurt results, Sasol said, while expressing optimism about operations in the coming year.

“2019 will be a defining year for Sasol with the start-up of the LCCP in the US, a catalyst for transforming our earnings profile,” Chief Executive Officer Stephen Cornell said in a statement.

The Lake Charles Chemicals project (LCCP) ethane cracker in North America, which has been hit by delays and rising costs, is about 88 percent complete and is expected to cost $11.13 billion, the firm said.

Sasol, the world’s top manufacturer of motor fuel from coal, said earnings before interest, tax, depreciation and amortisation (EBITDA) rose 10 percent to 52 billion rand ($3.55 billion).

The difference between core headline earnings and EBITDA was due to depreciation costs of 16 billion rand and employee share-based payment expenses of 1.5 billion rand, Sasol said.

The company declared a final dividend of 7.90 rand per share, up 1.3 percent year-over-year. That brings its total dividend declared for the period to 12.90 rand per share, compared with 12.60 rand per share a year earlier.

($1 = 14.6363 rand)

South Africa's rand opens weaker as global EM jitters persist

JOHANNESBURG (Reuters) - South Africa’s rand opened weaker on Monday as global risk aversion continued to put pressure on emerging market currencies.

At 0640 GMT the rand was 0.2 percent weaker at 14.6700 per dollar compared to a close of 14.6400 on Friday in New York.

The greenback firmed in early trade as safe-haven demand persisted, with escalating trade tensions between the United States and its trading partners, and the plunge in the Turkish lira keeping emerging market currencies on the ropes.

With no major local economic releases due and liquidity low, traders expect the rand to be driven by technical factors, with stops at 15.00 the key bear target.

Bonds were firmer, with the yield on the benchmark bond due in 2026 down 4.5 basis points at 8.99 percent.

Stocks were set to open higher at 0700 GMT, with the Johannesburg Stock Exchange’s Top-40 futures index up 0.65 percent.

Gemfields shares fall after Zambia tax authority issues search warrants

LUSAKA (Reuters) - Gemfields’ shares fell more than 4 percent on Friday after it said that Zambia’s Revenue Authority (ZRA) had obtained warrants to search its Kagem emerald mine in an investigation into alleged tax evasion.

In May Zambia hit Canadian miner First Quantum Minerals with a tax bill of more than 76.5 billion Zambian kwacha ($8 billion) after a separate investigation.

Gemfields said in a statement that ZRA, which declined to comment on Friday, had served two search warrants during an unannounced visit to its Kagem Mining Limited on Thursday.

These authorised ZRA to take documents and files including those allegedly used to evade payment of Value Added Tax (VAT), income tax, with-holding tax and other taxes, Gemfields said.

The company did not say if any searches had taken place.

“Gemfields will provide further updates as pertinent information becomes available,” the company, which holds a 75 percent stake in Kagem emerald mine in Zambia, said.

Gemfields also holds controlling interests in gemstone mining and prospecting licences in Zambia, Mozambique, Ethiopia and Madagascar.

Nairobi Securities Exchange suspends trading of Kenya's ARM Cement

NAIROBI (Reuters) - The Nairobi Securities Exchange (NSE) said on Monday it had suspended trading of Kenya’s ARM Cement three days after it was put under administration.

“The suspension in trading of the company’s shares takes effect from August 20, 2018,” NSE said in a statement. “This suspension shall remain in force for seven (7) working days.”

The suspension is issued with the approval of the Capital Markets Authority, NSE said.

On Saturday, PricewaterhouseCoopers said that ARM Cement was put into administration, days after ARM Cement’s chief executive officer said he was relinquishing his post but staying on its board.[L5N1V9042]

PWC’s Muniu Thoiti and George Weru have been appointed as joint administrators.

ARM Cement, which was once Kenya’s second-largest cement maker behind LafargeHolcim’s Bamburi Cement, has seen its market share plunge to just 10 percent after the clinker plant it built in Tanzania in 2014 failed to generate income.

In ARM’s annual report seen by Reuters last month, Deloitte said ARM had failed to make provisions for debts worth 21.5 billion Kenyan shillings ($213 million) owed by subsidiary Maweni Limestone Limited which had not been serviced in a long time.

ARM said at the time it had not tried to conceal that information.

S.Africa's cbank says nationalisation bill won't impact its independence

JOHANNESBURG (Reuters) - South Africa’s central bank said on Friday that a proposed amendment bill aimed at nationalising the institution would have no impact on its independence or primary mandate of price stability.

The rand currency was rattled after opposition firebrand Julius Malema introduced a bill late on Thursday to nationalise the South African Reserve Bank (SARB).

“The Bank has noted that the proposed Amendment Bill does not in any way alter either its primary mandate of price stability, neither its independence,” SARB said in a statement, adding that it would engage in any parliamentary process.

Leftists rattle rand with plan to nationalise South Africa's central bank

JOHANNESBURG/CAPE TOWN (Reuters) - Opposition firebrand Julius Malema introduced a bill to nationalise South Africa’s central bank, raising pressure on the ruling ANC to go through with a plan it shelved this year and rattling markets wary of threats to the institution’s independence.

The rand fell more than 1 percent overnight after parliament released details on the bill late on Thursday, including clauses to “make the state the sole holder of the shares in the bank” and “provide for the appointment of certain board directors by the (finance) minister”.

Most central banks around the world are state-owned. But markets have been worried about moves to bring the privately-held South African Reserve Bank into government control - particularly after the past administration was accused of meddling in appointments and decisions.

Malema’s far-left Economic Freedom Fighters (EFF) party - with only 25 out of the country’s 400 parliamentary seats - would have no chance of pushing the bill through on its own.

But the ruling African National Congress (ANC) has backed the smaller party’s bills before - including divisive legislation in February pushing to expropriate white-owned land without compensation.

The ANC promised on Friday to study the proposed privatisation - a policy it had said it would pursue in December, calling the central bank’s ownership status a “historical anomaly”. The party put the plan on the back-burner three months later, saying it needed more consultation.

“The ANC will ... consult with the leadership of the caucus as well as the organisation to determine its desirability based on ANC resolutions and policies on the matter,” said the ruling party’s parliamentary caucus spokeswoman, Nonceba Mhlauli.

The currency closed at 14.7275 versus dollar on Thursday and weakened further on Friday, driven by an emerging markets sell-off.

“With the independence of the central bank once again potentially in question, this combined with all of the other investor unfriendly headlines locally, (is) likely to keep the local unit on the back foot,” Nedbank analysts said.

NATIONALISATION

On top of market concerns, the central bank has also warned buying-out private shareholders would be expensive as some existing investors are likely to sell their stakes at a premium.

South Africa’s central bank has been privately owned since it was established in 1921. But its shareholders have no control over monetary policy, financial stability policy or banking regulation.

Malema and his party did not make an immediate statement on their bill. But they have regularly argued for the nationalisation of a wide range of assets - including mines and banks - and said the central bank should not be owned by private shareholders without a direct interest in the country.

The party - launched after Malema was expelled from the ANC in 2012 - has been pushing its plans to nationalise assets and to redress racial disparities in the build up to elections in 2019.

Despite the split, it has cooperated with the ANC on past legislation.

Together, the ANC, EFF and other small opposition parties could muster the two-thirds majority needed for a constitutional change to allow for land expropriation without compensation.

Harmony Gold says impairments will dent full-year earnings

JOHANNESBURG (Reuters) - South Africa’s Harmony Gold said on Friday its full-year earnings would be lower than last year due to impairments against a number of its mines as well as foreign exchange losses.

The gold producer said it expected headline earnings per share (HEPS) - the main profit measure in South Africa that strips out certain one-off items - to fall to between 164 and 179 cents in the year ended June 30, 2018, from 298 cents a year earlier.

The company is due to report full-year results on Tuesday.

Harmony said it made impairments of 5.3 billion rand ($386 million) against the following mines - Tshepong, Target 1, Joel, Kusasalethu, Unisel, Masimong, Doornkop and the undeveloped Target North - due to spiralling costs and a subdued gold price.

Its full-year results would also be hit by an exchange rate loss of about 669 million rand on its U.S. dollar-denominated debt, compared to an exchange rate gain of 215 million rand in the previous comparable period.

Harmony Gold and other South African gold producers are engaged in annual wage negotiations with unions.

Unions rejected an initial offer from the companies and are now discussing a revised offer.

Harmony Gold’s shares were  down 2.5 percent at 21.77 rand at 1122 GMT.

($1 = 14.8761 rand)

Greece emerges from eurozone bailout programme

Greece has successfully completed a three-year eurozone bailout programme worth €61.9bn (£55bn; $70.8bn) designed to tackle its debt crisis.

After the biggest bailout in global financial history, totalling more than €260bn, the country will be paying loans off for several decades.

But for the first time in eight years, it can borrow at market rates.

As a condition of the loans, the government was forced to introduce deeply unpopular austerity measures.

The economy has grown slowly in recent years and is still 25% smaller than when the crisis began.

The €61.9bn was provided by the European Stability Mechanism (ESM) in support of the Greek government's efforts to reform the economy and recapitalise banks.

It began in 2010, when eurozone states and the International Monetary Fund (IMF) came together to provide a first tranche of €20bn.

The European single currency had fallen to its lowest level against the dollar since 2006 and there were fears the debt crisis in Greece would undermine Europe's recovery from the 2008 global financial crisis.

At the worst moments of the crisis, there were doubts about whether the eurozone would survive at all. There seemed to be a real possibility that Greece and perhaps others might have to give up the euro.

The response included bailout loans, for a total of five countries, and a promise from the European Central Bank that it would, if necessary, buy the government debts of countries in danger of being forced out of the eurozone.

Set up by eurozone states, the ESM had been prepared to provide a further $27bn to Greece but said the country had not needed to call on it.

"Greece can stand on its own feet," said ESM chairman Mario Centeno.

He thanked the Greek people for their co-operation.

Has the pressure eased off?

Greece's freedom to manage its own economic affairs will be tempered by enhanced surveillance from the European Union's executive, the European Commission.

This is designed to ensure Athens does not backtrack on reforms agreed with its lenders.

Professor Costas Meghir, an economist with Yale University based in the Greek capital Athens, warned that the end of the bailout programme did not mean the Greek economy's problems had been solved.

"It's of course a very important milestone, both psychologically and in practice but it doesn't mean that the problems are over," he told the BBC.

"It doesn't mean that austerity is over either. In some sense, the Greek government has to be even more disciplined now, because it has to rely on foreign markets at reasonable interest rates to be able to borrow.

"Austerity can only end once pro-growth policies are put in place that would allow flourishing of investing, for direct investment and of business more generally and this hasn't really happened to a sufficient extent yet."

How have Greeks weathered the crisis?

At the height of the crisis, unemployment soared to 28% but today it is 19.5%.

Those employed often have jobs for which they are overqualified, such as chemistry graduate Panagiota Kalliakmani, 34.

Seeing career prospects in her home city of Thessaloniki shattered, she is now finding work as a chef.

"The crisis was a slap in the face," she told AFP news agency. "We had grown up accustomed to the benefits of living in a European country and suddenly everything came crashing down."

"Nothing is certain," she added. "The crisis taught us not to make long-term plans."

Some 300,000 Greeks have emigrated in search of work since the crisis began while those depending on state benefits have seen their income whittled away.

Yorgos Vagelakos, an 81-year-old retired factory worker, took home a pension and benefits amounting to €1,250 before the debt crisis.

Today he gets €685 and his debts are growing, he told Reuters news agency. He can no longer support the families of his two sons and can barely cover his and his wife's needs.

"I wake up in the morning to a nightmare," he said. "How will I manage my finances and my responsibilities? This is what I wake up to every morning."

What does the Greek milestone mean for Europe?

Professor Kevin Featherstone, director of the Hellenic Observatory at the London School of Economics, said Greece had helped to safeguard the future of the eurozone by agreeing to the terms of the bailout programme.

"By enduring this period of austerity we have avoided a Grexit [Greek exit from the European Union].

"For a political system to have gone through these years of austerity, this depth of economic hardship, and maintained a functioning society, a functioning democracy, is testament to the robustness of Greece as a modern state. Greece has saved the euro."--BBC

Standard Chartered chief warning over Brexit staff moves

A Standard Chartered bank executive says tough demands by EU regulators could mean more jobs being moved from the UK overseas than currently thought.

Europe and Americas boss Tracy Clarke says the relatively small size of the bank in the EU market means it would not "be moving hundreds of people".

But she says the impact on banks with large EU services may be "significant".

Standard Chartered is to spend about £15m turning its Frankfurt office into a European base due to Brexit.

The bank plans to create a subsidiary at its German branch in order to maintain access to the European market after the UK withdraws from the European Union.

'Empty shells'

It has been waiting nearly nine months for EU officials to approve the relevant banking licence, which it originally expected to receive by the spring.

Ms Clarke told the Press Association: "Because we were one of the first [to apply for a licence] there was no precedent for us, or for them. It's been a learning process on both sides."

The European Central Bank has said it will not tolerate so-called brass plate operations - that is where companies have a presence in a host country in name only.

Mr Clarke says it means banks such as the UK-headquartered Standard Chartered may end up moving more jobs due to Brexit than originally planned, in order to meet European banking compliance rules.

"For us, it still won't be hundreds more people because of the size and scale of our business, so you might be talking a few more for us.

"But if they're taking this approach with all other banks who are much bigger than we are in terms of their European business, that could be more significant," she warned.

The ECB would not comment on Standard Chartered but said it is "keen to prevent banks from creating empty shells when granting licences to international banks setting up new subsidiaries in the euro area in the context of Brexit".

It added there were a number of criteria to be considered when assessing licence applications, including that subsidiaries have adequate local management capabilities, and can provide accurate data on their local activities.--BBC

PepsiCo buys Sodastream for $3.2bn

PepsiCo has announced it is buying Sodastream for $3.2bn (£2.5bn).

Israel-based Sodastream makes a machine and refillable cylinders allowing users to make their own carbonated drinks.

The deal gives Pepsi a new way of reaching customers in their homes at a time when its signature sugary drinks are becoming less popular.

It is also the company's first big acquisition since chief executive Indra Nooyi disclosed she would step down in October after 12 years at the helm.

Under the terms of the deal, PepsiCo will buy all outstanding shares of Sodastream for $144 each.

The takeover has already been approved by directors at both firms.

PepsiCo president Ramon Laguarta, who will succeed Ms Nooyi on 3 October, said in a statement that Sodastream was "highly complementary and incremental" to Pepsi's business.

He added: "PepsiCo is finding new ways to reach consumers beyond the bottle."

If regulators approve the deal, it is expected to be finalised by January 2019, subject to a vote by Sodastream shareholders.

Sodastream was originally founded in the UK in 1903 and went through various changes of ownership until it became a subsidiary of Cadbury Schweppes in 1985.

In 1998, it was bought by Israeli firm Soda-Club, with its UK manufacturing plant in Peterborough closing in 2003.--BBC

Malcolm Turnbull: Under-pressure Australia PM drops climate policy

Australian Prime Minister Malcolm Turnbull says his government has abandoned plans to set an emissions reduction target in legislation.

Mr Turnbull's U-turn alters a key plank of his signature energy policy, and follows a revolt by conservative MPs within his government.

It comes amid media reports that Mr Turnbull could face a leadership challenge if the issue is not resolved.

Mr Turnbull said the climate policy was not supported by all of his colleagues.

"In politics you have to focus on what you can deliver," Mr Turnbull told reporters on Monday.

The original commitment would have set in legislation Australia's pledge for a 26% cut in emissions, based on 2005 levels, by 2030.

Australia remains on track to meet its Paris climate accord commitments, despite the change in policy.

What is in the Paris climate agreement?

Australia PM fails own popularity yardstick

The freak storm that took out a state

Mr Turnbull said he retained the support of party colleagues, including Home Affairs Minister Peter Dutton - who is reported by Australian media outlets to be considering a leadership challenge.

Mr Dutton tweeted on Saturday that he supported the prime minister.

Down in the polls and desperate to hold on to his position, Malcolm Turnbull knows a leadership challenge could be near.

After all, it's only three years since he launched his own "spill" to oust former prime minister Tony Abbott.

Once a leader looks vulnerable, the political rumour-mill goes into overdrive and trusted Cabinet colleagues can start to look like rivals.

Choosing to back down on the emissions legislation shows that Mr Turnbull wants to avoid testing his support in a parliamentary vote.

Even if the current threat retreats, his authority has been damaged and his opponents have gained momentum.

Mr Turnbull said he would not proceed with the emissions target - part of his National Energy Guarantee (NEG) - because it had no prospect of passing through the House of Representatives, where he has only a slim majority.

He said the NEG would still require electricity retailers to cap their prices and provide more "reliable" streams of power.

"Cheaper power has always been our number one priority when it comes to energy policy," Mr Turnbull said.

Asked about leadership speculation, Mr Turnbull said: "I enjoy the confidence of the cabinet and of my party room."

Mr Abbott has been the most vocal of several government backbench MPs who have argued against legislating an emissions target.

Debates about energy and climate have been polarising in Australia.

In 2016, the entire state of South Australia lost power on one night, triggering a bitter feud between state and federal governments over blame.

Politicians in awkward clash over energy

Mr Turnbull has also faced increased pressure in recent weeks after losing a by-election in Queensland.--BBC

Mulberry shares dive 30% on House of Fraser loss warning

Shares in luxury handbag maker Mulberry have plunged 30% after it said it was setting aside £3m to cover the cost of House of Fraser's troubles.

The company also warned full-year profits could be "materially reduced" if current tough UK trading continued into the second half of the year.

Mulberry operates 21 House of Fraser concessions, employing 88 people.

After House of Fraser fell into administration two weeks ago it was bought by Mike Ashley's Sports Direct.

Mr Ashley says he intends to turn it into the "Harrods of the High Street", but it is not clear how many of the stores he will keep on.

'Challenging' trading

In a statement, Mulberry said: "Since the group reported in June 2018, the UK market has continued to remain challenging and sales in House of Fraser stores have been particularly affected.

"If these sales trends in the UK continue into the key trading period of the second half of the financial year, the group's profit for the whole year will be materially reduced."

Mulberry makes more than 70% of its revenue from the UK.

However, it said that trading in the rest of the world continued to develop "broadly in line with expectations" and it had signed a deal this month to create Mulberry Korea.

It added that it was in a strong cash position and continued to follow its strategy to develop Mulberry into a global luxury brand.

Rebecca O'Keeffe, from Interactive Investor, pointed out that Mulberry's shares have now lost 50% of their value so far this year. She added: "There is no doubt that House of Fraser has compounded their problems, but the underlying UK issues are deep-rooted as they struggle against lower footfall and fewer tourists.

"The company is trying to shift its focus internationally and that is helping to mitigate falls in UK demand, but the sustained problems in the UK can't be ignored."--BBC

Tesla investors spooked by revelations in emotional interview

Tesla shares have plunged after founder Elon Musk revealed to the New York Times he works "120 hour weeks" and takes sedatives.

In the interview, Mr Musk also said he was not "on weed" when he controversially tweeted about taking the company private.

After the comments from Mr Musk, shares were down 8.8%.

The share drop was encouraged by a UBS note predicting Tesla's Model 3 will lose $6,000 per vehicle, as costs soar.

The ramping up of production of the electric car company's mass-market Model 3 was one of the reasons why Mr Musk admitted to being overworked and using the sedative Ambien to help sleep, he said in the interview.

The New York Times interview also discussed his 7 August tweet when the CEO said he wanted to take Tesla private at $420 a share.

Mr Musk said the price of $420 seemed like "better karma" than $419.

"But I was not on weed, to be clear," he said, as he also confirmed the tweet was not reviewed by anyone at the electric car company.

4/20 is an infamous term, more common in the US, that refers to the consumption of cannabis.

The price of $419 would have represented a 20% premium over Tesla's share price at the time.

Musk in the hot seat again

Tesla founder playing a dangerous game

"It seemed like better karma at $420 than at $419. But I was not on weed, to be clear.

"Weed is not helpful for productivity. There's a reason for the word 'stoned'. You just sit there like a stone on weed," Mr Musk, 47, said.

'No sleep, or Ambien'

He also told the paper that friends had expressed concern that he was exhausted after working 120 hour weeks.

"This past year has been the most difficult and painful year of my career," he said. "It was excruciating."

The paper reported that at times during the interview he stopped speaking, seemingly overcome by emotion - and that he spent the full 24 hours of his birthday on 28 June working.

"All night - no friends, nothing," Mr Musk said.

Mr Musk also said that he took the sedative Ambien to help him sleep when he was not working: "It is often a choice of no sleep, or Ambien."

According to the paper, his use of the drug has concerned some board members, who wonder if it affects his late-night tweets.

In May Roseanne Barr blamed Ambien for her tweet that likened Valerie Jarrett, an African-American former aide to Barack Obama, to an ape.

His tweet about taking Tesla private sparked a sharp rally in Tesla's share price, but has also prompted scrutiny.

London hedge fund manager Crispin Odey, who is shorting Tesla stock, has joined a number of analysts disproving of Mr Musk's running of the company.

According to Bloomberg, Mr Odey told investors: "Tesla feels like it is entering the final stage of its life."

Fox News has reported that the US Securities and Exchange Commission (SEC) had sent subpoenas to the electric carmaker and was "ramping up" its investigation into the tweet.

'They can have the job'

Tesla's directors said: "There have been many false and irresponsible rumours in the press about the discussions of the Tesla board.

"We would like to make clear that Elon's commitment and dedication to Tesla is obvious.

"Over the past 15 years, Elon's leadership of the Tesla team has caused Tesla to grow from a small start-up to having hundreds of thousands of cars on the road that customers love, employing tens of thousands of people around the world, and creating significant shareholder value in the process."

The statement was issued by the board members, excluding Mr Musk, who controls about a fifth of Tesla shares.

The board has set up a committee to evaluate any take-private proposal from Mr Musk, who has said that he discussed funding a deal with the Saudi Arabian sovereign wealth fund.

The New York Times reported that Mr Musk did not intend to separate the roles of chairman and chief executive, but that a search was underway to recruit a deputy.

However, he said there was "no active search" underway. He added: "If you have anyone who can do a better job, please let me know. They can have the job.

"Is there someone who can do the job better? They can have the reins right now."--BBC

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

NicozDiamond

shares delist from the ZSE

06/07/2018

Zimbabwe

Heroes’ Day

Zimbabwe

13/08/2018

Zimbabwe

Defence Forces Day

Zimbabwe

14/08/2018

The Harare Agricultural Show

The Harare Agricultural Show

The Harare Agricultural Show

August 27- September 1

 <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.

(c) 2018 Web: <http:// www.bulls.co.zw >  www.bulls.co.zw Email:  <mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77 344 1674

Invest Wisely!

Bulls n Bears 

Telephone:      <tel:%2B263%204%202927658> +263 4 2927658

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:       <mailto:info at bulls.co.zw> info at bulls.co.zw  

Website:         <http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw&sa=D&sntz=1&usg=AFQjCNH8LYgdY55h-XKseuM8Kpr-JKdfhQ> www.bulls.co.zw 

Blog:            <http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw%2Fblog&sa=D&sntz=1&usg=AFQjCNFoIy6F9IXAiYnSoPSgWDYsr8Sqtw> www.bulls.co.zw/blog

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

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 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20180820/a2c69277/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.jpg
Type: image/jpeg
Size: 3653 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20180820/a2c69277/attachment-0006.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image008.jpg
Type: image/jpeg
Size: 4846 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20180820/a2c69277/attachment-0007.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image009.jpg
Type: image/jpeg
Size: 8312 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20180820/a2c69277/attachment-0008.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image010.jpg
Type: image/jpeg
Size: 29391 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20180820/a2c69277/attachment-0009.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image011.jpg
Type: image/jpeg
Size: 29401 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20180820/a2c69277/attachment-0010.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image012.jpg
Type: image/jpeg
Size: 29420 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20180820/a2c69277/attachment-0011.jpg>