Major International Business Headlines Brief::: 17 December 2018

Mon Dec 17 08:02:31 CAT 2018

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Major International Business Headlines Brief::: 17 December 2018

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*  Zambia denies White House claim China taking over power utility

*  Transfer of Eskom's debt to South African government credit neutral - Moody's

*  Foreign direct investment in South Africa down in Q3, portfolio flows up

*  Arms firm Denel's accounts littered with flaws - South Africa's Auditor General

*  South Africa's Eskom evaluating bids for mortgage business

*  First Quantum Minerals to cut over 1,000 jobs at Zambia mine

*  Angola's Sonangol, Exxon Mobil sign oil exploration agreement

*  Aspen Pharmacare shares slump after revenue forecast disappoints

*  South Africa's Aspen strikes distribution deal with U.S. drugmaker Mylan

*  Ministers deny planning no-deal Brexit holiday warnings

*  Laura Ashley to close 40 UK stores amid a push into China

*  What's knocked markets off course?

*  Euro falls as 'gilets jaunes' protests hit French economy

*  Johnson & Johnson shares drop after asbestos report

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Zambia denies White House claim China taking over power utility

LUSAKA (Reuters) - Zambia has denied claims by a White House official that China is about to take over its state power utility to recover $6-10 billion debt, noting the utility was never provided as collateral and its debt to Beijing was only $3.1 billion.

U.S. National Security Advisor John Bolton said on Thursday that China’s quest for more power in Africa was evident in nations like Zambia, and China was poised to take over Zambia’s utility company Zesco to collect the debt.

Zambia’s presidential spokesman Amos Chanda told Reuters the figure of between $6-10 billion given by Bolton was wrong. Zambia’s total external debt was now $9.7 billion including $3.1 billion owed to China, he said.

“It is regrettable that such information can come from such a high-ranking official. In fact, Zesco is not within the scheme of Zambia’s debt to China,” he added.

Chanda said Zambia valued its relations with both China and the US and would not deal with either of them exclusively.

Bolton had called the business practices of China and Russia in Africa “corrupt” and “predatory” and said the United States planned to counter their economic and political influence. [L1N1YI10A]

In June, Zambia decided to delay all planned borrowing indefinitely, slowing down the accumulation of new debt amid worries about the risk of debt distress.

President Edgar Lungu said last month Zambia is committed to improving the transparency of its debt management and will ensure that debt levels remain sustainable.

The IMF rejected Zambia’s borrowing plans in February, saying they risked making its debt load harder to sustain.

Finance minister Margaret Mwanakatwe said last month the government plans to send a delegation to China by the end of this year to discuss Zambia’s debt and debt restructuring.

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Transfer of Eskom's debt to South African government credit neutral - Moody's

JOHANNESBURG (Reuters) - Power utility Eskom’s request for government to take up 100 billion rand ($7 billion) of its debt could cause the country’s overall debt ratio to jump two percentage points from the current 55.8 percent, ratings agency Moody’s said on Friday.

Moody’s, the last of the top three ratings firms to still rate Pretoria’s debt at investment grade, said in a research note dated Dec. 12 that granting Eskom’s request would have a neutral credit impact and was unlikely to accelerate the firm’s long-promised turn-around strategy.

Last week, the cash-strapped power firm said it wanted the government to take on 100 billion rand of its total borrowings of 420 billion rand, a move President Cyril Ramaphosa on Thursday said was not an option as it would cause the country’s debt to spiral.

“The transfer will increase South Africa’s debt/GDP ratio by around two percentage points from the 55.8 percent envisioned for fiscal year 2019,” Moody’s said, noting that it does not currently include the firm’s government guaranteed debt in the overall measure of debt.

“If the debt transfer grants further measures like efficiency savings and/or tariff increases requested by the company in October that reduce this contingent liability risk, the overall credit impact of the debt transfer could be neutral,” Moody’s said.

The agency however said this was unlikely as Eskom had already delayed its turnaround plan on numerous occasions, and that the utility was unlikely to implement it before general elections due mid-2019.

($1 = 14.3634 rand)

Foreign direct investment in South Africa down in Q3, portfolio flows up

PRETORIA (Reuters) - South Africa’s foreign direct investment inflows fell by nearly 3 billion rand ($209.6 million) in the third quarter, the central bank said on Friday in its quarterly bulletin, as foreign firms sent less money to local subsidiaries.

South Africa’s direct investment liability fell to 27.9 billion rand from 31.6 billion, the Reserve Bank (SARB) said.

Portfolio investments rose to 17.9 billion rand from 16.6 billion in the months from July to September.

“The larger debt security inflow could be attributed to the issuance of foreign currency-denominated bonds by a public corporation,” the bank said in the publication.

Since replacing Jacob Zuma as president in February, Cyril Ramaphosa has vowed to up foreign investment to kick-start an economy that only recently climbed out of a recession triggered largely by low business confidence linked to policy uncertainty.

Ramaphosa appointed a team of business and finance experts in April to scour the globe for $100 billion in investment.

In October at an investment summit in Johannesburg, Ramaphosa said the country had already secured investment commitments of around $20 billion.

($1 = 14.3137 rand)

Arms firm Denel's accounts littered with flaws - South Africa's Auditor General

JOHANNESBURG (Reuters) - Shoddy and incomplete accounting at South Africa’s troubled state-run arms firm Denel left the country’s Auditor General unable to make a judgement on the soundness of its most recent financial statements, according to the firm’s annual report.

In the report the Auditor General listed more than 30 problems at Denel, which reported a 1.7 billion rand ($118 million) loss for 2017/18 and recently fired its Chief Financial Officer over allegations of misconduct, that left it unable to offer an opinion on its accounts.

Reforming struggling state-owned firms is a top priority for President Cyril Ramaphosa, who replaced former president Jacob Zuma one year ago and has promised to restart South Africa’s sluggish economy and clean up public institutions.

But ongoing problems at public enterprises like Denel and power utility Eskom - both embroiled in corruption scandals - undermine confidence in him ahead of elections in May.

The list of issues outlined by the Auditor General at Denel included a failure to apply international accounting standards and “basic” financial management disciplines, a lack of any information on fruitless or wasteful spending and the absence of an effective system to recognise irregular expenditure.

The Auditor General said it “was unable to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion.”

In the report, Denel’s Chairwoman Monhla Hlahla and its acting CEO Michael Kgobe wrote that they received the auditor’s conclusions with “grave concern” and had launched an audit turnaround plan to address the issues raised.

The main opposition Democratic Alliance (DA) party said the report had been slipped under the radar.

“The DA reiterates its call that Denel and other struggling state-owned entities be placed under business rescue in preparation of partial or full privatisation to suitable partners,” the party said in a statement.

($1 = 14.3597 rand)

South Africa's Eskom evaluating bids for mortgage business

JOHANNESBURG (Reuters) - South Africa’s cash-strapped power utility Eskom is evaluating bids for its mortgage lending business, a spokesman said on Friday, as the company works to shore up its balance sheet against a backdrop of operational woes.

State-run Eskom is struggling to keep the lights on in Africa’s most advanced economy, and has been implementing frequent controlled power cuts to prevent the grid from collapsing under the weight of electricity demand.

“Eskom is currently evaluating bids for the sale of its non-core subsidiary Eskom Finance Company (EFC),” the utility’s spokesman Khulu Phasiwe said on Twitter, adding the firm could not give further details until the process was completed.

“The proposed sale of EFC has been on the cards for years,” Phasiwe said.

The sale of Eskom’s mortgage business, which specialises in lending to employees, would be the first major privatisation deal under President Cyril Ramaphosa, who has made revamping state-owned firms like Eskom a top priority.

The government said as far back as 2015 that it was considering divesting some Eskom assets, but the proposal was vehemently opposed by trade unions.

Eskom, which supplies more than 90 percent of South Africa’s power, faces a funding crunch as it races to bring new power plants online to stave off an electricity crisis.

The company is also battling with coal shortages and poor plant performance.

Ramaphosa appointed a task team on Friday to advise the government on how to resolve Eskom’s operational and financial problems, including cutting its debt burden.

The task team includes former Eskom chief executive officer Brian Dames.

Its work will address “the government’s concern that the lack of adequate electricity has a negative impact on economic recovery and that there is a need for intervention in the short and medium term to restore the supply-demand balance”, the presidency in a statement.

“Appreciating the urgency of the matter, the President has requested the task team to submit initial recommendations by the end of January 2019,” it added.

Last week, the power firm said it wanted the government to take on 100 billion rand ($6.95 billion) of its total borrowings of 420 billion rand, a move Ramaphosa said on Thursday was not an option as it would cause the country’s debt to balloon.

($1 = 14.3963 rand)

First Quantum Minerals to cut over 1,000 jobs at Zambia mine

LUSAKA (Reuters) - Canada’s First Quantum Minerals plans to lay off more than 1,000 workers at Zambia’s Kalumbila copper-nickel mine when the government hikes taxes in January, the minister of labour said on Saturday.

Labour Minister Joyce Simukoko told Reuters that the management at Kalumbila mine wrote to her office last week informing her of the planned job cuts.

“We received the letter last week informing us that they want to lay off more than 1,000 workers starting in January but we think these are arm-twisting tactics,” Simukoko said.

The Chamber of Mines said on Tuesday mining companies in Zambia may lay off more than 21,000 workers due to reduced capital expenditure over the next three years if the government introduces higher taxes.

Africa’s No.2 copper producer plans to introduce new mining duties, replace Value Added Tax with sales tax and increase royalties to help bring down mounting debt.

Simukoko said mining companies in Zambia have enoyed tax holidays for a long time and it is time they started paying back.

“They should explore other areas where they can cut cost because as far as we are concerned redundancies should only come in as a last resort,” she said.

The Chamber of Mines said on Tuesday it met officials at the ministry of finance last week to present its views on the likely impact of the tax changes contained in the 2019 budget, which include capital expenditure cutbacks of more than $500 million.

Presidential spokesman Amos Chanda said the minister of finance had informed the presidency that she would proceed with the implementation of the new taxes in January.

Mining accounts for more than 70 percent of Zambia’s foreign exchange earnings and companies operating in the southern African nation include First Quantum Minerals, Barrick Gold Corp, Glencore and Vedanta Resources.

Angola's Sonangol, Exxon Mobil sign oil exploration agreement

LUANDA (Reuters) - Angola’s state oil company Sonangol and Exxon Mobil on Friday signed a memorandum of understanding for oil exploration in the country’s Namibe basin, the two firms said.

Angola, Africa’s second-largest crude producer, is facing a steep output decline unless it can revive exploration in what was once one of the world’s most exciting offshore prospects.

Sonangol is negotiating contracts for new blocks with oil majors and Angola plans to hold an auction next year, the first tender for exploration rights since 2011.

Sonangol’s chairman Carlos Saturnino said the memorandum paves the way for the parties to start contract negotiations for new oil concessions, part of the state firm’s strategy to strengthen the search for new oil activities and discovery of new reserves.

Exxon Mobil’s director general in Angola Andre Kostelnik, said the new field of exploration can be viewed as the resurgence of oil activity in the country.

The signs of fresh exploration in Angola comes after a period of near-paralysis due to a lack of drilling success, a slump in oil prices and a deteriorating relationship between Sonangol and the oil majors.

Oil accounts for 95 percent of Angola’s exports and around 70 percent of government revenues.

Aspen Pharmacare shares slump after revenue forecast disappoints

JOHANNESBURG (Reuters) - Shares in South Africa’s Aspen Pharmacare fell more than 8 percent in early Friday trade a day after it forecast full-year revenue growth of between 1 percent and 4 percent in commercial pharmaceuticals.

The drugmaker, which is in the process of disposing of its infant formula business, said in a statement that weaker performance across Europe had offset the positive performance for commercial pharmaceuticals in most emerging markets.

At 0815 GMT, the shares were down 6.52 percent at 132.37 rand ($9.23).

($1 = 14.3390 rand)

South Africa's Aspen strikes distribution deal with U.S. drugmaker Mylan

JOHANNESBURG (Reuters) - Aspen Pharmacare has struck a deal with U.S. generics maker Mylan to distribute a portfolio of prescription and over-the-counter drugs in Australia and New Zealand.

The arrangement by Aspen Global Incorporated and its Australian subsidiaries includes an option for Mylan to buy the portfolio for approximately 188 million Australian dollars ($136 million), the company said in a statement.

Aspen said the deal was part of efforts to allow “enhanced operational focus” and reduce complexity, which also included it ending several third party licenses in Australia.

Separately, Aspen said it expects the sale of its infant formula business which it announced in September to French company Lactalis for 12.9 billion rand ($907 million) to take place by the first quarter of 2019.

Proceeds from the disposal will be used to reduce debt and it has engaged with its creditors to negotiate a conditional and temporary adjustment to its leverage ratio covenant as of the end of December, Aspen said.

This will allow for an increase in the covenant limit, should the transaction not be completed by Dec. 31.

($1 = 14.2184 rand)

($1 = 1.3837 Australian dollars)

Ministers deny planning no-deal Brexit holiday warnings

Downing Street has dismissed claims that people will be warned not to book holidays beyond March 2019 as part of no-deal Brexit contingency plans.

It comes after the Sunday Times said senior officials had examined the idea.

But a No 10 spokesperson rejected the report as "categorically untrue."

And travel agents' body Abta told the BBC: "The European Commission has said that even in a no-deal scenario, flights will still operate between the UK and EU, and a visa is not required."

Brexit: A really simple guide

Brexit vote: What could happen next?

How might Brexit affect my European holiday?

Brexit: No visa but Britons will pay €7 to travel to EU countries

The UK is set to leave the European Union on 29 March 2019.

There are understood to be tensions among government ministers over the prospect of a no-deal Brexit, and the impact it might have on the economy.

Travel freely

Last week it was confirmed that while UK travellers will not need a visa to visit the EU, Britons will need to apply for and buy another document to travel to member states, post-Brexit.

The document - which costs €7 (£6.30) and is valid for three years - is called an ETIAS (European Travel Information and Authorisation System) and although not launched yet, is expected to come into force in 2021.

The travel requirement is not just for the UK but for many non-EU countries.

Under the Brexit deal, EU citizens and UK nationals will continue to be able to travel freely with a passport or identity card until the end of the transition period in 2020.

After this period ends, the European Commission has offered visa-free travel for UK nationals coming to the EU for a short stay, as long as the UK offers the same in return.

But although they do not need a visa, UK nationals will need the ETIAS - deal or no deal.--BBC

Laura Ashley to close 40 UK stores amid a push into China

Fashion and home furnishings retailer Laura Ashley will close about 40 stores in the UK as it plans to expand its presence in China.

Laura Ashley, which is owned by Malayan United Industries (MUI), has already closed some 40 UK stores since 2015.

High Street stores in the UK have had a difficult year as consumer confidence wanes and fewer shoppers visit.

A recent report has shown that some 14 shops are closing every day in the UK amid the tough trading climate.

Andrew Khoo Boo Yeow, MUI's newly appointed executive chairman, told reporters in Malaysia earlier this month that he expected the business to see some tough headwinds across the next two years.

He also said MUI would be restructuring some arms of its business and rationalising assets.

Mr Khoo told the Press Association that the number of UK stores would be reduced from 160 to 120, but that the remaining stores would be expanded.

New Look may lose more than 120 UK stores

UK's 'unhealthiest' High Streets revealed

"It's more about showcasing the brand," he said. "It doesn't really matter if [customers] buy online or offline, we just want them to get inspired.

"It's a challenging environment and it could become more challenging," he said.

The firm said it would would look at moving staff from any stores that are closing to larger outlets.

Moving to Asia in a big way

Mr Khoo told PA the company was "moving to Asia in a much bigger way".

"We have a regional office in Singapore [that is] focused purely on ecommerce into China.

"Once we get a significant foothold in digital retail in China, we can look at the physical stores rollout."

Originally based in Wales, Laura Ashley grew from a small factory in Carno to become one of the world's leading clothing brands in the 1970s and 1980s.

But analysts have said the brand has failed to stay relevant. The retailer had hoped the launch of a new digital platform in the second half of 2018 would help boost its offerings, but critics have said the firm's e-commerce offerings are not up to standard yet.

At the beginning of this year Laura Ashley issued a profit warning after reporting disappointing 2017 Christmas trading figures.

The news sent shares reeling. At one point they fell 26%, pulled back to a 4% loss and were down 8% by the close.

More recently, the retailer has invested in hotels. The first Laura Ashley branded hotel was opened in 2013. The firm currently has two: Laura Ashley The Manor in Elstree and Laura Ashley The Belsfield in the Lake District.--BBC

What's knocked markets off course?

Just a few months ago, US financial markets seemed headed for a third year in a row of hefty increases.

But shares have tumbled since October, retreating to lower levels than at the start of the year.

That decline continued on Friday, as weak economic data in Europe and China sparked a late afternoon sell-off, sending all three major US share indexes lower.

The Nasdaq dropped almost 2.3%, the Dow fell 2% and the S&P 500 sank 1.9%.

For those invested in US stocks, the double-digit gains in seven of the last 10 years may still feel pretty good.

But as Wall Street debate turns to just when a recession might begin, many investors are bracing for a rough patch.

What's behind the shift in sentiment?

1. The tech boom was overblown.

At their peaks in October, the Dow and S&P 500 were up about 8% since the start of 2018. The Nasdaq had increased 15%.

But the stock market surge was always a bit suspect.

It outpaced other economic measures by a large margin and was driven by the tech sector, which accounted for roughly half of the gains on the S&P 500 up until mid-August of this year.

Now some of the biggest winners - such as Apple and Facebook - have stumbled, dragging down the markets and making the weakness elsewhere more visible.

All three indexes are off 10% from their earlier peaks - a decline often considered a correction.

Until tech recovers, a broader market bounce is unlikely, said Terry Sandven, chief equity strategist at US Bank Wealth Management.

"Looking to 2019, volatility is likely to represent the norm rather than the exception," he says. "By many measures, the degree of investment difficulty is on the rise."

2. Interest rates are rising.

How much higher will the Fed go?

US central bankers have been raising interest rates since 2015, moving away from the unusually low rates put in place during the financial crisis as economic growth rebounds.

Analysts are worried about how much more expensive borrowing might get - and whether companies and households will be able to handle the increased costs.

Fears have been tempered recently by signals from the US Fed suggesting it may enact fewer rates rises in 2019 than previously expected.

But some still worry about the risks from corporate debt levels, which have hit historic highs - with an increasing percentage of the loans made to companies with already large debt loads.

3. US economic growth is slowing.

US growth is expected to slow to 2.5% in 2019, down from about 3% this year, according to the IMF and Federal Reserve.

Some closely watched industries and financial indicators are already flashing warning signs of a more serious contraction.

Is the US heading for a recession?

US economy under Trump: Is it the best in history?

In October, sales of existing homes had fallen more than 5% compared to 2017. Construction spending has started to slip and growth in consumer spending been less robust than expected.

Meanwhile, business optimism is in retreat.

Indeed, nearly half of US financial officers believe the nation's economy will enter a recession by the end of 2019, a recent Duke University survey found.

4. The White House is a wild card, especially its trade policy.

Investors loved US President Donald Trump's 2017 tax cuts. But his trade policy has them tied up in knots.

In March, Mr Trump ordered tariffs on foreign steel and aluminium, as well as on billions of dollars worth in annual trade from China. He's threatened more, including on foreign cars.

The tariffs have already raised costs for US companies - and economists warn they threaten to slow growth, adding to recession worries.

The manufacturers fighting Trump's tariffs

The impact of trade tariffs on two US firms

Markets aren't sure about White House strategy, and an ongoing investigation of Mr Trump's election campaign ties to Russia has only added to uncertainty emanating from Washington.

"If these investigations produce some sort of smoking gun that throws us into a constitutional crisis, that might prove destabilising," says Mark Vitner, senior economist at Wells Fargo Securities.

5. Threats from overseas - like Brexit.

The IMF expects the global economy to expand 3.7% in 2019, but the growth has become more uneven.

The US Federal Reserve recently flagged issues in Europe, China and emerging markets as some of the biggest threats to the American economy, with Brexit high on the list.

Indeed, as much as US indexes are down, financial markets elsewhere have dropped even farther.

The Global Dow is down around nearly 9% so far this year, and the MSCI world index is down about 8%.

In Asia, Japan's Nikkei 225 index has fallen about 6%; Hong Kong's Hang Seng index is about 13% lower in 2018. The Shanghai Composite has dropped more than 20%.

The Stoxx Europe 600 is off almost 11%. France's CAC 40 has dropped almost 9%, London's FTSE 100 has declined nearly 11%. and Germany's DAX is down more than 15%.

So stormy seas likely lie ahead.--BBC

Euro falls as 'gilets jaunes' protests hit French economy

The euro has fallen against the dollar after disappointing French and German economic surveys dismayed the markets.

In France, private sector business activity contracted for the first time in two and a half years as the "gilets jaunes" protests took their toll.

In Germany, private sector activity slowed to a four-year low. The surveys pointed to weak fourth-quarter growth in the two biggest eurozone economies.

After the figures were published, the euro fell 0.6% to below the $1.13 mark.

The data came from closely-watched surveys published by research group IHS Markit, which tracks business activity across Europe in its Purchasing Managers' Index (PMI).

Its December composite figure for the French economy was down sharply at 49.3, from November's reading of 54.2.

Any figure below 50 indicates contraction rather than expansion. The French reading confounded analysts, with the index hitting depths not seen since November 2014.

"Having held up reasonably well throughout the initial months of Q4, latest flash data pointed to an outright contraction in France's private sector for the first time in two-and-a-half years, following the protests which have swept through the country in recent weeks," said Eliot Kerr, an economist at IHS Markit.

"Momentum in the manufacturing sector's downturn gathered pace, while most notably, the service sector's resilience came to a halt, with business activity and demand dropping."

For the German economy, the equivalent figure was 52.2, as against 52.3 the previous month.

Who are the 'gilets jaunes'?

Macron promises divide protest leaders

The impact of the "yellow vest" demonstrations has been keenly felt in France, where the government has been forced to bow to pressure and change its economic course.

President Emmanuel Macron has responded to the nationwide street protests by scrapping an unpopular fuel tax rise and promising an extra €100 (£90; $114) a month for minimum wage earners and tax cuts for pensioners.

However, it is far from clear that he has done enough to defuse public anger.

Bart Hordijk, market analyst at Monex Europe, said: "The sentiments among the yellow vests may have quite some support from the French public. However, businesses beg to disagree.

"If the magnitude of this drop continues in other countries and coming months, the European Central Bank's assessment that the eurozone economy 'risks moving to the downside' will quickly seem outdated, as the risks will already be there.

"The ECB president talked yesterday of 'lower growth, not of no growth'. However, a tail risk is forming that eurozone economies will slip into a recession while the ECB interest rates are still sub-zero.

"This would be a Japan-like scenario: a prospect which the euro understandably does not take well."--BBC

Johnson & Johnson shares drop after asbestos report

Shares in Johnson & Johnson plunged more than 10% on Friday, after Reuters reported that the US pharmaceutical giant had known about asbestos tainting its talcum powder for decades.

The report comes as the company faces thousands of lawsuits claiming that its talc products caused cancer.

Reuters' review of documents found the company was aware of trace amounts of asbestos since at least 1971.

J&J lawyers said: "Johnson & Johnson's baby powder is safe and asbestos-free.

"The Reuters article is one-sided, false and inflammatory. Simply put, the Reuters story is an absurd conspiracy theory."

Attorney Peter Bicks told Reuters in an email. "The scientific consensus is that the talc used in talc-based body powders does not cause cancer, regardless of what is in that talc.

"This is true even if - and it does not - Johnson & Johnson's cosmetic talc had ever contained minute, undetectable amounts of asbestos."

Internal tests

Reuters reviewed Johnson & Johnson documents produced as part of the trials, many of which had been shielded from view by court orders.

The documents revealed that from at least 1971 to the early 2000s the firm's internal tests sometimes found small amounts of asbestos in its raw talc and finished powders.

Most of the firm's tests did not find asbestos, and it did not disclose the tests that did to regulators, Reuters found.

Mr Bicks said the tests cited by Reuters article were "outlier" results. In court, the firm has argued that some of the documents referred to industrial talc products.

The investor reaction wiped 10% off the firm's market value at one point, making it the biggest loser on the Dow.

Legal cases against Johnson & Johnson have had mixed results.

In July, Johnson & Johnson was ordered to pay $4.7bn (£3.6bn) in damages to 22 women who alleged that its talc products caused them to develop ovarian cancer.

The verdict marked the largest payout the firm has faced over the allegations. The firm is appealing against the decision.--BBC

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

Unity Day

22/12/2018

Christmas Day

25/12/2018

Boxing Day

26/12/2018

New Years’ Day

01/01/2019

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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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