Major International Business Headlines Brief::: 18 January 2018

Thu Jan 18 10:02:15 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::: 18 January 2018

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

*  President says Ghana's economy back on track

*  De Beers diamond venture to lay off at least 130 in Namibia: union

*  Nigerian stocks hit 9-year high in third straight day of gains

*  Nigeria expects $700 mln from international sources: DMO

*  S.African regulator pursues criminal complaints against SAP, KPMG,
McKinsey

*  South African forward markets bet on central bank rate cut

*  Zimbabwe finance minister says "bond notes" to stay for now

*  Angola to issue $2 bln Eurobond in 2018 to ease debt burden

*  South Africa's retail sales rise 8.2 percent y/y in November, biggest
jump since 2012

*  Scandal-hit KPMG South Africa appoints new chairman

*  GKN rejects £7.4bn hostile takeover bid

*  China's economy grows by 6.9% in 2017

*  Apple to pay $38bn on foreign cash pile

*  'Text bomb' is latest Apple bug

*  Bitcoin dips below $10,000 for first time since December

 <mailto:info at bulls.co.zw> 

President says Ghana's economy back on track

ACCRA (Reuters) - Ghana’s economy is rebounding and the major commodity
exporter is poised to wean itself off bailouts through sustained fiscal
discipline and a battle against corruption, President Nana Akufo-Addo said
on Wednesday.

The former opposition leader, sworn into office a year ago, said his
government spent the past year stabilizing the economy, including clearing
huge debts while rolling out infrastructure such as schools and roads.

Ghana, which exports cocoa, gold and oil, is in the last year of a $918
million credit deal signed in 2015 with the International Monetary Fund to
reduce the deficit, public debt and inflation and lift growth.

“I am glad to report that the hard work is yielding positive results - the
macroeconomic fundamentals have seen improvements through improved fiscal
and monetary discipline,” Akufo-Addo told reporters in Accra.

“The important aspect and the cornerstone of our government going forward is
to remain committed to fiscal discipline so that never again will we go back
to the IMF or any bailout of the sort.”

GDP growth in the West African state rebounded to 9.3 percent in Q3 2017
from 3.5 percent in the same period of 2016.

Akufo-Addo said the government saved about $7 billion after reviewing power
sector deals signed by his predecessor covering a 13-year contract. Eleven
of the contracts had been terminated.

It also saved at least $200 million through value-for-money procurement
reviews, he said, without giving details.

Akufo-Addo, who last week named a special prosecutor to investigate graft,
warned that his appointees would not be spared if found culpable of
corruption.

He also said his government had yet to decide whether to extend the stay of
two ex-Guantanamo Bay detainees transferred to Ghana under a special
arrangement with the United States.

The two Yemeni nationals were sent to Ghana in January 2016 for an initial
two-year period after being held for more than a decade at Guantanamo for
suspected terrorism.

 <mailto:info at bulls.co.zw> 

De Beers diamond venture to lay off at least 130 in Namibia: union

WINDHOEK (Reuters) - Namdeb, a joint venture between Namibia’s government
and Anglo American’s diamond unit De Beers, is expected to lay off at least
130 of its 1,700-strong workforce, a union official said on Wednesday.

Shavuka Mbidhi, from the Mineworkers Union of Namibia’s Oranjemund branch,
said the diamond miner had written to staff offering voluntary redundancies
and at least 130 workers were expected to accept.

A spokeswoman for the miner said Namdeb was taking steps to ensure the
sustainability of its mines.

“The business optimisation process includes options for all employees to
apply for early retirement and voluntary separation,” spokeswoman Pauline
Thomas said. She declined to comment on the number of staff that could
leave.

Diamond mining generates 20 percent of the southern African country’s export
earnings.

Nigerian stocks hit 9-year high in third straight day of gains

LAGOS (Reuters) - Nigerian stocks hit a nine-year high on Wednesday,
extending gains for a third straight session.

The main index rose 1.89 percent to close to 45,000 points, a level last
reached in October 2008.

Nigerian stocks have gained strongly in January, extending 2017’s 42 percent
rise.

The central bank floated the naira for foreign investors in 2017, a move
that has lured back funds that had pulled out of Nigeria at the peak of a
currency crisis.

Oscar Onyema, CEO of the Nigerian Stock Exchange, said on Wednesday he
expected corporate earnings to lift equities this year, despite currency and
political risks.

Cement Company of Northern Nigeria (CCNN), Diamond Bank and Sterling Bank
gained the maximum 10 percent allowed on Wednesday.

Transcorp, Fidelity Bank, FCMB, Caverton and Skye Bank gained more than 9
percent each.

Nigeria expects $700 mln from international sources: DMO

ABUJA (Reuters) - Nigeria expects to raise $700 million from international
sources as part of a $3.5 billion in borrowing earmarked in the 2017
spending plan, the Debt Management Office (DMO) said on Tuesday.

The DMO gave no details of which sources the government could tap but
director general Patience Oniha told Reuters in October the country is
talking to the World Bank about concessionary loans.

The government raised $2.8 billion in the international market last year,
selling $2.5 billion in Eurobonds in November and another $300 million via
Diaspora bonds earlier.

The debt office said the country raised 1.254 trillion naira from the
domestic debt market last year and released around the same amount for
capital projects over six months due to delays in implementing the budget.

The DMO expects more capital release as the 2017 budget is still being
implemented.

Nigeria has faced budget implementation delays for years due to
disagreements between lawmakers and the presidency over plans on how the
supply of state funds to the tiers of government should be allocated.

S.African regulator pursues criminal complaints against SAP, KPMG, McKinsey

JOHANNESBURG (Reuters) - South Africa’s companies registry office is
pursuing criminal complaints against SAP, KPMG and McKinsey on suspicion
that business they conducted with friends of President Jacob Zuma broke the
companies act, it said on Wednesday.

The Companies and Intellectual Property Commission (CIPC)submitted the
complaints to South African police in November and December last year and
the matter is ongoing, the CIPC said in an emailed response to questions.

German software maker SAP, auditor KPMG and management consultants McKinsey
have all been accused of unduly influencing government contracts in
collusion with companies controlled by the Gupta family, who have been
accused of using political connections to win work with the state.

The Guptas deny wrongdoing and say they are victims of a
politically-motivated witch hunt.

The CIPC’s move marks the first time that any regulator or government
authority has laid a criminal charge against the three firms in connection
with a scandal involving the Gupta family.

SAP said it had been cooperating with South African authorities
investigating the deals for several months, including the police priority
crime unit.

McKinsey said it had not been formally provided with any affidavit or order
from any authority.

“We welcome all actions to resolve this issue and will continue to cooperate
with the South African authorities and official investigations into these
matters,” the company said in a statement on Wednesday.

KPMG declined to comment.

A police spokesman was not immediately available to comment.

The CIPC has in the past helped bring about changes at South African firms
by pursuing complaints under the companies act.

MCKINSEY COURT ORDER

Separately, South Africa’s state prosecutor said it would on Wednesday serve
a court order on McKinsey relating to a 1.6 billion rand ($130 million)
contract with state utility Eskom that the global consultancy worked on with
Trillian, a local firm that was then controlled by Gupta family associates.

Trillian will also be served with a court order, a spokesman for the
National Prosecuting Authority said. Trillian declined to comment.

McKinsey has offered to pay back the 1 billion rand ($81 million) it earned
for its share of the work done at Eskom in 2016, but denies doing anything
illegal.

KPMG cleared out its South African leadership in September last year after
an internal investigation found work done for Gupta family firms “fell
considerably short of KPMG’s standards”. KPMG denied it had done anything
illegal.

KPMG South Africa on Wednesday appointed former chairman of the Development
Bank of Southern Africa, Wiseman Nkuhlu, as its new chairman. Nkuhlu will
take up the position in March.

Nkuhlu told Reuters his first priority would be meeting with clients to
restore confidence and talking with different bodies investigating the
firm’s work in South Africa.

SAP, Europe’s biggest technology company, said last year it had “let down
South Africa” by paying $7.7 million in commissions to Gupta-related
companies between December 2014 and November 2016.

Zuma, who has faced and denied numerous corruption allegations since taking
office in 2009, said last week he would set up a commission of inquiry into
allegations of influence-peddling in the government.

Deputy President Cyril Ramaphosa, who was elected leader of the ruling
African National Congress last month, has vowed to fight rampant corruption
and revitalise the economy.

($1 = 12.3339 rand)

South African forward markets bet on central bank rate cut

JOHANNESBURG (Reuters) - South Africa’s central bank is most likely to cut
interest rates by 25 basis points on Thursday, forward markets showed on
Wednesday, as the rand currency continues its rally and political tensions
ease.

Forward markets were pricing-in a 56 percent chance of a 25 basis points
(bps) cut to benchmark rates, with the probability of a cut by the same
margin in March at more than 90 percent.

The one month contracts were calculating a 30 percent chance of a 50 bps cut
and about 20 percent probability of a reduction larger than that.

It is a sharp turnaround considering markets were pencilling-in a 25 bps
increase ahead of the SARB’s November decision to keep rates unchanged at
6.75 percent.

At that meeting governor Lesetja Kganyago cited the weak rand and its
susceptibility to political risks among the reasons the committee had
exercised caution and decided against reducing rates again after a cut in
July.

Since that meeting, the rand has gained about 16 percent against the dollar
to its strongest in nearly three years, with most of those gains made after
Cyril Ramaphosa, viewed as business friendly and pro-reform, was elected
head of the ruling African National Congress (ANC) in December.

“The entire curve is inverted with markets pricing in dovish bias throughout
following the strong rand recovery on the back of the ANC elective
conference,” said Halen Bothma of ETM Analytics.

Ramaphosa has vowed to fight corruption and revitalise the economy, and
persistent speculation that he may replace President Jacob Zuma as head of
state before his term ends in 2019 has been positively received by financial
markets.

Economic data has also signalled a stronger-than-expected rebound, with the
trade balance recording consecutive surpluses and mining, manufacturing and
retail sectors recording strong growth.

“Upside risks which the SARB had been concerned about in November have now
receded,” said research analyst at Nedbank Reezwana Sumad.

“Interest rate hikes do not feature for at least the next two years.”

In November the bank said its forecasting model implied three rate increases
of 25 basis points each by 2019, but Kganyago stressed this did not mean an
unconditional commitment to the model and decisions would be data dependent.

Zimbabwe finance minister says "bond notes" to stay for now

HARARE (Reuters) - Zimbabwe will not stop using “bond notes”, a domestic
quasi-currency, until the economy fully recovers, Finance Minister Patrick
Chinamasa said on Wednesday.

The southern African nation in November 2016 started using bond notes in a
bid to ease shortages of U.S. dollars, the country’s official currency since
2009.

Since Emmerson Mnangagwa became president last November in the wake of a de
facto military coup that removed 93-year-old Robert Mugabe, there has been
speculation that bond notes would be scrapped.

“Bond notes will stay until we have our own local currency,” Chinamasa told
a business meeting in Harare.

The conditions needed to bring back a local currency include foreign
currency reserves of more than three months, a lower budget deficit and
higher exports and industrial production, Chinamasa said.

The bond notes, which are also in short supply, are pegged at par with the
U.S. dollar but trade at a discount on the black market. On Wednesday $1 was
equivalent to $1.25 in bond notes.

Angola to issue $2 bln Eurobond in 2018 to ease debt burden

LUANDA (Reuters) - Angola plans to issue a Eurobond and renegotiate
bilateral debt in 2018 as part of a series of measures aimed at
restructuring the economy and controlling mounting debt payments, a
government macroeconomic plan showed.

President João Lourenço took power in September and is seeking to win
credibility with international investors and shed Angola’s image as an
opaque oil economy with rampant corruption. The government earlier put the
Eurobond’s size at $2 billion.

South Africa's retail sales rise 8.2 percent y/y in November, biggest jump
since 2012

JOHANNESBURG (Reuters) - South African retail sales rose by 8.2 percent
year-on-year in November, beating expectations by far, after increasing by a
revised 3.5 percent in October, data from the statistics office showed on
Wednesday.

Analysts polled by Reuters had forecast a 3.1 percent year-on-year increase
in retail sales in November.

On a month-on-month basis, sales were up 4 percent and rose 5.9 percent in
the three months to November compared with the same period last year,
Statistics South Africa said.

The statistics agency said the year-on-year figure was the largest jump
since June 2012.

Scandal-hit KPMG South Africa appoints new chairman

JOHANNESBURG (Reuters) - The South African arm of global audit firm KPMG
said on Wednesday it had appointed veteran public servant and former
chairman of the Development Bank of Southern Africa Wiseman Nkuhlu as its
chairman.

KPMG sacked its South African leadership in September after it found work
done for companies owned by the Gupta family, accused by a public watchdog
of improperly influencing government contracts, “fell considerably short” of
its standards.

The Guptas, who are close to President Jacob Zuma, have consistently denied
wrong-doing.

GKN rejects £7.4bn hostile takeover bid

Engineering giant GKN has rejected a £7.4bn hostile takeover bid from
Melrose Industries.

Turnaround specialist Melrose said it believed it could "deliver
significantly greater benefits" to GKN's shareholders than GKN could on its
own.

Last week, GKN rebuffed an initial £7bn bid from Melrose because it
"fundamentally undervalued" it.

It said the terms of the latest offer were "effectively unchanged".

Melrose is offering 430.1p in cash and shares for GKN, compared with its
initial bid of 405p per share.

Under the terms of the offer, GKN shareholders would own 57% of the enlarged
group and, according to Melrose, would become "major participants in the
potential future value creation in both the GKN and Melrose businesses".

But in its statement on Wednesday, GKN's board said Melrose's proposal would
"materially dilute the exposure of GKN shareholders to the meaningful upside
opportunities that the board believes are present within the group".

GKN's new management, under chief executive Anne Stevens, was "currently
undertaking a series of shareholder meetings to explain why GKN's current
owners should retain 100% of the benefits of the upside potential in GKN,
rather than handing 43% to Melrose's management and shareholders", it added.

'Re-energise and repurpose'

Last year, lower profit margins and cash generation prompted GKN to conduct
a wide-ranging review of its business. The company also warned on profits
after uncovering problems at its aerospace division.

Earlier this month, it said a new two-year strategy called Project Boost
would significantly increase cash flow by cutting costs and expenditure,
along with tighter pricing control.

It also announced plans to split its aerospace and automotive divisions into
separate companies, although the timing has not been confirmed.

Melrose, which specialises in buying companies and turning them around, said
it expected to "re-energise and repurpose GKN's operations".

Shares in car and plane part maker GKN rose by 1.3% on Wednesday morning,
although they have subsequently lost most of that ground.

Melrose's share are down by more than 1%.--bbc

China's economy grows by 6.9% in 2017

China's efforts to reduce coal burning in and around Beijing impacted growth
in the fourth quarter

China's economy grew by 6.9% in 2017 according to official data - the
fastest pace in two years.

The figure comfortably beats Beijing's official growth target of about 6.5%.

China is a key driver of the global economy and so the better-than-expected
data is likely to cheer investors around the world.

But many China watchers are sceptical about the country's GDP numbers and
believe growth is much weaker than the official data suggests.

The numbers released on Thursday showed that in the last three months of
2017, the economy grew at an annual rate of 6.8% - slightly higher than
analysts had been expecting.

A crackdown on risky debt together with an effort to reduce factory
pollution dampened growth during the period.--BBC

Apple to pay $38bn on foreign cash pile

Apple will pay about $38bn (£27.3bn) in tax on the roughly $250bn cash pile
it holds outside the US following recent changes to American tax rules.

The sum is expected to be the biggest payment under the reforms, which slash
the US corporate tax rate.

The tech giant also plans to build a new campus and create 20,000 new jobs
in the US.

Apple said its plans would contribute more than $350bn to the US economy
over the next five years.

The company has not said how much of its cash abroad would be brought back
to the US.

Chief executive Tim Cook said Apple is "focusing our investments in areas
where we can have a direct impact on job creation".

Apple employs about 84,000 people in the US and expects to spend $55bn with
domestic suppliers and manufacturers this year.

Paradise Papers: Apple's secret tax bolthole revealed

Apple investors urge action on 'smartphone addiction'

The company has data centres in seven states. On Wednesday, it broke ground
on an expansion of its operations in Reno, Nevada.

It plans to spend more than $10bn on data centres over five years, as part
of a $30bn capital spending plan for the US.

The location of Apple's new campus, which will house technical support
staff, will be announced later in 2018.

Apple had earlier said it planned $16bn in capital expenditures in 2018, up
from about $15bn in the prior year.

Tax changes

Apple is the latest company to promote plans to invest in America following
the overhaul of the US tax code.

The changes cut the corporate rate from 35% to 21%. They also stopped
applying the corporate rate to profits that companies make overseas, in
exchange for a one-off tax payment.

President Donald Trump had argued the cuts would make the US more
competitive and spur domestic companies to invest at home.

House Speaker Paul Ryan, a Republican congressman who spearheaded the tax
overhaul, celebrated Apple's plans to invest in a post on Twitter.

"This is great news for the American economy and for America's workers," he
said.

Opponents to the new tax law predicted much of the money firms saved from
the cuts would go to share buybacks and higher dividends.

CFRA Research analyst Angelo Zino said on Wednesday he expects Apple could
repurchase as much as 10% of its shares over the next 12 to 18 months.

The company has spent $166bn already to repurchase shares under a plan to
return $300bn to shareholders by March 2019.

Apple has previously called for simplification of US tax rules, amid
criticism of its large overseas cash holdings and investigation by US tax
authorities.

The company's announcement of its planned investments comes as tech firms
face questions from competition regulators, as well as calls to make devices
less addictive.

Apple is also facing legal action over its deliberate slowing of older
iPhones.

The firm reported nearly $230bn in sales and more than $48bn in profit for
the 12 months ended 30 September.—bbc

'Text bomb' is latest Apple bug

A new "text bomb" affecting Apple's iPhone and Mac computers has been
discovered.

Abraham Masri, a software developer, tweeted about the flaw which typically
causes an iPhone to crash and in some cases restart.

Simply sending a message containing a link which pointed to Mr Masri's code
on programming site GitHub would be enough to activate the bug - even if the
recipient did not click the link itself.

Mr Masri said he "always reports bugs" before releasing them. Apple has not
yet commented on the issue.

On a Mac, the bug reportedly makes the Safari browser crash, and causes
other slowdowns.

Don't panic

But users should not be alarmed.

Security expert Graham Cluley wrote on his blog that the bug does not
present anything to be particularly worried about - it's merely very
annoying.

"Something about the so-called ChaiOS bug's code gives your Apple device a
brainstorm," he wrote.

"Ashamed about the mess it gets itself in, Messages decides the least
embarrassing thing to do is to crash.

"Nasty. But, thankfully, more of a nuisance than something that will lead to
data being stolen from your computer or a malicious hacker being able to
access your files."

Taken down

After the link did the rounds on social media, Mr Masri removed the code
from GitHub, therefore disabling the "attack" unless someone was to
replicate the code elsewhere.

"I'm not going to re-upload it," he said.

"I made my point. Apple needs to take such bugs more seriously."

Bugs in Apple's software have been a recurring problem of late.

In November it apologised to its customers for a glaring password flaw which
meant its latest Mac operating system could be accessed without a password.

Less serious but highly frustrating was a bug that autocorrected the letter
"I" into a strange symbol.--bbc

Bitcoin dips below $10,000 for first time since December

Bitcoin has traded below $10,000 for the first time since early December.

The value of one bitcoin fell to $9,958 (£7,222) before making a slight
recovery, according to a price index run by the news site Coindesk.

However, it later fell again dipping just below $9,200. That represents a
drop of more than 53% since it peaked close to $19,800 five weeks ago.

Other crypto-currencies have also experienced steep falls, including
Ethereum, Ripple and Bitcoin Cash.

There has been concern among some experts that a bubble had been forming in
the market as casual investors piled into an asset they did not fully
understand.

bitcoin

Trading restrictions

It is notoriously difficult to be certain of what causes moves in Bitcoin's
value - the asset has been much more volatile than most traditional
currencies and commodities to date - but speculation that regulators may be
about to restrict trade has been causing concern.

In particular, South Korea has suggested that it might soon take action.

"The government stance is that it needs to regulate crypto-currency
investment as it is a largely speculative investment," its finance minister
Kim Dong-yeon said in a radio interview on Tuesday.

"The shutdown of virtual currency exchanges is still one of the options
[that the government has]."

Earlier this week, the Bloomberg news agency reported that the Chinese
authorities were planning to restrict local access to crypto-currency
trading platforms, having already taken steps to curb Bitcoin mining - the
process that validates transactions.

Investors may also have been spooked by Bitconnect's announcement that it
was closing down its lending and exchange platform on Tuesday.

The business had centred on its own digital token - the Bitconnect Coin -
which crashed in value following the announcement, despite the firm saying
it would still be supported.

Bitconnect said it had faced "continuous bad press" - including claims it
had been running a Ponzi scheme - and had received cease-and-desist letters
from two US watchdogs.

Last Wednesday, the influential investor Warren Buffett predicted further
trouble ahead, although he was vague about the timing.

Mr Buffett said he had never made a Bitcoin-related investment on behalf of
his Berkshire Hathaway fund

"In terms of crypto-currencies, generally, I can say with almost certainty
that they will come to a bad ending," he told CNBC .

"When it happens or how or anything else, I don't know."

However, photography firm Kodak has seen its stock price soar since last
Tuesday when it announced its involvement with two crypto-currency-related
ventures.--bbc

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

 <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=AF
QjCNH8LYgdY55h-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%2FBullsBearsZimba
bwe&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/20180118/5c03a512/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/20180118/5c03a512/attachment-0006.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 23437 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20180118/5c03a512/attachment-0007.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 29401 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20180118/5c03a512/attachment-0008.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.jpg
Type: image/jpeg
Size: 29388 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20180118/5c03a512/attachment-0009.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.jpg
Type: image/jpeg
Size: 29420 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20180118/5c03a512/attachment-0010.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image006.jpg
Type: image/jpeg
Size: 4846 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20180118/5c03a512/attachment-0011.jpg>