Major International Business Headlines Brief::: 10 July 2018

Tue Jul 10 10:45:32 CAT 2018

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Major International Business Headlines Brief::: 10 July 2018

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

*  Egypt's annual urban consumer inflation rises to 14.4 pct in June

*  South Africa's rand holds on to gains in calm early trade

*  McKinsey's new boss apologises to S.Africans over corruption scandal

*  IMF says Cameroon's economic growth to rise to 4 percent in 2018

*  Gold prices hit two-week high on short covering, weaker dollar

*  CEO of Kenya's ARM Cement denies report of concealed debts

*  Angola's net reserves fall to $13 billion in June

*  South Africa mines minister delays finalisation of draft mining charter

*  MTN Nigeria yet to file IPO application, securities regulator says

*  Starbucks to ban plastics straws in all stores by 2020

*  Martin Sorrell beats WPP in takeover battle

*  Five things enjoying a World Cup bonanza

*  Tesco UK chief steps down over cancer

*  Uber invests in Lime city scooter hire company

 <mailto:info at bulls.co.zw> 

Egypt's annual urban consumer inflation rises to 14.4 pct in June

CAIRO (Reuters) - Egypt’s annual urban consumer inflation surged to 14.4 percent in June from 11.4 percent in May, the official statistics agency CAPMAS said on Tuesday, after 10 months of steady decline.

The increase, which took economists by surprise, came after Egypt raised fuel, electricity and taxi fares last month. The increases were part of efforts to meet the terms of a $12 billion International Monetary Fund loan programme from late 2016 that included cuts in energy subsidies and tax increases.

The government in May raised metro fares in a move that had increased public discontent, sparking a brief bout of protests.

“It’s certainly higher than what we estimated,” said Allen Sandeep, head of research at Naeem Brokerage. “It is of course for the most part taking into account the fuel subsidy cut.”

Prices soared in particular after the import-dependent country floated its currency, the pound, in November 2016, reaching a record high of 33 percent in July 2017. Inflation has eased since then, slowing its lowest level in almost two years in May.

 <mailto:info at bulls.co.zw> 

South Africa's rand holds on to gains in calm early trade

JOHANNESBURG (Reuters) - South Africa’s rand opened firmer on Tuesday, extending gains from the last three sessions as a lull in global trade war fears lifted demand for emerging currencies.

At 0640 GMT the rand was 0.26 percent firmer at 13.3850, slightly softer than Monday’s three-week peak of 13.3100.

On Friday the rand closed beneath 13.50 for the first time since June 22 , a key inflection point after tumbling to a seven-month low of 14.00 in an emerging market selloff sparked by rising rates in the U.S. and jitters over global growth.

Friday’s slower-than-expected growth in U.S. wages was the catalyst for the correction, and the rand has since pushed through technical resistance at 13.40, with speculators targeting stops at 13.20 this week.

Tuesday’s session is light on local data, with only June business confidence due at 0930 GMT.

Bonds were flat, with the yield on the benchmark bond due in 2026 steady at 8.625 percent.

The Johannesburg Stock Exchange was set to open lower at 0700 GMT, with the Top 40 futures index down 0.3 percent.

McKinsey's new boss apologises to S.Africans over corruption scandal

JOHANNESBURG (Reuters) - McKinsey’s new global head will on Monday apologise to South Africans for work the firm did with friends of scandal-plagued former president Jacob Zuma, an ill-fated deal that tarnished the reputation of the world’s biggest consultancy.

McKinsey has lost most of its clients in South Africa since it emerged last year it had partnered with local consultancy Trillian in order to win a 1.6 billion rand ($120 million) contract with state power utility Eskom in 2016.

Trillian was then controlled by the Guptas, three brothers who are under investigation over accusations that they used their friendship with Zuma to fraudulently win government contracts worth hundreds of millions of dollars.

Zuma and the Guptas deny any wrongdoing. Police have a warrant of arrest out for at least one of the Gupta brothers.

South Africa’s national prosecutor is pursuing a case over the contract between McKinsey, Trillian and Eskom which it says was unlawful and a “sham”.

McKinsey denies doing anything illegal.

Kevin Sneader, who was appointed McKinsey’s global managing partner in February, will make a speech in Johannesburg on Monday to “talk frankly and honestly” about the firm’s failings.

“On behalf of McKinsey & Company, I sincerely apologise to the people of South Africa. We are deeply sorry,” Sneader will say, according to a sample of the speech sent to Reuters.

“The trust of our clients and the public in South Africa is now, understandably, very low.”

McKinsey said it will this week pay back the 1 billion rand ($74 million) in fees it received for its share of the six months work it did with Trillian at Eskom.

Some of the criticism McKinsey has faced is over the fee it charged for such a short period of work to a struggling state company that has fallen deeper into financial crisis since the consultancy’s “turnaround programme”.

McKinsey had previously defended its fee structure but the firm is now conceding that it overcharged.

“The fee was weighted towards recovering our investment rather than being in line with Eskom’s situation. In that context the fee was too large,” Sneader says.

McKinsey is among several multinational firms to have become ensnared in a far-reaching scandal that has outraged South Africans who have watched state resources being looted while millions remain mired in poverty.

“To be brutally honest – we were too distant to understand the growing anger in South Africa,” Sneader says.

($1 = 13.4552 rand)

IMF says Cameroon's economic growth to rise to 4 percent in 2018

DAKAR (Reuters) - Cameroon’s economy is expected to grow 4 percent this year, up from 3.2 percent in 2017 due to the start of natural gas production and construction work for an upcoming soccer tournament, the International Monetary Fund (IMF) said.

Growth was slower in 2017 because of a sharp decline in oil output but new infrastructure projects and increased private investment should bring it to at least 5 percent in the medium term, the IMF said in a statement late on Friday.

Cameroon, one of central Africa’s largest economies, produces about 180,000 barrels per day of oil and is Africa’s fourth-biggest cocoa producer.

The IMF statement followed a decision by its executive board to approve the disbursement of $77.8 million as part of a three-year, $680.7-million financial aid package.

The IMF warned, however, that the economy faces considerable risks, including deteriorating security in its English-speaking regions — cocoa and oil-producing areas where separatists are waging a deadly insurgency, and high debts.

“With significant spending pressures associated with the 2018 elections, a worsening security situation and the 2019 African Soccer Cup, any additional oil revenue should be saved,” said Mitsuhiro Furusawa, the Fund’s deputy managing director, referring to the 2019 Africa Cup of Nations due to be held next June.

President Paul Biya is due to stand for re-election in the vote later this year. The 85-year-old has governed since 1982 with little tolerance for dissent.

Gold prices hit two-week high on short covering, weaker dollar

BENGALURU (Reuters) - Gold prices hit a near two-week high on Monday as investors covered their short positions and the dollar slipped to its weakest since mid-June, while lingering U.S.-Sino trade tensions also supported the bullion.

Spot gold was up 0.5 percent at $1,260.41 an ounce, as of 0708 GMT, after touching its highest since June 26 at $1,262.06.

U.S. gold futures for August delivery were 0.5 percent higher at $1,261.70 an ounce.

Gold is pushing higher on the dollar’s weakness in Asian trading, said Tim Brown, trader at MKS PAMP Group, wrote in a note.

The dollar index, which measures the greenback against a basket of six major currencies, slipped to an over three week low after U.S. jobs data showed slower-than-expected wage growth. [FRX/]

The U.S. economy created more jobs than expected in June, but steady wage gains pointed to moderate inflation pressures that should keep the Federal Reserve on a path of gradual interest rate increases this year.

A weak U.S. dollar makes greenback-denominated gold cheaper for holders of other currencies.

“Some short covering has likely ensued given certainties over the U.S.-Sino trade tensions on Friday. Still, the uptick in risk appetite into the week may be short-lived if more trade tariff threats are seen into the week ahead,” said OCBC analyst Barnabas Gan.

The United States and China exchanged the first salvos in what could become a protracted trade war on Friday, slapping tariffs on $34 billion worth of each others’ goods and giving no sign of willingness to start talks aimed at a reaching a truce.

President Donald Trump said on Thursday the United States may ultimately impose tariffs on more than a half-trillion dollars’ worth of Chinese goods.

“With the ongoing U.S.-Sino trade tensions, the resignation of David Davis will likely be a side-show, though it may raise some concerns amongst market-watchers depending on how the overall Brexit issue progresses,” OCBC’s Gan added.

Brexit Secretary Davis resigned because he was not willing to be “a reluctant conscript” to Prime Minister Theresa May’s plans to leave the European Union, delivering a blow to the British leader struggling to end divisions among her ministers.

Spot gold may rise into a range of $1,268-$1,277 per ounce, as it has cleared a resistance at $1,257, Reuters technicals analyst Wang Tao said. [TECH/C]

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.15 percent to 802.24 tonnes on Friday. [GOL/ETF]

Among other precious metals, silver rose 0.7 percent at $16.11 an ounce and palladium was 0.6 percent higher at $958.22 an ounce. Both the metals hit their highest since June 27, during the session.

Platinum gained 1.7 percent to $854.70 per ounce, after earlier touching its highest since June 28 at $855.10 an ounce.

CEO of Kenya's ARM Cement denies report of concealed debts

NAIROBI - (Reuters) - Kenya’s ARM Cement on Monday denied a report in the Business Daily newspaper that said it had concealed debts.

The newspaper quoted a report by ARM’s auditor Deloitte, saying debts had been accumulated by the company’s subsidiaries.

“This is absolute rubbish,” Pradeep Paunrana, ARM’s chief executive, told Reuters. He said he would comment further on the report later in the day.

Deloitte declined to comment, citing client confidentiality.

Shares in the cement maker were down more than 5 percent at 3.70 shillings by 0813 GMT.

ARM has seen its market share plunge after a clinker plant it built in Tanzania in 2014 failed to generate income.

($1 = 100.9000 Kenyan shillings)

Angola's net reserves fall to $13 billion in June

LUANDA (Reuters) - Angola’s net foreign exchange reserves fell to $12.986 billion in June from a revised $14.398 billion in May, data posted on the central bank’s website showed on Monday.

South Africa mines minister delays finalisation of draft mining charter

JOHANNESBURG (Reuters) - South Africa’s mines minister Gwede Mantashe said on Sunday he will extend by a month a period for public comment on a mining industry charter which lays out requirements for black ownership levels and other targets.

Uncertainty around the charter has deterred investment into a sector that accounts for 8 percent of gross domestic product in the world’s top platinum producer.

Mantashe said he will extend the period for public comment until the end of August.

“It gives people a chance to engage more and comment more,” Mantashe said during his closing speech at an industry summit to discuss the charter.

A draft of the charter published last month extends to five years from one year the time that existing mining permit holders will have to raise black ownership levels to 30 percent from 26 percent.

It also proposes a requirement that 10 percent (a third of the 30 percent black ownership target) for new mining right applicants be granted free to communities and qualifying employees, dubbed “free carry”, which industry body The Minerals Council South Africa has opposed.

The charter, published for public comment before entering into law, is part of South African affirmative action rules aimed at reversing decades of exclusion under apartheid.

The government and miners had been at loggerheads over a previous version of the charter, which the Chamber of Mines industry body, now the Minerals Council, criticised as confusing and a threat to South Africa’s image with investors.

MTN Nigeria yet to file IPO application, securities regulator says

ABUJA (Reuters) - MTN Nigeria is yet to file its application for an initial public offering (IPO), Nigeria’s securities regulator said on Sunday, a much-anticipated share listing that could value the business at around $5 billion and help revitalise the local stock market.

The Securities and Exchange Commission’s (SEC’s) statement came after domestic media reported on Thursday that the local arm of the South African telecoms giant was ready for its shares to be listed.

“Neither MTN Nigeria Limited nor any of its advisers or representatives has filed any application with the SEC regarding the said IPO,” the regulator said.

The firm also needs to convert itself from a private to a public company before it can then sell its shares.

The SEC said in Sunday’s statement that MTN Nigeria is private, meaning it has less than 50 shareholders, and there had been no request by the company or its advisers for any form of regulatory review.

MTN did not respond to a phone call, text message and email seeking comment.

According to pre-IPO documents seen by Reuters in February, the telecoms firm planned to debut by July and raise at least $400 million to cut debt for its Nigeria unit, valued then at $5.23 billion.

Sources say the company wants to issue shares electronically. That has not been done before in Nigeria and needs new systems put in place to allow it.

MTN has picked Nigerian investment firm Chapel Hill Denham as lead manager, while South Africa’s Rand Merchant Bank, Renaissance Capital and Vetiva Capital were chosen as joint issuers.

Africa’s biggest telecoms firm had planned to list its Nigerian unit in 2017, as part of a settlement with the Nigerian government over unregistered SIM cards for which it was fined $1.7 billion fine.

It subsequently delayed the IPO due to market conditions.

Starbucks to ban plastics straws in all stores by 2020

Starbucks will eliminate plastic straws from its stores worldwide by 2020 to reduce environmental plastic pollution, the company says.

The coffee retailer will phase out single-use straws from its more than 28,000 locations, cutting out an estimated 1bn straws each year.

Customers will instead be given plastic lids designed for use without a straw or with non-plastic straws.

The use of plastic lids has been criticised by some consumers.

The decision was motivated by requests from partners and customers, said Colleen Chapman, vice-president of Starbucks' global social impact in a statement.

"Not using a straw is the best thing we can do for the environment."

Starbucks' announcement included statements of support from organisations such as the Ocean Conservancy's Trash Free Seas programme and the World Wildlife Fund, praising the company for its straw ban.

Nicholas Mallos, of the Ocean Conservancy, said the ban was "a shining example of the important role that companies can play in stemming the tide of ocean plastic".

The announcement comes just one week after Seattle, Washington - home to Starbucks' headquarters - became the first major US city to ban single-use plastic straws and cutlery in bars and restaurants.

What's the reaction?

Starbucks' pushback against plastic has drawn a mixed reaction.

M Sanjayan, CEO of Conservation International, issued a statement saying that 500m plastic straws are thrown away every day in the US and lauded Starbucks for its "meaningful action to protect our oceans".

But many consumers have criticised use of a plastic sipping lid as the replacement for straws.

"*Gets rid of plastic straw *Replaced with large plastic sipping lid," wrote one Twitter user.

Others voiced concern for those who rely on straws due to disability.

"What about disabled people who rely on straws? I often can't drink or eat without them," a customer tweeted.

Starbucks has been quick to defend its decision on Twitter.

We will still offer a straw option in stores, made of an alternative material such as paper or compostable plastic. Customers will be able to request this straw if they prefer or need one, and it will come standard with Frappuccino blended beverages.

Why ban straws?

While plastic pollution has long been the target of environmental groups, the impact of straws on marine life has recently moved to the centre of plastic-banning efforts.

The straw-specific concern garnered widespread support after a 2015 viral video showed rescuers removing a plastic straw from an endangered sea turtle's nose.

Since then, social media movements, such as #StopSucking have attracted the support of celebrities like Ellen Pompeo, Adrian Grenier and Neil DeGrasse Tyson.

The anti-straw movement has concentrated on the destruction of marine life caused by plastics.

A July 2017 paper published in the journal Science Advances by industrial ecologist Dr Roland Geyer, calculated the total volume of all plastic ever produced at 8.3bn tonnes.

Of this figure, 6.3bn tonnes are now waste and 79% has accumulated in landfills or the natural environment.

Seven charts that explain the plastic pollution problem

An estimated 10m tonnes of this plastic currently ends up in the oceans every year.

But despite rising popularity of the straw-banning trend, it is unclear how much straws specifically should be blamed for marine pollution.

Scientists Denise Hardesty and Chris Wilcox examined trash collected on US coastlines over five years to estimate that there are almost 7.5m plastic straws lining the country's beaches.

This figure is eclipsed, however, by the nearly 9m tonnes of plastic that end up in oceans and coastlines all over the world, according to a study published by University of Georgia professor Jenna Jambeck in the journal Science.

Still, plastic bans are gaining momentum.

Starbucks has joined a growing list of companies, like the White Sox, Alaska Airlines, and the BBC to institute plastic-curbing policies.--BBC

Martin Sorrell beats WPP in takeover battle

Sir Martin Sorrell has seen off competition from WPP, the firm he ran for three decades, with the first acquisition for his new rival venture.

S4 Capital is buying Dutch digital production company MediaMonks for about €300m (£266m).

Earlier this month, WPP threatened to take away share awards worth about £20m from its former chief executive over his rival bid for MediaMonks.

Sir Martin resigned as WPP chief executive in April.

He left the world's biggest advertising firm amid claims of misconduct, which he has denied.

The findings of an internal investigation into the allegations have not been disclosed because WPP said doing so would breach data protection rules.

Soon after leaving Sir Martin set up his new advertising venture, which he has pledged to build into a "multinational communication services business".

Earlier this month, a source close to Sir Martin described relations between WPP and its former boss as "obviously not very good".

The source said WPP's threats to take away his share awards would not deter Sir Martin: "This guy is worth £400m to £500m. He is not going to allow £20m to stand in the way of what he is trying to do."

Sir Martin's decision to start a new venture has echoes of his reverse takeover of Wire and Plastics Products in 1985.

The maker of wire shopping baskets was turned into WPP, and over 30 years became the world's biggest advertising company with revenues of over £15bn.--BBC

Five things enjoying a World Cup bonanza

With England's next World Cup match only a matter of hours away, plenty of fans have already bought their inflatable hands, red-and-white bunting and supplies of beer.

In the run-up to a World Cup retailers take a gamble, ordering in supplies of everything from face paints to party food, hoping England stay in the tournament long enough to shift the stock. This time the more optimistic are reaping rewards.

The British Retail Consortium says June sales were up 2.3% compared to the previous year and Barclaycard has released figures suggesting leisure spending - including the stampede to the pubs to watch the game - has boosted consumer spending by more than 5%.

But there are a few things we're splashing out on that may come as a bit of a surprise.

1. A winning tattoo

Already Twitter is awash with pledges from those who will go under the needle if Harry Kane lifts the cup next Sunday.

Cassie Bird, manager at Manchester Ink reckons an England win would mean a "massive boom" in business. She predicts demand for three lions across the chest to replicate the shirt if England go all the way.

But the rush would come on Monday, the day after the final, she reckons.

"In the UK you do have to be sober to get a tattoo, so I can't imagine there'll be many coming in Sunday afternoon," she says.

Carpet fitter, Jamie Richardson couldn't wait. He is so confident, he got in ahead of the crowds with a picture of the cup and the slogan "England 2018 World Cup Winners".

And Dan Welch a darts player from Luton has the full squad's names down his leg.

2. Dressing up

Amazon's website says its number one best seller in the fancy dress segment is a full Gareth Southgate face mask.

Then there's the the coach's trend-setting touchline turn-out.

While there will always be those who are happier to sweat it out in polyester replica England strip, the real fashionistas this World Cup are a bit more buttoned up in full waistcoat and tie.

Marks & Spencer says it's seen a 35% surge in sales of waistcoats, after it supplied the team's suits.

EBay says it has seen a big increase in searches for the unlikely summer fashion item, and men's tailoring firm TM Lewin tweeted sales were "through the roof" for them too.

If that strikes you as a bit much for the current heat-wave, there are also t-shirts available online printed with a picture of a waistcoat.

3. Giant screens

How big is big enough? Currys PC World says they've seen "fantastic growth" in sales of 75 inch screens. That's a screen large enough that a close-up of Harry Kane lying down, would be almost exactly life-size in your living room.

And they are happy to mount that on your wall for you.

Sales of TVs in general have been "brilliant" according to Currys PC World with year-on-year sales up 40%.

How to watch the World Cup at work

How Three Lions is still the definitive England song after 22 years

Gareth Southgate plays down role as 'fashion icon'

Sales of large screen TVs - that's those over 55 inches - are up by 33% compared to two years ago, when the Euros provided the last excuse to get a bigger telly.

More than half of us buying a new TV, are now choosing a 55 inch or bigger, the store chain says.

4. It's coming home

The Baddiel and Skinner-penned ballad first issued in 1996 sees a reboot to its popularity every time England raises fans' hopes in an international tournament. But this time it's really become the ear-worm of the nation.

Fans who weren't even born in 1996 are chanting along.

Three Lions jumped to number 24 in the official record charts after World Cup victory over Colombia.

Spotify says the track was played over a million times on Saturday, the day England beat Sweden, more than twice the plays it had following the Colombia game.

"We can only speculate as to what will happen if England manage to crush Croatia on Wednesday…" said Spotify's spokesperson.

5. Home turf

EBay says it is seeing 18 purchases every hour of artificial turf - a 16% increase on last year.

For some it could just be despair at the yellowing of their parched lawns after weeks of scorching sun. But it's presumably particularly necessary now for those planning post-match re-enactments in the garden.

The online marketplace says it's also seen mini-fridges selling well, as well as the predictable flags and trophies.

But given that England don't always make it quite this far, it's likely that most retailers will have sold out of their stock of novelty products - such as wheelie bin stickers and flags.

Retail commentator Steve Dresser says now the question for retailers will be how best to take advantage of the on-going opportunity, given that it's too late to re-order from Far East suppliers before the end of the tournament. Morrisons, for example, have put champagne on at an offer price.

But if England's unaccustomed success does continue, what Mr Dresser would most like to see is a supermarket deal on melons and custard, so fans can recreate the scene from the 1998 Three Lions video where Frank Skinner holds aloft his very own DIY edible World Cup trophy.—BBC

Tesco UK chief steps down over cancer

Tesco's UK chief executive, Charles Wilson, is stepping down from the company board after being diagnosed with throat cancer.

Mr Wilson was formerly boss of food wholesaler Booker, but became Tesco's UK chief following the supermarket's £3.7bn takeover of Booker in March.

Tesco said Mr Wilson had responded well to treatment and all the signs were that it had been successful.

However, there was a need for him to "remain vigilant in his recuperation".

Mr Wilson will remain on Tesco's executive committee and will focus on leading the Booker business. He will continue to report to Tesco's overall chief executive, Dave Lewis.

Jason Tarry, currently the group's chief product officer, will become the chief executive of Tesco UK. All changes take effect on 16 July.

"Following an operation to remove his tonsils in April of this year, Charles Wilson was diagnosed with throat cancer," Tesco said in a statement.

"During May and June, he has been undergoing daily radiotherapy."

Booker was the UK's largest food wholesaler when it was taken over by Tesco.

Despite concerns that the deal would reduce competition, it was approved by the Competition and Markets Authority without objections.

More recently, Tesco has announced it is planning a "strategic alliance" with French retail giant Carrefour.--BBC

Uber invests in Lime city scooter hire company

Ride-hailing business Uber has announced a deal with scooter hire company Lime.

Lime lets people hire scooters, electric bikes and pedal cycles in 46 cities.

The deal means Uber users will be able to rent Lime's scooters via the car-sharing company's app.

News about the deal emerged as Lime announced funding of $335m (£253m) that Uber, along with Google's Alphabet and others, had contributed to.

Pedal power

In a blog announcing the link, Lime founder Toby Sun said Uber had made a "sizable investment".

The tie-up would "offer people a greater variety of transportation modes at their fingertips and make it increasingly easy to live without a car", he said.

Lime and arch-rival Bird have both been heavily backed by venture capital firms convinced small scooters will make big changes to the way people travel around large cities.

Despite being only 18 months old, Lime is valued at about $1bn and Bird much more than that.

Earlier this year, Uber signalled its move into other forms of rentable city travel systems when it paid $200m to acquire Jump, which runs an electric bike hire service.

Uber's deal with Lime comes soon after rival Lyft announced it was buying Motivate - a bike-sharing company active largely in the US.

Schemes that let city dwellers rent electric bikes and scooters have grown in popularity over the past 12 months.

There are now at least five companies in the US keen to let people hire and ride their scooters.

The basic cost of hiring a scooter is about $1 (76p). Riders pay more the further they travel.

The growth of the schemes has been controversial, with:

San Francisco banning scooters until the companies behind them get permits

Chicago banning dockless bike schemes in favour of those that use racks--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

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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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