Major International Business Headlines Brief::: 29 June 2018

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Major International Business Headlines Brief::: 29 June 2018

 


 

 


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

 


 

 


 

 

*  World Bank approves $2.1 bln loans for Nigerian projects

*  Class action lawsuit filed against South Africa's Sibanye-Stillwater following fatalities

*  South Africa's Eskom raises wage offer to unions - NUMSA

*  Sibanye's Lonmin takeover cleared by UK antitrust body

*  AngloGold says no production impact from Guinea power protests

*  Egypt current account deficit narrows as tourism rises

*  Steinhoff seeks further debt standstill from creditors

*  Guinea says IMF board approves $24 million credit facility

*  WTO backs Australia over plain cigarette packets

*  China eases some foreign investment rules

*  Tata Steel deal with ThyssenKrupp 'close to completion'

*  Deutsche Bank's US unit fails Fed's stress test

*  BAE wins multi-billion pound Australian warship contract

*  Amazon deal shakes healthcare sector

*  Tobacco giant Imperial Brands invests in medical cannabis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

World Bank approves $2.1 bln loans for Nigerian projects

LAGOS (Reuters) - The World Bank said on Thursday it had approved a total of $2.1 billion in concessionary loans to fund projects in Nigeria aimed at improving access to electricity and promoting governance.

 

The projects approved by the International Development Association (IDA), the bank’s low-interest arm, are expected to support Nigeria’s economic growth plan.

 

Growth rates in Nigeria have bounced back since the third quarter of 2016, when a recession, its first in 25 years, bottomed out. Growth returned largely due to higher oil prices, with the country relying on crude sales for much of its revenue.

 

However, growth slowed again in the first quarter of 2018, as the country’s non-oil sector struggled.

 

The government expects growth to rise to a pre-recession level of 7 percent by 2020.

 

The World Bank said more than half of the loans would be used to fund power and climate change projects and boost fiscal transparency. It also approved a $7 million grant for nutrition.

 

Nigeria privatised most of its power sector in 2013 but retained control of its dilapidated monopoly transmission grid, often blamed for hobbling growth.

 

The country intends to raise $2.8 billion of debt offshore to help part-finance its 2018 budget and plans to explore all options to lower costs, the debt office head told Reuters. [nL8N1TT3NM]

 

The debt office said it could tap capital markets or concessionary loans from the World Bank after the 2018 budget had been approved.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

 

Class action lawsuit filed against South Africa's Sibanye-Stillwater following fatalities

JOHANNESBURG (Reuters) - A U.S. law firm has filed a class action lawsuit against South African miner Sibanye-Stillwater on behalf of shareholders to recover losses suffered after a spate of deaths at its mines triggered a sharp fall in its share price.

 

Bernstein Liebhard LLP said in a statement the suit would deal with “misleading statements” made by the precious metals producer, which has had 21 fatalities on its operations so far in 2018, almost half of the total in South Africa’s mining industry.

 

 

South Africa's Eskom raises wage offer to unions - NUMSA

JOHANNESBURG (Reuters) - South Africa’s state power utility Eskom has raised its wage increase offer for this year to 6.2 percent from 4.7 percent previously, the National Union of Metalworkers of South Africa (NUMSA) said on Thursday.

 

NUMSA said in a statement that three unions negotiating with Eskom were demanding a 9 percent increase in 2018, and 8.6 and 8.5 percent hikes for 2019 and 2020.

 

Eskom initially said it could not afford any increases, angering unions and triggering protests and a spate of rolling blackouts.

 

 

Sibanye's Lonmin takeover cleared by UK antitrust body

JOHANNESBURG (Reuters) - Britain’s Competition and Markets Authority (CMA) gave its unconditionally clearance to miner Sibanye-Stillwater’s proposed takeover of Lonmin on Thursday saying it would not refer the merger for a second phase investigation.

 

The South African precious metals miner made an all-share offer for London-listed Lonmin in December in a 285 million pound ($386 million) deal to create the world’s No.2 platinum producer.

 

 

 

AngloGold says no production impact from Guinea power protests

DAKAR (Reuters) - AngloGold Ashanti said on Thursday that there has been no production impact at its Siguiri gold mine in Guinea despite two days of violent protests over prolonged electricity outages by communities around the mine.

 

Youths barricaded roads, clashed with security forces and tried to force through the gates of the mine on Wednesday as around one thousand demonstrators surrounded the mine, a government official said.

 

A spokesman for the company said the situation on and around the site was currently calm.

 

“Members of a local community near our Siguiri mine have been protesting the temporary rationing of power, which is an unfortunate necessity while one of four generator units that provide power to the site and some villages in the region, is repaired,” AngloGold Ashanti spokesman Chris Nthite said.

 

He said production has not been impacted and teams from the capital were working to repair the affected unit in the coming weeks, and uninterrupted power will be restored to the communities.

 

The Siguiri mine produced 324,000 ounces of gold in 2017.

 

 

 

Egypt current account deficit narrows as tourism rises

CAIRO (Reuters) - Egypt’s current account deficit for the third quarter of the 2017-18 fiscal year narrowed to $1.93 billion from $3.1 billion a year earlier as tourism revenues improved, data from the central bank and Reuters calculations showed on Thursday.

 

Egypt has been trying to tighten its finances and draw back investors, using economic reforms tied to three-year $12 billion IMF loan programme it began in late 2016.

 

The country’s fiscal year runs from July through June.

 

The data showed that tourism revenues rose to $2.27 billion in the quarter, which runs from January through March, from $1.256 billion in the same quarter a year ago. Expatriate remittances increased to $6.46 billion from $5.78 billion.

 

Net foreign direct investment inflows declined to $2.26 billion in the quarter from $2.28 billion.

 

The trade deficit improved, dropping to $9.26 billion from $9.35 billion.

 

Suez Canal revenues edged up to $1.39 billion in the quarter from $1.20 billion a year ago.

 

The overall balance of payments improved, hitting a surplus of $5.38 billion for the quarter versus $3.97 billion last year.

 

 

 

Steinhoff seeks further debt standstill from creditors

LONDON (LPC) - Troubled retailer Steinhoff said it is seeking a further three week standstill from creditors on its debt obligations as a financial restructuring nears agreement.

 

 

Earlier this month letters of support were agreed with several creditor groups, including a group representing 61% of the external financial indebtedness of Steinhoff Europe AG (SEAG), a majority of the total convertible bonds issued by Steinhoff Financial Holding Co (Holding) and creditors to certain group companies to which SEAG and Holding are indebted through intra-group financing arrangements.

 

Under the terms of the support letters, the creditors agreed to provide SEAG and Holding with a number of interim support measures — including a debt standstill — until June 30 in an attempt to stabilise the financial position of SEAG and Holding and to provide Steinhoff and its creditors with sufficient time to agree a restructuring plan.

 

The company is now seeking a further short extension until and including July 20, Steinhoff said in a statement on Wednesday, confirming an earlier report from Thomson Reuters LPC.

 

“We expect to get 75% of creditors locked into an agreement in due course - this is just a short extension to get to that point. Everyone is working hard it is just so complicated,” one source close to the situation.

 

A second source said: “The extension is just a technical matter. People know they are running out of time and are discussing in a constructive manner.”

 

In the statement, Steinhoff said that its final term sheet for the restructuring has been shared with the creditor groups and that significant progress has been made, but more time was needed.

 

Creditors now have until 8AM GMT on Friday June 29 to agree to the extension of the support letters.

 

Under the terms of the restructuring plan laid out so far all debt will be reinstated at par and will be given a common maturity date of three years from completion of a restructuring agreement.

 

Steinhoff is fighting for survival after discovering accounting irregularities last December that triggered an 85% share price slide in the group and a raft of changes in its boardroom and leadership.

 

 

 

Guinea says IMF board approves $24 million credit facility

CONAKRY (Reuters) - The International Monetary Fund (IMF) has approved $24 million for Guinea to support the economy of the bauxite-producing West African nation, the Finance Ministry said on Wednesday.

 

Guinea, whose economy has been hit by low global commodities prices, reached a deal with the IMF in December giving it access to $650 million in non-concessional borrowing under a three-year Extended Credit Facility, running from 2017 to 2020.

 

The IMF programme aims to help Guinea, Africa’s top producer of the aluminium ore bauxite, boost spending on infrastructure projects.

 

Finance Minister Mamadi Camara said in a statement the $24 million would enable Guinea to secure other budgetary support from partners including $50 million from the World Bank and 20 million euros ($23.16 million) from the European Union.

 

($1 = 0.8636 euros)

 

 

WTO backs Australia over plain cigarette packets

Australia has won a major trade dispute over its pioneering plain packaging for cigarettes, in a decision handed down by the World Trade Organization (WTO).

 

Australia made it mandatory in 2011 for cigarettes to be sold in drab-looking packets that carry health warnings.

 

Seven years on, the WTO has rejected complaints from four nations that the laws violate international trade.

 

Unless there is a successful appeal, the decision is expected to hasten similar regulations around the world.

 

"Australia has achieved a resounding victory," its government said in a statement on Friday.

 

Cuba, Honduras, Dominican Republic and Indonesia - all tobacco producers - had argued that plain packaging infringed on trademarks and intellectual property rights.

 

But the WTO rejected those arguments and assertions that alternative measures could achieve an equivalent benefit to public health.

 

Test case

The World Health Organization (WHO) praised the ruling, and said it would most likely "accelerate" the roll-out of similar packaging in other countries.

 

Six nations - Britain, Ireland, France, Hungary, Norway and New Zealand - have already followed Australia in introducing legislation since 2011.

 

Media captionThe laws forced brand names appear in the same position, font, size and colour on packets

Plain packaging laws are also scheduled to take effect in Burkina Faso, Canada, Georgia, Romania, Slovenia and Thailand, the WHO said.

 

The decision could also pave the way for tighter marketing restrictions on junk food and alcohol.

 

How Australia is stubbing out smoking

Tobacco giant ordered to pay Australia

Plain packs 'may cut smokers by 300,000'

Honduras has indicated that it is likely to appeal the WTO decision.

 

"It appears that this dispute will require the review of the Panel's findings by the WTO Appellate Body before any final conclusions can be drawn," it said, according to news agency Reuters.

 

Australia said it was ready to contest an appeal.

 

"We will not shy away from the right to protect the health of Australians," Trade Minister Steven Ciobo and Rural Health Minister Bridget McKenzie said in a statement.--BBC

 

 

China eases some foreign investment rules

The Chinese government has eased rules that limit foreign investment in the country's banks, car industry and agriculture.

 

The barriers have drawn criticism from trading partners, including the US.

 

The Trump administration cited the rules as an example of unfair practices when it announced plans for tariffs on Chinese goods earlier this year.

 

However, this week officials appeared to be trying to defuse the tensions between the two countries.

 

On Wednesday, President Donald Trump announced that his administration did not plan to develop new tools to curb Chinese investment, as he had threatened when the tariffs were announced.

 

Instead, Mr Trump said he would support a congressional effort to expand the power of the Committee on Foreign Investment in the US (CFIUS), which vets foreign deals for national security risks.

 

What is the US planning for investment?

The legislation, which has support from both US parties and is expected to pass, would expand the kind of deals the committee is instructed to review.

 

US weighs plans to curb Chinese investment

What is a trade war and why should I worry?

It is a response to concerns in the US that China is stealing its intellectual property, at times through acquisitions of US companies.

 

However, it does not necessarily target China and is considered a less draconian measure than the president's earlier threat.

 

"I have concluded that such legislation will provide additional tools to combat the predatory investment practices that threaten our critical technology leadership, national security and future economic prosperity," Mr Trump said in a statement.

 

What has China done?

A day after Mr Trump's announcement, China's National Development and Reform Commission (NDRC) released a new version of a list outlining industries in which foreign investment is limited or prohibited.

 

The new list contains 48 industries, compared with 63 on last year's list.

 

Some of the changes, such as those loosening rules for carmakers, were announced previously.

 

China's commerce ministry also said it would "closely monitor" the US legislation. It also said it objects to the US using national security as an excuse to tighten the rules for Chinese companies in the US.

 

Declining investment

Chinese investment in the US has already taken a big hit.

 

The value of deals by Chinese investors fell by more than 90% in 2017, according to the Rhodium Group.

 

The American Enterprise Institute (AEI), a conservative US think tank, found that China invested $24.2bn across all sectors in the US last year - a huge drop from 2016, but still the second highest on record.

 

Chinese companies have invested about $21.6bn in US technology businesses since 2007, according to the AEI.

 

Analysts attribute some of the decline to controls that China has placed on outbound investment. CFIUS also stymied a number of acquisitions.

 

Looming tariffs

The US still plans to impose tariffs of 25% on $34bn worth of Chinese goods starting from 6 July, with an additional $16bn potentially to follow.

 

China has promised matching tariffs in retaliation.

 

The measures are controversial among businesses, while economists say they pose a risk to economic growth.--BBC

 

 

 

Tata Steel deal with ThyssenKrupp 'close to completion'

Tata Steel and ThyssenKrupp are close to agreeing terms on a merger that will create Europe's second-biggest steelmaker, after Arcelor Mittal.

 

Senior City sources said the deal - which has been under negotiation for more than a year - could be concluded in the next few days.

 

It will see Tata Steel's UK plants merged into a pan-European venture with annual sales of about £13bn.

 

These include the politically sensitive Port Talbot works in Wales.

 

Talks have been held up while the future of Tata Steel's enormous pension scheme - which includes the former British Steel retirement plan - was decided.

 

Three months ago, the pensions regulator approved the creation of a new pension fund after Tata agreed to a £550m top-up.

 

More recently, ThyssenKrupp has faced pressure from shareholders to secure better terms from Tata.

 

Elliott Management, the aggressive New York hedge fund that has emerged as a key player in big European takeover battles, recently wrote to Thyssen's board saying that Tata's recent financial results did not warrant it receiving a half-share in the combined business.

 

Steel wheels

The deal marks another change of ownership for Britain's steel industry, which once led the world, but has shrunk rapidly in the face of cheaper international competition.

 

Most of the industry was nationalised after World War Two, then re-privatised in 1988 as the British Steel Corporation.

 

It became Corus after a merger with a Dutch rival, Koninklijke Hoogovens, in 1999, and was bought by India's Tata Steel in 2006.

 

The British Steel name was revived two years ago, when investment fund Greybull Capital bought Tata Steel's Scunthorpe-based long-products division.

 

Tata and ThyssenKrupp have both said they are committed to the Port Talbot plant, which is Britain's largest remaining steel plant.

 

But steel industry experts said there remained question marks over the site's long-term future.-BBC

 

 

Deutsche Bank's US unit fails Fed's stress test

Deutsche Bank's US division has failed the second round of the Federal Reserve's annual two-stage stress tests, designed to assess how well the sector could withstand another financial crisis.

 

The German lender suffered from "widespread and critical deficiencies" in parts of its business, the Fed said.

 

Goldman Sachs and Morgan Stanley were only granted "conditional" passes.

 

But 31 of the 35 banks tested were given the all-clear.

 

Stress tests were introduced in the wake of the 2008 financial crisis and every year America's central bank, the Federal Reserve, puts the country's banks, including foreign subsidiaries operating in the country, through their paces.

 

The Fed measures whether banks are holding sufficient capital to cope with a recession and in the second part of the process it focuses on banks' "capital plans" such as how much cash they intend to return to shareholders. However this is the first year that the results of the US units of foreign banks have been publicly released.

 

All of the 35 largest banks subject to the tests passed the first part of the tests last week.

 

But the Fed found Deutsche Bank's US arm had "material weaknesses in the firm's data capabilities and controls supporting its capital planning process, as well as weaknesses in its approaches and assumptions used to forecast revenues and losses under stress".

 

The verdict is another blow for the troubled German lender whose financial health has been under the spotlight recently. And it will require the bank to make changes to the way it operates in the US.

 

US banks pass financial stress tests

Goldman Sachs and Morgan Stanley were given passes, but will not be permitted to increase the amount they return to shareholders beyond levels inline with the last couple of years, in order to bolster their capital cushions.

 

The Fed said it was also granting a conditional pass to Boston-based State Street, which will be required to take additional steps to manage and analyse its exposure to losses.

 

Last year was the first time all banks passed the second round of the tests.

 

The second part of the tests is closely watched because it determines how much firms can return to shareholders in the form of items like share buybacks and dividends.

 

'One-off event'

The Fed said it had granted the conditional pass to Goldman and Morgan Stanley because the companies' results had been skewed by tax changes passed last year.

 

The tax overhaul lowered the corporate rate from 35% to 21%, but led to larger-than-usual one-off tax bills for many banks, as a result of other changes to how losses and overseas profits are taxed.

 

"This one-time reduction does not reflect a firm's performance under stress and firms can expect higher post-tax earnings going forward," the Fed said.

 

Despite the restrictions, Goldman will still be permitted to spend up to $6.3bn on share buybacks and dividends this year.

 

Morgan Stanley said it planned to return $6.8bn to shareholders.

 

Making progress

The decision is the latest blow for troubled Deutsche Bank. Last month the firm announced more than 7,000 job cuts and its credit rating was cut by Standard & Poor's. The bank reported an annual loss of €500m (£438m) at the end of February.

 

Deutsche said its US division had "made significant investments to improve its capital planning capabilities as well as controls and infrastructure."

 

"Deutsche Bank USA continues to make progress across a range of programmes and will continue to build on these efforts and to engage constructively with regulators to meet both internal and regulatory expectations," the bank said.

 

The bank will be required to improve its operations, risk management and governance as a result of the test-failure. It will not be able to make distributions to its German parent firm without the Fed's approval.--BBC

 

 

 

BAE wins multi-billion pound Australian warship contract

British defence giant BAE Systems has won a multi-billion pound contract from the Australian government to build nine new warships, marking a significant victory for British military exports.

 

BAE beat Italian and Spanish rivals to win a large slice of the £19.6bn ($25.7bn; A$35bn) spending programme.

 

The ships will be based on anti-submarine frigates that BAE is building for the UK's Royal Navy.

 

However, the new warships will be built in Australia by a local workforce.

 

BAE's Australian arm said the construction of the ships locally would make a significant contribution to Australia's economy "creating thousands of jobs, supporting new industries and boosting the national supply chain for decades to come".

 

"We are proud to have been selected as preferred tenderer to provide the Royal Australian Navy with a world-class ship, equipped with the latest technologies and designed specifically to meet its needs," BAE Systems Australia chief executive, Gabby Costigan said.

 

UK Prime Minister Theresa May said the deal was also an "enormous boost" for the UK economy and reflected the government's strategy to "build on our close relationships with allies like Australia" as the UK prepares to leave the EU.

 

It is the first export of a British design for new-build frigates since the 1970s, the UK government said.

 

The ships to be built will be based on BAE Systems' Type 26 frigate, and will be called the "Hunter class".

 

Production in Australia is expected to commence in 2020.

 

Australian jobs

The Hunter class ships will be built in Adelaide, South Australia, by government-owned ASC Shipbuilding and the programme is expected to create at least 5,000 local jobs across about 30 years.

 

"The Hunter class will provide the Australian Defence Force with the highest levels of lethality and deterrence our major surface combatants need in periods of global uncertainty," the Australian government said.

 

The ships will be fitted with long-range anti-missile defence systems.

 

While the overall budget is £19.6bn, only a part of that will come to BAE Systems for the design and build of the frigates.

 

BAE Systems chief executive Charles Woodburn said: "I am proud that our world class anti-submarine warfare design and our approach to transferring technology and skills to the nations in which we work is expected to contribute to the development of an enduring world-class naval shipbuilding industry in Australia."

 

Italy's Fincantieri SpA and Spain's Navantia also bid for the contract.

 

'Deal of the century'

BAE's shipyards on the Clyde in Glasgow are unlikely to see a significant boost to jobs.

 

Nevertheless, defence analysts said the deal represented a significant success for British naval exports.

 

"It is the deal of the century," said Francis Tusa, editor of industry newsletter Defence Analysis.

 

The UK has had an "abysmal" export record for warship sales for the past five decades, he said. But this represented "a massive sea-change".

 

Canada, which is also planning to order warships later this year, might be influenced by Australia's decision, he added.

 

Selling the design overseas will help spread the costs of design and production of many elements of the frigate, potentially bringing down the cost of the Type 26 to the Royal Navy significantly, according to Mr Tusa.

 

However, it was not only BAE Systems who would benefit from the deal, he said.

 

Small and medium-sized UK companies would be likely to win orders for some of the technology required on the Australian ships.

 

Firms that are already supplying the UK government's order of the Type 26 would be in a strong position to also supply Australian orders.

 

The design success of the Global Combat Ship, otherwise known as the Type 26, is a breakthrough for BAE Systems. Over several decades, it has struggled to turn the Royal Navy's requirements into a design that other countries want to buy, or are willing to pay for.

 

Orders from other navies used to mean manufacturing at UK yards.

 

But now, other countries want to get the economic benefit of their military spending, so they insist on building themselves.

 

The hull can be the relatively cheap bit of building a complex warship, so there may be benefits to British arms exporters in selling weapons systems that fit into the Australian frigates.

 

However, this looks like a design which was heavily subsidised by the UK taxpayer, being sold overseas, and wholly to the benefit of BAE Systems. It appears that the UK taxpayer sees none of the direct payback or royalties from that investment.

 

Innovative design

Independent defence analyst Paul Beaver said the appeal of the Type 26 design is that it is modular.

 

"We are supplying the technology behind the hull, other nations will put their engines, their weapons systems into it. It's designed in a way that it can cope with that.

 

"You don't have to buy a certain type of missile or gun. You can buy a raft of different ones which will be very attractive."

 

He said he believed the agreement would turn out to be part of a wider deal on defence procurement between the UK and Australia.--BBC

 

 

Amazon deal shakes healthcare sector

Amazon has said it is buying online pharmacy PillPack, sending shares in rival healthcare firms tumbling over fears of competition from the online retail giant.

 

Shares in pharmacy chains CVS Health and Walgreens Boots Alliance plunged more than 8% in early trade.

 

The announcement confirmed earlier speculation that Amazon was interested in expanding into healthcare.

 

Amazon did not say how much it was paying for PillPack.

 

It expects to complete the deal in the second half of the year.

 

PillPack, which was founded in 2013, is available in every US state except Hawaii and last year said it expected to make $100m in revenue.

 

It has raised about $120m from investors, according to its website.

 

The company's services are aimed at people who take multiple medications, delivering drugs in pre-sorted dose packages. The firm also helps to co-ordinate refills and renewals.

 

TJ Parker, PillPack's co-founder and chief executive, said: "Together with Amazon, we are eager to continue working with partners across the healthcare industry to help people throughout the US who can benefit from a better pharmacy experience."

 

Amazon declined to answer questions about how PillPack would be incorporated into its business and whether there are plans for international expansion.

 

Last year, the firm sent shudders through healthcare stocks after it was reported that it had won approval from some state regulators for drug distribution.

 

The online retail giant also announced a joint venture with JPMorgan Chase and Berkshire Hathaway aimed at lowering health costs for the companies' US employees.

 

'Warning shot'

Amazon, which has become a retail behemoth since its start as an online bookseller in 1994, is known for its willingness to forego profit, while slashing prices to win customers.

 

Its entry into drug distribution is "a warning shot in what is about to become a major battle within the pharmacy space", said Neil Saunders, managing director of GlobalData Retail.

 

"In our view, this is only the first play in what will be an increasingly aggressive strategy by Amazon to develop a much more significant presence in the pharmacy market," he said.

 

"This is incredibly bad news for traditional players, like Walgreens and CVS, who stand to lose the most from Amazon's determination to grow its share."

 

Those companies increasingly rely on medications to bring customers into their stores. They will also be under pressure to spend more to try to match Amazon's offerings, he said.--BBC

 

 

 

Tobacco giant Imperial Brands invests in medical cannabis

Tobacco firm Imperial Brands is investing in UK biotech company Oxford Cannabinoid Technologies (OCT).

 

The move comes as campaigning to allow marijuana products for medicinal purposes gathers pace.

 

A company subsidiary, Imperial Brands Ventures, is taking a stake in the UK firm, but its size is unknown.

 

Tobacco companies are trying to diversify away from their core product. Imperial's website bears the motto: "From tobacco to something better."

 

Imperial now sees itself as "a dynamic fast-moving consumer goods company borne out of a strong tobacco heritage".

 

OCT is a firm licensed by the UK Home Office that researches, develops and licenses cannabinoid-based compounds and therapies.

 

Imperial Brands' chief development officer, Matthew Phillips, said: "Our investment enables Imperial to support OCT's important research while building a deeper understanding of the medical cannabis market."

 

Imperial no longer makes cigarettes in the UK. Its last UK manufacturing site, the Horizon factory in Nottingham, closed down two years ago.--BBC

 

 

 

 

 

 


 

 


 

INVESTORS DIARY 2018

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


Dawn Properties

AGM

Ophir Room, Monomotapa Hotel

28/06/2018 10am

 


NicozDiamond

Scheme meeting

7th Floor, 30 Samora Machel Ave

28/06/2018 10am

 


ZBFH

AGM

Boardroom, Ground Floor, 21 Natal Road, Avondale

28/06/2018 10:30am

 


African Sun

AGM

Kariba Room, Holiday Inn Harare

28/06/2018 12pm

 


FBC

AGM

Royal Harare Golf Club

28/06/2018 3pm

 


Hwange

AGM

Royal Harare Golf Club

29/06/2018 10:30am

 


Fidelity Life

AGM

Great Indaba Room, Monomotapa Hotel

29/06/2018 11am

 


Barclays

EGM to consider the change of registered statutory name to First Capital Bank Limited

Meikles Hotel

03/07/2018 3pm

 


NicozDiamond

shares delist from the ZSE

 

06/07/2018

 


Zimbabwe

Heroes’ Day

Zimbabwe

13/08/2018

 


Zimbabwe

Defence Forces Day

Zimbabwe

14/08/2018

 


The Harare Agricultural Show

The Harare Agricultural Show

The Harare Agricultural Show

August 27- September 1

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from sources believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and sourced from third parties.

 


 

 


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