Major International Business Headlines Brief::: 27 March 2018

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Major International Business Headlines Brief::: 27 March 2018

 


 

 


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*  Kinross Gold settles U.S. charges related to bribe prevention in Africa

*  South Africa's Capitec FY profit rises 18 pct, misses estimates

*  Massmart to open 20 stores in pan-African expansion -chairman

*  South African rand weaker before central bank decision

*  South Africa investigates $60 million SAP contract\

*  German investor upbeat on South Africa in bid for engineering group

*  Ghana central bank cuts policy rate to 18 pct

*  South Africa dollar bond yield spread falls 6 bps after Moody's reprieve

*  Congo's 2017 mining revenue up 36 pct while oil revenue doubles

*  Kenyan shilling strengthens on foreign investor inflows

*  Asia stocks follow US shares up as trade war fears ease

*  H&M profits sink amid weak sales

*  Government wades into GKN takeover battle

*  GSK may sell Horlicks to focus on OTC and oral health

*  Facebook faces Federal Trade Commission privacy inquiry

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

Kinross Gold settles U.S. charges related to bribe prevention in Africa

WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission said
Canadian-based mining company Kinross Gold Corp agreed to pay $950,000 to
settle civil charges that it failed to ensure its payments in Africa were
not being used to bribe government officials.

 

The SEC said in a statement Monday the company did little to verify payments
to politically connected consultants and vendors - often made in cash - in
Ghana and Mauritania were being used for their stated purpose.

 

For example between 2012 and 2015, Kinross paid a Ghanaian consultant $1,000
in cash per work visa he helped obtain for company staff, without detailing
just what this former government official did to help expedite the process,
the SEC said.

 

The U.S. Foreign Corrupt Practices Act compels companies to maintain book
keeping practices aimed at preventing bribery.

 

Louie Diaz, a Kinross spokesman, said in an email that the SEC had made no
findings that bribes had been paid, but rather targeted shortcomings in
“timeliness and maintenance of our internal controls in West Africa, which
we have strengthened and improved.”

 

As part of the civil settlement Kinross did not admit or deny wrongdoing but
pledged to improve its accounting and compliance practices, Kinross said in
a statement.

 

The Justice Department notified Kinross that it had closed its parallel
criminal investigation last year, Kinross said in a statement.

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


South Africa's Capitec FY profit rises 18 pct, misses estimates

JOHANNESBURG (Reuters) - Capitec lagged estimates with an 18 percent rise in
annual profit on Tuesday as South Africa’s fifth-largest lender pulls back
from lucrative but risky unsecured loans in the face job losses and a weaker
economy.

 

Launched in 2001 as a micro-lending business, Capitec is positioning itself
as a fully-fledged bank with no-frills account, savings and insurance and
credit card products to cut its reliance on unsecured loans, which rely
solely on a customer’s promise to pay it back.

 

The company said diluted headline earnings per share (EPS) came in at 3,846
cents in the year ended February, slightly below a 3,883 cents forecast by
Thomson Reuters’ SmartEstimates — which puts more weight on recent forecasts
and those from historically accurate analysts.

 

Headline EPS, the widely watched profit measure in South Africa, strips out
certain one-off items.

 

Capitec, which competes with Nedbank, Standard Bank, FirstRand and Absa
Group, said net income from transaction fees jumped 31 percent to 5.1
billion rand ($437.27 million), while net income from lending was up 7
percent to 12.6 billion rand.

 

($1 = 11.6634 rand)

 

 

Massmart to open 20 stores in pan-African expansion -chairman

ABIDJAN (Reuters) - South African retailer Massmart is continuing its
pan-African expansion with plans to open about 20 new stores outside its
home market over the next three years, the company’s chairman said on
Monday.

 

Massmart, majority-owned by U.S. retail giant Wal-Mart, operates nearly 400
stores, including 42 across 12 countries outside South Africa.

 

“We’re very bullish about Africa, sub-Saharan Africa as a whole,” Kuseni
Dlamini told Reuters on the sidelines of the African CEO Forum in Ivory
Coast’s commercial capital Abidjan.

 

“This year alone we will be opening eight new stores on the African
continent. In the next three years we’ll be expanding our retail trading
space by 35.6 percent.”

 

New stores are due to open in Kenya, Ghana, Mozambique, Zambia and
Swaziland.

 

Dlamini said Massmart is also studying markets in French-speaking West
Africa with a view to starting operations there.

 

He added that recent political events in South Africa, including former
President Jacob Zuma’s resignation and replacement by Cyril Ramaphosa, were
encouraging.

 

“We foresee consumer and business confidence getting better. We’ve already
started to see some improvements on that front,” he said.

 

 

South African rand weaker before central bank decision

JOHANNESBURG (Reuters) - South Africa’s rand gave up its previous session’s
gains in early trade on Tuesday, as the market positioned itself for the
central bank’s interest rate decision on Wednesday.

 

At 0706 GMT, the rand traded at 11.6400 per dollar, 0.17 percent lower than
its overnight close of 11.6200 in New York.

 

South Africa’s Reserve Bank (SARB) is expected to cut its repo rate by 25
basis points to 6.50 percent, according to a Reuters poll of 22 economist,
as the central bank aims to boost the economy towards growth and employment
creation.

 

“Should the rand strengthen notably further this year, and the new levels
look to be maintained, the SARB may consider an interest rate cut from Q2 18
on consequent expected lower inflation for 2019, and in 2020 as well,”
Investec economist Annabel Bishop said in a note.

 

In fixed income, the yield for the benchmark government bond due in 2026 was
down 0.5 basis point at 7.910 percent.

 

The Johannesburg All-share index was up 1.15 percent to 56,821 points, while
the Top-40 index climbed 1.15 percent to 50,135 points.

 

 

 

South Africa investigates $60 million SAP contract

JOHANNESBURG (Reuters) - South Africa’s anti-corruption agency is
investigating a 671 million rand ($60 million) government contract with
German software firm SAP, which has admitted misconduct in separate deals
involving friends of ousted president Jacob Zuma.

 

The Public Protector, an independent watchdog mandated by the constitution,
said it had received an anonymous letter alleging due process was not
followed in the award of a contract to SAP in 2016 to provide IT and support
services to the Department of Water and Sanitation (DWS).

 

The investigation comes at a time the DWS is under growing pressure from
opposition politicians who blame it for failing to avert a chronic drought
in Cape Town and as parliament prepares to investigate mismanagement at the
department.

 

Since replacing Zuma in February, President Cyril Ramaphosa has pledged to
crack down on corruption after a string of scandals. Several investigations
into government and private companies have since moved forward.

 

“The Public Protector is investigating the SAP licences,” a spokesman for
the agency, Oupa Segalwe, said. “The allegation is that SAP licences for
both the department and water boards were purchased without following due
process.”

 

The Public Protector has carried out several influential investigations,
including one in 2014 that was instrumental in making Zuma repay more than
$600,000 of state-funded security upgrades to his private home.

 

In 2016, the watchdog revealed details about the undue influence Zuma’s
friends, the Guptas, had over the awarding of state tenders and the role
played by global firms.

 

SAP declined to comment on the agency’s inquiry or give details about the
contract but said it was conducting a review of all its deals with the South
African government back to 2010.

 

“SAP is aware of this contract which forms part of the broader ongoing SAP
South Africa investigation,” SAP spokesman Rajiv Sekhri said. “If we
identify any matters of concern we will address and manage them vigorously
and comprehensively.”

 

The anonymous letter received by the anti-graft agency also alleged the
contract was unnecessary because existing DWS licences with SAP covered the
same services.

 

A DWS spokesman said the ministry was not aware of the Public Protector’s
investigation and denied any wrongdoing.

 

“No evidence of corruption exists as the procurement followed a full
process,” Sputnik Ratau said.

 

MINISTRY UNDER FIRE

The SAP contract has already been mentioned by lawmakers looking into
mismanagement at the water department, as well as in an Auditor-General
report last year that concluded the ministry had been guilty of wasteful and
fruitless spending.

 

Mlungisi Johnson, chair of parliament’s Portfolio Committee on Water and
Sanitation, said lawmakers had asked DWS officials about the SAP contract
but received contradictory information.

 

“We invited them to parliament and gave them an opportunity to explain
themselves clearly. They didn’t take it and now they will face an inquiry,”
Johnson told Reuters.

 

He said the committee would meet on Tuesday with the Auditor-General,
Treasury and an investigative unit that reports to the presidency to
finalise the scope of the parliamentary inquiry into DWS.

 

The DWS spokesman did not respond in detail to allegations of mismanagement
although he said there were lessons to be learned from the drought in South
Africa, which has been declared a national disaster.

 

The Auditor-General said DWS signed a deal with SAP to provide five years of
IT products for 450 million rand and two years of support services for 221
million rand. The Auditor-General’s report said it believed the cost was
“high”.

 

It said 285 million rand had already been paid to SAP.

 

The German company declined to comment on the Auditor-General’s report or
the parliamentary inquiry into the DWS.

 

SAP said this month an internal inquiry found it acted improperly by paying
more than $9 million in commissions to companies controlled by the Gupta
family to win contracts with state power firm Eskom and rail company
Transnet.

 

However, the German company said there was no evidence of direct payments to
South African government officials.

 

Three Gupta brothers are under investigation over accusations of corrupt
links to Zuma. One of the brothers, Ajay, was declared a fugitive from
justice hours before Zuma was forced out of office and has left South
Africa.

 

($1 = 11.7353 rand)

 

 

 

German investor upbeat on South Africa in bid for engineering group

JOHANNESBURG (Reuters) - Germany’s ATON GmbH plans to make a buyout offer
for South African engineering and construction company Murray & Roberts
(M&R), saying its move was a sign of its confidence in the South African
economy.

 

ATON, the investment vehicle of German investor Lutz Helmig, already owns a
third of Murray & Roberts, which is attracting new orders after a
decade-long slump.

 

Under the deal announced by both companies on Monday, ATON plans a cash
offer price of 15 rand per share - a 56 percent premium to Murray & Roberts
closing price last Thursday.

 

ATON said in a statement it believes that the offer represents “a vote of
confidence in the South African economy by a large multinational German
investor.”

 

Companies in South Africa and global investors are banking on new President
Cyril Ramaphosa to follow through on promises to kick-start the economy and
fight corruption after a stagnant economy and political uncertainty under
former president Jacob Zuma, who stepped down last month.

 

News of the planned buyout sent Murray & Roberts’ share price surging as
much as 51 percent on Monday, although the fact it was still trading more
than 5 percent below what ATON expects to offer suggested some investors
might not expect the deal to go through.

 

ATON, however, said it has the backing of Murray & Roberts’ third largest
shareholder, Allan Gray, representing a stake of about 11 percent, and
analysts expected the deal would go through.

 

The deal values the South African company at nearly $600 million.

 

Murray & Roberts has transformed itself into an international engineering
and construction group focused on the global natural resources sector, but
has been under pressure for nearly a decade as its order book has been hit
by a weak South African economy and reduced spending by clients in oil, gas
and mining industries.

 

Last month, however, it said interim profits more than doubled on higher
earnings from its underground mining activities and the sale of its
loss-making Middle East business last year.

 

On Friday the company said it been awarded new underground mining projects
in North America and Australasia worth a combined 3.8 billion rand ($326
million).

 

Shares in Murray & Roberts were up 47.8 percent at 14.25 rand at 1243 GMT,
on track for their biggest daily rise on record.

 

“The offer will probably be accepted by most of the shareholders especially
in this market environment,” said Francesco Tarino, a trader at brokerage
house BP Bernstein in Johannesburg.

 

Still, some shareholders might have a hard time swallowing an offer that is
about 20 percent less than what their share price was fetching just over a
year ago.

 

“They are definitely buying this business at a discount. Even when I do my
own valuations, Murray & Roberts should actually be trading at probably 19
rand,” said an analyst who did not want to be named.

 

The offer is subject to regulatory approval and ATON securing acceptances
from investors holding at least 50 percent plus one share.

 

Murray & Roberts said in a separate statement that at the time of the
announcement on Monday morning, no offer had been made by ATON.

 

($1 = 11.6556 rand)

 

 

Ghana central bank cuts policy rate to 18 pct

ACCRA (Reuters) - Ghana’s central bank cut its benchmark interest rate by
200 basis points to 18 percent on Monday, saying its medium-term inflation
target was on course, Governor Ernest Addison told a news conference in the
capital Accra.

 

Ghana is in its final year of a $918 million credit deal with the
International Monetary Fund to narrow deficit, debt and inflation. Monday’s
cut adds to 750 basis points by the regulator in the past year to also
foster growth.

 

 

 

South Africa dollar bond yield spread falls 6 bps after Moody's reprieve

LONDON (Reuters) - The premium demanded by investors to hold South African
sovereign dollar bonds over U.S. Treasuries fell by six basis points on
Monday after Moody’s affirmed the country’s investment grade credit rating.

 

The average yield spread of South African dollar bonds over U.S. Treasuries
on the JPMorgan EMBI Global Diversified index fell to a five-day low of 251
basis points.

 

Late on Friday, ratings agency Moody’s affirmed South Africa’s debt at
‘Baa3’, the lowest rung of investment grade, and revised its credit outlook
to stable from negative.

 

A downgrade to junk would have seen South Africa removed from key bond
indices, triggering billions of dollars in outflows.

 

 

 

Congo's 2017 mining revenue up 36 pct while oil revenue doubles

DAKAR (Reuters) - Democratic Republic of Congo’s 2017 mining sector revenue
rose 35.6 percent to $822.2 million while revenue from the oil and gas
sector jumped by 103 percent to $203.9 million, finance ministry data
showed.

 

Mining revenue in the fourth quarter more than doubled helped by higher
prices for key exports such as copper and cobalt, data in a quarterly report
seen by Reuters on Monday showed.

 

Kenyan shilling strengthens on foreign investor inflows

NAIROBI (Reuters) - The Kenyan shilling strengthened against the dollar on
Monday supported by inflows from foreign investors interested in government
debt and select stocks at the Nairobi stock exchange, traders said.

 

At 0813 GMT, commercial banks quoted the shilling at 100.80/101.00 per
dollar, compared with 100.90/101.10 at Friday’s close.

 

 

 

Asia stocks follow US shares up as trade war fears ease

Asian markets followed Wall Street's lead and rose sharply on Tuesday, as
hopes grew that a trade war between the US and China could be averted.

 

Japan's Nikkei 225 index was up close to 2% in morning trade, led by the
tech sector.

 

The US last week announced proposed tariffs against China, which sent US and
Asian markets tumbling.

 

But China's premier Li Keqiang said on Monday that China and the US should
maintain negotiations.

 

Mr Li's comments followed those made earlier by US Treasury secretary Steven
Mnuchin, who told US media on Sunday he was "cautiously hopeful" that the US
and China could come to an agreement on trade issues.

 

On Wall Street, the S&P 500 finished Monday's session up 2.7%, the Dow Jones
gained 2.8%, and the tech-heavy Nasdaq Composite ended up 3.3%.

 

By the lunch break on Tuesday, the Nikkei 225 index was up 1.7% to
21,110.68, with tech shares, which would be hurt in an ongoing trade war,
keeping the index in positive territory.

 

Tokyo-listed stocks in the semiconductor equipment maker Tokyo Electron were
up 2.4%, while shares in robot maker Yaskawa Electric Corp were up 2.25%.

 

Elsewhere in Asia, South Korea's benchmark Kospi index was up 0.5% to
2,449.4 points, and Australia's S&P/ASX 200 index was up 0.7% to 5,828.4.

 

In China, Hong Kong's Hang Seng index added 0.8% to 30,80 points, while the
Shanghai Composite had gained 1% in mid-morning trade to 30,794.36.

 

Tariff talk

US President Donald Trump announced the tariffs against Chinese goods on
Thursday, saying they were a response to allegations of intellectual
property theft by China.

 

China then responded to news of the planned tariffs by saying it did not
want a trade war, but it was "absolutely not afraid" of one.

 

Some analysts have said if a full blown trade war is not averted, China
could make things difficult for US companies doing business in China, among
other measures, while others have said China is more likely to try and avoid
escalating the problem.

 

In response to US tariffs on steel and aluminium imports announced by Mr
Trump earlier this month, China has already announced its own set of
proposed tariffs worth $3bn.

 

The US tariffs on steel and aluminium imports came into effect last
week.--BBC

 

 

 

H&M profits sink amid weak sales

Swedish fashion giant H&M - the world's second-biggest clothing chain - has
posted a 61% profit fall for the three months to February amid weak sales.

 

Its outlets, which include mid-market chains & Other Stories and Cos, made
1.26bn Swedish crowns (£108m).

 

Recently it warned of weaker demand in some stores and also said sales had
fallen for the second quarter in a row.

 

It said higher levels of stock would mean greater price discounting in the
next three months.

 

Shares fell 5% in early trading to their lowest level since 2008.

 

H&M employs 171,000 people worldwide in its 4,700 stores.

 

It has outlets in 69 countries, with the US, Germany and the UK its top
three markets by number of stores.

 

This year it is planning to open 220 new stores. Most will be H&M stores,
but 90 will be its newer spin-offs including & Other Stories, Cos and Monki.

 

The company said stock levels rose by 7% in the quarter, compared with last
year, partly thanks to its continuing expansion, but also because of weak
sales in the previous quarter.

 

H&M said that rise was higher than planned, and would mean "increased
markdowns" in the second quarter of 2018 compared with last year.

 

However, the retailer said it expected sales and profits to return to
growth. "We take a long-term view that, together with our knowledge and
experience enable us to navigate through times such as this... back to
healthy growth in both sales and profitability."--BBC

 

 

Government wades into GKN takeover battle

Business Secretary Greg Clark has written to Melrose demanding "binding"
commitments from the turnaround specialist over its £8.1bn bid for GKN.

 

Mr Clark sought "extensive and clear" measures over GKN's workforce,
research and development, and pension schemes.

 

He also raised concerns over national security given GKN's role in supplying
the UK armed forces.

 

In response, Melrose set out a number of pledges, including not selling
GKN's Aerospace Division for five years.

 

It also said that for five years it would maintain GKN's UK listing,
maintain its UK headquarters, and ensure research and development (R&D)
spending remained at least 2.2% of sales.

 

Deadline approaching

GKN makes parts for planemakers Airbus and Boeing, as well as parts for
Volkswagen and Ford cars.

 

It is one of the UK's largest industrial firms, employing more than 59,000
people globally - 6,000 of them in the UK.

 

Melrose specialises in buying up industrial companies it believes are
undervalued and restructuring them before selling them on.

 

GKN shareholders have until midday on Thursday to accept the bid from
Melrose, or back GKN's own business plan.

 

The plan includes combining GKN's auto unit with US group Dana, leaving GKN
to concentrate on its aerospace business.

 

In his letter to Melrose chief executive Simon Peckham, Mr Clark set out a
series of commitments "which would need to be binding" if the company's bid
for GKN was successful.

 

He said GKN should remain operating as a UK business, with its share listing
and headquarters staying in the UK.

 

GKN should also maintain its UK workforce and respect existing employment
rights.

 

In addition, Mr Clark sought commitments over investment in R&D, investment
in workforce training, and arrangements for current and future pensioners.

 

In the area of defence, the business secretary said he would expect "to see
a commitment to continuity of ownership and strategic investment".

 

Also, Melrose should not quickly sell-on the business without the
government's consent.

 

Tensions

Mr Clark said he was "mindful the business model which Melrose operates and
its history of acquiring, improving and selling businesses".

 

"Whilst this approach can have an important and beneficial role to play,
tensions could arise between this approach and the need for long-term
investment and stability.

 

He said the public "reasonably" expects that companies which receive public
money through contracts or R&D, should take a long-term view.

 

Image copyrightGKN

In response, Mr Peckham said Melrose's proposal was preferable to the
"fire-sale being undertaken by the current GKN board".

 

He said Melrose had agreed a number of legally enforceable undertakings with
the Takeover Panel to address the government's concerns - including
maintaining GKN's UK base and its spending on R&D.

 

In addition, he said: "To demonstrate the strength of our commitment and
ensure that its improvement and investment programme is not unduly
interrupted, we are willing to make a legally binding commitment to you..
that, subject to below, Melrose will not sell the Aerospace Division before
1 April 2023."

 

Mr Peckham added that this would not prohibit it from floating the Aerospace
Division on the UK stock market.

 

He also said that if it was approached by a "suitable strategic purchaser"
before 1 April 2023, Melrose would seek government approval for the
deal.--BBC

 

 

 

GSK may sell Horlicks to focus on OTC and oral health

Pharmaceuticals giant GSK is to take full control of a joint venture which
owns Sensodyne toothpaste, Panadol headache tablets and Nicotinell patches.

 

GSK will pay Novartis £9.2bn for its 36.5% stake in the Consumer Healthcare
Business which was formed in 2015.

 

To fund the acquisition GSK is considering selling its Horlicks brand and
other nutrition products.

 

Last week GSK dropped its bid for Pfizer's consumer healthcare unit.

 

The Consumer Healthcare Business reported sales of £7.8 billion in 2017.

 

In its statement GSK said it was "initiating a strategic review" of Horlicks
and its other consumer healthcare nutrition products to help pay for the
acquisition of the joint venture.

 

It would also enable it to focus more on over the counter medicines and oral
health which between them notched up sales of £550m in 2017.

 

Last year GSK confirmed plans to sell its Horlicks business in the UK and
close the site where the malted drink was made. It also said it would
off-load its MaxiNutrition brand.

 

The biggest sales of Horlicks and GSK's other nutrition products are in
India, where Horlicks is seen as a "premium nutrition" product.

 

The company said it expected the strategic review to be completed by the end
of this year. "There can be no assurance that the review process will result
in any transaction," it added.

 

GSK chief executive Emma Walmsley said: "The proposed transaction addresses
one of our key capital allocation priorities and will allow GSK shareholders
to capture the full value of one of the world's leading consumer healthcare
businesses."

 

Novartis said the sale would allow it to focus on the development and growth
of its core businesses.

 

Novartis chief executive Vas Narasimhan said the consumer healthcare joint
venture was doing well, but the time was right for the company to sell a
non-core asset at an "attractive" price.

 

"This will strengthen our ability to allocate capital to grow our core
businesses, drive shareholder returns, and execute value creating bolt-on
acquisitions as we continue to build the leading medicines company, powered
by digital and data," he added.

 

Shares in GSK were up by nearly 3% following the announcement, while
Novartis rose by 1.6%.--BBC

 

 

 

Facebook faces Federal Trade Commission privacy inquiry

The US Federal Trade Commission will investigate Facebook over how private
data on millions of users was given to Cambridge Analytica.

 

The social network has been criticised for letting the analysis firm scoop
up data on 50 million users.

 

The information is believed to have been used to help Donald Trump's 2016
campaign for US president.

 

The FTC said its probe would determine whether Facebook had "failed" to
protect users' privacy.

 

News of the FTC probe, which former FTC officials say could trigger fines in
the trillions of dollars - sent shares down 6.5% in afternoon trading in New
York before they recovered slightly.

 

Tom Pahl, acting director of the FTC's Bureau of Consumer Protection, said
it took the reports about user data going astray "very seriously".

 

He said the FTC regularly took "enforcement action" against firms that
caused substantial injury to consumers by breaking laws that govern how
personal information should be kept safe.

 

Facebook is required by law to notify users and get their permission before
data is shared beyond their preferred privacy settings in what is known as
the "consent decree".

 

David Vladeck, the former director of the FTC's Bureau of Consumer
Protection, said that the penalty for each violation of the consent decree
is $40,000.

 

If the data of 50 million people were indeed compromised, the social
network's financial exposure to fines could run into trillions of dollars,
Mr Vladeck told the Washington Post.

 

Rob Sherman, deputy chief privacy officer for Facebook, told CNBC it would
"appreciate the opportunity to answer questions the FTC may have".

 

The data was grabbed via an app that let people take a personality quiz.
Although only 270,000 people completed the quiz, the app was able to exploit
the way Facebook held data to get at information about millions more.

 

Facebook says it has changed its rules on user consent to stop other third
parties harvesting data in the same way.

 

Also on Monday, a bipartisan group of attorneys general representing 37 US
states wrote a joint letter to Facebook demanding answers to what led to the
breach and how the company allowed it to happen.

 

"As the chief law enforcement officers of our respective states, we place a
priority on protecting user privacy, which has been repeatedly placed at
risk because of businesses' failure to properly ensure those protections,"
the group wrote.

 

The social network is also facing a probe by UK data protection regulators
and the European Commission.

 

The announcement comes after Facebook placed adverts in US and UK newspapers
apologising for losing control of the data.

 

In the ads, Facebook boss Mark Zuckerberg said the company could have done
more to stop the data on millions of users going astray.

 

"This was a breach of trust, and I am sorry," the back-page ads said.

 

The company said it was taking steps to ensure the same type of data loss
could not happen again.

 

In separate development, the Republican chairman of a powerful senate
committee said that he had invited Mr Zuckerberg to testify to a hearing
next month "regarding the protection and monitoring of consumer data".

 

Senator Chuck Grassley, chairman of the upper chamber's judiciary committee,
said he had also invited representatives from Twitter and Google to discuss
"how such data may be misused or improperly transferred and what steps
companies like Facebook can take to better protect personal information of
users and ensure more transparency in the process".

 

Mr Grassley's panel is the third US congressional committee to seek out Mr
Zuckerberg's testimony in the wake of the Cambridge Analytica scandal, the
Associated Press reports.--BBC

 

 

 


 

 


 

INVESTORS DIARY 2018

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Zimplow

final dividend 0.13c per share record

 

23/03/2018 

 


TSL

AGM

28 Simon Mazorodze Road, Southerton

27/03/2018 12pm

 


Willdale

AGM

19.5km peg, Lomagundi Road, Mount Hampden

29/03/2018 11am

 


 

Good Friday

 

30/03/2018 

 


 

Easter Monday

 

02/04/2018

 


Zimbabwe

Independence Day

Zimbabwe

18/04/2018

 


 

Workers’ Day

 

01/05/2018

 


 

Africa Day

 

25/05/2018

 


Zimbabwe

Heroes’ Day

Zimbabwe

13/08/2018

 


Zimbabwe

Defence Forces Day

Zimbabwe

14/08/2018

 


 

 

 

 

 


 

 

 

 


 

 

 

 


 <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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Invest Wisely!

Bulls n Bears 

 

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