Major International Business Headlines Brief::: 14 May 2018

[Bulls n Bears]

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Major International Business Headlines Brief::: 14 May 2018

 


 

 


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*  Zimbabwe bans banks from processing payments for cryptocurrencies

*  Lonmin's status as a going concern remains uncertain -CFO

*  Thor Explorations aims to lead Nigeria's new mining pack

*  South African hospital operator Netcare boosted by domestic market

*  Angola plans to privatise more than 70 companies in medium term: prospectus

*  Miner Lonmin narrows H1 loss, trims spending target

*  South African rand firmer as dollar dips

*  South Africa's Astral Foods H1 profit jumps more than five fold

*  Algeria's Sonatrach to sharpen focus on petrochemicals

*  Tanzania cancels licence of Barrick, Glencore nickel project

*  Trump seeks to save Chinese jobs at ZTE ahead of trade talks

*  Xerox aborts $6.1bn sale to Japan's Fujifilm

*  Iran nuclear deal: The EU's billion-dollar deals at risk

*  Hiring Donald Trump's lawyer was a 'big mistake', says AT&T

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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Zimbabwe bans banks from processing payments for cryptocurrencies

HARARE (Reuters) - Zimbabwe’s central bank has stopped local banks from trading or processing payments linked to cryptocurrencies like bitcoin, its governor said on Monday, but stopped short of banning local cryptocurrency trading exchanges.

 

In the southern African nation, those who trade in bitcoin say it offers rare protection as their bank deposits lose value almost by the day while others use it to fund family members studying abroad or purchase goods online.

 

On Golix.com, the largest of only two trading platforms for virtual currencies, bitcoin was trading at $12,400 on Monday.

 

Reserve Bank of Zimbabwe governor John Mangudya, however, said in a statement, the central bank had not licenced anyone to trade in virtual currencies and that dealers and investors did not have the protection of the law.

 

“The Reserve Bank has directed all banking institutions not to provide banking services to facilitate any person or entity in dealing with or settling virtual currencies,” Mangudya said.

 

“The nature of cryptocurrency transactions make them the currency of choice for money launderers and other criminals.”

 

Prices of digital currencies such as bitcoin rocketed at the end of last year as retail investors across the globe scrambled to get a piece of the profits. That triggered regulatory warnings and threats to crack down on the market.

 

China, a major market, has shut down local cryptocurrency trading exchanges.

 

Officials from Golix and Styx24.com, Zimbabwe’s other trading platform could not immediately comment on the central bank decision.

 

An industry insider who follows the cryptocurrencies in Zimbabwe said the RBZ ban would affect settlements between exchanges but sales between individuals would not be impacted.

 

“We can sit over a cup of coffee and transfer cryptos among ourselves. The entire logic of crypto is peer to peer transaction without trusted third parties,” said the insider, who declined to be named because he is not authorised to speak to the press.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

 

Lonmin's status as a going concern remains uncertain -CFO

JOHANNESBURG (Reuters) - Lonmin’s ability to remain a going concern over the next 12-18 months has “material uncertainties”, its chief financial officer said during a results presentation on Monday.

 

The London-listed miner, which is struggling to contend with high costs and low platinum prices, continues to hold talks with alternative providers of finance, CFO Barrie van der Merwe said.

 

Credit waivers granted to Lonmin by its lenders in January are dependent on the company’s planned merger with precious metals producer Sibanye-Stillwater, he said.

 

 

Thor Explorations aims to lead Nigeria's new mining pack

LONDON (Reuters) - Canada-listed junior miner Thor Explorations aims to bring Nigeria’s first large-scale gold mine online in early 2020, its CEO said, as the West African country seeks to diversify its economy away from oil and gas.

 

Following the commodity price crash of 2015-16, the World Bank in April 2017 said it was providing funds to help the Nigerian government develop its neglected mining sector.

 

Projects under way include Thor Explorations’ Segilola Gold Project, located in Osun State, which CEO Segun Lawson says aims to produce gold in the first quarter of 2020 and has probable gold reserves of around 500,000 ounces.

 

“Thor is currently developing the country’s most advanced gold mine,” Lawson said in a telephone interview. He says he has a mining and exploration licence and is considering his options for raising $72 million to get the mine into production.

 

Lawson bought the Segilola project in 2016 for $3.1 million in cash plus 6 million Thor shares.

 

He promises rapid payback on the investment once production starts. Thor Exploration’s stock has climbed 50 percent this year while gold prices have only risen around 1 percent.

 

The World Bank has provided around $150 million to the Nigerian government to kickstart non-oil sectors after the economy was hit by a fall in oil prices, which are now recovering.

 

The Bank’s funding is meant to help the government formalise the artisanal mining sector, improve environmental practices and support infrastructure improvements for larger scale mines.

 

Mining provides only around 0.5 percent of GDP, according to World Bank figures, as the sector has struggled to attract foreign investment and to meet domestic needs, forcing costly imports.

 

The oil sector accounts for an estimated 8.7 percent of GDP and is critical for foreign exchange and fiscal revenue.

 

The World Bank in emailed comments said gold “offers good prospects” although many miners say other metals, such as iron ore, are more useful.

 

Martin Wood, CEO of Australian-listed Kogi Iron, would not put a date on when the company could begin production in Nigeria, but said it was looking for investors to provide around $350 million.

 

The company plans to build a steel plant using local iron ore and coal.

 

While a project in land-locked Kogi state, is not well-positioned to export, it has the infrastructure to sell domestically and could envisage 100 percent profit margins, while reducing Nigeria’s import dependency, Wood said.

 

 

 

South African hospital operator Netcare boosted by domestic market

(Reuters) - Netcare, South Africa’s second-largest private hospital operator, reported an 8.5 percent rise in half-year earnings on Monday, citing a strong domestic performance and its exit from the UK.

 

The company said that the South African healthcare market has returned to growth and it expects demand for private healthcare to remain resilient over the medium to longer term because of an ageing population.

 

Adjusted diluted headline earnings per share (EPS) from continuing operations, the main results metric in South Africa, rose to 87.7 cents for the six months to March 31 and the company increased its interim dividend to 44 cents from 38 cents in 2017.

 

Netcare has been in Britain for a decade through a controlling stake in BMI Healthcare but said in March that it would exit the UK because of difficult trading conditions and belt-tightening by the UK’s National Health Service.

 

In South Africa, meanwhile, Netcare registered a 3.5 percent rise in patient days, which represent customer stays in its hospitals. That helped to lift cash generation in its home market to nearly 33 percent.

 

The growth in patient days is expected to continue into the second half, Netcare said, but at a slower rate than in the first half.

 

Half-year group revenue rose 8.2 percent to 9.97 billion rand.

 

Netcare also said that regulators approved its purchase of Akeso Clinics, a network of 12 dedicated mental healthcare facilities.

 

 

 

Angola plans to privatise more than 70 companies in medium term: prospectus

LUANDA (Reuters) - Angola plans to privatise 74 state companies over the next few years, predominantly those in the industrial sector, according to the prospectus sent to investors as part of the country’s Eurobond issuance.

 

Africa’s second-largest crude producer has been battered by a fall in the price of oil over the past four years and President João Lourenço, who took office in September, has pledged to reduce state interference in the economy, which remains centrally controlled after years of civil war and Soviet influenced state building following independence from Portugal in 1975.

 

“Generally, the government intends to sell its entire interest in these companies, the majority of which operate in the industrial sector,” the prospectus, a copy of which was seen by Reuters, said.

 

The prospectus does not list the companies or say how much the privatisations could raise, but a government source told Reuters that Angola’s ports, national carrier TAAG, BCI bank, and insurer Ensa were all being considered for full or partial privatisation.

 

“The government’s long-term policy is that companies which, in the government’s view, are not required to remain under public ownership as a matter of policy should eventually be privatised,” the prospectus added.

 

Lourenço aims to revive growth by opening the economy to foreign investors and diversifying away from oil, which currently accounts for 95 percent of exports.

 

Angola is in the process of raising $3 billion through two Eurobond issues, launching $1.75 billion in 10-year notes at 8.25 percent and a $1.25 billion 30-year tranche at 9.375 percent.

 

In the prospectus, Angola also said it saw its total debt – excluding that held by state oil firm Sonangol – reaching $77.3 billion, or 70.8 percent of GDP, by the end of 2018.

 

 

Miner Lonmin narrows H1 loss, trims spending target

LONDON (Reuters) - Lonmin said on Monday it narrowed its first-half operating loss and lowered its spending target for the year as the platinum miner prepared for a merger with Sibanye-Stillwater.

 

The London-listed miner, which is being bought by Sibanye-Stillwater, reported a first-half operating loss of $32 million compared with a loss of $181 million a year earlier.

 

It lowered its full year capital expenditure target to 1.2-1.3 billion rand ($98 million-$106 million) from 1.4-1.5 billion.

 

South Africa’s Sibanye said Lonmin, which is hamstrung by soaring costs and subdued metal prices, must be cash positive by the time the deal is scheduled to close.

 

“We are making good progress with the transaction and expect to complete in the second half of the 2018 calendar year,” Chief Executive Ben Magara said in a statement.

 

Net cash at the end of March fell to $17 million from $75 million a year earlier and from $63 million at the end of December.

 

A stronger rand is also hobbling Lonmin’s efforts to meet its targets as its costs are in rand while platinum is priced in dollars.

 

It said unit costs for 2018 will be at the upper end of guidance but maintained is full-year sales guidance.

 

In the three months to March 31, platinum production rose to 143,374 ounces, up 3.9 percent from a year earlier.

 

Liberum cut its rating on Lonmin last week to “sell” from “hold”, saying its current rate of cash burn could scupper its merger by pushing it into net debt before the end of the year.

 

($1 = 12.2525 rand)

 

 

South African rand firmer as dollar dips

JOHANNESBURG (Reuters) - South Africa’s rand firmed in early trade on Monday after a dollar rally ran out of steam, with investors assessing prospects of fewer U.S. interest rate hikes than expected this year. [FRX/]

 

At 0627 GMT, the rand traded at 12.2400 per dollar, 0.37 percent firmer than its close on Friday.

 

The rand, along with currencies of other developing nations, came under pressure after the dollar started an ascent in mid-April, but a pause in the greenback’s rally has allowed the rand to recovery.

 

The rand is set to take direction from global markets in the session in the absence of local events.

 

In fixed income, the yield on the benchmark government bond due in 2026 was down 0.5 basis points at 8.34 percent.

 

 

South Africa's Astral Foods H1 profit jumps more than five fold

(Reuters) - South Africa’s Astral Foods Ltd said on Monday its profit surged more than five fold for the first half ended March, helped by higher sales and prices in its poultry business.

 

Revenue at the company’s poultry division increased by 23 percent to 5.5 billion rand ($448.5 million), as an improvement in poultry supply and demand balance gave pricing support.

 

Astral, which detected the highly pathogenic H5N8 bird flu on some of its farms in 2017, said earlier this month it did not suffer any losses due to the Avian Influenza or Listeriosis.

 

Listeria broke out in South Africa in January last year and has since infected almost 1,000 people, 180 of whom have died, the world’s worst recorded listeria outbreak.

 

The company, however, warned that avian influenza remained a threat and major concern for the poultry industry with the upcoming winter. Astral, which also produces animal feeds, reported diluted headline earnings of 1,972 cents for the six months ended March, compared with 355 cents reported a year ago.

 

This was in line with an increase of between 1,958 cents and 1,994 cents per share that the firm flagged to the market.

 

Group revenue rose 15 percent to 6.67 billion rand.

 

Astral also declared an interim dividend 10 rand per share.

 

($1 = 12.2644 rand)

 

 

Algeria's Sonatrach to sharpen focus on petrochemicals

ALGIERS (Reuters) - Algerian state energy company Sonatrach will focus on petrochemical deals to reduce the North African country’s fuel imports while boosting revenue, its chief executive said.

 

Last week Sonatrach said it planned to buy ExxonMobil’s (XOM.N) 175,000 barrel per day (bpd) Augusta refinery in Sicily, Italy, and on Friday it signed a $1.5 billion deal with France’s Total deal to build a polypropylene plant in Algeria.

 

“Definitely petrochemicals are a top priority as we need to do more with less, to get more revenue with less oil and gas. The best way is petrochemicals,” Abdelmoumen Ould Kaddour said on Saturday.

 

The OPEC oil producer’s oil and gas revenue amounted to $33 billion last year, compared with $60 billion in 2014 before crude’s protracted price slump.

 

However, the recent upturn in prices gives Sonatrach a little more acquisitive muscle.

 

 

“The surplus in revenue due to a recent rise in the oil price should be used to buy more assets overseas. We need to be business oriented,” he said.

 

“The good thing is that we have the full support of the presidency.”

 

Among its recent deals is an agreement to exchange crude for refined products with the world’s largest oil trader Vitol and a deal with U.S. firm Honeywell to produce cleaner burning transportation fuel in Algeria.

 

Algeria spent $2 billion on imports of refined products 2017.

 

 

Tanzania cancels licence of Barrick, Glencore nickel project

The licence for the Kabanga nickel project in northwestern Tanzania was among 11 retention licences cancelled by the government under the Mining (Mineral Rights) Regulations of 2018, which were approved in January.

 

A retention licence is granted to holders of a prospecting licence after they identify a mineral deposit within the prospecting area which is potentially of commercial significance but cannot be immediately developed due to technical constraints, adverse market conditions or other economic factors.

 

“The Mining Commission would like to inform all owners of retention licences that the licences have been cancelled,” commissions chairman Idris Kikula said in a statement.

 

   Barrick Gold Corp and Glencore Plc which own the 50-50 joint venture project were not immediately available for comment. Their licence was due to expire in May 2019.

 

Other retention licences cancelled by the mining commission target other nickel, gold, silver, copper and rare earth exploration companies.

 

    Tanzania, Africa’s fourth-largest gold producer, is seeking a bigger slice of the pie from its vast mineral resources by overhauling the fiscal and regulatory regime of its mining sector.

 

    Retention licences were previously granted for a period not exceeding five years, which was renewable.

 

    Tanzanian President John Magufuli appointed the chairman and commissioners for the country’s new mining commission last month, paving the way for tighter regulation of the mining sector.

 

    Magufuli sent shock-waves through the mining industry with a series of actions since his election in late 2015.

 

    In July last year, he suspended the issuance of all new mining licences until the new mining commission was in place.

 

    The new mining rules state that “all retention licences issued prior to the date of publication of these regulations are hereby cancelled and shall cease to have legal effect.”

 

    “Consequent upon cancellation of retention licence...rights over all areas which were subject of retention licences are hereby and without further assurance reverted to the government.”

 

    Canada’s Barrick Gold Corp, the world’s biggest gold producer, is also the majority shareholder of London-listed Acacia Mining Plc, which is embroiled in a tax dispute with the Tanzanian government over mineral exports.

 

    Barrick and Glencore have been looking for potential buyers for the Kabanga project since 2015 after lower global nickel prices derailed the project, according to mining sources in Tanzania.

 

    The two miners have held the licence for the project since 2009, which is estimated to have inferred resource of 36.3 million tonnes, grading 2.8 percent nickel.

 

    Under legislation passed last Julyr, the mining commission has been given extensive powers to regulate and monitor the mining industry and mining operations in Tanzania.

 

 

 

Trump seeks to save Chinese jobs at ZTE ahead of trade talks

US President Donald Trump has said he wants to help save ZTE, one of China's biggest telecoms companies.

 

The firm has suspended operations after the Commerce Department last month banned US companies from selling it components for seven years.

 

ZTE pleaded guilty to making illegal shipments to Iran and North Korea.

 

Mr Trump tweeted that he was working with President Xi to ensure ZTE would get back into business fast, saying too many jobs in China were at risk.

 

US commentators say the tone of the tweet is a dramatic shift for Mr Trump, who has consistently accused China of stealing US jobs.

 

The concession to Beijing comes ahead of high-level trade talks later this week in Washington aimed at resolving an escalating trade dispute between the world's two largest economies.

 

Beijing has made resolving the situation with ZTE, which employs about 80,000 people, one of its demands for striking a broader trade agreement with with US.

 

China's ZTE 'poses risk to UK security'

Should the West suspect Chinese tech?

In March 2017, ZTE admitted to violating US sanctions by illegally shipping American technology to Iran and Korea and was fined $1.1bn (£800m).

 

The current export ban was imposed last month after the company allegedly failed to comply with its agreement, and was accused of lying about the punishment of employees involved in skirting the sanctions.

 

US companies provide at least a quarter of the components used in ZTE's equipment, which includes smartphones and telecommunications network equipment.

 

ZTE spent more than $2.3bn on imports from about 200 US companies last year.

 

Douglas Jacobson, a lawyer in Washington DC who represents some of ZTE's suppliers, said: "This is a fascinating development in a highly unusual case that has gone from a sanctions and export control case to a geopolitical one.

 

"There's no legal mechanism for this. How this will play out remains to be seen. They are not simply going to be able to resume business as usual."--bbc

 

 

 

Xerox aborts $6.1bn sale to Japan's Fujifilm

Technology firm Xerox has ended its controversial sale to Japan's Fujifilm after reaching a deal with activist investors Carl Icahn and Darwin Deason.

 

Together, they own 15% of Xerox and had opposed the $6.1bn (£4.5bn) deal as they said it undervalued the firm.

 

The decision ends months of infighting, including a major boardroom clear-out.

 

However, Fujifilm has disputed Xerox's "unilateral decision", adding: "We do not believe that Xerox has a legal right to terminate our agreement."

 

"We are reviewing all of our available options, including bringing a legal action seeking damages," Fujifilm added.

 

'Ill-advised scheme'

Xerox said it would not proceed with the deal, partly because of "material deviations" between audited results from its Asian joint venture with Fujifilm, Fuji Xerox, and previous unaudited statements.

 

Mr Icahn welcomed the outcome, saying "we are extremely pleased that Xerox finally terminated the ill-advised scheme to cede control of the company to Fujifilm".

 

As part of its decision to call off the merger agreement, Xerox fired its chief executive Jeff Jacobson in early May.

 

Six board members were also ousted, paving the way for two executives close to Mr Icahn to be installed in the roles of chief executive and chairman.

 

Five new board directors have since been appointed, the US printer and photocopier maker said in a statement.

 

Xerox could now go up for sale in an auction, with its new board meeting immediately to "begin a process to evaluate all strategic alternatives to maximise shareholder value".--bbc

 

 

Iran nuclear deal: The EU's billion-dollar deals at risk

The EU is scrambling to find ways to safeguard huge business deals with Iran, amid the threat of US penalties.

 

Washington is re-imposing strict sanctions on Iran, which were lifted under the 2015 international deal to control the country's nuclear ambitions. On 8 May President Donald Trump denounced the deal, saying he would withdraw the US from it.

 

Since the deal took effect in 2016 major European firms have rushed to do billions of dollars' worth of business with Iran, and now thousands of jobs are at stake.

 

Many of those firms fear their business ties with the US could be at risk if they continue to do deals with Iran past a November deadline.

 

What can the EU do?

There is an existing EU "blocking statute", from 1996, aimed at countering US sanctions linked to communist Cuba. Now EU officials say they are revamping the statute to avoid the latest US restrictions on firms doing business with Iran.

 

But there are doubts about the statute's legal power. Reuters news agency says Shell and some other European firms with big operations in the US prefer to push for US waivers on a case-by-case basis.

 

US authorities have imposed hefty fines on banks for processing Iranian transactions, including UK-based Standard Chartered, HSBC and Lloyds.

 

France, Germany and the UK all say they remain committed to the nuclear deal with Iran and to expanding business ties, provided Iran sticks to its commitments.

 

Before the imposition of punitive sanctions on Iran in 2012 the EU was its biggest trade partner. In 2011 Iran had a big trade surplus with the EU. Trade slumped in 2012, but has been climbing back up since the 2015 deal.

 

EU exports to Iran in 2017 (goods and services) totalled €10.8bn (£9.5bn; $12.9bn), and imports from Iran to the bloc were worth €10.1bn. The value of imports was nearly double the 2016 figure.

 

Most EU imports from Iran are energy-related - more than 75% is oil and other fuels.

 

EU exports to Iran are mainly machinery and transport equipment, followed by chemicals.

 

But trade with Iran makes up just 0.6% of the EU's total global trade. Iran's main trade partners are the United Arab Emirates and China, which account for 23.6% and 22.3% of the country's total trade, according to the European Commission.

 

EU trade, by contrast, makes up 6% of Iran's total.

 

What are the big deals at risk?

Since the lifting of sanctions there have been major EU-Iran business deals, among them:

 

Total (French) signed a deal worth up to $5bn to help Iran develop the world's largest gas field, South Pars

Norway's Saga Energy signed a $3bn deal to build solar power plants

Airbus clinched a deal to sell 100 jets to IranAir

European turboprop maker ATR (an Airbus-Leonardo partnership) agreed to sell 20 planes to Iran

Germany's Siemens signed contracts to upgrade Iran's railways and re-equip 50 locomotives

Italy's state rail firm FS signed a $1.4bn deal to build a high-speed railway between Qom and Arak

France's Renault signed a joint venture deal, including an engineering centre and a production plant, to boost Renault's production capacity in Iran to 350,000 vehicles a year--bbc

 

 

Hiring Donald Trump's lawyer was a 'big mistake', says AT&T

AT&T's chief executive said hiring Donald Trump's lawyer, Michael Cohen, as a consultant was a "big mistake".

 

AT&T paid Essential Consultants, a company used by Mr Cohen, to advise on issues including AT&T's pending takeover of Time Warner.

 

The same firm was also used to pay off porn star Stormy Daniels during the 2016 election.

 

The AT&T chief, Randall Stephenson, made the comments in a memo to employees on Friday.

 

"Everything we did was done according to the law and entirely legitimate. But the fact is our past association with [Michael] Cohen was a serious misjudgement," he said.

 

AT&T's head lobbyist, Bob Quinn, who oversaw the hiring of Cohen, is retiring, the memo added.

 

AT&T has said its $50,000-a-month contract with Essential Consultants ended in December 2017.

 

Who is Michael Cohen?

Why the Stormy Daniels-Donald Trump story matters

That was just a few weeks after the US Justice Department sued to block the firm's acquisition of Time Warner, citing concerns about competition.

 

The outcome of that lawsuit is pending.

 

AT&T never asked Mr Cohen to set up meetings for the company with anyone in the Trump administration, and he did not offer to do so, the memo said.

 

But the disclosure of the relationship has "damaged" the firm's reputation. Mr Stephenson said: "There is no other way to say it - AT&T hiring Michael Cohen as a political consultant was a big mistake."

 

AT&T is one of several firms, including pharmaceutical firm Novartis and a company linked to Russian oligarch Viktor Vekselberg, that has admitted making payments to Essential Consultants.

 

The head of Novartis has also called its payments a mistake.

 

The firm was set up by Mr Cohen, who is under federal investigation for his business dealings.

 

The payments by the companies were revealed this week by the lawyer for Stormy Daniels, who alleges she had a sexual relationship with Mr Trump in 2006 - a claim the president denies.

 

Ms Daniels, whose real name is Stephanie Clifford, was paid $130,000 (£92,000) by Essential Consultants during the 2016 presidential campaign in exchange for signing a non-disclosure agreement.

 

She is suing to break that agreement.---bbc

 

 

 

 

 

 

 

 

 


 

 


 

INVESTORS DIARY 2018

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

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

 


 

 

 

 

 


 

 

 

 


 

 

 

 


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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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