Major International Business Headlines Brief::: 21 May 2018

Mon May 21 10:38:33 CAT 2018

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Major International Business Headlines Brief::: 21 May 2018

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

*  Zimbabwe mines need $11 billion investment to modernise

*  Beltone Financial seeks controlling stake in Oragroup

*  Nigeria central bank injects $293 mln into currency market

*  Kenya oil production on course after agreement on revenue share

*  Anadarko seeks to raise $14-$15 bln for Mozambique LNG project

*  South Africa's Murray & Roberts agrees to buy Aveng

*  Steinhoff flags H1 loss as restructuring wipes out sales gain

*  South Africa's Eskom evacuates Kusile contractors after protest

*  Malawi GDP to grow 5.1 pct this year: finance minister

*  IMF to approve payment of further $2 bln to Egypt: statement

*  UK turns blind eye to dirty Russian money, say MPs

*  Ryanair reports soaring profits but warns of headwinds

*  UK's clean car goal 'not ambitious enough'

*  Airbnb to report homeowners' income to Danish tax authorities

*  Cambridge Analytica starts bankruptcy proceedings in US

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Zimbabwe mines need $11 billion investment to modernise

VICTORIA FALLS, Zimbabwe (Reuters) - Zimbabwe needs up to $11 billion to modernise its mines and boost production to maximum capacity over the next five years, the head of the country’s Chamber of Mines said on Friday.

Foreign investor interest in the southern African nation is growing after the fall of longtime leader Robert Mugabe following a de facto military coup last November but projects are still constrained by lack of funding.

Batirai Manhando, Chamber of Mines president, said with the exception of platinum producers, all other mines, including those of gold, nickel, cobalt and coal were operating below their installed capacity.

Mining generates more than half of Zimbabwe’s export receipts — last year it earned $2.8 billion — but industry executives say it has the potential to earn more with increased investment.

“The local mining industry is currently operating below capacity on the back of capital shortages,” Manhando told an annual meeting of the mining chamber.

“At the beginning of the year the capital intensive industry required $7 billion for both ramp-up and sustenance capital. The figure has lately been revised upwards to $11 billion with renewed interest in our sector,” Manhando said.

Zimbabwe holds the second largest deposits of platinum and chrome after South Africa and has lately seen increased interest from lithium investors, who however say funding still remains a hurdle.

Manhando said mining companies in Zimbabwe faced problems that included high costs of electricity, labour and royalty fees when compared to other jurisdictions. There had also been little exploration in the country since 2000, he added.

Equipment at most mines was more than 50 years old, severely undermining efficiency and cost effectiveness of the sector, said Manhando.

Mines Minister Winston Chitando said the government would announce a new “mining vision” at the end of June and projected that the output of gold could rise to 85 tonnes in five years.

Output of gold, the biggest mineral by earnings, is expected to rise to 30 tonnes this year from 23 tonnes in 2017, according to Ministry of Mines data.

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Beltone Financial seeks controlling stake in Oragroup

CAIRO (Reuters) - Egypt’s Beltone Financial is seeking a controlling stake in Oragroup, which owns banks in 12 African countries, as the company looks to expand its financial services on the African continent, Beltone said in a statement late on Saturday.

Beltone Financial, listed on the Cairo exchange and one of the country’s largest asset managers and financial services companies, said its board had agreed to sign a non-binding offer to set out indicative terms for the transaction.

It did not disclose the exact size of the stake it is looking to acquire or the potential terms.

Oragroup has 143 branches serving more than 400,000 clients in 12 African countries in western and central Africa, the Beltone statement said.

Nigeria central bank injects $293 mln into currency market

ABUJA (Reuters) - Nigeria’s central bank said on Friday it had injected $293 million into the interbank foreign exchange market, extending efforts to boost liquidity and alleviate dollar shortages.

The bank said in a statement it had sold the funds to agricultural firms, airlines, petroleum imports and to companies importing raw materials and machineries.

Kenya oil production on course after agreement on revenue share

NAIROBI (Reuters) - Kenya will start the small scale export of crude oil from its fields in the far northern county of Turkana in June after an agreement on how to share the revenue, averting delays, the presidency said on Saturday.

Tullow Oil and its partner Africa Oil discovered commercial reserves in the Lokichar basin in 2012. Total has since taken a 25 percent stake.

A row had broken out after President Uhuru Kenyatta cut the share of the Turkana county government to 15 percent and that of the local community to 5 percent, leaving the rest to the national government.

He then met officials from Turkana at State House in Nairobi to strike a new deal, which will raise the county government’s share to 20 percent and cut the national government’s to 75 percent.

“We now have an understanding that can put Kenya on the map of oil exporting countries,” Kenyatta said in a statement.

The deal will allow a long-delayed law on oil exploration and production to clear parliament, letting exports begin.

“We will intensify our exploration efforts not just in Turkana but in the rest of the country now that we have a legal instrument that can help guide how oil and gas will be handled in our republic,” the president said.

The deal was struck after the national government agreed to eliminate a cap on the revenue due to the county government and the local community, said a senior government official.

Officials in Nairobi had proposed to cap the annual allocation from oil exports to Turkana, arguing that the local economy could not absorb a sudden influx of too much cash.

“The clincher was the removal of the cap,” said Andrew Kamau, the principal secretary in the ministry of petroleum and mining.

Anadarko seeks to raise $14-$15 bln for Mozambique LNG project

LONDON (Reuters) - Anadarko Petroleum is seeking to raise a record $14-$15 billion from banks and export credit agencies for its huge liquefied natural gas (LNG) project in Mozambique, sources close to the matter said.

Fast-growing gas demand from China and Southeast Asia is reassuring export project developers sitting on huge untapped gas discoveries in Mozambique and elsewhere that the market cycle is turning after three years of low prices.

The full amount would be the largest loan ever in the LNG sector.

French bank Societe Generale, the financial adviser on the $20 billion Mozambique LNG project, has already received interest for a combined $12 billion in cover and direct lending from export credit agencies (ECAs) in China, South Africa, Italy and Japan, one of the sources said.

The ECAs include Export-Import Bank of China, Export Credit Insurance Corporation of South Africa, Italy’s Sace and Japan’s Nippon Export and Investment Insurance, the source said.

Societe Generale will launch a global roadshow on May 21 to test demand among commercial banks.

ECAs typically provide large government-backed loans or insurance to support exports and domestic companies in other countries.

Asian and Chinese ECAs in particular have provided billions of dollars in loans and cover to Africa’s largest energy and infrastructure projects in recent years, paving the way for additional commercial bank financing.

“There’s enough meat on the bones of the project in terms of supply deals to start sounding out banks,” the first source said.

In all, Anadarko has agreed commercial terms including volume and price for 5.1 million tonnes per annum (mtpa) of LNG supplies from Mozambique, closing in on the 8.5 mtpa target needed to trigger its final investment decision on the project.

Anadarko Petroleum spokeswoman Helen Wells confirmed the company had engaged with ECAs to negotiate the terms and conditions of project financing.

“Our target is to raise financing equivalent to approximately two-thirds of the expected capital costs, which, if successful, would represent the largest project financing ever in Africa and one of the largest globally for a non-OECD country,” Wells said.

The U.S. oil major aims to build from scratch a 17,000-acre liquefaction complex in Mozambique’s remote north to chill gas pumped from the Golfinho/Atum fields in its Area 1 deepwater block, 16.5-kilometres (10 miles) offshore.

It will produce 12.88 mtpa of LNG in its initial phase, which can be expanded to 50 mtpa.

South Africa's Murray & Roberts agrees to buy Aveng

JOHANNESBURG (Reuters) - South African-based Murray & Roberts has agreed to buy construction firm Aveng Limited, although its biggest shareholder ATON said it will not support the one billion rand ($78.5 million) takeover.

The proposed deal announced by both firms on Friday would give additional scale in Murray & Roberts’ (M&R) key markets such as Australasia and Africa, while shoring up liquidity in loss-making Aveng in the near-term.

The deal comes after a month after Murray & Roberts (M&R) rejected a takeover bid by German investor and biggest shareholder ATON.

M&R said in a statement if a formal offer is made, it will buy out Aveng’s stock worth 1 billion rand by issuing new shares, assuming that Aveng separately raises at least 300 million rand in new capital through its proposed rights offer.

Should Aveng not be able to raise 300 million rand, the transaction value will be reduced, it added.

M&R spent billions of rand transforming itself from a local builder to a multinational firm with operations in Southern Africa, North America and Australasia regions.

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.

The merger would see Aveng integrate its Moolmans and McConnell Dowell businesses with Murray & Roberts’ underground mining and oil and gas portfolios.

“The primary objective of the potential transaction is to establish a large multinational engineering and construction group with the scale necessary to compete more effectively in relevant markets,” Murray & Roberts’ Chief Executive Henry Laas said.

Aveng’s Australia-based business, McConnell Dowell, is a major engineering, construction, and maintenance contractor, focused on the building, infrastructure and oil & gas sectors in Australia, New Zealand, the Pacific Islands, Southeast Asia, and the Middle East.

Its mining business, Moolmans, is one of the largest surface mining contractors in Africa, involved in all aspects across the mining value chain.

But M&R’s biggest shareholder ATON said in a statement it will not support the proposed transaction, saying “it clearly demonstrates that M&R’s management is putting its interest ahead of those of shareholders and other stakeholders.”

In ATON’s view the deal will negatively impact shareholders due to what it said was the high premium paid to Aveng shareholders, substantial dilution of existing M&R shareholders and significantly heightened debt burden, integration and restructuring risks are likely to hinder its growth.

“There is no basis for the proposed general meeting in relation to the proposed transaction at this stage neither will the proposed transaction be supported by ATON,” it said.

Aveng has been making losses after being hit by a slump in South Africa’s construction industry and struggling with a debt-burden of 3.25 billion rand but has embarked on a shakeup of its business. Its shares shot up nearly 30 percent at one point on news of the deal, before it pared gains.

In addition to the potential merger, M&R proposed to redeem Aveng’s outstanding convertible bonds maturing in 2019 early by amending the terms and conditions. If implemented, settlement of the bonds will be at par value 2 billion rand plus accrued interest.

This will be funded from a combination of new financing facilities of 1.8 billion rand and available cash resources.

Shares in Aveng had reversed earlier gains and closed down 1.10 percent to 90 cents, while Murray & Roberts’ shares reversed losses and closed 4.03 percent higher to 16.01 rand.

($1 = 12.6876 rand)

Steinhoff flags H1 loss as restructuring wipes out sales gain

FRANKFURT (Reuters) - South African retailer Steinhoff, which has been embroiled in an accounting scandal, expects to report a first-half net loss as costs related to restructuring, losses on asset sales and litigation offset a rise in revenues.

Group retail revenue is expected to rise 1 percent to 9.4 billion euros ($11.1 billion) in the six months through March 2018, it said following a meeting with lenders on Friday, citing preliminary figures.

It did not disclose the size of its first-half loss after tax was but said it was preparing to publish unaudited first-half figures on June 29.

The retailer has been fighting for survival after it discovered accounting irregularities in December which sparked a sell-off in its shares that wiped more than $10 billion off its stock market value and led to multiple investigations globally.

The company’s shares were up around 10 percent at 1425 GMT.

It said on Friday it hoped to have a restructuring plan in place shortly to put to creditors that would include measures such as fixing the maturity for all loans at three years from the restructuring date.

Steinhoff, which runs retail chains such as Britain’s Poundland, Mattress Firm in the U.S. and Conforama in France, has hired auditors PwC to investigate its problems and the accounting firm has gathered millions of records.

Earlier this month, it said that PwC’s investigation had found that overstatement of its profits might result in additional material impairments, which it would present along with full first-half results in June. [nL8N1SH5W5]

($1 = 0.8503 euros)

South Africa's Eskom evacuates Kusile contractors after protest

JOHANNESBURG (Reuters) - South African power utility Eskom said on Friday it had evacuated all contractors at its Kusile power station following a violent pay-related protest.

Eskom, which has in the past been forced to impose power cuts due to insufficient supply, is scrambling to revamp its ageing plants and is expected to complete construction of all six units at the Kusile coal-fired plant by 2023.

Eskom said it had evacuated all contractors when a violent protest broke out at the power station in the eastern Mpumalanga province over a bonus payment dispute.

“We had to get everyone to leave our site so we can ensure there is safety there and we are expecting all of them to be back on Monday,” Eskom spokesman Khulu Phasiwe said.

Twenty-seven protesters were arrested on charges of public violence and malicious damage to property after four vehicles were damaged during the protest, Mpumalanga police spokeswomen Colonel Mtsholi Bhembe said.

Construction at the site has stopped, but power generation at the online units has not been disrupted, Phasiwe said.

Malawi GDP to grow 5.1 pct this year: finance minister

LILONGWE (Reuters) - Malawi’s economy is expected to grow 5.1 percent in 2018, supported by more infrastructure investment and social spending, Finance Minister Goodall Gondwe said in a budget speech on Friday.

The growth forecast compares to 5.5 percent in 2017.

IMF to approve payment of further $2 bln to Egypt: statement

CAIRO (Reuters) - The International Monetary Fund (IMF) said on Thursday it was to approve the payment of a further $2 billion of a $12 billion loan to Egypt as the country undertakes tough economic reforms, a statement said.

The upcoming payment, after a third review of the fiscal reforms agreed in late 2016 which included a flotation of the pound currency that hit many Egyptians hard, would bring the total amount paid so far to $8 billion.

“Egypt has begun to reap the benefits of its ambitious and politically difficult economic reform program,” the IMF statement said, citing accelerating growth and a declining current account deficit as reasons for the decision to make another payment.

“Annual headline inflation has declined from 33 percent in mid-2016 to around 13 percent in April,” it said.

UK turns blind eye to dirty Russian money, say MPs

The UK has been accused of turning a "blind eye" to Russia's "dirty money", putting national security at risk.

The Commons foreign affairs committee said London was being used to hide the "corrupt assets" of President Vladimir Putin and his allies.

It said it was "business as usual" for the UK despite the poisoning of Russian ex-spy Sergei Skripal and his daughter.

This undermined the UK's efforts to confront the full spectrum of President Putin's offensive measures, it said.

The UK's "lethargic response is being taken as proof that we don't dare stop them... London's markets are enabling the Kremlin's efforts," committee chairman and Conservative MP Tom Tugendhat wrote in the Sunday Times, ahead of the publication of the report.

US punishes key Putin allies over 'malign activity'

US targets Russians over cyber-attacks

Security and economic crime minister Ben Wallace said he had not been called to give evidence to the committee: "I fear such an omission weakens the foundation of the report," he said.

Mr Wallace said the UK was "determined to drive dirty money and the money launderers out".

"[We] will use all the powers we have, including the new powers in the Criminal Finance Act, to clamp down on those that threaten our security," he added.

Mr Tungendhat said ministers should investigate "gaps" in the sanctions regime which allows the Russian government and individuals linked to President Putin to continue to raise funds in the City.

The report, named Moscow's Gold: Russian Corruption in the UK, points out that Russian gas giant Gazprom was able to trade bonds in London "days after the attempted murders" of Mr Skripal and his daughter.

That business between the UK and Russia had resumed so swiftly prompted the Russian embassy in London to tweet: "Business as usual?"

"The scale of damage that this 'dirty money' can do to UK foreign policy interests dwarfs the benefit of Russian transactions in the City.

"The UK must be clear that the corruption stemming from the Kremlin is no longer welcome in our markets and we will act," said Mr Tugendhat.

Diverse goals

Andrey Kortunov is director general of the Russian International Affairs Council a think tank funded by the Russian state.

"I don't think we can argue that most of the Russian money which is parked in London is used to serve the interests of Russian foreign policy," he said.

"There are very different people, their stores are diverse and some of them are very strong opponents of the Russian leadership."

The committee's report urges the government to show "stronger political leadership" on the issue by taking a number of actions, including:

Further sanctions against "Kremlin-connected individuals"

Closing loopholes in the existing sanctions regime

Speeding up plans to disclose transparent corporate ownership--BBC

Ryanair reports soaring profits but warns of headwinds

Ryanair has reported record annual results, despite it having to cancel thousands of flights in September due to problems with pilots' rotas.

The Irish airline said profits after tax rose 10% to €1.45bn (£1.27bn), despite the wave of bad publicity.

However, it warned higher costs would make the year ahead more difficult.

The outlook for the coming year was "on the pessimistic side of cautious", chief executive Michael O'Leary said in a statement.

The carrier, Europe's largest low-cost airline, said passenger numbers had risen by 9% to 130.3 million in the 12 months to the end of March,

That increase was stimulated by lower fares, it said, with Germany, Italy and Spain the three largest growth markets.

Ryanair said it expected to carry 7% more passengers in the coming year, but said costs would rise by 9%, including staff costs and the oil price. However, fares are expected to remain unchanged.

Last year, mistakes with pilots' rotas led to about 20,000 flights being cancelled. Since then, Ryanair has begun to recognise trade unions, something the airline had always resisted.

Pay increases

Victoria Moores, European editor for Air Transport World, told the BBC's Today programme that Ryanair was a strong performer in the aviation sector, thanks in part to its success at filling aircraft to near full capacity.

"If you look at their load factor, which is the percentage of the aircraft that is filled, they are filling 95% of every aircraft on average."

A load factor of between 60% to 70% was more usual 20 years ago, Ms Moores said.

But she added last year's crisis over rosters was prompting change at the airline, she said.

"What we've heard in these results is a move towards pay increases," she said.

Ryanair's statement said it expected the market for experienced pilots in Europe to remain tight, putting further upward pressure on staff costs.--BBC

UK's clean car goal 'not ambitious enough'

The government’s ambition to clean up motor vehicles by 2040 is not ambitious enough, a leading energy expert says.

Professor Jim Watson, head of the prestigious UK Energy Research Centre, said the target should be at least five years earlier, as in Scotland.

The government is currently considering obliging new cars to run on electricity for at least 50 miles by 2040.

The government said it would not discuss the issue before it had published its policy which is due soon.

But ministers are facing competing pressures on the issue. Some UK car firms are telling ministers their proposed targets are unachievable, while others say the targets can easily be reached.

Push and go faster

Professor Watson, who started working life as a car engineer, says the motor industry has a history of saying targets are impossible, then suddenly finding new models to do the job.

“It’s great that they [the government] are having a target, but it could be much more ambitious,” he told BBC News.

“If you push industry further they could go faster.

“Sometimes the car industry has done itself a great disservice by lobbying against environmental standards and then finding itself in trouble when the oil price goes up and people want cleaner, more efficient cars.”

“They should embrace it [a strong target] and ask government to regulate them harder.”

Extinction

Professor Watson was referring to the long campaign by US car makers against tighter efficiency standards – a battle that ended when the manufacturers faced bankruptcy because in part their models were inefficient.

In effect, the US car firms were so successful with lobbying that they nearly lobbied themselves into extinction.

One UK car firm spokesman told me: “We don't have a good record on this – the industry has cried 'wolf' too often in the past.”

The Society of Motor Manufacturers and Traders told BBC News it rejected this suggestion.

There is certainly a range of views among UK car firms about the advisability of the 2040 target. Jaguar Land Rover (JLR) has said publicly that it expects to meet the government’s current proposed standards long before the set date.

A spokesman said: “From 2020, every new Jaguar and Land Rover will have the option of electrification.

“This (2040 target) is 22 years away - or seven new cars away for many new car buyers on a typical ownership cycle. We are confident that every new Jaguar or Land Rover will meet the proposed criteria long before 2040.”

Ill-considered

Nissan told BBC News it supported clean car targets. A spokesman said: “As the pioneer of electric vehicles, we welcome plans that encourage people to switch to low or zero emission vehicles.”

But other manufacturers discussing the issue on condition of anonymity told BBC News the proposed 2040 standards are ill-considered.

One criticised the idea currently under consideration by the Department for Transport to force hybrid cars, by 2040, to have the capacity to travel 50 miles without burning fossil fuels.

The car maker said this would require a much bigger battery entailing more weight and cost. That extra capacity would be redundant for most of the time for an average driver.

Barrage of criticism

The issue is causing headaches for many other governments needing to cut emissions that cause local air pollution and climate change.

India’s transport minister announced 2030 as a day beyond which only all-electric cars may be sold.

But after a barrage of criticism from car firms, he rescinded the order, and India’s policy is not yet clear. Tata Motors in Delhi did not want to comment on whether it could cope with a 2030 all-electric policy.

What is certain is that in Europe and Asia, car makers are being expected to move inexorably towards low or zero emissions vehicles.

Charging infrastructure

The car makers admit they face uncertainty over the future. After decades of homogenisation of world markets, they may find themselves manufacturing electric cars to access the Chinese economy on the one hand and petrol SUVs for Texas on the other.

Car makers think China will probably become a world leader in car standards – especially in cities.

The UK car firms are in concert on one issue: the need for the government to radically improve the supply of charging infrastructure, and to increase incentives to buy low-emissions cars.

They told BBC News ministers would need to move swiftly to accelerate demand for clean cars, or it would be impossible to step up production levels to the amount needed by 2040.

Electric and hybrid cars currently constitute 1.4% of the current UK fleet. Of new sales, 4.7% are clean fuel – that’s 119,786 out of 2.54 million cars sold last year.

Mike Hawes from the SMMT told BBC News: "Vehicle manufacturers will increasingly offer electrified versions of their vehicles giving consumers ever more choice but industry cannot dictate the pace of change nor levels of consumer demand."

Environmentalists say this is a red herring – car buyers, they say, will buy whatever vehicles are permitted to be sold in the country at that time.

The environment department Defra is concerned that their colleagues in transport at DfT have had their ambition dulled by car industry lobbying.

One Defra source told me: “They are chancing their arm. The targets for 2040 are not ambitious at all.”

The DfT didn’t want to address that comment.--BBC

Airbnb to report homeowners' income to Danish tax authorities

Airbnb will automatically report homeowners' income to tax authorities in Denmark under a landmark move.

It will make it easier to spot tax evasion by homeowners renting out rooms and properties via the site.

Danish tax minister Karsten Lauritzen said the country wants a "sharing economy" to flourish, but on condition taxes are paid.

The move - which needs clearance in parliament - comes as several countries try to rein in Airbnb tax evaders.

In addition to the issue of taxes, Airbnb is blamed for pushing up house prices in major cities and taking away business from hotels and B&B outlets.

The Denmark deal will also include limiting the number of days an owner may list a property to 70 a year. Owners will be given a tax-free allowance of up to 40,000 kroner (£4,690) a year.

"We want a flourishing sharing economy in Denmark where it is possible for renters to earn a reasonable tax-free amount on making their property available," said Mr Lauritzen. "But it is under the condition that tax payments are in order."

'Progressive attitude'

Airbnb had about 30,000 renters in Denmark in 2017 and more than 900,000 visiting users. A typical Airbnb host in Denmark earned on average 15,500 kroner by sharing their space for 23 nights a year.

Patrick Robinson, Airbnb head of public policy in Europe, said the move was "innovative and forward-thinking" by Denmark.

"The progressive attitude of Denmark is an example to the world and demonstrates how positive results can be achieved when policymakers and Airbnb work together on the shared goals of making cities better places to live, work and visit," he said in a statement.

This week, German tax officials asked Airbnb to surrender all data on its country's users to help track down tax evaders. And in China the company has agreed to give to authorities the booking and passport details of people staying in Airbnb properties.--BBC

Cambridge Analytica starts bankruptcy proceedings in US

Cambridge Analytica has filed for bankruptcy in the US.

The consultancy was at the centre of the Facebook data-sharing scandal in which it was accused of improperly obtaining information on users.

The bankruptcy proceedings are part of the process of closing down the company and its UK parent, SCL Elections, that started in early May.

The company blamed a "siege of media coverage" for driving away customers and forcing its closure.

In court papers filed with a New York court, Cambridge Analytica said it had assets of up to $500,000 (£370,000) and debts in the range of $1m to $10m.

Regulators have said that, despite the firm's shutting down and laying off staff, they will still pursue a probe into how the firm used Facebook data.

The social network said data on about 87 million users was grabbed when people completed a quiz hosted on the site. This information was then passed on to Cambridge Analytica which has been accused of using it for political campaigning.

The political consultancy always maintained that it did nothing wrong in the way it obtained and used the data.--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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