Major International Business Headlines Brief::: 24 May 2018

[Bulls n Bears]

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Major International Business Headlines Brief::: 24 May 2018

 


 

 


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

 


 

 


 

 

*  Kenya's Treasury avoids dealing with rate cap in draft law

*  Tiger Brands H1 earnings hit by South Africa cold meat recall costs

*  South Africa's Mediclinic full-year core earnings up 3 percent

*  Phakamani Hadebe confirmed as CEO of South African power firm Eskom

*  South Africa's rand slips in EM squeeze ahead of local rates decision

*  AngloGold says plans 2,000 job cuts in South Africa

*  Irregular expenditure almost doubles at S.Africa's municipalities - Auditor General

*  Crisis-hit Steinhoff repays $2.3 billion African debt

*  South Africa's CPI rises to 4.5 pct y/y in April

*  Botswana court reverses ruling to end Tati Nickel's liquidation

*  Uber ends Arizona driverless car programme

*  Deutsche Bank to cut more than 7,000 jobs

*  Trump administration launches vehicle import probe

*  China fines retailer Muji for listing Taiwan as a country

*  Comcast in 'advanced stages' of 21st Century Fox bid

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Kenya's Treasury avoids dealing with rate cap in draft law

NAIROBI (Reuters) - Kenya’s Treasury avoided mentioning a cap on commercial-bank lending rates in a draft law on the conduct of the financial sector that was published for public comment late on Wednesday.

 

The government capped commercial lending rates in September 2016 at 4 percentage points above the central bank’s benchmark rate, which now stands at 9.5 percent, in an attempt to limit the cost of borrowing for businesses and individuals.

 

The cap has been blamed for a slowdown in private-sector lending growth, and Kenya’s commercial banks are lobbying for it to be repealed. The International Monetary Fund has said the cap must be repealed for the East African nation to keep access to balance of payments support from the Fund.

 

Henry Rotich, the finance minister, had said the cap would be repealed in the financial markets conduct bill, which will be presented to parliament next month. Rotich did not immediately answer calls requesting comment.

 

A source at the Treasury told Reuters the government had realised repealing the cap would be difficult because of opposition from lawmakers, who proposed it in the first place.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

 

Tiger Brands H1 earnings hit by South Africa cold meat recall costs

JOHANNESBURG (Reuters) - South Africa’s Tiger Brands reported on Thursday a 16 percent drop in half-year earnings, weighed down by 365 million rand ($29.24 million) in costs due to a recall of cold meat products in response to a listeria outbreak.

 

The country’s biggest food producer suspended production at its Polokwane, Germiston, Pretoria and Clayville sites in South Africa in March. The four sites produced polony and other cold meats that were linked to the listeria outbreak that has killed 200 people since early 2017.

 

Chief Executive Lawrence MacDougall said the recall “impacted our headline earnings quite significantly”.

 

Headline earnings per share (EPS), the main profit measure in South Africa that strips out certain one-off items, for the six months ended March 31 dropped to 868 cents from 1,036 cents a year earlier.

 

Recall and related costs to date amounted to 365 million rand net of initial insurance claims. These costs excluded ongoing trading losses, the company said in a statement.

 

The facilities are likely to stay closed for a large part of the second half of the year as Tiger Brands completes remedial work and awaits guidance from the Department of Health.

 

Tiger Brands faces a combined class action lawsuit filed in March by Richard Spoor, a human rights advocate, on behalf of families affected by the listeria outbreak.

 

MacDougall told a conference call that the group did not yet have details on the total amount of the claim.

 

“The application for certification of the classes is in progress, while our legal representatives are in discussion to explore further collaboration,” he said.

 

Tiger Brands, which makes bread, breakfast cereals and energy drinks, is battling intense competition, pressure on pricing from consumers chasing value and deflation of 2.7 percent, which hit group revenue by 4 percent to 15.7 billion rand.

 

The closure of the cold meat facilities weighed on the business, with revenue falling by 9 percent and operating income plunging by 78 percent to 13 million rand.

 

Profit before tax from continuing operations decreased by 18 percent to 1.9 billion rand.

 

“The outlook for the balance of the year remains challenging, with intense competitor activity in the domestic market and no meaningful recovery expected in international markets,” Tiger Brands said in a statement.

 

The company declared an unchanged interim dividend of 378 cents per share.

 

($1 = 12.4848 rand)

 

 

South Africa's Mediclinic full-year core earnings up 3 percent

JOHANNESBURG (Reuters) - South African private hospital group Mediclinic reported a 3 percent rise in annual core profit on Thursday, boosted by a recovery in its Middle Eastern operations.

 

Mediclinic, which also owns Switzerland’s largest private hospital group Hirslanden, said core earnings - or adjusted earnings before tax, interest, depreciation and amortisation (EBITDA) - rose to 522 million pounds ($698 million) in the year ended March from 509 million a year earlier.

 

A constituent of the FTSE 100 index with a secondary listing in Johannesburg, Mediclinic has been struggling to grow at home due to a weak economy while regulatory headwinds in Switzerland have also hobbled growth.

 

In response, the company placed a $2 billion bet on Middle East two years ago with the acquisition of Al Noor Hospital.

 

 

“A key achievement was the strong second half

 

performance in Abu Dhabi which, combined with the continued strong delivery in Dubai and the exciting expansion opportunities ahead, is laying the foundations for further growth across the Middle East division,” outgoing chief executive Danie Meintjes said in statement.

 

Mediclinic also owns a third of Britain’s Spire Healthcare. It tried and failed to buy out the remaining shares last year.

 

($1 = 0.7483 pounds)

 

 

 

Phakamani Hadebe confirmed as CEO of South African power firm Eskom

CAPE TOWN (Reuters) - Phakamani Hadebe has been appointed chief executive of struggling South African state power firm Eskom after a stint as interim CEO, Public Enterprises Minister Pravin Gordhan said on Thursday.

 

“Cabinet has approved the appointment of Mr Phakamani Hadebe as the new group chief executive of Eskom. This is a reflection of the excellent work he has done over the last few months at the institution,” Gordhan told reporters.

 

Hadebe has been acting CEO since January.

 

 

 

South Africa's rand slips in EM squeeze ahead of local rates decision

JOHANNESBURG (Reuters) - South Africa’s rand weakened early on Thursday, pressured by an expected hawkish tone at the local central bank’s policy meeting after a sharp increase in consumer prices.

 

* At 0640 GMT the rand was 0.56 percent weaker at 12.5300 per dollar, giving up gains from the previous session that saw the currency trade as firm as 12.4100, its best in a week.

 

* The rand had found some reprieve after U.S. President Donald Trump’s announcement of possible new trade tariffs on automobile imports weakened the dollar, but that support faded quickly as worries over Turkey dimmed risk demand globally.[nL3N1SV1YV]

 

* A 300 basis point interest rate hike by the Turkish central bank late on Wednesday hardly stemmed the lira’s freefall after some initial gains, leading to continued pressure on emerging market currencies generally as risk sentiment sunk. [nL5N1SV0JS]

 

 

* Data on Wednesday showed local consumer price inflation in April rose sharply, prompting markets to increase bets the Reserve Bank would strike a hawkish tone when it decides on lending rates this afternoon.[nL5N1SU1ZB]

 

* A Reuters poll last week unanimously found the bank would keep rates on hold at 6.5 percent. [nL5N1SM40K]

 

* Bonds were firmer in early trade, with the yield on the benchmark paper due in 2026 5 basis points lower at 8.47 percent.

 

* The stock market opened firmer with the Johannesburg Stock Exchange’s Top-40 index up 0.33 percent at 50,764 points.

 

 

AngloGold says plans 2,000 job cuts in South Africa

JOHANNESBURG (Reuters) - South African gold miner AngloGold Ashanti plans to cut 2,000 jobs at its domestic operations, it said on Wednesday.

 

“The restructuring will affect employees across the different categories and levels,” the company said in a statement.

 

 

 

Irregular expenditure almost doubles at S.Africa's municipalities - Auditor General

JOHANNESBURG (Reuters) - Irregular expenditure by South Africa’s municipalities almost doubled in the past financial year, with only a tenth of local governments producing credible financial statements, the auditor general said on Wednesday.

 

Irregular spending includes payments made on contracts awarded unlawfully, outside of budget procedures or without necessary approvals.

 

The continent’s most industrialised economy has barely grown in the past decade with fiscal missteps and government corruption contributing to weak business and consumer confidence. Poverty has climbed and unemployment reached record levels.

 

The Auditor General, which audits all public entities and departments and enforces financial management rules, said municipal irregular expenditure had increased to 28.4 billion rand ($2.25 billion) in the 2016-17 financial year from 16.2 billion rand in the year before, mainly due to “glaring governance, leadership and oversight lapses”.

 

Irregular expenditure was at its highest since 2012, while only 33 out of over 200 municipalities in the country’s nine provinces managed to produce quality financial statements and performance reports that complied with all key legislation, the Auditor General said.

 

“There has been no significant positive change towards credible results; instead we are witnessing a reversal in audit outcomes,” Auditor General Kimi Makwetu said in a statement.

 

The prospect of municipalities suffering a financial meltdown has put pressure on national government and triggered violent protests by communities angered by a deterioration in services.

 

Recent protests in the North West province lasted for weeks and saw President Cyril Ramaphosa cut short a trip to London to deal with the fallout. [nL5N1SK0F5]

 

Finance Minister Nhlanhla Nene told Parliament last week 112 municipalities did not have money to carry out service delivery plans for the current financial year.

 

The Treasury has said the sharp increase in transfers from national to provincial government was unsustainable and conflicted with Pretoria’s fiscal consolidation plan.

 

“The situation is pretty scary,” said Paul Berkowitz, governance expert and director at EDGIS-SA.

 

“This will definitely put pressure on Treasury. And you might just see Treasury stepping in more and more to take over powers from municipalities. It’s not something they’d want to do but things are looking pretty desperate.”

 

($1 = 12.6291 rand)

 

 

Crisis-hit Steinhoff repays $2.3 billion African debt

JOHANNESBURG (Reuters) - Scandal-hit South African retailer Steinhoff has repaid about 2 billion euros ($2.34 billion) of its debt in Africa after its local unit used the proceeds of a fundraising to pay back 16 billion rand ($1.26 billion) in shareholder loans.

 

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.

 

Accordingly, the group has repaid approximately 2 billion euros of African debt since January 2018, it said in a statement.

 

“Save for working capital facilities of the automotive business and the African properties division, the group has no remaining African debt,” it added.

 

Steinhoff Africa Retail (STAR) raised the 16 billion rand from South African financial institutions to repay the loan which was provided by Steinhoff as part of STAR’s listing in September 2017.

 

STAR raised an additional 2 billion rand which it said on Wednesday will be used for its operations.

 

Steinhoff, which runs chains such as Britain’s Poundland, Mattress Firm in the United States and Conforama in France, said on May 10 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 still has about 8.7 billion euros of debt attributable to Europe and 25 million euros to the U.S. operations.

 

($1 = 12.6725 rand)

 

($1 = 0.8535 euros)

 

 

South Africa's CPI rises to 4.5 pct y/y in April

JOHANNESBURG (Reuters) - South Africa’s headline consumer inflation quickened to 4.5 percent year-on-year in April from 3.8 percent in March, data from Statistics South Africa showed on Tuesday.

 

Economists polled by Reuters had expected prices to quicken to 4.7 percent on a year-on-year basis following a 1 percent increase in value-added tax came into effect on April 1.

 

On a month-on-month basis, inflation quickened to 0.8 percent in April from 0.4 percent in March.

 

Core inflation, which excludes the prices of food, non-alcoholic beverages, petrol and energy, accelerated at 4.5 percent year-on-year, while on a month-on-month basis it slowed to 0.6 percent from 0.7 percent previously.

 

 

 

Botswana court reverses ruling to end Tati Nickel's liquidation

GABORONE (Reuters) - A Botswana court has overturned last month’s High Court decision to take Tati Nickel Mine out of provisional liquidation because the earlier ruling did not consider the impact on creditors.

 

Tati, a subsidiary of the liquidated BCL mine group, has been under provisional liquidation since October 2016. The liquidation was extended twice after liquidator Nigel Dixon-Warren requested more time to pursue a deal with investors.

 

The High Court took the company out of liquidation in April following the lapse of the last extension.

 

But Botswana’s Court of Appeal said the High Court had failed to weigh the consequences of returning an insolvent company with no income stream to service its debts.

 

“The decision to remove the company from provisional liquidation was precipitately and improperly discharged,” the judgment said.

 

“It is obvious that in reaching its decision, the High Court had no regard to the interest of the creditors of the company. This notwithstanding all signals that the provisional liquidator was acting in the best interest of the creditors.”

 

When it was placed under liquidation, Tati had incurred a cumulative loss of 1.6 billion pula ($160 million) and owed creditors one billion pula, with its former parent company BCL the largest creditor with 800 million pula in cash owed.

 

($1 = 10.0000 pulas)

 

 

 

Uber ends Arizona driverless car programme

Uber has pulled the plug on its self-driving car operation in Arizona two months after a pedestrian was killed in an accident involving one of its cars.

 

However, the ride-hailing company said it hopes to resume self-driving tests in Pennsylvania this summer.

 

The firm said it was committed to self-driving technology and "looked forward to returning to public roads".

 

It comes as the firm reported a huge jump in bookings for its main taxi business for the three months to March.

 

Uber gives drivers sick pay and parental leave

 

Uber began testing its first self-driving cars in Pittsburgh, Pennsylvania in 2016, gradually expanding to other places, including Arizona, San Francisco, California and Toronto.

 

It halted all those operations in March after the crash, which sparked debate about the readiness and safety of driverless car technology.

 

Jobs lost

The firm is also conducting a "top-to-bottom safety review" of its self-driving programme, including software and training.

 

Uber hopes to resume tests this summer in Pittsburgh after federal officials conclude their investigation of the accident.

 

After that, it will look at other locations.

 

About 300 workers for the firm's self-driving programme in Arizona will lose their jobs. The more than 500 employees of its traditional taxi service in Arizona are not affected.

 

Arizona's governor, who had championed driverless cars, ordered the company to stay off the road amid an outcry over the accident.

 

Dara Khosrowshahi, Uber's boss, sad the firm would reinvest heavily in its bike-renting and food delivery services.

Huge growth

On Wednesday Uber reported it had almost halved its losses in the first quarter of 2018 as ride bookings jumped 51% from last year to $11.3bn.

 

Revenue, which subtracts driver payments and other items from bookings, climbed 73% to $2.6bn.

 

The San Francisco-based company, which has faced a spate of scandals and retreated from overseas markets, said quarterly profits were $2.5bn, due largely to the sale of business units in Russia and south east Asia.

 

Excluding such one-off items, the firm's losses totalled $312m - an improvement from $598m a year ago.

 

Uber boss Dara Khosrowshahi said Uber was likely to remain in the red as it reinvested in its food-delivery and new bike-renting services.

 

"Given the size of the opportunity ahead of us and our goal of making Uber a true mobility platform, we plan to reinvest any over-performance even more aggressively this year, both in our core business as well in big bets like Uber Eats globally."--BBC

 

 

Deutsche Bank to cut more than 7,000 jobs

Deutsche Bank has said it will cut more than 7,000 jobs as Germany's biggest lender attempts to return to profit.

 

The bank said it would reduce global staffing levels from just over 97,000 to "well below 90,000".

 

Following a review of the business, the number of jobs in Deutsche's equities sales and trading business is being cut by a quarter.

 

The bank - which employs 8,500 people in the UK - did not say which countries would be affected by the job cuts.

 

Deutsche Bank employs about 66,000 people in Europe - including 42,000 in Germany, 21,000 in Asia and about 10,000 in North America.

 

The job cuts are the first major move by chief executive Christian Sewing, who took up the role last month after his predecessor, John Cryan, was sacked.

 

The search for his replacement is understood to have begun after the bank reported an annual loss of €500m (£438m) at the end of February.

 

That followed losses of €1.4bn in 2016, and €6.8bn in 2015 after restructuring and litigation costs.

 

Deutsche Bank had already flagged up that job cuts were on the way last month, with Mr Sewing saying at the time that they would be "painful but regrettably unavoidable".

 

On Thursday, Mr Sewing said: "We remain committed to our Corporate & Investment Bank and our international presence - we are unwavering in that.

 

"We are Europe's alternative in the international financing and capital markets business. However, we must concentrate on what we truly do well."--BBC

 

 

 

Trump administration launches vehicle import probe

President Donald Trump has ordered a national security probe into vehicle imports, which could bring new tariffs.

 

Mr Trump said the US car industry was "critical to our strength as a nation" and ordered the Department of Commerce to investigate.

 

The probe rests on 1960s legislation which lets the president restrict imports if they threaten national security.

 

It is the latest move in Mr Trump's America First trade agenda.

 

The president tweeted earlier on Wednesday about "big news" for the country's autoworkers.

 

The Department of Commerce will investigate the effect of vehicle imports under Section 232 of the Trade Expansion Act of 1962, which allows the president to restrict trade in the name of national security.

 

Section 232 is the same statute that was invoked to allow the administration's tariffs on steel and aluminium imports.

 

Commerce Secretary Wilbur Ross promised a "thorough, fair and transparent investigation".

 

The department's release said imports had grown from one-third to almost one-half of all cars sold in the US in the last 20 years.

 

According to government statistics, in 2017 the US imported 8.3 million vehicles worth $192bn (£144bn), and exported almost 2 million vehicles worth $57bn (£43bn).

 

Of the cars imported, 2.4 million come from Mexico and 1.8 million from Canada.

 

Both countries are part of the North American Free Trade Agreement (Nafta), which the Trump administrations wants to renegotiate in a bid to boost the US manufacturing sector.

 

President Trump has also previously threatened to impose tariffs on cars imported from the EU.

 

Mr Trump's aggressive approach to trade has also seen him threaten levies worth up to $60bn (£42.5bn) on Chinese goods in retaliation for alleged intellectual property violations.--BBC

 

 

China fines retailer Muji for listing Taiwan as a country

Japanese retail chain Muji has been fined in China for listing Taiwan as a country on some of its packaging.

 

The company has to pay 200,000 yuan (£23,400; $31,300) for listing Taiwan as a "country of origin".

 

Taiwan has been self-ruling since 1950 but Beijing regards it as a breakaway province of China.

 

China is becoming increasingly geographically sensitive, clamping down on any violation of its territorial claims.

 

Shanghai's administration for industry and commerce said Muji had last year imported clothes hangers in packaging marking Taiwan as the "country of origin".

 

The regulator added that Muji had since made corrections and changed the packaging.

 

The statement was issued last month but only covered by Chinese media on Wednesday.

 

Council paints over student Taiwan flag art

What's behind the China-Taiwan divide?

Sensitive borders

It's the second time Muji has drawn China's ire over its use of maps and islands.

 

In January, it withdrew a catalogue over complaints it included maps that did not show Taiwan and a disputed group of islands.

 

The islands are called the Senkakus by Japan, which controls them, but the Diaoyu islands by China, which also claims them.

 

Earlier in May, US clothing company GAP apologised for selling T-shirts with a map of China which did not show the island of Taiwan and other disputed territories.

 

China has also been increasing its pressure on global airlines to list Taiwan as a part of China, threatening carriers with sanctions should they not fall in line.

 

In January, US airline Delta was forced to apologise for listing Taiwan and Tibet as countries on its website.

 

Many airlines have already given in to the pressure and changed their drop down menus, despite the US government condemning the Chinese demands as "Orwellian nonsense".

 

Hotel chain Marriott also briefly had its Chinese website suspended for listing Tibet, Taiwan, Hong Kong and Macau as separate countries in a customer questionnaire.--BBC

 

 

 

Comcast in 'advanced stages' of 21st Century Fox bid

Cable TV giant Comcast says it is considering a takeover offer for Rupert Murdoch's 21st Century Fox, setting the stage for showdown with Walt Disney.

 

Disney has agreed to pay $52.4bn for Fox, but Comcast said it was in the "advanced stages" of preparing a better bid.

 

Any offer would be "all-cash and at a premium" to Disney's all-share offer, Comcast said in a statement.

 

But the US firm, which owns NBC, said no final decision had been made.

 

Rumours about Comcast's interests in Fox have circulated for weeks, but it is the first time it has confirmed its intentions.

 

Like Disney, it wants to buy all of Fox's assets except its news channel and main sports and business networks.

 

That would include the 20th Century Fox film studio, the Fox television network and the Asian pay-TV network Star TV.

 

It would also include a 39% stake in Sky, for which Comcast tabled a separate bid in April, taking it into direct conflict with Fox, which wants to acquire the British broadcaster outright.

 

Regulatory scrutiny

 

Any takeover attempt by Comcast would be likely to face regulatory scrutiny, as will Disney's offer.

 

The US government is currently suing to block a merger between Time Warner, and the telecoms giant AT&T.

 

Experts say the firm would be unlikely to proceed with an offer for Fox until a judge rules on that case in June.

 

However, in its statement, Comcast promised to pay a significant break fee should regulators scupper a deal. It said this "would be at least as favourable to Fox shareholders" as Disney's offer of $2.5bn.

 

The fight for 21st Century Fox comes as traditional media groups scramble to consolidate in the face mounting competition from online challengers like Netflix and Amazon.

 

It has driven broadcast giant CBS to try to merge with Viacom, which owns the MTV and Nickelodeon television stations.

 

It has also spurred AT&T's $85.4bn offer for Time Warner, whose other assets include pay TV channel HBO.

 

However, analysts believe such tie ups will face close scrutiny from US regulators who fear consolidation could drive up prices for consumers.--BBC

 

 

 


 

 


 

INVESTORS DIARY 2018

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


Zimplow

AGM

Head Office, 36 Birmingham Road, Southerton

23/05/2018 10am

 


Proplastics

AGM

Ophir Room, Monomotapa Hotel

24/05/2018 10am

 


NMB

AGM

Head Office, 4th Floor, Unity Court, Corner 1st Street/Kwame Nkrumah Ave

24/05/2018 3pm

 


Africa Day

Africa Day

Africa Day

25/05/2018

 


FMP

AGM

Royal Harare Golf Club

29/05/2018 2.30pm

 


Unifreight

AGM

Royal Harare Golf Club

30/05/2018 10am

 


Barclays

AGM

Stewart Rooms, Meikles

30/05/2018 3pm

 


Masimba

AGM

Head Office , 44 Tilbury Road, Willowvale

31/05/2018 13.30pm

 


Edgars

AGM

Edgars Training Auditorium, 1st Floor, LAPF House, 8th Ave/Jason Moyo St, Bulawayo

07/06/2018 9am

 


Turnall

AGM

Jacaranda Room, Rainbow Towers

07/06/2018 9am

 


FMHL

AGM

Royal Harare Golf Club

11/06/2018 2:30pm

 


 

 

 

 

 


RioZim

AGM

Head Office, 1 Kenilworth Road, Highlands

21/06/2018 10:30am

 


 

 

 

 

 


Zimbabwe

Heroes’ Day

Zimbabwe

13/08/2018

 


Zimbabwe

Defence Forces Day

Zimbabwe

14/08/2018

 


The Harare Agricultural Show

The Harare Agricultural Show

The Harare Agricultural Show

August 27- September 1

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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