Major International Business Headlines Brief::: 30 May 2018

Wed May 30 09:47:23 CAT 2018

 <http://www.bulls.co.zw/> Bulls.co.zw        <mailto:bulls at bulls.co.zw>
Views & Comments        <http://www.bulls.co.zw/blog> Bullish Thoughts
<http://www.twitter.com/BullsBears2010> Twitter
<https://www.facebook.com/BullsBearsZimbabwe> Facebook
<http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn
<mailto:info at bulls.co.zw?subject=Unsubscribe> Unsubscribe

Major International Business Headlines Brief::: 30 May 2018

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

*  South Africa's Spar Group H1 earnings rise on European operations

*  South Africa's credit demand growth slows to 5.1 percent in April

*  South African parliament approves national minimum wage bill

*  Kenya finance bill would emasculate central bank -bank governor

*  Afreximbank to give Angola $2 billion in financing support

*  BRICS development bank to expand lending to private sector

*  Tullow Oil picks Australia's Worley Parsons for Kenya contract

*  Malawi’s domestic debt to more than quadruple in next fiscal year

*  Kenya's central bank governor calls for regulation of fintech lenders

*  Steinhoff Africa Retail scraps H1 dividends, makes $40 mln provision

*  Italian political crisis hits Asian stocks

*  Standard Life Aberdeen to return £1.75bn to shareholders

*  Anti-Brexit tycoon George Soros says EU faces 'existential crisis'

*  EU tightens law on foreign temporary workers

*  Trump's China tariffs could be imposed in June

 <mailto:info at bulls.co.zw> 

South Africa's Spar Group H1 earnings rise on European operations

JOHANNESBURG (Reuters) - South African retailer and wholesaler Spar Group
Ltd reported on Wednesday a 13.8 percent increase in half-year earnings,
boosted by contributions from its European operations.

Spar, a grocery chain which also sells building materials and medicine in
Southern Africa, said headline earnings per share rose to 541.2 cents for
the six months ended March from 475.5 cents a year earlier.

Headline earnings per share is the main profit measure in South Africa and
strips out certain one-off items.

Half-year sales rose 5.6 percent to 50 billion rand ($3.95 billion), slowing
from the 12.6 percent growth the company reported a year earlier.

“The sales result was positively influenced by the earlier timing of the
Easter holidays, however, this was muted by substantially lower internally
measured food inflation and the general impact of the listeriosis outbreak,”
the company said in a statement.

South Africa is reeling from the world’s largest ever listeria outbreak,
which has killed 200 people since early 2017. Retailers have removed cold
meat products from their shelves in response to the deadly outbreak.

The board declared an interim dividend of 270 cents, up from 240 cents a
year earlier.

($1 = 12.6534 rand)

 <mailto:info at bulls.co.zw> 

South Africa's credit demand growth slows to 5.1 percent in April

JOHANNESBURG (Reuters) - Growth in private-sector credit demand in South
Africa slowed to 5.07 percent in April from a revised 5.98 percent in March,
central bank data showed on Wednesday.

Expansion in the broadly defined M3 measure of money supply eased slightly,
to 6.39 percent from 6.42 percent.

South African parliament approves national minimum wage bill

CAPE TOWN (Reuters) - South Africa’s parliament on Tuesday passed a national
minimum wage bill by an overwhelming majority, a policy championed by
President Cyril Ramaphosa as an important step to tackle labor instability
and wage inequality.

The measure, opposed by the official Democratic Alliance opposition party,
will see millions of workers earn 3,500 rand ($277) a month, and had been
initially meant to be introduced earlier in May as part of efforts to boost
the economy.

The bill will be sent to parliament’s upper house for ratification and
becomes law once it is signed by Ramaphosa.

($1 = 12.6327 rand)

Kenya finance bill would emasculate central bank -bank governor

NAIROBI (Reuters) - Kenya’s central bank will be emasculated if a draft bill
that aims to regulate the conduct of financial institutions becomes law,
bank Governor Patrick Njoroge said on Tuesday.

The Financial Markets Conduct bill published last week by the finance
ministry proposes to create a regulator in addition to the central bank to
deal with the conduct of lenders.

The ministry says the bill aims to protect consumers from lenders who charge
high rates for services provided over mobile phones. It is open for review
and comment by the public and industry and will be presented to parliament
next month.

Critics say a proliferation of lenders using mobile phone financial
technology to extend credit to people even if they do not have bank accounts
is saddling borrowers with high interest rates and leaving regulators
scrambling to keep up.

The government caps the rate banks can charge their customers for loans at 4
percentage points above the central bank rate, saying they were charging
very high rates. But lenders who offer mobile phone services are exempt from
that rule because they are not covered by the banking act.

“The bill emasculates the central bank (which) ... is under attack,” Njoroge
told a news conference. It relegates the banking act and leaves bank
customers at the mercy of lenders by curbing the central bank’s ability to
regulate fees and charges, he said.

It also takes away the central bank’s ability to deal with “reckless
lending”, limits its power to issue prudential guidelines and place banks
under receivership, he said.

Finance ministry officials were not immediately available for a comment.

The bill does not propose repealing the government’s cap on commercial
lending rates, which local banks and the International Monetary Fund blame
for sluggish growth in private-sector credit.

The central bank faced criticism in 2011 after inflation rose to nearly 20
percent and the shilling weakened to record lows against the dollar but it
has won praise for maintaining macro-economic stability since then.

Njoroge, who was appointed in June 2015 from a senior post at the
International Monetary Fund in Washington, was also credited with a robust
response to the collapse of three financial institutions soon after he took
office.

He said he had been warned there were some unnamed parties that were keen on
creating mischief and frustrating the central bank’s fight to keep its
independence, but he said he was ready.

“I have been warned in various ways about certain parties that lie in wait,
poised for mischief but our actions have consequences, after all this is
Kenya, we are ready for that,” he said. “That menace shall find us at our
post and unafraid.”

He did not give details about who was making the threats.

Njoroge also said lower fiscal deficit targets set by authorities would be
challenging to meet, but if they were achieved it would create room for
monetary easing.

Afreximbank to give Angola $2 billion in financing support

LUANDA (Reuters) - The African Export-Import Bank (Afreximbank) said on
Tuesday it is arranging up to $2 billion in financing support to Angola for
essential imports including food items and pharmaceuticals.

The bank’s President Benedict Oramah said the financing would also support
the financial services sector by enabling selected Angolan Banks to issue
letters of credit, to be confirmed by Afreximbank, for the continued
importation of essential commodities, including food items and
pharmaceuticals.

BRICS development bank to expand lending to private sector

SHANGHAI (Reuters) - The New Development Bank (NDB), set up by the BRICS
group of major emerging economies, wants loans to the private sector to
eventually take up a 30 percent share of its project portfolio, a senior
executive at the bank said on Tuesday.

Zhu Xian, the NDB’s chief operating officer, told Reuters that the bank was
targeting an overall 70-30 split between sovereign and non-sovereign loans
in its project portfolio, and was seeing strong demand for private sector
loans especially in Brazil, South Africa and Russia.

The Shanghai-based bank on Monday approved six new projects which brought
its loan portfolio up to over $5.1 billion across 21 projects. Two of these
were non-sovereign loans, which are issued to companies without a government
guarantee.

“In India and China, there’s very strong demand for sovereign...But on the
other hand, some other countries for different reasons they probably prefer
more non-sovereign lending,” he said.

“Some countries they still have some sort of fiscal difficulties. Secondly,
the debt sustainability is a concern. They don’t want to borrow too much in
sovereign terms. So they prefer you do more market transactions.”

The bank’s first non-sovereign project was a $200 million loan to Brazil’s
Petrobras for an environmental protection scheme and the second a $200
million loan to South Africa’s Transnet to reconstruct a port in Durban.

Zhu said that there was a gap in the market for them to fill as they were
willing to make long-term loans with tenures of at least 10 years.

The NDB is seen as the first major achievement of the BRICS - Brazil,
Russia, India, China and South Africa - since they joined forces in 2009 to
press for a bigger say in the global financial order created by Western
powers after World War Two.

Tullow Oil picks Australia's Worley Parsons for Kenya contract

NAIROBI (Reuters) - Tullow Oil has awarded an engineering design contract
for oil production in its northern Kenyan blocs to Australia’s Worley
Parsons, a Kenyan petroleum ministry official told Reuters on Tuesday.

Kenya this month moved a step closer to full production at the blocs when
the local government and the national government agreed on revenue sharing.
The blocs, Kenya’s only source of oil so far, are estimated to contain 750
million barrels.

Andrew Kamau, principal secretary in the ministry of petroleum and mining,
did not provide more details on the engineering design contract.

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

Tullow, which operates the blocs, and Worley Parsons, were not immediately
available for comment.

On Sunday, Kenyan President Uhuru Kenyatta is expected to wave off a convoy
of trucks carrying crude oil, marking the start of small scale exports meant
to help the firms carry out technical studies like oil well flow rates ahead
of full production in 2021/22.

The agreement on revenue sharing will pave the way for the passage of a much
delayed law on petroleum production, allowing Tullow to start shipping oil,
which has been held in storage tanks for a year as it waited for the law.

The government and the firms involved in the blocs earlier this month also
awarded an engineering design contract for a new pipeline.

Malawi’s domestic debt to more than quadruple in next fiscal year

LILONGWE (Reuters) - Malawi’s domestic debt is likely to more than quadruple
in the next financial year as the government tries to cover falling public
revenues, the finance minister said on Tuesday.

Goodall Gondwe told parliament the government planned to borrow 176 billion
kwacha ($246 million) in the financial year starting in July, up from 30.7
billion kwacha in 2017/18.

Government revenues have been hit by a 45 billion kwacha bailout of
state-run Agricultural Development and Marketing Corporation, as well as low
revenue collection and the failure to receive 55 billion kwacha in grants
from donors, he said. Western donors have suspended aid to Malawi over graft
allegations.

“We need to increase revenue collection and control expenditure so that our
debt does not become unsustainable,” Gondwe told Reuters.

However, he said current debt levels were still manageable with external
debt at 23 percent of GDP against the 30 percent recommended for low-income
countries.

“We plan to borrow from commercial banks and also the central bank will
issue Treasury bills for the same purpose,” Gondwe said.

Treasury data shows that as of last December, Malawi’s public debt stood at
2.4 trillion kwacha, made up of 1.4 trillion kwacha in external debt and 1.2
trillion in domestic debt.

($1 = 716.8200 kwacha)

Kenya's central bank governor calls for regulation of fintech lenders

NAIROBI (Reuters) - A boom in lending by financial technology (fintech)
firms in Kenya has led to an increase in predatory lending practices, the
country’s central bank governor said on Tuesday, calling for the sector to
be regulated.

Kenya built a reputation as a pioneer of financial inclusion through its
early adoption of a mobile money system that enables people to transfer cash
and make payments on cellphones without a bank account.

More than 20 companies are using the same technology to extend credit to the
banked and unbanked alike, saddling borrowers with high interest rates and
leaving regulators scrambling to keep up.

>From having little or no access to credit, many Kenyans now find they can
get loans in minutes.

“There’s an increase in let’s say financial-type institutions that are
taking advantage of our population,” Patrick Njoroge told executives in the
digital financial services industry at a conference in Nairobi.

“In a sense what has happened is there is an opportunity by some predators
and they are preying on our population.”

In the last three years, 2.7 million people out of a population of around 45
million have been negatively listed on Kenya’s Credit Reference Bureaux,
according to a study by Microsave, a consultancy that advises lenders on
sustainable financial services.

As it was for mobile cash, Kenya is considered a test case for the new
lending platforms. Several of the companies involved, including U.S. fintech
startups, have plans to expand in other frontier markets, meaning Kenya’s
regulation will be closely watched.

Njoroge said he did not like the idea of his country being a “guinea pig”
for new technology deployed by foreign companies.

“What I think is worrisome is a lot of products that are coming in a sort of
a fly-by-night operation and you only hear about it because somebody gets
burned,” he said.

He said the risks to Kenyans showed there was a need for regulation in the
booming sector.

A draft bill published by the finance ministry last week for review and
comment by the public and industry says digital lenders will be licensed by
a new Financial Markets Conduct Authority and lenders will be bound by any
interest rate caps the Authority sets.

But it is not clear if digital lenders are subject to the current government
cap on banks’ interest rates which has slowed private sector credit growth
since it was introduced in 2016.

Njoroge did not comment on whether the draft bill would serve as an adequate
check on predatory lending. “That’s for you to judge,” he said.

Steinhoff Africa Retail scraps H1 dividends, makes $40 mln provision

JOHANNESBURG (Reuters) - Steinhoff’s African unit scrapped its half-year
dividend payout on Tuesday and set aside $40 million to cover its exposure
to a share price slump at its crisis-hit parent.

Steinhoff Africa Retail (STAR)told investors it was now financially
independent of Steinhoff and would put aside a total of 500 million rand
($40 million)to cover third-party debt, which had used its parent’s shares
as collateral.

Shares in STAR, which runs Africa’s biggest apparel discount chain Pep, fell
4.4 percent to 16.16 rand however, bringing losses since early December to
more than 40 percent.

Steinhoff uncovered holes in its books last December that have sent shares
in both companies tumbling and sparked panic about the credibility of STAR’s
own accounts.

“It is understandably difficult for the market to comprehend what the impact
of events at Steinhoff is or can be on STAR,” the company said in a
statement.

“(But) STAR is a separately listed company, and after the recent refinancing
of shareholder funding, is financially independent.”

Steinhoff is fighting for survival after discovering accounting
irregularities in December, wiping more than $15 billion, or more than 90
percent, off its market value

SPIN-OFF

Steinhoff, which owns Poundland in Britain, Mattress Firm in the United
States and Conforama in France, spun off STAR in August last year to get a
higher rating for its developed market businesses and to give investors keen
on exposure to Africa a chance to invest in STAR directly.

STAR reported a 12 percent rise to 53 cents in headline earnings per share
in the six months ended March, thanks to a strong showing at its apparel
division and a turnaround of its furniture unit.

Headline EPS is the main profit measure in South Africa that strips out
certain one-off items.

The company also revised down its targeted 350 net store openings for the
2018 financial year to 330 as it slows expansion elsewhere in Africa, where
low commodity prices have hit consumer spending.

($1 = 12.6574 rand)

Italian political crisis hits Asian stocks

Asia stocks joined a global market sell-off on Wednesday as a political
crisis in Italy rattled investors.

The prospect of early elections and the possibility of eurosceptic parties
strengthening their position raised concerns about eurozone stability.

Europe has struggled in recent years with a debt crisis and the UK's vote to
leave the European Union.

Short-term Italian borrowing costs saw their biggest daily jump in 26 years,
making it costlier for Italy to borrow.

Also hurting sentiment, the US said it planned to impose 25% tariffs on
$50bn worth of Chinese imports "shortly" after mid-June.

Japan's benchmark Nikkei 225 fell 1.4%, South Korea's Kospi dropped more
than 1.8% and Hong Kong's benchmark Hang Seng was down 1.4%.

"Italian political unrest remains in focus and has risk assets quivering
which usually translates into regional losses," Stephen Innes, head of
trading for the Asia Pacific region at research company Oanda.

What is Italy's political crisis all about?

Call to impeach Italian president

Italy's economy in charts

Italy - the eurozone's third largest economy - is in the midst of a power
struggle between eurosceptic populists, who won elections in March, and
pro-EU establishment politicians.

In times of crisis, investors tend to favour safe-haven bonds over riskier
stocks, pushing up bond yields.

While borrowing costs are still well below crisis levels, their increase
brings back memories of the eurozone debt crisis in 2011.

Higher borrowing costs make it more expensive for a government to pay off
its its debt, which in the case of Italy stands at at 130% of its economic
output.

Some analysts say the Italian political upheaval could even affect the
extent to which the US Federal Reserve, or central bank, increases interest
rates which has a baring on the level of the dollar and other currencies.

"These are worries that Italy's political woes may lead to stresses similar
to what the eurozone faced in 2011/12 and prompt the Fed to take a more
cautious stance on tightening," DBS Group Research said in a research note.

The falls in Asian stocks mirrored losses in Europe and in the United
States. On Wall Street, the S&P 500 lost 1.2% and the Dow Jones 1.6%.

Falling bank shares dragged down Europe's main share markets. At the close
the UK's FTSE 100 fell almost 1.3%, while Germany's Dax was down 1.5% and
France's Cac 1.3% lower.--BBC

Standard Life Aberdeen to return £1.75bn to shareholders

More than a million shareholders in Standard Life Aberdeen are due for a
windfall pay-out of £1bn.

A further £750m is to be spent on buying back shares, which has the effect
of raising the share price, as a further benefit to shareholders.

The proposal was put forward by the Edinburgh-based financial giant, on the
day of its annual general meeting.

A decision on it will be made on 25 June at a further meeting of
shareholders.

The pay-out plan is to distribute most of the proceeds from selling the
company's insurance division to Phoenix Group.

That was announced in February, and it is to be decided at the meeting next
month. It involves about 3,000 staff in Edinburgh transferring to Phoenix.

The deal is worth £3.24bn, of which £2.3bn billion is being paid in cash,
and the remainder is through a 20% Phoenix Group stake for Standard Life
Aberdeen.

'Capital light investment company'

The Edinburgh company has an unusually high number of retail investors, as a
result of Standard Life being de-mutualised in 2006. That handed shares to
its customers, and there are now 1.2 million people who continue to own
some.

Of the £1.75bn pay-out, £1bn is to be handed out in non-voting B shares,
which the company will then redeem for cash.

The £750m being spent on share buy-backs has become a common, and
increasingly controversial way of rewarding shareholders when companies are
carrying more cash than they need.

It leads directly to a reduced number of shares when dividends are
distributed, so the share price can be expected to rise.

One of the reasons Standard Life Aberdeen can give away so much capital is
that divesting itself of the investment division reduces the amount of
capital it needs to carry.

Sir Gerry Grimstone, the company's chairman, said "The last year has been a
period of significant change for Standard Life Aberdeen with the proposed
sale of the UK and European insurance businesses completing our
transformation to a capital light investment company.

"We are continuing to focus on harnessing the breadth and depth in our
investment capabilities to deliver cost effective solutions to meet the
needs of our clients and customers across multiple channels and
geographies."--BBC

Anti-Brexit tycoon George Soros says EU faces 'existential crisis'

Anti-Brexit billionaire George Soros has urged the EU to "transform itself
into an association that countries like Britain would want to join".

Mr Soros said in a speech that Brexit was an "immensely damaging process"
for both sides that would "probably" take more than five years to sort out.

He warned the EU was "facing an existential crisis" on several fronts.

Mr Soros said the Best for Britain campaign to halt Brexit would launch its
"manifesto" within days.

UK official warns EU over Brexit 'insult'

MPs: UK might have to extend customs union

Brexit: All you need to know

The Hungarian-born currency speculator, now a US citizen, became known as
the "man who broke the Bank of England" after he bet against the pound in
1992, forcing the UK out of the European Exchange Rate Mechanism.

He is reported to have given about £500,000 to Best for Britain, which was
set up last year by anti-Brexit campaigner Gina Miller.

In his speech to the European Council on Foreign Relations, a think tank he
helped found, Mr Soros said: "Divorce will be a long process, probably
taking more than five years.

"Five years is an eternity in politics, especially in revolutionary times
like the present. Ultimately, it's up to the British people to decide what
they want to do. It would be better however if they came to a decision
sooner rather than later."

Aiming to 'engage electorate'

Best for Britain aims to persuade MPs to back a referendum on the final
Brexit deal when they vote on it in the Autumn - and to persuade enough
Leave voters to change their minds so Brexit can be stopped.

The campaign is set to launch its manifesto "in the next few days", said Mr
Soros in his speech.

"Best for Britain fought for, and helped to win, a meaningful parliamentary
vote which includes the option of not leaving at all.

"This would be good for Britain but would also render Europe a great service
by rescinding Brexit and not creating a hard-to-fill hole in the European
budget.

"But the British public must express its support by a convincing margin in
order to be taken seriously by Europe. That's what the Best for Britain is
aiming for by engaging the electorate."

EU moves to avoid US-Iran sanctions

Special Report: Europe migrant crisis

Prime Minister Theresa May is committed to leaving the EU's single market
and customs union after Brexit, which officially takes place on 29 March
next year, although a transition period is currently set to last until 31
December, 2020.

The UK voted to leave the European Union in a referendum in 2016 by 52% to
48%. Opinion polls suggest the country remains pretty well split down the
middle on the issue, with no significant swing in either direction.

Mr Soros said: "The economic case for remaining a member of Europe remains
strong, but it will take time for that to sink in.

"In the meantime, the EU needs to transform itself into an association which
nations like Britain would want to join."

That meant abandoning the requirement for "ever closer union" between member
states and the stipulation that they should all work towards joining the
euro, he argued.

But Brexit was not the only issue threatening the future of the EU, said Mr
Soros in his speech, claiming the bloc was facing "an existential crisis -
everything that could go wrong has gone wrong".

The 2008 financial crisis and the huge influx of refugees in 2015 had led
many young people to "regard the EU as an enemy that has deprived them of
jobs and a secure and promising future," he said.

And the EU had yet to confront the fallout from US President Donald Trump's
decision to quit the Iran nuclear deal, which he said was "effectively
destroying the trans-Atlantic alliance".

"This development will put additional pressure of unpredictable force on an
already beleaguered Europe - It's no longer a figure of speech to say Europe
is in existential danger," said the tycoon.--BBC

EU tightens law on foreign temporary workers

The EU has passed a law requiring firms to comply with local standards when
they post workers temporarily to another EU country.

The revised rules adopted by the European Parliament mean posted workers
will be entitled to the same level of pay as their local counterparts.

In France, the UK and Germany there have been complaints of unfair
competition from cheaper eastern European labour, said to undercut locals.

It was an issue for the Brexit lobby.

Brexit campaigners argued that EU freedom of movement was undermining
British workers in sectors such as construction and food processing, with
some firms cutting costs by importing workers from the newer EU states, such
as Poland and Romania.

Many firms, however, argue that they hire foreign workers for jobs that
Britons cannot fill, for lack of the necessary skills.

Under the new rules, firms sending workers to another EU country will have
to cover their travel, board and accommodation costs - not deduct those
costs from the workers' salaries.

The accommodation provided will have to meet local standards.

The duration of the posting has been set at a maximum of 12 months, with a
possible extension of six months. Beyond that period, a worker who stays on
will have to be governed by the host country's labour rules.

The 28 EU member states now have two years to transpose the rules into
national law.

It is the culmination of years of EU wrangling over the issue. Many
politicians argued that the sense of injustice over posted workers was
fuelling hostility towards the EU.

Dutch Socialist MEP Agnes Jongerius, one of the leading lawmakers involved,
called it "an important step towards creating a social Europe that protects
workers and stops companies from engaging in a race to the bottom - a Europe
that does not cut corners and that looks out for ordinary, working people".

According to the European Parliament, in 2016 there were 2.3 million posted
workers in the EU, and posting increased by 69% between 2010 and 2016.--BBC

Trump's China tariffs could be imposed in June

The US has said it plans to impose 25% tariffs on $50bn worth of Chinese
imports "shortly" after mid-June.

Critics had accused the administration of going soft on China after Treasury
Secretary Steven Mnuchin said tariffs were on hold while the two sides
continue trade talks.

But the White House said on Tuesday that a final list of imports slated for
tariffs will be published by 15 June.

China said it was both "surprised and unsurprised" by the move.

In a statement, China's Commerce Ministry called on the US to act in the
spirit of earlier joint comments.

It said: "This is obviously contrary to the consensus reached between the
two sides in Washington not long ago."

The tougher line from the White House comes ahead of another round of
negotiations.

US Commerce Secretary Wilbur Ross is scheduled to travel to China this week.

The trip follows talks in Washington in May. Those ended with a pledge by
the Chinese to buy more US agricultural and energy products, but few firm
commitments.

Where did this start?

The tariffs and investment restrictions, as well as a case brought by the US
against China before the World Trade Organisation, are the outcome of an
investigation the US launched last year into intellectual property practices
in China.

The US is pushing China to reduce taxes on imports and stop practices that
allegedly encourage transfer of intellectual property to Chinese companies,
such as requirements that foreign firms share ownership with local partners
to access the Chinese market.

However, the administration is torn between groups worried about a trade war
and hardliners calling for stronger action.

US officials published a first draft of items targeted for potential tariffs
this spring, triggering a period for comments and feedback.

The initial list included about 1,300 items, including medical devices and
industrial machinery.

The White House said on Tuesday: "The final list of covered imports will be
announced by June 15, 2018, and tariffs will be imposed on those imports
shortly thereafter."

The White House also said it plans to announce new measures to restrict
Chinese investment "related to the acquisition of industrially significant
technology" by 30 June. Those would also be implemented "shortly
thereafter".

On Tuesday, Chuck Schumer, who leads Democrats in the Senate, praised the
plans.

He said: "While obviously more details are needed, this outline represents
the kind of actions we have needed to take for a long time, but the
president must stick with it and not bargain it away."

If the two sides fail to reach an agreement and the US moves forward with
tariffs, Chinese officials have said they plan to retaliate with tariffs of
their own on US exports such as soybeans.

The White House said on Tuesday: "Discussions with China will continue on
these topics, and the United States looks forward to resolving long-standing
structural issues and expanding our exports by eliminating China's severe
import restrictions."--BBC

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

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.

(c) 2018 Web: <http:// www.bulls.co.zw >  www.bulls.co.zw Email:
<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
344 1674

Invest Wisely!

Bulls n Bears 

Telephone:      <tel:%2B263%204%202927658> +263 4 2927658

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:       <mailto:info at bulls.co.zw> info at bulls.co.zw  

Website:
<http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw&sa=D&sntz=1&usg=AF
QjCNH8LYgdY55h-XKseuM8Kpr-JKdfhQ> www.bulls.co.zw 

Blog:
<http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw%2Fblog&sa=D&sntz=1
&usg=AFQjCNFoIy6F9IXAiYnSoPSgWDYsr8Sqtw> www.bulls.co.zw/blog

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

Facebook:
<http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimba
bwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA>
www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20180530/6c9e312c/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.jpg
Type: image/jpeg
Size: 3653 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20180530/6c9e312c/attachment-0006.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 8312 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20180530/6c9e312c/attachment-0007.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 29401 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20180530/6c9e312c/attachment-0008.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.jpg
Type: image/jpeg
Size: 29388 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20180530/6c9e312c/attachment-0009.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.jpg
Type: image/jpeg
Size: 29420 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20180530/6c9e312c/attachment-0010.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image006.jpg
Type: image/jpeg
Size: 4846 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20180530/6c9e312c/attachment-0011.jpg>