Major International Business Headlines Brief::: 29 October 2018

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Major International Business Headlines Brief::: 29 October 2018

 


 

 


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*  China 'creates two billionaires a week'

*  Gold output at Randgold's Ivorian mine to fall 23.3 pct below 2018
forecast

*  Ethiopia announces $7 bln in new road, power public-private projects

*  Benin raises 2018 economic growth forecast to 6.5 percent

*  South Africa's Gordhan says anti-graft efforts face "dangerous fightback"

*  Nigeria's Diamond Bank not looking for capital, shares fall

*  Carmakers pledge to invest over $3 billion in South Africa

*  Nigeria aiming to resolve MTN dispute and soothe investor fears -
minister

*  South Africa's rand recovers as firms pledge $20 bln investment

*  Facebook finds more fake accounts from Iran

*  Brexit: French officials dismiss UK fears of Calais 'go-slow'

*  Global markets in sell-off mode

*  US economy grows faster than expected

*  Asda considering up to 2,500 job cuts

*  Marlboro maker axes flavoured e-cigarettes

 

 


 <mailto:info at bulls.co.zw> 

 


 

                                      

China 'creates two billionaires a week'

China produced billionaires at the rate of two a week in 2017, says a report
by Swiss bank UBS and auditors PwC.

 

The number of billionaires in the country saw a net increase from 318 to
373, with a joint wealth of $1.12 trillion (£874bn), said the survey.

 

The report said China was currently the leading country for entrepreneurs to
create wealth.

 

Worldwide, total billionaire wealth rose 19% to a record $8.9tn, shared
among 2,158 individuals.

 

But the report also cautioned that China's billionaires have a high
turnover.

 

It said 106 people became billionaires but 51 dropped off the list,
illustrating the risks of doing business in China.

 

"Over the last decade, Chinese billionaires have created some of the world's
largest and most successful companies, raising living standards," said Josef
Stadler, head of ultra-high net worth at UBS Global Management.

 

"But this is just the beginning. China's vast population, technology
innovation and productivity growth combined with government support, are
providing unprecedented opportunities for individuals not only to build
businesses but also to change people's lives for the better."

 

What does it take to be a billionaire?

UBS and PwC said there were already more billionaires in Asia than in the
US. On present trends, they would be wealthier than their US counterparts
within three years.

 

There were only 16 Chinese billionaires as recently as 2016, the report
said, but now nearly one in five billionaires worldwide was Chinese.

 

It said 97% of the Chinese billionaires were self-made, many of them in
sectors such as technology and retail.

 

The report said the Americas region was still home to the largest
concentration of billionaire wealth, but wealth creation was slowing. In
2017, the US created 53 new billionaires, compared with 87 five years ago.

 

In western Europe, the number of billionaires went up by 17 to 414 in
2017.--BBC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Gold output at Randgold's Ivorian mine to fall 23.3 pct below 2018 forecast

ABIDJAN (Reuters) - Randgold Resources’ Tongon mine in Ivory Coast will
produce 23.3 percent less gold in 2018 than originally forecast as a result
of 53 days of strike action that took place earlier this year, Chief
Executive Mark Bristow said.

 

“The strike made us lose 70,000 ounces of gold (on the 300,000 ounces 2018
forecast),” Bristow said. “The production forecast has been revised to
230,000 ounces of gold for this year.”

 

Bristow also said the Tongon gold mine, originally expected to close in
2021, will close at least two years later than planned because of a new
deposit discovered around the mine. Exploration is continuing.

 

The mine produced about 289,000 ounces of gold in 2017.

 

 

 

Ethiopia announces $7 bln in new road, power public-private projects

NAIROBI (Reuters) - Ethiopia announced $7 billion worth of new road and
power supply projects on Friday, according to the state-affiliated Fana news
agency.

 

The government’s Public-Private Partnerships Office said the three road and
13 power projects would be launched this fiscal year, after the tendering
processes were completed, Fana reported.

 

It did not say how they would be financed or give any other details on the
projects.

 

Ethiopia - which has recorded the highest economic growth rate in
sub-Saharan Africa for years - has invested heavily in state-led
infrastructure projects, drawing on foreign borrowing and its own foreign
exchange reserves.

 

But there have been signs that China, a major creditor, is slowing financing
to Addis Ababa as doubts grow over the profitability of some infrastructure
projects there.

 

 

 

Benin raises 2018 economic growth forecast to 6.5 percent

COTONOU (Reuters) - Benin’s government raised its economic growth forecast
for this year to 6.5 percent, up from an earlier estimate of 6 percent, and
said it anticipates 6.5 percent growth in 2019 too.

 

Speaking alongside the head of an International Monetary Fund (IMF) mission
to the West African country late on Friday, Finance Minister Romuald Wadagni
said this year’s growth would be about 1 percent higher than last year.

 

IMF mission head Luc Eyraud said Benin was respecting the terms of its
three-year financial assistance programme with the Fund and that the
increased growth was due to strong agricultural production and demand from
neighbouring Nigeria.

 

 

South Africa's Gordhan says anti-graft efforts face "dangerous fightback"

JOHANNESBURG (Reuters) - South African Public Enterprises Minister Pravin
Gordhan said on Sunday that efforts to clean up corruption in state-owned
companies (SOCs) faced “dangerous” resistance which threatened the country’s
sovereignty.

 

Gordhan, a former finance minister, has been tasked by President Cyril
Ramaphosa with cleaning up SOCs such as power utility Eskom, which suffered
misgovernance under former president Jacob Zuma.

 

In an opinion piece in the Sunday Times newspaper, Gordhan said that new
boards had started to address “the depth of corruption and criminal
behaviour that seems to have become endemic in these institutions.”

 

“But the dangerous and unscrupulous fightback against our reform efforts
continues. If we allow this fightback to prevail, we risk losing our
sovereignty,” he said, without naming who was behind the backlash.

 

But in another context Gordhan did specify the Gupta family, a trio of
wealthy Indian brothers widely accused of using their friendship with Zuma
to siphon state proceeds or win contracts for their companies - allegations
they and Zuma have consistently denied.

 

Referring to state-run logistics and railway group Transnet, Gordhan said
academics, which it did not identify, had found that at least 37 billion
rand ($2.5 billion) was allocated by the company “towards tainted deals for
the period 2012 to 2017.”

 

“Of this, about 7.7 billion rand appears to have been paid illicitly in
various forms to a number of firms linked to the Gupta network,” he wrote.

 

No-one at Transnet was immediately available to comment.

 

Officials representing the Guptas were also not immediately available for
comment.

 

“Over the past seven months, we have been piecing together the story of how
are SOCs were repurposed to benefit a few, with repercussions for the rest
of the country which has suffered financially,” Gordhan wrote.

 

“The challenges facing SOCs are also structural, and cannot simply be solved
with a cash injection. Dismantling the destructive business-state patronage
networks that have embedded themselves across public enterprises ... will
require time, difficult choices and bold action by leaders,” he said.

 

Companies that have been caught up in the unfolding scandals have included
accountancy KPMG, which has cut jobs in South Africa and lost business over
work done for a company owned by the Guptas.

 

Ramaphosa took over in February from the scandal-tainted Zuma after the
ruling African National Congress party forced him from office and he has
made the restoration of good governance and kick-starting a moribund economy
his top priorities.

 

($1 = 14.5871 rand)

 

 

 

Nigeria's Diamond Bank not looking for capital, shares fall

ABUJA (Reuters) - Shares in Nigeria’s Diamond Bank fell on Friday after the
mid-tier lender denied it was talking to new investors to shore up its
capital.

 

Nigerian banks have been trying to raise fresh capital after huge loan
losses worsened by an economy that has just recovered from a recession.

 

“Diamond Bank is not in talks with any party, global or otherwise, for any
capital injection,” the bank said on Friday.

 

“While previous communication from the bank has highlighted a need to shore
up the bank’s capital adequacy ratio (CAR), the preferred option is an
internal capital management programme.”

 

Two banking sources had told Reuters on Wednesday that Diamond Bank was in
talks with new investors after the lender said chairman Oluseyi Bickersteth
and three other directors had resigned with immediate effect.

 

The bank did not say why they resigned, but investors took the view that the
bank, which has private equity firm Carlyle as a shareholder, would be able
to raise capital more easily under new management.

 

Bickersteth told Reuters later on Friday he was still on the board of the
bank. “We had a valid board meeting on Oct. 22 which I chaired,” he said.

 

Bickersteth said he favoured looking at all options for recapitalisation,
including a rights issue or a takeover.

 

Diamond Bank has 61.9 percent free float while Carlyle owns a 17.75 percent
stake, which it bought for $147 million in 2014 when the bank was trading at
0.6 times book value as against 0.15 times now.

 

Nigerian businessman Pascal Dozie, who founded the bank in 1990, holds 14.2
percent with his family.

 

Chief Executive Uzoma Dozie told Reuters on Friday that Diamond Bank was not
in any formal talks with any party at the moment.

 

“The Dozie family, I suspect, will consider options when put on the table.
At present there are none,” Dozie said.

 

Bickersteth said a possible shareholder meeting was in the works.

 

One investor, who owns shares in Diamond Bank, said his fund was pushing for
a management change at the lender. The investor did not want to be
identified.

 

Nigerian banks face stiff competition from rapidly growing financial
technology firms that offer low-priced services in the payments market in
the country. But despite the competitive conditions, several of Diamond
Bank’s rivals have outperformed, the investor told Reuters.

 

Diamond shares closed down 3.4 percent at 1.44 naira on Friday, after
rallying 24 percent this week to a four-month high on expectations the bank
would raise fresh capital.

 

“Investors reacted negatively because the statement issued today was
disappointing. Investors expected some kind of acquisition to come through,”
one analyst said.

 

In 2016, Diamond said it was conducting a capital management plan and would
ensure it met regulatory requirements, adding that it was considering
raising fresh capital and selling some assets to strengthen its capital
base.

 

The bank said it recognised the need to expand its short term options but
that there was no new concrete development.

 

Analysts have noted that the bank has maintained a 16 percent capital
adequacy ratio, the minimum required by the central bank, which has limited
growth and profitability.

 

 

Carmakers pledge to invest over $3 billion in South Africa

JOHANNESBURG (Reuters) - South Africa’s association of carmakers said on
Friday that its members would invest more than 40 billion rand ($3 billion)
in the country over the next five years.

 

The announcement by the association, whose members include Nissan,
Volkswagen and Isuzu, was made at an investment conference.

 

($1 = 14.6385 rand)

 

 

 

Nigeria aiming to resolve MTN dispute and soothe investor fears - minister

ABUJA (Reuters) - Nigeria is confident of resolving a $10.1 billion dispute
with telecoms firm MTN and sending a positive signal to foreign investors
worried about the country’s demand for the money, its trade and investment
minister told Reuters.

 

Nigeria’s central bank on Aug. 29 ordered the South African firm and its
lenders to bring $8.1 billion back into Nigeria that it alleges the company
sent abroad in breach of foreign exchange regulations. MTN also faces a $2
billion tax demand from the country’s attorney general.

 

MTN denies any wrongdoing.

 

Okechukwu Enelamah, a former private equity executive, said the government
was talking to all parties involved and aiming to resolve the disputes soon
to boost investor confidence.

 

“We have had discussions in government and we have engaged MTN. I’m sure
that the issue would be resolved,” he said in an interview in the capital
Abuja.

 

“We want to deal with it ... in a way that would be responsive to
investors.”

 

Enelamah said investors had welcomed the government’s feedback on the
disputes after officials met fund managers on the sidelines of the United
Nations summit in New York last month. He declined to give details.

 

The case involving the central bank is due to be heard in a Lagos court on
Oct. 30, while a hearing on the tax bill is scheduled at the same court on
Nov. 8.

 

MTN’s latest troubles come about two years after it agreed to pay more than
$1 billion to settle a dispute over SIM cards in Nigeria, which has one of
Africa’s largest economies but has struggled with weak growth and volatile
global oil prices.

 

MTN, Africa’s biggest telecoms firm, makes about a third of its annual core
profit in Nigeria.

 

 

Enelamah ran private equity firm African Capital Alliance (ACA) prior to his
government role. While he was at ACA, the firm held investments in MTN.

 

Central bank officials this month held talks with MTN and its lenders to
discuss the repatriation demand. The bank has said it is looking to resolve
the case and has requested information from MTN, which Enelamah said had
been provided.

 

Enelamah said Nigeria attracted between $6 billion and $7 billion from
foreign investors last year, up from less than $3 billion in 2016. He added
the country was on track to ratify agreements to join the African free trade
area this year.

 

 

 

South Africa's rand recovers as firms pledge $20 bln investment

JOHANNESBURG (Reuters) - South Africa’s rand bounced back on Friday after a
torrid post-budget period as global firms pledged to invest a total of 290
billion rand ($19.90 billion) at a conference hosted by President Cyril
Ramaphosa.

 

The local unit has been under pressure since a gloomy budget statement by
new Finance Minister Tito Mboweni on Wednesday, but Ramaphosa’s investment
conference has offered some respite.

 

The rand was 0.36 percent stronger at 14.5675 per dollar at 1545 GMT.

 

Earlier the rand had weakened when ratings agency Moody’s said a poor fiscal
outlook in the medium-term budget policy statement was a credit negative.

 

Moody’s, the last of the top three rating agencies to have Pretoria’s debt
at investment grade, is expected to report on its rating soon.

 

“Moody’s is also taking a cue from Mboweni’s hard yard and will be watching
us very closely,” said Afrifocus Securities portfolio manager Cheslyn
Francis.

 

“The rand has been a bit oversold and may see a rally in coming sessions
back to the 14.5000 and 14.6000 levels.”

 

The yield on the benchmark government bond due in 2026 was down 4 basis
points to 9.33 percent.

 

In equities, the all share index fell 1.53 percent to 50,837 points while
the blue chip top 40 index was 1.68 percent lower at 44,651 points.

 

World stocks were set to post their worst weekly losing streak in more than
five years, as anxiety over corporate profits added to fears about global
trade and economic growth.

 

 

“These levels might present a buying opportunity for long-term investors who
can stomach the risk and believe that the economy has a chance of a strong
recovery,” said Grant Giburt, portfolio manager at Nedbank Private Wealth.

 

($1 = 14.5750 rand)

 

 

Facebook finds more fake accounts from Iran

Facebook has uncovered and removed dozens of pages, accounts and groups
linked to Iran that the firm says coordinated "inauthentic behaviour",
targeting people in the US and UK.

 

The affected posts focused on divisive topics such as race relations,
opposition to President Donald Trump and immigration, it said.

 

The social network revealed that it uncovered the activity a week ago.

 

"We can't say for sure who is responsible," it said in a blog post.

 

It added that it had so far found no ties to the Iranian government but that
its investigation was ongoing.

 

The company said it had identified 82 pages, groups and accounts that were
coordinating inauthentic behaviour on Facebook and Instagram in violation of
the platform's policies.

 

Only two advertisements were connected to the effort, it said.

 

While the earliest signs of the activity date to June 2016, Facebook said
much of the activity occurred over the last year.

 

Researchers at the Atlantic Council, which reviewed the behaviour, said many
of the accounts masqueraded as American liberals.

 

Unlike a batch of Iranian propaganda Facebook identified in August, these
messages appeared more varied, with anti-Israel and anti-Saudi Arabia
commentary mixed in, it said.

 

"This evolution of tactics from previous more blatant pro-Iranian messaging
suggests the operation had learned from earlier takedowns," the council
said.

 

The BBC asked the company how many people had seen the posts and pictures
shared on the fake accounts, or clicked "attending" on the fake events.
Facebook said it was not yet sure.

 

But the Atlantic Council said some of the pages won large followings. For
example, the Facebook page I Need Justice Now had more than 13 million video
views.

 

Overall, Facebook said more than a million people followed at least one of
the 30 pages, while about 25,000 Facebook members had joined at least one of
the three groups.

 

More than 28,000 people followed at least one of the 16 Instagram accounts.

 

The fake accounts had also created seven "events" on Facebook that people
had indicated they would attend.

 

How WhatsApp is being abused in Brazil's elections

Facebook details scale of abuse on its site

The disclosure comes just weeks before a hotly contested congressional
election in the US and as the UK continues to debate Brexit, which has
fuelled talk of challenges to Prime Minister Theresa May.

 

It follows action the firm took in August, in which it said it had removed
hundreds of pages and groups, linked to both Iran and Russia, that had
engaged in what the firm described as "misleading" activity.

 

Facebook has faced criticism for failing to be alert to the opportunities to
use the platform for propaganda in previous elections.--BBC

 

 

 

Brexit: French officials dismiss UK fears of Calais 'go-slow'

French officials have rejected suggestions they could resort to a "go-slow"
policy at the port of Calais if there is no Brexit deal.

 

The UK's Brexit Secretary Dominic Raab warned on Thursday of major
disruption in a "worse case scenario", which might force firms to use other
ports.

 

But Xavier Bertrand, president of the Hauts-de-France region, said ensuring
"fluidity" of trade was essential.

 

Another official said closing Calais would be an "economic suicide mission".

 

There has been widespread concern about the impact of longer border checks
at Calais if the UK leaves the EU on 29 March 2019 without a deal.

 

Transport Secretary Chris Grayling met the mayor of Calais, Natacha
Bouchart, on Thursday to discuss French and British preparations for such an
eventuality amid claims that businesses may be forced to use Dutch and
Belgian ports instead to transport goods.

 

Brexit and the booming British strawberry

UK 'will pay the price' of no-deal Brexit

Brexit plan to safeguard medicine supplies

Responding to a question in the House of Commons about no-deal planning on
Thursday, Mr Raab appeared to suggest the French could choose to create
additional delays.

 

"We also need to prepare for the worst case scenario where the authorities
at Calais are deliberately directing a go-slow approach by supporting a
diversion of the flow to more amenable ports in other countries," he said.

 

Responding on Twitter, Mr Bertrand said closing the port of Calais or the
Channel Tunnel to cross-channel traffic in the event of a no-deal Brexit
"was not envisaged".

 

"Who could believe such a thing? We have to do everything to guarantee
fluidity," he wrote.

 

And Jean-Paul Mulot, who represents Hauts-de-France, France's northern-most
region, in the UK said that while there might be delays if the event of a
no-deal, it was in France's interest to minimise these.

 

But the UK government has said it is leaving both of these arrangements as
part of Brexit.

 

The UK and the EU are in negotiations on how their final relationship will
work but have yet to reach a deal on key issues.

 

Both sides say they still want to agree a deal before the UK leaves the EU
on 29 March 2019, but are also making plans for what happens without one.

 

This week the National Audit Office warned that queues and delays were
likely at border crossings under a no-deal Brexit, saying exporters did not
have time to prepare for new rules.

 

A "transition" period to cushion the UK's exit from the EU is planned to
last until December 2020 - but this is dependent on the two sides reaching
agreement on outstanding issues like the Irish border.--BBC

 

 

 

Global markets in sell-off mode

Global markets remained in sell-off mode on Friday, as investor worries sent
shares in Asia, Europe and the US tumbling.

 

The benchmark S&P 500 index in the US slid more than 1.7%, closing down
almost 10% from its September high.

 

The Dow Jones fell 1.2%, while the Nasdaq slumped more than 2%.

 

The falls extended losses earlier in the month, fuelling concerns that
sentiment is shifting as investors face a widening mix of risks.

 

As of this week, the Dow Jones and S&P 500 indexes have given up the gains
they posted earlier in the year, while the Nasdaq is up only about 2%.

 

On Friday, a US Commerce Department report showing stronger-than-expected
annualised growth of 3.5% in the third quarter failed to bolster confidence,
as analysts focused on weakness in exports, housing and business investment.

 

Disappointing quarterly results from tech giants Amazon and Google-owner
Alphabet also fuelled Friday's declines.

 

On the S&P 500, Amazon - previously one of the market's star performers -
was one of the biggest losers.

 

Shares in the retail giant fell more than 7%, after the firm forecast weaker
sales growth than expected for the upcoming Christmas season.

 

October is typically a bumpy month for the markets, but the declines have
made for one of the worst months in several years.

 

Analysts expect global growth to slow next year, particularly in China. In
the US, companies are facing rising costs due to labour shortages and trade
tariffs.

 

In Europe, uncertainty over Brexit and Italian debt has also fuelled
worries.

 

On Friday, France's CAC 40 index fell 1.3%, while the Dax slipped about 1%.

 

In London, the FTSE 100 retreated, closing down 0.9% at 6,939.56.

 

Earlier, Hong Kong's Hang Seng index lost 1.1%, while Japan's Nikkei 225
fell 0.4%.--BBC

 

 

 

US economy grows faster than expected

The US economy grew at an annualised rate of 3.5% in the third quarter of
the year, official figures have shown.

 

The US Commerce Department said strong consumer and government spending
helped to bolster the economy.

 

But lower exports weighed on growth, after a surge earlier in the year as
firms rushed shipments to beat tariffs.

 

The 3.5% gain marked a slowdown from the 4.2% pace in the second quarter,
but was better than the 3.3% expansion economists had predicted.

 

"Growth downshifted a bit in Q3 and we look for some further slowing in the
quarters ahead," analysts at Wells Fargo wrote.

 

"That said, the US economy continues to grow in excess of the rate that most
analysts consider to be its long-run potential growth rate."

 

US economy under Trump: Is it the best in history?

US wage growth hits nine-year high

The US economy is expected to grow at about 3% in 2018 - which would be the
fastest rate in more than a decade.

 

The pick-up comes as unemployment rates hover near record lows, and
government policies, including a $1.5tr tax cut and expanded military
budget, fuel spending.

 

In the third quarter, consumer spending - which accounts for more than two
thirds of output - grew at an annual rate of 4%. That was up from a rate of
3.8% recorded in the previous quarter.

 

Overall, gross domestic product in the third quarter was up 3% compared to
the same period in 2017.

 

But the Commerce Department report also contained signs that the environment
for growth may be weakening.

 

Business investment increased at an annualised rate of less than 1%, while
housing expenditures fell 4% - the third quarter in a row of contraction.

 

Exports of goods also fell by 7% in the three months to 30 September, after
spiking 13.5% in the prior period.

 

The decline followed a wave of duties on American-made products that went
into effect this summer, prompted by new US tariffs on foreign steel and
aluminium, as well as billions of dollars worth of Chinese goods.

 

A truism of American politics has long been that what matters most to voters
is the economy.

 

If that's the case, this report will give Republicans much to cheer.

 

Released just a little over a week before competitive midterm elections
here, it gives President Trump's party yet another data point to use as they
try to convince voters that they're responsible for the strongest economy in
nearly a decade.

 

In particular, one of the key drivers of economic activity has been American
consumers, who increased their spending by 4% over the past quarter. That
surprised many, but it indicates that low unemployment, increasing wages and
lower taxes have all helped to encourage Americans to shop.

 

The key question, of course, is if voters here believe that it is Republican
policies that have powered this economic boom - and if that will be enough
to help them keep control of Congress, even with a President whose divisive
policies have turned this midterm election into more of a referendum on his
personality instead of his party.--BBC

 

 

 

Asda considering up to 2,500 job cuts

Supermarket giant Asda is to begin consultations with staff on changes that
could mean up to 2,500 job cuts.

 

An Asda representative said the firm needed to consider changing employees'
roles and working hours.

 

Asda, which has been owned by US retail giant Walmart since 1999, has agreed
to merge with rival Sainsbury's.

 

Union representatives said the news would not put workers' minds at rest
about the merger and pledged to fight any job cuts.

 

The proposed merger is the subject of an inquiry by the Competition and
Markets Authority (CMA).

 

Aldi and Lidl part of Sainsbury-Asda probe

Areas of work likely to be affected in the job cuts include petrol sales,
bakery departments and back-office staff, reports say.

 

Jobs in the George clothing sales areas could also be subject to changes.

 

'Hammer blow'

Asda said it was planning the changes because of the "competitive retail
market", which has seen supermarkets striving to compete more effectively
with German discounters Aldi and Lidl.

 

"We believe the proposed changes we are consulting on would allow us to do a
better job for our customers," Asda said.

 

"We also recognise that discussions about potential change aren't easy. If
the decision is taken to implement the proposed changes, we would work with
our colleagues to look at the potential impact of these proposals on them."

 

The GMB union, which represents Asda workers, said cutting the workforce
made no sense and it would "fight tooth and nail for every single job".

 

National officer Gary Carter said: "These proposed redundancies are a hammer
blow to Asda workers. The timing of this announcement, in the run-up to
Christmas, is doubly appalling.

 

"Asda is performing well and is highly profitable because of the hard work
of our members, who are the backbone of the company."--BBC

 

 

 

Marlboro maker axes flavoured e-cigarettes

Altria, the tobacco firm which owns Marlboro, will stop selling several of
its e-cigarette products.

 

The decision follows concerns that "vaping" is becoming increasingly popular
with children.

 

The US Food and Drug Administration has launched a campaign against firms
marketing e-cigarettes in a way that appeals to under-age users.

 

Altria also said it would support moves to make 21 the minimum age for
purchasing tobacco products.

 

The US firm will remove two of its pod-based products, MarkTen Elite and
Apex by MarkTen from the market.

 

It also said it would sell only tobacco, menthol and mint flavours for its
other, non pod-based vaping devices.

 

Philip Morris accused of hypocrisy over anti-smoking ad

E-cigarettes 'more harmful than we think'

One in 11 US teens have vaped cannabis, new study finds

Altria said it would consider selling the withdrawn products again if the
FDA clarified the rules around marketing them or if "the youth issue is
otherwise addressed".

 

The devices being withdrawn represent about a fifth of the e-cigarette
products sold by the company.

 

Flavoured varieties of e-cigarettes have come under scrutiny in many markets
due to the particular appeal they appear to have for younger palates.

 

They are available in flavours such as bubble gum and candy floss as well as
a range of fruit flavours. Some are packaged in bright primary colours with
cartoonish illustrations.

 

The market for vaping products has grown rapidly in recent years and is now
worth more than $10bn globally.--BBC

 

 

 

 

 


 

 


 

INVESTORS DIARY 2018

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 


 

 

 

 


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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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<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
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Invest Wisely!

Bulls n Bears 

 

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