Major International Business Headlines Brief::: 11 April 2019

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Major International Business Headlines Brief::: 11 April 2019

 


 

 


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*  South Africa’s rand crosses 14.00 threshold, stocks gain

*  South African business confidence drops to seven-month low in March

*  IMF cuts Tanzania's 2019 economic growth forecast to 4 percent

*  Nissan South Africa to invest $213 mln to build new Navara model

*  Ugandan shilling weakens on surge in importer and banks' demand

*  South African rand retreats slightly from near six-week best

*  Egypt's annual urban consumer price inflation eases to 14.2 pct in March
-capmas

*  Absa sees Nigeria expansion plan ready for second half

*  South Africa's Sibanye-Stillwater raises $120 mln from share sale

*  Middle classes losing out to ultra-rich

*  UK economy grows faster than expected ahead of Brexit

*  Rail firms face £7.5bn pensions gap, says regulator

*  Pri-mania as world's largest Primark opens in Birmingham

*  Indivior shares plunge on 'shameful' opioid drug scheme

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

                                      

South Africa’s rand crosses 14.00 threshold, stocks gain

JOHANNESBURG (Reuters) - South Africa’s rand firmed below the 14.00
threshold on Wednesday for the first time in six weeks as a softer dollar
boosted investor appetite for emerging markets.

 

On the bourse, the financial and retail sectors topped the JSE after S&P
Global Ratings stable economic outlook, while miner Sibanye-Stillwater took
a blow after selling shares to service debt.

 

At 1500 GMT the rand had strengthened 1.01 percent to 13.9350 per dollar
compared to its open of 14.0950, outperforming other emerging market
currencies such as the Turkish lira and the Mexican peso.

 

The last time the rand traded below 14.00 was on Feb. 27.

 

The dollar has softened because of weak economic data, fresh global trade
tensions between the United States and Europe, and the International
Monetary Fund (IMF) cutting its global growth forecast.

 

“The carry trade for the month has been very active. There’s a lot of
foreigners buying bonds in South Africa and that’s helping the rand
outperform other currencies for the day,” said Treasury One chief currency
dealer Wichard Cilliers.

 

The rand’s gains may be short-lived however with the current boost caused by
mainly external factors, Cilliers said.

 

In equities, the Johannesburg All-Share index gained 0.73 percent to 58,261
points, while the Top-40 index rose 0.87 percent to 52,003 points.

 

Clothing retailer Mr Price rose 5.96 percent to 208.00, Shoprite was up 4.22
percent to 169.20, while Nedbank gained by 4.1 percent to 265.44.

 

Comments from ratings firms S&P and Moody’s were good news and were keeping
the equity market in positive territory, said Maudi Lentsoane, trader at
Lehumo Investments.

 

“A stronger rand means lower inflation, which means more money for South
Africans as the interest rates are not going to be high, which is positive
for the retailers and the financial sector,” said Lentsoane.

 

On the downside, Sibanye-Stillwater declined nearly 16 percent to 14.29.
Fellow platinum miner Lonmin, which Sibanye is looking to acquire, also took
a knock, contracting 12.85 percent to 13.63.

 

“They sold [their shares] at a discount so the market is essentially pricing
in that offer, and marking the shares down to around where the new shares
were issued,” said Greg Katzenellenbogen, a trader at Sanlam private wealth.

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 



South African business confidence drops to seven-month low in March

JOHANNESBURG (Reuters) - South Africa’s business confidence fell to a
seven-month low in March, hurt by power cuts, higher electricity tariffs and
slowing manufacturing production, a survey showed on Wednesday.

 

The South African Chamber of Commerce and Industry’s monthly business
confidence index (BCI) fell to 91.8 in March from 93.4 in February, the
business body said. The reading was the lowest since August 2018, when it
was at 90.5.

 

Confidence in the South African economy has been hurt by policy and
political uncertainty. Investors doubt President Cyril Ramaphosa can deliver
reform before May’s elections.

 

“The rand exchange rate against the major trading and investment currencies,
interrupted electricity supply and electricity tariff increase, as well as
slowing manufacturing output were the largest contributors to the negative
trend of the BCI in March,” the Chamber of Commerce said in a statement.

 

“The BCI reflects a depressed business climate that is dominated by concerns
over continued difficult and uncertain domestic economic circumstances. The
upcoming 8 May 2019 general elections add to this uncertainty.”

 

This year, South Africa has seen its worst power cuts in several years, as
the cash-strapped utility Eskom struggles with capacity constraints. Eskom
has not imposed rolling blackouts this month, but it has warned the power
system remains vulnerable.

 

 

 

IMF cuts Tanzania's 2019 economic growth forecast to 4 percent

DAR ES SALAAM (Reuters) - The International Monetary Fund lowered its
forecast for Tanzania’s economic growth this year and in 2020 to around 4
percent from a previous forecast.

 

In its World Economic Outlook, released on Tuesday, the Fund also predicted
the East African nation’s consumer price inflation will reach 3.5 percent
this year and edge up to 4.5 percent in 2020.

 

Tanzania’s economy will expand at 4 percent this year then accelerate
slightly to 4.2 percent next year, from an estimated 6.6 percent in 2018,
the Fund said in its forecasts.

 

In January last year, the IMF said it expected Tanzania’s economy to grow at
6–7 percent over the medium term if the country hiked capital spending and
improved its business environment.

 

Tanzania relies heavily on mining, tourism and telecommunications for state
revenues and foreign exchange earnings.

 

The government forecasts the economy will grow 7.3 percent in 2019 after an
estimated 7.2 percent expansion last year, helped by public infrastructure
investments.

 

 

 

Nissan South Africa to invest $213 mln to build new Navara model

JOHANNESBURG (Reuters) - The South African arm of Nissan will spend 3
billion rand ($213 million) equipping its local plant to build the Japanese
carmaker’s new Navara model, the unit’s boss said on Wednesday.

 

Capacity at Nissan’s plant in Rosslyn, near Pretoria, will increase by
30,000 units in the first phase, Mike Whitfield, managing director at Nissan
South Africa said, while the plant’s permanent headcount will increase by
400.

 

“Today, we’re able to announce that the Nissan South Africa Rosslyn facility
will build the entire model range Nissan Navara for both local and export
(markets),” Whitfield said at an event to announce the investment.

 

While production operations elsewhere will also build the new Navara, a
pick-up, Nissan South Africa will supply the local and continental market.

 

Whitfield said his unit had to beat other global Nissan production
operations to win the right to produce the Navara - a victory for his unit
and also South African President Cyril Ramaphosa ahead of elections in May.

 

Ramaphosa, who was at the event on Wednesday, is trying to secure $100
billion in investment into South Africa within five years.

 

While he has had some success, he is contending with a sluggish economy and
a legacy of corruption and mismanagement, knocking confidence in Africa’s
most industrialised economy.

 

Ramaphosa said Nissan’s investment marked a “milestone” in his drive, and
was a vote of confidence in South Africa.

 

In common with many global carmakers, Nissan doesn’t currently have any
significant production operations in sub-Saharan Africa outside South
Africa, which it entered in 1963 and is the only substantial market for new
cars in the region.

 

However Nissan, and many rivals, are hoping that will change. A number have
recently opened or committed to open plants elsewhere, including in Nigeria,
Ghana and Kenya.

 

($1 = 14.0323 rand)

 

 

 

Ugandan shilling weakens on surge in importer and banks' demand

KAMPALA (Reuters) - The Ugandan shilling weakened on Wednesday, undercut by
strong demand for dollars from players in the interbank market and
merchandise importers.

 

At 1038 GMT commercial banks quoted the shilling at 3,753/3,763, compared to
Tuesday’s close of 3,740/3,750.

 

 

 

South African rand retreats slightly from near six-week best

JOHANNESBURG (Reuters) - South Africa’s rand retreated slightly from a near
six-week best in early trade on Wednesday as investor caution prevailed due
to U.S.-Europe trade disagreements and the International Monetary Fund’s
downgrade of its global economic outlook.

 

At 0841 GMT, the rand traded at 14.0300 per dollar, 0.41 percent firmer than
its New York close on Tuesday.

 

The currency, however, was slightly off the 14.0100 mark, its firmest level
since Feb. 28, that it touched on Tuesday supported by a weaker dollar.

 

“The rand is once again trading positively, but it has again failed to test
the 14.0000 level after having traded to 14.0100; demand for dollars saw it
trade weaker into the local close,” Nedbank analysts said in a note.

 

“Today, markets are contemplating the possible effects of an escalation in
tensions between the U.S. and the EU regarding imports between the two, and
the IMF cutting its global growth outlook.”

 

Business confidence data due at 0930 GMT on Wednesday and mining and
manufacturing production figures on Thursday are the main data points to
watch locally.

 

In fixed income, the yield on the benchmark government bond due in 2026 was
down 1.5 basis points to 8.48 percent in early trade.

 

 

 

Egypt's annual urban consumer price inflation eases to 14.2 pct in March
-capmas

DUBAI (Reuters) - Egypt’s annual urban consumer price inflation eased to
14.2 percent in March from 14.4 percent in February, the official statistics
agency CAPMAS said on Wednesday.

 

Egypt has implemented a series of tough austerity measures to help meet the
terms of a $12 billion IMF loan programme it signed in late 2016.

 

 

Absa sees Nigeria expansion plan ready for second half

JOHANNESBURG (Reuters) - South African lender Absa is aiming to make a start
on its investment bank-focused expansion into Nigeria in the second half of
this year, chief executive of the division, Charles Russon, told Reuters.

 

Absa, trying to make its name as a stand-alone bank after separating from
Britain’s Barclays, has been touting Nigeria as a market central to its
growth strategy since last year, but has given scant details on its plans.
[nL8N1QJ0ND] Russon said the Nigerian expansion would be focused on Absa’s
corporate and investment bank (CIB), and that he had requested his team
develop a strategy within the coming months. “I want the strategy nailed
down and approved with our board pretty much at the end of Q2, so that we
can start to action that in the second half,” he told Reuters in an
interview. He reiterated former CEO Maria Ramos’s view that the bank was
unlikely to make acquisitions. But Absa would have to be clear on how to
fund its activities without a retail deposit base, he said, adding that
building from scratch can be slow. [nL8N1ZO4NX] Absa has a representative
office and securities licence in Nigeria, but needs to up the ante in one of
Africa’s most promising banking markets in order to meet its ambitions.
[nL5N1T32K5] The bank, which has lagged competitors such as FirstRand or
Standard Bank, wants to double its share of revenues on the African
continent to 12 percent - a target the CIB is central to achieving. As well
as planning its own expansion in Nigeria and other markets, such as Angola
and Egypt, Russon said the lender would look to offer some services in such
countries in partnership with French investment bank Societe Generale. Absa
and SocGen agreed to cooperate on the continent last year, but a lack of
details left some investors sceptical. [nL8N1ZI2EM] Russon said teams of
staff from both banks were putting together proposals that Absa hoped to
disclose by the end of the second quarter. Absa is also setting up offices
in London and New York, both with securities licences, to replace some of
the global reach it lost with the Barclays divorce. Both should be up and
running by around the third quarter, Russon said, adding similar operations
in other regions could follow.

 

“We’ll have to look at Asia, the sort of China corridor, probably beginning
of next year,” he said.

 

 

 

South Africa's Sibanye-Stillwater raises $120 mln from share sale

JOHANNESBURG (Reuters) - South Africa’s Sibanye-Stillwater raised $120
million on Wednesday from placing just over 109 million shares via an
accelerated bookbuild.

 

The placement, which was offered to existing and new institutional
investors, was at a price of 15.50 rand per share, representing a discount
of 2 percent to the average price over the past 30 days on a volume-weighted
average basis, Sibanye said.

 

At 0908 GMT, shares in Sibanye were down 8.06 percent.

 

“The enhanced balance sheet flexibility provided by this transaction will
ensure that the company is appropriately positioned and sufficiently robust
to endure any ... socio-economic challenges,” Chief Executive Neal Froneman
said in a statement.

 

 

 

Middle classes losing out to ultra-rich

Middle-class families are seeing their incomes stagnating as they are
squeezed by the ultra-rich taking a bigger slice, says an international
report from the OECD economics think tank.

 

The report says the middle classes are being "hollowed out", with declining
chances of rising prosperity and growing fears of job insecurity.

 

The OECD says there will be political consequences for Western countries.

 

It says middle classes have often been the "bedrock of democracy".

 

Against a background of political populism and concerns about rising
extremism, the report says that traditionally moderate middle-class families
are feeling "left behind" and are increasingly likely to support
"anti-establishment" movements.

 

'Dismal growth'

It warns of a destabilising impact if this section of society - defined as
earning between 75% and 200% of the average income - continues to feel that
prosperity is slipping away.

 

In the UK, almost 60% of people live in households classified as being in
this middle-income group.

 

The report warns of anti-establishment "discontent" driven by a widening
income gap: France has faced months of "yellow jacket" protests

>From an international perspective, the OECD shows a changing economic model,
in which high earners have accelerated upwards, while those in the middle
have seen "dismal income growth" or a falling back.

 

In the United States over the past three decades, the top 1% of earners have
increased their slice of total annual income from 11% to 20%

"Middle incomes are barely higher today than they were 10 years ago," says
the analysis.

 

Loss of trust

The report warns of social consequences if the middle classes lose trust in
the system, beyond their own economic self-interest.

 

It says the middle classes have been important supporters of sectors such as
education, health and housing and "good quality public services".

 

But worsening income inequality could threaten "their trust in others and in
democratic institutions".

 

The study says that this perception of declining opportunities is causing
"growing discontent".

 

Half of children born into families renting

British Gas boss gets 44% pay rise after 'challenging year'

A third of millennials face renting their entire lives

The "stagnation of middle-class living standards" has been accompanied by
the emergence of "new forms of nationalism, isolationism, populism and
protectionism".

 

Instead of upwards social mobility and growing prosperity, the report says
the middle classes are more worried about slipping downwards.

 

Housing costs

The report, Under Pressure: The Squeezed Middle Class, says that totems of
middle class family life, such as access to housing and higher education,
have become increasingly expensive.

 

The rising cost of property, in particular, has outstripped the growth in
income, with parents worrying about the housing prospects for their
children.

 

Another traditional middle-class advantage has been job security, but this
has also been eroded.

 

"Today, the middle class looks increasingly like a boat in rocky waters,"
says the OECD's secretary general, Angel Gurría

 

The OECD highlights a generational divide - with a shrinking number of
younger people in this middle-class group.

 

The widening gap of incomes has pushed more people to the extremes of rich
and poor, so that millennials in their 20s are less likely to be in
middle-income households than baby boomers in their 50s and 60s.

 

"A strong and prosperous middle class is important for the economy and
society as a whole," says the study.

 

But it says middle-class households feel a sense of "unfairness" and are
"increasingly anxious about their economic situation".--BBC

 

 

 

UK economy grows faster than expected ahead of Brexit

Stockpiling by manufacturers ahead of Brexit helped the UK economy grow by
0.3% in the three months to February.

 

The Office for National Statistics pointed to manufacturers "changing the
timing of their activities" as the UK's exit from the EU approaches.

 

Although growth was stronger than the 0.2% many economists forecast, Rob
Kent-Smith, head of GDP at the ONS, said growth "remained modest".

 

On a monthly measure, the economy grew by 0.2%, faster than the 0% forecast.

 

The 0.3% rise in the three months to February, was the same as the three
months to January, after previous estimate was revised higher.

 

"Services again drove the economy, with a continued strong performance in
IT. Manufacturing also continued to recover after weakness at the end of
last year with the often-erratic pharmaceutical industry, chemicals and
alcohol performing well in recent months," said Mr Kent-Smith.

 

Output in production and manufacturing rose for the second month in a row,
with manufacturing at its highest level since April 2008, the ONS said.

 

The ONS said production industries expanded by 0.2% in the three months to
February 2019. This was the first positive three-month growth since October
2018.

 

Impact of stockpiling

It said there had been external evidence "that some manufacturing businesses
have changed the timing of their activity as we approached the original
planned date for the UK's departure from the European Union".

 

"Although the ONS does not routinely collect detailed data on the reasons
behind the behaviour of businesses, as part of our survey validation we have
found some qualitative evidence that supported this view but were unable to
quantify its impact," it added.

 

The ONS pointed to a closely-watched survey by IHS Markit/CIPS which showed
UK factories were stockpiling goods for Brexit.

 

 

Lola's Cupcakes is one company which decided it needed to build up stocks of
essential items ahead of Brexit.

 

In its case, it was cream cheese.

 

Asher Budwig, managing director, said the company had identified the
ingredient as one at risk from Brexit. Others might have been chocolate or
butter.

 

There would be "no cheese cakes, no decorations on cupcakes" if ferries
stopped getting through ports, he told BBC.

 

The company bought £35,000 of stock - that does not include storage costs -
through its supplier which obtains the product from Germany.

 

"They [the supplier] spoke to the factory in Germany, they produced a lot
more, ten times what we would normally go through in a given week," he said.

 

"It's being held down in Somerset," he said.

 

Month-on-month growth in the industrial production sector was 0.6% in
February, with manufacturing increasing 0.9%, the ONS said.

 

Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said the
activity in this sector was the main reason the economy had grown more
quickly than expected.

 

He said this might be "due to a temporary boost to production which will
unwind" in the second quarter of the year.

 

Construction output also rose faster than expected, perhaps because of the
warmer than usual weather in February, he added.

 

Ruth Gregory, senior UK economist at Capital Economics, also highlighted
these areas as the main surprises in the data.

 

Rate rises

But she said: "Growth does not appear to have been significantly boosted by
stockpiling ahead of Brexit."

 

Instead, she said that while businesses have been stockpiling it is because
they have been importing more. Imports rose by 5.3% in the three months to
February while exports rose just 0.8%, according to the ONS.

 

She said: "Admittedly, the Brexit chaos may have sapped the economy of its
momentum in March, as that is when the Brexit uncertainty has been greatest.

 

"All told, though, the solid growth rate in the three months to February
should ease immediate fears of the economy stalling or contracting in the
first quarter and provides support to our view that the economy is well
placed to cope with whatever Brexit throws up next," she said.

 

Mr Tombs said he was revising up his forecast for growth in the first
quarter to 0.4% from 0.3%, which indicates annual growth of between 1.8% and
2%. This could point to a rate rise from the Bank of England's Monetary
Policy Committee.

 

"So the data, together with strong wage growth, put renewed pressure on the
MPC to follow through on its commitment to an 'ongoing tightening of
monetary policy', despite continued Brexit uncertainty," he said.--BBC

 

 

 

Rail firms face £7.5bn pensions gap, says regulator

Train companies face a pensions black hole of up to £7.5bn, the Pensions
Regulator has warned.

 

The warning was made in a letter to lawyers representing the rail industry
trade body, the Rail Delivery Group.

 

The issue has burst into the open after it led the Department for Transport
(DfT) to bar Stagecoach from bidding for three franchises.

 

Virgin Trains, which is majority-owned by Stagecoach, is likely to cease
operations as a result.

 

Stagecoach said it had been told the exclusion was because of its refusal to
shoulder responsibility for unquantified extra pension contributions.

 

It said the decision was evidence that the current system of rail
franchising "was not fit for purpose".

 

The Pensions Regulator has been investigating a potential shortfall in train
company pensions for some time.

 

In a letter sent last June during discussions with the industry about a
possible funding solution, it said the deficit "has increased from £4.8bn to
£7.5bn in just three years (which drives our desire to ensure substantially
more cash is paid into the sections, commencing in the short term)".

 

The regulator noted that the DfT "has remained consistent that the [pension
schemes] are sponsored by privatised companies that must take
responsibility".

 

'Severe' consequences

The letter was sent to Calum Cooper, a partner in the pensions consultancy
Hymans, which has been advising the Rail Delivery Group.

 

The group came up with a proposed solution that would have involved
splitting the cost between train companies and the DfT.

 

On 1 April, the chief executive of the Rail Delivery Group, Paul Plummer,
wrote to Rail Minister Andrew Jones, urging him to adopt the scheme.

 

If he did not, Mr Plummer said, the consequences would be "severe".

 

The Pensions Regulator might demand an immediate £2.6bn increase in
contributions, Mr Plummer said, and the ability of the DfT to award future
franchises would be put in jeopardy.

 

"Ultimately there could be a very significant impact on the taxpayer through
adverse financial impact on franchise bids," he said.

 

"There would almost certainly be widespread industrial action, with the
significant disruption to customers, cost and reputational damage that goes
with it."

 

Rail Delivery Group sources said the government had not yet replied to its
proposal.

 

The DfT said it had "total confidence" in its franchise award process.

 

It said Stagecoach did not accept the "risk-sharing mechanism" it had
proposed for the three franchises and that it had "proposed significant
changes to the contracts".

 

"DfT could not accept these changes and operate a fair competition," the
department said.--BBC

 

 

 

Pri-mania as world's largest Primark opens in Birmingham

The world's biggest Primark is opening its doors to shoppers in Birmingham.

 

Covering 161,000 sq ft over five floors, and with a Disney cafe plus two
other eateries, a barber shop and beauty studio, as well as homewares and
fashion, it could spell a new generation for the department store.

 

Primark said the store was a chance for it to do something "special".

 

But with big names such as Debenhams and House of Fraser in decline, can
this new vision for Primark attract more young people back into bricks and
mortar stores?

 

The company said the shop, in the former Pavillions Shopping Centre on High
Street, would offer "an enhanced shopping experience" and be four times the
size of its former city location around the corner in New Street.

 

Sanjay Dihman, director of store design, said the slogans seen around the
store have come from vox pops in the city

It takes the "largest" crown from Manchester, which currently has the
world's biggest Primark.

 

Such is the anticipation for its opening, expected to attract about 5,000
people, public transport companies have taken to publishing travel advice.

 

The retailer said it had created more than 500 new jobs, as well as moving
430 from its previous shop.

 

 

The development is thought to have cost about £70m, an eye-watering sum at a
time when high street heavyweights are closing branches.

 

Earlier this week, Debenhams was taken over by its lenders as part of an
administration process.

 

Analysts have previously claimed a lack of investment and innovation was a
contributing factors to why traditional department stores were in decline.

 

Media captionThe opening in Birmingham is expected to attract 5,000 people

Despite criticism over staff pay, and the environmental and social impact of
so-called "fast fashion", Primark's allure continues to grow.

 

Last year it reported higher UK sales and plans for more stores.

 

It justifies its low prices with claims it spends nothing on advertising and
has tight profit margins.

 

Heiner Evanschitzky, professor of marketing at Aston Business School, said
part of Primark's success was its clear business model - which is focused
and means "people know what they are going to get".

 

"It is not like Debenhams and M&S, which struggled because they were trying
too many different things. They were not positioned in a meaningful way -
they have discount elements, high fashion elements and were all over the
place," he said.

 

And having no online store means shoppers still have to go into stores to
make purchases.

 

Mr Evanschitzky said this fitted Primark's "lean" operation in a way that
might not suit other high-end brands - and also encouraged impulse shopping.

 

"In-store you have the chance to inspire a customer, you get to say 'look
around, browse, think of things you weren't planning on buying'."

 

Offering free wi-fi and phone charging points would also help encourage
people to spend time in the huge store and create more sales, he said.

 

"It is something quite unique for a discounter like Primark to do," Mr
Evanschitzky said.

 

He also said the store opening would be a "huge gain" for the city centre,
and it would be up to other retailers to do what they could to make the most
of the added footfall it would bring.

 

Control of Debenhams fell into the hands of its lenders as part of an
administration process earlier this week

Understand what customers want

 

Retail analyst Kate Hardcastle, from Insight with Passion, said people
"foolishly" looked at Primark as a discount brand.

 

"It is anything but," she said. "They are savvy, they know what they are
doing.

 

"The easiest way to describe the department shops of old was they were too
lazy, they stopped putting the customer and changing demands at the heart of
their vision.

 

"They very much took footfall for granted, they always thought if they
opened their doors, people would come.

 

"Primark understands what customers want and built their business around
it."

 

Ms Hardcastle said expanding "experience retail", with things such as
beauticians and beauty bars at value prices, and using links with big name
franchises including Disney - and Harry Potter through Warner Brothers -
would bring in more customers.

 

"Primark do a fantastic job of bringing in fast-moving fashion to the high
street, but it is also a family shop which is accessible and affordable,"
she added.

 

She said the brand's lack of online presence also made the most of
"emotional spending".

 

"When you think of Primark - there is just so much stuff, you go in for one
thing and get more and more. Online, you would lose a lot of those
purchases," she said.

 

Fashion blogger Hayley Warren said she thought the new superstore would
attract people from outside the West Midlands.

 

The 29-year-old, from Birmingham, who runs Strangeness and Charm, said: "I
know there are a lot of cafes in London which people will visit specifically
to take pictures for Instagram, because they have things like flower walls.

 

"I know people from down south who have said they want to come up and visit
Primark just because of Disney.

 

"Primark is one of the first places I think of looking if there is something
I want to buy, because of the prices really, and the fact there is such a
high turnover of items and always new things in there."

 

Claire Cavanagh, 28, from Coventry, who is behind Vanity Claire, added:
"Although I wouldn't traditionally think of myself as a department store
shopper, Primark is the only shop I go where you do pick up everything in
that way.

 

"I will make a special trip to Birmingham especially to go to Primark. I
think it is a store people will do that for, even those who wouldn't
normally physically shop in stores - because you can't get it online.

 

"I think it will be really good for Birmingham as a destination."

 

Latest news from the West Midlands

Ms Cavanagh said, as a teenager and student, Primark offered her what she
wanted in cheap and fashionable clothes, but she now also used it for
homeware.

 

"I have a flat and I'm saving for my first house so I can get some new bits
and update my home in the same way I would my wardrobe," she said.

 

Primark's retail director for the UK and northern Europe, Simon Gibbs, said
it was proud to be part of the "fabric" of Birmingham.

 

During an advance tour of the centre on Wednesday, Tim Kelly, its director
of new business, said: "We have seen the changing face of retail globally
and locally.

 

"When we were offered the location we jumped at the chance.

 

"We believe this is an opportunity for Primark to do something really
special."

 

The store opens at 10:00 BST on Thursday.--BBC

 

 

 

Indivior shares plunge on 'shameful' opioid drug scheme

Shares in drugmaker Indivior plunged 71% after the US Department of Justice
charged it with fraudulent marketing.

 

A federal grand jury in Virginia accused Indivior of a "truly shameful
scheme to put profits over the health and well-being of patients".

 

It alleged the firm conducted an illicit scheme to increase sales of
Suboxone Film, an opioid drug used to treat opioid addiction.

 

Indivior has issued an eight-page rebuttal contesting the charges.

 

The company, which calls itself the world leader in addiction treatment, is
listed in London, with a research centre in Hull and a US headquarters.

 

The Department of Justice (DoJ) has demanded at least $3bn in fines.
Indivior had a market value of £202m after the collapse of its shares on
Wednesday.

 

Assistant Attorney General Jody Hunt said: "Indivior promoted it with a
disregard for the truth about its safety and despite known risks of
diversion and abuse."

 

According to the indictment, Indivior "obtained billions of dollars in
revenue from Suboxone Film prescriptions by deceiving health care providers
and health care benefit programmes into believing that Suboxone Film was
safer, less divertible, and less abusable than other opioid-addiction
treatment drugs".

 

It said Indivior "lacked any scientific evidence to support those claims".

 

Indivior said: "Put simply, Indivior is not a contributor to the opioid
epidemic. Rather, as acknowledged by government experts at the FDA [Food and
Drug Administration]and CDC [Centers for Disease Control and Prevention],
its medicines are a key part of combatting it.

 

"Key allegations made by the Justice Department are contradicted by the
government's own scientific agencies, they are almost exclusively based on
years-old events from before Indivior became an independent company in 2014,
and they are wrong."

 

Indivior was spun off from Reckitt Benckiser in 2014. The company's shares
had already lost some four-fifths of their value before today's news, as it
faced increasing competition from generic drug makers such as Dr Reddy and
Mylan.

 

Opioid epidemic

While Indivior is a treatment for opioid addiction, opioid manufacturers
such as Purdue Pharma, Johnson & Johnson and Teva Pharmaceuticals are also
facing lawsuits.

 

The DoJ also alleged that Indivior used a "Here to Help" internet and
telephone programme as part of its scheme to induce physicians to write
prescriptions for Suboxone Film.

 

The DOJ's indictment said Indivior touted "Here to Help" as a resource for
opioid-addicted patients but used the programme in part to connect patients
to doctors it knew were prescribing Suboxone and other opioids to more
patients than were allowed by federal law, at high doses, and in "suspect
circumstances".

 

Indivior denied this and said: "To the contrary, we have engaged in an
extensive education campaign to teach doctors about recommended Suboxone
dosing limits and patient caps and have developed a process to identify
concerning prescribers, going beyond what the law requires."--BBC

 

 

 

 

 

 

 


 

 


 

INVESTORS DIARY 2019

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Zimbabwe 

Independence Day

Zimbabwe

18 Apr 2019 

 


 

Good Friday

 

19 Apr 2019

 


 

Easter Saturday

 

20 Apr 2019

 


 

Easter Sunday

 

21 Apr 2019

 


 

Easter Monday

 

22 Apr 2019

 


 

Workers Day

 

01 May  2019

 


 

Africa Day

 

25 May 2019

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 


 

 

 

 


 <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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