Major International Business Headlines Brief::: 10 December 2019

Tue Dec 10 02:45:59 CAT 2019

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Major International Business Headlines Brief::: 10 December 2019

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*  S.Africa's State-owned Prasa placed under administration - minister

*  South Africa's rand weak; focus on global cues ahead of U.S. tariff
deadline

*  Uganda central bank holds its key lending rate at 9.0%

*  Kenyan shilling firms against the dollar

*  Asian stocks pulled higher by Wall St jobs rally but China caution
prevails

*  Britain's Tullow Oil shares plunge over 50% as CEO resigns

*  Oil prices slip as weak China exports highlight trade war impact

*  Gold little changed on trade caution; markets eye Fed meet

*  General election 2019: Leaked document raises fresh concerns about GB-NI
trade after Brexit

*  E-scooter company Unicorn goes bust after spending big on Facebook ads

*  Rise of SUVs 'makes mockery' of electric car push

*  Creso Pharma African launch of cannaQIX® imminent

*  Uber’s African Presence Grows With Ivory Coast Expansion

 <mailto:info at bulls.co.zw> 

S.Africa's State-owned Prasa placed under administration - minister

JOHANNESBURG (Reuters) - Transport Minister Fikile Mbalula said on Monday he
had decided to place state-owned Passenger Rail Agency South Africa (Prasa)
under administration with immediate effect, adding that he had dissolved the
interim board.

Bongisizwe Mpondo, managing director and founder of transport company
Safiri, was appointed as the administrator of Prasa, Mbalula added in an
annoucement from his Twitter feed.

 <mailto:info at bulls.co.zw> 

South Africa's rand weak; focus on global cues ahead of U.S. tariff deadline

JOHANNESBURG (Reuters) - South Africa’s rand weakened in early trade on
Monday, as investors awaited for direction from global markets, after the
U.S. reiterated the implementation date for additional tariffs on Chinese
imports.

At 0838 GMT, the rand was down 0.38% at 14.66, compared to a close of
14.6050 on Friday.

The United States is set to impose a new round of trade tariffs on Chinese
goods on Dec. 15, a plan which White House economic adviser Larry Kudlow
said on Friday was still in place.

“A sense of caution and unease is likely to linger in the air as the
December 15 tariff deadline looms,” said Lukman Otunuga, Senior Research
Analyst at FXTM in a note.

“Any signs of trade tensions resurfacing between the two largest economies
in the world should spark risk aversion which is negative for emerging
markets.”

Dollar strength also weighed on the rand as the greenback held firm on
Monday after data showed surprise strength in the U.S. jobs market. [FRX/]

Locally, investors will take their cue from another data packed week that
will reveal key updates on manufacturing and mining production, consumer
prices and retail sales.

The market is forecasting inflation to slow to 3.6% year-on year-in November
from 3.7% in October, according to a Refinitiv poll.

“However, the rand is positioned to be influenced by external drivers in the
form of US-China trade developments, Federal Reserve policy meeting and the
dollar’s valuation,” Otunuga said.

In the equities market, the Johannesburg All-Share Index rose 0.13% to
55,378, while the Top-40 index climbed 0.14% to 49,132.

Bonds were weak with the yield on the benchmark 10-year government issue up
1.5 basis points to 8.425%.

Uganda central bank holds its key lending rate at 9.0%

KAMPALA (Reuters) - Uganda central bank held its key lending rate at 9.0% on
Monday, its governor said, adding that economic activity was moderating.

Governor Emmanuel Tumusiime-Mutebile told a news conference that a
combination of slowing global economic activity and domestic factors like
falling tourism and export earnings in the first 10 months of this year were
expected to contribute to slowing economic performance.

Kenyan shilling firms against the dollar

NAIROBI (Reuters) - The Kenyan shilling firmed against the dollar on Monday
supported by tightening liquidity in the local money market and inflows from
diaspora remittances, traders said.

At 0838 GMT, commercial banks quoted the shilling at 101.35/55 per dollar,
compared with 101.45/65 at Friday’s close.

Asian stocks pulled higher by Wall St jobs rally but China caution prevails

SYDNEY (Reuters) - Asian stocks edged up on Monday, catching some of Wall
Street’s momentum after surprisingly strong U.S. jobs data although regional
gains were capped by concerns about China’s economy due to the prolonged
Sino-U.S. trade war.

Japan’s benchmark Nikkei advanced 0.3% while MSCI’s broadest index of
Asia-Pacific shares outside Japan gained 0.3%, with Australian stocks and
South Korea’s Kospi up 0.2% and 0.6%, respectively.

The modest Asian gains compared with Wall Street, which rose to near record
highs on Friday on a strong jobs report and some sign of optimism about
U.S.-China trade talks, with the benchmark S&P 500 closing within 0.2% of
its peak set in late November.

U.S. job growth increased by the most in 10 months in November as the
healthcare industry boosted hiring and production workers at General Motors
returned to work after a strike, in the strongest sign that the economy is
in no danger of stalling.

“This economy is still climbing and shattering the records for longevity,”
said Chris Rupkey, chief financial economist at MUFG Union Bank. “Right now,
the clouds of recession still remain well offshore despite troubled
economies elsewhere in the world and a trade war.”

Top White House economic adviser Larry Kudlow said on Friday that a Dec. 15
deadline is still in place to impose a new round of U.S. tariffs on Chinese
consumer goods, but President Donald Trump likes where trade talks with
China are going.

Still, investors think things could change if trade tensions escalate
further, especially if Trump goes ahead with planned tariffs on some $156
billion worth products from China from mid-December.

The market has been largely working on the assumption that those tariffs,
which cover several consumer products such as cellphones and toys, will be
dropped or at least postponed, given that Washington and Beijing agreed in
October to work on a trade deal.

Meanwhile, China’s exports shrank for the fourth consecutive month in
November, underscoring persistent pressures on manufacturers from the
prolonged trade war, although growth in imports may be a sign that Beijing’s
stimulus efforts are working.

U.S. Treasury yields climbed after the strong employment report, with
benchmark 10-year notes rising to 1.843%.

The Fed’s Open Market Committee (FOMC) kicks off its two-day policy meeting
on Tuesday. The central bank is expected to highlight the economy’s
resilience and keep interest rates on hold in the range of 1.50% to 1.75%.

Analysts said Friday’s much better-than-expected jobs report offset mixed
signals from recent economic data and validated the Federal Reserve’s
wait-and-see stance on interest rates after three “insurance cuts” this
year.

Oil prices retreated but hovered near recent peaks after OPEC and its allies
agreed to deepen output cuts by 500,000 barrels per day in early 2020.

U.S. West Texas Intermediate (WTI) crude slipped 0.4% to $58.94 per barrel,
still not far from Friday’s 2 1/2-month high of $59.85 per barrel.

In the currency market, the dollar maintained a firm tone on Monday, with
the dollar index against a basket of major currencies standing at 97.691 and
the euro changing hands at $1.1058, both little changed on the day.

Against the Japanese yen, the dollar was last traded at 108.59 yen, flat on
the day.

Britain's Tullow Oil shares plunge over 50% as CEO resigns

LONDON (Reuters) - Tullow Oil shares more than halved on Monday as Chief
Executive Officer Paul McDade stepped down and the energy company scrapped
its dividend after failing to meet production targets due to weak
performance by flagship assets in Ghana.

The company has been plagued by technical problems at its Jubilee field in
Ghana and a delay in completing a well at the TEN offshore field, which led
Tullow to cut its estimates for 2019 oil output last month.

Tullow also suffered blows in recent months due to setbacks at East Africa
projects in Uganda and Kenya, as well as to its plans to develop oil fields
in Guyana.

The shares were down 53% by 0901 GMT, as Tullow’s head of exploration Angus
McCoss also resigned on Monday.

Tullow reset its production outlook and is expected to produce 87,000
barrels of oil per day (bopd) this year, while lower production in 2020 of
between 70,000 and 80,000 bopd, as it undertook a review of its production
performance issues.

In a conference call, the company said it was open to receiving offers to
acquire the company at the proper value.

The Africa-focused oil firm also suspended its dividend as it aimed to
generate more cash to support future investment plans and current
explorations.

“The board has, however, been disappointed by the performance of Tullow’s
business and now needs time to complete its thorough review of operations,”
Executive Chairman Dorothy Thompson said.

Chief Financial Officer Les Wood said Tullow remained “comfortable” with its
covenants with banks and the London-listed company said it had started a
process to find a new group chief executive.

Cantor Fitzgerald Europe described the difficulties the company announced as
“a bit of a kitchen sinking”.

“Investors may well agree that a reset is the correct approach, although
that is unlikely to prevent another huge sell-off today,” the financial
services company said in a note.

Oil prices slip as weak China exports highlight trade war impact

TOKYO (Reuters) - Oil prices fell on Monday after data showed that Chinese
exports declined for a fourth straight month, sending shivers through a
market already concerned about damage being done to global demand by the
Sino-U.S. trade war.

Brent futures were down 21 cents, or 0.3%, at $64.18 per barrel by 0731 GMT,
after gaining about 3% last week on the news that OPEC and its allies would
deepen output cuts.

West Texas Intermediate oil futures were down 30 cents, or 0.5% to $58.90 a
barrel, having risen about 7% last week on the prospects for lower
production from ‘OPEC+’, which is made up of the Organization of the
Petroleum Exporting Countries (OPEC) and associated producers including
Russia.

Monday’s sudden chill came after customs data released on Sunday showed
exports from the world’s second-biggest economy in November fell 1.1% from a
year earlier, confounding expectations for a 1% rise in a Reuters poll.
[nL4N28I13Y]

The weak start to the week came despite data showing China’s crude imports
jumped to a record, revealing just how deep jitters are embedded in the
market over the U.S.-China trade row that has stymied global growth and oil
demand.

“China is clearly not immune to either the U.S. trade tariffs, or the
lingering slowdown in the broader global economy,” said Jeffrey Halley,
senior market analyst at OANDA.

Washington and Beijing have been trying to agree a trade deal that will end
tit-for-tat tariffs, but talks have dragged on for months as they wrangle
over key details.

Beijing hopes an agreement with the United States can be reached as soon as
possible, China’s Assistant Commerce Minister Ren Hongbin said on Monday.
[nB9N281004]Monday’s declines also went against signs on Friday that China
was easing its stance on resolving its trade dispute with the United States,
confirming that it was waiving import tariffs for some soybean and pork
shipments. [nL4N28G1KU]

The price drops also put an end to a strong run in previous sessions fuelled
by hopes for the OPEC+ production curb deal.

On Friday, those producers agreed to deepen their output cuts from 1.2
million barrels per day (bpd) to 1.7 million bpd, representing about 1.7% of
global production. [nL8N28G23P]

“This decision crystallises an important shift in strategy to managing
short-term physical imbalances rather than trying to correct perceived
long-term imbalances through open-ended commitments,” Goldman Sachs said in
a note.

Still, U.S. production has surged since the OPEC+ cuts were first introduced
in 2017 in an attempt to drain a supply glut that had long weighed on
prices. American output has risen even as the drill count has fallen,
reflecting more efficient well extraction.

Energy services firm Baker Hughes said in its closely watched weekly
drilling report on Friday that the U.S. drill count fell in the week to Dec.
6 - a seventh week of decline.

Drilling companies cut five oil rigs, leaving a total of 661, the lowest
since April 2017. [RIG/U]

Gold little changed on trade caution; markets eye Fed meet

(Reuters) - Gold was steady on Monday as investors await cues from the U.S.
Federal Reserve on interest rates later this week, while trying to size up
the chances of a new round of U.S. tariffs on Chinese goods.

Gold bars and granules are displayed in the Austrian Gold and Silver
Separating Plant Oegussa in Vienna, file. REUTERS/Leonhard Foeger/File Photo

Spot gold was flat at $1,460 per ounce by 0500 GMT. U.S. gold futures was
flat at $1,464.50.

The U.S. Fed will meet on Dec.10-12 for an interest rate decision and
investors were likely to focus on the outlook for next year and beyond.

A strong U.S. jobs data last week has renewed bets that the Federal Reserve
would stand pat on interest rates. Lower interest rates reduce the
opportunity cost of holding non-yielding bullion.

Meanwhile, the Dec. 15 deadline is still in place for a new round of U.S.
tariffs on about $156 billion worth of Chinese imports, White House economic
adviser Larry Kudlow said on Friday.

“Markets are waiting to size up what happens, they’re waiting both for the
U.S. Federal Reserve meeting and some sort of last minute deal (between
U.S.-China),” said Ilya Spivak, a senior currency strategist at DailyFx.

“We’ve seen that from this administration in White House, this kind of
brinkmanship where they may decide to cancel tariffs at the last second by a
tweet late night on Dec. 14.”

Gold has gained more than 13% so far this year after the Fed cut rates three
times this year on the backdrop of the U.S.-China trade war and its impact
on economy.

“If the tariffs go into effect into the weekend ... gold then looks
decidedly cheap and we might see an upside breakout,” Spivak said.

However, limiting gold’s gains, data showed growth in China’s imports. This
follows solid U.S. job growth in November, on which gold prices shed 1% on
Friday, registering their biggest daily percentage fall in a month.

“Prices are likely to remain in pressure with better-than-expected data we
saw late last week,” ANZ analyst Daniel Hynes said.

Speculators upped their bullish positions in COMEX gold in the week to Dec.
3, data showed.

However, holdings of the world’s largest gold-backed exchange-traded fund
SPDR Gold Trust, fell 0.26% to their lowest since Sept. 19 on Friday.

Palladium shed 0.1% to $1,876.78 per ounce, having hit a record peak at
$1,880.65 in the previous session.

Silver rose 0.1% to $16.57 per ounce, after touching its lowest since early
August in the last session, while platinum eased 0.4% to $892.30.

General election 2019: Leaked document raises fresh concerns about GB-NI
trade after Brexit

Another leaked government document has revealed concerns about potential
goods checks between Northern Ireland and Britain after Brexit.

The paper from the Department for Exiting the EU, seen by the BBC, lists
preparing for "high levels" of checks as one of the challenges in delivering
the government's Brexit deal.

Last week, a leaked Treasury analysis contained a similar warning.

Prime Minister Boris Johnson insisted his Brexit plan was a "great deal".

Reality check: Will there be checks between Great Britain and NI?

Johnson's Brexit plan 'presents major challenge'

Brexit: Where the parties stand on it

The prime minister has repeatedly and variously claimed there will be no
checks in both directions, but also appeared to change his words on this
during the campaign.

The Dexeu memo warns of "security, social and economic impacts" of such
checks and controls.

The document was circulated by officials last week, and extracts were first
reported by the Financial Times on Monday.

The context of the document appears to be a clear warning from officials
that there is insufficient time to get in place the operational systems to
implement the renegotiated Northern Ireland elements of the Brexit
Withdrawal Agreement by December 2020.

Court challenge warning

It casts considerable doubt on the prime minister's central political
argument that Brexit will be "done" in January and fully implemented by
December next year.

Another extract seen by the BBC states: "Delivery of the required
infrastructure, associated systems, and staffing to implement the
requirements of the protocol [Brexit deal] by December 2020 represents a
major strategic, political and operational challenge.

"Delivery on the ground would need to commence before we know the outcome of
negotiations"

The paper also states that some versions of the Brexit deal in Northern
Ireland "could lead to a domestic JR (judicial review)", whereby the
government's deal was challenged in court.

There is already an existing legal challenge to be heard in January as to
the legality of the Withdrawal Agreement in respect of Northern Ireland's
ongoing adherence to all aspects of EU customs law.

The document - titled "Delivering the Protocol by December 2020" - also
warns of the "legal and political (domestic and EU) impact of not being able
to deliver the protocol in Dec 2020".

The internal warnings shed light on Boris Johnson's current agreement with
the EU over the arrangements that will be put in place in Northern Ireland
once the UK leaves the bloc.

Under the PM's agreement, Northern Ireland would continue meet almost all EU
rules on food and manufactured goods, while the rest of the UK would not.

Northern Ireland would also continue to follow EU customs rules but would,
for trade policy, remain part of the UK's customs territory.

"There's no question of there being checks on goods going NI/GB or GB/NI.
We're part of the same customs territory and it's very clear that there
should be unfettered access between Northern Ireland and the rest of GB,"
the prime minister told Sky's Sophy Ridge on Sunday.

Mr Johnson's assertion was not supported by a separately leaked internal
Treasury report, which detailed new customs procedures required for goods
travelling in both directions.

Trade from Great Britain to Northern Ireland would require customs checks as
well as safety checks, particularly for food and animal products.

'Strengthen our union'

The prime minister has stressed in particular that goods from Great Britain
intended for consumption in Northern Ireland should not be checked or have
tariffs, but the mechanisms to distinguish between goods going to Northern
Ireland and the Republic of Ireland have yet to be designed, agreed or
implemented.

The new Dexeu leak is focused on the difficulty of implementing a deal -
which would include building "new facilities" for goods checks in Northern
Ireland - by December 2020.

A complicated and unprecedented system of rebated tariffs also needs to be
negotiated and delivered by December 2020.

A Conservative spokesman said: "Our new deal with the EU takes the whole of
the UK, including Northern Ireland, out of the EU.

"A Conservative majority government will implement this deal and agree a
trade agreement next year. In doing so we will strengthen our union and we
will not extend the implementation period beyond December 2020."

Arlene Foster, leader of the Democratic Unionist party, said: "If we are to
have what has been proposed, then it wouldn't be free flowing trade [within
the UK] and that, of course, causes us a great concern."--BBC

E-scooter company Unicorn goes bust after spending big on Facebook ads

Electric scooter start-up Unicorn is shutting down after spending too much
money on Facebook adverts.

Customers received an email from founder Nick Evans, saying he was "very
sorry" and was trying to sell Unicorn's assets to offer partial refunds.

The Texas-based company sold just 350 of its $699 (£531) commuter scooters,
according to The Verge. They have a top speed of 15mph and a range of 15
miles.

And start-up tracker Crunchbase said Unicorn had raised just $150,000.

"It saddens me to write this letter but we have run out of funding and are
shutting down operations immediately," the email says.

"We unfortunately do not have the resources to deliver your Unicorns nor are
we able to provide refunds, as we are completely out of funding."

The cost of "Facebook and Google ads, payments for loans, and other
expenses" ate through the company's funding quicker than Mr Evans
anticipated.

"A large proportion of the revenue went toward paying for Facebook ads to
bring traffic to the site," the email says.

"Unfortunately the cost of the ads were just too expensive to build a
sustainable business."

"This is infuriating and I am not happy with this company," customer
Juliette Lopez wrote on Facebook.

And Rebecca Buchholtz wrote she was "heartbroken" after receiving the email
as she had ordered her daughter a scooter for Christmas

The company has not posted on Facebook or Instagram since 20 June.

However, four weeks ago it wrote on its website it was on track to ship
scooters on 15 December, adding customers would have their orders in time
for Christmas and Hanukkah.

Though popular around the world, electric scooters are illegal to use on UK
roads and pavements.--BBC

Rise of SUVs 'makes mockery' of electric car push

The "immense" rise in sales of high-emission sports utility vehicles means
they now outsell electric cars in the UK by 37 to one, research has found.

As a result, overall exhaust emissions from new cars have been increasing,
not declining, for the past three years, says the UK Energy Research Centre.

SUV sales are jeopardising the UK transport sector's ability to meet EU
emissions targets, it said.

Prof Jillian Anable of the UKERC said this made "a mockery" of UK policy.

"Effectively, we have been sleepwalking into the issue," she said.

"The decarbonisation of the passenger car market can no longer rely on a
distant target to stop the sales of conventional engines. We must start to
phase out the most polluting vehicles immediately.

"It is time to enact a strong set of regulations to transform the entire car
market towards ultra-low carbon, rather than focusing solely on the uptake
of electric vehicles."

UKERC was founded in 2004 and is funded by UK Research and Innovation, the
UK government's research and innovation funding agency.

It carries out research into sustainable future energy systems.

Over the past four years, there have been 1.8 million SUV sales, compared to
a total of 47,000 for battery electric vehicles (BEV).

In 2018, SUVs accounted for 21.2% of new car sales, up from 13.5% three
years earlier.

However, BEV sales are coming from a low base, as the technology is still
relatively new.

"SUVs are larger and heavier than a standard car, emitting about a quarter
more CO2 than a medium-size car and nearly four times more than a
medium-sized battery electric vehicle," said the UKERC.

"Assuming the majority of these SUVs will be on UK roads for at least a
decade, it is estimated the extra cumulative emissions to total around 8.2
million tons of CO2."

The UKERC said the "extraordinary leap" in SUV sales over the past four
years seemed to be due to "attractive car financing packages which divert
attention from running costs".

Although vehicle excise duty is higher for gas-guzzlers, more than 90% of
new cars in the UK are now sold by way of deals that wrap the excise duty
into the monthly cost, "rendering the only clear policy signal to discourage
high-carbon vehicles somewhat useless," it said.

All-electric vehicles still represent only a fraction of total car sales.
The UKERC said they remained at less than 1% of new car sales in 2019.

There are also challenges to uptake, including a lack of charging points on
roads and too few low-cost models.

The UKERC warned against abandoning the EU's emissions targets after Brexit,
although no political party is currently advocating this.

It said EU regulations had been structured to allow makers of larger,
heavier cars to have higher levels of emissions per km.

"Yet, despite its flaws, there are dangers of Britain choosing not to align
with the EU vehicle regulations post-Brexit," it added.

RAC spokesman Simon Williams said: "It's important to remember that the SUV
trend has been developing for around two decades, arguably really taking off
in the mid-2000s, whereas the electric vehicle (EV) market is only just
beginning to accelerate as battery technology improves, along with the
availability of public charge points.

"As a result, there are some very strong EV sports utility vehicles on sale
now."

A spokesperson for the Society of Motor Manufacturers and Traders said:
"Manufacturers respond to consumer demand and dual-purpose cars are an
increasingly popular choice, available in a range of sizes, and valued for
their style, practicality, higher ride and commanding view of the road.

"Thanks to ongoing investment, like all vehicles, they're also ever more
efficient, with average CO2 emissions from new dual-purpose cars having
fallen more than 43% on 2000 levels."

They're tall, spacious, and styled to look as though they belong halfway up
a mountain, even though most will never ever venture more than a few metres
off-road.

SUVs are undoubtedly popular with drivers. But they're also big and heavy -
and that means they emit more CO2 than smaller cars.

But it would be wrong to see these figures as a sign that the market doesn't
want more environmentally friendly vehicles.

To put it simply, most people still drive petrol or diesel cars, and if they
want a bigger car, right now they'll probably choose a petrol or diesel SUV,
because they're familiar and widely available.

But just take a look at the tiny, yet rapidly growing market for electric
cars. Among the models now on the market are the Kia e-Niro, Hyundai's Kona
Electric, the Jaguar I-Pace, the Audi E-tron and the Mercedes EQ.

All of them are SUVs. The manufacturers think they can surf the wave of
enthusiasm for big cars - and use it to sell more electric vehicles.

The two are certainly not mutually exclusive.--BBC

Creso Pharma African launch of cannaQIX® imminent

Creso Pharma Limited (ASX:CPH) has advised that the launch preparations of
the cannaQIX® range with leading South African pharmaceutical company,
Pharma Dynamics, a subsidiary of Lupin Limited (NSE:LUPIN) in the March
quarter of 2020 is on schedule.

Pharma Dynamics has the sole distribution rights of Creso Pharma’s
broad-spectrum hemp oil nutraceuticals cannaQIX® product range across South
Africa, Namibia, Botswana, Zimbabwe, Swaziland, Lesotho, Angola, Mozambique
and Uganda.

In conjunction with execution of the Commercial Agreement, Pharma Dynamics
has also made two initial orders for cannaQIX® regular with an approximate
value of A$300,000.

It is expected that the product will be available at leading South African
retail pharmacies in the first quarter 2020.

Commenting on the collaboration with partner Pharma Dynamics and
highlighting their ability to bring an affordable product to market in
Africa, Creso Pharma’s chief executive and co-founder Miri Halperin Wernli
said, “ We are very excited to work together with our preferred partner
Pharma Dynamics for the launch of the cannaQIX® product range into the first
key countries in Africa.

‘’We are delighted to offer to the customer a top quality product with a top
quality partner at an affordable price.”

By way of background, the cannaQIX® range of products are cannabidiol (CBD)
hemp oil-based nutraceuticals using Creso Pharma’s proprietary innovative
delivery technology.

They contain broad spectrum hemp oil extract with CBD aiming to reduce
stress and to support mental and nervous functions.

The launch of the product in South Africa will provide access to an
affordable, high-quality, broad-spectrum hemp oil based GMP lozenge
nutraceutical product.

Providing further sales momentum

CannaQIX®’s global market penetration has increased significantly this year.

In the June quarter, cannaQIX® became available in major retailers like
Holland & Barrett and Boots in the UK, and Creso Pharma announced in July
that it had received approval to import the product into Brazil and
Australia.

In August, Creso announced that it had entered an exclusive distribution
agreement with JC Logistics Ltd trading as Medleaf Therapeutics for the
exclusive distribution of cannaQIX® in New Zealand.

Creso also announced the arrival of its first shipment of cannaQIX®50 in
Australia, to be sold under the brand name ‘LozaCan’ through its exclusive
Australian distributor, Burleigh Heads Cannabis

These developments along with the new sales being generated in Africa will
assist Creso Pharma in delivering strong revenue growth in fiscal
2020.--finfeed.com

Uber’s African Presence Grows With Ivory Coast Expansion

Uber has been looking to expand into African markets with low levels of car
ownership and limited mass transport and this has resulted in the launch of
the transportation service in Ivory Coast’s capital Abidjan.

This makes Abidjan just the 3rd territory Uber has a presence in within West
Africa with Nigeria and Ghana being the two other countries.

Uber believes that before entering Ivory Coast, 50 000 people had already
tried to use their app over the past year:

This means that for the thousands of taxi operators in Abidjan, there will
be new clients for every single driver, in addition to the number they
already have now

Alon Lits – Uber general manager for sub-Saharan Africa

The launch comes on the back of a 12 month negotiating period with
authorities but Uber feels “optimistic” about the opportunity to operate in
Abidjan -a slightly obvious thing to state since they are launching
operations in the city- due to a few different factors:

With a population of about 4.7 million, Abidjan is a well-known commercial
business hub and top global tourist destination, and the city’s ambitious
plans for development and economic expansion make it a perfect fit for Uber.

Back in October Uber’s General Manager for sub-Saharan Africa mentioned that
the company was on the African continent for the long haul:

Obviously being in this environment I can’t really go into detail around
profitability. I can say we’re very committed to the markets we’re in and
we’re not going anywhere.

Alon Lits, Uber’s general manager for sub-Saharan Africa--techzim

INVESTORS DIARY 2019

Company

Event

Venue

Date & Time

Companies under Cautionary

Bindura Nickel Corporation

Padenga Holdings

Delta Corporation

Meikles Limited

 <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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