Major International Business Headlines Brief::: 06 February 2019

Wed Feb 6 06:47:45 CAT 2019

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Major International Business Headlines Brief::: 06 February 2019

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

*  South Africa to unveil Eskom support package in coming days - Ramaphosa

*  Gold deal rush sweeps by broader mining sector

*  Equatorial Guinea to offer Ophir's old oil and gas block in April auction

*  Zambia receives bids for stake in state mining investment arm

*  Ethiopia finalising mining industry reforms -minister

*  Morocco’s unemployment rate drops to 9.8 pct in 2018 - planning agency

*  Egypt targets GDP growth of 5.6 pct this fiscal year, 6 pct in FY 19/20

*  S.Africa's private sector shrinks at a slower pace in January -PMI

*  US-China trade war: UN warns of 'massive' impact of tariff hike

*  Children's smartwatch recalled over data fears

*  Quadriga: Cryptocurrency exchange founder's death locks $140m

*  Angela Ahrendts: Former Burberry boss to step down from Apple

*  UK economy ‘stalls’ over Brexit and global economy fears

*  Apple reportedly settles French tax bill

*  Germania airline files for bankruptcy

 <mailto:info at bulls.co.zw> 

South Africa to unveil Eskom support package in coming days - Ramaphosa

CAPE TOWN (Reuters) - South Africa will in the coming days unveil a package of measures to shore up state-owned Eskom’s finances and address structural issues facing the struggling power firm, President Cyril Ramaphosa said on Tuesday.

“In the coming few days we will be announcing a package of measures to stabilise as well as to improve Eskom’s financial, operational as well as structural position, and to ensure security of energy supply for the economy,” Ramaphosa told a mining conference in Cape Town.

“We will not allow Eskom to fail,” he added.

Ramaphosa is trying to turn around the ailing company - which supplies more than 90 percent of South Africa’s power but is drowning in 420 billion rand ($31 billion) of debt.

 <mailto:info at bulls.co.zw> 

Gold deal rush sweeps by broader mining sector

CAPE TOWN/LONDON (Reuters) - The wave of consolidation sweeping the gold mining sector is for now passing the wider sector by as diversified majors have delivered returns to keep shareholders happy and investors are wary of repeating past mistakes, executives said.

Newmont Mining Corp said in January it would buy Goldcorp Inc, for $10 billion, creating the world’s biggest gold producer.

The merger following Barrick Gold Corp’s agreement in September to buy Randgold Resources Ltd in a deal valued at $6.1 billion.

In previous cycles, gold industry mergers have paved the way for broader activity, but executives say they expect the focus to stay on mid-tier gold companies and selling off any assets the new merged companies do not want.

Mark Bristow, CEO of the new Barrick, said gold had reached a point where action was inevitable.

“The one thing about business is that it eventually kills you. If you don’t perform, the options run out. The gold mining industry is actually at that point and now you’re seeing people making decisions,” he told reporters on the sidelines of a mining conference in Cape Town.

Gold companies also had a need to grow because of a decline in the share of active fund managers that just left the big passive funds, which however only invest in big companies.

“A key driver to the gold sector is its need to stay relevant to investors from both active funds and the increasingly important passive funds,” Richard Horrocks-Taylor, StanChart’s global head of metals and mining, said.

Passive funds make up an estimated 50 percent of metal funds, compared with 80 percent in 2012, as active managers quit the sector after the 2015 price crash.

Many gold miners had suffered from poor share price performance and been unable to reward shareholders with the buybacks and dividends the diversified miners have delivered.

Chris LaFemina, a managing director at Jefferies bank, said shareholders, bruised by overspending at the top of the last cycle that never delivered returns, would only clamour for broader consolidation if the macro environment changed.

“We need to see the cycle shift from a defensive slow growth, low interest rate environment to growth and inflation,” he said.

In the last cycle, the world’s second biggest miner Rio Tinto was hit by some high-profile problems.

In 2013, it announced a $14 billion writedown almost entirely on the value of its two most significant acquisitions, the Alcan aluminium group in 2007 and Mozambique-focused coal miner Riversdale in 2011.

But it was also the first to recover and now has the best balance sheet in the business, leading to speculation it could be the first to emulate the merger activity in gold.

It has handed billions back to its shareholders in dividends and buybacks, sold unwanted assets, and bought nothing significant since 2012, leaving its portfolio heavily dependent on iron ore and some analysts say light on copper.

LaFemina said that could remain the case for now, barring incremental deals.

“I don’t think there’s anything obvious for Rio to do other than return capital to shareholders,” LaFemina said.

But even fund managers, keen to maximise their own returns, predict there will be action at some point.

“Rio is now prioritising returning cash to shareholders and one could argue at the expense of volume growth and investors are questioning whether they will find themselves in three years’ time with a company ex-growth,” said a fund manager who owns shares in Rio speaking on condition of anonymity.

Equatorial Guinea to offer Ophir's old oil and gas block in April auction

CAPE TOWN (Reuters) - Equatorial Guinea will offer offshore Block R with the related Fortuna gas development project in the April licensing round, after the concession was reclaimed from Ophir Energy Plc, the oil minister said on Tuesday.

Gabriel Obiang Lima told Reuters in Cape Town that Block R would be one of up to 13 deepwater and ultra deepwater blocks offered in the licensing round on April 1.

Ophir was denied an extension in December to its licence for Block R and its plan for a floating liquiefied natural gas (LNG) project. Losing the block prompted Ophir to say it would report a $300 million non-cash right down in its full-year results.

Equatorial Guinea, a member of the Organization of the Petroleum Exporting Countries and Sub-Saharan Africa’s third-largest crude producer, relies heavily on oil and gas exports.

“What we have decided is to present it in the next licence round,” the oil minister said on the sidelines of the Indaba mining conference, adding this was the most transparent way of dealing with Block R and kickstarting the related gas project.

“This is going to be the first licence round that will have an exploration area (and) a developing area because it will be the Ophir area,” he said.

He said the offer would include an “invitation for companies to have a joint venture for operating” the block and the related gas development.

The minister was making his first public comments on the issue since Ophir lost the block after the company struggled to secure $1.2 billion in loans to fund the LNG plan.

Obiang Lima said the April licensing round would offer at least seven blocks but six more could be if additional blocks were reclaimed from the concession holders before April.

“We are giving companies another two more months to confirm their drilling. If they don’t drill we will take it from them so there will be additional blocks,” the minister said.

Obiang Lima had said in September that the government might refuse extensions of existing licences to oil companies unless they collectively invest a minimum of $2 billion in the country.

Companies that could be affected include ExxonMobil, Kosmos Energy, Marathon Oil and Noble Energy.

Zambia receives bids for stake in state mining investment arm

CAPE TOWN (Reuters) - Zambia has received bids from Canada’s First Quantum Minerals (FQM) and others for a 17 percent stake in state mining investment arm ZCCM-IH, the finance minister said on Tuesday.

“There are multiple unsolicited offers on the table, including from FQM, which are based on preferential share conversions,” said Margaret Mwanakatwe on the sidelines of a mining conference in Cape Town.

“The offers relate to the ministry’s 17 percent holding in ZCCM-IH and a sale would be subject to cabinet approval,” she said.

Ethiopia finalising mining industry reforms -minister

CAPE TOWN (Reuters) - Ethiopia will finalise reforms for its underdeveloped mining and oil sectors within the next two months as it seeks to encourage more foreign investors, its mines and petroleum minister said on Tuesday.

The country has already cut taxes for mining companies in recent years but the government wants to attract more foreign investment and ease a dollar shortage in the country.

Mines and petroleum minister Samuel Urkato said promoting the mining sector had become a priority and indicated that further tax incentives were on the cards.

“We are reforming all the laws, the national mining policy and the strategy that goes with that policy. These reforms include all fiscal regimes too in order to compete for global mining investments,” Samuel told Reuters on the sidelines of the African Mining Indaba in Cape Town, South Africa.

Newmont Mining is among a number of gold companies now prospecting in Ethiopia and Norwegian fertilizer maker Yara International plans to build a potash mine and a fertiliser factory in the country.

Other companies, however, have been put off by poor infrastructure, a shortage of skilled professionals in the sector, as well as a lack of transparency in licensing, industry consultants in Ethiopia say.

Australia’s BHP pulled out in 2012, while Israel Chemicals terminated a potash project in 2016 amid a tax dispute and claims the government had failed to provide infrastructure.

Since coming to office nearly a year ago, Prime Minister Abiy Ahmed has announced shake-ups across industries, including plans to open up the once closely guarded telecommunications, logistics and power monopolies.

Massive government investment in infrastructure has helped make Ethiopia one of Africa’s fastest-growing economies, but exports of garments and other products have struggled to take off, meaning the economy is not generating enough dollars to pay for imports.

Encouraging the mining sector could help. Though still small, it brought in $3.5 billion in foreign direct investment in the past five years, helped by new incentives that included updating the country’s geological data, extending duty-free access to companies engaged in exploration and offering to build infrastructure to accommodate mining sites.

“Take a company working at a remote site. They shouldn’t construct roads. The government should do that. They shouldn’t work on railways. The government will provide that,” Samuel said.

The government reduced the corporate income tax rate for miners to 25 percent two years ago, from 35 percent, and more recently lowered the precious metals royalty rate to 7 percent, from 8 percent.

The current law guarantees the government a 5 percent minimum equity stake in projects - a lower share than many other African countries.

While the government is keen to reap its share of mining revenues, Samuel said it planned more incentives to jump-start the industry.

“We will see later how to improve these royalty and fiscal regimes. We will gradually improve the size of royalties,” he said.

Morocco’s unemployment rate drops to 9.8 pct in 2018 - planning agency

RABAT (Reuters) - Morocco’s unemployment rate dropped to 9.8 percent in 2018 from 10.2 percent in 2017 with services topping job creating sectors, the planning agency said on Tuesday.

The Moroccan economy created 112,000 jobs last year, including 21,000 in rural areas, up from 86,000 jobs in 2017, the agency said.

Services created 65,000 jobs, while construction and manufacturing offered 15,000 and 13,000 jobs respectively.

Agriculture and fisheries created 19,000 jobs as Morocco experienced a good harvest for the second consecutive year after abundant rainfall.

There were 1,168,000 unemployed people in 2018, 48,000 less than in 2017.

Informal labour abounds in Morocco, making it hard to produce reliable employment figures.

The planning agency expects Morocco’s economic growth to slow to 2.9 percent in 2019 from 3 percent in 2018.

The government expects the economy to grow 3.2 percent this year.

Egypt targets GDP growth of 5.6 pct this fiscal year, 6 pct in FY 19/20

CAIRO (Reuters) - Egypt is targeting gross domestic product growth of 5.6 percent in the fiscal year ending June, Finance Minister Mohamed Maait said on Tuesday, slightly lower than its previous target of 5.8 percent.

Maait said the government will target GDP growth of 6 percent in the 2019-2020 financial year. The country’s GDP grew at an annual rate of 5.5 percent in the period from October to December 2018, and Maait said on Tuesday that growth in the third and fourth quarters was expected to be higher still.

S.Africa's private sector shrinks at a slower pace in January -PMI

JOHANNESBURG, Feb 5 (Reuters) - Activity in South Africa’s private sector deteriorated slightly in January as output and new orders fell while exports rose, a survey showed on Tuesday.

IHS Markit’s Purchasing Managers’ Index (PMI) rose to 49.6 from 49.0 in December, remaining below the 50 mark that separates expansion from contraction for the seventh month in a row.

The first increase in export orders since September 2017 helped arrest the rate of decline in business conditions, with demand for agricultural products in particular growing strongly.

“This points towards a modest recovery in the private sector during 2019, as indicated by IHS Markit’s forecast of 1.4 percent annual GDP growth,” said IHS Markit economist David Owen.

While firms said overall demand in the first month of the year was subdued, they were upbeat about future demand and output, citing ongoing political reforms as a likely boost to the economy and consumer activity.

Africa’s most industrialised economy grew 2.2 percent in the third quarter of 2018 after contracting in the preceding two quarters, and has seen sentiment brighten since Cyril Ramaphosa became president last February. He has promised to tackle corruption and reform economic policy.

Last month, the central bank forecast economic growth of 1.7 percent for 2019.

US-China trade war: UN warns of 'massive' impact of tariff hike

A UN trade official has warned a US plan to raise tariffs on Chinese goods next month would have "massive" implications for the global economy.

The US plans to increase tariffs on Chinese goods if the two sides fail to make progress on a trade deal by 1 March.

The comments followed a report by a UN trade agency on the impact of the US-China trade war.

It said Asian countries are likely to suffer most from protectionism.

The US and China are locked in a damaging trade dispute that has seen both sides levy tariffs on billions of dollars worth of one another's goods.

In December, both countries agreed to hold off on new tariffs for 90 days to allow for talks.

The US and China have a deadline of 1 March to strike a deal, or the US has said it will increase tariff rates on $200bn (£152bn) worth of Chinese goods from 10% to 25%.

China hails 'progress' in US trade talks

Will the US and China reach a trade deal?

The UN Conference on Trade and Development (Unctad) has warned that there will be huge costs if the trade war escalates.

"The implications are going to be massive," Pamela Coke-Hamilton, Unctad's head of international trade, said at a news conference.

"The implications for the entire international trading system will be significantly negative."

Smaller and poorer countries would struggle to cope with the external shocks, she said.

The higher cost of US-China trade would prompt companies to shift away from current east Asian supply chains.

Unctad's report estimates that east Asian producers will be hit the hardest, with a projected $160bn contraction in the region's exports.

But it warns the effects could be felt everywhere.

"There'll be currency wars and devaluation, stagflation leading to job losses and higher unemployment and more importantly, the possibility of a contagion effect, or what we call a reactionary effect, leading to a cascade of other trade distortionary measures," Ms Coke-Hamilton said.

Unexpected winners and losers

The higher cost of US-China trade would prompt companies to shift away from current east Asian supply chains, but report suggests it's unlikely that US firms would pick up that business.

The study found that US firms will only pick up 6% of the $250bn in Chinese exports that are subject to US tariffs.

Firms look to new factories as tariffs bite

Of the approximately $85bn in US exports that are subject to China's tariffs, only about 5% will be taken up by Chinese firms, the UN research shows.

The study found that European exports will grow by $70bn, while Japan, Canada and Mexico will see exports increase by more than $20bn each.

Other countries that could benefit include Australia, Brazil, India, the Philippines and Vietnam, the report said.--BBC

Children's smartwatch recalled over data fears

The European Commission has ordered the recall of a children's smartwatch because it leaves them open to being contacted and located by attackers.

In its recall alert, the Commission said the Enox Safe-Kid-One device posed a "serious" risk.

Data sent to and from the watch was unencrypted allowing data to be easily taken and changed, it said.

Enox said the decision was "excessive" and added that it had appealed against the ruling.

The recall is believed to be the first issued because a product does not protect user data.

Strong protest

"A malicious user can send commands to any watch making it call another number of his choosing, can communicate with the child wearing the device or locate the child through GPS," wrote the Commission in its alert notice.

It has directed public authorities across Europe to recall the product from end users.

Enox founder Ole Anton Bieltvedt told the BBC that the watch had passed tests carried out by German regulators last year allowing it to be sold.

The version the Commission tested was no longer on sale, he added.

Enox planned to lodge an appeal with Iceland's consumer protection regulator which had complained about the watch to the Commission.

Mr Bieltvedt said Enox's distributor in Iceland had made a "strong protest" and "they have appealed to the authorities in charge with the demand that this test conclusion would be reversed".

The Enox device comes fitted with GPS, a microphone and speaker and has a companion app that lets parents oversee the location of the wearer and contact them.

Tests by security researchers on popular smartwatches aimed at children last year revealed some of their shortcomings.

The security experts found it was easy to track children as the watches did a poor job of encrypting data or checking who was logging information.

In November 2017, Germany banned smartwatches for children saying they were "spying devices".--BBC

Quadriga: Cryptocurrency exchange founder's death locks $140m

Canada's largest cryptocurrency exchange is unable to access millions in digital currency following the sudden death of its founder.

Quadriga has filed for creditor protection and estimates that about C$180m ($137m; £105m) in cryptocurrency coins is missing.

It has not been able to locate or secure its cryptocurrency reserves since Gerald Cotten died in December.

Cotten, 30, had sole responsibility for handling the funds and coins.

In court documents filed with the Nova Scotia Supreme Court on 31 January, his widow Jennifer Robertson, says the laptop on which Cotten "carried out the companies' business is encrypted and I do not know the password or recovery key".

"Despite repeated and diligent searches, I have not been able to find them written down anywhere," the affidavit states.

The company hired an investigator to see if any information could be retrieved but ongoing efforts have had only "limited success in recovering a few coins" and some information from Cotten's computer and phone.

The company is also investigating whether some of the cryptocurrency could be secured on other exchanges, according to court files.

They say about 115,000 Quadriga users hold balances in their personal accounts in the form of cash obligations and cryptocurrency.

The company estimates it owes about C$250m ($190m; £145m) - including C$70m in hard currency.

The affidavit says the majority of the cryptocurrency was kept by Quadriga in a "cold wallet" or "cold storage", which is located offline and used to secure cryptocurrency from hacking or theft.

Liquidity problems for the British Columbia-based company began in January 2018 when Canadian bank CIBC froze C$25.7m linked to its payment processor after the bank had difficulty determining who were the owners of the money.

Those problems have been compounded by Cotten's passing.

The founder died unexpectedly due to complications with Crohn's disease while travelling in India, according to court documents.

Bitcoin explained: How do crypto-currencies work?

Bitcoin turns 10 years old

In a statement posted online last Thursday, Quadriga said it is working to address its "liquidity issues, which include attempting to locate and secure our very significant cryptocurrency reserves held in cold wallet".

The company is due in court in Nova Scotia on Tuesday for a preliminary hearing on appointing firm Ernst and Young as an independent monitor to oversee the proceedings.--BBC

Angela Ahrendts: Former Burberry boss to step down from Apple

Angela Ahrendts, the former high fashion boss of Burberry brought in to revitalise Apple's retail stores, is stepping down after five years.

Apple said Ms Ahrendts will leave the company in April "for new personal and professional pursuits".

She is one of its highest paid executives, earning nearly twice as much as boss Tim Cook in 2017.

Ms Ahrendts will be replaced by Deirdre O'Brien, whose role as vice president of people will expand to cover retail.

During her time at Apple, Ms Ahrendts opened a number of flagship stores, aimed at creating a "community space" as opposed to just selling the firm's latest product.

Mr Cook said: "She has been a positive, transformative force, both for Apple's stores and the communities they serve. We all wish her the very best as she begins a new chapter."

Transformation

Ms Ahrendts was previously chief executive of Burberry, where she oversaw its transformation from a British brand best-known for its checked raincoats to a leading name on the world's catwalks.

By the time she left in 2014, she was one of the FTSE 100's highest paid chief executives.

In 2017, Ms Ahrendts earned $24.2m, compared to Mr Cook who took home $12.8m.

Apple recently reported a sharp fall in revenue from its iPhone and hinted that it could lower prices to boost demand.

Overall, first quarter revenue fell by 5% to $84.3bn compared to the same period last year.

Analysts at Wedbush Securities said its initial reaction to Ms Ahrendts departure was surprise "as she was one of the key executives at Apple and a linchpin around running 500-plus retail stores on five continents and potentially was seen by some as a future heir to Cook as chief executive further down the line".

But it said because Apple is entering a critical period amid sluggish demand for the iPhone, Ms O'Brien's 30 years working for the firm is positive "as an outsider running retail going into one of the most pivotal, defining periods for Cook & Co in the company's history would have been a risky endeavour".--BBC

UK economy ‘stalls’ over Brexit and global economy fears

The UK's service sector stagnated last month, with new orders falling for the first time in two-and-a-half years, according to the IHS Markit/CIPS purchasing managers' index (PMI).

The figures showed a reading of 50.1 in January, lower than December's 51.2.

IHS Markit's Chris Williamson said the results indicated that the UK economy "is at risk of stalling or worse".

He said this was because of growing Brexit uncertainty coinciding with a wider slowdown in the global economy.

Economists had expected a reading of 51 - a figure above 50 indicates growth.

It follows last Friday's news that the PMI figures for manufacturing fell to 52.8 last month - the second weakest reading since July 2016.

The figures revealed that UK manufacturers were preparing for Brexit by stockpiling raw materials at a record pace and that there was a risk of the sector slipping into recession.

'Political uncertainty'

Speaking about the service sector figures, Mr Williamson said: "Growth ground almost to a halt in January, matching similar disappointing news in the manufacturing and construction sectors.

"The last three months have seen the economy slip into its weakest growth spell for six years and indicate that GDP likely stagnated at the start of 2019 after eking out modest growth of just 0.1% in the fourth quarter.

"The survey results indicate that companies are becoming increasingly risk averse and eager to reduce overheads in the face of weakened customer demand and rising political uncertainty.

"Such worries were in turn most commonly linked to heightened Brexit anxiety, though wider global political and economic factors were also seen to have been taking their toll on demand."

Until very recently, what's been most remarkable is not how much of an economic impact all the Brexit-related uncertainty has had, but how little. Growth has continued. The number employed keeps hitting new records. The services sector which makes up four-fifths of our economy has continued to expand.

But, crucially, those upbeat figures on jobs and growth are lagging indicators, about two months behind reality. The purchasing managers' index is more up to date, surveying the people in firms taking financial decisions.

According to them the most forward-looking indicators - such as new orders from customers - are down.

However - before we assume the politics of Brexit is stalling the economy, it's worth noting something. Back in July 2016, right after the referendum, respondents to the survey were even gloomier than they are now.

Some economists predicted capital flight; others predicted recession. Those fears, so far at least, have proved largely misplaced.

Mr Williamson's views on uncertainty over the impact of Brexit were backed up by other experts.

Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said: "Services firms could not be clearer in blaming Brexit uncertainty for the stagnation of activity in January."

He added that the figures suggested that activity could fall over the coming months, but said that similar forecasts in 1998, 2001 and 2003 "failed to materialise".

And Duncan Brock, group director at the Chartered Institute of Procurement and Supply, said: "Brexit uncertainty continues to be at the heart of the malaise, as clients delayed orders and consumers were deeply reluctant to spend under the continuing cloud of hesitation, indecision and ambiguity."--BBC

Apple reportedly settles French tax bill

IPhone-maker Apple has reached a deal with French authorities to pay back taxes.

French magazine L'Express reported that the firm paid nearly €500m ($570m, £439m) in a confidential settlement reached late last year.

Apple's French business confirmed there was a deal in a statement to the Reuters news agency but refused to say how much was paid.

France is lobbying for an EU-wide tax on the biggest technology firms.

"As a multinational company, Apple is regularly audited by fiscal authorities around the world," Apple France said in the statement.

"The French tax administration recently concluded a multi-year audit on the company's French accounts, and those details will be published in our public accounts."

'Extensive audit'

L'Express reported that the investigation centred on the small amount of sales the firm booked in France despite the size of France as a market for Apple.

Most of its sales are booked in Ireland where the US firm has its European headquarters, and which has a low corporate tax rate.

Last year Apple paid an extra £136m in tax following an "extensive audit" by HM Revenue and Customs.

Apple Europe agreed to pay a "corporate income tax adjustment" covering years up to 26 September 2015.

In September, Ireland said it had recovered $13.1bn in disputed taxes from Apple plus interest of €1.2bn which it will hold in anticipation of its appeal against an EU tax ruling.--BBC

Germania airline files for bankruptcy

Budget airline Germania has filed for bankruptcy and cancelled all of its flights with immediate effect.

The Berlin-based airline, which flew to destinations across Europe, Africa and the Middle East, transported more than four million passengers a year.

It blamed rising fuel prices and currency fluctuations as two factors.

"We ultimately failed to successfully complete our financing efforts to meet short-term liquidity needs," said managing director Karsten Balke.

"We very much regret that, as a consequence, we had no choice but to file for bankruptcy."

The company said that passengers who had booked flights as part of a package should contact their tour operator to make different arrangements, but added that people who booked directly with them were not entitled to a replacement flight.

It is another blow to the German air industry after the country's second biggest carrier at the time, Air Berlin, filed for insolvency in August 2017.

And it follows more recent problems among other budget carriers.

On Monday, Ryanair posted its first quarterly loss since March 2014, when announcing a net loss of €19.6m (£17.2m) for the last three months of 2018.

And last week, Norwegian Air announced that it wants to raise 3bn Norwegian kroner (£268m) through a rights issue to improve its finances.

Other airlines like Wow and Flybe are looking for buyers.--BBC

INVESTORS DIARY 2019

Company

Event

Venue

Date & Time

Nampak

AGM

68 Birmingham Road, Southerton

06 Feb 2019 - 12pm

Ariston

AGM

Royal Harare Golf Club

19 Feb 2019 - 2:30pm

Zimbabwe

Robert Mugabe National Youth Day

Zimbabwe

21 Feb 2019

Powerspeed

AGM

Boardroom, Gate 1, Powerspeed Complex, Graniteside

28 Feb 2019 - 11am

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

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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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