Major International Business Headlines Brief::: 07 February 2019

Thu Feb 7 07:01:09 CAT 2019

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

Major International Business Headlines Brief::: 07 February 2019

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

*  Angola's Endiama sees diamond output rising to 13.8 mln carats by 2022

*  Congo 2018 copper output up 12.9 percent to 1.2 mln T -Chamber of Commerce

*  South African business confidence index falls in January

*  Rwanda signs $400 million deal to produce methane gas from "Killer Lake"

*  Bushveld Minerals hopes to list in Johannesburg by Q3

*  South Africa's rand tumbles in subdued trade

*  Atlas Mara co-founder Bob Diamond steps down as chairman

*  Gold deal rush sweeps by broader mining sector

*  Trump backs World Bank critic Malpass for top job

*  French-German rail merger blocked by Brussels

*  Spotify splashes out millions of dollars on podcasts

*  Huawei: Tackling security concerns may take five years

*  UK fracking firm urges rise in quake level

 <mailto:info at bulls.co.zw> 

Angola's Endiama sees diamond output rising to 13.8 mln carats by 2022

CAPE TOWN (Reuters) - Angola’s state-owned diamond firm Endiama sees production rising to 13.8 million carats in 2022 compared with 9.5 million carats forecast for this year, a senior official said on Wednesday.

Production in 2018 was 9.4 million carats, Endiama’s director of geology, Kapingana Mandavela, told an African mining conference.

 <mailto:info at bulls.co.zw> 

Congo 2018 copper output up 12.9 percent to 1.2 mln T -Chamber of Commerce

CAPE TOWN (Reuters) - Copper production in Democratic Republic of Congo, Africa’s top producer, rose 12.9 percent in 2018 to 1.2 million tonnes, the Chamber of Commerce said in a presentation on Wednesday.

Output of cobalt, a key component of electric car batteries, rose 43.8 percent to 106,439 tonnes, while gold production increased by 22.6 percent to 28,539 kg.

South African business confidence index falls in January

JOHANNESBURG (Reuters) - South Africa’s business confidence was stable in January, with investors seeing progress in the economic and political reform as stalling while activity in the real economy remained sluggish, a survey showed on Wedensday.

The South African Chamber of Commerce and Industry’s (SACCI) monthly business confidence index slipped to 95.1 in January from 95.2 in December, the business body said in a statement.

While the monthly reading was barely changed, the measure was down 4.6 index points compared to the same time last year when sentiment was lifted to a two-and-a-half year high by incoming President Cyril Ramaphosa’s promise of an economic turnaround.

“The realism of challenges facing the economy has clearly emerged while the ability of the economy to adhere to expectations are more sobering,” SACCI said in a statement.

Nine of the thirteen sub-indices - among them measures of energy supply, product sales, and the impact of the exchange rate - were worse off in January 2019 than in January 2018.

Africa’s most industrialised economy is battling to lift annual growth above 1 percent, but confidence in Ramaphosa’s reform plans has waned, with cash-strapped state power firm Eskom in particular still a big concern for policymakers.

Eskom said this week it expects to make a 20 billion rand ($1.5 billion) loss this year and wants tariff hikes of almost four times above consumer inflation, an increase businesses have warned will trigger job losses and lower activity.

Rwanda signs $400 million deal to produce methane gas from "Killer Lake"

KIGALI (Reuters) - Rwanda said on Tuesday it had signed a $400 million deal to produce bottled gas from Lake Kivu, which emits such dense clouds of methane it is known as one of Africa’s “Killer Lakes”.

The project by Gasmeth Energy, owned by U.S. and Nigerian businessmen and Rwandans, would suck gas from the lake’s deep floor and bottle it for use as fuel. This should, in turn, help prevent toxic gas bubbling to the surface.

The seven-year deal, signed on Friday, was announced on Tuesday.

Rwanda already has two companies that extract gas from Lake Kivu to power electricity plants.

Clare Akamanzi, chief executive of the Rwanda Development Board, told Reuters bottled methane would help cut local reliance on wood and charcoal, the fuels most households and tea factories use in the East African nation of 12 million people.

“We expect to have affordable gas which is environmentally friendly,” she said. “We expect that people can use gas instead of charcoal, the same with industries like tea factories instead of using firewood, they use gas. It’s part of our green agenda.”

The deep waters of Lake Kivu, which lies in the volcanic region on Rwanda’s border with the Democratic Republic of Congo, emit such dense clouds of methane that scientists fear they might erupt, killing those living along its shore.

Eruptions from much smaller methane-emitting lakes in Cameroon, one causing a toxic cloud and another sparking an explosion, killed a total of nearly 1,800 people. The shores of Lake Kivu are much more densely populated.

Gasmeth Energy said it would finance, build and maintain a gas extraction, processing and compression plant to sell methane domestically and abroad.

The bottled gas should be on sale within two years, Akamanzi said, adding that prices had yet to be determined.

Bushveld Minerals hopes to list in Johannesburg by Q3

CAPE TOWN (Reuters) - London-listed Bushveld Minerals, which has vanadium mines in South Africa, said on Tuesday it planned a to list on the Johannesburg Stock Exchange by the third quarter of this year.

Bushveld Minerals, which has vanadium operations in South African and coal operations in Madagascar, said the listing was not intended to raise capital but would allow investment from South Africa where its core business was located.

“If to do that it means that we participate in the secondary market or we do a placing is a decision we will make in due course,” chief executive Fortune Mojapelo told Reuters on the sidelines of an African mining conference.

Mojapelo said he hoped to have the transaction completed by between the second and third quarters of this year.

South Africa's rand tumbles in subdued trade

JOHANNESBURG (Reuters) - South Africa’s rand weakened early on Wednesday as the dollar regained some ground and investors kept shy of the local currency awaiting signs of a recovery in the economy.

At 0640 GMT, the rand was 0.28 percent weaker at 13.4200 compared to an overnight close of 13.3825 in New York.

The dollar held steady after President Donald Trump’s State of the Union address, showing little reaction to indications of another government shutdown.

With activity in currency markets remaining subdued following holidays in Asia, the rand struggled to find takers as investors held on to gains after last week’s rally and awaited President Cyril Ramaphosa’s state of the nation speech on Thursday and the annual budget later in the month.

Recent data has shown the recovery in Africa’s most industrialised economy remains sluggish, although the rand remains an attractive carry target with inflation falling and the central bank set to switch to easing lending rates in 2019.

However, a Reuters poll this week found the rand was likely to lose about half of the 7 percent gains made against the greenback since the start of the year over the next 12 months, pressured by fiscal constraints and weak growth.

The only data release set for Wednesday is the South African Chamber of Commerce and Industry’s monthly business confidence indicator for January.

Bonds were also weaker, with the yield on the benchmark government issue due in 2026 adding 3 basis points to 8.62 percent.

Stocks were set to open flat at 0700 GMT, with the JSE securities exchange’s Top-40 futures index up 0.12 percent.

Atlas Mara co-founder Bob Diamond steps down as chairman

LONDON (Reuters) - Veteran banker Bob Diamond is stepping down as chairman of Atlas Mara as part of a shake-up at the pan-African financial group.

Diamond, a co-founder of Atlas Mara, will become a non-executive director. Fellow board member Michael Wilkerson has been appointed executive chairman.

The firm has also appointed Muhammad ‘Omar’ Khan as chief financial officer effective April 2019.

Atlas Mara told investors it was undertaking a review of its strategic options, including weighing the acquisition of a 35 percent stake in South African financial services provider GroCapital to accelerate a move into digital banking.

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.

Trump backs World Bank critic Malpass for top job

US President Donald Trump has named senior Treasury Department official David Malpass to lead the World Bank.

If approved, he is expected to push the bank to narrow the focus of its lending to the world's poorest countries, among other changes.

His nomination has stirred debate, as some worry that Mr Malpass, a critic of the bank, will seek to reduce its role.

White House officials said Mr Malpass, a long-time Republican, would be a "pro-growth reformer".

At a press conference in Washington, Mr Trump praised Mr Malpass as a "strong advocate for accountability at the World Bank for a long time".

The president, who frequently criticises multilateral institutions, said he expected Mr Malpass to ensure that the bank's dollars "are spent effectively and wisely, serve American interests and defend American values."

Who is David Malpass?

Mr Malpass, a Trump loyalist, was a senior economic adviser to the US president during his 2016 election campaign.

He has served as the Treasury Department's undersecretary for international affairs since August 2017.

The 62-year-old has criticised the World Bank, along with other institutions such as the International Monetary Fund, for being "intrusive" and "entrenched".

He has also pushed the bank to reduce its lending to China, which he says is too wealthy to deserve such aid, and deploys harsh practices when lending to other countries.

Who is Trump's World Bank pick Malpass?

The US, the World Bank's largest shareholder and a major source of its funding, has traditionally held sway over the selection process for president.

An American has led the institution since its start in the 1940s, when it was created to help rebuild Europe in the aftermath of World War II.

However, there has been increased pressure to diversify the bank's leadership, reflecting the economic rise of other countries in recent decades.

Counting the votes

It is not clear if other countries will propose alternatives to challenge Mr Malpass for the presidency.

The World Bank, which has 189 members, is accepting names until 14 March and plans to create a shortlist of up to three candidates for interviews.

Its executive board expects to vote on candidates before its April meeting.

The US controls 16% of the 25-member board's voting power.

European shareholders, who control another significant chunk of voting power, are also unlikely to block the pick, according to Reuters.

White House officials said Mr Malpass would champion "pro-growth" policies, emphasising the role of the private sector, increased lending transparency and more "competitive" tax systems.

He will also oversee implementation of reforms the US pushed last year, which coupled an increase in money for the bank with changes aimed at reducing lending to China.

Officials said Mr Malpass's nomination did not signal a lack of support for the organisation, which helps finance development projects with loans, credits and grants, committing more than $60bn (£46.3bn) in its most recent financial year,

However, they said the administration did want to see changes to make it more effective.

"Sometimes that does require real reform and modernising ways of doing business," a senior administration official said during a background briefing with reporters.

If approved, Mr Malpass would replace Jim Yong Kim, a doctor and former president of Dartmouth University, who unexpectedly resigned last month.

Mr Kim, whose tenure had been rocky, is joining a private equity fund.--BBC

French-German rail merger blocked by Brussels

Brussels has knocked down a proposed French-German rail merger, designed to help Europe compete with China.

The EU's competition commission blocked the tie-up, saying uniting France's Alstom with the rail arm of Germany's Siemens would lead to higher prices.

The firms had said the merger would create an industrial champion on a par with other global players.

France's finance minister, Bruno Le Maire said the decision would "serve the interests of China".

"The Commission prohibited the merger because the companies were not willing to address our serious competition concerns," Margrethe Vestager, the European competition commissioner said in a statement.

"Without sufficient remedies, this merger would have resulted in higher prices for the signalling systems that keep passengers safe and for the next generations of very high-speed trains," she added.

Siemens makes ICE trains for Deutsche Bahn and builds units for Channel Tunnel operator Eurostar. Alstom manufactures France's TGV bullet train amongst other rolling stock and signalling systems.

The tie-up would have created an entity with revenues of approximately €15bn (£13bn) with significant operations across Europe's rail network.

But China's state owned railway behemoth CRRC, the largest global player, has been competing more aggressively for overseas contracts in recent years.

Change rules

In December Alstom and Siemens submitted proposals to address the Commission's competition concerns. These included selling signalling and rolling stock products. But the measures failed to satisfy the competition authority.

But those supporting the deal, including government ministers in both France and Germany said the Commission should look beyond Europe in sectors such as transport and banking.

German Economy Minister Peter Altmaier said Berlin and Paris were working on a proposal to change European competition rules.

Siemens' chief executive Joe Kaeser said: "Europe urgently needs structural reform... protecting customer interests locally must not mean that Europe cannot be on a level playing field with leading nations like China, the United States and others."--BBC

Spotify splashes out millions of dollars on podcasts

Spotify is splashing out millions of dollars as it tries to move beyond music into the growing podcast market.

The music streaming service has bought Gimlet Media, behind a string of popular podcasts including Reply All, and podcast publishing platform Anchor.

The Swedish firm has also pledged to spend $400-$500m (£308m) this year on further podcast-related acquisitions.

Midia Research music analyst Zach Fuller said Spotify was trying to become the "Netflix of audio".

He said the move was aimed at putting it ahead of music streaming rivals like Apple Music and Tidal, as well as allowing it to earn more from advertisers.

"Going into podcasts, a longer form of content, allows Spotify to keep listeners for a longer period of time, which mean they can earn more from advertisers, and advertisers will only be too happy to pay because they're happy to have a new digital player that isn't Google or Facebook," he told the BBC.

"Podcasts are less costly to produce than paying major record labels for rights to use songs on their platform, which they still have to do," he added.

'Intimacy plus': Is that what makes podcasts so popular?

What is Spotify really worth?

Spotify said it wanted Gimlet for its podcast studio, while it said Anchor, which allows individuals and companies to create and publish podcasts, would bring a growing number of new content creators.

Separately, Spotify announced that it had achieved its first quarterly profit, and for the first time in the firm's history, its operating income, net income, and free cash flow were all positive.

The latest forecasts from consultancy PwC show that online audio advertising for traditional AM/FM radio broadcasters will grow by 7.8% between 2017 to 2022, and it is expected to be worth $2.2bn by 2020.

And around a fifth of people in the US, UK, Canada and Australia aged between 20-34 cohort listen to podcasts, separate figures suggest.

"Advertisers are now looking in the digital advertising landscape and almost all the growth is taken up by Google and Facebook.

"If Spotify can demonstrate that podcast advertising provides a meaningful return on advertisers' investment, then they will reap the benefits of that," said Mr Fuller.--BBC

Huawei: Tackling security concerns may take five years

It will take three to five years for Huawei to address security issues raised by the UK government, the company has said.

The Chinese firm, which has earmarked $2bn (£1.5bn) for the process, outlined the timetable in a letter to MPs.

Huawei, the world's biggest producer of telecoms equipment, faces allegations that its equipment could pose a security risk, which it denies.

Last year a UK government report highlighted some areas of concern.

The letter was sent last week to MPs on the Commons Science and Technology Committee, but made public on Wednesday. In it, Ryan Ding, president of Huawei's carrier business group said the process of adapting its software and engineering processes to meet the UK's requirements was "like replacing components on a high-speed train in motion".

Several governments, including those of France and Germany, are also considering whether to allow the use of Huawei equipment in sensitive infrastructure. Australia and New Zealand have joined the US in banning the use of Huawei products in their 5G mobile networks.

Western countries' fears around Huawei stem partly from China's 2017 National Intelligence Law. It states that Chinese organisations are obliged to "support, cooperate with, and collaborate in, national intelligence work". This has raised fears that Chinese-made equipment could present a security risk particularly if used in the construction of new 5G networks.

Mr Ding said in his letter last week that the company "has never and will never" use its equipment to assist espionage activities.

"Huawei is a closely watched company," he said. "Were Huawei ever to engage in malicious behaviour, it would not go unnoticed - and it would certainly destroy our business."

British authorities have not found any evidence of spying using Huawei equipment.

'Lack of progress'

The US Justice Department has charged Huawei with conspiring to violate US sanctions on Iran and with stealing robotic technology from T-Mobile.

In December, Huawei's chief financial officer Meng Wanzhou was arrested in Canada at the request of the US.

US to 'seek Huawei executive extradition'

Huawei: The rapid growth of a Chinese champion in five charts

Last year's UK government report was written by the Huawei Cyber Security Evaluation Centre (HCSEC), which was set up in 2010 in response to concerns that BT and others' use of the firm's equipment could pose a threat.

The body is overseen by UK security officials, including ones from spy agency GCHQ.

It said that it was disappointed that there had been a "lack of progress" in tackling previously identified shortcomings.--BBC

UK fracking firm urges rise in quake level

Fracking firm Cuadrilla wants to raise the current limit for the size of tremors that can be felt as a result of its drilling operations.

Under current rules, drilling must be stopped for 18 hours if it triggers earth tremors above a 0.5 magnitude.

But other industries enjoy "higher thresholds" when it comes to tremors, the company says.

Environmental group Greenpeace said the government should focus on cleaner energy to tackle climate change.

Cuadrilla, the only company currently fracking in the UK, joins private energy giant Ineos in criticism of the current limits.

Ineos, which has licences for sites in Cheshire, Yorkshire and the Midlands, said earlier this week that the government was insisting on "absurd seismic thresholds" which were too low.

'One more regulation'

Cuadrilla resumed operations at its Preston New Road site in Little Plumpton, near Blackpool, Lancashire, last year for the first time since the process was halted in 2011 over earth tremor fears.

"All we ask now is that we are treated fairly, with comparable seismic and ground vibration levels to similar industries in Lancashire and elsewhere in the UK who are able to work safely but more effectively with significantly higher thresholds for seismicity and ground vibration," said chief executive Officer Francis Egan.

The company said recent testing "confirms that there is a rich reservoir of recoverable high quality natural gas present" beneath the Preston New Road exploration site.

But it says a "micro-seismic operating limit during hydraulic fracturing, set at just 0.5 on the Richter Scale, had however severely constrained the volume of sand that could be injected into the shale rock".

In a presentation, the firm quotes a seismologist explaining how the limit could potentially be raised.

But John Sauven, Greenpeace UK's executive director, said: "Cuadrilla have practically admitted they can't make fracking work under the safety rules they've been boasting about for years. If they can't, then they shouldn't.

"Now the industry need just one more regulation to be lifted, the safety limit on earthquakes. Until the next one, of course.

"The UK government should stop wasting more time on this polluting industry and back the clean energy infrastructure we need to power our society and tackle climate change."

Higher thresholds in US

Ben Edwards, Reader in Seismology at the University of Liverpool, is referenced in the Cuadrilla presentation as saying: "If you want to go to a risk-based approach, where you allow events that do not pose any risk to humans or structures, then there is scope to review the current system.

"That could be raised to 1.5 and that would still arguably be conservative.

"The company says "the threshold within North America has been set as high as 4.0".

The Richter scale is logarithmic, meaning a 1.0 increase up the scale means a tremor 10 times as big.

In 2011, Cuadrilla suspended the test fracking operations near Blackpool after earthquakes of 1.5 and 2.2 magnitude hit the area.

A subsequent study found it was "highly probable" that shale gas test drilling triggered the tremors.

A government-appointed panel said there could be more tremors as a result of fracking, but that they would be too small to do structural damage above ground.

It recommended greater monitoring and said operators should observe the "traffic light" regime.

'Fit for purpose'

Last month it emerged that a minister had ruled out relaxing regulations.

In a November 2018 letter from Energy and Clean Growth minister Claire Perry to Cuadrilla chief executive Francis Egan - in response to calls for an urgent review - she wrote: "While I hope the industry can thrive in the years ahead, I have always been clear that any shale developments must be safe and environmentally sound."

She said when developing and reviewing the company's hydraulic fracture plan "at no point did you communicate... it would not be possible to proceed without a change in regulations".

She added: "The government believes the current system is fit for purpose and has no intention of altering it."

And Daniel Carey-Dawes, from the Campaign to Protect Rural England, said: "The government must not pander to these threats, but listen to the views and concerns of local communities who have genuine climate concerns, but will ultimately pay the price if we roll over and allow the fracking industry to do as it likes."--BBC

INVESTORS DIARY 2019

Company

Event

Venue

Date & Time

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

 <mailto:info at bulls.co.zw> 

DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from sources believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and sourced from third parties.

(c) 2019 Web: <http:// www.bulls.co.zw >  www.bulls.co.zw Email:  <mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77 344 1674

Invest Wisely!

Bulls n Bears 

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

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

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

Website:         <http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw&sa=D&sntz=1&usg=AFQjCNH8LYgdY55h-XKseuM8Kpr-JKdfhQ> www.bulls.co.zw 

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

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

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

Skype:         Bulls.Bears 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20190207/95462c0e/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.jpg
Type: image/jpeg
Size: 3653 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20190207/95462c0e/attachment-0006.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image008.jpg
Type: image/jpeg
Size: 4846 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20190207/95462c0e/attachment-0007.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image009.jpg
Type: image/jpeg
Size: 42387 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20190207/95462c0e/attachment-0008.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image010.jpg
Type: image/jpeg
Size: 29391 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20190207/95462c0e/attachment-0009.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image011.jpg
Type: image/jpeg
Size: 29401 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20190207/95462c0e/attachment-0010.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image012.jpg
Type: image/jpeg
Size: 29420 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20190207/95462c0e/attachment-0011.jpg>