Major International Business Headlines Brief::: 04 January 2019

Fri Jan 4 06:43:21 CAT 2019

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Major International Business Headlines Brief::: 04 January 2019

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*  Zimbabwe's Delta Beverages to accept cash only amid currency crunch

*  South Africa's rand falls to 3-month low in global selloff

*  Zambia says mines have failed to show impact of higher taxes

*  Libya's closed Sharara oilfield losing 8,500 bpd to looting -NOC

*  Total starts production at Nigeria's deepwater Egina oilfield

*  Kenyan shilling weakens slightly on uptick in importer demand

*  South Africa's rand, stocks tumble as China data disappoint

*  Niger expects GDP growth to rise to 6.5 pct in 2019

*  Nigeria's crude output rises to 2.09 mln bpd in 2018

*  Kenyan shilling stable, may weaken as business resumes after holiday

*  US stocks fall as China fears trigger gloom

*  Apple ordered to pull iPhones from stores in Germany

*  Ex-Credit Suisse bankers arrested over '$2bn fraud scheme'

*  Herb Kelleher: Father of low-cost airline travel dies at 87

*  Apple shares close nearly 10% lower after sales warning

*  Bristol Myers and Celgene in $74bn pharmaceutical merger

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Zimbabwe's Delta Beverages to accept cash only amid currency crunch

JOHANNESBURG (Reuters) - Zimbabwe’s largest brewing company Delta Corporation said on Wednesday that its beverages subsidiary will accept hard currency only from Jan. 4 to protect itself from a crippling shortage of U.S. dollars in the country.

The African country adopted the use of foreign currencies, mainly the U.S. dollar, in 2009 in an effort to tame inflation, but a severe shortage of physical notes has left Zimbabweans watching the dollars in their bank accounts lose value compared with cash.

The move by Delta is the latest evidence of the strain the shortage of is having on businesses, with some shutting up shop and the government taking steps to ensure others remain viable.

The decision means Delta, which is 40 percent owned by Anheuser-Busch Inbev, will no longer accept electronic dollars known as “Zollars” or a quasi-currency known as “bond notes” at its Delta Beverages subsidiary.

In a letter to customers of Delta Beverages posted on Twitter, the company said it did not have enough foreign currency, prompting foreign suppliers, some of which have not been paid for long periods, to cut off credit and new orders.

“Our business has been adversely affected by the prevailing shortages in hard currency, resulting in the company failing to meet your orders,” it said, adding that soft drinks had been out of stock for prolonged periods.

“To sustain its operations, the company advises wholesale and retail customers that its products will be charged in hard currency.”

The so-called bond notes had been introduced by Zimbabwe’s central bank to address the currency shortage, but the value of these has collapsed.

The currency crunch has also caused shortages of basic goods, medicines and fuel, pushing inflation to a 10-year high in November.

Delta said it had invested $600 million in plant and equipment, vehicles and ancillary services since 2009 and that it needs to protect this investment.

“There is need for wider consultation on policy interventions to build consensus and market confidence among stakeholders to stabilise the macroeconomic environment,” it said in its letter.

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South Africa's rand falls to 3-month low in global selloff

JOHANNESBURG (Reuters) - South Africa’s rand tumbled to its weakest in three months on Thursday as emerging market currencies were hit by a wave of risk aversion as fears about global growth intensified.

At 0650 GMT the rand was 0.6 percent weaker at 14.5550 per dollar, recovering slightly after sliding to 14.8975 in the overnight session, its weakest since October 9.

The rand was on the backfoot following weak factory data from China on Wednesday and saw losses deepen in tandem with a majority of global currencies after Apple said sales in China and other emerging markets fell last quarter.

The news helped trigger a ‘flash crash’ in currency markets, stoking nervousness about global growth already dampened by the ongoing trade wrangle between the United States and China.

Traders said light volumes in a holiday-shortened week had exacerbated the currency slide with stop-losses triggered by the breach of key technical milestones and increased volatility.

Bonds were steady in early trade with the yield on the benchmark 2026 paper at 8.935 percent after climbing 4.5 basis points in the previous session.

Stocks were set to open lower with the Johannesburg Stock Exchange’s Top-40 futures index down 0.3 percent, mirroring the sour start in Asian equities.

Zambia says mines have failed to show impact of higher taxes

LUSAKA (Reuters) - Mining companies operating in Zambia have failed to show how higher taxes introduced this year will affect their profitability despite objecting to the new framework, a senior government official said on Thursday.

The country, Africa’s second-largest copper producer, increased its sliding scale for royalties of 4 to 6 percent by 1.5 percentage points from Jan. 1 and introduced a new 10 percent tax when the price of copper exceeds $7,500 per tonne.

Zambia also plans to replace value-added tax with a sales tax by April to help bring down mounting public debt.

The Chamber of Mines said last month that as a result of the changes, more than 58 percent of Zambia’s copper producers would be loss-making at current prices.

Paul Chanda, permanent secretary for mines, said his ministry had asked individual mining companies to provide financial models by Friday last week on how the new taxes would impact them, but none had done so.

“We wanted them to show how the new taxes will affect production and profitability but so far we haven’t received anything,” Chanda told Reuters.

“Two mining companies have written to us asking us to give them more time but we haven’t heard anything from the others.”

Mining companies may lay off more than 21,000 workers because of reduced capital expenditure over the next three years resulting from the higher taxes, the Chamber of Mines said last month.

Mining accounts for more than 70 percent of Zambia’s foreign-exchange earnings. Companies operating in the southern African nation include First Quantum, Glencore, Barrick Gold Corp and Vedanta Resources.

Libya's closed Sharara oilfield losing 8,500 bpd to looting -NOC

TRIPOLI (Reuters) - Libya’s closed Sharara oilfield is expected to lose 8,500 barrels per day to looting, state oil company NOC said on Thursday.

NOC declared force majeure on Dec. 17 at Sharara, its biggest oilfield, after it was taken over on Dec. 8 by tribesmen, armed protesters and state guards demanding salary payments and development funds.

Three security breaches and looting have taken place at the 315,000 bpd field over two weeks, NOC said, reiterating its calls for the implementation of emergency security measures to allow Sharara to be reopened.

The internationally recognised government and NOC agreed on a security plan last week to protect the Sharara field and NOC chairman Mustafa Sanalla warned on Thursday that attacks on the field could destroy the Sharara system and damage the economy.

“The legitimate and rightful concerns of the Southern Libyan communities are being hijacked and abused by armed gangs, who instead of protecting the field to generate wealth for all Libyans, are actually enabling its exploitation and looting,” Sanalla said.

OPEC member Libya had previously boosted output to up to 1.3 million bpd.

NOC runs the field with Spain’s Repsol, France’s Total, Austria’s OMV and Norway’s Equinor, formerly known as Statoil

Total starts production at Nigeria's deepwater Egina oilfield

PARIS (Reuters) - Total SA said on Wednesday it had started production from the Egina oilfield off Nigeria’s coast, part of a shift by the French energy firm towards deepwater oil and gas projects to its drive cashflow.

Output from Egina, which is located in waters about 1,600 metres (5,250 ft) deep, is expected to plateau at 200,000 barrels per day of oil, Total said. That rate is equivalent to about 10 percent of Nigeria’s current production.

“Egina will significantly boost the group’s production and cashflow from 2019 onwards, and benefit from our strong cost reduction efforts in Nigeria where we have reduced our operating costs by 40 percent over the last four years,” Total’s head of exploration and production, Arnaud Breuillac, said.

Total is betting on profitable deepwater oil and gas fields in Sub-Saharan Africa, Brazil and the U.S. Gulf area. In Africa, the company is ramping up deepwater projects in the Republic of Congo and Angola.

Total forecasts output from deepwater projects will reach 500,000 barrels of oil equivalent per day by 2020 and account for more than 35 percent of cashflow in coming years, compared with about 15 percent now.

Total also said it would take a decision this year on whether to invest in developing the Preowei field, located in the same block as the Egina field.

Total has for almost a decade been extracting oil from a third field in the block, Akpo. It holds a 24 percent stake in the block’s lease and is the operator. Its partners are state-owned Nigerian National Petroleum Corp, China’s CNOOC, Brazil’s Petrobras and private Nigerian firm Sapetro.

The French company is one of the strongest players in African oil, holding the largest proven reserves on the continent among the world’s top oil companies.

Kenyan shilling weakens slightly on uptick in importer demand

NAIROBI (Reuters) - The Kenyan shilling was under pressure against the dollar on Thursday due to increased demand for hard currency from goods importers as the pace of business accelerates in the new year, traders said.

At 0754 GMT, commercial banks quoted the shilling at 102.10/30 per dollar, compared with 102.05/25 at Wednesday’s close.

South Africa's rand, stocks tumble as China data disappoint

JOHANNESBURG (Reuters) - South Africa’s rand weakened more than one percent on Wednesday as weak Chinese manufacturing data offset hopes that a trade war between China and the United States was ending.

Stocks saw their largest single-day drop since August, as risk aversion globally weighed on the local market.

At 1502 GMT, the rand was 0.71 percent weaker at 14.4525 per dollar, a touch off the session-low 14.5375 after closing at 14.3500 on Monday.

Factory activity in China, the world’s second biggest economy, shrank for the first time in over two years in December, testifying to the toll the trade war with the United States has taken.

Comments on Sunday by U.S. President Donald Trump, indicating progress had been made toward a potential settlement of the trade dispute, had lifted emerging markets hit by the potential impact the trade row.

With no economic data due locally until Friday’s purchasing manager’s index and volumes still light, the rand is set to drift within a recent range, with 14.20 and 14.60 the next technical landmarks.

“A close above 14.6130 will prompt a cautious upgrade, as fresh (dollar) demand helps to push prices towards 14.8507,” analysts at Continuum Economics said in a note.

Bonds also weakened, with the yield on the benchmark bond due in 2026 up 5 basis points to 8.935 percent.

In stocks, Johannesburg Stock Exchange’s top-40 index had declined 3 percent by 1511 GMT. The broader all-share index was down 2.8 percent.

Retailers and mining companies were among the shares falling the most. Masmart, Shoprite and Anglo American all were down more than 4 percent.

Global mining companies like Anglo lost out amid weak copper prices again prompted by concerns over China, which is a top metals consumer.

Gold miners like Sibanye-Stillwater, up over 6 percent, and Harmony Gold, up over 5 percent, were among the biggest winners, benefiting from a retreat to safe- haven assets.

Naspers also fell 3.7 percent, tracking losses at Chinese internet group Tencent Holdings, in which it holds a 31 percent stake.

Niger expects GDP growth to rise to 6.5 pct in 2019

NIAMEY (Reuters) - Niger expects economic growth to rise to 6.5 percent in 2019 from 5.2 percent last year, owing in part to significant investments in the oil sector, President Mahamadou Issoufou has said.

In an address late on Monday, Issoufou said the oil sector would receive $4 billion in investment over the next two years.

Niger wants to expand its oil sector in part to make up for low prices for uranium, of which it is one of the world’s leading producers.

Nigeria's crude output rises to 2.09 mln bpd in 2018

ABUJA (Reuters) - Nigeria’s crude oil production rose to 2.09 million barrels a day in 2018 compared with 1.86 million bpd the year before, the state oil company, the Nigerian National Petroleum Corporation (NNPC), said.

Africa’s largest oil producer, which is an OPEC member, relies on crude sales for around two-thirds of government revenue.

“Nigeria’s crude oil daily production recorded an upward swing of about 2.09 million barrels in outgone 2018 ... compared with the 2017 average daily production of 1.86 million barrels,” the NNPC said in an emailed statement on Wednesday.

Nigeria has maintained “a line of consistent year-on-year improvement”, Group Managing Director Maikanti Baru said.

Baru told Reuters in November that the country was producing 1.6 million bpd of oil and 0.4 million bpd of condensate.

“We are talking about the average for the year and this includes the condensate,” NNPC spokesman Ndu Ughamadu told Reuters in a phone interview when asked for details of the 2.09 million bpd production figure and the level of condensates.

Kenyan shilling stable, may weaken as business resumes after holiday

NAIROBI (Reuters) - The Kenyan shilling was stable on Wednesday but players expected some weakening amid increased demand for hard currency from oil and goods importers as business activity resumed after the holiday, traders said.

At 0829 GMT, commercial banks quoted the shilling at 102.00/20 per dollar, the same as Monday’s close.

US stocks fall as China fears trigger gloom

Shares on Wall Street sank deeper on Thursday after Apple said weak sales in China had hurt its business, stoking wider concerns over trade tensions and economic slowdown.

A revenue warning from a major airline, as well as some data showing declines in US car sales and manufacturing activity last month added to the gloom.

The Nasdaq plunged 3%, the Dow tumbled 2.8% and the S&P 500 fell 2.5%.

Japan's Nikkei index fell more than 3% on its first session of the new year.

Elsewhere in Asia, the Shanghai Composite and Hong Kong's Hang Seng edged higher.

In the US, Apple was the biggest loser on the Dow, plunging almost 10%.

The declines on Wall Street added to the losses that have rocked markets in recent months.

Investors are trying to gauge the effects on companies of rising interest rates, trade tensions and signs of economic slowdown - especially in China, the world's second largest economy.

"The story here is that the trade war, coupled with China's underlying slowdown, is wreaking havoc in both countries," Ian Shepherdson chief economist at Pantheon Macroeconomics commented.

He said the manufacturing numbers would "get worse before they get better".

Delta dive

Delta Airlines dropped 9%, following its own warning to investors that revenues would be lower than expected for the end of 2018.

The news hit other airline stocks, including American Airlines, which dropped more than 7%.

Overall, the Dow shed more than 660 points, closing at 22,6868.2.

The Nasdaq lost 200 points to end at 6,463.5, while the S&P 500 shed 62 points to end at 2,447.9.

Apple's disclosure spurred sell-offs of other technology firms and companies that do a lot of business in China, including European luxury brands such as Burberry, which fell nearly 6% in London trading.

Is Apple making China a scapegoat?

Just how bad is it for Apple?

Boeing and Caterpillar, both of which are considered sensitive to trade tensions, ended the day down about 4%.

Ford and General Motors, both of which reported declines in car sales last month, were also lower, while sectors considered safer investments, such as property, gained.

The data appeared to bolster arguments for a pessimistic outlook, as did a report from the Institute for Supply Management showing US factory activity in December suffered the biggest drop since the financial crisis.

Capital Economics said the figures offered "clear evidence" that weaker global growth is taking a toll on the US economy.

"There is a risk that the slowdown in the factory sector could mark the start of a more serious downturn in the wider economy," analysts at the firm said.--BBC

Apple ordered to pull iPhones from stores in Germany

Apple has been ordered to remove some iPhone models from its stores in Germany over a patent dispute with chip giant Qualcomm.

A court ruling in Munich on 20 December found Apple had infringed patents on power-saving technology.

On Thursday Qualcomm paid a €1.3bn (£1.2bn) bond, allowing the ban on iPhone 7 and 8 models to go ahead.

The bond will fund damages awarded to Apple if the iPhone maker wins its appeal against the injunction.

The German case is Qualcomm's third attempt at blocking the sale of iPhones. The California-based chip maker has made patent infringement claims against Apple in the US and China already.

The court ruling in Munich in December included the sale of iPhones by third party sellers, such as mobile phone operator shops and other retailers, as well as those sold in Apple's 15 branded outlets.

However, Apple and some observers, believe third party sellers will be able to continue selling the iPhone models in question, according to a report from Reuters.

The iPhone XS, iPhone XS Max and iPhone XR models will still be available at Apple stores and from other retailers.

When the initial judgement was announced in December, Apple said that it would appeal the decision.

"Qualcomm's campaign is a desperate attempt to distract from the real issues between our companies," said an Apple spokesman at the time.

"Qualcomm insists on charging exorbitant fees based on work they didn't do and they are being investigated by governments all around the world for their behaviour."

Under German law, judgements become enforceable once the winner of the patent dispute posts bonds covering potential damages incurred by the losing party, in case the judgment is overturned or amended on appeal.

In early December, Qualcomm won an injunction against Apple that also banned the sale of some iPhone models in China, ranging from the iPhone 6S to the iPhone X. That ban was the result of a different dispute concerning software patents.

However, Apple said all of its iPhone models remained on sale in China, following a software update from Apple and pending a further legal ruling there.

Qualcomm's executive vice president and general counsel Don Rosenberg said in December: "Two respected courts in two different jurisdictions just in the past two weeks have now confirmed the value of Qualcomm's patents and declared Apple an infringer, ordering a ban on iPhones in the important markets of Germany and China."

Qualcomm did not respond to Apple's statements.

Qualcomm has also sued Apple in the US, accusing it of sharing its technology with rival suppliers.

Technology firms often choose to litigate in Germany, alongside key markets such as China and the US, because the German court system rules more quickly on patents than in many other countries. It may also be easier to get an injunction blocking further sales in Germany, according to PCWorld.

Germany is also the largest market in Europe, with the potential to have a large knock-on impact on other countries within the EU.--BBC

Ex-Credit Suisse bankers arrested over '$2bn fraud scheme'

Three former Credit Suisse bankers have been arrested over their alleged role in a $2bn (£1.5bn) fraud scheme connected to firms in Mozambique, according to US authorities.

The men have been released on bail in London while the US seeks their extradition.

The scheme allegedly involved loans to state-owned companies in Mozambique.

Two others, including the country's former finance minister, have also been arrested.

The former employees of the Swiss investment bank were arrested in London on Thursday.

The men - Andrew Pearse, Surjan Singh, and Detelina Subeva - were charged in an indictment issued by a US District Court in New York.

The indictment says that through a series of financial transactions between approximately 2013 and 2016, more than $2bn was borrowed through loans guaranteed by the Mozambican government.

It said over the course of the transactions, the co-conspirators acted to defraud investors.

They created maritime projects as fronts to raise money to enrich themselves, and "intentionally diverted portions of the loan proceeds to pay at least $200m in bribes and kickbacks to themselves, Mozambican government officials and others," the indictment read.

In a statement, Credit Suisse said the three former employees had been accused by US authorities of "circumventing our internal controls" in a fraud connected to the Mozambican government.

"No action has been taken against Credit Suisse. The indictment alleges that the former employees worked to defeat the bank's internal controls, acted out of a motive of personal profit, and sought to hide these activities from the bank," it said.--BBC

Herb Kelleher: Father of low-cost airline travel dies at 87

Herb Kelleher, who co-founded low-cost US carrier Southwest Airlines, has died aged 87, the company says.

The company described him as "a pioneer, a maverick and an innovator" who disrupted the airline industry "by making flying both fun and affordable".

He is survived by his wife Joan and three of their four children.

Founded in 1967, his airline initially aimed to provide cheap flights between the Texas cities of Houston, Dallas, and San Antonio.

However Mr Kelleher, who had trained as a lawyer, was forced to fight a legal battle after competitor airlines fought to prevent his planes from operating.

Is stopping the boom the key to supersonic air travel?

The Supreme Court of Texas eventually ruled in his favour and the airline began service in 1971.

"I knew nothing about airlines, which I think made me eminently qualified to start one," Kelleher told National Public Radio in 2016, "because what we tried to do at Southwest was get away from the traditional way that airlines had done business."

Southwest offered cheap tickets in single-class cabins without reserved seats - tactics that became common in the airline industry several decades later.

The airline's business model, which also included shortened turnaround times at airports, cabin crew collecting rubbish, and high aircraft utilisation, has since been copied by other low-cost carriers including Ryanair of the Irish Republic and Easyjet of the UK.

Since its early days, Southwest has expanded to become the world's largest low-cost airline with more than 700 Boeing 737 jets making 4,000 flights a day, Business Insider reported.

"Herb's passion, zest for life, and insatiable investment in relationships made lasting and immeasurable impressions on all who knew him," Southwest said.--BBC

Apple shares close nearly 10% lower after sales warning

Apple's shares ended Thursday down nearly 10% after chief executive Tim Cook blamed a slowdown in China sales for falling revenues.

On Wednesday, the iPhone maker said it expected revenue of about $84bn (£67bn) for the last three months of 2018, down from a forecast of at least $89bn.

Earlier, in Europe, shares in fashion firm Burberry were nearly 6% lower. LVMH and Hermes shares also fell.

Those companies are increasingly reliant on Chinese sales.

Like at other consumer goods companies, the festive season is typically Apple's strongest quarter, but revenues of $84bn would mark an almost 5% fall from the same period last year and represent the firm's first year-on-year quarterly decline since 2016.

Wednesday's cut to the sales forecast marked the first time Apple has revised its guidance to investors in more than 15 years, prompting the share price plunge.

Apple, which was until recently the largest publically trade company in the US, is now worth less than Microsoft, Amazon and Google's parent company, Alphabet.

Troubles in China

In a letter to investors on Wednesday, chief executive Tim Cook said the firm's sales problems were primarily in its Greater China region, which includes Hong Kong and Taiwan and accounts for almost 20% of its revenue.

"While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China," he said.

Apple blames China for sales forecast cut

•Is Apple making China a scapegoat?

What's gone wrong at Apple?

However, he added that developed markets saw troubles as well, as fewer customers than expected chose to upgrade to Apple's newest phones.

It appeared to confirm doubts about the firm's prospects that have troubled investors in recent months, contributing to the broader market sell-off.

Production cuts by major suppliers had led to worries that the firm's newest phones were not gaining traction among buyers, in part due to high prices.

"The question for investors will be the extent to which Apple's aggressive pricing has exacerbated this situation and what this means for the company's longer-term pricing power within its iPhone franchise," said James Cordwell, an analyst at Atlantic Equities.

'Mounting uncertainty'

The firm had warned investors in November that a strengthening dollar and economic weakness in some overseas markets would be likely to hurt sales in the last three months of the year.

Analysts also highlighted that Apple was vulnerable to the effects of the US-China trade spat, in part due to risk that the tensions could cause Chinese buyers to sour towards US brands.

On Wednesday, Apple said trade tensions had hurt consumer confidence.

"As the climate of mounting uncertainty weighed on financial markets, the effects appeared to reach consumers as well, with traffic to our retail stores and our channel partners in China declining as the quarter progressed," Mr Cook wrote in the letter.

He added that Apple was taking steps to make it easier for customers to trade in their phones and said other parts of the firm's business, including services, remained strong.

"While it's disappointing to revise our guidance, our performance in many areas showed remarkable strength in spite of these challenges," he said.--BBC

Bristol Myers and Celgene in $74bn pharmaceutical merger

Two of America's biggest drug companies have announced a blockbuster merger.

Bristol-Myers Squibb is buying rival Celgene in a cash and stock deal valued at about $74bn (£58.8bn) or $90bn including debt.

The tie-up, which is subject to various approvals, is expected to be completed in the second half of 2019, will unite their portfolios of cancer-fighting drugs.

It comes as both companies face increased market pressure.

Celgene, based in New Jersey, had more than $11.2bn in global sales in the first nine months of 2018, up about 18% on the year before.

But the firm is fighting to preserve its patent for Revlimid, a cancer drug that accounts for about 60% of its sales.

Pipeline

Bristol Myers, whose headquarters are in New York, boasted more than $16bn in revenue in the first nine months of 2018, up 8% from 2017.

It has seen recent research setbacks tied to its leading cancer medicine, Opdivo.

Bristol chief executive Giovanni Caforio said the deal would take his company to the "next chapter".

The combined firm will boast nine medicines that each generate more than $1bn in annual sales.

It will also have a broad pipeline of drugs in development, including six that could launch in the next one to two years, with the potential for $15bn in revenue.

"This deal is really all about the launches," Mr Caforio said on a call with financial analysts.

"Given the number of short-term launches and growth opportunities, we believe this is the right time."

He added that his team had reviewed the Revlimid patent dispute and was confident in the valuation.

The deal values Celgene more than 50% higher than its market worth before the merger announcement.

But Bristol shareholders appeared unconvinced. The firm's share dropped 12% on the news, while Celgene's stock jumped 25%.

If completed, Bristol shareholders will own about 69% of the new company, with Celgene shareholders having the remainder.--BBC

INVESTORS DIARY 2019

Company

Event

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Date & Time

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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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