Major International Business Headlines Brief::: 28 June 2019

Thu Jun 27 23:48:21 CAT 2019

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Major International Business Headlines Brief::: 28 June 2019

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

*  Zambian court blocks asset sale by Konkola Copper Mines liquidator

*  South Africa's records FDI inflows of 11.7 bln rand in Q1

*  Morocco's Tangier port to become Mediterranean's largest

*  Uber targets expansion in fast-growing West African markets

*  MTN Nigeria shares hit lowest since listing after $2 bln tax case
adjourned

*  South Africa's Mminele quits as central bank deputy governor

*  Nigerian stocks dip to 5-week low

*  South Africa's rand slips in profit-taking ahead of G20 summit

*  Ford to cut 12,000 jobs in Europe

*  'I turned a side hustle into millions'

*  Japan urges UK to avoid no-deal Brexit

*  Vauxhall Astra: Ellesmere Port manufacture 'depends on Brexit'

*  Facebook boss admits 'mistake' in handling of Pelosi clip

*  Jeremy Hunt's tax plans 'could cost up to £65bn'

 <mailto:info at bulls.co.zw> 

Zambian court blocks asset sale by Konkola Copper Mines liquidator

LUSAKA (Reuters) - Vedanta Resources said on Thursday a Zambian court has
issued an order halting any move by the provisional liquidator of its
Konkola Copper Mines (KCM) business to dispose of KCM’s assets or make
arrangements with its creditors.

Zambian state mining company ZCCM-IH holds about 20% of KCM, while Vedanta
Resources, part-owner of the Mumbai-listed Vedanta group of companies, holds
a majority.

Zambia’s dispute with Vedanta began in May when the government of Africa’s
second biggest copper producer appointed a liquidator to run KCM, saying it
had breached its licence. Vedanta Resouces has denied this is the case.
[nL8N23715G]

China’s Nonferrous Metals Mining Corporation (CNMC), commodities trader ETG
Group and a Turkish firm have expressed interest in buying a stake in KCM, a
senior government source said last month, on condition of anonymity.
[nL8N2356PN]

The government source said CNMC had offered $2 billion for KCM, adding there
had also been talks with ETG Group, a diversified commodity trader active
across Africa.

 <mailto:info at bulls.co.zw> 

South Africa's records FDI inflows of 11.7 bln rand in Q1

PRETORIA (Reuters) - South Africa’s foreign direct investment swung to
inflows in the first quarter from outflows in the final quarter of last year
as domestic private firms received equity and debt funding from foreign
parent companies, the central bank said on Thursday.

Foreign direct investment inflows totalled 11.7 billion rand ($825.85
million) in the first three months of 2019 from outflows of 8.2 billion rand
in the previous quarter, the South African Reserve Bank (SARB) said in its
Quarterly Bulletin.

The country registered portfolio investment inflows of 29.2 billion rand
from January to March from outflows of 33.9 billion rand in the prior
quarter as foreigners acquisition of domestic debt securities exceeded net
sales of local equities, the SARB said.

($1 = 14.1672 rand)

Morocco's Tangier port to become Mediterranean's largest

KSAR SGHIR, Morocco (Reuters) - Morocco will open new terminals at Tanger
Med port on Thursday, allowing it to surpass the Mediterranean’s largest
ports Algeciras and Valencia in terms of container capacity, and drive more
investment and manufacturing to the country.

Tanger Med, the biggest port in Africa with an annual volume of 3.5 million
20-foot equivalent units (TEU) in 2018, will add six million in capacity
after its extension worth 1.3 billion euros, port director Rachid Houari
said in an interview.

Morocco hopes the port, which offers a platform for exports by local
production plants of French car makers such as Renault SA and Peugeot SA,
will reach volumes of 4.5 million TEU by this year’s end like Algeciras in
southern Spain.

Authorities at the port on the western tip of the Mediterranean, just across
from the Spanish coast, hope it can build on its role as a calling point for
container shipping firms, especially between Asia, Africa and Europe.

“I hope we will add one million TEU of containers every year,” said Houari.
He declined to estimate future volumes, saying only the original terminal
had reached 3.5 million TEU in just six years.

“Fingers crossed we will fill it up in six years,” he said.

Some 90% of container volumes passing through the ports are transiting to
other destinations, he said. The biggest market, with a 40% share, is West
Africa, where Moroccan firms have heavily expanded to in recent years. Some
20% will go to Europe and 10% to the Americas.

Morocco invested 1 billion euros in the first terminal which has created
some 6,000 jobs at the port and 70,000 others in a trade zone in the area,
he said.

The port is about 50 kilometers west of Tangier, the main city in northern
Morocco, allowing space for expansion.

Tangier also has a ferry terminal carrying some 40,000 people per day in the
summer peak season as Moroccans living in Europe cross the Mediterranean.

The terminals are operated by APM Terminal, and owned by Denmark’s Maersk,
Germany’s Eurogate and a local firm.

Uber targets expansion in fast-growing West African markets

LAGOS (Reuters) - Global ride-hailing firm Uber Technologies Inc is in talks
with regulators over plans to expand into two West African countries and
provide a boat service in Nigerian megacity Lagos, a company executive said
on Thursday.

In much of sub-Saharan Africa there are low levels of personal car
ownership, rapidly expanding populations and a lack of efficient mass
transport systems in fast-growing cities.

Uber, which said it has 36,000 active drivers in sub-Saharan Africa,
operates in a number of countries in East and South Africa but is largely
absent from West Africa, aside from Nigeria and Ghana.

The firm has identified the region as a target for potential expansion,
Chief Business Officer Brooks Entwistle told Reuters. He said the company
was in talks with regulators in Ivory Coast and Senegal regarding the
possible launch of services.

“Both Abidjan and Dakar are logical opportunities for us,” said Entwistle,
adding that discussions were at an early stage. He did not disclose further
details.

“We have talked about West Africa today as being a big growth priority for
us and launch priority for us moving forward,” said Entwistle.

Ivory Coast and Senegal have two of the world’s fastest growing economies,
according to the International Monetary Fund. Nigeria, Africa’s largest
economy, is also the continent’s most populous nation.

A number of motorcycle ride-hailing firms have also targeted West Africa as
an area for expansion in the last few months.

Nigeria’s commercial capital Lagos, a megacity of around 20 million
inhabitants built on a lagoon where Uber began operating in July 2014, is
beset by heavy congestion.

Entwistle, who spoke to Reuters during an interview in Lagos, said the
company was in talks with state regulators about providing a transport
system on the city’s waterways as a way of bypassing its choked roads.

“We are looking at the waterways here, which are very interesting to us as
it relates to a potential service,” said Entwistle.

The company has launched a boat service in the Indian city of Mumbai in the
last few months.

“We did launch Uber Boat in Mumbai and we have watched the product develop.
It’s in its early stages and we think there is high relevance here,” he
said, referring to Lagos.

The Uber executive, who described Lagos as “one of the great growth
opportunity cities in the world”, said the company has also held discussions
with a bus firm and regulators in the city.

He said the talks were in line with a global push by the company to develop
products that can work alongside public transit systems.

Entwistle said the combination of population growth and congestion made
Lagos, and other cities in the region, attractive.

The United Nations predicts that Nigeria’s population will more than double
to 400 million by 2050, which would make it the third most populous country
in the world after China and India.

Uber faces stiff competition in African cities from Estonian ride-hailing
firm Bolt, which until early 2019 was called Taxify. Bolt has grabbed
business largely by taking a smaller cut from drivers using its app.

MTN Nigeria shares hit lowest since listing after $2 bln tax case adjourned

ABUJA (Reuters) - Shares in MTN Nigeria dropped on Thursday to their lowest
level since the telecom company listed five weeks ago, after a court case
about its $2 billion tax dispute with the government was adjourned until
October.

Analysts said the court adjournment created uncertainty for investors as the
tax dispute would continue to linger.

Shares in MTN, the local unit of South African telecoms group MTN Group,
dropped 2.4% to 128.75 naira each, their lowest level since May 21. They
were still above their initial public offer price of 99 naira when the
company listed on May 16.

Nigeria’s attorney general hit MTN Nigeria with a $2 billion tax bill last
September, the latest skirmish between the MTN group and authorities in
Nigeria, the group’s most lucrative market.

MTN has said the tax demand is without merit and that the attorney general
exceeded his powers in making the request.

A judge in the federal high court in Lagos on Wednesday adjourned the case
until Oct. 29.

MTN Nigeria listed with a valuation of 2 trillion naira ($6.5 billion),
making it the second-biggest company on the Nigerian Stock Exchange. It
climbed to as high as 159.30 naira in the days after listing.

The listing came after the South African group resolved another dispute in
Nigeria over unregistered SIM cards. In December, it made a $53 million
payment to resolve a money transfer allegation out of Nigeria, levelled by
the central bank.

Nigeria is MTN’s biggest market, with 58 million users in 2018 and
accounting for a third of the group’s core profit. But the Nigerian business
has faced several challenges.

MTN has said it would sell more shares to the public and increase local
ownership in MTN Nigeria once the tax row was resolved.

South Africa's Mminele quits as central bank deputy governor

JOHANNESBURG (Reuters) - Daniel Mminele will retire as deputy governor of
the South African Reserve Bank at the end of the month after 10 years in the
job, the central bank said on Thursday, making him the third member of its
policy committee to quit the regulator recently.

Mminele’s retirement follows the departure of fellow deputy governor
Francois Groepe in January and advisor to the governor Brian Kahn late last
year.

Governor Lesetja Kganyago’s position is also up for renewal, with his five
term expiring in November. He has previously said it is up to President
Ramaphosa whether or not he will serve another five-year term.

“Mr Mminele has advised President Cyril Ramaphosa and the Board of Directors
of the SARB (Board) that he has decided not to serve another term,” the bank
said in a statement. The statement gave no further reasons for Mminele’s
decision to stand down.

The bank has recently had to fend off renewed calls by the ruling African
National Congress (ANC) to nationalise the regulator and extend its mandate
beyond inflation targeting to include economic growth and unemployment.

The row rattled markets, which feared the bank’s independence was under
attack.

In response the SARB has defended its ground, saying it already factored
economic growth into its policy decisions by keeping a lid on consumer
inflation and protecting the currency.

It next meets in July to decide on lending rates after keeping them on hold
at its last three meetings.

Expectations are it will cut rates by at least 25 basis points with
price-growth well below the 4.5% mid-point of its target range, and economic
growth floundering following a deep contraction in the first quarter.

Nigerian stocks dip to 5-week low

LAGOS (Reuters) - Nigerian stocks dropped to its lowest in five weeks on
Thursday after heavyweight Dangote Cement declined.

Stocks have been on a losing streak since the end of May and has fallen for
fourth straight days. However, losses on Dangote Cement, its most
capitalised listed companies on the exchange, worsened the decline. MTN
Nigeria, the exchange’s second biggest capitalised company was on a back
foot but later recovered.

South Africa's rand slips in profit-taking ahead of G20 summit

JOHANNESBURG (Reuters) - South Africa’s rand retreated early on Thursday,
pausing after a two day advance as investors took profits and looked ahead
to the G20 summit where the United States and China are set to agree a truce
in their tariff war.

At 0650 GMT the rand was 0.1% weaker at 14.2300 per dollar, easing slightly
from its overnight close of 14.2250.

In the previous session the rand had pushed to a new 5-week high as the
14.20 resistance level attracted some bids despite waning risk demand after
the United States central bank played down expectations of aggressive
interest-rate cuts.

A Chinese newspaper, citing sources, said that the United States and China
have agreed to a tentative truce in their trade dispute ahead of a meeting
between leaders of the two nations on Saturday on the sidelines of the G20
summit.[nL4N23Y10R]

Bonds were flat, with benchmark 2026 government issue steady at 8.16%.

Ford to cut 12,000 jobs in Europe

Car giant Ford has said it is planning to cut about 12,000 jobs across its
European operations by the end of 2020.

The carmaker is trying to cut costs and restructure its European business,
which is losing money.

It plans to have closed five of its plants by the end of next year,
including the Bridgend engine plant in Wales, and it is selling another.

Ford, which employs 51,000 people in Europe, hopes to achieve most of the
cuts through voluntary redundancy.

The whole car sector is currently struggling to cope with weak or falling
demand in major markets, and the huge investments required for the shift
towards electric vehicles.

Five reasons the car industry is struggling

Ford said that of the 12,000 jobs affected, 2,000 were salaried roles, which
are among the previously announced 7,000 salaried jobs that are being cut
worldwide.

"Separating employees and closing plants are the hardest decisions we make,
and in recognition of the effect on families and communities, we are
providing support to ease the impact," said Stuart Rowley, president of Ford
of Europe.

"We are grateful for the ongoing consultations with our works councils,
trade union partners and elected representatives.

"Together, we are moving forward and focused on building a long-term
sustainable future for our business in Europe."

It's tough out there

Analysis by Theo Leggett, business correspondent

The planned closure of Ford's plant in Bridgend is just part of a much wider
picture, and one which shows just how difficult life has become for the US
giant in Europe.

This isn't the first time its European business has undergone major surgery
over the past decade. Previous restructuring efforts also saw factories
closed and thousands of jobs lost.

There was a turnaround of sorts, leading to a healthy profit in 2016. But
since then the trend has reversed, and the division has been struggling once
again.

At the same time, Ford needs to free up cash, so that it can invest in
electric and hybrid cars. That will be essential if it is to meet new EU
emissions targets which apply from 2021.

So the axe is being swung, and swung hard. But for the moment, Ford does
seem confident a slimmer business in Europe can prosper.

It's worth remembering that another US giant - General Motors - recently
gave up on its European businesses altogether. It's tough out there.

Ford plans to have shed six manufacturing plants by the end of next year.
These include:

*         The proposed closure of the Bridgend Engine Plant in south Wales

*         The closure of the Ford Aquitaine Industries Transmission Plant in
France

*         The closure of the Naberezhnye Chelny Assembly, St Petersburg
Assembly and Elabuga Engine Plant in Russia

*         The sale of the Kechnec Transmission Plant in Slovakia to Magna.

*         The company is also carrying out shift reductions at its assembly
plants in Saarlouis, Germany, and Valencia, Spain.

Electric future

Ford said its European operations would be reorganised, with three
"customer-focused" business groups for commercial vehicles, passenger
vehicles and imports.

The commercial vehicles business will be based at Dunton in the UK.

The company also said that every new Ford car brand would include an
electric option.

"Our future is rooted in electrification," said Mr Rowley.

"We are electrifying across our portfolio, providing all of our customers
with more accessible vehicle options that are fun to drive, have improved
fuel economy and are better for our environment."--BBC

'I turned a side hustle into millions'

Ed Snelson has turned his "side hustle" into a business with sales of more
than £1m on eBay.

His personalised printing business is so successful that he could walk away
from a job at aerospace company Airbus.

"It's not about the money, it's about the freedom," he said.

He is one of the generation of "digital natives" which eBay says make up the
biggest proportion of new businesses generating £1m of sales on its
marketplace.

EBay says there were almost 1,300 new "millionaires" - businesses now
generating more than £1m of sales through its site - in the past 12 months.

Nearly 20% of them are under 30 and "with an eye for Britain's changing
shopping habits", according to eBay.

Mr Snelson, who is 27, says physical stores were never part of any business
plan for his Chester-based operation Signature Printing.

Through five sales sites - including eBay - he offers personalised tote
bags, cosmetic bags and other items, including T-shirts.

The idea started with a Young Enterprise scheme at school and took life
"literally in my bedroom when I was living at my parents' house".

He was working "8 to 4" or "9 to 5" on his apprenticeship at Airbus and on
his online sales operation outside those hours.

When his apprenticeship finished six years ago, he decided to focus on his
business, moving it out of his bedroom to an office a year later.

While 30-year-olds won the race in the last 12 months to break the £1m sales
barrier, eBay says the next most successful age growth were the over-60s.

Coventry is the location of the fastest-growing community of businesses
selling more than £1m through eBay.

According to eBay, Coventry had a 41% increase in the number of new
millionaires, higher than the traditional business sectors such as
Birmingham or Manchester.

"The uplift in the number of eBay millionaires demonstrates how
entrepreneurs up and down the country are keeping up with the ever-changing
needs of consumers, despite some tough economic conditions," said Rob
Hattrell, eBay's vice-president in the UK.--BBC

Japan urges UK to avoid no-deal Brexit

Japan's foreign minister has told the BBC that he has been telling the two
prospective Conservative leaders to avoid a no-deal Brexit.

Taro Kono told the Today programme that he knew Boris Johnson and Jeremy
Hunt "very well" and had told them in meetings, "please no no-deal Brexit".

He said trade talks could not take place until the UK leaves the EU.

Japanese firms were "very concerned" about the implications of the UK
leaving the EU without a deal, he said.

Speaking to the BBC ahead of the up-coming G20 meeting in Osaka, he said he
had urged both Mr Hunt - the current foreign secretary - and his
predecessor, Mr Johnson, to give clarity on Brexit.

"Whenever we had a meeting, that was one of the major issues - please... no
no-deal Brexit," he said.

*         No-deal Brexit: What you need to know

*         Boris Johnson and Jeremy Hunt unveil new pledges in leadership
race

*         Boris Johnson and Jeremy Hunt divided over Brexit plans

"There are over 1,000 Japanese companies operating in the United Kingdom so
we are very concerned with this no-deal Brexit. That would have [a] very
negative impact on their operations.

"So whoever wins, whoever becomes a new leader for the UK, [I hope] they
would consider those foreign companies operating in the United Kingdom and
take good care of it".

During the current leadership campaign, Mr Johnson has said he will get the
UK out of the EU on 31 October, but he thinks the chances of a no-deal
Brexit happening are a "million to one".

Mr Hunt has said he would leave the EU with no deal, but it is not his
preferred option.

Mr Kono said Japan did not want to disrupt economic relations with the UK.

"So we've been asking the UK government, let the Japanese companies know
what they can expect, and things should happen smoothly without any
disruption".

He gave the example of carmakers, worried about the free flow of parts to
the UK from the EU if there was a no-deal Brexit.

"Right now they have very smooth operations. Their stock for each part is
only for a few hours. But if there is no-deal Brexit, and if they have to go
through actual custom inspection physically, those operations may not be
able to continue.

"And many companies are worried about [the] implications because they don't
know what's going to happen," he said, so they have started to move their
operations to other places in Europe.

Honda: Is Japan losing faith in the UK?

Toyota and BMW warn no-deal Brexit could hit UK investment

He also doubted the UK could sign a new trade deal with Japan - or other
nations - before leaving the EU.

"I don't think so," said Mr Kono when asked if he thought it was possible,
adding there would be "some kind of gap" before a deal could be agreed.

It was possible the UK could join the Trans-Pacific Partnership trade pact,
he said. But again, he said negotiations could not take place until the UK
had left the EU.

There would be "some kind of gap" before a deal could be ratified.

But he would like to strengthen the relationship between the two countries,
he said.

The president of the largest Japanese company in the UK, Fujitsu, also told
the BBC that the Brexit-related uncertainty was difficult for his company.

Takahito Tokita, who has worked for Fujitsu in London, said contingency
plans had been made.

But when asked if the company - which employs 10,000 people in the UK -
could move its offices out of the UK, he said: "No, definitely no."--BBC

Vauxhall Astra: Ellesmere Port manufacture 'depends on Brexit'

The next generation of the Vauxhall Astra will be built at its Ellesmere
Port car plant if a satisfactory Brexit deal is reached, its owners have
said.

The PSA Group said it would also invest in the Rüsselsheim plant in Germany
to manufacture Opel Astras from 2021.

It said the decision would be conditional on the New Vehicle Agreement,
negotiated with Unite.

In a statement, it said the decision demonstrated "the continuous effort and
commitment" of the group.

Currently the Vauxhall and Opel Astra are built in Ellesmere Port in
Cheshire, which was opened in 1962, and in Gliwice, Poland.

The PSA Group said the decision on the allocation to the Ellesmere Port
plant "will be conditional on the final terms of the UK's exit from the
European Union and the acceptance of the New Vehicle Agreement, which has
been negotiated with the Unite trade union".

The New Vehicle Agreement is an agreement between management and unions
covering working practices along with terms and conditions which are struck
prior to the production of new models.

The decision to build the new model at Ellesmere Port would help to
safeguard the future of the Cheshire plant, which has been in doubt since
PSA Group took control of Vauxhall in 2017.

The factory currently makes an older version of the Astra, but sales have
been declining, and the number of people working there has almost halved
since the takeover.

Under the plan, Ellesmere Port would be one of two factories which will
begin building the new Astra in 2021.

However, PSA Group has made it clear the decision to build the car in the UK
will depend on the terms of the UK's future trading relationship with the
EU.

Sources say the minimum the company is looking for is a commitment to
frictionless trade after Brexit, and no-deal is not an option.

Vauxhall has previously said it faces falling sales and relatively high
manufacturing costs at the Ellesmere Port plant, which employs about 1,100
people.

A Unite union spokesman, said: "PSA have made it very clear that no deal
means no deal for Ellesmere Port.

"We are calling on the government to take no deal off the table so that the
future of Ellesmere Port - and the thousands of jobs in the supply chain -
can be secured."

Vauxhall owner warns over no-deal Brexit

Ford to cut 12,000 jobs in Europe

What's behind the car industry crisis?

Car production has been falling in the UK over the past year, amid
increasing pleas from the industry for a Brexit deal.

The UK's automotive industry has received a series of blows in recent
months, with Honda announcing it will close its Swindon plant in 2021.

Ford also said its Bridgend engine plant in south Wales would close in
September 2020 with the loss of 1,700 jobs.

Japanese car producers, including Nissan, have said that Brexit uncertainty
is not helping them "plan for the future".

Earlier this year, Nissan opted to build the next X-Trail model in Japan,
rather than in Sunderland.--BBC

Facebook boss admits 'mistake' in handling of Pelosi clip

Facebook chief Mark Zuckerberg said the firm took too long to flag a
doctored video of US House Speaker Nancy Pelosi, describing it as an
"execution mistake".

The firm was criticised for not taking down the altered clip which made Ms
Pelosi appear incoherent.

Mr Zuckerberg also addressed the firm's wider struggle with "deepfake"
videos.

Made by AI software, deepfakes use photos of a person to create a video of
them in action.

The controversy surrounding the clip of Ms Pelosi erupted in May when
Facebook said it would not remove the doctored video that had been slowed
and made the US politician appear to slur.

One version of the clip has been viewed more than 2.5 million times.

Speaking at a conference in the US, Mr Zuckerberg said the social media
giant took too long to remove the video.

"One of the issues in the example of the Pelosi video... which was an
execution mistake on our side, was it took a while for our systems to flag
that and for fact-checkers to rate it as false," he said.

Mr Zuckerberg said there was a case for considering deepfakes as different
from traditional misinformation, adding that it was necessary to proceed
cautiously so as not to compromise freedom of speech.

"I think that what we want to be doing is improving execution, but I do not
think we want to go so far towards saying that a private company prevents
you from saying something that it thinks is factually incorrect to another
person.

"That to me just feels like it's too far and goes away from the tradition of
free expression."

Facebook's policy on how to handle false content was put to the test
recently when a deepfake video of Mr Zuckerberg was created.

Made for an art installation, the clip was designed to draw attention to how
people can be monitored and manipulated via social media.

Facebook said it would not remove the manipulated video of Mr Zuckerberg
from Instagram, in which he appears to confess to controlling the stolen
data of billions of people.

It said it followed the same policy as with the altered video of Ms Pelosi
and other misinformation on its services - to let third party fact-checkers
determine whether it was fake, and then make it less visible in users' feeds
rather than taking it down.--BBC

Jeremy Hunt's tax plans 'could cost up to £65bn'

Jeremy Hunt's promises in his race to be the next Conservative Party leader
would cost between £37-65bn, according to the Institute for Fiscal Studies.

Mr Hunt has proposed a corporation tax cut and an increase in the point at
which workers pay National Insurance.

He would also raise defence spending and cut the interest on student debt.

Mr Hunt's campaign said the pledges were "designed to turbocharge the
economy attracting inward investment and driving growth."

However, the IFS concluded the foreign secretary's plans would leave no
scope to relieve the pressure on other spending departments without tax
rises or risking higher borrowing.

The IFS has also analysed Mr Hunt's rival Boris Johnson's tax plan and said
they would cost "many billions" and benefit the wealthy the most.

In its analysis of Mr Hunt's proposals the IFS said:

*         Cutting the corporate tax rate to 12.5% could cost £13bn a year in
the short run

*         Raising the National Insurance threshold would cost at least £3bn
for every £1,000 it is increased, so raising it to the same level as income
tax, which is £12,500, would cost £11bn a year

*         Increasing defence spending from 2% of GDP to 2.5%, would cost
£12bn more but in the past Mr Hunt has talked about doubling it to 4%, which
would cost £40bn a year extra

*         Cutting interest rates on student loans would cost £1bn more

*         IFS director Paul Johnson said "like his rival" Boris Johnson, Mr
Hunt had made some "expensive pledges".

The IFS said Mr Hunt's policies for higher spending and lower taxes would
"amplify the long-run challenges facing the UK public finances.

"The UK already faces considerable spending pressures from an ageing
population and rising health care costs.

"Mr Hunt's combination of policy proposals would exacerbate these pressures
and widen a gap in the public finances that will ultimately need to be
filled through some combination of higher borrowing, tax increases or cuts
to other areas of spending."

Johnson tax plan 'would benefit wealthy'

Hunt pledges £15bn more on defence budget

Mr Hunt's campaign responded: "By growing our economy we can afford to
invest in our public services, support the lowest paid and ensure that
Britain walks tall in the world again, all while ensuring that debt
continues to fall."--BBC

INVESTORS DIARY 2019

Company

Event

Venue

Date & Time

BAT

AGM

Head office, 1 Manchester Road, Southerton

28 June 2019, 10am

ZBFH

AGM

Boardroom, Ground Floor, 21 Natal Road, Avondale

28 June 2019, 10:30am

ZPI

AGM

206 Samora Machel Avenue East

28 June 2019, 2pm

ZHL

AGM

Aquarium Room, Crowne Plaza Monomotapa Hotel

30 June 2019, 10am

Edg Edgars

AGM

Edgars Training Auditorium, 1st Floor LAPF House, 8th Avenue/Jason Moyo St,
Bulawayo

11 July 2019, 9am

Companies under Cautionary

Bindura Nickel Corporation

Padenga Holdings

Delta Corporation

Meikles Limited

 <mailto:info at bulls.co.zw> 

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

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