Major International Business Headlines Brief::: 01 March 2019

Fri Mar 1 09:13:17 CAT 2019

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Major International Business Headlines Brief::: 01 March 2019

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

*  Steinhoff's quarterly sales rise 3 percent

*  South Africa's rand falls on subdued risk appetite

*  Mozambique files case against Credit Suisse in London's High Court

*  S.African court orders miners' union to suspend planned industry-wide strike

*  Kenya inflation at 4.14 pct year-on-year in February - stats office

*  S.Africa's Massmart 2018 earnings fall on sales miss, higher costs

*  South Africa's Implats swings into first-half profit

*  South Africa's Eskom could resume electricity blackouts if additional units fail

*  Tesla drives down price for Model 3 to $35,000

*  Huawei's full-page WSJ advert: "Don't believe everything you hear"

*  Gap to shut shops and hive off Old Navy

*  US economic growth continues to slow

*  Manchester City replaces Nike with Puma in kit deal

*  Rolls-Royce swings to £2.9bn loss

*  Aston Martin shares dive by 18% on losses

 <mailto:info at bulls.co.zw> 

Steinhoff's quarterly sales rise 3 percent

JOHANNESBURG (Reuters) - South African retailer Steinhoff reported on Thursday a 3 percent rise in sales to 4.7 billion euros ($5.4 billion) for the three months ended Dec. 31.

The firm, trying to clean up its finances after uncovering an accounting fraud that nearly tipped it into bankruptcy, also said a forensic investigation into the problems at the firm by accountancts PwC would be delivered to the board in mid-March.

($1 = 0.8783 euros)

 <mailto:info at bulls.co.zw> 

South Africa's rand falls on subdued risk appetite

JOHANNESBURG (Reuters) - The South African rand fell on Thursday as fading hopes for a U.S-China trade deal and an unsatisfactory end to the U.S.-North Korea summit subdued demand for emerging market currencies.

Stocks ended slightly lower, with Massmart among the biggest decliners after the retailer reported annual earnings down by a third and gave downbeat outlook.

At 1520 GMT the rand was 0.77 percent weaker at 14.0425 against the U.S. dollar.

“Reduced optimism over U.S.-China trade talks, an abrupt end to a second summit between the United States and North Korea, coupled with Brexit uncertainty among many other geopolitical risks, are leaving investors on edge,” FXTM research analyst Lukman Otunuga said in a note.

U.S. Trade Representative Robert Lighthizer’s comments overnight that the issues between United States and China are “too serious” to be resolved prodded investors into scaling back risk as hopes of a swift resolution to the bruising U.S.-China trade dispute waned.

Riskier assets also took a hit after an early end to a U.S.-North Korea aimed at denuclearising the Korean peninsula, with U.S. President Donald Trump walking away as the respective leaders failed to reach a deal on winding back sanctions.

Domestic events also weighed on sentiment, with power utility Eskom warning that it could resume rotational power cuts because of supply constraints.

On the data front, trade figures showed that South Africa’s trade balance swung to a deficit of 13.08 billion rand ($931.5 million) in January, from a revised 16.70 billion rand surplus in December.

In fixed income, the yield on the benchmark government paper due in 2026 closed 4 basis points higher at 8.7 percent.

On the stock market, the JSE Top-40 index was off 0.58 percent at 49,667 and the broader All-share index fell 0.58 percent to 56,002.

Wal-Mart’s Massmart featured on the loser board, falling 6.4 percent to 87.11 rand after posting a 32 percent drop in annual profit.

($1 = 14.0424 rand)

Mozambique files case against Credit Suisse in London's High Court

JOHANNESBURG (Reuters) - Mozambique has filed a case in London’s High Court against Credit Suisse, according to court records.

Reuters was not immediately able to establish the details of the case on Thursday.

Credit Suisse was one of the lenders that helped arrange $2 billion in government-guaranteed loans that tipped Mozambique into a debt crisis that it is still struggling to recover from.

The global investment bank declined to comment. Mozambique’s Attorney General did not immediately respond to requests for comment.

S.African court orders miners' union to suspend planned industry-wide strike

JOHANNESBURG (Reuters) - South Africa’s labour court has ordered a mineworkers’ union to suspend its plans for an industry-wide strike from Feb. 28 to March 7 until it issues a ruling on whether to block the action, the union and producer Lonmin said on Thursday.

The Association of Mineworkers and Construction Union (AMCU) has been on strike at Sibanye-Stillwater’s gold operations since mid-November in a pay dispute and announced on Tuesday it would extend the strike to platinum and other mines.

Producers applied for a court order to block the action. At least 11 firms would have been affected by an extended sympathy strike, including AngloGold Ashanti, Harmony Gold, Anglo American Platinum and Lonmin.

“The South African Labour Court yesterday ruled that the intended secondary strike at Lonmin’s operations is suspended pending judgement in due course and operations continue normally,” Lonmin said in a statement.

The court did not set a date for the next hearing.

“Nothing is going to happen until we get a judgement,” said AMCU spokesman Manzini Zungu.

Anglo American Platinum spokesman Sibusiso Tshabalala said employees at its shafts had reported for work on Thursday morning.

“As far as we know everything is normal. We are waiting for the judgement now, no one knows when that will be delivered.”

Kenya inflation at 4.14 pct year-on-year in February - stats office

NAIROBI (Reuters) - Kenya’s annual inflation was down to 4.14 percent in February from 4.7 percent in January, the statistics office said on Thursday.

S.Africa's Massmart 2018 earnings fall on sales miss, higher costs

JOHANNESBURG (Reuters) - Massmart Holdings Ltd, one of South Africa’s top retailers, said on Thursday its full-year headline earnings fell by 31.7 percent, weighed down by lower-than-expected sales, rise in expenses and one-off costs.

Headline earnings, which include restructuring costs - the main profit measure - for the 52 weeks ended Dec. 30, fell to 901.2 million rand ($64.70 million) from 1.3 billion rands in the previous year, the company said in a statement.

Massmart, in which Walmart Inc is a majority owner, also cut its dividend by just over 40 percent to 208 cents ($0.01493) per share.

The retailer, which sells general merchandise, fresh food, groceries, home improvements and appliances, reported a 1.2 percent rise in total comparable store sales, while trading profit before interest and tax fell 16.8 percent to 2.1 billion rand.

“These results reflect a challenging operating environment in which we are resolutely focussed on those factors within our control,” Group Chief Executive Guy Hayward said.

South African retailers have struggled to lift earnings and sales to double digits as an increase in value-added tax, unemployment and inflation levels, coupled with higher fuel prices have reduced spending power at home, where Massmart generates 91.3 percent of its group sales.

Massmart, rivals Shoprite Holdings and Pick n Pay had fared better than many thanks to their customer mix, which includes millions who depend on government social grants to make ends meet.

But while benefiting financial constrained customers, the ongoing deflation in food and durable goods has caused pressure on profitability.

“Customers have also changed their shopping behaviour with reduced purchases in the month or two prior to Black Friday and then they selectively target the promotional offerings,” according to the statement.

($1 = 13.9288 rand)

South Africa's Implats swings into first-half profit

JOHANNESBURG (Reuters) - South Africa’s Impala Platinum (Implats) swung into first-half profit, boosted by increased output, higher metals’ basket price and a weaker rand, the miner said on Thursday.

Headline earnings per share (HEPS) came in at 310 cents in the six months ended December 2018, from a loss of 21 cents per share in the year-ago period, Implats said.

HEPS is the main profit gauge in South Africa, which strips out certain one-off items.

Revenue surged 36 percent to 23.52 billion rand ($1.69 billion) from the previous year.

Company’s revenue soared on the back of upbeat sales, which increased by 3.02 billion rand, and higher rhodium, palladium, ruthenium, nickel and iridium prices that partially offset a lower platinum rate, the firm said.

Implats, which announced last year that it would slash about a third of its workforce at its Rustenburg operations over two years as the firm looks to restructure, said it hopes to complete the process by the end of 2021 financial year.

“The group continues to make strides towards eliminating loss‐making production, which culminated in the decision to restructure Impala Rustenburg,” said Chief Executive Nico Muller in a statement.

The mining company expects full-year refined platinum production to be between 1.5 million ounces and 1.6 million ounces.

($1 = 13.9369 rand)

South Africa's Eskom could resume electricity blackouts if additional units fail

JOHANNESBURG (Reuters) - Rolling electricity blackouts in South Africa could resume on Wednesday night, state power firm Eskom said, due to a constrained national power grid after units at its power stations failed.

“While the power system remains tight tonight, the probability of load-shedding remains possible should we lose additional units,” Eskom said in a statement posted on its Twitter page.

Tesla drives down price for Model 3 to $35,000

Tesla has announced it will start selling a version of its Model 3 in the US at a price of $35,000 (£26,400), finally delivering on a promise it made more than two years ago.

To make the lower price "financially sustainable", the firm said it was shifting to an online-only sales model.

The electric car company announced the Model 3 car in 2016 as an alternative to its luxury offerings.

However, as recently as September, the average selling price exceeded $50,000.

Closing physical stores will allow the firm to cut costs by about 5%, savings it is using to reduce prices across its line-up of vehicles, chief executive Elon Musk said.

He declined to say how many people will lose their jobs as a result of the move but said making the change was necessary as Tesla works toward its bigger goal of making electric cars mainstream.

'Insanely difficult'

Tesla has already announced thousands of job cuts since June, as it tries to balance its books after years of losses.

Strong sales of the Model 3 are critical to that effort.

Elon Musk tweet faces legal challenge

Tesla reports profit as issues stabilise

More than 400,000 customers signed up for the car when it was first announced, but production issues, higher prices and other delays caused troubles following its launch.

Over the last year, the firm has shrunk the Model 3 battery, tweaked its manufacturing process, and reduced costs in other ways to hit the lower price, while still protecting profit margins.

The firm managed to scrape a profit in the final two quarters of 2018, but expects to post a loss for the first three months of this year, Mr Musk said.

"It has been insanely difficult," Mr Musk said referring to delivering on the $35,000 price promise.

Analysis: Dave Lee, BBC North America technology reporter, San Francisco

If you've ever wondered how those enormous Tesla stores in fancy shopping centres make money, well, they don't. At least, they don't make enough money for Tesla to keep them all open if it also wants to be able to afford to produce the $35,000 car its investors (and many customers) have been desperately waiting for since it was announced way back in March 2016.

The hope is that this is the car that brings a Tesla into the affordability zone for a whole new type of customer. It's still an incredibly expensive car for almost all of us, but for a luxury electric vehicle this is new ground. The Tesla brand, and its ramped up production capabilities, make it likely the cheap(er) Model 3 will turn out to be a popular proposition.

But Tesla's admission it would not, as it had previously said, turn a profit this quarter, has spooked investors. As has admitting it needs to lay off workers and scale back its bricks-and-mortar presence in order to make good on a long-held promise is of concern.

Coupled with his SEC woes lingering overhead, Mr Musk hasn't exactly lost his investors' confidence, but he hasn't exactly filled them with it, either.

Delivering a car for $35,000 - about the average cost of a new vehicle in the US - is a "potential game changer" for Tesla's growth, said Daniel Ives, a managing director at Wedbush Securities.

"While there are still questions that need to be answered around logistics and delivery ... we believe this strategic shift was the right move at the right time for Tesla," he wrote in a note.

The Model 3 electric car has a range of 220 miles, a top speed of 130 mph and 0-60mph acceleration of 5.6 seconds.

Tesla's website said cars ordered now would be ready for delivery in two to four weeks. However, customers with orders already in queue will get priority, which could delay some deliveries until June, Mr Musk said.

Mr Musk said he was not worried that a shift to online-only sales would put off customers.

The firm already has a much smaller physical presence in the US than most car companies, which work with dealerships. The firm said it would also provide full refunds for cars returned within seven days.

The lower-priced model is expected to be available for order in Europe and China in three to six months, he said.--bbc

Huawei's full-page WSJ advert: "Don't believe everything you hear"

Huawei has reached out to Americans in an unusual, full-page advert in the Wall Street Journal, telling them: "Don't believe everything you hear."

In an open letter, executive Catherine Chen invited US media to visit the firm to clear up "misunderstandings" created by the US government.

The US has been pressuring its allies to shun Huawei equipment on the grounds of national security.

Some governments have done just that, putting the firm on the defensive.

"I am writing to you in the hopes that we can come to understand each other better. In recent years, the US government has developed some misunderstandings about us," Ms Chen, director of the board at Huawei, said in the letter.

The advert, posted on Twitter by a Wall Street Journal reporter who covers cyber security, invited members of the US media to "visit our campuses and meet our employees".

"Don't believe everything you hear. Come and see us. We look forward to meeting you," it said.

This is not the first time Huawei has tried to change its image in the West. It recently sought to appeal to New Zealand's love for sport by placing advertisements in two major newspapers and on billboards.

"5G without Huawei is like rugby without New Zealand," the ad read.

The US cannot crush us, says Huawei boss

Should we worry about Huawei?

Could Huawei threaten the Five Eyes?

Why is Huawei doing this?

Chinese telecoms giant Huawei has been the focus of intense international scrutiny lately, with several countries raising security concerns about its products.

Australia, New Zealand, and the US have already banned or blocked Huawei from supplying equipment for their future 5G mobile broadband networks.

The US is also pursuing criminal charges against Huawei and its chief financial officer Meng Wanzhou, including money laundering, bank fraud and stealing trade secrets.

Huawei denies any wrongdoing and its founder Ren Zhengfei recently told the BBC that his daughter's arrest was politically-motivated.

Not all countries are succumbing to the pressure, however. UK cyber-security chiefs recently determined that any risk posed by involving Huawei in UK telecoms projects could be managed.

Recent comments by Mr Trump were also interpreted as him taking a softer stance on the firm. He said he wants the US to become a technology leader through competition rather than by blocking others, without specifically mentioning Huawei.--bbc

Gap to shut shops and hive off Old Navy

Fashion firm Gap Inc has announced it is shutting 230 stores and splitting off its Old Navy brand, a restructuring aimed at "revitalising" the company.

It emerged as new figures revealed that like-for-like sales at Gap continued to fall while Old Navy's revenue rose.

Old Navy will be a standalone company while a new business, which is yet to be named, will house Gap as well as its other brands including Banana Republic.

Gap Inc said the closures would mainly be in North America.

The firm said it had already closed 55 of its eponymous stores.

That leaves 742 Gap stores globally.

It is not yet clear how many jobs will be lost or where the closures will occur over the next two years.

Revitalise

It is part of a strategy to "revitalise" the brand, and generate more of its sales online, which it hopes will reach 40% of total revenues.

Once once a by-word for cool, sporty, casual wear, and promoted through high-profile advertising campaigns fronted by the likes of Madonna and rapper Missy Elliott, Gap's popularity amongst the young and fashionable has recently waned.

Cheaper fast-fashion brands such as Zara, H&M and Forever 21 now attract younger shoppers and Gap's sales have been falling in recent years.

In its latest financial results, Gap Inc said that like-for-like sales at its namesake stores fell by 5% over both the fourth quarter and the full year.

Same store sales were flat for Old Navy in fourth quarter but rose by 3% over 12 months.

Christina Boni, vice president at Moody's, the rating agency, said: "Old Navy is Gap Inc.'s leading brand comprising 47% of sales in 2018 with margins that lead its portfolio.

"Old Navy continues to outpace Gap Brand and Banana Republic and is one the fastest-growing major apparel brands with comparable stores of 3% in 2018 growing to over $7.8bn in 2018."

However she cautioned that spinning off Old Navy "reduces the diversification the brand provides to the overall entity".

In the fourth quarter, operating profit fell to $372m from $396m on sales marginally lower at $4.6bn.--bbc

US economic growth continues to slow

US economic growth slowed to an annualised rate of 2.6% in the final three months of 2018, figures show.

However, the reading was ahead of expectations for a rate of between 1.8% and 2%.

The pace of growth was below the 3.4% rate seen in the third quarter thanks to a slowdown in consumer spending.

The growth figures had originally been due to be released in January, but were delayed because of the 35-day US government shutdown.

The US economy was boosted last year by a big tax cut and an increase in government spending.

Ian Shepherdson, chief economist at Pantheon Macroeconomics, said that the fourth quarter was "not a bad performance" given that the economic boost from the Trump administration's tax cuts is now fading.

Trump 'doesn't understand economics'

US economy continues strong jobs growth

For the full year, GDP grew by 2.9% - just shy of President Donald Trump's 3% target - compared with 2.2% in 2017.

Mr Shepherdson said he expected that growth in 2019 would revert to the "post-crash trend" of between 2% and 2.5%, "demonstrating that the personal tax cuts offered nothing more than a sugar high, and that the business tax cuts did nothing to lift trend growth. Though they did make shareholders richer".

Capital Economics chief US economist Paul Ashworth said he expected growth of 2.2% this year and 1.2% in 2020.

It has certainly been a significant slowdown. But that figure of 2.6% is still reasonably strong.

It is actually more than most independent economists think the US can sustain over the long term. Many think there was a short-term boost from President Trump's tax cuts which is now fading.

In the coming years, the economy will face further headwinds from an ageing population. The view that long-term prospects are rather more modest is shared by policymakers at the Federal Reserve.

They consider the long-run growth of the US economy is likely to be somewhere between 1.7% a year and 2.2%.

President Trump by contrast has suggested that 4% is doable, and his administration is aiming for 3%.

Growth for the full year 2018 was very close to the latter figure. But sustaining it will be a serious challenge.

Consumer slowdown

Consumer spending, which accounts for more than two-thirds of US economic activity, increased at an annual rate of 2.8% in the final three months of last year.

That was a slowdown from the 3.5% rate set in the previous quarter.

Recent figures showed that retail sales fell by 1.2% in December while demand for new vehicles dropped by 1% in January compared to the same month last year, with car sales particularly hard hit with a 4% drop.

Mr Ashworth said that both factors mean that "consumption growth could fall below 2%" in the first quarter of 2019.

Also, while business investment growth reached 6.2%, he said "the first quarter won't be this good".

"We already know that lower oil prices will depress mining investment, while the weakness of underlying durable goods orders points to a softer equipment showing."--bbc

Manchester City replaces Nike with Puma in kit deal

Premier League champions Manchester City have signed a long-term kit deal with Germany's Puma, replacing their current agreement with Nike.

The size of the deal was not disclosed, but media reports suggest it could be worth up to £65m a year for 10 years.

It will come into effect in July and also covers sister clubs in Australia, Spain, Uruguay and China.

Puma chief executive Bjorn Gulden said it was the biggest deal his firm had ever done.

He said Puma wanted to "maximise on-field performance as well as football culture, in areas such as music, gaming and fashion, to connect and inspire the fanbase of each team".

Mr Gulden said the deal with City included a fixed retainer, a bonus based on sporting achievements and a royalty element.

Ferran Soriano, boss of the club's holding company City Football Group (CFG), said: "It is a historic day for us. What we are doing has not been done before. It is an unprecedented partnership."

Mr Sorriano said the sponsorship agreement would "reset the model for sports partnerships on a truly global scale".

Sports sponsorship expert Nigel Currie told the BBC that the deal reflected the changing nature of sports sponsorship and the increasingly global nature of the Premier League's appeal.

He added: "Merchandising is vital. It's not pure sponsorship, it's a commercial deal. It will be all about replica kit sales and creating a range of merchandise for the fashion world."

The other clubs covered by the deal are Melbourne City, Girona, Club Atletico Torque and Sichuan Jiunjiu.

The Chinese club was added to CFG's stable earlier this month.

The deal covers men's, women's and youth teams at every club.

Other big sponsorship deals in English football include Manchester United's tie-up with Adidas, which is reportedly worth £75m a year, and Nike's agreement with Chelsea.

Puma already has deals with a number of top European clubs, including Borussia Dortmund, AC Milan and Marseille.--BBC

Rolls-Royce swings to £2.9bn loss

Engineering giant Rolls-Royce swung into loss last year, as it increased the charge for fixing problems with its Trent 1000 engines.

The company also took a charge of £186m after Airbus said it was stopping production of its A380 superjumbo aircraft.

Rolls-Royce reported a pre-tax loss of £2.9bn for 2018, down from a profit of £3.89bn the previous year.

The firm also withdrew a bid to supply an engine for a new Boeing plane.

The company's shares were the biggest fallers on the FTSE 100 - down more than 4% at one point.

Underlying operating profit, which strips out the exceptional items, jumped 71% to £633m, up from £317m in 2017.

"Underlying financial results are ahead of expectations, with good growth in profit and cash flow. Following the restructuring we announced in June last year we are starting to see the crucial behavioural changes needed to sustain our momentum," chief executive Warren East said.

The company announced last summer that it was cutting 4,600 jobs over two years as part of a major reorganisation.

May's deal 'better than no deal': Rolls boss

Rolls-Royce profits hit by engine faults

Last year, a fault with Rolls-Royce's Trent 1000 engines grounded planes at British Airways and other airlines. The engine powers Boeing's 787 Dreamliner.

At the time, the company said the issues would take "some years" to fix. It said parts in its Trent 1000 engines were wearing out faster than expected but that it "had a solution" to the problem.

In its results statement, Rolls-Royce said it had increased the charge it had taken on fixing problems with its Trent 1000 engines to £790m, up from £554m.

Rolls-Royce also said that following the Airbus decision to stop delivery of the A380 in 2021 it had assessed the impact on its Trent 900 engine programme and associated customers and suppliers.

As a result it had recorded an exceptional item of £186m in the 2018 results which "relates to onerous contracts, tooling write-offs and the acceleration of depreciation and amortisation on associated Trent 900 programme assets".

The company is refocusing its business on civil aerospace, defence and power systems.

However, it has said it will no longer compete to supply engines for Boeing's proposed new mid-sized jetliner to fill a gap between the narrow and wide-body aircraft.

"We are unable to commit to the proposed timetable to ensure we have a sufficiently mature product which supports Boeing's ambition for the aircraft," Rolls-Royce said.

'Champagne on ice'

Hargreaves Lansdown equity analyst George Salmon said many parts of Rolls-Royce were operating more efficiently than they had in the last few years, "but Warren East hasn't quite got Rolls-Royce firing on all cylinders".

There were "bright spots", he said, such as a £611m net cash position and £568m of free cash flow, "a critical figure for Rolls since management put it front and centre of the investment case".

However, he added: "While Rolls deserves credit for freeing up cash by changing its supplier terms, much of the improvement is being driven by extra upfront payments and £70m of restructuring costs have been excluded.

"While these results look strong, the multitude of adjustments and mitigating factors mean we think the champagne will have to stay on ice for now."--BBC

Aston Martin shares dive by 18% on losses

Aston Martin Lagonda notched up big losses last year, as the cost of floating on the stock exchange hit its results.

Publishing its first results since it went public in October the firm reported a pre-tax loss of £68m, compared with profits of £85m in 2017.

The luxury car firm also said it would set aside up to £30m as part of its contingency planning for a no-deal Brexit.

Shares in the firm fell by 18%.

In a statement the company said since its third quarter trading update in November 2018, "geopolitical and economic uncertainties have increased".

It said that plans had been put into place the would mitigate any disruptions in supply, should the UK leave the European Union without a transition deal.

Aston Martin shares slide on debut

It had also recruited a chief purchasing and supply chain officer "in anticipation of Brexit".

So far the company has spent a "minimal amount" on its Brexit preparations.

The results revealed that car sales rose by more than a quarter (26%) last year to 6,441.

Sales by value were up by 25% to £1.1bn.

The costs of the flotation came to £136m. If those were stripped out operating profits were 18% higher at £146.9m.

'On track'

Andy Palmer, Aston Martin Lagonda president and group chief executive, described 2018 as an "outstanding" year for the company.

He said the company was confident that it would grow again in 2019.

"Whilst we are mindful of the uncertain and more challenging external environment, particularly in the UK and Europe, we remain disciplined in our execution and maintain our guidance for financial year 2019, whilst also reconfirming our medium-term objectives."--BBC

INVESTORS DIARY 2019

Company

Event

Venue

Date & Time

Willdale

AGM

Boardroom, Willdale Adminstration Block, Teneriffe Factory, 19.5km peg Lomagundi Road, Mt Hampden

07 March 2019 11am

Mash

AGM

Boardroom, ZB Life Towers, 77 Jason Moyo Avenue

18 March 2019 12pm

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.

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