Major International Business Headlines Brief::: 15 March 2019

Fri Mar 15 07:46:18 CAT 2019

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

Major International Business Headlines Brief::: 15 March 2019

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

*  China foreign investment law: Bill aims to ease global concerns

*  World Bank, AfDB commit $47 bln to African climate finance

*  Standard Bank to cut around 1,200 jobs, close 91 branches

*  South Africa steps up power cuts after fault at new mega plant

*  Kenya court axes banking rates cap, suspends implementation for a year

*  Nigeria, Sao Tome and Principe, Total sign oil production sharing deal

*  World Bank to lend Angola $1 billion

*  MTN aims to expand local shareholding of its Ugandan unit to 20 pct - CEO

*  Burkina Faso says Paris court dismissed $2.2 bln claim over manganese
mine contract

*  Interserve: Key UK contractor faces crunch vote on rescue plan

*  Boeing 737 Max aircraft grounded 'until May at least'

*  Facebook loses chief product officer and Whatsapp head

*  Sir Martin Sorrell gets WPP payout a year after leaving

 <mailto:info at bulls.co.zw> 

China foreign investment law: Bill aims to ease global concerns

China has passed a new foreign investment law in a move widely seen as an
effort to facilitate US trade talks.

Delegates voted overwhelmingly in favour of the law on the final day of the
National People's Congress (NPC).

The measure is seen as a possible olive branch to the US as negotiators from
both countries work to resolve their bruising trade dispute.

But some argue it does not fully address the concerns foreign firms have
about doing business in China.

Delegates at the NPC - the annual meeting of China's legislature - passed
the bill with 2,929 in favour, eight against and eight abstentions.

The law will come into effect on 1 January 2020.

It comes roughly three months after a first draft was discussed, a
particularly fast turnaround in China, as Washington and Beijing work to
resolve their trade dispute.

The trade battle has seen both sides impose tariffs on billions of dollars
worth of one another's goods since last year.

A quick guide to the US-China trade war

The BBC's Stephen McDonell said the Chinese government appears to have
rushed through the investment law as an olive branch to the US amid trade
war negotiations.

Many in the business community in China see this law as a kind of sweeping
set of intentions rather than a specific, enforceable set of rules, he says.
They fear it could be open to different and changing forms of
interpretation.

Industry concerns

The new law aims to create a more level playing field between domestic and
foreign businesses.

In a statement earlier this week, the American Chamber of Commerce in China
welcomed the "legislative effort to improve the foreign investment climate".

But it said some provisions were "still quite general and do not address a
number of the persistent concerns of foreign companies or foreign-invested
enterprises in China".--bbc

 <mailto:info at bulls.co.zw> 

World Bank, AfDB commit $47 bln to African climate finance

NAIROBI (Reuters) - The World Bank and the African Development Bank will
together commit more than $47 billion by 2025 to help African countries
tackle the effects of climate change, the banks said on Thursday.

Many countries on the continent, especially those on the coast, are among
the most vulnerable to the effects of climate change such as rising sea
levels and coral reef deterioration.

Others are prone to more frequent droughts, desertification and floods.

The World Bank said in a statement it had pledged $22.5 billion for
2021-2025, while AfDB said it had committed $25 billion to climate finance
between 2020 and 2025.

AfDB said the funds would be used to increase investment in renewable energy
projects like solar power plants.

“The share of our portfolio that was in renewable energy generation between
2013 and 2015 was 59 percent but from 2015 to 2018 we moved from that to 95
percent,” AfDB president Akinwumi Adesina told Reuters on the sidelines of a
U.N. environment meeting.

The World Bank said some of the beneficiaries of its funding would include
projects in Ethiopia, Rwanda and Kenya.

Standard Bank to cut around 1,200 jobs, close 91 branches

JOHANNESBURG (Reuters) - South African lender Standard Bank will cut around
1,200 jobs and close 91 branches as part of efforts to digitise its retail
and business bank, it said on Thursday.

South Africa’s lenders, like others around the world, have been shuttering
branches and trimming their headcount in an attempt to cut costs and adapt
to customers’ growing preference to bank online or on their mobile phones.

“This has not been an easy decision to make,” the bank, South Africa’s
largest by assets, said in a statement, adding it would implement a
“comprehensive exit package” that goes beyond the legal requirements.

Job cuts are sensitive in South Africa, where unemployment stands at 27
percent, and Standard Bank’s announcement comes on the back of plans to cut
526 jobs announced in November.

South African finance trade union, SASBO, did not immediately respond to
requests for comment.

As well as sprawling branch and IT networks and large workforces - exceeding
50,000 at Standard Bank - South African lenders are grappling with a
stagnant economy, where consumers have reined in borrowing amid high debt
levels and other strains on their income.

Last week, Standard Bank said it grew its full-year earnings at less than
half the pace it saw in 2017.

The majority of the branches due to close will shut by June, Standard Bank
said, adding new job opportunities would become available in the bank,
meaning the total number of employees that lose their jobs could be lower.

South Africa steps up power cuts after fault at new mega plant

JOHANNESBURG (Reuters) - South Africa’s state utility Eskom stepped up power
cuts on Thursday after a breakdown at its mammoth Kusile power plant project
exacerbated a shortfall of generating capacity, reminding investors of the
risks to economic growth.

Eskom supplies more than 90 percent of the power in Africa’s most
industrialised economy but has suffered repeated faults at its coal-fired
power station fleet and is choking under a 420 billion rand ($29 billion)
debt mountain.

Its problems are a major challenge for President Cyril Ramaphosa as they
threaten to stymie efforts to haul the economy out of a protracted slump
before a national election in May.

Kusile and sister project Medupi will be two of the largest coal-fired power
stations in the world when complete, but they are years behind schedule and
tens of billions of rands over budget. The few units at Kusile and Medupi
which are online perform unreliably.

“The first unit in commercial operation at Kusile tripped this morning,
sending the system into deficit,” Andrew Etzinger, Eskom’s acting head of
generation, told Reuters.

“Insufficient maintenance in recent years means many other coal stations are
also experiencing failures,” he added.

Eskom said it would cut 2,000 megawatts (MW) on a rotational basis
countrywide from 1300 GMT, likely until 2100 GMT, a month after implementing
some of the worst power cuts in several years. It had earlier said it would
cut 1,000 MW.

Etzinger said around 12,000 MW of Eskom’s roughly 45,000 MW capacity was
offline because of unplanned outages and that diesel supplies were also
under pressure. Eskom burns diesel when it is unable to generate sufficient
power from its fleet of mainly coal-fired plants.

The latest power cuts were announced as data showed that South Africa’s key
mining and manufacturing sectors remained weak, driving the rand 0.5 percent
lower against the U.S. dollar.

Ramaphosa’s government has promised to inject 23 billion rand ($1.6 billion)
a year over the next three years to shore up Eskom’s balance sheet, although
there are signs that more money could be needed.

On Thursday, the cabinet said it was concerned about the performance of
Medupi and Kusile and that a team of experts appointed to assess Eskom’s
technical challenges should produce a preliminary report within a month.

South Africa’s economy started the year on a weak footing, even before
February’s power cuts, data showed on Thursday. Analysts say power problems
are a major factor contributing to weak business confidence.

($1 = 14.4878 rand)

Kenya court axes banking rates cap, suspends implementation for a year

NAIROBI (Reuters) - A Kenyan court ruled on Thursday that a cap on
commercial bank interest rates is unconstitutional, but judges suspended the
ruling for 12 months to allow parliament to re-examine the law.

Lawmakers capped interest rates at 4 percentage points above the central
bank’s benchmark in 2016, saying they were concerned about high levels. But
that has led to a private credit squeeze, as banks say it forced them to cut
back on loans to high-risk groups.[nL8N1VL2X4]

The ruling said the section of the banking act imposing the cap was
unconstitutional because it only punished bankers and not customers for
contravening the law.

However, the ruling does not mean the rate cap will be lifted immediately.
“Implementation is suspended for 12 months,” the central bank said in a
tweet.

In March 2018, the central bank said the cap had probably cut 2017’s
estimated economic growth rate by 0.4 percent because it throttled credit to
small and medium businesses.[nL8N1R32H3]

In June, Finance Minister Henry Rotich proposed repealing the interest rate
cap, a move cheered by bankers.

But lawmakers rejected that.

Nigeria, Sao Tome and Principe, Total sign oil production sharing deal

ABUJA (Reuters) - Nigeria, Sao Tome and Principe and Total SA signed an oil
production sharing contract on Thursday, according to a joint statement.

“Nigeria and Sao Tome and Principe through their joint oil zone organization
have signed a production sharing contract with Total E&P (Exploration and
Production) Nigeria Limited that will prospect for oil in three blocks,” the
statement said.

Nicholas Terraz, the managing director of Total E&P, said the company would
take on 100 percent of the financing, but may seek partners as discoveries
are made.

The estimated reserves of the blocks - 7, 8 and 11 - were not disclosed, but
Total will be the first to do seismic studies, the statement said.

World Bank to lend Angola $1 billion

JOHANNESBURG (Reuters) - The World Bank will lend Angola $1 billion to fund
social security and water projects, the president’s office said on
Wednesday.

Angola, Africa’s second largest oil producer, has been pushed into an
economic crisis by the fall in oil prices since mid-2014.

Alongside a $500 million loan agreed earlier, which Angola is set to receive
this year, the country’s treasury will now receive $1.5 billion from the
World Bank over the next three years.

“We want to support the reform process that happens,” World Bank Vice
President Hafez Ghanem said during a briefing with Angolan President Joao
Lourenco at which the loan was announced.

The World Bank’s support for Angola focuses mainly on water, agriculture,
local development, social protection, solar energy and transport.

MTN aims to expand local shareholding of its Ugandan unit to 20 pct - CEO

KAMPALA (Reuters) - MTN Group’s Uganda unit is looking to boost local
shareholding to 20 percent from 4 percent this year, the South African
telecoms giant’s Chief Executive Robert Shuter said.

The move to expand local ownership appears a bow to pressure from Ugandan
President Yoweri Museveni who has said he would like the firm to list on the
local bourse so some of the firm’s revenues stay in the country.

Shuter said the firm planned to engage in discussions with authorities over
how to structure the extra stake sell-off.

“We would like to broaden it (local ownership) in the course of 2019...we
would like to target to move it from 4 percent to 20 percent,” Shuter told
Ugandan television NTV Uganda Wednesday night.

“What we now need to do is really engage in the market and with the
authorities as to what is the demand, how much funds are available, how best
to structure that.”

MTN is already in talks with state-owned pension fund NSSF for a potential
purchase of the extra stake, added Shuter.

NSSF has assets of more than 7.9 trillion Ugandan shillings ($2.13 billion).

“We’ve been in discussions with the NSSF, this is a potential investor in
MTN Uganda...this is a way to get broadbased participation without
necessarily having to go through all the complexity of the listing,” Shuter
said.

Last month, Uganda deported four MTN Uganda executives including the firm’s
top official, Wim Vanhelleputte, accusing them of compromising national
security. The firm has also been accused of under-declaring its revenues and
causing public revenue losses.

MTN has denied all the accusations.

($1 = 3,713.0000 Ugandan shillings)

Burkina Faso says Paris court dismissed $2.2 bln claim over manganese mine
contract

OUAGADOUGOU (Reuters) - A Paris court has dismissed a $2.2 billion claim
against Burkina Faso lodged by firms in businessman Frank Timis’s Pan
African Minerals Group in a dispute over one of the world’s largest
manganese mines, a government spokesman said on Thursday.

The arbitration court found that “the termination of the contract by Burkina
was valid and justified in law,” spokesman Remi Dandjinon said in a
statement. “For the Burkinabe government, this is satisfactory because it
allows us to regain control of the deposit.”

Pan African Minerals Group did not immediately respond to requests for
comment.

Interserve: Key UK contractor faces crunch vote on rescue plan

Key government contractor Interserve faces a crunch vote on Friday which
could lead it into administration.

The outsourcing giant has been trying to persuade shareholders to back a
rescue deal which would see 95% of the firm pass to lenders.

It reached a deal with creditors last month to prevent its collapse.

But if shareholders reject its debt-for-equity-swap plan in the vote,
Interserve's lenders could apply for a pre-pack administration.

This would mean the firm would avoid a Carillion-style collapse, but it
would wipe out existing shareholders.

Simon Jack: Interserve facing administration

Interserve agrees rescue plan with creditors

A pre-pack administration lets a company sell itself, or its assets, as a
going concern, without affecting the operation of the business when
administrators are appointed.

The administrators take over the running of the business to protect
creditors.

In a pre-pack, the lenders take 100% of the business.

What is Interserve?

The outsourcing firm is one of the UK's largest public services providers,
and employs 45,000 people in the UK.

It started in dredging and construction, and from there has diversified into
a wide range of services, such as healthcare and catering, for clients in
government and industry.

It sells services, including probation, cleaning and healthcare, and is
involved in construction projects.

It is the largest provider of probation services in England and Wales,
supervising about 40,000 "medium-low risk offenders" for the Ministry of
Justice.

Its infrastructure projects include improving the M5 Junction 6 near
Worcester, refurbishing the Rotherham Interchange bus station in Yorkshire,
and upgrading sewers and water pipes for Northumbrian Water.

And at King George Hospital in east London, for instance, Interserve has a
£35m contract for cleaning, security, meals, waste management and
maintenance.

Both the rescue deal and the pre-pack administration are designed to keep
those contracts going and jobs in place, at least in the short term.

Interserve, one of the government's biggest providers of public services,
may go into administration later.

The firm is holding a crucial shareholder vote to decide whether to accept a
rescue plan which would see its lenders write off hundreds of millions of
pounds in debt in exchange for new shares.

It employs 45,000 people in the UK and relies on contracts to serve schools,
hospital and the army for 70% of its revenue.

The company is drowning in £650m of debt and its woes have invited
comparisons with failed contractor Carillion which went bust just over a
year ago.

However, the government - which put Interserve under intense supervision 18
months ago - insists that if the rescue deal is not approved and the company
does go bust, there is a plan to bring the company out of administration
over this weekend.

This arrangement will see the lenders take control of the company, essential
services will not be interrupted, but current shareholders will see their
shares rendered worthless.

That includes the company's biggest shareholder, US firm Coltrane Asset
Management, which has opposed the deal but is thought to be interested in
buying pieces of the company after administration.

Whatever happens on Friday, the financial disaster at Interserve is certain
to revive the debate around the role of the private sector in providing
public services.

Debt problem

Interserve accumulated a pile of debt which it struggled to pay off after
construction project delays and a failed push into energy-from-waste in
Derby and Glasgow.

Its rescue plan involves cutting its debts from nearly £650m to £275m by
issuing new shares. These will then be swapped with creditors for debt.

If shareholders vote for the rescue deal, which would hand the lion's share
of the firm to lenders, it would leave them with heavily watered-down
shareholdings.

Lenders would be left with 95% of the firm.

Interserve rescue plan prompts share collapse

Government reassures over Interserve

Interserve's largest shareholder, Coltrane Asset Management, is critical of
the proposed deal and has threatened to block it.

The New York-based hedge fund has been pushing for a deal whereby 55% of the
firm goes to lenders, 7.5% goes to other shareholders, and the rest goes to
Coltrane.

Share plunge

Under its proposed rescue deal, Interserve gets to keep its most profitable
division, its RMD Kwikform construction business, loading £350m of debt onto
its balance sheet.

The firm had considered spinning the unit off to its lenders to raise money.

This is the second rescue deal for Interserve, with the company refinancing
its debt in March last year.

The firm's shares have plunged over the past year, currently trading at 9.6p
each. Just over a year ago, the shares were worth 100p each.

Following Carillion's collapse, the government launched a pilot of "living
wills" for contractors, so that critical services can be taken over in the
event of a crisis. Interserve is one of five suppliers taking part.--BBC

Boeing 737 Max aircraft grounded 'until May at least'

All Boeing 737 Max 8 and 9 aircraft will remain grounded at least until May
after the fatal Ethiopian Airlines crash on Sunday, the US Federal Aviation
Administration (FAA) has said.

The aircraft will not fly until a software update can be tested and
installed, the US regulator said.

Sunday's crash, shortly after take-off from Addis Ababa, killed 157 people
from 35 nations.

It was the second crash involving a 737 Max in six months.

Some people have pointed to similarities between the incidents, with some
experts citing satellite data and evidence from the crash scene as showing
links between Sunday's disaster and October's crash in Indonesia of the Lion
Air jet that killed 189 people.

US Representative Rick Larsen said the software upgrade would take a few
weeks to complete, and installing it on all the aircraft would take "at
least through April".

The FAA said on Wednesday that a software fix for the 737 Max that Boeing
had been working on since the Lion Air crash would take months to complete.

Meanwhile, investigators in France have taken charge of the crashed
Ethiopian Airlines aircraft's black boxes as they attempt to uncover what
caused the Boeing 737 Max disaster.

The Bureau of Enquiry and Analysis for Civil Aviation Safety (BEA) received
the flight data and cockpit voice recorders on Thursday.

The first readings could take days, but a lot depends on the boxes'
condition.

Regulators across the world continue to ground the Boeing aircraft.

On Thursday, Russia, Japan and Tunisia banned the jet from their airspace.
Late on Wednesday, the FAA told the country's airlines to ground their
fleets, but was criticised for not doing it sooner.

Boeing grounded: What it means for air travel

Ethiopian Airlines probe: What do we know?

Boeing grounds entire crash aircraft fleet

Ethiopian Airlines crash: Six charts on what we know

Possible similarities between the accidents, focussing on the aircraft's
anti-stall system, have shocked the aviation industry and raised questions
over Boeing's, and the FAA's, insistence earlier this week the the Max 737
was safe to fly.

In addition to Max aircraft in service, about another 5,000 are on order
from airlines. Garuda Indonesia said there was a possibility it would cancel
its 20-strong order for Max jets, depending on what the FAA does.

A BEA spokesman said he did not know what condition the black boxes were in.
"First we will try to read the data," the spokesman said, adding that the
first analyses could take between half a day and several days.

There have been reports, including by Reuters, that there was a tussle over
which safety authority would take the lead in examining the black boxes.

Reports said Germany was initially asked to conduct the analysis because
Ethiopian Airlines had been unhappy at the way the Paris-based organisation
had investigated a crash in Lebanon in 2010.

Britain and the US both have highly-respected crash investigation agencies.

How long the analysis by the BEA will take depends on a number of things.

First, the state of the recorders themselves. They are contained in very
robust housings designed to withstand tremendous forces, and they are placed
in the rear of the aircraft where they may be sheltered from the worst
effects of an impact.

Nevertheless, they can still be damaged, particularly by intense fire. The
investigators will need to extract the memory modules, basically circuit
boards covered with memory chips, and carry out any necessary repairs.

The modules are designed so that information is spread across a series of
chips. If one part is damaged, there should still be useable information
elsewhere.

Once downloaded, the data also has to be read. Surprisingly, it is not
recorded in a standard form - so investigators will need to know how to make
it useable. That will need input from the airline itself.

If all goes well, the investigators will have access to thousands of pieces
of data about the aircraft - not only what was going on on the fatal flight
itself, but also on previous journeys.

They will also be able to hear what was going on in the cockpit, what the
pilots said to one another, and if any audible warnings were sounding.

All of that should go a long way towards establishing the immediate causes
of the accident - and finding out whether there really were common factors
with the Lion Air crash.--BBC

Facebook loses chief product officer and Whatsapp head

Facebook founder Mark Zuckerberg has announced the departure of the firm's
chief product officer Chris Cox and head of WhatsApp Chris Daniels.

Mr Cox joined in 2005, a year after Facebook was founded, while Mr Daniels
took up his role only a year ago.

No reason has explicitly been given for their departure.

The changes come shortly after Mr Zuckerberg outlined his plan to transform
Facebook into a "privacy-focused platform."

This week the social media giant and its platforms WhatsApp and Instagram
also experienced the worst outage in the company's history. Facebook later
blamed the blackout on a "server configuration change".

Facebook revamps its privacy controls

WhatsApp, Instagram and Messenger to 'merge'

Mr Cox, a confidante of Mr Zuckerberg, started as a software engineer at the
firm and helped to build several key features including News Feed.

He also held several senior roles, heading up human resources and helping to
launch Facebook's business platform Workplace.

In a separate Facebook post, Mr Cox addressed the recent proposal to shift
Facebook further towards private, encrypted communication.

"This will be a big project and we will need leaders who are excited to see
the new direction through."

He did not give a reason for leaving, but Mr Zuckerberg insisted that he had
"been discussing... his desire to do something else" for several years.

Mr Daniels, meanwhile, started as head of Whatsapp after five years of
running Internet.org, an initiative to boost internet connectivity around
the world.

He will be replaced by Will Cathcart, who currently heads up Facebook's
mobile app. Fidji Simo, who ran the app while Mr Cathcart was away on
paternity leave, will take on his role.

No replacement has been announced for Mr Cox.

Facebook has lost several top executives during the last two years,
including its general counsel, chief security officer, and co-founders of
WhatsApp, Instagram and Oculus, a virtual reality firm it bought in 2014.

Facebook has been sharply criticised in the past over lack of user privacy
and the spread of offensive content and misinformation.

Despite the scandal, Facebook says its user numbers have continued to grow.
It says the number of people who logged into its site at least once a month
jumped 9% last year, to 2.32 billion people.

User numbers in the US - its second-largest market - have fallen by 15
million since 2017, however, according to market research firm Edison
Research.--BBC

Sir Martin Sorrell gets WPP payout a year after leaving

A year after Sir Martin Sorrell resigned as head of the advertising giant
WPP he will still receive shares worth £2.13m from the company.

The pay-out is from WPP's long-term executive performance share plan, the
Financial Times reported.

Sir Martin will receive 250,000 shares plus dividends under the plan, the FT
says.

Sir Martin resigned from WPP last April after the board investigated claims
of misconduct, which he has denied.

He then took charge of a shell company, Derriston Capital, and turned it
into S4 Capital, a "multinational communication services business".

In July last year WPP threatened to take away his share awards when it
turned out that both WPP and S4 were competing to buy Dutch firm Mediamonks,
and it was thought Sir Martin was in breach of his confidentiality
agreements.

S4 acquired Mediamonks later that month and WPP has not pursued any legal
claims over Sir Martin's bonus.

The share awards are could be worth up to £20m over five years to Sir
Martin. However, this assumes a very good performance by the firm, which saw
profits drop last year to £1.46bn. 

He still owns 1.4% of WPP shares worth about £150m.

In the past he faced shareholder revolts over what many saw as excessive
rewards.

In 2017 more than one in five shareholders voted against his £48m pay
package, the seventh year in a row that more than 20% of investors failed to
endorse his pay.--BBC

INVESTORS DIARY 2019

Company

Event

Venue

Date & Time

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.

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

Invest Wisely!

Bulls n Bears 

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

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

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

Website:
<http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw&sa=D&sntz=1&usg=AF
QjCNH8LYgdY55h-XKseuM8Kpr-JKdfhQ> www.bulls.co.zw 

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

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

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

Skype:         Bulls.Bears 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20190315/9e463771/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.jpg
Type: image/jpeg
Size: 3653 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20190315/9e463771/attachment-0006.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 42387 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20190315/9e463771/attachment-0007.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 29391 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20190315/9e463771/attachment-0008.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.jpg
Type: image/jpeg
Size: 29388 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20190315/9e463771/attachment-0009.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.jpg
Type: image/jpeg
Size: 29420 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20190315/9e463771/attachment-0010.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image006.jpg
Type: image/jpeg
Size: 4846 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20190315/9e463771/attachment-0011.jpg>