Major International Business Headlines Brief::: 19 March 2019

Tue Mar 19 07:21:35 CAT 2019

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Major International Business Headlines Brief::: 19 March 2019

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*  South Africa's power cuts to continue as Eskom battles shortages

*  Former Steinhoff chairman Wiese open to talks over $4 bln claim

*  Botswana's Debswana to extend life of Jwaneng diamond mine to 2035

*  South Africa's rand weakens on continued rolling power cuts

*  Kenyan shilling under pressure from importer demand

*  Crisis-struck Sudan signs deals for $300 million with Arab funds

*  S.Africa's Competition Tribunal approves Glencore's bid for Chevron
subsidiary

*  Botswana's Debswana targets diamond output of 24 mln carats in 2019

*  Australia PM calls for social media crackdown

*  EasyJet withdraws from proposed Alitalia consortium

*  World's most expensive cities revealed

*  MySpace admits losing 12 years' worth of music uploads

*  WorldPay payments firm in $43bn sale to US rival

*  UK space internet firm OneWeb ready for lift-off

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South Africa's power cuts to continue as Eskom battles shortages

JOHANNESBURG (Reuters) - South Africa’s state utility Eskom will make more
power cuts this week as it struggles with capacity shortages that threaten
to stymie President Cyril Ramaphosa’s efforts to boost investments and
economic growth.

Eskom supplies more than 90 percent of the power in South Africa but has
suffered repeated faults at its coal-fired power stations, along with low
water levels at hydroelectric plants and diesel shortages.

Ramaphosa told eNCA television on Monday that the power cuts were very
worrying and authorities were working every hour of the day to restore
power.

The situation worsened on Saturday after Eskom lost its electricity imports
from the Cahora Bassa hydroelectric system in Mozambique, which contributes
more than 1,000 MW to the South African grid, after a powerful cyclone.

Eskom said late on Sunday it would continue to implement rolling blackouts
on Monday and Tuesday with 4,000 megawatts to be cut from the grid on a
rotational basis.

Businesses have been disrupted, particularly the small- and medium-sized
firms which do not have access to backup power sources such as diesel
generators.

Vincent Xaba, a manager at Tsa African Restaurant in Johannesburg, said he
had to throw away about 15 kilograms of tripe and 10 kilograms of pigs’
trotters worth about 8,000 rand ($557) after his freezer stayed without
power for too long.

“We’re losing a lot of money and a lot of customers. Our meat is getting
spoiled, our drinks are getting warm. Everything is in a big mess,” Xaba
said inside the dark, empty restaurant.

Jacob Munthali, an employee at Harvey Refrigeration & Air Condition, said
the situation was stressful.

“We can’t check or fix appliances without electricity,” Munthali said. “I’ve
got a family to support so if the boss is not getting anything that means me
too as an employee won’t get anything.”

AGEING PLANTS

Eskom’s power station performance has deteriorated steeply in part because
of delays to critical maintenance work. Long-term neglect means there are no
quick fixes.

The power cuts, known as “loadshedding”, have also prompted frustrations
among ordinary people ahead of an election in May.

“We get ‘loadshed’ twice in a day,” said 32-year-old Johannesburg resident
Lukhanyo Ceza. “When leaving the office, traffic lights are not working,
it’s havoc, it takes 20 minutes to drive one kilometre. I can’t cook because
there is no power and I am forced to get takeaway and it’s expensive.”

Eskom’s ageing power plants, that are between 37 and 50 years old, could
come under further strain in the South African winter which begins in
earnest in June.

“I don’t know if Eskom will fix the problem in future, maybe I must vote
EFF,” said panel-beating shop owner Charles Hutamo, referring to the radical
leftist Economic Freedom Fighters party.

The Ministry of Public Enterprises, which oversees Eskom, said in a
statement late on Sunday that the utility would be assisted to fast-track
the procurement of essential goods and services required to rehabilitate and
repair power generating units.

To supplement its ageing power plants, Eskom is developing the Kusile and
Medupi projects, but both are years behind schedule and tens of billions of
rands over budget. The few units at Kusile and Medupi that are online
perform unreliably.

($1 = 14.3600 rand)

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Former Steinhoff chairman Wiese open to talks over $4 bln claim

JOHANNESBURG (Reuters) - Former Steinhoff chairman and top shareholder
Christo Wiese said on Monday he is open to negotiations over a $4 billion
claim against the South African retailer, days after it revealed the scale
of a devastating accounting fraud.

Steinhoff said on Friday that an independent report had found it overstated
profits — which were signed off by Deloitte — over several years in a $7.4
billion fraud involving a small group of top executives and outsiders.

It did not name the individuals but said those implicated were no longer
employed by Steinhoff, which first disclosed the hole in its accounts in
December 2017, knocking 90 percent off the value of its shares and
triggering investor lawsuits.

With a stake of about 20 percent which he acquired in 2014 when he sold his
clothing retailer Pepkor to Steinhoff in exchange for shares, Wiese was
particularly hard hit by the crash in its stock price.

“I would expect Steinhoff to give me back my money, and I will give them
back their worthless shares,” Wiese told Reuters.

“But everybody knows the company does not have that kind of money, so our
approach has been that the only way forward is for all the stakeholders to
sit around the table and reconstruct the company,” Wiese added.

Wiese’s claim, which he made public last year, is more or less equivalent to
the market value of Pepkor but seven times more than the market value of
Steinhoff.

Steinhoff, which declined to comment, owns 70 percent of Pepkor.

Steinhoff, which is also listed in Frankfurt and is registered in the
Netherlands, is also facing a class action lawsuit from Dutch shareholder
group, VEB.

VEB is seeking unspecified compensation from Steinhoff and its auditor at
the time, Deloitte, for damages suffered from misleading information on the
financial health of the company.

“As far as VEB is concerned, this report in no manner, shape or form
influences our action. It does nothing to frustrate it, it does nothing to
make it more tenuous or anything,” spokesman Armand Kersten said.

VEB, which says it has recouped 2 billion euros for investors in various
companies over the years, suspended the class action litigation in October
until April 3 to allow the company to focus on cleaning up its balance
sheet.

Deloitte, whose refusal to sign off on the 2017 earnings report sparked the
investigation, has denied any wrongdoing.

“INSANE” ALLEGATIONS

Wiese, who is one of South Africa’s best-known business figures, dismissed
any suggestion of wrongdoing.

“People that are making these allegations are insane, or I’m insane. What
sane person will put 60 billion rand into a company that he knows is riddled
with fraud?,” Wiese asked.

Wiese was one of the early executives of Pepkor, which was co-founded by his
parents in the 1960s in Upington on the southern edges of the Kalahari
desert.

He is best known for transforming grocery retailer Shoprite from six shops
in the 1970s to hundreds across Africa.

The 77-year-old was also instrumental in reinventing Steinhoff, helping to
expand it from discount furniture to a sprawling global retail conglomerate
selling everything from mattresses and televisions to shoes and clothing.

Pepkor’s chief executive, Leon Lourens, welcomed the findings of the
summarised investigation report, which said his company financial statements
were clean.

Shares in Steinhoff, which 15 months ago was valued at 224 billion rand,
were up more than 5 percent at 1.94 rand, valuing it at around 8 billion
rand ($554 million).

($1 = 14.4487 rand)

Botswana's Debswana to extend life of Jwaneng diamond mine to 2035

GABORONE (Reuters) - Botswana’s Debswana Diamond Mining, a joint venture
between De Beers and the government, said on Monday it would invest $2
billion in a project to extend the lifespan of its Jwaneng mine to 2035.

The project, known as Cut 9, follows a $3 billion expansion of Botswana’s
richest diamond mine in 2010 which aimed to extend its life to 2030 and
uncover 92 million carats of diamond.

Jwaneng Mine in south central Botswana is one of the world’s richest diamond
mines by value.

Majwe, a joint venture between Australian firm Thiess and long-term local
partner Bothakga Burrow Botswana, has been awarded a $1.2 billion contract
to provide mining services for the project which is expected to yield an
estimated 53 million carats of rough diamonds from 44 million tonnes of
treated material.

Debswana, which owns three other diamond mines in the country, last week
said it saw production remaining steady at around 24 million carats in 2019.

($1 = 1.4073 Australian dollars)

South Africa's rand weakens on continued rolling power cuts

JOHANNESBURG (Reuters) - South Africa’s rand weakened slightly early on
Monday as continued rolling power cuts from the state-owned power utility
weighed on market sentiment ahead of local and international economic data
due later in the week.

At 0628 GMT, the rand traded at 14.4375 versus the dollar, 0.33 percent
weaker than its New York close on Friday.

Eskom said it would continue with planned power cuts on Monday and Tuesday
after it stepped up rolling blackouts on Saturday, underscoring the risks to
businesses in Africa’s most industrialised economy.

“The announcement by Eskom that load shedding will prevail throughout the
weekend curtailed more decisive rand recovery as the supply-side constraint
continues to dampen the outlook for the domestic economy and feeds into
deteriorating business confidence,” said NKC African Economics in a morning
note.

The rand is expected to trade in a range of 14.30 rand to 14.50 rand on
Monday.

The currency will await further direction from local inflation data and the
U.S. Federal Reserve’s Reserve interest rate decision due later this week.

Government bonds weakened, with the yield on the benchmark instrument
maturing in 2026 up 5 basis points to 8.720 percent.

Kenyan shilling under pressure from importer demand

NAIROBI (Reuters) - The Kenyan shilling was under pressure against the
dollar on Monday amid dollar demand from oil and merchandise importers,
traders said.

At 0800 GMT, commercial banks quoted the shilling at 100.35/55 per dollar,
compared with 100.25/45 at Friday’s close.

Crisis-struck Sudan signs deals for $300 million with Arab funds

CAIRO (Reuters) - Sudan has signed deals for loans worth $300 million with
regional Arab funds, authorities said on Saturday, as the government
struggles to cope with an economic crisis and nearly three months of street
protests.

The finance ministry agreed a $230 million loan with the Abu Dhabi-based
Arab Monetary Fund to support the balance of payments, the ministry said in
a statement.

A deal for a second loan worth $70 million was signed with the Arab Trade
Financing Program, whose shareholders include the Arab Monetary Fund and
which is also based in Abu Dhabi, according to a statement from Sudan’s
presidency.

The deals were signed as President Omar al-Bashir and other officials
including the central bank governor met Arab Monetary Fund Director General
Abdulrahman Al Hamidy in the capital, Khartoum.

A worsening economic crisis in Sudan triggered frequent demonstrations
across the country since Dec. 19 in which protesters have called for an end
to Bashir’s three-decade rule.

The government has expanded the money supply, pushing inflation to more than
70 percent before the end of last year before it slowed to under 50 percent
in January and February, according to official figures.

Diplomats say the government has struggled to raise new funds from abroad as
it tries to keep the economy afloat.

S.Africa's Competition Tribunal approves Glencore's bid for Chevron
subsidiary

JOHANNESBURG (Reuters) - South Africa’s Competition Tribunal on Friday
approved with conditions Glencore’s proposed $973 million acquisition of
Chevron Corp’s subsidiary in the country.

The tribunal said there must be no job cuts at Chevron South Africa as a
result of the merger for five years, the unit must invest 6 billion rand
($416.67 million) in a refinery in the country, and its head office must
remain in South Africa.

($1 = 14.4000 rand)

Botswana's Debswana targets diamond output of 24 mln carats in 2019

GABORONE (Reuters) - Botswana’s Debswana Diamond Mining, a joint venture
between De Beers and the southern Africa country’s government, aims to keep
production at around 24 million carats this year, its managing director said
on Friday.

Debswana lifted diamond output by 6 percent to a four-year high of 24.1
million carats in 2018, buoyed by strong demand from the United States,
China and India.

“I see the year staying as we budgeted at 24 million carats. There is no
reason for us to change production forecasts at this moment,” said Debswana
managing director Albert Milton.

“But if the markets were to change we will adjust accordingly,” he added.

The company is the largest contributor to Botswana’s government revenues.

Botswana, Africa’s largest diamond producer and among the continent’s
wealthiest nations, is trying to reduce its reliance on mineral revenues,
which the government sees dropping 4 percent to 13.6 billion pula ($1.26
billion) this year.

($1 = 10.7759 pulas)

Australia PM calls for social media crackdown

Australian Prime Minister Scott Morrison has called for global restrictions
on social media following the Christchurch mosque attacks.

Facebook and other firms have been criticised for failing to block a
live-stream of the attack.

In a letter to Japan's Prime Minister Shinzo Abe, who chairs the G20, Mr
Morrison asked for leaders to discuss the issue at the upcoming G20 meeting.

On Friday, twin shootings at mosques in Christchurch killed 50 people.

The gunman filmed the attack and the live-stream on Facebook lasted for 17
minutes.

UK Home Secretary Sajid Javid also called on social media firms to take
action to stop extremism on their channels.

Despite the original video being taken down, it was quickly replicated and
shared widely on other platforms, including YouTube and Twitter.

Facebook has said it deleted more than 1.5 million copies of the video in
the first day after the incident. It said 1.2 million of those copies were
blocked while being uploaded.

Who were the Christchurch victims?

Social sites seek to stop NZ attack clips

Who were the Christchurch victims?

Content is not available

In a copy of the letter posted on Twitter, Mr Morrison expressed concern
over the "unrestricted role" of internet technologies in terrorist attacks.

"It is unacceptable to treat the internet as an ungoverned space," he wrote.

Mr Morrison said the aim was to "agree on co-ordinated action to afford
greater protection from terrorist violence".

"It is imperative that the global community works together to ensure that
technology firms meet their moral obligation to protect the communities
which they serve and from which they profit."

Advertisers react

In the wake of the mosque shootings, Westpac NZ said it had suspended all
advertising on social media networks including Facebook "until further
notice".

"We will be engaging with social media companies about the publishing of
harmful content," the bank said in a statement on Twitter.

On Monday, a spokesperson for Lotto NZ told the BBC it had removed
advertising from social media at this time "as the tone didn't feel right in
the aftermath of these events".

It comes after industry groups representing advertisers issued a statement
asking their members if they wanted to be "associated" with platforms that
did not take responsibility for the content being shared.

The groups said: "The events in Christchurch raise the question, if the site
owners can target consumers with advertising in microseconds, why can't the
same technology be applied to prevent this kind of content being streamed
live?"--BBC

EasyJet withdraws from proposed Alitalia consortium

Easyjet has abandoned talks to join a consortium that would have bid for
Italian carrier Alitalia.

The budget airline had been considering teaming up with Italy's
state-controlled railway Ferrovie dello Stato Italiane and Delta Air Lines
of the US.

Alitalia was went into administration in May 2017 after workers rejected a
plan to cut jobs and salaries.

The airline continued to operate, propped up by the government, which has
been looking for a buyer.

The three parties had entered discussions in February about potentially
forming a consortium, although at the time Easyjet said it was not certain
whether a transaction for Alitalia would materialise.

Delta remains in talks with Ferrovie: "Discussions remain ongoing as
Alitalia is a long-standing partner of Delta," a statement from the US
airline said.

The Italian government has set an end-of-March deadline for the two to come
up with a rescue plan for Alitalia.

Alitalia slides into administration

Meanwhile, EasyJet said Italy would remain a big market for the airline.

"EasyJet remains committed to Italy, as a key market for the company, where
it currently carries 18.5 million passengers every year and employs 1,400
pilots and crew, all on local contracts," the firm said in a statement.

"We continue to invest in the three bases in Milan, Naples, Venice, as we
have done by basing additional aircraft in Venice and Naples last summer."

Rome-based Alitalia has been the recipient of a £789m state loan and has
been looking for international partners to keep it in business.

Irish budget airline Ryanair had expressed an interest in Alitalia shortly
after it entered administration two years ago, but quickly said it was
dropping the idea.

At the time the Irish airline was struggling to contain the fallout from a
pilot shortage, which led to the cancellation of flights for about 700,000
passengers.--BBC

World's most expensive cities revealed

Paris has come top of a ranking of the world's most expensive cities,
alongside Hong Kong and Singapore.

It's the first time three cities have shared the top spot in the 30-year
history of the annual Economist Intelligence Unit survey, which compares
prices in 133 cities globally.

The French capital - which was ranked second most expensive last year - is
the only eurozone city in the top ten.

The survey compares the cost of common items, such as bread, in 133 cities.

It then tracks whether prices have gone up or down by comparing them to the
cost of living in New York, which is used as a benchmark.

Haircut comparisons

Report author Roxana Slavcheva said Paris had been among the top ten most
expensive cities since 2003 and was "extremely expensive" to live in.

"Only alcohol, transport and tobacco offer value for money compared with
other European cities," she said.

The average cost of a women's haircut, for example, costs $119.04 in Paris,
compared to $73.97 in Zurich and $53.46 in Japanese city Osaka.

"European cities tend to have the highest costs in the household, personal
care, recreation and entertainment categories-with Paris being a good
representative in these categories—perhaps reflecting a greater premium on
discretionary spending," Ms Slavcheva said.

The ten most expensive cities in the world

1. Singapore (Singapore)

1. Paris (France)

1. Hong Kong (China)

4. Zurich (Switzerland)

5. Geneva (Switzerland)

5. Osaka (Japan)

7. Seoul (South Korea)

7. Copenhagen (Denmark)

7. New York(US)

10. Tel Aviv (Israel)

10. Los Angeles (US)

Caracas was ranked the least expensive city

Inflation and volatile currency fluctuations helped drive changes in this
year's ranking, with places like Argentina, Brazil, Turkey and Venezuela all
seeing a sharp fall in their cost of living ranking.

Caracas in Venezuela, where inflation neared 1,000,000% last year forcing
the government to launch a new currency, was ranked the least expensive city
in this year's survey.

The price of a cup of coffee in the capital Caracas doubled to 400 bolivars
($0.62; £0.50) in the space of just a week last December, according to
Bloomberg.

Damascus in Syria was ranked the world's second cheapest city.

The Economist Intelligence Unit said a "growing number of locations" were
becoming cheaper due to the impact of political or economic disruption.

The ten cheapest cities in the world

1. Caracas (Venezuela)

2. Damascus (Syria)

3. Tashkent (Uzbekistan)

4. Almaty (Kazakhstan)

5. Bangalore (India)

6. Karachi (Pakistan)

6. Lagos (Nigeria)

7. Buenos Aires (Argentina)

7. Chennai (India)

8. New Delhi (India)==BBC

MySpace admits losing 12 years' worth of music uploads

MySpace, one of the first online social networks, has apologised after a
server migration caused a huge loss of data.

A message on its website says that "any photos, videos and audio files"
uploaded more than three years ago may no longer be available.

There had been complaints going back several months that links to music were
no longer working.

The platform has waned in popularity since it was founded in 2003 but in its
prime it attracted millions of users.

In 2006 it was the most visited site in the US - beating Google.

It was a popular platform for sharing new music, and has been credited with
helping to launch the careers of artists including the Arctic Monkeys and
Kate Nash.

"As a result of a server migration project, any photos, videos, and audio
files you uploaded more than three years ago may no longer be available on
or from MySpace," the firm said in a statement.

"We apologize for the inconvenience."

It also included the email address of its data protection officer Dr Jana
Jentzsch.

The BBC has contacted Dr Jentzsch for comment.

Andy Baio, who helped build the Kickstarter crowd-funding site, tweeted that
the loss could amount to some 50 million tracks by 14 million artists over
that period.

He also questioned whether the loss was accidental.

Report

"Flagrant incompetence may be bad PR, but it still sounds better than 'we
can't be bothered with the effort and cost of migrating and hosting 50
million old MP3s'." he wrote.

MySpace was bought by NewsCorp in 2005 for $580m (£437m). It was sold in
2011 for $35m to ad targeting firm Specific Media.

While it is no longer a major player in the social media field, some people
who used it in its prime still used it as an archive.--BBC

WorldPay payments firm in $43bn sale to US rival

A payment processing firm that used to be owned by Royal Bank of Scotland
has been sold in a deal worth $43bn (£32bn).

WorldPay has been bought by Florida-based Fidelity National Information
Services (FIS) for $35bn in cash and shares, plus WorldPay's debt.

Customers of WorldPay include TopShop, Clarks, Monsoon, Accessorize and
multiple pub and restaurant chains.

FIS sells payment services and also software for the finance industry.

WorldPay was sold by RBS in 2010 as a condition of the bank's bailout
following the financial crisis.

Since then WorldPay's value has risen dramatically and now matches the stock
market value of its former owner RBS.

Demand for WorldPay services has surged as shoppers are using their cards
more, either to buy products online, or using cards in shops.

FIS said buying WorldPay would help it sell more services to banks and other
financial firms. The company's chief executive Gary Norcross said "scale
matters in our rapidly changing industry".

'Rapid shift'

The rise of financial technology firms, known as fintech, has seen
technology firms taking on banks in a race for control of the digital
payments market.

"The need to invest, to continue to modernise both the technology and
application layers, and continue to innovate so our customers can continue
to be disrupters, will be important for us," Mr Norcross told investors in a
call on Monday.

Neil Wilson, from Markets.com, said the deal "signifies the very rapid shift
in the payments industry and the amount of investment the businesses need".

He expects more deals in the sector as companies look to get bigger.

Gareth Wilson, Accenture's global payments chief, said the deal was "huge"
for the industry, in particular because it "puts a price on the expected
value of disruption" in the industry.

"The structure of the industry is ripe for change, and payments is the
battleground for new activity," he said.

According to Accenture, in 2017 in Europe, 20% of all 1,400 financial
services firms were considered to be "new", because they had started after
2005.

The UK has seen a "huge rise" in fintech, because it has led the way in
liberalising the banking industry.

There are now 2.5 times more financial services companies in Britain than in
2005, and 91% of these firms are offering payments services.

Changing hands

WorldPay first started in 1989 as electronic payments system Streamline. It
was owned by NatWest Bank, which was then acquired by RBS in 2002.

WorldPay first started as Streamline in the UK in 1989

Streamline was renamed as RBS WorldPay. RBS expanded the service to other
countries, including the US and the Netherlands.

In 2009 the European Commission said that RBS would have to sell WorldPay
and other businesses, as a condition of approving state aid to the bank.

The next year, WorldPay was sold to private equity firms Advent
International and Bain Capital for £2bn, with RBS retaining a 20% stake.

In 2013, RBS sold off its remaining stake. WorldPay went on to sell shares
on the London Stock Exchange in 2015.

In January 2018, US payments processing technology firm Vantiv acquired
WorldPay for $10.4bn. Vantiv renamed the combined firms WorldPay.--BBC

UK space internet firm OneWeb ready for lift-off

UK based start-up OneWeb has secured $1.25bn (£940m) in new funding enabling
it to speed up its plans to launch a global high-speed broadband network.

The firm said the money meant its 2021 launch was now "inevitable".

The funding comes after the company successfully launched its first
satellites for the service last month.

The firm is competing with several rivals, including Elon Musk's SpaceX,
which is aiming to build a similar network for global internet coverage.

Their aim is to bring the internet to parts of the world where there is
currently no broadband, or a patchy service.

OneWeb launches pathfinder satellites

The low-cost mini satellites bringing mobile to the world

The latest funding round means OneWeb has now raised $3.4bn in total from a
host of investors including Japanese technology giant Softbank, Sir Richard
Branson's Virgin Group, drinks giant Coca-Cola and chip-maker Qualcomm.

The company said the money would enable it - by the end of the year - to
start monthly launches of more than 30 satellites.

Eventually these satellites will create a constellation aimed at providing
full global internet coverage.

To provide global internet coverage, there will need to be 650 units in
orbit, but the ultimate number could rise to around 2,000.

The firm claims the monthly launches will be "the largest satellite launch
campaign in history".

American telecoms entrepreneur Greg Wyler told the BBC last month that his
aim was to help people in developing countries.

"If you look across emerging markets where there is no internet access or
very limited access, generally you see poverty.

"Health-care issues, gender inequality - whatever issue you can come up
with, they all fall within that same map. The fundamental underlying thing
is that people don't have opportunity; they don't have opportunity to learn,
to take themselves out of poverty, to build their communities, and that's
why connectivity is so important."--BBC

INVESTORS DIARY 2019

Company

Event

Venue

Date & Time

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

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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
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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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