Major International Business Headlines Brief::: 14 May 2019

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Major International Business Headlines Brief::: 14 May 2019

 


 

 


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*  South Africa's Vodacom earnings fall 6.6% on black share scheme

*  Kenyan watchdog approves Commercial Bank of Africa and NIC Group merger

*  JPMorgan cuts S.Africa local bond exposure citing fiscal, flags rating
risks

*  South Africa's Netcare H1 core profit rises on day patient growth

*  Anadarko says to supply Mozambique LNG to Japan's JERA, Taiwan's CPC

*  Low poultry profit weighs on South Africa's Astral Foods H1 earnings

*  South African rand falls on risk aversion as U.S.-China trade war heats
up

*  Glencore's Zambian unit to close two mine shafts

*  Nigeria stocks at 2-year low after cenbank governor gets second term
nomination

*  WhatsApp discovers 'targeted' surveillance attack

*  Who loses out in the US-China trade war?

*  Uber shares drop further as markets slide

*  Apple faces customer lawsuit over app store

*  Android pioneer HTC stages retreat from China

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

                                      


South Africa's Vodacom earnings fall 6.6% on black share scheme

JOHANNESBURG (Reuters) - South Africa’s mobile phone operator Vodacom
reported a 6.6% drop in full-year earnings due to one-off costs related to a
share scheme offered to black investors.

 

Headline earnings per share (EPS) for the full-year ended March fell to 862
cents from 923 cents a year earlier.

 

Headline EPS is the main profit measure in South Africa and strips out
certain one-off items.

 

Vodacom, which is majority owned by Vodafone, concluded a broad-based black
economic empowerment (BEE) ownership deal in September, which saw Vodacom
issue additional shares.

 

Under black economic empowerment rules, South African companies are
encouraged to meet quotas on black ownership, employment and procurement as
part of a drive to reverse decades of exclusion under apartheid.

 

It also updated its medium-term capital expenditure target to reflect the
IFRS 15 accounting standard and also changed its profitability target to
operating profit from earnings before interest and taxes to include the
benefits of the Kenyan Safaricom acquisition.

 

Medium-term group capex is now expected to be in the range of 13%-14.5% from
12%-14%, while the operating profit target is expected to be in the mid-high
single digit growth rate.

 

Vodacom, which competes with MTN group and Telkom, said group service
revenue jumped 5 percent, led by a strong performance overseas.

 

“It was a stellar year for our International portfolio where economic and
political environments have improved,” group Chief Executive Officer Shameel
Joosub said in a statement.

 

Vodacom grew service revenue there by 15.6 percent and expanded margins,
while in South Africa service revenue inched up by 2.1 percent due to price
cuts and a stagnant economy.

 

South Africa has been considering regulating the price of internet data as
well as out-of-bundle charges as part of efforts to bring costs down.

 

 

 

 

 

 

 

 

 

 

 


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Kenyan watchdog approves Commercial Bank of Africa and NIC Group merger

NAIROBI (Reuters) - The Competition Authority of Kenya approved on Monday a
proposed merger between Kenya’s Commercial Bank of Africa and NIC Group, the
regulator said in a statement.

 

It said the approval was on the condition that no employees would be made
redundant in the merged unit within 12 months of the deal’s completion.

 

 

 

JPMorgan cuts S.Africa local bond exposure citing fiscal, flags rating risks

LONDON (Reuters) - JPMorgan reduced its exposure to South African local
bonds citing a deteriorating fiscal outlook and flagged risks over its
expectations that Moody’s would not change its rating in the near term.

 

JPMorgan said it had taken profit on its overweight local bond position
which it had held since January to move to medium weight. In FX, the bank
said it had entered an underweight position on the South African rand,
citing expensive valuations.

 

“The fiscal outlook looks significantly more challenging than we previously
thought, and we now see risks for a 5.5% of GDP fiscal deficit this year,”
Anezka Christovova wrote in a note to clients.

 

On the outlook for Moody’s credit rating on the country, Christovova said
JPMorgan’s assumption of no ratings action in the near term could be
challenged.

 

“Soft incoming data suggests the timeline for a possible earlier downgrade
warrants risk premium.”

 

 

 

South Africa's Netcare H1 core profit rises on day patient growth

JOHANNESBURG (Reuters) - South Africa’s second-largest private hospital firm
Netcare Ltd reported a 1.3 percent increase in half-year normalised core
profit on Monday, boosted by rising day patient numbers at its hospital and
emergency services division.

 

Normalised group earnings before interest, tax, depreciation and
amortisation (EBITDA) rose to 2.12 billion rand ($148.53 million) in the six
months ended March, it said in a statement.

 

At 0735 GMT, shares in Netcare inched down 0.65 percent to 23.09 rand.

 

($1 = 14.2735 rand)

 

 

 

Anadarko says to supply Mozambique LNG to Japan's JERA, Taiwan's CPC

SINGAPORE (Reuters) - Anadarko Petroleum Corp said on Monday that a unit it
jointly owns which markets gas from Mozambique has signed a long-term deal
to supply liquefied natural gas (LNG) to Japan’s JERA and Taiwan’s CPC Corp.

 

This is its first long-term deal to be announced since the U.S. independent
energy group said late last week that it had agreed to be acquired by
Occidental Petroleum Corp in a $38 billion offer. The merger is expected to
be completed in the second-half of the year.

 

The sales and purchase agreement with JERA and CPC is for 1.6 million tonnes
per annum (mtpa) of LNG to be delivered ex-ship for 17 years from the
commercial start of operations on a project in Mozambique.

 

“This co-purchasing agreement with JERA and CPC brings together two
prominent Asian foundation customers and will ensure a reliable supply of
cleaner energy to meet the growing demands of both Japan and Taiwan,” Mitch
Ingram, Anadarko Executive Vice President, International, Deepwater &
Exploration, said in a statement on Monday.

 

JERA, a joint venture between Japanese utilities Tokyo Electric Power and
Chubu Electric Power, is Japan’s biggest thermal power generator and the
world’s biggest buyer of LNG.

 

CPC Corp is currently the sole LNG purchaser for Taiwan.

 

Anadarko expects to announce a final investment decision for the $20 billion
Mozambique LNG project on June 18, and said on Monday that it was on track
to complete the project financing process and secure final approvals.

 

The latest LNG supply deal brings its total long-term agreements to 11.1
mtpa, the company added. Its previous deals include buyers such as
utilities, major LNG portfolio holders and state companies.

 

Anadarko is developing Mozambique’s first onshore LNG facility consisting of
two initial LNG trains with a total nameplate capacity of 12.88 mtpa to
support the development of the Golfinho/Atum field located entirely within
Offshore Area 1.  

 

Anadarko Moçambique Área 1, Lda, a wholly owned subsidiary of Anadarko
Petroleum Corp, operates Offshore Area 1 with a 26.5-percent working
interest.

 

Its joint partners in the project include units of Japan’s Mitsui,
Mozambique state energy company ENH, Thailand’s PTT and Indian energy firms
ONGC Videsh and Bharat Petroleum Resources.

 

 

 

Low poultry profit weighs on South Africa's Astral Foods H1 earnings

JOHANNESBURG (Reuters) - South African poultry producer Astral Foods
reported a 52 percent fall in half-year earnings on Monday, weighed down by
a significant profit decline in the poultry division.

 

A newly legislated minimum wage, rotational power cuts, water supply
interruptions in Standerton and costs associated with industrial action in
KwaZulu-Natal all contributed to higher costs, Astral said.

 

Astral, which also manufactures animal feed, said headline earnings per
share (HEPS) for the six months ended March, fell to 9.49 rand from 19.59
rand a year earlier.

 

HEPS strips out once-off items and is the main profit measure in South
Africa.

 

The company’s poultry division reported a 68.9 percent drop in profit to 285
million rand ($20.01 million), driven largely by the higher feed input costs
and lower sales, it said.

 

“The under recovery of increased input costs, as well as the influence of
extraordinary expenses, negatively impacted profitability for this
division,” the firm said.

 

($1 = 14.2433 rand)

 

 

 

South African rand falls on risk aversion as U.S.-China trade war heats up

JOHANNESBURG (Reuters) - South Africa’s rand weakened in early trade on
Monday, giving up some of the election inspired gains, with risk aversion
driving currency markets after the latest escalation in the trade war
between the United States and China.

 

The world’s two biggest economies appeared at a deadlock over trade
negotiations on Sunday as Washington demanded promises of concrete changes
to Chinese law and Beijing said it would not swallow any “bitter fruit” that
harmed its interests.[nL2N22O02O]

 

At 0605 GMT, the rand traded at 14.2100 per dollar, 0.26% weaker than its
New York close on Friday.

 

South African markets strengthened on Friday on expectations of political
continuity, as the governing African National Congress (ANC) headed for a
national election victory.[nL5N22M5PL]

 

“In spite of last week’s election and a perceived investor-friendly outcome,
the rand has been largely driven by international factors with the election
contributing only marginally to its direction,” Peregrine Treasury Solutions
Corporate Treasury Manager Bianca Botes said.

 

In fixed income, the yield on the benchmark instrument due in 2026 fell 1.5
basis points to 8.445% in early trade.

 

 

 

Glencore's Zambian unit to close two mine shafts

LUSAKA (Reuters) - Zambia’s Mopani Copper Mines plans to close two shafts at
its Nkana mine in Kitwe, the Glencore-owned company said on Friday, a move
that union sources said could affect more than 2,000 workers.

 

Mopani said in a statement it would cease operations at the Mindola north
and central shafts of the Nkana mine and instead focus on other activities.

 

“We believe this approach will enable us to focus on achieving both safe and
productive outcomes which are essential to position Mopani for a successful
future,” it said.

 

Mopani suspended operations at its Mindola north shaft in February after
three workers were killed in a fire.

 

The company said the shafts had reached the end of their economic life and
their closure had always been planned.

 

However, it added that action was being taken sooner than originally
foreseen because its “limited resources” meant it could no longer afford to
operate “old and inefficient” shafts.

 

“We anticipate that these measures will regrettably result in the loss of
direct employee and contractor jobs,” it said.

 

Mine Workers Union of Zambia (MUZ) President Joseph Chewe said the closure
of the two shafts would affect 600 direct employees.

 

“If these workers are not re-deployed, then they will lose their jobs,”
Chewe told Reuters by phone.

 

Other union sources who spoke on condition of anonymity said 1,500
contractor employees would also lose their jobs because of the closure.

 

The company could not immediately be reached for comment on the exact number
of workers that could be affected.

 

 

 

Nigeria stocks at 2-year low after cenbank governor gets second term
nomination

ABUJA (Reuters) - Nigerian stocks dropped to almost a two-year low on Friday
as investors viewed the nomination of central bank governor for a second
term as a sign that there may be no change to the monetary policy that has
kept liquidity tight, traders said.

 

The main share index fell 0.37% to 28,789 points, a level not seen since May
2017.

 

 

 

WhatsApp discovers 'targeted' surveillance attack

Hackers were able to remotely install surveillance software on phones and
other devices using a major vulnerability in messaging app WhatsApp, it has
been confirmed.

 

WhatsApp, which is owned by Facebook, said the attack targeted a "select
number" of users, and was orchestrated by "an advanced cyber actor".

 

A fix was rolled out on Friday.

 

The attack was developed by Israeli security firm NSO Group, according to a
report in the Financial Times.

 

On Monday WhatsApp urged all of its 1.5bn users to update their apps as an
added precaution.

 

The attack was first discovered earlier this month.

 

How was the security flaw used?

It involved attackers using WhatsApp's voice calling function to ring a
target's device. Even if the call was not picked up, the surveillance
software would be installed, and, the FT reported, the call would often
disappear from the device's call log.

 

WhatsApp told the BBC its security team was the first to identify the flaw,
and shared that information with human rights groups, selected security
vendors and the US Department of Justice earlier this month.

 

"The attack has all the hallmarks of a private company reportedly that works
with governments to deliver spyware that takes over the functions of mobile
phone operating systems,” the company said on Monday in a briefing document
note for journalists.

 

The firm also published an advisory to security specialists, in which it
described the flaw as: "A buffer overflow vulnerability in WhatsApp VOIP
stack allowed remote code execution via specially crafted series of SRTCP
packets sent to a target phone number.”

 

WhatsApp abused in Brazil's elections

On the frontline of India's WhatsApp fake news war

WhatsApp sets new rules after mob killings

Who is behind the software?

The NSO Group is an Israeli company that has been referred to in the past as
a "cyber arms dealer".

 

Its flagship software, Pegasus, has the ability to collect intimate data
from a target device, including capturing data through the microphone and
camera, and gathering location data.

 

In a statement, the group said: "NSO's technology is licensed to authorised
government agencies for the sole purpose of fighting crime and terror.

 

"The company does not operate the system, and after a rigorous licensing and
vetting process, intelligence and law enforcement determine how to use the
technology to support their public safety missions. We investigate any
credible allegations of misuse and if necessary, we take action, including
shutting down the system.

 

"Under no circumstances would NSO be involved in the operating or
identifying of targets of its technology, which is solely operated by
intelligence and law enforcement agencies. NSO would not or could not use
its technology in its own right to target any person or organisation."

 

Who has been targeted?

WhatsApp said it was too early to know how many users had been affected by
the vulnerability, although it added that suspected attacks were
highly-targeted.

 

According to Facebook's latest figures, WhatsApp has around 1.5bn users
worldwide.

 

Amnesty International, which said it had been targeted by tools created by
the NSO Group in the past, said this attack was one human rights groups had
long feared was possible.

 

"They're able to infect your phone without you actually taking an action,"
said Danna Ingleton, deputy programme director for Amnesty Tech. She said
there was mounting evidence that the tools were being used by regimes to
keep prominent activists and journalists under surveillance.

 

"There needs to be some accountability for this, it can't just continue to
be a wild west, secretive industry."

 

On Tuesday, a Tel Aviv court will hear a petition led by Amnesty
International that calls for Israel's Ministry of Defence to revoke the NSO
Group's licence to export its products.--BBC

 

 

 

Who loses out in the US-China trade war?

The US-China trade war has escalated in recent days, with both countries
announcing new tariffs on each other's goods.

 

US President Donald Trump has said repeatedly that China will pay these
taxes, even though his economic advisor, Larry Kudlow, on Sunday admitted
that US firms pay the tariffs on any goods brought in from China.

 

So is Mr Trump wrong when he says the trade war is good for the US, and
generating billions of dollars for the US Treasury?

 

And who will lose most as the conflict escalates?

 

Who really pays the US tariffs?

US importers, not Chinese firms, pay the tariffs in the form of a taxes to
the US government, confirms Christophe Bondy, a lawyer at Cooley LLP.

 

Mr Bondy, who was senior counsel to the Canadian government during the
Canada-EU free trade agreement negotiations, says it is likely that these
additional costs are then simply passed on to US consumers in the form of
higher prices.

 

"They [the tariffs] have a strongly disruptive effect on supply chains," he
said.

 

What has the impact been on China?

China remains America's top trading partner, with exports rising 7% last
year. However, trade flows to the US slipped 9% in the first quarter of
2019, suggesting the trade war is starting to bite.

 

Despite this, Dr Meredith Crowley, a trade expert at the University of
Cambridge, says there is no evidence that Chinese firms have cut their
prices in a bid to keep US firms buying.

 

"Some exporters of highly substitutable goods have just dropped out of the
market as US firms have started importing from elsewhere. Their margins are
too thin and tariffs are clearly hurting them.

 

"I suspect those selling highly differentiated goods have not reduced their
prices, possibly because US importers rely on them too much."

 

What has the impact on the US been?

According to two academic studies published in March, American businesses
and consumers paid almost the entire cost of US trade tariffs imposed on
imports from China and elsewhere last year.

 

Economists from the Federal Reserve Bank of New York, Princeton University
and Columbia University calculated that duties imposed on a wide range of
imports, from steel to washing machines, cost US firms and consumers $3bn
(£2.3bn) a month in additional tax costs.

 

It also identified a further $1.4bn in losses linked to depressed demand.

 

The second paper, penned by among others, Pinelopi Goldberg, the World
Bank's chief economist, also found that consumers and US companies were
paying most of the costs of the tariffs.

 

According to its analysis, after taking into account the retaliation by
other countries, the biggest victims of Trump's trade wars were farmers and
blue-collar workers in areas that supported Trump in the 2016 election.

 

Can't US firms just buy their goods from other countries?

Mr Trump has said US firms that import from China should look elsewhere -
perhaps to Vietnam - or better still buy their goods from American
manufacturers.

 

But Mr Bondy says it is not so simple.

 

"It takes a long time for productivity and value chains to be reoriented and
that all comes at a cost.

 

"Take the steel tariffs the US imposed last year - it is not like all of a
sudden there are hundreds of new factories being built in the US."

 

China is also a manufacturing powerhouse, dwarfing its nearest rivals, which
makes it hard to replace it in global supply chains.

 

Have trade tariffs ever worked?

There is little evidence to suggest they have, say both Dr Crowley and Mr
Bondy.

 

In 2009, President Obama placed a steep tariff of 35% on Chinese tyres,
citing a surge in imports that was costing US jobs.

 

However, research from the Peterson Institute for International Economics in
2012 found the cost to American consumers from higher tyre prices was around
$1.1bn in 2011.

 

Although about 1,200 manufacturing jobs were saved, it said, the additional
money US consumers spent reduced their spending on other retail goods,
"indirectly lowering employment in the retail industry".

 

"Adding further to the loss column, China retaliated by imposing antidumping
duties on US exports of chicken parts, costing that industry around $1bn in
sales," it said.

 

The one example usually given to defend tariffs is US President Ronald
Reagan's decision to impose steep duties on Japanese motorcycles in 1983.

 

The move is credited as saving struggling US bike-maker Harley Davidson from
a surge of foreign competition.

 

But some have argued it was the company's own efforts - including
modernising its factories and building better engines - that really drove
its turnaround.

 

Will the US tariffs force China to strike a deal?

Dr Crowley says the duties may draw China back to the negotiating table, but
she does not expect them to offer radical compromises.

 

"Yes they are having more of a growth slowdown, and they export more to the
US than vice versa, so they will suffer more from a trade war.

 

"But they are not really interested in changing their laws, and even if they
did, do they really have the legal culture to enforce it?"

 

Mr Bondy thinks Mr Trump's tariffs threats are more about whipping up his
voter base and making headlines.

 

"Tariffs are easier to understand than the painstaking work of negotiating
common sets of rules on things like the behaviour of state-owned entities,
protection of intellectual property, fair access to markets and baseline
protections for workers and the environment."--BBC

 

 

 

Uber shares drop further as markets slide

Uber's share price has fallen another 11% amid wider stock market turmoil,
as the trade war between the US and China escalates.

 

Shares in the ride-sharing app dropped further below the $45 price they
began trading at on Friday when the company made its stock market debut.

 

Uber has begun trading as a public company just as the US and China have
stepped up the level of trade tariffs.

 

The Dow Jones Industrial Average fell more than 2% on Monday.

 

Since floating on Friday, Uber has seen $20.2bn wiped off its market
valuation to $62.2bn as its share price dropped to $37.10.

 

Analysts at Wedbush Securities said that Uber had clearly not had a
"storybook start" as "investors continue to grapple with the valuation of
the tech transportation stalwart especially in the backdrop of a risk-off
vibe on the heels of heightened US-China trade tensions and market
choppiness".

 

On the wider market, US markets were hit by news that China plans to impose
tariffs on $60bn (£46bn) of US goods from 1 June.

 

Tech Tent: What is Uber's route to profit?

What do drivers think of Uber?

The move comes in retaliation to the decision by President Donald Trump last
week to more than double levies on $200bn worth of Chinese imports to 25%.

 

After China hit back by raising tariffs on US goods, traders at the New York
Stock Exchange were left scratching their heads.

 

One put into words what many investors were feeling this morning as the
trade war between the world's two largest economies escalated another notch:
"What happens after that? I have no clue."

 

And it's this uncertainty that has roiled US markets.

 

Most here believed some sort of trade deal was in the offing, hence the knee
jerk reaction now that its being called into question.

 

Sam Stovall, chief investment strategist at CFRA Research, summed up the
mood on Wall Street this Monday: "It seems this tit for tat, this political
gamesmanship could get out of hand and I think as a result investors are
worrying that it could have negative implications for the global economy."

 

Of course if a deal does come to pass, he believes the market losses would
be recovered.

 

But with the Trump administration preparing tariffs on a further $325bn
worth of Chinese goods, investors are buckling up for a bumpy ride ahead.

 

Mr Trump has also ordered the US trade department "to begin the process of
raising tariffs on essentially all remaining imports from China", estimated
to be valued at around $325bn.

 

The S&P 500 share index was also down 2.4%, while the Nasdaq fell 3.4%.--BBC

 

 

Apple faces customer lawsuit over app store

A group of US consumers has been given the go-ahead by the Supreme Court to
sue Apple over app prices.

 

The iPhone users argued that there is no alternative place to buy an iPhone
app, but that Apple takes a 30% commission on every sale, so therefore they
are being overcharged.

 

They claim that this puts Apple in breach of anti-trust laws.

 

Apple said that it was an agent for app developers and that it neither owned
nor sold the apps itself.

 

However, while app developers set their own prices, Apple collects the
payments.

 

One of the judges who ruled against Apple was President Donald Trump's
controversial appointment, Brett Kavanaugh.

 

"Leaving consumers at the mercy of monopolistic retailers, simply because
upstream suppliers could also sue the retailers, would directly contradict
the long-standing goal of effective private enforcement in anti-trust
cases," he said.

 

The suit, filed by leading plaintiff Robert Pepper, dates back to 2011.

 

According to statistics portal Statista, US customers spent $46.6bn (£36bn)
on a combination of in-app purchases, subscription and premium apps in
2018.--BBC

 

 

 

Android pioneer HTC stages retreat from China

HTC is pulling its smartphones from two of China's largest online
marketplaces, raising concerns about the brand's future.

 

The firm was the first to sell an Android handset in 2008.

 

But it has seen its global share of the smartphone market drop from a peak
of 10.7% in 2011 to 0.05% today, according to market research firm IDC.

 

However, the Taiwanese company has said it still intends to release at least
one new model later this year.

 

HTC posted a message to Weibo - a Twitter-like service popular in China - on
Friday declaring that it was closing its online shops on Alibaba's Tmall and
JD.com's Jingdong.

 

A spokeswoman told the BBC there was nothing further to add at this time.

 

The two stores account for hundreds of millions of customers.

 

Google delivers Pixel phones price shock

When will you next buy a phone?

Broken screens cause Galaxy Fold headache

Although HTC described the move as being temporary, it gave no indication as
to when it might restore the operations or any explanation for the move,
beyond saying it was in line with a "long-term business strategy".

 

The company has already reduced its activity elsewhere.

 

In the UK, for example, Carphone Warehouse, O2 and EE no longer offer its
handsets, leaving HTC reliant on its own website and Amazon to drive sales.

 

One expert said it was now questionable how long the business would continue
to be an active smartphone-maker.

 

"All the signs are that it's not viable for them to do business in China,
and China is one of the markets which has the potential to provide the
volume that companies like HTC need to survive in the smartphone business,"
commented Ben Wood from the CCS Insight consultancy.

 

"If you look at the West, companies like Oppo, Xiaomi, and Huawei are all
prepared to make significant marketing investments to support their product
ranges.

 

"And that's something that HTC just can't afford to do."

 

HTC posted a 11.6bn Taiwanese dollar ($372m; £285m) net loss over the 12
months leading up to April.

 

However, its balance sheet shows it still has a sizeable cash cushion of
29.3bn Taiwanese dollars, thanks in part to the sale of much of its
smartphone design team to Google last year. The engineers now work on the
search giant's Pixel range.

 

Blockchain phones

The focus of HTC's current efforts is virtual reality. It recently launched
a headset that does not need to be tethered to a PC - the Vive Focus Plus.

 

In February, it also unveiled a 5G hub to provide homes and offices with use
of next-generation mobile networks.

 

Despite the loss-making nature of its smartphone division, HTC has, however,
signalled that it is not yet ready to give up on the business.

 

On Saturday, one of its executives said that HTC remained committed to
releasing a follow-up to the Exodus 1 - a so-called "blockchain phone" that
provides a hardware wallet and tools to manage owners' crypto-currencies.

 

Phil Chen took part at the Magical Crypto Conference in New York, where he
said that the forthcoming device would be both cheaper than its predecessor
and capable of verifying blockchain transactions.

 

But Mr Wood is unconvinced of the product's appeal.

 

"It appears that HTC has accepted that it can't really compete in the
mainstream mobile market any more," he said.

 

"And quite frankly, it's hard to believe that that the blockchain phone is
anything more than a curiosity.

 

"While Google has provided them with a cash injection... that money won't
last forever."--BBC

 

 

 


 

 


 

INVESTORS DIARY 2019

 


Company

Event

Venue

Date & Time

 


NMB

AGM

Head Office, 4th Floor, Unity Court

23 May 2019 , 3pm

 


 

Africa Day

 

25 May 2019

 


Dairibord

AGM

Steward Room, Meikles

31 May 2019, 12pm

 


Lafarge

AGM

Manresa Club, Arcturus

05 June 2019 , 12pm

 


CBZ

AGM

Stewart Room, Meikles

05 June 2019 , 3pm

 


 

 

 

 

 


 

 

 

 


 

 

 

 


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DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
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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
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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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<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 



 

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