Major International Business Headlines Brief::: 17 May 2019

Fri May 17 05:36:05 CAT 2019

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Major International Business Headlines Brief::: 17 May 2019

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

*  MTN Nigeria debuts in Lagos in $6.5 billion listing

*  Kenya to finalise IMF deal within two months, rate cap "no issue" -Finance Minister

*  MTN sees local ownership of Nigerian unit at 35% after share sale

*  Investec battles Brexit, weak South African economy

*  Kenya's KCB Group sees acquisition of NBK sealed by October

*  Kenyan shilling stable; to firm due to inflows to government bonds

*  Facebook bans "inauthentic" accounts targeting Africa

*  Banks fined €1bn by EU for currency rigging

*  Huawei: China threatens to retaliate over US sanctions

*  Boeing completes 737 Max software upgrade

*  Five seater self-flying air taxi unveiled

*  Thomas Cook says Brexit hitting holiday plans

*  UK to scrap passenger landing cards

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MTN Nigeria debuts in Lagos in $6.5 billion listing

LAGOS (Reuters) - MTN Nigeria, owned by South Africa’s MTN Group, listed in Lagos on Thursday in a 2 trillion naira ($6.54 billion) flotation turning the telecoms company into the exchange’s second-largest stock by market value.

MTN Nigeria’s shares climbed 10 percent from their listing price of 90 naira after the float went live.

The company, which had 52.3 million users in Nigeria as of 2017, has had fraught relations with the Nigerian authorities, including disputes over SIM cards and tax payments.

The listing follows MTN Group’s agreement with Nigerian regulators to settle most of those long-running disputes.

However, the company is still in the middle of a $2 billion tax row with Nigeria’s attorney general, which the company says is delaying a further sale of shares and a public offering.

Once that matter is resolved, MTN will sell more shares to the public, and seek to increase local ownership of MTN Nigeria to 35% from the current roughly 20%, its finance chief told investors in Lagos earlier on Thursday, according to two of those investors.

Just before the flotation, parent MTN Group owned 78.8% of the Nigerian business. MTN Nigeria accounts for a third of the Johannesburg parent’s core profit.

($1 = 305.9000 naira)

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Kenya to finalise IMF deal within two months, rate cap "no issue" -Finance Minister

LONDON (Reuters) - Kenya expects to finalise a deal with the International Monetary Fund within two months and the lender is not insisting on a removal of the interest rate cap as a precondition for a new deal, finance minister Henry Rotich said on Thursday.

The east African country is discussing a new standby credit facility with the IMF. Its previous $1.5 billion programme expired last year when the government failed to meet the Fund’s conditions for an extension, including the repeal of a cap on how much interest commercial lenders can charge.

“We are looking at a similar arrangement as we had before,” Rotich told Reuters in London, where he had overseen the sale of a $2.1 billion sovereign Eurobond.

“We have everything on the table ... I would estimate it won’t take us more than two months.”

Rotich also said a draft of the new IMF agreement no longer made abolishing the interest rate cap a precondition and would focus on financial sector reforms instead.

“This is no longer an issue,” he said. “The IMF has accepted to take up the reforms that we are doing, which deals with really attacking the root cause of why interest rates are high in the first place.”

Private sector credit growth has been sluggish since the government capped commercial lending rates at four percentage points above the central bank rate in 2016.

Rotich said policymakers in Nairobi wanted to make sure the cap was not constraining credit to small and medium enterprises and that discussions were being held to either amend or abolish it altogether.

Asked about borrowing plans and a possible return to capital markets in financial year 2019/2020, which begins in July, Rotich said no firm decision had been made. He added that issuing more Eurobonds was one possibility to raise funds needed, as outlined in a draft budget in early May.

“Debt servicing costs are in the region of 20% and we obviously want to stabilise that,” Rotich said, adding that he was looking to increase money raised through concessional loans and use funds raised on capital markets for infrastructure projects.

Rotich said he was aiming to bring down debt servicing costs in the next few years to 12-16%.

MTN sees local ownership of Nigerian unit at 35% after share sale

ABUJA (Reuters) - South Africa’s MTN Group sees local ownership of MTN Nigeria at 35% from around 20% after a public offering, its finance chief told investors in Lagos on Thursday, according to two of those investors.

MTN plans to proceed with the public offering following a listing in Africa’s biggest economy on Thursday and after it resolves a $2 billion tax dispute with Nigeria’s attorney general.

MTN Nigeria on Wednesday announced plans to start trading its existing shares in Lagos at 90 naira each on Thursday, in a deal valuing the unit at 1.84 trillion naira ($6 billion). This follows the South African telecoms group’s agreement with Nigerian regulators to settle the long-running dispute.    Two investors who attended Thursday’s pre-listing meeting said MTN Group Chief Financial Officer Ralph Mupita presented an investment case for the Nigeria float where it would list 20.4 billion shares on the Nigerian Stock Exchange.

MTN Group owns 78.8% of the Nigerian business. Mupita told investors that the shareholding of MTN Nigeria after the public offer would be in line with that of other multinationals listed in Nigeria.

Investec battles Brexit, weak South African economy

JOHANNESBURG (Reuters) - Financial services group Investec said on Thursday a rise in annual earnings showed its resilience in the face of a weak South African economy and Brexit, which has put clients off making big decisions in one of its two major markets.

The group, which is reorganising under new leadership, said its adjusted earnings per share rose 3.6 percent in the year to March 31.

“We have franchises that are very resilient given how tough the markets that we operate in are,” said joint CEO Fani Titi.

“No doubt there is uncertainty in the (British) economy and clients are generally not going to make long-term decisions... so we’ve seen that in some slowing down of activity,” he said, adding the mergers and acquisitions market had also been quiet.

Despite Brexit, results at Investec’s UK specialist bank improved thanks in part to lower impairments. Investec has been for years working to clean up a portfolio of bad corporate and property loans at its UK arm.

That helped offset a much weaker performance in South Africa, where a slow economy and weak rand has hit its business.

Its asset management arm, which Investec is spinning off and listing in London in an overhaul aimed at adapting to an environment of falling fees and rising costs, also saw net inflows of 6.1 billion pounds ($7.8 billion), boosting assets under management and annuity fees.

The demerger follows the departure of three of Investec’s founding members, including long-time CEO Steve Koseff, who handed over to Titi and Hendrik du Toit, formerly head of Investec’s asset management business, in October.

The strategy shift surprised analysts even though similar moves had been taken by Prudential, Old Mutual and Deutsche Bank.

Investec also said on Thursday it would close its automated advice platform Click & Invest after it made an underlying operating loss of 12.8 million pounds, potentially puncturing the hype around such products among big banks trying to keep pace with digitisation and fast-changing customer demands.

“We went into the space believing the market was ready and we would have significant support,” said Titi.

Investec took a 6 million pound write down as a result, and around 54 jobs are at risk.

Overall, the group reported annual adjusted basic earnings per share of 55.1 pence, up from 53.2 pence a year earlier. The adjusted figures reflect profits realised in the course of ordinary operations.

Its London-listed shares were up 0.9% at 0730 GMT, while its Johannesburg-listed stock was down 0.46%.

($1 = 0.7798 pounds)

Kenya's KCB Group sees acquisition of NBK sealed by October

NAIROBI (Reuters) - Kenya’s biggest lender by assets, KCB Group, expects to complete its acquisition of National Bank of Kenya by October, it said on Thursday.

KCB, which also operates in Uganda, Tanzania, Rwanda, Burundi and South Sudan, last month offered to buy National Bank (NBK) through a share swap of one KCB share for every 10 of NBK, joining a wave of consolidation in Kenya’s banking industry.

The group expected to delist NBK’s shares from the Nairobi bourse before October, adding it would run the bank as a stand-alone subsidiary before integrating its operations within about two years of the acquisition.

Sources familiar with the negotiations before the proposed transaction was announced cast the offer as a rescue deal aimed at pulling NBK out of its perennial low liquidity troubles.

The combined entity could attain a return on equity of 26.9% in 2023 said KCB, which had a return on equity of 23% last year.

The transaction will be the second major deal among Kenyan lenders since the government capped commercial lending rates in 2016, squeezing their profit margins and forcing them to look for survival strategies, including consolidation.

CBA Group, a privately held bank, is also in the process of merging with NIC Group to form the third-biggest bank by assets in East Africa. There have been other smaller transactions including Diamond Trust Bank’s acquisition of Habib Bank Kenya in 2017.

KCB is also finalising the acquisition of 25 billion shillings ($247 million) worth of assets from Imperial Bank, which collapsed in 2015.

It said the proposed de-listing of NBK will have to get approval from NBK shareholders.

KCB has not given a valuation for NBK. The merged entity could have a balance sheet of 1 trillion shillings ($9.90 billion) by the end of 2022, KCB said.

It had assets of 714.3 billion shillings last year, while NBK had 114.8 billion shillings worth of assets.

($1 = 101.0500 Kenyan shillings)

Kenyan shilling stable; to firm due to inflows to government bonds

NAIROBI (Reuters) - The Kenyan shilling was stable against the dollar on Thursday, and was expected to gain, supported by dollar inflows from offshore investors buying government debt and tight liquidity in the money markets, traders said.

At 0905 GMT, commercial banks quoted the shilling at 101.00/20 per dollar, the same as Wednesday’s close.

Facebook bans "inauthentic" accounts targeting Africa

Facebook has removed hundreds of social media accounts and banned an Israeli firm due to "co-ordinated inauthentic behaviour" mainly targeting Africa.

The fake accounts often posted on political news, including on elections in various countries, the firm said.

Facebook has faced rising criticism for failing to stamp out misinformation on its platform.

It launched a fact-checking programme in 2016 shortly after Donald Trump became US president.

In a blog post, Facebook said it had removed 265 social media accounts that originated in Israel and focused on Nigeria, Senegal, Togo, Angola, Niger and Tunisia, along with "some activity" in Latin America and South East Asia.

"The people behind this network used fake accounts to run pages, disseminate their content and artificially increase engagement.

"They also represented themselves as locals, including local news organisations, and published allegedly leaked information about politicians," Nathaniel Gleicher, head of cybersecurity policy at Facebook, wrote in the post.

An investigation found that some of the activity was linked to Israeli company Archimedes Group, Mr Gleicher said.

"This organisation and all its subsidiaries are now banned from Facebook, and it has been issued a cease and desist letter," he said.

Is Facebook winning the fake news war?

Nigerian police say “fake news” on Facebook is killing people

Facebook finds UK-based fake news network

The people behind the phantom accounts spent around $812,000 (£634,941) for ads between December 2012 and April 2019, Facebook said, and these were paid for in Brazilian reais, Israeli shekel and US dollars.

Five of the six African countries targeted have had elections since 2016, and Tunisia will hold national polls later this year.

Facebook has faced increasing criticism for failing to eradicate misinformation that could affect the way people vote in elections.--BBC

Banks fined €1bn by EU for currency rigging

Five banks have been fined €1.07bn (£935m) by the European Commission after traders clubbed together to rig the foreign exchange market.

Four banks in the "Banana Split" cartel - Barclays, RBS, Citigroup and JP Morgan - were fined €811m in all.

Three banks in the "Essex Express" cartel - Barclays and RBS again, plus MUFG - were fined €258m.

A sixth bank, UBS, was excused financial penalties for revealing the cartels' existence.

The European Commission said the market-rigging took place from 2007 to 2013.

The Commission's investigation, which began in September 2013, revealed that some individual foreign exchange traders, using online chatrooms, exchanged trading plans and occasionally co-ordinated their trading strategies.

'Legacy matter'

Competition Commissioner Margrethe Vestager said the banks' behaviour "undermined the integrity of the sector at the expense of the European economy and consumers".

RBS said its €249m share of the fines was "fully covered by existing provisions". Barclays also said it had set aside money to cover the fine.

Similar fines for manipulating the currency markets were imposed in 2014 by UK, US and Swiss regulators.

UBS, which escaped the latest fines, said: "This is a legacy matter where UBS was the first bank to disclose potential misconduct. We've made significant investments to further strengthen our control framework since then and are pleased this matter is resolved."

But the matter may not end there. Lambros Kilaniotis, a partner at City-based law firm RPC, said the Commission's announcement was "an open invitation for parties who may have been impacted by these cartels to sue these banks".

"If they haven't already, any party involved in forex trading, such as institutional investors, pension funds and large corporates, should now be reviewing what losses they have incurred," he added.

Circles of trust

"Most of the traders participating in the chatrooms knew each other on a personal basis," said the Commission.

"For example, one chatroom was called Essex Express 'n the Jimmy because all the traders but 'James' lived in Essex and met on a train to London.

"Some of the traders created the chatrooms and then invited one another to join, based on their trading activities and personal affinities, creating closed circles of trust."

Other chatrooms used included Semi Grumpy Old Men, Two and a Half Men and Only Marge.

Information that the traders exchanged related to:

Outstanding customers' orders (names of clients, currencies and amounts involved)

Prices applicable to specific transactions

Open risk positions in different currencies

Other details of current or planned trading.

Their chats "enabled them to make informed market decisions on whether to sell or buy the currencies they had in their portfolios and when", the Commission said.--BBC

Huawei: China threatens to retaliate over US sanctions

China has threatened to retaliate against US sanctions seen as an attempt to restrict international trade by the Chinese technology giant Huawei.

Foreign Ministry spokesman Lu Kang said Beijing opposed countries imposing unilateral sanctions on Chinese companies and would take action.

The Trump administration on Wednesday effectively blocked Huawei products from being used in US networks.

The order does not name any company, but is believed to target Huawei.

Huawei denies its products pose a security threat and says it is ready to engage with the US.

Huawei role in UK 'an unnecessary risk'

The story of a controversial company

Beijing accused President Trump of engaging in industrial sabotage by using state security as "as a pretext for suppressing foreign business".

"We urge the US to stop this practice and instead create better conditions for business co-operation," Mr Lu said. He did not give any details over how China planned to retaliate.

The confrontation over Huawei comes amid a broader trade war between the US and China, with both sides imposing aggressive tariffs on imports.

Writing in the Evening Standard on Wednesday, Liu Xiaoming, China's ambassador to the UK, said China did not want a trade war but was "not afraid of one and would fight one if necessary".

"China is always open for talks but it would fight to the end should a 'trade war' break out," he wrote.

What did the US sanctions order say?

According to a White House statement, Mr Trump's order aims to "protect America from foreign adversaries who are actively and increasingly creating and exploiting vulnerabilities in information and communications technology infrastructure and services".

It gives the secretary of commerce the power to "prohibit transactions posing an unacceptable risk to the national security", the statement adds.

The move was instantly welcomed by Federal Communications Commission Chairman Ajit Pai, who called it "a significant step toward securing America's networks".

The US had already restricted federal agencies from using Huawei products and has encouraged allies to shun them, while Australia and New Zealand have both blocked the use of Huawei gear in 5G networks.

The US cannot crush us, says Huawei boss

In April 2018 another Chinese tech company, ZTE, was barred from buying US parts after it was placed on the same "entity list". It resumed business after reaching a deal with the US in July.

How did Huawei respond?

Huawei has said its work does not pose any threats and that it is independent from the Chinese government.

"Restricting Huawei from doing business in the US will not make the US more secure or stronger," the company said in a statement.

"Instead, this will only serve to limit the US to inferior yet more expensive alternatives, leaving the US lagging behind in 5G deployment, and eventually harming the interests of US companies and consumers."

The company also said "unreasonable restrictions" on Huawei raised "other serious legal issues".

During a meeting in London on Tuesday, Huawei said it was "willing to sign no-spy agreements with governments" as concerns over the security of its products used in mobile networks continued to grow.

A new 'red scare'?

Tara McKelvey, White House reporter

Trump's executive order is designed to protect national security, and there is no doubt that Chinese technology can seem formidable. The Chinese use aggressive surveillance tools in their country and Trump has reason to be concerned.

Some analysts say the president's order has gone too far, though. They point out that one significant breach - the Chinese recruitment of a former CIA officer, Kevin Mallory - was done through low-tech means: LinkedIn, a social media site.

Mallory was convicted of spying, and he faces up to life in prison (he will be sentenced on Friday). These analysts say the threat from China is real, but that global telecommunications are nearly impossible to control and the best defence against espionage is not an executive order but old-fashioned vigilance among those who use computers and other technology.

How have other countries responded?

UK Prime Minister Theresa May last month provisionally approved Huawei technology for use in the nation's future 5G telecoms networks, but a leaked account of the meeting said five cabinet ministers raised concerns about the move.

France, Germany and Belgium have not banned Huawei technology, but Japan has from public contracts.

The US has pressured allies to shun Huawei in their next generation 5G mobile networks.

The US has raised tariffs to 25% on $200 billion of Chinese imports and is threatening to tax an additional $300 billion worth.

Stock markets have been hit by the row but have steadied in recent days amid hopes the two countries might hold talks.

Do you have a question about Donald Trump's national emergency or Huawei? Let us know and a selection will be answered by a BBC journalist.--BBC

Boeing completes 737 Max software upgrade

Boeing has completed development of a software update for its 737 Max plane which was grounded following two fatal crashes within five months.

The US firm announced that it had flown the 737 Max with the updated software on 207 flights.

It added it would provide data to the Federal Aviation Administration (FAA) on how pilots interact with controls and displays in different scenarios.

The FAA expects Boeing to submit the upgrade for certification next week.

An Ethiopian Airlines flight crashed in March, killing all 157 people on board.

It followed the Lion Air disaster in Indonesia in October which in which 189 people died.

Both crashes were linked to the Boeing 737 Max's Manoeuvring Characteristics Augmentation System - a new feature on the aircraft which was designed to improve the handling of the plane and to stop it pitching up at too high an angle.

Boeing said that once information on how pilots work with the upgraded system is submitted to the FAA, it will work with the regulator to schedule a certification test flight and submit final certification documentation.

It also said it had completed associated simulator testing on the upgraded system and had developed training and education materials that are now being reviewed by the FAA, global regulators and its airline customers.

The FAA said earlier this week that it would hold a meeting on 23 May with air regulators from around the world to provide an update on reviews of Boeing's software fix and new pilot training.--BBC

Five seater self-flying air taxi unveiled

A German start-up has unveiled what it says is the world's first five seater self-flying taxi.

Lilium said the prototype had its first test flight earlier this month, in which it took off, hovered, then landed again.

It said the craft, which is electric powered, is capable of travelling up to 300km in just 60 minutes.

A number of other firms have tested self-flying taxis, but none seats more than two people.

Daniel Wiegand, co-founder and chief executive of Lilium, said: "Moving from two to five seats was always our ambition as it enables us to open up the skies to many more travellers."

Rolls-Royce to develop flying taxi

BlackFly is latest attempt at flying car

The taxi is powered by 36 electric motors that allow it to take-off and land vertically.

Lilium said it was capable of flying for one hour on a single charge.

It will now undergo more tests, the next goal being to make it move from vertical to horizontal flight.

Lilium says it hopes to go into mass production by the mid 2020s.

Airbus, ride hailing firm Uber and a range of start-ups have been testing self flying taxis.

Advocates say the vehicles could enhance urban mobility and cut pollution.--BBC

Thomas Cook says Brexit hitting holiday plans

Travel firm Thomas Cook has warned of "further headwinds" for the rest of the year after reporting a £1.5bn loss for the first half of the year.

It said there was "now little doubt" that Brexit had caused customers to delay their summer holiday plans.

Some £1.1bn of the loss was caused by the decision to write-down the value of My Travel, the business it merged with in 2007.

The firm also said it had received "multiple" bids for its airline.

It has sought bidders for its fleet of 105 jets as it tries to raise funds for the business. Thomas Cook has issued a series of profit warnings that have sparked a plunge in its share price from 140p a year ago.

The first-half results were accompanied by its third profit warning in less than a year, driving the shares down 17% to 18p, close to lows they traded at in 2012 when it was in financial difficulty.

The company has closed 21 of its stores, its currency arm Thomas Cook Money is under review and more "cost efficiencies" are planned.

Thomas Cook said more of its 566 stores could close as leases end, and that 150 roles would be cut from its Peterborough head office.

Peter Fankhauser, chief executive, said that during the first six months of the year there had been "an uncertain consumer environment across all our markets".

"The prolonged heatwave last summer and high prices in the Canaries reduced customer demand for winter sun, particularly in the Nordic region, while there is now little doubt that the Brexit process has led many UK customers to delay their holiday plans for this summer," he added.

"We normally have a holiday in France every year. We hire a house in the summer and drive through the Channel Tunnel and make overnight stops in hotels en route," says David Turner.

"We have delayed booking this year until there is clarity over Brexit.

"We are concerned that there will be long delays at customs as passports and vehicles are checked and further delay and queues on both sides of the channel leading to the tunnel."

'Intense competition'

Travel companies usually report a first-half loss - last year's was £303m - but this year the loss was deeper because of the decision to revalue MyTravel "in light of the weak trading environment". The companies merged in 2007.

Mr Fankhauser said that looking to the rest of the year "the continued competitive pressure resulting from consumer uncertainty is putting further pressure on margins".

"This, combined with higher fuel and hotel costs, is creating further headwinds to our progress over the remainder of the year."

Profits in the second half of the year would be lower than the same period last year, the company said.

Thomas Cook has cut its capacity in anticipation of a slowdown, but said continued to "face intense competition, particularly in our UK business".

Mr Fankhauser said customers were "having a great deal this summer".

Julie Palmer, partner at Begbies Traynor, said that pressure was mounting on Thomas Cook to sell off its airline.

"Although it says it has received multiple bids for its airline, in the current climate with an environmental movement suggesting people are trying to make fewer journeys via air, the number of potential investors and the amount they are willing to pay could start to shrink.

"This means Thomas Cook's need to sell its airline business to balance out the books will become increasingly urgent as time runs down to get the best price," she said.

Thomas Cook's underlying loss for the half-year was £245m compared with a £170m loss a year ago, while the company has secured £300m of loans ahead of the winter 2019/20 season.

The company is moving into the Russian and Chinese markets, and is also aiming to expand in the more profitable hotels business.

Laith Khalaf, senior analyst at Hargreaves Lansdown, said the results made "grim reading".

"Thomas Cook's scaled back the holidays it's offering in response to lower consumer demand, but the competitive environment means that even so, it's having to offer discounts to get customers to part with their cash," he said.--BBC

UK to scrap passenger landing cards

All landing cards for international passengers arriving in the UK will be scrapped from Monday.

Landing cards are currently filled in by passengers arriving by air or sea from outside the European Economic Area.

Border Force director general Paul Lincoln, in a letter to staff, said it would "help meet the challenge of growing passenger numbers".

But unions warned it risked weakening immigration controls.

Around 16 million landing cards are issued every year and they are used to record what is said to border staff on arrival, as well as the reasons for travel and conditions of entry.

The Home Office had agreed to scrap them for seven countries, including the US and Australia, from June, but has now decided to go further.

'Only record'

A document from officials to Border Force staff, seen by the BBC, says much of the data collected by paper landing cards will soon be available digitally.

It adds that the withdrawal of the cards will enable staff to "focus more on your interaction with passengers".

But Immigration Service Union general secretary, Lucy Moreton, accused the Home Office of "ignoring" warnings from experienced staff as to the longer-term impact of getting rid of landing cards.

She said that the union had been assured that scrapping them would not happen until new technology was in place to record international arrivals.

"Although in most cases landing cards are retained for purely statistical reasons they do contain the only record of what was said to an officer on arrival," she said.

In his letter, Mr Lincoln said he recognised concerns about the scheme.

But he added: "These changes will enable frontline officers to focus their skills and time on border security issues and on cohorts who present the greatest risk of immigration abuse."

The decision to scrap landing cards comes after the government announced it was extending the use of e-gates at UK borders to citizens of the US, Australia, New Zealand, Canada, Japan, Singapore and South Korea.

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

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