Major International Business Headlines Brief::: 16 October 2019

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Major International Business Headlines Brief::: 16 October 2019

 


 

 


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*  African masts operator Helios Towers prices IPO at low end of range

*  IMF expects Egypt economy to grow 5.9% in year to end of June

*  Nigeria inflation rises in September from near four-year low

*  Takeda sells Mideast, Africa drug portfolio to Switzerland's Acino

*  Mubadala sells Medgaz pipeline stake to Naturgy, Sonatrach

*  World Bank sees Egypt economy growing 5.8% in 2019/20

*  Kenya central bank to hold next rate-setting meeting on Nov.25

*  Kenyan shilling strengthens against the dollar

*  South Africa's rand firmer in global hunt for yield, trade war calm

*  IMF warns world growth slowest since financial crisis

*  Brexit: Pound and shares jump on optimism over talks

*  Criminals 'could exploit' no-deal Brexit gaps

*  Neil Woodford closes crisis-hit investment empire

*  Facebook puts on brave face with Libra

 

 


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African masts operator Helios Towers prices IPO at low end of range

LONDON (Reuters) - African mobile networks operator Helios Towers has priced
its initial public offering at 115 pence per share, giving it a market
capitalisation of 1.15 billion pounds ($1.45 billion).

 

Helios shares will begin conditional trading on London Stock Exchange at
0700 GMT on Tuesday after selling a total of 250 million pounds of shares.

 

The company priced at the low end of its pricing range, as reported by
Reuters on Monday.

 

Investors will be watching closely to see how Helios fares in early trading
as the first post-summer IPO in London, after Kazakh fintech Kaspi.kz
postponed its float last week.

 

Helios operates phone masts in the Democratic Republic of Congo, Republic of
Congo, Ghana, South Africa and Tanzania.

 

It had shelved previous plans for its IPO amid concerns about political
risks in DRC and Tanzania.

 

Helios has said it will use the proceeds for expanding its services,
including possibly into new countries.

 

Kash Pandya, Chief Executive of Helios, said the float “signifies our
commitment to spreading mobile infrastructure across Sub-Saharan Africa”.

 

($1 = 0.7927 pounds)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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IMF expects Egypt economy to grow 5.9% in year to end of June

CAIRO (Reuters) - Egypt’s economy is expected to grow 5.9% in the year
ending in June, the International Monetary Fund said on Tuesday — unchanged
from its April forecast but below the government’s target of 6% to 7%.

 

Analysts have hailed Egypt for tough economic reforms tied to a three-year,
$12 billion loan programme with the IMF agreed in late 2016, which has been
disbursed in full.

 

The reforms included devaluing the currency by about half, cutting energy
subsidies and introducing a value-added tax. Those changes have left many of
Egypt’s nearly 100 million citizens struggling to make ends meet.

 

In its World Economic Outlook, the Fund brought down its 2019/2020 forecast
for consumer price inflation to 10% from 12.3% six months ago.

 

Egypt said its economy grew by 5.6% in the 2018/19 year, slightly above the
IMF’s estimate of 5.5%, unchanged from April.

 

The World Bank forecast on Thursday that Egypt’s economy would grow by 5.8%
this fiscal year and estimated it grew 5.6% in 2018/2019, matching the
government’s figure.

 

The IMF forecast Egypt’s current account deficit would widen to 2.8% of GDP
this fiscal year from its 1.7% estimate in April. It also widened its
estimate for last year’s current account deficit to 3.1% from 2.4%.

 

The IMF improved its expectations for unemployment in Egypt, predicting it
would fall to 7.9% this fiscal year, down from its estimate of 8.3% six
months ago. It also estimated unemployment in 2018/19 at 8.6%, below its
April expectation of 9.6%.

 

“A loss of reform momentum would reduce growth and potential output and put
pressure on unemployment, given the fast-increasing labor force,” the IMF
said in its final review of Egypt’s reform programme, written in July and
released this month.

 

“The transition to a transparent market-based economy will require further
broadening and deepening of reforms and their sustained implementation
beyond the current program, particularly regarding long-standing problems of
weak governance, rent seeking, vulnerabilities to corruption, and the heavy
presence of the state in the economy.”

 

The IMF said last year that Egypt will have a working age population of 80
million by 2028. Creating jobs for so many people will be a challenge for a
country with a notoriously bloated and inefficient public sector, and where
the state controls vast swathes of the economy.

 

 

 

Nigeria inflation rises in September from near four-year low

ABUJA (Reuters) - Higher food prices helped push up annual inflation in
Nigeria last month after three consecutive months of declines, the National
Bureau of Statistics said on Tuesday.

 

Nigerian inflation rose to 11.24% in September from 11.02% in August, which
was its lowest in almost four years. Inflation had been falling steadily
since May.

 

The International Monetary Fund said last week that the planned introduction
of a sales tax to partly finance the government’s record 2020 budget and a
new minimum wage could help drive up inflation.

 

Tuesday’s data showed food price inflation, the main driver of overall
inflation rose to 13.51% in September from 13.17% a month earlier.

 

In August, the government partially closed its western border with Benin to
curb rice smuggling which it says is threatening attempts to boost domestic
production.

 

The government wants Nigeria to be self-sufficient in rice and has imposed
import controls but these have kept prices high and led to smuggling from
Benin into Nigeria.

 

Governor Godwin Emefiele has said the central bank will maintain its tight
monetary stance in 2019, and sees inflation at 11.31%, rising to 12% this
year before moderating.

 

Nigeria emerged from its first recession in 25 years in 2017 but growth
remains fragile, although higher oil prices and recent debt sales have
helped the continent’s biggest crude producer to accrue billions of dollars
in foreign reserves.

 

Inflation peaked at 18.7% in January 2018 and has been in double digits for
three years.

 

 

 

Takeda sells Mideast, Africa drug portfolio to Switzerland's Acino

TOKYO (Reuters) - Japan’s Takeda Pharmaceutical Co Ltd said on Tuesday it
will sell a portfolio of over-the-counter (OTC) and prescription medicines
in the Middle East and Africa to Swiss pharmaceuticals company Acino for
more than $200 million.

 

The sale, which Takeda said in a statement is expected to close in the
quarter ending March, comes as Japan’s biggest drugmaker looks to trim its
debt following the $59 billion purchase of Shire.

 

Takeda gained global heft through the Shire acquisition but left it highly
indebted. It has pledged to shed non-core assets while focusing on five key
areas - oncology, gastroenterology, neuroscience, rare disease, and
plasma-derived therapies.

 

Takeda said it will continue to manufacture the drugs for Acino, which is
backed by Avista Capital and Nordic Capital.

 

 

 

Mubadala sells Medgaz pipeline stake to Naturgy, Sonatrach

(Reuters) - Spain’s Naturgy Energy Group SA and Algeria’s Sonatrach have
agreed to buy Abu Dhabi state fund Mubadala’s 42.09% stake in the Medgaz
pipeline, which carries natural gas from Algeria to Spain, Naturgy said
Tuesday.

 

The deal values the infrastructure at 1.9 billion euros including debt.

 

Following the close of the transaction, Sonatrach will be the main
shareholder with a 51% stake, while Naturgy will hold the remaining 49%.

 

Naturgy will pay 445 million euros to Mubadala for a 34% stake and structure
the deal through a special purpose vehicle.

 

It said it might sell a stake in this vehicle, which will be funded with a
260 million euro loan, to a financial partner.

 

Naturgy said it expected the deal to close by the end of March 2020 and the
stake should pay annual dividends of more than 130 million euros.

 

 

 

World Bank sees Egypt economy growing 5.8% in 2019/20

CAIRO (Reuters) - The World Bank forecast on Thursday that Egypt’s economy
would grow by 5.8% this fiscal year, lower than the government’s target of
6-7% but in line with the bank’s expectation six months ago.

 

The World Bank inched up its growth estimate for Egypt’s gross domestic
product (GDP) in the last fiscal year to 5.6% from 5.5%, matching the
government’s figure. Egypt’s fiscal year starts on July 1.

 

“Egypt is sustaining its robust growth, fiscal outturns are improving, and
external accounts are stabilizing at broadly favorable levels,” the
institution said in a country note accompanying its regional economic
update.

 

The bank expects growth to rise to 6% in the fiscal year 2020/2021, assuming
that macroeconomic reforms continue and the business environment improves.

 

The gas, tourism, wholesale and retail trade, real estate and construction
sectors have been the main drivers of growth, the note said. Net exports of
goods and services inched up, private investment increased and unemployment
decreased.

 

However, 39% of the working age population remains unemployed, it noted,
“indicating relatively weak private sector job-creation”.

 

Rabah Arezki, World Bank chief economist for the Middle East and North
Africa, said Egypt needed to “level the playing field” between the public
and private sectors, especially when it came to access to credit.

 

Credit extended to private enterprise was only 22% of total domestic credit
in fiscal year 2018/2019, the note said.

 

“It is important for Egypt to consider the importance of competitive
neutrality as a tool to catalyse a genuine private sector development,”
Arezki told reporters on a conference call on Wednesday.

 

Analysts have hailed a range of positive economic data in Egypt, including
falling inflation, improving primary and budget balances, a strengthening
currency and decreasing debt.

 

“However, non-oil exports remain sluggish,” the note said. “FDI also
remained modest and predominantly directed to hydrocarbons.”

 

Egypt is at the end of a three-year economic reform programme tied to a $12
billion loan from the International Monetary Fund, which has been disbursed
in full.

 

Egyptians have complained that they have not felt the benefits of improving
economic indicators.

 

Millions live in poverty, and many more have struggled to get by after the
government devalued the Egyptian pound by about half in 2016, slashed energy
subsidies and introduced a value-added tax.

 

 

 

Kenya central bank to hold next rate-setting meeting on Nov.25

NAIROBI (Reuters) - The Kenyan central bank’s Monetary Policy Committee will
hold its next rate-setting meeting on Nov.25, the bank said on Tuesday.

 

At its last meeting in September, the bank held its benchmark lending rate
at 9.0%, saying inflation expectations were within the target range and the
economy was operating close to its potential.

 

 

Kenyan shilling strengthens against the dollar

NAIROBI (Reuters) - The Kenyan shilling strengthened against the dollar on
Tuesday with inflows from diaspora remittances and tightening liquidity in
the local money market easing dollar demand from merchandise importers,
traders said.

 

At 0952 GMT, commercial banks quoted the shilling at 103.55/75 per dollar,
compared with 103.65/85 at Monday’s close.

 

 

 

South Africa's rand firmer in global hunt for yield, trade war calm

JOHANNESBURG (Reuters) - South Africa’s rand firmed early on Tuesday,
resuming last week’s rally after the previous session’s dip as investors
were again lured by the currency’s higher potential return amid a calmer
local and offshore backdrop.

 

President Cyril Ramaphosa sought to reassure investors in London on Monday,
saying he was ready to push through tough economic reforms including selling
a stake in state-owned carrier South African Airways (SAA).

 

His remarks also hinted at more openness to allowing private investors
stakes in state power firm Eskom, which is set to be split into three
separate entities by end-year in a bid to stem its ballooning debt, which
currently tops 450 billion rand ($30.49 billion).

 

At 0650 GMT the rand was 0.21% firmer at 14.8040 per dollar after sliding to
a close of 14.8350 on Monday in the face of some dollar demand and fears the
slide in Turkey’s lira could spread to other emerging market currencies.

 

Turkish markets tumbled on Monday, with the lira touching its lowest in
nearly four months and stocks sliding 2.3%, after U.S. President Donald
Trump said he was working on “powerful” sanctions over Ankara’s offensive
into Syria.

 

But continuing signs of a detente in the trade spat between Beijing and
Washington has seen demand for emerging currencies, and the rand
specifically, remain, with investors willing weighing up individual country
risks and carry yield.

 

“The rand seems to be escaping the contagion implications, suggesting the
market is still differentiating between TRY and other high yield FX, given
expansionary monetary policy in key developed markets,” traders at ETM
Analytics said in a note.

 

($1 = 14.7600 rand)

 

 

 

IMF warns world growth slowest since financial crisis

The global economy is growing at its slowest pace since the financial
crisis, the International Monetary Fund (IMF) has said.

 

The fund said world growth would hit just 3% this year - down from its July
forecast of 3.2% and a sharp slowdown from just two years ago.

 

The IMF blamed the slowdown on trade fights, Brexit uncertainty and other
geopolitical crises.

 

It added there is an "urgent" need for leaders to de-escalate the tensions.

 

"The global outlook remains precarious," the international lending body said
in its annual report. "At 3% growth, there is no room for policy mistakes."

 

Global downgrade

The IMF, which downgraded its forecasts for most of the world, predicted
that growth in advanced economies would slow from 2.3% in 2018 to 1.7% this
year.

 

In the US, where an economic boost from a 2017 tax cut has faded, the fund
expects growth to pull back from 2.9% last year to 2.4% in 2019.

 

In the UK, where Brexit-related worries have hurt investment, growth is
forecast at 1.2% for 2019, down from 1.4% last year.

 

In Germany, which is reeling from a downturn in car production, growth is
predicted at 0.5%, down from 1.5% in 2018.

 

China's economic growth is expected to slow from 6.6% to 6.1%. It has been
hit by efforts to rein in risky debt and the trade war with the US, which
led the IMF to shave almost a percentage point off global growth.

 

Thus far, the IMF said central banks have managed to blunt the impact of the
slowdown with tools such as low interest rates. Without those stimulus
policies, it estimates that the growth rate would have been 0.5 percentage
points lower this year.

 

"With central banks having to spend limited ammunition to offset policy
mistakes, they may have little left when the economy is in a tougher spot,"
the fund said.

 

Downside risks

The World Trade Organization also recently downgraded its economic outlook,
citing trade wars, Brexit and other factors.

 

The IMF said the global economy could grow faster in 2020, at 3.4%. However,
it warned that risks are "skewed to the downside", noting that the pickup
depends on improvements in India, as well as several economies currently
under severe strain, such as Argentina, Turkey and Iran.

 

"Policy missteps at this juncture, such as a no-deal Brexit or a further
deepening of trade disputes, could severely undermine sentiment, growth, and
job creation," it said. "The foremost priority, in many cases, is to remove
policy-induced uncertainty or threats to growth."

 

What can policymakers do to tackle the global economic slowdown? The
commentary from the IMF's chief economist, Gita Gopinath, has something to
say about three major policy tools.

 

Trade policy is the obvious one. The IMF blames much of the weakening
outlook on trade tensions so you would expect a call to reverse the tariff
increases imposed by several countries, notably the US.

 

That does indeed top Ms Gopinath's list. Central banks have already taken
steps - interest rate cuts and other measures. She describes these moves as
spending limited ammunition to offset policy mistakes.

 

She warns that central banks may have little left when the economy is in a
tougher spot. It's a worry that has been bubbling for several years before
the recent escalation of trade tensions as central banks reached for new
ideas in the aftermath of the global financial crisis.

 

Ms Gopinath argues this cannot be the "only game in town". Governments that
can afford it - she mentions Germany, in particular - should cut taxes or
increase spending. And she says if things get worse, an internationally
co-ordinated response along these lines might be required.--BBC

 

 

 

Brexit: Pound and shares jump on optimism over talks

The pound has jumped to its highest level in five months on reports the two
sides in the Brexit talks are inching towards a draft deal.

 

Shares in banks and housebuilders also soared as optimism about a
breakthrough buoyed companies with a UK focus.

 

It was hoped that a preliminary deal might be reached on Tuesday, ready to
go before a summit on Thursday.

 

Sterling rose 1.5% on the dollar to $1.28, and by a similar amount against
the euro to 86.3 pence.

 

On the FTSE 100, shares with a big exposure to the health of the UK economy
rose sharply. Builders Barratt Developments and British Land were up about
6%, and Lloyds Banking Group and Royal Bank of Scotland rose more than 5%.
Next, ITV and Ocado were also big risers.

 

'Narrow path' to Brexit deal this week - Barnier

EU mulls new summit to 'get Brexit deal done'

"A deal between the UK and EU was 60% in the price [of sterling] and now we
stand to see if the remaining 40% come into play," said Stephen Gallo,
European head of foreign exchange at BMO.

 

Morten Lund, a senior forex strategist at Nordea, added: "The reaction from
the markets shows they want to get this deal over and they are ready to push
the button at the slightest sign of a deal."

 

But he said he was "a bit more sceptical about the outcome" given how little
time remained to negotiate and the difficulties of getting a deal through
the British Parliament. The UK is due to leave the EU on 31 October.

 

 

Shares and the pound jumped last week on growing optimism of a deal, only to
slip amid signals from Brussels that the negotiations still had a long way
to go.

 

'Right direction'

But on Tuesday, Brussels' chief Brexit negotiator Michel Barnier sparked
another rise on the markets when he said it was "high time to turn good
intentions [into] a legal text".

 

Irish PM Leo Varadkar said talks were "moving in the right direction". Boris
Johnson has spoken to France's Emmanuel Macron and the BBC understands the
two men agreed there was "positive momentum", although "many hurdles" must
still be overcome.

 

The FTSE 250 of UK mid-cap stocks rose and European equity benchmarks
extended their gains on the news.

 

"The more uncertainty you remove, the better for investors. If the [UK]
prime minister and the EU were now to agree a deal, then the market would
take that positively," said Edmund Shing, global head of equity derivatives
strategy at BNP Paribas.--BBC

 

 

 

Criminals 'could exploit' no-deal Brexit gaps

Organised criminals could exploit gaps in the UK's border preparations in
the event of a no-deal Brexit, a government spending watchdog has warned.

 

The National Audit Office (NAO) said new border control systems could be
used to commit fraud or smuggle goods.

 

With two weeks to go until the UK is due to depart the EU, it warned that
government departments and businesses were not fully prepared for the risks.

 

"Mitigating the risks could be outside of government's control," it warned.

 

The NAO's report said it was "impossible to know exactly what would happen
at the border in the event of no-deal on October 31 2019" and that would
pose "new challenges" for government departments "in monitoring and
responding to any disruption that may ensue."

 

"This includes supporting businesses and individuals in meeting their new
obligations, mitigating risks of the border becoming vulnerable to fraud,
smuggling or other criminal activity, and activating civil contingency plans
if necessary," its report said.

 

Government faces industry backlash on Brexit plans

No-deal Brexit 'to push UK debt to 50-year high'

What is 'no-deal Brexit'?

The government spending watchdog said that the government had made progress
with putting in place the systems, infrastructure and resources required to
manage the border in the event of a no-deal Brexit.

 

Despite this, the government had been unable to mitigate the most
"significant risks" to the effective functioning of the UK border in the
event of no deal, it said.

 

The most significant risks to the operation of the border included
businesses' level of preparation, the controls imposed by EU member states
and temporary arrangements made for the Northern Ireland and Ireland land
border, the report found.

 

HM Revenue & Customs estimates that 150,000 to 250,000 traders may need to
make a customs declaration on the first day after Brexit. Of that number,
only 25,000 had registered so far, the NAO found.

 

The report also highlighted the fact that in September, the government
acknowledged that the arrangements made for the Northern Ireland and Ireland
land border were unlikely to be sustainable "beyond the very short term"
because of "significant economic, legal and biosecurity risks", as well as
the "potential for civil unrest".

 

And although the government had made contingency plans in the event that the
UK left the European Union without a deal on 29 March, the watchdog said
that some of those plans had not been updated since.

 

Is the UK ready?

Other plans, systems and infrastructure had "mostly" been developed in time
for the first day after Brexit, the NAO said, however it said it was
concerned that they may not work exactly as planned.

 

"Preparing the UK border for EU exit with or without a deal is extremely
complex and has required a huge amount of work from many government
departments, agencies and third parties such as traders.

 

"Despite their efforts, significant risks remain which may have consequences
for the public and businesses," said the NAO's head Gareth Davies.--BBC

 

 

 

Neil Woodford closes crisis-hit investment empire

The UK's best-known stockpicker is to close his remaining investment funds,
signalling the end of his multi-billion-pound empire.

 

Neil Woodford was sacked from his flagship fund early on Tuesday, and has
now announced he will close the last two funds.

 

He described it as a "highly painful decision", adding that the funds would
be wound down in "an orderly fashion".

 

Mr Woodford earned a huge reputation over 30 years of successful investing.

 

At its peak his business managed more than 14bn.

 

The so-called "Oracle of Oxford" was dismissed from his troubled £3.1bn
Equity Income fund by its administrators on Tuesday. The fund will be wound
up and any cash returned to investors. It follows a series of disastrous
investments.

 

That sacking initially prompted an angry response, with Mr Woodford saying
it was a decision "I cannot accept, nor believe is in the long-term
interests" of the business.

 

Neil Woodford's flagship fund to be shut down

Investors frustrated as Woodford fund stays locked

But on Tuesday evening, in a further announcement, he said the last two
funds - Income Focus and Woodford Patient Capital - would be shut.

 

'Deep regrets'

He said: "We have taken the highly painful decision to close Woodford
Investment Management. We will fulfil our fund management responsibilities
to WPCT and the LF Woodford Income Focus Fund and once completed will close
the company in an orderly fashion.

 

"I personally deeply regret the impact events have had on individuals who
placed their faith in Woodford Investment Management and invested in our
funds."

 

Mr Woodford became a household name during 26 years at Invesco, where his
stockpicking expertise turned £1,000 invested at the start into more than
£25,000 by the time he left.

 

His stellar reputation meant that savers poured millions into his new funds.
But several big investments in stock market listed companies performed
poorly, and investors began withdrawing money.

 

To compound the problems, Mr Woodford built up stakes in a number of
unlisted technology and healthcare companies he believed had strong growth
potential.

 

But when the redemption requests gathered pace, he found it difficult to
raise money quickly by selling stakes in these private companies.

 

The Equity Income Fund was suspended in June after being crippled by
redemption demands. It meant that investors' money would be locked in for
months.

 

Ryan Hughes, head of active portfolios at investment firm AJ Bell, said
there was "a feeling of inevitability" about the closure. Without any money
coming in "it was difficult to see how the business could survive", he said.

 

The unwinding of the funds will be a long process. Darius McDermott,
managing director of financial adviser Chelsea Financial Services, said the
situation was "a mess" and the flagship fund's closure would make it "a
forced seller of all stocks".

 

Analysis: Kevin Peachey, personal finance correspondent:

Neil Woodford had been the darling of the armchair investor - but, as one
said today, the whole thing had become "toxic".

 

Four years ago, he was giving them 20% returns. Now he is giving them
losses, a lot of uncertainty, and perhaps a lesson in hubris.

 

Some of those investors will be kicking themselves for being too reliant on
a "star" manager, rather than spreading their investments, as has always
been the advice.

 

The fund manager may soon have found he had nothing left to manage, so
commentators say it was inevitable that he has thrown in the towel.

 

Those stockpickers who remain in the ring may find individual investors are
a lot more cautious about giving them their support, and their money.--BBC

 

 

 

Facebook puts on brave face with Libra

After five major payments providers pulled out last week, Facebook’s Libra
currency project looked to be on the rocks.

 

But the remaining members have insisted it’s full steam ahead.

 

The 21 founding companies in the Libra Association - down from 28 when the
project was first announced - met for the first time in Geneva on Monday.

 

A spokesman told the BBC he believed the currency was still on track to
launch next year.

 

But, he added, it would only do so if suitable regulatory approval had been
granted.

 

It comes after a stern warning from the G7 group of nations that Libra
risked disrupting the global financial order.

 

That concern followed a letter to payments providers from US senators Brian
Schatz and Sherrod Brown, sent on 8 October, that threatened “a high level
of scrutiny from regulators not only on Libra-related payment activities,
but on all payment activities”.

 

Libra Association spokesman Dante Disparte criticised the senators, telling
the BBC the letter “stifles private market innovation”.

 

“At some level it confounds the regulatory process and the law-making
process of free market economies,” Mr Disparte said in a phone call on
Monday.

 

The interference created a “problematic precedent for the state of private
sector innovation”, he added.

 

Another drop-out

Visa, Mastercard, Stripe, eBay, PayPal and Mercado Pago were the six firms
that dropped out ahead of Monday’s meeting. On Monday morning, it was
revealed that Booking Holdings - the firm behind Booking.com - had also
pulled out.

 

The remaining 21 members all confirmed their commitment to the project at
the Geneva meeting. Among them are rideshare firms Uber and Lyft, prominent
venture capital firms Andreessen Horowitz and Union Square Ventures, music
streaming service Spotify, and the sales and services arm of telecoms
company Vodafone.

 

Netherlands-based PayU is the only remaining member operating in the online
payments processing sector.

 

“We believe that the design of the Libra ecosystem has the potential to
address a number of societal needs,” a PayU spokesperson said, in a
statement sent out by the Libra Association.

 

Search on for CEO

Of the 21 companies, representatives from five of the firms were elected to
form the Libra Association’s board, with Facebook’s David Marcus among them.
Bertrand Perez, a former senior director at PayPal, was appointed chief
operating officer and interim managing director.

 

The board would soon set up a search committee to appoint a permanent chief
executive, Mr Disparte said.

 

He added that many more firms were interested in joining the association.

 

“More than 1,500 organisations have expressed an interest in joining this
effort,” Mr Disparte said.

 

“Even though aspects of that have been difficult in the last few months.”

 

In response to mounting concerns, Facebook’s chief executive Mark Zuckerberg
has been called to appear before a congressional panel on 23 October to
discuss Libra, and likely other issues involving his firm.--BBC

 

 

 

 

 

 

 

 


 

 


 

INVESTORS DIARY 2019

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


Bindura Nickel Corporation

 

 

 


Padenga Holdings

 

 

 


Delta Corporation

 

 

 


Meikles Limited

 

 

 


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

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

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

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

Twitter:                 @bullsbears2010

LinkedIn:              Bulls n Bears Zimbabwe

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

Skype:                  Bulls.Bears 

Whatsapp Group:   <https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> Click
Here to Join

 



 

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