Major International Business Headlines Brief::: 24 April 2020

[Bulls n Bears]

 <http://www.bulls.co.zw/> Bulls.co.zw
<mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments
<http://www.bulls.co.zw/blog> Bullish Thoughts
<http://www.twitter.com/BullsBears2010> Twitter
<https://www.facebook.com/BullsBearsZimbabwe> Facebook
<http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn
<mailto:info at bulls.co.zw?subject=Unsubscribe> Unsubscribe

 


 

 


Major International Business Headlines Brief::: 24 April 2020

 


 

 


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

 


 

 


 

 

ü  South Africa's rand weakens as virus dents risk appetite

ü  African airlines could lose $6 bln in passenger revenue in 2020 -IATA

ü  South African Airways faces wind-down or liquidation as cash runs out

ü  West African countries to issue $1.4 billion in coronavirus bonds

ü  Congo's economy to shrink 2.2% because of coronavirus - IMF

ü  S.Africa's Dis-Chem found to have hiked face mask prices by 261%

ü  IMF approves $363 mln to help Congo fight coronavirus - statement

ü  South Africa's Village Main Reef says it will retrench some workers

ü  South Africa's Amplats aims for $211 million cost cutting and capex
savings this year

ü  Tullow exits Uganda project, sells stake to Total for $575 mln

ü  Coronavirus: Congress passes $484bn economic relief bill

ü  Treasury considers 100% guarantee on 'micro-firm' loans

ü  Victoria's Secret shifts image with new faces for Asia

ü  Recovery expert: 'Some businesses will never reopen'

ü  Amazon's £250,000 for bookshops fund stuns trade

 

 

 


 <mailto:info at bulls.co.zw> 

 


South Africa's rand weakens as virus dents risk appetite

JOHANNESBURG (Reuters) - South Africa’s rand weakened early on Friday as
concerns over the economic damage cause by the COVID-19 pandemic knocked
risk appetite, outweighing news that Africa’s most advanced nation will
allow a partial reopening of the economy on May 1.

 

At 0645 GMT, the rand traded at 19.1400 per dollar, 0.21% weaker than its
previous close.

 

South African President Cyril Ramaphosa said on Thursday that from May 1 the
government will allow some industries allowed to operate under a five-level
risk system.

 

South Africa has spent nearly a month under restrictions requiring most of
the population to stay at home apart from essential trips, leaving many
businesses and individuals struggling.

 

“The news has had no impact on the rand ... as global risk aversion and the
impending rebalancing of the World Government Bond Index weigh on the
currency,” said Andre Botha, senior dealer at TreasuryONE.

 

South Africa will fall out of the benchmark World Government Bond Index
(WGBI) at the end of April after Moody’s revoked the country’s last
investment grade rating in March.

 

The rebalancing will probably lead to a further selloff in South African
bonds. More than 50 billion rand ($2.62 billion)has already exited South
African bonds in 2020.

 

Government bonds were also weaker in early trade, with the yield on the
10-year instrument due in 2030 rising 6 basis points to 10.910%.

 

($1 = 19.1081 rand)

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

African airlines could lose $6 bln in passenger revenue in 2020 -IATA

NAIROBI (Reuters) - African airlines could lose $6 billion in passenger
revenue in 2020, the International Air Transport Association said on
Thursday, as flight restrictions due to the novel coronavirus hit the sector
on the continent.

 

“We have not seen the desired help announced for African airlines so far,”
said Muhammad Al Bakri, IATA’s regional vice president for Africa and the
Middle East.

 

“The longer we wait, the more risk we would be exposed to,” he added in a
teleconference with reporters.

 

 

 

South African Airways faces wind-down or liquidation as cash runs out

JOHANNESBURG (Reuters) - South African Airways (SAA) faces a wind-down or
liquidation after specialists appointed to try to save the state-owned
airline said on Thursday they had run out of funds.

 

SAA has been fighting for its survival since it entered a form of bankruptcy
protection in December. Its fortunes deteriorated further when the
coronavirus pandemic forced it to suspend all commercial flights.

 

It has already offered severance packages to its workforce of roughly 5,000
people after the government said it would not provide more funds for rescue
efforts.

 

Business rescue specialists Les Matuson and Siviwe Dongwana said in a notice
to affected parties that a wind-down process depended on staff accepting the
termination of their employment.

 

Otherwise, the specialists “will have to make an urgent application for an
order discontinuing the business rescue proceedings and placing SAA into
liquidation,” the notice said.

 

“The practitioners do not have sufficient funds available to continue
honouring the obligations of SAA to its employees beyond 30 April,” it
added.

 

South Africa’s state enterprises ministry reiterated this week it wanted a
financially viable and competitive airline to emerge from SAA’s rescue
process.

 

SAA has not been profitable since 2011 and has received more than 20 billion
rand ($1.1 billion) in bailouts in the past three years, a drain on public
resources at a time of weak economic growth.

 

($1 = 18.9704 rand)

 

 

 

West African countries to issue $1.4 billion in coronavirus bonds

ABIDJAN (Reuters) - The members of the West African monetary union UEMOA
plan to raise 846 billion CFA francs ($1.40 billion) on the regional debt
market in response to the coronavirus crisis, lead manager UMOA-Titres said
on Thursday.

 

The issue of the so-called COVID-19 social coupons will begin next Monday,
UMOA-Titres said in an emailed announcement, adding that the instrument
would benefit from access to a special refinancing office at the regional
central bank.

 

UEMOA’s members are Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali,
Niger, Senegal and Togo.

 

 

 

Congo's economy to shrink 2.2% because of coronavirus - IMF

JOHANNESBURG (Reuters) - The coronavirus pandemic will cause Democratic
Republic of Congo’s economy to contract 2.2% this year, the International
Monetary Fund said on Thursday, as its executive board approved $363 million
in financing for the country.

 

The IMF said it was slashing its previous growth forecast of 3.2% because of
the fall in prices for key exports such as copper and the impact of
containment and mitigation measures against the coronavirus.

 

IMF country representative Philippe Egoumé said in a media briefing that
growth could rebound in 2021 to 3.5% if the virus is contained.

 

“But if it becomes a much bigger epidemic then all bets are off,” he said.

 

The IMF said in a statement late on Wednesday that its executive board had
approved the $363 million disbursement under its Rapid Credit Facility.

 

The coronavirus outbreak has infected 377 people and killed 25 in Congo,
which is also struggling to end a nearly two-year Ebola outbreak in the
east.

 

 

 

S.Africa's Dis-Chem found to have hiked face mask prices by 261%

JOHANNESBURG (Reuters) - South African pharmaceutical group Dis-Chem has
been referred to the Competition Tribunal after an investigation following
complaints from consumers about its pricing of dust and surgical masks, the
commission said on Thursday.

 

“This referral (to the Competition Tribunal) follows an investigation by the
Commission which found that Dis-Chem has charged excessive prices on
essential hygienic goods to the detriment of customers and consumers,” the
commission said in a statement.

 

The competition body said the average price increases between February and
March on the products ranged between 43% and 261%.

 

 

 

IMF approves $363 mln to help Congo fight coronavirus - statement

JOHANNESBURG (Reuters) - The International Monetary Fund’s (IMF) Executive
Board has approved a disbursement of $363 million under its Rapid Credit
Facility to help Democratic Republic of Congo confront the impact of the
COVID-19 pandemic, the Fund said.

 

“Congo is experiencing a severe shock as a result of the COVID-19 pandemic,”
the IMF wrote in a statement late on Wednesday. “The short-term economic
outlook has deteriorated quickly due to the fall of minerals’ prices and the
impact of needed containment and mitigation measures.”

 

 

 

South Africa's Village Main Reef says it will retrench some workers

JOHANNESBURG (Reuters) - South African gold miner Village Main Reef has
begun steps to retrench workers at its Tau Lekoa mine, Kopanang mine and
West Gold Plant, it said on Thursday, as the spread of the coronavirus and
nationwide lockdown take their toll.

 

The unlisted miner, controlled by China-based parent company Heaven Sent
Gold, said it had issued a notice of potential job cuts but could not say
how many jobs would be lost. It said it hoped to avoid as many as possible.

 

The National Union of Mineworkers (NUM) said as many as 6,309 workers could
lose their jobs. It said it had not been properly consulted and had called
on the mines ministry to intervene.

 

“This inhumane brutality happens at the time when the country is fighting
the spread of COVID-19 and the government has issued numerous calls to
companies to do all within its powers to save jobs,” the NUM said in a
statement.

 

Job cuts are a politically sensitive issue in South Africa, where
unemployment stands at around 29%. The mining sector employs around 450,000
people, according to 2019 figures from the Mineral Council industry body.

 

Village Main Reef said a turnaround strategy it began in February aimed at
improving operational efficiency had been interrupted by the outbreak of
COVID-19 and the subsequent lockdown.

 

“Both of our mines Tau Lekoa and Kopanang were forced into care and
maintenance. After serious discussion, the company has had to make the
difficult decision to issue the section 189 notice, while keeping the mines
on care and maintenance due to genuine health and safety concerns,” it said
in an email to Reuters.

 

A section 189 notice is a notification of retrenchments under the country’s
labour laws.

 

South Africa said last week it would let mines operate at up to half
capacity after previously ordering most underground mines and furnaces to be
put on care and maintenance, apart from coal mines supplying state power
utility Eskom.

 

South Africa’s lockdown, which started on March 27 and has been extended
until the end of April, has impacted global commodities markets since
several local miners have cut production plans or declared force majeure,
which exonerates them from contractual obligations.

 

 

 

South Africa's Amplats aims for $211 million cost cutting and capex savings
this year

JOHANNESBURG (Reuters) - South Africa’s Anglo American Platinum (Amplats)
said on Thursday it aims to save around 4 billion rand ($211 million)
through cost cutting and capex savings this year to offset production losses
during a nationwide lockdown to fight the spread of the coronavirus.

 

“The approach pursued was to deliver capex reductions that supported the
updated production profile whilst ensuring the long-term asset integrity and
maximising immediate reduction in planned spend,” Amplats said.

 

The company said savings would come from cutting costs, delaying
non-essential capital expenditure, reducing payment of overtime and
production bonuses for employees not at work.

 

Total platinum group metals (PGM) production fell 7% in the first quarter to
954,800 ounces compared with the same period a year ago, with 61,000 PGM
ounces lost in the quarter at its South African operations due to the impact
of the nationwide lockdown, which started on March 27 and has been extended
until May.

 

($1 = 18.9212 rand)

 

 

 

Tullow exits Uganda project, sells stake to Total for $575 mln

LONDON (Reuters) - Tullow Oil said that Total has agreed to buy its entire
stake in their joint onshore oil fields in Uganda for $575 million as part
of its target to raise $1 billion this year to tackle its $2.8 billion debt
pile.

 

Tullow, whose shares have shed around 90% since last April and whose market
capitalisation was around $285 million on Wednesday, will receive $500
million in cash and $75 million once a final investment decision is reached
on the project, it said on Thursday.

 

An agreement on a tax issue with the Ugandan authorities, which had delayed
the sale of a smaller stake in the project to Total for months, has been
reached in principle, Tullow said.

 

The deal depends on the two companies signing a final tax agreement with the
Ugandan authorities and a green light from Tullow’s shareholders. It expects
the deal to close in the second half of the year.

 

“We are pleased to announce that a new agreement has been reached with
Tullow ... for less than $2 a barrel in line with our strategy of acquiring
long-term resources at low cost, and that we have an agreement with the
Uganda government on the fiscal framework,” Total Chief Patrick Pouyanne
said in a statement.

 

The third partner in the 230,000 barrel per day project, China’s CNOOC, has
pre-emption rights for half of the stake to be sold to Total.

 

Money from the sale will be used “to reduce Tullow’s net debt, strengthening
the balance sheet and moving Tullow towards a more conservative capital
structure,” the company said.

 

“Tullow has consulted with shareholders holding approximately 27.5% in
aggregate of Tullow’s issued share capital and is pleased to report that
they have indicated their support for the Transaction,” it added.

 

 

 

 

Coronavirus: Congress passes $484bn economic relief bill

The US Congress has passed a new Covid-19 relief package totalling $484bn
(£391bn), the fourth aid bill to clear Congress in response to the pandemic.

 

The legislation, approved 388-5 by the House of Representatives, tops up a
small business aid fund, while funding hospitals and testing.

 

President Donald Trump said he would enact the bill, which passed the Senate
unanimously on Tuesday.

 

The US has over 845,000 confirmed cases of the virus and 46,800 deaths.

 

Last month, Washington enacted the largest economic stimulus package in US
history, with $2 trillion in coronavirus aid.

 

Thursday's bill will bring the total federal spending on Covid-19 relief up
to $3tn, swelling the US budget deficit towards record levels.

 

Mr Trump and Democrats are keen on passing another relief bill that could
top $1tn, but the president's fellow Republicans are not keen.

 

Republican Senate leader Mitch McConnell has drawn bipartisan criticism for
saying he would support states declaring bankruptcy rather than having the
federal government "borrow money from future generations".

 

Why was top Republican likened to Marie Antoinette?

Coronavirus job losses and 'the millennial curse'

The economic ravages of the pandemic were brought into sharp focus on
Thursday by official unemployment figures that showed over 26 million
Americans have filed for jobless claims in the last five weeks - and 4.4
million last week alone.

 

In Thursday's bill, lawmakers gave $310bn in new funds to the Paycheck
Protection Program, which offers loans to small businesses so they can keep
employees on the payroll.

 

The $349bn allocated to the programme last month ran out last week after
just 13 days, leaving millions of business owners questioning how they could
keep operating.

 

There was uproar when it emerged large, publicly traded companies had
obtained the funding, and the US Treasury has given them until 7 May to
return the money without penalty.

 

'What I fear the most is not being able to survive'

The new house rules of my life under lockdown

During negotiations for the latest stimulus package, Democrats insisted
funds be allocated for hospitals and testing.

 

Hospitals will receive $75bn, and $25bn will go towards expanding Covid-19
testing - which experts have emphasised is a key step to reopening the
economy.

 

 

Media captionAcross the United States, some people insist the lockdowns
should be lifted and states reopened

Thursday's legislating took place with social distancing - lawmakers waited
in their offices for the vote, came to the floor in small groups and the
chamber was cleaned between votes.

 

Ohio Republican Jim Jordan angered some Democrats for appearing on the House
floor - and reportedly coughing - without a face covering.

 

In other developments:

 

Democratic Senator Elizabeth Warren revealed her eldest brother had died
from Covid-19

Democratic congresswoman Maxine Waters said her sister was dying of the
disease and dedicated the relief bill to her

New York Governor Andrew Cuomo said preliminary data suggests many more
people than previously believed were infected with Covid-19, as antibody
tests showed over 21% of 1,300 tested had the virus--BBC

 

 

Treasury considers 100% guarantee on 'micro-firm' loans

The Treasury is considering offering 100% guarantees on loans up to £25,000
for the UK's tiniest firms.

 

Chancellor Rishi Sunak said in March that UK-based small and medium-sized
business could apply for interest-free loans to help them with Covid-19
related difficulties.

 

However, companies say they are still finding it difficult to get credit.

 

Bank of England governor Andrew Bailey has questioned whether the system is
"too complicated".

 

News of the Treasury's possible change of heart was first reported by the
Financial Times.

 

According to BBC business editor Simon Jack, eligibility for loans has not
yet been decided - namely, how small does a business have to be to qualify
for a loan for which the lender gets a 100% guarantee.

 

Our business editor says an announcement is expected next week, if not
earlier.

 

As many as one million of the UK's smallest businesses, employing no more
than 10 workers, could benefit from the new rules, analysts say.

 

These include shops and pubs, which have been forced to close under
coronavirus lockdown measures.

 

Debt fears

Loans to larger businesses under the coronavirus business interruption loans
scheme (CBILS) will continue to get 80% backing.

 

The CBILS provide loans of up to £5m for companies with a turnover of less
than £45m.

 

However, many firms have complained that loans are coming through too slowly
and that some banks have imposed tough criteria on granting credit.

 

Alison Rose, chief executive of Natwest Group (formerly known as RBS), said
it had so far processed 7,000 loans and that "help was getting through".

 

She said the stumbling block for many firms was "taking on additional debt
when the future is very uncertain".

 

"Some businesses can't take on additional debt. It's important not to load
debt on to a firm which isn't able to pay that back," she told the BBC's
Today programme.

 

Laura Hurlocker, who runs a power generation company with her husband, has
been turned down for a bank loan to keep the business going amid the virus.

 

Ms Hurlocker's Luton-based firm, Fourth Generation, supplies power
generation equipment to live events, powering concerts hosted by Coldplay,
Beyonce and Robbie Williams.

 

She applied for a CBIL loan from her bank Barclays, with whom she has been a
customer for 16 years.

 

But her bank turned her down, partly because the business had other loans.

 

The business has some debts because she and her husband have invested
£350,000 in equipment for the firm in the last three years.

 

"We feel we are being penalised," she told the BBC. "To be told because you
have an existing loan, you are deemed by us to be unaffordable. It was a
kick in the teeth."

 

Coronavirus: If we cannot get a loan we will go under

Recovery expert: Some businesses will never reopen

Natwest's chief executive says that extending the guarantee to 100% on loans
of up to £25,000 "would not make much difference" to the number of loans the
UK's biggest lender to business would advance. She said the main challenge
facing firms of all sizes was whether they wanted to take on additional debt
at a time of great uncertainty.

 

While it is true that the guarantee is to the lender, not the borrower, many
businesses have complained that banks have put them through an onerous loan
approval process and have looked for ways to say no, given they could still
lose 20% of sums advanced. However, privately, banks have told the BBC that
a 100% guarantee would speed up the lending process.

 

It's not yet clear how the Treasury will define what it calls
"micro-businesses" - whether it's judged on turnover or number of employees
- but an announcement on that is expected early next week. So far, the
government's loan guarantee scheme has seen a total of £2.8bn approved - a
small fraction of the total £330bn available.

 

Although the pace of approval is picking up, business groups including the
CBI have expressed frustration at the amount of financial help getting
through and have called on the government to extend the 100% guarantee to
businesses with a turnover of up to £45m.

 

The Treasury insists that the whole package of support should be seen in the
round - including direct grants, a £30bn three-month VAT deferral, a
business rates postponement and a furlough scheme that will see the
government pay 80% of employees' wages, up to a cap of £2,500.--BBC

 

 

 

Victoria's Secret shifts image with new faces for Asia

US lingerie retailer Victoria's Secret has unveiled two new brand
ambassadors as it looks to Asia to reverse its struggling fortunes.

 

The appointment of popular actors Yang Mi and Zhou Dongyu marks a change
from using models to represent the firm.

 

It also appears to be a shift away from the US brand's overtly sexualised
image.

 

The high-profile partnerships come even as an agreement to take over the
company looks to have collapsed.

 

On Thursday Victoria's Secret appointed Chinese A-lister Ms Yang as its Asia
brand ambassador.

 

She is one of China's most successful and highest-paid actors, who has
appeared in TV dramas that are hugely popular in Southeast Asia, South Korea
and Japan.

 

Ms Yang suggested that her involvement with the brand was part of a
reshaping of its image: "Through a completely new interpretation, I want to
make sexiness a natural expression in life, and it to become a more positive
and beneficial force."

 

Earlier in the week the firm announced that film and TV star Ms Zhou would
be the new face of the brand in China.

 

Zhou Dongyu and Yang Mi are both huge celebrities in China. But in
particular, securing Yang Mi as one of the company's ambassadors is a huge
win for Victoria's Secret, as she is one of the country's biggest stars, and
one of only a handful of celebrities on the popular Sina Weibo platform who
has more than 100 million followers

 

Her appeal is such that since she has posted the video of her appearing in
Victoria's Secret's new campaign, tens of thousands of fans have rushed to
her page, sharing screen grabs from their phones showing that they have
rushed to buy Victoria's Secrets products.

 

But she has also been effective in challenging a taboo in the country - it
is extremely rare thing to see a Chinese woman wearing lingerie and gaining
approval, instead of criticism. At one period of time, lingerie advertising
was banned in China, and what people wear in the bedroom is still considered
by many to be a very private matter, not something for sharing publicly
online.

 

Legal battle

Ms Zhou is perhaps best-known for her roles in the feature films Under the
Hawthorn Tree and Soul Mate as well as the hit teen drama Better Days.

 

"I define sexiness as being comfortable, nonconformist, and expressing
(oneself) in a natural state. It should be we who define sexiness, not we
who are defined," she said in a promotional video.

 

The announcements come in the same week that a buyout firm which had agreed
to take control of Victoria's Secret said it was pulling out of the deal.

 

On Wednesday Sycamore Partners said it had walked away from a $525m (£425m)
agreement to buy a majority stake in the firm.

 

It came after the lingerie brand shut down stores and furloughed staff in
response to the Covid-19 outbreak.

 

In response, the owner of Victoria's Secret, L Brands, said it would
challenge the move, setting up the first high-profile legal battle in the US
over the termination of a merger agreement because of the coronavirus
pandemic.-BBC

 

 

 

Recovery expert: 'Some businesses will never reopen'

When economies eventually re-open, many businesses will stay shut as they
struggle with the new environment.

 

That is the fear from a global disaster recovery group that helps businesses
recover from crises like coronavirus.

 

Small business owners are more vulnerable and may have to become
entrepreneurs again to survive.

 

"Restarting a business is much harder than shutting one down," says the
Disaster Recovery Institute International (DRI).

 

"When the economy reopens, it won't go back to how it was all at once," said
Chloe Demrovsky, chief executive of DRI, a non-profit organisation. "Our
habits may have changed together with the width of our wallets."

 

During coronavirus lockdowns, activities such as grocery shopping, movie
watching, company meetings and e-learning among others have largely moved
online. These may not be short-term trends, and companies will need to adapt
to them as our buying behaviour changes.

 

"Individual decisions like that will be multiplied throughout countries and
the world as a whole. Businesses that aren't getting creative now about how
they can be useful in a new post-Covid economy will struggle," said Ms
Demrovsky.

 

While highly-regulated large businesses have robust contingency plans and
strong risk management programmes, smaller firms normally don't. "These
businesses will continue to suffer and many will never reopen. What we've
seen after community-wide crises in the past is that anyone who was a small
business owner is now an entrepreneur all over again and should be
approaching the problem from that perspective."

 

The new normal

The business disaster experts say firms should be planning for measures like
fewer hours, staggered shifts and more shift changes for their staff.

 

For retailers, they should be preparing for more distance between customers,
and individually packaged food (no samples or testers). They may need
policies in place to reassure customers and employees such as extra and
visible cleaning, along with proper protection for employees like masks,
gloves and temperature checks.

 

"Some things may change forever. Conferences and large events will likely be
cancelled or sparsely attended for a long time. This may be the nail in the
coffin for shared workspaces and open office floor plans as we all now
realise the importance of walls," added Ms Demrovsky.

 

If schools remain closed, or move to regular home learning days, employers
will need to be understanding and flexible towards working parents.--BBC

 

 

 

Amazon's £250,000 for bookshops fund stuns trade

Online retailer Amazon, long accused of killing off bricks-and-mortar book
sales, has stunned the industry by donating £250,000 to a fund in aid of
bookshops hit by coronavirus.

 

The tech giant initially made the donation on a "low-key" basis, said the
Book Trade Charity.

 

But as speculation grew, the charity revealed that Amazon was the donor.

 

Chief executive David Hicks said he realised some booksellers would find
that difficult.

 

He told the BBC that the Book Trade Charity existed to help the entire book
industry, from publishers to bookshops.

 

As part of its efforts, it is running a fund to help booksellers facing
financial hardship after being forced to close by the pandemic.

 

Mr Hicks said: "Amazon came to us and said they would like to put some money
into our fund, particularly to help at this time and that they would prefer
it to be low-key."

 

As a result, the charity tried to avoid naming Amazon, although the firm had
not insisted on anonymity, he said.

 

However, that policy simply led to more questions, especially after trade
publication, the Bookseller, ran a story saying a mystery donor had
contributed £250,000 of the £380,000 raised so far.

 

Mr Hicks said he had been "very pleased" to accept the donation in the
interests of the charity.

 

However, he added that he was "conscious that that does give a little bit of
difficulty to some booksellers".

 

"A large part of the trade, particularly on the publishing side, works very
closely with Amazon," he said.

 

"But the bookselling side does have rather a more strained relationship."

 

The news has already aroused some reactions in the book trade, including
from the editor of the Bookseller, Philip Jones, who tweeted that it was
"extraordinary".-BBC

 

 

 

 


 

 


 

INVESTORS DIARY 2020

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


Bindura Nickel Corporation

 

 

 


Padenga Holdings

 

 

 


Delta Corporation

 

 

 


Meikles Limited

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


(c) 2020 Web: <http:// www.bulls.co.zw >  www.bulls.co.zw Email:
<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
344 1674

 


 

 

 

 

 

 

Invest Wisely!

Bulls n Bears 

 

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

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

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

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

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

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

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

Skype:         Bulls.Bears 



 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20200424/a7f9e27f/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.jpg
Type: image/jpeg
Size: 23068 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20200424/a7f9e27f/attachment-0005.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 35513 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20200424/a7f9e27f/attachment-0006.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 33732 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20200424/a7f9e27f/attachment-0007.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.jpg
Type: image/jpeg
Size: 31402 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20200424/a7f9e27f/attachment-0008.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.jpg
Type: image/jpeg
Size: 4846 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20200424/a7f9e27f/attachment-0009.jpg>