Major International Business Headlines Brief::: 28 April 2020

Tue Apr 28 08:28:55 CAT 2020

 <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::: 28 April 2020

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

ü  U.S. should avoid phased approach in trade talks with Kenya - Chamber of
Commerce

ü  Algeria scraps customs duties, VAT on pharmaceutical products

ü  Nigeria oil export plans delayed amid talks with majors on cuts - sources

ü  Kenyan shilling stable, seen easing on end month demand

ü  South Africa seeking $5 bln from multilateral lenders to fight virus
-Treasury official

ü  RwandAir cuts salaries by 8-65% due to coronavirus -internal memo

ü  S.African govt extends deadline for SAA severance deal to May 1

ü  Egypt state banks collect over $6 bln from high-yield certificates

ü  Algeria trade deficit widens sharply on energy revenue collapse

ü  Moody's sees South Africa GDP shrinking 6.5% in fiscal 2020

ü  HSBC profits halved by coronavirus pandemic impact

ü  Luckin Coffee: Scandal-hit chain raided by regulators in China

ü  Sunak unveils 100% state-backed loans for small firms

ü  Facebook's $5.7bn bet on India's richest man Mukesh Ambani

 <mailto:info at bulls.co.zw> 

U.S. should avoid phased approach in trade talks with Kenya - Chamber of
Commerce

WASHINGTON (Reuters) - The United States should work to achieve a single,
comprehensive agreement with Kenya that removes barriers to trade and
investment, instead of pursuing a phased approach, the U.S. Chamber of
Commerce said in a document viewed by Reuters.

In comments submitted to the U.S. Trade Representative, the Chamber’s
U.S.-Africa Business Center said a high-standard agreement that eliminated
all tariffs would boost the long-term economic outlook for both countries,
and further position Kenya as a model for economic reform across Africa.

It said the bilateral negotiations would enhance work by African countries
to forge a broader African Continental Free Trade Agreement.

U.S. President Donald Trump and Kenyan President Uhuru Kenyatta on Feb. 6
announced the intention to start formal talks on what would be first U.S.
bilateral trade deal with a sub-Saharan African country. The Trump
administration last month invited comments on negotiating objectives for the
talks.

Two-way goods trade between the United States and Kenya totaled $1.1 billion
in 2019, up 4.9% from 2018.

To be effective, negotiators should work out a comprehensive deal that
addresses “all issues under negotiation ... rather than seeking agreement on
a subset of issues or pursuing a phased approach,” the Chamber said.

The U.S. government has recently concluded partial or phased trade
agreements with Japan and China, frustrating some U.S. companies that had
been pressing for broader agreements on issues such as intellectual property
(IP) rights and improved access for their products.

The Chamber said the trade talks should focus on achieving a high-standard
bilateral agreement that sets a precedent for future U.S. trade deals with
other sub-Saharan African nations.

It should eliminate all tariffs and address non-tariff barriers for
industrial and farm goods, including U.S. tariffs on imports of steel and
aluminum from Kenya, while expanding market access for remanufactured goods
exports.

It also called for commitments to ensure U.S. access to Kenya’`s services
market, and address IP rights and enforcement as they relate to patents,
copyrights, trademarks, and trade secrets.

In addition, the deal should eliminate forced technology transfers, include
an investor-state dispute settlement mechanism, and formalize a joint
commitment to follow good regulatory practices.

To facilitate digital trade, it should spell out a mutual right to transfer
and store data across borders for all sectors, prohibit data localization
requirements, and ban customs duties and taxes on electronic transmissions.

 <mailto:info at bulls.co.zw> 

Algeria scraps customs duties, VAT on pharmaceutical products

ALGIERS, 26 (Reuters) - Algeria has temporarily scrapped customs duties and
value added tax (VAT) on imports of pharmaceutical products and medical
equipment to help cope with a growing number of infections with the novel
coronavirus, the government said on Sunday.

Algeria has been importing most of its medical products needs from China
since the outbreak of virus, and the government has said it would spend $100
million on purchases of those products.

The government has so far reported 3,382 confirmed cases, with 425 deaths
and 1,508 recoveries.

The authorities on Saturday decided to allow some businesses to reopen, a
day after shortening curfew for several provinces including the capital
Algiers.

Nigeria oil export plans delayed amid talks with majors on cuts - sources

LONDON (Reuters) - Nigeria’s state oil company has delayed publishing its
future oil export plans as it negotiates with local companies and
international majors about how to cut output in line with a global deal on
production curbs, trading sources said.

Official selling prices (OSPs) for Nigerian oil, usually issued in the
second or third week of each month, had still not been issued on Monday. The
global supply deal, agreed by the OPEC+ group of oil producers, is due to go
into effect on May 1.

Traders expect the May OSPs to fall below April’s record lows published by
Nigeria National Petroleum Corporation (NNPC).

Traders of Nigerian oil told Reuters that Nigeria, an OPEC member, had
revised its May programmes for oil cargoes and would also have to lower its
output in June, based on the OPEC+ deal.

“May cargoes will get delayed and new June cargoes may be relatively few,”
one of the sources said.

The Organization of the Petroleum Exporting Countries, Russia and other
allied producers agreed to cut their combined output by 9.7 million barrels
per day, or each reducing their production by more than 20%. The first round
of cuts will run in May and June. Reductions will be less severe after that.

“The NNPC is working out the cuts for the international oil companies,
that’s why the programme for June and OSP for May is yet to come out,”
another trading source said.

The NNPC, which has not issued any public notice of delays or output cuts,
needs to discuss reductions with companies working in the country, including
oil majors Royal Dutch Shell, Exxon Mobil, Eni and Chevron.

Brent crude, the benchmark against which Nigerian oil trades on the global
market, fell to its lowest in two decades last week before staging a modest
recovery. Brent was trading around $20 a barrel on Monday. [CRU/WAF]

Traders said Nigeria’s key crude grade Bonny Light was heard to be offered
at as low as dated Brent minus $5, compared to a premium of $3 in more
normal market conditions.

Surging inventories, as demand for oil has tumbled due to global measures to
fight the coronavirus, have made it a challenge for some producers to find
buyers for their oil.

At least three dozen Nigerian crude cargoes are still available for export
in April and May and the country has minimal domestic storage.

NNPC head Mele Kyari told Nigerian media last week that Nigeria had to cut
output because of scarce storage capacity.

In addition, major markets, such as Europe and Asia, spurned West African
crude in favour of oil from producers that lie closer to them, cutting down
on shipping times amid the market uncertainty and reducing freight costs.

Kenyan shilling stable, seen easing on end month demand

NAIROBI (Reuters) - The Kenyan shilling held steady on Monday but was seen
easing against end month dollar demand from the energy and manufacturing
sector, traders said.

At 0711 GMT, commercial banks quoted the shilling at 106.90/107.10 per
dollar, the same as Friday’s close.

“We might be seeing a bit of pressure while closing books for the month.
We’ve seen some of the oil and telcos ...those are normally the biggest
clients,” said a senior trader from one commercial bank.

South Africa seeking $5 bln from multilateral lenders to fight virus
-Treasury official

JOHANNESBURG (Reuters) - South Africa is seeking 95 billion rand ($4.99
billion) from multilateral lenders to help it fight the COVID-19 pandemic, a
senior Treasury official said on Sunday.

Africa’s most advanced economy is talking to the International Monetary Fund
(IMF), World Bank, New Development Bank of the BRICS and African Development
Bank to source funding to contribute to a 500 billion rand rescue package
aimed at cushioning the impact of the new coronavirus on businesses and poor
households.

The IMF has said South Africa is entitled to apply for up to $4.2 billion in
response to the crisis, and Finance Minister Tito Mboweni said on Friday the
government could negotiate for a facility of “maybe between $55 and $60
million” at the World Bank.

Dondo Mogajane, director general of the National Treasury, said in an
interview with eNCA television on Sunday that South Africa “will certainly
go” for the IMF funding.

“The World Bank has said ...South Africa can access a loan of about $50
million, the New Development Bank did say long ago that they have set aside
a billion dollars that we can access and again we will be accessing that,”
Mogajane said.

“All in all, all of these interventions, currently we are looking at 95
billion rand coming from these institutions only for COVID-related
interventions.”

Mogajane said the government has to do everything at its disposal to make
sure the coronavirus is contained, including reprioritising money from
projects that are not a priority for now and looking for new cheap money.

“I am emphasising new money that is cheap because currently the discussions
obviously should centre around what the term rates are going to be. That is
where we are currently, we are discussing with them (lenders),” he said.

“The IMF has said upfront that it is 1% interest that is available so we
will certainly go for it because it is cheap.”

Mboweni on Friday played down worries in some governing party circles and
within the influential trade union movement that the money would come with
onerous conditions.

An IMF official told Reuters that the emergency funds on offer came with no
requirement for a structural adjustment programme.

The economy was in recession when the virus outbreak hit South Africa and
public finances were already strained as the government bailed out
struggling state firms.

South Africa had recorded 4,361 cases, including 86 deaths, with 161,004
people tested for the virus as of Saturday.

($1 = 19.0213 rand)

RwandAir cuts salaries by 8-65% due to coronavirus -internal memo

KIGALI (Reuters) - Rwanda’s RwandAir will cut the salaries of its lowest
paid employees by 8% and by 65% for its top earners as it seeks to survive
the coronavirus crisis, an internal memo seen by Reuters on Sunday showed.

The carrier, which flies a fleet of 12 Boeing and Airbus planes to 29
destinations across three continents, has been one of the rising stars in
Africa.

In February, Qatar Airways said it was in talks to buy a 49% stake in the
airline.

“We considered several other alternatives and the choice we made is the best
option at this time,” RwandAir’s management wrote in the memo, which two
employees told Reuters they have received.

The management of the young airline, which is owned by the government and
has not yet made a profit, could not be reached immediately for comment.

Airlines around the world have been forced to ground their planes after
governments imposed travel restrictions and closed borders to slow the
spread of the COVID-19 pandemic.

Air Mauritius said this week that it has entered voluntary administration
due to the crisis, joining Virgin Australia and South Africa Airways who
have called in administrators.

S.African govt extends deadline for SAA severance deal to May 1

JOHANNESBURG (Reuters) - South Africa’s government and specialists appointed
to try to save the state-owned airline have agreed to extend a deadline for
trade unions to agree staff severance terms, a letter from the public
enterprises department showed on Saturday.

South African Airways (SAA) entered a form of bankruptcy protection in
December and its fortunes deteriorated further when the coronavirus pandemic
forced it to suspend all commercial flights.

The airline offered severance packages to its roughly 5,000-strong workforce
after the government said it would not provide more funds for rescue
efforts.

The proposal was put to union leaders, with the business rescue team
advising that a deal should be reached by Saturday. However, that deadline
has been extended until May 1.

“We advise that the department agreed with Business Rescue Practitioners on
a moratorium on the signing of the retrenchment (layoffs) agreements until
Friday 1 May 2020,” said the letter signed by Public Enterprises Minister
Pravin Gordhan, which was addressed to unions at the airline.

“As a result, the employees are not obliged to sign the collective agreement
for the retrenchments for the period of the moratorium,” the letter added.

The department later said in a statement that it also agreed that business
rescue specialists Les Matuson and Siviwe Dongwana would not consider making
an application for liquidation.

The business rescue team had said on Thursday that SAA faced a wind-down or
liquidation as it had run out of funds.

“The leadership recognise the enormity of the challenge but are
unequivocally committed to saving SAA,” the statement said.

A spokeswoman for the rescue specialists had no immediate comment.

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 = 19.0213 rand)

Egypt state banks collect over $6 bln from high-yield certificates

CAIRO (Reuters) - Egypt’s two biggest state banks have collected almost 100
billion Egyptian pounds ($6.37 billion) from a new high-yield savings
certificate they introduced last month, officials from the two banks were
quoted on Sunday as saying.

The one-year certificates, launched on March 22, carry a 15% yield.

The National Bank of Egypt had collected 66 billion pounds, its vice
chairman said, and Banque Misr 30.6 billion pounds, its chairman said,
according to the state Middle East News Agency.

The certificates appear designed to bolster incomes while reducing inflation
pressure and dollarisation following the coronavirus outbreak, analysts say.

($1 = 15.7000 Egyptian pounds)

Algeria trade deficit widens sharply on energy revenue collapse

ALGIERS (Reuters) - OPEC member Algeria’s energy earnings fell 28.17% in the
first two months of 2020, causing the trade deficit to rise by nearly 80%
from the same period a year earlier, the government said on Sunday.

Algeria has been trying to cut its imports bill after a sharp fall in energy
revenues caused by a slide in global crude oil prices and domestic output
volumes.

The value of oil and gas exports, which accounted for 93.08% of Algeria’s
total sales abroad, stood at $4.56 billion, down from $6.35 billion during
January-February 2019, according to customs figures.

That caused the trade deficit to rise to $1.23 billion from $686.51 million
in the first two months of last year.

Overall exports reached $4.9 billion in January-February 2020, against
$6.795 billion in the same period a year earlier, while imports fell 18.07%
to $6.129 billion in the first two months of this year.

Moody's sees South Africa GDP shrinking 6.5% in fiscal 2020

JOHANNESBURG (Reuters) - Ratings agency Moody’s cut its forecast for South
Africa’s economy to a 6.5% contraction in fiscal 2020, saying the country’s
500 billion rand ($26.29 billion) rescue package will weaken its public
finances and constrain government’s ability to provide support to
state-owned firms.

Moody’s, which predicted on April 14 that South Africa’s GDP in the year
ending March 31, 2021, would contract 2.5%, also said in a research report
on Friday economic growth will recover by 4.5% in 2021.

President Cyril Ramaphosa announced the rescue package, equivalent to 10% of
the GDP of Africa’s most industrialised nation, on Tuesday to try to cushion
the economic blow of the coronavirus pandemic.

Ramaphosa said South Africa had approached global financial institutions
like the World Bank, International Monetary Fund, the BRICS New Development
Bank and the African Development Bank, primarily to fund healthcare
interventions.

The rest of the package would be financed by a mix of 130 billion rand of
reprioritised spending and other local sources.

“The package is key to helping the country’s weakest households and
enterprises to weather a period of lower revenue inflows amid the domestic
lockdown and slowdown in global trade,” Moody’s said.

“However, the support measures are unlikely to prevent a sharp economic
contraction this year.”

With the impact of the weak economy on revenue, the ratings agency now
expects the government to record a budget deficit of 13.5% of GDP in fiscal
year 2020, up from an estimated 8.5% last Tuesday.

The sharp widening in deficit will push the country’s debt burden up 15
percentage points, to 84% of GDP by the end of fiscal 2020, it said.

“The fiscal pressures associated with the economic downturn and support
package reduce the space the government has available to provide further
support to SOEs. While the initial fiscal impact for the government is
neutral, the scheme will increase the government’s contingent liability
risks,” it said.

Several state-owned firms, like power utility Eskom and South African
Airways, are facing financial difficulties and piling pressure on
Ramaphosa’s cash-strapped government.

($1 = 19.0213 rand)

HSBC profits halved by coronavirus pandemic impact

HSBC says its first quarter profits have almost halved due to the impact of
the coronavirus pandemic.

Pre-tax profit for the first three months of the year came in at $3.2bn
(£2.6bn), down from $6.2bn a year ago.

The bank increased its expectations of bad loans, which are unlikely to be
paid back, to $3bn due to the fallout from Covid-19 and as oil prices slump.

Earlier this year HSBC said it would axe around 35,000 jobs as part of a
major cost-cutting plan.

The London-headquartered bank warned that the negative effect of the
pandemic on the global economy would mean an increase in the number of bad
loans.

It also said that there would be sustained pressure on the bank's earnings
as customer activity falls and lower central bank interest rates hit
profitability.

The bank also highlighted "a significant charge related to a corporate
exposure in Singapore".

In February HSBC said it would scale back its headcount from 235,000 to
about 200,000 over the next three years.

The move is part of the a restructuring programme as it targets $4.5bn of
cost cuts by 2022.

Last week the bank said it was pushing ahead with those restructuring plans
but had halted job cuts to avoid disruption and leaving staff unable to find
work elsewhere due to the coronavirus outbreak.

Separately, in a note to employees earlier this month HSBC's chief executive
Noel Quinn said he would donate a quarter of his base salary for the next
six months to charity, which works out at £160,000. He will not take his
annual cash bonus, which would have been up to £1.2m.

Chief financial officer Ewen Stevenson said he would do the same, donating
£93,000 and forgoing £706,000, while chairman Mark Tucker will donate his
entire 2020 fee to charity, about £1.5m.

It came as senior executives and board members at other major UK banks,
including RBS and Lloyds, agreed to give up their bonuses for this year.

The announcements were in response to calls from the Bank of England to
restrict bonuses.--BBC

Luckin Coffee: Scandal-hit chain raided by regulators in China

One of China's most powerful regulators has raided the offices of Luckin
Coffee after opening an investigation into the scandal-hit firm.

The firm's shares slumped this month after it revealed that it had uncovered
$310m (£250m) in fake transactions.

Luckin vowed to overtake Starbucks as China's biggest coffee chain when it
launched shares in the US last year.

The Nasdaq listing had been one of China's few successful American stock
market debuts of 2019.

Luckin Coffee confirmed on its official Weibo account that it was being
inspected by the State Administration for Market Regulation (SAMR).

The company also said it was "actively co-operating" with the probe, and
that its stores remained open across the country.

Luckin Coffee did not immediately respond to a request from the BBC for
further comment.

The country's top securities regulator, the China Securities Regulatory
Commission, is already carrying out its own probe into Luckin.

China's Luckin Coffee slumps on 'fake' data news

Coffee war brews in the land of tea

Earlier this month Luckin said it had suspended its chief operating officer
Jian Liu and staff reporting to him.

Luckin said an investigation had found that fabricated sales from the second
quarter of last year to the fourth quarter amounted to about 40% of its
estimated annual sales.

As of the end of September the coffee chain had 3,680 stores, according to
its third quarter 2019 earnings release. That represents an almost six-fold
increase since June 2018.

Those growth figures had helped the company's US stock market value almost
triple since its debut in New York in May.

The firm's share were suspended from trade on 7 April. The Nasdaq exchange
said the shares would remain halted until Luckin had fully satisfied its
request for additional information.

The accounting scandal at Luckin is seen as clouding the prospects for other
Chinese companies considering selling shares in the US.--BBC

Sunak unveils 100% state-backed loans for small firms

Small firms are to get access to 100% taxpayer-backed loans after they
raised concerns about slow access to existing coronavirus rescue schemes.

Chancellor Rishi Sunak told the House of Commons the scheme would start next
week, offering firms loans up to £50,000 within days of applying.

It aims to unlock a backlog of credit checks by banks amid fears many small
firms could fold before getting loans.

The scheme requires filling in a two-page self-certification form online.

The loan terms mean that no capital or interest repayments will be due for
one year. Instead, the government will pay the interest for the first 12
months.

Banks have come under fire for delays in handing out loans, but have blamed
the heavy workload, need to complete the necessary credit checks, and a
shortage of staff.

Underwriting the loans removes the risk that banks will not get their money
back, which Mr Sunak hopes will speed up the application process. The new
"microloan scheme" would provide a "simple, quick, easy" solution, he told
the Commons.

In a statement issued on behalf of the major lenders to small firms,
including Barclays and Lloyds, trade body UK Finance said the "welcome
changes should enable banks to provide finance to businesses more quickly".

The chancellor said: "Never before have we been able to do something of this
magnitude in such a short space of time."

It's not the end of the economic rescue schemes. They are needed in this
"new normal" for the economy - which looks set to last for months.

For now, the priority is public health, and controlling the pandemic.

Without public confidence in that, consumers will not go to shops, workers
will not return to offices.

Read more from from Faisal: here

In another significant change, firms applying for the new loans will now
only have to prove that they were viable in the past before the crisis, not
that they will viable after the crisis. Companies have complained they
struggled to prove their future potential with some much uncertainty over
the economic environment.

The chancellor had come under pressure to underwrite all loans, not just
those up to £50,000. But he said he was not prepared to do this as he needed
to balance the risk to the taxpayer with the needs of small businesses.

He said: "I've heard some calls for the government to underwrite all our
loan schemes with 100% guarantees. I remain unconvinced by the case for
doing that universally.

"We should not ask the ordinary taxpayers of today and tomorrow to bear the
entire risk of lending almost unlimited sums to businesses who may, in some
cases, have very little prospect of paying those loans back and not
necessarily because of the impact of the coronavirus."

Earlier this month the Governor of the Bank of England, Andrew Bailey, said
that slow bank emergency lending "had to be sorted out" and that taking on
all the risk from banks could "unblock" the schemes for small business
especially.

'Transformational'

Unlike the existing loan scheme, banks will not retain any of the risk for
these loans, which could stretch into the billions or tens of billions
depending on how long the crisis lasts.

Business leaders welcomed the move, with Dame Carolyn Fairbairn, CBI
director-general Dame Carolyn Fairbairn calling it transformational for
small firms.

"Sole traders, micro-firms and entrepreneurs will now have a simple route to
fast finance to stay afloat, without red tape or time-consuming checks," she
said. "Thousands of businesses could be saved by this lifeline. Banks now
need to continue their work in overdrive to get the loans flowing faster."

And the chairman of the Federation of Small Businesses, Mike Cherry, said it
would "give hope to thousands" of firms.

"To date, the existing interruption loan scheme has not been working for the
small firms that make-up 99% of our business community.

"The decision by the chancellor to listen to our recommendation for a 100%
guarantee on smaller loans, alongside the creation of a new fast-track
system for those applying for them, will give hope to thousands."--BBC

Facebook's $5.7bn bet on India's richest man Mukesh Ambani

Facebook has said it is investing $5.7bn (£4.6bn) in cut-price Indian mobile
internet company Reliance Jio, which is owned by the country's richest
person Mukesh Ambani.

The deal makes the social network the largest minority shareholder in the
telecoms unit of Reliance Industries, with a 9.99% stake.

It gives Facebook a major foothold in India, where its WhatsApp chat service
has 400m users and is about to launch a payments service.

"This investment underscores our commitment to India, and our excitement for
the dramatic transformation that Jio has spurred in the country," Facebook
said in a statement.

Facebook also said that it plans to focus on the collaboration between
WhatsApp and Reliance's e-commerce venture JioMart to enable people to
connect with businesses, shops and purchase products.

In February this year WhatsApp Pay was granted permission by Indian
authorities to start a phased roll-out, two years after the start of a trial
version of the service.

In a separate statement Reliance Jio said the agreement will be good for
both the company and the country as a whole: "This partnership will
accelerate India's all-round development, fulfilling the needs of Indian
people and the Indian economy."

Reliance Jio is the most valued subsidiary of Reliance Industries, the
oil-to-telecoms conglomerate. The company has been able to upend India's
telecoms market in this short span by offering very low data prices, which
has allowed it to keep competition at bay.

With a presence across a suite of services such as mobile telephony, live
TV, music streaming and payments, Facebook will be looking to drive
synergies across services and further consolidate its position in India.

This deal also comes in at a particularly opportune time for Mr Ambani, who
has been making a concerted effort to reduce the debt on his books. He's
ploughed in a reported $25 billion into Jio in recent years towards capital
expenditure. At a group level Reliance's liabilities have jumped to $65
billion in financial year 2019, from $19 billion in 2015. The Facebook deal
will be a critical element of Mr Ambani's ambitions to cut net debt to zero
by March 2021.

Mr Ambani has confirmed that his digital new commerce platform Jio Mart will
collaborate with Whatsapp in the near future to help "mom and pop" shops
transact digitally with their customers in the neighbourhood.

Since launching in 2016 Jio has attracted some 370 million subscribers to
its service. That rapid growth has seen the company borrow large amounts of
money and the deal with Facebook will help it to deliver on its plan to cut
net debt to zero by March of next year.

India is seen as a key market for the growth of both Facebook and its
WhatsApp messaging platform. The number of internet users in the world's
largest democracy will grow to around 850m in 2022, according to consultancy
firm PwC.

The move marks a further tie-up between the Indian telecoms platform and US
technology giants. Last year Microsoft announced plans to partner with Jio
to offer cloud computing to businesses.

The deals come as the Indian market has become increasingly difficult for
American companies to get into, as the government has imposed new
restrictions to overseas businesses operating there.--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/20200428/c4a82ee1/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/20200428/c4a82ee1/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/20200428/c4a82ee1/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/20200428/c4a82ee1/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/20200428/c4a82ee1/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/20200428/c4a82ee1/attachment-0009.jpg>