Major International Business Headlines Brief::: 29 January 2020

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Major International Business Headlines Brief::: 29 January 2020

 


 

 


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ü  South Africa's Tiger Brands CEO to retire, CFO takes helm

ü  South African Airways gets 3.5 bln rand emergency funding from
state-owned bank

ü  Egypt signs two Mediterranean exploration deals with Exxon Mobil-
ministry

ü  Kenyan central bank cuts key lending rate to 8.25%

ü  IMF: Ethiopia GDP to grow at 6.2% at 2020 fiscal year

ü  Kenyan GDP expected to grow 6.2% in 2020, central bank says

ü  Barrick to sell gold worth up to $280 mln as export ban lifted

ü  Cell C default sets shares sliding in South Africa's Blue Label

ü  Telecom Egypt shares rise on reports of Vodafone Egypt stake sale

ü  Coronavirus: Starbucks closes 2,000 Chinese branches

ü  Hong Kong stock market takes a tumble on reopen

ü  Apple 'closely monitoring' coronavirus

ü  Will the Bank of England cut interest rates?

ü  Hounslow trader avoids jail in 'flash crash' case

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

South Africa's Tiger Brands CEO to retire, CFO takes helm

JOHANNESBURG (Reuters) - Tiger Brands Chief Executive Officer Lawrence Mac
Dougall will retire on Jan. 31, having reached the company’s mandatory
retirement age of 63, South Africa’s leading food producer said on
Wednesday.

 

Mac Dougall has headed Tiger Brands since 2016 and will exit the company on
March 31 to ensure a smooth handover, the maker of Jungle Oats and Tastic
rice said in a statement.

 

Chief Financial Officer Noel Doyle will take over the role from Feb. 1.

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

South African Airways gets 3.5 bln rand emergency funding from state-owned
bank

JOHANNESBURG (Reuters) - Cash-strapped state carrier South African Airways
(SAA) will receive 3.5 billion rand ($244 million) of emergency funding from
the government-owned Development Bank of Southern Africa, the airline’s
business rescue practitioners said on Tuesday.

 

SAA is fighting for its survival after it entered a form of bankruptcy
protection in December and cancelled some flights because of cash shortages.

 

“We can confirm that the Development Bank of Southern Africa has committed
3.5 billion rand in funding to the SAA Practitioners, with an immediate
draw-down of 2 billion rand,” the team overseeing SAA’s bankruptcy-protected
restructuring said.

 

“Funding for the restructuring phase after the business plan is adopted is
being considered by potential funders,” the practitioners said.

 

SAA has not made a profit since 2011, surviving instead on more than 20
billion rand in bailouts over the last three years. That has put the
country’s credit rating and investor confidence under increasing pressure.

 

The new year saw SAA anxiously awaiting 2 billion rand of emergency cash
promised to it by government when the airline entered bankruptcy protection.

 

But Finance Minister Tito Mboweni stalled, insisting the bailout be done in
a way that avoids increasing the country’s budget deficit.

 

The wrangling has hurt President Cyril Ramaphosa’s mission to revive
flagging economic growth and restore foreign investment.

 

The DBSA said it would release a statement outlining details of the funding.
SAA did not respond to phone calls and text messages from Reuters requesting
comment.

 

($1 = 14.3325 rand)

 

 

 

Egypt signs two Mediterranean exploration deals with Exxon Mobil- ministry

CAIRO (Reuters) - Egypt has signed two deals with Exxon Mobil for oil and
gas exploration in the Mediterranean, the petroleum ministry said on
Tuesday.

 

The exploration deals include a minimum investment of $332 million, the
ministry said in a statement.

 

 

 

Kenyan central bank cuts key lending rate to 8.25%

NAIROBI (Reuters) - Kenya’s central bank monetary policy committee cut its
benchmark lending rate to 8.25% on Monday from 8.50%, saying the economy was
operating below potential and there was room for a more accommodative
monetary policy.

 

The bank cut the benchmark rate in November by 50 basis points, the first
cut after holding it for seven straight meetings.

 

“The Committee ... noted that there was room for further accommodative
monetary policy to support economic activity. The MPC therefore decided to
lower the CBR to 8.25 percent,” the bank said in a statement.

 

In a Reuters poll of eight economic analysts last week, all expected the
rate to be held steady.

 

Governor Patrick Njoroge told Reuters in November that the scrapping of an
interest rate cap, in place since 2016, had removed one of the concerns the
central bank had about cutting the lending rate.

 

 

 

IMF: Ethiopia GDP to grow at 6.2% at 2020 fiscal year

NAIROBI (Reuters) - The International Monetary Fund forecast that Ethiopia’s
economy will grow at 6.2% in the 2020 fiscal year, it said in a statement on
Tuesday, well below the government forecast of 10.8% but in line with World
Bank estimates.

 

“Performance of goods exports remained weak and foreign exchange shortages
persist,” the bank staid in a press release. Reserves are expected to
improve to around $4 billion by July, when the 2020 fiscal year ends,
sufficient to cover two months of prospective imports, the bank said.

 

 

 

Kenyan GDP expected to grow 6.2% in 2020, central bank says

NAIROBI (Reuters) - Kenya’s economy is forecast to grow 6.2% this year, up
from 5.7% last year, central bank governor Patrick Njoroge said on Tuesday,
as regional trade shields Kenya from the effects of a global downturn.

 

The bank expects recovering agriculture, medium and small businesses and
robust private-sector credit growth to support that growth.

 

“We will end up with 6.2%. Frankly, this is a very benign baseline,” Njoroge
told a news conference.

 

Kenya is East Africa’s richest economy and is enjoying an extended rainy
season after several years of drought. The government also lifted caps on
bank lending rates last year, which had inhibited loans to private business.

 

Njoroge said Kenya’s trade with other African countries had a stabilising
effect. Exports to the regional East African Community accounted for 23% of
total exports and the rest of the continent made up about 37% in 2019, he
said.

 

“If there are problems in the rest of the world, at least around us there is
some stability. It offers a sense of security,” Njoroge said.

 

On Monday, the central bank cut the benchmark lending rate for the second
meeting in a row, to 8.25% from 8.50%. It said the economy was operating
below potential and it saw room for a more accommodative monetary policy.

 

The finance ministry said earlier this month economic growth probably slowed
to 5.6% last year, from 6.3% a year earlier, compared with government’s
initial estimate of about 6%.

 

The ministry forecasts growth of 6.1% this year, rising to 7% per annum in
the medium term.

 

But concern has been growing over increasing public debt. Hundreds of
mismanaged infrastructure projects have stalled and it will cost around $10
billion to revive them, the International Monetary Fund said this month.

 

Kenya scrapped a cap on commercial lending rates in November. The cap,
imposed in 2016, was blamed for strangling private-sector credit growth,
especially to small businesses, and reducing the effectiveness of monetary
policy.

 

Njoroge said the central bank and commercial banks were working to make sure
that customers got lending rates that reflected their risk profiles.

 

Previously, information from credit reference bureaus and other sources did
little to reduce interest rates.

 

“It will not be one size fits all. It cannot be. Because we all have
different risk profiles,” Njoroge said. “You have to do serious banking, not
lazy banking. We were doing lazy banking before, that is what it was.”

 

 

 

Barrick to sell gold worth up to $280 mln as export ban lifted

LONDON (Reuters) - Barrick Gold will start to ship gold worth up to $280
million from Tanzania, chief executive Mark Bristow said on Monday, after
the government lifted an export ban following the resolution of a three-year
tax dispute.

 

The world’s second-largest gold miner signed a deal on Friday with
Tanzania’s government, ending a row that dated back to when Acacia Mining
ran the Tanzanian operations.

 

Barrick fully acquired Acacia last year.

 

“The shipments will start immediately and, as we speak, we are mobilising
the concentrates,” Mark Bristow told Reuters in a telephone interview.

 

“It’s (worth) around $260-$280 million depending on the price of metal
prices at the time of sale.”

 

Spot gold, which rose 18% last year, is hovering at about $1,600 per ounce.

 

Bristow said $100 million from the proceeds of the sale of concentrates will
go towards paying down a $300 million settlement agreed with the government.

 

As part of the deal, Tanzania will own 16% of Twiga Minerals, a new joint
venture set up to manage the Bulyanhulu, North Mara and Buzwagi mines.

 

In the long-standing dispute, Acacia was accused of tax evasion, leading the
government to impose a ban on exporting mineral concentrates and to change
mining laws in 2017.

 

Barrick’s Tanzanian operations account for about 6% of its gold output.

 

Bristow said shutting Acacia Mining’s office in London and reducing staff
numbers in Johannesburg and Dar es Salaam, had already reduced costs, but he
saw further potential for efficiency. He declined to give further details.

 

Barrick also plans in the fourth quarter of this year to re-start the
Bulyanhulu mine in Tanzania, which ceased operations because of the export
ban.

 

Asked about a possible sale of Barrick’s Zambian mine, Bristow said
Barrick’s Lumwana mine was “entertaining interested parties”. The miner
reversed an impairment on the value of the copper mine in the previous
quarter.

 

Bristow declined to give any update on three people who worked for Acacia
Mining and have been in jail in Tanzania since 2018.

 

 

 

Cell C default sets shares sliding in South Africa's Blue Label

JOHANNESBURG (Reuters) - South Africa’s Blue Label Telecoms said on Tuesday
that Cell C, the country’s third biggest mobile carrier in which it is the
majority shareholder, had defaulted on a series of debt payments, triggering
a fall of more than 12% in its shares.

 

Blue Label said in a statement that Cell C had defaulted on an interest
payment for a $184 million note due in December as well as interest and
capital repayments on bilateral loans from banks that were due in January.

 

Cell C was working to improve its liquidity and debt profile as well as its
long-term competitiveness and the mobile operator was “committed to
resolving the situation by agreeing to restructuring terms with its
lenders”, Blue Label added.

 

Blue Label has been trying to dig Cell C out from under hefty debts since it
purchased its stake in the carrier for 5.5 billion rand ($384 million) in
October 2016.

 

It has had to justify the purchase to shareholders as Cell C’s prospects
have failed to improve.

 

Cell C’s debts were just shy of 9 billion rand in the year to end-May 2019,
its most recent financial statements show.

 

The carrier said in a statement the suspension of payments were part of its
initiative to restructure its balance sheet, and that an expanded roaming
agreement signed with Africa’s biggest mobile operator MTN would help.

 

“We will continue to engage with all stakeholders throughout this process
and we believe we have made good progress,” Cell C CEO Douglas Craigie
Stevenson said in a statement.

 

($1 = 14.3325 rand)

 

 

 

Telecom Egypt shares rise on reports of Vodafone Egypt stake sale

CAIRO (Reuters) - Telecom Egypt shares rose more than 4% in early trading on
Tuesday following reports Vodafone Group could sell its stake in its
Egyptian unit, Vodafone Egypt.

 

Telecom Egypt said on Sunday it had no intention of selling its 45% stake in
Vodafone Egypt. Vodafone Group holds the remaining 55% stake in the company.

 

 

 

Coronavirus: Starbucks closes 2,000 Chinese branches

Starbucks has closed half of its outlets in China to protect its staff and
support government efforts to contain the coronavirus.

 

The coffee shop chain warned that the rapidly expanding infection is likely
to affect its financial performance.

 

Starbucks has almost 4,300 outlets in China, making it the company's largest
market outside the US.

 

The number of deaths from the virus has risen to more than 130 and almost
6,000 confirmed infections.

 

Starbucks chief executive Kevin Johnson said the firm was "navigating a very
dynamic situation".

 

The firm told Wall Street analysts that it had been planning to upgrade its
annual profit forecasts after a better-than-expected first quarter
performance but decided against changing its projections due to the virus.

 

Apple 'closely monitoring' coronavirus

Facebook tells staff to avoid China

Companies tell Chinese workers 'stay at home'

Starbucks opened its first Chinese store in Beijing in January 1999. Chinese
sales account for about 10% of Starbucks' global revenue, making the country
its most important global growth engine.

 

The move highlights the major challenges facing global corporations from the
spread of the deadly virus.

 

Apple boss Tim Cook has said his company is "closely monitoring" the
coronavirus outbreak, which has clouded its forecast for the upcoming
quarter.

 

The technology giant has limited travel and reduced store hours in China,
while its suppliers' factories remain closed longer than expected.

 

Foreigners evacuated from China virus epicentre

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Earlier this week Facebook became the first big US firm to tell staff to
avoid travelling to China.

 

The social media giant said it was acting "out of an abundance of caution"
to protect its employees.

 

Other global companies have introduced travel restrictions and car makers
are taking staff out of the country.

 

Hundreds of foreign nationals have been evacuated from the central Chinese
city of Wuhan, the epicentre of the outbreak.

 

Flights have left the city with Japanese and US citizens while the European
Commission said it would help repatriate European nationals after a request
from France.

 

At the same time companies in China have advised staff to work from home in
an attempt to slow the spread of the deadly virus.

 

Businesses are also offering workers longer holidays, as well as telling
employees returning from the most affected areas to stay away from
work.--BBC

 

 

 

Hong Kong stock market takes a tumble on reopen

Hong Kong's Hang Seng stock market index fell 3% when it re-opened on
Wednesday as investors feared the economic impact of the coronavirus.

 

Almost all of the 50 Hong Kong-listed Chinese companies that make up the
Hang Seng Index were in the red.

 

Travel and casino operators were hit the hardest as traders assess the
economic impact of the deadly virus.

 

Coronavirus has already claimed more than 130 lives with more than 9,000
suspected cases.

 

Starbucks closes 2,000 China outlets due to virus

Coronavirus: Companies tell workers 'stay at home'

China's main stock markets, the Shanghai and Shenzhen stock exchanges, will
only reopen on 3 February after Chinese authorities extended the Lunar New
Year break by three days.

 

Other stock markets around Asia saw more upbeat trading having already taken
a hit from negative investor sentiment earlier in the week.

 

One of the biggest fallers on the Hang Seng Index was Sands China which fell
by up to 6%. The firm is a subsidiary of Las Vegas Sands and has a casino in
Macau, a popular destination for mainland Chinese tourists.

 

Since Friday, the numbers of visitors to Macau has dropped 69% according to
official figures, leaving it as a near-ghost town during what is typically
the busiest time of year.

 

By midday the Hang Seng had recovered some of the lost ground.

 

 

Closures

The economic fallout from the coronavirus is not just reserved to stock
markets. Businesses are also being affected as companies remain closed until
at least 9 February following orders from Beijing.

 

Airlines, hotel operators and casinos were the first to be affected as
Chinese travellers stayed at home over the normally-busy festive period.

 

The impact is now being felt across the Chinese economy from manufacturing
through to retailers. Foreign firms are also worried about the effects on
their Chinese operations.

 

Starbucks has announced that it is temporarily closing around 2,000 stores
in China to protect staff and help contain the virus. McDonald's is also
closing restaurants in five Chinese cities and introducing new health
protocols.--BBC

 

 

 

Apple 'closely monitoring' coronavirus

Apple chief Tim Cook said the firm is "closely monitoring" the coronavirus
outbreak, which has clouded its forecast for the upcoming quarter.

 

The company has limited travel and reduced store hours in China, while its
suppliers' factories remain closed longer than expected.

 

"The situation is emerging and we're still gathering lots of data," Mr Cook
said.

 

Mr Cook made the remarks after Apple reported a record-setting quarter.

 

Apple said sales in the last three months of 2019 rose 8% year-on-year to
$91.8bn (£70.5bn), while net profits increased 11% to reach $22.2bn.

 

The gains were driven by demand for iPhones and accessories such as watches
and AirPods and marked a change from recent performance, which had
disappointed with weak iPhone sales.

 

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In the most recent quarter, iPhone sales climbed almost 8%, while sales of
wearables such as watches and AirPods jumped 44%, with demand so strong it
created shortages.

 

Overall, Apple said it made about $79bn from products and $12.7bn from
services, which includes Apple Pay, new streaming service Apple TV+, game
service Apple Arcade and the App store.

 

The almost 17% growth in services disappointed some analysts, who also noted
the firm had offered little insight into the response to Apple TV+.

 

Still, the overall results beat Wall Street expectations, sending shares up
almost 3% in after-hours trade.

 

"While [streaming] is an intriguing area to keep an eye on, it would be a
mistake to lose focus on the main business, and Apple is still very much a
hardware business," said Sophie Lund-Yates, equity analyst at Hargreaves
Lansdown.

 

Growth was strongest in Europe, where sales were up 14%. They increased 11%
in the Americas and Japan, and 3% in the firm's greater China region, which
includes Taiwan and Hong Kong.

 

Apple's iPhones made inroads in the Chinese market at the end of 2019, amid
a broader 7% decline in the number of smartphones sold last year, according
to research firm Canalys.

 

"There is still a strong pull factor for Apple's products, at the right
price, given the hardware and service ecosystem strength," said Nicole Peng,
Canalys' vice president for mobility.

 

The firm said it expected sales of between $63bn and $67bn in the first
three months of 2020. The range was wider than usual due to the coronavirus
outbreak, Mr Cook said.

 

While Apple has "some" suppliers in Wuhan, Mr Cook said the firm has
alternate sources in those cases. The impact on suppliers outside of Wuhan
is "less clear", with re-opening from the Chinese New Year currently delayed
until 10 February, he said.--BBC

 

 

 

Will the Bank of England cut interest rates?

The Bank of England is set to announce whether or not it will change or hold
interest rates on Thursday.

 

The Bank's "base rate" is used by High Street banks and other lenders who
set borrowing costs.

 

Some investors think the first cut to the rate since 2016 could be on the
cards, although others say it is too close to call.

 

The rate, which is currently 0.75%, affects everything from mortgages to
business loans and has a big impact on people's and companies' finances.

 

So why could a cut be coming up? And how could that affect consumers' bank
balances?

 

Why a cut could take place

Inflation, the rate at which prices for goods and services increase, is one
key factor the Bank of England considers when setting the base rate.

 

Inflation dropped to 1.3% in December, down from 1.5% in November, partly
due to a fall in the price of women's clothing and hotel rooms.

 

If the Bank thinks inflation is likely to stay below its target of 2%, it
may cut interest rates to lower the cost of borrowing and therefore
encourage spending.

 

Other recent sets of data might suggest that the UK economy could do with a
boost from its central bank.

 

Retail sales fell in December as Christmas shoppers bought less food and
goods in the run-up to the festive period.

 

In the three months to December, the quantity bought in retail sales fell by
1% when compared with the previous three months.

 

Overall, the UK economy grew by just 0.1% in the three months to November.

 

Initial estimates suggest that the economy shrank by 0.3% that month. That
was largely down to a decline in both services and production.

 

Economists at Bank of America expect the Bank of England's Monetary Policy
Committee (MPC) to cut the base rate to 0.5% on Thursday.

 

"We had thought that the MPC might wait until a few months after the general
election, or the chancellor's first Budget, to make a decision on interest
rates," said Robert Wood, chief UK economist at Bank of America.

 

"But it seems as though they might want to offer a helping hand to the
economy a bit sooner than expected."

 

Too close to call?

Earlier in January, markets put the likelihood of a rate cut as high as 70%
- although this is now back down at about 50%. And even Mr Wood believes
Thursday's decision is "finely balanced".

 

As other figures have noted, there are brighter spots in the UK economy.

 

For example, the UK employment rate stands at a record high of 76.3%,
according to the latest release from the Office for National Statistics.

 

Some surveys have also shown a more positive outlook for business after
voters went to the polls in December.

 

UK manufacturing and services saw their best month for more than a year in
January, according to the composite purchasing managers' index (PMI).

 

IHS Markit, which compiled the survey, said demand was growing after the
election.

 

James Smith, an economist at ING, said the Bank's decision would be a "close
call" and questioned whether businesses would remain optimistic.

 

"The key conundrum for policymakers is whether or not this [optimism] will
last."

 

He added that the MPC committee, headed up by the outgoing governor Mark
Carney, could wait to see "how better survey data translates into real
economic activity, before deciding whether to act at future meetings".

 

"We aren't expecting a rate cut this week," he said.

 

What would a cut mean for consumers?

Whether the base rate is held or falls, High Street banks often pass on the
costs to their customers, by raising or cutting the rates offered on loans
or savings accounts.

 

So a cut to the base rate could make it less rewarding to save.

 

After the Bank of England last cut interest rates in 2016, the average
savings rate for an "easy access" bank account fell by 0.14% in the three
months after, according to financial information service Moneyfacts.

 

Savings accounts rates have been cut by some banks more recently.

 

Santander announced a cut to the interest paid on balances up to £20,000 in
its 123 current account from 1.5% to 1%.

 

However, a rate cut could be good news for borrowers, as the rate of
interest they repay is likely to be lower.

 

Those on a variable-rate mortgage, or a "tracker" mortgage, could see
changes in their bills.

 

But if you're on a fixed-rate mortgage and the Bank of England's base rate
is cut, you won't benefit from reduced repayments.--BBC

 

 

 

Hounslow trader avoids jail in 'flash crash' case

The self-taught UK trader who made millions in bogus trades and contributed
to a brief 2010 crash in the US stock market has been sentenced to a year of
home confinement.

 

Navinder Sarao, who pleaded guilty in 2016 to fraud and market "spoofing",
faced up to eight years in prison.

 

But US prosecutors had recommended against jail time.

 

They said the judge should consider his "extraordinary cooperation" with the
government and diagnosis with autism.

 

In federal court in Chicago, Judge Virginia Kendall sentenced Mr Sarao to
one year of supervised release with strict conditions, which limit his
activities outside the home, according to a Bloomberg reporter who was in
the courtroom.

 

"I hope that this is a lesson to you," she reportedly said.

 

When the judge proposed a year of home incarceration initially, she was told
that sentence might not be enforceable outside of the US.

 

Mr Sarao already spent four months in the UK's Wandsworth Prison after his
2015 arrest. He has also forfeited about $7.6m (£5.8m) in illegal gains.

 

 

Media caption'We're incredibly grateful', says Navinder Singh Sarao's lawyer

"We're incredibly grateful," Mr Sarao's attorney Roger Burlingame told the
BBC. "He's...looking forward to getting back to living his life."

 

Mr Burlingame added that Mr Sarao was "overjoyed" to put the matter behind
him, after "living under threat of a very long sentence" for almost five
years.

 

'Spoofing the market'

US authorities say Mr Sarao made more than $70m between 2009 and 2014
trading from his childhood bedroom, including $12.8m tied to his illegal
behaviour.

 

Using specially programmed, high-speed software, Mr Sarao placed thousands
of orders that he did not intend to fulfil, creating the illusion of market
demand. When he cancelled or changed his bids, he was able to profit.

 

Navinder Sarao will be extremely relieved not be spending another day behind
bars. His attorney, Roger Burlingame, told me that the four months Mr Sarao
spent at Wandsworth prison were probably the toughest thing he'd ever faced.

 

Mr Sarao has a diagnosis of severe Asperger's - one of many interesting
aspects to this case.

 

Mr Burlingame said that Mr Sarao almost believed he was playing a highly
sophisticated and complicated video game and he affectively found the best
"cheat" to win the game. He had alerted authorities about what he believed -
that many traders were cheating on the futures markets - six months before
he was arrested. He claims the authorities weren't interested in his
findings.

 

The other aspect which many people find hard to believe is that Mr Sarao has
no money left from his trading profits. He lost a large amount to fraudsters
himself but Mr Burlingame said his motivation was never money but the thrill
of winning at his favourite video game.

 

The activity - known as "spoofing" - contributed to market instability that
led to the May 2010 "flash crash", when the Dow Jones index fell almost
1,000 points in a matter of minutes.

 

Navinder Sarao: The man accused of causing the US market to crash

Could one man cause a stockmarket crash?

The US made spoofing a crime in 2010 as part of a broader effort to tighten
regulations following the 2008 financial crisis. Mr Sarao was the second
person to be charged under the new rules.

 

Mr Burlingame said Judge Kendall had considered Mr Sarao's crimes in the
"proper context", which had included complaining to market officials about
spoofing by other traders.

 

Mr Sarao saw his trades as a way to "fight fire with fire", Mr Burlingame
added.

 

The case against Mr Sarao, filed in federal court in Chicago, drew intense
interest in the UK, where he was dubbed the "Hound of Hounslow" in reference
to the "Wolf of Wall Street" and location of his parents' home in West
London.

 

He faced hundreds of years in prison on the initial charges, which were
reduced in the 2016 plea deal.

 

In court documents, Mr Sarao's attorneys described him as a mathematical
savant and "singularly sunny, childlike, guileless, trusting person", who
lived off public benefits and spent much of his time in his childhood
bedroom, surrounded by computer games and stuffed animals.

 

He spent little of his profits, much of which he lost in investment scams.

 

In their sentencing recommendation, prosecutors noted Mr Sarao's medical
diagnosis, expressions of his remorse and assistance with other lawsuits.

 

They said jail time would not serve as a deterrent, arguing that he had been
motivated not by greed, but by a desire to excel in an activity he perceived
as a "sophisticated video game".--BBC

 

 

 

 

 

 

 


 

 


 

INVESTORS DIARY 2020

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


Bindura Nickel Corporation

 

 

 


Padenga Holdings

 

 

 


Delta Corporation

 

 

 


Meikles Limited

 

 

 


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

Skype:         Bulls.Bears 



 

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