Major International Business Headlines Brief::: 06 July 2020

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Major International Business Headlines Brief::: 06 July 2020

 


 

 


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ü  Kenya Airways to lay off staff, reduce network and assets -CEO

ü  South Africa rand up as risk appetite revives

ü  Keep SMB's Congo coltan mine in supply chains, says mineral tracker

ü  Congo mines minister to meet with firms on confinement moratorium

ü  Sasol gives up licence to seek offshore gas in Mozambique

ü  Egypt's Suez Canal revenues in FY 19/20 fall to $5.72 bln - statement

ü  Land Bank default forces S.Africa's central bank into $200 mln bailout of
state investment arm

ü  South Africa's National Treasury says "no further action" to bailout SAA
airline

ü  Morocco's economy to contract 13.8% in Q2, 4.6% in Q3 - planning agency

ü  Lloyds boss António Horta-Osório to step down next yea

ü  Boohoo investigates supplier over poor conditions

ü  Fujitsu announces permanent work-from-home plan

ü  Virus crisis expected to 'level down' UK economy

ü  Arts venues welcome £1.57bn government support

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


Kenya Airways to lay off staff, reduce network and assets -CEO

NAIROBI (Reuters) - Kenya Airways will lay off an unspecified number of
workers, reduce its network and also get rid of some assets due to the
coronavirus crisis, its chief executive said in an internal memo reviewed by
Reuters.

 

“Our short and medium-term projections indicate that we must inevitably
reduce our operations before we begin to scale up again,” Allan Kilavuka
wrote in the memo dated the July 3, adding that the exercise will be
completed by Sept. 30.

 

 


 <mailto:info at bulls.co.zw> 

 


 

South Africa rand up as risk appetite revives

JOHANNESBURG (Reuters) - South Africa’s rand gained early on Monday, as the
dollar was dragged down by a steady rise of coronavirus infections in the
United States.

 

At 0630 GMT, the rand was up 0.66% at 16.9425 per dollar after closing at
17.0500 on Friday.

 

Trading in the Asian session saw a return of risk appetite after last week’s
narrow ranges, with demand growing for the rand and other emerging-market
currencies.

 

Rising coronavirus infections in the United States have discouraged some
investors from taking big positions in the currency market, but most remain
focused on the growing likelihood that major economies will continue to
recover.

 

“With the U.S. celebrating Independence Day, trading volumes dipped on
Friday. Concerns surrounding rising infections – and renewed outbreaks after
Fourth of July celebrations,” said analysts at NKC African Economics in a
note.

 

“The rand surged stronger during Asian trading this morning driven by
improved risk sentiment.”

 

Bonds rose, with the yield on the 2030 government issue down 2 basis points
to 9.405%.

 

 

 

Keep SMB's Congo coltan mine in supply chains, says mineral tracker

JOHANNESBURG (Reuters) - Insecurity around Société Minière de Bisunzu’s
(SMB) coltan mine in Democratic Republic of Congo could get worse if it is
cut out of supply chains following a deadly grenade attack there, the
company running the mine’s mineral tracing scheme said.

 

Up to three people were reported killed in the attack on June 23 in Kisura
village, which is on an unmined part of SMB’s vast mining concession known
as PE 4731.

 

SMB, which has some of Africa’s largest deposits of the tantalum-rich ore
coltan, has been using a digital tracing system since January 2019 to show
its minerals are not mined by children or fund warlords and corrupt
soldiers.

 

The system, called the “Better Sourcing Program” (BSP), is run by
Berlin-based RCS Global.

 

“A disengagement from purchasing PE 4731 material, or for mining activities
to stop, would be hugely detrimental to the security in the area and could
worsen tensions, as occurred in 2018 when mining activity was temporarily
suspended,” RCS Global said.

 

“DRC government and international stakeholder engagement will be beneficial
to move the underlying tensions towards resolution,” RCS Global said in a
statement due to be released to smelters and stakeholders on Monday.

 

Tantalum is used in electronic goods such as smartphones, laptops and video
game consoles. Companies that use the mineral are under pressure from
regulators and investors to show the metals have been sourced responsibly.

 

SMB and the mineworkers cooperative which works on the site have given
diverging accounts of what happened in the attack last month. Miners accused
police hired by SMB of using excessive force, which SMB and the police deny.

 

In its statement, RCS Global said SMB was in the process of implementing a
series of corrective actions it had recommended to address concerns about
SMB’s supply chain following the incident.

 

These included training mine police on the respect of voluntary principles
on security and human rights, engaging with provincial bodies, and
requesting support from national authorities.

 

BSP, which has four full-time monitoring agents on SMB’s concession, said it
was unclear who launched the grenade attack.

 

SMB said last month that two policemen were targeted in a nighttime grenade
attack, which was followed by gunfire. Three people were killed and three,
including one policeman, were hurt and taken to hospital, it said.

 

 

 

 

Congo mines minister to meet with firms on confinement moratorium

JOHANNESBURG (Reuters) - Democratic Republic of Congo mines minister Willy
Kitobo Samsoni plans to meet with mining companies to agree a moratorium on
confining workers to mine sites due to the coronavirus.

 

Civil society groups last month demanded an end to mandatory mine-site
confinement policies put in place by copper and cobalt mining companies to
avoid coronavirus outbreaks.

 

Samsoni said in a statement released on Sunday that he would engage with
mining companies and deliver a moratorium to them in order to end
confinement while taking into account their individual needs.

 

All mining firms must find “appropriate solutions in order to protect both
the economy, and the workers who have been separated from their families for
a long time,” Samsoni said.

 

Samsoni, speaking in the heart of Congo’s copper belt, also touched on the
difficulties the pandemic has caused for the mining sector, a critical part
of the economy which generated 32% of GDP and 95% of export revenue in 2018.

 

“Coronavirus has dealt a fatal blow to mining activities, with the
impossibility of repatriating capital, importations of products for the
industry coming to a halt, the dizzying drop in metals prices on global
markets in March,” he said.

 

 

 

Sasol gives up licence to seek offshore gas in Mozambique

MAPUTO (Reuters) - South African petrochemicals giant Sasol Ltd has opted to
give up its licence to explore for gas off the Mozambique coast, the company
said on Sunday.

 

“Sasol will return Block 16/19 in its entirety to the Government of
Mozambique. To this end, a withdrawal notification has already been sent to
the relevant Mozambican authorities”, the firm said in a statement.

 

Sasol was awarded the research licence in 2005. In 2013 it abandoned the
deep water part of the licence, retaining the shallow water allotment to
assess its hydrocarbon potential.

 

It is still exploring for gas onshore in the fields of Pande and Temane, in
the northern province of Inhambane.

 

Sasol, the world’s top producer of motor fuel from coal, is trying to shed
assets to pay off its debt pile and avoid a rights issue of up to $2
billion.

 

 

 

Egypt's Suez Canal revenues in FY 19/20 fall to $5.72 bln - statement

CAIRO (Reuters) - Egypt’s Suez Canal revenues fell to $5.72 billion in the
2019/20 financial year from $5.75 billion in the year prior, the canal
authority said on Saturday.

 

The canal is the fastest shipping route between Europe and Asia and one of
the Egyptian government’s main sources of foreign currency.

 

Revenues fell by 9.6% year-on-year in May alone, due to the impact of the
coronavirus on global trade movement, Osama Rabie, chairman of the canal
authority said in June.

 

 

 

Land Bank default forces S.Africa's central bank into $200 mln bailout of
state investment arm

JOHANNESBURG (Reuters) - South Africa’s central bank has issued a 3.45
billion rand ($200 million) guarantee to bail out the Corporation for Public
Deposits (CPD), a government investment arm hit by surging defaults at state
agricultural lender Land Bank.

 

The issue adds a further strain on state finances as the government props up
its main power utility and airline, which were already struggling before the
coronavirus crisis, and now faces rising defaults at the agricultural
lender.

 

CPD, which purchased various debt instruments from Land Bank, said overall
it suffered a 2.8 billion rand loss in the 2019/20 financial year,
necessitating the central bank bailout.

 

Deputy governor of the Reserve Bank (SARB) and chairwoman of the CPD, Fundi
Tshazibana, told Reuters in an interview this week the guarantee was to
cover the investment arm’s losses in the 2019/20 period and replenish
reserves, which had dwindled to zero.

 

“We had to provision for what we will not be able to recover from the Land
Bank. That was one of the reasons why we (central bank) had to provide the
guarantee,” said Tshazibana.

 

“Because of the Land Bank default, we were running at a loss and we weren’t
going to be a going concern...That would have been of real concern to
depositors,” she added.

 

In April the Land Bank, the country’s largest agricultural-focussed lender,
defaulted on 50 billion rand of loans repayments and in June it failed to
make interest payments of nearly 120 million rand.

 

On Friday the Land Bank told Reuters it had not made interest payments of
around 320 million rand on debt which was due end June.

 

The South African Treasury guarantees around 5.7 billion of the Land Bank’s
debt and last week granted the firm 3 billion rand of emergency equity
funding.

 

 

 

South Africa's National Treasury says "no further action" to bailout SAA
airline

CAPE TOWN (Reuters) - South Africa’s National Treasury said on Friday there
was “no further action” planned to bailout struggling national airline SAA
except to settle guaranteed debt as attempts to revive the airline hang on a
knife edge.

 

The South African government wants creditors to back a restructuring plan
for South African Airways (SAA) but did not allocate new bailouts for the
loss-making state airline in an emergency budget last week.

 

In its strongest statement yet that it doesn’t plan on giving SAA more
bailouts, the National Treasury told lawmakers they would not provide any
new money to the airline as they are “insolvent” and turnaround plans have
not been finalised yet.

 

 

 

Morocco's economy to contract 13.8% in Q2, 4.6% in Q3 - planning agency

Rabat (Reuters) - Morocco’s economy is expected to contract by 13.8% in the
second quarter under the impact of the coronavirus lockdown, the state
planning agency said on Sunday.

 

It said the economy was expected to shrink by a further 4.6% year-on-year in
the third quarter as restrictive measures are loosened.

 

 

The economy grew 0.1% in the first three months of this year, it said.

 

Both domestic and foreign demand are expected to improve in the third
quarter after taking a hit in the previous three months.

 

The central bank forecasts economic growth at -5.2% in 2020 against +2.5%
last year.

 

 

 

Lloyds boss António Horta-Osório to step down next year

Lloyds Banking Group chief executive António Horta-Osório will step down
next year after spending a decade at the helm.

 

Mr Horta-Osório said he had "mixed emotions" about the decision, which the
bank said would see him leave the role by the end of June 2021.

 

As part of the shake-up, Lloyds also appointed industry veteran Robin
Budenberg as new chairman.

 

Last year, Lord Blackwell said he would retire as Lloyds chairman during
2020.

 

Lloyds said in a statement that the 12-month timeframe for the appointment
of a replacement chief executive would allow a smooth transition.

 

Until then Mr Horta-Osório would remain focused on delivering the bank's
current strategic plan, and steer the bank through some of the international
effects of the coronavirus crisis, Lloyds said.

 

The Portuguese executive joined Lloyds in 2011, having been chief executive
of Spanish-owned lender Santander UK. Since then he has overseen three
strategic plans as the bank emerged from the global financial crisis and the
UK government unwound its £21bn bailout stake in the lender. Lloyds returned
fully to private hands in 2017.

 

Mr Horta-Osório was once the best paid chief executives in the FTSE 100, and
his lucrative bonus scheme came in for strong criticism at the time when
Lloyds was cutting jobs and branches.

 

He also hit the headlines soon after taking over a Lloyds when he took two
months off work to deal with severe stress. He has since been a campaigner
to improve mental health awareness.

 

Mr Horta-Osório said on Monday: "I have been honoured to play my part in the
transformation of large parts of our business. I know that when I leave the
group next year, it has the strategic, operational and management strength
to build further on its leading market position".

 

Separately, Lloyds said Mr Budenberg would join the board in October and
take over as chairman in early 2021 when Lord Blackwell steps down.

 

As well as having a long career in investment banking, Mr Budenberg worked
closely with the UK government in 2008 as an adviser on the recapitalisation
of the UK banking industry.

 

In 2009 he became chief executive, then chairman, of UK Financial
Investments, with responsibility for managing the UK government's investment
in UK banks, including Lloyds.

 

António Horta-Osório arrived at Lloyds when it was still trying to recover
from the trauma of the credit crisis, when an ill-advised deal - the
purchase of struggling rival Halifax Bank of Scotland (HBOS) - left it so
financially weakened that it had to be bailed out by the government.

 

He set the bank back on its feet, despite it having to pay up billions of
pounds in compensation to customers who had been mis-sold payment protection
insurance. Critics might say that Lloyds' strong market share in retail and
small-business banking meant recovery was an inevitability once the economy
sprang back to life, but Mr Horta-Osório made sure it happened, and was
handsomely rewarded.

 

His successor - and Lloyds' new chairman, the City veteran Robin Budenberg -
will now have to wrestle with the strategic challenge that has confronted
the leadership of the bank for the past three decades.

 

Lloyds' iron grip on the UK market is its strength, and a potential
weakness, leaving it with little room to grow in the UK and particularly
exposed to the ups and downs of the British economy. Mr Horta-Osório did
broaden Lloyds' base with the purchase of a big credit card business, but
the next question will be whether it should take the leap into an
international acquisition.

 

Previous attempts have not gone well - but the issue of over-reliance on the
UK will not go away.--BBC

 

 

 

Boohoo investigates supplier over poor conditions

Fast fashion retailer Boohoo has said it will investigate one of its
suppliers following reports that staff are earning less than the minimum
wage amid unsafe working conditions.

 

The Sunday Times reported that workers at Jaswal Fashions in Leicester could
expect to be paid £3.50 an hour.

 

It also saw little evidence of social distancing or other safety measures to
stop the spread of the coronavirus.

 

Boohoo said if the report was true, the conditions were "totally
unacceptable".

 

Leicester: A city fighting fast-fashion sweatshops

Jaswal Fashions appears to make clothes for the Nasty Gal label, which is
owned by Boohoo.

 

Boohoo said that Jaswal was not one of its declared suppliers and was no
longer trading as a garment-maker. It said it appeared that a different firm
is using Jaswal's former premises and "we are currently trying to establish
the identity of this company".

 

Boohoo said: "We are taking immediate action to thoroughly investigate how
our garments were in their hands, will ensure that our suppliers immediately
cease working with this company, and we will urgently review our
relationship with any suppliers who have sub-contracted work to the
manufacturer in question."

 

An undercover reporter for the Sunday Times, who got a job at Jaswal
Fashions, was told to expect pay of between £3.50 and £4.00 an hour.

 

The national minimum wage for people over 25 years-old is £8.72 an hour.

 

Few workers at the factory in Leicester were found to be wearing face masks
to guard against the transmission of the coronavirus. There was also no
evidence that social distancing measures had been implemented.

 

Leicester lockdown

Boohoo is already under fire after Labour Behind the Label, a workers'
rights group, claimed that some employees at factories in Leicester that
supply the fast fashion firm were "being forced to come into work while sick
with Covid-19".

 

At the time Boohoo said it would "not tolerate any incidence of
non-compliance especially in relation to the treatment of workers within our
supply chain".

 

Leicester is currently under local lockdown following a spike in Covid-19
cases.

 

At the weekend, Health Secretary Matt Hancock said he was "very worried
about the employment practices in some factories" in the city.

 

Sales at Boohoo, which trades exclusively online, has surged during the
coronavirus lockdown with particular demand for loungewear and athleisure
gear.

 

The company recently bought the online businesses of Oasis and Warehouse and
earlier this year acquired MissPap, Karen Millen and Coast.--BBC

 

 

 

Fujitsu announces permanent work-from-home plan

Technology firm Fujitsu has said it will halve its office space in Japan as
it adapts to the "new normal" of the coronavirus pandemic.

 

It says the "Work Life Shift" programme will offer unprecedented flexibility
to its 80,000 workers in the country.

 

Staff will be able to work flexible hours, and working from home will be
standard wherever possible.

 

The announcement follows a similar move in May by social media platform
Twitter.

 

In a statement sent to the BBC, Fujitsu said it "will introduce a new way of
working that promises a more empowering, productive, and creative experience
for employees that will boost innovation and deliver new value to its
customers and society".

 

Under the plan employees will "begin to primarily work on a remote-basis to
achieve a working style that allows them to flexibly use their time
according to the contents of their work, business roles, and lifestyle".

 

The company also said that the programme will allow staff to choose where
they work, whether that is from home, a major corporate hub or a satellite
office.

 

Fujitsu believes that that the increased autonomy offered to its workers
will help to improve the performance of teams and increase productivity.

 

Sree Sreenivasan, a Marshall Loeb Visiting Professor of Digital Innovation
at the Stony Brook University School of Journalism, said the announcement
underlines the huge long-term impact of the pandemic on the way many of us
work.

 

"This is yet another sign that everything we know about offices and the
future of work is being upended. Thousands of employers and millions of
employees are learning the pros and cons of the new normal."

 

"If they can combine the best of the pros (less commuting, more
productivity, less expenses, etc), while minimising the cons (lack of
in-person bonding, never being off the clock, etc), millions will be
grateful, while frustrating thousands who preferred the old way of life," he
added.

 

Twitter allows staff to work from home 'forever'

Facebook and Google extend working from home

In May, Twitter told staff that they can work from home "forever" if they
wish as the company looks towards the future after the coronavirus pandemic.

 

The social media platform said: "The past few months have proven we can make
that work. So if our employees are in a role and situation that enables them
to work from home and they want to continue to do so forever, we will make
that happen."

 

Earlier that month Google and Facebook said their staff can work from home
until the end of the year.

 

Google originally said it would keep its work from home policy until 1 June,
but extended it for seven more months.

 

Its announcement coincided with a similar move by social media giant
Facebook.--BBC

 

 

 

 

Virus crisis expected to 'level down' UK economy

The coronavirus crisis could "level down" the UK economy with London and the
South East expected to bounce back more quickly than Hull and Bradford.

 

Industries such as finance and construction will be worst hit by the
pandemic, a report from the Social Market Foundation (SMF) has warned.

 

Initially, that means London and the South East will be worst affected.

 

However, other areas face a more painful recovery from the impact of the
virus, the centrist think tank said.

 

The BBC has approached the government for comment.

 

The worst-affected areas in the short-term:

 

·         Camden and City of London

·         Kingston, Chelsea, Hammersmith and Fulham

·         Lambeth

·         East Lancashire

·         Hounslow and Richmond upon Thames

·         Ealing

·         Tower Hamlets

·         Westminster

·         Swindon

·         West Essex

"After the financial crisis, London recovered quickly because of a
concentration of jobs in banking and insurance," the report said.

 

"Whilst these jobs will face the biggest initial blow from coronavirus,
evidence suggests the capital is more economically resilient and the labour
market will recover quicker than the rest of the country."

 

The struggle to contain Covid-19's economic hit

Traineeships to triple as unemployment fears mount

But that is not the case in areas where unemployment rates were above the
UK's average of 3.8% last year, according to the SMF.

 

It said those areas, which include Manchester and Peterborough, face the
slowest recovery.

 

The areas that will find it hardest to bounce back:

 

·         Hull

·         Bradford

·         Walsall

·         Manchester

·         Peterborough

·         Lambeth

·         Thurrock

·         Brent

·         Redbridge and Waltham Forest

·         Sandwell

"Policy makers need to recognise that national or even regional data can
conceal the local realities of this recession and should not rely on it when
making important decisions for the recovery from coronavirus," said Amy
Norman from the SMF.

 

"The economic severity of coronavirus will be felt across many places, but
we must remember that this recession does not occur in isolation," she said.

 

"Many people and places outside of the capital will be particularly
vulnerable due to the lasting hardships of the past decade."

 

The report also found that young people were more vulnerable to the economic
impacts of the virus crisis.

 

It said people between the ages of 20 and 24 were least likely to work in
sectors like education, health or public administration, which have seen
fewer people furloughed or made redundant.

 

"Young people's jobs are most at risk, but a quarter of older workers also
face job instability," Ms Norman said.

 

"Politicians have announced the guaranteed youth opportunity but are light
on support for those in older categories who will find themselves out of
work."--BBC

 

 

 

 

Arts venues welcome £1.57bn government support

The government has unveiled a £1.57bn support package to help protect the
futures of UK theatres, galleries, museums and other cultural venues.

 

Culture Secretary Oliver Dowden told BBC Breakfast new grants and loans aim
to preserve "crown jewels" in the UK's art sector as well as local venues.

 

It follows several weeks of pressure, with industry leaders warning that
many venues were on the brink of collapse.

 

Independent cinemas, heritage sites and music venues will also be eligible.

 

Guidance for a phased return of the performing arts, starting with
performances behind closed doors and rehearsals, is expected to be published
by the government shortly.

 

Mr Dowden said the package is all "new money" and has two broad aims - to
preserve "crown jewel" venues like the Royal Albert Hall and national
galleries, while also helping local institutions across the UK.

 

He said institutions applying for the new grants and loans through industry
bodies would have to prove how they contribute to wider economic growth.

 

NI to receive £33m from UK arts support package

£59m arts support for Wales 'will protect jobs'

A string of theatres have announced plans to make staff redundant in recent
weeks, after being closed since the coronavirus pandemic took hold earlier
this year.

 

Adrian Vinken, the chief executive of the Theatre Royal in Plymouth told BBC
Radio 4's Today programme it was "impossible to say" if the announcement
would be enough to prevent up to 100 job losses there until more detail is
released.

 

The announcement of the new funding comes just two days after theatres
across the UK were covered in colourful messages of support.

 

The rescue package has been warmly welcomed by many arts leaders, some of
whom said they thought it to be at the upper end of what had been hoped for.
The Culture Secretary, Oliver Dowden, who has been under pressure from the
arts and heritage sector to deliver a meaningful funding solution to a
crisis brought about by Covid-19, feels vindicated that his
behind-closed-doors approach to negotiations with the Treasury has paid off.

 

As always, the devil will be in the detail. The government has not specified
how the money will be divided between competing art forms or regions, nor
how the application process will work. There will be winners and losers.

 

And then there's the elephant in the auditorium: when will the rules around
social distancing in performing arts venues be relaxed to allow the show to
go on?

 

Many theatre producers are baffled by what they see as 'one rule for them,
and one rule for us', approach by government, particularly when it comes to
travel. Why is it OK for people to sit side-by-side on a train or plane for
hours but not in a theatre, which they argue is a much more controllable
environment? As far as they are concerned, that is the billion dollar
question.

 

How will the money be spent?

The £1.15bn support pot for cultural organisations in England is made up of
£880m in grants and £270m of repayable loans. The government said the loans
would be "issued on generous terms".

 

Funding will also go to the devolved administrations - £33m to Northern
Ireland, £97m to Scotland and £59m to Wales.

 

Closed theatres wrapped in messages of support

Theatres are 'clinging on' but face precarious future

A further £100m will be earmarked for national cultural institutions in
England and the English Heritage Trust.

 

There will also be £120m to restart construction on cultural infrastructure
and for heritage construction projects in England that were paused due to
the pandemic.

 

The government said decisions on who will get the funding would be made
"alongside expert independent figures from the sector".

 

What else has the government said?

Prime Minister Boris Johnson said the money "will help safeguard the sector
for future generations, ensuring arts groups and venues across the UK can
stay afloat".

 

The government described the package as "the biggest ever one-off investment
in UK culture".

 

Mr Dowden said arts and culture were "the soul of our nation". He said:
"They make our country great and are the lynchpin of our world-beating and
fast growing creative industries."

 

Asked if pantomimes will be performed at theatres later this year, Mr Dowden
told the Today programme the performances present unique challenges.

 

"First of all you've got from granny to grandchild - you've got kids
screaming [he's behind you] - and all the things we love doing," he said.
"It's highly interactive."

 

"If we can do it we will - but it looks challenging."

 

He also pointed out the latest funding adds to government schemes including
the furlough scheme to safeguard the jobs of workers and VAT deferral and
business rate relief to help those running venues.

 

Julian Knight, Conservative chairman of the House of Commons culture select
committee, said more action would be needed.

 

"This money is welcome and should take some out of the danger zone, if only
temporarily," he said. "But to secure their long-term future there needs to
be a targeted sector deal, possibly involving more generous tax breaks."

 

Labour's shadow culture secretary Jo Stevens said while she welcomed the
"much-needed" package, it was "too little, too late" for many and urged the
government to act quickly to help struggling organisations.

 

What has the industry reaction been?

 

Arts Council England, the Royal Opera House, the Music Venue Trust, the
Society of London Theatre and UK Theatre were among those to welcome the
funding.

 

Arts Council chairman Sir Nicholas Serota told BBC News the funding was "a
very good result".

 

He said: "Now it's up to the arts organisations and the Arts Council to make
best use of this money and bring the arts back into communities across the
county. This announcement gives us the tools to help build a recovery."

 

Music Venue Trust chief executive Mark Davyd said it "warmly welcomes this
unprecedented intervention into Britain's world class live music scene".

 

He added: "This fund provides the opportunity to stabilise and protect our
vibrant and vital network of venues and gives us the time we need to create
a plan to safely reopen live music."

 

Julian Bird, chief executive of the Society of London Theatre and UK
Theatre, said it "hugely welcomed" the funding.

 

The chief executives of the National Theatre, Rufus Norris and Lisa Burger,
said they "feel very positive that this major investment will reach and
sustain the vital talent and infrastructure".

 

Simon Rattle, director of the London Symphony Orchestra, called for the
money to be "distributed as fast as possible".

 

Philippa Childs, head of the Bectu union which supports workers across the
media and entertainment industry, said the support package was overdue.

 

She added: "At long last the government have woken up to our warnings and
those of the whole creative sector, that without support, we stood to lose a
huge amount of our world-beating creative industries.

 

"We will now be scrutinising the details of this package to make sure it
lives up to the real needs of our sector."

 

Julia Fawcett, chief executive of the Lowry in Salford, said: "The
announcement of £1.57bn of emergency investment in the UK's culture sector
is welcome news, but we are fast running out of time.

 

"This lifeline will come too late for some organisations who have already
been forced to close their doors for good or made valued employees
redundant."--BBC

 

 

 

 

 

 

 


 

 


 

INVESTORS DIARY 2020

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


Ariston

AGM

Boardroom, 306 Hillside Road, Msasa Woodlands

07 Jul 2020 : 1100

 


Dawn Properties

AGM

Ophir Room, Monomotapa Hotel, 54 Park Lane

09 Jul 2020 : 0900

 


Mash

AGM

Virtual, Boardroom, 19th Floor, ZB Life Towers, 77 Jason Moyo Avenue

09 Jul 2020 : 1200

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


Bindura Nickel Corporation

 

 

 


Padenga Holdings

 

 

 


Delta Corporation

 

 

 


Meikles Limited

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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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
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whatsoever for any loss howsoever arising from any use of this report or its
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any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

 


 

 


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