Major International Business Headlines Brief::: 23 July 2020

Thu Jul 23 05:01:39 CAT 2020

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Major International Business Headlines Brief::: 23 July 2020

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

ü  South Africa's retail sales plunge in April and May after hard lockdown

ü  Kenya's shilling hits new record low of 108.20 per dollar

ü  Italy prosecutors seek jail sentences for Eni, Shell executives in Nigeria case

ü  Radisson adds six hotels in Africa in bet on future growth

ü  South African rand softens after rally as investors await data signals

ü  Algeria expects energy revenue to fall $10 bln this year

ü  South Africa has not committed to fund SAA rescue plan, finmin says

ü  IMF approves $7.6 mln debt relief to Burundi to cushion Covid-19 effects

ü  Pensana seeks cash from banks, UK funds for Angola project

ü  Tesla growth continues despite economic upheaval

ü  OneWeb: Minister overrode warning about £400m investment

ü  Apple digs in over its App Store fees

 <mailto:info at bulls.co.zw> 

South Africa's retail sales plunge in April and May after hard lockdown

JOHANNESBURG (Reuters) - South Africa’s retail sales plunged by a record 50.4% in April and 12% in May, data showed on Wednesday in the latest evidence of the impact of the early, stricter phase of the country’s coronavirus lockdown.

At the end of March, President Cyril Ramaphosa took early action, shutting restaurants, banning alcohol and tobacco sales, while ordering people to stay at home and sending the army on to the streets to enforce it.

The government later eased many curbs as concerns mounted over its struggling economy, but it reinstated the alcohol ban. The remaining restrictions on tourism have also prevented retail from rebounding as much as manufacturing and mining.

Statistics South Africa said the April annual figures were the lowest since 2002 when the agency began compiling the data.

On a monthly basis sales were up 74.2% after a 50.7% contraction in April. Quarterly sales dropped 19.5%.

Retail and trade accounts for around 15% of gross domestic product, the third largest sector, after finance and government services, but increasingly indebted consumers kept indoors by lockdown are unlikely to increase spending soon.

The central bank has slashed lending rates by 275 basis points since January to stimulate spending and is set to cut rates again on Thursday, but economists argue that will not be enough to revive the consumer sector.

Kenya's shilling hits new record low of 108.20 per dollar

NAIROBI (Reuters) - The Kenyan shilling dropped to a new record low against the dollar on Wednesday, dragged down by demand for hard currencies from importers who are getting back into business after the state started to ease coronavirus lockdown measures.

Traders said the shilling was trading at 108.20 per dollar in the afternoon, lower than its morning level of 107.75/95, and well below its previous all time low hit in 2011.

“The shilling is literally crashing,” said a market participant who did not wish to be named.

 <http://www.zb.co.zw/> Italy prosecutors seek jail sentences for Eni, Shell executives in Nigeria case

MILAN (Reuters) - Italian prosecutors have asked for oil majors Eni and Shell to be fined and some of their present and former executives, including Eni CEO Claudio Descalzi, to be jailed in a long-running trial over alleged corruption in Nigeria.

In a Milan court, prosecutors asked on Tuesday for eight years in prison for Descalzi and seven years and four months for Shell’s former head of upstream Malcolm Brinded.

The prosecutors also asked for Eni and Shell to be fined 900,000 euros ($1.04 million) each and sought to confiscate a total of $1.092 billion from all the defendants in the case, the equivalent of the bribes alleged to have been paid.

In one of the oil industry’s biggest suspected scandals, Italian prosecutors allege Eni and Shell acquired a Nigerian oilfield in 2011 knowing most of the $1.3 billion purchase price would go to politicians and middlemen in bribes.

The companies and individuals accused have all denied wrongdoing in the case.

($1 = 0.8684 euros)

Radisson adds six hotels in Africa in bet on future growth

JOHANNESBURG (Reuters) - Radisson Hotel Group has added six hotels to its African portfolio, the company said on Tuesday, as it pushes ahead with its expansion strategy on the continent despite the COVID-19 pandemic.

Global hotel chains, including Marriot International and Hyatt Hotels have increased investments in Africa, which has some of the world’s only growing economies even after the impact of the pandemic, and a rising middle class.

The addition of the new properties in Mali, Nigeria, Ghana, Ethiopia and two in South Africa means Radisson manages nearly 100 hotels in 32 African markets.

“We aim to further accelerate our presence across the continent through conversions, especially as liquidity remains a critical challenge,” said Ramsay Rankoussi, Radisson’s vice president for development in Africa and Turkey.

“We have revisited our brand architecture to enable us to quickly integrate existing hotels to our network.”

He did not give any figure for the amount invested.

The first of the new hotels will open in Bamako, Mali within the next six months with the last - a 258-room facility in Nigeria’s capital Abuja - is expected to launch in 2024.

Grounded airlines and tight travel restrictions meant to curtail the spread of the novel coronavirus that causes COVID-19 have hit the hospitality sector hard.

In Africa, the safari and wildlife tourism sector - a major draw for international travellers - has seen widespread job losses.

South African rand softens after rally as investors await data signals

JOHANNESBURG (Reuters) - The South African rand weakened early on Wednesday as investors took profits after a rally that took the currency to a one-and-a-half month peak.

The rand was 0.5% weaker at 16.4950 per dollar at 0730 GMT, having reached 16.3600 overnight for its best since June 10 in a broad rally spurred by a landmark European Union economic rescue package.

The EU will pump at least 750 billion euros ($865 billion) into a package aimed at helping the hardest-hit economies. Part of that stimulus is expected to spill into emerging market investments.

But with COVID-19 infections continuing to climb locally and abroad, and keenly watched United States initial jobs claims data due on Thursday after South Africa’s central bank decides on lending rates, investors opted to pocket gains from the recent rally.

The South African Reserve Bank (SARB) concludes its three-day policy meeting on Thursday, with lending rates expected to be cut by 25 basis points.

But with inflation dipping below the bank’s target range of 3-6% for the first time in two decades and fellow emerging market banks continuing to ease policy there is growing probability of a deeper cut, analysts say, keeping big bets at bay.

Bonds prices were also softer in early trade. The yield on benchmark 2030 government paper was up 2.5 basis points at 9.33%.

($1 = 0.8671 euros)

Algeria expects energy revenue to fall $10 bln this year

ALGIERS (Reuters) - Algeria expects its oil and gas revenue to fall to $23 billion this year from $33 billion in 2019, energy minister Abdelmadjid Attar told state radio on Tuesday.

OPEC member Algeria’s revenues from oil and gas sales were at $60 billion in 2014, before a sharp drop in prices.

“We are in a difficult economic situation,” Attar, who took over as Algeria’s new energy minister earlier this year, told state radio.

Algeria passed a new energy law in November 2019 to make its oil sector more attractive, but has not published the texts to implement it. Attar said international investors have been awaiting these to decide whether to come to Algeria.

The texts will be published before September, he said. Fifty small oil and gas discoveries have been made that need to be developed, he added.

“Foreign firms are welcome to work with (Algerian state energy company) Sonatrach on these fields,” Attar said.

South Africa has not committed to fund SAA rescue plan, finmin says

JOHANNESBURG (Reuters) - The South African government has not committed to fund a restructuring plan for struggling South African Airways (SAA), Finance Minister Tito Mboweni said in court papers seen by Reuters on Tuesday.

Administrators took over SAA in December after almost a decade of financial losses, and last week creditors approved the restructuring plan, which requires at least 10 billion rand ($600 million) of new funds, on the understanding the government would find the necessary cash.

Mboweni said in an affidavit filed in the High Court that funding options the government might explore included approaching institutions for investment of pension funds, private equity or other partners who might want a shareholding in a restructured SAA.

The minister was responding to a court case launched by opposition party the Democratic Alliance, which wants to block Mboweni from using emergency powers to channel more public funds to rescue the airline.

Mboweni and Public Enterprises Minister Pravin Gordhan sent a letter last week to SAA’s administrators committing to “mobilising funding” for the plan.

Mboweni said in his affidavit that no definitive decisions had been taken on how funds would be sourced for SAA. He said he had not used his powers to authorise using funds from the National Revenue Fund, nor was such a move imminent.

The finance ministry has not responded to a Reuters request for comment.

SAA’s administrators need certain conditions to be met by Wednesday for their restructuring plan to work.

One of them is that the government finds money for the plan, which envisages scaling back the airline’s fleet and shedding jobs before gradually ramping up operations as COVID-19 disruption eases.

In a document sent to trade unions over the weekend giving the rationale for the planned job cuts, the administrators said SAA had made a net loss of 5.5 billion rand in the year to end-March, with further losses incurred since.

The administrators plan to have terminated all SAA’s aircraft leases by the end of July, leaving it with nine Airbus A340 planes which are on sale, Louise Brugman, spokeswoman for the administrators told Reuters.

($1 = 16.5541 rand)

IMF approves $7.6 mln debt relief to Burundi to cushion Covid-19 effects

NAIROBI (Reuters) - The International Monetary Fund said on Monday it had approved $7.6 million debt relief to Burundi to help address the economic impact of the COVID-19 pandemic.

It said the relief for three months would be potentially raised to $24.97 million over the next 21 months, if resources are available.

“IMF debt relief will help free up resources for public sector health needs including other emergency spending and help mitigate the balance of payments shock posed by the COVID-19 pandemic,” the IMF said in a statement.

The IMF said it has revised downwards economic growth projections for 2020 by 5.3 percentage points to -3.2 percent this year.

“The pandemic has exacerbated preexisting economic challenges and creates significant external financing needs in 2020 and 2021, mainly as a result of lower exports, elevated imports needs, and reduced remittances inflows,” it said.

Burundi has so far had 328 cases of COVID-19 and one death.

Pensana seeks cash from banks, UK funds for Angola project

LONDON (Reuters) - Pensana Rare Earths is in early stage talks with lenders including Barclays, South Africa’s Rand Merchant Bank (RMB) and funds including Fidelity to secure more funding for its Angola project, its chairman said on Monday.

Chairman Paul Atherley said the miner planned to raise between $30-$50 million of working capital from the banks while funds would be tapped for about $25 million in equity for the construction of the mine.

State-owned China Great Wall Industry Corporation (CGWIC) will provide the rest of the up to $170 million required to build the rare earths project in Angola, Pensana said.

RMB, Barclays and Fidelity were not immediately available for comment.

Rare earths, a group of 17 minerals used in everything from consumer electronics to military equipment and offshore wind projects, are predominantly mined and processed in China.

Western powers have put the metals on lists of strategic minerals and are trying to develop their own supplies, but analysts say China’s dominance will be very hard to shake.

Talks will pick up pace after Pensana completes its Bankable Feasibility Study expected in October, Chief Financial Officer Rob Kaplan said.

Construction of the project will begin in January, and the working capital will need to be secured towards the end of 2021.

Angola’s government is in the midst of a number of sweeping reforms aimed at diversifying the economy away from oil, gas and diamonds.

The country’s sovereign wealth fund, which is Pensana’s largest shareholder, was at the centre of a scandal involving the former president’s son, Jose Filomeno de Sousa dos Santos, who allegedly transferred $500 million from the bank to a Credit Suisse account in London.

“We are totally transparent and we believe that this new government is a very open book. We will avoid what appears to have occurred before by being open and clear with everybody about what we are doing,” Atherley said.

Fiat offices raided over diesel emissions fraud claims

Authorities in Germany, Italy and Switzerland have raided the offices of car giant Fiat-Chrysler and truck maker CNH Industrial over claims some engines produced illegal levels of emissions.

The action concerns alleged use of so-called "defeat devices" to mask vehicles' diesel pollution output.

Engines used by Fiat, Alfa Romeo and Jeep, as well as CNH's Iveco trucks are the focus of the probe.

UK authorities have also asked two firms in London to provide documents.

Fiat-Chrysler Automobile (FCA) and CNH Industrial (CNH) are both controlled by Exor, the holding company of Italy's Agnelli family.

A statement from Eurojust, a European Union agency for criminal cooperation across member states, said the probe is looking into a "number of people" who may have been involved in allegedly allowing use of the devices. It did not name them.

The raids, initiated by German prosecutors investigating emissions fraud, involve claims that defeat devices were used in engine management software in 200,000 vehicles.

Use of software to flatter emissions levels hit the headlines over the Volkswagen "diselegate" affair. Defeat devices allow engines to meet pollution levels under laboratory tests, but shut down the emissions control system in real-world driving conditions.

UK documents

Eurojust did not name the companies raided. However, FCA and CNH issued similar statements, acknowledging that investigators had turned up at several offices in Europe, and that they are cooperating fully with authorities.

Eurojust also said that "UK authorities have ordered two companies in London to produce relevant documents". Again, these companies were not named.

The statement said: "Defeat devices are illegal according to the European Union regulations in place. Vehicles with defeat devices are not approved for road usage in the EU and consumers with such devices installed in their cars face possible driving bans."

Wednesday's raids were at three offices in Germany, in Baden-Württemberg and Hesse, three locations in the Piedmont region of Italy, and one location in the Swiss canton of Thurgau.

The VW dieselgate scandal broke in 2015, since when Europe's biggest carmaker has paid out €30bn (£27bn) in fines and been investigated by regulators across the world. In the UK, motorists are involved in legal action for compensation.

But VW is far from the only manufacture caught in claims about defeat devices. Nissan, Ford, and Daimler are among many firms whose true emissions levels have been challenged.--BBC

Tesla growth continues despite economic upheaval

Electric car maker Tesla has shrugged off the economic upheaval caused by the pandemic to report its fourth quarterly profit in a row.

The California company earned $104m (£82m) in the three months to 30 June, with the growth setting it on course for inclusion in the S&P 500.

That means Tesla's shares, already surging, will see even more demand from investors who track the index.

The stock crested higher in after-hours tradingon publication of the results.

Tesla said its bottom line was helped by salary cuts as well as the opening of its new factory in China, where costs are lower.

Boss Elon Musk said the firm is focused on growth, with other plants in the works, including one in Germany and a new one he announced would be located near Austin, Texas.

"I've never been more excited and optimistic about the future of Tesla in the history of the company," Mr Musk said.

Ahead of expectations

In the US, the pandemic forced boss Elon Musk to keep the company's main factory in California closed until mid-May.

While the shutdown weighed on the firm's output, it still beat analyst expectations.

Tesla said it produced 82,272 cars and delivered 90,650 to customers, down about 5% from the same quarter in 2019. The decline hit revenue, which also fell about 5% to $6bn.

But the overall resilience marks a contrast with rival car-makers, such as General Motors, many of which have reported sales declines of more than 30%.

Tesla said it still hoped to deliver on promises to make 500,000 vehicles this year.

"We have the capacity installed to exceed 500,000 vehicle deliveries this year, despite recent production interruptions," the company said. "While achieving this goal has become more difficult, delivering half a million vehicles in 2020 remains our target."

Image copyrightGETTY IMAGES

Tesla’s share price has nearly quadrupled since the start of the year, from $430 to more than $1,550.

The eye-popping increase has added to the long-running debate over Tesla, which many critics maintain is overvalued.

This month, the firm overtook Toyota as the world's most valuable carmaker, with a market worth of almost $300bn - although the Japanese company sold about 30 times more cars last year.

Tesla had posted years of losses since its start. Achieving a fourth quarter in a row of profit makes it eligible for inclusion in the S&P 500, though its addition would have to be approved by the committee that governs the index.

Nicholas Hyett, equity analyst at Hargreaves Lansdown, said this could lead to a further rise in the share price, but he warned: "While questions about the group's long term future may be a thing of the increasingly distant past its valuation remains a sore point for many."

On 1 May, Mr Musk himself tweeted Tesla’s share price was too high. The rise puts him in line for another major payday and has helped propel him into the ranks of the world's 10 richest people, according to billionaire rankings by Bloomberg and Forbes.--BBC

OneWeb: Minister overrode warning about £400m investment

MPs have launched an inquiry into the government's $500m (£400m) investment in bankrupt satellite firm OneWeb, amid disclosure that a top civil servant warned that taxpayers could lose out.

The government took a stake in the satellite broadband company as part of a post-Brexit space strategy.

It emerged on Wednesday that an acting permanent secretary raised concerns, warning that the deal was "unusual".

Parliament's business committee chief Darren Jones called the deal a gamble.

Mr Jones, chairman of the Business, Energy and Industrial Strategy Committee, said in a statement that news of the permanent secretary's worries "heightens concerns around this investment" and "prompts further questions about how the government… came to plump for this largely US-based bankrupt satellite company".

He went on to say that "using nearly half a billion pounds of taxpayer money to gamble on a 'commercial opportunity' whilst still failing to support manufacturing jobs with a sector deal is both troubling and concerning."

OneWeb is creating a satellite network to support broadband and GPS services. But the firm collapsed in March, blaming the Covid crisis for not being able to raise more financial support.

Earlier this month, a joint offer from the UK government and India's Bharti Global mobile operator won a bidding war for the firm.

But it was disclosed on Wednesday that Sam Beckett, the top civil servant in the Department for Business, Energy and Industrial Strategy (BEIS), said all the money put forward could be lost.

"While in one scenario we could get a 20% return, the central case is marginal and there are significant downside risks, including that venture capital investments of this sort can fail, with the consequence that all the value of the equity can be lost," she wrote.

The comments were part of a letter for "ministerial direction", an avenue for civil servants to register a stronger than usual opinion. Ministers are obliged to formally overrule the official's objections to instruct the spending to go ahead. The contents of the letter must also be made public.

Overrode concerns

Ms Beckett said that an assessment by the UK Space Agency had identified "substantial technical and operational hurdles" that OneWeb would need to overcome in order to become a "viable and profitable business" and there was a high likelihood that further taxpayer funding would be necessary.

However, Business Secretary Alok Sharma overrode Ms Beckett's concerns and the government went ahead with the bid.

Mr Sharma said Chancellor Rishi Sunak had agreed to the purchase, and other private sector investors were involved in the bid for OneWeb.

The government hopes that London-based OneWeb, can take the place of the EU's Galileo programme, which the UK left when Brexit took effect in January this year.

Ms Beckett said: "I completely understand your, the Prime Minister's and the Chancellor's interest in wider benefits such as the potential long-term geopolitical advantages for foreign policy and soft power that would come with sovereign ownership of a fleet of satellites.

"Moreover, I do not underestimate the potential opportunity that this investment represents for UK interests globally.

"It would be the first mega-constellation operator, if it succeeds, and would have the potential to connect millions of people, in particular those in remote, rural locations without broadband access."

However she wrote that she could not be sure that the investment met Whitehall's strict value-for-money requirements and so requested the formal order from Mr Sharma to proceed.

OneWeb, which has its headquarters in London and a manufacturing base in Florida, is aiming to complete the construction of a constellation of low Earth orbit satellites.

The UK government sees satellites as a way to meet commitments on the roll-out of super-fast broadband and believes OneWeb's constellation could also deliver a precise satellite navigation system.

Seventy-four satellites in an initial network of 648 had been launched when the company announced it was seeking bankruptcy protection. Most experts believe a further $3bn at least is needed to bring the full constellation into use.--BBC

Apple digs in over its App Store fees

Apple has defended the fees it charges developers to sell their digital products via its App Store.

The iPhone-maker says a study it commissioned shows content makers give away a similar cut to dozens of other online markets, and an even bigger share if their goods are sold offline.

Apple is facing complaints about the matter on both sides of the Atlantic.

The EU launched a competition probe in June, and chief executive Tim Cook will give testimony to Congress on Monday.

He will appear before the House Judiciary Antitrust Subcommittee alongside counterparts from Amazon, Facebook and Google. The tech giants all face claims that they have abused their market-leading positions.

It has emerged that ahead of the hearing, Microsoft's president briefed the panel that his firm had concerns about the way Apple operated the App Store.

According to a report in the Information, Brad Smith has drawn attention to issues including::

apps cannot easily be installed onto iOS devices by other means

moderators' decisions about whether to approve or reject apps sometimes seem arbitrary

developers must share a cut of in-app fees, and cannot promote alternative ways to pay within their products

Public row

The is the second time in two months that Apple has published a report from the Analysis Group about its digital store.

In June, the Boston-based consultancy suggested that the App Store had "facilitated half a trillion dollars" of trade in 2019.

But that report was quickly overshadowed by the European Commission's announcement that it was investigating complaints from the music streaming service Spotify and e-book store Kobo. They alleged that Apple's rules gave its own digital products an unfair advantage.

To compound matters, Apple also got involved in a public spat with the makers of email app Hey, who were refusing to give it a share of their subscription fees.

Apple subsequently announced changes to its apps review process as a concession. But the latest report indicates it is not willing to compromise over the charges it imposes.

The Analysis Group compared Apple's App Store to 37 other digital and e-commerce marketplaces.

It found the firm's standard demand of a 30% cut of sales was in line with what Microsoft, Google, Amazon and Samsung took.

But there were some exceptions. The group said:

·         Epic Games video games marketplace takes a 12% share

·         Freelance work platforms including TaskRabbit and Upwork take between 5% and 20%

·         Amazon Prime Video takes a 50% share of purchase and rental sales

·         Kobo's audio book platform takes a 55% to 68% cut

·         Chinese app stores often charge 50% or more

The study also suggested that developers and publishers got a smaller share from offline "bricks-and-mortar" channels, where stores and other intermediaries typically take:

·         a 55% share of video games sales

·         a 50% share of newspaper sales

·         a 60% share of magazine sales

The leaders of Facebook, Google, Apple and Amazon will all give testimony to a US anti-trust hearing next week

The report also highlighted that other e-commerce marketplaces also had rules to prohibit sellers from directing buyers to pay offsite in order to avoid fees. Examples given are:

·         eBay

·         Etsy

·         Walmart

·         Amazon

·         Airbnb

However, when pressed on this last point, one of the report's authors conceded that while shoppers were aware they could always go elsewhere to buy physical goods, they did not always realise they could buy subscriptions and other digital products outside an app.

Developers often offer cheaper deals on their own sites as they do not have to split the charge with Apple, but the tech firm forbids them from alerting users to the possibility via a link or other "call to action" within their own apps.

The Analysis Group said it believed most users would be aware it was possible to subscribe to Netflix and the bigger brands via a smart TV or website, but acknowledged this was not the case for smaller publishers.

Apple is under fire - from developers big and small, from politicians and from regulators - over the way it runs its App Store.

The firm has indicated this report doesn't necessarily represent the testimony Mr Cook will offer when quizzed by the US Congress next week.

But if he does rebut claims of unfair practices with "we're no worse and sometimes better than Amazon, Google, Uber and Microsoft", he may not win over the politicians.

That argument certainly won't impress developers like Basecamp's David Heinemeier Hansson, who fell out badly with Apple over his email app Hey.

Although that dispute was settled, Mr Hansson still wants radical change.

"The power of Apple and the rest of the big tech monopolies is insufferable," he told me, making it clear he was working with regulators and politicians to change things.

"That's where permanent relief is going to come from."

Apple can expect a long battle, but we've begun to see the shape of its defence.--BBC

INVESTORS DIARY 2020

Company

Event

Venue

Date & Time

Proplastics

AGM

Virtual

23 July 2020 | 10am

NMB

AGM

Virtual

28 July 2020 | 10am

FMP

AGM

Ground Floor, First Mutual Park, 100 Borrowdale Road, Borrowdale

29 July 2020 | 9:30am

FML

AGM

Ground Floor, First Mutual Park, 100 Borrowdale Road, Borrowdale

29 July 2020 | 11:30am

ZBFH

AGM

Board Room, 21 Natal Road, Avondale

30 July 2020 | 10:30am

OK Zimbabwe

AGM

Virtual

30 July 2020 | 3pm

ZHL

AGM

virtual

31 July 2020 |

Delta

AGM

Virtual, Head Office, Northridge Close, Borrowdale

31 July 2020 | 12:30pm

Zimbabwe

National Heroes Day

Zimbabwe

10  August 2020

Zimbabwe

Defence Forces’ Day

Zimbabwe

11  August 2020

CBZ

AGM

Virtual

14  August 2020 | 6pm

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.

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