Major International Business Headlines Brief::: 03 June 2020

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Major International Business Headlines Brief::: 03 June 2020

 


 

 


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ü  Nigerian Senate approves president's request for $5.5 bln in external
borrowing

ü  S.African watchdog expands rand-rigging case, adds new banks

ü  Angola seeking G20 debt relief, debt talks with oil importers "advanced"

ü  Hospital operator Mediclinic sees full-year loss widen

ü  Ivory Coast rains bring relief to cocoa farmers

ü  Mali cotton output at 700,000 T in 2019/20

ü  South African Airways rescue plan features more bailouts

ü  South Africa's Absa PMI rises in May as economic activity edges up

ü  Lagos court rulings complicate Nigeria's plan for oilfield licensing
round

ü  Zoom sees sales boom amid pandemic

ü  US challenges 'unfair' tech taxes in the UK and EU

ü  EasyJet hopes to reopen 75% of route network by August

ü  Senator tells MPs Huawei puts US troops at risk

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


Nigerian Senate approves president's request for $5.5 bln in external
borrowing

ABUJA (Reuters) - Nigeria’s upper chamber of parliament on Tuesday approved
President Muhammadu Buhari’s request for $5.51 billion in external borrowing
from international lenders.

 

The borrowing is part of a revised budget for 2020. The revisions allow for
the effects of the coronavirus pandemic and a sharp drop in oil prices,
which has dented Nigeria’s spending plans because oil sales make up 90% of
its foreign exchange earnings.

 

The money from the International Monetary Fund, African Development Bank,
World Bank and Islamic Development Bank is to fund the deficit.

 

Buhari submitted a revised budget of 10.51 trillion naira ($29.19 billion)
to parliament last week for approval. Lawmakers can make changes to the
budget, before it is sent back to the president to pass into law should he
agree to any revisions.

 

Borrowing requests must be approved separately by lawmakers.

 

 

 


 <mailto:info at bulls.co.zw> 

 


S.African watchdog expands rand-rigging case, adds new banks

JOHANNESBURG (Reuters) - South Africa’s competition watchdog has expanded
its long-running rate-rigging case to target other lenders, including some
of the country’s biggest banks, it said on Tuesday.

 

The Competition Commission has, following a probe that began in 2015, been
seeking fines against 23 local and foreign banks that it alleges colluded to
coordinate activities when giving quotes to customers buying or selling the
rand and the dollar.

 

The country’s antitrust tribunal concluded last year that it had no powers
to charge foreign banks but declined to throw the case out altogether,
asking the commission to submit a new charge sheet.

 

The commission said in a statement on Tuesday it had done this, and in the
process added five new banks to the case, taking the total to 28. These
included Nedbank and units of two of South Africa’s big four lenders,
FirstRand and Standard Bank.

 

Nedbank and Standard Bank said they were reviewing the commission’s referral
papers. Nedbank CEO Mike Brown added that it would respond in due course and
remains committed to free and fair markets.

 

Rand Merchant Bank, the FirstRand unit named in the case, said a team
comprising internal and external parties had investigated the matter in
detail in 2015 and found no wrongdoing or unethical conduct on the part of
the bank.

 

 

 

Angola seeking G20 debt relief, debt talks with oil importers "advanced"

LONDON (Reuters) - Angola has asked for G20 debt relief and is in advanced
stages of talks with some countries importing its oil on adjusting financing
facilities, but expects no further debt overhaul to be needed beyond this,
the finance ministry said on Tuesday.

 

The third largest economy in sub-Saharan Africa relies heavily on oil
revenues and is saddled with debts that exceed its economic output. It is
struggling from the economic fallout of the coronavirus pandemic and an oil
price shock that saw crude futures plunge below $20 per barrel in April.

 

Negotiations with oil importers on reprofiling are at “advanced stages” and
talks are expected to conclude in the very near future, the ministry said in
a statement. It gave no further details.

 

Reprofiling generally entails an extension of maturities, though often
without attempting to reduce the principal.

 

Angola, which draws a third of state revenues from oil, had been in a
fragile position even before the pandemic, with its debt-to-GDP ratio
topping 100%. Servicing the debt eats up $9 billion a year.

 

Angola received a $3.7 billion loan from the International Monetary Fund
last year. It also owes billions to China.

 

A recent recovery in oil prices had provided some relief, said analysts.
[O/R]

 

The finance ministry said it saw no need for “further re-profiling
negotiations with creditors beyond those already in progress”.

 

Angola’s eurobonds last traded around the 65 cents in the dollar mark across
the curve, little changed on the day.

 

Bonds had tumbled from above 100 cents in the dollar in early March to as
low as 30 cents in early April.

 

 

 

 

Hospital operator Mediclinic sees full-year loss widen

JOHANNESBURG (Reuters) - Mediclinic International Plc, owner of a chain of
private hospitals in southern Africa, the Middle East and Switzerland,
reported a net loss for the full year that ended on March 31, the company
said on Tuesday.

 

The company reported a net loss of 315 million pounds ($394 million) for
fiscal year 2019/2020 as compared with 151 million pound loss in 2018/19.

 

The British company, said its earnings before interest, tax, depreciation
and amortisation (EBITDA) - its earnings from core business - came in at 480
million pounds, down 3% from the last fiscal year.

 

Mediclinic, which operates 77 hospitals in its three regions, suspended all
non-essential capital expenditure and the dividend for the year to preserve
cash during the pandemic, it had said in a statement in April.

 

($1 = 0.7997 pounds)

 

 

 

Ivory Coast rains bring relief to cocoa farmers

ABIDJAN (Reuters) - Above-average rains last week in most of Ivory Coast’s
cocoa-growing regions could boost the last stage of the April-to-September
cocoa mid-crop, farmers said on Monday.

 

Ivory Coast, the world’s top cocoa producer, is currently in its rainy
season, which runs from mid-March to late October, when there are meant to
be regular downpours.

 

After a period of irregular and below-average showers, farmers were happy
with the volume of rain last week.

 

Data collected by Reuters showed rainfall in Soubre was at 70 millimetres
(mm) last week, 19.6 mm above the five-year average.

 

In the southern regions of Divo and Agboville and the eastern region of
Abengourou, known for the good quality of its beans, rainfall was above
average.

 

Farmers said if heavy rains continued until late July, it would encourage
the next main crop to start earlier.

 

In the centre-western region of Daloa, which produces a quarter of Ivory
Coast’s national output, farmers said plenty of young pods were appearing on
trees.

 

“In three months we’ll have lots of cocoa,” said Albert N’Zue, who farms
near Daloa.

 

Data collected by Reuters showed rainfall in Daloa was 48.5 mm last week,
22.4 mm above the five-year average.

 

In the central regions of Bongouanou and Yamoussoukro, where downpours were
above average, farmers made similar comments.

 

Temperatures over the past week ranged from 26.3 to 29.2 degrees Celsius.

 

 

 

Mali cotton output at 700,000 T in 2019/20

BAMAKO (Reuters) - Mali produced 700,000 tonnes of cotton in the 2019/2020
season, around 6.6% more than the previous year, state-owned Malian Company
for Textile Development (CMDT) said on Monday.

 

Mali is one of four cotton producers in sub-Saharan Africa, alongside Chad,
Benin and Burkina Faso. CMDT’s target for next season is 820,000 tonnes,
Chief Executive Baba Berthe said.

 

Mali’s cotton season runs from April to March in two phases: production
between May/June and September/October, and a harvesting and marketing phase
that runs from October/November to the end of March.

 

 

 

South African Airways rescue plan features more bailouts

JOHANNESBURG (Reuters) - A draft rescue plan for South African Airways (SAA)
contains about 4.6 billion rand ($263.4 million) of new bailouts as part of
a restructuring aimed at saving the airline from collapse, a copy of the
plan showed on Monday.

 

State-owned SAA entered business rescue - a local form of bankruptcy
protection - in December after almost a decade of financial losses, with its
fortunes deteriorating when the COVID-19 pandemic forced it to halt all
commercial passenger flights in March.

 

The government said in April that it would not provide further funding, but
the draft rescue plan drawn up by the administrators and made public by the
Democratic Alliance opposition party on Monday said the government had
agreed to fund the restructuring. [nL8N2BH8IB] [nL5N2C2644]

 

The administrators confirmed the document seen by Reuters is genuine, adding
that its publication has been postponed to June 8 and that it is “for
discussion purposes only” while they await comment from affected parties.

 

The Department of Public Enterprises said the government had received the
draft plan but had yet to discuss it.

 

MINISTRY PRESSURE

The administrators last week said they were revising the plan after the
government submitted a restructuring proposal for them to consider.

 

The state enterprises ministry has been pressuring the administrators to
salvage SAA in some form after an earlier version of their plan proposed
that the airline be wound down.

 

The latest draft, dated May 31, said that a working capital injection of at
least 2 billion rand is needed for the restructuring, plus a further 2
billion rand to fund employee layoffs and an allocation of at least 600
million rand to repay some creditors.

 

That is on top of 16.4 billion rand the government set aside in February to
repay SAA’s guaranteed debt and to cover debt-servicing costs.

 

The draft plan proposed that the airline’s workforce be halved to about
2,500 while also reducing its fleet by half to about 20 aircraft in the next
few years.

 

The administrators said that prior to COVID-19, they had been speaking to
three parties potentially interested in becoming a strategic equity partner
or forming an alliance agreement with SAA.

 

($1 = 17.4612 rand)

 

 

 

South Africa's Absa PMI rises in May as economic activity edges up

JOHANNESBURG (Reuters) - South Africa’s seasonally-adjusted Absa Purchasing
Managers’ Index (PMI) expanded in May with factories gradually restarting
activity as the coronavirus lockdown eased, helping to lift production and
sales.

 

The index, which gauges manufacturing activity in Africa’s most
industrialised economy, rose to 50.2 points in May from 46.1 points in
April.

 

On Monday, South Africa further eased the lockdown that has been in place
since late March, allowing more people out for work, worship or shopping,
and allowing mines and factories to run at full capacity.

 

Africa’s most industrialised economy was already in recession when the
pandemic struck. The economy is expected to shrink 7% this year by the
central bank, but economists expect an even deeper recession as well as deep
job losses.

 

The PMI report showed the business activity sub-index rose to 43.2 points in
May from an all-time low of 5.1 index points in April. The new sales
subcomponent also rose but remained below the 50-point mark dividing
contraction from expansion, while the employment index was largely flat at
26.8.

 

 

 

Lagos court rulings complicate Nigeria's plan for oilfield licensing round

LAGOS (Reuters) - Judges in Lagos have blocked Nigeria’s efforts to revoke
two oilfield licences, court documents seen by Reuters showed, a move that
could compromise a full licensing round for marginal fields which the
government is aiming to launch as early as this month.

 

Marginal fields are smaller oil blocks that are typically developed by
indigenous companies. Nigeria had revoked the licences so these fields could
go into the new licensing round - the first marginal field round since 2002
- which the country hopes will boost oil output and bring in much-needed
revenues from fees associated with the licences.

 

The Ororo field, OML 95, and the Dawes Island Marginal Oil Field, formerly
called OML 54, were among 11 licences revoked by the Department of Petroleum
Resources in April.

 

All 11 were set to be included in a total of 56 fields in the marginal field
licensing round.

 

Two different judges in Lagos granted decisions on May 27 that halt the
inclusion of the two fields in any licensing round, the court documents seen
by Reuters showed.

 

Potential legal challenges relating to the other licences revoked in April
mean that all of the 11 licences could potentially be left out of the round,
two sources familiar with the matter said.

 

The DPR said it could not comment on a matter that was ongoing before the
court. The Ministry of Petroleum Resources did not immediately comment on
the rulings.

 

Owena Oil and Gas Ltd, said in its lawsuit that the DPR revoked its OML 95
licence “without recourse to the plaintiff,” court documents seen by Reuters
showed. Eurafric Energy Ltd. challenged the revocation of Dawes Island and
said it had spent money developing the asset, the court documents showed.

 

Owena Oil and Eurafric Energy were not immediately reachable for comment.

 

Nigeria said last month it would delay major licensing rounds due to
coronavirus disruptions, more than halving its projected revenue from
signature bonuses to 350 billion naira ($972.22 million) from 939 billion
naira originally expected. But it planned to accelerate the licensing rounds
for marginal fields.

 

Nigeria has not held a major licensing round since 2005.

 

 

 

 

Zoom sees sales boom amid pandemic

When it comes to its growth rate, video conference company Zoom has lived up
to its name.

 

Use of the firm's software jumped 30-fold in April, as the coronavirus
pandemic forced millions to work, learn and socialise remotely.

 

At its peak, the firm counted more than 300 million daily participants in
virtual meetings, while paying customers have more than tripled.

 

The dramatic uptake has the potential to change the firm's path.

 

Zoom said it expects sales as high as $1.8bn (£1.4bn) this year - roughly
double what it forecast in March.

 

"It's a huge opportunity," chief executive Eric Yuan told investors on
Tuesday.

 

How did Zoom start?

Mr Yuan didn't intend to create Zoom for the masses.

 

A Chinese-born software engineer, Mr Yuan started the company in 2011, after
years rising through the ranks at WebEx, one of the first US video
conference companies, which was purchased by Cisco in 2007 for $3.2bn.

 

At the time, he faced doubts from many investors, who did not see the need
for another option in a market already dominated by big players such as
Microsoft and Cisco.

 

But Mr Yuan - who has credited his interest in video conferencing to the
long distances he had to travel to meet up with his now-wife in their youth
- was frustrated at Cisco and believed there was demand in the business
world for software that would work on mobile phones and be easier to use.

 

Zoom under increased scrutiny as popularity soars

Racist zoombombing at virtual synagogue

Zoom is in all our living rooms but is it safe?

When the firm sold its first shares to the public last year, it was valued
at $15.9bn. That shot to more than $58bn on Tuesday.

 

"What Zoom has done is kind of democratised video conferencing for all kinds
of businesses and made it very simple for everyone from yoga instructors
through to board room executives to deploy video," says Alex Smith, senior
director at Canalys.

 

When the lockdowns started, Zoom lifted the limits for the free version of
its software in China and for educators in many countries, including the UK,
helping to drive its popularity.

 

But the firm's bread and butter customers are corporate clients, who pay for
subscriptions and enhanced features.

 

Zoom said on Tuesday that sales jumped 169% year-on-year in the three months
to 30 April to $328.2m, as it added more than 180,000 customers with more
than 10 employees since January - far more than it had expected.

 

It also turned a profit of $27m in the quarter - more than it made in all of
the prior financial year.

 

Reputational hit

The massive uptake has also strained the firm, forcing it to invest to
expand capacity to meet the needs of new users, many of whom are not paying
customers.

 

Its reputation also took a hit, as the new attention prompted hackers to
hijack meetings and exposed a host of security flaws, revealing that the
firm had sent user data to Facebook, had wrongly claimed the app had
end-to-end encryption, and was allowing meeting hosts to track attendees.

 

It has also faced political scrutiny for its ties to China - where it has
more than 700 staff, including most of its product development team - which
have prompted warnings that it is not fit for government use.

 

In April, Mr Yuan, who is a US citizen, apologised for the security lapses
and the firm started rolling out a number of changes intended to fix the
problems. Zoom has also announced a number of new appointments familiar with
Washington politics, including H R McMaster, a retired Army general and
former national security adviser to Donald Trump.

 

"Navigating this process has been a humbling learning experience," Mr Yuan
said on an investor call on Tuesday.

 

Analysts said they expected the company would overcome these reputational
blows.

 

Analysts say they expect Zoom to maintain its focus on business customers,
since that's how it makes money.

 

But the pandemic is likely to create more challenges for Zoom in that
market, as increased demand for remote work prompts competitors such as
Microsoft and Cisco to pour resources into the field.

 

"The stakes are higher and the competition's getting tougher, so we'll see,"
says Ryan Koontz, managing director at Rosenblatt Securities.

 

"They were on a very strong trajectory before... and happened to be in the
right place at the right time as the whole world decided we needed to
communicate well on video," he says. "They have this amazing brand... now
they have to leverage that brand and figure out which markets they're going
to go after."---BBC

 

 

 

 

US challenges 'unfair' tech taxes in the UK and EU

The US has launched a formal investigation into new digital taxes over
concerns they "unfairly target" American tech giants like Facebook.

 

The inquiry will examine tax schemes in 10 jurisdictions including the UK,
European Union and India.

 

It is the first step in a process that could lead to the introduction of
tariffs, or other trade retaliation.

 

The Treasury defended the UK levy, saying it did not violate "international
obligations".

 

"Our Digital Services Tax ensures that digital businesses pay tax in the UK
that reflects the value they derive from UK users, and is compatible with
the UK's international obligations," a spokesperson said.

 

The probe comes as a rising number of countries consider new taxes on online
services, arguing that firms pay too little under current law and should be
taxed based on where sales or activity takes place, rather than where they
are headquartered.

 

The US, home to many big tech companies such as Google and Amazon, has said
the issue should be addressed in a multilateral agreement via the
Organisation for Economic Co-operation and Development.

 

But those discussions have been slow-going, prompting many countries to
forge ahead on their own.

 

US threatens tax on champagne and French cheese

Should tech companies be paying more tax?

Facebook boss 'happy to pay more tax in Europe'

In the UK, a 2% tax on digital sales came into force in April. Lawmakers in
Spain are expected to take up the matter this week.

 

"President Trump is concerned that many of our trading partners are adopting
tax schemes designed to unfairly target our companies," US Trade
Representative Robert Lighthizer said in a statement.

 

"We are prepared to take all appropriate action to defend our businesses and
workers against any such discrimination."

 

Tech tax momentum

Officials have said in the past that the administration would consider taxes
on foreign cars as retaliation.

 

Last year, after France moved forward with a 3% tax on sales, the US
threatened tariffs on $2.4bn (£1.9bn) worth of French goods, including
cheese and champagne, after a similar investigation declared the new levy
"discriminatory".

 

The US dropped the threat this winter after France agreed to delay
collection until the end of 2020.

 

The Treasury added that the UK has said it would remove its services tax in
the event of a broader deal.

 

"We have always been clear that our preference is for a global solution to
the tax challenges posed by digitalisation and we'll continue to work with
the US and other international partners to achieve that objective," a
spokesperson said in a statement.

 

The probe announced on Tuesday concerns taxes that have gone into effect, or
are being planned, in Austria, Brazil, the Czech Republic, European Union,
Indonesia, India, Italy, Turkey, Spain, and the UK.

 

The US has requested comments on the matter, which must be submitted by 15
July.--BBC

 

 

 

 

EasyJet hopes to reopen 75% of route network by August

EasyJet says it hopes to resume flights on 75% of its route network by the
end of August, although the number of daily services will still be
significantly down for a normal summer season.

 

The airline is already starting limited services this month, as it adjusts
to the coronavirus collapse in air travel.

 

Customers and cabin crew must wear face masks, and no food will be served.

 

EasyJet is axing 4,500 jobs, and could be ejected from the FTSE 100 this
week because its share price has tumbled.

 

However, news of a slow return to services, along with what the airline
claimed was its biggest ever summer promotion, helped to push EasyJet's
share price 2.75% higher on Tuesday.

 

EasyJet said half of its network would be reopened by the end of July,
increasing to 75% during August.

 

"Flights will be at a lower frequency than normal, meaning the airline will
operate at around 30% of its normal capacity between July and September,"
the airline said.

 

The carrier said services would operate from all its UK bases.

 

How safe is it to get on a plane?

No early return for UK tourists, says Spain

EasyJet passengers will be required to wear masks

EasyJet previously announced it would resume operations on 15 June, with
flights mainly restricted to domestic routes in the UK and France.

 

Rival Ryanair has operated a very limited schedule of flights during the
pandemic, and has said it is planning to resume 40% of its "normal flight
schedules" in July.

 

EasyJet is introducing a series of safety measures, including requiring
passengers to wear face masks at airports and on aircraft.

 

It has produced thousands of face mask covers inspired by comic books to be
handed to children flying on selected routes in an attempt to ease their
anxiety about the new rule.

 

Spain doubts

Other steps to boost hygiene include not selling food during flights,
enhanced cleaning of planes, and disinfection wipes and hand sanitiser being
provided.

 

Passengers will be invited to sit away from people not in their party on
flights with empty seats.

 

EasyJet's chief commercial and planning officer, Robert Carey, said: "We are
delighted to announce that we will be flying the majority of our route
network across Europe, meaning customers can still get to their chosen
destination for their summer holidays this year."

 

The airline industry has been one of the hardest hit sectors since the UK
and other countries went into lockdown. Aviation bosses are in talks with
the UK government about controversial quarantine measures

 

And on Monday, Spain's tourism minister cast doubt on the prospect of an
early return by UK holidaymakers to Spanish beaches.

 

María Reyes Maroto said British coronavirus figures "still have to improve"
before Spain could receive tourists from the UK.

 

EasyJet says its planned destinations include Spain and other major European
tourist hotspots, but the final list and timings will only emerge as various
country restrictions are eased and customer demand increases. "There are a
lot of moving parts," a spokesman said.--BBC

 

 

 

 

Senator tells MPs Huawei puts US troops at risk

One of Huawei's leading critics, US Senator Tom Cotton, has told UK MPs that
he fears China is trying to use the telecoms equipment-maker to "drive a
hi-tech wedge between us".

 

The Republican politician was giving evidence to an inquiry by the House of
Commons' Defence Select Committee into the security of 5G.

 

Mr Cotton added that the US, UK and other allies could team up to develop
superior 5G technologies of their own.

 

Huawei said the claims lacked evidence.

 

"Today's committee concentrated on America's desire for a home-grown 5G
company that can 'match' or 'beat' Huawei," said its UK chief Victor Zhang.

 

"It's clear that market position, rather than security concerns, is what
underpins America's attack on Huawei.

 

"The committee was given no evidence to substantiate security allegations."

 

'Hackers' window'

Mr Cotton is among a group of US lawmakers pressing the UK to ban Huawei.

 

Prime Minister Boris Johnson announced in January that the firm would be
allowed to supply radio masts and other equipment for use in the periphery
of the UK's 5G networks, so long as its market share did not exceed 35% by
2023.

 

Senator Cotton has previously suggested that Britain could lose its foreign
investment "white list" status - which exempts its companies from increased
US scrutiny of their foreign investments - if Downing Street does not
reverse course.

 

The senator is also proposing legislation to delay US F-35 combat aircraft
being stationed within any country that uses Huawei in its 5G networks.

 

Speaking to the defence committee, Mr Cotton noted that he was not speaking
on behalf of the US government.

 

But he claimed that using Huawei in the UK infrastructure could "give PLA
[China's People's Liberation Army] hackers a window into our military
logistics operations", which could put US forces and American weapons
systems based in England "at dangerous risk".

 

He added that as the US continued to build up forces in the Pacific, the
case for keeping some US Air Force assets in the UK was already contested in
Washington, and if Huawei was used in the UK infrastructure there would be
an operational risk that would not be faced in other places.

 

Mr Cotton said the "scales had fallen from a lot of eyes" in the last six
months when it came to China.

 

And he suggested that members of the G7 could work with South Korea, India
and other European nations to create new telecom equipment companies of
their own.

 

What would happen if UK ditched Huawei?

Huawei executive suffers US extradition blow

Fresh UK review into Huawei role in 5G networks

"I have no doubt that we have the talent, the productive capability, the
innovative and entrepreneurial spirit to develop 5G technologies with
software and hardware that will far surpass in quality, performance and
price, anything that China produces," he said.

 

The committee also took evidence from 5G Action Now, a lobby group that
advocates for the development of American technologies, and the
Washington-based Hudson Institute think tank.

 

While Huawei said that Senator Cotton's claims were unfounded, it added that
it welcomed "open and fair competition as it fosters innovation and drives
down costs".

 

"For 20 years, we have worked hard with our customers and partners to build
Britain's robust and secure 3G and 4G networks and we are now focused on
delivering the 5G network to the same high standards," said Mr Zhang.

 

"This is fundamental to achieving the government's Gigabit broadband target
by 2025."

 

The hearing coincided with a review of Huawei's role in the UK, which is
being carried out by GCHQ's National Cyber Security Centre.

 

It will determine whether new US sanctions against the firm - which ban
Huawei from using computer chips made or designed with US equipment - pose
an unmanageable risk to British network providers' use of the firm's
kit.--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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bwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA>
www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 



 

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