Major International Business Headlines Brief::: 10 June 2020

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Major International Business Headlines Brief::: 10 June 2020

 


 

 


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ü  S.Africa's Tsogo Sun Gaming's annual profit hit by lockdown

ü  South African airline SA Express escapes liquidation for now

ü  Administrators propose sale of S.Africa's Edcon, see potential job cuts

ü  Orange subsidiary to raise $174 mln on West African debt market

ü  South African solar start-up SunExchange raises $3 million

ü  Kenya central bank to hold its rate-setting meeting on June 30

ü  South Africa's rand falls, focus on Fed meeting

ü  Ghana to reduce MTN's telecoms market share

ü  SAA rescue plan delayed again after unions object

ü  World Bank expects Tanzania's economic growth to fall to 2.5% in 2020

ü  CrossFit CEO Greg Glassman out after joke about George Floyd

ü  Airlines set for 'worst' year on record

ü  Electric truck start-up Nikola takes on car giants

ü  Cathay Pacific gets $5bn state-backed bailout

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


S.Africa's Tsogo Sun Gaming's annual profit hit by lockdown

JOHANNESBURG (Reuters) - South Africa’s Tsogo Sun Gaming on Tuesday reported
a marginal fall in annual core earnings and did not declare a final
dividend, citing coronavirus-related restrictions in March.

 

Tsogo Sun said core earnings for the year to March 31 fell 1% to 4 billion
rand ($239.8 million) from 3.9 billion rand a year earlier.

 

($1 = 16.6812 rand)

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

South African airline SA Express escapes liquidation for now

JOHANNESBURG (Reuters) - South African state airline SA Express escaped
liquidation on Tuesday, after a judge granted a three-month delay in
liquidation proceedings, giving the government more time to clarify its
plans for the domestic and regional carrier.

 

SA Express, a different business to national flag carrier South African
Airways, was placed under provisional liquidation in April after its
administrators said they could not secure funding for turnaround efforts.
[nL5N2CG6UG]

 

But lawyers for the airline’s administrators asked the High Court to delay a
hearing on whether it should be finally liquidated, citing a letter from the
state enterprises ministry that referred to an allocation of 164 million
rand ($10 million) in the fiscal year that began in April, subject to
certain conditions.

 

The lawyers said this was a sign that the “government is contemplating a
form of ‘restart’ for the operations of the airline” and that delaying the
hearing would allow “national executives to roll out proper plans”.

 

The request to delay the hearing was supported by the provisional
liquidators, who said they needed more time to study the airline’s affairs,
as well as trade unions and creditors.

 

SA Express flew to domestic and regional destinations, but it suspended
operations in March as the COVID-19 pandemic compounded its financial
difficulties. It has not paid salaries since February, prompting some of its
employees to protest in recent days.

 

South African Airways is also under a form of bankruptcy protection and
fighting for its survival. [nL8N2DL1H5]

 

($1 = 16.8421 rand)

 

 

 

Administrators propose sale of S.Africa's Edcon, see potential job cuts

JOHANNESBURG (Reuters) - Administrators in charge of South Africa’s Edcon
are proposing selling parts or all of the country’s oldest non-food retailer
under a plan that may lead to significant job losses, after the company
filed for a form of bankruptcy protection in April.

 

Edcon has three main businesses - the iconic 91-year old department store
chain Edgars, budget clothing retailer Jet and a customer engagement
division Thank U which sells insurance, offers credit and runs the sector’s
biggest customer loyalty programme with over 14 million subscribers.

 

Fifteen parties have shown interest in buying all or parts of the businesses
and they have until June 30 to submit a binding offer, according to a
“business rescue” plan released early on Tuesday.

 

“Business rescue” of debt-laden companies is a form of bankruptcy protection
in South Africa.

 

A decision on final sale to a third party will be taken beginning of July,
the plan said.

 

Edcon, which opened its first Edgars store in Johannesburg in 1929, had been
struggling for the last few years due to falling local demand and slow
economic growth in South Africa.

 

The group, under CEO Grant Pattison, restructured some of its debt in 2019
to stave off bankruptcy. However, the new coronavirus outbreak forced the
closure of its stores for two months, pushing the company into bankruptcy.

 

The administrators said the sale process may lead to significant job losses,
cancellation of leases and contracts.

 

The group currently employs 17,292 permanent employees and about 5,000
seasonal casual workers, the administrators said.

 

The residual parts of the business after the sale will be put into
liquidation.

 

The decision to sell comes after shareholders and new investors showed no
interest in funding the retailer, the administrators said.

 

The plan is scheduled for approval by creditors, employees and landlords on
June 15.

 

 

 

Orange subsidiary to raise $174 mln on West African debt market

DAKAR (Reuters) - Orange’s West African subsidiary Sonatel said on Tuesday
that it would issue 100 billion CFA francs ($174 million) in bonds by
mid-July in the largest ever debt issue on the regional market.

 

The bond issue has been approved by the regional council of the West African
monetary union UEMOA, Sonatel said in a statement, adding that the bond’s
maturity would be seven years and the interest rate set at 6.50%.

 

Sonatel operates in Senegal, Mali, Guinea, Guinea-Bissau and Sierra Leone.

 

 

 

South African solar start-up SunExchange raises $3 million

JOHANNESBURG (Reuters) - South African blockchain-based renewable energy
start-up SunExchange has raised $3 million from a company backed by one of
the country’s richest businessmen, the firm said on Tuesday.

 

SunExchange, which allows people to buy individual cells on solar projects
and earn a rental income in cryptocurrency, has so far raised $4 million in
Series A funding round that started in 2019.

 

Of this, $3 million came on Tuesday from billionaire Patrice Motsepe-backed
African Rainbow Capital (ARC) via its stake in British-based private-equity
firm ARCH Emerging Markets Partners, the company said.

 

The funding highlights increasing demand for solar power and growing
investor appetite for unconventional business technologies in South Africa,
even as the coronavirus is eliminating sources of finance for traditional
businesses.

 

Mining baron Motsepe founded ARC in 2016 to bet on future technologies on
the continent and has funded start-ups, such as online-only TymeBank and
mobile internet provider Rain.

 

Cape Town-based SunExchange works on a crowd funding model, selling solar
panels in a proposed project to raise money. The project will start only
when all panels in it are sold.

 

It has solar power projects in 24 schools, shopping centres and business
parks across South Africa.

 

It is banking on growing demand for off-grid electricity sources as state
power firm Eskom, essentially bankrupt and reliant on creaking coal-fired
stations, continues to inflict nation-wide electricity blackouts that began
in 2008.

 

While investors have been bullish on South Africa’s renewable energy plans
with the government seeking to add 2.6 gigawatts (GW) of wind and solar
capacity in 2022, they have been discouraged by red-tape and political
wrangling.

 

Government research arm the Council for Scientific and Industrial Research
(CSIR) expects installed capacity of small and medium solar PV to reach 2.33
GW by 2025 from less than 500 MW in 2017.

 

 

 

 

Kenya central bank to hold its rate-setting meeting on June 30

NAIROBI (Reuters) - The Kenyan central bank’s Monetary Policy Committee will
hold its next rate-setting meeting on June 30, it said on Tuesday.

 

Policymakers left the bank’s benchmark lending rate unchanged at their last
meeting on May 27.

 

 

 

South Africa's rand falls, focus on Fed meeting

JOHANNESBURG (Reuters) - South Africa’s rand weakened against the U.S.
dollar early on Tuesday, giving back earlier gains as traders booked profits
ahead of the U.S. Federal Reserve’s monetary policy meeting.

 

At 0640 GMT, the rand traded at 16.7740 per dollar, 0.56% weaker than its
previous close, and retreating from a near 12-week high of 16.6400 touched
earlier in the session.

 

With no significant data due locally until Thursday, investors’ focus is now
on the U.S. central bank’s two-day meeting, starting later in the day, for
any forward guidance as the economy gradually starts showing signs of
recovery.

 

“It could very well come down to Wednesday and what the Fed see as a path
forward,” said Standard Bank chief trader Warrick Butler in a note.

 

“More easing in terms of long-term low/zero interest rates and continued
support for the economy and this strong support area in the rand of 16.50/65
could well give way and open another floodgate move back to 15.5000.”

 

In fixed income, the yield on the 10-year government bond was up 2 basis
points to 9.030% in early trade.

 

 

 

 

Ghana to reduce MTN's telecoms market share

ACCRA (Reuters) - Ghana will implement a set of policies to reduce the
dominance of MTN in the country’s telecommunications market, the government
has said in a statement.

 

“The National Communications Authority (NCA) will in the coming days begin
the implementation of specific policies to ensure a level-playing field for
all network operators within the telecommunications industry,” a statement
on Saturday said.

 

MTN has been declared a significant market power, requiring the regulator to
take corrective action to allow more market competition. Statistics from the
NCA showed MTN’s share in mobile data subscriptions accounted for almost 70%
of the market from January to March.

 

To correct this, the regulator will implement a series of measures including
a favourable connection rate for disadvantaged operators, the setting of
floor and ceiling pricing on all minutes, data, text messages and mobile
money, and ensure the various operator vendors are not subject to
exclusionary pricing or behaviour.

 

MTN Ghana said in a statement released on Monday it had not yet received the
formal notification from the regulator and was awaiting it to assess the
details.

 

 

 

 

SAA rescue plan delayed again after unions object

JOHANNESBURG (Reuters) - Creditors of South African Airways (SAA) on Monday
approved another delay in the publication of a rescue plan after the
cash-strapped airline’s administrators requested an extension because of an
objection by trade unions.

 

The rescue plan for SAA, which has not made a profit since 2011, was due to
be published on Monday. It has been repeatedly pushed back amid fierce
wrangling over the airline’s future.

 

The government and unions have been pressing for SAA to be salvaged in some
form, despite its longstanding frailties being exacerbated by the COVID-19
pandemic, which has pushed even previously profitable airlines into
financial distress.

 

A spokeswoman for the administrators, who were appointed in December when
SAA entered a local form of bankruptcy protection, said creditors had
granted a one-week delay in the publication of the rescue plan to June 15.

 

The administrators requested the extension after the NUMSA, SACCA and SAAPA
unions objected to the plan being published on Monday pending further talks
with the government on a draft version of the plan.

 

A draft plan late last month proposed a restructuring funded by more
bailouts. It also suggested cutting the airline’s workforce and aircraft
fleet roughly in half.

 

 

 

 

World Bank expects Tanzania's economic growth to fall to 2.5% in 2020

DAR ES SALAAM (Reuters) - Tanzania’s economic growth is expected to drop to
2.5% in 2020 from 6.9% last year, the World Bank said on Monday, citing the
impact of the coronavirus pandemic.

 

“International travel bans and caution against contracting the virus have
severely hurt the tourism sector, which had been one of the fastest-growing
sectors in the economy,” the bank said in a statement.

 

It said the east African country’s economy would also be hurt by a decline
in export demand, supply chain disruptions for domestic manufacturers and
weak domestic consumption.

 

 

 

CrossFit CEO Greg Glassman out after joke about George Floyd

The chief executive of CrossFit has quit after causing offence with remarks
about the death of George Floyd and the resulting protests.

 

Greg Glassman stepped down after athletes, gyms and sportswear firms cut
ties with his $4bn (£3.1bn) brand.

 

Mr Glassman acknowledged having caused a "rift" in the CrossFit community.

 

His exit came on the day of Floyd's funeral in Texas. The unarmed black man
died last month after a policeman in Minneapolis knelt on his neck.

 

Calls for racial justice at George Floyd's funeral

How did Glassman resign?

In a statement on Tuesday, Mr Glassman said: "I'm stepping down as CEO of
CrossFit, Inc, and I have decided to retire.

 

"On Saturday I created a rift in the CrossFit community and unintentionally
hurt many of its members."

 

He added: "I cannot let my behaviour stand in the way of HQ's or affiliates'
missions. They are too important to jeopardise."

 

His statement was followed by another from Dave Castro, his successor at the
helm of the company.

 

The incoming CEO said: "CrossFit is a community - one that is global,
diverse, and tough."

 

He added: "Our community is hurt, though. Our shared bond brings together
millions of people with differing opinions, viewpoints, and experiences."

 

Mr Glassman conceived the company as a high school gymnast in his parents'
garage in California. It is now affiliated with an estimated 13,000 gyms
worldwide.

 

What was the controversy?

In reply to a public health body saying racism was a public health issue,
Greg Glassman tweeted on Saturday night: "FLOYD-19."

 

He also called an affiliate "delusional" for questioning why CrossFit had
been silent on the killing in Minneapolis.

 

According to Buzzfeed, hours before posting the fateful tweet, Mr Glassman
had told gym owners on a private Zoom call: "We're not mourning for George
Floyd - I don't think me or any of my staff are.

 

"Can you tell me why I should mourn for him? Other than that it's the white
thing to do."

 

Hundreds of affiliate gyms have removed CrossFit from their branding.

 

One of these gyms, Petworth Fitness in Washington DC - formerly CrossFit
Petworth - wrote on Instagram: "For a brand that has preached about being
'for all', the deafening silence on current and past issues of racism tells
us all we need to know."

 

It added that it would donate its annual affiliate fee - $3,000 - to the
Black Lives Matter DC and Know Your Rights anti-racist campaign groups.

 

Adidas AG, which owns Reebok, also issued a statement confirming it was
ending its relationship with CrossFit.

 

"Recently, we have been in discussions regarding a new agreement, however,
in light of recent events, we have made the decision to end our partnership
with CrossFit HQ," the company said in a statement to AFP news agency.

 

Several CrossFit athletes also criticised the company.

 

Four-time CrossFit Games champion Matthew Fraser praised a colleague for
disaffiliating from the company, while Olympian and three-time CrossFit
Games champion Tia-Clair Toomey said she was "incredibly saddened,
disappointed and frustrated" with Mr Glassman's comments.

 

Icelandic CrossFit athlete Katrin Tanja Davidsdottir also posted screenshots
of Mr Glassman's tweet and email, and said she was "ashamed, disappointed
and angry".--bbc

 

 

 

Airlines set for 'worst' year on record

The plunge in travel caused by the coronavirus will drive airline losses of
more than $84bn (£66bn) this year, a global industry group has warned.

 

The International Air Transport Association, which has 290 member airlines,
said revenues would drop to $419bn, down 50% from 2019.

 

That is steeper than initially forecast and comes despite recent signs that
travellers are returning to the skies.

 

This year will go down as the "worst" on record financially, the group said.

 

"There is no comparison," said Alexandre de Juniac, chief executive of the
group.

 

The group said it expected airlines to lose $230m on average each day this
year as the number of travellers falls to 2.25 billion, roughly halving from
last year.

 

That will erase more than a decade of growth, returning the industry to 2006
levels.

 

The association said the industry would see losses again next year, but the
damage would drop significantly - to $15.8bn - as revenues start to rebound
and passenger numbers climb back to 2014 levels.

 

"Provided there is not a second and more damaging wave of Covid-19, the
worst of the collapse in traffic is likely behind us," Mr de Juniac said.

 

Slow recovery

IATA had previously warned that airlines would lose $314bn this year, after
air traffic all but disappeared in April, when governments around the world
imposed limits on travel to try to control the spread of the virus.

 

While there are signs travel is starting to pick up, the recovery has been
slow, complicated by economic downturn and government quarantines.

 

In the US, the Transportation Security Administration screened more than
440,000 people at airport checkpoints on Sunday. That's up from fewer than
100,000 people in April, but still down more than 80% from last year.

 

Companies have responded to the crisis by grounding fleets, scaling back
service and cutting thousands of jobs. In coming months, IATA said firms are
likely to lower prices in an effort to tempt back travellers, worsening
their financial situation.

 

Some airlines such as Flybe have already failed, while other have received
millions in emergency government aid.

 

Mr de Juniac said continued support is needed.

 

"Government financial relief was and remains crucial as airlines burn
through cash," he said.

 

Industry groups, including IATA, have also called on the UK government to
remove the 14-day quarantine on passengers entering the country.

 

Keeping such rules in place through the end of the summer could cost the UK
$186bn and 2.9 million jobs, the World Travel & Tourism Council warned on
Tuesday. That is up from the 1.2 million the organisation had previously
said were at risk as a result of the pandemic.

 

"The sector's recovery risks being undermined by heavy-handed restrictions
just as it emerges from one of the most punishing periods in its history -
and it's not just airlines who will bear the cost but the entire travel
ecosystem," said Gloria Guevara, the group's president.

 

A long, long time ago, IATA forecast that global airline revenues would fall
by $29bn this year. The news generated shocked headlines.

 

Actually, that was only in late February. IATA has revised its projections a
few times since then. The figure now stands at a colossal $419bn.

 

It's a sign of just how quickly the Covid-19 pandemic developed- and how the
industry went from worrying about the disruption to traffic to and within
China, to grounding 95% of flights worldwide.

 

Put simply, grounded planes aren't making money - while storing and
maintaining them comes at a hefty cost.

 

Now, air traffic is slowly picking up as countries open up again. But
airlines are still collectively facing a net loss of $84bn this year - where
they had been expecting a $35bn profit.

 

It's a difference which will be measured in tens of thousands of lost jobs
and livelihoods ruined.--bbc

 

 

 

Electric truck start-up Nikola takes on car giants

An electric truck company that has yet to deliver a single vehicle already
has a market value higher than industry stalwart Fiat Chrysler.

 

Since listing on the Nasdaq last week, the US start-up Nikola has seen its
share price more than double, sending its market value to $26.3bn (£20.5bn).

 

The gains came after the firm announced on Twitter when it would accept
orders for its pick-up truck.

 

The dramatic surge drew comparisons to more established rival Tesla.

 

Tesla has also seen its market value eclipse traditional competitors,
despite having much smaller sales and a long history of financial losses.

 

On Twitter, Nikola chief executive Trevor Milton celebrated the share price
gains, echoing the social media presence of Tesla boss Elon Musk.

 

Mr Milton, who is now a billionaire, said he had his sights set on
overtaking Ford's best-selling F-150 pick-up truck, and promised to do his
"part to be the most accessible and direct executive on Twitter".

 

What is Nikola?

Until recently, Nikola, which like Tesla takes its name from the inventor,
had primarily focused its development on commercial trucks.

 

The firm, which is based in America's southwest in Arizona, has won
financial backing from Bosch and companies connected to the family of Fiat's
founder Giovanni Agnelli. It claims brewing giant Anheuser-Busch as a
client.

 

It had raised about $500m prior to its listing, but the company has yet to
generate any revenue. It lost more than $33m in the first three months of
the year.

 

In gearing up for its listing, Nikola estimated its net worth at about
$3.2bn. It raised more than $700m in the debut, which will go in part to
building its manufacturing facility.

 

The firm, which has 250 employees, has said it has more than $10bn in
pre-orders for commercial trucks and plans to start delivering trucks next
year. It will start accepting orders for the Badger pick-up truck on 29
June.

 

Nikola's share price gains on Tuesday came as the Nasdaq hit another record.
At one point, demand for Nikola shares pushed prices so high that the firm
was worth above Ford's $28bn.--BBC

 

 

 

Honda's global operations hit by cyber-attack

Honda has said it is dealing with a cyber-attack that is impacting its
operations around the world.

 

"Honda can confirm that a cyber-attack has taken place on the Honda
network," the Japanese car-maker said in a statement.

 

It added that the problem was affecting its ability to access its computer
servers, use email and otherwise make use of its internal systems.

 

"There is also an impact on production systems outside of Japan," it added.

 

"Work is being undertaken to minimise the impact and to restore full
functionality of production, sales and development activities."

 

The firm - which makes motorcycles, cars, generators and lawn mowers, among
other products - said one of its internal servers was attacked externally.

 

It added that "the virus had spread" throughout its network, but did not
provide further details.

 

Honda currently runs a factory in Swindon, where it makes its Civic cars,
which is due to close in 2021.

 

The company has confirmed that work at the UK plant has been halted
alongside a suspension of other operations in North America, Turkey, Italy
and Japan.

 

However, it added that it hoped some of the affected sites would go back
online this afternoon or later this week.

 

Some cyber-security experts have said it looks like a ransomware attack,
which means that hackers might have encrypted data or locked Honda out of
some of its IT systems.

 

'It looks like a case of Ekans ransomware being used,' said Morgan Wright,
chief security advisor at security firm Sentinel One. 'Ekans, or Snake
ransomware, is designed to attack industrial control systems networks. The
fact that Honda has put production on hold and sent factory workers home
points to disruption of their manufacturing systems.'

 

The company has insisted no data has been breached and added that "at this
point, we see minimal business impact".

 

Honda employs nearly 220,000 people worldwide across more than 400 group
affiliate companies.

 

It is not known how the criminals infiltrated Honda's computer system but
research suggests that ransomware attacks are on the rise with hackers using
Covid-19 related lures to trick victims into downloading booby-trapped
documents and files.

 

Insurer Beazley says its seen a 25% spike in clients being hit by ransomware
in the first quarter of 2020 compared to last year.

 

Katherine Keefe, from the firm said: "Cyber criminals are preying on
people's heightened anxiety during this pandemic, tricking them into
clicking and sharing links that steal information.

 

"Organisations must ensure their security systems and protocols are up to
date and ensure that colleagues working from home are extra vigilant."--BBC

 

 

 

Cathay Pacific gets $5bn state-backed bailout

Cathay Pacific has said it will get a HK$39bn (£4bn; $5bn) state-backed
bailout, as the airline struggles in the face of the coronavirus pandemic.

 

Under the deal the Hong Kong government could take a 6% stake in Cathay and
can have two observers on its board.

 

As part of the restructuring plan the company said it would implement
another round of executive pay cuts.

 

It comes as airlines around the world are struggling to survive due to
global travel restrictions.

 

Cathay has grounded most of its flights due to coronavirus-related travel
curbs. It has been flying only cargo and a cut-back passenger schedule to
major destinations such as Beijing, Los Angeles, Singapore, Sydney, Tokyo
and Vancouver.

 

"Cathay Pacific has explored available options and believes that a
recapitalisation is required to ensure it has sufficient liquidity to
weather this current crisis," the company said in a statement to the Hong
Kong stock exchange.

 

The company also said it would consider further measures to safeguard its
future: "In the longer term, all aspects of the Cathay Pacific Group's
business model will be re-evaluated."

 

The carrier has furloughed some pilots at overseas bases and cut cabin crew
roles in the US and Canada since the start of the coronavirus pandemic, but
has not announced major permanent job cuts.

 

Cathay announced that it would carry out a second voluntary leave scheme for
workers as part of the recapitalisation plan.

 

Shares in Cathay and major shareholders Swire Pacific and Air China halted
trading on Tuesday morning ahead of the announcement.

 

Under the deal Swire's stake in Cathay will fall from 45% to 42%, while Air
China's holding will drop from 30% to 28%.

 

Governments around the world have bailed out airlines as demand plunges, and
in some cases, such as Germany's Lufthansa, are taking direct equity stakes.

 

Last month, Cathay Pacific announced a HK$4.5bn loss at its airlines, which
include its regional business Cathay Dragon, during the January to April
period and warned of a "very bleak" outlook.

 

The airline also sold six Boeing 777-300ER jets and associated equipment for
more than $700m (£551m) in March.--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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