Major International Business Headlines Brief::: 12 June 2020

Fri Jun 12 06:20:07 CAT 2020

 <http://www.bulls.co.zw/> Bulls.co.zw
<mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments
<http://www.bulls.co.zw/blog> Bullish Thoughts
<http://www.twitter.com/BullsBears2010> Twitter
<https://www.facebook.com/BullsBearsZimbabwe> Facebook
<http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn
<https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp
<mailto:info at bulls.co.zw?subject=Unsubscribe> Unsubscribe

Major International Business Headlines Brief::: 12 June 2020

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

ü  Kenya sets a budget deficit of 7.5% of GDP in 2020/21 financial year

ü  South Africa's manufacturing output down 5.4% year-on-year in March

ü  Ethiopia's 2020/21 growth seen at 8.5%, spending to rise 6.8% -finmin

ü  South African mining output plunges on COVID-19 lockdown

ü  Uganda to reduce taxes on mobile banking and mobile money transactions -
budget speech

ü  Harmony expects to be at full production by around mid-July

ü  Tanzania raises 2020 growth forecast to 5.5% from 4% -finance minister

ü  Nigeria's House send 10.8 trillion naira budget to Senate

ü  South Africa's Foskor says fire at acid plant won't impact output

ü  Nigeria's 5-year naira futures sink to 578 on dollar shortage

ü  Fears of second coronavirus outbreak hit global shares

ü  Brexit: UK backtracks on full EU border checks amid coronavirus crisis

ü  Ben & Jerry's maker Unilever settles on UK base

ü  British Airways to sell art collection to raise cash

ü  Coronavirus pandemic set to cost Premier League clubs £1bn in 2019-20 -
Deloitte

 <mailto:info at bulls.co.zw> 

Kenya sets a budget deficit of 7.5% of GDP in 2020/21 financial year

NAIROBI (Reuters) - Kenya’s finance minister Ukur Yatani on Thursday set a
budget deficit of 7.5% of GDP for the fiscal year starting in July, saying
the coronavirus pandemic had upended the government’s plan to reduce
reliance on debt.

“Our fiscal consolidation plan has been adversely affected by the events
over the last six months,” Yatani told parliament as he presented the
government’s budget, while also referring to the impact of a locust invasion
and flooding.

 <mailto:info at bulls.co.zw> 

South Africa's manufacturing output down 5.4% year-on-year in March

JOHANNESBURG (Reuters) - South Africa’s manufacturing output fell 5.4%
year-on-year in March, after contracting by a revised 2.3% in February, the
statistics agency said on Thursday.

On a month-on-month basis factory production was down 1.2% in March and
declined 2.1% in the three months to the end of March, Statistics South
Africa said.

Ethiopia's 2020/21 growth seen at 8.5%, spending to rise 6.8% -finmin

ADDIS ABABA (Reuters) - Ethiopia’s economy is forecast to grow at 8.5% in
the 2020/2021 fiscal year compared to a projection of 9% in previous period,
finance minister Ahmed Shide told lawmakers on Thursday.

The Horn of Africa nation will spend a total of 476 billion birr ($13.84
billion) in the 2020/2021 fiscal year, 6.8% higher than expenditure in the
previous period, the minister added.

South African mining output plunges on COVID-19 lockdown

JOHANNESBURG (Reuters) - South Africa’s mining production fell sharply
during March and April, when output was largely halted during a strict
lockdown aimed at curbing the spread of the new coronavirus, official data
showed on Thursday.

Mines in South Africa, the world’s biggest producer of platinum and chrome
and a leading producer of gold and diamonds, were forced to shut temporarily
when a nationwide lockdown to contain the virus began in late March.

South Africa’s total mining output fell 47.3% year on year in April and
contracted 18.0% in March after rising in February and January, Statistics
South Africa said.

Platinum group metal output fell 62.0% in April, and gold production was
59.6% lower.

Industry body the Minerals Council has estimated that mining production
could fall by between 8% and 10% this year due to the COVID-19 pandemic.

Open-cast mines have been allowed to work at full capacity since May 1,
though deep-level mines - where social distancing is more difficult - were
restricted to operating at 50% until the government allowed full capacity to
resume from June 1.

Trade unions have raised concerns about workers returning to roles in an
environment where social distancing is difficult, with 821 cases confirmed
in the industry so far, according to the latest Minerals Council data.

Uganda to reduce taxes on mobile banking and mobile money transactions -
budget speech

KAMPALA (Reuters) - Uganda will reduce taxes on mobile banking and mobile
money transactions to help its economy cope with the impact of COVID-19, the
finance minister said in a speech presenting the budget for the 2020/21
fiscal year on Thursday.

The move accompanies other measures announced by finance minister Matia
Kasaija, including providing credit to small and medium sized businesses
through cooperative societies, asking banks to restructure distressed loans
and clearing of arrears to government suppliers.

Harmony expects to be at full production by around mid-July

JOHANNESBURG (Reuters) - Harmony Gold said on Thursday it expected to be
back to full production by around the middle of July, after South Africa
eased its coronavirus lockdown regulations from June allowing all mines to
operate at full production.

Mines in South Africa were forced to shut temporarily when a nationwide
lockdown to contain the virus began in late March.

Open-cast mines have been allowed to work at full capacity since May 1,
though deep-level mines - where social distancing is more difficult - were
restricted to operating at 50% until the government allowed full capacity to
resume from June 1.

Tanzania raises 2020 growth forecast to 5.5% from 4% -finance minister

DAR ES SALAAM (Reuters) - Tanzania now expects its economy to grow by 5.5%
in 2020 compared with a previous estimate of 4%, finance minister Philip
Mpango said on Thursday, after the government took steps to mitigate the
economic impact of coronavirus.

Mpango said measures taken by President John Magufuli’s administration,
especially its insistence that people should get back to work while taking
health precautions, plus expectations about a regional and global recovery,
will buoy growth.

The latest projection is more optimistic than the 4% estimate Mpango gave
last month, but lower than an initial forecast of 6.9% due to the impact of
the coronavirus on key sectors such as tourism.

“Real GDP growth is expected to slightly slow from the initial estimates of
6.9%, to 5.5%,” Mpango told parliament. “This is due to the impact of the
COVID-19 which has spread in many countries which are our major trade
partners.”

The projections are rosier than the World Bank’s, which said it expected GDP
growth to drop to 2.5% in 2020 from 6.9% last year, citing the impact of the
pandemic.

“International travel bans and caution against contracting the virus have
severely hurt the tourism sector,” the bank said.

Tanzania has confirmed 509 coronavirus cases, with 21 deaths, and has said
cases are falling substantially and it is close to defeating the virus. It
has opened its international airports for commercial travel and encouraged
tourists to visit.

Late on Wednesday, the International Monetary Fund approved debt relief to
the country of $14.3 million over the next 4 months, and potentially up to
$25.7 million over the next 23 months, it said.

“IMF debt service relief will help free up resources for public sector
health needs and other emergency spending, as well as mitigate the balance
of payments shock resulting from the pandemic,” it said.

Nigeria's House send 10.8 trillion naira budget to Senate

ABUJA (Reuters) - Nigeria’s House of Representatives on Wednesday passed a
revised 10.8 trillion naira ($30 billion) budget based on oil prices at $28
per barrel.

The budget is 300 billion naira above the one submitted by President
Muhammadu Buhari late last month, and increases the expected oil price by $3
per barrel.

The Senate will consider the amended budget on Thursday.

The government had planned to cut its record 2020 budget due to the
coronavirus pandemic and an oil price plunge, but the version passed by the
House is above the 10.59 trillion naira level approved by Buhari in
December.

The budget also assumes oil production at 1.9 million barrels per day (bpd).
Oil prices have recovered from a 20-year low of just under $16 per barrel
hit in March, and were trading at $41.65 on Wednesday evening.

But Nigeria has also agreed to limit its oil output to 1.412 million bpd as
part of a deal with the Organization of the Petroleum Exporting Countries
and other producers. That agreement was extended through the end of July.

In a statement, Senate President Ahmad Lawan said the upper chamber would
consider the revised 2020 budget on Thursday, after receiving details of
some of the 500 billion naira COVID-19 intervention fund that is part of the
budget.

“Tomorrow, we can receive and consider the report to ensure that we don’t
delay anything as important as that,” Lawan said in a statement.

Nigeria expects its oil-dependent economy, which recently recovered from a
2016 recession, to shrink by 3.4% this year.

($1 = 360.0000 naira)

South Africa's Foskor says fire at acid plant won't impact output

JOHANNESBURG (Reuters) - South African phosphate producer Foskor said on
Thursday that a fire on Wednesday at its acid plant in the coastal city of
Richards Bay will not impact production and supply, even though conveyors
were damaged.

The fire, the cause of which is still being investigated, broke out on
Wednesday at a rock phosphate transfer tower where phosphate rock and
sulphur are conveyed into stores, Foskor said in a statement.

It was extinguished before any severe damage could occur to the conveyor
structure, and no employees or contractors were hurt, said Musa Xulu,
general manager of logistics, shipping and materials handling at Foskor.

“The fire outbreak will have no impact on our production nor on the ability
of Foskor to supply our products to the customers,” Xulu said. “The damaged
conveyors are expected to be operational by end of June, 2020.”

Foskor mines phosphate rock in Phalaborwa, in the northern Limpopo province,
and produces phosphoric acid, sulphuric acid, and phosphate-based granular
fertilisers in Richards Bay in the southeastern KwaZulu-Natal province.

Nigeria's 5-year naira futures sink to 578 on dollar shortage

ABUJA (Reuters) - The Nigerian naira for five-year settlement was quoted at
578.37 to the U.S. dollar on Wednesday, just off a record low of 584.11 last
week, as a shortage of dollars piled on pressure, while the central bank
seeks to bolster the Nigerian currency.

The naira has been hitting new lows on the black and over-the-counter spot
markets since March after the central bank adjusted its official rate,
implying a 15% devaluation.

Meanwhile, a crash in oil prices in April, triggered by the coronavirus
pandemic, worsened shortages of dollars in the oil-producing nation.

The bank strengthened the naira on the futures market for May 2025
settlement by six naira, traders said on Wednesday.

Introduced in February, 5-year naira futures traded above 550 last month on
the derivatives market as dollars ran short on the spot market. 

Bankers say the central bank has been intervening in liquidity on the
interbank market around the time when the bank plans currency auctions.

A central bank spokesman did not immediately respond to a request for
comment.

On Friday, the bank withdrew around 460 billion naira from the banking
system, banking sources said.  

The bank has resumed dollar sales to local clients, selling around $100
million per week, but has yet to sell to offshore investors, traders say,
after it scrapped a planned auction because of lockdown measures to slow the
coronavirus. 

Importers been left scrambling for hard currency while providers of foreign
exchange, such as offshore investors, have exited.

Liquidity on the over-the-counter spot market touched a low of around $31
million on Wednesday from around $300 million a day last year, traders said.

The naira closed at 387.08 on the spot market, while the two-week currency
futures settlement quoted the naira at 389.84. The currency was quoted at
361 on the official market, backed by the central bank.

Fears of second coronavirus outbreak hit global shares

Global stock markets have fallen amid fears that an uptick in coronavirus
cases could cause more economic damage.

The declines came after the US Federal Reserve warned that the American
economy faces a long road to recovery.

In the US, the three main share indexes saw their worst day in weeks, with
the Dow Jones Industrial Average down almost 7%.

Stock markets in Asia also fell on Friday with benchmark indexes losing
ground in Japan, Hong Kong and China.

The falls followed a weeks-long rally that had helped shares recover some
ground from the lows seen in March.

Energy and travel stocks were among the biggest losers, as global crude oil
prices also took a hit.

Earlier, European shares also dropped, with the UK's FTSE 100, the Dax in
Germany and France's CAC 40 all losing 4% or more.

"Government, companies and people would be better prepared for a second wave
than for the first one," said Roland Kaloyan, European equity strategist at
Societe Generale.

"But the problem is there is a limit to governments injecting money."

Slow recovery

Share prices had gained in recent weeks amid hopes that the economy would
rebound as authorities loosened restrictions put in place to try to slow the
spread of the virus.

Last week's surprise report showing US employers had restarted hiring in May
helped to push the tech-heavy Nasdaq index to new highs.

But the recovery remains tentative. On Thursday, the US Labor Department
reported that another 1.5 million people had filed new unemployment claims
last week. More than 30 million continue to collect the benefits, it said.

US Federal Reserve policymakers said on Wednesday that the unemployment rate
could remain above 9% at the end of the year - close to the worst level of
the financial crisis,

At a news conference, Fed chairman Jerome Powell warned that this assessment
may prove optimistic, if coronavirus infection and hospitalisation rates
rise.

Several states that have moved to reopen, including Arizona and South
Carolina, have seen an uptick in Covid-19 cases in recent days.

"It could hurt the recovery, even if you don't have a national level
pandemic. Just a series of local ones, of local spikes, could have the
effect of undermining people's confidence in travelling, in restaurants and
in entertainment," he said. "It would not be a positive development."

US Treasury Secretary Steven Mnuchin said he did not want to see a return of
the lockdowns that had kept the world's largest economy frozen for weeks.

But economists have warned that people will stay at home voluntarily if they
are afraid of becoming ill.--bbc

Brexit: UK backtracks on full EU border checks amid coronavirus crisis

The government is expected to apply much less rigorous EU border checks on
imports than it initially had planned, after the Brexit transition period
finishes at the end of this year.

The Financial Times reports ministers have abandoned plans to introduce full
checks after pressure from businesses.

A government source told the BBC it would take a "pragmatic and flexible
approach" due to coronavirus.

The UK had committed to introduce import controls on EU goods in January.

But the source said ministers recognised the impact the virus was having on
businesses, and so pragmatism and flexibility on imports made sense - "to
help business adjust to the changes" that were now imminent.

The UK left the European Union at the end of January, but is in a transition
period until the end of this year.

The government is expected to formally confirm soon it will not ask for an
extension to the transition period - despite the coronavirus crisis.

However, there will be an about turn, in the short term at least, on the
checks carried out on imports.

In February, Cabinet Office minister Michael Gove said import controls were
"necessary" to keep the country's borders "safe and secure" and to collect
the appropriate taxes.

Now a "temporary light-touch regime" is planned at UK ports such as Dover,
regardless of whether a deal is done with the EU or not, according to the
Financial Times.

The proposal applies only to rules on imports, which the UK will set.

Checks on exports to the EU will be determined by Brussels.

'A lighter touch'

Brexit might have gone quiet, but it has not gone away.

Sorting out all the kit and staff to have full import controls in place by
January was a big ask before the pandemic.

Doing it during one, with businesses clamouring that they are already being
hammered by the virus, wasn't practical.

So, an about turn in the short term - and a lighter touch.

Not our old friend the U-turn, sources insist, because this isn't the
long-term plan, but will help with the adjustments businesses will soon have
to make.

If you thought you had heard the last of Brexit, think again.

Prime Minister Boris Johnson will meet the presidents of the European
Commission, Council and Parliament remotely on Monday, as negotiations step
up to attempt to secure a trade deal with the EU.

Negotiating teams in the UK and the EU have also agreed to "an intensified
timetable" for July, with possible discussions in person if public health
guidelines enable them during the pandemic, a Downing Street spokesman said.

No 10 said the pace of talks would be scaled up so negotiators will meet in
each of the five weeks between 29 June and 27 July.

The new details came after the fourth round of negotiations failed to reach
a breakthrough last week.

Speaking in Brussels, EU chief negotiator Michel Barnier accused the UK of
having "backtracking" on the agreed political declaration, and said there
had been "no significant areas of progress".

Mr Barnier's counterpart in Downing Street, David Frost, said they would
have to "intensify and accelerate" the process if there was to be any chance
of an agreement.

Both sides also said the remote meetings had reached their limit and that
face-to-face meetings would be needed in order to progress.

The UK has until the end of June to ask for the "transition period" - during
which the country stays in the single market and customs union - to be
extended into next year. But the prime minister has repeatedly ruled this
out.--BBC

Ben & Jerry's maker Unilever settles on UK base

Unilever, the Anglo-Dutch maker of Ben & Jerry's ice cream and Dove soap, is
to combine its two businesses into one structure in the UK.

It comes after the firm tried to combine into a Dutch company in 2018.

That plan, which some suggested was linked to Brexit, was abandoned after UK
shareholders objected.

Unilever said no jobs would be lost in the latest move, and its existing
headquarters in Britain and the Netherlands would stay where they were.

'Lacklustre sales'

"It's a big departure from the failed plans of 2018, when the group sought a
single listing in Amsterdam," said Sophie Lund-Yates, an analyst at
stockbroker Hargreaves Lansdown.

"Unilever's sales have been lacklustre of late, and the pursuit of a single
listing is Unilever's way of making sure it's in the best possible shape to
start the difficult process of rejuvenation."

However, she added that the "big question" was whether shareholders in the
Netherlands would try to block the plans, as their British counterparts did
in 2018.

Currently the two firms' shares are listed independently in London and
Amsterdam, with slightly more of the value of the joint enterprise held in
the Netherlands.

Shareholders object

This led to the original proposal of making it a Dutch firm, which some
speculated was linked to Brexit - claims the firm denied.

The news came as some banks said they planned to move assets and personnel
out of London ahead of the UK's exit from the European Union as they feared
losing access to EU markets.

Later in 2018, when it became clear that Unilever would lose its place in
the index of Britain's top 100 companies, the FTSE 100, UK shareholders
objected and the deal faltered.

The new structure will make it a legally simpler business under Unilever
PLC. The board will meet in London, whereas before it would alternate
between its two homes.

The company's unusual current structure comes from the merger 90 years ago
of soap maker Lever Brothers and Dutch spreads maker Margarine Unie. The
firms became Unilever PLC and Unilever NV.

Reports of the death of the City of London as the centre of European finance
appear to have been greatly exaggerated. Unilever's decision to end its
unusual two-country corporate structure after 90 years is, at its heart, a
triumph of money (the City) over politics (Brexit).

Unilever has been under pressure from shareholders to simplify its structure
for more than a decade. Many investors have thought the complexity cost
money, made it difficult to shed poorly performing divisions, or made the
company unattractive to potential suitors.

Two years ago, in the wake of a takeover approach from America's Kraft
Heinz, Unilever decided it would bow to pressure. It would move its
corporate headquarters to Rotterdam - the only problem being that the move
would mean it would have to be removed from the FTSE 100 index of the
largest companies listed in London. Shareholders were far from happy, and
quickly put a stop to the move.

Unilever has since continued with the simplification plan, and has arrived
at a predictable conclusion. The Dutch arm will be subsumed into the UK
entity, and the new parent company will be Unilever PLC. It remains to be
seen whether the government of Netherlands will try and overturn the
decision. For the moment, however, the power of the City has prevailed.--BBC

British Airways to sell art collection to raise cash

British Airways is selling some of its multi-million-pound art collection to
raise cash to help it through the coronavirus pandemic.

The collection includes art by Damien Hirst, Bridget Riley and Peter Doig,
with one work believed to have been valued at more than £1m.

It is understood at least 10 pieces have been identified for sale, although
exactly which ones is unclear.

BA has seen a collapse in air travel and is set to cut thousands of jobs.

Last week, BA boss Alex Cruz warned that the cash-strapped airline's
survival was at stake unless there was a drastic restructuring of the
business.

London's Evening Standard newspaper, which first reported news of the art
sell-off, said auction house Sotheby's had been brought in to arrange sales
as soon as possible.

Other works in BA's collection are pieces by Tracey Emin, Anish Kapoor and
Chris Ofili. The airline would not comment on the sale, nor identify which
works would go under the hammer.

However, the most valuable piece is believed to be by Bridget Riley and
worth, according to one source, "at least seven figures". It was bought many
years ago and has risen substantially in value.

Much of the collection was amassed with the help of London-based curators
Artwise, which worked with BA for 17 years until 2012 and bought more than
1,500 works for the airline.

'Admired collection'

Founders Susie Allen and Laura Culpan said in a statement to the BBC:
"Generally we purchased and commissioned works by artists early in their
careers, so during this time many of the works have grown in value -
although this was never the intention behind the collection."

It established BA as one of the big corporate supporters of contemporary
art. The works would rotate around BA offices globally, they said.

"We are of course very sad to see some of the key treasures from the BA art
collection being put up for auction - a collection which, in its day, was so
admired and was the first of its kind within the airline industry. However,
we do understand that these are unprecedented times," Artwise said.

Like most airlines, BA's finances have been hit by the grounding of aircraft
due to the virus lockdown. The airline proposes to make 12,000 staff
redundant, with more than 1,000 pilot roles at risk.

BA said it was acting now to protect as many jobs possible and insisted no
final decision had been made on the number of jobs to go.

Plans for job cuts have sparked a bitter row with unions, and BA has been
accused by some MPs of using the pandemic as an excuse to restructure the
airline.--BBC

Coronavirus pandemic set to cost Premier League clubs £1bn in 2019-20 -
Deloitte

Premier League clubs face a £1bn reduction in their revenues in 2019-20
because of the coronavirus pandemic, says financial services firm Deloitte.

The 20 English top-flight clubs had a combined revenue of more than £5bn for
the first time in 2018-19.

But this season has been on hold since March, and the 92 remaining matches
will be held behind closed doors.

And Deloitte's Dan Jones expects "significant revenue reduction and
operating losses" in European football.

Deloitte says £500m of the reduction for Premier League clubs - in rebates
to broadcasters and a loss of matchday revenue - will be "permanently lost",
with the remainder "deferred" until 2020-21 if this season and next are
completed.

Manchester United said last month that the pandemic had already cost them
£28m - but they expect the final figure to be far higher.

Key findings from Deloitte's annual review of football finance

·         The Premier League clubs' revenues rose to £5.2bn in 2018-19 - up
7% on the previous year.

·         The 'big five' European leagues (England, Spain, Italy, Germany
and France) generated a record £15bn in revenue - up 9%.

·         Premier League clubs' aggregate operating profits fell 5% to
£824m.

·         The 92 Premier League and Football League clubs generated a record
£6.2bn in revenue, and contributed £2.3bn in taxes to HMRC (2017-18:
£2.1bn).

·         Premier League clubs made combined pre-tax losses of £165m.

·         What is the picture in the Football League?

·         Aston Villa beat Derby County in the Championship play-off final
to become the third team to win promotion to the Premier League in 2018-19

·         Aston Villa beat Derby County in the Championship play-off final
to become the third team to win promotion to the Premier League in 2018-19

·         All three divisions of the English Football League - the
Championship, League One and League Two - achieved record revenues in
2018-19, topping a combined £1bn for the first time.

But Championship clubs lost a combined £300m, with a ratio of players' wages
to turnover of 107%.

Deloitte believes teams in the division should work to a salary cap of 70%
of revenue to ensure their survival.

Jones said: "You've got 107% of revenue going out on wages. You can see the
problem looming.

"A salary cap is a blunt instrument, but if you can only spend 70% of
revenue on salary, and applied that in 2018-19, you take £300m out of the
wage bill and wipe out the losses."

Bury - then in League One - were expelled by the EFL in August after a
takeover bid collapsed, but Jones says Leagues One and Two were
"systemically in a better place than 10 years previously" prior to the
coronavirus pandemic.

Both divisions' regular seasons have been brought to an early conclusion,
with the positions decided on a points-per-match basis, although the
promotion play-offs could still take place.

An EFL spokesman said: "The EFL has been consulting with its member clubs
for some time regarding potential changes to financial and sustainability
regulations with the aim of improving the current position in all three
divisions.

"These discussions, which commenced prior to the Covid-19 outbreak and have
continued throughout the crisis, have included reviews of the divisional
cost controls currently in place and the potential introduction of new
measures such as salary caps and squad size limits. Discussions with clubs
remain ongoing."

More findings from Deloitte's annual review of football finance

The 72 Football League clubs earned revenues of over £1bn for the first
time.

Championship clubs generated record combined revenues of £785m in 2018-19 -
a 5% increase from 2017-18.

The wages/revenue ratio of English Championship clubs increased to a record
107%.

League One clubs had their highest aggregate revenues (£191m) and League Two
matched its previous record (£91m).

--BBC

INVESTORS DIARY 2020

Company

Event

Venue

Date & Time

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.

(c) 2020 Web: <http:// www.bulls.co.zw >  www.bulls.co.zw Email:
<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
344 1674

Invest Wisely!

Bulls n Bears 

Telephone:      <tel:%2B263%204%202927658> +263 4 2927658

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:       <mailto:info at bulls.co.zw> info at bulls.co.zw  

Website:
<http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw&sa=D&sntz=1&usg=AF
QjCNH8LYgdY55h-XKseuM8Kpr-JKdfhQ> www.bulls.co.zw 

Blog:
<http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw%2Fblog&sa=D&sntz=1
&usg=AFQjCNFoIy6F9IXAiYnSoPSgWDYsr8Sqtw> www.bulls.co.zw/blog

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

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

Skype:         Bulls.Bears 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20200612/f996c284/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.jpg
Type: image/jpeg
Size: 30905 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20200612/f996c284/attachment-0005.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 35508 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20200612/f996c284/attachment-0006.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 33746 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20200612/f996c284/attachment-0007.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.jpg
Type: image/jpeg
Size: 31402 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20200612/f996c284/attachment-0008.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.jpg
Type: image/jpeg
Size: 4846 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20200612/f996c284/attachment-0009.jpg>