Major International Business Headlines Brief::: 04 November 2020

[Bulls n Bears]

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Major International Business Headlines Brief::: 04 November 2020

 


 

 


 <https://www.gemportal.co.zw/> 

 


 

 


ü  Financial markets rise ahead of US election

ü  Covid: Small shops 'more agile' than big ones in pandemic

ü  Pub plans eased as takeaway beer sales now allowed

ü  Jack Ma's Ant Group: World's biggest market debut suspended

ü  Walmart drops inventory robots from its stores

ü  John Lewis and Currys PC World extend hours ahead of lockdown

ü  Investors dig in for a long night after indecisive initial U.S. election results

ü  China slams the brakes on Ant Group's $37 billion listing

ü  Subaru raises profit outlook as U.S. market rebounds more than expected

ü  U.S. factory orders rise solidly; outlook uncertain

ü  Africa: Why Mobile Internet Is So Expensive in Some African Nations

ü  Nigeria: Amnesty Prioritised Stable Oil Production, Not Progress of Niger Delta - Report

ü  Nigeria's Debt Profile to Reach N38.68trn in 2021 - Govt

ü  Nigeria Requires $5bn for National Broadband Plan Says Official

ü  Kenya: Kirinyaga MCAs Pass Supplementary Budget

ü  Kenya: Farmers Urged to Ditch Unsafe Chemical Pesticides

ü  Mozambique: 100 Million Euro Grant From EU

ü  Seychelles: Seychellois Can Now Partner With Foreign Investors in Aquaculture Business Ventures

ü  Uganda Losing Taxes to Illegal Motorcycle Trade

ü  Malawi: Gwengwe Commends Cotton Investment Companies

ü  South Africa: Preparation Set to Drive Infrastructure SA Project

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Financial markets rise ahead of US election

Financial markets have risen for a second day in a row ahead of the US presidential election.

 

Uncertainty about the outcome of the race has weighed on share prices in recent weeks, adding to wider economic concerns.

 

But investors are hoping a clear winner will push Washington to refocus attention on passing economic aid to address the pandemic.

 

All three major US indexes closed higher, with the Dow up more than 2%.

 

The wider S&P 500 rose 1.7%, while the Nasdaq climbed almost 1.9%.

 

Earlier, European and Asian markets also advanced, with the London's FTSE 100 rising 2.3% - the biggest one-day rise in nearly two months.

 

"Investors don't like uncertainty, so regardless of who wins ... just getting past the hurdle of the election noise and the campaign and the rhetoric - that is kind of easing some investor minds as well," said Megan Horneman, director of portfolio strategy at investment firm Verdence Capital Advisors.

 

Many Wall Street analysts forecast a victory for Democrat Joe Biden over current president Donald Trump and expect Mr Biden's party to win additional seats in Congress.

 

National polls give a firm lead to Mr Biden, but the race is closer in those states that could decide the outcome.

 

A Democratic sweep is seen as increasing the likelihood of a generous coronavirus relief package - and would be likely to drive share prices higher, analysts at bank Wells Fargo wrote in a recent note.

 

Over the longer term, however, concerns about the cost and possibility of other policy changes could then bear down on prices, they warned.

 

"We expect stocks to rally on the prospects of a material fiscal stimulus package, but we do not want to stick around for the bill," they said.

 

They warned that other scenarios could lead to a "short sell-off", including if Mr Biden wins and Republicans maintain control the Senate or if Mr Trump wins and the balance of power in Congress remains unchanged. But shares are likely to recover, as such a gridlock might mean a more stable policy environment, they added.

 

In 2016, Mr Trump's surprise victory shocked markets and led to a dramatic sell-off in futures markets. But share prices soon rallied on the prospect of changes he had promised, including tax cuts.

 

The S&P 500, which tracks some of the biggest publicly listed companies in the US, is up about 55% since his 2016 win, despite falling sharply earlier this year at the onset of the pandemic.—BBC

 

 

 

Covid: Small shops 'more agile' than big ones in pandemic

Independent shops have been "more agile" and better at surviving Covid-19 than chain stores, data indicates.

 

Small independent firms on the High Street suffered a net decline of 1,833 stores in the first half of 2020, according to research by the Local Data Company (LDC) and accountancy firm PwC.

 

That was less than a third of the 6,001 chain stores lost, the LDC said.

 

However, the two sectors together saw the biggest decline seen in the first half of a year since its records began.

 

Lucy Stainton, head of retail and strategic partnerships at the LDC, said it had been "an immensely challenging few months for the retail and hospitality sector".

 

She said the independent market had fared better as those businesses had been "more agile, bringing in new product lines and offering food deliveries".

 

They also had a smaller cost base to cover during periods of little or no trade and had been able to take advantage of government support schemes.

 

chart

"However, as we continue through the year with various local lockdowns and restrictions, life will not get any easier for operators," she added.

 

"These figures mark only the first phase in the impact of the pandemic on the retail economy this year, with 20% of the market still temporarily shut and with more months of difficult trading conditions ahead."

 

Coronavirus drives shop closures to new record

During the period surveyed, there were 20,019 closures of independent shops and 18,186 openings.

 

That compares with 11,120 chain-store closures and 5,119 openings.

 

Put together, that gives 31,139 closures and a net decrease of 7,834 shops.

 

In percentage terms, the gap between big and small retailers is even greater, since 64% of the retail and leisure market is comprised of independent businesses, according to the LDC.

 

That means independent businesses declined by 0.54%, compared with 2.77% for the chain units.

 

The LDC and PwC have been analysing the changes in the top 500 shopping locations for the past decade.

 

The LDC said its latest surveys covered the January-to-August period, to compensate for a short time during lockdown when its researchers were unable to work.

 

However, it said that it had surveyed the same number of units as in a normal first-half period and that its figures were comparable to those of previous years.—BBC

 

 

 

Pub plans eased as takeaway beer sales now allowed

Pubs will be allowed to sell takeaway alcohol in a relaxation of planned lockdown rules in England.

 

Pre-ordered alcohol can be collected by customers as long as they do not enter the premises, legislation says.

 

They must order their drink via a website, phone or text message. Deliveries are also allowed.

 

Pub bosses hailed it as a small victory but said the rules should allow venues to sell drink in the same way as an off-licence.

 

Plans published at the weekend suggested that while restaurants could sell takeaway food, takeaway alcohol was to be banned.

 

"Takeaway alcohol from pubs if it is pre-ordered and customers don't enter the premises is movement, but still not anywhere near enough," said Emma McClarkin, chief executive of the British Beer & Pub Association.

 

"Supermarkets and off-licences can still sell alcohol, so this is grossly unfair on pubs with off-licences. It remains the case that to help pubs and brewers survive, and to stop up to 7.5 million pints from being wasted, the government needs to give pubs the same ability to sell off-licence alcohol as it did in the first lockdown."

 

'Common sense'

In the last lockdown, pubs in England had been allowed to sell takeaway pints and food, and were concerned that closure for a month would mean pouring millions of pints of ale down the drain as open kegs would go off.

 

"It is a welcome and helpful clarification that pubs and restaurants will be permitted to continue with off-licence sales of alcohol through delivery, as well as click and collect for pre-ordered sales," said Kate Nichols of lobby group UK Hospitality.

 

"This was a lifeline to many businesses in the first lockdown and it is good to see common sense prevail this time too - avoiding waste and providing a valuable community service - although we can see no reason why a pub could not operate as a retail outlet for pre-packaged food and drink as many did last time."

 

A government spokesperson said: "We recognise that these are extremely challenging circumstances for pubs and the hospitality industry. Public health and safety remains our number one priority and that is why pubs and other hospitality venues cannot serve alcohol on site to takeaway to prevent people from gathering outside their premises.

 

"However, they can sell alcohol as part of delivery services, including through click and collect, over the telephone and by other remote methods of ordering for collection, provided customers do not congregate as groups once they have picked up their order."—BBC

 

 

 

Jack Ma's Ant Group: World's biggest market debut suspended

The stock market debut by Chinese tech giant Ant Group has been abruptly halted.

 

Ant, backed by Jack Ma, billionaire founder of e-commerce platform Alibaba, was set to sell shares worth about $34.4bn (£26.5bn) on Thursday.

 

The listing in Shanghai and Hong Kong would have been the biggest stock market debut to date.

 

But Chinese authorities have cited "major issues" as the reason behind the eleventh hour suspension.

 

Ant runs Alipay, the main online payment system in China, which has eclipsed cash, cheques and credit cards.

 

Alibaba, which owns a third of Ant, saw it share price plunge 9.6% in Hong Kong trading on Wednesday.

 

This followed a 8.1% fall in New York on Tuesday after the suspension was announced.

 

This wiped nearly $76bn off Alibaba's value, more than double the amount Ant was planning to raise.

 

The Shanghai Stock Exchange said in a statement that Mr Ma had been called in for "supervisory interviews".

 

A change to the regulatory environment meant Ant no longer met "listing conditions or information disclosure requirements".

 

The Hong Kong exchange then reported that Ant had decided to suspend its planned listing.

 

Ant was due to sell about 11% of its shares across the two stock exchanges. But the pricing valued the whole business at about $313bn.

 

The previous largest debut was Saudi Aramco's $29.4bn float last December.

 

What was meant to be the world's biggest initial public offering has now been squashed by Chinese regulators.

 

In his prospectus letter, Ant's executive chairman, Eric Jing, had waxed lyrical about how the company is revolutionising the future of money.

 

Perhaps what he and Jack Ma - the billionaire founder of Alibaba and the largest controlling shareholder in Ant - didn't factor in is how ultimately, no matter revolutionary your business is, if it's operating in China, it still needs the blessing of Chinese regulators.

 

The firm's executives and Mr Ma were called in by Chinese authorities ostensibly for a discussion on regulating the sprawling fintech firm.

 

But media reports indicate the meeting may have also been an opportunity to address comments Mr Ma made at a fintech conference last month.

 

Mr Ma compared traditional banks to "pawn shops", lauding the merits of the digital banking system instead.

 

He said future lending decisions should be based on data, not collateral.

 

That is likely to have set off alarm bells for Chinese officials.

 

Ant collects vast amounts of data from its customers - data that the Chinese government doesn't have immediate access to, unless it asks for it.

 

China is extremely supportive of Chinese companies. It's a criticism levelled at it by other countries.

 

But in return, Beijing also expects a degree of control over Chinese companies that you wouldn't normally see in other countries.

 

Jack Ma's digital empire is increasingly veering outside that circle of control. Suspending this listing may serve as reminder of who really calls the shots.

 

Presentational grey line

"Ant Group sincerely apologises to you for any inconvenience caused by this development," the company said in a message to investors.

 

"We will properly handle the follow-up matters in accordance with applicable regulations of the two stock exchanges."—BBC

 

 

 

Walmart drops inventory robots from its stores

Retail giant Walmart has scrapped plans to use robots to keep track of its inventory.

 

The world's largest supermarket chain said it had ended its partnership with Bossa Nova Robotics, who made the roving robots.

 

The machines scan shelves to ensure all items are in stock and prices are accurate.

 

They are designed to help bricks-and-mortar stores compete with online retailers like Amazon and Alibaba.

 

The robots have been in use in Walmart stores since 2017 as it moved towards more automation.

 

“This was one idea we tried in roughly 500 stores just as we are trying other ideas in additional stores,” Walmart said in a statement.

 

Walmart, which recently sold Asda to the billionaire Issa brothers, said it would continue to experiment with new technologies in its stores.

 

The retail giant continues to use other robots in its stores, including autonomous floor scrubbers.

 

Missing inventory is a problem for retailers, because sales can be affected if shoppers cannot find a product on store shelves.

 

Online challenge

A precise inventory is also essential for Walmart’s increasingly popular pickup and delivery services.

 

The company posted a massive $137.7bn (£107bn) in revenue last quarter, driven higher by a 97% surge across its e-commerce platforms during Covid-19 restrictions.

 

With competition among retailers fierce, other companies have taken different approaches to automation.

 

Online retailers such as Amazon and Alibaba have tried to drive efficiency by using robots at their warehouses.

 

Amazon bought a robotics company in 2012 to drive efficiency in its fulfilment centres, where it now uses more than 200,000 robots.

 

Walmart’s bricks-and-mortar rival Target has been more reluctant to use robots in its stores, preferring instead for customers to interact with humans.—BBC

 

 

 

John Lewis and Currys PC World extend hours ahead of lockdown

John Lewis, Currys PC World and toy chain the Entertainer are among retailers that are extending their opening hours to meet a surge in demand ahead of the lockdown in England.

 

Hair salons are also opening later as all non-essential retailers prepare to shut for a month from Thursday.

 

It comes amid reports of queues outside stores such as Primark as people rush to do last-minute shopping.

 

Gary Grant, boss of the Entertainer, said it was "just like Christmas".

 

His 173 shops are extending their hours until 7pm or 8pm from 5.30pm and expect brisk trading right up until Wednesday night.

 

"When the closedown announcement was made on Saturday, the penny finally dropped for people that if you take away four of the eight weeks left before Christmas, it is going to make shopping quite hard," he told the BBC.

 

"Also there is concern toy retailers won't be able to meet the massive increase in online orders because of courier constraints."

 

Among the retailers changing their opening hours:

 

·         More than a quarter of John Lewis's 42 shops are extending their hours, including in Newcastle, Liverpool, London's Oxford Street and Peterborough.

·         Around 200 M&S stores are operating "slightly extended" trading hours.

·         Currys PC World is keeping most of its shops in England open until 8pm until Wednesday, with some larger stores open as late as 10pm.

·         "While we expect footfall to increase between now and Thursday, our extended opening hours will help ease the busy periods in store," said Mark Allsop, chief operating officer at Currys PC World.

 

‘We have 100 million toilet rolls standing by’

'We will have to throw our beer down the drain'

Since news of the second lockdown broke on Saturday, there have been queues outside shops in Birmingham, Norwich and Nottingham as people rush to make pre-lockdown purchases.

 

Shopper numbers were up 9% in the week to Saturday, said data company Springboard, although they remain far below pre-pandemic levels.

 

Last-minute bookings

"The first national lockdown saw a rise in spending in the days prior," said Kyle Monk, director of insights at the British Retail Consortium.

 

"We now expect many people to be picking up the items they desperately need before these shops are forced to close by government."

 

Long queues were seen minutes before a planned 21:00 GMT closing time at Ikea Tottenham in London on Tuesday. A member of staff told the BBC that the store would probably not close until 23:00.

 

It is not just retailers who are busy. Hairdresser chains such as Regis, Saks and KH Hair Salons are opening earlier and closing later as customers bring forward appointments.

 

Regis, which owns 56 salons, said it had seen a 30% rise in bookings since Saturday.

 

Restaurants and pubs are also reported to be seeing a surge in last-minute bookings, as hospitality businesses prepare to shut.

 

Bookings platform OpenTable said bookings on Sunday were up 11% from a year earlier, following weeks of subdued demand.—BBC

 

 

 

Investors dig in for a long night after indecisive initial U.S. election results

NEW YORK (Reuters) - Investors’ hopes for a decisive early read on the U.S. election were dampened after mixed initial voting results on Tuesday night, which also raised doubts about an easy route to a massive fiscal stimulus package.

 

Republican President Donald Trump was narrowly leading Democratic rival Joe Biden in the vital battleground state of Florida. Other competitive swing states that will help decide the election outcome, such as Georgia and North Carolina, remained up in the air.

 

“Right now, the early indications is this is closer than expected, and we may not have clarity by the end of tonight,” said Keith Lerner, chief market strategist at Truist/SunTrust Advisory in Atlanta.

 

U.S. stock market futures were choppy as election results rolled in. ESc1

 

Markets have been fixated in recent weeks on prospects for a massive fiscal relief stimulus to help the economy recover from the coronavirus pandemic that has killed more than 230,000 Americans.

 

A “Blue Wave” sweep that sees Biden win and Democrats capture the U.S. Senate has been seen as the surest path to a massive fiscal package.

 

“The market has been pretty dramatically reversing some of these Biden Blue Wave trades of the previous day,” said Alan Ruskin, chief international strategist at Deutsche Bank in New York. “If you look at the polls so far, it’s still pretty much up for grabs.”

 

Republican Senator Cory Gardner was defeated in Colorado, giving the Democrats their first victory in a dozen hotly contested Republican-held Senate seats.

 

Investors have said any outcome that denotes a clear victor - regardless of who wins - could stabilize markets, which have been wary that the race would be too close to call or contested, a situation seen as broadly negative for markets.

 

“That’s my biggest fear, that come inauguration day we don’t have a president,” said David Tawil, president of Maglan Capital in New York. “The one thing that all investors pray for is that in a short period of time there is an undisputed winner because anything other (than that) would be catastrophic.”-Lincoln Feast.

 

 

 

 

China slams the brakes on Ant Group's $37 billion listing

HONG KONG/NEW YORK (Reuters) - China suspended Ant Group’s $37 billion listing on Tuesday, thwarting the world’s largest stock market debut with just days to go in a dramatic blow to the financial technology firm founded by billionaire Jack Ma.

 

The Shanghai stock exchange said it had suspended the company’s initial public offering (IPO) on its tech-focused STAR Market, prompting Ant to also freeze the Hong Kong leg of its dual listing scheduled for Thursday.

 

This followed a meeting with China’s financial regulators on Monday during which Ma and his top executives were told that Ant’s lucrative online lending business would face tighter scrutiny, sources told Reuters.

 

The Shanghai bourse described Ant’s meeting with financial regulators as a “major event” which, along with a tougher regulatory environment, may cause Ant to be disqualified from listing.

 

In China, analysts interpreted the move as a slap down for Ma, who had wanted Ant to be treated as technology company rather than a highly regulated financial institution.

 

“The Communist Party has shown the tycoons who’s boss. Jack Ma might be the richest man in the world but that doesn’t mean a thing. This has gone from the deal of the century to the shock of the century,” Francis Lun, CEO of GEO Securities, said.

 

To revive its listing, Ant is trying to establish if it needs to disclose more information to the Shanghai exchange about its relationship with regulators, or if the bourse expects it to resolve all its issues with the regulators, which would take much longer, a person with knowledge of the matter said.

 

At an event last month attended by Chinese regulators, Ma said the financial and regulatory system stifled innovation and must be reformed to fuel growth. He also compared the Basel Committee of global banking regulators to “an old man’s club”.

 

Ant believes the public criticism put Ma in the crosshairs of regulators, the person said.

 

The suspension reverberated across markets. Alibaba Group Holding, which owns about a third of Ant, fell 9% in early U.S. trading, wiping nearly $76 billion off its value, more than double the amount Ant was planning to raise.

 

“This is a curve ball that has been thrown at us ... I don’t know what to say,” said one banker working on the IPO.

 

SHARPER SCRUTINY

With its unique business model and the absence of rivals in China or elsewhere, analysts say Ant has mainly thrived as a technology platform away from the banking sector’s regulations, despite its array of financial products.

 

 

 

Subaru raises profit outlook as U.S. market rebounds more than expected

TOKYO (Reuters) - Subaru Corp 7270.T raised its operating profit forecast on Wednesday by more than a third to 110 billion yen ($1.05 billion) because U.S. vehicle sales rebounded more than it expected after the coronavirus pandemic hurt demand.

 

Like other automakers, Subaru, which sells two-thirds of its cars in the United States, had to shutter vehicle factories earlier in the year as the coronavirus spread. Customers also stayed away from dealerships leading to a drop in production and sales.

 

The improved profit outlook by Japan’s No. 7 automaker compared with a previous prediction of 80 billion yen. It is 48% less than it posted in the year that ended March 31 and also less than an average estimate for a 114 billion yen annual profit compiled from 19 analysts polled by Refinitiv.

 

The maker of Outback and Forester sport-utility vehicle crossovers said last month it doesn’t expect the U.S. market to rebound to the 17 million vehicle level it had been at before the pandemic for two to three years.

 

In the three months to Sept. 30 Subaru posted an operating profit of 46.3 billion yen compared with a 2.6 billion yen profit a year ago.

 

($1 = 105.0900 yen)

 

 

 

U.S. factory orders rise solidly; outlook uncertain

WASHINGTON (Reuters) - New orders for U.S.-made goods increased solidly in September, but further gains could be limited amid an anticipated slowdown in consumer spending as government money for businesses and workers impacted by the COVID-19 pandemic runs out.

 

The Commerce Department said on Tuesday that factory orders rose 1.1% after climbing 0.6% in August. Orders were boosted by increased demand for primary metals, computers and electronic products as well as motor vehicles and fabricated metal products. But orders for machinery, furniture and electrical equipment, appliances and components fell.

 

Economists polled by Reuters had forecast factory orders would rise 1.0% in September.

 

Manufacturing, which accounts for 11.3% of U.S. economic activity, has been boosted by a shift in spending from services toward goods as Americans set up home offices and remote classrooms and avoid public transportation because of the coronavirus.

 

A survey on Monday from the Institute for Supply Management on Monday showed its measure of national factory activity raced to its highest level in nearly two years in October, with new orders surging to their highest level in almost 17 years.

 

But the strong manufacturing sentiment likely overstates the health of the sector. A report from the Federal Reserve last month showed production at factories dropped 0.3% in September and remained 6.4% below its pre-pandemic level.

 

Stocks on Wall Street were trading higher as investors bet Democratic presidential nominee Joe Biden would beat President Donald Trump in Tuesday's bitterly contested election. The dollar .DXY fell against a basket of currencies. U.S. Treasury prices were lower.

 

More than $3 trillion in government pandemic relief juiced economic growth last quarter, with nearly all segments rebounding strongly, with the exception of government spending and business investment in intellectual property products and nonresidential structures like gas and oil well drilling.

 

The economy grew at a historic 33.1% annualized rate in the July-September period. That followed a record 31.4% pace of contraction in the second quarter. Output remains 3.5% below its level at the end of 2019. There is no deal in sight for another round of fiscal stimulus.

 

Unfilled orders at factories fell 0.2% in September after declining 0.6% in August. Inventories at factories were unchanged for a second straight month, while shipments of manufactured goods rose 0.3%.

 

The government also reported that orders for non-defense capital goods excluding aircraft, which are seen as a measure of business spending plans on equipment, increased 1.0% in September, as reported last month.

 

Shipments of core capital goods, which are used to calculate business equipment spending in the GDP report, rose 0.5%. They were previously reported to have gained 0.3%.

 

Business spending on equipment rebounded at a 70.1% rate in the third quarter, ending five straight quarters of decline.

 

 

 

Africa: Why Mobile Internet Is So Expensive in Some African Nations

In Malawi, people have been paying around 87% of gross national income per capita for 1GB of mobile data. Rwandans only pay 2%. DW examines the reasons for this huge price discrepancy.

 

The smartphone and the internet play the same crucial role for Tabu Kitta as they do for most Africans in their 30s:

 

"Everything I do revolves around using the Internet. I make calls mostly using the internet. I text mostly using the internet. On a good day, I watch videos online," Kitta told DW.

 

There are days, however, when businesswoman and press officer Kitta has to do without the internet. Malawi has the most expensive mobile internet rates in Africa.

"On a good day, I spend about three dollars for a one-day data bundle," she said. But she can't always afford it.

 

Kitta estimates that she spends a total of about $70 (€56) a month to go online. "The prices for mobile data are indeed a challenge for many Malawians."

 

Only in America is mobile data more expensive

 

The costs are a challenge for most Africans. On average, African providers charge $3.30 per gigabyte, as shown by a worldwide survey by British provider Cable UK. Only the American continent has higher prices.

 

"Since incomes in Africa are low and the price of mobile prices are generally quite high, if people express that in a ratio, the difference becomes even bigger," Martin Schaaper from the United Nations agency International Telecom Union (ITU) told DW, whose team regularly analyses developments in the telecommunications market. By that measure, prices in Africa are thus much higher than in other parts of the world, and especially compared to industrialized countries, he explained.

The tendency is nevertheless for a positive adjustment. "It's getting more affordable in most parts of Africa, especially if you look at the price of data in comparison to gross national income per capita," Schaaper said.

 

Malawi's extremes

 

Malawi is an extreme example for inflated prices. One gigabyte of mobile data here costs an average of $27.41, according to Cable UK. The United Nations recommends that this amount of data should cost no more than 2% of gross national income per capita. In Malawi the equivalent cost is 87%.

 

Benin and Chad's pricing also diverges significantly from the UN recommendation. There too, mobile internet is many times more expensive than would be appropriate in view of the country's economic power.

 

Many reasons for high prices

 

A major cost factor for providers is the infrastructure: "They had to upgrade from 2G to 3G to 4G and now 5G," said UN telecommunications expert Schaaper. "This calls for constant investment, which has to be refinanced. What is more, in Africa many regions are difficult to access -- it is particularly expensive to set up infrastructure there."

 

Schaaper quotes the low number of competitors in the market as another important factor: "If there are only one or two providers in a country, they have little incentive to lower prices," he said.

 

A third factor is much more difficult to prove with data: mobile phone prices also depend on the policies of the individual country: "Is the government willing to help providers? Is the government willing to make access more affordable to the general public and help cover remote areas? And this changes from country to country," said Martin Schaaper.

 

Ethiopia is an exception because its mobile telephony is in public hands. No private sector competition to the state-owned "Ethiotelecom" is allowed.

 

Who are the providers?

 

Much depends on who the provider is. Because the languages of the former colonial powers are widely spoken in Africa, it was easy for European companies like Vodafone, Orange and Altice Portugal or the Indian Airtel to conquer the markets. In the meantime, however, large African providers -- such as MTN from Nigeria or Telkom from South Africa -- have also established themselves in many countries of the continent.

 

"It is clear that they [big, multinational providers] have an advantage," Schaaper said: "They have the knowledge, the personnel infrastructure, they know about pricing." A negative consequence is that they have no difficulties displacing smaller, local competitors: "Of course, this has a negative effect on prices," Schaaper said. In addition, there are competition restrictions in countries that favor state-owned companies.

 

Hope for improvement in Malawi

 

In August, the government of Malawi announced a first step to revive the market. President Lazarus Chakwera intends to issue a license to a third party operator alongside Airtel Malawi and TNM. This is linked to the hope that mobile data will finally become more affordable. People like Tabu Kitta will then no longer have to think about whether they can allow themselves to use a smartphone any time they need to.-German.

 

 

 

Nigeria: Amnesty Prioritised Stable Oil Production, Not Progress of Niger Delta - Report

Nigeria's Presidential Amnesty Programme (PAP) created in 2009 by the government of late President Umaru Yar'Adua was not meant to fix the socio-economic and environmental difficulties faced by people living in the oil-bearing Niger Delta region, but chiefly to restore oil production which declined from militants' interruption of activities in oil fields there, a new report has disclosed.

 

Now in its 10th year with huge sums of money reportedly put in its implementation, the report 'Assessment of the Presidential Amnesty Programme (PAP)' published by the Nigerian Natural Resource Charter (NNRC) and Nextier SPD (Security, Peace and Development) noted that the amnesty programme now suffers from elite capture, corruption and accountability deficit.

 

It called for its wind-down by the government, or transition into social and community-based programmes within the ministries of the federal and state governments, as well as independent programme for young Nigerians.

 

The report, however, warned that this could be resisted by key beneficiaries of the programme's weak governance framework but insisted that the government would have limited financial strength to continue to fund it with current situations in the global oil market.

 

Obtained by THISDAY, it reiterated that the region from where most of Nigeria's oil is extracted is marred by youth unemployment, environmental degradation and other forms of socio-economic and political deprivations which are major security threats to lives, livelihoods, environment and critical oil infrastructure.

 

It also noted that at the peak of the crisis in 2009 which birthed the programme, Nigeria's oil production dropped to as low as 700,000 barrels per day (bpd) from the previous production level of 2.2 million barrels a day (mbd).

 

The country, it explained, lost about N8.7 billion or $58 million daily from the crisis, but that the initiation of the programme, "was designed to restore oil production to pre-amnesty level and reducing the scale of insecurity in the region."

 

"Part of its provision is to support ex-militants with monthly stipends, as well as providing vocational and university education as part of its Disarmament, Demobilisation and Reintegration (DDR) process.

 

"PAP has now existed for more than 10 years, well beyond the planned five years, with its objectives not fulfilled and no end in sight. The programme's budget is becoming too heavy and unsustainable in light of competing priorities for the government.

 

"This coupled with issues of lack transparency, corruption, nepotism, patrimonialism and exclusionism have trailed the existence of the PAP," it added.

 

The report explained that the PAP has recorded some successes including helping to mitigate tension and insecurity in the region but has been largely mismanaged.

 

"The payment of the monthly N65, 000 to ex-agitators, while ensuring some stability in the region has had the unintended consequence of making some beneficiaries bigger than their communities, ultimately upending some traditional mores.

 

"Another troubling aspect revolves around the maintenance of the list of 30,000 beneficiaries, which has been seemingly compromised through the direct control of the ex-generals of the various groups," it said.

 

While reviewing its efficiency, the report said, "it is obvious that the root causes of the conflict such as marginalisation, corruption, youth unemployment, poverty, environmental degradation are still visible and largely unaddressed.

 

"The PAP appears to have rewarded criminality, militancy and aggressiveness while being unable to address the underlying causes that gave birth to the militancy in the first place."

 

It further noted that despite its well-funded profile, its cost-efficiency has deteriorated as juicy contracts are handed to influential Nigerian elites. It added that the National Assembly which is equally legally duty-bound to oversight its activities have turned a blind eye to the maladministration of PAP.-This Day.

 

 

 

Nigeria's Debt Profile to Reach N38.68trn in 2021 - Govt

The Federal Government of Nigeria says Nigeria's public debt stock is projected to rise to N38.68 trillion by December 31, 2021.

 

The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this on Tuesday when she appeared before the Senate Committee on Local and Foreign Debts.

 

Daily Trust reports that the federal government planned to borrow N4.28 trillion from domestic and foreign sources to finance 2021 budget deficit of N5.20 trillion, which represents 3.64 percent of estimated GDP.

 

The minister said the total debts, comprising domestic and foreign borrowings of the federal and state governments and the FCT, stood at N31.01 trillion as at June 30, 2020.

 

According to her, the country's debt profile was N27.4 trillion in December 2019.

 

She added that based on existing approvals, the debt is projected to rise to N32.5 trillion in December 31, 2020 and N38.68 trillion in December 31, 2021.

 

The minister, however, said the federal government had not defaulted in the repayment of its loans.

 

"We have been meeting all our local and foreign obligations as and when due.

 

"We have never defaulted in any debt service," she added.-Daily Trust.

 

 

Nigeria Requires $5bn for National Broadband Plan Says Official

Malam Ubale Maska,Chairman, Broadband Implementation Steering Committee (BISC), says about 5 billion dollars is required for the implementation of the Nigeria National Broadband Plan (NNBP) 2020-2025.

 

Maska, represented by Dr Usman Abdullahi, said this at the maiden Stakeholders Consultation meeting with Industry Players on the implementation of the plan, on Tuesday in Abuja.

 

"The plan itself can be achieved at the cost of between 3.5billion dollars and 5 billion dollars.

 

"We have several options and none is defined yet; we hope to raise something from the government. But as you can see government has its hands full.

"There are conflicting demands; we don't know if that will happen. But the infrastructure funds that the Central Bank of Nigeria is floating is another source," he said.

 

Maska said that the event was to present to the industry players, the details of the provisions of the new NNBP 2020 -2025 with expected questions, comments, observations and feedback.

 

He said that it was also to present the key provisions of the plan, which were the set targets, pillars and recommended initiatives among others.

 

"I am very positive that discussions here will immensely help in improving our collaborative efforts and actions aimed at accelerating innovations, industrial growth and sustainable development of the telecommunications sector and the Nigerian digital economy in general," he said.

 

NCC Executive Vice Chairman, Prof. Umar Danbatta restated the commission's commitment towards successful implementation of the plan.

 

Represented by Malam Ubale Maska, Danbatta said that 30 per cent broadband target set in the previous plan of 2013-2018 was met and surpassed due to collective efforts of the industry players.

 

He said that some targets were not met in the previous plan due to various challenges that were being addressed as a continuum.

 

According to him, the importance of broadband to our Gross Domestic Product(GDP),socio-economic development, and most specially the Digital Economy, cannot be overemphasised.

 

He, therefore, urged the industry players to in their usual manner commit to the attainment of the set goals of NNBP 2020-2025.(NAN)-Vanguard.

 

 

 

Kenya: Kirinyaga MCAs Pass Supplementary Budget

Members of the Kirinyaga County Assembly on Tuesday passed a supplementary budget worth Sh6.7 billion for the 2020/21 financial year nearly a month after they declared ceasefire with Governor Anne Waiguru.

 

The MCAs and the Ms Waiguru had been at loggerheads since last year, making it difficult to pass the budget but recently they buried their hatchet and resolved to work together for the development of the region.

 

Among the gainers in the estimates are health, roads and infrastructure, youth and culture departments which will receive a total Sh556 million, Sh323 million and 41million respectively for development programs.

 

The MCAs also allocated Sh90 million for bursary and Sh220 million for ward development. Local revenue target for the executive has been set at Sh405 million.

 

The budget now awaits assent by the governor before commencement of implementation by the executive.

 

Mr Baptista Kanga, a ward representative, said he and his colleagues unanimously agreed to pass the budget so that all development projects which had stalled can be revived and needy students can have fees.

 

"We want to see to it that development in all sectors of the economy takes place for the benefits of our people who had been suffering due to lack of quality services," he added.

 

The MCAs assured the residents that they will now receive quality services following the endorsement of the budget.- Nation.

 

 

 

Kenya: Farmers Urged to Ditch Unsafe Chemical Pesticides

The dangerous implications of chemical pesticides to public and environmental health have been a cause of concern.

 

There have also been concerns about health risks posed by pesticide residues in food as pesticides can persist in the environment for decades and pose a threat to the entire ecological system.

 

Experts also say excessive use and misuse of pesticides pollutes water resources, causing loss of biodiversity, and further compromising the safety of food.

 

It is for this reason that the Kenya Agricultural and Livestock Research Organisation (KALRO) is promoting the use of non-chemical pest-fighting measures to shield consumers from excessive chemical residues in food and protect the environment.

These include the use of organic pest control methods such as neem leaf sprays and sound agricultural practices like rotating crops with others not of the same family.

 

According to KALRO scientists Violet Kirigua and Agnes Ndegwa, besides excessive chemicals being a danger to human health, they also eat into farmers' working profits and are a demotivator, therefore, threatening food security.

 

Speaking at Murinduko area in Kirinyaga County, the two said they are working towards a situation where use of chemical pest control will be a last resort after bio-friendly measures are found to have failed.

 

They spoke as they took a group of 60 farmers, agriculture extension officers and agrovet operators through a tomato demonstration farm after a week's training on how to get higher value from the tomato value chain.

 

 

The 60 farmers and officers from Kajiado, Mandera and Garissa will be expected to teach their fellow farmers on the best methods of managing their tomato crop, including how to get more value from the tomato fruit.

 

Through a petition in the Kenyan Parliament, environmental and health organisations have demanded stricter pesticide controls and the withdrawal of harmful active ingredients.

 

The training is among several being held by KALRO and county governments' departments of agriculture under the World Bank-funded Kenya Smart Climate Agriculture Project (KSCAP).

 

The project focuses on sharing out the latest innovations, technologies and management practices in farming that lead to climate-smart agriculture.

 

The methods being used are expected to increase productivity, enhance farmers' resilience and reduce greenhouse emissions.

 

A farmer, Gabow Hassan Aden from Garissa, said farming in the hot semi-arid region has been fraught with a myriad of challenges that include lack of seeds specially developed for such hot areas

 

He added that their crop also tends to earn low prices during peak production seasons, saying the value addition techniques they learned during the training will help them make money from produce that would otherwise go to waste due to abundance in the market.-Nation.

 

 

 

Mozambique: 100 Million Euro Grant From EU

Maputo — The European Union has pledged 100 million euros (about 117 million US dollars) in support for the Mozambican state budget for the next two years.

 

The money is intended for education, health and social welfare, including the activities under way to block the spread of the Covid-19 respiratory disease.

 

50 million euros of this support will be disbursed this year, and the remaining 50 million euros in 2021.

 

This agreement was signed in Maputo on Monday by Mozambican Foreign Minister Veronica Macamo and by the EU ambassador to Mozambique, António Sanchez-Benedito Gaspar.

"This is direct budget support based on a strong spirit of partnership, alignment and trust", said Gaspar. "It is specific budget support focused on the consequences of the socio-economic impacts of Covid-19".

 

He admitted that this is not "direct budget support" in the sense that this form of aid is normally understood, in that it has "very different characteristics" from the aid which the EU channelled to the state budget in the past.

 

Up until early 2016, a group of 16 donors, including the EU, provided direct budget support to Mozambique, with no strings attached, but under a Memorandum of Understanding. That support came to an abrupt halt in April 2016, when the extent of the Mozambican government's indebtedness became public knowledge.

 

In violation of the Memorandum of Understanding, of the budget law, and of the Mozambican constitution itself, the government of the then President, Armando Guebuza, illicitly guaranteed loans of over two billion US dollars from the banks Credit Suisse and VTB of Russia to three fraudulent, security-linked companies, Pro-indicus, Ematum (Mozambique Tuna Company) and MAM (Mozambique Asset Management).

Since the companies were all effectively bankrupt, and had no way of repaying the loans, the Mozambican state became liable, and the illegal loan guarantees added dramatically to the country's foreign debt. When the scale of the scandal became public knowledge, the International Monetary Fund (IMF) suspended its programme with Mozambique, and all the donors providing direct budget support suspended their disbursements.

 

Gaspar said "We in the European Union continue to believe in the measures, in the efforts that are being made by Mozambique", and regarded Mozambique as a partner in pursuing the UN's Sustainable Development Goals.

He added that the 100 million euro grant will be accompanied by control mechanisms strengthening transparency in the management of public assets.

 

Turning to the attacks by islamist terrorists in the northern province of Cabo Delgado, Gaspar said the EU is working with the government's Integrated Northern Development Agency (ADIN) to design specific parcels of aid for the struggle against terrorism.

 

"In the context of security, we are jointly looking at the concrete areas where aid can go to strengthen the country's capacities", he said.

 

For her part, Veronica Macamo said "we believe our cooperation will be strengthened so as to mitigate the suffering of Mozambicans in Cabo Delgado, which results from the actions of terrorist groups".

 

She added that the EU's support favours setting up the necessary conditions for speedily improving the health conditions in schools, particularly primary schools.

 

The EU grant, Macamo added, will also boost protection for households in a situation of vulnerability, as well as continual access to basic health services.

 

 

 

Seychelles: Seychellois Can Now Partner With Foreign Investors in Aquaculture Business Ventures

Seychellois entrepreneurs who want to venture into aquaculture locally can now partner with foreigners as long as the citizen of the island nation holds at least 51 percent share of the business, said a fisheries officer.

 

The principal aquaculture officer at the Seychelles Fishing Authority, Aubrey Lesperance, told SNA recently that he and his team have relooked at the initial decision to reserve certain aquacultural zones strictly for Seychellois.

 

"We realised that we couldn't restrict local operators as aquaculture is not something that many people know about at the moment. We relaxed the regulation with regards to joint ventures when a partnership is established with foreigners. There are certain zones by the coast zero to two kilometres offshore that had been reserved for Seychellois only. We then realised that if we limit this, it will prevent them from getting the capacity that will help them launch their business," said Lesperance.

 

 

He added that as long as a Seychellois has a 51 percent share in the business, they can partner with foreigners.

 

"Other zones further out at sea will require more investments and infrastructures and we envision that foreign companies will venture into them better. We need to look at how we can bring foreign direct investment into our economy," continued Lesperance.

 

The broad term 'aquaculture' refers to the breeding, rearing, and harvesting of animals and plants in all types of water environments including ponds, rivers, lakes, and the ocean.

Aquaculture is managed and regulated by SFA, however, for the past 30 years there were no regulations governing this sector. In the fisheries act that governs both regulations, there was just a small part on aquaculture and for the past years, the authority has been working on such a regulation.

 

The final draft of the regulation for aquaculture which was approved in September by the Cabinet of Ministers is at the Attorney General's office where slight changes are being made. Following the completion of this work and approval of Cabinet of Ministers, the document will be signed by the fisheries ministers and gazetted.

 

Once the regulation comes into force in Seychelles, an archipelago in the western Indian Ocean, SFA will formally launch the industry and the public will get instructions on how to apply. No date has been given as there are still many uncertainties as a result of the COVID-19 pandemic in terms of investment for entrepreneurs.

 

"There are more than 15 individuals who have shown interest in aquaculture. We are not taking any formal application at the moment as it is the regulation that will give SFA the power and mandate to start processing the applications so that they can have a license to operate," said Lesperance.

 

A committee will look at applications when the regulation comes into force.

 

In the next five years, SFA will follow the industry closely. The government will evaluate the number of investors and operators in the industry and once the licence cap is reached, it will be decided if the number of licenses will increase or not.-Seychelles News Agency.

 

 

 

Uganda Losing Taxes to Illegal Motorcycle Trade

Uganda is grappling with rampant smuggling of motorcycles from the Democratic Republic of Congo; the motorcycles are brought in through illegal routes on Lake Albert.

 

The illegal trade sees several motorcycles enter Uganda through the districts that border Lake Albert which include Hoima, Buliisa, Kagadi, and Kikuube. This trade is affecting the tax collection.

 

Mr. Silas Kayumba, the head of Hoima-Uganda Revenue Authority (URA) substation that covers Midwestern Uganda says over 20 motorcycles are illegally shipped and sold in Uganda on a monthly basis in Midwestern Uganda which covers seven districts.

In an interview, Mr. Kayumba says "Several motorcycles are shipped into the country illegally and over 20 illegal motorcycles are impounded on a monthly basis. If we had enough manpower, we would be impounding several motorcycles in the region."

 

Kayumba adds: "We charge import duty and registration fees and when a motorcycle is smuggled, the government loses between Shs500,000 and Shs800,000 depending on the value of the motorcycle."

 

The commonly smuggled motorcycles include the Chinese made Senke SK 125CC which are transported across the lake from Eastern Democratic Republic of Congo by a racket of dealers to several landing sites in the districts of Hoima, Kagadi, and Kikuube.

 

"We get reports of smuggling and we are in the field and we are impounding motorcycles. When a motorcycle is legally shipped in a country through a gazzetted entry point, it should get a registration number with Uganda Revenue Authority," Kayumba says.

On October 21, Kayumba led an operation in which several unregistered numberless motorcycles which are suspected to have been smuggled from DR Congo were impounded in Kakumiro and other areas. The illegal trade of these motorcycles, Kayumba states, poses "a security threat because they have no registration numbers and they can also be used in committing crimes without a trace." Also, he adds, "Smuggling hinders other businesses that are in genuine trade and the government loses a lot of money in the form of taxes."

 

Motorcycles are the most common and cheap means of transport for agriculture produce, trade merchandise and passengers because of their capacity to manoeuvre their way through on bad local feeder roads.

 

According to a 2016 report by Tralac (Trade Law Centre), a public benefit organisation based in the Western Cape region of South Africa, Uganda was losing ($34,640) Shs120 million per month in motorcycles smuggled into Uganda at Mpondwe border town of Kasese.

Motorcycles are among several relatively high-value items that are smuggled into Uganda to avoid duties including import duty. Others are gold, cosmetics, and cigarettes.

 

The annual Performance Report of 2018 jointly authored by Action Aid and Civil Society Budget Advocacy Group (CSBAG), both civil society entities that have been involved in fighting illicit financial flows, states: "... more than $3,240,000 which is Shs11.8 billion flows out of Uganda annually as smuggling is aided by some of the corrupt border officials fuelling this phenomenon", referring to Uganda's loss to Illicit Financial Flows IFFs.

 

Mr. Junior Katusabe, a community development officer who formerly worked at Kamina landing site on Lake Albert in Kagadi District says motorcycles are smuggled through porous entry points which have no security presence and URA enforcement authorities to provide regular checks.

 

He says, "Before a motorcycle is shipped in, a broker seals a deal with an intending buyer and then links up with the smugglers from DR Congo who are most of the time armed with deadly weapons. The motorcycles in smaller numbers are then shipped in at night through ungazzetted water routes and landing sites, locally known as panya."

 

He adds that transactions in the illicitly shipped motorcycles are hard to record or track as they are done informally by individual elements with hardly any trace. The sellers receive money via mobile money from buyers or local dealers.

 

In the 2011/2012 financial year, URA decided to give a 10 percent cash reward of the tax recovered on smuggled goods.

 

The Albertine Police spokesperson, Mr. Allan Hakiza says that marine police while working with sister security agencies like Uganda Peoples Defense Forces have been able to clamp down on illegal cross-border movements which are resulting from civil unrest in the eastern parts of the DR Congo.

 

"Illegal trade is being facilitated by illegal cross-border movements on the lake. However, we have been able to heighten deployment of marine protection," Hakiza says.

 

According to Social Science in Humanitarian Action 2018 report, Uganda-DRC cross-border dynamics says much trade occurs outside the legal framework of official border crossings, but lines between 'formal' and 'informal' trade are blurred and there is a high degree of interaction across the sectors.

 

This story was written as part of Wealth of Nations, a media skills development programme run by the Thomson Reuters Foundation in partnership with The African Centre for Media Excellence.-Monitor.

 

 

 

Malawi: Gwengwe Commends Cotton Investment Companies

Salima — Minister of Trade, Sosten Gwengwe says he is impressed with the contribution cotton investment companies are making to boost the cotton industry in the country.

 

Gwengwe made the remarks on Saturday when he visited the China-Africa Textile Company in Salima to appreciate the work the company is carrying out in the domestic market and also to address challenges the company is currently facing.

 

In an interview with Malawi News Agency (MANA), Gwengwe said companies such as China-Africa Textile Company have huge potential to boost the country's economy.

 

 

"The availability of markets and good prices motivate farmers to grow more cotton, therefore, the presence of this company will encourage more farmers to venture into growing cotton as they will know that there is readily available market in the country," said Gwengwe.

 

General Manager for China-Africa Textile Company, Huang Hai, said the company is facing a lot of challenges such as power blackouts and shortage of cotton lint in the country.

 

Hai said the company demands 20 000 metric tonnes of cotton lint per year, of which farmers provide only 10 000 metric tonnes, thereby affecting production.

 

He also complained that besides affecting economic trends, COVID-19 pandemic has affected the company's production and the purchase of the cash crop from local farmers this year.

 

To avert shortage of cotton, Gwengwe earlier advised Malawians to prioritise on feeding the local industries with raw materials so that they should be able to add value to the products before exporting them.-Malawi News Agency.

 

 

 

South Africa: Preparation Set to Drive Infrastructure SA Project

President Cyril Ramaphosa has highlighted preparation - through the Infrastructure South Africa (ISA) project preparation roundtable - as the key to unlock South Africa's post COVID-19 economic recovery.

 

"This roundtable is the beginning of a more dedicated and structured approach to project preparation. It paves the way for greater private sector participation in this crucial stage of the project life-cycle. The South African government is committed to financing project preparation," he said.

 

The President delivered the opening address at the ISA project preparation roundtable at the Gallagher Convention Centre in Midrand on Tuesday.

The ISA project preparation roundtable aligns with the first priority President Ramaphosa presented last month at the joint sitting of Parliament on the South African Economic Reconstruction and Recovery Plan.

 

The Economic Reconstruction and Recovery Plan outlines an aggressive infrastructure programme, far reaching reforms to increase competitiveness and inclusiveness, measures to catalyse industrialisation, relief for vulnerable households and individuals, and a public investment in employment programmes.

 

This plan, which is underpinned by the agreements between social partners, outlines key interventions to kick-start the country's economy.

 

Among other things, we are prioritising economic reforms to unlock investment and growth, fighting crime and corruption, driving industrialisation with a focus on growing small businesses, improving the capability of the state, and creating jobs through mass public employment programmes.

 

 

Another key priority intervention for government is to promote aggressive infrastructure investment and unlock R1 trillion over the next four years in infrastructure investment through the recently operationalised Infrastructure Fund.

 

In a bid to secure funding for the Reconstruction and Recovery Plan, the President emphasised project preparation as a necessary tool to unlock private sector funding and high impact capital funding.

 

According to the Global Infrastructure Hub, infrastructure project preparation costs in developing countries can range from 5 to 10% of the total project investment, with African governments covering most of these costs.

 

This is compared to the 3 to 5% of project costs in developed countries, where project funds and facilities are willing to take the risks to fund projects.

 

 

"Clearly, there needs to be more coordinated engagement between governments and the private sector and other players in the infrastructure financing space.

 

"In addition to bolstering project preparation, we are working on introducing innovative project financing instruments such as green infrastructure bonds, project bonds and performance bonds," said the President.

 

The recent establishment of ISA is also set to go a long way towards streamlining the preparation and implementation process.

 

"It is a step towards creating an enabling environment for financiers and a one-stop shop where projects can be unlocked," said the President.

 

Through ISA, government will invest in building state capacity in the areas of project technical and financial engineering skills.

 

"Despite the daunting challenges we face, the post COVID-19 reconstruction and recovery phase is alive with possibility.

 

"For South Africa, it is an opportunity to establish ourselves as an investment destination of choice, with a ready and able workforce," said the President.-SAnews.gov.za.

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2020

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


Afdis

AGM

virtual

13/11/2020 | 12:20pm

 


Zimbabwe

National Unity Day

Zimbabwe

22/12/2020

 


 

Christmas Day

 

25/12/2020

 


 

Boxing Day

 

26/12/2020

 


 

New Year’s Day

 

01/01/2021

 


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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