Major International Business Headlines Brief::: 24 November 2020

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Major International Business Headlines Brief::: 24 November 2020

 


 

 


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ü  Coronavirus: Retail workers 'scared' as cases surge

ü  Janet Yellen: Biden to pick 'first female treasury secretary'

ü  Covid-19: World's top latex glove maker shuts factories

ü  Covid: Vaccination will be required to fly, says Qantas chief

ü  Covid-19: China pushes for QR code based global travel system

ü  Sunak begins planning for a post-Covid economy

ü  Stocks rise as Biden transition, vaccine progress lift confidence

ü  Fed's Evans sees no rate hikes until late 2023, maybe 2024

ü  GM hits reverse on Trump effort to bar California emissions rules

ü  Bitcoin at $100,000 in 2021? Outrageous to some, a no-brainer for backers

ü  Tanzania: Govt Urged to Make Policies That Support Rural Woman Farmers

ü  Kenya: Covid-19 Invades Banks, Slows Down Earnings

ü  Nigerian Economic Summit to Discuss 'Partnerships for Resilient Economy'

ü  Botswana: Young Farmers Enthusiasm Impressive

ü  Uganda: Austerity Slows Deals at Ugandan Bourse

ü  Nigeria Weaning Itself Off Oil in Five-Year Plan to Rescue Economy 

 

 

 

 

 

 

 

 

 

 

 

 

 


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Coronavirus: Retail workers 'scared' as cases surge

Labour activists in the US say big retailers like Amazon and Walmart must do
more to protect workers as surging coronavirus cases coincide with the
holiday shopping rush.

 

They are calling for hazard pay, paid sick leave and better communication
about outbreaks, among other things.

 

The campaign comes as workers across the US have spoken out about condition
and concerns over their health.

 

"Associates like me are scared," said Walmart worker Melissa Love.

 

The workers rights campaign launched on Monday was organised by United for
Respect, a workers rights non-profit that says it represents more than 16
million people across the US.

 

Separately, the labour union UFCW, whose members include grocery and
meatpacking plant workers, also called on employers to do more to protect
staff.

 

"Simply put, frontline workers are terrified because their employers and our
elected leaders are not doing enough to protect them and stop the spread of
this virus," UFCW International President Marc Perrone said.

 

"As holiday shopping begins this Thanksgiving, we are already seeing a huge
surge of customer traffic. Unless we take immediate actions beginning this
holiday week, many more essential workers will become sick and more,
tragically, will die."

 

Ms Love, a member of United for Respect who has worked at Walmart for five
years, said on a call organised for reporters that she feared a rush of
holiday shoppers could turn Walmart into a "super-spreader" hub.

 

"Working Black Friday this year comes with an obvious danger," said Ms Love,
who is based in California. "I do not believe Walmart should be trying to
entice crowds into our stores on Friday and risk a super-spreader event."

 

Courtenay Brown, another member of the group, who picks groceries for
Amazon, said the company has had to send out repeated notifications in
recent days about infected staff. Amazon had boosted pay for frontline staff
by $2 (£1.50) an hour, but that policy ended in June.

 

"Right now it's what we call the turkey apocalypse, where we are forced to
just push out as much as we possibly can," said Ms Brown, who works in New
Jersey.

 

She said she's happy to have a job, but to Amazon "my life doesn't really
mean much - it's just a means for Bezos to continue making billions off of
us".

 

Workers said the companies had the means to spend more to protect and
compensate workers, noting the way profits have soared during the pandemic,
which has shifted purchases to essentials and kept many smaller competitors
closed.

 

Additional safety measures

Amazon and Walmart did not respond to requests for comment on Monday, but
they have defended their practices in the past.

 

Walmart has changed how it is handling Black Friday discounts, offering the
deals online and over several days to try to avoid crowding at its stores.

 

Amazon last month said nearly 20,000 people, or 1.4% of its staff, at Amazon
and Whole Foods, the grocery store it owns, had tested positive for Covid-19
in the US since the start of the pandemic.

 

It said that was lower than would be expected given wider infection rates.

 

"All in, we've introduced or changed over 150 processes to ensure the health
and safety of our teams, including distributing over 100 million face masks,
implementing temperature checks at sites around the world, mandating
enhanced cleaning procedures at all of our sites, and introducing extensive
social distancing measures to reduce the risk for our employees," the
company said.

 

More than 250,000 people in the US have died from coronavirus since the
start of the pandemic. In recent weeks, case numbers, death rates and
hospitalisations have soared, straining the health system and prompting many
places to re-impose restrictions.

 

Some major retailers, including Amazon and Walmart, have posted strong
results this year as many customers opted to buy online instead of venturing
out to the local store.

 

A recent analysis by the Brookings Institute, a Washington think tank, found
that company profits at 13 of America's biggest retailers increased by an
average of 39% this year, while pay for frontline workers had increased by
just $1.11 per hour - "a 10% increase on top of wages that are often too low
to meet a family's basic needs".

 

Workers said they are well aware of the disparity.

 

"They closed the corporate office until July 2021 because of the virus
meanwhile we're expected to keep risking our lives to pay for their big
salaries," Ms Love said.--BBC

 

 

 

Janet Yellen: Biden to pick 'first female treasury secretary'

President-elect Joe Biden is expected to name Janet Yellen to lead the
treasury department, US media report.

 

If confirmed by the Senate, she would be the first woman to hold the
position in US history.

 

The 74-year-old economist previously served as head of America's central
bank and as a top economics adviser to former President Bill Clinton.

 

She is credited with helping steer the economic recovery after the 2007
financial crisis and ensuing recession.

 

As chair of the US Federal Reserve, Ms Yellen was known for focusing more
attention on the impact of the bank's policies on workers and the costs of
America's rising inequality.

 

Donald Trump bucked Washington tradition when he opted not to appoint Ms
Yellen to a second four-year term at the Fed. Starting with Bill Clinton in
the 1990s, presidents kept on bank leaders appointed by their predecessors
in an effort to de-politicise the bank.

 

Since leaving the bank in 2018, Ms Yellen has spoken out about climate
change and the need for Washington to do more to shield the US economy from
the impact of the coronavirus pandemic.

 

The daughter of a family doctor and an elementary school teacher, she grew
up in New York City. She earned her degree in economics from Brown
University, before going on to complete a PhD at Yale.

 

In addition to her work at the Fed and in government, she was a professor at
University of California, Berkeley.

 

She is married to George Akerlof, a Nobel Prize-winning economist whom she
met while working as a researcher at the Fed in the 1970s. They have one
son, who is also an economics professor.

 

Profile: Janet Yellen

Her climb to the top of the economics profession also made her a feminist
icon in the economics world.

 

When she left the Fed in 2018, many paid tribute to her leadership by
imitating her signature look of a blazer with a popped collar.

 

How does she fit into the US political scene?

Ms Yellen has a long history of working in Washington. Before Mr Obama named
her to lead the Fed in 2014, she had served as one of its board members for
a decade, including four years as vice-chair.

 

At the Treasury, she would likely be charged with guiding the Biden
administration's economic response to the pandemic, which has prompted the
worst economic contraction the US has seen in decades and cast more than 10
million people out of work.

 

The office also oversees tax policy, public debt and international finance
and sanctions.

 

Ms Yellen is seen as a pick able to satisfy both progressive and centrist
members of Mr Biden's Democratic party. Her nomination to lead the Fed in
2014 won support from some Republicans.

 

"2 cheers for Janet Yellen at Treasury," liberal public policy professor and
former Labor Secretary Robert Reich wrote on Twitter.

 

While she is not as left-wing as some of the names rumoured to be under
consideration, such as Senator Elizabeth Warren, she still "understands the
huge toll stagnant wages, systemic racism, and widening inequality have
taken on our economy and society", he said.

 

Ms Warren also chimed in her congratulations, focusing on Ms Yellen's record
as bank regulator. One of her final moves as Fed chair was issuing an order
limiting Wells Fargo's ability to grow, in response to a fake accounts
scandal at the bank.

 

"Janet Yellen would be an outstanding choice for Treasury Secretary," Ms
Warren said. "She is smart, tough, and principled."

 

 

What does Wall Street think of her?

Ms Yellen's focus on employment, rather than inflation, gave her a
reputation of favouring low interest rates, which spur economic activity by
making it less expensive to borrow money.

 

But under her leadership, the Fed raised interest rates for the first time
since 2008 - albeit less aggressively than some more conservative
commentators supported.

 

Her stewardship of that process has won praise on Wall Street, even as it
remains hotly debated.

 

On Monday, Gary Cohn, a former Goldman Sachs executive and economic advisor
to Donald Trump, said Mr Biden had made an "excellent choice".

 

"Having had the opportunity to work with then-Chair Yellen, I have no doubt
she will be the steady hand we need to promote an economy that works for
everyone, especially during these difficult times. Congratulations," he
wrote on Twitter.--BBC

 

 

 

Covid-19: World's top latex glove maker shuts factories

The world's largest maker of latex gloves will shut more than half of its
factories after almost 2,500 employees tested positive for coronavirus.

 

Malaysia's Top Glove will close down 28 plants in phases as it seeks to
control the outbreak, authorities said.

 

The company has seen record profits this year as demand for personal
protective equipment (PPE) surged around the world.

 

But shares in Top Glove fell by 7.5% on Tuesday after the announcement.

 

Malaysia's health ministry has reported a sharp rise in cases in areas where
Top Glove factories and dormitories are located.

 

Nearly 5,800 workers have been screened so far with 2,453 testing positive,
it said.

 

Top Glove operates 41 factories in Malaysia with many of its workers coming
from Nepal and living in crowded dormitory complexes.

 

"All those who tested positive have been hospitalised and their close
contacts have been quarantined to avoid infecting other workers,"
Director-General of Health Noor Hisham Abdullah told Reuters news agency.

 

It is unclear when the factory closures will begin.

 

Top Glove has been in the spotlight for its working conditions in recent
months.

 

In July, the United States banned the import of gloves from two of the
firm's subsidiaries over allegations of forced labour.

 

A recent report from the US Department of Labour also raised these concerns,
pointing to the high recruitment fees overseas migrant workers must pay to
secure employment in the rubber glove industry which often results in debt
bondage.

 

In September, migrant workers told the Los Angeles Times about difficult
working conditions at Top Glove factories, describing 72-hour work weeks,
cramped living conditions and low wages.

 

A few weeks later, Top Glove said it had raised it remediation payments to
compensate its migrant workers for recruitment fees after recommendations
from an independent consultant.--BBC

 

 

 

Covid: Vaccination will be required to fly, says Qantas chief

International air travellers will in future need to prove they have been
vaccinated against Covid-19 in order to board Qantas flights, the airline
says.

 

The Australian flag carrier's boss, Alan Joyce, said the move would be "a
necessity" when vaccines are available.

 

"I think that's going to be a common thing talking to my colleagues in other
airlines around the globe," he said.

 

Australia shut down its international borders early in the pandemic and
required those returning to quarantine.

 

The country has more recently relied on lockdowns, widespread testing and
aggressive contact tracing to push daily infections nationwide close to
zero.

 

In an interview with Australia's Nine Network on Monday, Mr Joyce said
Qantas was looking at ways of changing its terms and conditions for
international travellers as the industry, which has been hit hard by travel
restrictions, looks at ways of moving forward.

 

"We will ask people to have a vaccination before they can get on the
aircraft... for international visitors coming out and people leaving the
country we think that's a necessity," he told the broadcaster.

 

In August, Australia's Prime Minister Scott Morrison said it was likely that
any successful vaccine would become "as mandatory as you could possibly make
it".

 

"There are always exemptions for any vaccine on medical grounds, but that
should be the only basis," he told radio station 3AW.

 

That same month, Qantas reported an annual loss of almost A$2bn ($1.46bn;
£1bn) because of the impact of the coronavirus pandemic.

 

Mr Joyce said at the time that trading conditions were the worst in the
airline's 100-year history and that "the impact of Covid on all airlines is
clear - it's devastating".

 

On Monday, the Australian state of New South Wales (NSW) reopened its border
with neighbouring Victoria for the first time since infections soared in
Victoria's state capital, Melbourne, in July.

 

Flights between the city and the NSW capital Sydney - normally one of the
world's busiest routes - had been cancelled.

 

Arriving in Sydney on a Qantas flight for the first time in months,
passengers were greeted by people at the terminal holding up signs that read
"welcome back".

 

More than 20 additional flights were scheduled between the two states on
Monday.

 

"Today is the day I get to meet my four-month-old grandson for the first
time," one passenger told the BBC.

 

Australia has recorded about 900 coronavirus-related deaths and almost
28,000 infections in total.--BBC

 

 

 

Covid-19: China pushes for QR code based global travel system

Chinese President Xi Jinping has called for a "global mechanism" that would
use QR codes to open up international travel.

 

"We need to further harmonise policies and standards and establish 'fast
tracks' to facilitate the orderly flow of people," he said.

 

The codes will be used to help establish a traveller's health status.

 

But Human Rights advocates warn that the codes could be used for "broader
political monitoring and exclusion".

 

Mr Xi made the comments at the G20 summit, an online meeting of heads of
state from the world's 20 largest economies, which was hosted by Saudi
Arabia over the weekend.

 

He said the codes could be used to recognise "health certificates based on
nucleic acid test results", according to a transcript published by Chinese
state news agency Xinhua.

 

Mr Xi didn't go into further detail about how the travel scheme might work,
or how closely it would be modelled on China's QR code apps, which have been
used to help contain the virus on the mainland.

 

"We hope more countries will join this mechanism," he added.

 

QR codes are bar codes that can be read by mobile phones. Under the scheme
China has employed since February, users are issued a traffic-light style
health code, with a green code allowing someone to travel freely, and an
orange or red code indicating that they need to quarantine for up to two
weeks.

 

The codes are based on a combination of big data and information submitted
by the users themselves.

 

The technology was developed by financial technology giant Ant Financial,
and is available through its main app Alipay, but also on WeChat, which
belongs to Alipay's competitor Tencent.

 

Mr Xi also called for the re-opening of the global economy, including
restoring "global and industrial supply chains" and the "liberalisation of
trade of key medical supplies".

 

Reopening travel lanes remains a challenge for most countries, with spikes
in the disease making it difficult for authorities to lift travel
restrictions.

 

A travel bubble between Singapore and Hong Kong, for example, was postponed
shortly before it was due to start this weekend due to a sudden spike in
cases in Hong Kong.

 

'Trojan Horse'

In a tweet, the executive director of Human Rights Watch Kenneth Roth
expressed caution over Mr Xi's proposal.

 

"An initial focus on health could easily become a Trojan Horse for broader
political monitoring and exclusion," he said.

 

 

media captionCoronavirus: How China's using its controversial surveillance
network to tackle the outbreak

The city of Hangzhou has said it plans to make a permanent version of the QR
code-based software, which would be used to assign citizens a personal score
based on their medical history, health check-ups and lifestyle habits.

 

QR codes have been used differently elsewhere.

 

In Singapore and Australia, for example, they're used for contract tracing,
with residents using them to check into and out of places they visit,
including malls, restaurants and their places of work.--BBC

 

 

 

Sunak begins planning for a post-Covid economy

On Wednesday, Chancellor Rishi Sunak begins setting out plans for what he
hopes will be an economy beyond Covid-19. This Spending Review - detailing
the money government departments will get for things like the NHS,
education, roads, and police - only covers the financial year 2021-22. It
will also set out money for the devolved administrations Scotland, Wales and
Northern Ireland.

 

In normal times, reviews cover three or four years. But such is the economic
uncertainty that this look-ahead has been limited to the next 12 months.

 

Even so, Mr Sunak will point to the direction of travel for spending (and
possibly tax rises) for future years. Few reviews can have been so
anticipated. Here's what to watch out for.

 

The economic shock has left the UK a poorer country. The economy is expected
to be at least 10% smaller than expected before the pandemic.

 

Alongside the Spending Review, Mr Sunak will disclose latest forecasts for
the economy and public finances from the independent Office for Budget
Responsibility (OBR).

 

Earlier this year, the OBR forecast a 13% contraction. While it is not
expected to be that bad, the shrinkage will still likely be in the
double-digits, and with public borrowing topping £350bn - something not seen
in peacetime.

 

A difficulty for the chancellor is that big tranches of public service
spending have already been made. Despite that, some areas will reportedly
get more: NHS England, schools and defence. According to the Institute for
Fiscal Studies (IFS), some two-thirds of public service spending has been
pre-determined.

 

The key question is whether the remaining third is enough to go round. The
answer is almost certainly not. The IFS thinks "unprotected" services such
as the courts, prisons or local government are vulnerable to cuts. The
overseas aid budget is also in the line of fire.

 

Saving, not spending, will dominate Wednesday's agenda. And one of the
biggest savings could be a public sector pay free. It would be hugely
controversial. Media leaks last week claimed Mr Sunak wants a freeze for
everyone except frontline NHS staff.

 

That won't go down well with the police, teachers, civil servants or anyone
who thinks they've done their bit to ensure the public sector keeps going in
tough times. Even a return to a 1% cap is likely to be fiercely resisted.

 

Some commentators think the media reports were Treasury kite-flying. Even
so, in the summer, Mr Sunak suggested that as private sector pay had taken a
huge hit, in the "interest of fairness" the public sector's 5.4 million
workers should share some pain.

 

Trouble is, relative to pay in the private sector, public sector pay has
fallen to its lowest level in decades, according to the IFS.

 

Only during the pandemic has public sector pay performed more strongly than
in the private sector. Union leaders have already warned of industrial
action to ensure members' pay does not fall further behind.

 

Many promises have been thrown off-course because of the pandemic, and the
government will be keen to get its north-south levelling up agenda back on
track as soon as possible. Infrastructure spending is key to this.

 

The north has long complained that the Treasury methodology used to
calculate the cost-benefit of spending money on big projects is inherently
biased towards London and the rest of the south east. So, expect some
changes to these calculations. And watch out for whether any spending
promises are new money, or simply projects brought forward.

 

To underline his commitment to spend on big long-term projects, there is
talk that Mr Sunak could publish details of a National Infrastructure
Strategy and a Research and Development Strategy.

 

And in a symbolic move that levelling up is more than a question of
infrastructure, the Financial Times has reported that the chancellor could
also announce that parts of government could relocate from the capital -
with the Treasury leading the way.

 

While Wednesday will be about spending and borrowing, at some point the
chancellor will have to decide how it will be paid for. He will start to
address this in next March's Budget, although most economic commentators
feel the economy will still be too fragile for major tax rises.

 

It is possible that, with the success of a Covid vaccine, the economy could
bounce back, limiting the need for big rises. However, Paul Johnson,
director of the IFS, told the BBC that four or five years down the road he
still expects the economy to be about 4%-5% smaller than before the
pandemic.

 

Rein in spending and raise taxes too early, and recovery will be choked off.
Leave it too late, and the public finances will spin out of control.

 

"It's a fine judgement," said Mr Johnson. Both the chancellor and Prime
Minister Boris Johnson have, however, said they don't want a return to
austerity.

 

There have been reports the Treasury could raise money from changes to
Capital Gains Tax, pensions relief or self-employment taxes. But this is
tinkering.

 

Mr Johnson believes £40bn of tax rises are necessary over the short-term,
and that sort of money cannot be raised without touching the Big Three:
income tax, VAT or national insurance. These bring in almost two-thirds of
government revenue.

 

 

 

Stocks rise as Biden transition, vaccine progress lift confidence

WASHINGTON/HONG KONG (Reuters) - Asian shares climbed on Tuesday as news
U.S. President-elect Joe Biden was given the go-ahead to begin his White
House transition added to an already brighter mood from progress made on
COVID-19 vaccine and the prospects for a speedy global economic revival

 

U.S. General Services Administration chief Emily Murphy wrote in a letter to
Biden on Monday that he can formally begin the hand-over process.

 

President Donald Trump tweeted that he had told his team “do what needs to
be done with regard to initial protocols”, an indication he was moving
toward a transition after weeks of legal challenges to the election results.

 

U.S. stocks also got an added boost after reports that Biden plans to
nominate former Federal Reserve Chair, Janet Yellen, to become the next
Treasury Secretary. Futures for the S&P 500 rose 0.48% in early Asian trade.

 

The upbeat backdrop helped MSCI’s broadest index of Asia-Pacific shares
outside Japan advance 0.15%. Australia’s S&P/ASX 200 was 1.1% stronger,
touching its highest level in almost nine months, with energy stocks leading
the pack.

 

Japan’s Nikkei jumped 2.48% while Seoul’s Kospi was 0.74% higher.

 

Chinese blue-chips and Hong Kong’s Hang Seng were however outliers, edging
down 0.75% and 0.08%.

 

The progress made on COVID-19 vaccines, which had underpinned Wall Street
overnight, helped keep risk appetite elevated as it boosted optimism about a
quicker revival for the global economy.

 

AstraZeneca said its COVID-19 vaccine, cheaper to make, easier to distribute
and faster to scale-up than its rivals, could be as much as 90% effective.

 

“Traders are still buying into vaccine news clearance, as the end of the
pandemic becomes imaginable. Recent U.S. data restored a bit of confidence
that the economy is holding up, despite surging COVID-19 infections and a
painful lack of fresh fiscal stimulus,” said Kyle Rodda, a market analyst
for IG Australia.

 

“And the news of Yellen’s possible nomination to the role of U.S. Treasury
Secretary potentially puts a very Fed-friendly uber-dove at the reins of
fiscal policy.”

 

The U.S. dollar index touched its lowest since Sept. 1 before edging 0.214%
higher with the euro unchanged at $1.184.

 

On Wall Street, the Dow Jones Industrial Average rose 1.12% overnight, the
S&P 500 gained 0.56% while the Nasdaq Composite added only 0.22%,
underperforming as traders rotated away from big tech names.

 

Some analysts expect big, short-term risks ahead of the U.S. Thanksgiving
holiday, although others say unexpected news events at the start of the
shorter trading week helped investors focus on the growing positives for
financial markets.

 

Oil prices added to last week’s gains as traders anticipated the vaccine
news would spur a recovery in energy demand.

 

“Investors are ignoring near-term headwinds, chief among which are surging
global COVID infections, and instead looking ahead to next summer,” said PVM
analyst Stephen Brennock.

 

The United States surpassed 255,000 deaths and 12 million infections since
the pandemic began, with daily infections at a record near 170,000 and daily
deaths around 1,500.

 

U.S. crude advanced 0.14% to $43.12 per barrel and Brent was at $46.10, up
0.09% on Tuesday, while an index of commodity prices touched its highest
since early March.

 

The yield on the benchmark 10-year notes rose slightly to 0.8684%.

 

Spot gold fell to $1,827.01 an ounce while U.S. gold futures dropped 0.46%
to $1,829.30 an ounce.

 

 

 

Fed's Evans sees no rate hikes until late 2023, maybe 2024

(Reuters) - Chicago Federal Reserve Bank President Charles Evans said Monday
there is still “quite a long ways to go” for the U.S. recovery from the
coronavirus crisis, adding that he expects the Fed to keep interest rates at
their current near-zero level until perhaps into 2024.

 

“If the economy picks up next year and we get on top of the virus and the
vaccines are very effective and they are deployed quickly and throughout,
then we are going to be in a much better situation,” Evans told the Iowa
Bankers Association.

 

But that won’t mean the Fed will take its foot off the monetary gas pedal.

 

Under a new policy strategy adopted just months ago, the Fed has vowed to
keep interest rates near zero until the economy reaches full employment and
inflation not only hits the Fed’s 2% goal but is set to move above that.

 

With inflation in his view unlikely to reach 2% until late 2022 or even
2023, “we are not expecting the funds rate to be raised before 2023 -
probably late, maybe even 2024 in my opinion,” he said.

 

In the meantime, he said, the recovery could be sped up with a bit more help
from the federal government, especially to those who have lost jobs and
can’t find new ones in sectors hard hit by the virus, and for state and
local governments reeling from drops in tax revenue.

 

“A little extra fiscal support would take a lot of uncertainty out of the
current situation,” he said.

 

 

 

GM hits reverse on Trump effort to bar California emissions rules

WASHINGTON (Reuters) - General Motors Co said on Monday it was reversing
course and will no longer back the Trump administration’s effort to bar
California from setting its own emissions rules in an ongoing court fight.

 

GM Chief Executive Mary Barra said in a letter to environmental groups it
was “immediately withdrawing from the preemption litigation and inviting
other automakers to join us.”

 

The about-face came as GM sought to work with President-elect Joe Biden, who
has made boosting electric vehicles (EVs) a top priority. The Detroit
automaker has laid out an ambitious strategy to boost EV sales and last week
said it will increase spending on EVs and autonomous vehicles by 35% from
previously disclosed plans.

 

The announcement reflects Corporate America’s move to engage quickly with
the incoming Democratic administration.

 

Barra said she believes “the ambitious electrification goals of the
president-elect, California, and General Motors are aligned, to address
climate change by drastically reducing automobile emissions.”

 

The White House and Justice Department declined to comment. Environmental
Protection Agency spokesman James Hewitt said of GM’s announcement, “it’s
always interesting to see the changing positions of U.S. corporations.”

 

In October 2019, GM joined Toyota Motor Corp, Fiat Chrysler Automobiles NV
and other automakers in backing the Trump administration in its bid to bar
California from setting its own fuel-efficiency rules or zero-emission
requirements for vehicles.

 

California and 22 other states and environmental groups challenged the Trump
administration’s determination that federal law bars California from setting
stiff tailpipe emission standards and zero-emission vehicle mandates.

 

Barra was among corporate and labor leaders who met virtually last week with
Biden.

 

Speaking on Monday, Barra said she was “confident that the Biden
Administration, California, and the U.S. auto industry, which supports 10.3
million jobs, can collaboratively find the pathway that will deliver an
all-electric future.”

 

Biden said in a statement: “GM’s decision reinforces how shortsighted the
Trump Administration’s efforts to erode American ingenuity and America’s
defenses against the climate threat truly are.”

 

The Trump administration in March finalized a rollback of fuel-efficiency
standards to require 1.5% annual increases in efficiency through 2026, well
below the 5% yearly boosts in Obama administration rules it discarded.

 

Other automakers, such as Ford Motor Co, Honda Motor Co and Volkswagen AG,
which announced a deal with California in 2019 on emissions requirements
that was finalized in August, did not intervene on the administration’s side
in the California fight.

 

GM’s announcement on Monday that it was withdrawing from the lawsuit caught
off-guard automakers that had joined with GM in backing Trump, as they only
learned of the decision minutes before the company made it public.

 

Toyota said on Monday that “given the changing circumstances, we are
assessing the situation, but remain committed to our goal of a consistent,
unitary set of fuel economy standards applicable in all 50 states.”

 

Other automakers backing the Trump administration include Hyundai Motor Co ,
Mazda, Nissan Motor Co, Kia Motors Corp and Subaru Co.

 

GM had drawn the ire of many California officials and environmental groups.

 

Dan Becker, director of the Safe Climate Transport Campaign, said, “GM tried
to prevent California from protecting its people from tailpipe pollution.
They were wrong. Now the other automakers must follow GM and withdraw
support for (President Donald) Trump’s attack on clean cars.”

 

In September, California Governor Gavin Newsom said the state planned to ban
the sale of new gasoline-powered passenger cars and trucks starting in 2035
in a bold move to reduce greenhouse gas emissions.

 

California is the largest U.S. auto market, accounting for about 11% of all
U.S. vehicle sales, and many states choose to adopt its green vehicle
mandates.

 

 

Bitcoin at $100,000 in 2021? Outrageous to some, a no-brainer for backers

NEW YORK (Reuters) - Bitcoin investors, which include top hedge funds and
money managers, are betting the virtual currency could more than quintuple
to as high as $100,000 in a year.

 

 

It’s a wager that has drawn eye-rolls from skeptics who believe the volatile
cryptocurrency is a speculative asset rather than a store of value like
gold.

 

Since January, bitcoin has gained 160%, bolstered by strong institutional
demand as well as scarcity as payment companies such as Square and Paypal
buy it on behalf of customers.

 

Bitcoin is within sight of its all-time peak of just under $20,000 hit in
December 2017. It debuted in 2011 at zero and was last trading at $18,415.

 

Going from $18,000 to $100,000 in one year is not a stretch, Brian Estes,
chief investment officer at hedge fund Off the Chain Capital, said.

 

“I have seen bitcoin go up 10X, 20X, 30X in a year. So going up 5X is not a
big deal.”

 

Estes predicts bitcoin could hit between $100,000 and $288,000 by end-2021,
based on a model that utilizes the stock-to-flow ratio measuring the
scarcity of commodities like gold. That model, he said, has a 94%
correlation with the price of bitcoin.

 

Citi technical analyst Tom Fitzpatrick said in a note last week that bitcoin
could climb as high as $318,000 by the end of next year, citing its limited
supply, ease of movement across borders, and opaque ownership.

 

Those numbers though are a head-scratcher for Toronto-based Kevin Muir, an
independent proprietary trader.

 

“Any hedge fund model on bitcoin is rubbish. You can’t model a mania,” Muir
said. “Is it plausible? For sure. It’s a mania. But does anyone actually
have a clue? Not a chance.”

 

For a graphic on Bitcoin’s 2020 rally:

 

 

Bitcoin relies on so-called “mining” computers that validate blocks of
transactions by competing to solve mathematical puzzles every 10 minutes.
The first to solve the puzzle and clear the transaction is rewarded new
bitcoins.

 

Its technology was designed to cut the reward for miners in half every four
years, a move meant to curb inflation. In May, bitcoin went through a third
“halving,” which reduced the rate at which new coins are created,
restricting supply.

 

That halving has kickstarted bitcoin’s renewed ascent.

 

Square’s Cash App and PayPal, which recently launched a crypto service to
its more than 300 million users, have been scooping up all new bitcoins,
hedge fund Pantera Capital said in its letter to investors on Friday. That
has caused a bitcoin shortage and has driven the rally in the last few
weeks.

 

For a graphic on Bitcoin: a volatile history:

 

BIG FUNDS BUYING?

The so-called whale index, which counts addresses or wallets holding at
least 1,000 bitcoins, is at an all-time high, said Phil Bonello, research
director at digital asset manager Grayscale. Bonello said more than 2,200
addresses were linked to large bitcoin holders, up 37% from 1,600 in 2018,
suggesting that institutional money has stormed in.

 

Investors like Stanley Druckenmiller, founder of hedge fund Duquesne
Capital, and Rick Rieder, BlackRock Inc’s chief investment officer of global
fixed income, have recently touted bitcoin.

 

Retail investors though are still mostly sidelined due to the pandemic’s
effect on the economy. But with the entry of Square and PayPal, Lennard Neo,
head of research at crypto index fund provider Stack Funds, expects a deluge
of retail demand more intense than in 2017.

 

Neo forecasts bitcoin to reach $60,000-$80,000 by the end of 2021.

 

Tempus Inc currency trader Juan Perez was unimpressed, even shocked, with
all the lofty forecasts and said a bet on bitcoin at $100,000 next year
would be a bet on the collapse of the global financial system.

 

“Governments around the world won’t let that happen. They will not let fiat
currencies collapse just like that,” Perez said.

 

 

Tanzania: Govt Urged to Make Policies That Support Rural Woman Farmers

SMALLHOLDER women farmers have challenged the government to strengthen
agricultural policies, regulations and systems that support rural women
farmers in Tanzania.

 

Despite playing a vital role in building the economy, it has been found that
rural women farmers in Tanzania are still lacking access to land ownership,
capital loans and markets for their produce.

 

Unprofessional use of pesticides, aflatoxins and poor access to crop
insurances are among key challenges facing most rural women farmers in
Tanzania, according to them.

 

The farmers aired their concerns yesterday during a special meeting which
attracted more than 90 smallholder women farmers from different regions
under the Rural Women Farmers Forum (RWFF) to share experiences and find
ways to address their challenges.

The gathering, under the financial patronage from Action Aid Tanzania,
attracted also representatives from the Ministry of Agriculture and some
civil society organisations.

 

It was tailored to provide the farmers with a key platform to air their
views for the improved welfare of rural women farmers to be considered by
the Ministry of Agriculture during the ongoing development of the
Agriculture Sector Development Programme for 2021/22-2025/26.

 

In her remarks to open the gathering, RWFF President Amina Senge expressed a
need for the government to create an enabling environment for women farmers
to improve their performance.

 

"Most smallholder women farmers in the country still face challenges
especially when applying for capital loans from financial institutions to
fund their projects," she said.

She also underscored a need for the Ministry of Agriculture to work closely
with the forum to understand numerous setbacks facing women farmers from
grassroots.

 

Ms Eva Mageni, President of African Rural Women Farmers Forum (ARWFF),
challenged rural women farmers in Tanzania to effectively utilise the forum
to air their voices in lobbying for better policies, regulations and systems
from the government.

 

Ms Magreth Thomas, a smallholder farmer from Morogoro Region, hailed Action
Aid for standing tall in supporting smallholder women farmers in rural areas
through financing the forum.

 

She said RWFF had seriously so far played a major role in enabling women in
rural areas to know their statutory rights.

 

Ms Elizabeth Msuya, Coordinator of Chamwino Nongovernmental Organisation
Network expressed a need for putting in place good policies to support
disabled women farmers in rural farmers from across the country.

 

"In rural areas, most of disabled women farmers who cultivate food and cash
crops are grappling with numerous challenges, which calls for intervention
from both the public and private sectors," she noted.

 

For his part, Action Aid Livelihood Manager, Mr Elias Mtinda, said Action
Aid was very determined to continue assisting women farmers in rural areas
to meet their targets.

 

Operating in 28 districts from across the country, RWFF was established in
2017 to empower smallholder women farmers in rural areas to understand their
rights and take part in decision-making processes, including budget
planning.

 

The forum is currently with at least 28,343 members in 820 villages.-Daily
News.

 

 

Kenya: Covid-19 Invades Banks, Slows Down Earnings

Absa Bank Kenya PLC has joined top-tier banks reporting huge declines in
profits as a result of the higher provisioning for bad loans.

 

In its third quarter report, Absa reported a 66.1 per cent profit decline in
nine months this year of $19 million from $56 million last year, joining the
ranks of Equity and KCB.

 

Early this month, KCB Group Plc net profits for the nine months ending
September 2020 dropped to $109 million, 43 per cent lower than $192 million
recorded same period last year while Equity Group posted a 14 per cent drop
in profit after tax from $148 million down from $173 million, a similar
period last year.

 

The banks' performance was largely impacted by increased provision on loans
and advances in the wake of increased risk of credit default associated with
the Covid-19 pandemic.

 

"The evolving impact of the pandemic has required us to revisit our
strategic priorities. Our focus in the past few months has been to help our
customers manage through the pandemic through various interventions such as
loan moratoriums and restructures, fee waivers for digital transaction,
capacity building for SMEs and other Force for Good initiatives," said Absa
Bank Kenya PLc managing director Jeremy Awori.

 

In its Q3 report released this week, Absa bank has reported the conclusion
of transition from Barclays Bank to Absa at a cost of $19 million for the
past nine months as it records increase of net customer assets by eight per
cent to reach $209 million.

 

The lender's performance was significantly impacted by a 147 per cent growth
in impairment as customers struggled to keep up with loan repayments due to
the economic effects of the Covid-19 pandemic, and a decisive action by the
management to increase provisions in order to best position for future
potential credit losses.

 

The bank continued to support its customers manage through the adverse
economic effects of the pandemic through increased lending, capacity
building and other financial solutions.

 

During the pandemic period, the bank advanced over $57 million in lending,
an uplift of 41 per cent compared with the same period last year with a
bigger portion being advanced to retail as well as small and mid-sized
business customers to support their resilience and growth through this
period.

 

The bank offered loan relief and restructures totalling over $62 million to
customers, equivalent to 30 per cent of loan portfolio, alongside other
response interventions such as provision of PPEs to public hospitals and
psychosocial support for front line health workers.

 

Industries and other businesses have since cut down their activities in
response to the infectious disease, leading to job cuts and unpaid leave for
retained staff as previously profitable firms hug loss-making territory.

 

This has seen workers who had tapped mortgages and unsecured loans
default.-East African.

 

 

 

Nigerian Economic Summit to Discuss 'Partnerships for Resilient Economy'

The 26th Nigerian Economic Summit kicks off on Monday with the theme
"Building Partnerships for Resilience"

 

Policymakers, business leaders, development partners and scholars will
discuss how to create strategic partnerships between the youth, governments,
private sector and the civil society at the 26th Nigerian Economic Summit
starting on Monday.

 

The focus of the discussion will be to build resilience for Nigeria's
households, businesses and the general economy.

 

The Summit with the theme "Building Partnerships for Resilience" is
organised by the Nigerian Economic Summit Group and the Ministry of Finance,
Budget and Economic Planning.

The 26th Nigerian Economic Summit will provide a robust engagement platform
for participants who will deliberate on topical issues especially those
related to recent developments; and in particular the need to amplify the
voice of the youth and the issues they have raised in the past few weeks.

 

"It has become apparent that the level of investments in the youth will
determine the pace of economic growth, development, and security of the
nation.

 

"Governments at all levels, especially the sub-nationals and all
stakeholders need to refocus youth development programmes from mere
prescriptive employment drives to improve the wealth creation capabilities
of the youth and find ways to ensure that empowerment policies and
programmes adopt a broader and more holistic framework."

 

The organisers said a number of sessions and design workshops at the 26th
Nigerian Economic Summit will focus on the youth and how their potentials
can be harnessed for economic growth and development while highlighting the
role of Nigeria's sub-nationals as frontiers for national development.

Some of the youth sessions at NES#26 include Unlocking the Productive
Potential of Nigerian Youth, Empowering Nigeria's Youth, Our Youth Bulge -
Risk or Opportunity and Rethinking Sub-National Competitiveness amongst
others.

 

Some of the speakers at the sessions will include the Commonwealth
Secretary-General, Patricia Scotland QC, who will deliver a special address,
Chairman of First Bank Nigeria, Ibukun Awosika, and CEO of Connected
Development, Hamzat Lawal, amongst others.

 

Furthermore, some of the panellists that will be speaking at the "Opening
Plenary: Nigeria's Turning Point" include Kayode Fayemi, Governor of Ekiti
State; Aminu Tambuwal, Governor of Sokoto State; and Funke Opeke, CEO,
MainOne.

Other speakers include Ngozi Okonjo-Iweala, Chair GAVI; and a former Prime
Minister of Australia, Julia Gillard, who will be speaking at an all-female
plenary session: "Women in Leadership: Towards the Global Goals."

 

Discussions at NES#26 will be anchored on three pillars - Collaboration,
Execution and Impact that will be dimensioned across five sub-themes:
Mapping the Future; New Trends, New Opportunities, New Horizons; Embracing
Technology and Innovation; Building Resilience and Charting the Path to
Recovery.

 

The 26th Nigerian Economic Summit is expected to be a 'Big Conversation for
Action' that combines in-person and virtual dialogues for stakeholders
across the civil society, public and private sector to reflect on the state
of the Nigerian economy and rethink the country's economic
fundamentals.-Premium Times.

 

 

 

Botswana: Young Farmers Enthusiasm Impressive

The level of enthusiasm displayed by young citizen farmers is impressive,
says Minister of Agriculture Development and Food Security, Mr Karabo Gare.

 

Speaking yesterday in an interview at the venue for this week's cabinet
meeting, Oppi-Daan Farm near Malotwana in Kgatleng District, Minister Gare
praised owners Mr Rapula Otukile and his wife, Goabaone for their enthusiasm
and dedication.

 

The couple persevered in the face of challenges such as the frost
experienced in May which destroyed their entire green pepper crop.

"Had it not for their perseverance, they would have given up," he said.

 

He encouraged them to use government empowerment schemes to improve their
products.

 

The minister pointed out that government had enhanced ISPAAD and raised the
ceiling to P300 000, with beneficiaries only paying half the loan amount.

 

Further, he said through the Industry Support Fund, the National Development
Bank (NDB) was offering interest free loans.

 

Minister Gare encouraged the couple to continue expanding saying given the
high yield of their borehole, they could develop an orchard.

 

He called upon the youth to emulate the successful entrepreneurs.

 

The minister said plans were afoot to link new farmers with established ones
for mentorship.

 

Oppi-Daan Farm, an integrated facility, is into small stock production and
horticulture, mainly tomatoes and green pepper, its core product.

Mr Otukile said he started the farm in 2012 using only one hectare to
produce butternut and spinach.

 

In 2017, the couple decided to go commercial and diversified into green
pepper production for which they managed to secure a market at Mr Veg.

 

Mr Otukile said this was an advantage as they had to produce a quality
product to meet market demand.

 

Prior to commercialising, the couple undertook to raise their standards to
the level of the best farms which meant providing accommodation for
employees, building ablution facilities and ensuring proper waste disposal,
he explained.

 

In addition, they expanded the farm to four hectares.

 

Mr Otukile said profits had been re-invested in the development of the farm.

 

For her part, Ms Otukile said research on new products and market had paid
dividends as their income had been properly used.

 

She advised people to start by financing their farming projects before
borrowing as the sector had many challenges.

 

Mr Otukile is an all rounder who quit his job to first start a pharmacy in
Pilane.

 

With the profits, he ventured into commercial farming and has now expanded
to logistics.

 

The 2018 YALI fellow works closely with the US embassy on numerous
leadership projects and has managed to get an executive MBA with them.

 

He applies the skills and knowledge he has acquired in his
businesses.-Botswana Daily News.

 

 

 

Uganda: Austerity Slows Deals at Ugandan Bourse

The total market capitalisation of firms listed at the Uganda Securities
Exchange fell to Ush4.27 trillion ($1.15 billion) in 2019/20, from Ush4.91
trillion ($1.32 billion) in 2018/19.

 

According to Capital Markets Authority report, the drop was driven by
substantial declines in share prices of locally listed companies, a trend
that was escalated by the Covid-19 outbreak.

 

Cost-cutting and a fast growing digital wave to containing spread of
Covid-19 currently sweeping through many sectors are also weighing down on
the capital markets.

 

Data indicates that share prices of Uganda Clays Ltd, Cipla Quality
Chemicals Industries Ltd, NIC Holdings Ltd and Stanbic Holdings Ltd fell by
40.55 per cent, 37.5 per cent, 30.77 per cent and 17.24 per cent
respectively, between July 2019 and June 2020.

Consequently, the USE's All Share Index declined from 1,614.82 points in
2018/19 to 1,369.84 points in 2019/20, the recent data shows.

 

The capital markets industry's consolidated profit after tax dropped to
Ush1.2 billion ($322,939) in 2019/20, from Ush1.6 billion ($430,585) in
2018/19. Total costs incurred by capital markets industry players rose to
Ush14.5 billion ($3.9 million) in 2019/20 from Ush13.7 billion ($3.69
million) in 2018/19.

 

In contrast, total assets held by Collective Investment Schemes (CIS) also
referred to as unit trust funds grew to Ush388.5 billion ($104.6 million) in
2019/20, from Ush173.5 billion ($46.7 million) in 2018/19. Total revenues
generated by capital markets industry players increased to Ush16.4 billion
($4.4 million) in 2019/20, from Ush14.2 billion ($3.8 million) in 2018/19
the report says.

Fund managers accounted for 43 per cent of overall industry revenue followed
by stockbrokers and dealers with a 38 per cent share. The USE registered an
18 per cent share of total industry revenues while investment advisors
recorded a share of 0.8 per cent during the period under review.

 

"Going digital in the Covid-19 era has helped us cut electricity bills and
office printing costs. Though we still come to office, most of our meetings
are held virtually needing less printed documents. Some services have been
outsourced to the Nairobi office reduced the workload on our side. We have
digitised almost 90 per cent of our operations to date, but the idea of
shared work platform that interconnects us and our service providers is not
feasible because some players have divergent digitisation benchmarks in
their systems. We have experienced less austerity pressures during lockdown
because we run a lean operation," said Mubbale Kabandamawa Mugalya,
Investment Manager at Sanlam Investments East Africa Ltd, a pension scheme
and unit trust fund manager.

 

"Equity markets are likely to come under pressure from muted participation
by domestic and offshore investors due to the economic uncertainty generated
by the Covid-19 pandemic," he added.-East African.

 

 

 

Nigeria Weaning Itself Off Oil in Five-Year Plan to Rescue Economy

Nigeria has this past week indicated its gradual departure from
over-dependence on oil sales in a new plan that banks on five major sectors
of the economy.

 

According to the new five-year economic plan released by the Central Bank of
Nigeria (CBN), the country aims to reduce the debt burden, control inflation
and raise the employment rate for youth. It reiterates earlier sector-based
plans that included a ban on the importation of 43 items to reduce the
depletion of foreign reserves of $36.57 billion, which can only sustain
importation of essential goods for nine months.

 

The plan has also retained the exchange rate of N420 to the dollar to reduce
the impact of the erratic exchange rate on the economy and stabilise the
external debt.

 

As Africa's biggest old producer, Nigerian officials say the commodity
limits the economy, because of reliance on the changing global oil prices.
In the plan, Nigeria intends to diversify the economy with less dependence
on revenue from oil and gas and increase production of non-oil based
products, especially in agriculture.

 

Minister of State for Petroleum Resources Timipre Sylva said on Monday that
the nation's earnings, from oil and non-oil sectors, coupled with low
revenue receipts from the Federal Inland Revenue Service (FIRS), have
dropped by 60 per cent, putting the nation's economy under serious pressure.

 

Nigeria also had a national debt burden of $86 billion and an inflation rate
of 14.23 percent.

"There is less activity in the oil industry which is driving the economy. So
you find out it is a double whammy from all sides," Mr Sylva briefed
President Muhammadu Buhari.

 

The country also says it will take part in a free trade regime driven by the
African Union, but will reserve clauses that could lead to undue influx of
imports and stunt its own industrial growth.

 

Godwin Emefiele, the CBN Governor said in the five-year plan Nigeria will
seek "to preserve domestic macroeconomic and financial stability."

 

By 2025, Nigeria hopes to have established a proper payments system
infrastructure that will increase access to credit to all Nigerians, thereby
raising the financial inclusion rate in the country.

 

According to Mr Emefiele, the government will continue to work with
deposit-taking financial institutions to improve access to credit for
smallholder farmers and Medium and Small Scale Enterprises (MSMEs), as well
as consumer credit and mortgage facilities for bank customers.

The World Bank puts Nigeria's GDP at $397 billion, the highest in Africa and
one of the world's biggest oil exporters, pumping out at least two million
barrels daily.

 

High inflation

 

On Monday, the National Bureau of Statistics (NBS) presented an inflation
rate of 14.23 per cent for the month of October, indicating a 14-month
continuous increase in prices.

 

CBN says it intends to grow the nation's external reserves, and support
efforts at diversifying the economy.

 

The bank has launched an automated trade monitoring system, which will
reduce the time required to process export documents from one week to a day.

 

"We will also work with our counterparts in the fiscal arm in supporting
improved foreign direct investment flows to various sectors such as
agriculture, manufacturing, insurance and infrastructure," Mr Emefiele said.
"In the next five years, we intend to pursue a programme of recapitalising
the banking industry so as to position Nigerian banks among the top 500 in
the world."

 

In the past three years, Nigeria has taken loans from the World Bank and
Paris Club of creditors to bridge its budget deficits, causing a spike in
debt.

 

According to the NBS, 34.89 per cent of the total federal and state public
debt is external, and domestic debt accounts for 65.11 per cent.

 

As the financial situation becomes more precarious due to the negative
impact of the coronavirus pandemic, the government has stopped providing a
subsidy on petroleum products, which has been eating into the annual budget.

 

The Financial Operations report in March of the Nigerian National Petroleum
Corporation, shows that $1.06 billion was paid to subsidise Premium Motor
Spirit in March 2019, and about $2.1 billion in the first quarter of 2020.

 

President Buhari effected the deregulation of the downstream sector, which
effectively removed the subsidies.

 

According to the Petroleum Products Pricing Regulatory Agency the petrol
price will be adjusted in accordance to global oil prices.

 

Ayuba Wabba, the president of the Nigerian Labour Congress, was concerned
about the move. "We are surprised that at a time when other countries are
giving palliatives to their citizens to cushion the effect of Covid-19,
Nigerians are asked to pay more for petrol," he said.

 

Information and Culture Minister Lai Mohammed said the debt is non-
threatening, and that unlike in the past when the nation borrowed to
"service the crass indulgence of a few fat cats", the loans being obtained
by the current administration are being primarily used to finance
infrastructure - roads, railways, bridges and power.

 

In September, at the Presidential Economic Advisory Council, President
Buhari justified the borrowing.

 

"We have so many challenges with infrastructure. We just have to take loans
to do roads, rail and power so that investors will find us attractive and
come here to put their money," he said.-East African. 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2020

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


Axia Corporation

AGM

virtual https://escrowagm.com/eagmZim/login.aspx

24/11/2020 | 8:14am

 


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
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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
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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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