Major International Business Headlines Brief::: 21 September 2020

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Major International Business Headlines Brief::: 21 September 2020

 


 

 


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ü  HSBC's shares dive to lowest level since 1995 in HK

ü  Ending VAT-free shopping 'will hit UK tourism and retail'

ü  Coronavirus: UK firms voluntarily return £215m in furlough cash

ü  WeChat: Judge blocks US attempts to ban downloads of Chinese app

ü  TikTok: Trump says Oracle deal for video app 'has my blessing'

ü  FinCEN Files: HSBC moved Ponzi scheme millions despite warning

ü  Coronavirus: Rolls-Royce considers tapping investors for £2.5bn

ü  Asian shares cling to tight ranges as attention shifts to U.S. election,
stimulus

ü  Oil prices steady as third storm in month takes aims at U.S.

ü  World's top companies urge action on nature loss ahead of U.N. talks

ü  Dollar slips, yen inches higher as Fed rhetoric in focus

ü  Walmart sets goal to become a regenerative company

ü  Here’s how many South Africans are falling behind on their rent

ü  What you should know about taking large sums of money out of South Africa

ü  Facebook reinforces its presence in Africa

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 


HSBC's shares dive to lowest level since 1995 in HK

HSBC's share price in Hong Kong has fallen to its lowest level since 1995
amid allegations of money laundering.

 

HSBC allowed fraudsters to transfer millions of dollars around the world
even after it had learned of their scam, leaked secret files show.

 

The UK-based bank faces multiple pressures including political tension in
Hong Kong and the pandemic fallout.

 

On Monday in Asian trading, HSBC's share price fell more than 4% to below
HK$30 (£3) as its freefall continued.

 

This year its share price, which is also listed on the London Stock
Exchange, has plunged by around 50%.

 

While HSBC is headquartered in London, more than half of its profits come
from the Asian financial hub of Hong Kong.

 

Its role in a $80m (£62m) fraud is detailed in a leak of documents - banks'
"suspicious activity reports" - that have been called the FinCEN Files.

 

HSBC moved the money through its US business to HSBC accounts in Hong Kong
in 2013 and 2014.

 

The bank says it has always met its legal duties on reporting such activity.

 

Multiple pressures

Before the leaked files were revealed, HSBC had been under pressure on
multiple fronts which has weakened its share price.

 

Europe's biggest bank has set aside between $8bn and $13bn this year for bad
loans as it expects more people and businesses to default on their
repayments because of the coronavirus pandemic.

 

In August it reported a 65% drop in pre-tax profits to $4.3bn for the first
half of the year - much steeper than analysts had forecast.

 

It also became embroiled in a political battle over its support of China's
national security law in Hong Kong and was lambasted by both the US and UK.

 

Cost-cutting

HSBC is currently pushing ahead with major restructuring of its global
banking operations.

 

Chief executive Noel Quinn, who officially took over in March, said the bank
would further pivot into Asia as its European operations lose money.

 

Mr Quinn said HSBC would "accelerate" an earlier restructuring plan which
includes the axing of 35,000 jobs.

 

UK bank Standard Chartered, which was also named in the leaked files, saw
its Hong Kong share price fall in Monday Asian trading.--bbc

 

 

 

Ending VAT-free shopping 'will hit UK tourism and retail'

A government plan to end VAT-free shopping for international visitors at the
end of the year could cost the UK billions of pounds in lost income, travel
and retail bosses have warned.

 

In a letter to the chancellor, the heads of firms such as Marks & Spencer,
Heathrow and Selfridges said the move also put 70,000 jobs at risk.

 

About £3.5bn in tax-free sales are made to non-EU tourists each year.

 

The Treasury says the tax relief is costly and vulnerable to fraud.

 

Under the VAT Retail Export Scheme (VAT RES), international visitors to the
UK can reclaim the VAT they pay on goods purchased but not consumed in the
UK.

 

It benefits tourist hotspots like London and Edinburgh, as well as the
famous Bicester shopping village in Oxfordshire, which attracts visitors
seeking bargains.

 

But earlier this month the government said it would abolish VAT RES on 31
December, when the Brexit transition period ends, arguing it offered little
benefit to many parts of the UK and was inconsistent with international
norms.

 

Critics say the Treasury fears that, under World Trade Organisation rules,
the UK would also have had to extend the scheme to EU visitors after the
transition period, creating an overwhelming administrative burden on the tax
authorities.

 

The Association of International Retail (AIR), which co-wrote the letter,
urged the chancellor to "look again at this devastating decision".

 

It warned the UK will become the only European country not to offer VAT-free
shopping for international visitors.

 

This would hurt the tourism, retail and leisure industries at a time when
they are "already reeling from the impact of Covid-19"

 

"Madrid, Milan and Paris are rubbing their hands with glee at this
self-inflicted wound," said AIR boss Paul Barnes.

 

"If we charge a fifth more for the same goods, international visitors will
not hesitate to switch their city breaks to other countries, and the stores
and jobs will follow within months."

 

According to Visit Britain, international tourists spent £6bn on shopping in
the UK in 2018. Of those transactions, £3.5bn were registered as tax free
sales, although VAT was only reclaimed on £2.5bn.

 

'Tremendous disadvantage'

Thierry Andretta, boss of handbag maker of Mulberry which also signed the
letter, accused the government of being "short-sighted".

 

"It will destroy the UK's ability to remain competitive with Continental
Europe and... place us at a tremendous disadvantage, not to mention have a
material impact on jobs and manufacturing in this sector."

 

A Treasury spokesman said: "We're making use of the end of the transition
period to bring our personal duty and tax systems in line with international
norms.

 

"This was subject to a full consultation, and VAT-free shopping is still
available because retailers are able to offer it to overseas visitors who
purchase items in store and have them sent directly to their home
addresses."-bbc

 

 

 

Coronavirus: UK firms voluntarily return £215m in furlough cash

UK firms have voluntarily returned more than £215m to the government in
furlough scheme payments they did not need or took in error.

 

According to HMRC figures, some 80,433 employers have returned cash they
were given to help cover workers' salaries.

 

The money returned is only a fraction of the £3.5bn officials believe may
have been paid out in error or to fraudsters under the scheme.

 

HMRC said it welcomed employers who have voluntarily returned grants.

 

Under the Coronavirus Job Retention Scheme (CJRS) - or furlough scheme -
workers placed on leave have received 80% of their pay, up to a maximum of
£2,500 a month.

 

At first this was all paid for by the government, but firms are now having
to make a contribution to wages as well.

 

As of 15 September, companies and other bodies had returned £215,756,121 in
grants, according to data obtained by the PA news agency through a freedom
of information request.

 

Some of the money was returned, while other firms simply claimed smaller
payouts the next time they were given furlough cash.

 

It is a tiny part of the £35.4bn claimed under CJRS up until 16 August, the
latest date for which statistics are available.

 

HMRC said: "HMRC welcomes those employers who have voluntarily returned CJRS
grants to HMRC because they no longer need the grant, or have realised
they've made errors and followed our guidance on putting things right."

 

The CJRS was launched in April to support businesses that could not operate,
or had to cut staffing levels, during lockdown. But companies have been
urged to repay the taxpayer cash they receive if they feel they can afford
to do so.

 

Choosing to repay

Housebuilders Redrow, Barratt and Taylor Wimpey have both returned all the
furlough money they have claimed. So too have Ikea, Games Workshop,
distribution giant Bunzl and the Spectator magazine.

 

Others such as Primark and John Lewis have said they will not claim money
under the Jobs Retention Bonus, which pays firms £1,000 for every employee
they bring back from furlough and keep employed until the end of January.

 

The government has rejected calls to extend the furlough scheme when it ends
on 31 October, despite warnings that it could trigger a wave of job cuts.

 

HMRC said: "To tackle the impact the pandemic had on people's jobs,
businesses and livelihoods, the government introduced one of the most
generous and comprehensive packages of support in the world, including the
Coronavirus Job Retention Scheme.

 

"So far, the Coronavirus Job Retention Scheme has helped 1.2 million
employers across the UK furlough 9.6 million jobs, protecting people's
livelihoods."--bbc

 

 

 

WeChat: Judge blocks US attempts to ban downloads of Chinese app

A judge has blocked a US government attempt to ban the Chinese messaging and
payments app, WeChat.

 

US Magistrate Judge Laurel Beeler said the ban raised serious questions
related to the constitution's first amendment, guaranteeing free speech.

 

The Department of Commerce had announced a bar on WeChat appearing in US app
stores from Sunday, effectively shutting it down.

 

The Trump administration has alleged it threatens national security.

 

It says the app could pass user data to the Chinese government.

 

Both WeChat and China have strongly denied the claim. Tencent, the
conglomerate that owns WeChat, had previously described the US ban as
"unfortunate".

 

The ruling comes just after TikTok, which was also named in the Department
of Commerce order, reached a deal with US firms Oracle and Walmart to
hopefully allow them to keep operating.

 

What happened in court?

The case came to court after a group of US WeChat users challenged President
Donald Trump's executive order that sought to shut WeChat down in the
country.

 

The US Justice Department argued that blocking the executive order would
"frustrate and displace the president's determination of how best to address
threats to national security".

 

However Judge Beeler, sitting in San Francisco, noted that "while the
general evidence about the threat to national security related to China
(regarding technology and mobile technology) is considerable, the specific
evidence about WeChat is modest".

 

Why does the US want the apps banned?

In a statement, the US Department of Commerce Secretary Wilbur Ross said the
decision to block the app was taken "to combat China's malicious collection
of American citizens' personal data".

 

The department said WeChat collected "vast swathes of data from users,
including network activity, location data, and browsing and search
histories".

 

Friday's statement from the commerce department said the governing Chinese
Communist Party "has demonstrated the means and motives to use these apps to
threaten the national security, foreign policy, and the economy of the US".

 

Tencent, which owns WeChat, has said that messages on its app are private.

 

More than just an app

WeChat is used by nearly 20 million people in the US - and pretty much
exclusively by the Chinese and South East Asian diaspora.

 

It is hard to describe how important it is in people's lives. It is not just
an app, for many people WeChat IS their mobile phone. It is like Amazon,
Facebook, WhatsApp, Tinder and much more, rolled into one.

 

One Malaysian expat told me she would "cry" if the app was blocked. She told
me her family had spent time showing her elderly mother how to use WeChat -
and worried she would be unable to communicate with her if the ban came into
force.

 

Interestingly though, we have not heard much from WeChat's owners - Tencent.
Why? Well, Tencent is one of the biggest games companies in the world - and
has a huge market in America. If President Trump were to go further and
target that section of the business it would really sting.

 

What is WeChat?

WeChat was set up in 2011. It is a multi-purpose app allowing users to send
messages, make mobile payments and use local services. It has been described
as an "app for everything" in China and has more than one billion monthly
users.

 

Like all Chinese social media platforms, WeChat must censor content the
government deems illegal. In March, a report said WeChat was censoring key
words about the coronavirus outbreak from as early as 1 January.

 

But WeChat insists encryption means others cannot "snoop" on your messages,
and that content such as text, audio and images are not stored on its
servers - and are deleted once all intended recipients have read them.--bbc

 

 

 

TikTok: Trump says Oracle deal for video app 'has my blessing'

US President Donald Trump has expressed his approval of a deal that would
allow Chinese-owned video-sharing app TikTok to continue operating in the
US.

 

Mr Trump told reporters he had given his "blessing" to a partnership between
TikTok and US firms Oracle and Walmart.

 

The president had ordered the app to be banned in the US, citing national
security concerns.

 

US security officials fear data collected by TikTok's owner may be handed to
the Chinese government.

 

TikTok's owner, ByteDance, has denied accusations that it is controlled by
or shares data with China's ruling Communist Party.

 

However, the TikTok deal does not affect a ban on the Chinese-owned
messaging and payments app WeChat, which will no longer be available in US
app stores from Sunday night.

 

Tencent, the conglomerate that owns WeChat, has described the US ban as
"unfortunate".

 

On Saturday, Mr Trump said the deal would ensure the data of the estimated
100 million Americans who use the app was safe, telling reporters: "The
security will be 100%."

 

"I have given the deal my blessing," Mr Trump said as he left the White
House ahead of an election rally in North Carolina. "I approve the deal in
concept."

 

Is the US about to split the internet?

What TikTokers make of Trump's ban threat

TikTok and ByteDance both welcomed President Trump's approval of a proposed
deal, which would still need to be signed off by the Chinese government.

 

TikTok said the deal would ensure US national security requirements were
fully satisfied, while ByteDance said it was working to reach an agreement
that was "in line with US and Chinese law" as soon as possible.

 

Vanessa Pappas, TikTok interim chief executive, said in a video posted on
Saturday that the app was "here to stay" in the US.

 

President Trump's support for the deal comes days after his administration
said it would bar people in the US from downloading TikTok through any app
store from Sunday.

 

However, the US Commerce Department said it had now delayed this deadline
for a week until 27 September in the "light of recent positive
developments".

 

The row over TikTok comes at a time of heightened tensions between the Trump
administration and the Chinese government over a number of issues, including
trade disputes, protests in Hong Kong and Beijing's handling of the
coronavirus outbreak.

 

What is the proposed deal?

The deal would see the establishment of a new company, dubbed TikTok Global.
That company would be headquartered in the US, possibly in the state of
Texas, with a majority of American directors, a US chief executive and a
security expert on the board.

 

Oracle and Walmart are expected to take significant stakes in the company,
and ByteDance has agreed to security safeguards on the data of US users.
TikTok's data would be stored by Oracle, which would have the right to
inspect its source code.

 

President Trump said the new TikTok company will be "totally controlled by
Oracle and Walmart". But in a joint statement on Saturday, Oracle and
Walmart said they were together investing to acquire 20% of the newly formed
TikTok Global business.

 

Of that 20% stake, Oracle will take 12.5%, while Walmart will take 7.5%,
reports say.

 

The deal will see TikTok Global become majority-owned by American investors,
but Bytedance will retain a share of the US operation.

 

This falls somewhat short of President Trump's demand for an outright sale
of TikTok's US arm to an American company. That was the intention of an
executive order Mr Trump signed in August.

 

However, Mr Trump did say the deal would provide new jobs and tax revenue
for the country.

 

In their statement, Oracle and Walmart said TikTok Global would create more
than 25,000 new jobs and pay more than $5bn (£3.8bn) in tax in the US.

 

A deal, but not the one Trump had demanded

This is not the deal that Donald Trump had envisioned - he had wanted the US
arm of the company to be sold.

 

That's not quite what's happening here.

 

This is more like a joint venture between three companies. Oracle's role is
particularly important, acting as a "trusted partner" safeguarding the data
of users.

 

But in the proposed deal TikTok's Chinese owner Bytedance would still own
much of the new entity.

 

So what made Trump decide to approve it?

 

Well, he appears now to be satisfied that the security arrangements
proposed. But it's more complex than that. The deal also proposes a $5bn
education fund - and will reportedly create 25,000 US jobs.

 

This is not a done deal though, the Chinese government still has to approve
it - and there's no guarantee that will happen.

 

What is TikTok?

TikTok is a video-sharing app. Users can post up to a minute of video and
have access to a vast database of songs and filters.

 

They use the app to share 15-second videos that often involve lip-synching
to songs, comedy routines and unusual editing tricks.

 

The app collects a huge amount of user data - including what videos people
watch and comment on, location data, phone model and even how people type.
But much of this data collection is similar to other social networks like
Facebook.

 

The app is reported to have around 800 million active monthly users
worldwide, most of whom are in the US and India.

 

India has already blocked TikTok as well as other Chinese apps. Australia,
which has already banned Huawei and telecom equipment-maker ZTE, is also
considering banning TikTok.--bbc

 

 

 

 

FinCEN Files: HSBC moved Ponzi scheme millions despite warning

HSBC allowed fraudsters to transfer millions of dollars around the world
even after it had learned of their scam, leaked secret files show.

 

Britain's biggest bank moved the money through its US business to HSBC
accounts in Hong Kong in 2013 and 2014.

 

Its role in the $80m (£62m) fraud is detailed in a leak of documents -
banks' "suspicious activity reports" - that have been called the FinCEN
Files.

 

HSBC says it has always met its legal duties on reporting such activity.

 

The files show the investment scam, known as a Ponzi scheme, started soon
after the bank was fined $1.9bn (£1.4bn) in the US over money laundering. It
had promised to clamp down on these sorts of practices.

 

Lawyers for duped investors say the bank should have acted sooner to close
the fraudsters' accounts.

 

The documents leak includes a series of other revelations - such as the
suggestion one of the biggest banks in the US may have helped a notorious
mobster to move more than $1bn.

 

What are the FinCEN Files?

The FinCEN Files are a leak of 2,657 documents, at the heart of which are
2,100 suspicious activity reports, or SARs.

 

SARs are not evidence of wrongdoing - banks send them to the authorities if
they suspect customers could be up to no good.

 

By law, they have to know who their clients are - it's not enough to file
SARs and keep taking dirty money from clients while expecting enforcers to
deal with the problem. If they have evidence of criminal activity, they
should stop moving the cash.

 

The leak shows how money was laundered through some of the world's biggest
banks and how criminals used anonymous British companies to hide their
money.

 

The SARs were leaked to the Buzzfeed website and shared with the
International Consortium of Investigative Journalists (ICIJ). Panorama led
the research for the BBC as part of a global probe. The ICIJ led the
reporting of the Panama Papers and Paradise Papers leaks - secret files
detailing the offshore activities of the wealthy and the famous.

 

Fergus Shiel, from the consortium, said the FinCEN Files are an "insight
into what banks know about the vast flows of dirty money across the globe

[The] system that is meant to regulate the flows of tainted money is
broken".

 

The leaked SARs had been submitted to the US Financial Crimes Enforcement
Network, or FinCEN between 2000 and 2017 and cover transactions worth about
$2 trillion.

 

FinCEN said the leak could impact US national security, risk investigations,
and threaten the safety of those who file the reports.

 

But last week it announced proposals to overhaul its anti-money laundering
programmes.

 

The UK also unveiled plans to reform its register of company information to
clamp down on fraud and money laundering.

 

The investment scam that HSBC was warned about was called WCM777. It led to
the death of investor Reynaldo Pacheco, who was found under water on a wine
estate in Napa, California, in April 2014.

 

Police say he had been bludgeoned with rocks.

 

He signed up to the scheme and was expected to recruit other investors. The
promise was everyone would get rich.

 

A woman Mr Pacheco, 44, introduced lost about $3,000. That led to the
killing by men hired to kidnap him.

 

"He literally was trying to
 make people's lives better, and he himself was
scammed, and conned, and he unfortunately paid for it with his life," said
Sgt Chris Pacheco (no relation), one of the officers who investigated the
killing.

 

Reynaldo, he said, "was murdered for being a victim in a Ponzi scheme".

 

The scheme was started by Chinese national Ming Xu. Little is known about
how he came to be living in the US, although he claims to have studied for
an MA in California.

 

Basing himself in the Los Angeles area, Xu - or "Dr Phil" as he styled
himself - acted as a pastor at evangelical churches.

 

Xu said he was operating a global investment bank, World Capital Market,
that would pay out 100% profit in a 100 days. In reality, he was running the
WCM777 Ponzi scheme.

 

Through travelling seminars, Facebook and webinars on YouTube, it raised
$80m selling supposed investment opportunities in cloud computing.

 

Thousands of people from the Asian and Latino communities were taken in. The
fraudsters used Christian imagery and targeted poor communities in the US,
Colombia and Peru. There were also victims in other countries, including the
UK.

 

Regulators in California told HSBC it was investigating WCM777 as early as
September 2013 - and alerted its residents to the fraud.

 

And California, along with Colorado and Massachusetts, took action against
WCM for selling unregistered investments.

 

HSBC did spot suspicious transactions going through its systems. But it was
not until April 2014, after US financial regulator the Securities and
Exchange Commission filed charges, that the WCM777 accounts at HSBC in Hong
Kong were shut.

 

By that time there was nearly nothing left in them.

 

What do the suspicious activity reports show?

HSBC filed its first SAR about the scam on 29 October 2013 relating to more
than $6m sent to the fraudsters' accounts in Hong Kong.

 

Bank officials said there was "no apparent economic, business, or lawful
purpose" for the transactions - and noted allegations of "Ponzi scheme
activities".

 

A second SAR in February 2014 identified $15.4m in suspicious transactions,
and a "Potential Ponzi scheme".

 

A third report in March related to a company associated with WCM777 and
nearly $9.2m, and noted the regulatory moves by US states and an
investigation ordered by Colombia's president.

 

What did HSBC do?

The WCM777 scheme emerged months after HSBC avoided a US criminal
prosecution over money laundering by Mexican drug barons. It did so by
agreeing to improve procedures.

 

Analysis by the ICIJ shows that between 2011 and 2017 HSBC identified
suspicious transactions moving through accounts in Hong Kong of more than
$1.5bn - about $900m linked to overall criminal activity.

 

But the reports failed to include key facts about customers, including the
ultimate beneficial owners of accounts and where the money came from.

 

Banks are not allowed to talk about suspicious activity reports.

 

HSBC said: "Starting in 2012, HSBC embarked on a multi-year journey to
overhaul its ability to combat financial crime across more than 60
jurisdictions
 HSBC is a much safer institution than it was in 2012."

 

The bank added the US authorities had determined that it "met all of its
obligations under the [agreement struck with US prosecutors]".

 

Xu was eventually arrested by the Chinese authorities in 2017 and jailed for
three years over the scam.

 

Speaking to the ICIJ from China, Xu said HSBC had not contacted him about
his business. He denied WCM777 was a Ponzi scheme, saying it was wrongly
targeted by the SEC and his aim had been to build a religious community in
California on more than 400 acres of land.

 

What is a Ponzi scheme?

A Ponzi scheme - named after early 20th Century conman Charles Ponzi - does
not generate profits from the cash it raises. Instead investors are paid a
return from money coming in from other new investors.

 

More and more investors are needed to cover these payments. Meanwhile, the
owners of the scheme move money into their own accounts.

 

A Ponzi scheme will collapse if it cannot find enough new investors.

 

What else did the leak find?

The FinCEN Files also show how multinational bank JP Morgan may have helped
a man known as the Russian mafia's boss of bosses to move more than a $1bn
through the financial system.

 

Semion Mogilevich has been accused of crimes including gun running, drug
trafficking and murder.

 

He should not be allowed to use the financial system, but a SAR filed by JP
Morgan in 2015 after the account was closed, reveals how the bank's London
office may have moved some of the cash.

 

It details how JP Morgan, provided banking services to a secretive offshore
company called ABSI Enterprises between 2002 and 2013, even though the
firm's ownership was not clear from the bank's records.

 

Over one five-year period, JP Morgan sent and received wire transfers
totalling $1.02bn, the bank said.

 

The SAR noted ABSI's parent company "might be associated with Semion
Mogilevich - an individual who was on the FBI's top 10 most wanted list".

 

In a statement, JP Morgan said: "We follow all laws and regulations in
support of the government's work to combat financial crimes. We devote
thousands of people and hundreds of millions of dollars to this important
work."

 

The FinCEN Files is a leak of secret documents which reveal how major banks
have allowed criminals to move dirty money around the world. They also show
how the UK is often the weak link in the financial system and how London is
awash with Russian cash.

 

The files were obtained by BuzzFeed News which shared them with the
International Consortium of Investigative Journalists (ICIJ) and 400
journalists around the world. Panorama has led research for the BBC. -bbc

 

 

 

 

Coronavirus: Rolls-Royce considers tapping investors for £2.5bn

Rolls-Royce is considering tapping investors for £2.5bn to boost its
finances as coronavirus continues to wreak havoc on global travel.

 

The firm, which makes engines for planes, said it is "evaluating" raising
the sum and is looking at a number of options including a rights issue.

 

Rolls-Royce has previously said it does not expect demand to return to
pre-pandemic levels for five years.

 

It has already announced 9,000 job cuts as part of a major restructure.

 

The Financial Times first reported that Rolls-Royce was considering raising
£2.5bn and is in talks with a number of sovereign wealth funds including
Singapore's GIC.

 

The company said: "We continue to review all funding options to enhance
balance sheet resilience and strength.

 

"Amongst other options, we are evaluating the merits of raising equity of up
to £2.5bn, through a variety of structures including a rights issue and
potentially other forms of equity issuance. Our review also includes new
debt issuance."

 

It added that no final decisions have been taken "as to whether or when to
proceed with any of these options or as to the precise amount that may be
raised".

 

The government holds a "golden share" in Rolls-Royce which prevents the
company - which is deemed to be of strategic interest to the UK - from
coming under foreign control.

 

Record loss

In August, Rolls-Royce announced a record £5.4bn loss for the first half of
its financial year.

 

The global travel industry has ground to a virtual halt because of the
pandemic. Hopes of a pick-up in activity have been dashed due to changes in
which countries are on a quarantine list that require travellers to the UK
to self-isolate.

 

Coronavirus: What are the UK travel quarantine rules?

Under a "power by hour" model, Rolls-Royce makes money every time a plane
using one of its engines is flown. It generates around £4bn a year through
this model.

 

However, it expects flying hours to halve for this financial year.

 

Some 3,000 jobs are being cut in the UK and it is reducing the number of its
sites worldwide from 11 to six, including the closure of factories in
Nottinghamshire and Lancashire.

 

It hopes a restructure of its civil aerospace division will result in
savings of over £1.3bn by the end of 2022.

 

Rolls-Royce is also aiming to raise more than £2bn through selling off parts
of the group, including its ITP Aero turbine-making business in Spain.

 

Last month, the company finalised a £2bn loan which was partly backed by UK
Export Finance, a government agency.

 

While Rolls-Royce's civil aerospace business has been impacted by the
pandemic, the company said its defence division remains resilient and in its
most recent results, reported a 2% rise in revenues.-bbc

 

 

Asian shares cling to tight ranges as attention shifts to U.S. election,
stimulus

SYDNEY (Reuters) - Asian shares and most currencies held tight ranges on
Monday, as investors awaited developments on U.S. fiscal stimulus and
coronavirus vaccines amid a resurgence of infections in Europe.

 

 

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.1% weaker,
though it was not too far from a June 2018 peak at 568.84.

 

Australia's .AXJO benchmark index slipped 0.5% while New Zealand's .NZ50
stumbled 0.6%. Chinese shares opened in the red with the blue-chip index
.CSI300 down 0.3%.

 

“While the economic recovery continues, momentum is clearly slowing,” Kathy
Bostjancic, chief U.S. financial economist at Oxford Economics wrote in a
note.

 

“The second phase of the recovery will likely be bumpy and fraught with
pitfalls,” Bostjancic added.

 

“The development of the pandemic remains the overriding factor driving the
economy, discussions on the fiscal policy, and ultra loose policy by the
Fed.”

 

On Friday, U.S. stocks declined with the Dow .DJI down 0.9%, the S&P 500
.SPX losing 1.1% and Nasdaq Composite .IXIC dropping 1.07%.

 

The signal from futures was not very optimistic, with the S&P 500 e-minis
falling 0.1% and pointing to a weak start for Wall Street on Monday.

 

Japanese markets were closed for a public holiday.

 

Coronavirus cases have now surpassed 30 million, casting a gloomy pall over
prospects of a V-shaped economic recovery.

 

The biggest threat to global growth is a resurgent pandemic, with analysts
fearing growth and inflation could surprise on the downside in the coming
year. A lack of material development on U.S. stimulus package is also an
overhang, they said.

 

 

Adding to worries, European countries from Denmark to Greece announced new
restrictions on Friday to curb surging coronavirus infections in some of
their largest cities, while Britain was reported to be considering a new
national lockdown.

 

“Where is the inspiration for the equity bulls, I ask? We have diminishing
prospects of fiscal stimulus, crazy valuations and a firm focus on an ugly
U.S. election and COVID shutdowns, which suggest short-term risks for
equities,” said Pepperstone strategist Chris Weston.

 

“Of course, the lack of early movement may be a red herring as the news,
perhaps the Oracle/TikTok deal aside, can hardly be perceived as positive,
but there has been no risk aversion expressed in FX, through this illiquid
period.”

 

The dollar slipped 0.1% against a basket of major currencies to 92.855.

 

Against the safe haven yen JPY=, the greenback eased 0.2% to 104.35 to drift
closer to a recent 3-1/2 month trough.

 

The euro EUR= was up 0.25% at $1.2946 while the risk-sensitive Australian
dollar AUD=D3 was also slightly higher at $0.7304. The British pound GBP=
was up 0.25% at $1.2947.

 

Currency strategists said the dollar weakness may signal more volatility
ahead of the Nov. 3 U.S. elections where Republican President Donald Trump
will face off against Democratic challenger Joe Biden.

 

Pepperstone’s Weston expects the safe-haven yen to remain well bid.

 

“In a world where real rate differentials increasingly drive capital flows,
in developed market, FX Japan has the highest and positive real yields, and
even more so when adjusting for hedging costs,” Weston said.

 

“This makes the JPY very attractive, especially against the GBP and USD,
where real rates are not just negative but in the case of the Fed, they are
actively seeking lower rates out.”

 

In commodities, U.S. crude slipped 2 cents to $43.13 a barrel. Brent crude
fell 1 cent to $41.1. Gold was slightly lower, with spot prices at $1,951.3
an ounce.

 

 

 

 

Oil prices steady as third storm in month takes aims at U.S.

SINGAPORE (Reuters) - Oil prices edged higher on Monday as a tropical storm
took aim for the U.S. Gulf of Mexico region halting some production, though
price gains were capped by the potential return of oil output in Libya and a
continued rise in coronavirus cases.

 

Brent crude LCOc1 was up 9 cents, or 0.2%, at $43.24 a barrel by 0230 GMT,
while U.S. crude CLc1 was up 10 cents, or 0.2%, to $42.21 a barrel.

 

Royal Dutch Shell Plc RDSa.L halted some oil production and began evacuating
workers from a U.S. Gulf of Mexico platform, the company said on Saturday.

 

Tropical Storm Beta was predicted to bring 1 foot (30 centimetres) of rain
to parts of coastal Texas and Louisiana as the 23rd named storm of this
year’s Atlantic hurricane season moves ashore on Monday night, the National
Hurricane Center said.

 

Oil and gas producers had been restarting their offshore operations over the
weekend after being disrupted by Sally. Some 17% of U.S. Gulf of Mexico
offshore oil production and nearly 13% of natural gas output went offline on
Saturday in the face of Hurricane Sally’s waves and winds.

 

Elsewhere, Libya’s National Oil Corp lifted force majeure on what it deemed
secure oil ports and facilities on Saturday, but said the measure would
remain in place for facilities where fighters remain.

 

“The market can ill afford more crude hitting the market,” ANZ analysts said
in a note on Monday.

 

A resurgence of virus cases globally is also acting as a brake on crude
demand. More than 30.78 million people have been reported to be infected by
the novel coronavirus globally and 954,843 have died, according to a Reuters
tally.

 

“It is hard to get excited about a pickup in crude demand as the virus is
surging in France, Spain, and the UK, along with concerns the U.S. appears
poised for at least one more cycle in the fall and winter,” said Edward
Moya, senior market analyst at OANDA.

 

“Even if energy markets don’t see Libyan production return or if Hurricane
season eases, oil prices can’t shake off the dwindling demand outlook.”

 

 

 

World's top companies urge action on nature loss ahead of U.N. talks

LONDON (Reuters) - Some of the world’s biggest companies on Monday backed
growing calls for governments to do more to reverse the accelerating
destruction of the natural world and support broader efforts to fight
climate change.

 

More than 560 companies with combined revenues of $4 trillion including
Walmart WMT.N, Citigroup C.N and Microsoft MSFT.O signed up to a statement
calling for action over the next decade.

 

The call comes as the United Nations prepares to host a biodiversity summit
later this month, aiming to build momentum towards forging a new global pact
to ward off threats to nature exemplified by recent fires in the Amazon and
California.

 

While many of the companies said they were already taking steps to make
their operations greener, governments needed to provide the policies that
would allow them to do more.

 

“Healthy societies, resilient economies and thriving businesses rely on
nature. Governments must adopt policies now to reverse nature loss in this
decade,” the companies said in a statement.

 

"Together let's protect, restore and sustainably use our natural resources,"
they added. Others to sign included IKEA, Unilever ULVR.L and AXA AXAF.PA.

 

Business for Nature, the coalition which organised the statement, said it
was the first time so many companies had issued a joint call emphasising the
crucial role healthy ecosystems play in human well-being.

 

“Many businesses are making commitments and taking action. But for us all to
live well within the planet’s finite limits, we need to scale and speed up
efforts now, not tomorrow,” said Eva Zabey, executive director, Business for
Nature.

 

Last year the IPBES international panel of scientists said a million species
were at risk of extinction.

 

About two-thirds of the world’s animals - mammals, birds, fish, amphibians
and reptiles - have vanished over the last 50 years, according to the World
Wildlife Fund.

 

 

 

Dollar slips, yen inches higher as Fed rhetoric in focus

SINGAPORE (Reuters) - The dollar slipped and yen and yuan led Asia’s
currencies a little higher on Monday, as investors looked ahead to a slew of
U.S. Federal Reserve speakers this week and to a decision on the inclusion
of Chinese government bonds in a global index.

 

Moves were slight and volumes light due to a public holiday in Japan. The
dollar index, which tracks the greenback against a basket of six major
currencies, dipped 0.2% to 92.779.

 

The yen and yuan rose about 0.3% each, with the yen JPY= touching a
seven-week peak of 104.27 per dollar and the yuan CNY= hovering just below a
16-month high it hit last week.

 

Foreigners’ Chinese bond buying has helped put the yuan on a tear, lifting
it nearly 6.5% in four months.

 

Investors are expecting FTSE Russell will include China in its World
Government Bond Index .SBWGU on Thursday, likely triggering even more
inflows and supporting the currency.

 

“The assets under management tracking this index is big...so we are seeing
some pre-positioning taking place,” said Bank of Singapore currency analyst
Moh Siong Sim.

 

“But it’s not just the index, the bigger picture here is that the (Chinese)
economy is doing well, there’s an interest-rate differential that is
supporting the currency and a Biden victory (at the U.S. election) might
provide further relief.”

 

The yuan edged back toward last week's 16-month high in Asia, rising to
6.7570 in onshore trade CNY= and pulling with it the Australian, Singapore,
New Taiwan dollars as well as the Malaysian ringgit.

 

The Aussie AUD=D3 rose 0.4% to $0.7319, near the top end of its range of the
last few weeks. The ringgit MYR= hit a seven-month high of 4.1100 on the
dollar and the Singapore dollar SGD= made an eight-month peak of S$1.3543
per greenback.

 

The Taiwan dollar TWD=TP jumped 0.7% to a seven-year high of 28.935 per
dollar, a move analysts said might be due to a combination of equity inflows
and authorities seeking to project calm amid heightened cross-straits
tensions.

 

YEN STRENGTH

The euro and sterling crept toward the top of ranges they have occupied for
a couple of weeks, with the euro EUR= last at $1.1867 and sterling GBP= at
$1.2958.

 

The yen looked to break new ground, extending a week of solid gains amid
trepidation about the global economic outlook and perhaps a shift in the
yen’s drivers as central banks pin rates around the world at or below zero.

 

The yen is up nearly 2% in five consecutive weeks of gains.

 

“The yen is deeply undervalued on standard metrics, private sector portfolio
outflows appear to have slowed, and the Bank of Japan seems to have little
appetite for more deeply negative rates,” Goldman Sachs analysts said in a
note.

 

“For these reasons we see downside risk to our 12-month dollar/yen target of
105.”

 

In the short term, analysts said the Fed’s lower-for-longer commitment on
rates would drag on the dollar, though close attention will be paid to
remarks from committee members this week for any more clues on the new
approach to inflation.

 

Fed Chairman Jerome Powell is due to appear before Congressional committees
later this week while Fed committee members Lael Brainard, Charles Evans,
Raphael Bostic, James Bullard, Mary Daly and John Williams also make public
speeches.

 

“The dovish Fed will remain a background negative for the dollar,” said
Terence Wu, strategist at Singapore’s OCBC Bank.

 

“Powell’s testimony (on Tuesday) will draw attention, but for now the Fed is
likely done playing their cards.”

 

Asia's laggard was the New Zealand dollar NZD=D3, which had a muted 0.2%
rise to $0.6773 ahead of a central bank meeting on Wednesday. No policy
changes are expected but talk of negative rates could drag on the kiwi. 

 

 

 

Walmart sets goal to become a regenerative company

BENTONVILLE, Ark.--(BUSINESS WIRE)--Building on more than 15 years of
sustainability leadership, Walmart today announced it is doubling down on
addressing the growing climate crisis by targeting zero emissions across the
company’s global operations by 2040. Walmart and the Walmart Foundation are
also committing to help protect, manage or restore at least 50 million acres
of land and one million square miles of ocean by 2030 to help combat the
cascading loss of nature threatening the planet.

 

“People have pushed past the earth’s natural limits. Healthy societies,
resilient economies and thriving businesses rely on nature. Our vision at
Walmart is to help transform food and product supply chains to be
regenerative, working in harmony with nature – to protect, restore and
sustainably use our natural resources.”

 

“We want to play an important role in transforming the world’s supply chains
to be regenerative. We face a growing crisis of climate change and nature
loss and we all need to take action with urgency,” said Doug McMillon,
president and chief executive officer, Walmart, Inc. “For 15 years, we have
been partnering to do the work and continually raising our sustainability
ambitions across climate action, nature, waste and people. The commitments
we’re making today not only aim to decarbonize Walmart’s global operations,
they also put us on the path to becoming a regenerative company – one that
works to restore, renew and replenish in addition to preserving our planet,
and encourages others to do the same.”

 

To avoid the worst effects of climate change, the world must take immediate
action to drastically reduce and remove greenhouse gas emissions. That’s why
Walmart is building on its long-standing commitment to climate action by
raising its ambition to zero emissions by 2040, without the use of carbon
offsets, across its global operations by:

 

Harvesting enough wind, solar and other renewable energy sources to power
its facilities with 100% renewable energy by 2035;

Electrifying and zeroing out emissions from all of its vehicles, including
long-haul trucks, by 2040; and

Transitioning to low-impact refrigerants for cooling and electrified
equipment for heating in its stores, clubs, and data and distribution
centers by 2040.

The world has also pushed its natural resources to the point of crisis,
resulting in the degradation and loss of critical landscapes and the
eradication of many species of plants and animals. In fact, studies show
animal populations have declined by over 60% in just over 40 years and
one-fifth of the Amazon’s rainforest has disappeared in just 50 years. Not
only can a regenerative approach to nature help reverse these negative
impacts and sustain critical resources for the future, it can also provide
around a third of the solution to climate change.

 

“We must all take urgent, sustained action to reverse nature loss and
emissions before we reach a tipping point from which we will not recover,”
said Kathleen McLaughlin, executive vice president and chief sustainability
officer for Walmart, Inc. and president of the Walmart Foundation. “People
have pushed past the earth’s natural limits. Healthy societies, resilient
economies and thriving businesses rely on nature. Our vision at Walmart is
to help transform food and product supply chains to be regenerative, working
in harmony with nature – to protect, restore and sustainably use our natural
resources.”

 

Recognizing the need to act now, along with the Walmart Foundation, Walmart
aims to protect, manage or restore some of the world’s most critical
landscapes by:

 

·         Continuing to support efforts to preserve at least one acre of
natural habitat for every acre of land developed by the company in the U.S.;

·         Driving the adoption of regenerative agriculture practices,
sustainable fisheries management and forest protection and restoration –
including an expansion of Walmart’s forests policy; and

·         Investing in and working with suppliers to source from
placed-based efforts that help preserve natural ecosystems and improve
livelihoods.

·         Walmart’s Doug McMillon will share the news during the opening
ceremony of Climate Week NYC. The announcement comes one day prior to the
retailer’s annual Sustainability Milestone Summit, to be held during Climate
Week’s Hub Live, where the company will engage Walmart associates,
suppliers, NGOs and other stakeholders to advance sustainability in the
retail and consumer goods sector.

 

For more than 15 years, Walmart has been collaborating with others to drive
positive change across global supply chains. The company’s sustainability
efforts prioritize people and the planet by aiming to source responsibly,
sell sustainable products, protect natural resources and reduce waste and
emissions. To date, Walmart powers around 29% of its operations with
renewable energy and diverts approximately 80% of its waste from landfills
and incineration globally. Because most of the company’s environmental
impact comes from its supply chain, Walmart is also working with suppliers
through its Project Gigaton initiative to avoid a gigaton of greenhouse gas
emissions by 2030. More than 2,300 suppliers have signed on, and since the
effort launched in 2017, suppliers report a total of 230 million metric tons
of avoided emissions.-businesswire

 

 

China’s pork reserves running out as prices soar, analysts say

China has nearly exhausted its reserves of frozen pork, according to new
estimates that underscore the supply shortfall in the world’s top protein
market two years after the arrival of African swine fever.

 

The level of reserves is a state secret in China, the world’s number one
producer, consumer and importer of pork. But Enodo Economics, a London-based
consultancy focused on China, estimates that reserves fell by about 452,000
tonnes between September 2019 and August this year.

 

China has less than 100,000 tonnes of pork reserves remaining, says Diana
Choyleva, Enodo’s chief economist. “At this rate, within two to three months
they’ll be out,” she added.

 

The numbers back up comments from the US agricultural attaché in Beijing in
a recent livestock report on China, which noted that “pork reserves appear
to have been mostly depleted by the third quarter of 2020”.

 

The country reported its first case of African swine fever in 2018. Since
then, more than 100m pigs have been lost, pushing pork prices up to record
highs. In response, China has sold frozen meat from its reserves into the
domestic market to try and restrain prices.

 

Despite inching down from their highs, spot wholesale prices are still more
than double their pre-swine fever levels at Rmb47.61 ($7) per kilogramme.
The cost of pork to consumers rose more than 50 per cent in August from a
year earlier, according to official data.

 

 

The pork reserves act to stabilise high prices rather than to provide a
replacement for tight supplies. The decline in reserves means that Beijing’s
“ability to directly intervene in the pork market will be more limited in
the second half of 2020 and into 2021”, warned the USDA report.

 

The shortage has forced China to import record amounts of the meat this year
from top producers including the US, despite President Xi Jinping’s push for
greater agricultural self-sufficiency. Pork imports hit 430,000 tonnes in
July, more than doubling from a year before.

 

“China’s demand is at record levels this year. It is the kingmaker in the
global animal meat trade,” said Justin Sherrard, global strategist for
animal protein at Rabobank.

 

The country is the world’s largest meat consumer. Over the past five years,
China’s average annual demand for pork has been about 50m tonnes, according
to USDA data.

 

Darin Friedrichs, an analyst at commodities broker StoneX in Shanghai, said
it was likely that the surge in imports rather than the depletion of China’s
reserves was “going to have a much bigger impact” on pork prices. Sales from
Beijing’s reserves were “more about showing they are doing something”, he
added.

 

 

Chinese farmers, enticed by high pork prices, have returned in droves to
raising hogs despite reports of continued outbreaks of the virus, which is
deadly to pigs but harmless to humans.

 

Piglet prices have also surged, pushing up imports of feed grains as farmers
expand their herds. That has driven a rally in global feed markets, with
soyabean futures in Chicago rising above $10 a bushel in September to the
highest level in more than two years. 

 

A greater reliance on imports is politically tricky for Beijing. When China
resumed imports of Canadian meat late last year after a four-month hiatus, a
foreign ministry official warned it was not a sign of thawing relations. 

 

Last week, China banned pork imports from Germany, where swine fever had
recently been discovered, to “protect the animal husbandry industry and
prevent the spread of the disease”.-ft

 

 

 

Here’s how many South Africans are falling behind on their rent

The percentage of total tenants that were recorded as being in good standing
with their landlords dropped sharply in the second quarter of 2020, data
from credit bureau TPN shows.

 

>From 81.52% of tenants being in good standing in the first quarter, the
percentage declined to 73.5% in the second quarter, a decline of eight
percentage points.

 

Those tenants that paid on time amounted to 59.48% of total tenants in the
second quarter, down from 64.84% in the previous quarter.

 

“This all translates into quarterly increases in the percentage of tenants
‘partially paying’ or not paying at all,” TPN said. “Interestingly, though,
is that the percentage paying late remained on the decline in the second
quarter.”

 

>From 11.57% in the first quarter, the percentage of tenants making a partial
payment jumped to 15.28%. The percentage who did not pay also rose from
6.92% to 11.22% over the same second quarters.

 

However, the percentage paying late declined from 16.68% to 14.02% after
having been on decline from a few preceding quarters.

 

 

 

TPN said that the sharp weakening in tenant performance is strongly related
to the Covid-19 lockdowns, the most severe lockdown months being in April
and May.

 

“These widespread business shutdowns likely saw many tenants lose either
part or all of their income, especially amongst those employees with more
flexible remuneration arrangements, for example casual labour and those that
are commission-based,” it said.

 

In addition, the tenant population went into the lockdown period already
under some heightened financial pressure, caused by a long term stagnation
in South Africa’s economy, its economic growth having broadly slowed from
around 2011/12 to 2019, the group said.

 

By the second half of 2019 and early-2020, the country was already in mild
recession even without any lockdowns.

 

“Economic stagnation had been taking its toll on tenants, and we had already
seen a multi-year decline in the percentage of tenants in good standing,
from a decade high of 85.95% back in 2014 to 81.52% in the 1st quarter of
2020, prior to the lockdown.”-businesstech

 

 

 

What you should know about taking large sums of money out of South Africa

If you’re a South African resident and possess a South African ID book or
card, you’re able to transfer R1 million per year under your Single
Discretionary Allowance (SDA).

 

In addition, you may transfer an additional R10 million per year with tax
clearance for foreign investment from SARS, says Tim Powell, a director at
immigration specialists Sable International.

 

Powell has published a new guide for South Africans looking to take their
money out of the country and the regulations that they should be aware of
before doing so.

 

Powell said that if you are a South African non-resident, there is no limit
to the funds that you may transfer from South Africa, provided that you show
evidence of the source of said funds. To change your status from resident to
non-resident, you can financially emigrate, he said.

 

He said that there are two main methods of transferring money out of the
country – either through their bank or a forex broker.  A number of people
choose to use their bank to move money offshore. However, they’re often
unaware of all the fees involved, said Powell.

 

“Using a reliable forex broker can ensure you avoid any hidden costs. They
will either charge commission or carry a standard swift fee. Our transfers
carry a low swift fee of R250. ”

 

“When the funds clear in your recipient account, the intermediary and
receiving bank might also charge a bank fee. The value of this fee will
depend on who you bank with.”

 

Powell said that using a forex broker rather than the bank is a quick and
easy process:

 

Contact your broker to register for an account;

Submit your FICA compliance documents;

Complete, sign and mail back the forms you’ve received from your broker.

“Once your broker receives your forms, they’ll register you and open an
account for you – you’ll likely be able to transact the very next day. Your
broker of choice should offer the best possible exchange rates, low fees and
personalised customer service with every transfer.

 

“Watch out for brokers who make it difficult to consult with a real employee
if you run into trouble,” he said.

 

What are the requirements for sending money out of South Africa?

 

Your broker will first assess whether you qualify to transfer money out of
South Africa based on their minimum transfer amount and whether you have a
valid South African ID book.

 

You will then have to provide your broker with your FICA which consists of
your ID and proof of address, said Powell.

 

“The law demands that providers monitor any suspicious transactions of any
size taking place where there is reason to believe the money is a result of
illegal activity. A trustworthy broker will report any suspicious
international money transfers to the authorities.

 

“The law also requires that full records of all transactions are kept, along
with copies of provided identification. Your broker won’t be able to process
any transaction where this information is not given. Proof of residence and
proof of funds may be necessary in specific instances.”-businesstech

 

 

 

 

Facebook reinforces its presence in Africa

American Social Media giant Facebook has announced the company is willing to
open a new office in Legos Nigeria in the coming year.

 

In what will be its second office on the african continent after its
Johannesburg bureau in South Africa, the Legos division will host teams
specialised in engineering, sales, politics and communications.

 

Facebook hopes to developp products made by Africans, for Africans and the
rest of the world.

 

In 2016, Facebook CEO Mark Zuckerberg went on his first business in Africa,
meeting Nigerian president Muhammadu Buhari and local businessmen in Legos,
where he now plans to further implement his company.

 

Facebook's expansion on the African continent will certainly be watched by
western african countries.

 

According to a study commissioned by the Social Media company, Facebook's
investments in infrastructures and connectivity in Sub saharian africa coul
generate over 57 billion dollars for african economies over the next 5
years.

 

An estimation that would surely reinforce the group's presence on the
continent.-africanews

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2020

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


Bindura Nickel Corporation

 

 

 


Padenga Holdings

 

 

 


Delta Corporation

 

 

 


Meikles Limited

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

 


 

 


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

 


 

 

 

 

 

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