Major International Business Headlines Brief::: 21 August 2021

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Major International Business Headlines Brief::: 21 August 2021

 


 

 


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

 


 

 


ü  Chip shortage: Toyota to cut global production by 40%

ü  Morrisons backs US firm's improved £7bn takeover offer

ü  BHP sacked 48 over sexual harassment and assaults at Australian mines

ü  Hackers steal nearly $100m in Japan crypto heist

ü  Facebook moves to protect Afghan users' accounts amid Taliban takeover

ü  Amazon 'planning to open department stores in US'

ü  Chip shortage: Toyota to cut global production by 40%

ü  Stock markets slide on 'cocktail of worries'

ü  GM expands Chevy Bolt EV recall for fire risk, will take $1 billion hit

ü  Court rules California gig worker initiative is unconstitutional

ü  Mexico wants talks with United States over auto content rules in trade
pact

ü  Wall St Week Ahead Investors stick to stocks, but gear up for bumpier
ride

ü  The electric vehicle boom is pay-dirt for factory machinery makers

ü  T-Mobile breach hits 53 million customers as probe finds wider impact

ü  Tanzania, Zimbabwe Are Main Sources of Uganda's Gold - Bou

ü  South Africa: Government Working Tirelessly to Deliver On Public Wage
Agreement

ü  Tanzania: Govt Intensifies Cooking Oil Seed Research

ü  Tanzania: Tz, WB Ink 2.7tri/ - Deal

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Chip shortage: Toyota to cut global production by 40%

Toyota is to slash worldwide vehicle production by 40% in September because
of the global microchip shortage.

 

The world's biggest carmaker had planned to make almost 900,000 cars next
month, but has now reduced that to 540,000 vehicles.

 

Volkswagen, the world's second-biggest car producer, has warned it may also
be forced to cut output further.

 

The Covid pandemic boosted demand for appliances that use chips, such as
phones, TVs and games consoles.

 

On Thursday, German firm Volkswagen, which cut output earlier in the year,
told Reuters: "We currently expect supply of chips in the third quarter to
be very volatile and tight.

 

"We can't rule out further changes to production."

 

Toyota's other rivals, including General Motors, Ford, Nissan, Daimler, BMW
and Renault, have already scaled back production in the face of the global
chip shortage.

 

Until now, Toyota had managed to avoid doing the same, with the exception of
extending summer shutdowns by a week in France the Czech Republic and
Turkey.

 

New cars often include dozens of microchips but Toyota benefited from having
built a larger stockpile of chips - also called semiconductors - as part of
a revamp to its business continuity plan, developed in the wake of the
Fukushima earthquake and tsunami a decade ago.

 

The decision to reduce output now has been precipitated by the resurgence of
coronavirus cases across Asia hitting supplies.

 

The company will make some cuts in August at its plants in Japan and
elsewhere.

 

The bulk of the cuts - 360,000 - will come in September and affect factories
in Asia and the US.

 

In the UK, Toyota has a car plant at Burnaston, in Derbyshire, and an engine
plant on Deeside. In a statement, it said: "Toyota is going to great lengths
to minimise the impact of the semi-conductor supply shortage that is
globally impacting the automotive industry.

 

"In terms of our UK production operations, we are currently operating as
planned at both plants."

 

The aim for Toyota as a whole is to make up for any lost volume by the end
of 2021.

 

A wide range of businesses from car makers to small appliance manufacturers
have been hit by the chip shortage.

 

Issues started to emerge last year when Apple had to stagger the release of
its iPhones, while the latest Xbox and PlayStation consoles failed to meet
demand.

 

Since then, one technology company after another has warned of the effects.

 

And last month, the boss of chipmaker Intel, Pat Gelsinger, said the worst
of the global chip crisis was yet to come.

 

Mr Gelsinger predicted the shortage would get worse in the "second half of
this year" and it would be "a year or two" before supplies returned to
normal.

 

The shortage prompted US President Joe Biden to sign an executive order to
address the issue. He vowed to seek $37bn in funding for legislation to
increase chip manufacturing in the US.

 

Shares in Toyota fell by 4.4% on Thursday, their biggest daily drop since
December 2018.--BBC

 

 

 

Morrisons backs US firm's improved £7bn takeover offer

Supermarket group Morrisons has accepted an improved £7bn takeover bid from
US private equity group Clayton, Dubilier & Rice (CD&R).

 

Morrisons had previously recommended investors accept a £6.7bn offer from a
consortium led by another US-based investment group, Fortress.

 

Fortress said it was "considering its options", amid signs shareholders
think the battle is not over.

 

Morrisons shares opened up on Friday, a signal investors expect another bid.

 

Morrisons, which has almost 500 shops and more than 110,000 staff, has been
at the centre of a takeover battle for weeks.

 

Fortress has urged Morrisons' shareholders to "take no action" on CD&R's
agreed bid, which will require their approval at a meeting in October.

 

In July Morrisons turned down an offer worth £5.5bn from CD&R, saying it
significantly undervalued the business.

 

Morrisons bid rival to make property sale pledge

Morrisons to give workers Boxing Day off

But the grocer's board unanimously accepted the new offer, which represents
a 60% premium to Morrisons' share price before takeover interest emerged in
mid June.

 

Morrisons was founded in Bradford in 1899 - where it still has its
headquarters. The founder William Morrison's son, the late Sir Ken Morrison,
ran the business for fifty years.

 

CD&R said it recognises the "legacy of Sir Ken Morrison, Morrisons' history
and culture, and considers that this strong heritage is core to Morrisons
and its approach to grocery retailing".

 

The private equity firm said it would help Morrisons to build on its
strengths, including its close relationships with suppliers and property
portfolio.

 

Morrisons chairman Andrew Higginson said the offer "represents good value
for shareholders while at the same time protecting the fundamental character
of Morrisons for all stakeholders".

 

Over the last 10 years, CD&R has been advised by Sir Terry Leahy, who was
the boss of Tesco at the time when Mr Higginson worked for him as chief
financial officer.

 

Morrisons' chief operating officer, Trevor Strain, also previously worked
with Sir Terry at Tesco.

 

Sir Terry also advised CD&R on its acquisition of discount retailer B&M,
which netted the private equity firm an estimated profit of £1bn when it
sold it on.

 

The future of the UK's fourth largest supermarket has taken a new twist.

 

Morrisons is one of a slew of UK companies that have been targeted by
overseas investors. Defence contractors Meggit and Ultra are also the
subject of bidding wars. The numbers are startling.

 

Even before you count Morrisons, Meggit and Ultra - foreign, private buyers
have spent more buying UK listed companies in the last eight months than
they have in the last five years combined.

 

UK companies look cheap to foreign buyers. The UK economy was one of the
hardest hit by the pandemic - and the value of the pound has never quite
recovered its pre-Brexit value which reduces the price of UK businesses for
non-UK investors.

 

Some say that these bids highlight the value of - and confidence in - UK
plc. But others are concerned that private buyouts increase debt levels,
reduce transparency and mean that key decisions about the future of UK
companies like Morrisons could be taken in New York rather than Bradford.

 

The UK government has already asked the Competition and Markets Authority to
review the bid for submarine technology specialist Ultra on grounds of
National Security and it may yet intervene in the takeover bid for aerospace
specialist Meggitt.

 

There is also legislation planned to expand its powers to intervene and
increase the scrutiny of privately held companies but for now there is a
rush to the checkout for important chunks of UK PLC.-BBC

 

 

 

BHP sacked 48 over sexual harassment and assaults at Australian mines

Mining giant BHP says it has fired at least 48 workers for sexual assaults
and harassment at its Western Australia mining camps since 2019.

 

Australia's richest mining companies are facing intense scrutiny over the
treatment of women at their isolated sites.

 

Recent court cases have prompted a state government inquiry into sexual
harassment at mining locations.

 

Several companies have admitted the problem and pledged to make changes.

 

Other miners, including Rio Tinto and Fortescue Metals, also reported
allegations but did not disclose if they had sacked workers.

 

The companies run large operations in the remote Pilbara region, to unearth
iron ore and other minerals.

 

Thousands of workers are flown in each season and housed in village
camp-style accommodation.

 

Critics say a hard-drinking, male-dominated culture has been allowed to
flourish for years.

 

BHP - Australia's largest miner - told the inquiry that it recognised sexual
harassment in its camps was a problem.

 

Between 2019-2021, it received 18 reports of sexual assault and 73 of sexual
harassment among its 13,500-strong workforce. All had been reported to
police.

 

Internal investigations had "substantiated" allegations of two rapes, one
attempted rape, and three cases of forced kissing or groping, the miner
said.

 

Three other sexual assault allegations were still being investigated.

 

Female workers had endured unwanted touching and advances, and inappropriate
texts and pictures from colleagues, the company added.

 

"We are deeply sorry and apologise unreservedly to those who have
experienced, or continue to experience, any form of sexual harassment in our
workplaces," said BHP in its submission.

 

It said it encouraged employees to report other incidents.

 

BHP said it had invested A$300m (£157m; $214m) since 2019 into making camp
sites safer, but added "we must and will do more".

 

Recent improvements included around-the-clock security, better lighting,
more CCTV cameras and putting chains on room doors.

 

It has also restricted workers to four alcoholic drinks a day, and banned
drinking after 22:00.

 

Fortescue Metals and Rio said they had also committed to improving workplace
safety and training programmes for employees.

 

'Seen as meat'

In 2018, the Australian Human Rights Commission found that 74% of women in
mining had experienced harassment in the past five years, compared to 39% of
women across other industries.

 

It also found mining outranked other industries for the prevalence of
harassment, and number of harassers.

 

One female former worker told the ABC that "young girls come to site
 and
she's just seen as meat [by male workers]".

 

BHP said it had increased female representation to 29% of its overall
workforce, and 25% of senior management.-BBC

 

 

 

Hackers steal nearly $100m in Japan crypto heist

Leading Japanese cryptocurrency exchange Liquid has been hit by hackers,
with almost $100m (£73m) estimated to have been stolen.

 

The company announced that some of its digital currency wallets have been
"compromised."

 

It is the second major theft of cryptocurrencies to take place in recent
days.

 

Last week, digital token platform Poly Network was at the centre of a $600m
heist.

 

"We are sorry to announce that #LiquidGlobal warm wallets were compromised,
we are moving assets into the cold wallet," the company said on Twitter.

 

So-called 'warm' or 'hot' digital wallets are usually based online and
designed to allow users to access their cryptocurrencies more easily, while
'cold' wallets are offline and harder to access and therefore usually more
secure.

 

Blockchain analytics firm Elliptic said its analysis showed that around $97m
in cryptocurrencies had been taken, with Bitcoin and Ethereum tokens amongst
the haul.

 

Liquid has said that it was tracing the movement of the stolen
cryptocurrencies and working with other exchanges to freeze and recover the
assets.

 

Founded in 2014, Liquid operates in over 100 countries and serves millions
of customers around the world.

 

It is one of the world's top 20 biggest cryptocurrency exchanges by daily
trading volumes, according to CoinMarketCap data.

 

Last week, $600m was stolen from blockchain site Poly Network after a hacker
exploited a vulnerability in its system.

 

"The amount of money you have hacked is one of the biggest in defi
[decentralised finance] history," Poly Network said.

 

Since then the hacker, who goes under the name of Mr White Hat, has returned
around $427m of the assets.

 

Liquid is not the only Japanese cryptocurrency platform to be hit by a major
heist.

 

In 2014, Tokyo-based exchange MtGox collapsed after almost half a billion
dollars of bitcoin went missing, while Coincheck was hacked in a $530m heist
in 2018.-BBC

 

 

 

 

Facebook moves to protect Afghan users' accounts amid Taliban takeover

Facebook has brought in new safety measures for users worried for their
safety in Afghanistan, as the Taliban continue to cement their grip on
power.

 

The firm says it "removed the ability to view and search the 'Friends' list
for Facebook accounts in Afghanistan" to protect people from being targeted.

 

Professional networking site LinkedIn has also taken steps by hiding the
connections of anyone in the country.

 

There are concerns the Taliban are using social media to track opponents.

 

The additional safety measures were announced on Thursday by Facebook's head
of security policy, Nathaniel Gleicher.

 

"We've launched a one-click tool for people in Afghanistan to quickly lock
down their account. When their profile is locked, people who aren't their
friends can't download or share their profile photo or see posts on their
timeline," Mr Gleicher tweeted.

 

He said that on Facebook-owned Instagram "we're rolling out pop-up alerts in
Afghanistan with specific steps on how to protect your account".

 

Mr Gleicher added that Facebook was "working closely with our counterparts
in industry, civil society and government to provide whatever support we can
to help protect people".

 

Earlier, the tech giant confirmed it would continue to ban Taliban content
from its platforms as it considers the group to be a terrorist organisation.

 

Meanwhile, Twitter said in a statement this week that its "top priority is
keeping people safe, and we remain vigilant".

 

"The situation in Afghanistan is rapidly evolving. We're also witnessing
people in the country using Twitter to seek help and assistance."

 

Twitter has come under scrutiny for its handling of Taliban-related content.

 

Taliban spokesmen used the platform to update their hundreds of thousands of
followers, as the militant group retook control of Afghanistan.

 

In response to BBC questions earlier this week about the Taliban's use of
Twitter, a company spokesperson highlighted policies against violent
organisations and hateful conduct.

 

According to its rules, Twitter does not allow groups that promote terrorism
or violence against civilians.

 

In a statement emailed to the BBC, a LinkedIn company spokesperson said:
"Our team is closely monitoring conversations about developments in
Afghanistan and taking action on any content that doesn't follow our
professional community policies.

 

"We've also taken some temporary measures including limiting the visibility
of connections for our members in the country."-BBC

 

 

 

Amazon 'planning to open department stores in US'

When Amazon, which is often blamed for single-handedly ruining the High
Street, opened its first physical bookshops in 2015 it sparked fury in some
quarters.

 

But after branching out into grocery and gadget shops, the e-commerce giant
now reportedly plans to go much further - opening several large
bricks-and-mortar retail sites akin to department stores.

 

Amazon declined to comment on the claims, made by the Wall Street Journal,
calling them "rumours and speculation".

 

But the newspaper said Ohio and California had already been earmarked as
probable locations.

 

Quoting people familiar with the plans, it said the new retail spaces will
be around 30,000 square feet, smaller than most department stores, which
typically occupy about 100,000 square feet, and will offer items from top
consumer brands.

 

Amazon till-less grocery store opens in London

Amazon opens traditional bookshop

It is unclear what brands Amazon will stock, although its private-label
goods are expected to feature prominently, the WSJ added.

 

Amazon, which is now the world's largest retailer outside of China, has been
instrumental in driving more shopping online - a trend that has pushed many
bricks-and-mortar stores to the brink.

 

In the last few years, US and UK retailers such as Toys R Us, Muji USA,
Debenhams and Maplin have gone under in part because of the rise of cheaper
online competitors.

 

'Author of their own demise'

When Amazon opened its first bookshop in Seattle, UK book store chain
Waterstones said it hoped the venture "falls flat on its face".

 

But Neil Saunders, managing director of retail analysts GlobalData, said
Amazon's move into "big box retail" would make sense despite warnings that
"the department store format is dead".

 

"Department stores did not die because the concept of a store that stocks
many goods is irrelevant. If this were so a retailer like Target, which is
essentially a department store for the modern era, would not be thriving,"
he said.

 

"Traditional US department stores have been the author of their own demise
by their failure to innovative and adapt."

 

Against this backdrop, he said Amazon's plans would have a fighting chance
of success. He also said the shops are likely to be much smaller than larger
department stores and in locations with good footfall rather than in failing
malls.

 

As for why the retailer may be doing this now, he said Amazon was likely to
have an eye on the future, when growth in its online business may slow down.

 

'Emerging from the pandemic'

"Amazon knows that the future of retail is multichannel... most consumers
still shop using a combination of stores and online," Mr Saunders said.

 

"Stores will help Amazon do a much better job of showcasing its offer," he
added.

 

There are clear risks to the move, though, not least because department
stores have seen their share of US retail slip from 14.5% in 1985 to about
2.9% today.

 

Amazon's own physical-store sales fell about 5% last year as customers
shopped more online.

 

But analysts say major US department stores have been doing better, with
Macy's and Kohl's both raising their outlooks after increasing vaccination
rates brought more shoppers back to their shops.

 

"We are emerging from the pandemic, a stronger company than we were before
it began in the second quarter, " said Macy's boss Jeff Gennette, as shares
in the chain surged by 21% on Thursday.-BBC

 

 

 

 

Chip shortage: Toyota to cut global production by 40%

Toyota is to slash worldwide vehicle production by 40% in September because
of the global microchip shortage.

 

The world's biggest carmaker had planned to make almost 900,000 cars next
month, but has now reduced that to 540,000 vehicles.

 

Volkswagen, the world's second-biggest car producer, has warned it may also
be forced to cut output further.

 

The Covid pandemic boosted demand for appliances that use chips, such as
phones, TVs and games consoles.

 

On Thursday, German firm Volkswagen, which cut output earlier in the year,
told Reuters: "We currently expect supply of chips in the third quarter to
be very volatile and tight.

 

"We can't rule out further changes to production."

 

Toyota's other rivals, including General Motors, Ford, Nissan, Daimler, BMW
and Renault, have already scaled back production in the face of the global
chip shortage.

 

Until now, Toyota had managed to avoid doing the same, with the exception of
extending summer shutdowns by a week in France the Czech Republic and
Turkey.

 

New cars often include dozens of microchips but Toyota benefited from having
built a larger stockpile of chips - also called semiconductors - as part of
a revamp to its business continuity plan, developed in the wake of the
Fukushima earthquake and tsunami a decade ago.

 

The decision to reduce output now has been precipitated by the resurgence of
coronavirus cases across Asia hitting supplies.

 

The company will make some cuts in August at its plants in Japan and
elsewhere.

 

The bulk of the cuts - 360,000 - will come in September and affect factories
in Asia and the US.

 

In the UK, Toyota has a car plant at Burnaston, in Derbyshire, and an engine
plant on Deeside. In a statement, it said: "Toyota is going to great lengths
to minimise the impact of the semi-conductor supply shortage that is
globally impacting the automotive industry.

 

"In terms of our UK production operations, we are currently operating as
planned at both plants."

 

The aim for Toyota as a whole is to make up for any lost volume by the end
of 2021.

 

A wide range of businesses from car makers to small appliance manufacturers
have been hit by the chip shortage.

 

Issues started to emerge last year when Apple had to stagger the release of
its iPhones, while the latest Xbox and PlayStation consoles failed to meet
demand.

 

Since then, one technology company after another has warned of the effects.

 

And last month, the boss of chipmaker Intel, Pat Gelsinger, said the worst
of the global chip crisis was yet to come.

 

Mr Gelsinger predicted the shortage would get worse in the "second half of
this year" and it would be "a year or two" before supplies returned to
normal.

 

The shortage prompted US President Joe Biden to sign an executive order to
address the issue. He vowed to seek $37bn in funding for legislation to
increase chip manufacturing in the US.

 

Shares in Toyota fell by 4.4% on Thursday, their biggest daily drop since
December 2018.-BBC

 

 

 

Stock markets slide on 'cocktail of worries'

Share markets and oil prices fell on Thursday after the US Federal Reserve
warned it could soon start to cut back its support for the economy.

 

An increase in coronavirus in some countries, signs of Chinese economic
weakness and the Taliban's takeover of Afghanistan also spooked investors.

 

AJ Bell investment director Russ Mould called it "a cocktail of worries"
across financial markets.

 

The main European and US share markets all slipped.

 

London's FTSE 100 was down 1.5% in afternoon trading, with similar falls for
Frankfurt's Dax and the pan-European Euro Stoxx 50.

 

In New York, the Dow Jones Industrial Average fell 86.02 points, or 0.25%,
at the open, while the S&P 500 lost 0.41%.

 

UK-listed miner Anglo American lost 4.6% and fashion firm Burberry slipped
almost 6%. Hong Kong's Hang Seng index had already closed down 2.13%, while
the oil price benchmarks Brent and WTI fell by about 3%.

 

'Final straw'

"It seems the Fed is exiting emergency mode at a swifter pace than peers,"
said Neil Wilson, chief market analyst for Markets.com.

 

Details from the July meeting of the US central bank showed most
policymakers "judged that it could be appropriate to start reducing the pace
of asset purchases this year", although there was some division over when to
start and how quickly to dial back the stimulus, Mr Wilson pointed out.

 

"Today's market moves and the minutes from the Federal Reserve's latest
meeting serve as a wake-up reminder for just how much markets are
conditioned to be running on central bank support," said Hinesh Patel,
portfolio manager at Quilter Investors.

 

He warned that there were a lot of risks in the market right now.

 

"The Fed's positioning may just be the straw that broke the market's back
given the fears around China's growth potential, the persistence of the
Delta variant and the possibility of global growth peaking," he said.

 

"It's been a week to test the mettle of investors, what with some mixed
retailer results, the unrest in Afghanistan and an apparently weakening
Chinese economy," said Richard Hunter, head of markets at Interactive
Investor.

 

But he added a positive note: "Despite the wall of worry which investors are
being forced to climb, the main indices are still comfortably in positive
territory for the year, with the FTSE 100 remaining ahead by 9% and the FTSE
250 by 15%."-BBC

 

 

 

GM expands Chevy Bolt EV recall for fire risk, will take $1 billion hit

(Reuters) - General Motors Co (GM.N) said on Friday it would take a hit of
$1 billion to expand the recall of its Chevrolet Bolt electric vehicles due
to the risk of fires from the high-voltage battery pack - a blow for the
largest U.S. automaker as it seeks to ramp up EV sales.

 

The Detroit company also said it would indefinitely halt sales of the EVs
due to the issue and will seek reimbursement from battery supplier LG. The
latest recall covers 73,000 vehicles from model years 2019 through 2022.

 

“The reserves and ratio of cost to the recall will be decided depending on
the result of the joint investigation looking into the root cause, currently
being held by GM, LG Electronics and LG Energy Solution,” LG said in a
statement, referring to its subsidiaries.

 

LG added that it is actively working with its client and partners to ensure
that the recall measures are carried out smoothly.

 

GM shares were down 2.2% in after-hours trade after dipping 0.6% during
Friday's regular session.

 

Earlier this month, South Korea's LG Electronics Inc (066570.KS) cut its
second-quarter operating profit by more than a fifth to reflect costs for
the GM recalls. read more

 

LG Electronics has supplied GM with battery modules made with cells produced
by LG Chem's (051910.KS) wholly owned battery subsidiary LG Energy Solution
(LGES).

 

Earlier this year, Hyundai Motor Co (005380.KS) said it would spend $900
million to replace LG batteries in some 82,000 EVs due to fire risks. read
more

 

On Friday, GM said the recall covers all remaining Bolt vehicles not
previously recalled in July. GM said it will replace defective battery
modules in Bolt EVs and EUVs with new modules. The $1 billion price tag for
the latest recall comes on top of $800 million GM said previous Bolt recalls
had cost. read more

 

GM and LGES have a joint venture, Ultium Cells LLC, that is building battery
cell plants in Ohio and Tennessee, with plans to add two more after that. GM
has said it will use a different-generation battery when it launches
electric Hummer and Cadillac vehicles over the next year.

 

In July, GM issued a recall for nearly 69,000 Chevrolet Bolts for fire risks
after reports of two fires and said it would replace defective battery
modules as needed. Friday's action expands the population of vehicles for
the same issue. read more

 

NEW CONSUMER WARNING

 

GM, which said Bolt sales would cease until it was satisfied with the fix,
said it is "working aggressively with LG to increase (battery module)
production as soon as possible." GM added it will notify customers when
replacement parts are ready.

 

Some Bolt EVs recalled in July were previously recalled last November to
update software to address fire risks, but at least one fire occurred after
the software update. GM said on Friday there had been a total of 10 Bolt
fires.

 

The July recall came after GM and the National Highway Traffic Safety
Administration (NHTSA) urged Bolt owners to park their vehicles outside and
away from homes after charging. GM on Friday reiterated that owners of the
newly recalled vehicles should park them outside after charging and not
leave them charging indoors overnight.

 

On Friday, NHTSA issued a new consumer warning to Bolt owners about the
issue and said it is still investigating.

 

The automaker said in rare circumstances, the batteries supplied to GM for
these vehicles may have two manufacturing defects – a torn anode tab and
folded separator – present in the same battery cell, which increases the
risk of fire.

 

After the 10th fire in Chandler, Arizona, GM said it "discovered
manufacturing defects in certain battery cells produced at LG manufacturing
facilities beyond the Ochang, Korea, plant."

 

The new recall includes 9,335 Bolt EVs from model year 2019 that were not
included in the previous recall and 63,683 2020–2022 model year Chevrolet
Bolt EVs and EUVs.

 

The Thomson Reuters Trust Principles.

 

 

 

Court rules California gig worker initiative is unconstitutional

(Reuters) - A 2020 ballot measure that exempted ride-share and food delivery
drivers from a state labor law is unconstitutional, a California judge ruled
on Friday, as it infringes on the legislature's power to set workplace
standards.

 

The ballot measure aimed to cement app-based food delivery and ride-hail
drivers' status as independent contractors, not employees.

 

Gig economy companies such as Uber (UBER.N), Lyft (LYFT.O), Doordash
(DASH.N) and Instacart were pushing to keep drivers' independent contractor
status, albeit with additional benefits. read more

 

However, in a ruling, Alameda County Superior Court Judge Frank Roesch wrote
that the measure, known as Proposition 22, was unconstitutional.

 

"It limits the power of a future legislature to define app-based drivers as
workers subject to workers' compensation law", making the entire measure
unenforceable, the judge wrote.

 

The measure was the culmination of years of legal and legislative wrangling
over a business model that has given millions of people the convenience of
ordering food or a ride with the push of a button.

 

"We will file an immediate appeal and are confident the Appellate Court will
uphold Prop 22," a group supporting the measure, the Protect App-Based
Drivers and Services Coalition, said in a statement.

 

Gig economy companies scored a decisive win in California in November, when
voters of the Democratic-leaning state supported the company-sponsored Prop
22, overwriting a state law that would have made them employees.

 

The companies, whose business model relies on low-cost flexible labor, say
that surveys show the majority of their workers do not want to be employees.

 

"Prop 22 has always been an illegal corporate power grab that not only stole
the wages, benefits and rights owed to gig workers but also ended the
regulating power of our elected officials," Gig Workers Rising, which
advocates for more benefits, said after the ruling.

 

The Thomson Reuters Trust Principles.

 

 

 

Mexico wants talks with United States over auto content rules in trade pact

(Reuters) - Mexico sought formal consultation with the United States on
Friday over the interpretation and application of tougher content rules for
automobiles set out in the USMCA trade pact.

 

In May, Mexico voiced disagreement over the issue in a three-way online
virtual meeting when it cited differences with the United States methods.
Canada and Mexico use more flexible interpretations. read more

 

"Mexico has identified a divergent position between our governments on the
interpretation of ... provisions on rules of origin for the automotive
sector," Economy Minister Tatiana Clouthier said in a letter.

 

In her letter on Friday to U.S. Trade Representative Katherine Tai,
Clouthier said Mexico wanted to avoid or resolve a possible dispute.

 

The United States-Mexico-Canada Agreement (USMCA), the successor to the
North American Free Trade Agreement (NAFTA), requires 75% North American
content for a vehicle to be considered as being from North America.

 

The same percentage will apply for so-called essential parts from July 1,
2023, up from 69% now, and compared to 62.5% under the previous trade pact.

 

But once the level of essential parts hits 75%, it is considered 100% and
should be counted as such towards the overall value of the automobile,
Mexico says.

 

Its request for consultation is the first non-contentious stage of a dispute
resolution mechanism provided for in Chapter 31 of the pact, with an
industry expert saying such talks must be held within 30 days, in this case
by Sept. 20.

 

The United States is reviewing the request, said U.S. Trade Representative
spokesman Adam Hodge.

 

"We are reviewing Mexico's request for consultations and remain committed to
fully implementing the USMCA, including the strong auto regional content
requirements to which we all agreed," he said.

 

The Thomson Reuters Trust Principles.

 

 

 

Wall St Week Ahead Investors stick to stocks, but gear up for bumpier ride

(Reuters) - Investors are preparing for a rockier ride ahead for markets, as
worries over slowing growth, a looming rollback of the Federal Reserve’s
easy money policies and a global COVID-19 resurgence threaten a rally that
has seen the S&P 500 double from last year’s lows.

 

Signs of caution abound, even as U.S. stocks hover near record highs.
Goldman Sachs economists recently lowered their tracking estimate of U.S.
economic growth in the third quarter to 5.5% from 9% due to the impact of
the Delta variant, while fund managers surveyed by BofA Global Research said
they boosted cash overweights to the highest level since October 2020 while
adding to positions in defensive sectors such as healthcare and utilities.

 

Worries over slowing growth in China and other major economies have hit
prices for oil, copper and other raw materials while the U.S. dollar, a key
destination for nervous investors, stands at its highest level in nearly
nine months against a basket of currencies.

 

Even retail investors, a group that has supported rallies in everything from
tech stocks to crypto over the past year, appear to be cooling their heels.
Online brokerage Robinhood, the gateway for many retail investors into
so-called meme stocks, said Wednesday its clients are likely to slow their
trading in coming months. read more

 

Past warnings of a coming pullback have so far failed to play out this year,
and cutting exposure to stocks has been a losing strategy during the
market’s run from its 2020 lows, reinforcing the idea that there are few
assets where investors have been able to notch the type of returns seen in
equities. Still, the looming risks have bolstered the view that markets may
be more turbulent in the months ahead. read more

 

"We have gotten past that euphoria-type of rally where everything, all asset
classes and all stocks, continued to rally," said Megan Horneman, director
of portfolio strategy at Verdence Capital Advisors, which oversees about $3
billion in assets. Now “you have to be a bit more selective.”

 

Among investors’ key worries is the risk that the Fed, faced with
stronger-than-expected inflation, begins pulling back on its support for the
economy just as growth starts ebbing and the coronavirus’ Delta variant
threatens to rollback reopenings across the country.

 

"We got such tremendous Federal Reserve monetary support for the economy for
some time, so the market has trepidation about Fed taper and what that is
going to do for growth," said Rob Haworth, senior investment strategy
director at U.S. Bank Wealth Management.

 

Investors will be watching next week’s central bank symposium in Jackson
Hole, Wyoming for clues on when the Fed will begin slowing its $120 billion
purchases of U.S. government bonds. read more

 

BofA Global Research analysts earlier this week moved up their timeline for
the start of the Fed’s taper to November, from a previous forecast of
January, believing that minutes from the central bank’s most recent policy
meeting, released Wednesday, signaled a greater likelihood of an unwind
beginning this year. read more

 

Rich valuations are also giving investors pause. The S&P 500's P/E ratio on
a forward 12-month basis stands at 21.1, a more than 34% premium to its
20-year average, according to Refinitiv Datastream.

 

Despite all these worries, many investors are employing strategies that will
allow them to stick with stocks, which have benefited from ultra-low
Treasury yields and standout growth in the U.S.

 

Horneman, of Verdence Capital Advisors, has added alternative investments
such as some liquid long-short hedge fund strategies that aim to be less
correlated with the prices of stocks and bonds.

 

Greg Bassuk, chief executive at AXS Investments, said interest has recently
grown in liquid alternatives such as private equity and venture capital and
strategies like managed futures, which aim to hedge risk while still
maintaining exposure to stocks. In the U.S., inflows into such investments
stand at their highest levels since 2013, Morningstar said in July.

 

Mark Haefele, chief investment officer at UBS Global Wealth Management, said
in a Friday note that investors should prepare for volatility by
diversifying across regions and asset classes, including hedge funds.
Haefele said the S&P will finish next year at 5,000, from 4,437.18 today,
though he expects a bumpy ride to those levels.

 

Among the biggest arguments for owning stocks has been the market’s
resilience over the past decade, where investors have largely been rewarded
for jumping in when equities weaken. For Horneman, that strategy remains in
effect.

 

“We are still on the buy on dip mentality, not sell on strength," she said.

 

The Thomson Reuters Trust Principles.

 

 

 

The electric vehicle boom is pay-dirt for factory machinery makers

(Reuters) - The investment surge by both new and established automakers in
the electric vehicle market is a bonanza for factory equipment manufacturers
that supply the highly automated picks and shovels for the prospectors in
the EV gold rush.

 

The good times for the makers of robots and other factory equipment reflect
the broader recovery in U.S. manufacturing. After falling post-COVID to
$361.8 million in April 2020, new orders surged to almost $506 million in
June, according to the U.S. Census Bureau.

 

Reuters Graphics

Here's a graphic on U.S. manufacturing new orders: https://tmsnrt.rs/3lVyhlM

 

New electric vehicle factories, funded by investors who have snapped up
newly public shares in companies such as EV start-up Lucid Group Inc
(LCID.O) are boosting demand. "I'm not sure it's reached its climax yet.
There's still more to go," Andrew Lloyd, electromobility segment leader at
Stellantis-owned (STLA.MI) supplier Comau, said in an interview. "Over the
next 18 to 24 months, there's going to be a significant demand coming our
way."

 

Growth in the EV sector, propelled by the success of Tesla Inc (TSLA.O),
comes on top of the normal work manufacturing equipment makers do to support
production of gasoline-powered vehicles.

 

Automakers will invest over $37 billion in North American plants from 2019
to 2025, with 15 of 17 new plants in the United States, according to LMC
Automotive. Over 77% of that spending will be directed at SUV or EV
projects.

 

Equipment providers are in no rush to add to their nearly full capacity.

 

"There's a natural point where we will say 'No'" to new business, said
Comau's Lloyd. For just one area of a factory, like a paint shop or a body
shop, an automaker can easily spend $200 million to $300 million, industry
officials said.

 

'WILD, WILD WEST' "This industry is the Wild, Wild West right now," John
Kacsur, vice president of the automotive and tire segment for Rockwell
Automation(ROK.N), told Reuters. "There is a mad race to get these new EV
variants to market." Automakers have signed agreements for suppliers to
build equipment for 37 EVs between this year and 2023 in North America,
according to industry consultant Laurie Harbour. That excludes all the work
being done for gasoline-powered vehicles.

 

"There's still a pipeline with projects from new EV manufacturers," said
Mathias Christen, a spokesman for Durr AG (DUEG.DE), which specializes in
paint shop equipment and saw its EV business surge about 65% last year.
"This is why we don't see the peak yet."

 

Orders received by Kuka AG, a manufacturing automation company owned by
China's Midea Group (000333.SZ), rose 52% in the first half of 2021 to just
under 1.9 billion euros ($2.23 billion) - the second-highest level for a
6-month period in the company's history, due to strong demand in North
America and Asia.

 

"We ran out of capacity for any additional work about a year and a half
ago," said Mike LaRose, CEO of Kuka's (KU2G.DE) auto group in the Americas.
"Everyone's so busy, there's no floor space."

 

Kuka is building electric vans for General Motors Co (GM.N) at its plant in
Michigan to help meet early demand before the No. 1 U.S. automaker replaces
equipment in its Ingersoll, Ontario, plant next year to handle the regular
work. Automakers and battery firms need to order many of the robots and
other equipment they need 18 months in advance, although Neil Dueweke, vice
president of automotive at Fanuc Corp's (6954.T) American operations, said
customers want their equipment sooner. He calls that the "Amazon effect" in
the industry.

 

"We built a facility and have like 5,000 robots on shelves stacked 200 feet
high, almost as far as the eye can see," said Dueweke, who noted Fanuc
America set sales and market share records last year.

 

COVID has also caused issues and delays for some automakers trying to tool
up.

 

R.J. Scaringe, CEO of EV startup Rivian, said in a letter to customers last
month that "everything from facility construction, to equipment
installation, to vehicle component supply (especially semiconductors) has
been impacted by the pandemic."

 

However, established, long-time customers like GM and parts supplier and
contract manufacturer Magna International (MG.TO) said they have not
experienced delays in receiving equipment.

 

Another limiting factor for capacity has been the continuing shortage of
labor, industry officials said. To avoid the stress, startups like Fisker
Inc (FSR.N) have turned to contract manufacturers like Magna and
Foxconn(2354.TW), whose buying power enables them to avoid shortages more
easily, CEO Henrik Fisker said. Growing demand, however, does not mean these
equipment makers are rushing to expand capacity. Having lived through
downturns in which they were forced to make cuts, equipment suppliers want
to make do with what they have, or in Comau's case, just add short-term
capacity, according to Lloyd. "Everybody's afraid they're going to get
hammered," said Mike Tracy, a principal at consulting firm the Agile Group.
"They just don't have the reserve capacity they used to have."

 

The Thomson Reuters Trust Principles.

 

 

 

T-Mobile breach hits 53 million customers as probe finds wider impact

(Reuters) - T-Mobile US Inc (TMUS.O) said on Friday an ongoing investigation
into a data breach revealed that hackers accessed personal information of an
additional 5.3 million customers, bringing the total number of people
affected to more than 53 million.

 

The third largest U.S. wireless carrier had earlier this week said that
personal data of more than 40 million former and prospective customers was
stolen along with data from 7.8 million existing T-Mobile wireless
customers.

 

In its latest update, which comes days after the U.S. Federal Communications
Commission (FCC) opened an investigation into the breach, T-Mobile revealed
it had identified 5.3 million additional wireless subscribers who were
impacted by the breach as well as 667,000 more accounts of former customers.

 

The data includes addresses, dates of birth and phone numbers of customers,
the company said, adding that it had no indication that the accessed data
contained financial information such as credit card or other payment data.

 

Some T-Mobile customers sued the company for damages late Thursday night in
Seattle federal court, saying in a proposed class action that the
cyberattack violated their privacy and exposed them to a higher risk of
fraud and identity theft.

 

The wireless carrier is the latest victim of cyberattacks on large
corporations in the United States as hackers exploit weakened user system
privacy and security due to work-from-home policies instituted since the
onset of the coronavirus pandemic.

 

In 2018, the company had informed about a potential security breach that
could have affected about 3% of its 77 million customers.

 

"T-mobile has had 6 other data breaches in the past 4 years," said Doug
Schmidt, a professor of computer science at Vanderbilt University.

 

"It appears that their IT system is particularly vulnerable since they
haven't been able to rectify their known security issues during this time
period, which should be concerning to customers."

 

T-Mobile said in a regulatory filing on Friday that while the investigation
was ongoing, it was confident that it had "closed off the access."

 

The Thomson Reuters Trust Principles.

 

 

 

Tanzania, Zimbabwe Are Main Sources of Uganda's Gold - Bou

Unrefined gold imports from both Tanzania and Zimbabwe have pushed the two
countries into becoming some of Uganda's largest trade partners, according
to data from Bank of Uganda.

 

It is the first time trade between Uganda and Zimbabwe has stood out after
decades of lukewarm postings, while the recent surge has elevated Tanzania
as the leading source of Uganda's imports within East Africa, overtaking
Kenya in more than four decades.

 

During June, according to data from Bank of Uganda, Zimbabwe was Uganda's
leading single source of imports, beating China and India.

 

During the period, the report noted, imports from Zimbabwe surged to $170.8m
(Shs606b), which was high than the $122m and $100m spent on goods imported
from China and India, respectively.

However, the report does not provide details of what was imported during the
period but Ms Charity Mugumya, the Bank of Uganda director for
communications, told Daily Monitor that the surge had been a result of
increased demand for unprocessed gold from Zimbabwe.

 

"These are imports of unprocessed gold," she said without providing more
details.

 

According to data from the United Nations International Trade Statistics
Database, in 2020, Uganda imported $203.57m worth of gold in unwrought,
semi-manufactured and powder form.

 

Uganda also imports pearls, metals, raw tobacco, ferroalloys, nickel ore,
diamonds and precious stones from Zimbabwe.

 

Uganda has in the last five years seen tremendous growth in the country's
gold sector on both the export and import side.

 

Data from Bank of Uganda also indicate that because of gold, import trade
between Uganda and Tanzania doubled between April and June.

 

In June, Uganda imported goods worth $125.12m (Shs444b) from Tanzania, which
indicated a 43 per cent increase from $70.07m recorded in the same month
last year.

 

However, this was a decrease from May's $149.38m and April's $125.91m.

 

Bank of Uganda data does not indicate the amount of gold that Uganda imports
from Tanzania.

 

However, according to Uganda Bureau of Statistics, gold, among other goods,
comprises the largest share of imports from East Africa's second largest
economy.

 

Gold has become a key export in Uganda, contributing an average of 44 per
cent of the country's export receipts.

 

For instance, during the period under review, Uganda's gold exports stood at
$165.9m. However, this was lower than $190.3m that had been exported in May.

 

Currently, gold is outperforming other export sectors with cumulative
earnings hitting $1.7b (Shs6.3 trillion) for the period between December
2019 and November 2020.

 

Monitor.

 

 

 

South Africa: Government Working Tirelessly to Deliver On Public Wage
Agreement

The Department of Public Service and Administration (DPSA) Director General
Yoliswa Makhasi has reiterated government's commitment to implementing the
2021/2022 wage negotiation agreement for public servants as soon as
possible.

 

This as the Public Service Coordinating Bargaining Council (PSCBC)
Resolution 1 of 2021, which provides for improvements in conditions of
service in the Public Service, was recently concluded.

 

Makhasi reassured public servants that the Department's officials are
working tirelessly to ensure a smooth delivery on the agreed commitments.

"We would like to thank public servants for their patience during the
negotiations and remain highly appreciative for the service that they
continue to provide, in making a difference to the lives of citizens,
especially the poorest of the poor, in the midst of the Covid-19 pandemic,"
she said on Thursday.

 

PSCBC Resolution 1 of 2021 provides for the implementation of two distinct
types of benefits for employees on salary levels 1-12 and those employees
covered by occupation specific dispensations (OSDs) on equivalent levels
namely:

 

1.1 The payment of a non-pensionable monthly cash allowance with effect from
1 April 2021 to be implemented on or before 15 September 2021; and

 

1.2 A once-off pensionable salary adjustment of at least 1.5% to employees
who do not qualify for a pensionable increase derived from pay progression
with effect from 1 July 2021, including employees on the maximum notch of
their salary levels.

 

The implementation of the once-off 1.5% pensionable salary adjustment will
be dealt with separately and will be communicated as soon as possible.

 

The Non-Pensionable once off allowance effective from 1 April 2021 that will
be implemented on or before 15 September 2021 is as follows:

 

LEVEL AMOUNT

 

Levels 1-5 R1220.00

 

Levels 6-7 R1352.00

 

Levels 8-9 R1450.00

 

Level 10-11 R1640.00

 

Level 12 R1695.00

 

SAnews.gov.za.

 

 

 

Tanzania: Govt Intensifies Cooking Oil Seed Research

THE government has reinstated its continuous will to invest in researching
suit seeds for producing cooking oils in a bid to peddle away from import
dependency.

 

The statement came at a time when the government upped the funds for
research by between 30 and 50 per cent in this year budget to enable
institutes to conduct more studies on eligible oils. Minister for Industry
and Trade Mr Exaud Kigahe said the government has thrown its weight to
edible oil sector-especially the sunflower subsector-by investing more in
quality seed research and oil production capacity.

 

"The end goal is to facilitate further research on production of quality
seeds including for the edible oil seeds," said Mr Kigahe when closing
Singida's Sunflower Stakeholders forum. In this fiscal year, the government
raised the budget of the Tanzania Agricultural Research Institute (TARI) by
58 per cent from 7.35bn/- to 11.63bn/-.

 

Also the budget of the Agricultural Seed Agency (ASA) went up by 95.2 per
cent from 5.42bn/- to 10.58bn/-.

 

The forum was accompanied by a cooking oil exhibition that showcases the
implementation of a project funded by the European Union (EU) through SADC.

 

The Ministry of Industry and Trade, Deputy Permanent Secretary, Dr Hashil
Abdallah, said that they also arranged face-toface (B2B) meetings between
farmers and processors.

 

The B2B centered on bypassing middlemen on selling seeds business to enable
farmers to buy at processors' price.-Daily News.

 

 

 

Tanzania: Tz, WB Ink 2.7tri/ - Deal

TANZANIA and the World Bank (WB) has struck a 2.7tri/- concessional loan
deal, to finance five key projects in Mainland and semi-autonomous Zanzibar
Islands.

 

The projects are Higher Education for Economic Transformation (HEET) which
will receive 982.1bn/-, Tanzania Roads to Inclusion and Socioeconomic
Opportunities (RISE) (693.2bn/-) while 346.6bn/- will be directed to the
Digital Tanzania Project (DTP).

 

Others include the Zanzibar Energy Sector Transformation and Access (ZESTA)
project (328.1bn/-) and Boosting Inclusive Growth for Zanzibar: Integrated
Development Project (BIG-Z) (346.6bn/-).

Speaking during the signing ceremony which took place in Dar es Salaam,
yesterday between Tanzania and the World Bank, the Minister for Finance and
Planning, Dr Mwigulu Nchemba observed that the signed projects are in line
with the country's Third Five-Year Development Plan (FYDP III).

 

"The projects are in line with the sixth-phase government's broader agenda
to build a competitive and industrial economy for human development by
improving productive infrastructure, providing reliable access to energy,
strengthening the business and investment enabling environment as well as
improving education and training systems," said Dr Nchemba.

 

He revealed that the signing ceremony symbolizes the long-standing
development cooperation between Tanzania and the World Bank.

 

Equally, the cooperation has paved the way for the implementation of a large
number of projects focusing on reducing poverty, increasing shared
prosperity and promoting sustainable development for Tanzania.

"Tanzania expresses its gratitude for the crucial and timely support
offered... the signing of five projects reflects that the government under
the leadership of President Samia Suluhu Hassan is trusted," noted the
minister.

 

World Bank Country Director, Ms Mara Warwick, said the five projects are
expected to bring significant benefits to a large number of Tanzanians,
mostly those who live in rural areas and in Zanzibar.

 

"The World Bank is proud to support these important development programmes
as Tanzania marks its successful transition to lower middle-income status
and continues to make progress towards achieving the goals of the Tanzania
Development Vision 2025," said Ms Warwick.

 

She further said that the project will help sustain strong growth, while
also offering a more inclusive set of economic opportunities to improve
living standards for all Tanzanians as the country's priority agenda for the
coming years.

The Minister of State, President's Office-Finance and Planning in Zanzibar,
Mr Jamal Kassim Ali, hinted that the ZESTA project is expected to expand
access to reliable and efficient electricity services and to scale up
renewable energy generation in the country.

 

Such includes installing and operating a battery energy storage system
(BESS) with 40 megawatts.

 

He, however, noted that through the BIG-Z project it will help to improve
the livelihoods of people by improving road infrastructure as well as to
enhance institutional capacity of the government.

 

The Minister for Education, Science and Technology, Prof Joyce Ndalichako
said the HEET project will strengthen the learning environment, ensure
greater alignment of priority degree programmes to labour market needs and
improve the management of higher education systems.

 

"As a recipient of the largest financing amounting to 982.1bn/-, the goal is
to increase enrolment by 30 per cent.

 

"The financing will bring major transformation in the country's education
sector as 23 higher learning institutions will benefit," said Prof
Ndalichako.

 

She outlined the priority areas including health, climate change and
environment, energy efficient technology, Information and Communication
Technology (ICT).

 

Among others are strengthening courses relating tourism and wildlife
conservation, education, social sciences and industry to have a link between
theory and practice.

 

Prof Ndalichako disclosed that 130 lecture rooms with a capacity of
accommodating 500-1000 students, science laboratory (108), and seminar rooms
(55) among others will be constructed.

 

Also, the plan is to offer PHDs to 623 staff and 477 master degrees, noting
that 290 curriculum from primary to higher level of education will be
reviewed as per the directives of the President.

 

On her part, the Minister of State in the President's Office Regional
Administration and Local Government (PORALG), Ms Ummy Mwalimu, disclosed
that the RISE project will help improve rural road access and provide
employment opportunities for the population in selected rural areas rich in
agricultural production.

 

"The funds will be used to construct 535 kilometres to enable rural areas
have good condition roads in six rural districts across four regions which
are Geita, Tanga (Handeni District Council), Lindi (Ruangwa) and Iringa
(Kilolo, Mufindi and Iringa Rural).

 

Works and Transport Minister Dr Leonard Chamuriho, noted that a 135km road
network in the regions will be constructed under the RISE project, pledging
to oversee the funds are used as per the set agreement.

 

On the other hand, the Minister for Communication and Information
Technology, Dr Faustine Ndugulile, revealed that the DTP will help increase
access to high quality broadband internet services for government, business
and citizens and improve the government's capacity to deliver digital public
services.-Daily News.

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

Dairibord

 


Starafrica

Fidelity

Turnall

 


Medtech

Zimre

Nampak Zimbabwe

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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