Major International Business Headlines Brief::: 25 January 2021

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Major International Business Headlines Brief::: 25 January 2021

 


 

 

	
 


 

 


ü  China takes new foreign investment top spot from US

ü  Boeing 737 Max cleared to fly again 'too early'

ü  Boohoo 'set to buy Debenhams brand and website'

ü  Asos joins race for Topshop, Topman and Miss Selfridge

ü  Barclaycard customers face higher minimum payments

ü  UK firms told 'set up in EU to avoid trade disruption'

ü  Asian shares near record highs as U.S. stimulus plans offset virus woes

ü  BP's oil exploration team swept aside in climate revolution

ü  Foley-backed SPAC nears $7.3 billion deal with Blackstone's Alight:
sources

ü  U.S. oil refiners set for worst earnings quarter of the pandemic

ü  Top hedge funds earn $63.5 billion in 2020, highest in a decade: LCH data

ü  Deutsche Bank starts probe in relation to engagement with some clients

ü  Oil prices edge lower as COVID-19 lockdown concerns overshadow demand
prospects

ü  Tanzania: Wheat Production Receives Massive State Boost

ü  Tanzania: Gas Installations Set to Ease Fuel Costs

ü  Rwanda to Secure Technology for Testing Covid-19 Variants

 

 


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China takes new foreign investment top spot from US

China has overtaken the US as the world's top destination for new foreign
direct investment, according to UN figures released on Sunday.

 

New investments into America from overseas companies fell by almost half
last year, leading to the loss of its number one status.

 

In contrast, UN figures show direct investment into Chinese firms climbed
4%, putting it number one globally.

 

The top ranking shows China's growing influence on the world economic stage.

 

China had $163bn (£119bn) in inflows last year, compared to $134bn attracted
by the US, the United Nations Conference on Trade and Development (UNCTAD)
said in its report

 

In 2019, the US received $251bn in new foreign direct investment while China
received $140bn.

 

While China may be number one for new foreign investment, the US still
dominates when it comes to total foreign investments.

 

This reflects the decades it has spent as the most attractive location for
foreign businesses looking to expand overseas.

 

But experts say the figures underline China's move toward the centre of the
global economy which has long been dominated by the US, the world's biggest
economy.

 

China, currently involved in a trade war with the US, has been predicted to
leapfrog it to the number one position by 2028, according to the UK-based
Centre for Economics and Business Research (CEBR).

 

Trump slump

Foreign investment in the US peaked in 2016 at $472bn, when foreign
investment in China was $134 billion.

 

Since then, investment in China has continued to rise, while in the US it
has fallen each year since 2017.

 

The Trump administration encouraged American companies to leave China and
re-establish operations in the US.

 

It also warned Chinese companies and investors that they would face new
scrutiny when investing in America, based on national security grounds

 

While the US economy has been struggling since the Covid-19 outbreak last
year, China's economy has picked up speed.

 

China's economic growth, measured in gross domestic product (GDP), grew 2.3%
in 2020, official data showed this month.

 

This makes China the only major economy in the world to avoid a contraction
last year. Many economists have been surprised with the speed of its
recovery, especially as it navigated tense relations with the US.

 

Overall, global foreign direct investment (FDI) dropped dramatically in
2020, falling by 42%, according to the UNCTAD report. FDI normally involves
one company taking control of an overseas one, typically through a merger or
acquisition.

 

The UK saw a fall of more than 100% in new foreign direct investment last
year from $45bn in 2019 down to -$1.3bn.--BBC

 

 

 

Boeing 737 Max cleared to fly again 'too early'

A former senior manager at Boeing's 737 plant in Seattle has raised new
concerns over the safety of the company's 737 Max.

 

The aircraft, which was grounded after two accidents in which 346 people
died, has already been cleared to resume flights in North America and
Brazil, and is expected to gain approval in Europe this week.

 

But in a new report, Ed Pierson claims that further investigation of
electrical issues and production quality problems at the 737 factory is
badly needed.

 

Regulators in the US and Europe insist their reviews have been thorough, and
that the 737 Max aircraft is now safe.

 

In his report, Mr Pierson claims that regulators and investigators have
largely ignored factors, which he believes, may have played a direct role in
the accidents.

 

He explicitly links them to conditions at the company's factory in Renton,
near Seattle at the time. Boeing says this is unfounded.

 

MCAS problems

Lion Air flight JT610 crashed into the sea off Indonesia in October 2018.
Five months later, Ethiopian Airlines flight ET302 came down minutes after
take-off from the Ethiopian capital Addis Ababa.

 

Investigators believe both accidents were triggered by the failure of a
single sensor. It sent inaccurate data to a piece of flight control
software, called MCAS.

 

This automated system then repeatedly forced the nose of the aircraft
downwards, when the pilots were trying to gain height. Ultimately each
aircraft was pushed into an unrecoverable dive.

 

Efforts to make the 737 Max safe have focused on redesigning the MCAS
software, and ensuring it can no longer be triggered by a single sensor
failure.

 

For Ed Pierson, this does not go nearly far enough. A US Navy veteran, who
had a senior role on the 737 production line from 2015-2018, he was a star
witness during congressional hearings into the disasters involving the Max.

 

He told lawmakers he had become so concerned about conditions at the
factory, he had told his bosses that he was hesitant about taking his own
family on a Boeing plane.

 

He testified that during 2018, the factory was in a "chaotic" and
"dysfunctional" state as, he claimed, staff there struggled under pressure
from managers to build new planes as quickly as possible.

 

Now, he is worried that these issues have been overlooked in the rush to get
the 737 Max back in the air.

 

His report draws on material from the official investigations. It claims
that both of the crashed aircraft suffered from - what he believes - were
production defects, almost from the moment they entered service.

 

These included intermittent flight control system problems and electrical
anomalies that occurred in the days and weeks before the accidents.

 

He claims these may have been symptoms of flaws in the aircrafts' highly
complex wiring systems, which could have contributed to the erroneous
deployment of MCAS.

 

He also points out that sensor failures contributed to both accidents and
asks why such failures were happening on brand new machines.

 

In the case of the Lion Air plane, a faulty sensor was replaced with another
part that was not properly calibrated.

 

All signs, Mr Pierson says, "point back to where these airplanes were
produced, the 737 factory".

 

However, he insists that the possibility of production defects playing a
role in the accidents has not been addressed by regulators.

 

He claims this could lead to further tragedies, involving the Max or even a
previous version of the 737.

 

'Disturbing' report

Mr Pierson's concerns are supported by the celebrated aviation safety
campaigner Captain Chesley Sullenberger.

 

Best known as "Sully", one of the pilots who safely ditched a crippled and
engineless Airbus plane in the Hudson river off Manhattan in 2009, he too
believes that modifications to the Max do not go far enough.

 

He believes changes are needed to warning systems aboard the plane, which
were carried over from a previous version of the 737 and are "not up to
modern standards".

 

"Ed Pierson's report is very disturbing, about manufacturing issues in the
Boeing factories that go well beyond just the Max, and also affect
 the
previous version of the 737," says Capt Sullenberger.

 

"There are many critically important unanswered questions that must be
answered.

 

"Boeing and the Federal Aviation Administration (FAA) must finally become
more transparent, and begin to provide information and data, so that
independent experts can determine the worthiness of the work that's been
done."

 

'Limited information'

The BBC has also spoken to a former senior inspector with the UK's Air
Accident Investigations Branch (AAIB), who now works as a safety specialist.
He warns that Mr Pierson's findings should be viewed in a wider context.

 

The report, he says, does make some "valid observations" about the pressures
on Boeing's production line and quality control, and concerns about specific
components.

 

However, he adds that "taking the limited information in any accident
report
 and making fresh interpretations of it, is not the same as
conducting a new investigation".

 

The issues highlighted, he adds, "may have been investigated and dismissed
already, for good reason".

 

The FAA, meanwhile, insists it only approved the return to service of the
Max, following a "comprehensive and methodical safety review process".

 

It adds: "None of the many investigations of the two accidents produced
evidence that a production flaw played a role", and emphasises that "every
aircraft leaving the factory is inspected by a team of FAA inspectors before
it is cleared for delivery".

 

Boeing itself will not comment on whether the electrical and flight control
problems highlighted by Mr Pierson may have played a factor in the two
accidents, on the grounds that this is a matter for the investigating
authorities.

 

It has, however, described suggestions of any link between conditions at
Renton and the two accidents as "completely unfounded", emphasising that
none of the authorities investigating the crashes has found any such link.

 

Patrick Ky, the head of Europe's aviation safety agency, EASA, has
previously told the BBC he is "certain" the plane is safe to fly.

 

But relatives of those who died aboard ET302 are continuing to urge the
agency not to allow the 737 Max to operate in Europe, "until continuing
concerns about the aircraft's safety have been fully and openly
addressed".—BBC

 

 

 

Boohoo 'set to buy Debenhams brand and website'

Boohoo is set to buy the Debenhams brand and website, the BBC understands.

 

However, the fast fashion retailer will not be taking on any of the
company's remaining 118 High Street stores or its workforce.

 

The announcement could come as early as Monday morning.

 

The 242-year-old chain is already in the process of closing down, after
administrators failed to secure a rescue deal for the business, with the
likely loss of 12,000 jobs.

 

A closing down sale at 124 Debenhams stores began in December, as
administrators continued to seek offers for all, or parts of the business.

 

In the last week or so, the company announced that six shops would not
reopen after lockdown, including its flagship department store on London's
Oxford Street.

 

Boohoo has already bought a number of High Street brands out of
administration. It snapped up Oasis, Coast and Karen Millen, but not the
associated stores.

 

Debenhams and Boohoo declined to comment.

 

Rescue deals fell through

Debenhams has struggled for years with falling profits and rising debts, as
more shopping has moved online. It called in administrators twice in two
years, most recently in April.

 

However, its position became untenable during the coronavirus pandemic as
non-essential retailers were forced to close for prolonged periods.

 

The firm had already trimmed its store portfolio and cut about 6,500 jobs
since May, as it struggled to stay afloat.

 

Businessman Mike Ashley, who founded Sports Direct and also owns House of
Fraser, had already made an offer for Debenhams after it was initially put
up for sale in April.

 

However the takeover offer, thought to be in the region of £125m, was
rejected as being too low, leaving JD Sports as the last remaining bidder.

 

Mr Ashley had previously built up a 29% stake in the chain, but saw his
£150m holding wiped out in 2019, when the company fell into administration
and then ended up in the hands of its lenders - a consortium led by hedge
fund Silverpoint.

 

In early December, the Frasers Group confirmed that it was working on a
possible last minute rescue of Debenhams.

 

Debenhams stores map

The announcement came five days after staff were informed and liquidators
moved in to Debenhams' stores to start clearing stock, after a potential
rescue deal with JD Sports fell through.

 

But Frasers said there was "no certainty" it could save the chain.

 

One of the biggest issues, it said, was the collapse into administration
last week of another High Street giant, Arcadia, which is the biggest
concession holder in Debenhams department stores.-BBC

 

 

 

Asos joins race for Topshop, Topman and Miss Selfridge

Asos has joined the race to buy Topshop, Topman and Miss Selfridge out of
administration.

 

However, the online retailer only wants to buy the brands and not their
shops, suggesting any deal would cost jobs.

 

Sir Philip Green's Arcadia Group, which also owns Burton and Dorothy
Perkins, fell into administration last November putting 13,000 jobs at risk.

 

Asos, which according to Sky News is now frontrunner to buy the three brands
in question, declined to comment.

 

It comes after a consortium including fashion chain Next dropped its bid to
buy Topshop and Topman last week because it could not meet the price tag.

 

Others interested in some or all of Arcadia include Mike Ashley's Frasers
Group, a consortium including JD Sports, and the online retailer Boohoo.

 

In addition, the Issa brothers, who recently bought supermarket chain Asda,
and Chinese fast fashion giant Shein are said to have made bids for Topshop.

 

Asos has seen strong sales in the pandemic and is already one of the biggest
wholesalers for Topshop, Topman, Burton and Miss Selfridge.

 

Administrators from Deloitte requested that final bids be submitted last
Monday, with the auction expected to conclude at the end of January.

 

Sir Philip Green is under pressure to use his own money to plug an estimated
£350m hole in Arcadia's pension fund, which has about 10,000 members.

 

Last year the retail tycoon had an estimated fortune of £930m, according to
the Sunday Times Rich List.

 

Arcadia employed about 13,000 people and had 444 shops at the time of its
collapse.--BBC

 

 

 

Barclaycard customers face higher minimum payments

Some Barclaycard customers will see their minimum repayments rise from
Tuesday, at a time when finances are already stretched owing to Covid and
Christmas.

 

The new requirements are tailored to each customer, although some may see a
significant rise in demands.

 

But the changes will also see charges for exceeding a credit limit scrapped.

 

January is a pinch point for many in debt and borrowers are being urged to
seek help if they are in trouble.

 

'Charges explained'

Barclaycard signalled the changes to their pricing structures in November,
although some borrowers may have missed the notice, which was titled
"changes to your terms and conditions".

 

The new repayment rates will affect those with Platinum, Initial, Freedom,
Forward, Cashback, Littlewoods, Rewards and Hilton Honors cards, but not
Premier or Woolwich cards.

 

For cardholders who started using their cards in the last decade, the
minimum repayment each month has been calculated as the highest of 2.25% of
the full balance, 1% of the balance plus interest, or £5. This differed
slightly for longer-standing customers.

 

The new charges mean minimum repayments will be the highest of between 2%
and 5% of the full balance, between 1% and 3% of the balance plus interest,
or £5.

 

This means some people could see the minimum repayment rise, although some
other charges - such as the late payment fee - will be limited.

 

The exact percentage depends on the customer and would have been outlined in
the November message.

 

'Nasty shock'

A Barclaycard spokesman said: "We are increasing minimum payments for some
customers to help them pay off debt quicker and reduce the overall interest
they pay.

 

"This is part of our ambition to ensure that no Barclaycard customer gets
into persistent debt - where they pay more in interest and charges than
reducing their debt and take a long time to pay this debt off - and is being
put in place to support our customers."

 

Sara Williams, who writes the Debt Camel blog, said that the higher minimum
payment may well come as a "nasty shock".

 

"January is always the tightest month for money for most people. December
pay is often early, so the money has to stretch further, and if you put any
Christmas presents or expenses on your Barclaycard, this month's bill will
be high anyway," she said. 

 

"For people who were hardly managing before, the increase to the minimum
payments may tip the bill over into being unaffordable."

 

Debt charities had already warned that the coronavirus pandemic meant the UK
was "sleepwalking into a debt crisis".

 

The government-backed Money and Pensions Service - which offers free
guidance - said it was expecting a call about debt at least every four
minutes throughout January.

 

Barclaycard said the timing of the changes - which coincide with lockdown
and many people on a reduced furlough income - was unintentional and had
been signalled some time ago.

 

Any borrowers who feel the new repayment levels are unaffordable are being
asked to contact the company.

 

More broadly, anyone struggling to make debt repayments of any kind is being
urged to face their difficulties and seek help.

 

"Financial worries negatively affect our 'cognition', which are the thinking
processes that support and maintain our mental health. When in a poor state,
financial worries cause stress and our cognition fails," said Keiron
Sparrowhawk, a cognition expert from the Being Well Group, which runs the
MyCognition app.

 

This could lead to depression and hasty, ill-thought-out decisions, he said.

 

"Together, depression and anxiety are distressing and disabling, causing us
to spiral out of control and enter a pit of hell," he said.

 

Pay debts in the right order, starting with priority bills and debts such as
mortgage, rent and energy payments ahead of overdrafts, personal loans,
credit cards and Buy Now Pay Later arrangements

Avoid high-cost credit. It is better to shop around and consider more
affordable options like credit unions

Set a budget by writing down what your income is and list all your
expenditure

Seek professional help quickly if you are struggling with debt, as the
sooner you act, the easier it will be to manage. There are lots of charities
offering free guidance---BBC

 

 

UK firms told 'set up in EU to avoid trade disruption'

UK firms that export to the EU say they are being encouraged by the
government to set up subsidiaries in the bloc to avoid disruption under new
trade rules.

 

Firms have been hit by extra charges, taxes and paperwork, leading some to
stop exporting to the EU altogether.

 

But several say they have been told that setting up hubs in Europe would
minimise the disruption, even if it means moving investment out of the UK.

 

The Department for International Trade said it was "not government policy".

 

"The Cabinet Office have issued clear guidance, available at
www.gov.uk/transition, and we encourage all businesses to follow that
guidance."

 

The Cheshire Cheese Company said it had been advised by an official to set
up in the EU after it was forced to stop its exports to the bloc due to
trade rules that came in on 1 January.

 

'Only solution'

The firm, which sold £180,000 of cheese to the EU last year, found that
every £25-30 gift box of cheese it sends to consumers on the Continent now
needs a veterinary-approved health certificate costing £180.

 

"I spoke to someone at the Department for Environment, Food and Rural
Affairs for advice. They told me setting up a fulfilment centre in the EU
where we could pack the boxes was my only solution," co-founder Simon
Spurrell told the BBC.

 

The firm, which had been optimistic about Brexit, is now looking at setting
up a hub in France where it would "test the water".

 

But it has also scrapped plans to build a new £1m warehouse in Macclesfield
employing 20-30 people.

 

"Instead we might end up employing French workers and paying tax to the EU,"
Mr Spurrell said.

 

"I left the EU as a UK citizen but now they are suggesting I rejoin my
company to the EU, so what was Brexit for?"

 

'Set up shop in Germany'

The issue, he said, was that the under the post-Brexit trade deal, a vet
must approve every consignment of fresh food that his company ships to the
EU.

 

It is a complex and costly process that has hit exporters of fresh meat and
fish as well, and was partly why the government set up a £23m support fund
for UK fishing companies.

 

UK retailers who export to the EU have also complained about being hit with
unsustainable costs when customers in the bloc return goods bought online.
This is due to new customs clearance charges incurred by shipping firms.

 

Some retailers have even warned they could burn clothes stuck at borders as
it is cheaper than bringing them home.

 

Ulla Vitting Richards, who runs her sustainable fashion brand Vildnis from
the UK, told the BBC last week she had stopped exporting to the EU, which
was her fastest growing market, because of the new processes.

 

She also said that she had been advised - this time by a Department for
International Trade (DIT) representative - that setting up a subsidiary
distribution hub might help.

 

"He told me we'd be best off moving stock to a warehouse in Germany and get
them to handle it," she said.

 

As early as last October, trade consultants Blick Rothenberg warned that
thousands of UK businesses might need to set up an EU presence in order to
keep exporting to European markets.

 

However, experts say EU firms exporting to the UK - which currently enjoy a
grace period over the imposition of some rules - will soon face the same
issues.

 

Indeed, some EU exporters have already stopped deliveries to the UK because
of new VAT related charges.

 

The DIT said it was not government policy to advise UK firms to set up EU
hubs and that it was "ensuring all officials are properly conveying" the
right information.-BBC

 

 

 

Asian shares near record highs as U.S. stimulus plans offset virus woes

SYDNEY (Reuters) - Asian shares climbed to near all-time highs on Monday as
concerns over rising COVID-19 cases and delays in vaccine supplies were
eclipsed by optimism of a $1.9 trillion fiscal stimulus plan to help revive
the U.S. economy.

 

 

Sentiment in the region was also boosted by a report that China had
surpassed the United States to be the largest recipient of foreign direct
investment in 2020 with $163 billion in inflows.

 

Futures markets also pointed to firmer starts elsewhere. E-mini futures for
the S&P 500 rose 0.37%, futures for eurostoxx 50 as well as London’s FTSE
were up 0.3% each while those for Germany’s DAX added 0.4%.

 

“The FDI story has definitely lifted China and its near neighbours today,
blowing an economic recovery tailwind into geographically adjacent markets,”
said OANDA’s Singapore-based market analyst Jeffery Halley.

 

“Looking ahead, equities will find more meaningful reactions from the
progress or not of the Biden stimulus package, and the level of dovishness
displayed by the Federal Reserve at their FOMC meeting this week.”

 

Global equity markets have scaled record highs in recent days on bets
COVID-19 vaccines will start to reduce the infection rates worldwide and on
a stronger U.S. economic recovery under President Joe Biden.

 

Still, investors are also wary about towering valuations amid questions over
the efficiency of the vaccines in curbing the pandemic and as U.S.lawmakers
continue to debate a coronavirus aid package.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan rose to 726.46,
within kissing distance of last week’s record high of 727.31.

 

The benchmark is up nearly 9% so far in January, on track for its fourth
straight monthly rise.

 

Japan’s Nikkei rebounded from falls in early trading to be up 0.7%.

 

Australian shares added 0.4% after the country’s drug regulator approved the
Pfizer/BioNTech COVID-19 vaccine with a phased rollout likely late next
month.

 

Chinese shares rose, with the blue-chip CSI300 index up 1.1%. Hong Kong’s
Hang Seng index leapt nearly 2% led by technology stocks.

 

All eyes are on Washington DC as U.S. lawmakers agreed that getting the
COVID-19 vaccine to Americans should be a priority even as they lock horns
over the size of the U.S. pandemic relief package.

 

Financial markets have been eyeing a massive package though disagreements
have meant months of indecision in a country suffering more than 175,000
COVID-19 cases a day with millions out of work.

 

Global COVID-19 cases are inching towards 100 million with more than 2
million dead.

 

Hong Kong locked down an area of the Kowloon peninsula on Saturday, the
first such measure the city has taken since the pandemic began.

 

Reports the new UK COVID variant was not only highly infectious but perhaps
more deadly than the original strain also added to worries.

 

In the European Union, political leaders expressed widespread dismay over a
hold-up by AstraZeneca and Pfizer Inc in delivering promised doses, with
Italy’s prime minister lashing out at the vaccine suppliers, saying delays
amounted to a serious breach of contractual obligations.

 

On Friday, the Dow fell 0.57%, the S&P 500 lost 0.30% and the Nasdaq added
0.09%. The three main U.S. indexes closed higher for the week, with the
Nasdaq up over 4%.

 

Jefferies analysts said U.S. stock markets looked overvalued though they
still remained bullish.

 

“For the stock market to have a real nasty unwind, rather than just a bull
market correction, there needs to be a catalyst,” analyst Christopher Wood
said.

 

“That means either an economic downturn or a material tightening in Fed
policy,” Wood said, adding neither was likely to occur in a hurry.

 

In currencies, major pairs were trapped in a tight range as markets awaited
the Fed’s Wednesday meeting.

 

The dollar index eased to 90.073, with the euro at $1.2181, while sterling
was last a tad firmer at $1.3721.

 

The Japanese yen was a shade weaker at 103.69 per dollar.

 

In commodities, Brent gave up early losses to be last flat at $55.41 a
barrel and U.S. crude rose 3 cents to $52.30.

 

Gold was flat at $1,852.9 an ounce.

 

 

 

 

BP's oil exploration team swept aside in climate revolution

LONDON (Reuters) - Nothing escapes the winds of change now sweeping through
BP, not even the exploration team that for more than a century powered its
profits by discovering billions of barrels of oil.

 

Its geologists, engineers and scientists have been cut to less than 100 from
a peak of more than 700 a few years ago, company sources told Reuters, part
of a climate change-driven overhaul triggered last year by CEO Bernard
Looney.

 

“The winds have turned very chilly in the exploration team since Looney’s
arrival. This is happening incredibly fast,” a senior member of the team
told Reuters.

 

Hundreds have left the oil exploration team in recent months, either
transferred to help develop new low-carbon activities or laid off, current
and former employees said.

 

The exodus is the starkest sign yet from inside the company of its rapid
shift away from oil and gas, which will nevertheless be its main source of
cash to finance a switch to renewables for at least the next decade.

 

BP declined to comment on the staffing changes, which have not been publicly
disclosed.

 

Reuters spoke to a dozen former and current employees of BP who highlighted
the massive challenges the company faces in its transition from fossil fuels
to carbon neutrality.

 

Looney made his intentions clear internally and externally by lowering BP’s
production targets and becoming the first oil major CEO to promote this as a
positive to investors seeking a long-term vision for a lower-carbon economy.

 

BP is cutting some 10,000 jobs, around 15% of its workforce, under Looney’s
restructuring, the most aggressive among Europe’s oil giants including Royal
Dutch Shell and Total.

 

The 50-year-old, a veteran oil engineer who previously headed the oil and
gas exploration and production division, aims to cut output by 1 million
barrels per day, or 40%, over the next decade while growing renewable energy
output 20 fold.

 

Despite the changes, oil and gas will remain BP’s main source of revenue
until at least 2030.

 

And Looney’s drive to reinvent BP has done nothing to boost its shares,
which hit their lowest level in 25 years late in 2020 and dropped 44% in the
year, mostly over doubts whether it will be able transform and make the
profits it aims for.

 

The change marks the end of an era for exploration teams from Moscow and
Houston to BP’s research headquarters in Sunbury near London, with farewell
gatherings held on Zoom in recent months, they added.

 

“The atmosphere was brutal,” a former employee said at the time of last
year’s lay-offs.

 

For BP’s whittled down exploration team, led by Ariel Flores, the former
North Sea boss, the focus has narrowed to searching for new resources near
existing oil and gas fields in order to offset production declines and
minimize spending.

 

“We are in a harvest mode and what isn’t being said is that BP is going to
be a much smaller company without exploration,” a second source in BP’s oil
and production division said.

 

Flores was not available for comment.

 

Data from Norwegian consultancy Rystad Energy shows BP acquired around 3,000
square kilometres of new exploration licences in 2020, its lowest since at
least 2015 and far less than at Shell, which acquired around 11,000 square
kilometres, or Total, which bought some 17,000 square kilometres.

 

Although global exploration activity slowed last year due to the COVID-19
pandemic, the drop at BP was mainly a result of the change in strategy, four
company sources said.

 

Oil and gas exploration has been the spearhead of companies’ evolution into
huge multinationals that delivered enormous profits to shareholders over the
decades.

 

BP began reducing its spending on exploration under former CEO Bob Dudley in
response to the 2014 oil price crash, aiming to use technology to unlock
more oil and gas reserves.

 

Looney is driving the exploration budget even lower, to around $350 to $400
million per year. That is around half of what BP spent in 2019 and a
fraction of the $4.6 billion spent on exploration in 2010.

 

BP last year also wiped $20 billion from the value of its oil and gas assets
after slashing its outlook for energy prices. At those lower price
assumptions, BP no longer considered many of its oil and gas reserves worth
developing.

 

BP, which started as the Anglo-Persian Oil Company in 1908 and has since
discovered massive fossil fuel resources in places such as Iran, Iraq,
Azerbaijan, the North Sea and the Gulf of Mexico, has attempted to diversify
into renewables before.

 

Under CEO John Browne BP launched “Beyond Petroleum,” investing billions in
wind farms and solar power technology, but the vast majority of the
investments failed.

 

Looney believes his plan will succeed with unprecedented government support
for the energy transition and technological advances that make renewable
energy more affordable than ever. He has enlisted Giulia Chierchia, a former
McKinsey executive to oversee the development of BP’s strategy.

 

And a team of geologists and data crunchers led by Houston-based Kirsty
McCormack, who was previously in the exploration unit, will now apply
analytics used to study and map rock structures in search of fossil fuels to
develop low-carbon technologies such as carbon capture, usage and storage
(CCUS) and geothermal energy, company sources said.

 

Absorbing carbon dioxide emitted by heavily polluting industries and
injecting it into depleted oil reservoirs is seen as key in the energy
transition by helping to offset emissions.

 

Other oil veterans have also been reassigned, with Felipe Arbelaez, who
previously headed BP’s oil and gas operations in Latin America, now leading
its renewables business and Louise Jacobsen Plutt, an experienced oil
engineer, now senior vice president hydrogen CCUS.

 

BP also poached staff from Uber, Toyota and Silicon Valley to boost its
understanding of electric vehicles, power markets, renewables and expanding
its capabilities in big data.

 

ADVERTISEMENT

 

Franziska Bell, a former Toyota employee, is vice president for data and
analytics at BP while Justin Lewis joined the company in July to head its
high-tech start-up venture after working as a software engineer at Tesla.

 

The transformation has been met with a mix of awe and concern among
employees who are wondering if the pace is sustainable and whether it is
enough for BP to compete in a rapidly-changing energy world.

 

Some senior current and former employees warned that BP risks rushing into
investments in new fields before fully understanding how they will fit into
a transformed company, while abandoning long-standing sources of cash.

 

“There is so much internal change that it will be a big job to pick up the
organisation and get things going,” a senior employee in the exploration
division said.

 

 

 

 

Foley-backed SPAC nears $7.3 billion deal with Blackstone's Alight: sources

(Reuters) - A blank-check acquisition firm backed by veteran investor Bill
Foley is nearing an agreement to take Alight Solutions LLC, the U.S.
benefits services provider owned by buyout firm Blackstone Group Inc, public
at a valuation of $7.3 billion including debt, people familiar with the
matter said on Sunday.

 

The deal illustrates how Alight has become an attractive investment target
during the COVID-19 pandemic, capitalizing on the outsourcing of human
resources functions by many companies that are seeking cost savings to
preserve capital.

 

The transaction calls for Alight to merge with special purpose acquisition
company (SPAC) Foley Trasimene Acquisition Corp, and could be announced as
soon as Monday, said the sources, who requested anonymity because the
negotiations are confidential.

 

Blackstone declined to comment, while Alight and Foley Trasimene did not
respond to requests for comment.

 

Buyout firms have traditionally cashed out on their investments by selling
companies outright or taking them public. The potential deal for Alight
underscores how Blackstone sees SPACs as a viable alternative.

 

Based in Lincolnshire, Illinois, Alight offers cloud-based benefits
administration and human resources services to businesses, including 70% of
the Fortune 100, serving 188 countries, according to its website.

 

It was acquired by Blackstone in 2017 from insurance broker Aon Plc, in a
deal that valued it at up to $4.8 billion.

 

Blackstone pursued an $800 million initial public offering of Alight two
years ago, but abandoned the effort amid concerns it would not fetch the
terms it was seeking.

 

Foley Trasimene raised $900 million in an IPO last May to merge with a
private company. Like all SPACs, it did not tell investors in advance what
that company would be.

 

The deal will be the second involving Blackstone and a Foley SPAC in recent
weeks. The private equity firm and its peer CVC Capital Partners announced
last month they would merge Paysafe Group with Foley Trasimene Acquisition
Corp II in a transaction that valued the payments processor at $9 billion.

 

 

 

U.S. oil refiners set for worst earnings quarter of the pandemic

NEW YORK (Reuters) - U.S. refiners are girding for a painful slate of
fourth-quarter earnings, reflecting the pressure of rising crude prices,
weak demand due to renewed COVID-19 travel restrictions, and higher costs of
associated with blending of renewable fuels into their products.

 

Seven U.S. independent refiners are projected to post an average
earnings-per-share loss of $1.51, down from a loss of $1.06 in the third
quarter of 2020, according to IBES data from Refinitiv.

 

Both Credit Suisse and Tudor Pickering Holt cut lowered the price estimates
of every U.S. independent refiner for the fourth quarter.

 

“[This] would mark the weakest quarter of the year,” said Matthew Blair,
analyst at Tudor Pickering Holt and Co.

 

In the fourth quarter, independent refiners including Marathon Petroleum,
Valero Energy and Phillips 66 coped with uneven demand due to a resurgence
of coronavirus cases worldwide.

 

Consumption of liquid fuels globally is estimated to have fallen by 9
million barrels per day in 2020, according to the U.S. Energy Information
Administration.

 

Crude oil benchmarks rallied more than 20% in the quarter, which squeezed
U.S. refining margins to less than $10 a barrel on average - the threshold
for which most refiners make money - for the majority of the fourth quarter.

 

Meanwhile, tougher restrictions on socializing and businesses clamped down
on traffic in states like California, the most populous U.S. state and one
of the largest driving markets in the world. Travel on U.S. roads fell by
11% in November from the year-ago period, after a 9% drop in October,
according to the U.S. Transportation Department.

 

Lockdowns in various European countries suppressed international flights and
jet fuel demand in the quarter.

 

Delta Airlines’ refinery in Trainer, Pennsylvania, in early January posted a
$102 million refining segment loss in the fourth quarter, and a $441 million
loss on third party fuel sales.

 

In the fourth quarter, refiners also had to pay more for U.S. renewable fuel
credits, which reached a three-year high earlier this month. The cost for
Renewable Identification Numbers - the credits used for compliance with U.S.
biofuels blending laws - increased by 47 cents per barrel from the third
quarter due to rising ethanol and biodiesel prices.

 

 

Refiners are required, by law, to blend biofuels into their gasoline pool,
or pay up so others can do the same. The pandemic has reduced blending
activity generally, and as a result, fewer credits have been issued,
increasing their costs.

 

Credit Suisse analyst Manav Gupta said Phillips 66 will lose $1.16 per share
in the quarter. He had originally anticipated a 30-cent loss, but changed
that due to lower refining earnings in the Gulf Coast, West Coast and
Midwest markets.

 

“Sales will also see earnings down as crude price rose sharply quarter over
quarter and lockdowns impacted volumes,” said Gupta in a note.

 

U.S. refining margins started to improve around the holiday season, and were
around $12.50 per barrel. Refining rates rose last week to their highest
since March, government data showed. However, at about 80% of capacity,
refiners are producing approximately 2 million fewer barrels than at the
same time last year.

 

“While refiners may be getting paid the same amount for gasoline as last
year, it’s on much lower production,” said Bob Yawger, director for energy
market futures at Mizuho.

 

 

 

Top hedge funds earn $63.5 billion in 2020, highest in a decade: LCH data

BOSTON (Reuters) - The world’s 20 best-performing hedge funds earned $63.5
billion for clients in 2020, setting a record for the last 10 years during a
chaotic time when technology oriented stocks led a dramatic rebound from a
pandemic induced sell-off, LCH Investments data show.

 

As a group, the most successful managers earned half of the $127 billion
that all hedge funds made last year, LCH Investments, a fund of funds firm
that tracks returns and is part of the Edmond de Rothschild group, reported.

 

Despite the pandemic that triggered a historic stock market sell-off in
March, shut down large sectors of the economy and swallowed up millions of
jobs, the 20 best hedge funds topped their 2019 returns of $59.3 billion.
That was despite 2020 not being as profitable as the previous year for hedge
funds as a whole, which saw earnings fall from $178 billion in 2019.

 

The average hedge fund returned 11.6% in 2020, according to Hedge Fund
Research data, lagging behind the S&P 500 index’ 16% gain.

 

“The net gains generated by the top 20 managers for their investors of $63.5
billion were the highest in a decade. In that sense, 2020 was the year of
the hedge fund,” Rick Sopher, LCH’s chairman, said in a statement.

 

Last year’s biggest earners include Chase Coleman’s Tiger Global, which
earned $10.4 billion, Israel Englander’s Millennium, which earned $10.2
billion and Steve Mandel’s Lone Pine with $9.1 billion. Andreas Halvorsen’s
Viking Global Investors earned $7.0 billion and Ken Griffin’s Citadel earned
$6.2 billion, according to LCH data.

 

Ray Dalio’s Bridgewater Associates, founded in 1975, held on to the No.1
ranking since inception, with $46.5 billion earned, even after a terrible
2020 during which LCH data show Dalio lost $12.1 billion.

 

George Soros’ Soros Fund Management, which no longer manages money for
outside clients, held on to the No. 2 spot followed by Mandel, Griffin and
managers at D.E. Shaw who rounded out the top five performers of all time.

 

In 2020 only Dalio and John Paulson’s Paulson & Co., which earned billions
from housing market bets during the financial crisis, lost money, the data
show.

 

Jim Simons’ Renaissance Technologies, often ranked among the world’s most
successful funds because of its Medallion portfolio returns, dropped out of
the top 20 performers after the funds it offers to outsiders fell between
20% and 30% last year.

 

“Conditions favored man over machine and it was notable that Renaissance
Technologies, a machine-driven manager, has dropped out of the top 20,”
Sopher said.

 

 

 

Deutsche Bank starts probe in relation to engagement with some clients

(Reuters) - Deutsche Bank AG said on Sunday it began a probe in relation to
engagement with some clients after the Financial Times reported earlier that
the German lender was investigating the alleged mis-selling of investment
banking products.

 

“We initiated an investigation in relation to our engagement with a limited
number of clients. We cannot comment on details of the investigation until
it is complete”, a Deutsche Bank spokesman said in an emailed statement late
on Sunday.

 

The Financial Times reported that the lender was probing if its staff
mis-sold sophisticated investment banking products to clients in breach of
European Union rules and then colluded with individuals within these
companies to share the profits.

 

The internal probe was triggered by client complaints last year, the
newspaper reported, citing people familiar with the process, adding that the
investigation initially focused on the desk in Spain, which sells hedges,
swaps, derivatives and other financial products.

 

An audit had found that the bank wrongly categorised client firms under the
Markets in Financial Instruments Directive (Mifid) rules, which require
banks to separate their clients by levels of financial sophistication,
according to the newspaper.

 

Sources told the newspaper that the lender believes some of its staff
knowingly sold inappropriate or unsuitable products to customers who may not
have been able to understand and shoulder the risk they were taking with
these positions.

 

The probe, called Project Teal, is also looking into accusations that there
was collusion between the German bank’s employees and staff at some of the
clients who bought the inappropriate products.

 

The scope of the investigation was subsequently extended to the rest of
Europe, but it was believed only Spain and Portugal-based clients were
impacted, a source told FT.

 

The probe is drawing to a conclusion and the bank will have to soon make
final disclosures to regulators, the newspaper said, adding that the bank’s
primary regulators, BaFin and the European Central Bank, have been informed.

 

 

 

Oil prices edge lower as COVID-19 lockdown concerns overshadow demand
prospects

SINGAPORE (Reuters) - Oil prices slipped for a second straight session on
Monday as renewed COVID-19 lockdowns raised fresh concerns about global fuel
demand.

 

Brent crude futures for March fell 8 cents, or 0.1%, to $55.38 a barrel by
0717 GMT, while U.S. West Texas Intermediate crude for March was at $52.26 a
barrel, down 1 cent.

 

“Signs of weaker demand weighed on the market,” ANZ analysts said, pointing
to lockdowns in Hong Kong, China and possibly France as COVID-19 cases rise,
restricting business activity and fuel consumption.

 

China reported a climb in new COVID-19 cases on Monday, casting a pall over
demand prospects in the world’s largest energy consumer, the main pillar of
strength for global oil consumption.

 

Last Friday prices came under further pressure after data from the U.S.
Energy Information Administration showed U.S. crude inventories surprisingly
rose by 4.4 million barrels in the week to Jan. 15, versus expectations for
a draw of 1.2 million barrels.

 

The number of oil and natural gas rigs added by U.S. energy firms rose for a
ninth week in a row in the week to Jan. 22, but are still 52% below this
time last year, data from Baker Hughes showed.

 

The rig count is expected to rebound further in the weeks ahead as producers
maximise output ahead of spring, according to Stephen Schork, editor of oil
market newsletter editor The Schork Report.

 

 

Some support for prices has come in recent weeks from additional production
cuts from the world’s top exporter, Saudi Arabia. But investors are watching
for a resumption of talks between the United States and Iran on a nuclear
accord - which could see Washington lifting sanctions on Tehran’s oil
exports, boosting supply.

 

Iran’s oil minister said on Friday the country’s oil exports have climbed in
recent months and its sales of petroleum products to foreign buyers reached
record highs despite U.S. sanctions.

 

On Sunday, Indonesia said its coast guard had seized the Iranian-flagged MT
Horse and the Panamanian-flagged MT Freya vessels over suspected illegal
fuel transfers off the country’s waters.

 

 

 

Tanzania: Wheat Production Receives Massive State Boost

Dodoma — THE government has reached a consensus with large scale wheat
millers to improve the commercial crop, agreeing to set a minimum price of
800/- per kilogramme of raw wheat.

 

Apparently it also ordered investors holding state wheat farms to resume
farming in large scale or forfeit the plantations. Minister of Agriculture,
Prof Adolf Mkenda announced on Sartuday that the private sector and large
scale millers, including the Tanzania Breweries Limited (TBL) and the
Serengeti Breweries Limited (SBL) will now buy wheat from local producers.

 

"TBL and SBL agreed to sign a contract with the ministry to buy all the
wheat produced by local smallholder farmers... We will adopt special
legislation to ensure such contracts are valid and respected," he said.

 

Tanzania imports between 800,000 and 1 million tons of wheat annually amid
availability of arable land and conducive climate to facilitate mass
production of the cash crop.

The new agreement reached yesterday also requires millers and other
processors to outsource the same volume of wheat from local producers
instead of importing.

 

Deputy Minister for Agriculture, Hussein Bashe said the ministry is planning
to spend at least 155bn/- in research and development to improve crop
production. He said an additional 4bn/- is required to procure and supply
improved wheat seeds among smallholder farmers.

 

"The best approach we want to take is to improve communication with the
private sector that replaces directives and state controls," he said,
insisting that the seeds expected to be supplied to farmers are not
Genetically Modified Organisms (GMOs).

 

He said the Agricultural Seeds Agency (ASA) and Tanzania Agriculture
Research Institute (TARI) is working to improve the system, which includes
availability of quality inputs. He went on to explain that a new system is
being implemented which will help farmers access financial support at an
agreed interest rate of 2 per cent.

 

 

"CPB, for instance, has signed an agreement with farmers to access input
loan at an interest of 2 per cent," he said.

 

Yodas Mwanakatwe, Tanzania Agricultural Development Bank (TADB) Dodoma Zone
Manager speaking on behalf of the Tanzania Bankers Association, assured the
minister of the financial institution's support to improve agricultural
activities in the country. TADB developed a holistic model to support
expanded production of wheat in Tanzania.

 

"The wheat value chain as it stands now is benefiting the countries we are
importing from, a situation which denies us of economic benefits of
employment and incomes, as well as costing us forex revenue," said Japhet
Justine, Managing Director of TADB.

 

The bank believes the country can have a wheat sub-sector which is wholly
integrated from research for seed production to production, value addition
and trade.

 

Dr Godwin Wanga, speaking on behalf of the Chairperson for the Tanzania
Private Sector Foundation (TPSF) said the government's approach is likely to
propel the country's economic growth by between 8 and 10 per cent.

 

In addition, he said the measures will create more jobs and open up
opportunities for foreign currency through exports.-Daily News.

 

 

 

Tanzania: Gas Installations Set to Ease Fuel Costs

Tanzania Petroleum Development Corporation (TPDC) will this financial year
construct five natural gas stations in Dar es Salaam to serve the Dar Rapid
Transit (DART) buses, a plan that is expected to cut fuel cost by 45 per
cent and reduce fares.

 

The Compressed Natural Gas (CNG) stations will include two CNG mother
stations and three CNG daughter stations.

 

DART currently serves approximately 200,000 passengers per day, and the
number is expected to increase to 2 million upon completion of the six- lane
road.

 

TPDC Managing Director, Dr. James Mataragio noted that some stations will
also be accessed by private vehicles.

This was revealed on Wednesday during the launch of a project to connect
natural gas to Chang'ombe and Sinza households in Dar es Salaam.

 

He said that feasibility study of the areas has been completed and talks
regarding land acquisition for the construction of the facilities are
expected to be completed in the next three weeks.

 

He noted that one station will be built at Dungo area owned by DART which
will have capacity of serving 300 buses per day, while the second one will
be constructed along Sam Nujoma Road near Mawasialiano Building with a
capacity of serving 300 vehicles.

 

Mr Mataragio said that other small stations will be built at Ferry Fish
Market, Muhimbili National Hospital, as well as Galagaza-Kibaha, an
industrial zone specifically for Kairuki Factory which will also be used to
supply gas to other industries based on customer's demand.

 

He added that Muhimbili and Central Ferry Fish Market will have a capacity
of serving 200 vehicles each per day.

 

 

He said that in order to encourage more use of natural gas in vehicles, the
corporation has opened doors to private investors to invest in the sector,
noting that currently six companies had already been authorised to carry out
the business.

 

Dar Rapid Transit Chief Executive Officer, Eng. Ronald Lwakatare said based
on the negotiations between DART and TPDC, the project will initially save
45 per cent of fuel cost upon completion of four roads.

 

"This project will also help to lower our fares and relieve the company from
high fuel cost. Currently our buses serve 200,000 passengers per day, but we
expect the number to increase to 500,000. Upon completion of the six lanes
our buses will have a capacity of carrying up to 2 million people," he said.

 

On connecting natural gas to households, Dr Mataragio said the project will
involve 506 customers, where 170 customers are in Sinza and 336 in Police
Barracks-Mgulani

 

 

He said the equipment have the capacity of serving up to 850 customers, and
the number will continue to increase.

 

In addition, the MD noted that the first assignment of the contractor is to
inspect and design the entire infrastructure that will be built, as well as
import project materials, especially those expected from abroad so that they
can arrive early.

 

He said the project is expected to cost 2bn/- and is estimated to be
completed within 12 months because some of the equipment are not available
in the country.

 

"The project will cost approximately 2bn/-, and is estimated to be completed
within 12 months but could also be less than that, it can be either eight or
six months," he said, adding that a lot of time will be spent importing
machinery abroad as most of the equipment is not manufactured locally at the
moment.

 

He added that when the natural gas pipeline to Sinza Street is complete, it
will be able to supply gas to more than 1000 houses, but it will begin with
170 households.

 

Dr Mataragio said the use of gas is very convenient, where the customer will
be connected to natural gas and installed special meters, and it will be
easier to buy gas through the internet, start using it while monitoring its
use through meters just like in the use of LUKU electricity.

 

He said estimated expenditure for a family of six (6) people is 29,000/- per
month, or an average of 1,000/- per day for use in cooking all kinds of
food, including those that take longer to cook, especially beans.

 

"Therefore the customer will pay for natural gas as he uses it by purchasing
the units he needs in a process known as pre-paid payment. TPDC in
collaboration with eGA Institutions continues to complete a system that will
enable the gas customer for home cooking to be able to purchase gas by
telephone or bank as is done in electricity," he said.

 

Minister for Energy, Mr Doto Biteko said it was forbidden to buy gas meters
and pipes from outside the country.

 

He said Tanzania has three factories so the contractor should use local
factories to get the materials.

 

Mr Bikeko has rejected the 12-month contract and instead asked the company
to work within six months and promised to return to the area on June 23 this
year for inspection.-Daily News.

 

 

 

Rwanda to Secure Technology for Testing Covid-19 Variants

The Ministry of Health will soon put in place capabilities to test for
Covid-19 variants that are being reported in various parts of the world, Dr.
Daniel Ngamije, the Minister of Health has said.

 

Ngamije made the remarks while speaking during a programme on the national
broadcaster on Sunday, January 24, where he along with other government
officials were sharing updates about the pandemic and the impact of the
lockdown imposed on Kigali.

 

Mutant Covid-19 variants have been detected around the world, including in
Africa, as the continent records a new peak in infections.

 

There are mainly two variants that are bothering medics around the world:
one that was originally reported from South Africa, and one from the United
Kingdom.

 

 

Both of these, according to reports appear to be more contagious, which is a
problem because they may require tougher restrictions on society in order to
curb their spread.

 

Answering a question by the TV host concerning whether such variants have
been detected in Rwanda, the Minister said medics in the country have not
yet carried out specific screening for this, but efforts are underway to
establish the needed technology to do it.

 

"We are working on putting in place this capability, and soon, we will be
having it available so that it can be used especially on the people coming
to Rwanda from outside countries," he said.

 

Studies are being done by medics in various countries on the nature of the
variants, and what it may require to fight them.

 

About virus mutations:

 

According to the World Health Organisation (WHO), mutations in viruses are
notable only when they change an important characteristic of the virus such
as its ability to infect different hosts, rate of transmission, ability to
evade the host's immune system, vaccines, therapeutics and diagnostics,
cause pathology or disease severity

 

"Some of these mutations are advantageous to the virus allowing it to
survive in new hosts or new environments. A new environment can mean evading
an immune response mounted by the host or a therapeutic drug. The SARS-CoV-2
virus mutates just like other viruses. To date, there have been about 4000
mutations in its spike protein alone," said a statement from the WHO.

 

However, WHO says that unless new variants differ significantly in their
mode of transmission or their disease course, the current mitigation
strategies should work across variants.

 

Recent research suggested that Pfizer's Covid-19 vaccine can protect against
the mutation found in both variants of the coronavirus that erupted in
Britain and South Africa.

 

WHO advises that to strengthen their responses to currently circulating
SARS-COV-2 variants, African countries need resources and "context-specific
approaches to implement currently recommended mitigation strategies for
infection prevention and control, and patient clinical management."-New
Times.

 

 


 


 


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
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been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
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
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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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