Major International Business Headlines Brief::: 30 June 2021

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Major International Business Headlines Brief::: 30 June 2021

 


 

 


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

 


 

 


ü  New UK laws to sweep away EU state aid rules

ü  India's Bharti invests $500m in UK space start-up OneWeb

ü  Portugal exempts under-18s from quarantine

ü  Name all firms receiving furlough cash, say MPs

ü  United Airlines bets on travel boom with big plane order

ü  Flying car completes test flight between airports

ü  China's Didi raises $4.4 bln in upsized U.S. IPO -sources

ü  EXCLUSIVE Scandal-hit Credit Suisse considers creating single private
bank -sources

ü  Deutsche Bank's licence to sponsor Hong Kong IPOs suspended -source

ü  UBS joins peers to track how lending affects environment, jobs

ü  Orange to launch experimental 5G network amid telecom rush to the cloud

ü  EXCLUSIVE ChemChina plans to raise $10 bln from Syngenta IPO -sources

ü  Berkshire's Munger says China right to clip Ma's wings

ü  Nigeria: NNPC to Borrow $3.8bn to Acquire Dangote Refinery Shares

ü  Malawi: FDH Bank, FAM Agrees New K30m Sponsorship Deal for Flames

ü  Korea to Channel $600 Million Into Energy Investments Alongside the
African Development Bank

ü  Nigeria: Non-Oil Sector Grows Delta Economy to 51% in Six Years

ü  Tanzania: Govt to Amend Cooperative Act

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

New UK laws to sweep away EU state aid rules

The government has announced new legislation to allow central and local
governments greater freedom to support business.

 

The Subsidy Control Bill will replace EU-wide state aid rules.

 

Those rules require member states to seek approval for government assistance
to firms.

 

Government ministers insist the new regime will allow timely and targeted
assistance to companies without bureaucratic delays.

 

The wording of the bill will be closely studied by the European Commission,
which has long expressed concern the UK may distort competition by failing
to ensure UK and EU forms operate on a so-called "level playing field".

 

Business Secretary Kwasi Kwarteng said: "Today we're seizing the
opportunities of being an independent trading nation to back new and
emerging British industries, create more jobs and make the UK the best
possible place to start and grow a business.

 

"We want to use our newfound freedoms as an independent, sovereign country
to empower public authorities across the UK to deliver financial support -
without facing burdensome red tape."

 

Government officials told the BBC it was "the most important bit of
post-Brexit legislation yet".

 

Competition lawyers agree it's important, but warn it may also prove
controversial.

 

The EU will be watching carefully to see if UK government support breaches
commitments in the Brexit trade deal to maintain a level playing field -
perhaps the EU's biggest concern in the Brexit negotiations.

 

The UK government says it will judge cases for support on whether they
deliver good value for money and help hit targets such as "levelling up" and
decarbonising the economy.

 

It is not "carte blanche". The UK will still be subject to World Trade
Organisation rules and any decisions made can be contested in law courts.

 

There will also be safeguards to ensure that devolved government departments
and local authorities do not engage in bidding wars of support that could
cause a relocation of businesses and jobs from one part of the UK to
another.

 

A new unit to issue advice on the operating of the new regime will be set up
within the existing Competition and Markets Authority - but the CMA will
have no powers to prohibit the granting of support.

 

The government was keen to stress that this would not "signal a return to
the failed 1970s approach of government picking winners or bailing out
unsustainable companies".

 

The UK has historically extended far less government support to private
business than its EU counterparts in France and Germany and officials have
historically said they do not expect the overall level of state aid to
increase significantly.

 

What this new bill will do, they say, is to allow the government to be more
agile, targeted and timely in its interventions.

 

This new bill is also a reminder, if one were needed, that this is a
Conservative government that is prepared to take a much more muscular role
in the grass roots functioning of business and the economy.

 

When asked what the UK government can do now that it couldn't do before, the
government will point to this new regime as a key post-Brexit freedom. It
could also prove a key source of future trade disputes.--BBC

 

 

 

India's Bharti invests $500m in UK space start-up OneWeb

UK-based space start-up OneWeb has received a cash injection of $500m
(£361m) from Indian firm Bharti Global.

 

The deal means Bharti will take a 39% share, making it the biggest
shareholder in the satellite provider.

 

The UK government is the next largest shareholder after it and Bharti put in
$1bn to buy OneWeb out of bankruptcy last year.

 

The new investment will help OneWeb launch commercial satellites into space
later this year.

 

OneWeb is building a network of low Earth orbit satellites to deliver
broadband connections around the world.

 

The deal is expected to complete in the second half of this year.

 

"In just a year and during a global pandemic, together we have transformed
OneWeb, bringing the operation back to full-scale. With this round of
financing, we complete the funding requirements," Bharti Global's Managing
Director Shravin Mittal said in a statement.

 

In total, the company has secured $2.4bn of funding to deliver on its
ambitions. Paris-based Eutelsat took a stake in OneWeb with a $550m
investment in April.

 

Japanese technology giant SoftBank is also a major investor.

 

Under the deal, the UK government, Eutelsat and SoftBank will each own 19.3%
of the firm.

 

UK Business Secretary Kwasi Kwarteng said the deal is a vote of confidence
in the company: "It's clear that investors see a strong future for this
incredible, cutting-edge company and a robust commercial case for
investment."

 

The British government had been criticised for using UK taxpayer money to
rescue a bankrupt company at the time of the bailout.

 

Earlier this week, OneWeb signed a deal with BT to explore ways to provide
broadband internet to remote parts of the UK and people at sea.

 

The two companies said they will look at how to improve the speed that
people can access data in remote areas, and how to improve the signal people
can get on their phone, including how to stop it cutting out so much.

 

The UK government has also launched 'Project Gigabit', which aims to improve
rural broadband coverage across the country.

 

OneWeb competes with providers such as Jeff Bezos' Project Kuiper as well as
Elon Musk's Starlink, which was recently granted a license by the UK
regulator to operate.

 

Starlink began a UK trial of its services in January after Ofcom granted it
a licence in November.

 

OneWeb says it currently has 218 satellites, and is due to launch a further
36 on Thursday.-BBC

 

 

 

Portugal exempts under-18s from quarantine

Under-18s travelling to mainland Portugal with a fully vaccinated parent or
guardian will not have to quarantine, authorities have confirmed.

 

The statement follows two days of confusion over whether Portugal's new
rules applied to minors.

 

Under the rules, adults must quarantine for 14 days unless they can prove
they received their second vaccine dose a fortnight before arrival.

 

But children aged 12 and over do have to show a negative Covid-19 test.

 

This must either be an RT-PCR test taken 72 hours before their departure, or
a lateral flow test taken 48 hours before their departure.

 

Chaos for business

These rules are specific to mainland Portugal, which is currently on the
amber list, meaning those travelling back to the UK from there must
quarantine for 10 days at home.

 

Different rules apply for travellers to Madeira, which will be added to the
UK's green watch list from Wednesday.

 

The new rules have already had an impact.

 

"It was carnage and chaos for every business in the Algarve," says Joe
Mountain who runs Sandy Blue Villas, renting accommodation in the Algarve.

 

"Yesterday we were contacted by 50% of UK guests with forward bookings for
this summer.

 

"People were in meltdown and just not understanding the rules. It's
impossible to find answers.

 

"For us, it has been continued uncertainty for the last two months, with a
real lack of ability to plan. We rely on that and it is critical that we get
UK guests this summer."

 

Letter required

In another development, Malta's health ministry has said travellers arriving
there from the UK from Wednesday will need an official NHS letter to prove
their vaccination status.

 

"Only the paper version of the NHS Covid letter will be accepted, which can
be requested online or by calling 119," the health ministry said.

 

"The vaccination certificate will be not accepted in digital or downloaded
PDF form. It must be the printed version issued directly from the NHS."

 

Malta has said only "fully vaccinated travellers" will be allowed to enter
the country from the UK - and this includes children aged 12-plus. Children
under 12 will be permitted if they are accompanied by parents or guardians
who have had both doses.

 

The Maltese government has said those aged between five and 11 must also
show evidence of a negative PCR test taken within the previous 72 hours
before arrival.

 

The measures have been introduced for UK travellers, in particular for those
not fully vaccinated, amid fears they could spread the Delta variant of
coronavirus, which was first identified in India.-BBC

 

 

 

Name all firms receiving furlough cash, say MPs

Firms that benefited from government furlough cash should have their names
published, MPs have urged.

 

The Public Accounts Committee called on the Treasury to set out new
transparency guidance for government support in the next six months.

 

The committee repeated its earlier warning that fraud and error in
government Covid schemes may have cost taxpayers billions of pounds.

 

But the government said it had acted "at speed" to help workers and firms.

 

Fraudsters could have benefited from the government's decision to drop basic
checks in paying out Covid loans and furlough support, the committee said.

 

The committee said it was impossible to tell how much money had been wasted,
because data issued so far had "insufficient detail to allow for public
scrutiny".

 

 

For example, HM Revenue and Customs (HMRC) will not have a statistically
valid estimate of how much fraud and error there was in the furlough scheme
until December this year, 22 months after it began.

 

But the Department for Business has said the Bounce Back Loan Scheme could
cost the taxpayer £27bn in fraud or credit losses, estimating that between
35% and 60% of loans might not be repaid.

 

Publishing a comprehensive list of companies claiming support would give
transparency and an opportunity for whistle-blowers to report fraud, the
committee said.

 

The various financial support packages introduced in response to the
pandemic by Rishi Sunak received praise from many quarters. The
International Monetary Fund even said they were "one of the best examples of
co-ordinated action" that they'd seen globally.

 

This report recognises the quickness of that response, but puts a spotlight
on some of the frailties of it too. It highlights the speed of the rollout
of the schemes as one of the main reasons for losses in the tens of billions
of pounds. But without hasty action, the Chancellor would argue, millions of
businesses and individuals would currently be in dire straits.

 

The billions spent on various support schemes during the pandemic were
deemed necessary, but the big upcoming test for the Treasury and other
government departments now will be how effectively they are able to track
down those who have defrauded the taxpayer and how much of the lost billions
can be recouped.

 

Officials will use different methods to estimate how much fraud and error
there was in the Self-Employed Income Support and Eat Out To Help Out
schemes, which between them paid out more than £25bn.

 

HMRC says those estimates will be published in its annual report this
autumn.

 

In a normal year, the government loses approximately £51.8bn to fraud and
error in public spending, according to the Cabinet Office. Fraud is
estimated to account for 40% of all crime committed across the UK.

 

"When so many were suffering as a result of Covid, the government needs to
tackle the fraudsters robustly," said Dame Meg Hillier, who chairs the
committee.

 

Another of its members, Liberal Democrat MP Sarah Olney, said: "The
government should really pay closer attention to who they give our cash to,
or they face making our economic recovery even harder."

 

A government spokesperson said: "Our priority was to act at speed to protect
workers and businesses, including through loans, grants, furlough and the
Self-Employment Income Support scheme."

 

The government added that the schemes were "designed to minimise fraud from
the outset".

 

It said it had "rejected or blocked thousands of fraudulent claims" and
would "take action against perpetrators, including through criminal
prosecution".-BBC

 

 

 

United Airlines bets on travel boom with big plane order

United Airlines has placed its biggest aircraft order to date in a bet on
travel returning post-pandemic.

 

The US airline confirmed it had ordered 270 Boeing and Airbus planes worth
more than $30bn (£21.6bn) on Tuesday.

 

Its chief executive Scott Kirby said the purchases would "accelerate our
business to meet a resurgence in air travel".

 

The deal will see older, smaller jets replaced - mostly with Boeing 737 Max
planes - between 2022 and 2026.

 

The bigger planes will carry more passengers on domestic routes and enable
the airline to sell more premium seats in first class or with extra legroom.

 

Like many other airlines, United Airlines struggled as demand for travel was
constricted during coronavirus-related lockdowns.

 

At the height of the crisis, it announced that it would need to furlough up
to 36,000 staff.

 

But Mr Kirby said Tuesday's move "underscores the critical role United plays
in fuelling the broader US economy".

 

He added: "We expect the addition of these new aircraft will have a
significant economic impact on the communities we serve in terms of job
creation, traveller spending and the shipping of goods and services."

 

In a separate update on Monday, it announced that it expected that July
would be its first profitable month on a pre-tax basis since last January.
It is, however, still expected to report a quarterly loss between April and
June in its next update.

 

United also plans to build up domestic hubs across airports in Chicago,
Houston and Denver, as international and business travel returns at a slower
pace.

 

The US screened 2.02 million passengers on 11 June at airports - the highest
number since March 2020, according to its Transportation Security
Administration.

 

But passengers who have been in the UK, Ireland, Brazil, China and Iran in
the last 14 days cannot enter the US unless a specific exemption applies, as
a presidential decree introduced last March is still in place.

 

Richard Aboulafia, an aviation expert at Teal Group, said the deals made
sense for the airline in the current climate.

 

"The domestic markets are coming back pretty fast and fuel prices are coming
back fast too," he said.

 

Airlines must make long-term bets to remain competitive, even if current
conditions still present big problems, Mr Aboulafia said, adding that
current low interest rates also encourage making purchases now.

 

The United Airlines move also signals a vote of confidence in planemaker
Boeing as it continues to face worries over safety and battles with US
regulators.

 

Stan Deal, president and chief executive of Boeing Commercial Airplanes,
said on Tuesday: "We are truly humbled by United Airlines' confidence in the
people of Boeing and the airplanes we design and build every day.

 

"Our strong partnership, dating back to United's founding, has helped us
grow and weather challenges through the decades."-BBC

 

 

 

Flying car completes test flight between airports

A prototype flying car has completed a 35-minute flight between
international airports in Nitra and Bratislava, Slovakia.

 

The hybrid car-aircraft, AirCar, is equipped with a BMW engine and runs on
regular petrol-pump fuel.

 

Its creator, Prof Stefan Klein, said it could fly about 1,000km (600 miles),
at a height of 8,200ft (2,500m), and had clocked up 40 hours in the air so
far.

 

It takes two minutes and 15 seconds to transform from car into aircraft.

 

'Very pleasant'

The narrow wings fold down along the sides of the car.

 

Prof Klein drove it straight off the runway and into town upon arrival,
watched by invited reporters.

 

 

He described the experience, early on Monday morning, as "normal" and "very
pleasant".

 

In the air, the vehicle reached a cruising speed of 170km/h.

 

It can carry two people, with a combined weight limit of 200kg (31 stone).

 

But unlike drone-taxi prototypes, it cannot take off and land vertically and
requires a runway.

 

There are high expectations for the nascent market in flying cars, which
have long been heralded in popular culture as a visionary landmark of the
future.

 

In 2019, consultant company Morgan Stanley predicted the sector could be
worth $1.5trillion (£1tn) by 2040.

 

And at an industry event on Tuesday, Hyundai Motors Europe chief executive
Michael Cole called the concept "part of our future".

 

It is considered a potential solution to the strain on existing transport
infrastructures.

 

'Huge market'

The company behind AirCar, Klein Vision, says the prototype has taken about
two years to develop and cost "less than 2m euros" (£1.7m) in investment.

 

Anton Rajac, an adviser and investor in Klein Vision, said if the company
could attract even a small percentage of global airline or taxi sales, it
would be hugely successful.

 

"There are about 40,000 orders of aircraft in the United States alone," he
said.

 

"And if we convert 5% of those, to change the aircraft for the flying car -
we have a huge market."

 

'Really cool'

Dr Stephen Wright, senior research fellow in avionics and aircraft, at the
University of the West of England, described the AirCar as "the lovechild of
a Bugatti Veyron and a Cesna 172".

 

And he did not think the vehicle would be particularly loud or uneconomical
in terms of fuel costs, compared with other aircraft.

 

"I have to admit that this looks really cool - but I've got a hundred
questions about certification," Dr Wright said.

 

"Anyone can make an aeroplane but the trick is making one that flies and
flies and flies for the thick end of a million hours, with a person on
board, without having an incident.

 

"I can't wait to see the piece of paper that says this is safe to fly and
safe to sell."-BBC

 

 

 

China's Didi raises $4.4 bln in upsized U.S. IPO -sources

(Reuters) - Chinese ride hailing company Didi Global Inc (DIDI.N) raised
$4.4 billion in its U.S. IPO on Tuesday, pricing it at the top of its
indicated range and increasing the number of shares sold, according to two
sources familiar with the matter.

 

Didi sold 317 million American Depository Shares (ADS), versus the planned
288 million, at $14 apiece, the people said on condition of anonymity ahead
of an official announcement.

 

This would give Didi a valuation of about $73 billion on a fully diluted
basis and $67.5 billion on a non-diluted basis.

 

The decision to increase the deal size came after the Didi investor order
book was oversubscribed multiple times, one of the sources said. The company
is expected to debut on the New York Stock Exchange on June 30.

 

Didi did not respond to a request for comment.

 

Didi's IPO is more conservative versus its initial aim for a valuation of up
to $100 billion, Reuters has previously reported. The size of the deal was
cut during briefings with investors ahead of the IPO's launch.

 

Investors baulked at the $100 billion target given concerns the company's
future growth prospects could be curbed by the chance of greater regulation
of the ride-sharing sector by transport authorities in the future.

 

There was also uncertainty over how an antitrust probe into Didi, revealed
by Reuters this month, would impact the business. Didi said at the time it
would not comment on "unsubstantiated speculation from unnamed source(s)".

 

The listing, which will be the biggest U.S. share sale by a Chinese company
since Alibaba raised $25 billion in 2014, comes amid record and volatile IPO
activity this year as firms rush to capture the lucrative valuations seen in
the U.S. stock market.

 

"The volatile IPO environment helped to lower (Didi) IPO price and valuation
looks attractive," said Douglas Kim, a London-based independent analyst, who
writes on Smartkarma.

 

Didi's IPO was covered early on the first day of the book-build last week
and the investor books were closed on Monday, a day ahead of schedule.

 

An over-allotment option, or greenshoe, exists where another 43.2 million
shares can be sold to increase the deal size.

 

DIDI HISTORY

 

Didi was co-founded in 2012 by former Alibaba employee Will Wei Cheng, who
currently serves as the chief executive officer. Cheng was joined by Jean
Qing Liu, a former Goldman Sachs banker and the current president of the
ride-sharing company.

 

The company counts SoftBank (9984.T), Uber Technologies Inc (UBER.N) and
Tencent (0700.HK) as its main backers.

 

Didi is also known for successfully pushing Uber out of the Chinese market
after the U.S. company lost a price war and ended up selling its China
operations to Didi for a stake. Liu Zhen, the head of Uber China at the
time, is Didi's Liu's cousin.

 

Didi is the dominant player in China, although ride-hailing services by
automakers such as Geely (GEELY.UL) and SAIC Motor (600104.SS) are picking
up market share. In Europe and South America, where Didi is expanding, Uber
has a presence.

 

Like most ride-hailing companies, Didi had historically been unprofitable,
until it reported a profit of $30 million in the first quarter of this year.

 

The company reported a loss of $1.6 billion last year and an 8% drop in
revenue to $21.63 billion, according to a regulatory filing, as business
slid during the pandemic.

 

Its shares are due to start trading under the "DIDI" symbol.

 

The Thomson Reuters Trust Principles.

 

 

 

EXCLUSIVE Scandal-hit Credit Suisse considers creating single private bank
-sources

(Reuters) - Credit Suisse (CSGN.S) is considering centralising the
management of its bankers to the world's wealthy, replacing a regional
structure, three sources said, as part of efforts to fast-track an overhaul
after a series of scandals.

 

The Swiss bank and its board are looking to decide on a fresh strategy as
soon as October after meeting in the mountain town of Bad Ragaz, two sources
familiar with the thinking of senior executives said.

 

Re-imagining the most prized part of Credit Suisse illustrates how deep this
overhaul is likely to be, with executives discussing folding the private
banking business and other services managing money for the world's rich into
one global division, the three sources told Reuters.

 

Targeting the client managers who deal with its wealthiest clients, many of
whom are worth tens of millions of dollars, would scrap a regionalised
structure introduced in 2015.

 

Such a change would reel local managers in Asia and internationally, who
have enjoyed considerable autonomy, under tight Swiss control as well as
making it easier to cut costs.

 

Credit Suisse declined to comment.

 

Its larger Swiss rival UBS (UBSG.S) adopted a unified global wealth
management structure by combining its businesses servicing American and
international clients into one global division in 2018, allowing it to trim
costs.

 

DEFENCE STRATEGY

 

Credit Suisse executives and board members convened recently in Bad Ragaz,
best known for its spas and thermal baths, for an annual strategy meeting.

 

The executives are concerned that Switzerland's second-largest bank, which
has been hit by two scandals this year, could face break-up calls from
investors, or that its shrinking stock-market value makes it a foreign
takeover target.

 

A domestic merger with UBS, something that has been discussed in the past,
is viewed as a more palatable option, three sources also told Reuters last
week.

 

Managers did not formally discuss mergers at Bad Ragaz, with the possibility
of a tie-up "the elephant in the room", one source said after the meeting.

 

Under the direction of its new chairman Antonio Horta-Osorio, Credit Suisse
is looking to overhaul operations and prime its businesses to protect it
from investor pressure.

 

By combining its wealth management businesses, Credit Suisse would be able
to streamline products, while also becoming more attractive to a potential
merger partner, one source said.

 

A global entity could also work better with the investment bank, which
provides financial services to entrepreneurs and ultra-wealthy families, two
of the sources said.

 

A combined unit may get new leadership, the sources said, adding that
Horta-Osorio was driving key decisions on the bank's overhaul and its
management.

 

A merged wealth management unit could either combine the Asia-Pacific and
International Wealth Management divisions, or further fold in the bank's
private banking business for ultra-wealthy customers in its home market,
which now sits in its Swiss division, one source said.

 

Credit Suisse lost more than $5 billion in the rush to unwind trades by
family office Archegos and faces legal action for helping clients invest $10
billion in bonds issued by collapsed supply chain finance firm Greensill
Capital.

 

The Thomson Reuters Trust Principles.

 

 

 

Deutsche Bank's licence to sponsor Hong Kong IPOs suspended -source

(Reuters) - Deutsche Bank (DBKGn.DE) will be unable to sponsor initial
public offerings (IPOs) in Hong Kong from July because it temporarily does
not have sufficient licensed bankers, according to a person with direct
knowledge of the matter.

 

Deutsche's licence was suspended after two of its bankers who were the IPO
principals left the bank, the source said, adding the licence should be
renewed when those two people are replaced.

 

The person declined to be named as the information, first reported by the
Financial Times, was not yet public.

 

Deutsche Bank declined to comment to Reuters.

 

The city's regulator, the Securities and Futures Commission (SFC), declined
to comment on Deutsche's licence being put on hold.

 

Deutsche had scaled down its equities business globally in 2019, but had
kept a small equities capital market (ECM) presence in Asia, mainly in
Singapore.

 

The bank hired some personnel lately in its ECM division, according to local
media reports.

 

Deutsche did not feature in top 25 banks in the league tables for the first
half in the Asia Pacific equity capital markets, according to Refinitiv
data.

 

In Hong Kong, IPOs need at least one sponsoring bank, which typically takes
the lead in running the IPO and collects a larger proportion of fees than
banks listed only as bookrunners.

 

The SFC last week fined Deutsche HK$2.45 million ($316,000) for issuing
incorrect statements to its prime brokerage clients for 12 years and
delaying reporting the matter to the regulator. read more

 

($1 = 7.7653 Hong Kong dollars

 

The Thomson Reuters Trust Principles.

 

 

UBS joins peers to track how lending affects environment, jobs

(Reuters) - A group of banks, including UBS (UBSG.S) and Singapore's DBS
(DBSM.SI), on Wednesday announced plans to create a new way of measuring the
environmental and social impact of their financing.

 

The group, called Banking for Impact, which also includes ABN Amro (ABNd.AS)
and Danske Bank (DANSKE.CO), will team up with Harvard Business School for
the project, which aims to help promote a transition to a sustainable
economy.

 

The new reporting standards will mark the first time such measurements will
have been attempted on this scale in the financial sector.

 

Harvard launched its Impact-Weighted Accounts Initiative in 2019 and it has
analysed more than 1,800 public companies to show the "significant
relationship" between negative environmental impacts and lower stock prices.
read more

 

The new group will aim to devise a new reporting system that tracks the
impact of lending not captured by traditional financial reporting. This
could show, for example, if money provided by the banks was ultimately used
in a way that caused pollution or helped to create jobs.

 

"The world economy needs a market-based system where social and
environmental impacts are just as transparent as financial profit metrics,"
UBS Chief Executive Ralph Hamers said in a statement.

 

A number of companies have already tried to put a dollar-and-cents figure on
such so-called "externalities", but there is currently no standardised
method, which would be crucial to help investors to compare companies in the
same industry.

 

The group, which hopes to include other banks, aims to establish a new
industry protocol, including rules on how to evaluate clients' impact in
dollar terms, by end-2022. Those measures can then be aggregated with
financial metrics to guide banks' decision-making.

 

Robert Swaak, chief executive of ABN AMRO, said: "As a bank, we certainly
have an impact on our stakeholders. If we understand our impact by measuring
and reporting, we will also begin to understand where we can achieve the
most positive impact and at the same time reduce our negative impact.”

 

The Thomson Reuters Trust Principles.

 

 

 

Orange to launch experimental 5G network amid telecom rush to the cloud

(Reuters) - Orange (ORAN.PA) said on Wednesday it will launch an
experimental 5G network using a cloud-based open platform and artificial
intelligence in July, as the telecom industry rushes to shift services onto
the cloud in a bid to cut costs and modernise.

 

Orange will build the network in Lannion, northern France, in partnership
with companies such as Mavenir (MVNR.O), Casa Systems (CASA.O), Hewlett
Packard Enterprise (HPE.N), Dell Technologies (DELL.N) and Xiaomi (1810.HK).

 

"This experimental network will enable Orange to understand the customer
benefit of a fully clouderised network, as well as AI," Orange's Chief
Technology Officer Michael Trabbia told reporters on a call.

 

"We'll start small but ramp up quickly to encompass hundreds of users by the
end of this year."

 

Orange hopes to expand the network, called Pikeo, to other countries in
2022, once it is fully-fledged and able to self-repair thanks to automation
and machine learning, with Trabbia noting that Spain might be a good
candidate for exportation.

 

Several telecom companies have been experimenting with a technology called
Open Radio Access Network (RAN), which uses software to run network
functions on the cloud, a feature requiring less physical equipment.

 

The technology promises to radically cut costs for telecom operators by
employing cloud-based software and commoditized hardware rather proprietary
equipment supplied by companies such as Nokia (NOKIA.HE), Ericsson
(ERICb.ST) and Huawei (HWT.UL).

 

Orange has said it aims to have 100% of its new equipment be compatible with
open RAN by 2025, a plan similar to that of Spanish operator Telefonica, as
Europe's telecoms firms face the challenge of ever-accelerating
digitalisation amid the pandemic.

 

"We're seeing big expectations from customers, the industry ... as with the
factory of the future: augmented maintenance, high-definition monitoring,
logistical elements which we're working to optimise thanks to this type of
network," Trabbia added.

 

The Thomson Reuters Trust Principles.

 

 

 

EXCLUSIVE ChemChina plans to raise $10 bln from Syngenta IPO -sources

(Reuters) - ChemChina is aiming to raise around $10 billion from a Shanghai
IPO for Swiss agrichemical giant Syngenta Group, in what is set to be the
world's largest flotation this year, sources with direct knowledge of the
matter told Reuters.

 

The prospectus for the initial public offering on the city's STAR Market
will likely be lodged later on Wednesday, the sources said, clearing the way
for its flotation by the end of 2021.

 

The float would be bigger than video-sharing platform Kuaishou Technology's
(1024.HK) $6.2 billion Hong Kong IPO and would also be the biggest ever on
Shanghai's two-year old STAR board.

 

Syngenta is likely to be valued at around $60 billion including debt, or $50
billion without, said the sources who were not authorised to speak to media
and declined to be identified.

 

Syngenta spokesman Saswato Das declined to comment.

 

ChemChina, which bought Syngenta for $43 billion in 2017 in the country's
biggest ever outbound deal, last year merged the Swiss firm with Israel's
ADAMA and the fertiliser and seed business of Sinochem.

 

A long planned merger of ChemChina and Sinochem was approved by China's
state assets regulator in March.

 

About one third of the proceeds from the IPO will be used to repay debt,
with the rest spent on R&D and new businesses, the sources said.

 

The company, which competes with Germany's BASF (BASFn.DE) and Bayer
(BAYGn.DE), generated sales of $23.1 billion in 2020.

 

Benefiting from rising commodity prices which helps farmers afford its seeds
and sprays, its sales increased 20% during the first quarter of 2021.
Farmers have also rebuilt their stocks of seeds and pesticides after running
them down during the pandemic last year.

 

The Thomson Reuters Trust Principles.

 

 

 

Berkshire's Munger says China right to clip Ma's wings

(Reuters) - Berkshire Hathaway Inc (BRKa.N) Vice Chairman Charlie Munger
praised China's move to impose a sweeping restructuring on Jack Ma’s Ant
Group, the fintech giant whose record $37 billion IPO was derailed by
regulators in November.

 

The 97-year-old told CNBC in an interview alongside Berkshire CEO and
billionaire investor Warren Buffett that the United States should take a
leaf out of China's book and "step in preemptively to stop speculation".

 

"I don't want the, all of the Chinese system, but I certainly would like to
have the financial part of it in my own country," he said in the interview
aired on Tuesday in the United States.

 

Communist Party-ruled China "did the right thing" by reining in Ma, the
founder of e-commerce giant Alibaba Group Holding (9988.HK), who has hardly
been seen in public since he criticised regulators in a speech in October
last year.

 

Chinese regulators pulled the plug on Alibaba affiliate Ant's IPO and forced
it to turn itself into a financial holding firm, a move expected to curb
some of its freewheeling businesses.

 

Alibaba was also hit with a record $2.75 billion antitrust penalty as China
tightens controls on the booming “platform economy”.

 

"Communists did the right thing. They just called in Jack Ma and say, "You
aren't gonna do it, sonny," Munger said.

 

He also praised China's response to the novel coronavirus. China imposed
strictly enforced lockdowns and widespread curbs on movement, measures that
would be less acceptable to Americans.

 

"They simply shut down the country for six weeks. And that turned out to be
exactly the right thing to do," Munger said.

 

Buffett said the pandemic had hurt smaller companies the most.

 

"I don't know how many but many hundreds of thousands or millions of small
businesses have been hurt in a terrible way, but most of the big, big
companies have overwhelmingly done fine, unless they happen to be in cruise
lines or, you know, or hotels or something," he said.

 

The Thomson Reuters Trust Principles.

 

 

 

Nigeria: NNPC to Borrow $3.8bn to Acquire Dangote Refinery Shares

The Nigerian National Petroleum Corporation (NNPC) is planning to borrow
$3.8 billion to actualise its agenda of acquiring a 20 per cent stake in
Dangote Refinery.

 

NNPC Group Managing Director, Mallam Mele Kyari, said yesterday that the
money would be borrowed from financial institutions.

 

He said some financial institutions had already agreed to fund the
acquisition, while the debts would be paid back from the NNPC's earnings
from dividends and profits accruing from its investment in the fuel plant.

 

The 650,000 barrels per day refinery, located in Lagos State, which Kyari
said had been tentatively valued at about $19 billion, is expected to come
on stream in 2022 and will produce 50 million litres of petrol per day.

 

Kyari spoke just as the Organisation of Petroleum Exporting Countries (OPEC)
Secretary-General, Dr. Sanusi Barkindo, expressed optimism over the overall
conditions of the oil market as the cartel and its allies yesterday began a
meeting to herald a resolution on whether to further ease crude oil
production curbs.

According to Kyari, there is no underhand dealings concerning the extant
transaction, as the federal government's presence on the board of the
Dangote Refinery will not only secure its energy needs, but give it a strong
voice in the running of the asset to guarantee the country's security.

 

Kyari, in two separate interviews with two television stations, which
THISDAY monitored in Abuja, stated that all the borrowing institutions,
including Afrexim Bank, are comfortable with the deal, adding that the
federal government will not invest a dime in the deal.

 

He said: "I am not sure Mr (Aliko) Dangote wants to sell his equity in the
refinery. I can confirm that it was at our instance that we started this
engagement and he did not want to sell these shares.

"There's no resource-dependent country in the world that will watch a
business of this scale, bordering on energy security which also has
implications for even physical security of our country, and you watch it and
you don't have a say.

 

"We started this process long before Dangote started his refinery project.
We are going to take equities in very significant businesses anchored on the
oil and gas operations, for example, fertiliser plants, methanol plants,
small condensate refineries and so many other businesses that we are dealing
with, so that we can expand our portfolio."

 

Kyari added that the NNPC has a responsibility to ensure a constant flow of
fuel, and as a policy, it will continue to acquire stakes in any refinery in
excess of 50,000 barrels per day.

 

"Even for this Dangote Refinery, we are not going to take government money
to buy it. That is the mistake that people are making because they think
that we are going to take federation money to pay for these refineries.

"We are going to borrow on the back of the cash flow from this business
because we know that it is viable and it will work and return dividends and
it has a cash flow that is sustainable," he said.

 

Kyari also reiterated that work had begun on the Port Harcourt refinery
rehabilitation, while the Engineering, Procurement and Construction (EPC)
contracts for Warri and Kaduna will be awarded in July.

 

According to him, the net effect is to have an environment where Nigeria
becomes the hub for petroleum products supply to change the current dynamics
of petrol supply even globally, where the inflow of products from Europe
will be reversed.

 

"We will award the EPC contract for the Warri and Kaduna refineries within
the next two to three weeks, maximum by the end of July, so that these two
processes will run concurrently, so that at the end of the day we will have
all the refineries working," he said.

 

Kyari stated that with the current arrangement, petrol will be delivered
commercially, adding that part of the requirements of the lenders is that
NNPC must not operate the refineries.

 

"We must have an operation and maintenance contractor. That means that
practically, these refineries will be run by the lenders and the cash flow
will be able to support the payments because the bankers have seen that the
cash flow will support it," he added.

 

He stated that five similar initiatives were currently in the offing, of
which decisions will be taken within three months, with about 200,000
barrels per day combined capacity of condensates.

 

Kyari said: "We have signed term sheets with the owners of the refineries. I
am not sure Dangote will be very happy with this. We are taking 20 per cent
equity of the Dangote Refinery. There's a valuation process because this
business is very regulated and very international. No bank will lend money
to you to buy equity in any business of this scale if you have not followed
the best valuation process.

 

"The reality today is that we have a valuation of this refinery. I am not
sure, but it's about ($)19 billion. I do not have an exact figure. We
haven't closed on this, there's an ongoing engagement. There's governance
around this that we need to conclude and that includes seeking the authority
of the Federal Executive Council."

 

He said discussions on acquiring a stake in the refinery started as far back
as December 2020, adding that no bank with have anything to do with an asset
that is over-valued, because they know that costs won't be recovered.

 

Kyari assured the public of openness on NNPC's relationship with the Dangote
Refinery, adding that while crude oil will be sold to the company in naira,
the Central Bank of Nigeria (CBN) will sort out at what value it will come.

 

He said the Dangote Refinery would take off spending of freight of about
N21, ensure proximity to supply where it can reach anywhere within the
country in one day, while dividends will be shared to Nigerians, who are the
owners of the corporation.

 

On the landing price of petrol, he stated that as of two days ago, it was
N256 per litre but added that pump price of fuel will not be increased in
the next two months as engagement with the organised labour has not been
concluded.

 

He said while the subsidy regime wasn't sustainable, President Muhammadu
Buhari was not also keen on taking the product out of the reach of
Nigerians.

 

He added that the president had directed that current volumes which are
unaccounted for must be contained to bring down spending on subsidy.

 

Kyari explained that while there's an expectation in the Appropriation Act
that NNPC will make a monthly remittance of at least N120 billion, only one
leg of the NNPC's funding of the Federation Account has been affected by its
non-remittance of funds, like royalties and taxes are still being generated.

 

He stated that discussions were being rounded off on the Petroleum Industry
Bill (PIB), to see that the passage of the legislation is done within the
next two weeks.

 

Barkindo Optimistic as OPEC+ Decides on Production Easing

 

The Organisation of Petroleum Exporting Countries (OPEC) Secretary-General,
Dr. Sanusi Barkindo, expressed optimism over the overall conditions of the
oil market as the Joint Technical Committee (JTC) of the cartel and OPEC
allies yesterday began a meeting to herald a resolution on whether to
further ease crude oil production curbs.

 

OPEC stated that the fundamentals have significantly improved in recent
months, a hint that a resolution to allow member countries pump more oil may
be in the offing tomorrow during the OPEC+ ministerial meeting.

 

"The overall brighter picture in relation to the pandemic recovery efforts
has led to the significantly improved oil market conditions and prospects
for future growth," Barkindo said at the JTC conference.

 

The 53rd meeting of the body, which held via videoconference to review the
latest oil market developments and discuss future prospects, was convened in
preparation for the 31st meeting of the Joint Ministerial Monitoring
Committee (JMMC) and the 18th OPEC and non-OPEC ministerial meeting planned
for between today and tomorrow.

 

Barkindo underscored the vital role carried out by the JTC in providing
high-quality technical analyses of the latest oil market developments,
adding that the research and assessments conducted by the committee will
serve as a crucial input to the decision-making process of the cartel.

 

He stated that the discussions will build on the successful deliberations of
the last meeting and lauded the unwavering commitment and tireless efforts
demonstrated by the participating countries.

 

"The Declaration of Cooperation (DoC) participants clearly continue to play
an important and valuable role in accelerating the oil market rebalancing
process," he stated.

 

In the last edition of the OPEC's Monthly Oil Market Report (MOMR), OPEC
projected global oil demand to rise by six million barrels per day in 2021,
while world economic growth was forecast at a rate of 5.5 per cent in the
same period.

 

Usually, the DoC ministerial meetings are supported by the JMMC, which is
tasked to analyse oil market developments, monitor the conformity of the DoC
voluntary production adjustments and recommend further actions.

 

"A combination of improving market indicators and the ongoing commitment of
DoC countries to restore stability to the global oil market suggests that we
are on the right path to recovery from the Covid-19 pandemic, despite
lingering uncertainties," Barkindo added.- This Day.

 

 

 

Malawi: FDH Bank, FAM Agrees New K30m Sponsorship Deal for Flames

In its continued commitment to promote national pride and honour, one of the
country's formidable financial institutions, FDH Bank Plc has agreed with
the Football Association of Malawi (FAM) on the new sponsorship of the
country's football team, the Flames.

 

The sponsorship deal is scheduled to be unveiled Thursday.

 

The details of the new sponsorship deal will be unveiled on Thursday, July
1, 2021 in the commercial city of Blantyre.

 

Both FDH and FAM officials have confirmed.

 

FDH Bank plc Head of Marketing and Communication Levie Nkunika said they
will be renewing the contract, which dates back to 2016 when the bank
started bankrolling the Flames with an annual sponsorship of K30 million.

"FDH Bank is committed to work together with FAM to realize the full
potential of Malawi Football. Our Bank stands for making growth possible for
our customers and stakeholders including communities under which football
development falls. The Bank supports the vision of FAM to make the Flames
Africa's football powerhouse."

 

"The Bank has taken a medium- and long-term view to the development of
sports especially football and netball in Malawi as it has been investing
not only in the Queens and The Flames but has also introduced national cups
for both netball and football - the FDH Bank Cup for football and the FDH
Bank Cup for netball. This is in addition to the mayors' trophies and
inter-city Mayors' trophy for netball and football for primary schools,"
said Nkunika.

 

FAM Secretary General Alfred Gunda also confirmed the new deal saying all
the finer details of the 'new and improved sponsorship' will be unveiled on
Thursday.

"It is true that we have been having talks for a possibility of reviewing
the sponsorship of the Flames and we will be announcing the new deal with
big improvements on Thursday. We would like to commend FDH Bank for always
standing with us," said Gunda.

 

FDH Bank started sponsoring the Flames in 2016 with K30 million annually
when all sponsors had deserted the team as most of them sought immediate
returns.

 

The Bank raised the sponsorship by doubling it to K 60 million in 2019.
Currently FDH pumps K60 million (K180 million for 3 years) for the Flames
annually and K360 million annually for the FAM FDH Bank Football Cup being
the most lucrative football cup in Malawi with the winning team taking home
K25 million as prize money.

 

>From the month of April, every Friday FDH Group staff members don Flames
Jerseys in what is called 'FDH Flames Friday' as a symbol of national pride
and celebrating the Flames AFCON qualification.

As part of celebrating the Flames AFCON qualification and promoting a
savings culture among the customers, FDH Bank is running a savings promotion
campaign called 'Wamkaka Promotion' with prizes that include Flames Replica
Jerseys monthly and a grand prize of K5 million that will close in August
2021.

 

Following the Flames victory over Uganda and qualification for AFCON 2022,
FDH Bank plc spoiled the Flames with a K100, 000.00 investment account to 35
squad players translating to K3,500,000.00.

 

"The Bank has taken interest to support the Flames players to build and
develop sustainable livelihoods post their careers by conducting savings and
investment training to the squad members and this has not been done in
Malawi before," said Nkunika.

 

FDH Bank is a home-grown bank with the widest branch network of 51 service
centres in Malawi and is a subsidiary of a fast-growing diversified
financial group, FDH Financial Holdings Limited that includes FDH Money
Bureau and the First Discount House among others.- Nyasa Times.

 

 

Korea to Channel $600 Million Into Energy Investments Alongside the African
Development Bank

The African Development Bank, the Korean Ministry of Economy and Finance and
the Export-Import Bank of Korea have signed an agreement, under which Korea
will provide $600 million in co-financing for energy projects alongside the
African Development Bank.

 

The Korea-Africa Energy Investment Framework (KAEIF) pact follows the
signing on 28 May 2021 of a General Cooperation Agreement between the Bank
and the Korean government. The KAEIF has a particular focus on renewable
energy solutions in Africa, including generation, transmission,
distribution, off-grid- and mini-grid, policy & regulatory reform, energy
efficiency and clean cooking projects.

 

"The KAEIF demonstrates the close cooperation between the African
Development Bank and the Republic of Korea on the development of Africa's
energy sector. KAEIF will provide much needed additional funding, to
supplement the Bank's financing, to support accelerated energy access and
the continent's just transition to clean energy," said Dr. Kevin Kariuki,
the African Development Bank's Vice President for Power, Energy, Climate and
Green Growth.

 

The Korean Ministry of Economy and Finance stressed that "similar to how the
Korean Government prioritized the Green New Deal as its latest growth engine
in the post COVID-19 landscape, the Facility is expected to help African
countries transition to green energy while simultaneously improving access
to energy."

 

KAEIF funds will also support project preparation, capacity building and
knowledge-sharing activities through the Korea-Africa Economic Cooperation
(KOAFEC) Trust Fund. Korea joined the African Development Fund and the
Bank's Capital in 1980 and 1982, respectively. In 2013, the Korean
government set up KOAFEC as a conduit for contributions to multi-donor and
special funds managed by the Bank.-African Development Bank.

 

 

 

Nigeria: Non-Oil Sector Grows Delta Economy to 51% in Six Years

The oil and gas played a less dominant role as the size of the Delta State's
economy rose by 51 percent in four years with the Gross Domestic Product
(GDP) hitting N4.471 trillion in 2019, from N2.961 trillion in 2015.

 

The latest Nigerian Bureau of Statistics (NBS) report on Delta State's
economy for four years stated that the contribution of the non-oil sector to
the state's GDP shot up from N1.74 trillion in 2015 to N2.356 trillion in
2019.

 

The period under review witnessed a corresponding growth in the gains from
the non-oil sector, which played a more significant role in driving overall
economic growth in the state.

The Delta State also emerged as the second least poor in the NBS' poverty
ranking among the 36 states in Nigeria in 2020, up from being ranked 12th in
2010.

 

The Chief Economic Adviser to Governor Ifeanyi Okowa, Dr. Kingsley Emu,
described the NBS report as a testimonial of the disposition of Okowa's
administration to sound policies, meticulous planning and fiscal discipline.

 

Emu said: "The impressive poverty ranking is the outcome of interplay of
factors, including efficient public resource management, sound economic
policies, effective sector interventions, social and youth-targeted job and
wealth creation programmed."

 

He said that agriculture has consistently grown by 13 per cent year-on-year
and rose from N432 billion in 2015 to N583 billion in 2019, an increase of
35 per cent.

He attributed the growth in agricultural output to the effect of value chain
development coupled with youth agricultural entrepreneurship programmes of
the Okowa's administration.

 

He noted that the construction sector's GDP recorded a sharp rise as the
figure for 2015 rose from N38.98 billion to N54.749 billion in 2019.

 

Emu said: "We have spent in excess of close to N400 billion in terms of
contracts awarded on roads and civil infrastructure. We have over 1,500
kilometres of roads awarded and 60 to 70 per cent of them completed. We have
over 700 kilometres of drains and over 60 per cent of them completed. We
have 21 bridges under construction, six of which have been completed and 15
as work in progress."

 

He attributed the sharp increase to the trade subsector where the GDP stood
at N281.302 billion in 2019, up from N165.265 billion in 2015.

 

However, the GDP for real estate recorded an 84% growth from 2016 to 2019, a
leap Emu attributed to "significant infrastructural development and urban
renewal programmes."

 

He revealed that the GDP from transportation sector has improved
consistently since 2013, recording a 40 per cent growth from 2015 to
2019.-This Day.

 

 

Tanzania: Govt to Amend Cooperative Act

THE government has initiated the process of amending the Cooperatives Act of
2013 to eliminate shortcomings that impede the growth of cooperative
entities in the country. Minister for Agriculture, Prof Adolf Mkenda made
the remarks on Monday when opening the 36th Annual General Meeting (AGM) of
the Kilimanjaro Native Cooperative Union (KNCU 1984 Limited), held in Moshi,
Kilimanjaro region.

 

"The government through its relevant authorities is in the process of
amending the Cooperative Act of 2013; may I take this opportunity to ask the
Registrar of Cooperatives to ensure that the draft concerning the process
reaches all cooperatives organisations so that they can comment on how best
to improve the cooperative law," said Prof.

Mkenda. He also urged the cooperative stakeholders to review the law and
provide feed-backs that would enable to improve the cooperative law and make
it more productive as far as the cooperative movements in the country were
concerned.

 

In addition, Minister Mkenda has expressed dissatisfaction with the
performance of some cooperative entities a move which he said was a
hindrance to improving the national economy through the sector.

 

"A recent audit report released by the Co-operative Audit and Supervision
Corporation (COASCO) show that out of the 43 cooperatives entities audited
by the audit institution 12 of them received unsatisfactory certificates;
this isn't good for the health of the cooperative movement in the country.
"May I take this opportunity to urge all the members of the cooperative
unions and societies to make sure that they elect into office competent
leaders who could supervise well the cooperative entities", he advised.

Speaking at the conference, the Registrar of Cooperatives, Dr Benson Ndiege,
said that the office of the Registrar of Cooperatives was monitoring closely
the cooperative entities in the county to make sure the sector continues to
be strong.

 

"This is why the KNCU (1984) Limited, General Election was adjourned; the
aim here is to allow its members to take time and prepare well for the
election, a move which will enable them to elect competent leaders. "One of
the challenges facing co-operatives entities in the country and which
happens to the biggest so far is the lack of good governance concept among
some of those entrusted to lead and manage the cooperatives", he noted.

 

In his presentation during the KNCU (1984) AGM, the Chairman of the Kahama
Cooperative Union (KCU), Mr Emanuel Cherehani, said that for the
cooperatives to prosper, leaders elected to lead the cooperative entities
must be honest, have good ethics while at the same time be creative.-Daily
News.

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


Edgars

AGM

virtual

June 30, 8:45am

 


GetBucks

2019  AGM

Conference Room 1, Monomotapa Hotel, 54 Parklane

July 1, 8:30am

 


GetBucks

2020 AGM

Conference Room 1, Monomotapa Hotel, 54 Parklane

July 1, 10:30am

 


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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