Major International Business Headlines Brief::: 23 May 2021

[Bulls n Bears]

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Major International Business Headlines Brief::: 23 May 2021

 


 

 


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ü  Liberty Steel in £18m loan breach with Metro Bank

ü  Royal Caribbean: We expect all cruise guests to be vaccinated

ü  Analysis: Retail investors learn to love the crypto rollercoaster

ü  Veteran stock picker to join 'Son-chan' on SoftBank board

ü  Fed officials, new data, start lowering expectations for U.S. jobs in May

ü  Musk says he supports crypto in battle with fiat money

ü  NYC's pandemic-hit hospitality industry faces labor shortage a year on

ü  Ethiopia Optimistic of Immediate AU-Led GERD Talks Resumption

ü  Tanzania: Why Tanzania Must Nurture Startups to End Joblessness

ü  Tanzania Government in New Plan to Reduce Lending Rates, Boost Liquidity

ü  Egyptian, Cypriot FMs Convene in Cairo

ü  560,000 Young People in Nigeria to Secure Work Through Babban Gona
Mastercard Foundation Partnership

ü  Tanzania: Defence Ministry Tables Multi-Trillion Budget

ü  Malawi: Experts Recommend Expedited Replacement to Tobacco

ü  Malawi: Farming Destroying Forestland

ü  Nigeria: Wacot Rice to Create 60,000 Jobs Through Argungu Project

ü  Seychelles: Seychellois Launches Translation Messaging App, Plans to Add
Creole Option

 

 

 

 

 

 

 

 


 <https://www.facebook.com/Hyundaizimbabwe/> 

 


 

Liberty Steel in £18m loan breach with Metro Bank

Metro Bank asked for early repayment of an £18m loan from the troubled steel
group Liberty more than two years ago - and it is still waiting for its
money.

 

This revelation is another example of the financial pressures weighing on
Liberty's owner GFG Alliance.

 

The group's future has been in doubt since its main backer, Greensill
Capital, went into administration in March.

 

GFG says "no loan terms have been breached for non-payment".

 

The entrepreneur Sanjeev Gupta has been celebrated for rescuing troubled
factories around the UK - and nowhere more so than in South Wales, where he
bought the mothballed Alphasteel plant in Newport in 2013 and reopened it
two years later.

 

But while politicians welcomed the man dubbed 'the saviour of steel', there
were always questions about where the money came from to keep open ageing
factories that others had not been able to run profitably.

 

This came to a head in May when the UK Serious Fraud Office announced an
investigation into GFG Alliance, the Gupta family's group of businesses,
looking into alleged money laundering and fraudulent trading. GFG has said
it will co-operate fully with the investigation.

 

However, problems had arisen with a loan secured on the Newport steelworks
as early as 2018, an analysis of Land Registry documents and filings for
companies linked to GFG has shown.

 

Valued at £21m, the steelworks is owned by a UK company, Liberty Steel
Property Newport Ltd (LSPN), controlled by Sanjeev Gupta.

 

Filings at the Isle of Man Companies Registry show that it's one of a
portfolio of industrial properties, including another factory in South Wales
and locations in Manchester and the West Midlands, which were pledged as
security for an £18m loan from Metro Bank.

 

LSPN's accounts for 2018-19 say that "due to breaches of... covenants and
restrictions, Metro bank have called in the [loan] facility and have
stipulated that full repayment must be made" by 31 March 2020.

 

The accounts for the following year confirm that, although that deadline has
passed, there are "ongoing discussions" to renegotiate the financing
arrangement, and Metro Bank has agreed to "defer any action" for now.

 

A GFG Alliance spokesman declined to say what had caused the loan terms to
be breached. He said "no loan terms have been breached due to non-payment"
and "discussions are ongoing and are being resolved."

 

Isle of Man filings list a number of covenants for the loan, including one
stipulating that the borrower "shall not discount or factor its book debts."

 

Greensill's supply chain finance activity often involved discounting debts,
giving suppliers early payment of money owed by their customers in exchange
for a fee.

 

This was widely used by GFG companies - however the spokesman would not
comment on whether it was a cause of this particular breach.

 

Some GFG companies report annual revenues of billions of pounds, so £18m is
a relatively small sum for a global enterprise employing 35,000 people.

 

However, the length of time it has taken to resolve the issues over the loan
is further evidence of the financial pressures weighing on GFG.

 

Since the Greensill collapse, those pressures have intensified. One
investor, Credit Suisse, has begun proceedings to wind up parts of GFG
Alliance to recover money it is owed, and Tata is reportedly suing Liberty
Steel over unpaid debts.

 

GFG requested a £170m bailout from the UK government, which it rejected.

 

Metro Bank said that for confidentiality reasons it was unable to disclose
details of customers or transactions with them.--BBC

 

 

 

Royal Caribbean: We expect all cruise guests to be vaccinated

One of the world's biggest cruise companies says coronavirus vaccinations
will be needed to get on its ships.

 

Richard Fain, chief executive of Royal Caribbean, told the BBC "we expect
all of our guests who are eligible for a vaccine to have it".

 

Cruising is a global industry that, before the pandemic, was worth $150bn
and supported about 1.2 million jobs.

 

The US is the biggest market for the industry which has been almost
completely closed down by the pandemic.

 

In 2019, of the record 29.7 million people who went on a cruise, 46.5%

 

Mr Fain is hopeful that many of them will be encouraged to return soon by a
range of new safety measures, including reduced capacity, social distancing
and enhanced cleaning processes.

 

"The combination of the vaccines and testing and contact tracing, all these
kinds of protocols really helps us reach our objective, which is to make
cruising safer than in your home community".

 

"We want you to be more comfortable walking on board a ship than walking
down Main Street."

 

The Centre for Disease Control (CDC), which is the US federal public health
agency, has been working closely with the industry to restart sailings.

 

It stopped them in March last year after deadly outbreaks on ships such as
the Grand Princess and the Diamond Princess made international headlines.

 

In the past few weeks the CDC has laid out detailed instructions on how
cruise operators can hold trial runs to test their coronavirus protocols.
Alternatively it says sailings can resume if 98% of crew and 95% of
passengers are vaccinated.

 

In a statement, it said it was working towards "the prospective resumption
of passenger operations in the United States by mid-summer".

 

It adds that the "CDC acknowledges that it is not possible for cruising to
be a zero-risk activity for spread of Covid-19".

 

There have been outbreaks on some of the few cruises that have run around
the world since the pandemic began. Royal Caribbean has hosted more than
150,000 passengers during the pandemic, and reported just 21 cases of
coronavirus.

 

The sailings from locations including the Canary Islands, Germany and
Singapore have all been "cruises to nowhere", meaning they do not stop at
other ports.

 

However Mr Fain think this will soon change. "Ports around the world are
opening up and opening up very quickly.

 

"That's actually that's a very important part of cruising , the opportunity
to go other places".

 

Mr Fain concedes more cases could occur on cruise ships as things open up.
"There will be cases of Covid-19 on board ships, just as there are cases of
Covid-19 onshore". It's why, he says, procedures will be in place to isolate
any passengers who show symptoms.

 

"If it happens on the ship... you'll be treated exactly the same as you are
onshore, and that will protect from this becoming a bigger outbreak."

 

Outside of the CDC's remit, sailings from several Caribbean islands, Greece
and within UK waters are due to put the new safety protocols through a
sterner examination in the next few weeks. This will mean 13 of the
company's 59 ships are in operation.

 

Financial drain

The lack of sailings means Royal Caribbean, which has about a 25% share of
the global cruise market, has lost more than $6.8bn since the pandemic
began. By contrast, the company reported a profit of $1.7bn in 2019.

 

It has also meant raising more than $12bn from investors to keep the company
going. Rivals such as Carnival and Norwegian Cruise Line have felt similar
financial pain.

 

"We think it's enough to see us through during these terrible times," says
Mr Fain.

 

"I didn't like having to do it. But I was impressed at how quickly we're
able to do it given a terrible market and a company with zero revenue."

 

Royal Caribbean senses financial improvements are on the horizon. Bookings
are almost back to pre-pandemic levels with customers paying higher fares,
something it says is a sign of strong long-term demand.

 

Monique Giese, who tracks the shipping industry for the consultancy KPMG
says it's important for the industry that cruise ships do get back to sea
this summer, particularly before the good weather disappears in the
Caribbean and Mediterranean.

 

"If they are not sailing this year I would assume that lots of cruise
operators go into insolvency and then it is decisive which brand is the
strongest," she says.

 

"Most cruise liners operate different brands and I think that even now not
all of them will survive. Furthermore, besides the cruise industry itself
there are a lot of suppliers that are suffering as well."

 

Many of those who work in the cruise industry are crew who have returned to
their homes around the world and sought alternative employment during the
pandemic. However, Mr Fain doesn't think he will face any staffing
shortages.

 

"They're really anxious to come back. Even those who have gone and found
other jobs, say: 'Oh, I'm really happy, I can go back on board.' And so we
are making those steps, we feel comfortable that we will be able to continue
to crew them in the way we have in the past".

 

Proof of vaccines

Mr Fain doesn't think that getting the industry fully up and running depends
on the type of documents the airline industry is calling for.

 

"I don't think we're talking about a vaccine passport. I think we are
talking about people who are vaccinated, and there are lots of different
ways to show that".

 

He doesn't think that there are security issues around the paper documents
issued to show vaccines have been given in countries such as the US and UK.

 

Asked about forgeries he replied: "We don't think many people would would
even bother to do so."

 

"We've actually surveyed our guests and the vast bulk of the people that
have booked our cruises have already been vaccinated, and they're
volunteering it, they want it. And people want a place where they can go
where they know they're safe."-BBC

 

 

 

Analysis: Retail investors learn to love the crypto rollercoaster

When Brjánn Bettencourt rolled out of bed on Wednesday morning to find the
assets in his cryptocurrency portfolio slammed in their biggest selloff in
years, he knew exactly what to do: buy more.

 

"Investing in crypto is not for the faint of heart," said Bettencourt, a
32-year-old photographer in Toronto who has owned bitcoin and ether over the
last year-and-a-half to complement his stock portfolio. "I'm looking at this
as a serious long-term investment."

 

This week, cryptocurrencies were buffeted by factors ranging from critical
tweets by Tesla Inc (TSLA.O) CEO Elon Musk to governmental controls in
China. The price of bitcoin, the world’s biggest cryptocurrency, tumbled as
much as 30% before retracing some losses. It is down some 40% from its highs
of the year.

 

Leveraged positions in bitcoin and ether futures fell sharply last week,
said Vanda Research, which tracks retail trades. This indicates that some
retail traders probably have folded their tents.

 

"(The) crypto bubble has started to unravel and data from different
exchanges suggest that retail investors are capitulating," Vanda researchers
said.

 

But other retail investors have been happy to ride the turbulence out or
trade around it.

 

"In crypto talk, when stuff like this happens, people say it shakes out all
of the weak hands and the people ... who maybe bought because they saw it on
the news," said Ethan Lou, author of "Once a Bitcoin Miner: Scandal and
Turmoil in the Cryptocurrency Wild West," due this autumn. As retail
investors piled into cryptocurrencies, bitcoin surged around 345% in the
last year, ether soared 1,219% and dogecoin skyrocketed 15,480%, according
to Coinbase data. Crypto-exchange Coinbase (COIN.O) said its more than 56
million users accounted for $335 billion in trading volume in the first
quarter: $120 billion retail and $215 billion institutional. That compares
to $30 billion in total a year earlier, of which $12 billion was retail, the
company said.

 

Retail interest this year also scooped up shares of "meme stocks" such as
GameStop (GME.N), pushing prices through the roof and punishing hedge funds
that had sold the shares short.

 

Some retail investors have embraced the wild price swings in hopes of
catching some of the next big rally. Users on Reddit's popular
WallStreetBets forum have popularized the term “diamond hands”as shorthand
for their willingness to hold an asset through thick and thin.

 

INCREASED SCRUTINY

 

Increased mainstream adoption has drawn the attention of regulators. The
U.S. Treasury Department on Thursday called for new rules that would require
large cryptocurrency transfers to be reported to the Internal Revenue
Service. The Federal Reserve said cryptocurrencies pose risks to financial
stability. read more On Friday, China said it will crack down on bitcoin
mining and trading activities.

 

Cryptocurrencies have been notoriously volatile throughout their history.
Bitcoin plunged 94% in 2011, and dropped 82% between late 2017 and the end
of 2018, causing many investors to back away.

 

Lily Francus, however, has tried to take advantage of the big swings. The
25-year-old, who lives in San Diego and works as a quantitative researcher
at a crypto hedge fund, first traded cryptocurrencies in 2017, but got out
before the price crashed. Then last month she put about 1% of her net worth
into various cryptocurrencies, joining a rally she saw as partly fueled by
social media hype.

 

She liquidated her ether and cut her bitcoin position when Musk hosted
Saturday Night Live on May 8. read more She later bought 40% of her ether
position back at a lower price.

 

The Tesla CEO has flip-flopped on whether the electric carmaker would accept
bitcoin as a payment, and has often moved the price of dogecoin with his
tweets.

 

"When you see ... people diving into the markets for fear of missing out,
that's usually a good time to get out," Francus said.

 

Doug Liantonio, 31, of Deerfield Beach, Florida, said he owns dogecoin and
ethereum classic. With dogecoin prices down 50% from their highs, he is
waiting for another rally before selling.

 

"I don't think I will wait for Elon's PR stunt for his rocket, that would be
too late," he said. Musk recently announced that his company SpaceX will
launch a rocket to the moon next year, funded with Dogecoin. read more

 

For Bettencourt, the photographer, the ups and downs of crypto are part of
its appeal.

 

Investing in cryptocurrencies “feels like that scary rollercoaster,” he
said. “You're riding it up and riding it down and feeling every twist and
turn, which to me is exciting and fun.”

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Veteran stock picker to join 'Son-chan' on SoftBank board

The nomination of Koei Tecmo (3635.T) chair Keiko Erikawa to SoftBank
Group's (9984.T) board adds a veteran games industry executive known for her
stock-picking skill, bringing an authoritative voice after the loss of
senior industry figures.

 

Erikawa, 72, who with CEO husband Yoichi is the executive team behind the
"Romance of the Three Kingdoms" series, has had a long relationship SoftBank
CEO Masayoshi Son, referring to him as "Son-chan" in a 2016 inteview, using
a suffix showing affection.

 

"Erikawa is not the sort of person who would hesitate to express her views
to Son. She speaks plainly," said Hideki Yasuda, an analyst at Ace Research
Institute.

 

The board changes announced on Friday come after SoftBank lost two of
Japan's most vocal corporate leaders in recent years, Uniqlo parent Fast
Retailing (9983.T) founder Tadashi Yanai and Nidec (6594.T) founder
Shigenobu Nagamori.

 

That follows a shift by the 63-year-old Son from operating companies to pure
investing. The change is seen as suiting Erikawa, who in addition to her
management chops has built a reputation for savvy investing in tech stocks.

 

SoftBank invests in listed stocks through its SB Northstar trading unit as
well as in late-stage startups via its Vision Fund unit.

 

At March-end Koei had 113 billion yen ($1.04 billion) in investment
securities on its balance sheet, up from 71 billion yen a year earlier.

 

"I am close to Son and sometimes compared to him as a famous pro investor,
but he's a specialist. I often joke I'm just doing it on the side," Erikawa
said in an interview with Nikkei Veritas earlier this year.

 

A COVID-19 pandemic induced slump in portfolio company valuations last year
saw a period of alignment between SoftBank and investors calling for change,
with the group launching a $23 billion share buyback and reforming the
board's structure.

 

Following the subsequent recovery in valuations, investors fret that Son has
less incentive to listen to external voices.

 

An outgoing board member, Waseda University business professor Yuko
Kawamoto, praised Son's willingness to listen to others but called on the
group to "develop an even better form of governance that is genuinely
representative of SBG and its unique qualities."

 

($1 = 108.9400 yen)

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Fed officials, new data, start lowering expectations for U.S. jobs in May

Federal Reserve officials and new Dallas Fed data have begun lowering
expectations for May jobs growth in the United States as business hiring
plans continue to outrun the supply of people able or willing to work.

 

Dallas Federal Reserve president Robert Kaplan said Friday that hiring
difficulties have continued through May, and will likely lead to another
weak jobs report following the lower-than-expected 266,000 positions added
in April.

 

A survey published by the Dallas Fed earlier in the day, meant to provide a
mid-month check on national employment trends, pointed to weakening job
growth as well.

 

That has been attributed to a number of factors including ongoing
unemployment benefit payments and a lack of child care, and “these
structural issues, which we saw in the report for April...all those tensions
are not going to go away" immediately, Kaplan said at a Dallas Fed
conference on technology. "We think you are going to see another odd or
unusual report...Businesses are telling us they got plenty of demand but
they cannot find workers either skilled or unskilled."

 

Fed officials had hoped to see a "string" of months in which a million or
more new jobs were added to U.S. payrolls, helping the country quickly claw
back the 8.2 million positions still missing from before the pandemic.

 

St. Louis Fed president James Bullard earlier this week however called that
figure "hyped up," and said a "more realistic" expectation was for perhaps
half a million jobs a month.

 

The comments highlight a growing dilemma at the Fed as it wrestles over how
long to keep emergency levels of economic support in place as the pandemic
ebbs and the economy revs up for what may be the strongest year of economic
growth since the early 1980s.

 

Philadelphia Fed President Patrick Harker on Friday became the second Fed
official, along with Kaplan, to urge a faster start to talks over when and
how quickly to reduce the central bank's $120 billion in monthly bond
purchases.

 

"It is something that, in my mind, we should start to have a conversation
about sooner rather than later," Harker said at a virtual event organized by
the Washington Post.

 

Atlanta Fed president Raphael Bostic and Richmond Fed president Thomas
Barkin, speaking at the same event with Kaplan, both stuck to their
positions that more hiring needs to take place before they'd be ready to
discuss a bond purchase "taper."

 

“Right now we are not in a position where that’s in play for moves,” Bostic
said, a view that is currently a near consensus at the Fed, even as some
begin to warn of a possibly overheating economy.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Musk says he supports crypto in battle with fiat money

Tesla Inc (TSLA.O) Chief Executive Officer Elon Musk tweeted on Saturday
that in a battle between fiat and cryptocurrencies, his support is with
crypto.

 

"The true battle is between fiat & crypto. On balance, I support the
latter," he said on Twitter in reply to a user who asked him what his
thoughts were about people who were angry at him because of crypto.

 

Musk has previously compared bitcoin to fiat money and often tweets about
cryptocurrencies that have sent values for bitcoin and the meme digital
currency dogecoin up and down.

 

In February, bitcoin shot higher after Tesla revealed it had bought $1.5
billion of the cryptocurrency and would soon accept it as a form of payment
for cars. read more

 

However, bitcoin slumped after the billionaire announced in May that Tesla
would no longer accept bitcoin for car purchases, citing long-brewing
environmental concerns for a swift reversal in the company's position on the
cryptocurrency. read more

 

Earlier this month, he also called the cryptocurrency a "hustle" during his
guest-host spot on the "Saturday Night Live" comedy sketch TV show, leading
prices to tumble. read more

 

Two days ago, Musk assured that he has not sold any of his dogecoin holdings
and will not sell any. https://bit.ly/3hLz6LN

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

NYC's pandemic-hit hospitality industry faces labor shortage a year on

After more than a year of being hard hit by the coronavirus pandemic, New
York City restaurants reopened indoor dining to 100% capacity this week, but
a shortage of hospitality workers has left some restaurant and bar owners
scrambling.

 

Pat Hughes, owner of Manhattan bar Scruffy Duffy's, which has been shuttered
for more than a year, said the bar would not reopen until he finds a good
bartender - but feared that with people earning more collecting unemployment
benefits and pandemic assistance that may be difficult.

 

"If you're on unemployment, you're receiving... $750 take home (weekly)...
So if you're working in a bar or restaurant, you're not making that kind of
money," Hughes said.

 

Hughes said he would need to pay higher wages to attract employees, but
those costs would be passed on to the consumer. "And how much more is the
customer willing to pay for a hamburger or a Bud Light? It's already
expensive."

 

According to job search website Joblist, hospitality job openings in New
York have almost doubled in the last three months. But the current level of
interest in hospitality jobs in New York on the site is down more than 40%
from its peak in June, during the first wave of reopenings.

 

Owner and Executive Chef Paul Denamiel of French restaurant Le Rivage in the
Hell's Kitchen neighborhood of Manhattan said many former hospitality
workers had decided to leave the industry altogether.

 

"It was a hard industry to begin with," he said. "So a lot of people were
like, 'Ugh is this really what I want?' A lot of those...longtime career
hospitality people are just not there. They're gone."

 

Former bartender Aaron Kolatch, who worked for eight years at some of New
York City's most popular bars, is one of those people.

 

Kolatch decided to learn code as a hobby during the pandemic until bars
reopened, but after signing up for an online introductory course on computer
science, he realized he wanted to change careers to become a software
engineer.

 

"Did I want to manage a bar in 10 years or did I want something that had the
potential to maybe one day move to Jersey and get a house, if that's what I
wanted to do?" he said.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Ethiopia Optimistic of Immediate AU-Led GERD Talks Resumption

ADDIS ABABA - Ethiopia is optimistic of a swift resumption of the African
Union (AU) -led Grand Ethiopian Renaissance Dam (GERD) talks and called on
the international community to support AU in its effort of breaking deadlock
on the dam. Delivering a keynote speech at webinar on Thursday Deputy Prime
Minister and Foreign Affairs Minister, Demeke Mekonnen said that Ethiopia's
conviction is on the principle of finding African solutions to African
problems. "It has confidence in the role of the AU in facilitating the
negotiations and bringing the process to a successful conclusion."

 

Demeke urged the international community to support the AU led negotiation
process as it would enable all the three countries to find African solution
to the concept raised by the all negotiating countries. According to him,
Ethiopia contributes 86 percent of water flow of the Nile and it has the
right to use its natural resources to safeguard its people from the
consequence of current drought, extreme water scarcity and shortage of
energy.

 

"The benefit of the GERD is not only limited to Ethiopia, it is also
beneficial to downstream countries (Egypt and Sudan). In order to build
trust, Ethiopia has initiated the tripartite negotiation which is being held
within the framework of the declaration of principles signed by the leaders
of the three countries in March 2015," he added.

 

Throughout the negotiation, Ethiopia has been consistently persuading
accepted principles of equitable and reasonable utilization of its natural
resources without conflict and significant harm to the downstream countries,
it was learnt. Egypt and Sudan are still claiming and attempting to exert
unnecessary pressure on Ethiopia through different means including the
internationalization and politicization of technical issues which would only
undermine trust among the three countries, Demeke pointed out.

 

According to him, the second-year filling of the GERD will be conducted as
scheduled and agreed by the National Scientific Research Group (NISRG) of
the three countries. Ethiopia is also ready to share data exchange,
coordination mechanism and other related technical issues with downstream
countries.

 

In his remarks at the meeting , the Republic of South Sudan Foreign Affairs
and International Cooperation Deputy Minister Deng Dau Deng said the GERD is
a peace project that would benefit all in the region. With this
understanding, he said the South Sudan parliament would soon ratify the Nile
basin Cooperative Framework Agreement (CFA), which outlines rights and
obligations for the development of the Nile Basin water resources.

 

The tripartite negotiation would be concluded with a mutually beneficial
agreement adding he said that the riparian countries should have been part
of the consultation since the river basin is a shared resource. The webinar
was organized by Ethiopian embassies accredited to neighboring countries and
the great lakes region jointly with the Ministry of Foreign Affairs of
Ethiopia.-Ethiopian Herald.

 

 

 

Tanzania: Why Tanzania Must Nurture Startups to End Joblessness

Dar es Salaam — Tanzanians have increasingly been engaging more and more in
entrepreneurial activities seeking to improve their financial fortunes and
hence built the country's economy.

 

However, the mostly young entrepreneurs say they often come across hurdles,
especially when it comes to government support through policy, expertise,
and how to access low-interest loans for capital.

 

Those looking into venture capital or 'angel' financing for the first time
face a more bleak landscape, as one of the key challenges that small
businesses face today.

 

Entrepreneurs who spoke to The Citizen revealed that there was no single
solution when it comes to addressing the numerous challenges facing start
ups.

 

Access to investment

 

The startup community feels that there is a need for the government to put
in place conducive policies and environment for both domestic and foreign
investors to inject funds into promising startups.

 

Mr Shilton Ulomi, founder and chief executive of MyHI (My Health Insurance)
said other countries have created a good environment to recognize startups
and facilitate fund-rising through inviting interested investors.

 

"The government should be a link between startups and investors by providing
a secure linkage and easing the business environment," he said.

 

Mr Ulomi opined that having an investor supporting an innovation especially
in the technology industry, which he operates, is crucial in terms of
forming connections and a network, access to training, and mentorship.

 

"Running a startup is different from running a normal business. So, founders
need continuous training and coaching on how to successfully run the
venture," he said.

 

Online tutoring platform 'SmartClass' cofounder Adam Duma expressed his
concerns that even politics affect the start-ups in Tanzania because, at
some point, investors hesitate to provide funds as a result of the political
environment surrounding the business sector.

 

"Before injecting their money, most investors analyse the political
situation of the country and if there are no conducive policies then it
becomes a challenge to endorse startups in that particular country," he
said.

 

He said proper investment policies are important to attract investment and
facilitate the growth of startups.

 

"In Kenya and other African countries like Nigeria, startups attract a lot
of money. But, here in Tanzania, there are a few to none," he said.

 

Mr Duma added that there was also a lack of angel investors and venture
capital or domestic firms which were willing to support the startup
ecosystem.

 

Compliance

 

Mr Ulomi whose MyHI was one of the three winners of last year's Vodacom
Digital Accelerator Programme said another struggle entrepreneurs face is in
the initial process of registering the company where there is a burden of
costs and a heavy bureaucracy.

 

He said the government should formulate a policy or rather soften the
procedure by exempting startups from the costs such as registration and
legal fees.

 

"There are multiple entrepreneurs who have failed to start operating because
they have not met the requirements to open the business and this is due to
the costs," he said.

 

"If it was possible to loan youth who join higher education then the
government can even allocate funds to lend some ideas to run businesses
considering the unemployment rate that is in the country," Mr Ulomi added.

 

Hubs

 

Mr Duma said that the country also lacks committed and promising incubators
or hubs to raise talented entrepreneurs.

 

"Most of the entrepreneurs are building their businesses from scratch. So,
they need a mentorship platform that would guide them in what problems their
innovation is going to solve, the market size and how to approach it," he
said. According to him, the existing hubs in the country are not beneficial
to entrepreneurs, because there are no successful entrepreneurs coming as
result of the training or support from the existing hubs.

 

"These hubs have so far provided theoretical inputs which most entrepreneurs
learnt from schools," he said.

 

"They are not teaching upcoming entrepreneurs on the challenges of starting
or running a business. Despite having a lot of incubators which failed to
produce successful entrepreneurs, there are a lot of lies and politics which
are not really helpful," he said.

 

Mr Duma said poor knowledge and skills among start-up entrepreneurs can also
be one of the limitations to grow.

 

"No real content. A huge problem exists with founders who do not have proper
knowledge to search and look for opportunities to grow either from
investment firms or commercial banks," he said.

 

According to him, this provides an opportunity for local organizations or
institutions to initiate programmes to support start-ups which align with
their course of business.

 

He said, for example, last year Vodacom Tanzania started the accelerator
programme of which Smart Class became a winner, helping it to grow its
margin into a successful enterprise.

 

Government reacts

 

Industry and Trade deputy minister Exaud Kigahe told The Citizen that
although their impact in the startup ecosystem was still minimal, there were
efforts going on by the government through the existing institutions.

 

He mentioned initiatives under the Tanzania Commission for Science and
Technology (Costech) and the Small Industries Development Organisation
(Sido).

 

"At least we have something in place to support start-ups, micro, small and
middle enterprises in the country. We have been also advocating for the
commercial banks in the country to ease loans for the small businesses," he
said.

 

The deputy minister said the government has also initiated programmes to
support women, the disabled and youth.

 

"What we recommend is that they should have an association or a group which
will make it easier for them to have dialogue with the government and air
their grievances," he said.-Citizen.

 

 

Tanzania Government in New Plan to Reduce Lending Rates, Boost Liquidity

Arusha — The government will meet with top executives of financial
institutions for the purpose of reviewing the monetary policy. This is with
the view of seeing how to further lower interest rates, a cabinet minister
said yesterday.

 

Finance and Planning minister Mwigulu Nchemba told CRDB Bank Plc
shareholders here yesterday that President Samia Suluhu Hassan wants to
boost liquidity in the economy - and the best way to achieve this is by
ensuring that interest rates go down for Tanzanians to afford loans.

 

"The President wants to see more money in circulation. My ministry and the
Bank of Tanzania (BoT) will dialogue with financial institutions to identify
areas that were discouraging people from going for bank loans. This is one
way of boosting liquidity," he said.

 

 

He was responding to a call by Arusha Urban lawmaker Mrisho Gambo who wanted
the BoT to revisit its policies with a view to bringing interest rates down.

 

"If the Finance ministry can bring that in Parliament, we will support it
because it is what Tanzanians need to prosper," said Mr Gambo amid applause
from over 700 CRDB Bank shareholders participating in a financial literacy
seminar at the Arusha International Conference Centre (AICC) yesterday.

 

Mr Gambo posed a challenge to the BoT after the Deputy Governor (Financial
Stability and Deepening), Dr Benard Kibesse, called upon banks to consider
lowering their interest rates further in line with the aspirations of
Tanzanians.

 

In the past few months, the commercial banks announced cutting their lending
rates, particularly on personal loans. For instance, in June last year
(2020), the CRDB Bank cut interest rates on loans to workers to 14 percent.

 

Prior to that, the bank had on May 11, 2018 cut its lending rate from 22 to
17 percent. A few days later, it cut the rate on personal loans to 16
percent - and, finally, cut it further to 14 percent.

 

Yesterday, Dr Nchemba said the government will look into all aspects that
prevent the commercial banks from reducing their lending rates - and what
can be done for the private sector to employ more Tanzanians.

 

"If, for instance, a corporate entity asks us to reduce corporate tax so
that it employs say ten Tanzanians, we will not hesitate to do it," he said.

 

Commercial banks, he said, must also look beyond Tanzania's boundaries if
they were to capitalize on the country's reputable history in the
independence struggles for a number of countries in Africa as well as its
strategic logistical location.

 

"I am glad that CRDB has a branch in Burundi. But, why can't we also have
branches in the Democratic Republic of Congo (DRC), Zambia, Malawi, Zimbabwe
- and even in South Sudan where we sell our maize?" enquired Dr Nchemba.

 

He said that, with its rich history, he found no country in the region that
would not readily allow a Tanzanian corporate entity to set up a subsidiary
there.

 

"We also have major sea ports. It makes sense if someone in the DRC, Zambia,
Malawi and Zimbabwe among others can simply make all their payments - via a
Tanzanian bank - right there and only come to Dar es Salaam to pick up their
goods," he said.

 

On this, he also urged the Central Bank to think of facilitating and be
lenient with its usual regulatory approach.

 

"That is also how we can benefit from the colossal sums of money that we pay
to regional blocs like the East African Community (EAC) and the Southern
African Development Community (Sadc)," he said.

 

In his remarks, the CRDB Bank managing director, Abdulmajid Nsekela, said
the government - which owns a 21 percent stake in the bank - should
anticipate improved dividends this year, thanks to an increase in the bank's
net profits for the 2020 calendar year.

 

"Last year, the government received Sh16 billion in dividend from our 2019
profit. That sum was more than the Sh10 billion which the government
received in 2019 from our 2018 profit. This year, the amount will rise
further," he said.-Citizen.

 

 

Egyptian, Cypriot FMs Convene in Cairo

Foreign Minister Sameh Shoukry had talks on Saturday 22/05/2021 with his
Cypriot counterpart Cyprus Nikos Christodoulides, who is currently visiting
Cairo.

 

The talks tackled means of promoting bilateral cooperation as well as a host
of regional issues, Foreign Ministry Spokesman Ahmed Hafez said on
Twitter.-Egypt Online.

 

 

560,000 Young People in Nigeria to Secure Work Through Babban Gona
Mastercard Foundation Partnership

Lagos, Nigeria — 560,000 individuals, predominantly youth and women, will
have access to dignified and fulfilling work by 2022, through the Mastercard
Foundation Young Africa Works in Nigeria partnership with Babban Gona.

 

Recognizing that employment is a pathway out of poverty, the partnership
seeks to empower individuals in the agricultural value chain and support the
acceleration of agribusinesses by using technology to provide smallholders
with training and education, access to cost-effective financing, as well as
harvesting and marketing support services. These services and products
encourage smallholders to overcome the challenges of supply-side
fragmentation and low economies of scale.  Babban Gona provides this support
by franchising thousands of grassroots level farmer cooperatives, called
"Trust Groups".

 

In 2020 alone, the partnership successfully created 82,000 jobs, of which
70% were for youth and 33% for women.  Over the last year, Babban Gona
leveraged the support of the Mastercard Foundation to grow to new record
levels; with 80,000+ acres under cultivation with a recent diversification
into rice farming; more than 38,000 smallholder farmer members; and more
than 18,500 female entrepreneurs supported across six states of operation.

 

Talatu, a female entrepreneur and Trust Group Leader said, "I am grateful to
Babban Gona for changing my life. I look around and can see the
transformation that has taken place in our home. My children are well-fed
and in good schools; we have also refurbished our home and bought additional
land. All I see around me is growth."

 

Speaking about the importance of the partnership and the relevance of
agriculture in creating opportunities for young people, Chidinma Lawanson,
Country Head, Mastercard Foundation Nigeria stated, "Agriculture is among
the most viable potential sources of employment for young people in Africa.
We are excited to be part of the process of empowering Nigerian youths,
especially women, and its overall impact within this rural community. Our
partnership with Babban Gona will serve as a catalyst for entrepreneurial
reorientation, job creation, and sustainable livelihoods for smallholder
farmers."

 

Kola Masha, Managing Director of Babban Gona, stated that "The
organization's goal is simple: to be the Earth's highest impact business. We
will accomplish this by simultaneously and dramatically scaling the number
of individuals impacted, while also ensuring a depth of impact on each
individual to truly transform their lives and the lives of their family. We
are fortunate to have Mastercard Foundation's unwavering support on this
journey; working together we can coordinate actions and make much needed
investments in agriculture to ensure resilience among smallholders in the
post-COVID-19 era."

 

About Babban Gona

 

Babban Gona is a high impact, financially sustainable and highly scalable
social enterprise, which is part-owned by the farmers we serve. We franchise
thousands of mini farmer cooperatives across Northern Nigeria, leveraging an
innovative agricultural franchise model. We developed the agricultural
franchise model with our partners that include His Highness Muhammad Sanusi
II, the Sarkin (Emir) Kano, Nestle, IITA, DfID, USAID, Kiva, GIZ, AGRA,
BMGF, Skoll, Mulago, GIF and Rockefeller Foundation amongst others. Members
of the franchise mini cooperatives produce staple crops such as corn, rice
and soybeans, and have increased their net incomes to 2.8 – 3.5 times above
the national average. This dramatic increase in net income is accomplished
by delivering an integrated holistic package of training, farm inputs and
marketing services, on credit. Babban Gona has been able to deliver this
credit while maintaining one of the highest repayment rates in the world,
currently above 99.99%, leveraging our comprehensive 8 levels of risk
mitigation. www.babbangona.com <http://www.babbangona.com> 

 

About the Mastercard Foundation

 

The Mastercard Foundation works with visionary organizations to enable young
people in Africa and in Indigenous communities in Canada to access dignified
and fulfilling work.  It is one of the largest, private foundations in the
world with a mission to advance learning and promote financial inclusion to
create an inclusive and equitable world. The Foundation was created by
Mastercard in 2006 as an independent organization with its own Board of
Directors and management.

 

For more information on the Foundation, please visit:www.mastercardfdn.org

 

About Young Africa Works

 

Young Africa Works is the Mastercard Foundation's strategy to enable 30
million young people, particularly young women, across Africa to access
dignified work. Africa will be home to the world's largest workforce, with
375 million young people entering the job market by 2030. With the right
skills, these young people will contribute to Africa's global
competitiveness and improve their lives and those of their communities. The
Mastercard Foundation will implement Young Africa Works in 10 African
countries in collaboration with governments, the private sector,
entrepreneurs, educators, and young people. The first phase of countries
identified by the Mastercard Foundation are Rwanda, Kenya, Ghana, Senegal,
Ethiopia, Uganda, and Nigeria.

 

 

Tanzania: Defence Ministry Tables Multi-Trillion Budget

THE Defence and National Service ministry has unveiled its 2.3tri/- budget
for 2021/22 fiscal year which, among nine priorities, is set to facilitate
and widen National Service (JKT) infrastructure with modern tools so that it
could offer more trainings to youths.

 

Tabling the budget, the Minister, Mr Elias Kwandikwa said JKT
infrastructures would be widened and improved to accommodate more youths for
voluntary and compulsory training as they equip themselves with the best
life skills for selfemployment and patriotism to serve the nation.

 

Mr Kwandikwa assured Tanzanians that borders were safe and that peace and
security are top government priority.

 

He told the Parliament that the government would keep on equipping the
defence forces with modern equipment, enhance communication, human resources
and offer time to time training.

 

Minister Kwandika also said that they would strengthen ties and bilateral
relations with international organizations, regional and country to country
in the areas of defence and security.

 

On the revenue collection, Mr Kwandikwa said between July 2020 and April
this year, 456m/- was collected from wananchi who had purchased tractors and
other agricultural tools.-Daily News.

 

 

 

Malawi: Experts Recommend Expedited Replacement to Tobacco

Agricultural experts have emphasized the need for Malawi to urgently
diversify away from tobacco, which is currently facing serious challenges
both on the local and international markets due to the growing anti-smoking
lobby.

 

Tobacco has been Malawi's major foreign exchange (forex) earner. However,
its market continues to be threatened by health hazards on both production
and consumption sides.

 

To avert an economic crisis that could arise from continued dependency on
tobacco, the Malawi Agriculture Policy Advancement and Transformation Agenda
(MwAPATA Institute) on Thursday night engaged economic and agricultural
experts in panel discussion on what the Malawian farmer should do.

 

Various speakers at the panel discussion agreed on the need to quickly
diversify away from tobacco.

 

However, the National Smallholder Farmers' Association of Malawi (NASFAM)
Chief Executive Officer, Dr. Betty Chinyamunyamu, emphasized that farmers
need to identify a number of crops; and not a single crop to replace
tobacco.

 

"When we talk about alternatives to tobacco, we should not think about a
single crop. Let us think about a basket of crops. We should look at
commodities that have export potential, crops that have demand on the
market," said Chinyamunyamu.

 

She cited cereals such as maize, legumes, horticultural crops, coffee, tea,
cotton, cannabis, minerals and wheat as some of the crops that can
potentially replace the troubled tobacco gold leaf.

 

But Chinyamunyamu was quick to point out that lack of structured markets for
various crops continues to frustrate farmers to produce more of the cited
crops.

 

She asked the government to put in place deliberate policies that would
protect the farmers from exploitation by vendors.

 

In his presentation, Chancellor College-based political analyst and team
leader for Centre for Social Research, Dr. Blessings Chinsinga, recommended
that discussions on possibilities of smallholder agricultural
commercialisation ought to be placed in the broader context of the triple
crisis Malawi is experiencing: land, productivity and marketing crisis.

 

Chinsinga observed that land per capita continues to diminish, yet a
definitive land legislative framework is not settled-remain hugely in a
state of flux.

 

"Farmers' productivity levels continue to decline due to a combination of
several factors, and increasingly worsened by the fragile climatic
conditions. Farmers have limited access to lucrative markets for them to
commercialise- alternative marketing arrangements beyond ADMARC have not
worked out the expected magic," he said.

 

On what needs to be done, Chinsinga was emphatic: "Nothing really new: we
have all the requisite policies on the shelf-what remains is implementation
of these policies to their logical conclusion with dynamism, flexibility,
adaptability, and embedded culture continuous learning."

 

He said the triple crisis calls for policy refocusing, reviews (learning,
flexibility and adaptability) and implementation in a manner that brings
about the desired strategic impact.

 

Additionally, the concept calls for investment in research and development,
extension services and rural infrastructure to ensure that smallholder
farmers participate in emerging markets.

 

"Smallholder farmers are not homogenous: policy interventions should be
systematically tailored to the needs of different categories of smallholder
farmers-one-size-fits-all policies are destined to fail," he said.

 

MwAPATA Institute acting executive director William Chadza told Nyasa Times
that the panel discussion was organized in response to the appeal by
President Lazarus Chakwera to various stakeholders to initiate debate on the
need to find alternatives to tobacco.

 

Apparently, on 20 April 2021, during the official opening of the 2021
Tobacco Auction Floors in Kanengo, Chakwera told the attention that tobacco
demand around the world is not only declining, but also doing so sharply and
irreversibly.

 

He said Malawi now needed an exit strategy to transition tobacco farmers to
more sustainable and profitable crop alternatives.

 

Additionally, Chakwera, in his State of the Nation Address, directed the
Ministry of Agriculture to begin consultations and a radical search for a
basket of crops that can serve as alternatives to tobacco.

 

"It is against this backdrop that the MwAPATA Institute organized this
Roundtable. The objective of this Roundtable is to initiate a conversation
around identifying promising agricultural value chains that can serve as
alternatives to tobacco crop. Hence, the theme: "If Not Tobacco, then What?"
said Chadza.

 

He said MwAPATA Institute believes this is the beginning of a very important
journey that will start with a gradual reduced dependence on tobacco and
eventually lead to elimination of the dominance of tobacco crop in Malawian
economy by year 2030 in line with President Chakwera's directive.-Nyasa
Times.

 

 

 

Malawi: Farming Destroying Forestland

Government says Malawi has recently suffered unprecedented degradation of
land and forests due to unplanned conversion of forestland to cultivated
farmlands, poor farming practices and a lack of attractive alternatives to
use of charcoal and firewood for cooking and heating.

 

The Minister of Forestry and Natural Resources, Nancy Tembo, made the
sentiments in Lilongwe on Friday when she led activities to launch the
Lilongwe Chapter of the Global Landscapers Forum (GLFx).

 

GLFx is a community of individuals with passion to accelerate restoration of
Malawi's degraded and deforested landscapes and is being spearheaded by the
Centre for Applied Systems Analysis (CASA) and the International Union of
Forest Research Organisations (IUFRO) in collaboration with the Lilongwe
University of Agriculture and Natural Resources (LUANAR).

 

Tembo disclosed that about 29 metric tonnes of soil, on every hectare of
land, is lost annually through runoff, rendering the cultivated landscape
barren for crop production.

 

She said this threatens food security and economic growth of the country
while, at the same time, threatening hydropower generation due to siltation
in rivers and lakes.

 

The minister lamented that despite the current state of the landscapes,
Malawians continue degrading and deforesting their landscapes.

 

"This nationwide loss in forest cover is currently estimated at 30, 000
hectares per year. It is therefore the responsibility of every Malawian to
halt this degradation and deforested landscapes across landscapes in the
country," Tembo said.

 

She said one of the most promising solutions to land degradation is the
Forest Landscape Restoration, a social process that aims to regain, improve
and maintain vital ecological functions and enhance human wellbeing.

 

Tembo indicated that the restoration drive will also contribute towards the
UN Decade on Ecosystems Restoration, which runs from June 2022 to 2030, and
aims at scaling up efforts to halt land degradation, and restore degraded
and deforested landscapes, across the globe.

 

"In this repsect, the initiative by CASA and IUFRO to establish GLFx Chapter
in Malawi is commendable and the Government of Malawi supports it," she
assured.

 

CASA Managing Director and Convener of GLFx Malawi Chapter Launch, Dr. Steve
Makungwa, reiterated that the vision of the chapter is to create a new
Malawi with sustainable landscapes that are productive, prosperous,
equitable and resilient.

 

Makungwa said the chapter realizes that for Malawi to address deforestation
and land degradation, every Malawian must be involved and should play his or
her role in one way or the other.-Nyasa Times.

 

 

Nigeria: Wacot Rice to Create 60,000 Jobs Through Argungu Project

WACOT Rice Limited, a subsidiary of TGI Group which is based in Argungu,
Kebbi State, will create 60,000 jobs across Nigeria and West Africa through
its partnership with the USAID on the rice outgrower expansion project.

 

Deputy Chief of Party for USAID's West Africa Trade and Investment Hub
(WATIH) project, Mr Karl LittleJohn stated this during the co-investment
partnership launch with USAID in Argungu on Wednesday.

 

He said: "The core objective of establishing WACOT in Argungu and the
launching of this partnership today is to create catalyst for investment and
provide grants to more farmers".

 

LittleJohn explained that the jobs created would be available across Nigeria
and West Africa. "We want to show that we can create jobs. And we want to
also increase trade investment with our partners across West African
countries".

 

In his remarks, Chairman of WACOT Rice Limited, Farouk Gumel said that over
2,000 jobs have been created by the company due to the USAID partnership. He
stated that the expansion of the company has given opportunities for more
farmers to cultivate more land for rice production.

 

According to Gumel, "when the company was established in 2017, we hardly
sold our product for the first three months because customers were demanding
for foreign rice but today, we steadily sell Nigerian rice and people
continue to ask for it. Many people have shown interest in becoming our
agents and marketers".

 

Earlier, the United States Ambassador to Nigeria, Mary Bert Leonard had said
that the US government's partnership with WACOT was to sustain food security
and creation of more jobs in Nigeria.

 

Leonard said that more than $8 million (about N3.1 billion) would be
injected into the economy through the partnership.

 

In his remarks, Kebbi state Governor, Senator Abubakar Atiku Bagudu said the
presence of WACOT Rice in the state has positively impacted its economy,
adding that the development attracted the USAID investment.

 

He commended the company for always being active since it commenced its
operations in the state, stressing that many women have benefited from their
farmers' empowerment.

 

Through the partnership with USAID, WACOT Rice is registering an additional
5,143 farmers to complement its already existing outgrower network in the
state. And they will cultivate over 5,000 additional hectares of land
thereby producing over 20,000 tons of paddy which will be utilised at WACOT
Rice's 120,000-ton rice mill in Argungu.

 

The mill was commissioned by the Vice President, Prof. Yemi Osinbajo in
2017. It produces premium household brands of parboiled rice Big Bull and
Patriot.

 

Tropical General Investments (TGI) Group is a global conglomerate with a
majority of its investments based in emerging markets. TGI's investments
focus on driving inclusivity and value addition using locally sourced raw
materials, state-of-the-art manufacturing facilities and a highly skilled
workforce to produce world class products that are consumed both locally and
exported to global markets.-Leadership.

 

 

 

Seychelles: Seychellois Launches Translation Messaging App, Plans to Add
Creole Option

A Seychellois has launched a new translation messaging app and is working to
add the Seychelles Creole language as an option.

 

The app, called 'Know What I Mean' or KWIM for short, can translate up to 60
languages and is available for download for both iPhone and Android users.

 

Neil Gonthier, 26, said he got the idea when he was studying in Prague, the
capital of the Czech Republic.

 

"Students with different languages were having difficulty communicating and
I wanted to solve that. During the pandemic, I took a break and came back to
Seychelles and this is when I finalised the app."

 

Gonthier, who has already patented his app, said, "I was even using KWIM to
speak to my teacher who speaks Swahili and he was receiving the messages in
his language. KWIM has even started translating a bit of Seychellois Creole
as well, the AI (artificial intelligence) is smart and it can adapt and
learn."

 

He said he is working on having the Creole language of Seychelles, an
archipelago in the western Indian Ocean, as one of the options and will be
added in a more complete form later.

 

The app currently has several features available such as messaging, audio
video calling as well as an option to form groups.

 

"All someone has to do to use KWIM is download it from Play Store, install
it and fill in their number and language. It works on both iOS and Android
phones. Of course for it to work, both people in the conversation should
have KWIM installed. There is even an option to send invites and add other
people in the app. So far I've received many good reviews from friends and
other people who have tried out KWIM," added Gonthier.

 

When asked about the most challenging part of his journey, Gonthier
explained the difficulty of keeping quiet about his idea.

 

"That was the hardest part, not being able to share my idea until I had my
patent in my hand. Because you have to protect yourself from the big
international companies who do not have this app," he said.

 

Gonthier said that security is an important feature of the app. "The
messages are protected with end to end encryption. Furthermore, our app is
also designed in a way that it can protect against security breaches."

 

Gonthier says that he has great hopes for the future of KWIM and that "KWIM
Solutions have many projects that we are working on that I cannot disclose
at this moment. However, we plan on adding many more features to the app."

 

"I hope people use the app and see for themselves how easy it is to
communicate with someone who speaks another language, finally language
barrier is a thing of the past," he added.-Seychelles News Agency.

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

Africa Day

 

25/05/21

 


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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