Major International Business Headlines Brief::: 05 November 2021

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Major International Business Headlines Brief::: 05 November 2021

 


 

 


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

 


 

 


ü  Bank of England 'sorry' for rising cost of living

ü  Kaisa Group: Missed payment triggers fresh China property fears

ü  Inflation: Global food prices hit fresh 10-year high, UN says

ü  Liberty Steel: MPs call for investigation into 'red flags'

ü  The Bank of England says cutting carbon could push up prices

ü  New York's next mayor wants to be paid in Bitcoin

ü  Public safety fears due to taxi driver shortage

ü  D Sports furious after being forced to sell Footasylum

ü  Bank of England hints at future interest rate rise

ü  Subsiding Delta wave seen boosting U.S. job growth; worker shortages
still a constraint

ü  China holds back Asian shares, dollar stands tall

ü  Kaisa, units trading suspended as debt crisis routs Chinese developers'
shares

ü  Honda lowers profit outlook 15% amid chip shortage

ü  Japan's Shinsei Bank poison pill defence backed by proxy advisory firm

ü  Guangzhou, Shenzhen told to allocate 10% of land for affordable rental
homes

ü  UK's Co-op Bank profit run continues as turnaround kicks in

ü  Mozambique: Maputo Corridor Offers Importers New Prospects

ü  Rwandan Innovators Stand to Win U.S.$50,000

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Bank of England 'sorry' for rising cost of living

The Bank of England governor has said he is "very sorry" that UK inflation
is rising amid forecasts the cost of living could reach as much as 5%.

 

Andrew Bailey told the BBC that households were already feeling the impact
of rising prices.

 

"I'm very sorry that's happening," he said. "None of us want to see that
happen."

 

On Thursday, the Bank surprised financial markets by voting to keep the
interest rate unchanged.

 

It signalled that the rate - currently at a historic low of 0.1% - will rise
in the "coming months" as inflation is expected to grow.

 

However, the majority of the Bank's Monetary Policy Committee (MPC) voted to
hold borrowing costs during November's meeting, in part to see how the jobs
market had coped with the end of the furlough scheme.

 

Inflation graphic

Inflation is currently ahead of the Bank of England's 2% target at 3.1%.
There are expectations it could rise to 5% by next April.

 

How do interest rates affect your money?

Why is the cost of living going up?

Mr Bailey said: "Inflation is clearly something that bites on people's
household income. I'm sure they're already feeling that in terms of prices
that are going up."

 

But he said the Bank wanted to see what impact both domestic and global
issues were having on the cost of living before deciding on whether to raise
rates.

 

Mr Bailey said current conditions were different because inflation was being
caused by global "supply shocks" rather than demand pressure in the UK
economy.

 

The Bank did not rule out a rate rise at its next meeting in December. The
MPC meets every six weeks.

 

But commenting on the decision not to raise borrowing costs this month. Mr
Bailey said: "Putting interest rates up, I'm afraid, isn't going to get us
more gas."-BBC

 

 

 

Kaisa Group: Missed payment triggers fresh China property fears

Fresh concerns have been raised about China's property sector as Kaisa Group
has become the latest developer to miss a payment to investors.

 

Kaisa said it was facing unprecedented pressure on its finances due to a
challenging property market.

 

It comes as rival developer Evergrande Group is still reeling under the
weight of more than $300bn (£222bn) of debt.

 

The crisis at Evergrande has triggered fears that its potential collapse
could send shockwaves through global markets.

 

Meanwhile, Evergrande has sold a UK-based asset as it faces another payment
deadline on Saturday.

 

Trading in shares of Kaisa Group and three of its units was halted in Hong
Kong on Friday, after one of its businesses missed a payment on a wealth
management product.

 

Friday's filing to the Hong Kong stock exchange did not give a reason for
the trading suspension.

 

Before the suspension, Kaisa, which has a market value of about $1bn, saw
its shares hit a record low on Thursday after falling by 15%.

 

The Shenzhen-based developer said on Thursday that it is facing
unprecedented pressure on its finances due to a challenging property market
and downgrades by rating agencies, which makes it more difficult for it to
borrow money.

 

Evergrande has been the most high profile example of China's debt crisis but
there are others in the property sector with similar issues.

 

Their total combined debt is estimated to be more than $5tn, according to
Japanese banking giant Nomura. That's almost the size of Japan's economy.

 

Fantasia, Sinic and China Properties Group have all defaulted on debts in
recent months while Kaisa has become the latest developer to miss a payment.

 

Beijing has restricted how much these developers can borrow and it has
proposed introducing a local property tax but the move is controversial
because local governments rely on land sales for their revenues.

 

However, investors and economists are worried that the financial issues
faced by these developers will make consumers even more reluctant to buy
property in an economy where real estate has been a major driver for growth.

 

On Saturday, an Evergrande unit is due to make $82.5m of interest payments
to investors, while next Wednesday a 30-day grace period expires for other
interest payments owed by the embattled property developer.

 

Evergrande's shares were suspended in Hong Kong for 17 days last month after
the company requested a trading halt ahead of the announcement of a major
transaction.

 

However, a plan to sell a large stake in its property services unit for
$2.6bn fell through as it was unable to agree the terms of the deal.

 

On Thursday, Evergrande's vehicle manufacturing unit sold its UK-based
electric motor making business Protean as it tries to raise funds to meet
its obligations.

 

Evergrande didn't say how much it was paid for Protean, which it bought in
2019 for $58m.-BBC

 

 

 

Inflation: Global food prices hit fresh 10-year high, UN says

Global food prices have hit the highest level in over a decade after rising
by more than 30% in the last year, the United Nations Food and Agriculture
Organization (FAO) says.

 

The agency's figures highlighted the soaring cost of cereals and vegetable
oils around the world.

 

Vegetable oil prices hit a record high after rising by almost 10% in
October.

 

Disruptions to supplies, high commodity prices, factory closures and
political tensions are helping to push up prices.

 

The FAO said its measure of cereal prices was up by more than 22% compared
to a year earlier.

 

The price of wheat was one of the major contributors to this rise, up almost
40% in the last 12 months after major exporters - such as Canada, Russia and
the US - had poor harvests.

 

"In the case of cereals, we're facing a situation where one could say it's
climate change which is ultimately causing falling production," Peter Batt,
an agribusiness expert at Curtin Business School told the BBC.

 

"We've had pretty bad years [of harvests] in a lot of places."

 

The FAO said its index of vegetable oil prices was pushed up by rises in the
cost of palm, soy, sunflower and rapeseed oils.

 

In the case of palm oil, prices have been driven higher after output from
Malaysia was "subdued" due to ongoing shortages of migrant workers, the FAO
said.

 

Labour shortages are helping to push up the cost of production and
transportation of food in other parts of the world too.

 

Mr Batt said: "The other problem that has emerged is getting the product
out. For example, here in Australia we've had a lot of ships arrive to take
the food away but we can't get crew to come in because of Covid."

 

Shipping disruptions are also pushing up milk prices, with the cost of dairy
products rising by almost 16% over the last year.

 

Brigit Busicchia from Macquarie University said speculation on global
markets is also contributing to price volatility: "Since the 1990s, the
deregulation of commodity futures trading has made it possible for
institutional investors to enter this market on a large scale."

 

This is having a particular impact on countries which rely on food imports.

 

"Expect countries like Egypt or other Middle Eastern countries to experience
tensions in their provisioning of cereals," she said.

 

Ms Busicchia also highlighted that rising food prices are typically felt
most acutely by the poor, as disadvantaged groups are pushed further into
poverty and that this has the potential to heighten social and political
tensions.-BBC

 

 

 

 

Liberty Steel: MPs call for investigation into 'red flags'

MPs have called for investigations into the owners of Liberty Steel and boss
Sanjeev Gupta in a bid to avert another crisis in the industry.

 

Auditors that signed off the accounts at Liberty's parent GFG Alliance
should also face questions, MPs on the business committee say in a report.

 

The committee highlights "red flags" and "systemic risks" that should have
alerted authorities to the problems.

 

The steel industry is too important to lurch from "crisis to crisis", say
MPs.

 

Mr Gupta's GFG Alliance, one of the UK's biggest industrial groups, was
forced into an urgent financial restructuring when its key lender, Greensill
Capital, collapsed.

 

Greensill made money through supply chain finance - making loans to
companies that are waiting for invoices to be paid by their customers. When
the invoices were paid, the cash would be there to pay investors back, with
interest.

 

But the report by the Business, Energy and Industrial Strategy Committee
says the use of such finance and the way Mr Gupta structured his businesses
was questionable, concluding:

 

Ministers should reflect on the systemic risks to the UK steel industry
posed by such unusual corporate structures as those used by GFG Alliance

Mr Gupta put senior members of his staff in an "unacceptable position" by
not giving them the required access to information or decision-making powers
needed to perform their roles

The regulatory authorities should undertake an investigation into King &
King, the auditors of a number of GFG Alliance businesses

The Insolvency Service should consider whether Mr Gupta has breached his
fiduciary duties as a company director.

Darren Jones, chairman of the committee, said the steel industry was too
important strategically to be left to the mercy of such things as
international competition, high risk finance, and volatile energy prices.

 

It was time for a Steel Sector Deal to ensure the industry's resilience,
with better use of public procurement to support UK steel and help towards
transitioning to a low-carbon future.

 

But the GFG affair had exposed the sector's vulnerabilities, Mr Jones said.

 

"The evidence we heard during our inquiry has highlighted serious problems
with high-risk financial practices, weaknesses in audit, and about
inadequate accountability and corporate governance arrangements within GFG
Alliance," Mr Jones said.

 

He added: "Sanjeev Gupta must urgently fix these problems if he is to be
seen as a fit and proper owner of steel companies in the UK."

 

GFG 'disappointed'

MPs also questioned the suitability of a small audit firm like King & King
to handle GFG's accounts.

 

The report said it was "utterly unconvincing" that King & King had the
"capacity, expertise, or resources to audit the accounts of multiple large
GFG Alliance and Liberty Steel UK companies representing over £2.5bn of
revenue".

 

A spokesperson for GFG said the company "takes note of the findings of the
select committee. We will review and reflect upon its conclusions".

 

However, since the committee took evidence GFG had embarked a restructuring
and refinancing that included injecting £50m to restart the Rotherham and
Stockbridge operations, the statement said. In addition, GFG said the
company had drawn up a strategy to help decarbonise the steel industry.

 

However, the spokesperson said GFG was "disappointed that the report fails
to recognise the significant role Sanjeev Gupta and Liberty Steel has played
in saving and safeguarding thousands of UK jobs which otherwise would have
been lost".

 

"Mr Gupta has consistently met his obligations as a director of a private
company, and... has led GFG's global restructuring since Greensill's
collapse."

 

The statement added: "Since 2019 the group has been on a journey to improve
governance and transparency."

 

The Department for Business, Energy and Industrial Strategy (BEIS) said it
was already taking action to ensure better corporate governance.

 

A spokesperson said: "The government has published plans to require higher
standards of transparency and oversight in UK business, which will
strengthen further the UK's system of audit and corporate governance.

 

"The Insolvency Service has the powers to investigate the conduct of
directors where the company has gone through a formal insolvency process.
Where there is evidence of misconduct and it is in the public interest, the
Insolvency Service can formally launch disqualification proceedings."

 

And on the wider issue of support for the steel industry, the spokesperson
added: "We are determined to secure a competitive future for the UK steel
industry and in recent years have provided it with extensive support,
including more than £600m to help with the costs of energy and to protect
jobs.

 

"We recognise the critical role the steel industry plays in all areas of the
UK and in our economy and will carefully consider the report's
recommendations."

 

The BBC has asked King & King for comment.-BBC

 

 

 

 

The Bank of England says cutting carbon could push up prices

The governor of the Bank of England Andrew Bailey does not just have rising
prices on his mind this week. He was a delegate at the COP-26 climate change
talks, and central bankers like him have a big role in the "rewiring" of the
financial system to achieve net zero.

 

But in fact there is a connection between these two worlds, says Governor
Bailey himself. In an interview with me the governor says that the
transition to net zero "could lead to permanent price level effects", that
we have to "understand and deal with". Mr Bailey said people should
"understand that this is the transition path we have to do".

 

 

Indeed he went further, saying: "I think we are already seeing some effects
from climate change on prices now". In particular he said "a bit of the gas
price story" - a reference to the 400% increase in prices over the past year
- is the result of the world at the same time, shunning coal and chasing the
same scarce natural gas supplies.

 

"As we substitute out of more damaging hydrocarbons, coal obviously being a
case in point, during the transition, we will probably see increased demand
for some other hydrocarbons [i.e. gas]."

 

Given that many political voices have tiptoed around the issue that the
climate change transition being discussed in Glasgow is likely to have an
impact on consumers, this would appear a significant statement of the
reality.

 

It is of clear interest to an institution which is required in law to model,
forecast and ultimately to control inflation.

 

The transition to a renewable economy will mean a higher level of prices in
a long run transition period. The Bank's modelling suggests that unmitigated
climate change will also harm the fabric of the economy.

 

But the governor believes while it is vital to recognise the economic
benefits of saving the planet, it is also necessary that the public has a
clear map on the economics of the climate transition.-BBC

 

 

 

 

New York's next mayor wants to be paid in Bitcoin

Eric Adams, mayor-elect for New York City, has said he would like his first
three pay checks in bitcoin.

 

The former police captain was elected this week to take over at the end of
mayor Bill de Blasio's term in January.

 

Mr Adams said on social media that he wanted to signal his intention to make
New York the "centre of the cryptocurrency industry".

 

The value of bitcoin, the world's largest cryptocurrency, has been highly
volatile, since it was created in 2009.

 

Mr Adam's comments appear to be an attempt to one-up the mayor of Miami,
Francis Suarez, who had already said in his own Twitter message that he
would take his first pay check in bitcoin, after he was re-elected.

 

Mr Suarez has already said he would like to establish Miami as a hub for
cryptocurrency innovation.

 

 

Mr Adams upped the stakes by asking for three months' pay in the
cryptocurrency.

 

"In New York we always go big, so I'm going to take my first three pay
checks in bitcoin when I become mayor," Mr Adams wrote in a Twitter post.

 

"NYC is going to be the centre of the cryptocurrency industry and other
fast-growing, innovative industries! Just wait!"

 

Mr Adams, a Democrat, was elected on Tuesday, and will become the city's
second black mayor.

 

In August Mr Suarez helped established a cryptocurrency called MiamiCoin run
by a nonprofit organisation, CityCoins. It sends 30% of the value of the
currency that is created on a person's computer to the city and has raised
$7m for Miami, according to the Washington Post.

 

Mr Adams told Bloomberg radio that he would like to do something similar in
New York.

 

If Mr Adams, who ran on a pro-business platform, wants to establish New York
as a hub for cryptocurrencies he may run into opposition.

 

The cryptocurrency has been heavily criticised in the past over its
environmental impact.

 

And New York Attorney General Letitia James, who will stand for election as
governor of New York, recently launched a crackdown on unregistered
cryptocurrency companies.-BBC

 

 

 

 

Public safety fears due to taxi driver shortage

More than half of licensed taxi drivers have not returned to the trade since
the pandemic, the organisation representing the industry has said.

 

The Licensed Private Car Hire Association (LPCHA) estimates the industry is
short of 160,000 of the previously 300,000-strong workforce.

 

Many drivers left the industry during lockdowns as demand plummeted.

 

The shortage has prompted concerns over the safety of women, students and
night time workers struggling to get home.

 

A backlog in costly licensing and registration of vehicles, as well as
criminal and medical checks for drivers, have led to what the LPCHA have
called "a perfect storm".

 

A taxi driver must apply to their local council for a licence, which can
cost up to £600 a year. Drivers must also obtain a criminal record and full
medical check, as well as the famous "Knowledge" examination in some cases.

 

"This is a real national problem that affects everywhere," said Steve
Wright, chairman of the LPCHA.

 

"We have had calls from Inverness in Scotland, right down to Cornwall, with
people saying they cannot get drivers and they cannot get licences quickly
enough," he told the BBC.

 

It is leaving thousands of customers in the lurch. Taxis provide a vital
service; taking people to hospital appointments, back from the shops and of
course safely home after an evening out.

 

Taz Harrison, Welfare Officer at The Sugarmill in Stoke-on-Trent, said she
was worried about both staff and customers getting a ride.

 

"I am finishing at the club at 4am and waiting until 5am or 6am in the
morning to get a taxi," she explained.

 

"It's a long time to be stood by yourself in town - pre-pandemic it was 5-10
minutes."

 

"I've worked in venues for 20 years and I've never known it this bad."

 

The Sugarmill is emptying its doors of 600 music fans at the same time as
multiple venues across Hanley do the same.

 

"The majority of people are giving up and walking," Ms Harrison added.

 

Students at Staffordshire University are unsurprised by this.

 

"There's no taxis anywhere, or they're all dodgy," one student explained.

 

"You get in and they want the money before you go anywhere," she continued.

 

'Public safety issue'

The student's friend also shared their experience: "A taxi driver let
another guy get in a taxi with me when I finished work and he was flat out
drunk - I was like, no!"

 

Another student explained she asked her Mum and Dad for a lift instead.

 

The National Union of Students said some universities were partnering with
taxi firms to create safer routes to students.

 

However, the union urged the government to do more.

 

"This is a public safety issue, and it vital that we address it now so that
we stop seeing students stranded in unknown areas," said Hillary
Gyebi-Ababio, vice president for higher education.

 

In the current climate, of heightened safety concerns, especially for women,
news of this shortage is particularly worrying.

 

A few hours wait or a walk home on a balmy summer's evening may seem less of
a problem than on a cold, dark, winter's night. As long queues grow in many
towns waiting for the only available taxis, tempers fray and those
travelling alone become even more vulnerable.

 

The taxi shortage is impacting every corner of the UK. Some rural pubs, are
already reporting that customers are being put off coming out when they know
they'll struggle to get home.

 

In bigger cities the shortage has been masked for a while by app services
like Uber, but now people are experiencing longer waits, cancelled trips,
and sky-high surcharging as drivers have more work than they can cover at
any time of the day.

 

2px presentational grey line

One council taking a proactive approach to tackle the shortage is Torbay in
Devon, where they have slashed the cost of licensing to just £50 to get more
drivers behind the wheel.

 

"We were seeing massive queues for cabs and the tourist trade was being
affected, so we thought we'd better step in," explained councillor Christine
Carter.

 

"In the summer, we had taxi marshals to help people, and we are going to do
that again at Christmas to make it as safe as possible."

 

However Torbay's approach has only provided half of the drivers they need so
far.

 

"All we can keep doing is keep saying, 'please, please apply'," Councillor
Carter added.

 

The Night Time Industries Association said the issue raises concerns over
transport infrastructure. The association's chief executive Michael Kill
said he was alarmed by the driver shortage and called for it to be
prioritised by the government and city leaders across the country.

 

"With a focus on vulnerability, and the safety of women at night, and
thousands of night workers across the country, we cannot underestimate the
vital role these services play in keeping people safe at night," Mr Kill
added.

 

A spokesperson from the Department for Transport responded: "While provision
of taxi licences is the responsibility of Local Authorities, we continue to
work with industry groups to address concerns over potential shortages."

 

"Throughout the pandemic we have supported private hire vehicle drivers
through grants from the Self-Employment Income Support Scheme," the
spokesperson added.

 

The Department for Transport also plans to revise licensing guidelines, but
consultations on this will not happen until next year.-BBC

 

 

 

D Sports furious after being forced to sell Footasylum

JD Sports has hit out at the UK's competition watchdog after being forced to
sell rival chain Footasylum.

 

After an investigation, the Competition and Markets Authority (CMA) ruled
that the takeover could lead to a "worse deal" for customers.

 

But JD Sports criticised the move, calling the decision "inexplicable" and
"beyond logic".

 

Its chairman Peter Cowgill suggested that the CMA is in "a minority of one
in reaching this conclusion".

 

The CMA found that JD Sports was the closest alternative for Footasylum
shoppers.

 

However, the retailer has argued that one of the key areas of competition it
faces is from brands such as Nike and Adidas selling their goods direct to
consumers online.

 

 

JD Sports' chairman Peter Cowgill noted that the CMA had acknowledged that
these direct sales were a threat to the retailer, which, he said, made the
competition body's decision puzzling.

 

The deal to buy Footasylum was first announced in April 2019. The latest
ruling by the CMA follows an in-depth investigation after the competition
watchdog first blocked the £90m takeover last year.

 

JD Sports appealed against a ruling by the CMA in September, saying it was
"perplexed" by its decision not to include online sales to consumers by
major brands.

 

In an update on Thursday, the CMA found that the takeover of Footasylum
would reduce competition even after taking into account the growth in online
shopping.

 

Half of 1,300 online shoppers surveyed by the competition watchdog said that
they would go to JD Sports if they were unable to purchase their usual
trainers or joggers at Footasylum.

 

It suggested that customers would have fewer options and could face higher
prices, fewer discounts, and less choice of products in-store as a result.

 

'Shoppers could suffer'

Kip Meek, chair of the CMA inquiry group, said: "The UK boasts a thriving
sports fashion market and today's decision reflects our commitment to
keeping it that way.

 

"We strongly believe shoppers could suffer if Footasylum stopped having to
compete with JD Sports. It is likely they would pay more for less choice,
worse service and lower quality."

 

It added that the rivals can continue to compete for shoppers online and as
they return to the High Street.

 

JD Sports argued on Thursday that the CMA in fact agreed with it on several
fronts. It said, for example, that the CMA had found JD Sports' biggest
competition came from international brands selling to consumers from their
own websites or apps.

 

JD Sports also said that it would have no incentive to raise prices or
reduce deals for shoppers.

 

In a statement to investors, JD Sports said that "the decision to prohibit
the acquisition defies logic", given that Footasylum has a market share of
less than 5%.

 

"The CMA rightly concludes that, following the acquisition of Footasylum, JD
would have no incentive to raise prices or worsen its offer as its most
important competitors are the [Direct to Consumer] DTC operations of the
international brands themselves," said Mr Cowgill.

 

"However, the CMA has then somehow concluded that the competitive threat
from DTC does not extend to Footasylum and that JD would have an incentive
to worsen the offer in Footasylum to the detriment of both consumers and
suppliers. We would suggest that the CMA is in a minority of one in reaching
this conclusion.

 

"Overall, the CMA's decision today continues to be inexplicable to anyone
who understands what difference the pandemic has made to UK retail and how
competition and the supply chain in our markets actually work."

 

Mr Cowgill added that the decision comes after the UK High Street has been
seriously damaged by coronavirus-related lockdowns and could see further
closures.

 

The sportswear retailer has four weeks to lodge an appeal with the
Competition Appeal Tribunal following the decision.

 

JD said that it is studying the CMA's new report in detail and will consider
its options "carefully".

 

Despite the watchdog's decision, JD's share price rose by more than 3% on
Thursday to £11.17.

 

Susannah Streeter, senior investment and markets analyst at Hargreaves
Lansdown, said that investors appeared to have "shrugged off" the news.

 

"The acquisition was part of the company's quest for dominance in the
sportswear market," she said.

 

"But the decision by the CMA on the grounds that keeping Footasylum within
the group would lead to a lack of choice for customers, indicates just how
formidable JD Sports now is as an online powerhouse."-BBC

 

 

 

Bank of England hints at future interest rate rise

The Bank of England has signalled it will raise interest rates in "coming
months" in response to high inflation, but held off on an immediate
increase.

 

On Thursday, Bank policymakers voted 7-2 in favour of no change from the
current record low rate of 0.1%.

 

Bank governor Andrew Bailey said the decision had been a "close call".

 

The Monetary Policy Committee (MPC) said there was "value" in waiting to see
how the jobs market coped with the end of the furlough scheme.

 

Interest rate

However, it did not rule out a rate rise at its next meeting in December.

 

The MPC meets every six weeks. When pressed on when a rate rise might come,
Mr Bailey said: "From now onwards."

 

He said the MPC had "spent many hours" pondering its decision, adding: "The
calls are close, they are quite hard. It's a reflection of the position
we're in."

 

In a BBC interview, Mr Bailey said current conditions were different because
inflation was being caused by global "supply shocks" rather than demand
pressure in the UK economy.

 

"Putting interest rates up, I'm afraid, isn't going to get us more gas," he
added.

 

But he said that interest rates were not going to return to levels seen
before the 2008 financial crisis.

 

"For the foreseeable future, we're in a world of low interest rates," he
said.

 

"That doesn't mean that they don't rise and fall within that sort of bound.
But I want to be quite clear, we're not signalling that there's going to be
some very sharp return to the world that we can just about remember before
the financial crisis."

 

Mr Bailey said the MPC wanted to see "more evidence" of how the labour
market was evolving before raising interest rates.

 

However, he stressed: "We think there will be some need to increase interest
rates to bring inflation sustainably back to target. And we will be ready to
do that."

 

How do interest rates affect your money?

Why is the cost of living going up?

While the MPC voted to keep interest rates on hold, policymakers were split
on the decision.

 

Two of the nine members, Dave Ramsden and Michael Saunders, voted to raise
rates immediately to 0.25%.

 

Rates were cut to their current level in March last year in response to the
effects of the coronavirus pandemic.

 

But the reopening of the economy has fuelled price rises, prompting
expectations that the Bank would increase borrowing costs.

 

The pound fell by nearly 1% against the dollar to $1.3556 following the
Bank's decision, reflecting the fact that investors had bet on a rate rise.

 

Financial markets expect the interest rate to hit 1% by the end of next
year.

 

How much further could prices rise?

Electricity and gas prices have surged as the global economy reopens.

 

Factories and businesses are also struggling with staff shortages and a
backlog of orders, which has also pushed up prices.

 

The Bank expects inflation to peak at 5% next April, up from 3.1% in
September.

 

Inflation

This would be the highest rate in more than a decade and far higher than the
Bank's target of 2%.

 

The Bank said households faced "substantially" higher energy bills next
year.

 

Policymakers also said food prices were likely to rise in the run-up to
Christmas.

 

However, they added that the sharp increase in inflation was expected to be
"temporary", with price rises expected to ease back towards 2% in the second
half of next year.

 

Higher inflation is expected to put pressure on household finances for the
next two years.

 

The Bank's latest Monetary Policy Report expects price rises to outpace pay
increases in 2022 and 2023.

 

So-called real incomes are expected to barely grow in 2024.

 

High Street banks use the interest rate set by the Bank's MPC to set their
own mortgages and savings rates.

 

While an increase in interest rates would have been bad news for borrowers,
many mortgage holders would not have faced an immediate increase in
payments.

 

Three quarters of mortgage holders are currently on fixed-rate deals.

 

What about the economy?

Higher prices are expected to weigh on growth in the near term.

 

The Bank now expects the economy to grow by 1.5% in the three months to
September.

 

This is almost half the rate expected at its previous forecast in August.

 

As a result, the economy is not expected to get back to its pre-pandemic
size until the start of next year. It had previously expected the economy to
recover by the end of 2021.

 

The Bank also cut its forecast for annual growth in 2021 and 2022 to 7% and
5% respectively, down from 7.25% and 6% previously.

 

GDP forecast

In September, around a million workers were still on the government's
furlough scheme that subsidised wages.

 

The scheme ended in October and the Bank expects most of those who were on
furlough to return to work.

 

While the peak in inflation next April is expected at a time when around 40%
of workers are negotiating pay deals, the Bank does not expect higher prices
to lead to big demands for pay rises.

 

It suggested that many workers were still scarred by the financial crisis,
when many accepted slow pay growth or wage freezes even amid rising
inflation.

 

Be in no doubt, people and businesses should prepare for rates rising in the
coming months, perhaps as high as 1% from their record lows of 0.1%, but not
precisely this month.

 

The message from the Bank of England is that the economy has been hit by
supply chain bottlenecks, both for goods and workers, pushing back the time
when the economy regains all the lost pandemic growth into early next year.
And while the inflation picture is now worse, with a forecast peak of 5%
when the energy price cap is due to be further increased in April 2022,
there is not much the Bank thinks it can do about the global drivers of
this.

 

Where the Bank can act is around the persistence of this inflation into 2023
and 2024. They do now feel there is a risk that pressures from rising prices
last. If interest rates were kept at these emergency lows, the Bank
forecasts inflation would still be about 3% in late 2024.

 

But acting now would have required immediate evidence of a spiral in wage
rises across the economy. On balance, the members of the Bank of England's
Monetary Policy Committee want to see official data in a fortnight on the
impact of the end of the furlough scheme on the jobs market.-BBC

 

 

 

Subsiding Delta wave seen boosting U.S. job growth; worker shortages still a
constraint

(Reuters) - U.S. job growth likely accelerated in October as the headwind
from the surge in COVID-19 infections over the summer subsided, offering
more evidence that economic activity was regaining momentum early in the
fourth quarter.

 

But the Labor Department's closely watched employment report on Friday is
expected to show worker shortages persisting, even after federal
government-funded unemployment benefits have expired and schools have
reopened for in-person learning.

 

Nonetheless, it will join rising consumer confidence and services sector
activity in painting a more favorable picture of the economy, after the
Delta variant of the coronavirus and economy-wide shortages of goods
restrained growth in the third quarter to its slowest pace in more than a
year.

 

"September was a bad dream, but since then vaccines have beaten back the
Delta virus and the economy is marching forward and upward," said Sung Won
Sohn, a professor of finance and economics at Loyola Marymount University in
Los Angeles. "We could have seen employment gains probably approaching
800,000, the primary constraint is labor shortages."

 

Nonfarm payrolls likely increased by 450,000 jobs last month, according to a
Reuters survey of economists. The economy created 194,000 jobs in September,
the fewest in nine months.

 

October's anticipated job gains would bring employment about 4.5 million
jobs below its peak in February 2020. Estimates ranged from as low as
125,000 jobs to as high as 755,000.

 

Education employment is a wild card after sharp drops in payrolls at state
and local governments as well as private institutions contributed to curbing
job growth in September.

 

Pandemic-related staffing fluctuations in education have distorted normal
seasonal patterns. Shortages of bus drivers and other support staff have
been well documented. Education hiring in September was lower than usual,
resulting in a decline after stripping seasonal fluctuations. Economists
believe October was the same story.

 

"We think that seasonally adjusted education-related employment could fall
by another 50,000 in October, as the increase in hiring that month
anticipated by the seasonal factors does not fully materialize," said Daniel
Silver, an economist JPMorgan in New York.

 

Education payrolls dropped by 180,000 jobs in September.

 

The drop in COVID-19 cases has allowed Americans to travel, attend sporting
events and frequent restaurants, boosting demand for workers.

 

IMPROVED OUTLOOK

 

Indeed, labor market indicators were fairly strong in October, with the ADP
National Employment Report on Wednesday showing an acceleration in private
payrolls. The Conference Board's labor market differential - derived from
data on consumers' views on whether jobs are plentiful or hard to get - hit
a 21-year high. read more

 

The number of Americans filing new claims for unemployment benefits fell
below 300,000 in October and has remained under that level for four straight
weeks.

 

The unemployment rate is forecast falling to 4.7% from 4.8% in September.
While companies desperately want to hire, millions remain unemployed and
outside the labor force.

 

This labor market disconnect has been blamed on caregiving needs during the
pandemic, fears of contracting the coronavirus, early retirements, massive
savings and career changes as well as an aging population and the recently
ended expanded unemployment benefits. There were 10.4 million unfilled jobs
as of the end of August. About five million people have left the labor force
since the pandemic started.

 

Federal Reserve Chair Jerome Powell told reporters on Wednesday that "these
impediments to labor supply should diminish with further progress on
containing the virus, supporting gains in employment and economic activity."

 

The Fed announced it would this month start scaling back the amount of money
it is pumping into the economy through monthly bond purchases. read more

 

STRUCTURAL SHIFT

 

According to Beth Ann Bovino, chief economist at S&P Global Ratings, there
was no evidence that generous pandemic jobless benefits discouraged the
unemployed from seeking work. Bovino said the reason for people not taking
up jobs appeared to stem more from the decision to drop out of the workforce
entirely, signaling a structural shift rather than a temporary change.

 

She also noted that many people who moved out of cities during the pandemic
have yet to return, which could create a mismatch between the open jobs and
location.

 

"The labor market conditions since the pandemic began highlight a possible
structural shift in the labor force, with 60% of the five million missing
workers comprising people who have left the workforce entirely," said
Bovino.

 

There are concerns that worker shortages could be exacerbated by the White
House's vaccine mandate, which comes into effect on Jan. 4 and applies to
federal government contractors and businesses with 100 or more employees.

 

There has also been a rise in strikes as workers take advantage of the tight
labor market to demand more pay and better conditions. The walk out by about
10,000 Deere & Co (DE.N) workers will have no impact on October's payrolls
as it started in the middle of the period during which the government
surveyed households and businesses for the employment report.

 

"Recent strike activity and vaccine mandates have been challenging factors
on the supply front and suggest that labor market improvement will be
gradual in coming months," said Sam Bullard, a senior economist at Wells
Fargo in Charlotte, North Carolina.

 

The scramble for workers is boosting wage growth, which together with record
savings should help to underpin consumer spending over the holiday session,
though salaries are lagging inflation and shortages of goods abound.

 

The Thomson Reuters Trust Principles.

 

 

 

China holds back Asian shares, dollar stands tall

(Reuters) - Chinese markets dragged on Asian shares on Friday as they failed
to latch on to a global record-setting rally after a week in which central
banks around the world refrained from any hawkish surprises in a boost to
the dollar.

 

The U.S. currency made solid strides against sterling, which took a beating
after the Bank of England confounded markets by passing up a chance to raise
interest rates on Thursday.

 

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS)
was down 0.26% while Japan's Nikkei (.N225) slid 0.5%, albeit from a month
high reached the day before.

 

Hong Kong (.HSI) weighed on the regional index, falling 1.25%, pressured by
index heavyweight HSBC as the rate sensitive bank's shares tumbled nearly
5%, hurt by the BoE's dovish call, as well as by property stocks.

 

Also in Hong Kong, trading in shares of Chinese developer Kaisa Group
Holdings Ltd (1638.HK) was suspended, a day after the company said a
subsidiary had missed a payment on a wealth management product, the latest
sign of a deepening liquidity crisis in the Chinese property sector. read
more

 

An index tracking Hong Kong listed mainland Chinese developers (.HSMPI)
slipped 1.5%, and spreads on Chinese high-yield dollar debt (.MERACYC)
hovered near record highs.

 

Shanghai shares (.SSEC) lost 0.24% though Chinese blue chips (.CSI300) edged
up 0.1%.

 

In contrast, Australia's S&P/ASX 200 index (.AXJO) was set to notch its best
week since late-May, and was up 0.5% on the day.

 

Share markets globally were strong, with MSCI's gauge of stocks across the
world (.MIWD00000PUS) hitting a new all-time high on Thursday. It edged down
0.1% in early Asia.

 

Overnight, the S&P 500 and Nasdaq extended their streaks of record high
closes to six sessions, and the Dow Jones Industrial Average posted a slim
loss, ending a string of record closes after bank shares weighed.

 

The gains came even after the U.S. Federal Reserve on Wednesday finally
announced that it would begin tapering its massive asset purchase programme,
though Fed Chair Jerome Powell said he was in no rush to hike borrowing
costs.

 

"Even though it transpired as expected, it is a significant milestone, the
direction of travel is now clearly towards policy normalisation, though the
Fed emphasised that tapering is not tightening," said Stefan Hofer, chief
investment strategist for LGT in Asia Pacific.

 

"It was really expert communication and very well handled"

 

Hofer said U.S. jobs data would remain in focus in the coming months as that
would influence upcoming decisions from the Fed. U.S. payroll data for
October is due later on Friday.

 

One of the bigger surprises this week came from Bank of England's shock
decision on Thursday to defer an interest rate hike. read more

 

That sent the pound tumbling 1.36% on Thursday while bond yields dropped
both in Britain and Europe with Germany's 10-year government bond yield, the
benchmark for the eurozone, falling 6 basis points, to a one-month low of
-0.23%.

 

The dollar index last stood at 94.353 within sight October's 12-month highs.

 

U.S. Treasury yields also fell and the U.S. yield curve steepened overnight.

 

U.S. benchmark 10-year yields dropped to 1.509% their lowest level since
mid-October on Thursday, but regained some ground and was last at 1.5367%.

 

Oil prices rebounded on Friday, regaining a little ground from month lows
hit a day earlier, after a report that Saudi Arabia's oil output will soon
surpass 10 million barrels per day for the first time since the outset of
the COVID-19 pandemic.

 

U.S. crude rose 1.03% to $79.62 a barrel, while Brent crude was up 1% at
$81.18 per barrel.

 

Spot gold tacked on 0.17% as the falling yields provided support to the
non-interest bearing asset.

 

The Thomson Reuters Trust Principles.

 

 

 

Kaisa, units trading suspended as debt crisis routs Chinese developers'
shares

(Reuters) - Kaisa Group Holdings Ltd (1638.HK) and three of its units had
their shares suspended from trading on Friday, a day after an affiliate
missed a payment to onshore investors as China's snowballing property debt
crisis jolts other developers.

 

Shenzhen-based homebuilder Kaisa, which has guaranteed the wealth management
product, said in a statement on Thursday it is facing unprecedented
liquidity pressure due to a challenging property market and rating
downgrades.

 

Kaisa and its unit Kaisa Prosperity (2168.HK) said in separate exchange
filings on Friday that trading in their shares were being suspended pending
the release of "inside information". The companies did not elaborate.

 

Reuters reported last month, citing sources, that Kaisa was seeking buyers
for its property management unit Kaisa Prosperity and two residential sites
in Hong Kong, as it scrambles to meet a wall of debt repayments. read more

 

Kaisa's troubles come amid concerns about a broadening liquidity crisis in
the Chinese property sector, with a string of offshore debt defaults, credit
rating downgrades and sell-offs in the developers' shares and bonds in
recent weeks.

 

Kaisa has the most offshore debt coming due over the next year of any
Chinese developer after embattled China Evergrande Group (3333.HK), which is
reeling under more than $300 billion in liabilities.

 

A finance unit of Kaisa had missed a payment on a wealth management product
(WMP), the developer said on Thursday, adding it was raising funds to ease
the pressure by taking measures including speeding up asset sales. read more

 

Kaisa is planning to sell 18 of its assets in Shenzhen, mostly retail and
commercial properties, worth a total of 81.8 billion yuan ($12.78 billion)
by the end of 2022, according to a document seen by Reuters on Friday.

 

The proceeds will be used to repay the wealth management products. The
developer also has 95 urban renewal projects in Shenzhen valued at 614
billion yuan, which can help replenish its capital after sales upon
completion or early disposal.

 

Kaisa did not comment on the information in the document.

 

DEEPENING LOSSES

 

Shares in Hong Kong-listed Kaisa, ranked as the 25th largest developer in
the country by home sales and which has a market value of about $1 billion,
plunged more than 15% on Thursday to an all-time low.

 

Kaisa has around $3.2 billion in offshore senior notes due in the next 12
months, with the next maturity worth $400 million falling on Dec. 7. It has
coupon payments totalling over $59 million due on Nov. 11 and Nov. 12.

 

On Friday, a sub-index tracking the mainland property sector (.HSMPI) fell
more than 2%, deepening its losses in the past two weeks to nearly 20%. An
index of real estate A-shares (.CSI000952) also fell more than 2%.

 

Shares of China Evergrande Group (3333.HK), once China's largest property
developer and whose debt woes have sparked off a liquidity crisis across
China's $5 trillion property sector, fell 1.7%.

 

The company's 11.5% October 2022 bond fell more than 10% to yield above
300%, according to Duration Finance, leading sharp falls across developers'
bonds.

 

Evergrande narrowly averted a default for the second time last week, but
faces another hard deadline on Nov. 10 for more than $148 million in coupon
payments that had been due on Oct. 11.

 

Its unit Scenery Journey has coupon payments totalling more than $82 million
due Nov. 6, though the bonds' terms grant a 30-day grace period on such
payments.

 

An ETF tracking Asian high-yield dollar bonds (AHYG.SI) slumped nearly 1.5%
in early trade, while spreads on Chinese high-yield dollar debt (.MERACYC)
hovered near record highs.

 

"Kaisa could likely be another Evergrande," said Raymond Cheng, head of
China research at CGS-CIMB Securities, adding that the companies woes had
intensified market concerns over developers' liquidity conditions.

 

"Even though the regulators have some easing measures ... it seems that may
not be able to help that much," he said. "Unless the government has
aggressive loosening measures ... we expect to see more and more developers
have problems (paying) off their debts."

 

($1 = 6.4005 Chinese yuan renminbi)

 

The Thomson Reuters Trust Principles.

 

 

 

Honda lowers profit outlook 15% amid chip shortage

(Reuters) - Honda Motor Co (7267.T) cut its full-year profit forecast by 15%
on Friday, to 660 billion yen, as a global chip shortage has forced it to
cut vehicle output.

 

Like other automakers, Honda's production plans have been hit by the
shortage, with global output in September falling 30% from a year ago.

 

On Thursday, larger rival Toyota Motor (7203.T) cut its full-year sales
target and warned the lack of semiconductors still posed risks to its annual
production plans. read more

 

Honda's forecast, which it has cut twice since August, is lower than a mean
forecast of 764.5 billion yen in profit by 20 analysts, Refinitiv data
showed.

 

Honda cut its vehicle sales plan to 4.2 million vehicles from 4.85 million
this business year, down from 4.5 million in the previous 12 months.

 

For the three months to Sept. 30, Honda said operating profit fell by almost
a third to 198.9 billion yen. That result was higher than an average
forecast of 183.5 billion based on estimates from nine analysts, Refinitiv
data showed.

 

($1=113.6700 yen)

 

The Thomson Reuters Trust Principles.

 

 

Japan's Shinsei Bank poison pill defence backed by proxy advisory firm

(Reuters) - U.S. proxy advisory firm Glass Lewis & Co on Friday recommended
shareholders of Japan's Shinsei Bank Ltd (8303.T) vote for the lender's plan
for a poison pill defence against an unsolicited $1.1 billion bid from SBI
Holdings Inc (8473.T).

 

Mid-sized bank Shinsei opposed SBI's approach last month, saying it was not
clear what specifically the suitor would do to increase its corporate value.
SBI, which owns an online brokerage and a bank, holds around 20% of Shinsei
and wants to raise that to up to 48%.

 

The recommendation from Glass Lewis is likely to be seen as a setback for
SBI, which sees Shinsei as part of a plan to create Japan's fourth-largest
bank. Shinsei has said it would accept the offer if SBI raised the price and
removed the upper limit on how much it would buy, but SBI rejected those
requests.

 

"Shinsei's independent investors have been presented with a pointedly
inequitable partial cash out, to be followed by a significant, one-sided
restructuring very likely to involve substantial board and executive
turnover and a heavily revised strategic profile," Glass Lewis said in its
recommendation.

 

"In a rare case, we believe this framework alone is arguably sufficient to
warrant support for Shinsei's proposed defence measures."

 

SBI, which says it can overhaul the mid-sized lender, has promised to make
every effort to repay the 350 billion yen ($3.1 billion) in public money
Shinsei received during a banking crisis two decades ago.

 

However, Glass Lewis said SBI had offered investors "no meaningful plan to
address this issue".

 

Shinsei's shares closed down 3% on Friday at 1,808 yen, below SBI's offer
price of 2,000 yen a share.

 

($1 = 113.6500 yen)

 

The Thomson Reuters Trust Principles.

 

 

 

Guangzhou, Shenzhen told to allocate 10% of land for affordable rental homes

(Reuters) - China's most populous province Guangdong said on Friday that its
two biggest metropolises Guangzhou and Shenzhen must allocate at least 10%
of their land for rental housing to meet rising demand for homes especially
among the young.

 

Under proposed new rules, rental housing will focus on the development of
homes no larger than 70 square metres in area for new residents and young
people. Additionally, the rents they pay must be lower than the rents of
other properties in their neighbourhood, the Guangdong government said in a
document.

 

Guangdong's population has soared in the past decade to 126 million as the
likes of tech giants such as Huawei and Tencent based in the southern
province attract people from other provinces seeking high-paying jobs.

 

New home prices in Guangdong have soared in line with its growing population
and economy, putting pressure on lower-income groups including fresh
graduates with entry-level salaries.

 

In August, Guangdong said it will build 740,500 units of rental housing in
2021-2025, with 222,000 to be completed this year.

 

Besides Guangzhou and Shenzhen, rental housing projects will also be a focus
for major cities in the heavily industrialised Pearl River Delta including
Zhuhai, Foshan, Dongguan and Zhongshan.

 

New home prices in Shenzhen, China's Silicon Valley, averaged 55,000 yuan
per square metre in October, the most costly among the 100 cities tracked by
China Index Academy, one of the country's largest independent real estate
research firms.

 

President Xi Jinping's pledge to narrow social disparities to achieve
so-called "common prosperity" has put the plight of low-income households
and individuals at the forefront of Beijing's policymaking.

 

China, in September, said the cost of renting a home in cities should not
rise by more than 5% a year. read more

 

The Thomson Reuters Trust Principles.

 

 

 

UK's Co-op Bank profit run continues as turnaround kicks in

(Reuters) - Britain's Co-op Bank posted a third straight quarter of profits
on Friday, as the self-styled ethical lender made further progress on its
turnaround after nearly a decade of annual losses and was lifted by
Britain's economic rebound.

 

The lender reported pretax profits of 28.5 million pounds ($38.46 million)
for the nine months to September, compared to a 68.1 million pound loss over
the same period last year.

 

Co-op Bank has started to reap the benefits of a period of painful
restructuring, after its near-collapse and rescue by a group of U.S. hedge
funds in 2017.

 

The lender did not make any reference to any acquisition plans, weeks after
making an unsolicited offer for rival lender TSB that was rebuffed by
Spanish owner Sabadell (SABE.MC). read more

 

Takeover interest in Britain's mid-sized banks has picked up in recent
weeks, with shares in fellow challenger bank Metro Bank closing up 29% on
Thursday after it revealead an approach from U.S. private equity giant
Carlyle (CG.O). read more

 

($1 = 0.7411 pounds)

 

The Thomson Reuters Trust Principles.

 

 

Mozambique: Maputo Corridor Offers Importers New Prospects

DP World Maputo, the supply chain logistics company, has opened new trade
opportunities for South African commodity importers.

 

It has developed and implemented a new and unique supply chain solution that
provides importers of fertiliser, and other similar commodities, an
effective and reliable option using the Maputo Corridor.

 

The Maputo Corridor is a major trade corridor which connects the Gauteng,
Limpopo and Mpumalanga provinces of South Africa with Maputo in Mozambique.

 

Together with the Maputo Intermodal Container Depot (MICD), DP World Maputo
has implemented a solution where transit import containers are unloaded at
DP World Maputo's container terminal, the cargo de-stuffed and cross docked
into waiting tipper trucks at MICD.

It is then moved in bond to South Africa, with final clearance done enroute
at Lebombo/Komatipoort, and moved directly to the customer's door for final
delivery.

 

The successful implementation of this new transit import product highlights
DP World's commitment to providing the South African hinterland an efficient
and reliable logistics gateway.

 

Through the ongoing investments in the Maputo Container Terminal,
Komatipoort Dry Port and MICD, DP World is actively promoting trade with its
ability to provide dynamic end-to-end logistics solutions.

 

The Port of Maputo is already established as an important export gateway for
various bulk mineral commodities, which are currently delivered from South
Africa.

 

This presents a unique opportunity for South African fertilizer importers,
to taking advantage of the high trucking capacity returning empty to South
Africa.-CAJ News.

 

 

Rwandan Innovators Stand to Win U.S.$50,000

Rwanda plans to invest up to $50,000 for the Hanga start-up of 2021, which
is expected to take place next month at the Kigali Arena.

 

The start-up festival, in its first edition, will provide a unique platform
to showcase the tech-entrepreneurs and creative talents from all over the
country as well as promote the use of technology and innovation in the wider
Rwandan market.

 

The development is currently organized by the Ministry of ICT and Innovation
in partnership with the Rwanda Development Board.

 

Selected innovators will get an opportunity to pitch their innovation,
according to organizers.

 

The event will bring together Angel and Venture Capital Investors,
Technology Company founders and Private Sector Business leaders.

 

Also expected are members from the creative industry and academics.

 

"Rwandan innovators and tech-enabled start-ups have up to next week,
November 10, to apply for a chance to secure funding and additional support
to grow their innovative business," according to a statement.

 

Eligibility criteria

 

All startups should be based in Rwanda and registered with the RDB,
organizers say.

 

The startup should not have raised any venture capital (except angel
investors, family, friends). Also eligible are startups that may have
received grant funding from other incubator programs or Hackathons.

 

Only startups not older than five years after registration will be eligible
to qualify while all innovations must present a tech-enabled solution or
have the potential to scale through technology and must have a developed or
working prototype to apply.-New Times.

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

National Unity Day

 

December 22

 


 

Christmas Day

 

December 25

 


 

Boxing Day

 

December 26

 


 

Public Holiday in lieu of Boxing Day falling on a Sunday

 

December 27

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

 

 


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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